Old National reports 2nd quarter earnings of $51.7 million, or $0.32 per share

Rhea-AI Summary

Old National Bancorp (NASDAQ: ONB) reported a net income of $51.7 million for Q2 2020, translating to a diluted EPS of $0.32. Adjusted net income rose to $55.1 million, or $0.33 per share. The bank's strong loan production was highlighted by aiding over 9,400 clients in securing Paycheck Protection Program funding, impacting nearly 160,000 employees. The bank maintained robust credit quality metrics with net charge-offs at only 0.02%. Total loans stood at $13.7 billion, including $1.46 billion in PPP loans, while total deposits increased to $16.3 billion.

Positive

• Adjusted net income increased 8.1% year-over-year to $55.1 million.
• Strong loan production with total loans of $13.7 billion, up from $12.4 billion.
• Noninterest income rose due to strong mortgage banking revenue, reaching $58.5 million.

Negative

• Net interest margin decreased to 3.14%, down from 3.31% in Q1 2020.
• Provision for credit losses increased to $22.5 million, indicating potential future credit risks.

EVANSVILLE, Ind., July 20, 2020 (GLOBE NEWSWIRE) --

100%; border-collapse:collapse !important;">

Old National Bancorp (NASDAQ: ONB) reports 2Q20 net income of $51.7 million, diluted EPS of $0.32.

Adjusted1 net income of $55.1 million, or $0.33 per diluted share.

CEO COMMENTARY:

100%; border-collapse:collapse !important;">

“Old National’s strong 2nd quarter loan production was driven by our ability to help more than 9,400 new and existing clients secure Paycheck Protection Program funding, which resulted in financial assistance to nearly 160,000 of their employees,” said Old National Chairman & CEO Jim Ryan. “We also maintained strong credit metrics and capital ratios during the quarter while working to finalize our recently announced technology partnership with Infosys – a partnership that will accelerate and enhance our ability to provide powerful digital solutions to our clients.”

SECOND QUARTER HIGHLIGHTS²: 

100%; border-collapse:collapse !important;">

Net income	•  Net income of $51.7 million
•  Earnings per share of $0.32
Net interest income/NIM	•  Net interest income on a fully taxable equivalent basis of $149.0 million compared to $147.1 million
•  Net interest margin on a fully taxable equivalent basis of 3.14% compared to 3.31%
Operating Performance	•  Pre-provision net revenue1 (“PPNR”) of $87.3 million
•  Adjusted PPNR1 of $92.1 million, up 7.6% over second quarter of 2019
•  Noninterest expense of $120.2 million
•  Adjusted noninterest expense1 of $115.0 million
•  Efficiency ratio1 of 56.29%
•  Adjusted efficiency ratio1 of 53.79%, a 552 basis point improvement
Loans and Credit Quality	•  End-of-period total loans3 of $13,738.2 million compared to $12,438.8 million
◦  Paycheck Protection Program Loans (PPP) amounted to $1,462.8 million at the end of June
•  Second-quarter total commercial production, excluding PPP loans, of $658.5 million
•  Provision for credit losses of $22.5 million
•  June 30 pipeline of $2.7 billion
•  Net charge-offs of $0.5 million, or 0.02% annualized, compared to net charge-offs of $6.5 million
•  Non-performing loans of 1.04% of total loans compared to 1.16%
Return Profile & Capital	•  Return on average common equity of 7.27%
•  Return on average tangible common equity1 of 12.41%
•  Adjusted return on average tangible common equity1 of 13.18%
•  No shares of common stock were repurchased during the current quarter
Notable Items	•  $4.9 million in ONB Way charges
•  $0.3 million in tax credit amortization

¹ Non-GAAP financial measure that Management believes is useful in evaluating the financial results of the Company – please refer to the Non GAAP reconciliations contained in this release
² Comparisons are on a linked-quarter basis, unless otherwise noted
³ Includes loans held for sale

THE ONB WAY, OLD NATIONAL'S STRATEGIC PLAN, CONTINUES WITH TECHNOLOGY PARTNERSHIP

In a press release dated July 10, 2020, Old National announced a strategic technology partnership with Infosys, one of the world's foremost information technology companies. This partnership will enable faster adoption of digital solutions, modernize Old National's existing technology infrastructure and enhance both the employee and client experience.

RESULTS OF OPERATIONS

Old National Bancorp reported second quarter 2020 net income of $51.7 million, or $0.32 per diluted share. 

Included in the second quarter were pre-tax charges of $5.0 million for ONB Way. Excluding these charges from the current quarter and netting out debt securities gains, adjusted net income was $55.1 million, or $0.33 per diluted share.

LOANS
Strong PPP volume drove total loan balances higher.

• Period-end total loans were $13,738.2 million at June 30, 2020, compared to $12,438.8 million at March 31, 2020. Driving the large increase was $1,462.8 million in outstanding PPP loan balances at June 30, 2020.
• Commercial and industrial loans increased $1,260.9 million to $4,307.5 million as a result of strong PPP loan production.
• Commercial real estate loans increased $119.9 million to $5,403.3 million, or 9.1% annualized growth.
• Consumer loans decreased $51.1 million to $1,675.6 million and residential mortgage loans decreased $98.6 million to $2,229.3 million.
• Commercial loan production in the second quarter, excluding PPP loan production, was $658.5 million; period-end pipeline totaled $2.7 billion.
• Average total loans in the second quarter were $13,450.1 million, an increase of $1,257.7 million from the first quarter of 2020.

DEPOSITS
A low-cost core deposit franchise continues to be one of Old National’s strengths.

• Period-end total deposits were $16,319.4 million at June 30, 2020, compared to $14,305.4 million at March 31, 2020. PPP funds and higher client savings rates drove the increase in deposit balances.
• On average, total deposits in the second quarter were $15,652.8 million, compared to $14,327.8 million in the first quarter of 2020. 

