Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 14

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 14
---
-sale21,159 Loans, net of allowance for credit losses2,120,627 Premises and equipment22,481 Goodwill176,535 Other intangible assets46,125 Company-owned life insurance91,475 Other assets95,922 Total assets$3,109,031 LiabilitiesDeposits$2,560,124 Federal Home Loan 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 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 purchased credit deteriorated (“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.Transaction and integration costs primarily associated with the CapStar merger have been expensed for the three months ended March 31, 2025 and 2024 totaling $0.4 million and $0.7 million, respectively, and additional transaction and integration costs will be expensed in future periods as incurred.

11

Pending AcquisitionBremer Financial CorporationOn November 25, 2024, Old National entered into a definitive agreement and plan of merger pursuant to which Old National will acquire Bremer Financial Corporation (“Bremer”) and its wholly owned subsidiary, Bremer Bank, National Association. As of December 31, 2024, Bremer had $16.5 billion in total assets, $11.8 billion in total loans, and $13.2 billion in deposits. Under the terms of the definitive merger agreement, each outstanding share of Bremer common stock will be converted into the right to receive (i) $26.22 in cash without interest, (ii) 4.182 shares of Old National common stock and (iii) cash in lieu of fractional shares, valuing the transaction at approximately