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Employee Benefit Plans
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

NOTE 18 – EMPLOYEE BENEFIT PLANS

Employee Stock Ownership Plan

The Employee Stock Ownership and Savings Plan (the “401(k) Plan”) permits employees to participate the first month following one month of service.  Effective as of April 1, 2010, we suspended safe harbor matching contributions to the 401(k) Plan.  However, we may make discretionary matching contributions to the 401(k) Plan.  During the second quarter of 2018, Old National increased its match to 75% of employee compensation deferral contributions of the first 4% of compensation, and 50% of the next 4% of compensation.  The change was retroactive for all of 2018.  For 2017, we matched 50% of employee compensation deferral contributions, up to 6% of compensation.  In addition to matching contributions, Old National may contribute to the 401(k) Plan an amount designated as a profit sharing contribution in the form of Old National stock or cash.  Our Board of Directors designated no discretionary profit sharing contributions in 2019, 2018, or 2017. All contributions vest immediately and plan participants may elect to redirect funds among any of the investment options provided under the 401(k) Plan.  The number of Old National shares in the 401(k) Plan were 0.6 million at December 31, 2019 and 0.7 million at December 31, 2018.  All shares owned through the 401(k) Plan are included in the calculation of weighted-average shares outstanding for purposes of calculating diluted and basic earnings per share.  Contribution expense under the 401(k) Plan was $9.8 million in 2019, $8.6 million in 2018, and $4.7 million in 2017.