Old National Bancorp (NASDAQ: ONB) reports record Q2 2026 profitability
Rhea-AI Filing Summary
Old National Bancorp provided an investor presentation under Regulation FD highlighting record second‑quarter 2026 results and updated full‑year guidance. For 2Q26, diluted EPS was $0.65 both reported and adjusted, with record efficiency ratios of 47.0% reported and 45.2% adjusted. Net income applicable to common shareholders was $249 million, with ROAA 1.38% (1.39% adjusted) and ROATCE 19.8% (19.9% adjusted).
As of June 30, 2026, assets were $74B, loans $50.8B, and deposits $56.1B. Loans grew $1.0B in the quarter (8.3% annualized) and deposits grew 3.4% annualized, while total deposit costs were 171 bps and net interest margin (fully taxable equivalent) was 3.54%. Capital remained strong with a CET1 ratio of 11.09%, tangible common equity to tangible assets of 7.68%, and tangible book value per share of $14.32, up 14% year over year.
Credit quality metrics were stable, with an allowance for credit losses of $612 million or 1.21% of total loans, net charge‑offs of 0.26% (0.22% excluding purchased credit deteriorated loans), and nonaccrual loans down $50 million, or 10%, quarter over quarter. The company returned $163 million to common shareholders in 2Q26 through $107 million of share repurchases (4.4 million shares) and $56 million of dividends and reaffirmed a 2026 outlook featuring 6%–8% year‑over‑year loan growth, higher net interest income, positive operating leverage and more than 15% EPS growth.
Positive
- Record 2Q26 performance with EPS $0.65, ROATCE 19.9% and record adjusted efficiency ratio 45.2%, indicating very strong profitability and cost discipline.
- Robust organic growth: total loans increased by $1.0B (8.3% annualized) and deposits grew 3.4% annualized while maintaining low total deposit costs of 171 bps and a 3.54% net interest margin.
- Capital and shareholder returns are strong, with CET1 11.09%, tangible book value per share up 14% year over year and $163M returned to common shareholders in 2Q26 via buybacks and dividends.
Negative
- None.
Filing Explained
This August 5 Form 8-K furnishes an investor presentation under Item 7.01; the company says the report and Exhibit 99.1 are not “filed” for Exchange Act purposes or incorporated by reference, so the disclosure is informational rather than a new issuance, obligation, or completed transaction.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Assets: $74B
Diluted EPS: $0.65
Net income to common: $249 million
+5 more
8 metrics
Assets
$74B
Financial data as of the quarter ended 6/30/2026
Diluted EPS
$0.65
2Q26 reported and adjusted earnings per diluted share
Net income to common
$249 million
Net income applicable to common shares in 2Q26
ROATCE (adjusted)
19.9%
Adjusted return on average tangible common equity for 2Q26
Total loans
$50.8B
Total loans including held-for-sale as of 6/30/2026
Total deposits
$56.1B
Total deposits as of 6/30/2026
CET1 ratio
11.09%
Common equity tier 1 capital to risk-weighted assets at 6/30/2026
ACL / total loans
1.21%
Allowance for credit losses as a percentage of total loans in 2Q26
Key Terms
tangible common equity, efficiency ratio, Purchased credit deteriorated, AOCI, +2 more
6 terms
tangible common equity financial
"In management's view, tangible common equity measures are capital adequacy metrics"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
efficiency ratio financial
"The Company presents EPS, the efficiency ratio, return on average common equity"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Purchased credit deteriorated financial
"PCD Purchased credit deteriorated"
Purchased credit deteriorated (PCD) describes a debt asset bought when its borrower’s ability to repay has already worsened since the loan was first issued. Under accounting rules, buyers must immediately account for the full expected loss rather than spreading it out, so PCD holdings lower reported earnings and capital right away and signal higher credit risk—similar to buying a used car with known damage that you must account for in your budget.
AOCI financial
"AOCI Accumulated other comprehensive income"
Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.
Current expected credit losses financial
"CECL Current expected credit losses"
An accounting rule that requires lenders and creditors to estimate and record expected loan losses up front, based on current information and reasonable forecasts, rather than waiting until losses actually occur. Think of it as a bank setting aside a rainy-day fund based on the weather report instead of only after storms hit; for investors this affects reported profits, reserves and capital levels and can change perceptions of a firm’s financial strength.
Basel 3 proposed rule changes regulatory
"Basel 3 proposed rule changes may provide additional capital flexibility"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Old National Bancorp (ONB)'s key Q2 2026 earnings results?
Old National Bancorp reported EPS of $0.65, record adjusted efficiency ratio of 45.2%, and net income applicable to common shareholders of $249 million. Profitability was strong, with ROAA 1.38% (1.39% adjusted) and ROATCE 19.8% (19.9% adjusted) for the quarter.
How did ONB's loans and deposits change in Q2 2026?
Total loans rose by $1.0 billion, an 8.3% annualized increase, reaching $50.8B. Total deposits grew 3.4% annualized to $56.1B. Funding remained attractive, with total deposit costs at 171 bps and interest‑bearing deposit costs at 223 bps.
What 2026 outlook does Old National Bancorp (ONB) provide in this filing?
Management targets end‑of‑period loans up 6%–8% year over year, net interest income (FTE) of about $2,400 million ±2%, and noninterest income of $515–$525 million. They expect a net charge‑off ratio around 0.25%–0.30% and more than 15% EPS growth with positive operating leverage.
How strong are ONB's capital ratios and tangible book value after Q2 2026?
At June 30, 2026, ONB reported a CET1 ratio of 11.09%, total capital to risk‑weighted assets of 13.65% and tangible common equity to tangible assets of 7.68%. Tangible book value per share was $14.32, up 14% year over year.
What does this filing indicate about Old National Bancorp (ONB)'s credit quality in Q2 2026?
