Old National Bancorp Reports Significant Growth with $71.2 Billion in Assets Following Bremer Acquisition

Old National Bancorp reported significant financial growth in its latest quarterly filing, with total assets reaching $71.2 billion as of September 30, 2025, a substantial increase from $53.6 billion at the end of 2024. This growth was primarily driven by the acquisition of Bremer Financial Corporation, which added approximately $16.3 billion in assets, $11.1 billion in loans, and $12.9 billion in deposits. For the third quarter of 2025, the company recorded net income applicable to common shareholders of $178.5 million, or $0.46 per diluted share, compared to $121.4 million, or $0.34 per diluted share, in the previous quarter.

The company’s net interest income for the third quarter increased to $574.6 million, up from $391.7 million in the same period last year, reflecting a 46.7% year-over-year increase. This rise was attributed to higher asset yields and the full quarter impact of Bremer's operations, despite increased funding costs. The provision for credit losses was reported at $26.7 million, which included a significant $75.6 million related to the acquired non-PCD loans from Bremer. Excluding this, the provision was $31.2 million, indicating a focus on maintaining credit quality amid growth.

Operationally, Old National saw a 32.2% increase in total loans, which reached $48.0 billion, driven by strong growth in commercial and commercial real estate loans. The company’s total deposits also rose by 34.7% to $55.0 billion, reflecting both the acquisition of Bremer and organic growth. The bank's efficiency ratio was reported at 58.84%, up from 53.83% a year earlier, largely due to increased merger-related expenses totaling $69.3 million in the third quarter.

In terms of strategic developments, Old National completed its acquisition of Bremer on May 1, 2025, which was a key factor in its financial performance. The merger has allowed Old National to expand its market presence, particularly in the Midwest and Southeast regions. The company also reported an increase in its employee headcount to 5,243, up from 4,105 a year earlier, indicating growth in operational capacity to support its expanded business.

Looking ahead, Old National remains optimistic about its growth trajectory, emphasizing its commitment to managing credit risk and maintaining strong capital ratios. The company’s Tier 1 capital ratio stood at 11.49% as of September 30, 2025, exceeding regulatory requirements. Management anticipates continued organic growth in loans and deposits, supported by the integration of Bremer and a focus on enhancing operational efficiencies.