Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q3 2026 Earnings Presentation
28 slides from Old National Bancorp's earnings presentation, Oct 21, 2026
Slide 1: 3rd Quarter 2026 Financial Review
3rd Quarter 2026 Financial Review October 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 Record net income, record efficiency ratio1 and an 8th consecutive quarter of YoY positive operating leverage EPS ROATCE1 ROAA1 Efficiency ratio1 Tangible book value / share RECORD $0.66 19.6% 1.37% 46.1% $13.77 Adjusted EPS1 Adjusted ROATCE1 Adjusted ROAA1 Adjusted Efficiency ratio1 Co
Slide 5: Third-Quarter 2026 At A Glance
Third-Quarter 2026 At A Glance Strong execution across the franchise drove record efficiency and solid balance sheet growth Adjusted1 KEY PERFORMANCE DRIVERS Reported Adjusted1 vs. 2Q26 Earnings per diluted share $0.66 $0.66 +2% • Total loan2 growth of $362 million (3% annualized) — C&I up $148 mill
Slide 6: Balance Sheet
Balance Sheet Strong deposit growth funded loan growth and reduced reliance on wholesale borrowings End of period balances 3Q26 2Q26 3Q25 3Q26 vs. 2Q26 3Q26 vs. 3Q25 Available-for-sale securities, at fair value $11,317 $11,582 $11,418 (2)% (1)% Held-to-maturity securities, at amortized cost $2,823 $
Slide 7: Earning Assets
Earning Assets Loan growth continued with improving yields and healthy commercial production Total loans1 and loan yields TOTAL LOANS1 LOAN1 PORTFOLIO MIX • Total loan growth of $362 million, or 3% CRE non-owner occupied 32% annualized; up 7% YoY $50,816 $51,179 $48,048 – C&I loan growth of $148 mil
Slide 8: Deposit Franchise
Deposit Franchise Deposits grew $1.5 billion, or 11% annualized; long-tenured and granular base with 22% noninterest-bearing Period-end total deposits COST & MIX WHY THE BASE IS DURABLE $56.1 $57.6 Total cost of deposits, up 8 bps QoQ Accounts under $25k; % of accounts ~80% $55.0 $5.7 $5.0 $5.6 Tota
Slide 9: Income Statement and Earnings Performance Metrics
Income Statement and Earnings Performance Metrics Adjusted EPS increased 12% YoY, reflecting continued improvement in core operating performance 3Q26 2Q26 3Q25 3Q26 vs. 2Q26 3Q26 vs. 3Q25 Net interest income1,2 $592 $586 $583 1 % 2 % Provision for credit losses3 34 36 27 (7) % 26 % Adjusted noninter
Slide 10: Net Interest Income & Net Interest Margin
Net Interest Income & Net Interest Margin1 Net interest income¹ increased as earning asset growth and favorable rate/volume mix more than offset higher deposit costs Net interest income (FTE)1 and net interest margin1 MARGIN BRIDGE · 2Q26 TO 3Q26 2Q26 net interest margin1 3.54% Rate / volume mix +4
Slide 11: Noninterest Income
Noninterest Income Bank and wealth fees remained resilient as other income normalized from elevated second quarter levels ADJUSTED NONINTEREST INCOME1 Adjusted noninterest income¹ 3Q26 2Q26 3Q25 $140 $130 $128 Bank fees $43 $41 $41 Wealth fees 42 42 40 Mortgage fees 9 11 10 Capital markets 12 12 13
Slide 12: Noninterest Expense
Noninterest Expense Disciplined expense management drove a record adjusted efficiency ratio1 of 44.9% ADJUSTED NONINTEREST EXPENSE1 Adjusted noninterest expense¹ 3Q26 2Q26 3Q25 $376 $360 $355 Salaries & employee benefits $180 $183 $194 Occupancy & equipment 46 45 47 Technology & communication 34 36
Slide 13: Credit Quality
Credit Quality Credit remains strong: net charge-offs of 24 bps excluding PCD, delinquencies down and nonaccruals stable Net charge-offs 30+ day delinquency and nonaccrual loans WHAT THIS QUARTER SHOWS % of average loans, annualized % of total loans • Net charge-offs, delinquencies, nonaccrual 1.23%
Slide 14: Strong Capital Position
Strong Capital Position CET1 up 2 bps to 11.11% while funding earning asset growth and returning $155 million to shareholders Tangible common book value per share1 3Q26 CAPITAL DEPLOYMENT CAPITAL RATIOS2 +5% YoY · -15% annualized QoQ $250 million of net income applicable to common shares 3Q26 2Q26 3
Slide 15: Full Year Outlook
Full Year Outlook Outlook unchanged from prior quarter Full-year 2026 3Q26 Actual Prior 2026 Guidance Current 2026 Guidance up 3% annualized End-of-period loans (including HFS) up 6%–8% YoY Unchanged (up 6% YTD, annualized) Net interest income (FTE) $592 million ~$2,400 million ± 2% Unchanged Nonint
