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Loans and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Composition of Loans and Impact of Adoption The portfolio segment reclassifications follow:
Balance Sheet
Line Item		Portfolio
Segment
Reclassifications		Portfolio
Segment After
Reclassifications
(dollars in thousands)
June 30, 2024
Commercial (1)
$10,332,631 $(230,404)$10,102,227 
Commercial real estate16,016,958 (175,614)15,841,344 
BBCCN/A406,018 406,018 
Residential real estate6,894,957 — 6,894,957 
Consumer2,905,967 (2,905,967)N/A
IndirectN/A1,101,585 1,101,585 
DirectN/A429,426 429,426 
Home equityN/A1,374,956 1,374,956 
Total loans (2)
$36,150,513 $— $36,150,513 
Allowance for credit losses on loans(366,335)— (366,335)
Net loans$35,784,178 $— $35,784,178 
December 31, 2023
Commercial (1)
$9,512,230 $(232,764)$9,279,466 
Commercial real estate14,140,629 (169,058)13,971,571 
BBCCN/A401,822 401,822 
Residential real estate6,699,443 — 6,699,443 
Consumer2,639,625 (2,639,625)N/A
IndirectN/A1,050,982 1,050,982 
DirectN/A523,172 523,172 
Home equityN/A1,065,471 1,065,471 
Total loans (2)
$32,991,927 $— $32,991,927 
Allowance for credit losses on loans(307,610)— (307,610)
Net loans$32,684,317 $— $32,684,317 
(1)Includes direct finance leases of $157.2 million at June 30, 2024 and $169.7 million at December 31, 2023.
(2)    Includes unearned income of $199.7 million at June 30, 2024 and $93.7 million at December 31, 2023.
Schedule of Activity in Allowance for Loan Losses Old National’s activity in the allowance for credit losses on loans by portfolio segment was as follows:
(dollars in thousands)Balance at
Beginning of
Period		Allowance
Established
for Acquired
PCD Loans		Charge-offsRecoveriesProvision
for Loan
Losses		Balance at
End of
Period
Three Months Ended June 30, 2024   
Commercial$123,437 $14,593 $(9,927)$462 $9,895 $138,460 
Commercial real estate160,640 8,483 (3,101)542 23,347 189,911 
BBCC3,163 — (935)230 439 2,897 
Residential real estate21,899 134 — 762 340 23,135 
Indirect1,218 — (1,084)335 764 1,233 
Direct2,952 59 (1,884)565 1,439 3,131 
Home equity6,404 653 (110)100 521 7,568 
Total$319,713 $23,922 $(17,041)$2,996 $36,745 $366,335 
Three Months Ended June 30, 2023
Commercial$125,768 $— $(8,331)$1,814 $8,152 $127,403 
Commercial real estate135,348 — (2,458)1,029 2,978 136,897 
BBCC2,316 — (94)31 523 2,776 
Residential real estate20,207 — (218)53 379 20,421 
Indirect1,434 — (402)612 (237)1,407 
Direct6,766 — (2,600)637 (48)4,755 
Home equity6,872 — (228)63 189 6,896 
Total$298,711 $— $(14,331)$4,239 $11,936 $300,555 
Six Months Ended June 30, 2024
Commercial$118,333 $14,593 $(13,586)$796 $18,324 $138,460 
Commercial real estate155,099 8,483 (9,742)1,577 34,494 189,911 
BBCC2,887 — (1,011)248 773 2,897 
Residential real estate20,837 134 — 781 1,383 23,135 
Indirect1,236 — (2,222)667 1,552 1,233 
Direct3,169 59 (4,312)1,052 3,163 3,131 
Home equity6,049 653 (188)145 909 7,568 
Total$307,610 $23,922 $(31,061)$5,266 $60,598 $366,335 
Six Months Ended June 30, 2023
Commercial$120,612 $— $(20,754)$2,097 $25,448 $127,403 
Commercial real estate138,244 — (3,647)1,292 1,008 136,897 
BBCC2,431 — (122)104 363 2,776 
Residential real estate21,916 — (241)125 (1,379)20,421 
Indirect1,532 — (1,599)1,024 450 1,407 