NET INTEREST INCOME AND MARGIN
Net interest income higher on net PPP loan fees while net interest margin is lower with decline in accretion income and impact of 1% PPP loan coupon.

• Net interest income increased to $145.6 million in the second quarter of 2020 from $143.8 million in the first quarter of 2020. 
• The net interest margin on a fully taxable equivalent basis decreased 17 basis points to 3.14% compared to 3.31% in the first quarter of 2020. 
• PPP interest and net fees combined to have a positive impact of $6.6 million to net interest income in the second quarter while the low 1% coupon rate negatively impacted net interest margin by 5 basis points.
• Accretion income was $5.8 million, or 12 basis points of net interest margin, in the second quarter of 2020 compared to $6.7 million, or 15 basis points of net interest margin, in the first quarter of 2020. In the second quarter of 2020, accretion income was 2.8% of adjusted total revenue.
• Interest collected on nonaccrual loans was $0.6 million, or 1 basis point of net interest margin, in the second quarter of 2020 compared to $0.7 million, or 1 basis point of net interest margin, in the first quarter of 2020.
• The cost of total deposits declined 17 basis points to 0.17% in the second quarter of 2020 while the cost of total interest-bearing deposits decreased 23 basis points to 0.25%.

CREDIT QUALITY
Strong credit quality remains a hallmark of the Old National franchise.

• Provision for credit losses was $22.5 million in the second quarter of 2020, compared to $16.9 million in the first quarter, and continues to be impacted by an economic forecast that includes the impact of novel coronavirus pandemic.
• Net charge-offs in the second quarter were $0.5 million, or 0.02% of total average loans, and 30-89 day delinquencies of 0.16%.
• Non-performing loans decreased as a percentage of total loans to 1.04%.
• Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. As of June 30, 2020, the remaining discount on these acquired loans was $61.5 million.
• The allowance for credit losses was $128.4 million, or 0.94% of total loans at June 30, 2020.

NONINTEREST INCOME
Noninterest income increased due to strong mortgage banking revenue and an increase in capital markets income.

• Total noninterest income for the second quarter of 2020 was $58.5 million, an increase of $1.0 million from the first quarter of 2020.
• Mortgage banking revenue increased $6.2 million and capital markets income increased $1.9 million when compared to the first quarter of 2020 while service charges on deposit accounts decreased $2.5 million and investment product fees decreased $1.0 million.

NONINTEREST EXPENSE
Second quarter results demonstrate benefit of The ONB Way, helping drive positive operating leverage¹.

• Noninterest expense for the second quarter of 2020 was $120.2 million and included $4.9 million in ONB Way charges and $0.3 million in tax credit amortization.
• Excluding these items, adjusted noninterest expense for the second quarter was $115.0 million, compared to the $122.0 million in adjusted noninterest expense in the first quarter of 2020.
• The second quarter efficiency ratio was 56.29%, while the adjusted efficiency ratio was 53.79%.
• Adjusted operating leverage¹ was +576 basis points for the second quarter of 2020 as compared to the second quarter of 2019.

INCOME TAXES

• On a fully taxable-equivalent basis, income tax expense in the second quarter was $13.1 million, resulting in a 20.2% FTE tax rate.
• Income tax expense included $0.3 million in tax credit benefit. 

CAPITAL AND LIQUIDITY
Capital ratios remain strong.

• At the end of the second quarter, total risk-based capital was 12.68% and regulatory tier 1 capital was 11.70%.
• Tangible common equity to tangible assets was 8.45% at the end of the second quarter compared to 8.81% in the first quarter of 2020.
• The Company did not repurchase any shares of common stock during the second quarter.
• A low loan to deposit ratio of 84.2%, combined with existing funding sources plus available unencumbered, high-quality collateral, provides strong liquidity.

NON-GAAP RECONCILIATIONS

100%; border-collapse:collapse !important;">

($ in millions, except EPS, shares in 000s)	2Q20	Adjustments4	Adjusted 2Q20
48%; width:48%; min-width:48%;">Total Revenues (FTE)	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">207.5	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">(0.4	2%; width:2%; min-width:2%;">)	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">207.1	2%; width:2%; min-width:2%;">
Less: Provision for Credit Losses	(22.5	)		—			(22.5	)
Less: Noninterest Expenses	(120.2	)		4.9			(115.3	)
Income before Income Taxes (FTE)	$	64.8			$	4.5			$	69.3
Income Taxes	(13.1	)		(1.1	)		(14.2	)
Net Income	$	51.7			$	3.4			$	55.1
Average Shares Outstanding	165,302			—			165,302
Earnings Per Share - Diluted	$	0.32			$	0.01			$	0.33

⁴ Tax-effect calculations use the current statutory FTE tax rates (federal + state)

100%; border-collapse:collapse !important;">

($ in millions)	2Q20	1Q20
62%; width:62%; min-width:62%;">Net Interest Income	2%; width:2%; min-width:2%;">$	14%; width:14%; min-width:14%;">145.6	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	14%; width:14%; min-width:14%;">143.8	2%; width:2%; min-width:2%;">
Add: FTE Adjustment	3.4			3.3
Net Interest Income (FTE)	$	149.0			$	147.1
Average Earning Assets	$	19,007.7			$	17,774.0
Net Interest Margin (FTE)	3.14	%		3.31	%
($ in millions)	2Q20	2Q19
Net Interest Income	$	145.6			$	155.2
Add: FTE Adjustment	3.4			3.3
Net Interest Income (FTE)	$	149.0			$	158.5
Add: Total Noninterest Income	58.5			51.2
Less: Noninterest Expense	120.2			128.1
Pre-Provision Net Revenue	$	87.3			$	81.6
Less: Debt Securities Gains	(0.5	)		(1.2	)
Add: Loss on Branch Actions	0.1			—
Add: ONB Way Charges	4.9			1.4
Add: Merger and Integration Charges	—			3.2
Add: Amortization of Tax Credit Investments	0.3			0.6
Adjusted Pre-Provision Net Revenue	$	92.1			$	85.6

