Parent Company Financial Statements

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

NOTE 26 – PARENT COMPANY FINANCIAL STATEMENTS

The following are the condensed parent company only financial statements of Old National:

OLD NATIONAL BANCORP (PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

	December 31,
(dollars in thousands)	2018		2017
Assets
Deposits in affiliate bank	$	90,005	$	43,538
Equity securities		5,582		5,584
Investment securities - available-for-sale		1,527		1,547
Investment in affiliates:
Banking subsidiaries		2,769,166		2,248,700
Non-banks		5,151		5,142
Other assets		87,096		112,353
Total assets	$	2,958,527	$	2,416,864
Liabilities and Shareholders' Equity
Other liabilities	$	37,563	$	31,768
Other borrowings		231,394		230,699
Shareholders' equity		2,689,570		2,154,397
Total liabilities and shareholders' equity	$	2,958,527	$	2,416,864

OLD NATIONAL BANCORP (PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
(dollars in thousands)	2018			2017			2016
Income
Dividends from affiliates	$	105,000		$	100,000		$	160,007
Net securities gains		49			667			100
Other income		2,126			1,966			40,841
Other income from affiliates		5			5			6
Total income		107,180			102,638			200,954
Expense
Interest on borrowings		10,425			9,298			9,077
Other expenses		21,936			16,335			18,460
Total expense		32,361			25,633			27,537
Income before income taxes and equity in undistributed earnings of affiliates		74,819			77,005			173,417
Income tax expense (benefit)		(5,693	)		(6,240	)		11,952
Income before equity in undistributed earnings of affiliates		80,512			83,245			161,465
Equity in undistributed earnings of affiliates		110,318			12,480			(27,201	)
Net income	$	190,830		$	95,725		$	134,264

OLD NATIONAL BANCORP (PARENT COMPANY ONLY)

CONDENSED STATEMENT OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2018			2017			2016
Cash Flows From Operating Activities
Net income	$	190,830		$	95,725		$	134,264
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation		53			36			29
Net securities (gains) losses		(49	)		(667	)		(100	)
Gain on sale of ONB Insurance Group, Inc.		—			—			(41,864	)
Share-based compensation expense		8,118			6,275			7,318
(Increase) decrease in other assets		28,754			(24,005	)		(3,958	)
Increase (decrease) in other liabilities		3,147			3,968			(225	)
Equity in undistributed earnings of affiliates		(110,318	)		(12,480	)		27,201
Total adjustments		(70,295	)		(26,873	)		(11,599	)
Net cash flows provided by (used in) operating activities		120,535			68,852			122,665
Cash Flows From Investing Activities
Net cash and cash equivalents of acquisitions		8,281			(24,005	)		(100,220	)
Proceeds from sale of ONB Insurance Group, Inc.		—			—			91,771
Proceeds from sales of equity securities		128			127			—
Purchases of investment securities		(76	)		(62	)		(52	)
Net advances to affiliates		—			(250	)		(3,500	)
Proceeds from sale of premises and equipment		1,065			—			—
Purchases of premises and equipment		(945	)		(612	)		(13	)
Net cash flows provided by (used in) investing activities		8,453			(24,802	)		(12,014	)
Cash Flows From Financing Activities
Payments for maturities/redemptions of other borrowings		—			(19,856	)		—
Cash dividends paid on common stock		(82,161	)		(72,604	)		(67,536	)
Common stock repurchased		(1,805	)		(2,761	)		(2,202	)
Proceeds from exercise of stock options		948			2,655			2,349
Common stock issued		497			404			388
Net cash flows provided by (used in) financing activities		(82,521	)		(92,162	)		(67,001	)
Net increase (decrease) in cash and cash equivalents		46,467			(48,112	)		43,650
Cash and cash equivalents at beginning of period		43,538			91,650			48,000
Cash and cash equivalents at end of period	$	90,005		$	43,538		$	91,650