Direct12,116 — (5,838)1,218 (2,741)4,755 
Home equity6,820 — (310)130 256 6,896 
Total$303,671 $— $(32,511)$5,990 $23,405 $300,555 
Old National’s activity in the allowance for credit losses on unfunded loan commitments was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2024202320242023
Allowance for credit losses on unfunded loan commitments: 
Balance at beginning of period$26,264 $34,156 $31,226 $32,188 
Provision for credit losses on unfunded loan commitments
   acquired during the period		1,763 — 1,763 — 
Provision (release) for credit losses on unfunded loan
   commitments		(2,294)2,851 (7,256)4,819 
Balance at end of period$25,733 $37,007 $25,733 $37,007 
Schedule of Risk Category of Loans and Amortized Cost
The following table summarizes the amortized cost of term loans by risk category of commercial, commercial real estate, and BBCC loans by loan portfolio segment, class of loan, and origination year:
(dollars in thousands)Origination YearRevolving to Term
20242023202220212020PriorRevolvingTotal
June 30, 2024
Commercial:
Pass$961,949 $1,737,949 $1,427,702 $846,164 $498,959 $723,629 $2,575,617 $535,146 $9,307,115 
Special Mention29,482 48,989 63,401 14,828 31,286 37,827 123,628 26,188 375,629 
Classified:
Substandard33 42,972 61,074 51,522 44,581 25,824 77,158 37,828 340,992 
Nonaccrual— 746 5,390 2,211 2,068 3,724 1,717 6,229 22,085 
Doubtful— 14,074 12,549 5,394 621 565 13,679 9,524 56,406 
Total$991,464 $1,844,730 $1,570,116 $920,119 $577,515 $791,569 $2,791,799 $614,915 $10,102,227 
Commercial real estate:
Pass$1,104,612 $2,470,220 $4,029,061 $2,380,569 $1,428,952 $2,201,489 $157,382 $813,468 $14,585,753 
Special Mention43,020 37,176 126,490 121,150 32,022 85,827 29,199 102,141 577,025 
Classified:
Substandard13,274 17,657 128,097 71,232 52,180 161,256 — 53,886 497,582 
Nonaccrual— 833 3,685 6,627 4,353 33,077 — 1,063 49,638 
Doubtful— 5,365 714 35,473 25,491 42,037 — 22,266 131,346 
Total$1,160,906 $2,531,251 $4,288,047 $2,615,051 $1,542,998 $2,523,686 $186,581 $992,824 $15,841,344 
BBCC:
Pass$43,798 $85,992 $60,883 $38,834 $34,221 $36,947 $65,745 $17,236 $383,656 
Special Mention332 3,357 2,675 1,127 733 845 2,473 3,459 15,001 
Classified:
Substandard110 481 295 473 35 657 315 146 2,512 
Nonaccrual— 85 726 454 108 983 — 825 3,181 
Doubtful— 437 262 194 15 222 — 538 1,668 
Total$44,240 $90,352 $64,841 $41,082 $35,112 $39,654 $68,533 $22,204 $406,018 
Origination YearRevolving to Term
20232022202120202019PriorRevolvingTotal
December 31, 2023
Commercial:
Pass$1,826,289 $1,573,669 $985,964 $520,883 $450,911 $495,979 $2,051,985 $651,953 $8,557,633 
Special Mention20,038 90,031 19,953 36,906 25,756 47,357 89,765 44,348 374,154 
Classified:
Substandard27,271 41,164 27,990 37,618 10,461 29,981 72,703 56,716 303,904 
Nonaccrual32 7,034 — — 823 3,411 — 5,461 16,761 
Doubtful— 7,261 5,925 4,875 1,742 7,211 — — 27,014 
Total$1,873,630 $1,719,159 $1,039,832 $600,282 $489,693 $583,939 $2,214,453 $758,478 $9,279,466 
Commercial real estate:
Pass$2,177,841 $3,515,702 $2,563,638 $1,576,044 $1,010,351 $1,161,119 $103,332 $960,386 $13,068,413 
Special Mention69,648 69,946 68,708 27,059 52,107 95,896 3,893 64,730 451,987 
Classified:
Substandard26,638 56,423 21,401 28,983 61,186 49,558 — 48,760 292,949 
