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Old National Bancorp (ONB) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Old National Bancorp

CIK: 707179 Ticker: ONB

Exhibit 99.1
Old National Bancorp
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One Main Street
Evansville, IN 47708Media: Kathy A. Schoettlin (812) 465-7269
oldnational.comInvestors: Lynell J. Walton (812) 464-1366

Old National reports 2021 record net income driven by
commercial loan growth of 7.2%

Evansville, Ind. (January 18, 2022)
Old National Bancorp (NASDAQ: ONB) reports 4Q21 net income of $56.2 million, diluted EPS of $0.34.
Adjusted1 net income of $60.9 million, or $0.37 per diluted share.
Full-year net income of $277.5 million, or $1.67 per diluted share.
Adjusted1 net income of $286.5 million, or$1.73 per diluted share.
CEO COMMENTARY:
"Old National's 4th quarter capped off a year of record earnings driven by robust commercial loan growth, strong credit quality and well controlled expenses," said Chairman and CEO Jim Ryan. "I'm particularly pleased that we achieved these strong results while also working steadily to remain on-task to complete our anticipated merger with First Midwest Bank – which also enjoyed strong 4th quarter and full-year 2021 results."
FOURTH QUARTER HIGHLIGHTS2:
Net income
Net income of $56.2 million
Earnings per diluted share of $0.34
Net interest income/NIM
Net interest income on a fully taxable equivalent basis of $150.2 million compared to $155.1 million
Net interest margin on a fully taxable equivalent basis of 2.77% compared to 2.92%
Operating Performance
Pre-provision net revenue1 (“PPNR”) of $69.8 million
Adjusted PPNR1 of $78.1 million
Noninterest expense of $131.9 million
Adjusted noninterest expense1 of $123.2 million
Efficiency ratio1 of 64.27%
Adjusted efficiency ratio1 of 59.95%

Loans and Credit Quality
End-of-period total loans3 of $13,637.3 million compared to $13,636.1 million
Total commercial loans increased $162.5 million, excluding the $185.9 million decrease in PPP loans
Fourth-quarter total commercial production of $1.1 billion
Provision for credit losses was a recapture of $1.9 million
December 31 pipeline of $2.5 billion
Net recoveries of $1.4 million compared to net recoveries of $3.0 million
Non-performing loans of 0.92% of total loans compared to 0.94%
Return Profile & Capital
Return on average common equity of 7.49%
Return on average tangible common equity1 of 12.07%
Adjusted return on average tangible common equity1 of 13.04%
No shares of common stock were repurchased during the current quarter
Notable Items
$2.0 million in tax credit amortization
$6.7 million in merger-related charges
1 Non-GAAP financial measure that Management believes is useful in evaluating the financial results of the Company – please refer to the Non GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held for sale



