Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q1 2026 Earnings Presentation
49 slides from Old National Bancorp's earnings presentation, May 6, 2026
Slide 1: 1st Quarter 2026 Investment Thesis
Exhibit 99.1 1st Quarter 2026 Investment Thesis May 6, 2026
Slide 2: Executive Summary
Slides 5 — 17 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 3/31/2026, 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 5/05/2026 3 Measured f
Slide 7: The Best of Offense and Defense
7 Financial data as of or for the quarter ended 3/31/2026, 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 Includes loans held-for-sale The Best of Offense and Defense OFFE
Slide 8: Low-Risk Balance Sheet Relative to Peers
8 0.42% 1.34% 0.59% 3.74% 3-Year 15-Year 70% 76% 79% 87% 74% 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 3/31/2026, except as noted 1 Peer Group data per S&P C
Slide 9: Leading Profitability & Capital Generation
9 Leading Profitability & Capital Generation1 1.6% 1.6% 1.5% 1.4% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.2% 1.2% 1.1% 1.1% 1.1% 20.2% 19.5% 19.3% 19.0% 18.1% 17.3% 17.0% 16.4% 16.2% 15.7% 15.4% 15.1% 14.9% 14.1% 13.6% 14% 17% 17% 19% 22% 25% 26% 28% 31% 33% 34% 38% 41% 42% 48% 1 Peer Group data per S&P Cap
Slide 10: Peer Leading Profitability & Efficiency
10 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 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 $13.93 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 Strong TBV Per Share Growth History1 TBV Per Share CAGR (%) Old National1 KRX2 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 IQ Pro and
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 6% KRX 27% 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 1Q26 performance and record adjusted efficiency • Peer-leading profitability – ROATCE1 of 18.4%; 19.0% as adjusted1 – ROAA1 of 1.29%; 1.33% as adjusted1 • High quality loan growth that outpaced the industry • Disciplined expense management – Record efficiency ratio1 of 48.3%;
Slide 16: Quality, Low-Cost Deposit Franchise
16 Average Total Deposits $40.5 $55.1 $55.1 $31.4 $41.8 $42.2$9.1 $13.3 $12.9 IB NIB 1Q25 4Q25 1Q26 % Quality, Low-Cost Deposit Franchise Key Performance Drivers • Period end total deposits up 4.2% annualized, impacted by seasonal outflows of public funds • NIB deposits represent 23% of total deposi
Slide 17: Outlook
17 Outlook 1Q26 Actual Unchanged Full-Year 2026 Outlook EOP loans (Including HFS) up 8% annualized up 4%-6% Net interest income (FTE basis)1 $580 milion ~$2,415 million, +/- 2% Noninterest income1 $122 milion ~$485 - $505 million Noninterest expense1 $354 milion ~$1,435 - $1,455 million Net charge-o
Slide 18: Financial Details
Financial Details Data as of March 31, 2026
Slide 19: First-Quarter 2026 Highlights
19 First-Quarter 2026 Highlights Key Performance Drivers • Total loan2 growth of $970.9 million or 8.0% annualized – C&I growth of $633.8 million or 16.9% annualized • Granular low-cost deposit franchise – Total deposits up 4.2% annualized – Total deposit costs of 172 bps, down 8 bps – Interest-bear
Slide 20: Liquid, Well-Capitalized Balance Sheet
20 1Q26 4Q25 1Q25 % Change End of Period Balances 1Q26 vs. 4Q25 1Q26 vs. 1Q25 Available-for-sale securities, at fair value $11,446 $11,384 $7,754 1% 48% Held-to-maturity securities, at amortized cost $2,860 $2,895 $2,943 (1)% (3)% Total loans1 $49,788 $48,817 $36,454 2% 37% Total assets $73,003 $72,
Slide 21: Total Loans and Securities
21 $36,454 $48,817 $49,788 1Q25 4Q25 1Q26 5.88% % 6.14% Loan Yields Earning Assets Total loans1 • Total loan growth of $970.9 million or 8.0% annualized – C&I loan growth of $633.8 million – $3.3 billion total commercial production ◦ 90% floating; avg yield of 5.8% ◦ 10% fixed; avg yield of 6.1% – $
Slide 22: First-Quarter 2026 Results
22 $ 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 23: Impacts on Net Interest Margin
23 Impacts on Net Interest Margin 3.65% (0.19)% (0.04)% 0.13% 3.55% 4Q25 Rate / volume mix # Days IB Deposit Costs 1Q26 $ 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
Slide 24: Noninterest Income
24 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 wealth fees offset by seasonally lower bank fees as well as lower capital
Slide 25: Noninterest Expense
25 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 disciplined expense management including lower other exp
Slide 26: Allowance for Credit Losses and Credit Quality
26 Allowance for Credit Losses $605 $(1) $4 $608 Allowance 12/31/2025 Economic Forecast & Other Assumptions Loan Growth & Unfunded Commitments Allowance 3/31/2026 1.24% Credit Quality Asset Quality 0.22% 0.22% 0.24% 1.29% 1.07% 1.03% 30+ Day Delinquency Nonaccrual Loans 1Q25 4Q25 1Q26 $ in millions
Slide 27: Peer Credit Data
27 Peer Credit Data 30+ Day Delinquency ONB Peer Average FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 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 (0.10)% 0.00% 0.10% 0.20% 0.30% Non-Performing Loans ONB Peer Average FY18 FY1
