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Section 1: 10-Q (10-Q)

onb-20200331
FALSE2020Q1Old National Bancorp 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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, 2020
 
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)
 
INDIANA35-1539838
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
  
One Main Street47708
Evansville,Indiana(Zip Code)
(Address of principal executive offices)
(800) 731-2265
(Registrant’s telephone number, including area code)
 
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  NASDAQStock Market LLC  
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 165,109,000 shares outstanding at March 31, 2020.



OLD NATIONAL BANCORP
FORM 10-Q
TABLE OF CONTENTS
  Page
PART I. 
Item 1. 
 
 
 
 
 
 
 Note 1.
 Note 2.
 Note 3.
 Note 4.
 Note 5.
 Note 6.
 Note 7.
 Note 8.
 Note 9.
 Note 10.
 Note 11.
 Note 12.
 Note 13.
 Note 14.
 Note 15.
 Note 16.
 Note 17.
 Note 18.
 Note 19.
 Note 20.
 Note 21.
 Note 22.
 Note 23.
 Note 24.
Item 2.
 
 
 
 
 
 
 
 
 
 
Item 3.
Item 4.
PART II.
Item 1A.
Item 2.
Item 5.
Item 6.

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 (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
BBCC: business banking credit center (small business)
CECL: current expected credit loss
Common Stock:  Old National Bancorp common stock, without par value
COVID-19: Novel coronavirus originating in Wuhan, China in December 2019
DTI:  debt-to-income
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
OCC:  Office of the Comptroller of the Currency
OTTI:  other-than-temporary impairment
PCD: purchased with credit deterioration
PCI:  purchased credit impaired
PD:  probability of default
PSA:  prepayment speed assumptions
Renewable Energy:  investment tax credits for solar projects
SBA:  Small Business Administration
SEC:  Securities and Exchange Commission
SOFR: Secured Overnight Financing Rate
TBA:  to be announced
TDR:  troubled debt restructuring


3


OLD NATIONAL BANCORP
CONSOLIDATED BALANCE SHEETS
(dollars and shares in thousands, except per share data)
March 31,
2020
December 31,
2019
 (unaudited) 
Assets  
Cash and due from banks$203,533  $234,766  
Money market and other interest-earning investments139,644  41,571  
Total cash and cash equivalents343,177  276,337  
Equity securities6,870  6,842  
Investment securities - available-for-sale, at fair value:
U.S. Treasury11,733  17,682  
U.S. government-sponsored entities and agencies519,171  592,984  
Mortgage-backed securities3,210,000  3,183,861  
States and political subdivisions1,302,395  1,275,643  
Other securities316,726  314,921  
Total investment securities - available-for-sale5,360,025  5,385,091  
Federal Home Loan Bank/Federal Reserve Bank stock, at cost174,113  164,099  
Loans held for sale, at fair value54,209  46,898  
Loans:
Commercial3,046,579  2,890,296  
Commercial real estate5,283,464  5,166,792  
Residential real estate2,327,851  2,334,289  
Consumer credit, net of unearned income1,726,718  1,726,147  
Total loans12,384,612  12,117,524  
Allowance for loan losses (1)(106,380) (54,619) 
Net loans12,278,232  12,062,905  
Premises and equipment, net462,364  490,925  
Operating lease right-of-use assets86,819  95,477  
Accrued interest receivable77,810  85,123  
Goodwill1,036,994  1,036,994  
Other intangible assets56,329  60,105  
Company-owned life insurance450,148  448,967  
Net deferred tax assets17,576  29,705  
Loan servicing rights24,132  25,368  
Other assets312,343  196,831  
Total assets$20,741,141  $20,411,667  
Liabilities
Deposits:
Noninterest-bearing demand$4,058,559  $4,042,286  
Interest-bearing:
Checking and NOW4,105,006  4,149,639  
Savings2,853,305  2,845,423  
Money market1,746,798  1,833,819  
Time1,541,694  1,682,230  
Total deposits14,305,362  14,553,397  
Federal funds purchased and interbank borrowings560,770  350,414  
Securities sold under agreements to repurchase318,067  327,782  
Federal Home Loan Bank advances2,130,263  1,822,847  
Other borrowings236,114  243,685  
Operating lease liabilities95,830  99,500  
Accrued expenses and other liabilities271,300  161,589  
Total liabilities17,917,706  17,559,214  
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,
   165,109 and 169,616 shares issued and outstanding, respectively
165,109  169,616  
Capital surplus1,870,260  1,944,445  
Retained earnings649,909  682,185  
Accumulated other comprehensive income (loss), net of tax138,157  56,207  
Total shareholders' equity2,823,435  2,852,453  
Total liabilities and shareholders' equity$20,741,141  $20,411,667  
(1)Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.
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)
20202019
Interest Income  
Loans including fees:  
Taxable$128,727  $138,972  
Nontaxable3,625  4,223  
Investment securities:
Taxable27,356  28,037  
Nontaxable7,942  7,408  
Money market and other interest-earning investments349  278  
Total interest income167,999  178,918  
Interest Expense
Deposits12,298  16,444  
Federal funds purchased and interbank borrowings1,240  1,918  
Securities sold under agreements to repurchase384  662  
Federal Home Loan Bank advances7,768  9,931  
Other borrowings2,538  2,915  
Total interest expense24,228  31,870  
Net interest income143,771  147,048  
Provision for loan losses (1)16,950  1,043  
Net interest income after provision for loan losses126,821  146,005  
Noninterest Income
Wealth management fees8,884  8,535  
Service charges on deposit accounts10,077  10,826  
Debit card and ATM fees4,998  5,503  
Mortgage banking revenue11,119  5,011  
Investment product fees5,874  5,271  
Capital markets income4,328  2,517  
Company-owned life insurance3,080  3,188  
Debt securities gains (losses), net5,174  (103) 
Other income3,968  5,668  
Total noninterest income57,502  46,416  
Noninterest Expense
Salaries and employee benefits79,173  71,183  
Occupancy15,133  14,578  
Equipment5,305  4,474  
Marketing3,097  3,723  
Data processing9,467  9,341  
Communication2,798  3,054  
Professional fees4,293  2,910  
Loan expenses1,771  1,912  
FDIC assessment1,609  2,087  
Amortization of intangibles3,776  4,472  
Amortization of tax credit investments5,515  260  
Other expense26,807  5,047  
Total noninterest expense158,744  123,041  
Income before income taxes25,579  69,380  
Income tax expense2,939  13,104  
Net income$22,640  $56,276  
Net income per common share - basic$0.13  $0.32  
Net income per common share - diluted0.13  0.32  
Weighted average number of common shares outstanding - basic167,748  174,734  
Weighted average number of common shares outstanding - diluted168,404  175,368  
Dividends per common share$0.14  $0.13  
(1)Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.
The accompanying notes to consolidated financial statements are an integral part of these statements.
5


