OLD NATIONAL BANCORP /IN/ONB

OLD NATIONAL BANCORP /IN/ Goodwill & Intangibles Disclosure

10-KFiled Feb 19, 20262 min read
GOODWILL AND OTHER INTANGIBLE ASSETS
The following table presents the changes in the carrying amount of goodwill:
Years Ended December 31,
(dollars in thousands)202520242023
Balance at beginning of period$2,175,251 $1,998,716 $1,998,716 
Acquisitions and adjustments250,449 176,535 — 
Balance at end of period$2,425,700 $2,175,251 $1,998,716 
During 2025, Old National recorded $250.4 million of goodwill associated with the acquisition of Bremer. During 2024, Old National recorded $176.5 million of goodwill associated with the acquisition of CapStar. See Note 2 to the consolidated financial statements for additional detail regarding these transactions.
Old National performed the required annual goodwill impairment test as of August 31, 2025 and there was no impairment. No events or circumstances since the August 31, 2025 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.
The gross carrying amounts and accumulated amortization of other intangible assets were as follows:
(dollars in thousands)Gross
Carrying
Amount		Accumulated
Amortization
and Impairment		Net
Carrying
Amount
December 31, 2025
Core deposit$586,735 $(166,160)$420,575 
Customer trust relationships93,892 (32,181)61,711 
Total intangible assets$680,627 $(198,341)$482,286 
December 31, 2024
Core deposit$189,636 $(95,950)$93,686 
Customer trust relationships50,892 (23,731)27,161 
Total intangible assets$240,528 $(119,681)$120,847 
Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years. During 2025, Old National recorded $397.1 million of core deposit intangibles and $43.0 million of customer relationship intangibles associated with the acquisition of Bremer. During 2024, Old National recorded $46.1 million of core deposit intangibles associated with the acquisition of CapStar.
Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded in 2025, 2024, or 2023. Total amortization expense associated with intangible assets was $78.7 million in 2025, $27.5 million in 2024, and $24.2 million in 2023.
Estimated amortization expense for future years is as follows:
(dollars in thousands)
2026$96,109 
202784,810 
202873,689 
202962,983 
203052,287 
Thereafter112,408 
Total$482,286 

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 19, 2025
2023Feb 22, 2024
2022Feb 22, 2023
2021Feb 10, 2022
2020Feb 10, 2021
2019Feb 12, 2020
2018Feb 12, 2019
2017Feb 15, 2018
2016Feb 16, 2017

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&ELeasesSegmentsCommitmentsStock CompensationNew Standards