Old National Bancorp 8-K/A, filed Apr 29, 2022

Old National Bancorp (ONB)

8-K/A 2022-04-29 For: 2022-02-15

View Original

Added on April 07, 2026

About this 8-K/A

Old National Bancorp filed this 8-K/A on April 29, 2022, reporting on events of February 15, 2022.

Items reported

Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


INDIANA	001-15817	35-1539838
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


One Main Street
Evansville,	Indiana	47708
(Address of Principal Executive Offices)		(Zip Code)


	As of December 31,
	2021		2020
Assets
Cash and due from banks	$	220,207	$	196,364
Interest-bearing deposits in other banks	1,898,865		920,880

Equity securities, at fair value	118,857		76,404
Securities available-for-sale, at fair value (amortized cost 2021 – $3,179,871; 2020 – $3,043,480)	3,147,220		3,096,408
Securities held-to-maturity, at amortized cost (fair value 2021 – $8,234; 2020 – $11,686)	8,655		12,071
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stock, at cost	106,097		117,420
Loans	14,665,491		14,751,232
Allowance for loan losses	(201,237)		(239,017)
Net loans	14,464,254		14,512,215
Other real estate owned ("OREO")	5,196		8,253
Premises, furniture, and equipment, net	120,555		132,045
Investment in bank-owned life insurance ("BOLI")	300,730		301,101
Goodwill and other intangible assets	920,599		932,764
Accrued interest receivable and other assets	467,007		532,753
Total assets	$	21,778,242	$	20,838,678
Liabilities
Noninterest-bearing deposits	$	6,191,885	$	5,797,899
Interest-bearing deposits	10,999,044		10,214,565
Total deposits	17,190,929		16,012,464
Borrowed funds	1,291,816		1,546,414
Subordinated debt	235,588		234,768
Accrued interest payable and other liabilities	317,181		355,026
Total liabilities	19,035,514		18,148,672
Stockholders' Equity
Preferred stock	230,500		230,500
Common stock	1,254		1,254
Additional paid-in capital	1,277,441		1,275,492
Retained earnings	1,508,047		1,388,525
Accumulated other comprehensive income (loss), net of tax	(37,793)		26,379
Treasury stock, at cost	(236,721)		(232,144)
Total stockholders' equity	2,742,728		2,690,006
Total liabilities and stockholders' equity	$	21,778,242	$	20,838,678


	December 31, 2021				December 31, 2020
	Preferred Shares		Common Shares		Preferred Shares		Common Shares
Par value	$	—	$	0.01	$	—	$	0.01
Shares authorized	1,000		250,000		1,000		250,000
Shares issued	231		125,387		231		125,367
Shares outstanding	231		114,128		231		114,296
Treasury shares	—		11,259		—		11,071


	Years Ended December 31,
	2021		2020		2019
Interest Income
Loans	$	534,322	$	568,065	$	617,632
Investment securities – taxable	60,505		70,404		66,292
Investment securities – tax-exempt	5,247		5,760		6,501
Other short-term investments	7,751		7,089		8,314
Total interest income	607,825		651,318		698,739
Interest Expense
Deposits	12,068		38,242		77,598
Borrowed funds	12,508		19,176		18,228
Subordinated debt	13,874		14,251		14,431
Total interest expense	38,450		71,669		110,257
Net interest income	569,375		579,649		588,482
Provision for loan losses	3,174		98,615		44,027
Net interest income after provision for loan losses	566,201		481,034		544,455
Noninterest Income
Wealth management fees	57,770		50,688		48,337
Service charges on deposit accounts	44,403		42,059		49,424
Mortgage banking income	29,749		21,115		10,105
Card-based fees	18,763		16,150		18,133
Capital market products income	6,838		6,961		13,931

Other service charges, commissions, and fees	12,191		10,576		11,363
Swap termination costs	—		(31,852)		—
Net securities gains	—		13,323		—
Other income	12,018		11,633		11,586

Total noninterest income	181,732		140,653		162,879
Noninterest Expense
Salaries and wages	213,417		211,917		197,640
Retirement and other employee benefits	47,068		45,728		42,879
Net occupancy and equipment expense	56,154		57,081		51,818
Technology and related costs	41,947		39,822		27,787
Professional services	30,238		35,019		36,428
Amortization of other intangible assets	11,182		11,207		10,481
Advertising and promotions	10,755		10,109		11,561
Federal Deposit Insurance Corporation ("FDIC") premiums	8,051		11,093		8,353
Net OREO expense	1,187		1,196		2,436


Other expenses	40,353		30,203		28,995
Optimization costs	1,556		19,869		—
Acquisition and integration related expenses	14,879		13,462		21,860
Delivering Excellence implementation costs	—		—		1,157

Total noninterest expense	476,787		486,706		441,395
Income before income tax expense	271,146		134,981		265,939
Income tax expense	71,586		27,083		66,201
Net income	$	199,560	$	107,898	$	199,738
Preferred dividends	(16,135)		(9,119)		—
Net income applicable to non-vested restricted shares	(1,922)		(984)		(1,681)
Net income applicable to common shares	$	181,503	$	97,795	$	198,057
Per Common Share Data
Basic earnings per common share ("EPS")	$	1.61	$	0.87	$	1.83
Diluted EPS	1.60		0.87		1.82
Dividends declared per common share	0.56		0.56		0.54
Weighted-average common shares outstanding	112,947		112,355		108,156
Weighted-average diluted common shares outstanding	113,781		112,702		108,584


	Accumulated Unrealized Gain (Loss) on Securities Available- for-Sale		Accumulated Unrealized Gain (Loss) on Derivative Instruments		Unrecognized Net Pension Costs		Total Accumulated Other Comprehensive Income (Loss), Net of Tax
Balance at December 31, 2018	$	(28,792)	$	(2,550)	$	(21,170)	$	(52,512)

