Old National Bancorp /IN/0000707179FALSE00007071792024-10-222024-10-220000707179us-gaap:CommonStockMember2024-10-222024-10-220000707179us-gaap:SeriesAPreferredStockMember2024-10-222024-10-220000707179us-gaap:SeriesCPreferredStockMember2024-10-222024-10-22



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 22, 2024
_________________________________________________________
OLD NATIONAL BANCORP
(Exact name of Registrant as specified in its charter)
_________________________________________________________
Indiana001-1581735-1539838
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

One Main Street
Evansville, Indiana47708
(Address of Principal Executive Offices)
 (Zip Code)
Registrant’s telephone number, including area code: (773) 765-7675
________________________________________________________
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common stock, no par valueONBThe NASDAQ Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series AONBPPThe NASDAQ Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series CONBPOThe NASDAQ Stock Market LLC
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (s230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (s240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐




Item 2.02 Results of Operations and Financial Condition.

On October 22, 2024, Old National Bancorp (the “Company”) issued a press release (“Press Release”) reporting its financial results for the third quarter of 2024. The Press Release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. A slide presentation outlining third quarter of 2024 earnings, strategic developments, and the Company’s financial outlook will be available on the “Investor Relations” section of the Company’s website to complement the conference call to be held on October 22, 2024, at 9:00 a.m. CDT and will be accessible at http://www.oldnational.com immediately before the conference call begins.


Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.    Description

99.1    Press Release issued by Old National Bancorp on October 22, 2024.

104        Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 22, 2024

OLD NATIONAL BANCORP

By: /s/ Nicholas J. Chulos
Nicholas J. Chulos
Executive Vice President,
Chief Legal Officer and Corporate Secretary


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Exhibit 99.1
capture.jpg
Old National Bancorp Reports Third Quarter 2024 Results
Evansville, Ind. (October 22, 2024)
Old National Bancorp (NASDAQ: ONB) reports 3Q24 net income applicable to common shares of $139.8 million, diluted EPS of $0.44; $147.2 million and $0.46 on an adjusted1 basis, respectively.
CEO COMMENTARY:
"Old National’s strong 3rd quarter was driven by a focus on our fundamentals: continuing to grow deposits and loans, effectively managing both credit and capital, and creating positive operating leverage through disciplined expense management," said Chairman and CEO Jim Ryan. "As a result of our ability to execute on this fundamental strategy, we find ourselves well positioned to continue to invest in new markets while attracting exceptional talent to our franchise."
THIRD QUARTER HIGHLIGHTS2:
Net Income
•Net income applicable to common shares of $139.8 million; adjusted net income applicable to common shares1 of $147.2 million
•Earnings per diluted common share ("EPS") of $0.44; adjusted EPS1 of $0.46
Net Interest Income/NIM
•Net interest income on a fully taxable equivalent basis1 of $397.9 million
•Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.32%, down 1 basis point ("bp")
Operating Performance
•Pre-provision net revenue1 (“PPNR”) of $219.7 million; adjusted PPNR1 of $229.3 million
•Noninterest expense of $272.3 million; adjusted noninterest expense1 of $262.8 million
•Efficiency ratio1 of 53.8%; adjusted efficiency ratio1 of 51.2%
Deposits and Funding
•Period-end total deposits of $40.8 billion, up $0.8 billion; core deposits up $1.0 billion
•Granular low-cost deposit franchise; total deposit costs of 225 bps
Loans and Credit Quality
•End-of-period total loans3 of $36.5 billion, up 2.7% annualized
•Provision for credit losses4 ("provision") of $28.5 million
•Net charge-offs of $17.5 million, or 19 bps of average loans; 16 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
•30+ day delinquencies of 0.26% and non-performing loans of 1.22% of total loans
Return Profile & Capital
•Return on average tangible common equity1 of 16.0%; adjusted return on average tangible common equity1 of 16.8%
•Tangible common equity to tangible assets1 of 7.4%, up 7.2%
Notable Items
•$6.9 million of pre-tax merger-related charges
•$2.6 million of pre-tax separation expense5
1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – 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 4 Includes the provision for unfunded commitments 5 Expense associated with a mutual separation agreement with a former Old National executive


RESULTS OF OPERATIONS2
Old National Bancorp ("Old National") reported third quarter 2024 net income applicable to common shares of $139.8 million, or $0.44 per diluted common share.
Included in third quarter results were pre-tax charges of $6.9 million primarily related to the April 1, 2024 acquisition of CapStar Financial Holdings, Inc. ("CapStar") and $2.6 million of pre-tax separation expense5. Excluding these transactions and realized debt securities gains from the current quarter, adjusted net income1 was $147.2 million, or $0.46 per diluted common share.
DEPOSITS AND FUNDING
Growth in deposits driven by increases in commercial and community deposits and normal seasonal patterns in public funds, partially offset by lower brokered deposits.
•Period-end total deposits were $40.8 billion, up 8.5% annualized; core deposits up 10.1% annualized.
•On average, total deposits for the third quarter were $40.6 billion, up 4.8% annualized.
•Granular low-cost deposit franchise; total deposit costs of 225 bps.
•A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS
Broad-based disciplined commercial loan growth.
•Period-end total loans3 were $36.5 billion, up 2.7% annualized.
•Total commercial loan production in the third quarter was $1.7 billion; period-end commercial pipeline totaled $2.8 billion.
•Average total loans in the third quarter were $36.3 billion, an increase of $235.9 million.

