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Section 1: 10-Q (10-Q)

onb-10q_20190331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number 1-15817

 

OLD NATIONAL BANCORP

(Exact name of Registrant as specified in its charter)

 

 

INDIANA

35-1539838

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

One Main Street

Evansville, Indiana

47708

(Address of principal executive offices)

(Zip Code)

 

(800) 731-2265

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for at least the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (s232.405 of this chapter) during the preceding 12 months (or for shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock.  The registrant has one class of common stock (no par value) with 173,979,000 shares outstanding at March 31, 2019.

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, No Par Value

 

ONB

 

The NASDAQ Stock Market LLC

 

 

 


OLD NATIONAL BANCORP

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements

 

 

 

 

Consolidated Balance Sheets

 

4

 

 

Consolidated Statements of Income (unaudited)

 

5

 

 

Consolidated Statements of Comprehensive Income (unaudited)

 

6

 

 

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

 

7

 

 

Consolidated Statements of Cash Flows (unaudited)

 

8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

9

 

 

 

 

Note 1.

 

Basis of Presentation

 

9

 

 

 

 

Note 2.

 

Recent Accounting Pronouncements

 

9

 

 

 

 

Note 3.

 

Acquisition and Divestiture Activity

 

13

 

 

 

 

Note 4.

 

Net Income Per Share

 

14

 

 

 

 

Note 5.

 

Investment Securities

 

15

 

 

 

 

Note 6.

 

Loans Held for Sale

 

19

 

 

 

 

Note 7.

 

Loans and Allowance for Loan Losses

 

19

 

 

 

 

Note 8.

 

Other Real Estate Owned

 

29

 

 

 

 

Note 9.

 

Premises and Equipment

 

30

 

 

 

 

Note 10.

 

Leases

 

30

 

 

 

 

Note 11.

 

Goodwill and Other Intangible Assets

 

32

 

 

 

 

Note 12.

 

Loan Servicing Rights

 

33

 

 

 

 

Note 13.

 

Qualified Affordable Housing Projects and Other Tax Credit Investments

 

34

 

 

 

 

Note 14.

 

Securities Sold Under Agreements to Repurchase

 

35

 

 

 

 

Note 15.

 

Federal Home Loan Bank Advances

 

36

 

 

 

 

Note 16.

 

Other Borrowings

 

36

 

 

 

 

Note 17.

 

Accumulated Other Comprehensive Income (Loss)

 

38

 

 

 

 

Note 18.

 

Employee Benefit Plans

 

39

 

 

 

 

Note 19.

 

Share-Based Compensation

 

39

 

 

 

 

Note 20.

 

Income Taxes

 

40

 

 

 

 

Note 21.

 

Derivative Financial Instruments

 

42

 

 

 

 

Note 22.

 

Commitments and Contingencies

 

45

 

 

 

 

Note 23.

 

Financial Guarantees

 

46

 

 

 

 

Note 24.

 

Segment Information

 

46

 

 

 

 

Note 25.

 

Fair Value

 

46

 

 

 

 

Note 26.

 

Revenue from Contracts with Customers

 

53

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

55

 

 

 

 

Financial Highlights

 

55

 

 

 

 

Non-GAAP Financial Measures

 

56

 

 

 

 

Executive Summary

 

57

 

 

 

 

Results of Operations

 

58

 

 

 

 

Financial Condition

 

64

 

 

 

 

Risk Management

 

68

 

 

 

 

Off-Balance Sheet Arrangements

 

78

 

 

 

 

Contractual Obligations

 

78

 

 

 

 

Critical Accounting Policies and Estimates

 

79

 

 

 

 

Forward-Looking Statements

 

81

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

83

Item 4.

 

Controls and Procedures

 

83

PART II.

 

OTHER INFORMATION

 

83

Item 1A.

 

Risk Factors

 

83

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

84

Item 5.

 

Other Information

 

84

Item 6.

 

Exhibits

 

85

SIGNATURE

 

86

 

 

2


GLOSSARY OF ABBREVIATIONS AND ACRONYMS

As used in this report, references to “Old National,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of Old National Bancorp and its wholly-owned affiliates. Old National Bancorp refers solely to the parent holding company, and Old National Bank refers to Old National’s bank subsidiary.

The acronyms and abbreviations identified below are used in the Notes to Consolidated Financial Statements (Unaudited) as well as in the Management’s Discussion and Analysis of Financial Condition and Results of Operations. You may find it helpful to refer to this page as you read this report.

Anchor (MN):  Anchor Bancorp, Inc.