Other comprehensive income	44,600		3,369		2,589		50,558
Balance at December 31, 2019	15,808		819		(18,581)		(1,954)
Other comprehensive income	22,520		9,360		(3,547)		28,333
Balance at December 31, 2020	38,328		10,179		(22,128)		26,379

Other comprehensive loss	(61,964)		(6,339)		4,131		(64,172)
Balance at December 31, 2021	$	(23,636)	$	3,840	$	(17,997)	$	(37,793)


	Common Shares Outstanding	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Treasury Stock		Total
Balance at December 31, 2018	106,375	$	—	$	1,157	$	1,114,580	$	1,192,767	$	(52,512)	$	(200,994)	$	2,054,998
Adjustment to apply recent accounting pronouncements(1)	—	—		—		—		47,257		—		—		47,257
Net income	—	—		—		—		199,738		—		—		199,738
Other comprehensive income	—	—		—		—		—		50,558		—		50,558
Common dividends declared ($0.54 per common share)	—	—		—		—		(59,150)		—		—		(59,150)
Acquisition, net of issuance costs	4,879	—		47		97,350		—		—		4,099		101,496
Common stock issued	38	—		—		88		—		—		674		762
Purchase of common stock	(1,687)	—		—		—		—		—		(33,928)		(33,928)
Restricted stock activity	381	—		—		(13,913)		—		—		10,083		(3,830)
Treasury stock issued to benefit plans	(14)	—		—		(14)		—		—		(277)		(291)
Share-based compensation expense	—	—		—		13,183		—		—		—		13,183
Balance at December 31, 2019	109,972	—		1,204		1,211,274		1,380,612		(1,954)		(220,343)		2,370,793
Adjustment to apply recent accounting pronouncements(2)	—	—		—		—		(26,821)		—		—		(26,821)
Net income	—	—		—		—		107,898		—		—		107,898
Other comprehensive income	—	—		—		—		—		28,333				28,333
Preferred dividends	—	—		—		—		(9,119)		—		—		(9,119)
Common dividends declared ($0.56 per common share)	—	—		—		—		(64,045)		—		—		(64,045)
Acquisition, net of issuance costs	4,930	—		49		71,834		—		—		—		71,883
Preferred stock issued	—	230,500		—		(9,313)		—		—		—		221,187
Common stock issued	55	—		1		401		—		—		679		1,081
Purchase of common stock	(1,171)	—		—		—		—		—		(22,557)		(22,557)
Restricted stock activity	534	—		—		(13,361)		—		—		10,325		(3,036)
Treasury stock issued to benefit plans	(24)	—		—		(83)		—		—		(248)		(331)
Share-based compensation expense	—	—		—		14,740		—		—		—		14,740
Balance at December 31, 2020	114,296	230,500		1,254		1,275,492		1,388,525		26,379		(232,144)		2,690,006

Net income	—	—		—		—		199,560		—		—		199,560
Other comprehensive loss	—	—		—		—		—		(64,172)				(64,172)
Preferred dividends	—	—		—		—		(16,135)		—		—		(16,135)
Common dividends declared ($0.56 per common share)	—	—		—		—		(63,903)		—		—		(63,903)


Common stock issued	81	—		—		274		—		—		1,044		1,318
Repurchases of common stock	(715)	—		—		—		—		—		(14,929)		(14,929)
Restricted stock activity	457	—		—		(13,286)		—		—		9,155		(4,131)
Treasury stock issued to benefit plans	9	—		—		33		—		—		153		186
Share-based compensation expense	—	—		—		14,928		—		—		—		14,928
Balance at December 31, 2021	114,128	$	230,500	$	1,254	$	1,277,441	$	1,508,047	$	(37,793)	$	(236,721)	$	2,742,728


	Park Bank
	March 9, 2020
Assets
Cash and due from banks and interest-bearing deposits in other banks	$	244,781

Securities available-for-sale	136,856
Securities held-to-maturity	300

Loans	687,923
OREO	2,276

Goodwill	59,649
Other intangible assets	3,068
Premises, furniture, and equipment	2,550
Accrued interest receivable and other assets	13,502
Total assets	$	1,150,905
Liabilities
Noninterest-bearing deposits	$	356,050
Interest-bearing deposits	594,026
Total deposits	950,076
Borrowed funds	11,532


Accrued interest payable and other liabilities	14,915
Total liabilities	976,523
Consideration Paid
Common stock (2020 - 4,930,231, shares issued at $14.58 per share)	71,883
Cash paid	102,499
Total consideration paid	174,382
	$	1,150,905


	As of December 31, 2021
	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	95,623	$	95,040	$	565	$	538
After one year to five years	153,519		152,584		3,694		3,514
After five years to ten years	801,500		796,617		1,930		1,836
After ten years	—		—		2,466		2,346
Securities that do not have a single contractual maturity date	2,129,229		2,102,979		—		—
Total	$	3,179,871	$	3,147,220	$	8,655	$	8,234


		Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
As of December 31, 2021
Securities Available-for-Sale

U.S. agency securities	82	$	330,897	$	8,572	$	251,702	$	12,852	$	582,599	$	21,424
CMOs	204	608,258		12,902		256,894		14,285		865,152		27,187
MBSs	134	608,902		10,049		42,283		1,379		651,185		11,428
Municipal securities	20	18,331		427		967		47		19,298		474