CREDIT QUALITY
Resilient credit quality continues to be a hallmark of Old National.
•Provision4 expense was $28.5 million compared to $36.2 million, or $20.9 million excluding $15.3 million of current expected credit loss ("CECL") Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction in the second quarter of 2024.
•Net charge-offs were $17.5 million, or 19 bps of average loans compared to net charge-offs of 16 bps of average loans.
◦Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 16 bps.
•30+ day delinquencies as a percentage of loans were 0.26% compared to 0.16%.
•Nonaccrual loans as a percentage of total loans were 1.22% compared to 0.94%.
•Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $174.0 million.
•The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $405.9 million, or 1.12% of total loans, compared to $392.1 million, or 1.08% of total loans.

NET INTEREST INCOME AND MARGIN
Higher net interest income and stable margin reflective of the rate environment.
•Net interest income on a fully taxable equivalent basis1 increased to $397.9 million compared to $394.8 million, driven by loan growth as well as higher asset yields and accretion, partly offset by higher funding costs.
•Net interest margin on a fully taxable equivalent basis1 modestly decreased 1 bps to 3.32%.
•Accretion income on loans and borrowings was $15.6 million, or 13 bps of net interest margin1, compared to $11.6 million, or 10 bps of net interest margin1.
•Cost of total deposits was 2.25%, increasing 9 bps and the cost of total interest-bearing deposits increased 9 bps to 2.93%.

NONINTEREST INCOME
Increase driven by higher service charges, mortgage fees, capital markets income, and other income.
•Total noninterest income was $94.1 million compared to $87.3 million.
•Noninterest income was up 7.9% driven by higher service charges, mortgage fees, capital markets income, and other income.
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NONINTEREST EXPENSE
Disciplined expense management.
•Noninterest expense was $272.3 million and included $6.9 million of merger-related charges and $2.6 million of pre-tax separation expense5.
◦Excluding these items, adjusted noninterest expense1 was $262.8 million, compared to $263.6 million.
•The efficiency ratio1 was 53.8%, while the adjusted efficiency ratio1 was 51.2% compared to 57.2% and 52.6%, respectively.

INCOME TAXES
•Income tax expense was $41.3 million, resulting in an effective tax rate of 22.3% compared to 22.5%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.8% compared to 25.5%.
•Income tax expense included $4.0 million of tax credit benefit compared to $3.5 million.

