Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Debt Investor Presentation (January 2026)
38 slides from Old National Bancorp's debt investor presentation, Jan 22, 2026
Slide 1: Fixed Income Investor Presentation January 2026
Fixed Income Investor Presentation January 2026
Slide 2: Disclaimer
2 This Presentation contains summarized consolidated information concerning Old National Bancorp (the “Company” or “Old National” ) and the Company’s business, operations, financial performance and trends . No representation is made that the information in this presentation is complete . For additio
Slide 3: Forward-looking statements
3 This Presentation contains certain "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27 A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21 E of the Securities Exchange Act of 1934 and Rule
Slide 4: Non-GAAP Financial Measures
4 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 financial measures , which the Company bel
Slide 5: Meet The Team: Today's Presenters
5 Meet The Team Today’s Presenters John Moran Chief Financial Officer Tim Burke President & Chief Operating Officer Carrie Goldfeder Chief Credit Officer Mike Loyd Treasurer
Slide 6: Franchise Overview
Franchise Overview a OLD NATIONAL BANCORP’
Slide 7: Snapshot of Old National
7 Snapshot of Old National Financial data as of or for the quarter ended 12 /3 1 /2025, except as noted 1 Non - GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non - GAAP reconciliation 2 Market data as of 12/31/2025 3 M
Slide 8: ONB Has Dramatically Enhanced Franchise Value
8 ONB H as Dramatically Enhanced Franchise Value Q4 ’25 2013 $7 2 $10 $3 7 $6 $ 2.48 (ann.) $1.05 $13. 71 $7.85 46 % 67% 4,971 ~2,600 3 46 169 $15 9.2 $42.7 4 M 463k $8 8 , 44 7 $40,663 Assets ($B) AUM ($B) Adjusted EPS 1 TBV Per Share 1 Adj. Efficiency Ratio 1 Headcount Branches Deposits / Branch (
Slide 9: Corporate Strategy
9 Corporate Strategy Old National’s primary strategic objective is to be a top quartile performing “basic bank” that is a primary, trusted partner to our clients in the communities we serve, and a highly respected, highly valued employer that continually empowers our team members to grow, develop an
Slide 10: Low-Risk Balance Sheet Relative to Peers
10 Financial data as of or for the quarter ended 9/30/2025, except as noted 1 Peer Group data per S&P Capital IQ Pro as of 9 /30/2025 - See Appendix for definition of Peer Group 2 Peer Group data per S&P Capital IQ Pro as of full years 2022 - 2024 for 3 - Year and 2010 - 2024 for 15 - Year 3 Exclude
Slide 11: Financial Details
Financial Details Data as of December 31 , 2025
Slide 12: Leading Profitability & Capital Generation
12 Leading Profitability & Capital Generation 1 11.4% 11.6% 11.8% 14.1% 14.6% 14.6% 14.7% 14.7% 14.9% 14.9% 15.0% 15.4% 17.3% 17.7% 20.1% 20.5% 1 Peer Group data per S&P Capital IQ Pro as of 9 /30/2025 - See Appendix for definition of Peer Group 2 Peer figures represent core metrics, as defined by S
Slide 13: Fourth-Quarter 2025 Highlights
13 Fourth - Quarter 2025 Highlights Recent Performance Drivers • Total loan 2 growth of $768.8 million or 6.4% annualized • Granular low - cost deposit franchise – Total deposits up 0.6% annualized – Total deposit costs of 180 bps , down 17 bps • Relative to guidance, performed in - line or better o
Slide 14: Consistent & High Levels of Profitability
14 Consistent & High Levels of Profitability 1 Non - GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non - GAAP reconciliation ROAA - return on average assets ROATCE - return on average tangible common equity GAAP - gene
