Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		2021
Assets
Deposits in affiliate bank	$	418,959	$	102,953
Equity securities	30,717		3,257
Investment securities - available-for-sale	16,814		13,888
Investment in affiliates:
Banking subsidiaries	5,000,153		3,053,575
Non-banks	44,938		4,949
Goodwill	59,506		—
Other assets	135,025		83,531
Total assets	$	5,706,112	$	3,262,153
Liabilities and Shareholders' Equity
Other liabilities	$	92,758	$	36,582
Other borrowings	484,759		213,553
Shareholders' equity	5,128,595		3,012,018
Total liabilities and shareholders' equity	$	5,706,112	$	3,262,153

Condensed Statements of Income


OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(dollars in thousands)	2022		2021		2020
Income
Dividends from affiliates	$	—	$	125,000	$	230,000

Other income	1,733		3,364		4,196
Other income from affiliates	5		5		5
Total income	1,738		128,369		234,201
Expense
Interest on borrowings	16,662		8,285		8,649
Other expenses	37,629		13,951		16,351
Total expense	54,291		22,236		25,000
Income (loss) before income taxes and equity in undistributed earnings of affiliates	(52,553)		106,133		209,201
Income tax expense (benefit)	(9,901)		(5,113)		(5,317)
Income (loss) before equity in undistributed earnings of affiliates	(42,652)		111,246		214,518
Equity in undistributed earnings of affiliates	470,939		166,292		11,891
Net income	428,287		277,538		226,409
Preferred dividends	(14,118)		—		—
Net income applicable to common shareholders	$	414,169	$	277,538	$	226,409

Condensed Statement of Cash Flows


OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENT OF CASH FLOWS
	Years Ended December 31,
(dollars in thousands)	2022		2021		2020
Cash Flows From Operating Activities
Net income	$	428,287	$	277,538	$	226,409
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	26		30		46

Share-based compensation expense	28,656		7,497		7,707
(Increase) decrease in other assets	(40,620)		10,213		(625)
Increase (decrease) in other liabilities	10,455		(4,918)		1,084
Equity in undistributed earnings of affiliates	(470,939)		(166,292)		(11,891)
Net cash flows provided by (used in) operating activities	(44,135)		124,068		222,730
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		4,431
Purchases of investment securities	(9,000)		(15)		(10,073)

Proceeds from sales of premises and equipment	—		—		354
Purchases of premises and equipment	—		(3)		(354)
Net cash flows provided by (used in) investing activities	608,137		1,522		(5,642)
Cash Flows From Financing Activities
Payments for maturities/redemptions of other borrowings	—		—		(10,310)
Cash dividends paid	(177,623)		(92,829)		(92,946)
Common stock repurchased	(71,182)		(3,731)		(82,358)

Common stock issued	809		583		577
Net cash flows provided by (used in) financing activities	(247,996)		(95,977)		(185,037)
Net increase (decrease) in cash and cash equivalents	316,006		29,613		32,051
Cash and cash equivalents at beginning of period	102,953		73,340		41,289
Cash and cash equivalents at end of period	$	418,959	$	102,953	$	73,340