Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q4 2025 Earnings Presentation
30 slides from Old National Bancorp's earnings presentation, Jan 21, 2026
Slide 1: 4th Quarter 2025 Financial Review
4th Quarter 2025 Financial Review January 21, 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 4Q25 performance and record full-year 2025 • Record adjusted EPS, net income, and efficiency ratio for full-year 2025 • Peer-leading profitability – ROATCE1 of 17.8%; 19.9% as adjusted1 for 4Q25 – ROAA1 of 1.21%; 1.37% as adjusted1 for 4Q25 • Funded our loan growth with deposit g
Slide 5: Full-Year 2025 Highlights
Full-Year 2025 Highlights Highlights Reported Adjusted1 • Strong reported results and record adjusted EPS, EPS $1.79 $2.21 net income, and efficiency ratio Net Income $653 $809 Key Performance Drivers • Completed Bremer partnership on May 1, 2025, Return on Average Assets 1.02% 1.26% solidifying our
Slide 6: Fourth-Quarter 2025 Highlights
Fourth-Quarter 2025 Highlights Key Performance Drivers Reported Adjusted1 • Total loan2 growth of $768.8 million or 6.4% EPS $0.55 $0.62 annualized Net Income $213 $241 • Granular low-cost deposit franchise – Total deposits up 0.6% annualized Return on Average Assets 1.21% 1.37% – Total deposit cost
Slide 7: Liquid, Well-Capitalized Balance Sheet
Liquid, Well-Capitalized Balance Sheet % Change End of Period Balances 4Q25 3Q25 4Q24 4Q25 vs. 3Q25 4Q25 vs. 4Q24 Available-for-sale securities, at fair value $11,384 $11,418 $7,458 —% 53% Held-to-maturity securities, at amortized cost $2,895 $2,910 $2,955 (1)% (2)% Total loans1 $48,817 $48,048 $36,
Slide 8: Earning Assets
Earning Assets Total Loans1 Total loans1 YoY Up 34% • Total loan growth of $768.8 million or $48,048 $48,817 6.4% annualized $36,320 – C&I loan growth of $477.5 million – $3.5 billion total commercial production; up 6.28% 25% from 3Q25 6.14% 6.14% ◦ 89% floating; avg yield of 5.9% ◦ 11% fixed; avg y
Slide 9: Quality, Low-Cost Deposit Franchise
Quality, Low-Cost Deposit Franchise Period-End Total Deposits Key Performance Drivers Up 35% Y oY • Period end total deposits up 0.6% annualized; core $55.0 $55.1 deposits down 3.2% annualized, impacted by $40.8 $5.7 $3.2 $5.2 $3.7 seasonal outflows of public funds $4.0 $1.5 $21.9 $21.7 • NIB deposi
Slide 10: Fourth-Quarter 2025 Results
Fourth-Quarter 2025 Results % Change 4Q25 3Q25 4Q24 4Q25 vs. 3Q25 4Q25 vs. 4Q24 Net Interest Income (FTE)1,2 $589 $583 $400 1% 47% Provision for credit losses3 33 27 27 22% 22% Adjusted noninterest income1 126 130 96 (3%) 31% Pension plan loss4 16 — — N/M N/M Adjusted noninterest expense1 365 376 26
Slide 11: Net Interest Income & Net Interest Margin
Net Interest Income & Net Interest Margin1 1 Net Interest Income Key Performance Drivers $583 $589 • Net interest income1 increase reflective of growth in interest-earning assets • NIM1 increased 1 bp vs. 3Q25 $400 • Strong low-cost deposit franchise 3.64% 3.65% – Total deposit costs of 180 bps; dow
Slide 12: Noninterest Income
Noninterest Income 4Q25 3Q25 4Q24 Key Performance Drivers Bank Fees $41 $41 $32 • Strong capital markets and higher mortgage fees more than offset by lower Wealth Fees 39 40 30 other income, which was elevated in the prior quarter Mortgage Fees 11 10 7 • Quarter-end mortgage pipeline was Capital Mar
Slide 13: Noninterest Expense
Noninterest Expense 4Q25 3Q25 4Q24 Key Performance Drivers • Decrease reflective of cost savings Salaries & Employee Benefits $180 $194 $143 related to Bremer and disciplined expense management Occupancy & Equipment 48 47 39 • Adjusted efficiency ratio1 of 46.0% Technology & Communication 35 41 25 A
Slide 14: Credit Quality
Credit Quality Asset Quality Net Charge-Offs 1.23% 1.23% 1.07% 0.25% 0.27% 0.21% 0.27% 0.22% 0.18% 0.17% 0.17% 0.16% 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 30+ Day Delinquency Nonaccrual Loans ONB ONB, excluding PCD Allowance for Credit Losses 1 Key Credit Quality Metrics • NCOs of 16 bps excluding 11 bps im
Slide 15: Peer Credit Data
Peer Credit Data 30+ Day Delinquency Net Charge-Offs 0.50% 0.40% 0.40% 0.30% 0.30% 0.20% 0.20% 0.10% 0.10% 0.00% 0.00% (0.10)% FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 3Q25 4Q25 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 3Q25 4Q25 1 2 1 ONB Peer Average ONB Peer Average Non-Performing Loans Ne
Slide 16: Strong Capital Position
