Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 104

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 104
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 details the components of noninterest expense:

Years Ended December 31,% Change FromPrior Year(dollars in thousands)20242023202220242023Salaries and employee benefits$603,095 $546,364 $575,626 10.4 %(5.1)%Occupancy110,429 106,676 100,421 3.5 6.2 Equipment36,588 32,163 27,637 13.8 16.4 Marketing45,607 39,511 32,264 15.4 22.5 Technology88,797 80,343 84,865 10.5 (5.3)Communication17,337 16,980 18,846 2.1 (9.9)Professional fees35,291 27,335 39,046 29.1 (30.0)FDIC assessment44,681 56,730 19,332 (21.2)193.5 Amortization of intangibles27,528 24,155 25,857 14.0 (6.6)Amortization of tax credit investments13,329 15,367 10,961 (13.3)40.2 Property optimization— 1,559 26,818 (100.0)(94.2)Other expense71,741 79,123 76,510 (9.3)3.4 Total noninterest expense$1,094,423 $1,026,306 $1,038,183 6.6 %(1.1)%

Noninterest expense increased $68.1 million in 2024 compared to 2023. Noninterest expense in 2024 included $37.3 million of merger-related expenses, a $13.3 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest plan, $3.0 million for the FDIC special assessment, and $2.6 million of separation expense. Noninterest expense in 2023 included $28.7 million of merger-related expenses, a $19.1 million FDIC special assessment, $4.4 million of a contract termination charge, $3.4 million of expenses related to the Louisville tragedy, and $1.6 million for property optimization. Ex