Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q4 2025 Earnings Presentation
50 slides from Old National Bancorp's earnings presentation, Feb 9, 2026
Slide 1: 4th Quarter 2025 Investment Thesis
Exhibit 99.1 4th Quarter 2025 Investment Thesis February 9, 2026
Slide 2: Executive Summary
Slides 5 — 18 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 12/31/2025, 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 Measured
Slide 7: The Best of Offense and Defense
7 Financial data as of or for the quarter ended 12/31/2025, 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 - Return on average assets ROA
Slide 8: Low-Risk Balance Sheet Relative to Peers
8 Financial data as of or for the quarter ended 12/31/2025, 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 Excludes purchas
Slide 9: Leading Profitability & Capital Generation
9 Leading Profitability & Capital Generation1 1.5% 1.5% 1.4% 1.3% 1.3% 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1% 1.0% 1.0% 0.9% 0.9% 20.5% 19.9% 17.7% 17.4% 15.4% 15.0% 14.9% 14.9% 14.7% 14.7% 14.6% 14.6% 14.1% 11.8% 11.6% 11.4% 15% 15% 17% 20% 22% 25% 25% 29% 30% 30% 31% 33% 34% 35% 48% 54% 1 Peer Group d
Slide 10: Peer Leading Profitability & Efficiency
10 Peer Leading Profitability & Efficiency1 2022 25.6% 21.5% 21.1% 21.0% 20.0% 19.8% 19.0% 17.7% 17.1% 16.9% 16.7% 16.5% 15.5% 14.4% 14.3% 14.0% 13.7% 2023 21.4% 21.3% 20.6% 20.0% 18.8% 18.3% 18.1% 17.6% 17.0% 16.0% 15.5% 15.3% 14.9% 14.1% 13.4% 13.1% 12.9% 2024 18.7% 16.9% 16.7% 16.2% 16.0% 15.4% 1
Slide 11: Strong TBV Per Share Growth History
11 $8.37 $9.00 $10.35 $11.43 $11.70 $9.42 $11.00 $11.91 $13.71 2017 2018 2019 2020 2021 2022 2023 2024 2025 Strong TBV Per Share Growth History1 TBV Per Share CAGR (%) Old National KRX2 2-Year 11.7% 9.1% 3-Year 13.3% 1.4% 5-Year 3.7% 3.7% 7-Year 6.2% 5.1% Source: S&P Capital IQ Pro and Company docum
Slide 12: ONB has Dramatically Enhanced Franchise Value...
12 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 Weight
Slide 13: ...and Has Outperformed Peers Since 2021 MOE Announcement
13 ...and Has Outperformed Peers Since 2021 MOE1 Announcement Source: S&P Capital IQ Pro 1 Merger of Equals 4% KRX 28% ONB ONB / First Midwest Announcement (6/1/2021) ONB / Capstar Announcement (10/26/2023) ONB / Bremer Announcement (11/25/2024)
Slide 14: Strong Client Satisfaction Scores
14 Strong Client Satisfaction Scores 1NPS - Net Promoter Score 2 ENT - Edelman Net Trust Annual NPS Survey1 Annual Brand Trust Survey Client Satisfaction/Experience A Definitive Measure of Brand Favorability and Trust Measuring the degree to which customer will advocate for the company ONB NPS = 50
Slide 15: Key Messages
15 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 deposi
Slide 16: Quality, Low-Cost Deposit Franchise
16 Average Total Deposits $41.1 $54.9 $55.1 $31.6 $42.2 $41.8$9.5 $12.7 $13.3 IB NIB 4Q24 3Q25 4Q25 % Quality, Low-Cost Deposit Franchise Key Performance Drivers • Period end total deposits up 0.6% annualized; core deposits down 3.2% annualized, impacted by seasonal outflows of public funds • NIB de
Slide 17: Net Interest Income Outlook
17 Net Interest Income Outlook1 Maintaining Neutral Rate Risk Position • 59% of loans are variable/floating-rate – 93% reprice within 3 months • ~$8.0 billion fixed-rate loans and securities expected to reprice over NTM • 36% of total deposits are exception priced at an average rate2 of 2.59% at Dec
Slide 18: Outlook
18 Outlook 1Q26 Outlook Full-Year 2026 Outlook EOP loans (Including HFS) up 3% - 5%, annualized up 4%-6% Net interest income (FTE basis)1 ~$590 million (2 fewer days) ~$2,415 million, +/- 2% Noninterest income1 ~$120 million (2 fewer days) ~$485 - $505 million Noninterest expense1 ~$360 million ~$1,
Slide 19: Financial Details
Financial Details Data as of December 31, 2025
Slide 20: Fourth-Quarter 2025 Highlights
20 Fourth-Quarter 2025 Highlights Key Performance Drivers • Total loan2 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 on all major
Slide 21: Liquid, Well-Capitalized Balance Sheet
21 4Q25 3Q25 4Q24 % Change End of Period Balances 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 $36,320 2% 34% Total assets $72,152 $71,
Slide 22: Total Loans and Securities
22 $36,320 $48,048 $48,817 4Q24 3Q25 4Q25 6.14% % 6.28% Loan Yields Earning Assets Total loans1 • Total loan growth of $768.8 million or 6.4% annualized – C&I loan growth of $477.5 million – $3.5 billion total commercial production; up 25% from 3Q25 ◦ 89% floating; avg yield of 5.9% ◦ 11% fixed; avg
Slide 23: Fourth-Quarter 2025 Results
23 $ 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 24: Net Interest Income & Net Interest Margin
24 Impacts on Net Interest Margin 3.64% (0.18)% 0.19% 3.65% 3Q25 Rate / volume mix IB Deposit Costs 4Q25 $ in millions 1 Fully Taxable Equivalent Basis; Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconc
Slide 25: Noninterest Income
25 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 capital markets and higher mortgage fees more than offset by lower other
Slide 26: Noninterest Expense
