Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 197

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 197
---
 earned or rates paid.

From Three Months EndedMarch 31, 2024 to ThreeMonths Ended March 31, 2025 TotalChange (1)Attributed to(dollars in thousands)VolumeRateInterest IncomeMoney market and other interest-earning investments$(1,170)$382 $(1,552)Investment securities (2)9,993 7,212 2,781 Loans (3)24,702 45,334 (20,632)Total interest income33,525 52,928 (19,403)Interest ExpenseChecking and NOW deposits(1,402)1,207 (2,609)Savings deposits(1,409)(308)(1,101)Money market deposits(5,832)14,699 (20,531)Time deposits, excluding brokered deposits9,053 12,626 (3,573)Brokered deposits4,646 6,131 (1,485)Federal funds purchased and interbank borrowings664 984 (320)Securities sold under agreements to repurchase(366)(61)(305)FHLB advances729 562 167 Other borrowings(2,850)(1,957)(893)Total interest expense3,233 33,883 (30,650)Net interest income$30,292 $19,045 $11,247 

(1)The variance not solely due to rate or volume is allocated equally between the rate and volume variances.

(2)Interest income on investment securities includes taxable equivalent adjustments of $2.7 million during the three months ended March 31, 2025 and $2.8 million during the three months ended March 31, 2024; using the federal statutory rate in effect of 21%.

(3)Interest income on loans includes taxable equivalent adjustments of $2.7 million during the three months ended March 31, 2025 and $3.5 million during the three months ended March 31, 2024; using the federal statutory rate in effect of 21%.

The increase in net interest income for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to loans and securities acquired in the CapStar transaction as well as strong loan growth, lower costs of average interest-bearing liabilities, and higher accretion income, partially offset by higher balances of average interest-bearing liabilities and lower rates on