Company: ONBPP
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000707179-25-000064
Chunk: 131

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 131
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 of Old National common stock for an aggregate offering amount of $400.0 million and entered into an underwriting agreement with Citigroup Global Markets Inc., as representative for 

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the underwriters named therein (collectively, the “Underwriters”) and as forward seller (the “Forward Seller”), and the Forward Purchaser. The Underwriters were also granted a 30-day option to purchase up to an additional 2,857,143 shares of Old National common stock. On November 25, 2024, the Underwriters exercised this option in full, upon which Old National entered into an additional forward sale agreement to issue 2,857,143 shares of Old National common stock. Old National physically settled in full the forward sale agreements on May 23, 2025 by delivering 21,904,762 shares of Old National common stock to the Forward Purchaser. Old National received net proceeds from such sale of shares of Old National common stock and full physical settlement of the forward sale agreements of $443.2 million.The assets acquired and liabilities assumed in the Company’s acquisition of Bremer, both intangible and tangible, were recorded at their estimated fair values as of the merger date and have been accounted for under the acquisition method of accounting. The following table presents the preliminary valuation of the assets acquired and liabilities assumed and the fair value of consideration as of the merger date and also includes certain reclassifications to conform to the current presentation in the Consolidated Balance Sheet:(dollars and shares in thousands)May 1,2025AssetsCash and cash equivalents$449,757 Equity securities26,070 Investment securities2,811,108 FHLB/Federal Reserve Bank stock93,924 Loans held-for-sale9,883 Loans, net of allowance for credit losses11,110,449 Premises and equipment110,157 Goodwill243,407 Other intangible assets440,099 Company-owned life insurance181,909 Other assets794,184 Total assets$16,270,947 LiabilitiesDeposits$12,862,357 Securities sold under agreements to repurchase49,131 Federal Home Loan Bank advances1,559,227 Other borrowings205,194 Accrued expenses and other liabilities247,143 Total liabilities$14,923,052 Fair value of considerationCommon stock (50,183 shares issued at $20.67 per share)$1,033,262 Cash314,633