Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q3 2025 Earnings Presentation
51 slides from Old National Bancorp's earnings presentation, Nov 7, 2025
Slide 1: 3rd Quarter 2025 Investment Thesis
Exhibit 99.1 3rd Quarter 2025 Investment Thesis November 7, 2025
Slide 2: Executive Summary
Slides 5 — 16 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 197 bps Loan-to-Deposit Ratio2 87% TBV3 Per Share $13.15 Efficiency Ratio As Reported/ Adjusted3 58.8% / 48.1% Net Charge-Offs / Average Loans, excluding PCD loans 0.17% 30+ Days Delinquent 0.18 % Nonaccrual Loans / Total Loans
Slide 7: The Best of Offense and Defense
7 Financial data as of or for the quarter ended 9/30/2025, 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 ROAA - Return on average assets ROAT
Slide 8: Low-Risk Balance Sheet Relative to Peers
8 0.25% 1.89% 0.45% 5.69% 3-Year 15-Year 69% 78% 87% 93% 74% Lower Quartile Average Upper Quartile 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 9/30/2025, except as noted 1 Peer Group data per S
Slide 9: Building Capital Faster than Peers
9 Building Capital Faster than Peers1 1.5% 1.4% 1.4% 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1% 1.1% 1.1% 1.0% 1.0% 1.0% 1.0% 0.9% 20.1% 19.4% 18.8% 18.7% 18.0% 17.8% 14.6% 14.4% 14.3% 14.1% 13.6% 13.5% 12.9% 12.9% 12.5% 12.1% 9.8% 10% 15% 15% 18% 22% 25% 26% 29% 30% 31% 31% 32% 33% 34% 36% 47% 53% 1 Peer G
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 $8.30 $8.37 $9.00 $10.35 $11.43 $11.70 $9.42 $11.00 $11.91 $12.54 $12.60 $13.15 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 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
Slide 12: ONB has Dramatically Enhanced Franchise Value
12 ONB has Dramatically Enhanced Franchise Value... 2013 2025E $10 $72 $6 $381 $1.05 $2.16 $7.85 $13.75 67% 54% ~2,600 ~5,2431 169 3511 $42.7 $154.5 463k 5M $40,663 $86,867 Assets ($B) AUM ($B) Core EPS TBV Per Share Efficiency Ratio Headcount Branches Deposits / Branch ($M)2 Avg. MSA Pop.3 Median H
Slide 13: ...and Has Outperformed Peers Since 2021
13 ...and Has Outperformed Peers Since 2021 MOE1 Announcement Source: S&P Capital IQ Pro 1 Merger of Equals (10)% KRX 7% 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 Third-Quarter 2025 Messages
15 Key Third-Quarter 2025 Messages Successfully completed the core systems conversion for Bremer Bank • Teams are integrated and performing well together in new and existing markets Strong 3Q25 performance • ROATCE1 of 15.9%; 20.1% as adjusted1 • ROAA1 of 1.03%; 1.32% as adjusted1 • Efficiency ratio
Slide 16: Quality, Low-Cost Deposit Franchise
16 Average Total Deposits $40.6 $49.8 $54.9 $31.2 $38.2 $42.2$9.4 $11.6 $12.7 IB NIB 3Q24 2Q25 3Q25 % Quality, Low-Cost Deposit Franchise Key Performance Drivers • Period end core deposits up 5.8% annualized; total deposits up 4.8% annualized • NIB deposits represent 24% of core deposits • Spot rate
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 • ~$7.5 billion fixed-rate loans and securities expected to reprice over NTM • 38% of total deposits are exception priced at an average rate2 of 2.99% at Sep
Slide 18: Outlook
18 Outlook 4Q25 Outlook Full-Year 2025 Outlook (vs. Outlook Provided in 1Q25) EOP loans (Including HFS) up 3% - 5%, annualized up 4%-5% (excl. Bremer) Unchanged Net interest income (FTE basis)1 ~$585 million ~$2,080 - $2,090 million Up Noninterest income1 ~$120 million ~$450 - $460 million Up Nonint
Slide 19: Financial Details
Financial Details Data as of September 30, 2025
Slide 20: Third-Quarter 2025 Highlights
20 Third-Quarter 2025 Highlights Key Performance Drivers • Full quarter impact of Bremer acquisition • Total loan2 growth, excluding Bremer, of 3.1% annualized • Granular, low-cost, peer-leading deposit franchise – Total and core deposits up 4.8% and 5.8% annualized, respectively – Total deposit cos
Slide 21: Liquid, Well-Capitalized Balance Sheet
21 3Q25 2Q25 3Q24 % Change End of Period Balances 3Q25 vs. 2Q25 3Q25 vs. 3Q24 Available-for-sale securities, at fair value $11,418 $11,005 $7,432 4% 54% Held-to-maturity securities, at amortized cost $2,910 $2,926 $2,969 (1)% (2)% Total loans1 $48,048 $47,980 $36,463 —% 32% Total assets $71,210 $70,
Slide 22: Total Loans and Securities
22 $36,463 $47,980 $48,048 3Q24 2Q25 3Q25 6.28% % 6.16% Loan Yields Earning Assets Total loans1 • 3.1% total loan growth annualized, excluding Bremer – Up 0.6% annualized, due to proactive portfolio actions – $2.8 billion total commercial production; up 20% from 2Q25 ◦ 85% floating; avg yield of 6.7
Slide 23: Third-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 3.53% 0.13% 0.01% 0.02% (0.05)% 3.64% 2Q25 Rate / volume mix Credit Accretion # Days IB Deposit Costs 3Q25 $ 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 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 2 Residential mortgage production includes quick home refinance product Key Performance Drivers • Increase
