Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 200

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 200
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AmountAccumulatedAmortizationand ImpairmentNetCarryingAmountDecember 31, 2024Core deposit$189,636 $(95,950)$93,686 Customer trust relationships50,892 (23,731)27,161 Total intangible assets$240,528 $(119,681)$120,847 December 31, 2023Core deposit$143,511 $(72,940)$70,571 Customer trust relationships52,621 (20,942)31,679 Total intangible assets$196,132 $(93,882)$102,250 Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years. During 2024, Old National recorded $46.1 million of core deposit intangibles associated with the acquisition of CapStar. During 2022, Old National recorded $77.9 million of core deposit intangibles and $39.7 million of customer trust relationships intangible associated with the First Midwest merger.Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded in 2024, 2023, or 2022. Total amortization expense associated with intangible assets was $27.5 million in 2024, $24.2 million in 2023, and $25.9 million in 2022.Estimated amortization expense for future years is as follows:(dollars in thousands)2025$26,116 202622,474 202718,947 202815,598 202912,663 Thereafter25,049 Total$120,847 

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NOTE 8 – LOAN SERVICING RIGHTS

Loan servicing rights are included in other assets on the balance sheet. At December 31, 2024, loan servicing rights derived from mortgage loans sold with servicing retained totaled $40.9 million, compared to $35.8 million at December 31, 2023. Loans serviced for others are not reported as assets. The principal balance of mortgage loans serviced for others totaled $4.6 billion at December 31, 2024 and $4.3 billion at December 31, 2023. Custodial esc