CAPITAL
Capital ratios remain strong.
•Preliminary total risk-based capital up 23 bps to 12.94% and preliminary regulatory Tier 1 capital up 27 bps to 11.60%, as strong retained earnings drive capital.
•Tangible common equity to tangible assets was 7.44% compared to 6.94%.
CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 22, 2024, to review third quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 1586600. A replay of the call will also be available from approximately noon Central Time on October 22, 2024 through November 5, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 1586600.
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $31 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.
USE OF NON-GAAP FINANCIAL MEASURES
The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, separation expense, debt securities gains/losses, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, FDIC special assessment expense, gain on sale of Visa Class B restricted shares, contract termination charges, expenses related to the tragic April 10, 2023 event at our downtown Louisville location ("Louisville expenses"), and property optimization charges. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company,
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as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, FDIC special assessment expense, contract termination charges, Louisville expenses, and property optimization charges, as well as adjusted noninterest income, which excludes debt securities gains/losses and the gain on sale of Visa Class B restricted shares. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.
In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.
Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS
This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and CapStar Financial Holdings, Inc. not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including
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those resulting from the completion of the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses and the success of revenue-generating and cost reduction initiatives; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.
CONTACTS:
Media: Kathy SchoettlinInvestors: Lynell Durchholz
(812) 465-7269(812) 464-1366
Kathy.Schoettlin@oldnational.com
Lynell.Durchholz@oldnational.com
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Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31, September 30,September 30,September 30,
2024202420242023202320242023
Income Statement
Net interest income$391,724 $388,421 $356,458 $364,408 $375,086 $1,136,603 $1,138,745 
FTE adjustment1,3
6,144 6,340 6,253 6,100 5,837 18,737 17,328 
Net interest income - tax equivalent basis3
397,868 394,761 362,711 370,508 380,923 1,155,340 1,156,073 
Provision for credit losses28,497 36,214 18,891 11,595 19,068 83,602 47,292 
Noninterest income94,138 87,271 77,522 100,094 80,938 258,931 233,248 
Noninterest expense272,283 282,999 262,317 284,235 244,776 817,599 742,071 
Net income available to common shareholders$139,768 $117,196 $116,250 $128,446 $143,842 $373,214 $437,411 
Per Common Share Data
Weighted average diluted shares317,331 316,461 292,207 292,029 291,717 308,605 291,809 
EPS, diluted$0.44 $0.37 $0.40 $0.44 $0.49 $1.21 $1.50 
Cash dividends0.14 0.14 0.14 0.14 0.14 0.42 0.42 
Dividend payout ratio2
32 %38 %35 %32 %29 %35 %28 %
Book value$19.20 $18.28 $18.24 $18.18 $17.07 $19.20 $17.07 
Stock price18.66 17.19 17.41 16.89 14.54 18.66 14.54 
Tangible book value3
11.97 11.05 11.10 11.00 9.87 11.97 9.87 
Performance Ratios
ROAA1.08 %0.92 %0.98 %1.09 %1.22 %0.99 %1.25 %
ROAE9.4 %8.2 %8.7 %10.2 %11.4 %8.8 %11.7 %
ROATCE3
16.0 %14.1 %14.9 %18.1 %20.2 %15.0 %20.8 %
NIM (FTE)3.32 %3.33 %3.28 %3.39 %3.49 %3.31 %3.59 %
Efficiency ratio3
53.8 %57.2 %58.3 %59.0 %51.7 %56.4 %51.9 %
NCOs to average loans0.19 %0.16 %0.14 %0.12 %0.24 %0.16 %0.19 %
ACL on loans to EOP loans1.05 %1.01 %0.95 %0.93 %0.93 %1.05 %0.93 %
ACL4 to EOP loans
1.12 %1.08 %1.03 %1.03 %1.03 %1.12 %1.03 %
NPLs to EOP loans1.22 %0.94 %0.98 %0.83 %0.80 %1.22 %0.80 %
Balance Sheet (EOP)
Total loans$36,400,643$36,150,513$33,623,319$32,991,927$32,577,834$36,400,643$32,577,834
Total assets53,602,29353,119,64549,534,91849,089,83649,059,44853,602,29349,059,448
Total deposits40,845,74639,999,22837,699,41837,235,18037,252,67640,845,74637,252,676
Total borrowed funds5,449,0966,085,2045,331,1615,331,1475,556,0105,449,0965,556,010
Total shareholders' equity6,367,2986,075,0725,595,4085,562,9005,239,5376,367,2985,239,537
Capital Ratios
Risk-based capital ratios (EOP):
Tier 1 common equity11.00 %10.73 %10.76 %10.70 %10.41 %11.00 %10.41 %
Tier 1 capital11.60 %11.33 %11.40 %11.35 %11.06 %11.60 %11.06 %
Total capital12.94 %12.71 %12.74 %12.64 %12.32 %12.94 %12.32 %
Leverage ratio (average assets)9.05 %8.90 %8.96 %8.83 %8.70 %9.05 %8.70 %
Equity to assets (averages)3
11.60 %11.31 %11.32 %10.81 %10.88 %11.41 %10.95 %
TCE to TA3
7.44 %6.94 %6.86 %6.85 %6.15 %7.44 %6.15 %
Nonfinancial Data
Full-time equivalent employees 4,1054,2673,9553,9403,9814,1053,981
Banking centers280280258258257280257
1 Calculated using the federal statutory tax rate in effect of 21% for all periods.
2 Cash dividends per common share divided by net income per common share (basic).
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
   September 30, 2024 capital ratios are preliminary.
4 Includes the allowance for credit losses on loans and unfunded loan commitments.
  FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity
 NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets
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Income Statement (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31, September 30,September 30,September 30,
2024202420242023202320242023
Interest income$679,925 $663,663 $595,981 $589,751 $576,519 $1,939,569 $1,617,070 
Less: interest expense288,201 275,242 239,523 225,343 201,433 802,966 478,325 
 Net interest income391,724 388,421 356,458 364,408 375,086 1,136,603 1,138,745 
Provision for credit losses28,497 36,214 18,891 11,595 19,068 83,602 47,292 
 Net interest income
  after provision for credit losses		363,227 352,207 337,567 352,813 356,018 1,053,001 1,091,453 
Wealth and investment services fees29,117 29,358 28,304 27,656 26,687 86,779 80,128 
Service charges on deposit accounts20,350 19,350 17,898 18,667 18,524 57,598 53,278 
Debit card and ATM fees11,362 10,993 10,054 10,700 10,818 32,409 31,453 
Mortgage banking revenue7,669 7,064 4,478 3,691 5,063 19,211 12,628 
Capital markets income7,426 4,729 2,900 5,416 5,891 15,055 19,003 
Company-owned life insurance5,315 5,739 3,434 3,773 3,740 14,488 11,624 
Gain on sale of Visa Class B restricted shares— — — 21,635 — — — 
Other income12,975 10,036 10,470 9,381 10,456 33,481 30,574 
Debt securities gains (losses), net(76)2 (16)(825)(241)(90)(5,440)
Total noninterest income94,138 87,271 77,522 100,094 80,938 258,931 233,248 
Salaries and employee benefits147,494 159,193 149,803 141,649 131,541 456,490 404,715 
Occupancy27,130 26,547 27,019 26,514 25,795 80,696 80,162 
Equipment9,888 8,704 8,671 8,769 8,284 27,263 23,394 
Marketing11,036 11,284 10,634 10,813 9,448 32,954 28,698 
Technology23,343 24,002 20,023 20,493 20,592 67,368 59,850 
Communication4,681 4,480 4,000 4,212 4,075 13,161 12,768 
Professional fees7,278 10,552 6,406 8,250 5,956 24,236 19,085 
FDIC assessment11,722 9,676 11,313 27,702 9,000 32,711 29,028 
Amortization of intangibles7,411 7,425 5,455 5,869 6,040 20,291 18,286 
Amortization of tax credit investments3,277 2,747 2,749 7,200 2,644 8,773 8,167 
Other expense19,023 18,389 16,244 22,764 21,401 53,656 57,918 
 Total noninterest expense272,283 282,999 262,317 284,235 244,776 817,599 742,071 
  Income before income taxes185,082 156,479 152,772 168,672 192,180 494,333 582,630 
  Income tax expense41,280 35,250 32,488 36,192 44,304 109,018 133,118 
Net income$143,802 $121,229 $120,284 $132,480 $147,876 $385,315 $449,512 
 Preferred dividends(4,034)(4,033)(4,034)(4,034)(4,034)(12,101)(12,101)
Net income applicable to common shares$139,768 $117,196 $116,250 $128,446 $143,842 $373,214 $437,411 
EPS, diluted$0.44 $0.37 $0.40 $0.44 $0.49 $1.21 $1.50 
Weighted Average Common Shares Outstanding
    Basic315,622315,585290,980290,701290,648307,426290,763
    Diluted317,331316,461292,207292,029291,717308,605291,809
Common shares outstanding (EOP)318,955318,969293,330292,655292,586318,955292,586
7