Credit quality remained solid, with an allowance for credit losses of $612 million or 1.21% of total loans, net charge‑offs of 0.26% (0.22% excluding purchased credit deteriorated loans), and nonaccrual loans decreasing by $50 million, or 10%, compared with the prior quarter.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 5, 2026
_________________________________________________________
OLD NATIONAL BANCORP
(Exact name of Registrant as specified in its charter)
_________________________________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (773 ) 765-7675
________________________________________________________
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (s230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (s240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
The executive officers of Old National Bancorp intend to use the materials filed herewith, in whole or in part, in one or more meetings with investors and analysts. A copy of the investor presentation is attached hereto as Exhibit 99.1. Old National Bancorp does not intend for this Item 7.01 or Exhibit 99.1 to be treated as “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Old National Bancorp Investment Thesis.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 5, 2026
OLD NATIONAL BANCORP
By: /s/ Nicholas J. Chulos
Nicholas J. Chulos
Executive Vice President,
Chief Legal Officer and Corporate Secretary
3
Exhibit 99.1 2nd Quarter 2026 Investment Thesis August 5, 2026
Slides 3 — 13 Executive Summary
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 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 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, 2025 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 these materials. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC. Forward-Looking Statements
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 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 appendix to this financial review. 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 a pension plan gain/loss, merger-related charges associated with completed acquisitions, debt securities gains/losses, distribution of excess pension assets expense, FDIC special assessment expense, and CECL Day 1 non-PCD provision 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. The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed acquisitions, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain/loss 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.
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 and succeed.
6 Snapshot of Old National Financial data as of or for the quarter ended 6/30/2026, 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 8/04/2026 3 Measured from 2011 – 2025 ex PCD loans 4 Per FDIC Summary of Deposits as of 6/30/2025 Assets Loans HFI Wealth AUM $74B TCE1 Market Cap2 Deposits $41B $51B $5B $56B $10B Top 5 Market Share In ~45% Of Our MSAs 6th Largest commercial bank headquartered in Midwest Top 25 Banking company based in the U.S. by assets Founded: 1834 HQ: Evansville, IN Nasdaq Listed: ONB Banking Centers: 346 Team Members: 4,914 Profitability Deposits Credit Capital 1.39% Adj. ROAA1 23% NIB % of Core Deposits 0.22% NCOs (ex. PCD) 7.7% TCE / TA1 ~75% 5+ Year Core Deposit Tenure 19.9% Adj. ROATCE1 1.71% Total Cost 1.34% 15-Yr Cumulative NCOs / Avg. Loans3 11.1% CET1 45% Adj. Efficiency1 1.21% ACL / Loans HFI 13.7% Total RBC
7 Financial data as of or for the quarter ended 6/30/2026, except as noted 1 Vs. Peers - See Appendix for definition of Peer Group 2 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation 3 Includes loans held-for-sale The Best of Offense and Defense OFFENSE Top quartile 2Q2026 financial metrics1 • 1.39% Adj. ROAA2 • 19.9% Adj. ROATCE2 • 45.2% Adj. Efficiency Ratio2 Ample liquidity and capital • 91% loan-to-deposit ratio3 • 11.09% CET1 capital to RWA • TBV1 up 14% YoY • 4.4 million shares of common stock repurchased • Prioritizing organic growth and capital growth over M&A DEFENSE Quality, peer-leading deposit franchise • Growth in total deposits of 3.4% annualized • Low total deposit costs of 171 bps for 2Q26 • 75% of core deposits have tenure >5 years • NIB deposits represent 23% of core deposits Strong credit culture • Well-reserved — 100% weighted Moody’s S-2 scenario • $612 million allowance for credit losses, or 1.21% of total loans, includes ~5% reserve on PCD loans • Additionally, $42 million of credit discount remaining on Bremer non-PCD loans • Granular and diversified loan portfolio • Low net charge-offs of 22 bps, excluding PCD loans
8 Leading Profitability & Capital Generation1 1.6% 1.5% 1.5% 1.4% 1.4% 1.3% 1.3% 1.3% 1.3% 1.3% 1.2% 1.2% 1.1% 1.0% 0.6% 20.9% 19.9% 18.5% 18.1% 17.4% 17.4% 16.8% 15.3% 15.2% 15.1% 14.7% 14.7% 14.3% 11.7% 7.4% 14% 17% 19% 20% 22% 25% 26% 28% 31% 32% 34% 37% 40% 43% 49% 1 Peer Group data per S&P Capital IQ Pro as of 3/31/2026 - See Appendix for definition of Peer Group 2 Core metrics, as defined by S&P Capital IQ Pro 3 Estimates as of 8/04/2026 4 Defined as 2026E ROATCE x (1- 2026E dividend payout ratio) per FactSet estimates 5 ONB data as of 6/30/2026 2026E Payout Ratio3ROATCE2ROAA2 Equity Retention Rate3,4 18.0% 15.5% 12.8% 12.7% 12.2% 11.8% 11.4% 10.9% 10.6% 10.5% 9.7% 9.2% 8.9% 7.7% 6.0% 5 5 ONB Peers
