Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 232

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 232
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 per diluted common share on an adjusted basis1, compared to $145.5 million, or $0.45 per diluted common share on an adjusted basis1, for the first quarter of 2025.

Our results for the second quarter of 2025 include two months of Bremer operations and reflect organic growth in total loans, deposits, and net interest income, disciplined expense management, and strong credit quality and capital.

Deposits:  Period-end total deposits increased $13.3 billion to $54.4 billion at June 30, 2025 compared to March 31, 2025. Excluding Bremer deposits assumed and brokered deposits, period-end deposits were up 1% annualized.

Loans:  Our loan balances, excluding loans held-for-sale, increased $11.5 billion to $47.9 billion at June 30, 2025 compared to March 31, 2025. Excluding $11.2 billion of Bremer loans acquired, period-end total loans were up 4% annualized.

Net Interest Income:  Net interest income increased $127.1 million to $514.8 million compared to the first quarter of 2025 driven by Bremer, organic loan growth, and higher asset yields, partly offset by higher funding costs.

Provision for Credit Losses:  Provision for credit losses was $106.8 million. Excluding $75.6 million of CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD Bremer loans (including unfunded loan commitments), provision was $31.2 million compared to $31.4 million in the first quarter of 2025.

Noninterest Income:  Noninterest income increased $38.7 million to $132.5 million compared to the first quarter of 2025 reflecting Bremer and organic growth of fee-based businesses.

Noninterest Expense:  Noninterest expense increased $116.3 million compared to the first quarter of 2025. In the second quarter of 2025, noninterest expense included $41.2 million of merger-related expenses compared to $5.9 million of merger-related expenses in the first quarter of 2025. Excluding these expenses, noninterest expense was $343.6 million for the second quarter of 2025, an increase of $80.9 million from $262.6 million for the