100%; border-collapse:collapse !important;">

($ in millions)	2Q20	1Q20	2Q19
48%; width:48%; min-width:48%;">Noninterest Expense	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">120.2	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">158.7	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">128.1	2%; width:2%; min-width:2%;">
Less: ONB Way Charges	(4.9	)		(31.2	)		(1.4	)
Less: Merger and Integration Charges	—			—			(3.2	)
Noninterest Expense less Charges	$	115.3			$	127.5			$	123.5
Less: Amortization of Tax Credit Investments	(0.3	)		(5.5	)		(0.6	)
Adjusted Noninterest Expense	$	115.0			$	122.0			$	122.9
Less: Intangible Amortization	(3.6	)		(3.8	)		(4.3	)
Adjusted Noninterest Expense Less Intangible Amortization	$	111.4			$	118.2			$	118.6
Net Interest Income	$	145.6			$	143.8			$	155.2
FTE Adjustment	3.4			3.3			3.3
Net Interest Income (FTE)	$	149.0			$	147.1			$	158.5
Total Noninterest Income	58.5			57.5			51.2
Total Revenue (FTE)	207.5			204.6			209.7
Less: Debt Securities Gains/Losses	(0.5	)		(5.2	)		(1.2	)
Add: Loss on Branch Actions	0.1			—			—
Adjusted Total Revenue (FTE)	207.1			199.4			208.5
Efficiency Ratio	56.29	%		77.71	%		59.35	%
Adjusted Efficiency Ratio	53.79	%		59.31	%		56.85	%
Operating Leverage5 (basis points)	518
Adjusted Operating Leverage6 (basis points)	576

⁵ Year-over-year basis point change in noninterest expenses plus change in total revenue
⁶ Year-over-year basis point change in adjusted noninterest expense plus change in adjusted total revenue

100%; border-collapse:collapse !important;">

($ in millions)	2Q20	1Q20
62%; width:62%; min-width:62%;">Net Income	2%; width:2%; min-width:2%;">$	14%; width:14%; min-width:14%;">51.7	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	14%; width:14%; min-width:14%;">22.6	2%; width:2%; min-width:2%;">
Add: Intangible Amortization (net of tax7)	2.7			2.9
Tangible Net Income	$	54.4			$	25.5
Less: Securities Gains/Losses (net of tax7)	(0.4	)		(3.9	)
Add: Loss on Branch Actions (net of tax7)	0.1			—
Add: ONB Way Charges (net of tax7)	3.7			23.4
Adjusted Tangible Net Income	$	57.8			$	45.0
Average Total Shareholders’ Equity	2,845.4			2,833.5
Less: Average Goodwill	(1,037.0	)		(1,037.0	)
Less: Average Intangibles	(54.4	)		(58.1	)
Average Tangible Shareholders’ Equity	$	1,754.0			$	1,738.4
Return on Average Tangible Common Equity	12.41	%		5.86	%
Adjusted Return on Average Tangible Common Equity	13.18	%		10.35	%

⁷Tax-effect calculations use the current statutory FTE tax rates (federal + state)

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 8:00 a.m. Central Time on Monday, July 20, 2020, to review second-quarter 2020 financial results. The live audio web cast of the call, along with the corresponding presentation slides, will be available on the Company’s Investor Relations web page at oldnational.com and will be archived there for 12 months. A replay of the call will also be available from 11:00 a.m. Central Time on July 20 through August 2. To access the replay, dial 1-855-859-2056, Conference ID Code 7973414.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $22.1 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for nine consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping our clients at the center of all we do. This is an approach to business that we call The ONB Way. Today, Old National’s footprint includes Indiana, Kentucky, Michigan, Wisconsin and Minnesota. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital market services. For more information and financial data, please visit Investor Relations at oldnational.com.

USE OF NON-GAAP FINANCIAL MEASURES
This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Old National’s results of operations or financial position. 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 of this release.

FORWARD-LOOKING STATEMENT
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of Old National Bancorp’s (“Old National’s”) financial condition, results of operations, asset and credit quality trends and profitability. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” 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, such as statements about the potential impacts of the COVID-19 pandemic. There are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers’ businesses; market, economic, operational, liquidity, credit and interest rate risks associated with Old National’s business(including developments and volatility arising from the COVID-19 pandemic); competition; government legislation and policies (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its related regulations); ability of Old National to execute its business plan, including the anticipated impact from the ONB Way strategic plan that may differ from current estimates; changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of our internal controls; failure or disruption of our information systems; significant changes in accounting, tax or regulatory practices or requirements, including the impact of the new CECL standard as well as changes to address the impact of COVID-19; new legal obligations or liabilities or unfavorable resolutions of litigations; disruptive technologies in payment systems and other services traditionally provided by banks; computer hacking and other cybersecurity threats; other matters discussed in this press release; and other factors identified in our Annual Report on Form 10-K and other periodic filings with the SEC. These forward-looking statements are made only as of the date of this press release, and Old National does not undertake an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this press release.

