Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q2 2026 Earnings Presentation
50 slides from Old National Bancorp's earnings presentation, Aug 5, 2026
Slide 1: 2nd Quarter 2026 Investment Thesis
Exhibit 99.1 2nd Quarter 2026 Investment Thesis August 5, 2026
Slide 2: Executive Summary
Slides 3 — 13 Executive Summary
Slide 3: Forward-Looking Statements
3 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 Act of 1934 and Rule 3b-6 p
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 performance results, which the Company believes ar
Slide 5: Corporate Strategy
5 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 6: Snapshot of Old National
6 Snapshot of Old National Financial data as of or for the quarter ended 6/30/2026, 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 8/04/2026 3 Measured f
Slide 7: The Best of Offense and Defense
7 Financial data as of or for the quarter ended 6/30/2026, except as noted 1 Vs. Peers - See Appendix for definition of Peer Group 2 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation 3 Includes
Slide 8: Leading Profitability & Capital Generation
8 Leading Profitability & Capital Generation1 1.6% 1.5% 1.5% 1.4% 1.4% 1.3% 1.3% 1.3% 1.3% 1.3% 1.2% 1.2% 1.1% 1.0% 0.6% 20.9% 19.9% 18.5% 18.1% 17.4% 17.4% 16.8% 15.3% 15.2% 15.1% 14.7% 14.7% 14.3% 11.7% 7.4% 14% 17% 19% 20% 22% 25% 26% 28% 31% 32% 34% 37% 40% 43% 49% 1 Peer Group data per S&P Capi
Slide 9: Peer Leading Profitability & Efficiency
9 Peer Leading Profitability & Efficiency1 2023 25.3% 23.7% 21.3% 20.6% 20.0% 19.4% 18.8% 17.4% 17.0% 16.8% 16.0% 15.5% 14.1% 13.4% 13.1% 2024 20.2% 19.8% 18.7% 16.9% 16.9% 16.2% 16.0% 15.5% 14.7% 14.6% 14.4% 13.4% 12.8% 12.7% 8.3% 2025 19.0% 18.9% 18.6% 18.5% 18.4% 17.8% 17.2% 16.7% 15.6% 14.9% 14.
Slide 10: Low-Risk Balance Sheet Relative to Peers
10 0.42% 1.34% 0.59% 3.74% 3-Year 15-Year 71% 76% 80% 87% 75% Lower Quartile Average Upper Quartile Max 3 and 15-Year Cumulative NCOs / Avg. Loans2Risk-Weighted Assets / Total Assets1 ONB Peer Average Financial data as of or for the quarter ended 6/30/2026, except as noted 1 Peer Group data per S&P
Slide 11: ONB has Dramatically Enhanced Franchise Value
11 ONB has Dramatically Enhanced Franchise Value Source: S&P Capital IQ Pro 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 Data as of 6/30/2025 FDIC Summary of Deposits by MSA 3 Weighted
Slide 12: Proven Franchise Enhancement and Value Creation
12 Proven Franchise Enhancement and Value Creation Source: S&P Capital IQ Pro, FactSet & Transaction Filings (deal metrics reflect assumptions at announcement) 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GA
Slide 13: Strong TBV Per Share Growth History
13 $8.37 $9.00 $10.35 $11.43 $11.70 $9.42 $11.00 $11.91 $13.71 $13.93 $14.32 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 Strong TBV Per Share Growth History1 TBV Per Share CAGR (%) Old National2 KRX3 2-Year 11.7% 8.7% 3-Year 13.3% 9.9% 5-Year 3.7% 3.0% 7-Year 6.2% 5.9% Source: S&P Capital
Slide 14: Financial Details
Financial Details Data as of June 30, 2026
Slide 15: 2Q26 Key Messages
15 2Q26 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
Slide 16: Second-Quarter 2026 Highlights
16 Second-Quarter 2026 Highlights Key Performance Drivers • EPS of $0.65; record adjusted EPS1 of $0.65 • Total loan2 growth of $1.0 billion, 8.3% annualized – C&I growth of $495 million, 12.7% annualized – CRE growth of $342 million, 6.2% annualized • Granular low-cost deposit franchise – Total dep
Slide 17: Liquid, Well-Capitalized Balance Sheet
17 2Q26 1Q26 2Q25 % Change End of Period Balances 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 $47,980 2% 6% Total assets $74,189 $73,0
Slide 18: Total Loans and Earning Assets
18 $47,980 $49,788 $50,816 2Q25 1Q26 2Q26 5.88% % 5.88% Loan Yields Earning Assets Total loans1 • Total loan growth of $1.0 billion or 8.3% annualized – C&I loan growth of $495 million – CRE loan growth of $342 million – $3.5 billion total commercial production ◦ 89% floating; avg yield of 5.8% ◦ 11
Slide 19: Second-Quarter 2026 Results
19 $ in millions, except per-share data 1 Non-GAAP financial measures that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation 2 Fully Taxable Equivalent Basis 3 Includes the provision for credit losses on unfunded loan commitme