Slide 16: Appendix
Appendix [| OLD NATIONAL BANCORP
Slide 17: Diversified Loan Portfolio
Diversified Loan Portfolio A $51.1 billion loan portfolio diversified by asset class and geography Total loans CRE non-owner occupied TOTAL LOANS BY STATE $16.7 billion · 32% of total loans MN $10.1 20% Multifamily 41% IL 8.6 17% Other 17% IN 5.9 11% Warehouse 17% WI 4.6 9% Industrial $51.1B Office
Slide 18: CRE Non-Owner Occupied Maturities
CRE Non-Owner Occupied Maturities CRE non-owner occupied maturing <18 months CRE non-owner occupied maturing <18 months - MATURING CRE NON-OWNER OCCUPIED LOANS interest rate <4% • Manageable volume of loans subject to refinance risk ~1% of total loans • Predominantly multifamily; continues to experi
Slide 19: CRE Non-Owner Occupied - Office
CRE Non-Owner Occupied - Office A $2.3 billion office portfolio of smaller, in-footprint loans with low CBD exposure Our lending looks more like this …less like this OFFICE PORTFOLIO Total office portfolio $2.3B Average loan size $4.1M Located in bank's footprint 80% MOB and/or investment grade tena
Slide 20: CRE Non-Owner Occupied - Multifamily
CRE Non-Owner Occupied - Multifamily A $6.8 billion multifamily portfolio with stable demand and no material rent-controlled exposure Our lending looks more like this …less like this MULTIFAMILY PORTFOLIO Total multifamily portfolio $6.8B Average loan size $5.5M Located in bank's footprint 87% Mater
Slide 21: Peer Credit Data
Peer Credit Data Delinquencies and net charge-offs have historically run below the peer average 30+ day delinquency Net charge-offs % of total loans Annualized, % of average loans ONB Peer Average1 ONB2 Peer Average 1 0.70% 0.40% 0.60% 0.30% 0.50% 0.40% 0.20% 0.30% 0.10% 0.20% 0.00% 0.10% 0.00% (0.1
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted net income applicable to common shares and adjusted earnings per share REPORTED EARNINGS ADJUSTMENTS 3Q26 2Q26 3Q25 3Q26 2Q26 3Q25 Net interest income $584 $579 $575 Pension plan gain $(1) $(13) $0 FTE adjustment 8 8 8 Merger-related charges 1 12 69 Net interest inco
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted noninterest income and adjusted noninterest expense ADJUSTED NONINTEREST INCOME ADJUSTED NONINTEREST EXPENSE 3Q26 2Q26 3Q25 3Q26 2Q26 3Q25 Noninterest income $128 $154 $130 Noninterest expense $355 $372 $446 Less: Pension plan gain (1) (13) 0 Less: Merger-related cha
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Efficiency ratio and net interest margin (FTE) ADJUSTED NONINTEREST EXPENSE FOR EFFICIENCY RATIO ADJUSTED TOTAL REVENUE AND EFFICIENCY RATIO 3Q26 2Q26 3Q25 3Q26 2Q26 3Q25 Noninterest expense $355 $372 $446 Net interest income $584 $579 $575 Less: Intangible amortization (23)
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on average tangible common equity and return on average assets RETURN ON AVERAGE TANGIBLE COMMON EQUITY RETURN ON AVERAGE ASSETS 3Q26 2Q26 3Q25 3Q26 2Q26 3Q25 Net income applicable to common shares $250 $249 $179 Net income $254 $253 $183 Add: Intangibles amortization,
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Tangible common book value per share and tangible common equity to tangible assets TANGIBLE COMMON BOOK VALUE TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS 3Q26 2Q26 3Q25 3Q26 2Q26 3Q25 Shareholders' equity $8,295 $8,584 $8,309 Total assets $74,424 $74,189 $71,210 Less: Preferred
Slide 27: 2026 Peer Group
2026 Peer Group Like-size, publicly-traded financial services companies, serving comparable demographics with comparable services as Old National Bancorp COLB CFR FHN HBAN MTB PNFP RF Columbia Banking Cullen/Frost Bankers, First Horizon Huntington M&T Bank Pinnacle Financial Regions Financial System
Slide 28: Glossary of Terms
Glossary of Terms Abbreviations and terms used in this presentation Term Definition Term Definition ACL Allowance for credit losses k Thousand AOCI Accumulated other comprehensive income LPO Loan production office B Billion LTV Loan-to-value BOLI Bank-owned life insurance M Million bp(s) Basis point