Company: ONBPP
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000707179-25-000064
Chunk: 201

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 201
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 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 these expenses, noninterest expense was $376.5 million for the third quarter of 2025, an increase of $32.9 million from $343.6 million for the second quarter of 2025 driven by the full quarter impact of Bremer.

(1)Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

61

BREMER ACQUISITION

On May 1, 2025, Old National completed its acquisition of Bremer, and its wholly owned banking subsidiary, Bremer Bank, National Association. At closing, Bremer had approximately $16.3 billion of total assets, $11.1 billion of total loans, and $12.9 billion of deposits. The consideration paid totaled $1.3 billion and consisted of 50.2 million shares of Old National common stock and $314.6 million of cash. The majority of system conversions related to the acquisition were completed in mid-October 2025.

RESULTS OF OPERATIONS

The following table sets forth certain income statement information of Old National:

(dollars in thousands, except   per share data)Three Months EndedSeptember 30,%ChangeNine Months EndedSeptember 30,%Change2025202420252024Income Statement Summary:Net interest income$574,609 $391,724 46.7 %$1,477,042 $1,136,603 30.0 %Provision for credit losses26,738 28,497 (6.2)164,976 83,602 97.3 Noninterest income130,461 94,138 38.6 356,772 258,931 37.8 Noninterest expense445,734 272,283 63.7 1,098,971 817,599 34.4