Corporate debt securities	1	—		—		3,210		24		3,210		24

Total	441	$	1,566,388	$	31,950	$	555,056	$	28,587	$	2,121,444	$	60,537



As of December 31, 2020
Securities Available-for-Sale

U.S. agency securities	48	$	253,841	$	4,764	$	14,932	$	212	$	268,773	$	4,976
CMOs	104	349,853		3,205		86,618		1,118		436,471		4,323
MBSs	19	69,838		550		12,307		90		82,145		640
Municipal securities	4	1,012		4		—		—		1,012		4

Corporate debt securities	3	8,100		105		9,513		165		17,613		270
Total	178	$	682,644	$	8,628	$	123,370	$	1,585	$	806,014	$	10,213


	As of December 31
	2021		2020
Loans pledged to secure:
FHLB advances (blanket pledge)	$	4,947,435	$	5,909,052
FRB's Discount Window Primary Credit Program	1,177,857		1,207,676
Total	$	6,125,292	$	7,116,728


	Aging Analysis (Accruing and Non-accrual)										Non-performing Loans
	Current		30-89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Loans		Non-accrual		90 Days or More Past Due, Still Accruing Interest
As of December 31, 2021
Commercial and industrial	$	4,812,127	$	10,473	$	11,732	$	22,205	$	4,834,332	$	15,987	$	340
Agricultural	323,689		1,388		2,796		4,184		327,873		6,410		—
Commercial real estate:
Office, retail, and industrial	1,716,665		8,599		21,680		30,279		1,746,944		30,882		—
Multi-family	1,106,711		1,714		12,323		14,037		1,120,748		13,515		—
Construction	587,878		—		369		369		588,247		1,473		—
Other commercial real estate	1,258,600		5,327		11,979		17,306		1,275,906		14,795		28
Total commercial real estate	4,669,854		15,640		46,351		61,991		4,731,845		60,665		28
Total corporate loans, excluding PPP loans	9,805,670		27,501		60,879		88,380		9,894,050		83,062		368
PPP loans	230,687		—		—		—		230,687		—		—
Total corporate loans	10,036,357		27,501		60,879		88,380		10,124,737		83,062		368
Home equity	552,439		8,988		4,016		13,004		565,443		8,385		—
1-4 family mortgages	3,406,240		4,503		7,316		11,819		3,418,059		10,532		—
Installment	552,438		4,255		559		4,814		557,252		—		559
Total consumer loans	4,511,117		17,746		11,891		29,637		4,540,754		18,917		559
Total loans	$	14,547,474	$	45,247	$	72,770	$	118,017	$	14,665,491	$	101,979	$	927
As of December 31, 2020
Commercial and industrial	$	4,530,546	$	9,254	$	38,454	$	47,708	$	4,578,254	$	42,965	$	591
Agricultural	359,373		705		3,960		4,665		364,038		10,719		—
Commercial real estate:
Office, retail, and industrial	1,827,891		3,961		29,916		33,877		1,861,768		34,224		257
Multi-family	867,815		2,510		2,488		4,998		872,813		2,488		—
Construction	606,934		1,154		4,523		5,677		612,611		4,980		1,065
Other commercial real estate	1,448,258		15,015		18,703		33,718		1,481,976		25,824		434
Total commercial real estate	4,750,898		22,640		55,630		78,270		4,829,168		67,516		1,756
Total corporate loans, excluding PPP loans	9,640,817		32,599		98,044		130,643		9,771,460		121,200		2,347
PPP loans	785,563		—		—		—		785,563		—		—
Total corporate loans	10,426,380		32,599		98,044		130,643		10,557,023		121,200		2,347
Home equity	750,263		5,563		5,899		11,462		761,725		10,795		956
1-4 family mortgages	3,009,564		5,296		7,553		12,849		3,022,413		10,530		115
Installment	404,831		4,263		977		5,240		410,071		—		977
Total consumer loans	4,164,658		15,122		14,429		29,551		4,194,209		21,325		2,048
Total loans	$	14,591,038	$	47,721	$	112,473	$	160,194	$	14,751,232	$	142,525	$	4,395


	Commercial, Industrial, and Agricultural		Office, Retail, and Industrial		Multi-family		Construction		Other Commercial Real Estate		Consumer		Allowance for Unfunded Commitments		Total Allowance for Credit Losses
Year Ended December 31, 2021
Beginning balance	$	119,954	$	24,078	$	5,709	$	6,674	$	24,309	$	58,293	$	8,025	$	247,042


Charge-offs	(28,318)		(9,048)		(90)		(1,560)		(2,220)		(9,799)		—		(51,035)
Recoveries	6,434		244		7		177		300		2,919		—		10,081
Net charge-offs	(21,884)		(8,804)		(83)		(1,383)		(1,920)		(6,880)		—		(40,954)
Provision for loan losses and other	5,426		5,513		83		(2,412)		(2,270)		(3,166)		600		3,774
Ending Balance	$	103,496	$	20,787	$	5,709	$	2,879	$	20,119	$	48,247	$	8,625	$	209,862
Year Ended December 31, 2020
Beginning balance	$	62,830	$	7,580	$	2,950	$	1,697	$	6,408	$	26,557	$	1,200	$	109,222
Adjustments to apply recent accounting pronouncements(1)	20,159		11,686		397		10,300		11,427		16,235		5,553		75,757
Allowance established for acquired PCD loans	11,453		2,003		—		—		—		39		872		14,367
Charge-offs	(26,871)		(6,480)		(38)		(7,635)		(3,168)		(14,637)		—		(58,829)
Recoveries	5,061		25		5		—		316		2,103		—		7,510
Net charge-offs	(21,810)		(6,455)		(33)		(7,635)		(2,852)		(12,534)		—		(51,319)
Provision for loan losses and other	47,322		9,264		2,395		2,312		9,326		27,996		400		99,015
Ending balance	$	119,954	$	24,078	$	5,709	$	6,674	$	24,309	$	58,293	$	8,025	$	247,042
Year Ended December 31, 2019
Beginning balance	$	63,276	$	7,900	$	2,464	$	2,173	$	4,934	$	21,472	$	1,200	$	103,419
Charge-offs	(28,008)		(2,800)		(340)		(10)		(800)		(14,250)		—		(46,208)
Recoveries	4,815		253		478		19		357		2,062		—		7,984
Net charge-offs	(23,193)		(2,547)		138		9		(443)		(12,188)		—		(38,224)
Provision for loan losses and other	22,747		2,227		348		(485)		1,917		17,273		—		44,027
Ending balance	$	62,830	$	7,580	$	2,950	$	1,697	$	6,408	$	26,557	$	1,200	$	109,222