Anchor Bank (MN):  Anchor Bank, N.A.

Anchor (WI):  Anchor BanCorp Wisconsin Inc.

AOCI:  accumulated other comprehensive income (loss)

AQR:  asset quality rating

ASC:  Accounting Standards Codification

ASU:  Accounting Standards Update

ATM:  automated teller machine

Common Stock:  Old National Bancorp common stock, without par value

CReED:  Indiana Community Revitalization Enhancement District Tax Credit

DTI:  debt-to-income

EITF:  Emerging Issues Task Force

FASB:  Financial Accounting Standards Board

FDIC:  Federal Deposit Insurance Corporation

FHLB:  Federal Home Loan Bank

FHTC:  Federal Historic Tax Credit

FICO:  Fair Isaac Corporation

GAAP:  U.S. generally accepted accounting principles

Klein:  Klein Financial, Inc.

LGD:  loss given default

LIBOR:  London Interbank Offered Rate

LIHTC:  Low Income Housing Tax Credit

LTV:  loan-to-value

N/A:  not applicable

N/M:  not meaningful

NASDAQ:  The NASDAQ Stock Market LLC

NOW:  negotiable order of withdrawal

OTTI:  other-than-temporary impairment

PCI:  purchased credit impaired

PD:  probability of default

PSA:  prepayment speed assumptions

Renewable Energy:  investment tax credits for solar projects

SAB:  Staff Accounting Bulletin

SEC:  Securities and Exchange Commission

TBA:  to be announced

TDR:  troubled debt restructuring

 


3


OLD NATIONAL BANCORP

CONSOLIDATED BALANCE SHEETS

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(dollars and shares in thousands, except per share data)

 

 

2019

 

 

 

2018

 

 

 

2018

 

 

 

(unaudited)

 

 

 

 

 

 

(unaudited)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

211,174

 

 

$

284,003

 

 

$

192,022

 

Money market and other interest-earning investments

 

 

111,942

 

 

 

33,162

 

 

 

86,219

 

Total cash and cash equivalents

 

 

323,116

 

 

 

317,165

 

 

 

278,241

 

Equity securities

 

 

6,235

 

 

 

5,582

 

 

 

5,569

 

Investment securities - available-for-sale, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

9,777

 

 

 

5,301

 

 

 

9,295

 

U.S. government-sponsored entities and agencies

 

 

698,514

 

 

 

628,151

 

 

 

572,689

 

Mortgage-backed securities

 

 

2,560,703

 

 

 

2,209,295

 

 

 

1,477,896

 

States and political subdivisions

 

 

965,436

 

 

 

940,429

 

 

 

843,488

 

Other securities

 

 

335,342

 

 

 

340,240

 

 

 

316,495

 

Total investment securities - available-for-sale

 

 

4,569,772

 

 

 

4,123,416

 

 

 

3,219,863

 

Investment securities - held-to-maturity, at amortized cost

   (fair value $493,877; $506,103; and $536,143, respectively)

 

 

484,834

 

 

 

506,334

 

 

 

535,153

 

Federal Home Loan Bank/Federal Reserve Bank stock, at cost

 

 

157,400

 

 

 

142,980

 

 

 

136,206

 

Loans held for sale, at fair value

 

 

14,082

 

 

 

14,911

 

 

 

17,635

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

3,042,790

 

 

 

3,232,970

 

 

 

2,811,629

 

Commercial real estate

 

 

5,023,620

 

 

 

4,958,851

 

 

 

4,449,980

 

Residential real estate

 

 

2,243,885

 

 

 

2,248,404

 

 

 

2,158,532

 

Consumer credit, net of unearned income

 

 

1,758,682

 

 

 

1,803,667

 

 

 

1,818,541

 

Total loans

 

 

12,068,977

 

 

 

12,243,892

 

 

 

11,238,682

 

Allowance for loan losses

 

 

(55,559

)

 

 

(55,461

)

 

 

(50,381

)

Net loans

 

 

12,013,418

 

 

 

12,188,431

 

 

 

11,188,301

 

Premises and equipment, net

 

 

490,216

 

 

 

485,912

 

 

 

453,603

 

Operating lease right-of-use assets

 

 

109,916

 

 

 

 

 

 

 

Accrued interest receivable

 

 

86,279

 

 

 

89,464

 

 

 

81,621

 

Goodwill

 

 

1,036,258

 

 

 

1,036,258

 

 

 

828,804

 

Other intangible assets

 

 

72,544

 

 

 