The following information was filed by Old National Bancorp (ONB) on Tuesday, January 18, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Old National Bancorp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out Of Aoci (Details)
Accumulated Other Comprehensive Income (Loss) - Schedule Of Aoci (Details)
Acquisition And Divestiture Activity
Acquisition And Divestiture Activity (Details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies (Tables)
Basis Of Presentation And Significant Accounting Policies - Additional Information (Details)
Basis Of Presentation And Significant Accounting Policies - Summary Of Supplemental Cash Flow Information (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Deposits
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Schedule Of Maturities Of Total Time Deposits (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Schedule Of Effect Of Derivative Instruments On The Consolidated Statements Of Income (Details)
Derivative Financial Instruments - Summary Of Fair Value Of Derivative Financial Instruments (Details)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Details)
Fair Value - Assets Measured At Fair Value On A Non-Recurring Basis (Details)
Fair Value - Carrying Amounts And Estimated Fair Values Of Financial Instruments, Not Carried At Fair Value (Details)
Fair Value - Changes In Fair Value For Items Measured At Fair Value Pursuant To Election Of The Fair Value (Details)
Fair Value - Quantitative Information About Significant Unobservable Inputs Used In Fair Value Measurements (Details)
Fair Value - Reconciliation Of All Assets Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details)
Fair Value - Schedule Of Difference Between The Aggregate Fair Value And The Aggregate Remaining Principal Balance (Details)
Fair Value - Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis (Details)
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances (Tables)
Federal Home Loan Bank Advances - Additional Information (Details)
Federal Home Loan Bank Advances - Summary Of Contractual Maturities Of Fhlb Advances (Details)
Federal Home Loan Bank Advances - Summary Of Fhlb Advances (Details)
Financial Guarantees
Financial Guarantees (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangible Assets - Schedule Of Estimated Amortization Expense For Future Years (Details)
Goodwill And Other Intangible Assets - Schedule Of Gross Carrying Amounts And Accumulated Amortization Of Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Schedule Of Significant Components Of Net Deferred Tax Assets (Liabilities) (Details)
Income Taxes - Summary Of Differences In Taxes From Continuing Operations Computed At Statutory Rate (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Details)
Investment Securities - Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Securities Portfolio (Details)
Investment Securities - Available-For-Sale And Held-To-Maturity Investment Securities With Unrealized Losses By Aggregated Major Security Type And Length Of Time In Continuous Unrealized Loss Position (Details)
Investment Securities - Expected Maturities Of Investment Securities Portfolio (Details)
Investment Securities - Schedule Of Proceeds From Sales Or Calls And Realized Gain And Losses Of Available-For-Sale Investment Securities And Other Securities (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Components Of Lease Expense (Details)
Leases - Schedule Of Maturity Analysis Of Lease Liability By Lease Classification (Details)
Leases - Schedule Of Maturity Analysis Of Tenant Leases (Details)
Leases - Schedule Of Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Details)
Loan Servicing Rights
Loan Servicing Rights (Tables)
Loan Servicing Rights - Additional Information (Details)
Loan Servicing Rights - Components Of Loan Servicing Rights And Valuation Allowance (Details)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Additional Information (Details)
Loans And Allowance For Credit Losses - Schedule Of Activity In Allowance For Loan Losses (Details)
Loans And Allowance For Credit Losses - Schedule Of Activity In Related Party Loans (Details)
Loans And Allowance For Credit Losses - Schedule Of Activity In Troubled Debt Restructurings (Details)
Loans And Allowance For Credit Losses - Schedule Of Allowance For Credit Losses On Unfunded Loan Commitments (Details)
Loans And Allowance For Credit Losses - Schedule Of Composition Of Loans And Impact Of Adoption (Details)
Loans And Allowance For Credit Losses - Schedule Of Impaired Loans (Details)
Loans And Allowance For Credit Losses - Schedule Of Loans By Class Modified As Troubled Debt Restructuring (Details)
Loans And Allowance For Credit Losses - Schedule Of Nonaccrual Loans (Details)
Loans And Allowance For Credit Losses - Schedule Of Past Due Loans (Details)
Loans And Allowance For Credit Losses - Schedule Of Risk Rating And Payment Performance (Details)
Loans And Allowance For Credit Losses - Schedule Of Types Of Collateral (Details)
Nature Of Operations
Other Borrowings
Other Borrowings (Tables)
Other Borrowings - Additional Information (Details)
Other Borrowings - Contractual Maturities Of Other Borrowings (Details)
Other Borrowings - Schedule Of Debentures (Details)
Other Borrowings - Schedule Of Other Borrowings (Details)
Other Real Estate Owned
Other Real Estate Owned (Tables)
Other Real Estate Owned - Activity In Other Real Estate Owned (Details)
Other Real Estate Owned - Additional Information (Details)
Parent Company Financial Statements
Parent Company Financial Statements (Tables)
Parent Company Financial Statements - Condensed Balance Sheets (Details)
Parent Company Financial Statements - Condensed Statement Of Cash Flows (Details)
Parent Company Financial Statements - Condensed Statements Of Income (Details)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Additional Information (Detail)
Premises And Equipment - Summary Of Premises And Equipment (Details)
Qualified Affordable Housing Projects And Other Tax Credit Investments
Qualified Affordable Housing Projects And Other Tax Credit Investments (Details)
Qualified Affordable Housing Projects And Other Tax Credit Investments (Tables)
Regulatory Restrictions
Regulatory Restrictions (Tables)
Regulatory Restrictions - Additional Information (Details)
Regulatory Restrictions - Schedule Of Capital Ratios (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Securities Sold Under Agreements To Repurchase
Securities Sold Under Agreements To Repurchase (Tables)
Securities Sold Under Agreements To Repurchase - Additional Information (Details)
Securities Sold Under Agreements To Repurchase - Schedule Of Remaining Contractual Maturity Of Secured Borrowings And Class Of Collateral Pledged Under Repurchase Agreements (Details)
Securities Sold Under Agreements To Repurchase - Schedule Of Securities Sold Under Agreements To Repurchase And Related Weighted-Average Interest Rates (Details)
Segment Information
Segment Information (Details)
Share-Based Compensation And Other Employee Benefit Plans
Share-Based Compensation And Other Employee Benefit Plans (Tables)
Share-Based Compensation And Other Employee Benefit Plans - Additional Information (Details)
Share-Based Compensation And Other Employee Benefit Plans - Schedule Of Information Related To The Stock Option Plan (Details)
Share-Based Compensation And Other Employee Benefit Plans - Summary Of Changes In The Nonvested Restricted Shares (Details)
Share-Based Compensation And Other Employee Benefit Plans - Summary Of Changes In The Nonvested Restricted Stock Units (Details)
Share-Based Compensation And Other Employee Benefit Plans - Summary Of The Activity In The Stock Option Plan (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Additional Information (Details)
Shareholders' Equity - Summary Of Table Reconciling Basic And Diluted Net Income Per Share (Details)
Ticker: ONB
CIK: 707179
Form Type: 10-K Annual Report
Accession Number: 0000707179-22-000013
Submitted to the SEC: Thu Feb 10 2022 11:32:15 AM EST
Accepted by the SEC: Thu Feb 10 2022
Period: Friday, December 31, 2021
Industry: National Commercial Banks

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