Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q1 2026 Earnings Presentation
29 slides from Old National Bancorp's earnings presentation, Apr 22, 2026
Slide 1: 1st Quarter 2026 Financial Review
1st Quarter 2026 Financial Review April 22, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements These materials contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Ac
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are
Slide 4: Key Messages
Key Messages Strong 1Q26 performance and record adjusted efficiency • Peer-leading profitability – ROATCE1 of 18.4%; 19.0% as adjusted1 – ROAA1 of 1.29%; 1.33% as adjusted1 • High quality loan growth that outpaced the industry • Disciplined expense management – Record efficiency ratio1 of 48.3%; 45.
Slide 5: First-Quarter 2026 Highlights
First-Quarter 2026 Highlights Key Performance Drivers Reported Adjusted1 • Total loan2 growth of $970.9 million or 8.0% EPS $0.59 $0.61 annualized Net Income $230 $238 – C&I growth of $633.8 million or 16.9% annualized Return on Average Assets 1.29% 1.33% • Granular low-cost deposit franchise Return
Slide 6: Liquid, Well-Capitalized Balance Sheet
Liquid, Well-Capitalized Balance Sheet % Change End of Period Balances 1Q26 4Q25 1Q25 1Q26 vs. 4Q25 1Q26 vs. 1Q25 Available-for-sale securities, at fair value $11,446 $11,384 $7,754 1% 48% Held-to-maturity securities, at amortized cost $2,860 $2,895 $2,943 (1)% (3)% Total loans1 $49,788 $48,817 $36,
Slide 7: Earning Assets
Earning Assets Total Loans1 Total loans1 YoY Up 37% • Total loan growth of $970.9 million or $48,817 $49,788 8.0% annualized – C&I loan growth of $633.8 million $36,454 – $3.3 billion total commercial production 6.14% ◦ 90% floating; avg yield of 5.8% 5.83% 5.88% ◦ 10% fixed; avg yield of 6.1% – $5.
Slide 8: Quality, Low-Cost Deposit Franchise
Quality, Low-Cost Deposit Franchise Period-End Total Deposits Key Performance Drivers Up 36% Y oY • Period end total deposits up 4.2% annualized, $55.1 $55.7 impacted by seasonal outflows of public funds $41.0 $5.2 $4.9 • NIB deposits represent 23% of total deposits $4.0 $25.4 $26.1 • Spot rate of 1
Slide 9: First-Quarter 2026 Results
First-Quarter 2026 Results % Change 1Q26 4Q25 1Q25 1Q26 vs. 4Q25 1Q26 vs. 1Q25 Net Interest Income (FTE)1,2 $580 $589 $393 (2%) 48% Provision for credit losses3 35 33 31 6% 13% Adjusted noninterest income1 122 126 94 (3%) 30% Pension plan loss4 — 16 — N/M N/M Adjusted noninterest expense1 354 365 26
Slide 10: Net Interest Income & Net Interest Margin
Net Interest Income & Net Interest Margin1 1 Net Interest Income Key Performance Drivers $589 $580 • Net interest income1 decrease reflective of lower asset yields, partly offset by high quality loan growth and lower funding costs • NIM1 decreased 10 bps vs. 4Q25 $393 • Strong low-cost deposit franc
Slide 11: Noninterest Income
Noninterest Income 1Q26 4Q25 1Q25 Key Performance Drivers Bank Fees $39 $41 $31 • Strong wealth fees offset by seasonally lower bank fees as well as lower capital Wealth Fees 40 39 30 markets and mortgage fees which were elevated in the prior quarter Mortgage Fees 10 11 7 • Quarter-end mortgage pipe
Slide 12: Noninterest Expense
Noninterest Expense 1Q26 4Q25 1Q25 Key Performance Drivers • Decrease reflective of disciplined Salaries & Employee Benefits $176 $180 $143 expense management including lower other expense which was elevated in the Occupancy & Equipment 49 48 38 prior quarter • 100% realization of Bremer cost saving
Slide 13: Credit Quality
Credit Quality Asset Quality Net Charge-Offs 1.29% 1.07% 1.03% 0.27% 0.26% 0.24% 0.22% 0.22% 0.24% 0.21% 0.19% 0.16% 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 30+ Day Delinquency Nonaccrual Loans ONB ONB, excluding PCD Allowance for Credit Losses 1 Key Credit Quality Metrics $4 $608 • NCOs of 19 bps excluding 7
Slide 14: Peer Credit Data
Peer Credit Data 30+ Day Delinquency Net Charge-Offs 0.30% 0.60% 0.50% 0.20% 0.40% 0.30% 0.10% 0.20% 0.00% 0.10% 0.00% (0.10)% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 1 2 1 ONB Peer Average ONB Peer Average Non-Performing Loans Net Charge-Offs / Non-
Slide 15: Strong Capital Position
Strong Capital Position 1Q26 1 4Q25 1Q25 Key Performance Drivers • Strong retained earnings drive capital, partly CET1 capital to RWA 11.11% 11.08% 11.62% offset by loan growth and share repurchases • HTM securities pre-tax unrealized losses of Tier 1 capital to RWA 11.56% 11.53% 12.23% $392 million