Slide 20: Impacts on Net Interest Margin
20 Impacts on Net Interest Margin 3.55% (0.02)% (0.02)% 0.02% 0.01% 3.54% 1Q26 Rate / volume mix Subordinated Debt / SOFR # Days IB Deposit Costs 2Q26 $ in millions 1 Fully Taxable Equivalent Basis; Non-GAAP financial measure that management believes is useful in evaluating the financial results of
Slide 21: Noninterest Income
21 Noninterest Income $ 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 Key Performance Drivers • Strong increases in all fee income lines • Other income elevated due to market v
Slide 22: Noninterest Expense
22 Noninterest Expense $ 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 Key Performance Drivers • Disciplined expense management • Record adjusted efficiency ratio1 of 45.2% 2Q2
Slide 23: Allowance for Credit Losses and Credit Quality
23 Allowance for Credit Losses $608 $0 $4 $612 Allowance 3/31/2026 Economic Forecast & Other Assumptions Loan Growth & Unfunded Commitments Allowance 6/30/2026 1.22% Credit Quality Asset Quality 0.30% 0.24% 0.29% 1.24% 1.03% 0.91% 30+ Day Delinquency Nonaccrual Loans 2Q25 1Q26 2Q26 $ in millions 1 I
Slide 24: Peer Credit Data
24 Peer Credit Data 30+ Day Delinquency ONB Peer Average FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Net Charge-Offs ONB Peer Average FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 (0.10)% 0.00% 0.10% 0.20% 0.30% 0.40% Non-Performing Loans ONB Peer
Slide 25: Conservative Lending Limit/Risk Grades
25 Conservative Lending Limit/Risk Grades $ in millions 1 Data as of 6/30/2026
Slide 26: Diversified Loan Portfolio
26 CRE Non- Owner Occupied 33% CRE Owner Occupied 12% C&I 32% Residential Real Estate 17% Consumer 6% Multifamily 13% Retail 4% Other 6% Warehouse Industrial 6% Office 4% Warehouse Industrial 4% Office 1% Senior Housing 1% Retail 3% Other 3% Total Loans By State MN $10.1 20% IL 8.7 17% IN 5.8 11% WI
Slide 27: CRE Non-Owner Occupied Maturities
27 Multifamily Office Other $0.7 billion>4% <4% CRE Non-Owner Occupied Maturities As of 6/30/2026 $5.0 billion CRE NOO Maturing <18 Mos. Current Int. Rate CRE NOO Maturing <18 Mos. Int. Rate <4% ~1% of Total Loans Maturing CRE NOO Loans • Manageable volume of loans subject to refinance risk – Predom
Slide 28: CRE Non-Owner Occupied - Office
28 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 o
Slide 29: CRE Non-Owner Occupied - Multifamily
29 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
Slide 30: Strong Capital Position
30 Key Performance Drivers • TBV1 per share up 11% annualized vs. 1Q26; up 14% YoY • Total capital returned to common shareholders of $163 million during 2Q26 – Combined payout ratio of 65% – Repurchased $107 million of common stock in 2Q26; $277 million authorization remaining – Paid $56 million of
Slide 31: Quality, Low-Cost Deposit Franchise
31 Average Total Deposits $49.8 $55.1 $55.5 $38.2 $42.2 $42.7 $11.6 $12.9 $12.9 IB NIB 2Q25 1Q26 2Q26 % Quality, Low-Cost Deposit Franchise Key Performance Drivers • Period end total deposits up 3.4% annualized, increases in public funds and business checking, partly offset by seasonal outflows of r
Slide 32: Granular, Long-Tenured Deposit Base
32 ~75% >5 years Core Deposit Tenure 25% 29%18% 28% <5 years 5-15 years 15-25 years >25 years Deposit Highlights • Insured deposits2 >70% of total deposits • Granular low-cost deposit franchise – Top 20 deposit clients represents ~9% of total deposits; weighted average tenure ~16 years; >70% collate
Slide 33: Outlook
33 Outlook Full-Year 2026 Outlook 2Q26 Actual Original1 Current EOP loans (Including HFS) up 8% annualized up 4%-6% YoY up 6%-8% YoY Net interest income (FTE basis)2 $586 million ~$2,415 million +/- 2% (Up 13-18% YoY) ~$2,400 million +/- 2% (Updated for 1Q26 sub. debt) Noninterest income2 $140 milli
Slide 34: Appendix
Appendix = OLD NATIONAL BANCORP’
Slide 35: Commitment to Excellence
35 Commitment to Excellence Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders
Slide 36: Commitment to the Communities We Serve
