Core Insights - Old National Bancorp reported a strong second quarter for 2025, with net income applicable to common shares of $121.4 million and adjusted net income of $190.9 million, translating to diluted EPS of $0.34 and adjusted EPS of $0.53 [4][10][11] - The company emphasized its focus on growing its balance sheet, expanding fee-based businesses, and controlling expenses, which contributed to its impressive results [4][5] - The successful closing of the partnership with Bremer Financial Corporation on May 1, 2025, is expected to enhance Old National's balance sheet and capital position for the remainder of the year [4][5] Financial Performance - Net interest income on a fully taxable equivalent basis reached $521.9 million, with a net interest margin of 3.53%, an increase of 26 basis points [5][18] - Total deposits at the end of the period were $54.4 billion, up $13.3 billion, with core deposits increasing by $11.6 billion [5][18] - Total loans amounted to $48.0 billion, reflecting an increase of $11.5 billion, with commercial loans growing 4.6% annualized, excluding Bremer [5][18] Credit Quality - The provision for credit losses was $106.8 million, with net charge-offs of $26.5 million, representing 24 basis points of average loans [5][18] - 30+ day delinquencies were at 0.30%, while nonaccrual loans accounted for 1.24% of total loans, indicating resilient credit quality [5][18] Operational Efficiency - Noninterest expense totaled $384.8 million, with an adjusted noninterest expense of $343.6 million, leading to an efficiency ratio of 55.8% and an adjusted efficiency ratio of 50.2% [5][31] - The company reported a return on average tangible common equity (ROATCE) of 12.0% and an adjusted ROATCE of 18.1% [5][17] Leadership Changes - Tim Burke was appointed as President and Chief Operating Officer, bringing nearly 30 years of banking experience to the role [7][9] - Burke's leadership is expected to enhance Old National's commitment to relationship banking and community impact [9]