Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Investor Presentation (August 2025)
46 slides from Old National Bancorp's investor presentation, Aug 15, 2025
Slide 1: 2nd Quarter 2025 Investment Thesis
Exhibit 99.1 2nd Quarter 2025 Investment Thesis August 15, 2025
Slide 2: Executive Summary
Slides 5 — 15 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 Key Financial Metrics Cost of Total Deposits 193 bps Loan-to-Deposit Ratio2 88% Price / Tangible Book Value $12.60 Efficiency Ratio As Reported/ Adjusted3 55.8% / 50.2% Net Charge-Offs / Average Loans, excluding PCD 0.21% 30+ Days Delinquent 0.30 % Nonaccrual Loans / Total
Slide 7: The Best of Offense and Defense
7 Financial data as of or for the quarter ended 6/30/2025, 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 3 Excludes core deposits assumed fro
Slide 8: Low-Risk Balance Sheet Relative to Peers
8 0.25% 1.89% 0.45% 5.69% 3-Year 15-Year 71% 78% 86% 93% 75% Lower Quartile Average Upper Quartile Peer Max ONB 3 and 15-Year Cumulative NCOs / Avg. Loans2Risk-Weighted Assets / Total Assets1 ONB Peer Average Financial data as of or for the quarter ended 6/30/2025, except as noted 1 Peer Group data
Slide 9: ONB is Building Capital Faster than Peers
9 ONB is Building Capital Faster than Peers1 1.4% 1.3% 1.3% 1.2% 1.2% 1.2% 1.2% 1.2% 1.1% 1.0% 1.0% 1.0% 1.0% 0.9% 0.8% 0.9% 0.7% HWC SNV COLB WTFC WBS ONB CADE PNFP FHN ASB FNB WAL BOKF UMBF ZION CMA VLY 17.5% 17.4% 16.0% 15.5% 14.7% 14.5% 13.4% 13.3% 13.3% 13.3% 13.2% 13.2% 12.9% 12.5% 11.6% 10.7%
Slide 10: Strong TBV Per Share Growth History
10 $8.30 $8.37 $9.00 $10.35 $11.43 $11.70 $9.42 $11.00 $11.91 $12.54 $12.60 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 2Q25 Strong TBV Per Share Growth History1 TBV Per Share CAGR (%) Old National KRX 2-Year 12.4% 9.1% 3-Year 0.6% 1.4% 5-Year 2.9% 3.7% 7-Year 5.2% 5.1% Source: S&P Capital IQ
Slide 11: ONB has Dramatically Enhanced Franchise Value
11 ONB has Dramatically Enhanced Franchise Value 2013 2025E $10 $72 $6 $381 $1.05 $2.14 $7.85 $13.51 67% 54% ~2,600 ~5,3131 169 3511 $42.7 $145.7 463k 4M $40,663 $81,992 Assets ($B) AUM ($B) Core EPS TBV Per Share Efficiency Ratio Headcount Branches Deposits / Branch ($M)2 Avg. MSA Pop.3 Median HHI
Slide 12: Update on Bremer Partnership
12 Estimated At Announcement Expected At Close Closing Date Middle of 2025 May 1, 2025 Cost Savings 25% in 2025; 100% in 2026 and thereafter Unchanged One-Time Merger Expenses (pre-tax) ~$194 Unchanged Gross Credit Mark $190 $154 Loan Interest Rate Mark $585 $486 Day 2 Provision (non-PCD loans & unf
Slide 13: Quality, Low-Cost Deposit Franchise
13 Average Total Deposits $40.1 $40.5 $49.8 $30.6 $31.4 $38.2$9.6 $9.1 $11.6 IB NIB 2Q24 1Q25 2Q25 % Quality, Low-Cost Deposit Franchise Key Performance Drivers • Period-end deposits up $13.3 billion; core deposits up $11.6 billion – Excluding Bremer, core deposits up 0.8% annualized • NIB deposits
Slide 14: Net Interest Income Outlook
14 Net Interest Income Outlook1 Maintaining Neutral Rate Risk Position • 59% of loans are variable/floating-rate – 93% reprice within 3 months • ~$7.0 billion fixed-rate loans and securities expected to reprice over NTM • 36% of total deposits are exception priced at an average rate2 of 3.19% at Jun
Slide 15: Outlook
15 Outlook 3Q25 Outlook Full-Year 2025 Outlook (vs. Outlook Provided in 1Q25) EOP loans, excl. Bremer (Including HFS) up 2% - 4%, annualized up 4%-6% Unchanged Net interest income (FTE basis)1 ~$575 million ~$2,065 - $2,095 million Up Noninterest income1 ~$120 million ~$435 - $455 million Up Noninte
Slide 16: Financial Details
Financial Details Data as of June 30, 2025
Slide 17: Second-Quarter 2025 Highlights
17 Second-Quarter 2025 Highlights $ in Millions, except per share data 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 TCE - tangible common equity TBV - tangi
