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Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 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)
September 30, 2024
Commercial (1)
$10,408,095 $(224,732)$10,183,363 
Commercial real estate16,356,216 (175,628)16,180,588 
BBCCN/A400,360 400,360 
Residential real estate6,757,896 — 6,757,896 
Consumer2,878,436 (2,878,436)N/A
IndirectN/A1,096,234 1,096,234 
DirectN/A419,201 419,201 
Home equityN/A1,363,001 1,363,001 
Total loans (2)
$36,400,643 $— $36,400,643 
Allowance for credit losses on loans(380,840)— (380,840)
Net loans$36,019,803 $— $36,019,803 
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 $133.6 million at September 30, 2024 and $169.7 million at December 31, 2023.
(2)    Includes unearned income of $183.4 million at September 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 September 30, 2024  
Commercial$138,460 $3,245 $(11,512)$308 $6,341 $136,842 
Commercial real estate189,911 (442)(2,799)214 18,015 204,899 
BBCC2,897 — (676)56 415 2,692 
Residential real estate23,135 — — 64 (1,711)21,488 
Indirect1,233 — (1,715)290 5,853 5,661 
Direct3,131 — (2,137)475 958 2,427 
Home equity7,568 — (126)84 (695)6,831 
Total$366,335 $2,803 $(18,965)$1,491 $29,176 $380,840 
Three Months Ended September 30, 2023
Commercial$127,403 $— $(16,705)$1,616 $12,441 $124,755 
Commercial real estate136,897 — (2,291)102 10,267 144,975 
BBCC2,776 — (1,049)70 912 2,709 
Residential real estate20,421 — (15)28 346 20,780 
Indirect1,407 — (490)325 79 1,321 
Direct4,755 — (2,180)580 416 3,571 
Home equity6,896 — (20)341 (1,346)5,871 
Total$300,555 $— $(22,750)$3,062 $23,115 $303,982 
Nine Months Ended September 30, 2024
Commercial$118,333 $17,838 $(25,098)$1,104 $24,665 $136,842 
Commercial real estate155,099 8,041 (12,541)1,791 52,509 204,899 
BBCC2,887 — (1,687)304 1,188 2,692 
Residential real estate20,837 134 — 845 (328)21,488 
Indirect1,236 — (3,937)957 7,405 5,661 
Direct3,169 59 (6,449)1,527 4,121 2,427 
Home equity6,049 653 (314)229 214 6,831 
Total$307,610 $26,725 $(50,026)$6,757 $89,774 $380,840 
Nine Months Ended September 30, 2023
Commercial$120,612 $— $(37,459)$3,713 $37,889 $124,755 
Commercial real estate138,244 — (5,938)1,394 11,275 144,975 
BBCC2,431 — (1,171)174 1,275 2,709 
Residential real estate21,916 — (256)153 (1,033)20,780 
Indirect1,532 — (2,089)1,349 529 1,321 
Direct12,116 — (8,018)1,798 (2,325)3,571 
Home equity6,820 — (330)471 (1,090)5,871 
Total$303,671 $— $(55,261)$9,052 $46,520 $303,982 
Old National’s activity in the allowance for credit losses on unfunded loan commitments was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(dollars in thousands)2024202320242023
Allowance for credit losses on unfunded loan commitments: 
Balance at beginning of period$25,733 $37,007 $31,226 $32,188 
Provision for credit losses on unfunded loan commitments
   acquired during the period		— — 1,763 — 
Provision (release) for credit losses on unfunded loan
   commitments		(679)(4,047)(7,935)772 
Balance at end of period$25,054 $32,960 $25,054 $32,960 
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
September 30, 2024
Commercial:
Pass$1,555,665 $1,519,627 $1,243,415 $734,457 $467,036 $636,137 $2,560,086 $657,716 $9,374,139 
Special Mention34,491 62,344 43,253 14,913 18,003 12,073 120,436 25,235 330,748 
Classified:
Substandard11,204 63,668 97,872 32,674 21,667 26,861 89,643 29,742 373,331 
Nonaccrual352 812 2,723 792 637 2,354 242 4,813 12,725 
Doubtful1,460 11,485 25,610 7,640 5,726 1,226 22,294 16,979 92,420 
