Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q2 2026 Earnings Presentation
29 slides from Old National Bancorp's earnings presentation, Jul 22, 2026
Slide 1: 2nd Quarter 2026 Financial Review
2nd Quarter 2026 Financial Review July 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 Record second quarter results • EPS of $0.65 and record efficiency ratio1 of 47.0% – Record adjusted EPS1 of $0.65 and record adjusted efficiency ratio1 45.2% – Record net income and adjusted net income • Peer-leading profitability – ROATCE1 of 19.8%; 19.9% as adjusted1 – ROAA1 of 1.38%
Slide 5: Second-Quarter 2026 Highlights
Second-Quarter 2026 Highlights Key Performance Drivers Reported Adjusted1 • EPS of $0.65; record adjusted EPS1 of $0.65 EPS $0.65 $0.65 • Total loan2 growth of $1.0 billion, 8.3% annualized Net Income $249 $250 – C&I growth of $495 million, 12.7% annualized – CRE growth of $342 million, 6.2% annuali
Slide 6: Liquid, Well-Capitalized Balance Sheet
Liquid, Well-Capitalized Balance Sheet % Change End of Period Balances 2Q26 1Q26 2Q25 2Q26 vs. 1Q26 2Q26 vs. 2Q25 Available-for-sale securities, at fair value $11,582 $11,446 $11,005 1% 5% Held-to-maturity securities, at amortized cost $2,845 $2,860 $2,926 (1)% (3)% Total loans1 $50,816 $49,788 $47,
Slide 7: Earning Assets
Earning Assets Total Loans1 Total loans1 Y U p 6% Yo • Total loan growth of $1.0 billion or $47,980 $49,788 $50,816 8.3% annualized – C&I loan growth of $495 million – CRE loan growth of $342 million 6.16% 5.88% 5.88% – $3.5 billion total commercial production ◦ 89% floating; avg yield of 5.8% ◦ 11%
Slide 8: Quality, Low-Cost Deposit Franchise
Quality, Low-Cost Deposit Franchise Period-End Total Deposits Key Performance Drivers Up 3% YoY • Period end total deposits up 3.4% annualized, $54.4 $55.7 $56.1 increases in public funds and business checking, $5.6 $4.9 $5.0 partly offset by seasonal outflows of retail deposits $24.2 $26.1 $26.9 •
Slide 9: Second-Quarter 2026 Results
Second-Quarter 2026 Results % Change 2Q26 1Q26 2Q25 2Q26 vs. 1Q26 2Q26 vs. 2Q25 Net Interest Income (FTE)1,2 $586 $580 $522 1% 12% Provision for credit losses3 36 35 107 3% (66%) Adjusted noninterest income1 140 122 112 15% 25% Pension plan gain 13 — 21 N/M (38%) Adjusted noninterest expense1 360 35
Slide 10: Net Interest Income & Net Interest Margin
Net Interest Income & Net Interest Margin1 1 Net Interest Income Key Performance Drivers $580 $586 • Net interest income1 increase reflective of high quality $522 loan growth and stable core deposit pricing, partly offset by funding mix • NIM1 decreased 1 bp vs. 1Q26 • Strong low-cost deposit franch
Slide 11: Noninterest Income
Noninterest Income 2Q26 1Q26 2Q25 Key Performance Drivers Bank Fees $41 $39 $37 • Strong increases in all fee income lines Wealth Fees 42 40 36 • Other income elevated due to market value adjustments, as well as higher BOLI income and an asset recovery Mortgage Fees 11 10 10 Capital Markets 12 11 7
Slide 12: Noninterest Expense
Noninterest Expense 2Q26 1Q26 2Q25 Key Performance Drivers • Disciplined expense management Salaries & Employee Benefits $183 $176 $180 • Record adjusted efficiency ratio1 of 45.2% Occupancy & Equipment 45 49 43 Technology & Communication 36 35 36 Amortization of intangibles 24 26 20 Other 72 68 65
Slide 13: Credit Quality
Credit Quality Asset Quality Net Charge-Offs 1.24% 1.03% 0.91% 0.26% 0.26% 0.24% 0.30% 0.29% 0.21% 0.22% 0.24% 0.19% 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 30+ Day Delinquency Nonaccrual Loans ONB ONB, excluding PCD Allowance for Credit Losses 1 Key Credit Quality Metrics $608 $4 $612 • NCOs of 22 bps exclud
Slide 14: Peer Credit Data
Peer Credit Data 30+ Day Delinquency Net Charge-Offs 0.40% 0.60% 0.50% 0.30% 0.40% 0.20% 0.30% 0.10% 0.20% 0.10% 0.00% 0.00% (0.10)% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 1 2 1 ONB Peer Average ONB Peer Average Non-Performing Loans Net Ch
