Employee Benefit Plans

3 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE 17 - EMPLOYEE BENEFIT PLANS

Retirement Plan

Old National had a funded noncontributory defined benefit plan (the “Retirement Plan”) that had been frozen since December 31, 2005. During the first quarter of 2016, the Company notified plan participants of its intent to terminate the Retirement Plan effective May 15, 2016. During October 2016, the Retirement Plan settled plan liabilities through either lump sum distributions to plan participants or annuity contracts purchased from a third-party insurance company that provided for the payment of vested benefits to those participants that did not elect the lump sum option. At March 31, 2017, there were no remaining plan assets.

Restoration Plan

Old National maintains an unfunded pension restoration plan (the “Restoration Plan”) which provides benefits for eligible employees that are in excess of the limits under Section 415 of the Internal Revenue Code of 1986, as amended, that apply to the Retirement Plan. The Restoration Plan is designed to comply with the requirements of ERISA. The entire cost of the plan, which was also frozen as of December 31, 2005, is supported by contributions from the Company. The Restoration Plan is unfunded.

Old National contributed $0.2 million to cover benefit payments from the Restoration Plan during the three months ended March 31, 2017. Old National expects to contribute an additional $18 thousand to cover benefit payments from the Restoration Plan during the remainder of 2017.

The net periodic benefit cost and its components were as follows:

	Three Months Ended
	March 31,
(dollars in thousands)	2017		2016
Interest cost	$	10	$	13
Recognized actuarial loss		27		27
Net periodic benefit cost	$	37	$	40