Old National Bancorp Reports Second Quarter 2025 Results and Names New President and COO

Rhea-AI Summary

Old National Bancorp (NASDAQ: ONB) reported strong Q2 2025 results with net income of $121.4 million ($0.34 EPS), or $190.9 million ($0.53 adjusted EPS). The quarter was marked by two significant events: the successful completion of the Bremer partnership on May 1, 2025, and the appointment of Tim Burke as President and COO.

Key financial metrics include total deposits of $54.4 billion (up $13.3 billion), total loans of $48.0 billion (up $11.5 billion), and a net interest margin of 3.53% (up 26 basis points). Credit quality remained strong with net charge-offs at 24 bps of average loans and nonaccrual loans at 1.24% of total loans.

The Bremer integration contributed significantly to balance sheet growth, while the bank maintained strong capital ratios with preliminary Tier 1 common equity at 10.74%.

Positive

• Successful completion of Bremer partnership, significantly expanding balance sheet and capital position
• Strong Q2 adjusted net income of $190.9 million with adjusted EPS of $0.53
• Net interest margin improved by 26 basis points to 3.53%
• Robust commercial loan production of $2.3B with pipeline up 40%
• Strong credit quality with resilient metrics and controlled net charge-offs
• Appointment of experienced banking executive Tim Burke as new President and COO

Negative

• CECL Day 1 non-PCD provision expense of $75.6 million related to Bremer acquisition
• Increase in 30+ day delinquencies to 0.30% from 0.22%
• Preliminary regulatory Tier 1 common equity declined 88 basis points
• Higher funding costs with total deposit costs up 2 basis points to 193 bps

Insights

Banking Industry Financial Analyst

ONB posted strong Q2 results with Bremer acquisition boosting earnings, deposits and loans while maintaining credit quality.

Old National delivered adjusted EPS of $0.53 for Q2, with impressive adjusted net income of $190.9 million. The quarter showcased the immediate benefits of their Bremer acquisition which closed May 1st, significantly expanding their balance sheet with $11.5 billion in core deposits and $11.2 billion in loans.

The bank's net interest margin expanded 26 basis points to 3.53%, a substantial improvement in the current rate environment. This expansion comes despite modest deposit cost increases (up just 2 basis points to 1.93%), demonstrating effective interest rate management. Even excluding the Bremer transaction, organic loan growth was solid at 3.7% annualized, with commercial loans growing at 4.6%.

Credit quality metrics remain resilient with net charge-offs at 24 basis points of average loans. The $75.6 million CECL Day 1 non-PCD provision expense was expected due to accounting requirements for the acquisition. The adjusted efficiency ratio improved to 50.2% from 51.8% in Q1, indicating strong expense management despite integration costs.

The commercial pipeline increased approximately 40%, signaling potential for continued organic growth. With the Bremer integration, ONB now ranks among the top 25 banking companies headquartered in the U.S. with approximately $71 billion in assets and $38 billion in assets under management. This increased scale should provide enhanced efficiency and competitive positioning in their Midwest and Southeast markets.

Executive Leadership Specialist

Tim Burke's appointment as President/COO brings strategic leadership as ONB leverages its Bremer acquisition for growth.

The appointment of Timothy M. Burke, Jr. as President and COO represents a significant leadership transition for Old National following Mark Sander's retirement. Burke's selection reflects a strategic focus on commercial banking expertise, with his nearly 30-year career centered specifically in Midwest markets – precisely where ONB operates and has expanded through the Bremer acquisition.

Burke's background is particularly relevant given ONB's recent expansion. As EVP of the Central Region for a large Midwestern super-regional bank, he managed commercial banking across 12 Midwest markets including Illinois, Indiana and Michigan. This regional knowledge will be vital as ONB integrates Bremer's operations and leverages its newly expanded footprint.

His experience driving collaboration across multiple business lines (Retail, Business Banking, Commercial, Private Banking and Mortgage) aligns perfectly with his new responsibilities overseeing ONB's Commercial, Community and Wealth segments. The decision to base Burke in Evansville with a second office in Chicago demonstrates commitment to maintaining headquarters presence while recognizing the importance of the Chicago market.

The leadership transition comes at a pivotal moment following the successful Bremer acquisition, which has significantly increased ONB's scale to $71 billion in assets. CEO Jim Ryan's comments emphasize Burke's "infectious energy, strong strategic vision, and collaborative leadership approach" – qualities essential for maintaining momentum while integrating a major acquisition. This leadership change appears well-timed to build on the bank's expanded platform and capitalize on growth opportunities.

EVANSVILLE, Ind., July 22, 2025 (GLOBE NEWSWIRE) --

Old National Bancorp (NASDAQ: ONB) reports 2Q25 net income applicable to common shares of $121.4 million, diluted EPS of $0.34; $190.9 million and $0.53 on an adjusted1 basis, respectively.

CEO COMMENTARY:

"Old National’s impressive second quarter results were achieved through a strong focus on the fundamentals: Growing our balance sheet, expanding our fee-based businesses, and controlling expenses," said Chairman and CEO Jim Ryan. "Additionally, with the successful closing of our partnership with Bremer on May 1, 2025, Old National is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position." "We are thrilled to welcome Tim Burke as Old National's President and Chief Operating Officer," said Chairman and CEO Jim Ryan. "Tim brings nearly 30 years of extensive banking expertise to this critical role. I am confident that his infectious energy, strong strategic vision, and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve."