End of Period Balance Sheet (unaudited)
($ in thousands)
September 30,June 30,March 31,December 31, September 30,
20242024202420232023
Assets
Cash and due from banks$498,120 $428,665 $350,990 $430,866 $381,343 
Money market and other interest-earning investments693,450 804,381 588,509 744,192 1,282,087 
Investments:
Treasury and government-sponsored agencies2,335,716 2,207,004 2,243,754 2,453,950 2,515,249 
Mortgage-backed securities6,085,826 5,890,371 5,566,881 5,245,691 4,906,290 
States and political subdivisions1,665,128 1,678,597 1,672,061 1,693,819 1,705,200 
Other securities783,079 775,623 760,847 779,048 751,404 
Total investments10,869,749 10,551,595 10,243,543 10,172,508 9,878,143 
Loans held-for-sale, at fair value62,376 66,126 19,418 32,006 122,033 
Loans:
Commercial10,408,095 10,332,631 9,648,269 9,512,230 9,333,448 
Commercial and agriculture real estate16,356,216 16,016,958 14,653,958 14,140,629 13,916,221 
Residential real estate6,757,896 6,894,957 6,661,379 6,699,443 6,696,288 
Consumer2,878,436 2,905,967 2,659,713 2,639,625 2,631,877 
Total loans36,400,643 36,150,513 33,623,319 32,991,927 32,577,834 
Allowance for credit losses on loans(380,840)(366,335)(319,713)(307,610)(303,982)
Premises and equipment, net599,528 601,945 564,007 565,396 565,607 
Goodwill and other intangible assets2,305,084 2,306,204 2,095,511 2,100,966 2,106,835 
Company-owned life insurance863,723 862,032 767,423 767,902 774,517 
Accrued interest receivable and other assets 1,690,460 1,714,519 1,601,911 1,591,683 1,675,031 
Total assets$53,602,293 $53,119,645 $49,534,918 $49,089,836 $49,059,448 
Liabilities and Equity
Noninterest-bearing demand deposits$9,429,285 $9,336,042 $9,257,709 $9,664,247 $10,091,352 
Interest-bearing:
Checking and NOW accounts7,314,245 7,680,865 7,236,667 7,331,487 7,495,417 
Savings accounts4,781,447 4,983,811 5,020,095 5,099,186 5,296,985 
Money market accounts11,601,461 10,485,491 10,234,113 9,561,116 8,793,218 
Other time deposits6,010,070 5,688,432 4,760,659 4,565,137 4,398,182 
Total core deposits39,136,508 38,174,641 36,509,243 36,221,173 36,075,154 
Brokered deposits1,709,238 1,824,587 1,190,175 1,014,007 1,177,522 
Total deposits40,845,746 39,999,228 37,699,418 37,235,180 37,252,676 
Federal funds purchased and interbank borrowings135,263 250,154 50,416 390 918 
Securities sold under agreements to repurchase244,626 240,713 274,493 285,206 279,061 
Federal Home Loan Bank advances4,471,153 4,744,560 4,193,039 4,280,681 4,412,576 
Other borrowings598,054 849,777 813,213 764,870 863,455 
Total borrowed funds5,449,096 6,085,204 5,331,161 5,331,147 5,556,010 
Accrued expenses and other liabilities940,153 960,141 908,931 960,609 1,011,225 
Total liabilities47,234,995 47,044,573 43,939,510 43,526,936 43,819,911 
Preferred stock, common stock, surplus, and retained earnings6,971,054 6,866,480 6,375,036 6,301,709 6,208,352 
Accumulated other comprehensive income (loss), net of tax(603,756)(791,408)(779,628)(738,809)(968,815)
Total shareholders' equity6,367,298 6,075,072 5,595,408 5,562,900 5,239,537 
Total liabilities and shareholders' equity$53,602,293 $53,119,645 $49,534,918 $49,089,836 $49,059,448 
8