Total$1,603,172 $1,657,936 $1,412,873 $790,476 $513,069 $678,651 $2,792,701 $734,485 $10,183,363 
Commercial real estate:
Pass$1,649,355 $2,584,786 $3,882,068 $2,267,541 $1,407,050 $1,877,393 $143,314 $929,671 $14,741,178 
Special Mention47,435 35,196 105,531 126,457 49,338 68,825 4,492 56,651 493,925 
Classified:
Substandard62,087 37,197 244,297 62,366 39,810 172,429 1,018 79,285 698,489 
Nonaccrual421 708 4,267 2,881 2,763 15,942 — 361 27,343 
Doubtful7,335 5,675 4,858 53,679 25,556 75,276 — 47,274 219,653 
Total$1,766,633 $2,663,562 $4,241,021 $2,512,924 $1,524,517 $2,209,865 $148,824 $1,113,242 $16,180,588 
BBCC:
Pass$60,158 $83,681 $58,701 $36,774 $31,632 $30,934 $61,932 $16,809 $380,621 
Special Mention392 2,740 1,034 720 723 369 3,818 3,074 12,870 
Classified:
Substandard105 499 145 200 30 226 694 523 2,422 
Nonaccrual— 262 434 347 67 1,010 — 642 2,762 
Doubtful— 231 642 301 15 1 — 495 1,685 
Total$60,655 $87,413 $60,956 $38,342 $32,467 $32,540 $66,444 $21,543 $400,360 
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
September 30, 2024
Residential real estate:
Risk Rating:
Performing$371,299 $488,590 $1,469,840 $1,696,514 $1,605,901 $1,067,863 $60 $277 $6,700,344 
Nonperforming157 4,145 10,655 5,381 4,283 32,931 — — 57,552 
Total$371,456 $492,735 $1,480,495 $1,701,895 $1,610,184 $1,100,794 $60 $277 $6,757,896 
Indirect:
Risk Rating:
Performing$348,367 $309,592 $257,064 $107,785 $47,552 $20,760 $— $— $1,091,120 
Nonperforming302 1,109 1,575 1,387 413 328 — — 5,114 
Total$348,669 $310,701 $258,639 $109,172 $47,965 $21,088 $— $— $1,096,234 
Direct:
Risk Rating:
Performing$56,302 $68,103 $58,794 $53,593 $21,871 $56,853 $97,352 $2,509 $415,377 
Nonperforming66 307 674 390 593 1,706 2 86 3,824 
Total$56,368 $68,410 $59,468 $53,983 $22,464 $58,559 $97,354 $2,595 $419,201 
Home equity:
Risk Rating:
Performing$— $— $262 $203 $1,135 $11,759 $1,300,266 $28,857 $1,342,482 
Nonperforming— — 1,311 146 244 5,383 3,212 10,223 20,519 
Total$— $— $1,573 $349 $1,379 $17,142 $1,303,478 $39,080 $1,363,001 
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 September 30, 2024
Commercial$1,234 $8,031 $633 $297 $840 $55 $422 $11,512 
Commercial real estate— 140 61 44 — 2,554 — 2,799 
BBCC— 481 164 21 — 10 — 676 
Residential real estate— — — — — — — — 
Indirect199 797 360 110 41 208 — 1,715 
Direct8 97 398 475 224 214 721 2,137 
Home equity— — — — — 126 — 126 
Total gross charge-offs$1,441 $9,546 $1,616 $947 $1,105 $3,167 $1,143 $18,965 
Origination Year
20232022202120202019PriorRevolvingTotal
Three Months Ended September 30, 2023
Commercial$— $4,154 $12,271 $— $— $63 $217 $16,705 
Commercial real estate— — — 1,744 — 547 — 2,291 
BBCC499 501 49 — — — — 1,049 
Residential real estate— — — — — 15 — 15 
Indirect75 276 86 12 10 31 — 490 
Direct19 429 423 112 270 60 867 2,180 
Home equity— — — — — 20 — 20 
Total gross charge-offs$593 $5,360 $12,829 $1,868 $280 $736 $1,084 $22,750 
Origination Year
20242023202220212020PriorRevolvingTotal
Nine Months Ended September 30, 2024
Commercial$1,234 $10,389 $10,263 $719 $891 $625 $977 $25,098 
Commercial real estate— 140 84 2,688 — 9,629 — 12,541 
BBCC— 1,086 393 56 112 40 — 1,687 
Residential real estate— — — — — — — — 
Indirect253 1,698 1,209 431 80 266 — 3,937 
Direct83 292 1,368 1,351 510 609 2,236 6,449 
Home equity— — — 34 — 280 — 314 
Total gross charge-offs$1,570 $13,605 $13,317 $5,279 $1,593 $11,449 $3,213 $50,026 
Origination Year
20232022202120202019PriorRevolvingTotal
Nine Months Ended September 30, 2023
Commercial$— $6,254 $23,432 $120 $6,789 $302 $562 $37,459 
Commercial real estate— 54 735 2,144 — 3,005 — 5,938 
