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$25.36+1.7%Stored close · as of Nov 9, 2026

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Contents

Financial Highlights

The following table sets forth certain financial highlights of Old National for the previous five quarters:

	Three Months Ended
(dollars and shares in thousands,except per share data)	December 31,	September 30,	June 30,	March 31,	December 31,
2023 · 2023 · 2023 · 2023 · 2022
Income Statement:
Net interest income	$364,408	$375,086	$382,171	$381,488	$391,090
Taxable equivalent adjustment (1) (3)	6,100	5,837	5,825	5,666	5,378
Net interest income – taxable equivalent basis (3)	370,508	380,923	387,996	387,154	396,468
Provision (release) for credit losses	11,595	19,068	14,787	13,437	11,408
Noninterest income	100,094	80,938	81,629	70,681	165,037
Noninterest expense	284,235	244,776	246,584	250,711	282,675
Net income available to common shareholders	128,446	143,842	151,003	142,566	196,701
Per Common Share Data:
Weighted average diluted common shares	292,029	291,717	291,266	292,756	293,131
Net income (diluted)	$0.44	$0.49	$0.52	$0.49	$0.67
Cash dividends	0.14	0.14	0.14	$0.14	$0.14
Common dividend payout ratio (2)	32%	29%	27%	29%	21%
Book value	$18.18	$17.07	$17.25	$17.24	$16.68
Stock price	16.89	14.54	13.94	14.42	17.98
Tangible common book value (3)	11.00	9.87	10.03	9.98	9.42
Performance Ratios:
Return on average assets	1.09%	1.22%	1.29%	1.25%	1.74%
Return on average common equity	10.20	11.39	12.01	11.58	16.77
Return on average tangible common equity (3)	18.11	20.18	21.35	21.03	31.53
Net interest margin (3)	3.39	3.49	3.60	3.69	3.85
Efficiency ratio (3)	59.05	51.66	51.22	52.81	49.12
Net charge-offs to average loans	0.12	0.24	0.13	0.21	0.05
Allowance for credit losses on loans to ending loans	0.93	0.93	0.93	0.94	0.98
Allowance for credit losses (4) to ending loans	1.03	1.03	1.04	1.05	1.08
Non-performing loans to ending loans	0.83	0.80	0.91	0.74	0.81
Balance Sheet:
Total loans	$32,991,927	$32,577,834	$32,432,473	$31,822,374	$31,123,641
Total assets	49,089,836	49,059,448	48,496,755	47,842,644	46,763,372
Total deposits	37,235,180	37,252,676	36,231,315	34,917,792	35,000,830
Total borrowed funds	5,331,147	5,556,010	6,034,008	6,740,454	5,586,314
Total shareholders’ equity	5,562,900	5,239,537	5,292,095	5,277,426	5,128,595
Capital Ratios:
Risk-based capital ratios:
Tier 1 common equity	10.70%	10.41%	10.14%	9.98%	10.03%
Tier 1	11.35	11.06	10.79	10.64	10.71
Total	12.64	12.32	12.14	11.96	12.02
Leverage ratio (to average assets)	8.83	8.70	8.59	8.53	8.52
Total equity to assets (averages)	10.81	10.88	10.96	11.00	10.70
Tangible common equity to tangible assets (3)	6.85	6.15	6.33	6.37	6.18
Nonfinancial Data:
Full-time equivalent employees	3,940	3,981	4,021	4,023	3,967
Banking centers	258	257	256	256	263

(1)Calculated using the federal statutory tax rate in effect of 21% for all periods.

(2)Cash dividends per share divided by net income per share (basic).

(3)Represents a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

(4)Includes the allowance for credit losses on loans and unfunded loan commitments.

The following table sets forth certain financial highlights of Old National for the year-to-date periods:

	Years Ended December 31,
(dollars and shares in thousands, except per share data)	2023	2022
Income Statement:
Net interest income	$1,503,153	$1,327,936
Taxable equivalent adjustment (1) (3)	23,428	18,414
Net interest income – taxable equivalent basis (3)	1,526,581	1,346,350
Provision (release) for credit losses	58,887	144,799
Noninterest income	333,342	399,779
Noninterest expense	1,026,306	1,038,183
Net income available to common shareholders	565,857	414,169
Per Common Share Data:
Weighted average diluted common shares	291,855	276,688
Net income (diluted)	$1.94	$1.50
Cash dividends	$0.56	$0.56
Common dividend payout ratio (2)	29%	37%
Book value	$18.18	$16.68
Stock price	16.89	17.98
Tangible common book value (3)	11.00	9.42
Performance Ratios:
Return on average assets	1.21%	0.99%
Return on average common equity	11.29	8.92
Return on average tangible common equity (3)	20.15	16.34
Net interest margin (3)	3.54	3.47
Efficiency ratio (3)	53.70	57.97
Net charge-offs to average loans	0.17	0.06
Allowance for credit losses on loans to ending loans	0.93	0.98
Allowance for credit losses (4) to ending loans	1.03	1.08
Non-performing loans to ending loans	0.83	0.81
Balance Sheet:
Total loans	$32,991,927	$31,123,641
Total assets	49,089,836	46,763,372
Total deposits	37,235,180	35,000,830
Total borrowed funds	5,331,147	5,586,314
Total shareholders’ equity	5,562,900	5,128,595
Capital Ratios:
Risk-based capital ratios:
Tier 1 common equity	10.70%	10.03%
Tier 1	11.35	10.71
Total	12.64	12.02
Leverage ratio (to average assets)	8.83	8.52
Total equity to assets (averages)	10.91	11.23
Tangible common equity to tangible assets (3)	6.85	6.18
Nonfinancial Data:
Full-time equivalent employees	3,940	3,967
Banking centers	258	263

(1)Calculated using the federal statutory tax rate in effect of 21% for all periods.

(2)Cash dividends per share divided by net income per share (basic).

(3)Represents a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

(4)Includes the allowance for credit losses on loans and unfunded loan commitments.

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