100%; border-collapse:collapse !important;">

Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended		Six Months Ended
	June 30,	March 31	June 30,		June 30,	June 30,
	2020	2020	2019		2020	2019
Income Statement
38%; width:38%; min-width:38%;">Net interest income	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">145,671	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">143,771	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">155,230	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">289,442	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">302,278	2%; width:2%; min-width:2%;">
Tax equivalent adjustment (1)	3,367		3,323		3,289			6,690		6,487
Net interest income - tax equivalent basis	149,038		147,094		158,519			296,132		308,765
Provision for loan losses (4)	22,545		16,950		1,003			39,495		2,046
Noninterest income	58,461		57,502		51,214			115,963		97,630
Noninterest expense	120,121		158,744		128,118			278,865		251,159
Net income	51,705		22,640		62,964			74,345		119,240
Per Common Share Data
Weighted average diluted shares	165,302		168,404		173,675			166,848		174,531
Net income (diluted)	$	0.32		$	0.13		$	0.36			$	0.45		$	0.68
Cash dividends	0.14		0.14		0.13			0.28		0.26
Common dividend payout ratio (2)	44	%	108	%	35	%		62	%	38	%
Book value	$	17.35		$	17.10		$	16.28			$	17.35		$	16.28
Stock price	13.76		13.19		16.59			13.76		16.59
Tangible common book value (3)	10.75		10.48		9.86			10.75		9.86
Performance Ratios
Return on average assets	0.96	%	0.44	%	1.26	%		0.71	%	1.20	%
Return on average common equity	7.27	%	3.20	%	9.13	%		5.24	%	8.72	%
Return on tangible common equity (3)	12.27	%	5.89	%	15.59	%		9.01	%	14.82	%
Return on average tangible common equity (3)	12.41	%	5.86	%	16.04	%		9.15	%	15.47	%
Net interest margin (FTE)	3.14	%	3.31	%	3.66	%		3.22	%	3.59	%
Efficiency ratio (5)	56.29	%	77.71	%	59.35	%		66.80	%	59.79	%
Net charge-offs (recoveries) to average loans	0.02	%	0.21	%	0.01	%		0.11	%	0.02	%
Allowance for loan losses to ending loans (4)	0.94	%	0.86	%	0.47	%		0.94	%	0.47	%
Non-performing loans to ending loans	1.04	%	1.16	%	1.34	%		1.04	%	1.34	%
Balance Sheet (EOP)
Total loans	$	13,615,701		$	12,384,612		$	12,046,578			$	13,615,701		$	12,046,578
Total assets	22,102,188		20,741,141		20,145,285			22,102,188		20,145,285
Total deposits	16,319,446		14,305,362		14,363,101			16,319,446		14,363,101
Total borrowed funds	2,641,436		3,245,214		2,726,481			2,641,436		2,726,481
Total shareholders' equity	2,864,255		2,823,435		2,803,139			2,864,255		2,803,139
Capital Ratios (3)
Risk-based capital ratios (EOP):
Tier 1 common equity	11.70	%	11.40	%	11.89	%		11.70	%	11.89	%
Tier 1	11.70	%	11.40	%	11.89	%		11.70	%	11.89	%
Total	12.68	%	12.28	%	12.82	%		12.68	%	12.82	%
Leverage ratio (to average assets)	8.12	%	8.46	%	8.82	%		8.12	%	8.82	%
Total equity to assets (averages)	13.16	%	13.91	%	13.82	%		13.53	%	13.76	%
Tangible common equity to tangible assets	8.45	%	8.81	%	8.92	%		8.45	%	8.92	%
Nonfinancial Data
Full-time equivalent employees	2,530		2,736		2,829			2,530		2,829
Banking centers	162		192		192			162		192
(1) Calculated using the federal statutory tax rate in effect of 21% for all periods.
(2) Cash dividends per share divided by net income per share (basic).
(3) Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
(4) Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.
(5) Efficiency ratio is defined as noninterest expense before amortization of intangibles as a percent of FTE net interest income and noninterest revenues, excluding net gains from debt securities transactions. This presentation excludes amortization of intangibles and net debt securities gains, as is common in other company releases, and better aligns with true operating performance.
FTE - Fully taxable equivalent basis EOP - End of period actual balances
N/A - Not applicable

100%; border-collapse:collapse !important;">

Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended		Six Months Ended
	June 30,	March 31,	June 30,		June 30,	June 30,
	2020	2020	2019		2020	2019
38%; width:38%; min-width:38%;">Interest income	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">161,974	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">167,999	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">189,063	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">329,973	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">367,981	2%; width:2%; min-width:2%;">
Less: interest expense	16,303		24,228		33,833			40,531		65,703
Net interest income	145,671		143,771		155,230			289,442		302,278
Provision for loan losses (1)	22,545		16,950		1,003			39,495		2,046
Net interest income after provision for loan losses	123,126		126,821		154,227			249,947		300,232
Wealth management fees	9,424		8,884		9,909			18,308		18,444
Service charges on deposit accounts	7,582		10,077		11,515			17,659		22,341
Debit card and ATM fees	4,832		4,998		5,419			9,830		10,922
Mortgage banking revenue	17,313		11,119		7,135			28,432		12,146
Investment product fees	4,845		5,874		5,591			10,719		10,862
Capital markets income	6,179		4,328		3,150			10,507		5,667
Company-owned life insurance	2,968		3,080		2,711			6,048		5,899
Other income	4,807		3,968		4,619			8,775		10,287
Gains (losses) on sales of debt securities	511		5,174		1,165			5,685		1,062
Total noninterest income	58,461		57,502		51,214			115,963		97,630
Salaries and employee benefits	66,556		79,173		71,566			145,729		142,749
Occupancy	13,245		15,133		14,559			28,378		29,137
Equipment	3,853		5,305		4,517			9,158		8,991
Marketing	2,395		3,097		4,439			5,492		8,162
Data processing	9,629		9,467		10,207			19,096		19,548
Communication	2,296		2,798		2,849			5,094		5,903
Professional fees	3,545		4,293		4,921			7,838		7,831
FDIC assessment	2,014		1,609		1,454			3,623		3,541
Amortization of intangibles	3,612		3,776		4,325			7,388		8,797
Amortization of tax credit investments	287		5,515		568			5,802		828
Other expense	12,689		28,578		8,713			41,267		15,672
Total noninterest expense	120,121		158,744		128,118			278,865		251,159
Income before income taxes	61,466		25,579		77,323			87,045		146,703
Income tax expense	9,761		2,939		14,359			12,700		27,463
Net income	$	51,705		$	22,640		$	62,964			$	74,345		$	119,240
Diluted Earnings Per Share
Net income	$	0.32		$	0.13		$	0.36			$	0.45		$	0.68
Average Common Shares Outstanding
Basic	164,732		167,748		172,985			166,240		173,855
Diluted	165,302		168,404		173,675			166,848		174,531
Common shares outstanding at end of period	165,093		165,109		172,231			165,093		172,231
(1) Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.