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Three Months Ended
March 31,
(dollars in thousands)20202019
Net income$22,640  $56,276  
Other comprehensive income (loss):
Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period103,954  62,265  
Reclassification adjustment for securities (gains) losses realized in income
(5,174) 103  
Income tax effect(22,411) (14,578) 
Unrealized gains (losses) on available-for-sale debt securities76,369  47,790  
Change in securities held-to-maturity:
Amortization of unrealized losses on securities transferred from available-for-sale  457  
Income tax effect  (106) 
Changes from securities held-to-maturity  351  
Cash flow hedges:
Net unrealized derivative gains (losses) on cash flow hedges7,803  (392) 
Reclassification adjustment for (gains) losses realized in net income(431) (385) 
Income tax effect(1,811) 191  
Changes from cash flow hedges5,561  (586) 
Defined benefit pension plans:
Amortization of net loss recognized in income27  20  
Income tax effect(7) (5) 
Changes from defined benefit pension plans20  15  
Other comprehensive income (loss), net of tax81,950  47,570  
Comprehensive income$104,590  $103,846  
The accompanying notes to consolidated financial statements are an integral part of these statements.
6


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
(dollars in thousands, except per share data)Common StockCapital SurplusRetained EarningsAccumulated
Other
Comprehensive Income (Loss)
Total
Shareholders' Equity
Balance, December 31, 2018$175,141  $2,031,695  $527,684  $(44,950) $2,689,570  
Cumulative effect of change in accounting principles—  —  6,322    6,322  
Balance, January 1, 2019175,141  2,031,695  534,006  (44,950) 2,695,892  
Net income—  —  56,276  —  56,276  
Other comprehensive income (loss)—  —  —  47,570  47,570  
Dividends - common stock ($0.13 per share)
—  —  (22,812) —  (22,812) 
Common stock issued9  121  —  —  130  
Common stock repurchased(1,655) (25,642) —  —  (27,297) 
Share-based compensation expense—  1,800  —  —  1,800  
Stock activity under incentive compensation plans484  (12) (159) —  313  
Balance, March 31, 2019$173,979  $2,007,962  $567,311  $2,620  $2,751,872  
Balance, December 31, 2019$169,616  $1,944,445  $682,185  $56,207  $2,852,453  
Cumulative effect of change in accounting
   principles (Note 2)
—  —  (31,150) —  (31,150) 
Balance, January 1, 2020169,616