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
Three Months EndedThree Months EndedThree Months Ended
September 30, 2024June 30, 2024September 30, 2023
Average
Income1/
Yield/Average
Income1/
Yield/Average
Income1/
Yield/
Earning Assets:BalanceExpenseRateBalanceExpenseRateBalanceExpenseRate
Money market and other interest-earning investments$904,176 $11,696 5.15 %$814,944 $11,311 5.58 %$980,813 $13,194 5.34 %
Investments:
Treasury and government-sponsored agencies2,255,629 21,851 3.87 %2,208,935 21,531 3.90 %2,376,864 23,037 3.88 %
Mortgage-backed securities5,977,058 48,425 3.24 %5,828,225 47,904 3.29 %5,079,091 33,237 2.62 %
States and political subdivisions1,668,454 14,042 3.37 %1,686,994 14,290 3.39 %1,737,037 14,220 3.27 %
Other securities785,107 12,547 6.39 %788,571 12,583 6.38 %793,196 10,127 5.11 %
Total investments10,686,248 96,865 3.63 %10,512,725 96,308 3.66 %9,986,188 80,621 3.23 %
Loans:2
Commercial10,373,340 183,878 7.09 %10,345,098 183,425 7.09 %9,612,102 163,869 6.82 %
Commercial and agriculture real estate16,216,842 274,832 6.78 %15,870,809 260,407 6.56 %13,711,156 219,575 6.41 %
Residential real estate loans6,833,597 67,084 3.93 %6,952,942 67,683 3.89 %6,712,269 62,775 3.74 %
Consumer2,891,260 51,714 7.12 %2,910,331 50,869 7.03 %2,614,928 42,322 6.42 %
Total loans36,315,039 577,508 6.36 %36,079,180 562,384 6.24 %32,650,455 488,541 5.98 %
Total earning assets$47,905,463 $686,069 5.73 %$47,406,849 $670,003 5.66 %$43,617,456 $582,356 5.34 %
Less: Allowance for credit losses on loans(366,667)(331,043)(300,071)
Non-earning Assets:
Cash and due from banks$413,583 $430,256 $382,755 
Other assets5,394,032 5,341,022 4,960,383 
Total assets$53,346,411 $52,847,084 $48,660,523 
Interest-Bearing Liabilities:
Checking and NOW accounts$7,551,264 $29,344 1.55 %$8,189,454 $34,398 1.69 %$7,515,439 $25,531 1.35 %
Savings accounts4,860,161 5,184 0.42 %5,044,800 5,254 0.42 %5,414,775 4,268 0.31 %
Money market accounts11,064,433 106,148 3.82 %10,728,156 102,560 3.84 %7,979,999 65,549 3.26 %
Other time deposits5,928,241 64,435 4.32 %5,358,103 56,586 4.25 %4,229,692 37,110 3.48 %
Total interest-bearing core deposits29,404,099 205,111 2.78 %29,320,513 198,798 2.73 %25,139,905 132,458 2.09 %
Brokered deposits1,829,218 24,616 5.35 %1,244,237 17,008 5.50 %1,183,228 14,970 5.02 %
Total interest-bearing deposits31,233,317 229,727 2.93 %30,564,750 215,806 2.84 %26,323,133 147,428 2.22 %
Federal funds purchased and interbank borrowings14,549 292 7.98 %148,835 1,986 5.37 %62,921 910 5.74 %
Securities sold under agreements to repurchase239,524 612 1.02 %249,939 639 1.03 %302,305 710 0.93 %
Federal Home Loan Bank advances4,572,046 47,719 4.15 %4,473,978 44,643 4.01 %4,537,250 40,382 3.53 %
Other borrowings754,544 9,851 5.19 %891,609 12,168 5.49 %841,307 12,003 5.66 %
Total borrowed funds5,580,663 58,474 4.17 %5,764,361 59,436 4.15 %5,743,783 54,005 3.73 %
Total interest-bearing liabilities$36,813,980 $288,201 3.11 %$36,329,111 $275,242 3.05 %$32,066,916 $201,433 2.49 %
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits$9,371,698 $9,558,675 $10,338,267 
Other liabilities970,662 980,322 961,268 
Shareholders' equity6,190,071 5,978,976 5,294,072 
Total liabilities and shareholders' equity$53,346,411 $52,847,084 $48,660,523 
Net interest rate spread2.62 %2.61 %2.85 %
Net interest margin (GAAP)3.27 %3.28 %3.44 %
Net interest margin (FTE)3
3.32 %3.33 %3.49 %
FTE adjustment$6,144 $6,340 $5,837 
1 Interest income is reflected on a FTE basis.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
9

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
Nine Months EndedNine Months Ended
September 30, 2024September 30, 2023
Average
Income1/
Yield/Average
Income1/
Yield/
Earning Assets:BalanceExpenseRateBalanceExpenseRate
Money market and other interest-earning investments$825,743 $32,992 5.34 %$736,225 $25,258 4.59 %
Investments:
Treasury and government-sponsored agencies2,275,607 66,648 3.91 %2,266,177 58,923 3.47 %
Mortgage-backed securities5,721,725 135,217 3.15 %5,268,509 102,618 2.60 %
States and political subdivisions1,678,504 42,308 3.36 %1,771,155 43,306 3.26 %
Other securities781,385 37,303 6.37 %785,474 28,726 4.88 %
Total investments$10,457,221 $281,476 3.59 %$10,091,315 $233,573 3.09 %
Loans:2
Commercial10,087,322 534,566 7.07 %9,644,541 475,210 6.57 %
Commercial and agriculture real estate15,488,010 765,325 6.59 %13,180,509 598,337 6.05 %
Residential real estate loans6,826,809 197,770 3.86 %6,626,551 181,592 3.65 %
Consumer2,815,837 146,177 6.93 %2,612,519 120,428 6.16 %
Total loans35,217,978 1,643,838 6.22 %32,064,120 1,375,567 5.72 %
Total earning assets$46,500,942 $1,958,306 5.62 %$42,891,660 $1,634,398 5.08 %
Less: Allowance for credit losses on loans(337,168)(301,909)
Non-earning Assets:
Cash and due from banks$402,213 $412,998 
Other assets5,232,807 4,917,592 
Total assets$51,798,794 $47,920,341 
Interest-Bearing Liabilities:
Checking and NOW accounts$7,627,029 $88,994 1.56 %$7,793,561 $69,248 1.19 %
Savings accounts4,976,361 15,455 0.41 %5,791,780 9,745 0.22 %
Money market accounts10,571,821 302,921 3.83 %6,577,317 120,917 2.46 %
Other time deposits5,327,361 168,453 4.22 %3,660,156 79,032 2.89 %
Total interest-bearing core deposits28,502,572 575,823 2.70 %23,822,814 278,942 1.57 %
Brokered deposits1,375,231 55,149 5.36 %879,886 32,053 4.87 %
Total interest-bearing deposits29,877,803 630,972 2.82 %24,702,700 310,995 1.68 %
Federal funds purchased and interbank borrowings77,262 3,239 5.60 %306,480 11,404 4.97 %
Securities sold under agreements to repurchase261,818 2,168 1.11 %351,362 2,389 0.91 %
Federal Home Loan Bank advances4,477,851 133,529 3.98 %4,699,074 123,466 3.51 %
Other borrowings823,746 33,058 5.36 %806,575 30,071 4.98 %
Total borrowed funds5,640,677 171,994 4.07 %6,163,491 167,330 3.63 %
Total interest-bearing liabilities35,518,480 802,966 3.02 %30,866,191 478,325 2.07 %
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits$9,396,081 $10,864,375 
Other liabilities971,687 944,619 
Shareholders' equity5,912,546 5,245,156 
Total liabilities and shareholders' equity$51,798,794 $47,920,341 
Net interest rate spread2.60 %3.01 %
Net interest margin (GAAP)3.26 %3.54 %
Net interest margin (FTE)3
3.31 %3.59 %
FTE adjustment$18,737 $17,328 
1 Interest income is reflected on a FTE.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

