Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 174

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 174
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 31, 2024 reflecting an increase in tax credits. See Note 14 to the consolidated financial statements for additional information. In accordance with ASC 740-270, Accounting for Interim Reporting, the provision for income taxes was recorded at March 31, 2025 based on the current estimate of the effective annual rate.

FINANCIAL CONDITION

Overview

At March 31, 2025, our assets were $53.9 billion, a $325.7 million increase compared to assets of $53.6 billion at December 31, 2024.

Earning Assets

Our earning assets are comprised of investment securities, portfolio loans, loans held-for-sale, money market investments, interest-earning accounts with the Federal Reserve, and equity securities. Earning assets were 

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$48.4 billion at March 31, 2025, a $337.3 million increase compared to earning assets of $48.0 billion at December 31, 2024.

Investment Securities

We classify the majority of our investment securities as available-for-sale to give management the flexibility to sell the securities prior to maturity based on fluctuating interest rates or changes in our funding requirements.

The investment securities portfolio, including equity securities, was $11.2 billion at March 31, 2025, compared to $10.9 billion at December 31, 2024. Investment securities represented 23% of earning assets at both March 31, 2025 and December 31, 2024. At March 31, 2025, we had no intent to sell any securities that were in an unrealized loss position nor is it expected that we would be required to sell the securities prior to their anticipated recovery.

The investment securities available-for-sale portfolio had net unrealized losses of $776.8 million and $890.5 million at March 31, 2025 and December 31, 2024, respectively. The investment securities held-to-maturity portfolio had net unrealized losses of $457.3 million and $483.7 million at March 31, 2025 and December 31, 2024, respectively.

The investment securities available-for-sale portfolio including securities hedges had an effective duration of 3.92 at March 31, 2025, compared to 4.11 at December 31, 2024. The total investment securities portfolio had an effective duration of 4.94 at March 31,