10-Q – 2025-10-29 – onb-20250930.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________
Commission File Number 001-15817
 
Old National Bancorp
(Exact name of registrant as specified in its charter)
 
Indiana 35-1539838
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
 
One Main Street 47708
Evansville, Indiana (Zip Code)
(Address of principal executive offices)

(800) 731-2265
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading
Symbol(s)   Name of each exchange on which registered
Common stock, no par value   ONB   NASDAQ   Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A ONBPP NASDAQ   Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C ONBPO NASDAQ   Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    ☑     No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     ☑    No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer   ☑    Accelerated filer   ☐

Non-accelerated filer   ☐
   Smaller reporting company   ☐

Emerging growth company   ☐
       

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐     No   ☑
The registrant has one class of common stock (no par value) with 390,773,000 shares outstanding at October 29, 2025.

OLD NATIONAL BANCORP
FORM 10-Q
TABLE OF CONTENTS
    Page
PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements
 
  Consolidated Balance Sheets (unaudited)
4

  Consolidated Statements of Income (unaudited)
5

  Consolidated Statements of Comprehensive Income (Loss) (unaudited)
6

  Consolidated Statements of Changes in Shareholders’ Equity (unaudited)
7

  Consolidated Statements of Cash Flows (unaudited)
9

  Notes to Consolidated Financial Statements (unaudited)
11

  Note 1. Basis of Presentation
11

  Note 2. Recent Accounting Pronouncements
11

Note 3. Acquisition and Divestiture Activity
12

  Note 4. Net Income Per Common Share
16

  Note 5. Investment Securities
16

  Note 6. Loans and Allowance for Credit Losses
19

  Note 7. Leases
32

  Note 8. Goodwill and Other Intangible Assets
33

  Note 9. Qualified Affordable Housing Projects and Other Tax Credit Investments
34

  Note 10. Securities Sold Under Agreements to Repurchase
35

  Note 11. Federal Home Loan Bank Advances
36

  Note 12. Other Borrowings
37

  Note 13. Accumulated Other Comprehensive Income (Loss)
39

  Note 14. Income Taxes
41

  Note 15. Derivative Financial Instruments
41

  Note 16. Commitments, Contingencies, and Financial Guarantees
46

  Note 17. Fair Value
47

Note 18. Segment Information
53

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
55

  Forward-Looking Statements
55

  Financial Highlights
56

  Non-GAAP Financial Measures
58

  Executive Summary
61

  Results of Operations
62

  Financial Condition
68

  Risk Management
73

  Critical Accounting Estimates
80

Item 3. Quantitative and Qualitative Disclosures About Market Risk
80

Item 4. Controls and Procedures
80

PART II. OTHER INFORMATION
81

Item 1A. Risk Factors
81

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
81

Item 5. Other Information
81

Item 6. Exhibits
82

SIGNATURE
83

2

GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this report, references to “Old National,” “the Company,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of Old National Bancorp and its wholly owned subsidiaries. Old National Bancorp refers solely to the parent holding company, and Old National Bank refers to Old National Bancorp’s bank subsidiary.
The acronyms and abbreviations identified below are used throughout this report, including the Notes to Consolidated Financial Statements (Unaudited). You may find it helpful to refer to this page as you read this report.
AOCI:  accumulated other comprehensive income (loss)
AQR:  asset quality rating
ASC:  Accounting Standards Codification
ASU:  Accounting Standards Update
ATM:  automated teller machine
BBCC: business banking credit center (small business)
Bremer: Bremer Financial Corporation
CapStar:  CapStar Financial Holdings, Inc.
CECL: current expected credit loss
Common Stock:  Old National Bancorp common stock, no par value
DTI:  debt-to-income
FASB:  Financial Accounting Standards Board
FDIC:  Federal Deposit Insurance Corporation
FHLB:  Federal Home Loan Bank
FHTC:  Federal Historic Tax Credit
FICO:  Fair Isaac Corporation
GAAP:  U.S. generally accepted accounting principles
LGD:  loss given default
LIHTC:  Low Income Housing Tax Credit
Merger: merger between Old National and Bremer
N/A:  not applicable
N/M:  not meaningful
NASDAQ: NASDAQ Global Select Market
NMTC: New Markets Tax Credit
NOW:  negotiable order of withdrawal
OCC:  Office of the Comptroller of the Currency
PCD: purchased credit deteriorated
PD:  probability of default
Preferred Stock:  Old National Bancorp preferred stock
Renewable Energy:  investment tax credits for solar projects
SEC:  U.S. Securities and Exchange Commission
SOFR: Secured Overnight Financing Rate

3

OLD NATIONAL BANCORP
CONSOLIDATED BALANCE SHEETS
(dollars and shares in thousands, except per share data)
September 30,
2025 December 31,
2024
  (unaudited)  
Assets    
Cash and due from banks $ 491,910   $ 394,450  
Money market and other interest-earning investments 1,190,707   833,518  
Total cash and cash equivalents 1,682,617   1,227,968  
Equity securities, at fair value 126,281   91,996  

Investment securities - available-for-sale, at fair value (amortized cost
   $ 12,144,753 and $ 8,480,508 , respectively)
11,417,887   7,458,459  
Investment securities - held-to-maturity, at amortized cost (fair value
   $ 2,518,672 and $ 2,471,138 , respectively)
2,910,215   2,954,881  
Federal Home Loan Bank/Federal Reserve Bank stock, at cost 494,720   378,705  
Loans held-for-sale, at fair value 80,341   34,483  
Loans:
Commercial 14,506,375   10,288,560  
Commercial real estate 22,083,734   16,307,486  
Residential real estate 8,190,127   6,797,586  
Consumer 3,187,679   2,892,255  
Total loans, net of unearned income 47,967,915   36,285,887  
Allowance for credit losses on loans ( 572,178 ) ( 392,522 )
Net loans 47,395,737   35,893,365  
Premises and equipment, net 691,950   588,970  

Goodwill 2,418,658   2,175,251  
Other intangible assets 508,302   120,847  
Company-owned life insurance 1,044,780   859,851  
Accrued interest receivable and other assets 2,438,674   1,767,496  
Total assets $ 71,210,162   $ 53,552,272  
Liabilities
Deposits:
Noninterest-bearing demand $ 12,691,658   $ 9,399,019  
Interest-bearing:
Checking and NOW 11,162,121   8,040,331  
Savings 4,958,555   4,753,279  
Money market 17,032,446   11,875,192  
Time deposits 9,161,404   6,755,739  
Total deposits 55,006,184   40,823,560  
Federal funds purchased and interbank borrowings 1   385  
Securities sold under agreements to repurchase 277,594   268,975  
Federal Home Loan Bank advances 5,663,361   4,452,559  
Other borrowings 825,425   689,618  