	Loans								Allowance for Credit Losses
	Individually Evaluated		Collectively Evaluated		PCD		Total		Individually Evaluated		Collectively Evaluated		PCD		Total
As of December 31, 2021
Commercial, industrial, and agricultural	$	16,293	$	5,096,194	$	49,718	$	5,162,205	$	3,167	$	94,793	$	5,536	$	103,496
Commercial real estate:
Office, retail, and industrial	22,695		1,692,101		32,148		1,746,944		2,950		14,191		3,646		20,787
Multi-family	12,275		1,102,072		6,401		1,120,748		2,740		2,894		75		5,709
Construction	1,104		576,718		10,425		588,247		—		2,622		257		2,879
Other commercial real estate	10,569		1,228,556		36,781		1,275,906		—		10,739		9,380		20,119
Total commercial real estate	46,643		4,599,447		85,755		4,731,845		5,690		30,446		13,358		49,494
Total corporate loans, excluding PPP loans	62,936		9,695,641		135,473		9,894,050		8,857		125,239		18,894		152,990
PPP loans	—		230,687		—		230,687		—		—		—		—
Total corporate loans	62,936		9,926,328		135,473		10,124,737		8,857		125,239		18,894		152,990
Consumer	—		4,523,060		17,694		4,540,754		—		47,789		458		48,247
Allowance for unfunded commitments	—		—		—		—		—		8,625		—		8,625
Total loans	$	62,936	$	14,449,388	$	153,167	$	14,665,491	$	8,857	$	181,653	$	19,352	$	209,862
As of December 31, 2020
Commercial, industrial, and agricultural	$	45,650	$	4,826,017	$	70,625	$	4,942,292	$	3,536	$	107,763	$	8,655	$	119,954
Commercial real estate:
Office, retail, and industrial	26,384		1,792,618		42,766		1,861,768		1,123		15,106		7,849		24,078
Multi-family	1,279		864,677		6,857		872,813		—		5,438		271		5,709
Construction	1,154		595,550		15,907		612,611		—		4,535		2,139		6,674
Other commercial real estate	13,736		1,414,541		53,699		1,481,976		171		12,651		11,487		24,309
Total commercial real estate	42,553		4,667,386		119,229		4,829,168		1,294		37,730		21,746		60,770
Total corporate loans, excluding PPP loans	88,203		9,493,403		189,854		9,771,460		4,830		145,493		30,401		180,724
PPP loans	—		785,563		—		785,563		—		—		—		—
Total corporate loans	88,203		10,278,966		189,854		10,557,023		4,830		145,493		30,401		180,724
Consumer	—		4,172,042		22,167		4,194,209		—		57,567		726		58,293
Allowance for unfunded commitments	—		—		—		—		—		8,025		—		8,025
Total loans	$	88,203	$	14,451,008	$	212,021	$	14,751,232	$	4,830	$	211,085	$	31,127	$	247,042


	Type of Collateral						Non-accrual Loans With No Related Allowance
	Real Estate		Blanket Lien		Equipment

As of December 31, 2021
Commercial and industrial	$	6,026	$	14,131	$	834	$	8,467
Agricultural	6,347		—		—		2,698
Commercial real estate:
Office, retail, and industrial	30,739		—		—		11,401
Multi-family	13,039		—		—		2,013
Construction	1,837		—		—		1,473
Other commercial real estate	27,557		—		—		12,673
Total commercial real estate	73,172		—		—		27,560


Total corporate loans	85,545		14,131		834		38,725
Home equity	89		—		—		89
1-4 family mortgages	1,160		—		—		—
Installment	—		—		—		—
Total consumer loans	1,249		—		—		89
Total loans	$	86,794	$	14,131	$	834	$	38,814
As of December 31, 2020
Commercial and industrial	$	27,007	$	35,632	$	2,555	$	36,686
Agricultural	8,583		1,737		—		5,213
Commercial real estate:
Office, retail, and industrial	42,790		—		—		23,508
Multi-family	2,097		—		—		1,279
Construction	5,370		—		—		1,831
Other commercial real estate	40,430		—		—		20,158
Total commercial real estate	90,687		—		—		46,776


Total corporate loans	126,277		37,369		2,555		88,675
Home equity	211		—		—		99
1-4 family mortgages	2,807		—		—		578
Installment	—		—		—		—
Total consumer loans	3,018		—		—		677
Total loans	$	129,295	$	37,369	$	2,555	$	89,352


	Years Ended December 31,
	2021		2020		2019
Operating Activities
Net income	$	199,560	$	107,898	$	199,738
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	3,174		98,615		44,027
Depreciation of premises, furniture, and equipment	14,685		16,451		16,366
Net amortization of premium on securities	19,969		21,884		15,731
Net securities gains	—		(13,323)		—
Gains on sales of 1-4 family mortgages and corporate loans held-for-sale	(27,678)		(23,106)		(9,992)