10

Asset Quality (EOP) (unaudited)
($ in thousands)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31, September 30,September 30,September 30,
2024202420242023202320242023
Allowance for credit losses:
Beginning allowance for credit losses on loans$366,335 $319,713 $307,610 $303,982 $300,555 $307,610 $303,671 
Allowance established for acquired PCD loans2,803 23,922 — — — 26,725 — 
Provision for credit losses on loans29,176 36,745 23,853 13,329 23,115 89,774 46,520 
Gross charge-offs(18,965)(17,041)(14,020)(13,202)(22,750)(50,026)(55,261)
Gross recoveries1,491 2,996 2,270 3,501 3,062 6,757 9,052 
NCOs(17,474)(14,045)(11,750)(9,701)(19,688)(43,269)(46,209)
Ending allowance for credit losses on loans$380,840 $366,335 $319,713 $307,610 $303,982 $380,840 $303,982 
Beginning allowance for credit losses on unfunded commitments$25,733 $26,264 $31,226 $32,960 $37,007 $31,226 $32,188 
Provision (release) for credit losses on unfunded commitments(679)(531)(4,962)(1,734)(4,047)(6,172)772 
Ending allowance for credit losses on unfunded commitments$25,054 $25,733 $26,264 $31,226 $32,960 $25,054 $32,960 
Allowance for credit losses$405,894 $392,068 $345,977 $338,836 $336,942 $405,894 $336,942 
Provision for credit losses on loans$29,176 $36,745 $23,853 $13,329 $23,115 $89,774 $46,520 
Provision (release) for credit losses on unfunded commitments(679)(531)(4,962)(1,734)(4,047)(6,172)772 
Provision for credit losses$28,497 $36,214 $18,891 $11,595 $19,068 $83,602 $47,292 
NCOs / average loans1
0.19 %0.16 %0.14 %0.12 %0.24 %0.16 %0.19 %
Average loans1
$36,299,544 $36,053,845 $33,242,739 $32,752,406 $32,639,812 $35,202,727 $32,057,989 
EOP loans1
36,400,643 36,150,513 33,623,319 32,991,927 32,577,834 36,400,643 32,577,834 
ACL on loans / EOP loans1
1.05 %1.01 %0.95 %0.93 %0.93 %1.05 %0.93 %
ACL / EOP loans1
1.12 %1.08 %1.03 %1.03 %1.03 %1.12 %1.03 %
Underperforming Assets:
Loans 90 days and over (still accruing)$1,177 $5,251 $2,172 $961 $1,192 $1,177 $1,192 
Nonaccrual loans443,597 340,181 328,645 274,821 261,346 443,597 261,346 
Foreclosed assets4,077 8,290 9,344 9,434 9,761 4,077 9,761 
Total underperforming assets$448,851 $353,722 $340,161 $285,216 $272,299 $448,851 $272,299 
Classified and Criticized Assets:
Nonaccrual loans$443,597 $340,181 $328,645 $274,821 $261,346 $443,597 $261,346 
Substandard loans (still accruing)1,074,243 841,087 626,157 599,358 563,427 1,074,243 563,427 
Loans 90 days and over (still accruing)1,177 5,251 2,172 961 1,192 1,177 1,192 
Total classified loans - "problem loans"1,519,017 1,186,519 956,974 875,140 825,965 1,519,017 825,965 
Other classified assets59,485 60,772 54,392 48,930 48,998 59,485 48,998 
Special Mention837,543 967,655 827,419 843,920 775,526 837,543 775,526 
Total classified and criticized assets$2,416,045 $2,214,946 $1,838,785 $1,767,990 $1,650,489 $2,416,045 $1,650,489 
Loans 30-89 days past due (still accruing)$91,750 $51,712 $53,112 $71,868 $56,772 $91,750 $56,772 
Nonaccrual loans / EOP loans1
1.22 %0.94 %0.98 %0.83 %0.80 %1.22 %0.80 %
ACL / nonaccrual loans92 %115 %105 %123 %129 %92 %129 %
Under-performing assets/EOP loans1
1.23 %0.98 %1.01 %0.86 %0.84 %1.23 %0.84 %
Under-performing assets/EOP assets0.84 %0.67 %0.69 %0.58 %0.56 %0.84 %0.56 %
30+ day delinquencies/EOP loans1
0.26 %0.16 %0.16 %0.22 %0.18 %0.26 %0.18 %
1 Excludes loans held-for-sale.
    

