Shares of Old National Bancorp (ONB) surged 5.17% in Wednesday's trading session, following the company's release of better-than-expected first-quarter 2025 earnings and the announcement of an earlier closing date for its partnership with Bremer Bank.

The Midwest-based financial institution reported adjusted earnings per share of $0.45 for Q1, exceeding analyst estimates. The strong performance was driven by several factors, including robust deposit growth, solid loan expansion, and disciplined expense management. Old National's net interest income and margin performance met expectations, while noninterest income benefited from gains on loan sales and higher fees from mortgages and service charges.

Adding to investor optimism, Old National announced that its partnership with Bremer Bank is now expected to close on May 1, two months earlier than the initially projected July 1 date. This strategic move is anticipated to enhance Old National's footprint in the Upper Midwest, providing greater scale and density in key markets.

James Ryan, Chairman and CEO of Old National, commented on the results: "These better-than-expected results demonstrate our ability to navigate a challenging and uncertain economic environment, setting us up favorably as we move into the second quarter and importantly, as we prepare for the close integration of our partnership with Bremer Bank."

The company also reported a significant increase in tangible book value, up 5% from the previous quarter and 13% year-over-year. Additionally, Old National maintained strong credit quality while increasing its allowance for credit losses, incorporating global trade and economic uncertainty into its reserve levels.

While some analysts adjusted their price targets for Old National, the overall market reaction suggests investors are focusing on the company's strong fundamental performance and strategic positioning for future growth.