Strong Capital Position 4Q25 1 3Q25 4Q24 Key Performance Drivers • Strong retained earnings drive capital, partly CET1 capital to RWA 11.08% 11.02% 11.38% offset by loan growth • HTM securities pre-tax unrealized losses of Tier 1 capital to RWA 11.53% 11.49% 11.98% $355 million (~$266 million net of
Slide 17: Net Interest Income Outlook
Net Interest Income Outlook1 Maintaining Neutral Rate Risk FY2026 NII Outlook Position ~ $620 • 59% of loans are variable/floating-rate – 93% reprice within 3 months ~ $610 • ~$8.0 billion fixed-rate loans and securities expected to reprice over NTM ~ $595 ~ $590 • 36% of total deposits are exceptio
Slide 18: Outlook
Outlook 1Q26 Outlook Full-Year 2026 Outlook EOP loans up 3% - 5%, annualized up 4%-6% (Including HFS) ~$590 million Net interest income (FTE basis)1 ~$2,415 million, +/- 2% (2 fewer days) ~$120 million Noninterest income1 ~$485 - $505 million (2 fewer days) Noninterest expense1 ~$360 million ~$1,435
Slide 19: Appendix
Appendix Lo OLD NATIONAL BANCORP’
Slide 20: Diversified Loan Portfolio
Diversified Loan Portfolio CRE Non-Owner Occupied $15.7 billion Office 4% Warehouse Total Loans Industrial 5% Multifamily 13% $48.8 billion Total Loans By State Other 6% MN $10.2 21% Consumer Retail 7% 4% IL 8.4 17% IN 5.5 11% Residential CRE Non- Real Estate Owner WI 4.6 9% 17% Occupied 32% MI 3.0
Slide 21: 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 $4.8 <4% billion >4% billion Multifamily Maturing CRE NOO Loans • Manageable volume of loans subject to refinance risk – Predominantly multifamil
Slide 22: CRE Non-Owner Occupied - Office
CRE Non-Owner Occupied - Office Our Lending Looks More Like This ...Less Like This • Total office portfolio of $2.0 billion; average loans size is $3.5 million – Largest exposure of ~$70 million (large, diversified MOB) • 86% located in bank’s footprint, diversified by submarket • 47% of portfolio i
Slide 23: CRE Non Owner Occupied - Multifamily
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 bank’s footprint • Continued strong demand and rental rates in core markets (I
Slide 24: Granular, Long-Tenured Deposit Base
Granular, Long-Tenured Deposit Base Average Core Account Balance Deposit Highlights • Insured deposits2 >70% of total deposits • Granular low-cost deposit franchise $1.5mm – Top 20 deposit clients represents ~8% of $1.1mm total deposits; weighted average tenure > 18 years; >70% collateralized or ins
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation 4Q25 3Q25 4Q24 Net interest income $580.8 $574.6 $394.1 FTE Adjustment 8.0 8.0 5.8 Net interest income (FTE) $588.8 $582.6 $399.9 Add: Noninterest income 109.7 130.5 95.8 Total revenue (FTE) $698.6 $713.0 $495.7 Less: Provision for credit losses (32.7) (26.7) (27.0) Less: Non
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation 4Q25 3Q25 4Q24 Noninterest income $109.7 $130.5 $95.8 Less: Debt securities gains/losses 0.0 0.0 0.1 Less: Pension plan loss 15.9 0.0 0.0 Adjusted noninterest income $125.6 $130.5 $95.9 Noninterest expense $386.3 $445.7 $276.8 Less: Merger-related charges (24.5) (69.3) (8.1)
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation 4Q25 3Q25 4Q24 Noninterest Expense $386.3 $445.7 $276.8 Less: Intangible amortization (26.0) (26.2) (7.2) Noninterest expense, excluding intangible amortization 360.3 419.5 269.6 Adjustments: Less: Merger-related charges (24.5) (69.3) (8.1) Less: FDIC Special Assessment 3.0 0
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation 4Q25 3Q25 4Q24 Net income applicable to common shares $212.6 $178.5 $149.8 Add: Intangibles amortization, net of tax 19.6 19.6 5.4 Tangible net income applicable to common shares $232.1 $198.2 $155.3 Total adjustments, net of tax $28.4 $52.8 $6.1 Adjusted net income applicabl
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation 4Q25 3Q25 4Q24 Shareholders' equity $8,494.8 $8,309.3 $6,340.3 Less: Preferred equity (243.7) (243.7) (243.7) Shareholders' common equity 8,251.1 8,065.6 6,096.6 Less: Goodwill and other intangible assets (2,908.0) (2,927.0) (2,296.1) Tangible shareholders' common equity $5,3
Slide 30: 2025 Peer Group
2025 Peer Group Like-size, publicly-traded financial services companies, serving comparable demographics with comparable services as Old National Bancorp Associated Banc-Corp ASB BOK Financial Corporation BOKF Cadence Bancorporation CADE Columbia Banking System, Inc. COLB Comerica Incorporated CMA F