9 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% 14.7% 14.6% 14.2% 14.0% 11.2% 1 Peer Group data per S&P Capital IQ Pro - See Appendix for definition of Peer Group 2 Core metrics for peers, as defined by S&P Capital IQ Pro for the full year presented 3 ONB data as reported for adjusted metrics for each full year period ROATCE2,3 Efficiency Ratio3 2024 45.9% 49.5% 52.2% 54.4% 55.6% 56.4% 56.5% 57.0% 57.6% 59.7% 60.0% 60.1% 61.0% 63.9% 64.6% 2025 47.2% 47.8% 48.8% 52.0% 54.2% 54.3% 54.8% 56.5% 56.9% 57.8% 58.5% 59.7% 59.8% 60.9% 63.5% 2023 42.5% 49.9% 50.4% 50.8% 53.3% 54.2% 55.6% 55.6% 55.7% 56.5% 57.3% 57.7% 58.5% 62.9% 63.7% ONB Peers
10 0.42% 1.34% 0.59% 3.74% 3-Year 15-Year 71% 76% 80% 87% 75% 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 6/30/2026, except as noted 1 Peer Group data per S&P Capital IQ Pro as of 3/31/2026 - See Appendix for definition of Peer Group 2 Peer Group data per S&P Capital IQ Pro as of full years 2023-2025 for 3-Year and 2011-2025 for 15-Year 3 Excludes purchased credit deteriorated net charge-offs Low-Risk Balance Sheet Relative to Peers 3 Peer Group
11 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 Weighted by deposits in MSA ~$18B in Deposits #9 Mkt Share ~$8B in Deposits #4 Mkt Share ~$5B in Deposits #1 Mkt Share ~$1B in Deposits #12 Mkt Share ~$2B in Deposits #12 Mkt Share ~$1B in Deposits #8 Mkt Share 2019 Q2 ’26 $20 $12 $1.45 $10.35 58% 2,709 192 $75.8 1M $63,028 $74 $41 $2.60 (ann.) $14.32 45% 4,914 346 $160.5 4M $89,324
12 Proven Franchise Enhancement and Value Creation Source: S&P Capital IQ Pro, FactSet & Transaction Filings (deal metrics reflect assumptions at announcement) 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 Calculated as 2027E ROATCE * (1 - 2027E payout ratio) Estimates as of 8/03/2026 2021 2022 2023 2024 2025 $24 $47 $22 $49 $54 $3 $72 $16
13 $8.37 $9.00 $10.35 $11.43 $11.70 $9.42 $11.00 $11.91 $13.71 $13.93 $14.32 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 Strong TBV Per Share Growth History1 TBV Per Share CAGR (%) Old National2 KRX3 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 Company documents 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 12/31/2025 3 Data as of 12/31/2025; average for KRX companies 2017 - 2022 CAGR of 2% 2023 - 2025 CAGR of 12%
Financial Details Data as of June 30, 2026
15 2Q26 Key Messages Record second quarter results • EPS of $0.65 and record efficiency ratio1 of 47.0% – Record adjusted EPS1 of $0.65 and record adjusted efficiency ratio1 45.2% – Record net income and adjusted net income • Peer-leading profitability – ROATCE1 of 19.8%; 19.9% as adjusted1 – ROAA1 of 1.38%; 1.39% as adjusted1 • 7th consecutive quarter of YoY positive operating leverage • Total capital returned to common shareholders of $163 million during 2Q26 – Combined payout ratio of 65% – Repurchased $107 million of common stock; $277 million authorization remaining – Paid $56 million of quarterly common stock cash dividends Credit quality remains a hallmark of Old National • Nonaccrual loans down $50 million, or 10%, QoQ • Normalized 30+ day delinquencies, provision and NCOs Capital remains strong • TBV1 per share up 14% YoY • CET1 of 11.09%; stable compared to 1Q26 • Basel 3 proposed rule changes may provide additional capital flexibility 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non- GAAP reconciliation
16 Second-Quarter 2026 Highlights Key Performance Drivers • EPS of $0.65; record adjusted EPS1 of $0.65 • Total loan2 growth of $1.0 billion, 8.3% annualized – C&I growth of $495 million, 12.7% annualized – CRE growth of $342 million, 6.2% annualized • Granular low-cost deposit franchise – Total deposits up 3.4% annualized – Total deposit costs of 171 bps, down 1 bp – Interest-bearing deposit costs of 223 bps, down 1 bp • Record efficiency ratio1 of 47.0% and a record 45.2% adjusted1 ratio • 4.4 million shares of common stock repurchased • NCOs of 26 bps; 22 bps excluding PCD loans • TBV1 per share up 11% annualized vs. 1Q26; up 14% YoY $ in millions, except per share data 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation 2 Includes loans held-for-sale Reported Adjusted1 EPS $0.65 $0.65 Net Income $249 $250 Return on Average Assets 1.38% 1.39% Return on Average TCE1 19.8% 19.9% Efficiency Ratio1 47.0% 45.2% NIM1 3.54% TBV1 Per Share $14.32 TBV1 Per Share Growth (annualized) 11.2% Total Loan2 Growth (annualized) 8.3% Total Deposit Growth (annualized) 3.4% Total Cost of Deposits 171 bps
17 2Q26 1Q26 2Q25 % Change End of Period Balances 2Q26 vs. 1Q26 2Q26 vs. 2Q25 Available-for-sale securities, at fair value $11,582 $11,446 $11,005 1% 5% Held-to-maturity securities, at amortized cost $2,845 $2,860 $2,926 (1)% (3)% Total loans1 $50,816 $49,788 $47,980 2% 6% Total assets $74,189 $73,003 $70,980 2% 5% Total deposits $56,147 $55,672 $54,358 1% 3% Borrowings $8,424 $7,823 $7,346 8% 15% Total liabilities $65,606 $64,492 $62,853 2% 4% Shareholders’ equity $8,584 $8,511 $8,126 1% 6% CET1 capital to RWA2 11.09% 11.11% 10.74% —% 3% AOCI $(558) $(543) $(600) (3)% 7% Tangible common book value per share3 $14.32 $13.93 $12.60 3% 14% Loans / Deposits 91% 89% 88% 2% 3% Liquid, Well-Capitalized Balance Sheet $ in millions 1 Includes loans held-for-sale 2 2Q26 figures are preliminary 3 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation
18 $47,980 $49,788 $50,816 2Q25 1Q26 2Q26 5.88% % 5.88% Loan Yields Earning Assets Total loans1 • Total loan growth of $1.0 billion or 8.3% annualized – C&I loan growth of $495 million – CRE loan growth of $342 million – $3.5 billion total commercial production ◦ 89% floating; avg yield of 5.8% ◦ 11% fixed; avg yield of 6.1% – $5.6 billion record total commercial pipeline; up 2% from 1Q26 Securities2 • Duration3 of 4.1, consistent with 1Q26 • 2Q26 new money yield of 5.11% • Estimated NTM cash flows4 of ~$2.3 billion • High-quality portfolio – 85% U.S. treasuries and agency-backed – 10% highly-rated municipals securities – 5% corporate and other – All CMBSs are agency-backed Total Loans1 Up 6% YoY $ in millions 1 End of period balances; includes loans held-for-sale 2 End of period balances; includes available-for-sale securities, held-to- maturity securities, equity securities, and FHLB/FRB stock 3 Available-for-sale effective duration including securities hedges 4 Cash flows include principal & interest 6.16% $14,521 $14,937 $15,083 2Q25 1Q26 2Q26 4.11% % 4.05% Securities Yields 4.07% Total Securities2
19 $ 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 commitments 4 Includes a loss associated with the termination of the Bremer pension plan 5 Includes merger-related expenses, distribution of excess pension assets, and FDIC special assessment Second-Quarter 2026 Results 2Q26 1Q26 2Q25 % Change 2Q26 vs. 1Q26 2Q26 vs. 2Q25 Net Interest Income (FTE)1,2 $586 $580 $522 1% 12% Provision for credit losses3 36 35 107 3% (66%) Adjusted noninterest income1 140 122 112 15% 25% Pension plan gain 13 — 21 N/M (38%) Adjusted noninterest expense1 360 354 344 2% 5% Merger-related and other charges5 12 11 41 9% (71%) Income taxes (FTE)1,2 78 69 37 13% 111% Net income $253 $234 $126 8% 101% Preferred Dividends 4 4 4 —% —% Net income applicable to common shares $249 $230 $122 8% 104% Net income applicable to common shares, adjusted1,2 $250 $238 $191 5% 31% NIM (FTE)1,2 3.54% 3.55% 3.53% (1) bps 1 bps Earnings per diluted share $0.65 $0.59 $0.34 10% 91% Adjusted earnings per diluted share1 $0.65 $0.61 $0.53 7% 23% Return on average assets 1.38% 1.29% 0.77% 9 bps 61 bps Adjusted return on average assets1 1.39% 1.33% 1.19% 6 bps 20 bps Return on average tangible common equity1 19.8% 18.4% 12.0% 140 bps 780 bps Adjusted return on average tangible common equity1 19.9% 19.0% 18.1% 90 bps 180 bps
20 Impacts on Net Interest Margin 3.55% (0.02)% (0.02)% 0.02% 0.01% 3.54% 1Q26 Rate / volume mix Subordinated Debt / SOFR # Days IB Deposit Costs 2Q26 $ in millions 1 Fully Taxable Equivalent Basis; Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation 2 Weighted average rate at end of period 1 Key Performance Drivers • Net interest income1 increase reflective of high quality loan growth and stable core deposit pricing, partly offset by funding mix • NIM1 decreased 1 bp vs. 1Q26 • Strong low-cost deposit franchise – Total deposit costs of 171 bps; down 1 bp – Interest bearing deposit costs of 223 bps; down 1 bp • Subordinated debt and lower SOFR; reduction of $4 million or 2 bps Balance Sheet Remains Well Positioned • 62% of loans are variable/floating-rate – 94% reprice within 3 months • 89% of 2Q26 production was floating rate • ~$7.4 billion fixed-rate loans and securities expected to reprice over NTM • $3.1 billion of net balance sheet hedges protect down side risk Net Interest Income $522 $580 $586 2Q25 1Q26 2Q26 NIM1% 3.54% 3.55% 3.53% 1 Net Interest Income & Net Interest Margin
21 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 increases in all fee income lines • Other income elevated due to market value adjustments, as well as higher BOLI income and an asset recovery • Quarter-end mortgage pipeline was $229 million compared to $282 million for 1Q26 2Q26 1Q26 2Q25 Bank Fees $41 $39 $37 Wealth Fees 42 40 36 Mortgage Fees 11 10 10 Capital Markets 12 11 7 Other 34 22 22 Adjusted Noninterest Income1 $140 $122 $112
22 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 • Disciplined expense management • Record adjusted efficiency ratio1 of 45.2% 2Q26 1Q26 2Q25 Salaries & Employee Benefits $183 $176 $180 Occupancy & Equipment 45 49 43 Technology & Communication 36 35 36 Amortization of intangibles 24 26 20 Other 72 68 65 Adjusted Noninterest Expense1 $360 $354 $344
23 Allowance for Credit Losses $608 $0 $4 $612 Allowance 3/31/2026 Economic Forecast & Other Assumptions Loan Growth & Unfunded Commitments Allowance 6/30/2026 1.22% Credit Quality Asset Quality 0.30% 0.24% 0.29% 1.24% 1.03% 0.91% 30+ Day Delinquency Nonaccrual Loans 2Q25 1Q26 2Q26 $ in millions 1 Includes reserve for unfunded commitments 2 Excludes loans held-for-sale Key Credit Quality Metrics • NCOs of 22 bps excluding 4 bps impact of PCD loans • Nonaccrual loans declined $50 million, or 10% • 30+ day delinquency in normalized range Key ACL Model Assumptions • 100% weighting to Moody’s S-2 scenario • Qualitative reserves represent ~23% of total ACL Purchase Accounting Impact • $42 million of credit discount remaining on Bremer non-PCD loans • 5% of allowance on the remaining $1.9 billion of PCD loans ACL / Total Loans2% 1.21% 1 Net Charge-Offs 0.24% 0.26% 0.26% 0.21% 0.19% 0.22% ONB ONB, excluding PCD 2Q25 1Q26 2Q26