Nonaccrual— 21,919 10,706 1,975 1,634 8,632 — 1,400 46,266 
Doubtful5,360 429 30,897 2,306 37,777 35,187 — — 111,956 
Total$2,279,487 $3,664,419 $2,695,350 $1,636,367 $1,163,055 $1,350,392 $107,225 $1,075,276 $13,971,571 
BBCC:
Pass$81,102 $64,583 $44,307 $38,086 $27,557 $19,028 $68,807 $33,361 $376,831 
Special Mention— — 857 700 1,001 349 2,144 12,728 17,779 
Classified:
Substandard436 193 252 — — 604 15 1,006 2,506 
Nonaccrual— — 482 — 4 1,105 — 1,402 2,993 
Doubtful302 727 254 286 60 84 — — 1,713 
Total$81,840 $65,503 $46,152 $39,072 $28,622 $21,170 $70,966 $48,497 $401,822 
The following table presents the amortized cost of term residential real estate and consumer loans based on payment activity and origination year:
Origination YearRevolving to Term
(dollars in thousands)20242023202220212020PriorRevolvingTotal
June 30, 2024
Residential real estate:
Risk Rating:
Performing$211,657 $496,415 $1,502,442 $1,879,448 $1,642,226 $1,114,416 $67 $282 $6,846,953 
Nonperforming— 1,924 8,019 5,535 3,797 28,729 — — 48,004 
Total$211,657 $498,339 $1,510,461 $1,884,983 $1,646,023 $1,143,145 $67 $282 $6,894,957 
Indirect:
Risk Rating:
Performing$252,797 $341,949 $289,675 $125,544 $58,368 $28,872 $— $— $1,097,205 
Nonperforming33 720 1,451 1,342 407 427 — — 4,380 
Total$252,830 $342,669 $291,126 $126,886 $58,775 $29,299 $— $— $1,101,585 
Direct:
Risk Rating:
Performing$25,512 $84,213 $66,009 $62,213 $24,375 $63,076 $96,462 $1,878 $423,738 
Nonperforming20 68 811 2,209 599 1,939 30 12 5,688 
Total$25,532 $84,281 $66,820 $64,422 $24,974 $65,015 $96,492 $1,890 $429,426 
Home equity:
Risk Rating:
Performing$— $— $265 $271 $36 $5,637 $1,323,339 $27,623 $1,357,171 
Nonperforming— — — 124 249 5,989 1,935 9,488 17,785 
Total$— $— $265 $395 $285 $11,626 $1,325,274 $37,111 $1,374,956 
Origination YearRevolving to Term
20232022202120202019PriorRevolvingTotal
December 31, 2023
Residential real estate:
Risk Rating:
Performing$453,743 $1,508,671 $1,836,078 $1,705,131 $430,783 $722,987 $— $279 $6,657,672 
Nonperforming116 4,563 4,004 3,375 4,078 25,635 — — 41,771 
Total$453,859 $1,513,234 $1,840,082 $1,708,506 $434,861 $748,622 $— $279 $6,699,443 
Indirect:
Risk Rating:
Performing$393,369 $355,822 $162,735 $82,871 $37,967 $13,815 $— $196 $1,046,775 
Nonperforming372 1,472 1,207 547 318 291 — — 4,207 
Total$393,741 $357,294 $163,942 $83,418 $38,285 $14,106 $— $196 $1,050,982 
Direct:
Risk Rating:
Performing$109,372 $90,310 $92,491 $48,387 $29,659 $67,129 $75,080 $4,852 $517,280 
Nonperforming67 531 517 560 210 3,872 124 11 5,892 
Total$109,439 $90,841 $93,008 $48,947 $29,869 $71,001 $75,204 $4,863 $523,172 
Home equity:
Risk Rating:
Performing$290 $164 $160 $140 $679 $4,483 $1,019,389 $23,918 $1,049,223 
Nonperforming— 310 328 404 741 4,327 2,844 7,294 16,248 
Total$290 $474 $488 $544 $1,420 $8,810 $1,022,233 $31,212 $1,065,471 
The following table summarizes the gross charge-offs of loans by loan portfolio segment and origination year:
Origination Year
(dollars in thousands)20242023202220212020PriorRevolvingTotal
Three Months Ended June 30, 2024
Commercial$— $2,358 $6,149 $389 $43 $566 $422 $9,927 
Commercial real estate— — 23 468 — 2,610 — 3,101 
BBCC— 605 153 35 112 30 — 935 
Residential real estate— — — — — — — — 
Indirect54 531 377 96 6 20 — 1,084 