Net losses (gains) on sales and valuation adjustments of OREO	59		(126)		373
Amortization of the FDIC indemnification asset	—		892		1,208
Net (gains) losses on sales and valuation adjustments of premises, furniture, and equipment	(1,662)		8,005		879
BOLI income	(7,223)		(7,444)		(8,394)
Net pension cost (income)	2,409		1,361		(489)
Share-based compensation expense	14,928		14,740		13,183
Tax benefit related to share-based compensation	430		327		364
Provision for deferred income tax expense (benefit)	12,502		(9,056)		10,944
Amortization of other intangible assets	11,182		11,207		10,481
Originations of mortgage loans held-for-sale	(860,603)		(833,385)		(499,318)
Proceeds from sales of mortgage loans held-for-sale	897,729		835,688		474,384
Net increase in equity securities	(42,453)		(34,268)		(4,364)

Net decrease (increase) in accrued interest receivable and other assets	58,804		(30,974)		(146,968)
Net (decrease) increase in accrued interest payables and other liabilities	(19,166)		(30,345)		108,956
Net cash provided by operating activities	276,646		135,041		227,109
Investing Activities
Proceeds from maturities, repayments, and calls of securities available-for-sale	969,081		1,255,209		531,032
Proceeds from sales of securities available-for-sale	34,834		281,869		93,332
Purchases of securities available-for-sale	(1,160,275)		(1,600,784)		(916,564)
Proceeds from maturities, repayments, and calls of securities held-to-maturity	3,416		20,104		4,460
Purchases of securities held-to-maturity	—		(10,098)		(2,855)
Net proceeds (purchases) of FHLB stock	11,323		(2,011)		(33,626)

Net decrease (increase) in loans	46,353		(1,181,870)		(719,676)
Proceeds from claims on BOLI, net of premiums paid	7,594		5,191		8,776
Proceeds from sales of OREO	4,438		4,262		10,645
Proceeds from sales of premises, furniture, and equipment	5,592		1,716		4,145


	Years Ended December 31,
	2021		2020		2019
Supplemental Disclosures of Cash Flow Information:
Income taxes paid	$	46,417	$	40,276	$	48,899
Interest paid to depositors and creditors	39,630		77,345		109,760
Dividends declared, but unpaid	—		15,862		15,283
Common stock issued for acquisitions, net of issuance costs	—		71,883		101,496
Non-cash transfers of loans to OREO	1,440		1,930		944
Non-cash transfers of loans to other assets	—		—		13,175
Non-cash transfers of loans held-for-investment to (from) loans held-for-sale	24,274		(6,880)		9,472

Non-cash recognition of right-of-use asset	—		—		143,561
Non-cash recognition of lease liability	—		—		143,561


	As of December 31,
	2021								2020
	Amortized Cost		Gross Unrealized				Fair Value		Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Securities Available-for-Sale
U.S. treasury securities	$	—	$	—	$	—	$	—	$	12,001	$	50	$	—	$	12,051
U.S. agency securities	669,014		777		(21,424)		648,367		654,321		3,129		(4,976)		652,474
Collateralized mortgage obligations ("CMOs")	1,264,491		7,406		(27,187)		1,244,710		1,415,312		27,529		(4,323)		1,438,518
Other mortgage-backed securities ("MBSs")	864,738		4,959		(11,428)		858,269		566,830		14,650		(640)		580,840
Municipal securities	218,304		8,565		(474)		226,395		224,446		11,573		(4)		236,015

Corporate debt securities	163,324		6,179		(24)		169,479		170,570		6,210		(270)		176,510

Total securities available-for-sale	$	3,179,871	$	27,886	$	(60,537)	$	3,147,220	$	3,043,480	$	63,141	$	(10,213)	$	3,096,408
Securities Held-to-Maturity
Municipal securities	$	8,875	$	—	$	(421)	$	8,454	$	12,291	$	—	$	(385)	$	11,906
Allowance for securities held-to-maturity	(220)						(220)		(220)						(220)
Total for securities held- to-maturity, net	$	8,655	$	—	$	(421)	$	8,234	$	12,071	$	—	$	(385)	$	11,686
Equity Securities							$	118,857							$	76,404


	As of December 31,
	2021		2020		2019
Corporate loan sales
Proceeds from sales	$	32,693	$	4,990	$	14,650
Less book value of loans sold	31,989		4,876		14,149
Net gains on corporate sales(1)	704		114		501
1-4 family mortgage loan sales
Proceeds from sales	897,729		835,688		474,384
Less book value of loans sold	870,755		812,696		464,893
Net gains on 1-4 family mortgage sales(2)	26,974		22,992		9,491
Total net gains on loan sales	$	27,678	$	23,106	$	9,992
Corporate loan purchases(3)
Commercial and industrial	$	462,478	$	273,245	$	368,533
Office, retail, and industrial	11,350		17,128		4,787
Multi-family	26,136		—		—
Construction	1,041		10,694		17,372
Other commercial real estate	50,000		15,000		24,559
Total corporate loan purchases	$	551,005	$	316,067	$	415,251
Consumer loan purchases
Home equity	$	—	$	144,967	$	149,379
1-4 family mortgages	995,854		1,150,414		834,473
Installment	253,376		—		—
Total consumer loan purchases	$	1,249,230	$	1,295,381	$	983,852


