Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents the changes in the carrying amount of goodwill:


	Years Ended December 31,
(dollars in thousands)	2025		2024		2023
Balance at beginning of period	$	2,175,251	$	1,998,716	$	1,998,716
Acquisitions and adjustments	250,449		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 relationships	93,892		(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 relationships	50,892		(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
2027	84,810
2028	73,689
2029	62,983
2030	52,287
Thereafter	112,408
Total	$	482,286