Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 80

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 80
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.3 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to the acquisition of CapStar, higher mortgage banking revenue, and higher other income.

Mortgage banking revenue increased $2.4 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher mortgage originations and increased loan sales.

Capital markets income increased $1.6 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher levels of commercial real estate client interest rate swap fees.

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Company-owned life insurance increased $1.9 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher benefit settlements.

Other income increased $5.8 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to $4.2 million of net gains on sales of commercial loans in the three months ended March 31, 2025 and additional other income associated with the acquisition of CapStar.

Noninterest Expense

The following table details the components in noninterest expense:

Three Months EndedMarch 31,%(dollars in thousands)20252024ChangeSalaries and employee benefits$148,305 $149,803 (1.0)%Occupancy 29,053 27,019 7.5 Equipment 8,901 8,671 2.7 Marketing 11,940 10,634 12.3 Technology22,020 20,023 10.0 Communication 4,134 4,000 3.4 Professional fees7,919 6,406 23.6 FDIC assessment9,700 11,313 (14.3)Amortization of intangibles6,830 5,455 25.2 Amortization of tax credit investments3,424 2,749 24.6 Other expense16,245 16,244 — Total noninterest expense$268,471 $262,317 2.3 %

Noninterest expense for the three months ended March 31, 2025 included $5.9 million of merger-related expenses. For the three months ended March 31, 2024, noninterest expense included a $13.3 million