Direct75 79 394 347 173 172 644 1,884 
Home equity— — — — — 110 — 110 
Total gross charge-offs$129 $3,573 $7,096 $1,335 $334 $3,508 $1,066 $17,041 
Origination Year
20232022202120202019PriorRevolvingTotal
Three Months Ended June 30, 2023
Commercial$— $2,100 $5,931 $120 $— $— $180 $8,331 
Commercial real estate— — — — — 2,458 — 2,458 
BBCC— 47 — 47 — — — 94 
Residential real estate— — — — — 218 — 218 
Indirect10 164 124 48 16 40 — 402 
Direct— 430 588 172 414 195 801 2,600 
Home equity— — — — — 228 — 228 
Total gross charge-offs$10 $2,741 $6,643 $387 $430 $3,139 $981 $14,331 
Origination Year
20242023202220212020PriorRevolvingTotal
Six Months Ended June 30, 2024
Commercial$— $2,358 $9,630 $422 $51 $570 $555 $13,586 
Commercial real estate— — 23 2,644 — 7,075 — 9,742 
BBCC— 605 229 35 112 30 — 1,011 
Residential real estate— — — — — — — — 
Indirect54 901 849 321 39 58 — 2,222 
Direct75 195 970 876 286 395 1,515 4,312 
Home equity— — — 34 — 154 — 188 
Total gross charge-offs$129 $4,059 $11,701 $4,332 $488 $8,282 $2,070 $31,061 
Origination Year
20232022202120202019PriorRevolvingTotal
Six Months Ended June 30, 2023
Commercial$— $2,100 $11,161 $120 $6,789 $239 $345 $20,754 
Commercial real estate— 54 735 400 — 2,458 — 3,647 
BBCC— 47 28 47 — — — 122 
Residential real estate— — — — — 241 — 241 
Indirect10 678 554 141 127 89 — 1,599 
Direct— 901 1,382 458 741 390 1,966 5,838 
Home equity— — — — — 310 — 310 
Total gross charge-offs$10 $3,780 $13,860 $1,166 $7,657 $3,727 $2,311 $32,511 
Schedule of Past Due Financing Receivables
The following table presents the aging of the amortized cost basis in past due loans by class of loans:
(dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due
90 Days or
More		Total
Past Due		CurrentTotal
Loans
June 30, 2024
Commercial$14,191 $6,151 $17,030 $37,372 $10,064,855 $10,102,227 
Commercial real estate9,442 16,022 41,146 66,610 15,774,734 15,841,344 
BBCC2,155 54 1,474 3,683 402,335 406,018 
Residential10,558 3,189 16,680 30,427 6,864,530 6,894,957 
Indirect6,550 1,928 846 9,324 1,092,261 1,101,585 
Direct4,578 1,341 3,238 9,157 420,269 429,426 
Home equity5,180 2,655 7,739 15,574 1,359,382 1,374,956 
Total$52,654 $31,340 $88,153 $172,147 $35,978,366 $36,150,513 
December 31, 2023
Commercial$16,128 $1,332 $4,861 $22,321 $9,257,145 $9,279,466 
Commercial real estate9,081 5,254 30,660 44,995 13,926,576 13,971,571 
BBCC1,368 134 977 2,479 399,343 401,822 
Residential12,358 367 15,249 27,974 6,671,469 6,699,443 
Indirect7,025 1,854 1,342 10,221 1,040,761 1,050,982 
Direct5,436 1,455 1,787 8,678 514,494 523,172 
Home equity7,791 2,347 6,659 16,797 1,048,674 1,065,471 
Total$59,187 $12,743 $61,535 $133,465 $32,858,462 $32,991,927 
Schedule of Nonaccrual and Past Due Loans
The following table presents the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan:
June 30, 2024December 31, 2023
(dollars in thousands)Nonaccrual
Amortized
Cost		Nonaccrual
With No
Related
Allowance		Past Due
90 Days or
More and
Accruing		Nonaccrual
Amortized
Cost		Nonaccrual
With No
Related
Allowance		Past Due
90 Days or
More and
Accruing
Commercial$78,491 $27,448 $40 $43,775 $13,143 $242 
Commercial real estate180,984 29,225 744 158,222 24,507 585 
BBCC4,849 — — 4,706 — 95 
Residential48,004 — 3,901 41,771 — — 