SECOND QUARTER HIGHLIGHTS²:

Net Income	Net income applicable to common shares of $121.4 million; adjusted net income applicable to common shares1 of $190.9 million
	Earnings per diluted common share ("EPS") of $0.34; adjusted EPS1 of $0.53
Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis1 of $521.9 million
	Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.53%, up 26 basis points ("bps")
Operating Performance	Pre-provision net revenue1 ("PPNR") of $269.6 million; adjusted PPNR1 of $289.9 million
	Noninterest expense of $384.8 million; adjusted noninterest expense1 of $343.6 million
	Efficiency ratio1 of 55.8%; adjusted efficiency ratio1 of 50.2%
Deposits and Funding	Period-end total deposits of $54.4 billion, up $13.3 billion; core deposits up $11.6 billion Period-end core deposits up 0.8% annualized excluding deposits assumed from Bremer Financial Corporation ("Bremer")
	Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps
Loans and Credit Quality	End-of-period total loans3 of $48.0 billion, up $11.5 billion End-of-period loans3 up 3.7% annualized excluding loans acquired from Bremer
	Provision for credit losses4 ("provision") of $106.8 million; $31.2 million excluding $75.6 million of current expected credit loss ("CECL") Day 1 non-purchased credit deteriorated ("non-PCD") provision expense5
	Net charge-offs of $26.5 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
	30+ day delinquencies of 0.30% and nonaccrual loans of 1.24% of total loans
Return Profile & Capital	Return on average tangible common equity1 ("ROATCE") of 12.0%; adjusted ROATCE1 of 18.1% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 10.74%, down 88 bps
Notable Items	Closing of Bremer partnership on May 1, 2025 $75.6 million of pre-tax CECL Day 1 non-PCD provision expense5 $41.2 million of pre-tax merger-related charges $21.0 million of pre-tax pension plan gain6

¹ Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release ² Comparisons are on a linked-quarter basis, unless otherwise noted ³ Includes loans held-for-sale ⁴ Includes the provision for unfunded commitments ⁵ Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans, including unfunded loan commitments, through the provision for credit losses ⁶ Includes a gain associated with freezing benefits of the Bremer pension plan

TIM BURKE TO JOIN OLD NATIONAL AS PRESIDENT AND COO
Timothy M. Burke, Jr. will join Old National Bancorp ("Old National") on July 22, 2025 as President and Chief Operating Officer, assuming the role previously held by Mark Sander who announced his retirement earlier this year. Mr. Burke most recently served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank for a large Midwestern super-regional bank, where he was responsible for the full range of commercial banking in 12 Midwestern markets including those in Illinois, Indiana and Michigan.

Mr. Burke’s nearly 30-year banking career has centered on serving clients and communities in the Midwest. His prior leadership experience includes roles as Northeast Ohio Market President for the same regional institution, where he was responsible for driving collaboration across all business lines including Retail, Business Banking, Commercial, Private Banking and Mortgage.

“I’m truly thrilled to join a team that’s so deeply committed to relationship banking and making a real impact on our communities,” said Burke. “Old National’s core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.”

As President and COO, Burke will be responsible for guiding the success of Old National’s Commercial, Community and Wealth segments, and Credit and Marketing teams. He and his family will reside in Evansville, Ind., and he will maintain offices in Evansville and Chicago.

RESULTS OF OPERATIONS²
Old National Bancorp reported second quarter 2025 net income applicable to common shares of $121.4 million, or $0.34 per diluted common share.

Included in second quarter results were $75.6 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments), pre-tax charges of $41.2 million for merger-related expenses, and a $21.0 million pre-tax gain associated with freezing benefits of the Bremer pension plan. Excluding these items and realized debt securities losses from the current quarter, adjusted net income¹ was $190.9 million, or $0.53 per diluted common share.

DEPOSITS AND FUNDING
Growth in core deposits driven by Bremer including public fund and business checking increases partly offset by normal seasonal outflows of retail deposits.

• Period-end total deposits were $54.4 billion, up $13.3 billion; core deposits up $11.6 billion; includes $11.5 billion of period-end core deposits assumed in the Bremer transaction.
  • Period-end core deposits up 0.8% annualized excluding Bremer.
• On average, total deposits for the second quarter were $49.8 billion, up $9.3 billion.
• Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps.
• A loan to deposit ratio of 88%, combined with existing funding sources, provides strong liquidity.
  
  

LOANS
Loan growth driven by Bremer and strong commercial loan production; pipeline increasing.

• Period-end total loans³ were $48.0 billion, up $11.5 billion; includes $11.2 billion of period end loans acquired in the Bremer transaction.
  • Excluding loans³ acquired in the Bremer transaction, period-end total loans were up 3.7% annualized.
• Commercial loans, excluding Bremer, grew 4.6% annualized
  • Total commercial loan production in the second quarter was $2.3 billion; period-end commercial pipeline totaled $4.8 billion, up approximately 40%.
• Average total loans in the second quarter were $44.1 billion, an increase of $7.8 billion.
  
  

CREDIT QUALITY
Resilient credit quality continues to be a hallmark of Old National.

• Provision⁴ expense was $106.8 million; $31.2 million excluding $75.6 million of CECL Day 1 non-PCD provision expense⁵ related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction, consistent with the prior quarter.
• Net charge-offs were $26.5 million, or 24 bps of average loans, consistent with the prior quarter.
  • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps.
• 30+ day delinquencies as a percentage of loans were 0.30% compared to 0.22%.
• Nonaccrual loans as a percentage of total loans were 1.24% compared to 1.29%.
• The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $594.7 million, or 1.24% of total loans, compared to $424.0 million, or 1.16% of total loans, reflecting $75.6 million of CECL Day 1 non-PCD provision expense⁵ related to acquired non-PCD loans (including unfunded loan commitments) and $90.4 million of allowance related to acquired PCD loans.

NET INTEREST INCOME AND MARGIN
Higher reflective of larger balance sheet and higher asset yields.

• Net interest income on a fully taxable equivalent basis¹ increased to $521.9 million compared to $393.0 million, driven by Bremer, loan growth, higher asset yields and more days in the quarter, partly offset by higher funding costs.
• Net interest margin on a fully taxable equivalent basis¹ increased 26 bps to 3.53%.
• Cost of total deposits was 1.93%, increasing 2 bps and the cost of total interest-bearing deposits increased 6 bps to 2.52%.
  
  

NONINTEREST INCOME
Increase driven by Bremer and organic growth of fee-based businesses.

• Total noninterest income was $132.5 million, $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan, compared to $93.8 million.
• Excluding the pension plan gain and realized debt securities losses, noninterest income was up 18.8% driven by Bremer revenue as well as higher wealth fees, mortgage fees, and capital markets revenue.

NONINTEREST EXPENSE
Higher reflective of Bremer, disciplined expense management drives efficiency ratio lower.

• Noninterest expense was $384.8 million and included $41.2 million of merger-related charges.
• Excluding merger-related charges, adjusted noninterest expense¹ was $343.6 million, compared to $262.6 million, driven primarily by elevated operating costs and additional intangibles amortization, both related to the Bremer transaction.
• The efficiency ratio¹ was 55.8%, while the adjusted efficiency ratio¹ was 50.2% compared to 53.7% and 51.8%, respectively.
  
