Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 128

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 128
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 assets770,925 Total assets$16,303,579 LiabilitiesDeposits$12,880,842 Securities sold under agreements to repurchase49,131 Federal Home Loan Bank advances1,559,227 Other borrowings193,279 Accrued expenses and other liabilities273,205 Total liabilities$14,955,684 Fair value of considerationCommon stock (50,183 shares issued at $20.67 per share)$1,033,262 Cash314,633 Total consideration$1,347,895 Goodwill related to this merger will not be deductible for tax purposes.Other intangible assets acquired included core deposit intangibles and customer relationship intangibles. The estimated fair value of the core deposit intangible was $397.1 million and is being amortized over an estimated useful life of 10 years. The estimated fair value of the customer relationship intangibles was $43.0 million and is being amortized over an estimated useful life of 12 years.The fair value of purchased credit deteriorated (“PCD”) assets was $1.9 billion on the date of merger. The gross contractual amounts receivable relating to the PCD assets was $2.1 billion. Old National estimates, on the date of the merger, that $90.4 million of the contractual cash flows specific to the PCD assets will not be collected.Merger-related costs associated with the Bremer acquisition have been expensed for the three and six months ended June 30, 2025 totaling $40.2 million and $40.9 million, respectively, and additional merger-related and integration costs will be expensed in future periods as incurred.As a result of the acquisition, Old National assumed sponsorship of Bremer’s defined benefit pension plan under which both plan participation and benefit accruals were frozen subsequent to the acquisition. The net pension asset associated with Bremer’s defined benefit pension plan is recorded in other assets on the consolidated balance sheet. Pension costs were not material in the three and six months ended June 30, 2025.The Company’s results of operations for the three and six months ended June 30, 2025 include the operating results of the acquired assets and assumed liabilities of Bremer subsequent to the acquisition on May 1, 2025. Due to the integration of certain Bremer systems and processes since the acquisition date, the Company has determined that it is impractical to report the amounts of revenue and income before income taxes of legacy Bremer