    
11

Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31, September 30,September 30,September 30,
2024202420242023202320242023
Earnings Per Share:
Net income applicable to common shares$139,768 $117,196 $116,250 $128,446 $143,842 $373,214 $437,411 
Adjustments:
Merger-related charges6,860 19,440 2,908 5,529 6,257 29,208 23,187 
Tax effect1
(1,528)(4,413)(710)(1,343)(1,042)(6,651)(4,491)
Merger-related charges, net5,332 15,027 2,198 4,186 5,215 22,557 18,696 
Separation expense2,646 — — — — 2,646 — 
Tax effect1
(589)— — — — (589)— 
Separation expense, net2,057 — — — — 2,057 — 
Debt securities (gains) losses76 (2)16 825 241 90 5,440 
Tax effect1
(17)1 (4)(200)(40)(20)(1,175)
Debt securities (gains) losses, net59 (1)12 625 201 70 4,265 
CECL Day 1 non-PCD provision expense— 15,312 — — — 15,312 — 
Tax effect1
— (3,476)— — — (3,476)— 
CECL Day 1 non-PCD provision expense, net— 11,836 — — — 11,836 — 
Distribution of excess pension assets— — 13,318 — — — 13,318 — 
Tax effect1
— — (3,250)— — — (3,250)— 
Distribution excess pension assets, net— — 10,068 — — 10,068 — 
FDIC special assessment— — 2,994 19,052 — 2,994 — 
Tax effect1
— — (731)(4,628)— (731)— 
FDIC special assessment, net— — 2,263 14,424 — 2,263 — 
Gain on sale of Visa Class B restricted shares— — — (21,635)— — — 
Tax effect1
— — — 5,255 — — — 
Gain on sale of Visa Class B restricted shares, net— — — (16,380)— — — 
Contract termination charge— — — 4,413 — — — 
Tax effect1
— — — (1,072)— — — 
Contract termination charge, net — — — 3,341 — — — 
Louisville expenses— — — — — — 3,361 
Tax effect1
— — — — — — (392)
Louisville expenses, net— — — — — — 2,969 
Property optimization charges— — — — — — 1,559 
Tax effect1
— — — — — — (315)
Property optimization charges, net— — — — — — 1,244 
Total adjustments, net7,448 26,862 14,541 6,196 5,416 48,851 27,174 
Net income applicable to common shares, adjusted$147,216 $144,058 $130,791 $134,642 $149,258 $422,065 $464,585 
Weighted average diluted common shares outstanding317,331 316,461 292,207 292,029 291,717 308,605 291,809 
EPS, diluted$0.44 $0.37 $0.40 $0.44 $0.49 $1.21 $1.50 
Adjusted EPS, diluted$0.46 $0.46 $0.45 $0.46 $0.51 $1.37 $1.59 
NIM:
Net interest income$391,724 $388,421 $356,458 $364,408 $375,086 $1,136,603 $1,138,745 
Add: FTE adjustment2
6,144 6,340 6,253 6,100 5,837 18,737 17,328 
Net interest income (FTE)$397,868 $394,761 $362,711 $370,508 $380,923 $1,155,340 $1,156,073 
Average earning assets$47,905,463 $47,406,849 $44,175,079 $43,701,283 $43,617,456 $46,500,942 $42,891,660 
NIM (GAAP)3.27 %3.28 %3.23 %3.34 %3.44 %3.26 %3.54 %
NIM (FTE)3.32 %3.33 %3.28 %3.39 %3.49 %3.31 %3.59 %
Refer to last page of Non-GAAP reconciliations for footnotes.
12

Non-GAAP Measures (unaudited)
($ in thousands)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31, September 30,September 30,September 30,
2024202420242023202320242023
PPNR:
Net interest income (FTE)2
$397,868 $394,761 $362,711 $370,508 $380,923 $1,155,340 $1,156,073 
Add: Noninterest income94,138 87,271 77,522 100,094 80,938 258,931 233,248 
Total revenue (FTE)492,006 482,032 440,233 470,602 461,861 1,414,271 1,389,321 
Less: Noninterest expense(272,283)(282,999)(262,317)(284,235)(244,776)(817,599)(742,071)
PPNR$219,723 $199,033 $177,916 $186,367 $217,085 $596,672 $647,250 
Adjustments:
Gain on sale of Visa Class B restricted shares$— $— $— $(21,635)$— $— $— 
Debt securities (gains) losses76 (2)16 825 241 90 5,440 
Noninterest income adjustments76 (2)16 (20,810)241 90 5,440 
Adjusted noninterest income94,214 87,269 77,538 79,284 81,179 259,021 238,688 
Adjusted revenue$492,082 $482,030 $440,249 $449,792 $462,102 $1,414,361 $1,394,761 
Adjustments:
Merger-related charges$6,860 $19,440 $2,908 $5,529 $6,257 $29,208 $23,187 
Separation expense2,646 — — — — 2,646 — 
Distribution of excess pension assets— — 13,318 — — 13,318 — 
FDIC Special Assessment— — 2,994 19,052 — 2,994 — 
Contract termination charges— — — 4,413 — — — 
Louisville expenses— — — — — — 3,361 
Property optimization charges— — — — — — 1,559 
Noninterest expense adjustments9,506 19,440 19,220 28,994 6,257 48,166 28,107 
Adjusted total noninterest expense(262,777)(263,559)(243,097)(255,241)(238,519)(769,433)(713,964)
Adjusted PPNR$229,305 $218,471 $197,152 $194,551 $223,583 $644,928 $680,797 
Efficiency Ratio:
Noninterest expense$272,283 $282,999 $262,317 $284,235 $244,776 $817,599 $742,071 
Less: Amortization of intangibles(7,411)(7,425)(5,455)(5,869)(6,040)(20,291)(18,286)
Noninterest expense, excl. amortization of intangibles264,872 275,574 256,862 278,366 238,736 797,308 723,785 
Less: Amortization of tax credit investments(3,277)(2,747)(2,749)(7,200)(2,644)(8,773)(8,167)
Less: Noninterest expense adjustments(9,506)(19,440)(19,220)(28,994)(6,257)(48,166)(28,107)
Adjusted noninterest expense, excluding amortization$252,089 $253,387 $234,893 $242,172 $229,835 $740,369 $687,511 
Total revenue (FTE)2
$492,006 $482,032 $440,233 $470,602 $461,861 $1,414,271 $1,389,321 
Less: Debt securities (gains) losses76 (2)16 825 241 90 5,440 
Total revenue excl. debt securities (gains) losses492,082 482,030 440,249 471,427 462,102 1,414,361 1,394,761 
Less: Gain on sale of Visa Class B restricted shares— — — (21,635)— — — 
Total adjusted revenue $492,082 $482,030 $440,249 $449,792 $462,102 $1,414,361 $1,394,761 
Efficiency Ratio53.8 %57.2 %58.3 %59.0 %51.7 %56.4 %51.9 %
Adjusted Efficiency Ratio51.2 %52.6 %53.4 %53.8 %49.7 %52.3 %49.3 %
Refer to last page of Non-GAAP reconciliations for footnotes.
13