Slide 16: Outlook
Outlook Unchanged 1Q26 Actual Full-Year 2026 Outlook EOP loans up 8% annualized up 4%-6% (Including HFS) Net interest income (FTE basis)1 $580 milion ~$2,415 million, +/- 2% Noninterest income1 $122 milion ~$485 - $505 million Noninterest expense1 $354 milion ~$1,435 - $1,455 million Net charge-off
Slide 17: Appendix
Appendix Lo OLD NATIONAL BANCORP’
Slide 18: Diversified Loan Portfolio
Diversified Loan Portfolio CRE Non-Owner Occupied $16.1 billion Office 4% Warehouse Total Loans Industrial Multifamily 13% $49.7 billion 5% Total Loans By State Other 6% MN $10.3 21% Consumer Retail 7% 4% IL 8.6 17% IN 5.6 11% Residential CRE Non- Real Estate Owner WI 4.6 9% 17% Occupied 32% MI 3.1
Slide 19: CRE Non-Owner Occupied Maturities
CRE Non-Owner Occupied Maturities CRE NOO CRE NOO Maturing <18 Mos. Maturing <18 Mos. Current Int. Rate Int. Rate <4% ~2% of Total Loans Other Office $0.8 $4.9 <4% billion >4% billion Multifamily Maturing CRE NOO Loans • Manageable volume of loans subject to refinance risk – Predominantly multifamil
Slide 20: CRE Non-Owner Occupied - Office
CRE Non-Owner Occupied - Office Our Lending Looks More Like This ...Less Like This • Total office portfolio of $2.1 billion; average loans size is $3.6 million • 84% located in bank’s footprint, diversified by submarket • 58% of portfolio is MOB and/or occupied by investment grade tenants • CBD offi
Slide 21: CRE Non Owner Occupied - Multifamily
CRE Non Owner Occupied - Multifamily Our Lending Looks More Like This ...Less Like This • Total multifamily portfolio of $6.7 billion; average loans size is $5.1 million • 85% located in bank’s footprint • Continued strong demand and rental rates in core markets (IL, MN, WI) • Multifamily remains do
Slide 22: Granular, Long-Tenured Deposit Base
Granular, Long-Tenured Deposit Base Average Core Account Balance Deposit Highlights • Insured deposits2 >70% of total deposits $1.4mm • Granular low-cost deposit franchise $1.1mm – Top 20 deposit clients represents ~9% of total deposits; weighted average tenure ~18 years; >65% collateralized or insu
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation 1Q26 4Q25 1Q25 Net interest income $572.6 $580.8 $387.6 FTE Adjustment 7.8 8.0 5.4 Net interest income (FTE) $580.4 $588.8 $393.0 Add: Noninterest income 122.3 109.7 93.8 Total revenue (FTE) $702.8 $698.6 $486.8 Less: Provision for credit losses (34.9) (32.7) (31.4) Less: Non
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation 1Q26 4Q25 1Q25 Noninterest income $122.3 $109.7 $93.8 Less: Debt securities gains/losses (0.1) 0.0 0.1 Less: Pension plan loss 0.0 15.9 0.0 Adjusted noninterest income $122.2 $125.6 $93.9 Noninterest expense $364.7 $386.3 $268.5 Less: Merger-related charges (7.3) (24.5) (5.9)
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation 1Q26 4Q25 1Q25 Noninterest Expense $364.7 $386.3 $268.5 Less: Intangible amortization (25.6) (26.0) (6.8) Noninterest expense, excluding intangible amortization 339.1 360.3 261.7 Adjustments: Less: Merger-related charges (7.3) (24.5) (5.9) Less: Distribution of excess pension
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation 1Q26 4Q25 1Q25 Net income applicable to common shares $229.6 $212.6 $140.6 Add: Intangibles amortization, net of tax (34.7) 19.6 5.1 Tangible net income applicable to common shares $194.9 $232.1 $145.8 Total adjustments, net of tax $8.0 $28.4 $4.9 Adjusted net income applicab
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation 1Q26 4Q25 1Q25 Shareholders' equity $8,510.7 $8,494.8 $6,534.7 Less: Preferred equity (243.7) (243.7) (243.7) Shareholders' common equity 8,267.0 8,251.1 6,291.0 Less: Goodwill and other intangible assets (2,886.4) (2,908.0) (2,289.3) Tangible shareholders' common equity $5,3
Slide 28: 2026 Peer Group
2026 Peer Group Like-size, publicly-traded financial services companies, serving comparable demographics with comparable services as Old National Bancorp Columbia Financial Corporation COLB Cullen/Frost Bankers, Inc. CFR First Horizon Corporation FHN Huntington Bancshares, Inc. HBAN M&T Bank Corpora
Slide 29: Glossary of Terms
Glossary of Terms Term Definition Term Definition ACL Allowance for credit losses LTV Loan-to-value AOCI Accumulated other comprehensive income M&A Mergers and acquisitions bp(s) Basis point(s) mm Million C&I Commercial and industrial MOB Medical office building CBD Central business district N/M Not