  

INCOME TAXES

• Income tax expense was $30.3 million, resulting in an effective tax rate of 19.5% compared to 20.3%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.6% compared to 22.5%.
  • The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction and the first quarter of 2025 was impacted by a $1.2 million benefit for the vesting of employee stock compensation.
• Income tax expense included $5.8 million of tax credit benefit compared to $5.3 million.
  
  

CAPITAL
Capital ratios remain strong.

• Preliminary total risk-based capital down 109 bps to 12.59% and preliminary regulatory Tier 1 capital down 103 bps to 11.20%, as strong retained earnings were more than offset by the Bremer transaction and loan growth.
• Tangible common equity to tangible assets was 7.26%, down 6.4%.

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 22, 2025, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. A replay of the call will also be available from approximately noon Central Time on July 22, 2025 through August 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 9394540.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.

USE OF 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 useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include CECL Day 1 non-PCD provision expense, merger-related charges associated with completed and pending acquisitions, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.

Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS
This earnings release contains 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 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

CONTACTS:
Media: Rick Jillson		Investors: Lynell Durchholz
(812) 465-7267		(812) 464-1366
Rick.Jillson@oldnational.com		Lynell.Durchholz@oldnational.com

Financial Highlights (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
		2025			2025			2024			2024			2024				2025			2024
Income Statement
Net interest income	$	514,790		$	387,643		$	394,180		$	391,724		$	388,421			$	902,433		$	744,879
FTE adjustment1,3		7,063			5,360			5,777			6,144			6,340				12,423			12,593
Net interest income - tax equivalent basis3		521,853			393,003			399,957			397,868			394,761				914,856			757,472
Provision for credit losses		106,835			31,403			27,017			28,497			36,214				138,238			55,105
Noninterest income		132,517			93,794			95,766			94,138			87,271				226,311			164,793
Noninterest expense		384,766			268,471			276,824			272,283			282,999				653,237			545,316
Net income available to common shareholders	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196			$	262,000		$	233,446
Per Common Share Data
Weighted average diluted shares		361,436			321,016			318,803			317,331			316,461				340,250			304,207
EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37			$	0.77		$	0.77
Cash dividends		0.14			0.14			0.14			0.14			0.14				0.28			0.28
Dividend payout ratio2		41	%		32	%		30	%		32	%		38	%			36	%		36	%
Book value	$	20.12		$	19.71		$	19.11		$	19.20		$	18.28			$	20.12		$	18.28
Stock price		21.34			21.19			21.71			18.66			17.19				21.34			17.19
Tangible book value3		12.60			12.54			11.91			11.97			11.05				12.60			11.05
Performance Ratios
ROAA		0.77	%		1.08	%		1.14	%		1.08	%		0.92	%			0.91	%		0.95	%
ROAE		6.7	%		9.1	%		9.8	%		9.4	%		8.2	%			7.8	%		8.4	%
ROATCE3		12.0	%		15.0	%		16.4	%		16.0	%		14.1	%			13.4	%		14.5	%
NIM (FTE)3		3.53	%		3.27	%		3.30	%		3.32	%		3.33	%			3.41	%		3.31	%
Efficiency ratio3		55.8	%		53.7	%		54.4	%		53.8	%		57.2	%			54.9	%		57.7	%
NCOs to average loans		0.24	%		0.24	%		0.21	%		0.19	%		0.16	%			0.24	%		0.15	%
ACL on loans to EOP loans		1.18	%		1.10	%		1.08	%		1.05	%		1.01	%			1.18	%		1.01	%
ACL4 to EOP loans		1.24	%		1.16	%		1.14	%		1.12	%		1.08	%			1.24	%		1.08	%
NPLs to EOP loans		1.24	%		1.29	%		1.23	%		1.22	%		0.94	%			1.24	%		0.94	%
Balance Sheet (EOP)
Total loans	$	47,902,819		$	36,413,944		$	36,285,887		$	36,400,643		$	36,150,513			$	47,902,819		$	36,150,513
Total assets		70,979,805			53,877,944			53,552,272			53,602,293			53,119,645				70,979,805			53,119,645
Total deposits		54,357,683			41,034,572			40,823,560			40,845,746			39,999,228				54,357,683			39,999,228
Total borrowed funds		7,346,098			5,447,054			5,411,537			5,449,096			6,085,204				7,346,098			6,085,204
Total shareholders' equity		8,126,387			6,534,654			6,340,350			6,367,298			6,075,072				8,126,387			6,075,072
Capital Ratios3
Risk-based capital ratios (EOP):
Tier 1 common equity		10.74	%		11.62	%		11.38	%		11.00	%		10.73	%			10.74	%		10.73	%
Tier 1 capital		11.20	%		12.23	%		11.98	%		11.60	%		11.33	%			11.20	%		11.33	%
Total capital		12.59	%		13.68	%		13.37	%		12.94	%		12.71	%			12.59	%		12.71	%
Leverage ratio (average assets)		9.26	%		9.44	%		9.21	%		9.05	%		8.90	%			9.26	%		8.90	%
Equity to assets (averages)		11.38	%		12.01	%		11.78	%		11.60	%		11.31	%			11.66	%		11.31	%
TCE to TA		7.26	%		7.76	%		7.41	%		7.44	%		6.94	%			7.26	%		6.94	%
Nonfinancial Data
Full-time equivalent employees		5,313			4,028			4,066			4,105			4,267				5,313			4,267
Banking centers		351			280			280			280			280				351			280
1 Calculated using the federal statutory tax rate in effect of 21% for all periods.
2 Cash dividends per common share divided by net income per common share (basic).
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.     June 30, 2025 capital ratios are preliminary.
4 Includes the allowance for credit losses on loans and unfunded loan commitments.
FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets

Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
		2025			2025			2024			2024			2024				2025			2024
Interest income	$	824,961		$	630,399		$	662,082		$	679,925		$	663,663			$	1,455,360		$	1,259,644
Less: interest expense		310,171			242,756			267,902			288,201			275,242				552,927			514,765
Net interest income		514,790			387,643			394,180			391,724			388,421				902,433			744,879
Provision for credit losses		106,835			31,403			27,017			28,497			36,214				138,238			55,105
Net interest income after provision for credit losses		407,955			356,240			367,163			363,227			352,207				764,195			689,774
Wealth and investment services fees		35,817			29,648			30,012			29,117			29,358				65,465			57,662
Service charges on deposit accounts		23,878			21,156			20,577			20,350			19,350				45,034			37,248
Debit card and ATM fees		12,922			9,991			10,991			11,362			10,993				22,913			21,047
Mortgage banking revenue		10,032			6,879			7,026			7,669			7,064				16,911			11,542
Capital markets income		7,114			4,506			5,244			7,426			4,729				11,620			7,629
Company-owned life insurance		6,625			5,381			6,499			5,315			5,739				12,006			9,173
Other income		36,170			16,309			15,539			12,975			10,036				52,479			20,506
Debt securities gains (losses), net		(41	)		(76	)		(122	)		(76	)		2				(117	)		(14	)
Total noninterest income		132,517			93,794			95,766			94,138			87,271				226,311			164,793
Salaries and employee benefits		202,112			148,305			146,605			147,494			159,193				350,417			308,996
Occupancy		30,432			29,053			29,733			27,130			26,547				59,485			53,566
Equipment		12,566			8,901			9,325			9,888			8,704				21,467			17,375
Marketing		13,759			11,940			12,653			11,036			11,284				25,699			21,918
Technology		31,452			22,020			21,429			23,343			24,002				53,472			44,025
Communication		5,014			4,134			4,176			4,681			4,480				9,148			8,480
Professional fees		21,931			7,919			11,055			7,278			10,552				29,850			16,958
FDIC assessment		13,409			9,700			11,970			11,722			9,676				23,109			20,989
Amortization of intangibles		19,630			6,830			7,237			7,411			7,425				26,460			12,880
Amortization of tax credit investments		5,815			3,424			4,556			3,277			2,747				9,239			5,496
Other expense		28,646			16,245			18,085			19,023			18,389				44,891			34,633
Total noninterest expense		384,766			268,471			276,824			272,283			282,999				653,237			545,316
Income before income taxes		155,706			181,563			186,105			185,082			156,479				337,269			309,251
Income tax expense		30,298			36,904			32,232			41,280			35,250				67,202			67,738
Net income	$	125,408		$	144,659		$	153,873		$	143,802		$	121,229			$	270,067		$	241,513
Preferred dividends		(4,033	)		(4,034	)		(4,034	)		(4,034	)		(4,033	)			(8,067	)		(8,067	)
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196			$	262,000		$	233,446
EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37			$	0.77		$	0.77
Weighted Average Common Shares Outstanding
Basic		360,155			315,925			315,673			315,622			315,585				338,162			303,283
Diluted		361,436			321,016			318,803			317,331			316,461				340,250			304,207
(EOP)		391,818			319,236			318,980			318,955			318,969				391,818			318,969