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 • Increase driven by full quarter impact of Bremer • Adjusted efficiency ratio1 o
Slide 27: Allowance for Credit Losses and Credit Quality
27 Allowance for Credit Losses $595 $13 $(6) $3 $605 Allowance 6/30/2025 PCD Economic Forecast & Other Assumptions Loan Growth & Unfunded Commitments Allowance 9/30/2025 1.24% Credit Quality Asset Quality 0.26% 0.30% 0.18% 1.22% 1.24% 1.23% 30+ Day Delinquency Nonaccrual Loans 3Q24 2Q25 3Q25 $ in mi
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 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 (0.10)% 0.00% 0.10% 0.20% 0.30% 0.40% Non-Performing Loans ONB Peer Averag
Slide 29: Conservative Lending Limit/Risk Grades
29 Conservative Lending Limit/Risk Grades $ in millions 1 Data as of 9/30/2025 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 30: Diversified Loan Portfolio
30 CRE Non- Owner Occupied 34% CRE Owner Occupied 12% C&I 30% 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 8.5 18% IN 5.5 11% WI
Slide 31: CRE Non-Owner Occupied Maturities
31 Multifamily Office Other $0.9 billion >4% <4% CRE Non-Owner Occupied Maturities As of 9/30/2025 NOO - Non-owner occupied bps - basis points $5.3 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 volum
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 $1.9 billion; average loans size is $3.2 million – Largest exposure of ~$60 million • 91% located in bank’s footprint, diversified by submarket • 44% of portfolio is medical office (“MOB
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 $6.8 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 • HTM securities pre-tax unrealized losses of $392 million (~$294 million net of tax) • 1.1 million shares of common stock repurchased late in 3Q25 • Strong capital position validated by internal stress testing • Expect AOCI to reco
Slide 35: Appendix
Appendix = OLD NATIONAL BANCORP’
Slide 36: Granular, Long-Tenured Deposit Base
36 Core Deposit Tenure 26% 27%20% 27% <5 years 5-15 years 15-25 years >25 years ~75% >5 years Brokered Deposits/ Total Deposits 8.5% Peers - 2Q25 Peer Avg - 2Q25 ONB - 2Q25 ONB - 3Q25 Deposit Highlights • Insured deposits2 >70% of total deposits • Granular low-cost deposit franchise – Top 20 deposit
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 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 43: Non-GAAP Reconciliation
43 3Q25 2Q25 3Q24 Net interest income $574.6 $514.8 $391.7 FTE Adjustment 8.0 7.1 6.1 Net interest income (FTE) $582.6 $521.9 $397.9 Add: Fee income 130.5 132.5 94.1 Total revenue (FTE) $713.0 $654.4 $492.0 Less: Provision for credit losses (26.7) (106.8) (28.5) Less: Noninterest expense (445.7) (38
Slide 44: Non-GAAP Reconciliation
44 3Q25 2Q25 3Q24 Noninterest income $130.5 $132.5 $94.1 Less: Debt securities losses 0.0 0.0 0.1 Less: Pension plan gain 0.0 (21.0) 0.0 Adjusted noninterest income $130.5 $111.5 $94.2 Noninterest expense $445.7 $384.8 $272.3 Less: Merger-related charges (69.3) (41.2) (6.9) Less: Separation expense
Slide 45: Non-GAAP Reconciliation
45 3Q25 2Q25 3Q24 Noninterest Expense $445.7 $384.8 $272.3 Less: Intangible amortization (26.2) (19.6) (7.4) Noninterest expense, excluding intangible amortization 419.5 365.2 264.9 Adjustments: Less: Merger-related charges (69.3) (41.2) (6.9) Less: Separation expense 0.0 0.0 (2.6) Less: Amortizatio
Slide 46: Non-GAAP Reconciliation
46 3Q25 2Q25 3Q24 Net income applicable to common shares $178.5 $121.4 $139.8 Add: Intangibles amortization, net of tax 19.6 14.7 5.6 Tangible net income applicable to common shares $198.2 $136.1 $145.4 Total adjustments, net of tax $52.8 $69.4 $7.4 Adjusted net income applicable to common shares, e
Slide 47: Non-GAAP Reconciliation
47 3Q25 2Q25 3Q24 Shareholders' equity $8,309.3 $8,126.4 $6,367.3 Less: Preferred equity (243.7) (243.7) (243.7) Shareholders' common equity 8,065.6 7,882.7 6,123.6 Less: Goodwill and other intangible assets (2,927.0) (2,944.4) (2,305.1) Tangible shareholders' common equity $5,138.6 $4,938.3 $3,818.
Slide 48: Non-GAAP Reconciliation
48 FY2024 FY2023 FY2022 Net income applicable to common shares $523.1 $565.9 $414.2 Add: Intangibles amortization, net of tax 20.6 18.1 19.7 Tangible net income applicable to common shares $543.7 $584.0 $433.9 Total adjustments, net of tax $55.0 $33.4 $126.8 Adjusted net income applicable to common
Slide 49: Non-GAAP Reconciliation
49 FY2024 FY2023 FY2022 Noninterest Expense $1,094.4 $1,026.3 $1,038.2 Less: Intangible amortization (27.5) (24.2) (25.9) Noninterest expense, excluding intangible amortization 1,066.9 1,002.2 1,012.3 Adjustments: Less: Merger-related charges (37.3) (28.7) (120.9) Less: Separation expense (2.6) 0.0
Slide 50: 2025 Peer Group
50 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 51: Old National Investor Relations Contact
51 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