Company: ONBPP
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000707179-25-000064
Chunk: 236

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 236
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 applicable to common shares for the third quarter of 2025 was $231.3 million, or $0.59 per diluted common share on an adjusted basis1, compared to $190.9 million, or $0.53 per diluted common share on an adjusted basis1, for the second quarter of 2025.

Our results for the third quarter of 2025 reflect organic growth in total loans, deposits, and net interest income, the full quarter impact of Bremer operations, disciplined expense management, and strong credit quality and capital.

Deposits:  Period-end total deposits increased $648.5 million, or 5% annualized, to $55.0 billion at September 30, 2025 compared to June 30, 2025.

Loans:  Our loan balances, excluding loans held-for-sale, increased $65.1 million, or 1% annualized, to $48.0 billion at September 30, 2025 compared to June 30, 2025.

Net Interest Income:  Net interest income increased $59.8 million to $574.6 million compared to the second quarter of 2025 driven by the full quarter impact of Bremer and higher asset yields, partly offset by higher funding costs.

Provision for Credit Losses:  Provision for credit losses was $26.7 million. Excluding $75.6 million of CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD Bremer loans (including unfunded loan commitments), provision was $31.2 million in the second quarter of 2025.

Noninterest Income:  Noninterest income was $130.5 million compared to $132.5 million, or $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan in the second quarter of 2025. The increase (when excluding the gain associated with the freezing of the pension plan) reflects the full quarter impact of Bremer revenue as well as higher wealth fees and capital markets revenue.

Noninterest Expense:  Noninterest expense increased $61.0 million compared to the second quarter of 2025. In the third quarter of 2025, noninterest expense included $69.3 million of merger-related expenses compared to $41.2 million of merger-related expenses in the second quarter of 2025. Excluding