Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 197

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 197
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 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 first quarter of 2025 driven by Bremer-related operating costs and additional intangibles amortization.

(1)Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

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BREMER ACQUISITION

On May 1, 2025, Old National completed its acquisition of Bremer, and its wholly owned banking subsidiary, Bremer Bank, National Association. At closing, Bremer had approximately $16.3 billion of total assets, $11.1 billion of total loans, and $12.9 billion of deposits. The consideration paid totaled $1.3 billion and consisted of 50.2 million shares of Old National common stock and $314.6 million of cash. The majority of system conversions related to the acquisition are anticipated to be completed in mid-October 2025.

RESULTS OF OPERATIONS

The following table sets forth certain income statement information of Old National:

(dollars in thousands, except   per share data)Three Months EndedJune 30,%ChangeSix Months EndedJune 30,%Change2025202420252024Income Statement Summary:Net interest income$514,790 $388,421 32.5 %$902,433 $744,879 21.2 %Provision for credit losses106,835 36,214 195.0 138,238 55,105 150.9 Noninterest income132,517 87,271 51.8 226,311 164,793 37.3 Noninterest expense384,766 282,999 36.0 653,237 545,316 19.8 Net income applicable to common   shareholders121,375 117,196 3.6 262,000 233,446 12.2 Net income per common share -    diluted0.34 0.37 (8.1)0.77 0.77 — Other Data:Return on average common equity6.74 %8.17 %7.83 %8.45 %Return on average tangible common