Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 209

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 209
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6 23,109 20,989 10.1 Amortization of intangibles19,630 7,425 164.4 26,460 12,880 105.4 Amortization of tax credit investments5,815 2,747 111.7 9,239 5,496 68.1 Other expense28,646 18,389 55.8 44,891 34,633 29.6 Total noninterest expense$384,766 $282,999 36.0 %$653,237 $545,316 19.8 %

Noninterest expense included $41.2 million and $19.4 million of merger-related expenses for the three months ended June 30, 2025 and 2024, respectively. Excluding these expenses, noninterest expense increased to $343.6 million for the three months ended June 30, 2025, compared to $263.6 million for the three months ended June 30, 2024. This increase was driven primarily by operating costs and additional amortization of intangibles related to the acquisition of Bremer, as well as higher salary and employee benefits reflective of merit and performance-driven incentive accruals.

Noninterest expense included $47.1 million and $22.3 million of merger-related expenses for the six months ended June 30, 2025 and 2024, respectively. In addition, the six months ended June 30, 2024, included 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 and $3.0 million for the FDIC special assessment. Excluding these expenses, noninterest expense increased to $606.2 million for the six months ended June 30, 2025, compared to $506.7 million for the six months ended June 30, 2024. This increase was driven by operating costs and additional amortization of intangibles related to the acquisitions of Bremer and CapStar, as well as higher salary and employee benefits reflective of merit and performance-driven incentive accruals.

66

Amortization of tax credit investments increased $3.1 million and $3.7 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024. The recognition of tax credit amort