	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total
As of December 31, 2020
Commercial, industrial, agricultural:
Pass	$	727,669	$	842,650	$	713,406	$	460,835	$	170,816	$	391,963	$	1,169,458	$	4,476,797
Special Mention(1)	3,960		19,043		77,999		5,753		13,371		16,433		110,418		246,977
Substandard(2)	4,200		12,594		69,537		18,245		15,442		23,217		21,599		164,834
Non-accrual(3)	906		3,306		24,032		5,251		8,416		6,145		5,628		53,684
Total commercial, industrial, agricultural	$	736,735	$	877,593	$	884,974	$	490,084	$	208,045	$	437,758	$	1,307,103	$	4,942,292
Commercial, industrial, agricultural, net loan charge-offs	$	44	$	1,566	$	1,402	$	6,066	$	2,029	$	1,908	$	8,795	$	21,810
Office, retail, and industrial:
Pass	$	165,299	$	236,837	$	196,857	$	270,279	$	267,328	$	594,868	$	4,762	$	1,736,230
Special Mention(1)	640		2,775		5,621		9,914		7,818		19,056		200		46,024
Substandard(2)	—		—		7,973		3,359		17,288		16,670		—		45,290
Non-accrual(3)	—		—		132		178		11,478		22,436		—		34,224
Total office, retail, and industrial	$	165,939	$	239,612	$	210,583	$	283,730	$	303,912	$	653,030	$	4,962	$	1,861,768
Office, retail, and industrial net loan charge-offs	$	—	$	333	$	155	$	4	$	1,769	$	2,633	$	1,561	$	6,455
Multi-family:
Pass	$	151,861	$	164,199	$	87,472	$	117,506	$	81,722	$	228,617	$	24,069	$	855,446
Special Mention(1)	—		—		725		—		5,515		1,858		—		8,098
Substandard(2)	—		—		383		75		—		6,323		—		6,781
Non-accrual(3)	—		—		—		1,279		—		1,209		—		2,488
Total multi-family	$	151,861	$	164,199	$	88,580	$	118,860	$	87,237	$	238,007	$	24,069	$	872,813
Multi-family net loan charge-offs	$	—	$	3	$	—	$	1	$	—	$	10	$	19	$	33
Construction:
Pass	$	84,060	$	106,936	$	183,111	$	83,017	$	59,752	$	60,698	$	21,161	$	598,735
Special Mention(1)	—		—		43		881		—		1,361		—		2,285
Substandard(2)	—		—		—		2,105		752		3,754		—		6,611
Non-accrual(3)	—		—		—		1,154		—		2,181		1,645		4,980
Total construction	$	84,060	$	106,936	$	183,154	$	87,157	$	60,504	$	67,994	$	22,806	$	612,611
Construction net loan charge-offs	$	—	$	(12)	$	85	$	5,490	$	—	$	1,887	$	185	$	7,635
Other commercial real estate:
Pass	$	194,860	$	180,909	$	207,813	$	168,270	$	104,820	$	332,088	$	27,990	$	1,216,750
Special Mention(1)	—		865		18,209		28,633		14,252		43,740		—		105,699
Substandard(2)	—		4,285		30,537		18,285		12,140		68,214		242		133,703
Non-accrual(3)	—		—		768		1,620		11,192		12,137		107		25,824
Total other commercial real estate	$	194,860	$	186,059	$	257,327	$	216,808	$	142,404	$	456,179	$	28,339	$	1,481,976
Other commercial real estate net loan charge- offs	$	—	$	555	$	179	$	1,171	$	182	$	778	$	(13)	$	2,852


	Number of Loans	Pre-Modification Recorded Investment		Funds Disbursed		Interest and Escrow Capitalized		Charge-offs		Post-Modification Recorded Investment





Year Ended December 31, 2020
Commercial and industrial	2	$	10,428	$	(3,818)	$	—	$	—	$	6,610






Total loans restructured during the period	2	$	10,428	$	(3,818)	$	—	$	—	$	6,610
Year Ended December 31, 2019
Commercial and industrial	5	$	13,616	$	—	$	—	$	1,424	$	12,192
Office, retail, and industrial	2	4,473		—		—		873		3,600
Multi-family	1	12		—		—		—		12




Total loans restructured during the period	8	$	18,101	$	—	$	—	$	2,297	$	15,804


	Total
Year Ending December 31,
2022	$	22,464
2023	22,569
2024	22,486
2025	21,360
2026	20,751
2027 and thereafter	75,541
Total minimum lease payments	185,171
Discount(1)	(21,257)
Lease liability(2)	$	163,914


				As of December 31,
	Issuance Date	Maturity Date	Interest Rate	2021		2020


Subordinated notes	September 2016	September 2026	5.875%	$	148,346	$	147,991

Junior subordinated debentures:
First Midwest Capital Trust I ("FMCT")	November 2003	December 2033	6.950%	37,807		37,806
Great Lakes Statutory Trust II ("GLST II")(1)	December 2005	December 2035	L+1.400%(2)	4,863		4,769
Great Lakes Statutory Trust III ("GLST III")(1)	June 2007	September 2037	L+1.700%(2)	6,420		6,304
Northern States Statutory Trust I ("NSST I")(1)	September 2005	September 2035	L+1.800%(2)	8,473		8,339
Bridgeview Statutory Trust I ("BST")(1)	July 2001	July 2031	L+3.580%(2)	14,684		14,613
Bridgeview Capital Trust II ("BCT")(1)	December 2002	January 2033	L+3.350%(2)	14,995		14,946
Total junior subordinated debentures				87,242		86,777
Total senior and subordinated debt				$	235,588	$	234,768


			Percentage of Plan Assets as of December 31,				Target Allocation as of December 31,
	Fair Value of Plan Assets(1)
			2021		2020		2021	2020
Asset Category
Equity securities	$	—	—	%	32	%	0%	30 - 40%
Fixed income	84,097		100	%	68	%	95 - 100%	60 - 70%
Cash equivalents	99		—	%	—	%	0 - 5%	0 - 5%
Total	$	84,196	100	%	100	%