26 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 • Decrease reflective of cost savings related to Bremer and disciplined expense m
Slide 27: Allowance for Credit Losses
27 Allowance for Credit Losses $605 $(9) $9 $605 Allowance 9/30/2025 Economic Forecast & Other Assumptions Loan Growth & Unfunded Commitments Allowance 12/31/2025 1.26% Credit Quality Asset Quality 0.27% 0.18% 0.22% 1.23% 1.23% 1.07% 30+ Day Delinquency Nonaccrual Loans 4Q24 3Q25 4Q25 $ in millions
Slide 28: Peer Credit Data
28 Peer Credit Data 30+ Day Delinquency ONB Peer Average FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 3Q25 4Q25 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% Net Charge-Offs ONB Peer Average FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 3Q25 4Q25 (0.10)% 0.00% 0.10% 0.20% 0.30% 0.40% Non-Performing Loans ONB P
Slide 29: Conservative Lending Limit/Risk Grades
29 Conservative Lending Limit/Risk Grades $ in millions 1 Data as of 12/31/2025
Slide 30: Diversified Loan Portfolio
30 CRE Non- Owner Occupied 32% CRE Owner Occupied 13% C&I 31% Residential Real Estate 17% Consumer 7% Multifamily 13% Retail 4% Other 6% Warehouse Industrial 5% Office 4% Warehouse Industrial 4% Office 2% Senior Housing 1% Retail 3% Other 3% Total Loans By State MN $10.2 21% IL 8.4 17% IN 5.5 11% WI
Slide 31: CRE Non-Owner Occupied Maturities
31 Multifamily Office Other $0.8 billion >4% <4% CRE Non-Owner Occupied Maturities As of 12/31/2025 NOO - Non-owner occupied $4.8 billion CRE NOO Maturing <18 Mos. Current Int. Rate CRE NOO Maturing <18 Mos. Int. Rate <4% ~2% of Total Loans Maturing CRE NOO Loans • Manageable volume of loans subject
Slide 32: CRE Non-Owner Occupied - Office
32 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 portfoli
Slide 33: CRE Non Owner Occupied - Multifamily
33 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
Slide 34: Strong Capital Position
34 Key Performance Drivers • Strong retained earnings drive capital, partly offset by loan growth • HTM securities pre-tax unrealized losses of $355 million (~$266 million net of tax) • 1.1 million shares of common stock repurchased late in 4Q25 • Strong capital position validated by internal stress
Slide 35: Appendix
Appendix = OLD NATIONAL BANCORP’
Slide 36: Granular, Long-Tenured Deposit Base
36 ~75% >5 years Core Deposit Tenure 25% 27%19% 29% <5 years 5-15 years 15-25 years >25 years Brokered Deposits/ Total Deposits 7.3% 6.7% 5.8% Peers - 3Q25 Peer Avg - 3Q25 ONB - 4Q25 ONB - 3Q25 Deposit Highlights • Insured deposits2 >70% of total deposits • Granular low-cost deposit franchise – Top
Slide 37: Commitment to Strong Corporate Governance
37 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 38: Commitment to Excellence
38 Commitment to Excellence Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders
Slide 39: Commitment to the Communities We Serve
39 Old National’s 2024 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 communities • Sustainability To view ONB’s CAR
Slide 40: CAR At A Glance - 2024
CAR At A Glance - 2024 $3.2 million in Affordable Housing Program (AHP) grants through the Federal Home Loan Bank 67,703 volunteer hours (valued at more than $2 million’) and more than 1.1 MILLION hours since 2005 100 $456 MILLION in Community Reinvestment Act (CRA)-eligible community development lo
Slide 41: 2024 Executive Compensation
41 • Tied to long-term shareholder value 2024 Executive Compensation TSR - total shareholder return ROATCE - return on average tangible common equity NEO - Named executive officers KRX - “KBW” Nasdaq Regional Bank Index Short-Term Incentive Compensation Performance Measure Weight Adjusted EPS 100% P
Slide 42: Board of Directors and Corporate Governance
42 Board of Directors and Corporate Governance
Slide 43: Non-GAAP Reconciliation
43 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: Noninterest expense (386
Slide 44: Non-GAAP Reconciliation
44 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) Less: FDIC Special As
Slide 45: Non-GAAP Reconciliation
45 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 0.0 0.0 Less: Amortiza
Slide 46: Non-GAAP Reconciliation
46 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 applicable to common shares, e
Slide 47: Non-GAAP Reconciliation
47 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 $5,343.1 $5,138.6 $3,800.
Slide 48: Non-GAAP Reconciliation
48 FY2025 FY2024 FY2023 Noninterest Expense $1,485.3 $1,094.4 $1,026.3 Less: Intangible amortization (78.7) (27.5) (24.2) Noninterest expense, excluding intangible amortization 1,406.6 1,066.9 1,002.2 Adjustments: Less: Merger-related charges (140.9) (37.3) (28.7) Less: FDIC Special Assessment 3.0 (
Slide 49: 2025 Peer Group
49 2025 Peer Group Associated Banc-Corp ASB BOK Financial Corporation BOKF Cadence Bancorporation CADE Columbia Banking System, Inc. COLB Comerica Incorporated CMA F.N.B. Corporation FNB First Horizon Corporation FHN Hancock Whitney Corporation HWC Pinnacle Financial Partners, Inc. PNFP UMB Financia
Slide 50: Investor Relations Contact
50 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