Accrued expenses and other liabilities 1,128,326   976,825  
Total liabilities 62,900,891   47,211,922  
Shareholders’ Equity
Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding
230,500   230,500  
Common stock, no par value, $ 1.00 per share stated value, 600,000 shares authorized,
    390,768 and 318,980 shares issued and outstanding, respectively
390,768   318,980  
Capital surplus 5,961,394   4,570,865  
Retained earnings 2,251,000   1,966,048  
Accumulated other comprehensive income (loss), net of tax ( 524,391 ) ( 746,043 )
Total shareholders’ equity 8,309,271   6,340,350  
Total liabilities and shareholders’ equity $ 71,210,162   $ 53,552,272  

The accompanying notes to consolidated financial statements are an integral part of these statements.
4

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended
September 30, Nine Months Ended
September 30,
(dollars and shares in thousands, except per share data)
2025 2024 2025 2024
Interest Income        
Loans including fees:        
Taxable $ 731,633   $ 561,428   $ 1,905,907   $ 1,594,411  
Nontaxable 20,252   12,703   47,019   39,048  
Investment securities:
Taxable 143,155   83,567   353,569   241,349  
Nontaxable 9,945   10,531   30,244   31,769  
Money market and other interest-earning investments 12,207   11,696   35,813   32,992  
Total interest income 917,192   679,925   2,372,552   1,939,569  
Interest Expense
Deposits 272,601   229,727   703,184   630,972  
Federal funds purchased and interbank borrowings 1,816   292   4,394   3,239  
Securities sold under agreements to repurchase 731   612   1,918   2,168  
Federal Home Loan Bank advances 57,143   47,719   158,081   133,529  
Other borrowings 10,292   9,851   27,933   33,058  
Total interest expense 342,583   288,201   895,510   802,966  
Net interest income 574,609   391,724   1,477,042   1,136,603  
Provision for credit losses 26,738   28,497   164,976   83,602  
Net interest income after provision for credit losses 547,871   363,227   1,312,066   1,053,001  
Noninterest Income
Wealth and investment services fees 39,684   29,117   105,149   86,779  
Service charges on deposit accounts 27,856   20,350   72,890   57,598  
Debit card and ATM fees 13,197   11,362   36,110   32,409  
Mortgage banking revenue 10,442   7,669   27,353   19,211  

Capital markets income 12,629   7,426   24,249   15,055  
Company-owned life insurance 7,565   5,315   19,571   14,488  
Debt securities gains (losses), net 7   ( 76 ) ( 110 ) ( 90 )
Other income 19,081   12,975   71,560   33,481  
Total noninterest income 130,461   94,138   356,772   258,931  
Noninterest Expense
Salaries and employee benefits 211,345   147,494   561,762   456,490  
Occupancy 34,442   27,130   93,927   80,696  
Equipment 12,703   9,888   34,170   27,263  
Marketing 15,093   11,036   40,792   32,954  
Technology 36,122   23,343   89,594   67,368  
Communication 7,742   4,681   16,890   13,161  
Professional fees 13,598   7,278   43,448   24,236  
FDIC assessment 14,095   11,722   37,204   32,711  
Amortization of intangibles 26,184   7,411   52,644   20,291  
Amortization of tax credit investments 7,057   3,277   16,296   8,773  

Other expense 67,353   19,023   112,244   53,656  
Total noninterest expense 445,734   272,283   1,098,971   817,599  
Income before income taxes 232,598   185,082   569,867   494,333  
Income tax expense 50,031   41,280   117,233   109,018  
Net income 182,567   143,802   452,634   385,315  
Preferred dividends ( 4,034 ) ( 4,034 ) ( 12,101 ) ( 12,101 )
Net income applicable to common shareholders $ 178,533   $ 139,768   $ 440,533   $ 373,214  
Net income per common share - basic $ 0.46   $ 0.44   $ 1.24   $ 1.21  
Net income per common share - diluted 0.46   0.44   1.23   1.21  
Weighted average number of common shares outstanding - basic 389,038   315,622   355,307   307,426  
Weighted average number of common shares outstanding - diluted 390,496   317,331   357,278   308,605  
Dividends per common share $ 0.14   $ 0.14   $ 0.42   $ 0.42  

The accompanying notes to consolidated financial statements are an integral part of these statements.
5

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
Three Months Ended
September 30, Nine Months Ended
September 30,
(dollars in thousands) 2025 2024 2025 2024
Net income $ 182,567   $ 143,802   $ 452,634   $ 385,315  

Other comprehensive income (loss):

Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period 94,794   216,995   262,771   154,498  

Reclassification adjustment for securities (gains) losses
   realized in income ( 7 ) 76   110   90  
Income tax effect ( 23,828 ) ( 54,153 ) ( 66,017 ) ( 38,470 )
Unrealized gains (losses) on available-for-sale securities 70,959   162,918   196,864   116,118  

Change in securities held-to-maturity:

Amortization of unrecognized losses on securities transferred
    from available-for-sale 4,040   4,740   12,024   13,434  
Income tax effect ( 1,026 ) ( 1,203 ) ( 3,052 ) ( 3,411 )
Changes from securities held-to-maturity 3,014   3,537   8,972   10,023  

Change in hedges:
Net unrealized derivative gains (losses) on hedges ( 1,597 ) 23,654   14,328   ( 2,540 )
Reclassification adjustment for (gains) losses realized in net
   income 3,275   4,936   7,004   14,560  
Income tax effect ( 434 ) ( 7,393 ) ( 5,516 ) ( 3,108 )
Changes from hedges 1,244   21,197   15,816   8,912  

Other comprehensive income (loss), net of tax 75,217   187,652   221,652   135,053  
Comprehensive income (loss) $ 257,784   $ 331,454   $ 674,286   $ 520,368  

The accompanying notes to consolidated financial statements are an integral part of these statements.
6

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)
(dollars in thousands, except per
   share data) Preferred Stock Common Stock Capital Surplus Retained Earnings Accumulated
Other
Comprehensive Income (Loss) Total
Shareholders’ Equity
December 31, 2023 $ 230,500   $ 292,655   $ 4,159,924   $ 1,618,630   $ ( 738,809 ) $ 5,562,900  

Net income —   —   —   120,284   —   120,284  
Other comprehensive income (loss) —   —   —   —   ( 40,819 ) ( 40,819 )

