Old National Bancorp Q3 profit hits record $254M
At September 30, 2026, CET1 was 11.11% of risk-weighted assets, and tangible common equity was 7.28% of tangible assets.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Old National Bancorp reported third-quarter 2026 net income of $254 million, compared with $183 million in 3Q25; diluted earnings per share were $0.66 versus $0.46. Adjusted diluted EPS was $0.66, up 12% year over year. The company reported a 46.1% efficiency ratio and a record 44.9% adjusted efficiency ratio; adjusted return on average tangible common equity was 19.6%, down 53 basis points year over year.
At September 30, 2026, total deposits were $57.639 billion and total loans were $51.179 billion; during 3Q26, deposits grew 11% annualized and loans grew 3% annualized. Net charge-offs were 27 basis points, or 24 basis points excluding purchased credit deteriorated loans. ONB repurchased $100 million of common stock, or 3.9 million shares, and paid $55 million in quarterly common dividends; the combined payout ratio was 62%.
The full-year 2026 outlook was unchanged, including net interest income (FTE) of approximately $2.4 billion ±2%, with positive operating leverage and greater than 15% year-over-year EPS growth.
1 point · 0 major0 major · 0 points
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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net income reached a record $254 million, up 39% year over year.
Negative
- None.
Filing Explained
The presentation separates completed repurchases—$100 million—from the $177 million of authorization still remaining; that remaining authorization is capacity to repurchase shares, not an additional completed buyback.
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, or exhibit attachments filed with this report.
Key Figures
Net income: $254 million; $183 million in 3Q25
Diluted EPS: $0.66; $0.46 in 3Q25
Adjusted diluted EPS: $0.66, up 12% year over year
+4 more
7 metrics
Net income
$254 million; $183 million in 3Q25
Third quarter 2026 compared with 3Q25
Diluted EPS
$0.66; $0.46 in 3Q25
Third quarter 2026 compared with 3Q25
Adjusted diluted EPS
$0.66, up 12% year over year
Third quarter 2026
Total deposit growth
11% annualized
Third quarter 2026
Total loan growth
3% annualized
Third quarter 2026
Capital returned to common shareholders
$155 million
Third quarter 2026
Net interest income (FTE) guidance
Approximately $2.4 billion ±2%
Full-year 2026 current guidance
Key Terms
Fully Taxable Equivalent Basis, Purchased credit deteriorated, Allowance for credit losses, Common equity tier 1, +1 more
5 terms
Fully Taxable Equivalent Basis financial
"Fully Taxable Equivalent Basis"
Purchased credit deteriorated financial
"Purchased credit deteriorated net charge-offs"
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.
Allowance for credit losses financial
"Allowance for credit losses $612M"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Common equity tier 1 financial
"Common equity tier 1"
Common Equity Tier 1 is the highest-quality capital a bank holds—mainly common shares and retained profits—that acts as the primary cushion against losses. Investors use the CET1 level and ratio to judge a bank’s financial strength and regulatory standing: a bigger cushion means the bank is better able to absorb shocks, sustain payouts and borrow cheaply, much like an emergency fund for a household.
Tangible common equity financial
"Tangible common equity $5.2B vs. $5.1B at 3Q25"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did ONB earn in the third quarter of 2026?
ONB reported $254 million in third-quarter 2026 net income and diluted EPS of $0.66. In 3Q25, net income was $183 million and diluted EPS was $0.46; adjusted diluted EPS in 3Q26 was $0.66, up 12% year over year.
What is ONB's full-year 2026 earnings outlook?
ONB's full-year 2026 outlook was unchanged and included net interest income (FTE) of approximately $2.4 billion ±2%. The outlook also stated positive operating leverage and greater than 15% year-over-year EPS growth.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 4, 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: November 4, 2026
OLD NATIONAL BANCORP
By: /s/ Nicholas J. Chulos
Nicholas J. Chulos
Executive Vice President,
Chief Legal Officer and Corporate Secretary
3
November 4, 2026 3rd Quarter 2026 Investment Thesis Exhibit 99.1
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 and pending 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 and pending 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 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. Corporate Strategy
6Financial data as of or for the quarter ended 9/30/2026, 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 11/03/2026 3 Measured from 2011 – 2025 ex PCD loans 4 Data per S&P Capital IQ as of 6/30/2026 $74B Deposits $56B Top 5 Market Share In ~42% 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: 4,894 Profitability Deposits Credit Capital 1.37% Adj. ROAA1 22% NIB % of Core Deposits 0.24% NCOs (ex. PCD) 7.3% TCE / TA1 ~75% 5+ Year Core Deposit Tenure 19.6% Adj. ROATCE1 1.79% Total Cost 1.34% 15-Yr Cumulative NCOs / Avg. Loans3 11.1% CET1 45% Adj. Efficiency1 1.20% ACL / Loans HFI 13.6% Total RBC Snapshot of Old National Franchise Overview Financial Highlights $74B Assets $5B TCE1 $51B Loans HFI $58B Deposits $41B Wealth AUM $10B Market Cap2 Chicago, IL; 33% Minneapolis, MN; 16% Evansville, IN; 11% Indianapolis, IN; 4% Milwaukee, WI; 2% Madison, WI; 2% All Others; 32% Deposits By Market4