100%; border-collapse:collapse !important;">

Balance Sheet (unaudited)
($ in thousands)
	June 30,		March 31,		June 30,
	2020		2020		2019
Assets
48%; width:48%; min-width:48%;">Federal Reserve Bank account	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">54,807	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">130,295	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	12%; width:12%; min-width:12%;">40,945	2%; width:2%; min-width:2%;">
Money market investments	14,633			9,349			20,210
Investments:
Treasury and government-sponsored agencies	489,232			530,904			725,327
Mortgage-backed securities	3,304,054			3,210,000			2,900,235
States and political subdivisions	1,355,959			1,302,395			1,186,311
Other securities	512,375			497,709			489,855
Total investments	5,661,620			5,541,008			5,301,728
Loans held for sale, at fair value	122,507			54,209			37,904
Loans:
Commercial	4,307,505			3,046,579			3,074,849
Commercial and agriculture real estate	5,403,316			5,283,464			4,993,693
Consumer:
Home equity	547,286			561,789			553,991
Other consumer loans	1,128,296			1,164,929			1,201,847
Subtotal of commercial and consumer loans	11,386,403			10,056,761			9,824,380
Residential real estate	2,229,298			2,327,851			2,222,198
Total loans	13,615,701			12,384,612			12,046,578
Total earning assets	19,469,268			18,119,473			17,447,365
Allowance for loan losses (1)	(128,394	)		(106,380	)		(56,292	)
Non-earning Assets:
Cash and due from banks	241,054			203,533			239,831
Premises and equipment, net	462,796			462,364			493,481
Operating lease right-of-use assets	80,400			86,819			106,222
Goodwill and other intangible assets	1,089,711			1,093,323			1,104,478
Company-owned life insurance	453,116			450,148			445,749
Other assets	434,237			431,861			364,451
Total non-earning assets	2,761,314			2,728,048			2,754,212
Total assets	$	22,102,188			$	20,741,141			$	20,145,285
Liabilities and Equity
Noninterest-bearing demand deposits	$	5,217,678			$	4,058,559			$	3,771,888
Interest-bearing:
Checking and NOW accounts	4,567,046			4,105,006			3,950,161
Savings accounts	3,166,680			2,853,305			2,877,673
Money market accounts	1,895,809			1,746,798			1,819,716
Other time deposits	1,321,499			1,469,185			1,756,814
Total core deposits	16,168,712			14,232,853			14,176,252
Brokered CD's	150,734			72,509			186,849
Total deposits	16,319,446			14,305,362			14,363,101
Federal funds purchased and interbank borrowings	801			560,770			410,036
Securities sold under agreements to repurchase	367,744			318,067			334,540
Federal Home Loan Bank advances	2,035,014			2,130,263			1,730,065
Other borrowings	237,877			236,114			251,840
Total borrowed funds	2,641,436			3,245,214			2,726,481
Operating lease liabilities	91,845			95,830			110,596
Accrued expenses and other liabilities	185,206			271,300			141,968
Total liabilities	19,237,933			17,917,706			17,342,146
Common stock, surplus, and retained earnings	2,715,212			2,685,278			2,761,102
Accumulated other comprehensive income (loss), net of tax	149,043			138,157			42,037
Total shareholders' equity	2,864,255			2,823,435			2,803,139
Total liabilities and shareholders' equity	$	22,102,188			$	20,741,141			$	20,145,285
(1) Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.