Cash dividends:
Common ($ 0.14 per share)
—   —   —   ( 41,060 ) —   ( 41,060 )
Preferred ($ 17.50 per share)
—   —   —   ( 4,034 ) —   ( 4,034 )
Common stock issued for Employee
  Stock Purchase Plan (“ESPP”) —  17   248   —  —   265  
Common stock repurchased —  ( 434 ) ( 6,748 ) —   —   ( 7,182 )
Share-based compensation expense —   —   5,491   —   —   5,491  
Stock activity under incentive
   compensation plans —  1,092   ( 1,373 ) ( 156 ) —   ( 437 )
Balance, March 31, 2024 230,500   293,330   4,157,542   1,693,664   ( 779,628 ) 5,595,408  
Net income —  —  —  121,229   —  121,229  
Other comprehensive income (loss) —  —  —  —  ( 11,780 ) ( 11,780 )
Acquisition of CapStar Financial
   Holdings, Inc. —  24,014   393,584   —  —  417,598  
Cash dividends:
Common ($ 0.14 per share)
—  —  —  ( 44,656 ) —  ( 44,656 )
Preferred ($ 17.50 per share)
—  —  —  ( 4,033 ) —  ( 4,033 )
Common stock issued for ESPP —  16   249   —  —  265  
Common stock repurchased —  ( 77 ) ( 1,199 ) —  —  ( 1,276 )
Share-based compensation expense —  —  9,062   —  —  9,062  
Stock activity under incentive
   compensation plans —  1,686   ( 8,273 ) ( 158 ) —  ( 6,745 )
Balance, June 30, 2024 230,500   318,969   4,550,965   1,766,046   ( 791,408 ) 6,075,072  
Net income —  —  —  143,802   —  143,802  
Other comprehensive income (loss) —  —  —  —  187,652   187,652  
Cash dividends:
Common ($ 0.14 per share)
—  —  —  ( 44,654 ) —  ( 44,654 )
Preferred ($ 17.50 per share)
—  —  —  ( 4,034 ) —  ( 4,034 )
Common stock issued for ESPP —  15   239   —  —  254  
Common stock repurchased —  ( 15 ) ( 272 ) —  —  ( 287 )
Share-based compensation expense —  —  8,703   —  —  8,703  
Stock activity under incentive
   compensation plans —  ( 14 ) 941   ( 137 ) —  790  
Balance, September 30, 2024 $ 230,500   $ 318,955   $ 4,560,576   $ 1,861,023   $ ( 603,756 ) $ 6,367,298  

7

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) – (Continued)

(dollars in thousands, except per
   share data) Preferred Stock Common Stock Capital Surplus Retained Earnings Accumulated
Other
Comprehensive Income (Loss) Total
Shareholders’ Equity

December 31, 2024 $ 230,500   $ 318,980   $ 4,570,865   $ 1,966,048   $ ( 746,043 ) $ 6,340,350  

Net income —   —   —   144,659   —   144,659  
Other comprehensive income (loss) —   —   —   —   97,534   97,534  
Cash dividends:
Common ($ 0.14 per share)
—   —   —   ( 44,653 ) —   ( 44,653 )
Preferred ($ 17.50 per share)
—   —   —   ( 4,034 ) —   ( 4,034 )
Common stock issued for ESPP —   12   238   —   —   250  
Common stock repurchased —   ( 611 ) ( 12,927 ) —   —   ( 13,538 )
Share-based compensation expense —   —   14,411   —   —   14,411  
Stock activity under incentive
   compensation plans —   855   ( 481 ) ( 699 ) —   ( 325 )
Balance, March 31, 2025 230,500   319,236   4,572,106   2,061,321   ( 648,509 ) 6,534,654  
Net income —   —   —   125,408   —   125,408  
Other comprehensive income (loss) —   —   —   —   48,901   48,901  
Acquisition of Bremer Financial
   Corporation —   50,183   983,079   —   —   1,033,262  
Cash dividends:
Common ($ 0.14 per share)
—   —   —   ( 54,855 ) —   ( 54,855 )
Preferred ($ 17.50 per share)
—   —   —   ( 4,033 ) —   ( 4,033 )
Common stock issued:
ESPP —   13   243   —   —   256  
Forward sale agreements —   21,905   421,331   —   —   443,236  
Common stock repurchased —   ( 379 ) ( 7,578 ) —   —   ( 7,957 )
Share-based compensation expense —   —   7,739   —   —   7,739  
Stock activity under incentive
   compensation plans —   860   ( 736 ) ( 348 ) —   ( 224 )
Balance, June 30, 2025 $ 230,500   $ 391,818   $ 5,976,184   $ 2,127,493   $ ( 599,608 ) $ 8,126,387  
Net income —   —   —   182,567   —   182,567  
Other comprehensive income (loss) —   —   —   —   75,217   75,217  
Cash dividends:
Common ($ 0.14 per share)
—   —   —   ( 54,863 ) —   ( 54,863 )
Preferred ($ 17.50 per share)
—   —   —   ( 4,034 ) —   ( 4,034 )
Common stock issued for ESPP —   13   252   —   —   265  
Common stock repurchased —   ( 1,122 ) ( 24,081 ) —   —   ( 25,203 )
Share-based compensation expense —   —   8,610   —   —   8,610  
Stock activity under incentive
   compensation plans —   59   429   ( 163 ) —   325  
Balance, September 30, 2025 $ 230,500   $ 390,768   $ 5,961,394   $ 2,251,000   $ ( 524,391 ) $ 8,309,271  

The accompanying notes to consolidated financial statements are an integral part of these statements.
8

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Nine Months Ended
September 30,
(dollars in thousands) 2025 2024
Cash Flows From Operating Activities    
Net income $ 452,634   $ 385,315  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation 32,115   28,449  
Amortization of other intangible assets 52,644   20,291  
Amortization of tax credit investments 16,296   8,773  
Net (discount accretion) premium amortization ( 95,091 ) ( 19,881 )

Share-based compensation expense 30,760   23,256  
Provision for credit losses 164,976   83,602  
Debt securities (gains) losses, net 110   90  
Net (gains) losses on sales of loans and other assets ( 9,585 ) ( 7,084 )
Increase in cash surrender value of company-owned life insurance ( 19,571 ) ( 14,488 )
Residential real estate loans originated for sale ( 865,826 ) ( 632,726 )
Proceeds from sales of residential real estate loans 838,225   615,624  
(Increase) decrease in interest receivable ( 50,927 ) 11,447  
(Increase) decrease in other assets 128,383   ( 38,458 )
Increase (decrease) in accrued expenses and other liabilities ( 152,855 ) ( 77,681 )
Net cash flows provided by (used in) operating activities 522,288   386,529  
Cash Flows From Investing Activities
Cash received from merger, net 135,124   177,791  
Purchases of investment securities available-for-sale ( 4,077,327 ) ( 1,263,354 )