Non-GAAP Measures (unaudited)
($ in thousands)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31, September 30,September 30,September 30,
2024202420242023202320242023
ROAE and ROATCE:
Net income applicable to common shares$139,768 $117,196 $116,250 $128,446 $143,842 $373,214 $437,411 
Amortization of intangibles 7,411 7,425 5,455 5,869 6,040 20,291 18,286 
Tax effect1
(1,853)(1,856)(1,364)(1,467)(1,510)(5,073)(4,572)
Amortization of intangibles, net5,558 5,569 4,091 4,402 4,530 15,218 13,714 
Net income applicable to common shares, excluding intangibles amortization145,326 122,765 120,341 132,848 148,372 388,432 451,125 
Total adjustments, net (see pg.12)7,448 26,862 14,541 6,196 5,416 48,851 27,174 
Adjusted net income applicable to common shares, excluding intangibles amortization$152,774 $149,627 $134,882 $139,044 $153,788 $437,283 $478,299 
Average shareholders' equity$6,190,071 $5,978,976 $5,565,542 $5,281,487 $5,294,072 $5,912,546 $5,245,156 
Less: Average preferred equity(243,719)(243,719)(243,719)(243,719)(243,719)(243,719)(243,719)
Average shareholders' common equity$5,946,352 $5,735,257 $5,321,823 $5,037,768 $5,050,353 $5,668,827 $5,001,437 
Average goodwill and other intangible assets(2,304,597)(2,245,405)(2,098,338)(2,103,935)(2,109,944)(2,216,437)(2,115,953)
Average tangible shareholder's common equity$3,641,755 $3,489,852 $3,223,485 $2,933,833 $2,940,409 $3,452,390 $2,885,484 
ROAE9.4 %8.2%8.7%10.2%11.4%8.8 %11.7 %
ROAE, adjusted9.9 %10.0%9.8%10.7%11.8%9.9 %12.4 %
ROATCE16.0 %14.1%14.9%18.1%20.2%15.0 %20.8 %
ROATCE, adjusted16.8 %17.2%16.7%19.0%20.9%16.9 %22.1 %
Refer to last page of Non-GAAP reconciliations for footnotes.
14

Non-GAAP Measures (unaudited)
($ in thousands)
As of
September 30,June 30,March 31,December 31, September 30,
20242024202420232023
Tangible Common Equity:
Shareholders' equity$6,367,298 $6,075,072 $5,595,408 $5,562,900 $5,239,537 
Less: Preferred equity (243,719)(243,719)(243,719)(243,719)(243,719)
Shareholders' common equity $6,123,579 $5,831,353 $5,351,689 $5,319,181 $4,995,818 
Less: Goodwill and other intangible assets(2,305,084)(2,306,204)(2,095,511)(2,100,966)(2,106,835)
Tangible shareholders' common equity $3,818,495 $3,525,149 $3,256,178 $3,218,215 $2,888,983 
Total assets $53,602,293 $53,119,645 $49,534,918 $49,089,836 $49,059,448 
Less: Goodwill and other intangible assets(2,305,084)(2,306,204)(2,095,511)(2,100,966)(2,106,835)
Tangible assets $51,297,209 $50,813,441 $47,439,407 $46,988,870 $46,952,613 
Risk-weighted assets3
$40,584,608 $40,627,117 $37,845,139 $37,407,347 $37,501,646 
Tangible common equity to tangible assets 7.44 %6.94 %6.86 %6.85 %6.15 %
Tangible common equity to risk-weighted assets3
9.41 %8.68 %8.60 %8.60 %7.70 %
Tangible Common Book Value:
Common shares outstanding318,955 318,969 293,330 292,655 292,586 
Tangible common book value$11.97 $11.05 $11.10 $11.00 $9.87 
1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).
2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
3 September 30, 2024 figures are preliminary.
15
v3.24.3
Cover
Oct. 22, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 22, 2024
Entity Registrant Name Old National Bancorp /IN/
Entity Incorporation, State or Country Code IN
Entity File Number 001-15817
Entity Tax Identification Number 35-1539838
Entity Address, Address Line One One Main Street
Entity Address, City or Town Evansville,
Entity Address, State or Province IN
Entity Address, Postal Zip Code 47708
City Area Code 773
Local Phone Number 765-7675
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000707179
Amendment Flag false
Common Stock  
Cover [Abstract]  
Title of 12(b) Security Common stock, no par value
Trading Symbol ONB
Security Exchange Name NASDAQ
Document Information [Line Items]  
Title of 12(b) Security Common stock, no par value
Trading Symbol ONB
Security Exchange Name NASDAQ
Series A Preferred Stock  
Cover [Abstract]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol ONBPP
Security Exchange Name NASDAQ
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol ONBPP
Security Exchange Name NASDAQ
Series C Preferred Stock  
Cover [Abstract]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C
Trading Symbol ONBPO
Security Exchange Name NASDAQ
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C
Trading Symbol ONBPO
Security Exchange Name NASDAQ
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