Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 132

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 132
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 to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.Old National has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. For certain equipment leases, Old National accounts for the lease and non-lease components as a single lease component using the practical expedient available for that class of assets. Old National does not have any material sub-lease agreements.The components of lease expense were as follows:Affected LineItem in theStatement of IncomeThree Months EndedMarch 31,(dollars in thousands)20252024Operating lease costOccupancy/Equipment expense$8,199 $7,826 Finance lease cost: Amortization of right-of-use assetsOccupancy expense2,270 751 Interest on lease liabilitiesInterest expense229 181 Sub-lease incomeOccupancy expense(83)(125)Total $10,615 $8,633 Supplemental balance sheet information related to leases was as follows:(dollars in thousands)March 31,2025December 31, 2024Operating Leases Operating lease right-of-use assets$176,826 $181,920 Operating lease liabilities194,529 200,068 Finance LeasesPremises and equipment, net21,766 23,205 Other borrowings23,440 24,822 Weighted-Average Remaining Lease Term (in Years)Operating leases7.77.8Finance leases8.37.8Weighted-Average Discount RateOperating leases3.15 %3.14 %Finance leases4.03 %3.96 %Supplemental cash flow information related to leases was as follows:Three Months EndedMarch 31,(dollars in thousands)20252024Cash paid for amounts included in the measurement of lease liabilities