100%; border-collapse:collapse !important;">

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
		Three Months Ended		Three Months Ended		Three Months Ended
		June 30, 2020		March 31, 2020		June 30, 2019
		Average	Income (1)/	Yield/		Average	Income (1)/	Yield/		Average	Income (1)/	Yield/
Earning Assets:		Balance	Expense	Rate		Balance	Expense	Rate		Balance	Expense	Rate
Money market and other interest-earning
25%; width:25%; min-width:25%;">investments	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	6%; width:6%; min-width:6%;">85,680	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	6%; width:6%; min-width:6%;">34	1%; width:1%; min-width:1%;">	7%; width:7%; min-width:7%;">0.16	1%; width:1%; min-width:1%;">%	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	6%; width:6%; min-width:6%;">58,406	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	6%; width:6%; min-width:6%;">349	1%; width:1%; min-width:1%;">	7%; width:7%; min-width:7%;">2.41	1%; width:1%; min-width:1%;">%	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	6%; width:6%; min-width:6%;">58,321	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	6%; width:6%; min-width:6%;">334	1%; width:1%; min-width:1%;">	7%; width:7%; min-width:7%;">2.29	1%; width:1%; min-width:1%;">%
Investments:
Treasury and government-sponsored agencies		501,838		3,033		2.42	%		583,971		3,697		2.53	%		695,775		4,301		2.47	%
Mortgage-backed securities		3,179,165		17,930		2.26	%		3,171,650		19,065		2.40	%		2,767,791		18,799		2.72	%
States and political subdivisions		1,293,756		11,757		3.63	%		1,273,156		11,409		3.58	%		1,193,176		11,235		3.77	%
Other securities		497,204		3,224		2.59	%		494,500		3,216		2.60	%		496,631		4,063		3.27	%
Total investments		5,471,963		35,944		2.63	%		5,523,277		37,387		2.71	%		5,153,373		38,398		2.98	%
Loans: (2)
Commercial		4,049,403		31,729		3.10	%		2,907,297		29,053		3.95	%		3,063,590		37,828		4.88	%
Commercial and agriculture real estate		5,340,622		58,007		4.30	%		5,188,597		62,439		4.76	%		5,019,859		72,214		5.69	%
Consumer:
Home equity		554,701		4,213		3.06	%		558,356		5,631		4.06	%		558,223		7,390		5.31	%
Other consumer loans		1,135,943		11,530		4.08	%		1,167,802		12,219		4.21	%		1,201,752		12,408		4.14	%
Subtotal commercial and consumer loans		11,080,669		105,479		3.83	%		9,822,052		109,342		4.48	%		9,843,424		129,840		5.29	%
Residential real estate loans		2,369,407		23,884		4.03	%		2,370,295		24,244		4.09	%		2,247,570		23,780		4.23	%
Total loans		13,450,076		129,363		3.82	%		12,192,347		133,586		4.35	%		12,090,994		153,620		5.05	%
Total earning assets		$	19,007,719		$	165,341		3.46	%		$	17,774,030		$	171,322		3.84	%		$	17,302,688		$	192,352		4.43	%
Less: Allowance for loan losses (3)		(107,619	)				(83,244	)				(56,632	)
Non-earning Assets:
Cash and due from banks		$	332,745					$	287,601					$	234,337
Other assets		2,384,934					2,388,092					2,473,255
Total assets		$	21,617,779					$	20,366,479					$	19,953,648
Interest-Bearing Liabilities:
Checking and NOW accounts		$	4,431,074		$	1,075		0.10	%		$	4,104,778		$	2,860		0.28	%		$	3,895,881		$	4,196		0.43	%
Savings accounts		3,060,012		736		0.10	%		2,828,177		1,298		0.18	%		2,879,704		2,145		0.30	%
Money market accounts		1,844,488		910		0.20	%		1,784,169		2,507		0.57	%		1,789,777		3,729		0.84	%
Other time deposits		1,378,115		3,786		1.10	%		1,562,074		5,186		1.34	%		1,779,770		7,181		1.62	%
Total interest-bearing deposits		10,713,689		6,507		0.24	%		10,279,198		11,851		0.46	%		10,345,132		17,251		0.67	%
Brokered CD's		68,149		291		1.72	%		84,099		447		2.14	%		212,198		1,268		2.40	%
Total interest-bearing deposits and CD's		10,781,838		6,798		0.25	%		10,363,297		12,298		0.48	%		10,557,330		18,519		0.70	%
Federal funds purchased and interbank borrowings		143,811		44		0.12	%		392,857		1,240		1.27	%		300,810		1,817		2.42	%
Securities sold under agreements to repurchase		350,545		185		0.21	%		329,091		384		0.47	%		331,695		671		0.81	%
Federal Home Loan Bank advances		2,144,497		6,844		1.28	%		1,965,130		7,768		1.59	%		1,695,681		10,039		2.37	%
Other borrowings		251,738		2,432		3.87	%		240,276		2,538		4.23	%		251,577		2,787		4.43	%
Total borrowed funds		2,890,591		9,505		1.32	%		2,927,354		11,930		1.64	%		2,579,763		15,314		2.38	%
Total interest-bearing liabilities		13,672,429		16,303		0.48	%		13,290,651		24,228		0.73	%		13,137,093		33,833		1.03	%
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits		$	4,871,002					$	3,964,493					$	3,812,175
Other liabilities		228,950					277,812					246,134
Shareholders' equity		2,845,398					2,833,523					2,758,246
Total liabilities and shareholders' equity		$	21,617,779					$	20,366,479					$	19,953,648
Net interest rate spread				2.98	%				3.11	%				3.40	%
Net interest margin (FTE)				3.14	%				3.31	%				3.66	%
FTE adjustment			$	3,367					$	3,323					$	3,289
(1) Interest income is reflected on a fully taxable equivalent basis (FTE).
(2) Includes loans held for sale.
(3) Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.