Slide 18: Liquid, Well-Capitalized Balance Sheet
18 2Q25 1Q25 2Q24 % Change End of Period Balances 2Q25 vs. 1Q25 2Q25 vs. 2Q24 Available-for-sale securities, at fair value $11,005 $7,754 $7,105 42% 55% Held-to-maturity securities, at amortized cost $2,926 $2,943 $2,986 (1)% (2)% Total loans1 $47,980 $36,455 $36,217 32% 32% Total assets $70,980 $53
Slide 19: Total Loans and Securities
19 $36,217 $36,455 $47,980 2Q24 1Q25 2Q25 6.16% % 5.83% Loan Yields Earning Assets Total loans1 • Up $11.5 billion, due to Bremer and disciplined loan growth – Excluding Bremer, total loan growth of 3.7% annualized; commercial loan growth of 4.6% annualized – $2.3 billion total commercial production
Slide 20: Second-Quarter 2025 Results
20 $ 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 21: Net Interest Income & Net Interest Margin
21 Impacts on Net Interest Margin 3.27% 0.29% 0.01% 0.02% (0.06)% 3.53% 1Q25 Rate / volume mix Credit Accretion # Days IB Deposit Costs 2Q25 $ in millions 1 Fully Taxable Equivalent Basis; Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Compan
Slide 22: Noninterest Income
22 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 2 Residential mortgage production includes quick home refinance product Key Performance Drivers • Increase
Slide 23: Noninterest Expense
23 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 • Higher primarily due to elevated operating costs and additional intangibles amo
Slide 24: Allowance for Credit Losses
24 Allowance for Credit Losses $424 $90 $76 $1 $4 $595 Allowance 3/31/2025 PCD Non-PCD Economic Forecast & Other Assumptions Loan Growth & Unfunded Commitments Allowance 6/30/2025 1.16% Credit Quality Asset Quality 0.16% 0.22% 0.30% 0.94% 1.29% 1.24% 30+ Day Delinquency Nonaccrual Loans 2Q24 1Q25 2Q
Slide 25: Peer Credit Data
25 Peer Credit Data 30+ Day Delinquency ONB Peer Average FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% Net Charge-Offs ONB Peer Average FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 (0.10)% 0.00% 0.10% 0.20% 0.30% 0.40% Non-Performing Loans ONB Peer Averag
Slide 26: Conservative Lending Limit/Risk Grades
26 Conservative Lending Limit/Risk Grades $ in millions 1 Data as of 6/30/2025 Borrower Asset Quality Rating In-House Direct Lending Limit (Risk Grades) 0 - Investment Grade $100.0 1 - Minimal Grade $100.0 2 - Modest Grade $87.5 3 - Average Risk $75.0 4 - Monitor $60.0 5 - Weak Monitor $45.0 6 - Wat
Slide 27: Diversified Loan Portfolio
27 CRE Non- Owner Occupied 33% CRE Owner Occupied 12% C&I 31% Residential Real Estate 17% Consumer 7% Multifamily 14% Retail 4% Other 7% Warehouse Industrial 4% Office 4% Warehouse Industrial 4% Office 1% Senior Housing 1% Retail 3% Other 3% Total Loans By State MN $10.4 22% IL 8.6 18% IN 5.4 11% WI
Slide 28: CRE Non-Owner Occupied Maturities
28 Multifamily Office Other $0.8 billion >4% <4% CRE Non-Owner Occupied Maturities As of 6/30/2025 NOO - Non-owner occupied $5.2 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 29: CRE Non Owner Occupied - Office
29 CRE Non Owner Occupied - Office Our Lending Looks More Like This ...Less Like This • Total office portfolio of $1.9 billion; average loans size is $3.0 million – Largest exposure of ~$60 million • 94% located in bank’s footprint, diversified by submarket • 42% of portfolio is medical office (“MOB
Slide 30: CRE Non Owner Occupied - Multifamily
30 CRE Non Owner Occupied - Multifamily Our Lending Looks More Like This ...Less Like This • Total multifamily portfolio of $6.8 billion; average loans size is $4.5 million – Largest exposure of ~$65 million • 87% located in bank’s footprint • Continued strong demand and rental rates in core markets
Slide 31: Strong Capital Position