Indirect4,380 — 17 4,207 — 8 
Direct5,688 — 2 5,892 — 31 
Home equity17,785 — 547 16,248 — — 
Total$340,181 $56,673 $5,251 $274,821 $37,650 $961 
The following table presents the amortized cost basis of collateral dependent loans by class of loan:
Type of Collateral
(dollars in thousands)Real
Estate		Blanket
Lien		Investment
Securities/Cash		AutoOther
June 30, 2024
Commercial$16,620 $32,984 $4,892 $11,429 $7,736 
Commercial real estate159,868 1,559 2,178 — 6,209 
BBCC3,411 1,129 100 208 — 
Residential48,004 — — — — 
Indirect— — — 4,380 — 
Direct2,903 — 6 384 30 
Home equity17,785 — — — — 
Total loans$248,591 $35,672 $7,176 $16,401 $13,975 
December 31, 2023
Commercial$14,303 $24,729 $2,577 $280 $328 
Commercial real estate146,425 — 1,167 — 6,107 
BBCC3,522 794 — 390 — 
Residential41,771 — — — — 
Indirect— — — 4,207 — 
Direct4,727 1 3 366 29 
Home equity16,248 — — — — 
Total loans$226,996 $25,524 $3,747 $5,243 $6,464 
Schedule of Activity in Trouble Debt Restructurings
The following table presents the amortized cost basis of financial difficulty modifications that were modified for borrowers experiencing financial difficulty, by class of loans and type of modification:
(dollars in thousands)Term
Extension		Total
Class of
Loans
Three Months Ended June 30, 2024
Commercial$3,859 0.0 %
Commercial real estate58,232 0.4 %
Total$62,091 0.2 %
Three Months Ended June 30, 2023
Commercial$1,231 0.0 %
Commercial real estate12,449 0.1 %
Total$13,680 0.0 %
Six Months Ended June 30, 2024
Commercial$14,867 0.1 %
Commercial real estate73,406 0.5 %
Total$88,273 0.2 %
Six Months Ended June 30, 2023
Commercial$18,517 0.2 %
Commercial real estate19,280 0.1 %
Total$37,797 0.1 %
Old National closely monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following table presents the performance of financial difficulty modifications in the twelve months following modification:
(dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due
90 Days or
More		Total
Past Due		CurrentTotal
Loans
June 30, 2024
Commercial$1,077 $2,813 $980 $4,870 $14,866 $19,736 
Commercial real estate8,854 5,077 27,017 40,948 72,083 113,031 
Total$9,931 $7,890 $27,997 $45,818 $86,949 $132,767 
June 30, 2023
Commercial$— $— $2,600 $2,600 $15,917 $18,517 
Commercial real estate— 5,537 — 5,537 13,743 19,280 
Total$— $5,537 $2,600 $8,137 $29,660 $37,797 
The following table summarizes the nature of the financial difficulty modifications by class of loans:
(dollars in thousands)Weighted-
Average
Term
Extension
(in months)
Three Months Ended June 30, 2024
Commercial10.0
Commercial real estate10.6
Total10.6
Three Months Ended June 30, 2023
Commercial7.0
Commercial real estate6.0
Total6.1
Six Months Ended June 30, 2024
Commercial9.9
Commercial real estate9.2
Total9.3
Six Months Ended June 30, 2023
Commercial6.8
Commercial real estate5.8
Total6.3
Schedule of Financing Receivable, Purchased With Credit Deterioration
Old National has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows:
(dollars in thousands)
CapStar (1)
Purchase price of loans at acquisition$613,494 
Allowance for credit losses at acquisition23,922 
Non-credit discount/(premium) at acquisition41,886 
Par value of acquired loans at acquisition$679,302 
(1)Old National acquired CapStar effective April 1, 2024.