Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023
Assets
Deposits in affiliate bank	$	299,179	$	284,294
Equity securities	63,067		51,241
Investment securities - available-for-sale	17,363		15,886
Investment in affiliates:
Banking subsidiaries	6,159,143		5,530,637
Non-banks	39,412		44,395
Goodwill	59,627		59,506
Other assets	136,218		127,540
Total assets	$	6,774,009	$	6,113,499
Liabilities and Shareholders’ Equity
Other liabilities	$	103,967	$	70,840
Other borrowings	329,692		479,759
Shareholders’ equity	6,340,350		5,562,900
Total liabilities and shareholders’ equity	$	6,774,009	$	6,113,499

Schedule of Condensed Statements of Income


OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(dollars in thousands)	2024		2023		2022
Income
Dividends from affiliates	$	385,000	$	150,000	$	—

Other income	9,004		2,919		1,733
Other income from affiliates	5		5		5
Total income	394,009		152,924		1,738
Expense
Interest on borrowings	19,445		20,700		16,662
Other expenses	41,231		43,185		37,629
Total expense	60,676		63,885		54,291
Income (loss) before income taxes and equity in undistributed earnings of affiliates	333,333		89,039		(52,553)
Income tax expense (benefit)	(6,642)		(11,325)		(9,901)
Income (loss) before equity in undistributed earnings of affiliates	339,975		100,364		(42,652)
Equity in undistributed earnings of affiliates	199,213		481,628		470,939
Net income	539,188		581,992		428,287
Preferred dividends	(16,135)		(16,135)		(14,118)
Net income applicable to common shareholders	$	523,053	$	565,857	$	414,169

Schedule of Condensed Statement of Cash Flows


OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENT OF CASH FLOWS
	Years Ended December 31,
(dollars in thousands)	2024		2023		2022
Cash Flows From Operating Activities
Net income	$	539,188	$	581,992	$	428,287
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	26		18		26

Share-based compensation expense	32,283		27,910		28,656
(Increase) decrease in other assets	12,149		(19,353)		(40,620)
Increase (decrease) in other liabilities	11,772		(2,561)		10,455
Equity in undistributed earnings of affiliates	(199,213)		(481,628)		(470,939)
Net cash flows provided by (used in) operating activities	396,205		106,378		(44,135)
Cash Flows From Investing Activities
Net cash and cash equivalents of acquisitions	—		—		573,099


Proceeds from sales of equity securities	—		—		44,038
Purchase of equity securities	(7,244)		(17,773)		—
Purchases of investment securities	—		—		(9,000)


Purchases of premises and equipment	(76)		(8)		—
Net cash flows provided by (used in) investing activities	(7,320)		(17,781)		608,137
Cash Flows From Financing Activities
Payments for maturities/redemptions of other borrowings	(174,987)		—		—
Cash dividends paid	(191,163)		(180,030)		(177,623)
Common stock repurchased	(8,884)		(44,308)		(71,182)

Common stock issued	1,034		1,076		809
Net cash flows provided by (used in) financing activities	(374,000)		(223,262)		(247,996)
Net increase (decrease) in cash and cash equivalents	14,885		(134,665)		316,006
Cash and cash equivalents at beginning of period	284,294		418,959		102,953
Cash and cash equivalents at end of period	$	299,179	$	284,294	$	418,959