Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 170

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 170
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,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 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 associated with the CapStar merger have been expensed in 2024 totaling $26.3 million and additional transaction and integration costs will be expensed in future periods as incurred.First Midwest Bancorp, Inc.On February 15, 2022, Old National completed its merger of equals transaction with First Midwest Bancorp, Inc. (“First Midwest”) pursuant to an agreement and plan of merger, dated as of May 30, 2021, to combine in an all-stock transaction. The combined organization has a presence in additional Midwestern markets, strong commercial banking capabilities, a robust retail footprint, a significant wealth management platform, and an enhanced ability to attract talent. The combined organization also creates the scale and profitability to accelerate digital and technology capabilities to drive future investments in consumer and commercial banking, as well as wealth management services.

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As of December 31, 2022, Old National finalized its valuation of all assets acquired and liabilities assumed. The following table presents a summary of the assets acquired and liabilities assumed, net of the fair value adjustments and the fair value of consideration as of the merger date:(dollars and shares in thousands)February 15,2022AssetsCash and cash equivalents$1,912,629 Investment securities3,526,278 FHLB/Federal Reserve Bank stock106,097 Loans held-for-sale13,809 Loans, net of allowance for credit losses14,298,873 Premises and equipment111,867 Operating lease right-of-use assets129,698 Accrued interest receivable53,502 Goodwill