Purchases of Federal Home Loan Bank/Federal Reserve Bank stock ( 93,325 ) ( 13,129 )
Purchases of equity securities ( 6,923 ) ( 5,462 )
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale 1,149,256   755,417  
Proceeds from sales of investment securities available-for-sale 2,082,052   297,858  
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity 54,213   55,069  
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock 71,234   14,426  
Proceeds from sales of equity securities 4,636   2,755  
Loan originations and payments, net ( 546,956 ) ( 1,327,734 )
Proceeds from sales of commercial loans 95,298   63,434  
Proceeds from company-owned life insurance death benefits 16,507   10,212  
Proceeds from sales of premises and equipment and other assets 2,368   1,585  
Purchases of premises and equipment and other assets ( 22,189 ) ( 23,513 )
Net cash flows provided by (used in) investing activities ( 1,136,032 ) ( 1,254,645 )
Cash Flows From Financing Activities
Net increase (decrease) in:
Deposits 1,320,267   1,050,442  
Federal funds purchased and interbank borrowings ( 384 ) 134,873  
Securities sold under agreements to repurchase ( 40,512 ) ( 40,580 )
Other borrowings ( 72,730 ) ( 209,675 )
Payments for maturities of Federal Home Loan Bank advances ( 2,295,285 ) ( 1,300,000 )

Proceeds from Federal Home Loan Bank advances 1,926,200   1,400,000  

Cash dividends paid ( 166,472 ) ( 142,471 )

Common stock repurchased ( 46,698 ) ( 8,745 )
Common stock issued for ESPP 771   784  
Common stock issued for forward sale agreements 443,236   —  
Net cash flows provided by (used in) financing activities 1,068,393   884,628  
Net increase (decrease) in cash and cash equivalents 454,649   16,512  
Cash and cash equivalents at beginning of period 1,227,968   1,175,058  
Cash and cash equivalents at end of period $ 1,682,617   $ 1,191,570  

9

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) – (Continued)
Nine Months Ended
September 30,
(dollars in thousands) 2025 2024
Supplemental Cash Flow Information:

Total interest paid $ 925,019   $ 797,929  
Total income taxes paid (net of refunds) 54,159   54,904  
Noncash Investing and Financing Activities:
Common stock issued for merger, net 1,033,262   417,598  

Operating lease right-of-use assets obtained in exchange for lease obligations 55,398   22,367  
Finance lease right-of-use assets obtained in exchange for lease obligations 7,728   16,703  

The accompanying notes to consolidated financial statements are an integral part of these statements.
10

OLD NATIONAL BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 1 – BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements include the accounts of Old National Bancorp and its wholly owned subsidiaries (hereinafter collectively referred to as “Old National”) and have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Such principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all the normal and recurring adjustments necessary for a fair statement of the financial position of Old National as of September 30, 2025 and December 31, 2024, and the results of its operations for the three and nine months ended September 30, 2025 and 2024. Interim results do not necessarily represent annual results. Certain information and disclosures normally included in notes to consolidated annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to SEC rules and regulations. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2024.
All intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts.

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Guidance Pending Adoption  
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 – In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . Among other things, these amendments require that public business entities on an annual basis disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). In addition, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts are equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Old National does not expect the adoption of this guidance will have a material impact on the consolidated financial statements.
FASB ASC 220 – In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . This ASU requires public business entities to disclose specified information about certain costs and expenses in the notes to financial statements at each interim and annual reporting period. Specifically, public business entities will be required to disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. Within the same tabular disclosure, an entity must disclose certain expense, gain, or loss amounts that are already required under current GAAP. Further, an entity must disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. In addition, an entity must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 470 – In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments . This ASU clarifies requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments
11

with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. The amendments in this ASU are effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 805 and 810 – In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity . The ASU revises the guidance in ASC 805 to clarify that, in determining the accounting acquirer in “a business combination that is effected primarily by exchanging equity interests in which a VIE is acquired,” an entity would be required to consider the factors in ASC 805-10-55-12 through 55-15. Previously, the accounting acquirer in such transactions was always the primary beneficiary. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an interim or annual reporting period. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 718 and 606 – In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer . The ASU is intended to reduce diversity in practice and improve existing guidance, primarily by revising the definition of a “performance condition” and eliminating a forfeiture policy election for service conditions associated with share-based consideration payable to a customer. In addition, the ASU clarifies that the guidance in ASC 606 on the variable consideration constraint does not apply to share-based consideration payable to a customer regardless of whether an award’s grant date has occurred (as determined under ASC 718). The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 326 – In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update introduce a practical expedient for all entities and an accounting policy election that is available to all entities other than public business entities related to applying ASC 326-20 to simplify the measurement of credit losses on current accounts receivable and current contract assets that occur from transactions accounted for under ASC 606. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 350 – In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU revises ASC 350-40 to clarify and modernize the accounting and disclosure requirements for software costs. The new update eliminates ASC 350-50, which previously addressed website development costs, and incorporated its relevant guidance into ASC 350-40. The ASU refines ASC 350-40, but it does not entirely integrate the accounting approach for internal-use software with that for externally sold software under ASC 985-20. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

NOTE 3 – ACQUISITION AND DIVESTITURE ACTIVITY
Acquisitions
Bremer Financial Corporation
On May 1, 2025, Old National completed its acquisition of Bremer Financial Corporation (“Bremer”) and its wholly owned subsidiary, Bremer Bank, National Association. Pursuant to the terms of the merger agreement, each outstanding share of Bremer common stock was converted into the right to receive (i) $ 26.22 in cash without interest, (ii) 4.182 shares of Old National common stock and (iii) cash in lieu of fractional shares.
In addition, on November 25, 2024, Old National entered into a forward sale agreement with Citibank, N.A. (the “Forward Purchaser”) to issue 19,047,619 shares of Old National common stock for an aggregate offering amount of $ 400.0  million and entered into an underwriting agreement with Citigroup Global Markets Inc., as representative for
12

the underwriters named therein (collectively, the “Underwriters”) and as forward seller (the “Forward Seller”), and the Forward Purchaser. The Underwriters were also granted a 30-day option to purchase up to an additional 2,857,143 shares of Old National common stock. On November 25, 2024, the Underwriters exercised this option in full, upon which Old National entered into an additional forward sale agreement to issue 2,857,143 shares of Old National common stock. Old National physically settled in full the forward sale agreements on May 23, 2025 by delivering 21,904,762 shares of Old National common stock to the Forward Purchaser. Old National received net proceeds from such sale of shares of Old National common stock and full physical settlement of the forward sale agreements of $ 443.2 million.
The assets acquired and liabilities assumed in the Company’s acquisition of Bremer, both intangible and tangible, were recorded at their estimated fair values as of the merger date and have been accounted for under the acquisition method of accounting. The following table presents the preliminary valuation of the assets acquired and liabilities assumed and the fair value of consideration as of the merger date and also includes certain reclassifications to conform to the current presentation in the Consolidated Balance Sheet:

