Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

The following are the condensed parent company only financial statements of Old National:

OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS
	December 31,
(dollars in thousands)	2023		2022
Assets
Deposits in affiliate bank	$	284,294	$	418,959
Equity securities	51,241		30,717
Investment securities - available-for-sale	15,886		16,814
Investment in affiliates:
Banking subsidiaries	5,530,637		5,000,153
Non-banks	44,395		44,938
Goodwill	59,506		59,506
Other assets	127,540		135,025
Total assets	$	6,113,499	$	5,706,112
Liabilities and Shareholders’ Equity
Other liabilities	$	70,840	$	92,758
Other borrowings	479,759		484,759
Shareholders’ equity	5,562,900		5,128,595
Total liabilities and shareholders’ equity	$	6,113,499	$	5,706,112

Schedule of Condensed Statements of Income

OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(dollars in thousands)	2023		2022		2021
Income
Dividends from affiliates	$	150,000	$	—	$	125,000
Other income	2,919		1,733		3,364
Other income from affiliates	5		5		5
Total income	152,924		1,738		128,369
Expense
Interest on borrowings	20,700		16,662		8,285
Other expenses	43,185		37,629		13,951
Total expense	63,885		54,291		22,236
Income (loss) before income taxes and equity    in undistributed earnings of affiliates	89,039		(52,553)		106,133
Income tax expense (benefit)	(11,325)		(9,901)		(5,113)
Income (loss) before equity in undistributed    earnings of affiliates	100,364		(42,652)		111,246
Equity in undistributed earnings of affiliates	481,628		470,939		166,292
Net income	581,992		428,287		277,538
Preferred dividends	(16,135)		(14,118)		—
Net income applicable to common shareholders	$	565,857	$	414,169	$	277,538

Schedule of Condensed Statement of Cash Flows

OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENT OF CASH FLOWS
	Years Ended December 31,
(dollars in thousands)	2023		2022		2021
Cash Flows From Operating Activities
Net income	$	581,992	$	428,287	$	277,538
Adjustments to reconcile net income to cash    provided by operating activities:
Depreciation	18		26		30
Share-based compensation expense	27,910		28,656		7,497
(Increase) decrease in other assets	(19,353)		(40,620)		10,213
Increase (decrease) in other liabilities	(2,561)		10,455		(4,918)
Equity in undistributed earnings of affiliates	(481,628)		(470,939)		(166,292)
Net cash flows provided by (used in) operating activities	106,378		(44,135)		124,068
Cash Flows From Investing Activities
Net cash and cash equivalents of acquisitions	—		573,099		—
Proceeds from sales of investment securities	—		—		1,000
Proceeds from sales of equity securities	—		44,038		540
Purchase of equity securities	(17,773)		—		—
Purchases of investment securities	—		(9,000)		(15)
Purchases of premises and equipment	(8)		—		(3)
Net cash flows provided by (used in) investing activities	(17,781)		608,137		1,522
Cash Flows From Financing Activities
Cash dividends paid	(180,030)		(177,623)		(92,829)
Common stock repurchased	(44,308)		(71,182)		(3,731)
Common stock issued	1,076		809		583
Net cash flows provided by (used in) financing activities	(223,262)		(247,996)		(95,977)
Net increase (decrease) in cash and cash equivalents	(134,665)		316,006		29,613
Cash and cash equivalents at beginning of period	418,959		102,953		73,340
Cash and cash equivalents at end of period	$	284,294	$	418,959	$	102,953