Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 17

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 1
Chunk 17
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 offering amount of $400.0 million and entered into an underwriting agreement with Citigroup Global Markets Inc., as representative for the underwriters named therein (collectively, the “Underwriters”) and as forward seller (the “Forward Seller”), and the Forward Purchaser. The Underwriters were also granted a 30-day option to purchase up to an additional 2,857,143 shares of Old National common stock. On November 25, 2024, the Underwriters exercised this option in full, upon which Old National entered into an additional forward sale agreement to issue 2,857,143 shares of Old National common stock. Old National physically settled in full the forward sale agreements on May 23, 2025 by delivering 21,904,762 shares of Old National common stock to the Forward Purchaser. Old National received net proceeds from such sale of shares of Old National common stock and full physical settlement of the forward sale agreements of $443.2 million.

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The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the merger date and have been accounted for under the acquisition method of accounting. The following table presents the preliminary valuation of the assets acquired and liabilities assumed and the fair value of consideration as of the merger date:(dollars and shares in thousands)May 1,2025AssetsCash and cash equivalents$511,157 Equity securities26,070 Investment securities2,811,133 FHLB/Federal Reserve Bank stock93,924 Loans held-for-sale9,883 Loans, net of allowance for credit losses11,123,355 Premises and equipment100,489 Goodwill234,635 Other intangible assets440,099 Company-owned life insurance181,909 Other assets770,925 Total assets$16,303,579 LiabilitiesDeposits$12,880,842 Securities sold under agreements to repurchase49,131 Federal Home Loan Bank advances1,559,227 Other borrowings193,279 Accrued expenses and other liabilities273,205 Total liabilities$14,955,684 Fair value of considerationCommon stock (50,183 shares issued at $20.67 per share)$1,033,262 Cash314,633 Total consideration$1,347,895 Goodwill related to this merger will not be deductible for tax purposes.Other intangible assets acquired included core deposit intangibles and customer