Company: ONBPP
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000707179-25-000064
Chunk: 237

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 237
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 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.

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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 Net income applicable to common   shareholders178,533 139,768 27.7 440,533 373,214 18.0 Net income per common share -    diluted0.46 0.44 4.5 1.23 1.21 1.7 Other Data:Return on average common equity9.01 %9.40 %8.26 %8.78 %Return on average tangible common    equity (1)15