Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 94

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 1
Chunk 94
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 (10,472)Brokered deposits11,875 16,209 (4,334)16,521 22,297 (5,776)Federal funds purchased and interbank    borrowings(1,033)(725)(308)(369)224 (593)Securities sold under agreements to   repurchase(3)109 (112)(369)56 (425)FHLB advances14,399 15,551 (1,152)15,128 15,842 (714)Other borrowings(2,716)(777)(1,939)(5,566)(2,710)(2,856)Total interest expense34,929 86,333 (51,404)38,162 120,118 (81,956)Net interest income$127,092 $74,889 $52,203 $157,384 $92,824 $64,560 

(1)The variance not solely due to rate or volume is allocated equally between the rate and volume variances.

(2)Interest income on investment securities includes taxable equivalent adjustments of $2.7 million and $5.3 million during the three and six months ended June 30, 2025, respectively, and $2.8 million and $5.6 million during the three and six months ended June 30, 2024, respectively; using the federal statutory rate in effect of 21%.

(3)Interest income on loans includes taxable equivalent adjustments of $4.4 million and $7.1 million during the three and six months ended June 30, 2025, respectively, and $3.5 million and $7.0 million during the three and six months ended June 30, 2024, respectively; using the federal statutory rate in effect of 21%.

The increase in net interest income for the three and six months ended June 30, 2025 compared to the same periods in 2024 was driven by the acquisition of Bremer as well as strong loan growth, and lower costs of average interest-bearing liabilities, partially offset by higher balances of average interest-bearing liabilities.

The increase in net interest margin on a fully taxable equivalent basis for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to Bremer, loan growth, and lower costs of average interest-bearing liabilities, partially offset by higher balances of