Slide 28: Conservative Lending Limit/Risk Grades
28 Conservative Lending Limit/Risk Grades $ in millions 1 Data as of 3/31/2026
Slide 29: Diversified Loan Portfolio
29 CRE Non- Owner Occupied 32% CRE Owner Occupied 12% C&I 32% Residential Real Estate 17% Consumer 7% Multifamily 13% Retail 4% Other 6% Warehouse Industrial 5% Office 4% Warehouse Industrial 4% Office 1% Senior Housing 1% Retail 3% Other 3% Total Loans By State MN $10.3 21% IL 8.6 17% IN 5.6 11% WI
Slide 30: CRE Non-Owner Occupied Maturities
30 Multifamily Office Other $0.8 billion>4% <4% CRE Non-Owner Occupied Maturities As of 3/31/2026 $4.9 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 to refinance risk – Predom
Slide 31: CRE Non-Owner Occupied - Office
31 CRE Non-Owner Occupied - Office Our Lending Looks More Like This ...Less Like This • Total office portfolio of $2.1 billion; average loans size is $3.6 million • 84% located in bank’s footprint, diversified by submarket • 58% of portfolio is MOB and/or occupied by investment grade tenants • CBD o
Slide 32: CRE Non Owner Occupied - Multifamily
32 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 $5.1 million • 85% located in bank’s footprint • Continued strong demand and rental rates in core markets (IL, MN, WI) • Multifamily remains
Slide 33: Strong Capital Position
33 Key Performance Drivers • Strong retained earnings drive capital, partly offset by loan growth and share repurchases • HTM securities pre-tax unrealized losses of $392 million (~$294 million net of tax) • 3.9 million shares of common stock repurchased in 1Q26 • Strong capital position validated b
Slide 34: Appendix
Appendix = OLD NATIONAL BANCORP’
Slide 35: Granular, Long-Tenured Deposit Base
35 ~75% >5 years Core Deposit Tenure 25% 28%19% 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 ~18 years; >65% collate
Slide 36: Commitment to Excellence
36 Commitment to Excellence Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders
Slide 37: Commitment to the Communities We Serve
37 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 38: CAR At A Glance - 2025
38 CAR At A Glance - 2025 *Value of volunteer time based on figure of $34.79 as established by the Independent Sector
Slide 39: Commitment to Strong Corporate Governance
39 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 40: 2025 Executive Compensation
40 • 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 41: Board of Directors and Corporate Governance
41 Board of Directors and Corporate Governance 50% 31% 19% 0-5 years 6-10 years > 10 years Tenure 94% Independent 44% Gender, racial and ethnic board composition 69% Other public company experience Lead Independent Director Daniel S. Hermann Annual Election Elected each year for one-year term Stock
Slide 42: Non-GAAP Reconciliation
42 1Q26 4Q25 1Q25 Net interest income $572.6 $580.8 $387.6 FTE Adjustment 7.8 8.0 5.4 Net interest income (FTE) $580.4 $588.8 $393.0 Add: Noninterest income 122.3 109.7 93.8 Total revenue (FTE) $702.8 $698.6 $486.8 Less: Provision for credit losses (34.9) (32.7) (31.4) Less: Noninterest expense (364
Slide 43: Non-GAAP Reconciliation
43 1Q26 4Q25 1Q25 Noninterest income $122.3 $109.7 $93.8 Less: Debt securities gains/losses (0.1) 0.0 0.1 Less: Pension plan loss 0.0 15.9 0.0 Adjusted noninterest income $122.2 $125.6 $93.9 Noninterest expense $364.7 $386.3 $268.5 Less: Merger-related charges (7.3) (24.5) (5.9) Less: Distribution o
Slide 44: Non-GAAP Reconciliation
44 1Q26 4Q25 1Q25 Noninterest Expense $364.7 $386.3 $268.5 Less: Intangible amortization (25.6) (26.0) (6.8) Noninterest expense, excluding intangible amortization 339.1 360.3 261.7 Adjustments: Less: Merger-related charges (7.3) (24.5) (5.9) Less: Distribution of excess pension assets (3.4) 0.0 0.0
Slide 45: Non-GAAP Reconciliation
45 1Q26 4Q25 1Q25 Net income applicable to common shares $229.6 $212.6 $140.6 Add: Intangibles amortization, net of tax (34.7) 19.6 5.1 Tangible net income applicable to common shares $194.9 $232.1 $145.8 Total adjustments, net of tax $8.0 $28.4 $4.9 Adjusted net income applicable to common shares,
Slide 46: Non-GAAP Reconciliation
46 1Q26 4Q25 1Q25 Shareholders' equity $8,510.7 $8,494.8 $6,534.7 Less: Preferred equity (243.7) (243.7) (243.7) Shareholders' common equity 8,267.0 8,251.1 6,291.0 Less: Goodwill and other intangible assets (2,886.4) (2,908.0) (2,289.3) Tangible shareholders' common equity $5,380.6 $5,343.1 $4,001.
Slide 47: 2026 Peer Group
47 Columbia Financial Corporation 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
Slide 48: Old National Investor Relations Contact
48 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 49: Glossary of Terms
49 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) MSA Metropolitan statistical area CAGR Compound annual