End of Period Balance Sheet (unaudited)
($ in thousands)
	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Assets
Cash and due from banks	$	637,556		$	486,061		$	394,450		$	498,120		$	428,665
Money market and other interest-earning investments		1,171,015			753,719			833,518			693,450			804,381
Investments:
Treasury and government-sponsored agencies		2,445,733			2,364,170			2,289,903			2,335,716			2,207,004
Mortgage-backed securities		9,632,206			6,458,023			6,175,103			6,085,826			5,890,371
States and political subdivisions		1,590,272			1,589,555			1,637,379			1,665,128			1,678,597
Other securities		852,687			755,348			781,656			783,079			775,623
Total investments		14,520,898			11,167,096			10,884,041			10,869,749			10,551,595
Loans held-for-sale, at fair value		77,618			40,424			34,483			62,376			66,126
Loans:
Commercial		14,662,916			10,650,615			10,288,560			10,408,095			10,332,631
Commercial and agriculture real estate		21,879,785			16,135,327			16,307,486			16,356,216			16,016,958
Residential real estate		8,212,242			6,771,694			6,797,586			6,757,896			6,894,957
Consumer		3,147,876			2,856,308			2,892,255			2,878,436			2,905,967
Total loans		47,902,819			36,413,944			36,285,887			36,400,643			36,150,513
Allowance for credit losses on loans		(565,109	)		(401,932	)		(392,522	)		(380,840	)		(366,335	)
Premises and equipment, net		682,539			584,664			588,970			599,528			601,945
Goodwill and other intangible assets		2,944,372			2,289,268			2,296,098			2,305,084			2,306,204
Company-owned life insurance		1,046,693			859,211			859,851			863,723			862,032
Accrued interest receivable and other assets		2,561,404			1,685,489			1,767,496			1,690,460			1,714,519
Total assets	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645
Liabilities and Equity
Noninterest-bearing demand deposits	$	12,652,556		$	9,186,314		$	9,399,019		$	9,429,285		$	9,336,042
Interest-bearing:
Checking and NOW accounts		9,194,738			7,736,014			7,538,987			7,314,245			7,680,865
Savings accounts		5,058,819			4,715,329			4,753,279			4,781,447			4,983,811
Money market accounts		16,564,125			11,638,653			11,807,228			11,601,461			10,485,491
Other time deposits		7,613,377			6,212,898			5,819,970			6,010,070			5,688,432
Total core deposits		51,083,615			39,489,208			39,318,483			39,136,508			38,174,641
Brokered deposits		3,274,068			1,545,364			1,505,077			1,709,238			1,824,587
Total deposits		54,357,683			41,034,572			40,823,560			40,845,746			39,999,228
Federal funds purchased and interbank borrowings		340,246			170			385			135,263			250,154
Securities sold under agreements to repurchase		297,637			290,256			268,975			244,626			240,713
Federal Home Loan Bank advances		5,835,918			4,514,354			4,452,559			4,471,153			4,744,560
Other borrowings		872,297			642,274			689,618			598,054			849,777
Total borrowed funds		7,346,098			5,447,054			5,411,537			5,449,096			6,085,204
Accrued expenses and other liabilities		1,149,637			861,664			976,825			940,153			960,141
Total liabilities		62,853,418			47,343,290			47,211,922			47,234,995			47,044,573
Preferred stock, common stock, surplus, and retained earnings		8,725,995			7,183,163			7,086,393			6,971,054			6,866,480
Accumulated other comprehensive income (loss), net of tax		(599,608	)		(648,509	)		(746,043	)		(603,756	)		(791,408	)
Total shareholders' equity		8,126,387			6,534,654			6,340,350			6,367,298			6,075,072
Total liabilities and shareholders' equity	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
		Three Months Ended								Three Months Ended								Three Months Ended
		June 30, 2025								March 31, 2025								June 30, 2024
		Average			Income1/		Yield/			Average			Income1/		Yield/			Average			Income1/		Yield/
Earning Assets:		Balance			Expense		Rate			Balance			Expense		Rate			Balance			Expense		Rate
Money market and other interest-earning investments		$	1,424,700		$	14,791	4.16	%		$	791,067		$	8,815	4.52	%		$	814,944		$	11,311	5.58	%
Investments:
Treasury and government-sponsored agencies			2,396,691			20,820	3.47	%			2,318,869			20,019	3.45	%			2,208,935			21,531	3.90	%
Mortgage-backed securities			8,567,318			87,734	4.10	%			6,287,825			54,523	3.47	%			5,828,225			47,904	3.29	%
States and political subdivisions			1,596,899			13,402	3.36	%			1,610,819			13,242	3.29	%			1,686,994			14,290	3.39	%
Other securities			970,581			15,770	6.50	%			770,839			10,512	5.45	%			788,571			12,583	6.38	%
Total investments			13,531,489			137,726	4.07	%			10,988,352			98,296	3.58	%			10,512,725			96,308	3.66	%
Loans:2
Commercial			13,240,876			219,446	6.63	%			10,397,991			165,595	6.37	%			10,345,098			183,425	7.09	%
Commercial and agriculture real estate			20,022,403			316,422	6.32	%			16,213,606			245,935	6.07	%			15,870,809			260,407	6.56	%
Residential real estate loans			7,792,440			88,852	4.56	%			6,815,091			67,648	3.97	%			6,952,942			67,683	3.89	%
Consumer			3,049,341			54,787	7.21	%			2,871,213			49,470	6.99	%			2,910,331			50,869	7.03	%
Total loans			44,105,060			679,507	6.16	%			36,297,901			528,648	5.83	%			36,079,180			562,384	6.24	%
Total earning assets		$	59,061,249		$	832,024	5.64	%		$	48,077,320		$	635,759	5.30	%		$	47,406,849		$	670,003	5.66	%
Less: Allowance for credit losses on loans			(404,871	)							(398,765	)							(331,043	)
Non-earning Assets:
Cash and due from banks		$	426,513							$	372,428							$	430,256
Other assets			6,403,239								5,394,600								5,341,022
Total assets		$	65,486,130							$	53,445,583							$	52,847,084
Interest-Bearing Liabilities:
Checking and NOW accounts		$	8,594,591		$	29,291	1.37	%		$	7,526,294		$	23,850	1.29	%		$	8,189,454		$	34,398	1.69	%
Savings accounts			4,968,232			3,777	0.30	%			4,692,239			3,608	0.31	%			5,044,800			5,254	0.42	%
Money market accounts			15,055,735			110,933	2.96	%			11,664,650			88,381	3.07	%			10,728,156			102,560	3.84	%
Other time deposits			7,092,124			67,204	3.80	%			5,996,108			56,485	3.82	%			5,358,103			56,586	4.25	%
Total interest-bearing core deposits			35,710,682			211,205	2.37	%			29,879,291			172,324	2.34	%			29,320,513			198,798	2.73	%
Brokered deposits			2,530,726			28,883	4.58	%			1,546,756			18,171	4.76	%			1,244,237			17,008	5.50	%
Total interest-bearing deposits			38,241,408			240,088	2.52	%			31,426,047			190,495	2.46	%			30,564,750			215,806	2.84	%
Federal funds purchased and interbank borrowings			88,603			953	4.31	%			148,130			1,625	4.45	%			148,835			1,986	5.37	%
Securities sold under agreements to repurchase			295,948			636	0.86	%			272,961			551	0.82	%			249,939			639	1.03	%
Federal Home Loan Bank advances			6,037,462			59,042	3.92	%			4,464,590			41,896	3.81	%			4,473,978			44,643	4.01	%
Other borrowings			828,214			9,452	4.58	%			675,759			8,189	4.91	%			891,609			12,168	5.49	%
Total borrowed funds			7,250,227			70,083	3.88	%			5,561,440			52,261	3.81	%			5,764,361			59,436	4.15	%
Total interest-bearing liabilities		$	45,491,635		$	310,171	2.73	%		$	36,987,487		$	242,756	2.66	%		$	36,329,111		$	275,242	3.05	%
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits		$	11,568,854							$	9,096,676							$	9,558,675
Other liabilities			973,525								944,935								980,322
Shareholders' equity			7,452,116								6,416,485								5,978,976
Total liabilities and shareholders' equity		$	65,486,130							$	53,445,583							$	52,847,084
Net interest rate spread							2.91	%							2.64	%							2.61	%
Net interest margin (GAAP)							3.49	%							3.23	%							3.28	%
Net interest margin (FTE)3							3.53	%							3.27	%							3.33	%
FTE adjustment					$	7,063							$	5,360							$	6,340
1 Interest income is reflected on a FTE basis.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
		Six Months Ended								Six Months Ended
		June 30, 2025								June 30, 2024
		Average			Income1/		Yield/			Average			Income1/		Yield/
Earning Assets:		Balance			Expense		Rate			Balance			Expense		Rate
Money market and other interest-earning investments		$	1,109,634		$	23,606	4.29	%		$	786,094		$	21,296	5.45	%
Investments:
Treasury and government-sponsored agencies			2,357,995			40,839	3.46	%			2,285,706			44,797	3.92	%
Mortgage-backed securities			7,433,868			142,257	3.83	%			5,592,655			86,792	3.10	%
States and political subdivisions			1,603,821			26,644	3.32	%			1,683,585			28,266	3.36	%
Other securities			871,262			26,282	6.03	%			779,504			24,756	6.35	%
Total investments		$	12,266,946		$	236,022	3.85	%		$	10,341,450		$	184,611	3.57	%
Loans:2
Commercial			11,827,287			385,041	6.51	%			9,942,741			350,688	7.05	%
Commercial and agriculture real estate			18,128,526			562,357	6.20	%			15,119,590			490,493	6.49	%
Residential real estate loans			7,306,465			156,500	4.28	%			6,823,378			130,686	3.83	%
Consumer			2,960,769			104,257	7.10	%			2,777,711			94,463	6.84	%
Total loans			40,223,047			1,208,155	6.01	%			34,663,420			1,066,330	6.16	%
Total earning assets		$	53,599,627		$	1,467,783	5.48	%		$	45,790,964		$	1,272,237	5.56	%
Less: Allowance for credit losses on loans			(401,835	)							(322,256	)
Non-earning Assets:
Cash and due from banks		$	399,620							$	396,466
Other assets			5,901,705								5,151,308
Total assets		$	59,499,117							$	51,016,482
Interest-Bearing Liabilities:
Checking and NOW accounts		$	8,063,393		$	53,141	1.33	%		$	7,665,327		$	59,650	1.56	%
Savings accounts			4,830,998			7,385	0.31	%			5,035,100			10,271	0.41	%
Money market accounts			13,369,560			199,314	3.01	%			10,322,808			196,773	3.83	%
Other time deposits			6,547,143			123,689	3.81	%			5,023,620			104,018	4.16	%
Total interest-bearing core deposits			32,811,094			383,529	2.36	%			28,046,855			370,712	2.66	%
Brokered deposits			2,041,459			47,054	4.65	%			1,145,744			30,533	5.36	%
Total interest-bearing deposits			34,852,553			430,583	2.49	%			29,192,599			401,245	2.76	%
Federal funds purchased and interbank borrowings			118,202			2,578	4.40	%			108,962			2,947	5.44	%
Securities sold under agreements to repurchase			284,518			1,187	0.84	%			273,088			1,556	1.15	%
Federal Home Loan Bank advances			5,255,372			100,938	3.87	%			4,430,236			85,810	3.90	%
Other borrowings			752,408			17,641	4.73	%			858,727			23,207	5.43	%
Total borrowed funds			6,410,500			122,344	3.85	%			5,671,013			113,520	4.03	%
Total interest-bearing liabilities			41,263,053			552,927	2.70	%			34,863,612			514,765	2.97	%
Noninterest-Bearing Liabilities and Shareholders' Equity
Demand deposits		$	10,339,594							$	9,408,406
Other liabilities			959,309								972,205
Shareholders' equity			6,937,161								5,772,259
Total liabilities and shareholders' equity		$	59,499,117							$	51,016,482
Net interest rate spread							2.78	%							2.59	%
Net interest margin (GAAP)							3.37	%							3.25	%
Net interest margin (FTE)3							3.41	%							3.31	%
FTE adjustment					$	12,423							$	12,593
1 Interest income is reflected on a FTE.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