Slide 15: Net Interest Income and NIM
15 $400 $393 $522 $583 $589 3.30% 3.27% 3.53% 3.64% 3.65% $100 $200 $300 $400 $500 $600 $700 4Q24 1Q25 2Q25 3Q25 4Q25 Net Interest Income NIM $ in millions Annualized growth figures measured versus prior quarter 1 Fully Taxable Equivalent Basis; Non - GAAP financial measure that management believes
Slide 16: Diversified Fee Income Sources
16 Bank Fees 32% Wealth Fees 31% Capital Markets 10% Mortgage Fees 9% BOLI 6% Other 12% Diversified Fee Income Sources $ in m illions , except as noted 1 Non - GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non - GAAP r
Slide 17: Disciplined Expense Management
17 Disciplined Expense Management $ in millions 1 Non - GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non - GAAP reconciliation Adjusted Noninterest Expense 1 Adjusted Efficiency Ratio 1 $143 $143 $180 $194 $180 $39 $3
Slide 18: Quality, Low-Cost Deposit Franchise
18 $20 $20 $25 $24 $24 $15 $15 $21 $22 $22 $4 $4 $6 $6 $5 $2 $2 $3 $3 $4 $41 $41 $54 $55 $55 4Q24 1Q25 2Q25 3Q25 4Q25 Retail Commercial Public Brokered Quality, Low - Cost Deposit Franchise $ in billions 1 Includes the estimate of Old National Bank federally uninsured deposit balances for regulatory
Slide 19: Diversified Loan Portfolio
19 $10 $11 $15 $15 $15 $4 $4 $6 $6 $6 $12 $12 $16 $16 $16 $7 $7 $8 $8 $8 $3 $3 $3 $3 $3 $36 $36 $48 $48 $49 4Q24 1Q25 2Q25 3Q25 4Q25 C&I CRE - OO CRE - Non OO Residential Consumer Diversified Loan Portfolio 6.14% 5.83% 6.16% 6.28% 6.14% $ in billions Excludes loans held - for - sale Summations may n
Slide 20: Commercial Real Estate Portfolio
20 Multifamily 41% Retail 12% Other 19% Warehouse Industrial 16% Office 12% Senior Housing 8% Retail 23% Other 23% Warehouse Industrial 31% Office 15% Commercial Real Estate Portfolio As of 12 /3 1 /2025 Excludes loans held - for - sale Summations may not equal due to rounding 1 Measured relative to
Slide 21: Stable Credit Quality
21 4.2% 5.4% 5.4% 5.2% 4.7% 6.7% 7.6% 7.5% 7.0% 6.3% 4Q24 1Q25 2Q25 3Q25 4Q25 Classified Loans Classified + Criticized Loans 0.21% 0.24% 0.24% 0.25% 0.27% 0.17% 0.21% 0.21% 0.17% 0.16% 4Q24 1Q25 2Q25 3Q25 4Q25 NCOs NCOs (ex PCD) 1.23% 1.29% 1.24% 1.23% 1.07% 0.27% 0.22% 0.30% 0.18% 0.22% 4Q24 1Q25 2
Slide 22: Peer Credit Data
22 Peer Credit Data 1 Peer Group data per S&P Capital IQ Pro - See Appendix for definition of Peer Group 2 Excludes purchased credit deteriorated net charge - offs FY - Full - year Peer Avg. 1 Peer Avg. 1 Peer Avg. 1 Peer Avg. 1 2 2
Slide 23: High Quality Investment Portfolio
23 U.S. Treasuries and Agency Backed 84% Municipal 10% Corporate & Other 6% High Quality Investment Portfolio Securities Portfolio Composition 2 Highlights • High - quality portfolio – 84% U.S. treasuries and agency - backed – 10% highly - rated municipals securities – 6% corporate and other – All C
Slide 24: Ample and Diverse Sources of Liquidity
24 Ample and Diverse Sources of Liquidity Diversified Liquidity Sources Loans HFI / Deposits Cash + AFS Securities / Assets 1 Cash and Due $2B Unencumbered Securities $6B Fed Discount Window $4B FHLB $8B $20B+ available liquid funds and borrowing capacity 89% 89% 88% 87% 89% 4Q24 1Q25 2Q25 3Q25 4Q25
Slide 25: Strong Capital Ratios
25 Strong Capital Ratios 1 Non - GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non - GAAP 2 4Q25 figures are preliminary 3 CRE as defined in the regulatory agencies guidance on CRE and is sourced from bank call report.
