Parent Company Financial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

NOTE 25 – PARENT COMPANY FINANCIAL STATEMENTS

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)	2017		2016
Assets
Deposits in affiliate bank	$	43,538	$	91,650
Trading securities - at fair value		5,584		4,982
Investment securities - available-for-sale		1,547		1,535
Investment in affiliates:
Banking subsidiaries		2,248,700		1,862,244
Non-banks		5,142		11,388
Other assets		112,353		90,872
Total assets	$	2,416,864	$	2,062,671
Liabilities and Shareholders’ Equity
Other liabilities	$	31,768	$	33,407
Other borrowings		230,699		214,847
Shareholders’ equity		2,154,397		1,814,417
Total liabilities and shareholders’ equity	$	2,416,864	$	2,062,671

OLD NATIONAL BANCORP (PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
(dollars in thousands)	2017			2016			2015
Income
Dividends from affiliates	$	100,000		$	160,007		$	67,717
Net securities gains		667			100			6
Other income		1,966			40,841			1,892
Other income from affiliates		5			6			51
Total income		102,638			200,954			69,666
Expense
Interest on borrowings		9,298			9,077			8,684
Other expenses		16,335			18,460			13,957
Total expense		25,633			27,537			22,641
Income before income taxes and equity in undistributed earnings of affiliates		77,005			173,417			47,025
Income tax expense (benefit)		(6,240	)		11,952			(5,473	)
Income before equity in undistributed earnings of affiliates		83,245			161,465			52,498
Equity in undistributed earnings of affiliates		12,480			(27,201	)		64,218
Net income	$	95,725		$	134,264		$	116,716

OLD NATIONAL BANCORP (PARENT COMPANY ONLY)

CONDENSED STATEMENT OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2017			2016			2015
Cash Flows From Operating Activities
Net income	$	95,725		$	134,264		$	116,716
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation		36			29			20
Net securities (gains) losses		(667	)		(100	)		(6	)
Gain on sale of ONB Insurance Group, Inc.		—			(41,864	)		—
Stock-based compensation expense		6,275			7,318			4,255
(Increase) decrease in other assets		(24,004	)		(3,958	)		6,307
Increase (decrease) in other liabilities		3,968			(225	)		1,441
Equity in undistributed earnings of affiliates		(12,480	)		27,201			(64,218	)
Total adjustments		(26,872	)		(11,599	)		(52,201	)
Net cash flows provided by (used in) operating activities		68,853			122,665			64,515
Cash Flows From Investing Activities
Net cash and cash equivalents of acquisitions		(24,005	)		(100,220	)		(41,070	)
Proceeds from sale of ONB Insurance Group, Inc.		—			91,771			—
Purchases of investment securities		(62	)		(52	)		(1,053	)
Net advances to affiliates		(250	)		(3,500	)		—
Purchases of premises and equipment		(485	)		(13	)		—
Net cash flows provided by (used in) investing activities		(24,802	)		(12,014	)		(42,123	)
Cash Flows From Financing Activities
Payments for maturities/redemptions of other borrowings		(19,856	)		—			—
Cash dividends paid on common stock		(72,604	)		(67,536	)		(55,552	)
Common stock repurchased		(2,762	)		(2,202	)		(88,695	)
Proceeds from exercise of stock options		2,655			2,349			997
Common stock issued		404			388			391
Net cash flows provided by (used in) financing activities		(92,163	)		(67,001	)		(142,859	)
Net increase (decrease) in cash and cash equivalents		(48,112	)		43,650			(120,467	)
Cash and cash equivalents at beginning of period		91,650			48,000			168,467
Cash and cash equivalents at end of period	$	43,538		$	91,650		$	48,000