Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 20

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 1
Chunk 20
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 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 applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.The following table presents the calculation of basic and diluted net income per common share:Three Months EndedJune 30,Six Months EndedJune 30,(dollars and shares in thousands, except per share data)2025202420252024Net income$125,408 $121,229 $270,067 $241,513 Preferred dividends(4,033)(4,033)(8,067)(8,067)Net income applicable to common shares$121,375 $117,196 $262,000 $233,446 Weighted average common shares