(dollars and shares in thousands) May 1,
2025
Assets
Cash and cash equivalents $ 449,757  
Equity securities 26,070  
Investment securities 2,811,108  
FHLB/Federal Reserve Bank stock 93,924  
Loans held-for-sale 9,883  
Loans, net of allowance for credit losses 11,110,449  
Premises and equipment 110,157  
Goodwill 243,407  
Other intangible assets 440,099  
Company-owned life insurance 181,909  
Other assets 794,184  
Total assets $ 16,270,947  
Liabilities
Deposits $ 12,862,357  
Securities sold under agreements to repurchase 49,131  
Federal Home Loan Bank advances 1,559,227  
Other borrowings 205,194  
Accrued expenses and other liabilities 247,143  
Total liabilities $ 14,923,052  
Fair value of consideration

Common stock ( 50,183 shares issued at $ 20.67 per share)
$ 1,033,262  
Cash 314,633  
Total consideration $ 1,347,895  

Goodwill related to this merger will no t 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 $ 103.5 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 nine months ended September 30, 2025 totaling $ 67.0 million and $ 108.0 million, respectively, and additional merger-related and integration costs will be expensed in future periods as incurred.
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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 nine months ended September 30, 2025.
The Company’s results of operations for the three and nine months ended September 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 subsequent to the acquisition.
Summary of Unaudited Pro-Forma Financial Information
The 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 Ended
September 30, Nine Months Ended
September 30,
(dollars in thousands) 2025 2024 2025 2024
Total revenues (1)
$ 705,070   $ 690,920   $ 2,068,156   $ 1,986,405  
Income before income taxes 299,636   201,562   781,650   540,653  

(1)    Includes net interest income and total noninterest income .
Supplemental pro-forma earnings for the three months ended September 30, 2025 were adjusted to exclude $ 67.0 million of merger-related costs. Supplemental pro-forma earnings for the three months ended September 30, 2024 were adjusted to include merger-related costs. Supplemental pro-forma earnings for the nine months ended September 30, 2025 were adjusted to exclude $ 108.0 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 nine months ended September 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.
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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 the fair value adjustments and the fair value of consideration as of the merger date:

(dollars and shares in thousands) April 1,
2024
Assets
Cash and cash equivalents $ 177,791  
Investment securities 342,490  
FHLB/Federal Reserve Bank stock 14,426  
Loans held-for-sale 21,159  
Loans, net of allowance for credit losses 2,120,627  
Premises and equipment 22,481  
Goodwill 176,535  
Other intangible assets 46,125  
Company-owned life insurance 91,475  
Other assets 95,922  
Total assets $ 3,109,031  
Liabilities
Deposits $ 2,560,124  

Federal Home Loan Bank advances 75,000  
Other borrowings 30,000  
Accrued expenses and other liabilities 26,309  
Total liabilities $ 2,691,433  
Fair value of consideration

Common stock ( 24,014 shares issued at $ 17.41 per share)
$ 417,598  

Total consideration $ 417,598  

Goodwill related to this merger will not be deductible for tax purposes.
Other intangible assets acquired included core deposit intangibles. The estimated fair value of the core deposit intangible was $ 46.1  million and is being amortized over an estimated useful life of 10 years.
The fair value of PCD assets was $ 610.7  million on the date of merger. The gross contractual amounts receivable relating to the PCD assets was $ 679.3  million. Old National estimates, on the date of the merger, that $ 26.7  million of the contractual cash flows specific to the PCD assets will not be collected.
Merger-related costs primarily associated with the CapStar acquisition totaling $ 2.2  million and $ 3.6  million, respectively, have been expensed for the three and nine months ended September 30, 2025 compared to $ 6.9  million and $ 29.2  million, respectively, for the three and nine months ended September 30, 2024. Additional merger-related and integration costs will be expensed in future periods as incurred.
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NOTE 4 – NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted-average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.
The following table presents the calculation of basic and diluted net income per common share:

Three Months Ended
September 30, Nine Months Ended
September 30,
(dollars and shares in thousands, except per share data) 2025 2024 2025 2024
Net income $ 182,567   $ 143,802   $ 452,634   $ 385,315  
Preferred dividends ( 4,034 ) ( 4,034 ) ( 12,101 ) ( 12,101 )

Net income applicable to common shares $ 178,533   $ 139,768   $ 440,533   $ 373,214  

Weighted average common shares outstanding:
Weighted average common shares outstanding (basic) 389,038   315,622   355,307   307,426  
Effect of dilutive securities:
Restricted stock 1,458   1,709   1,971   1,179  

Weighted average diluted shares outstanding 390,496   317,331   357,278   308,605  
Basic Net Income Per Common Share $ 0.46   $ 0.44   $ 1.24   $ 1.21  
Diluted Net Income Per Common Share $ 0.46   $ 0.44   $ 1.23   $ 1.21  

NOTE 5 – INVESTMENT SECURITIES
The following table summarizes the amortized cost and fair value of the available-for-sale portfolio and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in accumulated other comprehensive income (loss) (“AOCI”).

(dollars in thousands) Amortized
Cost Unrealized
Gains Unrealized
Losses Basis
Adjustments (1)
Fair
Value
September 30, 2025        
Available-for-Sale        
U.S. Treasury $ 268,957   $ 86   $ ( 10,230 ) $ ( 44,732 ) $ 214,081  
U.S. government-sponsored entities and agencies 1,553,040   318   ( 146,525 ) ( 57,074 ) 1,349,759  
Mortgage-backed securities - Agency 9,636,140   68,310   ( 512,627 ) —   9,191,823  
States and political subdivisions 450,185   2,073   ( 21,682 ) 2,588   433,164  
Pooled trust preferred securities 13,816   —   ( 2,283 ) —   11,533  
Other securities 222,615   1,277   ( 6,365 ) —   217,527  
Total available-for-sale securities $ 12,144,753   $ 72,064   $ ( 699,712 ) $ ( 99,218 ) $ 11,417,887  

December 31, 2024
Available-for-Sale
U.S. Treasury $ 261,421   $ 67   $ ( 12,659 ) $ ( 49,816 ) $ 199,013  
U.S. government-sponsored entities and agencies 1,521,610   7   ( 181,360 ) ( 82,351 ) 1,257,906  
Mortgage-backed securities - Agency 5,861,067   6,005   ( 662,181 ) —   5,204,891  
States and political subdivisions 510,630   148   ( 25,881 ) 647   485,544  
Pooled trust preferred securities 13,807   —   ( 2,485 ) —   11,322  
Other securities 311,973   760   ( 12,950 ) —   299,783  
Total available-for-sale securities $ 8,480,508   $ 6,987   $ ( 897,516 ) $ ( 131,520 ) $ 7,458,459  

(1)    Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 15 to the consolidated financial statements for additional information regarding these derivative financial instruments.
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The following table summarizes the amortized cost and fair value of the held-to-maturity investment securities portfolio and the corresponding amounts of gross unrecognized gains and losses.

