OLD NATIONAL BANCORP IN
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
ONB$25.26-0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| (dollars in thousands) | 2023 | 2022 | 2021 |
| Cash Flows From Operating Activities | |||
| Net income | $581,992 | $428,287 | $277,538 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation | 38,180 | 36,436 | 27,276 |
| Amortization of other intangible assets | 24,155 | 25,857 | 11,336 |
| Amortization of tax credit investments | 15,367 | 10,961 | 6,770 |
| Net premium amortization on investment securities | 7,416 | 18,684 | 16,305 |
| Accretion income related to acquired loans | (22,191) | (72,007) | (16,747) |
| Share-based compensation expense | 27,910 | 28,656 | 7,497 |
| Provision (release) for credit losses | 58,887 | 144,799 | (29,622) |
| 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) | — |
| Net (gains) losses on sales of loans and other assets | (3,074) | 13,114 | (36,677) |
| Increase in cash surrender value of company-owned life insurance | (15,397) | (14,564) | (10,589) |
| Residential real estate loans originated for sale | (473,478) | (570,111) | (1,215,015) |
| Proceeds from sales of residential real estate loans | 472,537 | 620,958 | 1,274,812 |
| (Increase) decrease in interest receivable | (34,637) | (52,911) | 1,198 |
| (Increase) decrease in other assets | (66,070) | (40,518) | 2,641 |
| Increase (decrease) in accrued expenses and other liabilities | (79,885) | 327,369 | 17,984 |
| Net cash flows provided by (used in) operating activities | 516,342 | 814,425 | 330,380 |
| Cash Flows From Investing Activities | |||
| Cash received from merger, net | — | 1,912,629 | — |
| Sale of health savings accounts | — | (290,857) | — |
| Purchases of investment securities available-for-sale | (1,084,416) | (1,438,572) | (3,321,653) |
| Purchases of investment securities held-to-maturity | (1,941) | (170,675) | — |
| Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (99,158) | (147,394) | — |
| Purchases of equity securities | (28,408) | (6,348) | (11,000) |
| Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 1,066,266 | 1,284,814 | 1,511,510 |
| Proceeds from sales of investment securities available-for-sale | 96,506 | 20,032 | 198,886 |
| Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 94,511 | 83,962 | — |
| Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 47,738 | 108,698 | 58 |
| Proceeds from sales of equity securities | 24,636 | 53,029 | 544 |
| Loan originations and payments, net | (2,673,593) | (3,071,765) | 206,145 |
| Proceeds from sales of commercial loans | 757,593 | — | — |
| Proceeds from company-owned life insurance death benefits | 16,252 | 10,361 | 3,375 |
| Proceeds from sale of premises and equipment and other assets | 3,513 | 4,480 | 29,244 |
| Purchases of premises and equipment and other assets | (38,375) | (37,901) | (48,692) |
| Net cash flows provided by (used in) investing activities | (1,818,876) | (1,685,507) | (1,431,583) |
| Cash Flows From Financing Activities | |||
| Net increase (decrease) in: | |||
| Deposits | 2,234,350 | (435,717) | 1,531,742 |
| Federal funds purchased and interbank borrowings | (581,099) | 581,213 | (890) |
| Securities sold under agreements to repurchase | (147,598) | (94,665) | (38,891) |
| Other borrowings | 16,938 | 177,146 | 36,187 |
| Payments for maturities of Federal Home Loan Bank advances | (2,250,149) | (2,102,506) | (146,505) |
| Payments for modification of Federal Home Loan Bank advances | — | — | (2,156) |
| Proceeds from Federal Home Loan Bank advances | 2,700,000 | 2,900,000 | 50,000 |
| Cash dividends paid | (180,030) | (177,623) | (92,829) |
| Common stock repurchased | (44,308) | (71,182) | (3,731) |
| Common stock issued | 1,076 | 809 | 583 |
| Net cash flows provided by (used in) financing activities | 1,749,180 | 777,475 | 1,333,510 |
| Net increase (decrease) in cash and cash equivalents | 446,646 | (93,607) | 232,307 |
| Cash and cash equivalents at beginning of period | 728,412 | 822,019 | 589,712 |
| Cash and cash equivalents at end of period | $1,175,058 | $728,412 | $822,019 |
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