77,016

 

 

 

48,833

 

Company-owned life insurance

 

 

444,551

 

 

 

444,224

 

 

 

404,561

 

Net deferred tax assets

 

 

59,430

 

 

 

87,048

 

 

 

88,773

 

Loan servicing rights

 

 

24,254

 

 

 

24,497

 

 

 

24,380

 

Assets held for sale

 

 

5,068

 

 

 

3,253

 

 

 

6,331

 

Other real estate owned and repossessed personal property

 

 

3,279

 

 

 

3,232

 

 

 

6,735

 

Other assets

 

 

183,768

 

 

 

178,712

 

 

 

171,678

 

Total assets

 

$

20,084,420

 

 

$

19,728,435

 

 

$

17,496,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

3,903,314

 

 

$

3,965,380

 

 

$

3,655,732

 

Interest-bearing:

 

 

 

 

 

 

 

 

 

 

 

 

Checking and NOW

 

 

3,742,241

 

 

 

3,788,339

 

 

 

3,135,778

 

Savings

 

 

2,941,361

 

 

 

2,944,092

 

 

 

3,091,101

 

Money market

 

 

1,780,756

 

 

 

1,627,882

 

 

 

1,130,258

 

Time

 

 

2,061,598

 

 

 

2,024,256

 

 

 

1,775,731

 

Total deposits

 

 

14,429,270

 

 

 

14,349,949

 

 

 

12,788,600

 

Federal funds purchased and interbank borrowings

 

 

325,030

 

 

 

270,135

 

 

 

150,026

 

Securities sold under agreements to repurchase

 

 

342,480

 

 

 

362,294

 

 

 

308,189

 

Federal Home Loan Bank advances

 

 

1,719,944

 

 

 

1,613,481

 

 

 

1,664,179

 

Other borrowings

 

 

251,584

 

 

 

247,883

 

 

 

248,898

 

Operating lease liabilities

 

 

114,040

 

 

 

 

 

 

 

Accrued expenses and other liabilities

 

 

150,200

 

 

 

195,123

 

 

 

157,277

 

Total liabilities

 

 

17,332,548

 

 

 

17,038,865

 

 

 

15,317,169

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, 2,000 shares authorized, no shares issued or outstanding

 

 

 

 

 

 

 

 

 

Common stock, $1.00 per share stated value, 300,000 shares authorized,

   173,979; 175,141; and 152,172 shares issued and outstanding, respectively

 

 

173,979

 

 

 

175,141

 

 

 

152,172

 

Capital surplus

 

 

2,007,962

 

 

 

2,031,695

 

 

 

1,640,776

 

Retained earnings

 

 

567,311

 

 

 

527,684

 

 

 

447,696

 

Accumulated other comprehensive income (loss), net of tax

 

 

2,620

 

 

 

(44,950

)

 

 

(61,526

)

Total shareholders' equity

 

 

2,751,872

 

 

 

2,689,570

 

 

 

2,179,118

 

Total liabilities and shareholders' equity

 

$

20,084,420

 

 

$

19,728,435

 

 

$

17,496,287

 

 

The accompanying notes to consolidated financial statements are an integral part of these statements.

4


OLD NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

 

 

Three Months Ended

 

 

 

March 31,

 

(dollars and shares in thousands, except per share data)

 

 

2019

 

 

 

2018

 

Interest Income

 

 

 

 

 

 

 

 

Loans including fees:

 

 

 

 

 

 

 

 

Taxable

 

$

138,972

 

 

$

118,389

 

Nontaxable

 

 

4,223

 

 

 

3,874

 

Investment securities:

 

 

 

 

 

 

 

 

Taxable

 

 

28,037

 

 

 

18,804

 

Nontaxable

 

 

7,408

 

 

 

6,549

 

Money market and other interest-earning investments

 

 

278

 

 

 

90

 

Total interest income

 

 

178,918

 

 

 

147,706

 

Interest Expense

 

 

 

 

 

 

 

 

Deposits

 

 

16,444

 

 

 

7,255

 

Federal funds purchased and interbank borrowings

 

 

1,918

 

 

 

1,017

 

Securities sold under agreements to repurchase

 

 

662

 

 

 

359

 

Federal Home Loan Bank advances

 

 

9,931

 

 

 

7,780

 

Other borrowings

 

 

2,915

 

 

 

2,723

 

Total interest expense

 

 

31,870

 

 

 

19,134

 

Net interest income

 

 

147,048

 

 

 

128,572

 

Provision for loan losses

 

 

1,043