100%; border-collapse:collapse !important;">

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
		Six Months Ended		Six Months Ended
		June 30, 2020		June 30, 2019
		Average	Income (1)/	Yield/		Average	Income (1)/	Yield/
Earning Assets:		Balance	Expense	Rate		Balance	Expense	Rate
Money market and other interest-earning
30%; width:30%; min-width:30%;">investments	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	7%; width:7%; min-width:7%;">72,043	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	7%; width:7%; min-width:7%;">383	2%; width:2%; min-width:2%;">	9%; width:9%; min-width:9%;">1.07	2%; width:2%; min-width:2%;">%	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	7%; width:7%; min-width:7%;">58,510	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	7%; width:7%; min-width:7%;">612	2%; width:2%; min-width:2%;">	9%; width:9%; min-width:9%;">2.11	2%; width:2%; min-width:2%;">%
Investments:
Treasury and government-sponsored agencies		542,904		6,730		2.48	%		700,569		8,203		2.34	%
Mortgage-backed securities		3,175,408		36,996		2.33	%		2,633,326		36,402		2.76	%
States and political subdivisions		1,283,456		23,165		3.61	%		1,212,658		22,688		3.74	%
Other securities		495,852		6,440		2.60	%		497,115		8,503		3.42	%
Total investments		$	5,497,620		$	73,331		2.67	%		$	5,043,668		$	75,796		3.01	%
Loans: (2)
Commercial		3,478,351		60,782		3.46	%		3,092,833		73,863		4.75	%
Commercial and agriculture real estate		5,264,610		120,446		4.53	%		5,004,824		137,290		5.46	%
Consumer:
Home equity		556,528		9,845		3.56	%		573,211		14,987		5.27	%
Other consumer loans		1,151,871		23,748		4.15	%		1,197,150		24,208		4.08	%
Subtotal commercial and consumer loans		10,451,360		214,821		4.13	%		9,868,018		250,348		5.12	%
Residential real estate loans		2,369,852		48,128		4.06	%		2,253,375		47,712		4.23	%
Total loans		12,821,212		262,949		4.07	%		12,121,393		298,060		4.91	%
Total earning assets		$	18,390,875		$	336,663		3.64	%		$	17,223,571		$	374,468		4.34	%
Less: Allowance for loan losses (3)		(95,432	)				(56,213	)
Non-earning Assets:
Cash and due from banks		$	310,173					$	232,159
Other assets		2,386,513					2,481,842
Total assets		$	20,992,129					$	19,881,359
Interest-Bearing Liabilities:
Checking and NOW accounts		$	4,267,926		$	3,934		0.19	%		$	3,795,441		$	7,338		0.39	%
Savings accounts		2,944,094		2,034		0.14	%		2,907,552		4,428		0.31	%
Money market accounts		1,814,328		3,417		0.38	%		1,746,456		6,555		0.76	%
Other time deposits		1,470,094		8,972		1.23	%		1,809,975		14,283		1.59	%
Total interest-bearing deposits		10,496,442		18,357		0.35	%		10,259,424		32,604		0.64	%
Brokered CD's		76,124		739		1.95	%		201,878		2,359		2.36	%
Total interest-bearing deposits and CD's		10,572,566		19,096		0.36	%		10,461,302		34,963		0.67	%
Federal funds purchased and interbank borrowings		268,334		1,284		0.96	%		308,860		3,735		2.44	%
Securities sold under agreements to repurchase		339,818		569		0.34	%		346,396		1,333		0.78	%
Federal Home Loan Bank advances		2,054,814		14,612		1.43	%		1,684,093		19,970		2.39	%
Other borrowings		246,007		4,970		4.04	%		250,690		5,702		4.55	%
Total borrowed funds		2,908,973		21,435		1.48	%		2,590,039		30,740		2.39	%
Total interest-bearing liabilities		13,481,539		40,531		0.60	%		13,051,341		65,703		1.02	%
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits		$	4,417,748					$	3,829,406
Other liabilities		253,382					264,274
Shareholders' equity		2,839,460					2,736,338
Total liabilities and shareholders' equity		$	20,992,129					$	19,881,359
Net interest rate spread				3.04	%				3.32	%
Net interest margin (FTE)				3.22	%				3.59	%
FTE adjustment			$	6,690					$	6,487
(1) Interest income is reflected on a fully taxable equivalent basis (FTE).
(2) Includes loans held for sale.
(3) Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.

100%; border-collapse:collapse !important;">

Asset Quality (EOP) (unaudited)
($ in thousands)
	Three Months Ended		Six Months Ended
	June 30,	March 31,	June 30,		June 30,	June 30,
	2020	2020	2019		2020	2019
38%; width:38%; min-width:38%;">Beginning allowance for loan losses	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">106,380	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">54,619	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">55,559	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">54,619	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">55,461	2%; width:2%; min-width:2%;">
Impact of adopting ASC 326 on 1/1/2020 (1)	—		41,347		N/A			41,347		N/A
Provision for loan losses (1)	22,545		16,950		1,003			39,495		2,046
Gross charge-offs	(2,232	)	(8,445	)	(2,876	)		(10,677	)	(5,769	)
Gross recoveries	1,701		1,909		2,606			3,610		4,554
Net (charge-offs) recoveries	(531	)	(6,536	)	(270	)		(7,067	)	(1,215	)
Ending allowance for loan losses (1)	$	128,394		$	106,380		$	56,292			$	128,394		$	56,292
Net charge-offs (recoveries) / average loans (2)	0.02	%	0.21	%	0.01	%		0.11	%	0.02	%
Average loans outstanding (2)	$	13,435,260		$	12,182,704		$	12,083,609			$	12,808,982		$	12,115,408
EOP loans outstanding (2)	13,615,701		12,384,612		12,046,578			13,615,701		12,046,578
Allowance for loan losses / EOP loans (1)(2)	0.94	%	0.86	%	0.47	%		0.94	%	0.47	%
Underperforming Assets:
Loans 90 Days and over (still accruing)	$	779		$	658		$	423			$	779		$	423
Non-performing loans:
Nonaccrual loans (3)	125,546		126,987		142,421			125,546		142,421
TDRs still accruing	16,582		17,040		19,031			16,582		19,031
Total non-performing loans	142,128		144,027		161,452			142,128		161,452
Foreclosed properties	1,786		2,163		2,819			1,786		2,819
Total underperforming assets	$	144,693		$	146,848		$	164,694			$	144,693		$	164,694
Classified and Criticized Assets:
Nonaccrual loans (3)	125,546		126,987		142,421			125,546		142,421
Substandard accruing loans	192,433		181,157		174,728			192,433		174,728
Loans 90 days and over (still accruing)	779		658		423			779		423
Total classified loans - "problem loans"	$	318,758		$	308,802		$	317,572			$	318,758		$	317,572
Other classified assets	2,565		2,616		2,550			2,565		2,550
Criticized loans - "special mention loans"	220,300		238,011		220,455			220,300		220,455
Total classified and criticized assets	$	541,623		$	549,429		$	540,577			$	541,623		$	540,577
Non-performing loans / EOP loans (2)	1.04	%	1.16	%	1.34	%		1.04	%	1.34	%
Allowance to non-performing loans (1)(4)	90	%	74	%	35	%		90	%	35	%
Under-performing assets / EOP loans (2)	1.06	%	1.19	%	1.37	%		1.06	%	1.37	%
EOP total assets	$	22,102,188		$	20,741,141		$	20,145,285			$	22,102,188		$	20,145,285
Under-performing assets / EOP assets	0.65	%	0.71	%	0.82	%		0.65	%	0.82	%
EOP - End of period actual balances
(1) Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.
(2) Excludes loans held for sale.
(3) Includes TDRs totaling $11.3 million at June 30, 2020, $11.8 million at March 31, 2020, and $24.7 million at June 30, 2019.
(4) Includes acquired loans that were recorded at fair value in accordance with ASC 805 at the date of acquisition. As such, the credit risk was incorporated in the fair value recorded and no allowance for loan losses was recorded for 2019 quarter ends.

