Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 129

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 129
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 subsequent to acquisition.

12

Summary of Unaudited Pro-Forma Financial InformationThe following table presents supplemental unaudited pro-forma financial information as if the Bremer merger had occurred on January 1, 2024. The pro-forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effective as of this assumed date.Three Months EndedJune 30,Six Months EndedJune 30,(dollars in thousands)2025202420252024Total revenues (1)$694,351 $660,328 $1,363,086 $1,295,485 Income before income taxes229,090 180,291 482,014 339,091 (1)    Includes net interest income and total noninterest income.Supplemental pro-forma earnings for the three months ended June 30, 2025 were adjusted to exclude $40.2 million of merger-related costs, $6.5 million of provision for credit losses on unfunded loan commitments, and $69.1 million of provision for credit losses to establish an allowance for credit losses on non-PCD loans acquired as well as a $21.0 million gain associated with the freezing of benefits of the Bremer pension plan. Supplemental pro-forma earnings for the three months ended June 30, 2024 were adjusted to include merger-related costs. Supplemental pro-forma earnings for the six months ended June 30, 2025 were adjusted to exclude $40.9 million of merger-related costs, $6.5 million of provision for credit losses on unfunded loan commitments, and $69.1 million of provision for credit losses to establish an allowance for credit losses on non-PCD loans acquired as well as a $21.0 million gain associated with the freezing of benefits of the Bremer pension plan. Supplemental pro-forma earnings for the six months ended June 30, 2024 were adjusted to include these costs.CapStar Financial Holdings, Inc.On April 1, 2024, Old National completed its acquisition of CapStar Financial Holdings, Inc. (“CapStar”) and its wholly owned subsidiary, CapStar Bank, in an all-stock transaction. This partnership strengthens Old National’s Nashville, Tennessee presence and adds several new high-growth markets.As of March 31, 2025, Old National finalized its valuation of all assets acquired and liabilities assumed. The following table presents a summary of the assets acquired and liabilities assumed, net of