24 Peer Credit Data 30+ Day Delinquency ONB Peer Average FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 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 2Q26 (0.10)% 0.00% 0.10% 0.20% 0.30% 0.40% Non-Performing Loans ONB Peer Average FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 0.00% 0.50% 1.00% 1.50% Net Charge-Offs / Non-Performing Loans ONB Peer Average FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 (10)% 0% 10% 20% 30% 40% 50% 1 Peer Group data per S&P Global Market Intelligence - See Appendix for definition of Peer Group 2 Excludes purchased credit deteriorated net charge-offs 1 1 1 1 2 2
25 Conservative Lending Limit/Risk Grades $ in millions 1 Data as of 6/30/2026
26 CRE Non- Owner Occupied 33% CRE Owner Occupied 12% C&I 32% Residential Real Estate 17% Consumer 6% Multifamily 13% Retail 4% Other 6% Warehouse Industrial 6% Office 4% Warehouse Industrial 4% Office 1% Senior Housing 1% Retail 3% Other 3% Total Loans By State MN $10.1 20% IL 8.7 17% IN 5.8 11% WI 4.6 9% MI 3.1 6% TN 2.2 4% ND 1.6 3% KY 1.6 3% FL 1.3 3% TX 1.2 3% OH 1.1 2% Other 9.5 19% Total $50.8 100% Diversified Loan Portfolio Total Loans $50.8 billion CRE Non-Owner Occupied $16.6 billion CRE Owner Occupied $5.9 billion $ in billions As of 6/30/2026 Excludes loans held-for-sale Summations may not equal due to rounding
27 Multifamily Office Other $0.7 billion>4% <4% CRE Non-Owner Occupied Maturities As of 6/30/2026 $5.0 billion CRE NOO Maturing <18 Mos. Current Int. Rate CRE NOO Maturing <18 Mos. Int. Rate <4% ~1% of Total Loans Maturing CRE NOO Loans • Manageable volume of loans subject to refinance risk – Predominantly multifamily; continues to experience stronger demand and rents – ~1% of total loans that are CRE non-owner occupied mature within 18 months at <4% rate – Loans underwritten at +300 bps over contractual rates at origination
28 CRE Non-Owner Occupied - Office Our Lending Looks More Like This ...Less Like This • Total office portfolio of $2.2 billion; average loans size is $3.8 million • 84% located in bank’s footprint, diversified by submarket • 59% of portfolio is MOB and/or occupied by investment grade tenants • CBD office exposure is low (9% of NOO Office) and primarily within footprint, across 12 cities • Weighted averages – LTV of ~60% – DSC of ~1.47x As of 6/30/2026
29 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 $5.3 million • 87% located in bank’s footprint • Stable demand and rental rates in core markets (IL, MN, WI) • Multifamily remains dominant and stable CRE asset class with no material exposure to rent controlled properties • Weighted averages – LTV of ~59% – DSC of ~1.34x As of 6/30/2026
30 Key Performance Drivers • TBV1 per share up 11% annualized vs. 1Q26; up 14% YoY • Total capital returned to common shareholders of $163 million during 2Q26 – Combined payout ratio of 65% – Repurchased $107 million of common stock in 2Q26; $277 million authorization remaining – Paid $56 million of quarterly common stock cash dividends • Strong capital position validated by internal stress testing • HTM securities pre-tax unrealized losses of $376 million (~$282 million net of tax) • Expect AOCI to recover3 ~10% by year-end 2026 Strong Capital Position 1 2Q26 figures are preliminary 2 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation 3 Based on implied forward curve at 6/30/2026 2Q26 1Q26 2Q25 CET1 capital to RWA 11.09% 11.11% 10.74% Tier 1 capital to RWA 11.53% 11.56% 11.20% Total capital to RWA 13.65% 13.71% 12.59% TCE to tangible assets2 7.68% 7.67% 7.26% Tangible common book value2 per share $14.32 $13.93 $12.60 1
31 Average Total Deposits $49.8 $55.1 $55.5 $38.2 $42.2 $42.7 $11.6 $12.9 $12.9 IB NIB 2Q25 1Q26 2Q26 % Quality, Low-Cost Deposit Franchise Key Performance Drivers • Period end total deposits up 3.4% annualized, increases in public funds and business checking, partly offset by seasonal outflows of retail deposits • NIB deposits represent 23% of total deposits • Total deposit costs of 171 bps; down 1 bp • 36% of total deposits are exception priced – Average rate1 of 2.58% at June 30, 2026; stable with March 31, 2026 $ in billions 1 Weighted average rate at end of period Period-End Total Deposits $54.4 $55.7 $56.1 $24.6 $24.7 $24.2 $24.2 $26.1 $26.9 $5.6 $4.9 $5.0 Retail Commercial Public 2Q25 1Q26 2Q26 Cost of IB Deposits 2.24%2.52% 2.23% Total Cost of Deposits 1.93% 1.97% 1.80% 1.72% 1.71% 3.19% 2.99% 2.59% 2.57% 2.58% Cost of Deposits Exception Pricing 2Q25 3Q25 4Q25 1Q26 2Q26 1 Up 3% YoY