Slide 26: Key Investment Highlights
26 Financial data as of or for the quarter ended 12 /3 1 /2025 , except as noted 1 Non - GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non - GAAP reconciliation 2 Includes loans held - for - sale ROAA - r eturn on aver
Slide 27: Appendix
Appendix a OLD NATIONAL BANCORP’
Slide 28: Credit Ratings & Subordinated Debt Maturity Profile
28 Credit Ratings & Subordinated Debt Maturity Profile Subordinated Debt Maturity Profile as of December 31, 2025 Current Coupon Back - End Coupon Front - End Coupon Tier 2 Treatment Amount ($000) Call Date Maturity Date Rank Entity Term / Structure 5.875% NA 5.875% 0% $150,000 NA 9/29/2026 Subordin
Slide 29: Conservative Lending Limit/Risk Grades
29 Conservative Lending Limit/Risk Grades 1 Data as of 12 /3 1 /2025 0 1 2 3 4 5 6 - Investment Grade Borrower Asset Quality Rating (Risk Grade) - Minimal Grade - Modest Grade - Average Risk - Strong Monitor - Monitor - Watch $150MM $125MM $100MM $80MM $70MM $50MM $30MM In - House Direct Lending Lim
Slide 30: CRE Non Owner Occupied - Office
30 CRE Non Owner Occupied - Office Our Lending Looks More Like This … ...Less Like This ▪ Total office portfolio of $ 2.0 billion; average loan size is $3. 5 million – Largest exposure of ~$ 7 0 million (large, diversified MOB) ▪ 86 % located in B ank’s footprint, diversified by submarket ▪ 4 7 % of
Slide 31: CRE Non Owner Occupied - Multifamily
31 CRE Non Owner Occupied - Multifamily Our Lending Looks More Like This … ...Less Like This ▪ Total multifamily portfolio of $6. 6 billion; average loans size is $4.9 million – Largest exposure of ~$65 million ▪ 87% located in B ank’s footprint ▪ Continued strong demand and rental rates in core mar
Slide 32: Markets of Operation
32 Markets of Operation ONB's Top 20 MSAs ONB Rank ONB Branches ONB Deposits in Mkt. ($M) % of Franchise ONB Mkt. Share (%) Proj. Pop. Growth '26 - '31 Current Median HHI ($) Proj. HHI Growth '26 - '31 1 Chicago-Naperville-Elgin, IL-IN 9 89 $18,009 32.8% 3.0% 0.5% $97,107 13.1% 2 Minneapolis-St. Pau
Slide 33: 4Q24 Q2 2Q25 3Q25 4Q25 $394. $ 387.6 $514.8 $574.6 $580.8 Net interest income
33 4Q24 1 Q2 5 2Q25 3Q25 4Q25 $394. 1 $ 387.6 $514.8 $574.6 $580.8 Net interest income 5.8 5.4 7.1 8.0 8.0 FTE Adjustment $ 399 . 9 $ 393.0 $521.9 $582.6 $588. 8 Net interest income (FTE) 95.8 93.8 132.5 130.5 109.7 Add: Noninterest income $495.7 $ 486.8 $654.4 $713.0 $698.6 Total revenue (FTE) (27.
Slide 34: Non-GAAP Reconciliation
34 Non - GAAP Reconciliation $ in millions Summations may not equal due to rounding 4Q24 1 Q25 2 Q25 3Q25 4Q25 $95.8 $ 93.8 $13 2 .5 $130.5 $109.7 Noninterest income 0.1 0. 1 0.0 0.0 0.0 Less: Debt securities gains/losses 0.0 0.0 (21.0) 0.0 15.9 Less : Pension plan loss (gain) $95.9 $ 93.9 $ 111.5 $
Slide 35: Non-GAAP Reconciliation
35 Non - GAAP Reconciliation $ in millions Summations may not equal due to rounding FTE - f ully taxable equivalent 4Q24 1 Q25 2 Q25 3Q25 4Q25 $276.8 $ 268.5 $ 384.8 $445.7 $386.3 Noninterest Expense (7.2) ( 6.8 ) ( 19.6 ) (26.2) (26.0) Less: Intangible amortization 269.6 261.7 365.2 419.5 360.3 Non
Slide 36: Non-GAAP Reconciliation
36 Non - GAAP Reconciliation $ in millions Summations may not equal due to rounding 4Q24 1 Q25 2 Q25 3Q25 4Q25 $149.8 $ 140.7 $ 121.4 $178.5 $212.6 Net income applicable to common shares 5.4 5.1 14.7 19.6 19.6 Add: Intangibles amortization, net of tax $155.3 $ 145.8 $ 136.1 $198.2 $ 232.1 Tangible n
Slide 37: Non-GAAP Reconciliation
37 Non - GAAP Reconciliation $ in millions Summations may not equal due to rounding 4Q24 1 Q25 2 Q25 3Q25 4Q25 $6,340.3 $ 6,535.0 $ 8,126.4 $8,309.3 $8,494.8 Shareholders' equity (243.7) (243.7) (243.7) (243.7) (243.7) Less: Preferred equity 6,096.6 6,291.3 7,882.7 8,065.6 8,251.1 Shareholders' comm
Slide 38: 2025 Peer Group
38 2025 Peer Group Like - size, publicly - traded financial services companies, serving comparable demographics with comparable services as Old National Bancorp ASB Associated Banc - Corp BOKF BOK Financial Corporation CADE Cadence Bancorporation COLB Columbia Banking System, Inc. CMA Comerica Incor
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