Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 108

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 108
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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. The Company did not initially receive any proceeds from the sale of the Company’s common stock sold by the Forward Seller to the Underwriters. Old National expects to physically settle the forward sale agreements (by the delivery of shares of Old National common stock) and receive proceeds from the sale of those shares of Old National common stock upon one or more forward settlement dates within approximately 12 months from the date of the forward sale agreements at the then applicable forward sale price. The forward sale agreements are classified as equity instruments under ASC 815-40 Contracts in Entity’s Own Equity.Transaction costs totaling $0.7 million associated with the Bremer merger have been expensed for the three months ended March 31, 2025 and additional transaction and integration costs will be expensed in future periods as incurred.

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NOTE 4 – NET INCOME PER COMMON SHARE

Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted-average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.The following table presents the calculation of basic and diluted net income per common share:Three Months EndedMarch 31,(dollars and shares in thousands, except per share data)20252024Net income$144,659 $120,284 Preferred dividends(4,034)(4,034)Net income applicable to common shares$140,625 $116,250 Weighted average common shares outstanding:Weighted average common shares outstanding (basic)315,925 290,980 Effect of dilutive securities:Restricted stock2,779 1,227 Forward sale (1)2,312 — Weighted average diluted shares outstanding321,016 292,207 Basic Net Income Per Common Share$0.45 $0.40 Diluted Net Income Per Common Share$0.44 $0.40 (1)    Dilutive forward sale shares represent incremental shares related to the forward sale agreements. Dilution occurred since the average market price of the Company’s common shares for the