32 ~75% >5 years Core Deposit Tenure 25% 29%18% 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 ~16 years; >70% collateralized or insured – ~80% of accounts have balances <$25k; average balance of ~$4,500 – Exception and special pricing ◦ ~36% of total deposits ◦ Weighted average rate of 2.58% Average Core Account Balance ONB Peer Average $0-$250k >$250k $17k $1.1mm $25k $1.4mm 1 Granular, Long-Tenured Deposit Base $ in billions, unless otherwise stated As of 6/30/2026 1 Peer Group data per S&P Global Market Intelligence as of 3/31/2026 - See Appendix for definition of Peer Group 2 Includes the estimate of Old National Bank federally uninsured deposit balances for regulatory purposes, as adjusted for affiliate deposits and collateralized or otherwise insured deposits
33 Outlook Full-Year 2026 Outlook 2Q26 Actual Original1 Current EOP loans (Including HFS) up 8% annualized up 4%-6% YoY up 6%-8% YoY Net interest income (FTE basis)2 $586 million ~$2,415 million +/- 2% (Up 13-18% YoY) ~$2,400 million +/- 2% (Updated for 1Q26 sub. debt) Noninterest income2 $140 million ~$485 - $505 million ~$515 - $525 million Noninterest expense2 $360 million ~$1,435 - $1,455 million Unchanged Net charge-off ratio 0.26% ~0.25% - 0.30% Unchanged Provision for credit losses $36 million ~$135 - $145 million Unchanged Income Tax Rates GAAP 22% ~22% Unchanged Adjusted FTE 23% ~24% Unchanged $ in millions 1 As presented in the Company’s 4Q25 earnings presentation 2 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation • Fixed rate repricing with 5-year Treasury at ~4.25% • Higher loan growth outlook • Loan spread & asset mix opportunities • No Fed interest rate actions in 2026 assumed • Deposit pricing remains competitive • Funding mix remains relatively stable Net interest income drivers - we see more opportunities than headwinds in today’s environment Results in positive operating leverage and >15% EPS growth YoY
Appendix Appendix
35 Commitment to Excellence Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders
36 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 communities • Sustainability To view ONB’s CAR Report and Sustainability Accounting Standards Board (“SASB”) Index, go to oldnational.com
37 CAR At A Glance - 2025 *Value of volunteer time based on figure of $34.79 as established by the Independent Sector
38 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 for executive officers as follows: Commitment to Strong Corporate Governance • As indicated in Old National’s annual meeting proxy statement filed on April 2, 2026, each named executive officer has met their stock ownership requirement other than our President & Chief Operating Officer, who joined the Company in July 2025 and is in the stock accumulation period permitted under the guidelines
39 • 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 Measure Weight Performance-based (50% TSR & 50% ROATCE) CEO 60% All other NEO’s 50% Service-based CEO 40% All other NEO’s 50%
40 Board of Directors and Corporate Governance 50% 33% 17% 0-5 years 6-10 years > 10 years Tenure 92% Independent 33% Gender, racial and ethnic board composition 67% Other public company board or executive experience Lead Independent Director Daniel S. Hermann Annual Election Elected each year for one-year term Stock Ownership Robust stock ownership guidelines Director Education Comprehensive director education throughout the year Self-Assessment Annual board and committee assessments Diversity in backgrounds, education, professional experiences, gender, minority status and perspectives Barbara A. Boigegrain Former Chief Executive Officer & General Security Wespath Benefits and Investments Thomas L. Brown Former Senior Vice President & Chief Financial Officer RLI Corp. Former Partner PricewaterhouseCoopers LLP Kathryn J. Hayley Chief Executive Officer Rosewood Advisory Services, LLC Former Executive Vice President UnitedHealthcare Peter J. Henseler Former Chairman TOMY International Daniel S. Hermann Lead Independent Director Old National Bancorp Founding Partner Lechwe Holdings, LLC Former Chief Executive Officer AmeriQual Group, LLC Ryan C. Kitchell Former Executive Vice President, Chief Administrative Officer & Chief Financial Officer Indiana University Health Daniel C. Reardon Co-Chief Executive Officer & Trustee Otto Bremer Trust James C. Ryan, III Chairman & Chief Executive Officer Old National Bancorp Thomas E. Salmon Former Chairman & Chief Executive Officer Berry Global Group, Inc. Michael J. Small Chairman, Kognitive Networks, Inc. Former President & Chief Executive Officer Gogo, Inc. Derrick J. Stewart Executive Vice President & Chief Operating Officer YMCA Retirement Fund Katherine E. White Professor of Law Wayne State University Law School Retired Brigadier General U.S. Army National Guard