Asset Quality (EOP) (unaudited)
($ in thousands)
	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
		2025			2025			2024			2024			2024				2025			2024
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	401,932		$	392,522		$	380,840		$	366,335		$	319,713			$	392,522		$	307,610
Allowance established for acquired PCD loans		90,442			—			—			2,803			23,922				90,442			23,922
Provision for credit losses on loans		99,263			31,026			30,417			29,176			36,745				130,289			60,598
Gross charge-offs		(29,954	)		(24,540	)		(21,278	)		(18,965	)		(17,041	)			(54,494	)		(31,061	)
Gross recoveries		3,426			2,924			2,543			1,491			2,996				6,350			5,266
NCOs		(26,528	)		(21,616	)		(18,735	)		(17,474	)		(14,045	)			(48,144	)		(25,795	)
Ending allowance for credit losses on loans	$	565,109		$	401,932		$	392,522		$	380,840		$	366,335			$	565,109		$	366,335
Beginning allowance for credit losses on unfunded commitments	$	22,031		$	21,654		$	25,054		$	25,733		$	26,264			$	21,654		$	31,226
Provision (release) for credit losses on unfunded commitments		7,572			377			(3,400	)		(679	)		(531	)			7,949			(5,493	)
Ending allowance for credit losses on unfunded commitments	$	29,603		$	22,031		$	21,654		$	25,054		$	25,733			$	29,603		$	25,733
Allowance for credit losses	$	594,712		$	423,963		$	414,176		$	405,894		$	392,068			$	594,712		$	392,068
Provision for credit losses on loans	$	99,263		$	31,026		$	30,417		$	29,176		$	36,745			$	130,289		$	60,598
Provision (release) for credit losses on unfunded commitments		7,572			377			(3,400	)		(679	)		(531	)			7,949			(5,493	)
Provision for credit losses	$	106,835		$	31,403		$	27,017		$	28,497		$	36,214			$	138,238		$	55,105
NCOs / average loans1		0.24	%		0.24	%		0.21	%		0.19	%		0.16	%			0.24	%		0.15	%
Average loans1	$	44,075,472		$	36,284,059		$	36,410,414		$	36,299,544		$	36,053,845			$	40,201,289		$	34,648,292
EOP loans1		47,902,819			36,413,944			36,285,887			36,400,643			36,150,513				47,902,819			36,150,513
ACL on loans / EOP loans1		1.18	%		1.10	%		1.08	%		1.05	%		1.01	%			1.18	%		1.01	%
ACL / EOP loans1		1.24	%		1.16	%		1.14	%		1.12	%		1.08	%			1.24	%		1.08	%
Underperforming Assets:
Loans 90 days and over (still accruing)	$	16,893		$	6,757		$	4,060		$	1,177		$	5,251			$	16,893		$	5,251
Nonaccrual loans		594,709			469,211			447,979			443,597			340,181				594,709			340,181
Foreclosed assets		7,986			6,301			4,294			4,077			8,290				7,986			8,290
Total underperforming assets	$	619,588		$	482,269		$	456,333		$	448,851		$	353,722			$	619,588		$	353,722
Classified and Criticized Assets:
Nonaccrual loans	$	594,709		$	469,211		$	447,979		$	443,597		$	340,181			$	594,709		$	340,181
Substandard loans (still accruing)		1,969,260			1,479,630			1,073,413			1,074,243			841,087				1,969,260			841,087
Loans 90 days and over (still accruing)		16,893			6,757			4,060			1,177			5,251				16,893			5,251
Total classified loans - "problem loans"		2,580,862			1,955,598			1,525,452			1,519,017			1,186,519				2,580,862			1,186,519
Other classified assets		43,495			53,239			58,954			59,485			60,772				43,495			60,772
Special Mention		1,008,716			828,314			908,630			837,543			967,655				1,008,716			967,655
Total classified and criticized assets	$	3,633,073		$	2,837,151		$	2,493,036		$	2,416,045		$	2,214,946			$	3,633,073		$	2,214,946
Loans 30-89 days past due (still accruing)	$	128,771		$	72,517		$	93,141		$	91,750		$	51,712			$	128,771		$	51,712
Nonaccrual loans / EOP loans1		1.24	%		1.29	%		1.23	%		1.22	%		0.94	%			1.24	%		0.94	%
ACL / nonaccrual loans		100	%		90	%		92	%		92	%		115	%			100	%		115	%
Under-performing assets/EOP loans1		1.29	%		1.32	%		1.26	%		1.23	%		0.98	%			1.29	%		0.98	%
Under-performing assets/EOP assets		0.87	%		0.90	%		0.85	%		0.84	%		0.67	%			0.87	%		0.67	%
30+ day delinquencies/EOP loans1		0.30	%		0.22	%		0.27	%		0.26	%		0.16	%			0.30	%		0.16	%
1 Excludes loans held-for-sale.

Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
		2025			2025			2024			2024			2024				2025			2024
Earnings Per Share:
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196			$	262,000		$	233,446
Adjustments:
CECL Day 1 non-PCD provision expense		75,604			—			—			—			15,312				75,604			15,312
Tax effect1		(20,802	)		—			—			—			(3,476	)			(20,802	)		(3,476	)
CECL Day 1 non-PCD provision expense, net		54,802			—			—			—			11,836				54,802			11,836
Merger-related charges		41,206			5,856			8,117			6,860			19,440				47,062			22,348
Tax effect1		(11,337	)		(1,089	)		(2,058	)		(1,528	)		(4,413	)			(12,426	)		(5,123	)
Merger-related charges, net		29,869			4,767			6,059			5,332			15,027				34,636			17,225
Pension plan gain		(21,001	)		—			—			—			—				(21,001	)		—
Tax effect1		5,778			—			—			—			—				5,778			—
Pension plan gain, net		(15,223	)		—			—			—			—				(15,223	)		—
Debt securities (gains) losses		41			76			122			76			(2	)			117			14
Tax effect1		(11	)		(14	)		(31	)		(17	)		1				(25	)		(3	)
Debt securities (gains) losses, net		30			62			91			59			(1	)			92			11
Separation expense		—			—			—			2,646			—				—			—
Tax effect1		—			—			—			(589	)		—				—			—
Separation expense, net		—			—			—			2,057			—				—			—
Distribution of excess pension assets		—			—			—			—			—		—		—			13,318
Tax effect1		—			—			—			—			—		—		—			(3,250	)
Distribution excess pension assets, net		—			—			—			—			—				—			10,068
FDIC special assessment		—			—			—			—			—				—			2,994
Tax effect1		—			—			—			—			—				—			(731	)
FDIC special assessment, net		—			—			—			—			—				—			2,263
Total adjustments, net		69,478			4,829			6,150			7,448			26,862				74,307			41,403
Net income applicable to common shares, adjusted	$	190,853		$	145,454		$	155,989		$	147,216		$	144,058			$	336,307		$	274,849
Weighted average diluted common shares outstanding		361,436			321,016			318,803			317,331			316,461				340,250			304,207
EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37			$	0.77		$	0.77
Adjusted EPS, diluted	$	0.53		$	0.45		$	0.49		$	0.46		$	0.46			$	0.99		$	0.90
NIM:
Net interest income	$	514,790		$	387,643		$	394,180		$	391,724		$	388,421			$	902,433		$	744,879
Add: FTE adjustment2		7,063			5,360			5,777			6,144			6,340				12,423			12,593
Net interest income (FTE)	$	521,853		$	393,003		$	399,957		$	397,868		$	394,761			$	914,856		$	757,472
Average earning assets	$	59,061,249		$	48,077,320		$	48,411,803		$	47,905,463		$	47,406,849			$	53,599,627		$	45,790,964
NIM (GAAP)		3.49	%		3.23	%		3.26	%		3.27	%		3.28	%			3.37	%		3.25	%
NIM (FTE)		3.53	%		3.27	%		3.30	%		3.32	%		3.33	%			3.41	%		3.31	%
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
		2025			2025			2024			2024			2024				2025			2024
PPNR:
Net interest income (FTE)2	$	521,853		$	393,003		$	399,957		$	397,868		$	394,761			$	914,856		$	757,472
Add: Noninterest income		132,517			93,794			95,766			94,138			87,271				226,311			164,793
Total revenue (FTE)		654,370			486,797			495,723			492,006			482,032				1,141,167			922,265
Less: Noninterest expense		(384,766	)		(268,471	)		(276,824	)		(272,283	)		(282,999	)			(653,237	)		(545,316	)
PPNR	$	269,604		$	218,326		$	218,899		$	219,723		$	199,033			$	487,930		$	376,949
Adjustments:
Pension plan termination gain	$	(21,001	)	$	—		$	—		$	—		$	—			$	(21,001	)	$	—
Debt securities (gains) losses	$	41		$	76		$	122		$	76		$	(2	)		$	117		$	14
Noninterest income adjustments		(20,960	)		76			122			76			(2	)			(20,884	)		14
Adjusted noninterest income		111,557			93,870			95,888			94,214			87,269				205,427			164,807
Adjusted revenue	$	633,410		$	486,873		$	495,845		$	492,082		$	482,030			$	1,120,283		$	922,279
Adjustments:
Merger-related charges	$	41,206		$	5,856		$	8,117		$	6,860		$	19,440			$	47,062		$	22,348
Separation expense		—			—			—			2,646			—				—			—
Distribution of excess pension assets		—			—			—			—			—				—			13,318
FDIC Special Assessment		—			—			—			—			—				—			2,994
Noninterest expense adjustments		41,206			5,856			8,117			9,506			19,440				47,062			38,660
Adjusted total noninterest expense		(343,560	)		(262,615	)		(268,707	)		(262,777	)		(263,559	)			(606,175	)		(506,656	)
Adjusted PPNR	$	289,850		$	224,258		$	227,138		$	229,305		$	218,471			$	514,108		$	415,623
Efficiency Ratio:
Noninterest expense	$	384,766		$	268,471		$	276,824		$	272,283		$	282,999			$	653,237		$	545,316
Less: Amortization of intangibles		(19,630	)		(6,830	)		(7,237	)		(7,411	)		(7,425	)			(26,460	)		(12,880	)
Noninterest expense, excl. amortization of intangibles		365,136			261,641			269,587			264,872			275,574				626,777			532,436
Less: Amortization of tax credit investments		(5,815	)		(3,424	)		(4,556	)		(3,277	)		(2,747	)			(9,239	)		(5,496	)
Less: Noninterest expense adjustments		(41,206	)		(5,856	)		(8,117	)		(9,506	)		(19,440	)			(47,062	)		(38,660	)
Adjusted noninterest expense, excluding amortization	$	318,115		$	252,361		$	256,914		$	252,089		$	253,387			$	570,476		$	488,280
Total revenue (FTE)2	$	654,370		$	486,797		$	495,723		$	492,006		$	482,032			$	1,141,167		$	922,265
Less: Debt securities (gains) losses		41			76			122			76			(2	)			117			14
Less: Pension plan gain		(21,001	)		—			—			—			—				(21,001	)		—
Total adjusted revenue	$	633,410		$	486,873		$	495,845		$	492,082		$	482,030			$	1,120,283		$	922,279
Efficiency Ratio		55.8	%		53.7	%		54.4	%		53.8	%		57.2	%			54.9	%		57.7	%
Adjusted Efficiency Ratio		50.2	%		51.8	%		51.8	%		51.2	%		52.6	%			50.9	%		52.9	%
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
		2025			2025			2024			2024			2024				2025			2024
ROAE and ROATCE:
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196			$	262,000		$	233,446
Amortization of intangibles		19,630			6,830			7,237			7,411			7,425				26,460			12,880
Tax effect1		(4,908	)		(1,708	)		(1,809	)		(1,853	)		(1,856	)			(6,615	)		(3,220	)
Amortization of intangibles, net		14,722			5,122			5,428			5,558			5,569				19,845			9,660
Net income applicable to common shares, excluding intangibles amortization		136,097			145,747			155,267			145,326			122,765				281,845			243,106
Total adjustments, net (see pg.12)		69,478			4,829			6,150			7,448			26,862				74,307			41,403
Adjusted net income applicable to common shares, excluding intangibles amortization	$	205,575		$	150,576		$	161,417		$	152,774		$	149,627			$	356,152		$	284,509
Average shareholders' equity	$	7,452,116		$	6,416,485		$	6,338,953		$	6,190,071		$	5,978,976			$	6,937,161		$	5,772,259
Less: Average preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)			(243,719	)		(243,719	)
Average shareholders' common equity	$	7,208,397		$	6,172,766		$	6,095,234		$	5,946,352		$	5,735,257			$	6,693,442		$	5,528,540
Average goodwill and other intangible assets		(2,670,710	)		(2,292,526	)		(2,301,177	)		(2,304,597	)		(2,245,405	)			(2,482,663	)		(2,171,872	)
Average tangible shareholder's common equity	$	4,537,687		$	3,880,240		$	3,794,057		$	3,641,755		$	3,489,852			$	4,210,779		$	3,356,668
ROAE		6.7	%		9.1	%		9.8	%		9.4	%		8.2	%			7.8	%		8.4	%
ROAE, adjusted		10.6	%		9.4	%		10.2	%		9.9	%		10.0	%			10.0	%		9.9	%
ROATCE		12.0	%		15.0	%		16.4	%		16.0	%		14.1	%			13.4	%		14.5	%
ROATCE, adjusted		18.1	%		15.5	%		17.0	%		16.8	%		17.1	%			16.9	%		17.0	%
Refer to last page of Non-GAAP reconciliations for footnotes.