100%; border-collapse:collapse !important;">

Non-GAAP Measures (unaudited)
($ in thousands)
	Three Months Ended		Six Months Ended
	June 30,	March 31,	June 30,		June 30,	June 30,
	2020	2020	2019		2020	2019
Actual End of Period Balances
38%; width:38%; min-width:38%;">GAAP shareholders' equity	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">2,864,255	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">2,823,435	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">2,803,139	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">2,864,255	2%; width:2%; min-width:2%;">	2%; width:2%; min-width:2%;">$	8%; width:8%; min-width:8%;">2,803,139	2%; width:2%; min-width:2%;">
Deduct:
Goodwill		1,036,994			1,036,994			1,036,258				1,036,994			1,036,258
Intangibles		52,717			56,329			68,220				52,717			68,220
		1,089,711			1,093,323			1,104,478				1,089,711			1,104,478
Tangible shareholders' equity	$	1,774,544		$	1,730,112		$	1,698,661			$	1,774,544		$	1,698,661
Average Balances
GAAP shareholders' equity	$	2,845,398		$	2,833,523		$	2,758,246			$	2,839,460		$	2,736,338
Deduct:
Goodwill		1,036,994			1,036,994			1,036,258				1,036,994			1,036,258
Intangibles		54,449			58,127			70,282				56,288			72,554
		1,091,443			1,095,121			1,106,540				1,093,282			1,108,812
Average tangible shareholders' equity	$	1,753,955		$	1,738,402		$	1,651,706			$	1,746,178		$	1,627,526
Actual End of Period Balances
GAAP assets	$	22,102,188		$	20,741,141		$	20,145,285			$	22,102,188		$	20,145,285
Add:
Trust overdrafts		15			119			29				15			29
Deduct:
Goodwill		1,036,994			1,036,994			1,036,258				1,036,994			1,036,258
Intangibles		52,717			56,329			68,220				52,717			68,220
		1,089,711			1,093,323			1,104,478				1,089,711			1,104,478
Tangible assets	$	21,012,492		$	19,647,937		$	19,040,836			$	21,012,492		$	19,040,836
Risk-weighted assets	$	14,416,184		$	14,420,130		$	13,996,770			$	14,416,184		$	13,996,770
GAAP net income	$	51,705		$	22,640		$	62,964			$	74,345		$	119,240
Add:
Amortization of intangibles (net of tax)		2,708			2,849			3,262				5,557			6,635
Tangible net income	$	54,413		$	25,489		$	66,226			$	79,902		$	125,875
Tangible Ratios
Return on tangible common equity		12.27	%		5.89	%		15.59	%			9.01	%		14.82	%
Return on average tangible common equity		12.41	%		5.86	%		16.04	%			9.15	%		15.47	%
Return on tangible assets		1.04	%		0.52	%		1.39	%			0.76	%		1.32	%
Tangible common equity to tangible assets		8.45	%		8.81	%		8.92	%			8.45	%		8.92	%
Tangible common equity to risk-weighted assets		12.31	%		12.00	%		12.14	%			12.31	%		12.14	%
Tangible common book value (1)		10.75			10.48			9.86				10.75			9.86
Tangible common equity presentation includes other comprehensive income as is common in other company releases.
(1) Tangible common shareholders' equity divided by common shares issued and outstanding at period-end.
Tier 1 capital	$	1,686,714		$	1,643,249		$	1,664,277			$	1,686,714		$	1,664,277
Risk-weighted assets		14,416,184			14,420,130			13,996,770				14,416,184			13,996,770
Tier 1 common equity to risk-weighted assets		11.70	%		11.40	%		11.89	%			11.70	%		11.89	%

100%; border-collapse:collapse !important;">

Media: Kathy A. Schoettlin (812) 465-7269

Investors: Lynell J. Walton (812) 464-1366

FAQ

What was Old National Bancorp's net income for Q2 2020?

Old National Bancorp reported a net income of $51.7 million for Q2 2020.

How did Old National's earnings per share change in Q2 2020?

The earnings per share for Old National increased to $0.32, with adjusted earnings per share at $0.33.

What are the total loans reported by Old National in Q2 2020?

Old National reported total loans of $13.7 billion in Q2 2020.

How much did Old National Bancorp secure in Paycheck Protection Program loans?

Old National Bancorp secured $1.46 billion in Paycheck Protection Program loans.

What was the net interest margin for Old National in Q2 2020?

The net interest margin for Old National decreased to 3.14% in Q2 2020.