31 Key Performance Drivers • Strong retained earnings more than offset by the impact of the Bremer transaction and loan growth • HTM securities pre-tax unrealized losses of $456 million (~$342 million net of tax) • No shares of common stock repurchased during 2Q25 • Strong capital position validated
Slide 32: Appendix
Appendix = OLD NATIONAL BANCORP’
Slide 33: Granular, Long-Tenured Deposit Base
33 ~75% >5 years Core Deposit Tenure 25% 27%21% 27% <5 years 5-15 years 15-25 years >25 years Brokered Deposits/ Total Deposits 8.6% 6.0% 3.8% Peers - 1Q25 Peer Avg - 1Q25 ONB - 2Q25 ONB - 1Q25 Deposit Highlights • Insured deposits2 >70% of total deposits • Granular low-cost deposit franchise – Top
Slide 34: Commitment to Strong Corporate Governance
34 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 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 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 37: CAR At A Glance - 2024
CAR At A Glance - 2024 $3.2 million $456 MILLION Since 2015, ONB Community Equity has provided iiAffordolie'tousing in corny — Act (cea) abe community development 56 milli joans orted affordable housing, economic devel Program (AHP) grants through ans that Supp sailioloalts mic development, $ millio
Slide 38: 2024 Executive Compensation
38 • 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 39: Board of Directors and Corporate Governance
39 Board of Directors and Corporate Governance 63% 31% 6% 0-5 years 6-10 years > 10 years Tenure 94% Independent 44% Female and minority directors 75% Other public company experience Lead Independent Director Daniel Hermann was appointed as Lead Independent Director in January 2025 Annual Election E
Slide 40: 2Q25 1Q25 2Q24 Net interest income $514.8 $387.6 $388.5 FTE Adjustment 7.1 5.4 6.3
40 2Q25 1Q25 2Q24 Net interest income $514.8 $387.6 $388.5 FTE Adjustment 7.1 5.4 6.3 Net interest income (FTE) $521.9 $393.0 $394.8 Add: Fee income 132.5 93.8 87.3 Total revenue (FTE) $654.4 $486.8 $482.1 Less: Provision for credit losses (106.8) (31.4) (36.2) Less: Noninterest expense (384.7) (268
Slide 41: Non-GAAP Reconciliation
41 2Q25 1Q25 2Q24 Noninterest income $132.5 $93.8 $87.3 Less: Debt securities losses 0.0 0.1 0.0 Less: Pension plan gain (21.0) 0.0 0.0 Adjusted noninterest income $111.5 $93.9 $87.3 Noninterest expense $384.8 $268.5 $283.0 Less: Merger-related charges (41.2) (5.9) (19.4) Adjusted noninterest expens
Slide 42: 2Q25 1Q25 2Q24 Noninterest Expense $384.7 $268.5 $283.0 Less: Intangible amortization (19.7) (6.8) (7.4)
42 2Q25 1Q25 2Q24 Noninterest Expense $384.7 $268.5 $283.0 Less: Intangible amortization (19.7) (6.8) (7.4) Noninterest expense, excluding intangible amortization 365.1 261.7 275.6 Adjustments: Less: Merger-related charges (41.2) (5.9) (19.4) Less: Amortization of tax credits investments (5.8) (3.4)
Slide 43: 2Q25 1Q25 2Q24 Net income applicable to common shares $121.4 $140.7 $117.2 Add: Intangibles
43 2Q25 1Q25 2Q24 Net income applicable to common shares $121.4 $140.7 $117.2 Add: Intangibles amortization, net of tax 14.7 5.1 5.6 Tangible net income applicable to common shares $136.2 $145.8 $122.8 Total adjustments, net of tax $69.4 $4.9 $26.8 Adjusted net income applicable to common shares, ex
Slide 44: Non-GAAP Reconciliation
44 2Q25 1Q25 2Q24 Shareholders' equity $8,126.4 $6,535.0 $6,075.0 Less: Preferred equity (243.7) (243.7) (243.7) Shareholders' common equity 7,882.7 6,291.3 5,831.3 Less: Goodwill and other intangible assets (2,944.4) (2,289.3) (2,306.2) Tangible shareholders' common equity $4,938.3 $4,002.0 $3,525.
Slide 45: 2025 Peer Group
45 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 Synovus Fina
Slide 46: Old National Investor Relations Contact
46 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
OLD National Bancorp — Investor Presentation (August 2025) on 6ix