(dollars in thousands) Amortized
Cost Unrecognized
Gains Unrecognized
Losses Fair
Value
September 30, 2025      
Held-to-Maturity
U.S. government-sponsored entities and agencies $ 838,535   $ —   $ ( 132,641 ) $ 705,894  
Mortgage-backed securities - Agency 925,192   —   ( 130,879 ) 794,313  
States and political subdivisions 1,146,638   182   ( 128,205 ) 1,018,615  

Allowance for securities held-to-maturity ( 150 ) —   —   ( 150 )
Total held-to-maturity securities $ 2,910,215   $ 182   $ ( 391,725 ) $ 2,518,672  

December 31, 2024
Held-to-Maturity
U.S. government-sponsored entities and agencies $ 832,984   $ —   $ ( 168,653 ) $ 664,331  
Mortgage-backed securities - Agency 970,212   —   ( 169,546 ) 800,666  
States and political subdivisions 1,151,835   317   ( 145,861 ) 1,006,291  
Allowance for securities held-to-maturity ( 150 ) —  —  ( 150 )
Total held-to-maturity securities $ 2,954,881   $ 317   $ ( 484,060 ) $ 2,471,138  

Substantially all of the mortgage-backed securities in the investment portfolio are residential mortgage-backed securities.
Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:

Three Months Ended
September 30, Nine Months Ended
September 30,
(dollars in thousands) 2025 2024 2025 2024
Proceeds $ 57,784   $ 22,545   $ 2,221,229   $ 370,870  
Realized gains 7   90   97   98  
Realized losses —   ( 166 ) ( 207 ) ( 188 )

The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Weighted average yield is based on amortized cost.

  September 30, 2025
(dollars in thousands) Amortized
Cost Fair
Value Weighted
Average
Yield
Maturity
Available-for-Sale      
Within one year $ 225,299   $ 224,999   3.84   %
One to five years 4,387,628   4,323,449   4.48  
Five to ten years 6,214,098   5,786,459   3.77  
Beyond ten years 1,317,728   1,082,980   2.96  
Total $ 12,144,753   $ 11,417,887   3.94   %
Held-to-Maturity
Within one year $ 18,332   $ 18,278   3.21   %
One to five years 53,952   49,913   2.03  
Five to ten years 1,454,602   1,280,939   2.54  
Beyond ten years 1,383,329   1,169,542   2.80  
Total $ 2,910,215   $ 2,518,672   2.66   %

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The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:

  Less than 12 months 12 months or longer Total
(dollars in thousands) Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses Fair
Value Unrealized Losses
September 30, 2025
Available-for-Sale
U.S. Treasury $ 998   $ —   $ 184,848   $ ( 10,230 ) $ 185,846   $ ( 10,230 )
U.S. government-sponsored entities
   and agencies 84,581   ( 413 ) 1,165,864   ( 146,112 ) 1,250,445   ( 146,525 )
Mortgage-backed securities - Agency 296,110   ( 1,726 ) 3,247,585   ( 510,901 ) 3,543,695   ( 512,627 )
States and political subdivisions 9,884   ( 65 ) 240,834   ( 21,617 ) 250,718   ( 21,682 )
Pooled trust preferred securities —   —   11,533   ( 2,283 ) 11,533   ( 2,283 )
Other securities 17,136   ( 126 ) 144,051   ( 6,239 ) 161,187   ( 6,365 )
Total available-for-sale $ 408,709   $ ( 2,330 ) $ 4,994,715   $ ( 697,382 ) $ 5,403,424   $ ( 699,712 )

December 31, 2024
Available-for-Sale
U.S. Treasury $ 3,977   $ ( 26 ) $ 177,691   $ ( 12,633 ) $ 181,668   $ ( 12,659 )
U.S. government-sponsored entities
   and agencies 98,280   ( 1,713 ) 1,144,618   ( 179,647 ) 1,242,898   ( 181,360 )
Mortgage-backed securities - Agency 857,440   ( 9,172 ) 3,406,350   ( 653,009 ) 4,263,790   ( 662,181 )
States and political subdivisions 133,906   ( 1,462 ) 279,121   ( 24,419 ) 413,027   ( 25,881 )
Pooled trust preferred securities —   —   11,322   ( 2,485 ) 11,322   ( 2,485 )
Other securities 33,292   ( 295 ) 199,631   ( 12,655 ) 232,923   ( 12,950 )
Total available-for-sale $ 1,126,895   $ ( 12,668 ) $ 5,218,733   $ ( 884,848 ) $ 6,345,628   $ ( 897,516 )

The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:

  Less than 12 months 12 months or longer Total
(dollars in thousands) Fair
Value Unrecognized
Losses Fair
Value Unrecognized
Losses Fair
Value Unrecognized
Losses
September 30, 2025
Held-to-Maturity
U.S. government-sponsored entities
   and agencies $ —   $ —   $ 705,894   $ ( 132,641 ) $ 705,894   $ ( 132,641 )
Mortgage-backed securities - Agency —   —   794,313   ( 130,879 ) 794,313   ( 130,879 )
States and political subdivisions 52,126   ( 789 ) 951,019   ( 127,416 ) 1,003,145   ( 128,205 )
Total held-to-maturity $ 52,126   $ ( 789 ) $ 2,451,226   $ ( 390,936 ) $ 2,503,352   $ ( 391,725 )

December 31, 2024
Held-to-Maturity

U.S. government-sponsored entities
   and agencies $ —   $ —   $ 664,331   $ ( 168,653 ) $ 664,331   $ ( 168,653 )
Mortgage-backed securities - Agency —   —   800,666   ( 169,546 ) 800,666   ( 169,546 )
States and political subdivisions 37,007   ( 430 ) 937,364   ( 145,431 ) 974,371   ( 145,861 )

