OLD NATIONAL BANCORP IN

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 22, 2024

ONB$25.26-0.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

	Years Ended December 31,
(dollars and shares in thousands, except per share data)	2023	2022	2021
Interest Income
Loans including fees:
Taxable	$1,815,390	$1,177,816	$490,042
Nontaxable	44,687	25,931	12,392
Investment securities:
Taxable	263,210	204,004	98,031
Nontaxable	43,851	43,637	37,595
Money market and other interest-earning investments	39,683	2,814	589
Total interest income	2,206,821	1,454,202	638,649
Interest Expense
Deposits	484,360	49,093	10,954
Federal funds purchased and interbank borrowings	11,412	5,021	—
Securities sold under agreements to repurchase	3,299	843	397
Federal Home Loan Bank advances	161,860	51,524	21,075
Other borrowings	42,737	19,785	9,823
Total interest expense	703,668	126,266	42,249
Net interest income	1,503,153	1,327,936	596,400
Provision (release) for credit losses	58,887	144,799	(29,622)
Net interest income after provision (release) for credit losses	1,444,266	1,183,137	626,022
Noninterest Income
Wealth and investment services fees	107,784	100,851	65,048
Service charges on deposit accounts	71,945	72,501	31,658
Debit card and ATM fees	42,153	40,227	23,766
Mortgage banking revenue	16,319	23,015	42,558
Capital markets income	24,419	25,986	21,997
Company-owned life insurance	15,397	14,564	10,589
Debt securities gains (losses), net	(6,265)	(88)	4,327
Gain on sale of Visa Class B restricted shares	21,635	—	—
Gain on sale of health savings accounts	—	90,673	—
Other income	39,955	32,050	14,276
Total noninterest income	333,342	399,779	214,219
Noninterest Expense
Salaries and employee benefits	546,364	575,626	284,098
Occupancy	106,676	100,421	54,834
Equipment	32,163	27,637	16,704
Marketing	39,511	32,264	12,684
Technology	80,343	84,865	47,047
Communication	16,980	18,846	10,073
Professional fees	27,335	39,046	20,077
FDIC assessment	56,730	19,332	6,059
Amortization of intangibles	24,155	25,857	11,336
Amortization of tax credit investments	15,367	10,961	6,770
Property optimization	1,559	26,818	—
Other expense	79,123	76,510	31,697
Total noninterest expense	1,026,306	1,038,183	501,379
Income before income taxes	751,302	544,733	338,862
Income tax expense	169,310	116,446	61,324
Net income	581,992	428,287	277,538
Preferred dividends	(16,135)	(14,118)	—
Net income applicable to common shareholders	$565,857	$414,169	$277,538
Net income per common share - basic	$1.95	$1.51	$1.68
Net income per common share - diluted	1.94	1.50	1.67
Weighted average number of common shares outstanding - basic	290,748	275,179	165,178
Weighted average number of common shares outstanding - diluted	291,855	276,688	165,929
Dividends per common share	$0.56	$0.56	$0.56

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