Non-GAAP Measures (unaudited)
($ in thousands)
	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Tangible Common Equity:
Shareholders' equity	$	8,126,387		$	6,534,654		$	6,340,350		$	6,367,298		$	6,075,072
Less: Preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Shareholders' common equity	$	7,882,668		$	6,290,935		$	6,096,631		$	6,123,579		$	5,831,353
Less: Goodwill and other intangible assets		(2,944,372	)		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)
Tangible shareholders' common equity	$	4,938,296		$	4,001,667		$	3,800,533		$	3,818,495		$	3,525,149
Total assets	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645
Less: Goodwill and other intangible assets		(2,944,372	)		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)
Tangible assets	$	68,035,433		$	51,588,676		$	51,256,174		$	51,297,209		$	50,813,441
Risk-weighted assets3	$	52,517,871		$	40,266,670		$	40,314,805		$	40,584,608		$	40,627,117
Tangible common equity to tangible assets		7.26	%		7.76	%		7.41	%		7.44	%		6.94	%
Tangible common equity to risk-weighted assets3		9.40	%		9.94	%		9.43	%		9.41	%		8.68	%
Tangible Common Book Value:
Common shares outstanding		391,818			319,236			318,980			318,955			318,969
Tangible common book value	$	12.60		$	12.54		$	11.91		$	11.97		$	11.05
1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).
2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
3 June 30, 2025 figures are preliminary.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e11c9d1-b9ea-4a5c-a250-cb6dc83091a5

FAQ

What were Old National Bancorp's (ONB) Q2 2025 earnings results?

ONB reported Q2 2025 net income of $121.4 million ($0.34 EPS), or $190.9 million ($0.53 EPS) on an adjusted basis, driven by strong balance sheet growth and improved net interest margin of 3.53%.

How did the Bremer acquisition impact Old National's Q2 2025 financial results?

The Bremer partnership, closed on May 1, 2025, added $11.5 billion in core deposits and $11.2 billion in loans, while requiring a $75.6 million CECL Day 1 provision expense.

Who is Tim Burke and what is his new role at Old National Bank (ONB)?

Tim Burke joined ONB as President and Chief Operating Officer on July 22, 2025, bringing nearly 30 years of banking experience. He will oversee Commercial, Community and Wealth segments, and Credit and Marketing teams.

What is Old National's (ONB) current deposit and loan position after Q2 2025?

ONB reported total deposits of $54.4 billion (up $13.3 billion) and total loans of $48.0 billion (up $11.5 billion), maintaining a strong loan-to-deposit ratio of 88%.

How strong is Old National's (ONB) credit quality in Q2 2025?

ONB maintained strong credit quality with net charge-offs at 24 bps of average loans, nonaccrual loans at 1.24%, and 30+ day delinquencies at 0.30% of total loans.