BBCC499 548 77 47 — — — 1,171 
Residential real estate— — — — — 256 — 256 
Indirect85 954 640 153 137 120 — 2,089 
Direct19 1,330 1,805 570 1,011 450 2,833 8,018 
Home equity— — — — — 330 — 330 
Total gross charge-offs$603 $9,140 $26,689 $3,034 $7,937 $4,463 $3,395 $55,261 
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
September 30, 2024
Commercial$11,690 $6,213 $35,974 $53,877 $10,129,486 $10,183,363 
Commercial real estate20,125 38,395 39,891 98,411 16,082,177 16,180,588 
BBCC1,095 — 1,361 2,456 397,904 400,360 
Residential5,817 740 2,489 9,046 6,748,850 6,757,896 
Indirect7,702 2,088 1,298 11,088 1,085,146 1,096,234 
Direct2,172 1,029 1,460 4,661 414,540 419,201 
Home equity5,339 3,791 7,187 16,317 1,346,684 1,363,001 
Total$53,940 $52,256 $89,660 $195,856 $36,204,787 $36,400,643 
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:
September 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$105,145 $32,436 $477 $43,775 $13,143 $242 
Commercial real estate246,996 40,356 90 158,222 24,507 585 
BBCC4,447 — 80 4,706 — 95 
Residential57,552 — — 41,771 — — 
Indirect5,114 — 160 4,207 — 8 
Direct3,824 — 25 5,892 — 31 
Home equity20,519 — 345 16,248 — — 
Total$443,597 $72,792 $1,177 $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
September 30, 2024
Commercial$18,944 $64,073 $4,481 $8,971 $4,258 
Commercial real estate240,163 1,552 2,106 — 120 
BBCC3,185 842 97 323 — 
Residential57,552 — — — — 
Indirect— — — 5,114 — 
Direct2,891 40 5 383 26 
Home equity20,519 — — — — 
Total loans$343,254 $66,507 $6,689 $14,791 $4,404 
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		Payment
Delay		Total
Class of
Loans
Three Months Ended September 30, 2024
Commercial$17,969 $4,776 0.2 %
Commercial real estate11,121 2,554 0.1 %
Total$29,090 $7,330 0.1 %
Three Months Ended September 30, 2023
Commercial$3,502 $— 0.0 %
Commercial real estate93,844 — 0.7 %
Total$97,346 $— 0.3 %
Nine Months Ended September 30, 2024
Commercial$27,085 $4,776 0.3 %
Commercial real estate56,051 2,554 0.4 %
Total$83,136 $7,330 0.2 %
Nine Months Ended September 30, 2023
Commercial$20,811 $— 0.2 %
Commercial real estate116,580 $— 0.8 %
Total$137,391 $— 0.4 %
Old National closely monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following table presents the performance of financial difficulty modifications in the twelve months following modification:
(dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due
90 Days or
More		Total
Past Due		CurrentTotal
Loans
September 30, 2024
Commercial$— $— $3,854 $3,854 $31,861 $35,715 
Commercial real estate5,707 3,726 21,463 30,896 67,421 98,317 
Total$5,707 $3,726 $25,317 $34,750 $99,282 $134,032 
September 30, 2023
Commercial$— $— $2,541 $2,541 $18,270 $20,811 
Commercial real estate1,086 — — 1,086 115,494 116,580 
Total$1,086 $— $2,541 $3,627 $133,764 $137,391 
The following table summarizes the nature of the financial difficulty modifications by class of loans:
(dollars in thousands)Weighted-
Average
Term
Extension
(in months)		Weighted-
Average
Payment
Delay
(in months)
Three Months Ended September 30, 2024
Commercial4.46.0
Commercial real estate6.57.0
Total5.26.4
Three Months Ended September 30, 2023
Commercial7.3—
Commercial real estate9.2—
Total9.2—
Nine Months Ended September 30, 2024
Commercial6.86.0
Commercial real estate8.87.0
Total8.26.4
Nine Months Ended September 30, 2023
Commercial5.7—
Commercial real estate8.9—
Total8.4—
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$610,691 
Allowance for credit losses at acquisition26,725 
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.