$ONBPO

OLD NATIONAL BANCORP /IN/

CIK:0000707179|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Loans including fees:
Taxable	$ 711,947	$ 658,508	$ 1,408,309	$ 1,174,274
Nontaxable	19,175	16,590	39,265	26,767
Investment securities:
Taxable	142,877	124,880	283,236	210,414
Nontaxable	9,271	10,192	18,907	20,299
Money market and other interest-earning investments	11,121	14,791	22,065	23,606
Total interest income	894,391	824,961	1,771,782	1,455,360
Interest Expense
Deposits	237,504	240,088	470,835	430,583
Federal funds purchased and interbank borrowings	391	953	414	2,578
Securities sold under agreements to repurchase	561	636	1,155	1,187
Federal Home Loan Bank advances	61,744	59,042	119,796	100,938
Other borrowings	15,203	9,452	28,021	17,641
Total interest expense	315,403	310,171	620,221	552,927
Net interest income	578,988	514,790	1,151,561	902,433
Provision for credit losses	36,206	106,835	71,152	138,238
Net interest income after provision for credit losses	542,782	407,955	1,080,409	764,195
Noninterest Income
Wealth and investment services fees	42,098	35,817	81,813	65,465
Service charges on deposit accounts	28,009	23,878	54,946	45,034
Debit card and ATM fees	13,092	12,922	25,130	22,913
Mortgage banking revenue	11,163	10,032	20,717	16,911
Capital markets income	12,329	7,114	23,345	11,620
Company-owned life insurance	8,531	6,625	16,092	12,006
Debt securities gains (losses), net	(34)	(41)	41	(117)
Other income	38,376	36,170	53,826	52,479
Total noninterest income	153,564	132,517	275,910	226,311
Noninterest Expense
Salaries and employee benefits	184,765	202,112	368,838	350,417
Occupancy	33,452	30,432	70,447	59,485
Equipment	11,077	12,566	23,152	21,467
Marketing	15,601	13,759	32,035	25,699
Technology	29,630	31,452	58,655	53,472
Communication	6,130	5,014	12,326	9,148
Professional fees	10,735	21,931	23,091	29,850
FDIC assessment	13,592	13,409	27,348	23,109
Amortization of intangibles	23,992	19,630	49,615	26,460
Amortization of tax credit investments	7,807	5,815	14,918	9,239
Other expense	35,380	28,646	56,440	44,891
Total noninterest expense	372,161	384,766	736,865	653,237
Income before income taxes	324,185	155,706	619,454	337,269
Income tax expense	70,771	30,298	132,368	67,202
Net income	253,414	125,408	487,086	270,067
Preferred dividends	(4,033)	(4,033)	(8,067)	(8,067)
Net income applicable to common shareholders	$ 249,381	$ 121,375	$ 479,019	$ 262,000
Net income per common share - basic (in dollars per share)	$ 0.65	$ 0.34	$ 1.25	$ 0.78
Net income per common share - diluted (in dollars per share)	$ 0.65	$ 0.34	$ 1.24	$ 0.77
Weighted average number of common shares outstanding - basic (in shares)	381,864	360,155	383,845	338,162
Weighted average number of common shares outstanding - diluted (in shares)	383,273	361,436	385,697	340,250
Dividends per common share (in dollars per share)	$ 0.145	$ 0.14	$ 0.29	$ 0.28

