Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 130

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 130
---
 the fair value adjustments and the fair value of consideration as of the merger date:(dollars and shares in thousands)April 1,2024AssetsCash and cash equivalents$177,791 Investment securities342,490 FHLB/Federal Reserve Bank stock14,426 Loans held-for-sale21,159 Loans, net of allowance for credit losses2,120,627 Premises and equipment22,481 Goodwill176,535 Other intangible assets46,125 Company-owned life insurance91,475 Other assets95,922 Total assets$3,109,031 LiabilitiesDeposits$2,560,124 Federal Home Loan Bank advances75,000 Other borrowings30,000 Accrued expenses and other liabilities26,309 Total liabilities$2,691,433 Fair value of considerationCommon stock (24,014 shares issued at $17.41 per share)$417,598 Total consideration$417,598 

13

Goodwill related to this merger will not be deductible for tax purposes.Other intangible assets acquired included core deposit intangibles. The estimated fair value of the core deposit intangible was $46.1 million and is being amortized over an estimated useful life of 10 years.The fair value of PCD assets was $610.7 million on the date of merger. The gross contractual amounts receivable relating to the PCD assets was $679.3 million. Old National estimates, on the date of the merger, that $26.7 million of the contractual cash flows specific to the PCD assets will not be collected.Merger-related costs primarily associated with the CapStar acquisition totaling $1.0 million and $1.3 million, respectively, have been expensed for the three and six months ended June 30, 2025 compared to $19.4 million and $22.3 million, respectively, for the three and six months ended June 30, 2024. Additional merger-related and integration costs will be expensed in future periods as incurred.

NOTE 4 – NET INCOME PER COMMON SHARE

Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted-average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income