Total held-to-maturity $ 37,007   $ ( 430 ) $ 2,402,361   $ ( 483,630 ) $ 2,439,368   $ ( 484,060 )

The unrecognized losses on held-to-maturity investment securities presented in the table above do not include unrecognized losses on securities that were transferred from available-for-sale to held-to-maturity totaling $ 97.9 million at September 30, 2025 and $ 110.0 million at December 31, 2024. These unrecognized losses are included as a separate component of shareholders’ equity and are being amortized over the remaining term of the securities.
No allowance for credit losses on available-for-sale debt securities was needed at September 30, 2025 or December 31, 2024.
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An allowance on held-to-maturity debt securities is maintained for certain municipal bonds to account for expected lifetime credit losses. Substantially all of the U.S. government-sponsored entities and agencies and agency mortgage-backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. The allowance for credit losses on held-to-maturity debt securities was $ 0.2 million at September 30, 2025 and December 31, 2024. Accrued interest receivable on the securities portfolio is excluded from the estimate of credit losses and totaled $ 58.6 million at September 30, 2025 and $ 55.3 million at December 31, 2024.
At September 30, 2025, Old National’s securities portfolio consisted of 3,197 securities, 2,292 of which were in an unrealized loss position. The unrealized losses attributable to our U.S. Treasury, U.S. government-sponsored entities and agencies, agency mortgage-backed securities, states and political subdivisions, and other securities are the result of fluctuations in interest rates and market movements. Old National’s pooled trust preferred securities are evaluated using collateral-specific assumptions to estimate the expected future interest and principal cash flows. At September 30, 2025, we had no intent to sell any securities that were in an unrealized loss position nor is it expected that we would be required to sell the securities prior to their anticipated recovery.
Old National’s pooled trust preferred securities have experienced credit defaults. However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations. Old National did not recognize any losses on these securities for the nine months ended September 30, 2025 or 2024.
Equity Securities
Equity securities consist of mutual funds for Community Reinvestment Act qualified investments and diversified investment securities held in a grantor trust for participants in the Company’s nonqualified deferred compensation plan. Old National’s equity securities with readily determinable fair values totaled $ 126.3 million at September 30, 2025 and $ 92.0  million at December 31, 2024. There were gains on equity securities of $ 1.0 million and $ 0.4 million during the three and nine months ended September 30, 2025, respectively, compared to gains of $ 1.5 million and $ 1.4 million during the three and nine months ended September 30, 2024, respectively.
Alternative Investments
Old National has alternative investments without readily determinable fair values that are included in other assets totaling $ 942.1 million at September 30, 2025 and $ 609.2 million at December 31, 2024. These investments consisted of $ 553.7 million of illiquid investments in partnerships, limited liability companies, and other ownership interests that support affordable housing and $ 388.3 million of economic development and community revitalization initiatives in low-to-moderate income neighborhoods at September 30, 2025, compared to $ 318.5 million and $ 290.7 million for the same investment types, respectively, at December 31, 2024. There have been no impairments or adjustments on alternative investments without readily determinable fair values, except for amortization of tax credit investments in the nine months ended September 30, 2025 and 2024. See Note 9 to the consolidated financial statements for detail regarding these investments.

NOTE 6 – LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans
Old National’s loans consist primarily of loans made to consumers and commercial clients in many diverse industries, including real estate rental and leasing, manufacturing, healthcare, wholesale trade, construction, and agriculture, among others. Most of Old National’s lending activity occurs within our principal geographic markets in the Midwest and Southeast regions of the United States. Old National manages concentrations of credit exposure by industry, product, geography, client relationship, and loan size.
Old National has loan participations, which qualify as participating interests, with other financial institutions. At September 30, 2025, these loans totaled $ 4.0 billion, of which $ 2.2 billion had been sold to other financial institutions and $ 1.8 billion was retained by Old National. The loan participations convey proportionate ownership rights with equal priority to each participating interest holder; involve no recourse (other than ordinary representations and warranties) to, or subordination by, any participating interest holder; all cash flows are divided
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among the participating interest holders in proportion to each holder’s share of ownership; and no holder has the right to pledge the entire financial asset unless all participating interest holders agree.
The loan categories used to monitor and analyze interest income and yields are different than the portfolio segments used to determine the allowance for credit losses on loans. The allowance for credit losses was calculated by pooling loans of similar credit risk characteristics and credit monitoring procedures. The four loan portfolios used to monitor and analyze interest income and yields – commercial, commercial real estate, residential real estate, and consumer – are reclassified into seven segments of loans – commercial, commercial real estate, business banking credit center (“BBCC”), residential real estate, indirect, direct, and home equity for purposes of determining the allowance for credit losses on loans. The commercial and commercial real estate loan categories shown on the balance sheet include the same pool of loans as the commercial, commercial real estate, and BBCC portfolio segments. The consumer loan category shown on the balance sheet is comprised of the same loans in the indirect, direct, and home equity portfolio segments. The portfolio segment reclassifications follow:

Balance Sheet
Line Item Portfolio
Segment
Reclassifications Portfolio
Segment After
Reclassifications

(dollars in thousands)
September 30, 2025
Commercial (1)
$ 14,506,375   $ ( 219,588 ) $ 14,286,787  
Commercial real estate 22,083,734   ( 172,932 ) 21,910,802  
BBCC N/A 392,520   392,520  
Residential real estate 8,190,127   —   8,190,127  
Consumer 3,187,679   ( 3,187,679 ) N/A
Indirect N/A 1,058,734   1,058,734  
Direct N/A 589,133   589,133  
Home equity N/A 1,539,812   1,539,812  
Total loans (2)
$ 47,967,915   $ —   $ 47,967,915  
Allowance for credit losses on loans ( 572,178 ) —   ( 572,178 )
Net loans $ 47,395,737   $ —   $ 47,395,737  

December 31, 2024
Commercial (1)
$ 10,288,560   $ ( 232,301 ) $ 10,056,259  
Commercial real estate 16,307,486   ( 174,438 ) 16,133,048  
BBCC N/A 406,739   406,739  
Residential real estate 6,797,586   —   6,797,586  
Consumer 2,892,255   ( 2,892,255 ) N/A
Indirect N/A 1,096,778   1,096,778  
Direct N/A 514,144   514,144  
Home equity N/A 1,281,333   1,281,333  
Total loans (2)
$ 36,285,887   $ —   $ 36,285,887  
Allowance for credit losses on loans ( 392,522 ) —  ( 392,522 )
Net loans $ 35,893,365   $ —   $ 35,893,365  