41 2Q26 1Q26 2Q25 FY2022 FY2019 Net interest income $579.0 $572.6 $514.8 $1,327.9 $604.3 FTE Adjustment 7.5 7.8 7.1 18.4 12.9 Net interest income (FTE) $586.5 $580.4 $521.9 $1,346.4 $617.2 Add: Noninterest income 153.6 122.3 132.5 399.7 199.3 Total revenue (FTE) $740.1 $702.8 $654.4 $1,746.1 $816.5 Less: Provision for credit losses (36.2) (34.9) (106.8) (144.8) (4.7) Less: Noninterest expense (372.2) (364.7) (384.7) (1,038.2) (508.5) Income before income taxes (FTE) $331.7 $303.1 $162.9 $563.1 $303.3 Less: Income taxes (FTE) 78.3 69.4 37.3 134.9 65.1 Net income $253.4 $233.7 $125.6 $428.2 $238.2 Less: Preferred dividends (4.0) (4.0) (4.1) (14.0) 0.0 Net income applicable to common shares $249.4 $229.6 $121.5 $414.2 $238.2 Earnings Per Share $0.65 $0.59 $0.34 $1.50 $1.38 Adjustments: Pension plan gain $(13.2) $0.0 $(21.0) $0.0 $0.0 Merger-related charges 12.1 7.3 41.2 131.9 6.0 Distribution of excess pension assets 0.0 3.4 0.0 0.0 0.0 CECL Day 1 non-PCD provision 0.0 0.0 75.6 96.3 0.0 Debt securities gains/losses 0.0 (0.1) 0.0 0.1 (1.9) ONB Way Charges 0.0 0.0 0.0 0.0 11.4 Property Optimization 0.0 0.0 0.0 26.8 0.0 Gain on sale of health savings accounts 0.0 0.0 0.0 (90.7) 0.0 Total adjustments (1.1) 10.6 95.9 164.4 15.5 Less: Tax effect on net total adjustments1 2.1 (2.6) (26.4) (37.6) (3.8) Total adjustments, net of tax $1.0 $8.0 $69.4 $126.8 $11.7 Net income applicable to common shares, adjusted 250.4 237.7 190.9 541.0 249.9 Adjusted Earnings Per Diluted Share $0.65 $0.61 $0.53 $1.96 $1.45 Non-GAAP Reconciliation $ in millions, except per share data. Summations may not equal due to rounding. 1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state)
42 2Q26 1Q26 2Q25 Noninterest income $153.6 $122.3 $132.5 Less: Pension plan gain (13.2) 0.0 (21.0) Less: Debt securities gains/losses 0.0 (0.1) 0.0 Adjusted noninterest income $140.4 $122.2 $111.5 Noninterest expense $372.2 $364.7 $384.8 Less: Merger-related charges (12.1) (7.3) (41.2) Less: Distribution of excess pension assets 0.0 (3.4) 0.0 Adjusted noninterest expense $360.1 $354.0 $343.7 Non-GAAP Reconciliation $ in millions Summations may not equal due to rounding. 2Q26 1Q26 2Q25 Shareholders' equity $8,583.8 $8,510.7 $8,126.4 Less: Preferred equity (243.7) (243.7) (243.7) Shareholders' common equity 8,340.1 8,267.0 7,882.7 Less: Goodwill and other intangible assets (2,862.4) (2,886.4) (2,944.4) Tangible shareholders' common equity $5,477.7 $5,380.6 $4,938.3 Common shares outstanding 382.5 386.3 391.8 Tangible common book value $14.32 $13.93 $12.60 Total assets $74,189.4 $73,002.7 $70,979.8 Less: Goodwill and other intangible assets (2,862.4) (2,886.4) (2,944.4) Tangible assets $71,327.0 $70,116.3 $68,035.4 Tangible shareholders’ common equity to tangible assets 7.68% 7.67% 7.26%
43 2Q26 1Q26 2Q25 Noninterest Expense $372.2 $364.7 $384.7 Less: Intangible amortization (24.0) (25.6) (19.6) Noninterest expense, excluding intangible amortization 348.2 339.1 365.1 Adjustments: Less: Merger-related charges (12.1) (7.3) (41.2) Less: Distribution of excess pension assets 0.0 (3.4) 0.0 Less: Amortization of tax credits investments (7.8) (7.1) (5.8) Adjusted noninterest expense for efficiency ratio $328.3 $321.3 $318.1 Net interest income $579.0 $572.6 $514.8 Add: FTE adjustment 7.5 7.8 7.1 Net interest income (FTE) $586.5 $580.4 $521.9 Noninterest income 153.6 122.3 132.5 Total revenue (FTE) $740.1 $702.8 $654.4 Less: Debt securities gains/losses 0.0 (0.1) 0.0 Total revenue, excluding debt securities gains/losses 740.1 702.7 654.4 Adjustments: Less: Pension plan gain (13.2) 0.0 (21.0) Adjusted total revenue for efficiency ratio $726.9 $702.7 $633.4 Efficiency Ratio 47.0% 48.3% 55.8% Adjusted Efficiency Ratio 45.2% 45.7% 50.2% 2Q26 1Q26 2Q25 Net interest income $579.0 $572.6 $514.8 FTE adjustment 7.5 7.8 7.1 Net interest income (FTE) $586.5 $580.4 $521.9 Average earnings assets $66,341.9 $65,433.5 $59,061.2 Net interest margin 3.49% 3.50% 3.49% Net interest margin (FTE) 3.54% 3.55% 3.53% Non-GAAP Reconciliation $ in millions Summations may not equal due to rounding.
44 FY2025 FY2024 FY2023 FY2021 FY2019 Noninterest Expense $1,485.3 $1,094.4 $1,026.3 $501.4 $508.5 Less: Intangible amortization (78.7) (27.5) (24.2) (11.4) (16.9) Noninterest expense, excluding intangible amortization 1,406.6 1,066.9 1,002.1 490.0 491.6 Adjustments: Less: Merger-related charges (140.9) (37.3) (28.7) (14.6) (6.0) Less: Amortization of tax credits investments (26.1) (13.3) (15.4) (6.7) (2.7) Less: FDIC special assessment 3.0 (3.0) (19.1) 0.0 0.0 Less: ONB Way Charges 0.0 0.0 0.0 (1.9) (11.4) Less: Contract termination charges 0.0 0.0 (4.4) 0.0 0.0 Less: Louisville expenses 0.0 0.0 (3.4) 0.0 0.0 Less: Property optimization charges 0.0 0.0 (1.6) 0.0 0.0 Less: Distribution of excess pension assets 0.0 (13.3) 0.0 0.0 0.0 Less: Separation expense 0.0 (2.6) 0.0 0.0 0.0 Adjusted noninterest expense for efficiency ratio $1,242.6 $997.3 $929.6 $466.8 $471.5 Net interest income $2,057.9 $1,530.8 $1,503.1 $596.4 $604.3 Add: FTE adjustment 28.4 24.5 23.4 13.9 12.9 Net interest income (FTE) $2,086.3 $1,555.3 $1,526.5 $610.3 $617.2 Noninterest income 466.5 354.7 333.4 214.2 199.3 Total revenue (FTE) $2,552.8 $1,910.0 $1,859.9 $824.5 $816.5 Less: Debt securities gains/losses 0.0 0.2 6.3 (4.3) (1.9) Less: Pension plan gain (5.0) 0.0 0.0 0.0 0.0 Total revenue, excluding debt securities gains/losses 2,547.8 1,910.2 1,866.2 820.2 814.6 Adjustments: Less: Gain on sale of Visa Class B restricted shares 0.0 0.0 (21.6) 0.0 0.0 Adjusted total revenue for efficiency ratio $2,547.8 $1,910.2 $1,844.6 $820.2 $814.6 Efficiency Ratio 55.1% 55.9% 53.7% 59.7% 60.4% Adjusted Efficiency Ratio 48.8% 52.2% 50.4% 56.9% 57.9% Non-GAAP Reconciliation $ in millions Summations may not equal due to rounding.