36 Commitment to the Communities We Serve Old National’s 2025 Community Action Report (“CAR”) Report showcases our commitment to: • Strong risk management and corporate governance principles • Putting our clients at the center of all we do • Investing in our team members • Strengthening our communit
Slide 37: CAR At A Glance - 2025
37 CAR At A Glance - 2025 *Value of volunteer time based on figure of $34.79 as established by the Independent Sector
Slide 38: Commitment to Strong Corporate Governance
38 Position or Salary Target Ownership Guidelines Chief Executive Officer 5X salary in stock or 200,000 shares Chief Operating Officer 4X salary in stock or 100,000 shares Salary equal to or greater than $250,000 3X salary in stock or 50,000 shares • Stock ownership guidelines have been established
Slide 39: 2025 Executive Compensation
39 • Tied to long-term shareholder value 2025 Executive Compensation Short-Term Incentive Compensation Performance Measure Weight Adjusted EPS 100% Pre-determined formulaic modifiers for relative deposit cost and deposit growth versus banks in the KRX Index Long-Term Equity Compensation Performance
Slide 40: Board of Directors and Corporate Governance
40 Board of Directors and Corporate Governance 50% 33% 17% 0-5 years 6-10 years > 10 years Tenure 92% Independent 33% Gender, racial and ethnic board composition 67% Other public company board or executive experience Lead Independent Director Daniel S. Hermann Annual Election Elected each year for o
Slide 41: Non-GAAP Reconciliation
41 2Q26 1Q26 2Q25 FY2022 FY2019 Net interest income $579.0 $572.6 $514.8 $1,327.9 $604.3 FTE Adjustment 7.5 7.8 7.1 18.4 12.9 Net interest income (FTE) $586.5 $580.4 $521.9 $1,346.4 $617.2 Add: Noninterest income 153.6 122.3 132.5 399.7 199.3 Total revenue (FTE) $740.1 $702.8 $654.4 $1,746.1 $816.5
Slide 42: Non-GAAP Reconciliation
42 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) (41.2) Less: Distri
Slide 43: Non-GAAP Reconciliation - Efficiency Ratio
43 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 pension assets 0.0 (3.4) 0
Slide 44: Non-GAAP Reconciliation - Annual Efficiency Ratio
44 FY2025 FY2024 FY2023 FY2021 FY2019 Noninterest Expense $1,485.3 $1,094.4 $1,026.3 $501.4 $508.5 Less: Intangible amortization (78.7) (27.5) (24.2) (11.4) (16.9) Noninterest expense, excluding intangible amortization 1,406.6 1,066.9 1,002.1 490.0 491.6 Adjustments: Less: Merger-related charges (14
Slide 45: Non-GAAP Reconciliation - Returns
45 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 applicable to common shares, e
Slide 46: Non-GAAP Reconciliation - Annual Returns
46 FY2025 FY2024 FY2023 FY2021 Net income applicable to common shares $653.1 $523.1 $565.9 $277.5 Add: Intangibles amortization, net of tax 59.0 20.6 18.1 8.5 Tangible net income applicable to common shares $712.1 $543.7 $584.0 $286.0 Total adjustments, net of tax $155.5 $55.0 $33.4 $9.2 Adjusted ne
Slide 47: Non-GAAP Reconciliation - Tangible Book Value
47 FY2025 FY2024 FY2023 FY2022 1Q22 Shareholders' equity $8,494.8 $6,340.3 $5,562.9 $5,128.6 $5,232.1 Less: Preferred equity (243.7) (243.7) (243.7) (243.7) (243.7) Shareholders' common equity 8,251.1 6,096.6 5,319.2 4,884.9 4,988.4 Less: Goodwill and other intangible assets (2,908.0) (2,296.1) (2,1
Slide 48: 2026 Peer Group
48 Columbia Banking System, Inc. COLB Cullen/Frost Bankers, Inc. CFR First Horizon Corporation FHN Huntington Bancshares, Inc. HBAN M&T Bank Corporation MTB Pinnacle Financial Partners, Inc. PNFP Regions Financial Corporation RF SouthState Bank Corporation SSB UMB Financial Corporation UMBF Valley N
Slide 49: Old National Investor Relations Contact
49 Additional information can be found on the Investor Relations web pages at www.oldnational.com Investor Inquiries: Lynell J. Durchholz, CPA SVP - Director of Investor Relations 812-464-1366 lynell.durchholz@oldnational.com Old National Investor Relations Contact
Slide 50: Glossary of Terms
50 Glossary of Terms Term Definition Term Definition ACL Allowance for credit losses M&A Mergers and acquisitions AOCI Accumulated other comprehensive income mm Million AUM Assets under management MOB Medical office building bp(s) Basis point(s) MOE Merger of Equals CAGR Compound annual growth rate