Company: ONBPP
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000707179-25-000064
Chunk: 249

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 249
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,722 20.2 37,204 32,711 13.7 Amortization of intangibles26,184 7,411 253.3 52,644 20,291 159.4 Amortization of tax credit investments7,057 3,277 115.3 16,296 8,773 85.8 Other expense67,353 19,023 254.1 112,244 53,656 109.2 Total noninterest expense$445,734 $272,283 63.7 %$1,098,971 $817,599 34.4 %

Noninterest expense included $69.3 million and $6.9 million of merger-related expenses for the three months ended September 30, 2025 and 2024, respectively. In addition, the three months ended September 30, 2024 included $2.6 million of separation expense associated with a mutual separation agreement with a former executive. Excluding these expenses, noninterest expense increased to $376.5 million for the three months ended September 30, 2025, compared to $262.8 million for the three months ended September 30, 2024. This increase was driven primarily by operating costs and additional amortization of intangibles related to the acquisition of Bremer, as well as higher salary and employee benefits reflective of merit and performance-driven incentive accruals.

Noninterest expense included $116.3 million and $29.2 million of merger-related expenses for the nine months ended September 30, 2025 and 2024, respectively. In addition, the nine months ended September 30, 2024 included a $13.3 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest plan, $3.0 million for the FDIC special assessment, and $2.6 million of separation expense. Excluding these expenses, noninterest expense increased to $982.6 million for the nine months ended September 30, 2025, compared to $769.4 million for the nine months ended September 30, 2024. This increase was driven by operating costs and additional amortization of intangibles related to the acquisitions of 

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Bremer and CapStar, as well as higher salary and employee benefits reflective of merit and performance-driven incentive accruals.

Amort