45 2Q26 1Q26 2Q25 Net income applicable to common shares $249.4 $229.6 $121.5 Add: Intangibles amortization, net of tax 18.0 19.2 14.7 Tangible net income applicable to common shares $267.4 $248.8 $136.2 Total adjustments, net of tax $1.0 $8.0 $69.4 Adjusted net income applicable to common shares, excluding intangibles amortization $268.4 $256.8 $205.6 Average GAAP shareholders’ common equity $8,264.5 $8,300.5 $7,208.4 Less: Average goodwill and other intangible assets (2,873.9) (2,894.8) (2,670.7) Average tangible shareholders’ common equity $5,390.6 $5,405.7 $4,537.7 Return on average tangible shareholders’ common equity 19.8% 18.4% 12.0% Adjusted return on average tangible common equity 19.9% 19.0% 18.1% Net income $253.4 $233.7 $125.6 Total adjustments, net of tax 1.0 8.0 69.4 Adjusted Net Income $254.4 $241.7 $195.0 Average Assets $73,298.2 $72,453.8 $65,486.1 Return on average assets 1.38% 1.29% 0.77% Adjusted return on average assets 1.39% 1.33% 1.19% Non-GAAP Reconciliation $ in millions Summations may not equal due to rounding.
46 FY2025 FY2024 FY2023 FY2021 Net income applicable to common shares $653.1 $523.1 $565.9 $277.5 Add: Intangibles amortization, net of tax 59.0 20.6 18.1 8.5 Tangible net income applicable to common shares $712.1 $543.7 $584.0 $286.0 Total adjustments, net of tax $155.5 $55.0 $33.4 $9.2 Adjusted net income applicable to common shares, excluding intangibles amortization $867.6 $598.7 $617.4 $295.2 Average GAAP shareholders’ common equity $7,370.3 $5,776.0 $5,010.6 $2,997.5 Less: Average goodwill and other intangible assets (2,706.0) (2,237.7) (2,112.9) (1,077.1) Average tangible shareholders’ common equity $4,664.3 $3,538.3 $2,897.7 $1,920.4 Return on average tangible shareholders’ common equity 15.3% 15.4% 20.2% 14.9% Adjusted return on average tangible common equity 18.6% 16.9% 21.3% 15.4% Non-GAAP Reconciliation $ in millions Summations may not equal due to rounding.
47 FY2025 FY2024 FY2023 FY2022 1Q22 Shareholders' equity $8,494.8 $6,340.3 $5,562.9 $5,128.6 $5,232.1 Less: Preferred equity (243.7) (243.7) (243.7) (243.7) (243.7) Shareholders' common equity 8,251.1 6,096.6 5,319.2 4,884.9 4,988.4 Less: Goodwill and other intangible assets (2,908.0) (2,296.1) (2,101.0) (2,125.1) (2,144.6) Tangible shareholders' common equity $5,343.1 $3,800.5 $3,218.2 $2,759.8 $2,843.8 Common shares outstanding 389.7 319.0 292.7 292.9 293.0 Tangible common book value $13.71 $11.91 $11.00 $9.42 $9.71 FY2021 FY2020 FY2019 FY2018 FY2017 Shareholders' equity $3,012.0 $2,972.7 $2,852.5 $2,689.6 $2,154.4 Less: Preferred equity 0.0 0.0 0.0 0.0 0.0 Shareholders' common equity 3,012.0 2,972.7 2,852.5 2,689.6 2,154.4 Less: Goodwill and other intangible assets (1,071.7) (1,083.0) (1,097.1) (1,113.3) (881.1) Tangible shareholders' common equity $1,940.3 $1,889.7 $1,755.4 $1,576.3 $1,273.3 Common shares outstanding 165.8 165.4 169.6 175.1 152.0 Tangible common book value $11.70 $11.43 $10.35 $9.00 $8.37 Non-GAAP Reconciliation $ in millions Summations may not equal due to rounding FTE - Fully taxable equivalent
48 Columbia Banking System, Inc. 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 National Bancorp VLY Webster Financial Corporation WBS Western Alliance Bancorporation WAL Wintrust Financial Corporation WTFC Zions Bancorporation ZION Like-size, publicly-traded financial services companies, serving comparable demographics with comparable services as Old National Bancorp 2026 Peer Group
49 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
50 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) MOE Merger of Equals CAGR Compound annual growth rate MSA Metropolitan statistical area C&I Commercial and industrial N/M Not meaningful CBD Central business district NCOs Net charge-offs CECL Current expected credit losses NEO Named executive officer CET1 Common equity tier 1 NIB Noninterest-bearing CMBS Commercial mortgage-backed security NII Net interest income DSC Debt service coverage ratio NIM Net interest margin E Estimated NOO Non-owner occupied EOP End of period NTM Next 12 months EPS Earnings per share PCD Purchased credit deteriorated FTE Fully taxable equivalent QoQ Quarter-over-quarter FY Full-year RBC Risk based capital GAAP U.S. generally accepted accounting principles ROAA Return on average assets HFI Held for investment ROATCE Return on average tangible common equity HFS Held-for-sale RWA Risk-weighted assets HHI Household income TA Tangible assets HTM Held-to-maturity TBV Tangible common book value IB Interest-bearing TCE Tangible common equity KRX “KBW” Nasdaq Regional Bank Index TSR Total shareholder return LTV Loan-to-value YoY Year-over-year