Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

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)	2021		2020
Assets
Deposits in affiliate bank	$	102,953	$	73,340
Equity securities	3,257		2,435
Investment securities - available-for-sale	13,888		14,198
Investment in affiliates:
Banking subsidiaries	3,053,575		3,037,930
Non-banks	4,949		4,969
Other assets	83,531		89,776
Total assets	$	3,262,153	$	3,222,648
Liabilities and Shareholders' Equity
Other liabilities	$	36,582	$	36,746
Other borrowings	213,553		213,246
Shareholders' equity	3,012,018		2,972,656
Total liabilities and shareholders' equity	$	3,262,153	$	3,222,648

Condensed Statements of Income


OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(dollars in thousands)	2021		2020		2019
Income
Dividends from affiliates	$	125,000	$	230,000	$	165,000
Debt securities gains (losses), net	334		574		631
Other income	3,030		3,622		2,209
Other income from affiliates	5		5		5
Total income	128,369		234,201		167,845
Expense
Interest on borrowings	8,285		8,649		10,203
Other expenses	13,951		16,351		15,505
Total expense	22,236		25,000		25,708
Income before income taxes and equity in undistributed earnings of affiliates	106,133		209,201		142,137
Income tax expense (benefit)	(5,113)		(5,317)		(6,165)
Income before equity in undistributed earnings of affiliates	111,246		214,518		148,302
Equity in undistributed earnings of affiliates	166,292		11,891		89,904
Net income	$	277,538	$	226,409	$	238,206

Condensed Statement of Cash Flows


OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENT OF CASH FLOWS
	Years Ended December 31,
(dollars in thousands)	2021		2020		2019
Cash Flows From Operating Activities
Net income	$	277,538	$	226,409	$	238,206
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	30		46		52
Debt securities (gains) losses, net	(334)		(574)		(631)
Share-based compensation expense	7,497		7,707		7,993
(Increase) decrease in other assets	10,547		(51)		(3,685)
Increase (decrease) in other liabilities	(4,918)		1,084		1,046
Equity in undistributed earnings of affiliates	(166,292)		(11,891)		(89,904)
Net cash flows provided by (used in) operating activities	124,068		222,730		153,077
Cash Flows From Investing Activities

Proceeds from dissolution of subsidiary	—		—		224
Proceeds from sales of investment securities	1,000		—		—
Proceeds from sales of equity securities	540		4,431		130
Purchases of investment securities	(15)		(10,073)		(3,085)

Proceeds from sales of premises and equipment	—		354		847
Purchases of premises and equipment	(3)		(354)		(869)
Net cash flows provided by (used in) investing activities	1,522		(5,642)		(2,753)
Cash Flows From Financing Activities
Payments for maturities/redemptions of other borrowings	—		(10,310)		(8,000)
Cash dividends paid on common stock	(92,829)		(92,946)		(89,474)
Common stock repurchased	(3,731)		(82,358)		(102,413)
Proceeds from exercise of stock options	—		—		280
Common stock issued	583		577		567
Net cash flows provided by (used in) financing activities	(95,977)		(185,037)		(199,040)
Net increase (decrease) in cash and cash equivalents	29,613		32,051		(48,716)
Cash and cash equivalents at beginning of period	73,340		41,289		90,005
Cash and cash equivalents at end of period	$	102,953	$	73,340	$	41,289