OLD NATIONAL BANCORP IN
For the period ended Dec 31, 2024. Filed Feb 19, 2025.
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FY2024 · Filed Feb 19, 2025
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) | 2024 | 2023 | 2022 |
| Cash Flows From Operating Activities | |||
| Net income | $539,188 | $581,992 | $428,287 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation | 38,104 | 38,180 | 36,436 |
| Amortization of other intangible assets | 27,528 | 24,155 | 25,857 |
| Amortization of tax credit investments | 13,329 | 15,367 | 10,961 |
| Net premium amortization on investment securities | 9,879 | 7,416 | 18,684 |
| Accretion income related to acquired loans | (42,952) | (22,191) | (72,007) |
| Share-based compensation expense | 32,283 | 27,910 | 28,656 |
| Provision for credit losses | 110,619 | 58,887 | 144,799 |
| Debt securities (gains) losses, net | 212 | 6,265 | 88 |
| 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 | (7,778) | (3,074) | 13,114 |
| Increase in cash surrender value of company-owned life insurance | (20,987) | (15,397) | (14,564) |
| Residential real estate loans originated for sale | (889,812) | (473,478) | (570,111) |
| Proceeds from sales of residential real estate loans | 902,873 | 472,537 | 620,958 |
| (Increase) decrease in interest receivable | 4,062 | (34,637) | (52,911) |
| (Increase) decrease in other assets | (54,023) | (66,070) | (40,518) |
| Increase (decrease) in accrued expenses and other liabilities | (40,241) | (79,885) | 327,369 |
| Net cash flows provided by (used in) operating activities | 622,284 | 516,342 | 814,425 |
| Cash Flows From Investing Activities | |||
| Cash received from merger, net | 177,791 | — | 1,912,629 |
| Sale of health savings accounts | — | — | (290,857) |
| Purchases of investment securities available-for-sale | (1,842,045) | (1,084,416) | (1,438,572) |
| Purchases of investment securities held-to-maturity | — | (1,941) | (170,675) |
| Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (13,129) | (99,158) | (147,394) |
| Purchases of equity securities | (7,244) | (28,408) | (6,348) |
| Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 1,081,567 | 1,066,266 | 1,284,814 |
| Proceeds from sales of investment securities available-for-sale | 300,617 | 96,506 | 20,032 |
| Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 72,916 | 94,511 | 83,962 |
| Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 14,438 | 47,738 | 108,698 |
| Proceeds from sales of equity securities | 3,080 | 24,636 | 53,029 |
| Loan originations and payments, net | (1,215,292) | (2,673,593) | (3,071,765) |
| Proceeds from sales of commercial loans | 63,434 | 757,593 | — |
| Proceeds from company-owned life insurance death benefits | 20,583 | 16,252 | 10,361 |
| Proceeds from sale of premises and equipment and other assets | 1,585 | 3,513 | 4,480 |
| Purchases of premises and equipment and other assets | (30,269) | (38,375) | (37,901) |
| Net cash flows provided by (used in) investing activities | (1,371,968) | (1,818,876) | (1,685,507) |
| Cash Flows From Financing Activities | |||
| Net increase (decrease) in: | |||
| Deposits | 1,028,256 | 2,234,350 | (435,717) |
| Federal funds purchased and interbank borrowings | (5) | (581,099) | 581,213 |
| Securities sold under agreements to repurchase | (16,231) | (147,598) | (94,665) |
| Other borrowings | (110,170) | 16,938 | 177,146 |
| Payments for maturities of Federal Home Loan Bank advances | (1,300,243) | (2,250,149) | (2,102,506) |
| Proceeds from Federal Home Loan Bank advances | 1,400,000 | 2,700,000 | 2,900,000 |
| Cash dividends paid | (191,163) | (180,030) | (177,623) |
| Common stock repurchased | (8,884) | (44,308) | (71,182) |
| Common stock issued | 1,034 | 1,076 | 809 |
| Net cash flows provided by (used in) financing activities | 802,594 | 1,749,180 | 777,475 |
| Net increase (decrease) in cash and cash equivalents | 52,910 | 446,646 | (93,607) |
| Cash and cash equivalents at beginning of period | 1,175,058 | 728,412 | 822,019 |
| Cash and cash equivalents at end of period | $1,227,968 | $1,175,058 | $728,412 |
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