Year ending December 31,
2022	$	8,063
2023	4,357
2024	4,350
2025	4,372
2026	4,017
2027-2030	19,920


	As of December 31, 2021
	Shares Authorized	Shares Available For Grant
2018 Stock and Incentive Plan(1)	3,396,460	1,196,950
Directors Plan	481,250	68,699


	Year Ended December 31, 2021
	Restricted Stock/Unit Awards			Performance Shares
	Number of Shares/Units	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Non-vested awards beginning balance	1,220	$	21.61	565	$	19.29
Granted	705	18.33		212	18.33
Vested	(483)	22.68		(137)	22.68
Forfeited	(125)	20.08		(101)	20.08
Non-vested awards ending balance	1,317	$	19.70	539	$	17.91


	Actual			Adequately Capitalized			To Be Well-Capitalized Under Applicable Capital Rules(1)
	Capital		Ratio %	Capital		Ratio %	Capital		Ratio %
As of December 31, 2021
Total capital to risk-weighted assets:
First Midwest Bancorp, Inc.	$	2,249,868	14.47	$	1,632,279	10.500	$	1,554,551	10.00
First Midwest Bank	1,819,906		11.79	1,621,177		10.500	1,543,978		10.00
Tier 1 capital to risk-weighted assets:
First Midwest Bancorp, Inc.	1,900,133		12.22	1,321,369		8.500	932,731		6.00
First Midwest Bank	1,679,538		10.88	1,312,381		8.500	1,235,182		8.00
CET1 to risk-weighted assets:
First Midwest Bancorp, Inc.	1,669,633		10.74	1,088,186		7.000	N/A		N/A
First Midwest Bank	1,679,538		10.88	1,080,784		7.000	1,003,586		6.50
Tier 1 capital to average assets:
First Midwest Bancorp, Inc.	1,900,133		8.97	847,408		4.000	N/A		N/A
First Midwest Bank	1,679,538		7.97	842,555		4.000	1,053,193		5.00
As of December 31, 2020
Total capital to risk-weighted assets:
First Midwest Bancorp, Inc.	$	2,175,253	14.14	$	1,614,925	10.500	$	1,538,024	10.00
First Midwest Bank	1,721,390		11.24	1,608,360		10.500	1,531,771		10.00
Tier 1 capital to risk-weighted assets:
First Midwest Bancorp, Inc.	1,777,150		11.55	1,307,320		8.500	922,814		6.00
First Midwest Bank	1,561,968		10.20	1,302,006		8.500	1,225,417		8.00
CET1 to risk-weighted assets:
First Midwest Bancorp, Inc.	1,547,154		10.06	1,076,617		7.000	N/A		N/A
First Midwest Bank	1,561,968		10.20	1,072,240		7.000	995,651		6.50
Tier 1 capital to average assets:
First Midwest Bancorp, Inc.	1,777,150		8.91	797,500		4.000	N/A		N/A
First Midwest Bank	1,561,968		7.86	794,688		4.000	993,361		5.00


	As of December 31, 2021						As of December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets




Equity securities	$	87,867	$	25,990	$	—	$	52,888	$	18,516	$	—
Securities available-for-sale
U.S. treasury securities	—		—		—		12,051		—		—
U.S. agency securities	—		648,367		—		—		652,474		—
CMOs	—		1,244,710		—		—		1,438,518		—
MBSs	—		858,269		—		—		580,840		—
Municipal securities	—		226,395		—		—		236,015		—

Corporate debt securities	—		169,479		—		—		176,510		—

Total securities available-for-sale	—		3,147,220		—		12,051		3,084,357		—
Mortgage servicing rights ("MSRs")(1)	—		—		6,336		—		—		4,899
Derivative assets(1)	—		67,424		—		—		153,704		—
Liabilities
Derivative liabilities(2)	$	—	$	24,872	$	—	$	—	$	44,581	$	—


		As of December 31, 2021				As of December 31, 2020
	Fair Value Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Cash and due from banks	1	$	220,207	$	220,207	$	196,364	$	196,364
Interest-bearing deposits in other banks	2	1,898,865		1,898,865		920,880		920,880
Securities held-to-maturity	2	8,655		8,234		12,071		11,686
FHLB and FRB stock	2	106,097		106,097		117,420		117,420
Loans	3	14,464,254		14,212,574		14,512,215		14,614,029
Investment in BOLI	3	300,730		300,730		301,101		301,101
Accrued interest receivable	3	58,704		58,704		68,390		68,390

Liabilities
Deposits	2	$	17,190,929	$	17,187,617	$	16,012,464	$	16,007,133
Borrowed funds	2	1,291,816		1,291,816		1,546,414		1,546,414
Subordinated debt	2	235,588		290,624		234,768		281,843
Accrued interest payable	2	3,646		3,646		4,826		4,826


