**Old National Bancorp Reports 2025 Financial Results**
Old National Bancorp (ONB), the holding company for Old National Bank, reported net income applicable to common shareholders of $653.1 million, or $1.79 per diluted common share, for the year ended December 31, 2025. This compares to $523.1 million, or $1.68 per diluted common share, for the year ended December 31, 2024. The company's net interest income increased by 34% to $2.1 billion, driven by loan and securities growth from the Bremer acquisition, strong overall loan growth, and lower costs of average interest-bearing liabilities. These positive factors were partially offset by higher balances of average interest-bearing liabilities.
The company's financial performance was impacted by several notable items. These included $140.9 million in merger-related expenses, $75.6 million in CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans, a $5.1 million net gain associated with the freezing of the benefits of the Bremer pension plan and subsequent termination of the plan, and a $3.0 million reduction to previously accrued FDIC special assessment. Excluding these items, adjusted net income applicable to common shares for 2025 was $808.6 million, or $2.21 per diluted common share.
Strategic developments for Old National in 2025 included the completion of the acquisition of Bremer Financial Corporation on May 1, 2025, which contributed approximately $16.3 billion of total assets, $11.1 billion of total loans, and $12.9 billion of deposits. Total deposits grew by 35%, or 5% excluding the Bremer acquisition, while total loans increased by 34%, or 5% excluding Bremer. The company also reported an efficiency ratio of 55.10% and net charge-offs to average loans of 0.25%. At the end of the year, Old National employed 4,971 full-time equivalent team members and operated 346 banking centers.
Looking ahead, Old National is focused on driving tangible book value per share growth in 2026. The company plans to focus on disciplined organic growth, prudent capital deployment, and continued investment in talent, technology, and client-facing capabilities. The company anticipates that its ability to navigate changes in short-term interest rates, shifts in the yield curve, and overall economic conditions will be crucial to its future performance. The company's Board of Directors approved a new share repurchase program, authorizing the repurchase of up to $400 million of its outstanding shares of common stock through February 28, 2027, replacing the prior $200 million program.
About OLD NATIONAL BANCORP /IN/
Old National Bancorp is a Midwest-based financial holding company operating Old National Bank, a full-service community bank. It offers consumer and commercial banking, wealth management, trust, and capital markets services across the Midwest and Southeast. The company focuses on building long-term client relationships, community reinvestment, and strategic mergers to expand its regional footprint and deliver stable, relationship-driven banking solutions.
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