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net income	$ 487,086	$ 270,067
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	24,650	20,356
Amortization of other intangible assets	49,615	26,460
Amortization of tax credit investments	14,918	9,239
Net (discount accretion) premium amortization	(85,471)	(48,688)
Share-based compensation expense	18,625	22,150
Provision for credit losses	71,152	138,238
Debt securities (gains) losses, net	(41)	117
Net (gains) losses on sales of loans and other assets	(8,767)	(7,282)
Increase in cash surrender value of company-owned life insurance	(16,092)	(12,006)
Residential real estate loans originated for sale	(699,869)	(545,592)
Proceeds from sales of residential real estate loans	715,879	517,410
(Increase) decrease in interest receivable	4,952	(24,949)
(Increase) decrease in other assets	14,004	(11,239)
Increase (decrease) in accrued expenses and other liabilities	(104,264)	(173,188)
Net cash flows provided by (used in) operating activities	486,377	181,093
Cash Flows From Investing Activities
Cash received from merger, net	0	196,524
Purchases of investment securities available-for-sale	(1,823,516)	(3,272,480)
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock	(41,747)	(64,657)
Purchases of equity securities	(6,529)	(5,901)
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale	1,440,775	678,703
Proceeds from sales of investment securities available-for-sale	91,308	2,082,054
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity	56,515	34,859
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock	9,933	68,977
Proceeds from sales of equity securities	9,230	3,292
Loan originations and payments, net	(2,005,311)	(495,227)
Proceeds from sales of commercial loans	15,289	95,298
Proceeds from company-owned life insurance death benefits	13,769	7,029
Proceeds from sales of premises and equipment and other assets	347	1,190
Purchases of premises and equipment and other assets	(17,264)	(14,603)
Net cash flows provided by (used in) investing activities	(2,257,201)	(684,942)
Net increase (decrease) in:
Deposits	1,058,575	653,281
Federal funds purchased and interbank borrowings	150,192	339,861
Securities sold under agreements to repurchase	3,935	(20,469)
Other borrowings	543,547	(8,808)
Payments for maturities of Federal Home Loan Bank advances	(3,230,000)	(1,645,285)
Proceeds from Federal Home Loan Bank advances	3,525,000	1,451,200
Cash dividends paid	(119,683)	(107,575)
Common stock repurchased	(219,408)	(21,495)
Common stock issued for ESPP	669	506
Common stock issued for forward sale agreements	0	443,236
Net cash flows provided by (used in) financing activities	1,712,827	1,084,452
Net increase (decrease) in cash and cash equivalents	(57,997)	580,603
Cash and cash equivalents at beginning of period	1,826,177	1,227,968
Cash and cash equivalents at end of period	1,768,180	1,808,571
Supplemental Cash Flow Information:
Total interest paid	614,091	578,700
Total income taxes paid (net of refunds)	52,989	43,816
Noncash Investing and Financing Activities:
Common stock issued for merger, net	0	1,033,262
Investment securities purchased but not settled	0	25,000
Operating lease right-of-use assets obtained in exchange for lease obligations	3,914	52,101
Finance lease right-of-use assets obtained in exchange for lease obligations	$ (1,082)	$ 831

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 588,654	$ 591,645
Money market and other interest-earning investments	1,179,526	1,234,532
Total cash and cash equivalents	1,768,180	1,826,177
Equity securities, at fair value	131,113	128,857
Investment securities - available-for-sale, at fair value (amortized cost $12,359,370 and $12,059,997, respectively)	11,582,385	11,384,450
Investment securities - held-to-maturity, at amortized cost (fair value $2,468,208 and $2,540,238, respectively)	2,844,504	2,895,488
Federal Home Loan Bank/Federal Reserve Bank stock, at cost	525,397	493,583
Loans held-for-sale, at fair value	43,608	52,911
Loans:
Total loans, net of unearned income	50,772,584	48,764,162
Allowance for credit losses on loans	(580,511)	(569,520)
Net loans	50,192,073	48,194,642
Premises and equipment, net	682,065	690,824
Goodwill	2,429,756	2,425,700
Other intangible assets	432,671	482,286
Company-owned life insurance	1,053,333	1,051,009
Accrued interest receivable and other assets	2,504,332	2,526,040
Total assets	74,189,417	72,151,967
Deposits:
Noninterest-bearing demand	12,665,278	13,247,483
Interest-bearing:
Checking and NOW	11,129,286	10,740,919
Savings	4,924,639	4,909,138
Money market	16,936,441	16,529,631
Time deposits	10,491,126	9,661,024
Total deposits	56,146,770	55,088,195
Federal funds purchased and interbank borrowings	250,389	100,197
Securities sold under agreements to repurchase	265,301	261,366
Federal Home Loan Bank advances	6,520,296	6,237,375
Other borrowings	1,387,997	852,429
Accrued expenses and other liabilities	1,034,821	1,117,617
Total liabilities	65,605,574	63,657,179
Shareholders’ Equity
Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding	230,500	230,500
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 382,537 and 389,662 shares issued and outstanding, respectively	382,537	389,662
Capital surplus	5,753,603	5,944,533
Retained earnings	2,775,344	2,408,764
Accumulated other comprehensive income (loss), net of tax	(558,141)	(478,671)
Total shareholders’ equity	8,583,843	8,494,788
Total liabilities and shareholders’ equity	74,189,417	72,151,967
Commercial
Loans:
Total loans, net of unearned income	16,112,685	14,983,861
Allowance for credit losses on loans	(253,854)	(244,670)
Commercial real estate
Loans:
Total loans, net of unearned income	22,535,229	22,050,007
Allowance for credit losses on loans	(263,706)	(268,332)
Residential real estate
Loans:
Total loans, net of unearned income	8,760,832	8,467,496
Allowance for credit losses on loans	(40,450)	(34,394)
Consumer
Loans:
Total loans, net of unearned income	$ 3,363,838	$ 3,262,798