Slide 15: Strong Capital Position
Strong Capital Position 2Q26 1 1Q26 2Q25 Key Performance Drivers • TBV1 per share up 11% annualized vs. 1Q26; up CET1 capital to RWA 11.09% 11.11% 10.74% 14% YoY • Total capital returned to common shareholders of Tier 1 capital to RWA 11.53% 11.56% 11.20% $163 million during 2Q26 – Combined payout r
Slide 16: Outlook
Outlook Full-Year 2026 Outlook 2Q26 Actual Original1 Current EOP loans up 8% annualized up 4%-6% YoY up 6%-8% YoY (Including HFS) Net interest income ~$2,415 million +/- 2% ~$2,400 million +/- 2% $586 million (FTE basis)2 (Up 13-18% YoY) (Updated for 1Q26 sub. debt) Noninterest income2 $140 million
Slide 17: Appendix
Appendix Lo OLD NATIONAL BANCORP’
Slide 18: Diversified Loan Portfolio
Diversified Loan Portfolio CRE Non-Owner Occupied $16.6 billion Office 4% Total Loans Warehouse Industrial Multifamily 13% $50.8 billion 6% Total Loans By State Other 6% MN $10.1 20% Consumer Retail 6% 4% IL 8.7 17% IN 5.8 11% Residential CRE Non- Real Estate Owner WI 4.6 9% 17% Occupied 33% 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% ~1% of Total Loans Office Other $0.7 >4% $5.0 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 $2.2 billion; average loans size is $3.8 million • 84% located in bank’s footprint, diversified by submarket • 59% 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 $5.3 million • 87% located in bank’s footprint • Stable demand and rental rates in core markets (IL, MN, WI) • Multifamily remains dominant and
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 ~16 years; >70% collateralized or insu
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation 2Q26 1Q26 2Q25 Net interest income $579.0 $572.6 $514.8 FTE Adjustment 7.5 7.8 7.1 Net interest income (FTE) $586.5 $580.4 $521.9 Add: Noninterest income 153.6 122.3 132.5 Total revenue (FTE) $740.1 $702.8 $654.4 Less: Provision for credit losses (36.2) (34.9) (106.8) Less: N
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation 2Q26 1Q26 2Q25 Noninterest income $153.6 $122.3 $132.5 Less: Pension plan gain (13.2) 0.0 (21.0) Less: Debt securities gains/losses 0.0 (0.1) 0.0 Adjusted noninterest income $140.4 $122.2 $111.5 Noninterest expense $372.2 $364.7 $384.8 Less: Merger-related charges (12.1) (7.3
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation 2Q26 1Q26 2Q25 Noninterest Expense $372.2 $364.7 $384.7 Less: Intangible amortization (24.0) (25.6) (19.6) Noninterest expense, excluding intangible amortization 348.2 339.1 365.1 Adjustments: Less: Merger-related charges (12.1) (7.3) (41.2) Less: Distribution of excess pensi
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation 2Q26 1Q26 2Q25 Net income applicable to common shares $249.4 $229.6 $121.5 Add: Intangibles amortization, net of tax 18.0 19.2 14.7 Tangible net income applicable to common shares $267.4 $248.8 $136.2 Total adjustments, net of tax $1.0 $8.0 $69.4 Adjusted net income applicabl
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation 2Q26 1Q26 2Q25 Shareholders' equity $8,583.8 $8,510.7 $8,126.4 Less: Preferred equity (243.7) (243.7) (243.7) Shareholders' common equity 8,340.1 8,267.0 7,882.7 Less: Goodwill and other intangible assets (2,862.4) (2,886.4) (2,944.4) Tangible shareholders' common equity $5,4
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 Banking System, Inc. COLB Cullen/Frost Bankers, Inc. CFR First Horizon Corporation FHN Huntington Bancshares, Inc. HBAN M&T Bank Corporat
Slide 29: Glossary of Terms
Glossary of Terms Term Definition Term Definition ACL Allowance for credit losses k Thousand AOCI Accumulated other comprehensive income LTV Loan-to-value BOLI Bank-owned life insurance mm Million bp(s) Basis point(s) MOB Medical office building C&I Commercial and industrial N/M Not meaningful CBD C