	December 31, 2021
					Transaction Accounting Adjustments
(dollars in thousands)	Historical ONB		Historical FMBI		Fair Value		Other		Reference	Pro Forma Combined
Assets
Cash and due from banks	$	172,663	$	220,207	$	(54)	$	—	A	$	392,816
Money market and other interest-earning investments	649,356		1,898,865		—		—			2,548,221
Investment securities	7,564,652		3,380,829		220		—		B	10,945,701
Loans held for sale	35,458		32,511		—		—			67,969
Loans	13,601,846		14,665,491		(168,976)		—		C	28,098,361
Allowance for credit losses	(107,341)		(201,237)		122,706		(96,270)		D, E	(282,142)
Net loans	13,494,505		14,464,254		(46,270)		(96,270)			27,816,219
Premises and equipment, net	476,186		120,555		(8,107)		—		F	588,634
Goodwill	1,036,994		861,414		(22,193)		—		G	1,876,215
Other intangible assets	34,678		59,185		58,399		—		H	152,262
Company-owned life insurance	463,324		300,730		—		—			764,054
Other assets	525,748		439,692		1,666		34,191		I, J	1,001,297
Total assets	$	24,453,564	$	21,778,242	$	(16,339)	$	(62,079)		$	46,153,388
Liabilities and shareholders' equity
Noninterest-bearing demand deposits	$	6,303,106	$	6,191,885	$	—	$	—		$	12,494,991
Interest-bearing deposits	12,266,089		10,999,044		3,165		—		K	23,268,298
Borrowings	2,575,240		1,527,404		46,971		—		L	4,149,615
Other liabilities	297,111		317,181		(13,929)		40,492		M, N, O	640,855
Total liabilities	21,441,546		19,035,514		36,207		40,492			40,553,759
Preferred stock	—		230,500		—		—			230,500
Common stock	165,838		1,254		128,111		—		P	295,203
Capital surplus	1,880,545		1,277,441		1,052,876		—		P	4,210,862
Retained earnings	968,010		1,508,047		(1,508,047)		(102,571)		P, Q	865,439
Accumulated other comprehensive income (loss), net of tax	(2,375)		(37,793)		37,793		—		P	(2,375)
Treasury stock, at cost	—		(236,721)		236,721		—		P	—
Total shareholders' equity	3,012,018		2,742,728		(52,546)		(102,571)			5,599,629
Total liabilities and shareholders' equity	$	24,453,564	$	21,778,242	$	(16,339)	$	(62,079)		$	46,153,388


	For the Year Ended December 31, 2021
					Transaction Accounting Adjustments
(dollars and shares in thousands, except per share data)	Historical ONB		Historical FMBI		Fair Value		Other		Reference	Pro Forma Combined
Interest income
Loans, including fees	$	502,434	$	534,322	$	21,259	$	—	R	$	1,058,015
Investment securities	135,626		65,752		—		—			201,378
Other	589		7,751		—		—			8,340
Total interest income	638,649		607,825		21,259		—			1,267,733
Interest expense
Deposits	10,954		12,068		(1,341)		—		S	21,681
Borrowings	31,295		26,382		(5,300)		—		T	52,377
Total interest expense	42,249		38,450		(6,641)		—			74,058
Net interest income	596,400		569,375		27,900		—			1,193,675
Provision for credit losses	(28,812)		3,174		—		96,270		E	70,632
Net interest income after provision for credit losses	625,212		566,201		27,900		(96,270)			1,123,043
Wealth management fees	40,409		57,770		—		—			98,179
Service charges on deposit accounts	34,685		44,403		—		—			79,088
Debit card and ATM fees	20,739		18,763		—		—			39,502
Mortgage banking revenue	42,558		29,749		—		—			72,307

Other income	75,828		31,047		—		—			106,875
Total noninterest income	214,219		181,732		—		—			395,951
Salaries and employee benefits	284,098		260,485		—		—			544,583
Occupancy	54,834		41,127		(300)		—		U	95,661
Equipment	16,704		15,027		—		—			31,731
Data processing	47,047		41,947		—		—			88,994
Professional fees	20,077		30,238		—		29,479		N	79,794
Amortization of intangibles	11,336		11,182		7,218		—		U	29,736
Other expense	66,473		76,781		—		11,013		O	154,267
Total noninterest expense	500,569		476,787		6,918		40,492			1,024,766
Income before income taxes	338,862		271,146		20,982		(136,762)			494,228
Income tax expense (benefit)	61,324		71,586		5,246		(34,191)		W, J	103,965
Net income	277,538		199,560		15,736		(102,571)			390,263
Dividends on preferred stock and other	—		(18,057)		—		—			(18,057)
Net income available to common shareholders	$	277,538	$	181,503	$	15,736	$	(102,571)		$	372,206

Net income per common share
Basic	$	1.68	$	1.61						$	1.27
Diluted	$	1.67	$	1.60						$	1.26
Average common shares outstanding
Basic	165,178		112,947		15,090				X	293,215
Diluted	165,929		113,781		15,201				X	294,911


Assets
Cash and due from banks	$	220,153
Money market and other interest-earning investments	1,898,865
Investment securities	3,381,049
Loans held for sale	32,511
Loans, net of allowance for credit losses	14,417,984
Premises and equipment	112,448
Goodwill	839,221
Other intangible assets	117,584
Company-owned life insurance	300,730
Other assets	441,358
Total assets acquired	$	21,761,903
Liabilities and shareholders' equity
Noninterest-bearing demand deposits	$	6,191,885
Interest-bearing deposits	11,002,209
Total borrowings	1,574,375
Other liabilities	303,252
Total liabilities	$	19,071,721
Fair value of purchase price
Preferred stock ($13,370 of capital surplus)	$	243,870
Common stock (129,365 shares issued at $18.92 per share)	2,446,312
Total purchase price	$	2,690,182


Adjustments to loans
To reverse unaccreted discounts or premiums related to prior acquisitions and net loan origination fees	$	(26,045)
To record fair value related to the loan portfolio	(221,462)
To record the purchased credit deteriorated loan CECL gross-up	78,531
Total adjustment to loans	$	(168,976)


Adjustments to allowance for credit losses
To eliminate First Midwest's allowance for credit losses at closing	$	201,237
Increase in the allowance for credit losses for gross-up for estimate of lifetime credit losses for purchased credit deteriorated ("PCD") loans	(78,531)
Total fair value adjustments to allowance for credit losses	122,706
Provision for estimated lifetime credit losses for non-PCD loans	(96,270)
Total transaction accounting adjustments to allowance for credit losses	$	26,436