(1) Includes direct finance leases of $ 84.9 million at September 30, 2025 and $ 120.6  million at December 31, 2024.
(2)    Includes unamortized premiums and discounts, and unamortized deferred fees and costs of $ 589.9  million at September 30, 2025 and $ 163.3  million at December 31, 2024.
The risk characteristics of each loan portfolio segment are as follows:
Commercial
Commercial loans are classified primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its clients.
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Commercial Real Estate
Commercial real estate loans are classified primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. The properties securing Old National’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner-occupied loans.
Included with commercial real estate are construction loans, which are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, financial analysis of the developers and property owners, and feasibility studies, if available. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders (including Old National), sales of developed property, or an interim loan commitment from Old National until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing.
At 253 %, Old National Bank’s applicable investor commercial real estate loans as a percentage of its Tier 1 capital plus the allowance for credit losses attributable to loans and leases remained below the regulatory guideline limit of 300 % at September 30, 2025.
BBCC
BBCC loans are typically granted to small businesses with gross revenues of less than $5 million and aggregate debt of less than $1 million. Old National has established minimum debt service coverage ratios, minimum Fair Isaac Corporation (“FICO”) scores for owners and guarantors, and the ability to show relatively stable earnings as criteria to help mitigate risk. Repayment of these loans depends on the personal income of the borrowers and the cash flows of the business. These factors can be affected by such changes as economic conditions and unemployment levels.
Residential
With respect to residential loans that are secured by 1 - 4 family residences and are generally owner occupied, Old National typically establishes a maximum loan-to-value ratio and generally requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in residential property values. Portfolio risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.
Indirect
Indirect loans are secured by automobile collateral, generally new and used cars and trucks from auto dealers that operate within our footprint. Old National typically mitigates the risk of indirect loans by establishing minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers and ongoing reviews of dealer relationships.
Direct
Direct loans are typically secured by collateral such as auto or real estate or are unsecured. Old National has established underwriting standards such as minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers.
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Home Equity
Home equity loans are generally secured by 1-4 family residences that are owner-occupied. Old National has established underwriting standards such as minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers, along with monitoring of updated borrower credit scores.
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Allowance for Credit Losses
Loans
Credit loss assumptions used when computing the level of expected credit losses are estimated using a model that categorizes loan pools based on loss history, delinquency status, and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The base forecast scenario considers unemployment, gross domestic product, home price index, and the BBB ratio (BBB spread to the 10-year U.S. Treasury rate). In addition to the quantitative inputs, several qualitative factors are considered. These factors include the risk that macroeconomic forecasts of unemployment, gross domestic product, home price index, and the BBB ratio may prove to be more severe and/or prolonged than our baseline forecast due to a variety of considerations. Old National’s activity in the allowance for credit losses on loans by portfolio segment was as follows:

(dollars in thousands) Balance at
Beginning of
Period Allowance
Established
for Acquired
PCD Loans Charge-offs Recoveries Provision
for Loan
Losses Balance at
End of
Period
Three Months Ended September 30, 2025    
Commercial $ 215,917   $ 6,666   $ ( 22,068 ) $ 1,222   $ 33,246   $ 234,983  
Commercial real estate 294,303   6,438   ( 8,016 ) 2,101   ( 11,999 ) 282,827  
BBCC 2,488   —   ( 419 ) 25   364   2,458  
Residential real estate 31,850   —   ( 25 ) 51   ( 445 ) 31,431  
Indirect 8,430   —   ( 1,863 ) 690   704   7,961  
Direct 2,564   —   ( 2,907 ) 648   2,113   2,418  
Home equity 9,557   —   ( 104 ) 627   20   10,100  
Total $ 565,109   $ 13,104   $ ( 35,402 ) $ 5,364   $ 24,003   $ 572,178  
Three Months Ended September 30, 2024
Commercial $ 138,460   $ 3,245   $ ( 11,512 ) $ 308   $ 6,341   $ 136,842  
Commercial real estate 189,911   ( 442 ) ( 2,799 ) 214   18,015   204,899  
BBCC 2,897   —   ( 676 ) 56   415   2,692  
Residential real estate 23,135   —   —   64   ( 1,711 ) 21,488  
Indirect 1,233   —   ( 1,715 ) 290   5,853   5,661  
Direct 3,131   —   ( 2,137 ) 475   958   2,427  
Home equity 7,568   —   ( 126 ) 84   ( 695 ) 6,831  
Total $ 366,335   $ 2,803   $ ( 18,965 ) $ 1,491   $ 29,176   $ 380,840  
Nine Months Ended September 30, 2025
Commercial $ 148,722   $ 37,158   $ ( 48,185 ) $ 3,477   $ 93,811   $ 234,983  
Commercial real estate 200,309   66,049   ( 29,114 ) 2,494   43,089   282,827  
BBCC 2,813   —   ( 476 ) 423   ( 302 ) 2,458  
Residential real estate 22,922   148   ( 302 ) 288   8,375   31,431  
Indirect 8,434   6   ( 5,562 ) 2,033   3,050   7,961  
Direct 2,304   47   ( 5,988 ) 1,862   4,193   2,418  
Home equity 7,018   138   ( 269 ) 1,137   2,076   10,100  
Total $ 392,522   $ 103,546   $ ( 89,896 ) $ 11,714   $ 154,292   $ 572,178  
Nine Months Ended September 30, 2024
Commercial $ 118,333   $ 17,838   $ ( 25,098 ) $ 1,104   $ 24,665   $ 136,842  
Commercial real estate 155,099   8,041   ( 12,541 ) 1,791   52,509   204,899  
BBCC 2,887   —   ( 1,687 ) 304   1,188   2,692  
Residential real estate 20,837   134   —   845   ( 328 ) 21,488  
Indirect 1,236   —   ( 3,937 ) 957   7,405   5,661  
Direct 3,169   59   ( 6,449 ) 1,527   4,121   2,427  
Home equity 6,049   653   ( 314 ) 229   214   6,831  
Total $ 307,610   $ 26,725   $ ( 50,026 ) $ 6,757   $ 89,774   $ 380,840  

The allowance for credit losses on loans at September 30, 2025 included $ 103.5 million of allowance for credit losses on acquired PCD loans established through acquisition accounting adjustments on or after the Bremer acquisition date. In addition, the provision for credit losses on loans in the nine months ended September 30, 2025 included $ 69.1  million to establish an allowance for credit losses on non-PCD Bremer loans acquired. The allowance for credit losses on loans at September 30, 2024 included $ 26.7  million of allowance for credit losses on
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