7Financial data as of or for the quarter ended 9/30/2026, except as noted 1 Vs. Peers - peer group defined in the Appendix 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 OFFENSE Top quartile 3Q2026 financial metrics1 • 1.37% Adj. ROAA2 • 19.6% Adj. ROATCE2 • 45% Adj. Efficiency Ratio2 Ample liquidity and capital • 89% loan-to-deposit ratio3 • 11.11% CET1 capital to RWA • TBV1 up 5% YoY • 3.9 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 11% annualized • Low total deposit costs of 179 bps for 3Q26 • 75% of core deposits have tenure >5 years • NIB deposits represent 22% of core deposits • Median deposit balance ~$3,800 Strong credit culture • Well-reserved — Multiple scenario weighted forecast • $612 million allowance for credit losses, or 1.20% of total loans, includes ~5% reserve on PCD loans • Additionally, $38 million of credit discount remaining on Bremer non-PCD loans • Granular and diversified loan portfolio • Low net charge-offs of 24 bps, excluding PCD loans Best Offense and Defense
8 1.6% 1.5% 1.5% 1.5% 1.5% 1.4% 1.4% 1.3% 1.3% 1.3% 1.3% 1.1% 1.1% 1.0% 20.7% 20.0% 19.6% 18.2% 17.7% 17.7% 17.6% 17.6% 17.4% 15.5% 14.8% 14.5% 14.3% 11.8% 14% 17% 19% 19% 22% 27% 28% 31% 32% 34% 37% 40% 42% 48% 1 Peer data per S&P Capital IQ as of 6/30/2026; peer group defined in the Appendix 2 Core metrics, as defined by S&P Capital IQ 3 Estimates as of 11/03/2026 4 Defined as 2026E ROATCE x (1- 2026E dividend payout ratio) per FactSet estimates 5 ONB data as of 9/30/2026 2026E Payout Ratio3ROATCE2ROAA2 Equity Retention Rate3,4 17.3% 15.2% 14.2% 12.9% 12.2% 12.1% 12.0% 11.5% 11.5% 10.7% 10.6% 10.5% 9.0% 7.8% 5 5 ONB Peers Leading Profitability and Capital Generation1
9 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 data per S&P Capital IQ; peer group defined in the Appendix 2 Core metrics for peers, as defined by S&P Capital IQ 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 Peer Leading Profitability and Efficiency1
10 0.42% 1.34% 0.59% 3.74% 3-Year 15-Year 75% 77% 80% 88% 76% 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 9/30/2026, except as noted 1 Peer data per S&P Capital IQ as of 6/30/2026; peer group defined in the Appendix 2 Peer Group data per S&P Capital IQ as of full years 2023-2025 for 3-Year and 2011-2025 for 15-Year 3 Excludes purchased credit deteriorated net charge-offs 3 Peer Group Low-Risk Balance Sheet Relative to Peers
11Source: S&P Capital IQ 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 per S&P Capital IQ as of 6/30/2026 3 Weighted by deposits in MSA ~$19B in Deposits #9 Mkt Share ~$9B in Deposits #4 Mkt Share ~$6B in Deposits #1 Mkt Share ~$1B in Deposits #13 Mkt Share ~$2B in Deposits #12 Mkt Share ~$1B in Deposits #9 Mkt Share 2019 Q3 ’26 $20 $12 $1.45 $10.35 58% 2,709 192 $76 1M $63,028 $74 $41 $2.64 (ann.) $13.77 45% 4,894 346 $167 4M $88,983 Assets ($B) AUM ($B) Adjusted EPS1 TBV Per Share1 Adj. Efficiency Ratio1 Headcount Branches Median HHI Avg. MSA Pop3 Deposits / Branch ($M) Major Markets2 ONB has Dramatically Enhanced Franchise Value
12 2021 2022 2023 2024 2025 $22 $49 $54 $3 $72 $16 $24 $47 Source: S&P Capital IQ, FactSet & Transaction Filings (deal metrics reflect assumptions at announcement) 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation 2 Calculated as 2027E ROATCE * (1 - 2027E payout ratio) Estimates as of 10/23/2026 ONB Assets Since 2021 ($B) ONB Franchise Improvement Relative to Peers1 Represents ONB’s relative percentile to KRX and past MOE ROATCE Efficiency Ratio Equity Retention2 15.4% 19.1% 57% 48% 10% 15% 47% 92% 2021A 2027E 37% 78% 2021A 2027E 53% 94% 2021A 2027E Increased capital returns: ONB ‘27E total payout ratio of ~60% vs. industry at ~38% Key Per Share Metrics Since MOE Close1 Tangible Book Value Per Share $9.71 $16.32 Q1 ‘22 2027E $1.96 $2.81 2022A 2027E Adj. Earnings Per Share 9% CAGR 8% CAGR Old National Has Outperformed Since MOE Close ONB Metric ONB (34%) KRX (5%) 2/15/22 2/15/23 2/15/24 2/15/25 2/15/26 (50)% (25)% 0% 25% 50% ONB +34% KRX +5% KRX Median CAGR: 7% KRX Median CAGR: 6% Proven Franchise Enhancement and Value Creation
13 $8.37 $9.00 $10.35 $11.43 $11.70 $9.42 $11.00 $11.91 $13.71 $13.77 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q26 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 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 - 2021 CAGR of 9% 2022 - 3Q26 CAGR of 11% Strong TBV Per Share Growth History1
Financial Details Data as of September 30, 2026
15 Key Messages Record net income, record efficiency ratio1 and an 8th consecutive quarter of YoY positive operating leverage EPS $0.66 ROATCE1 19.6% Efficiency ratio1 RECORD 46.1% Tangible book value / share $13.77 EARNINGS Record results drive peer-leading profitability • Record net income of $254 million • EPS of $0.66 and record adjusted EPS1 of $0.66 • ROATCE1 of 19.6% and adjusted ROATCE1 of 19.6% • ROAA1 of 1.37% and adjusted ROAA1 of 1.37% • Record efficiency ratio1 of 46.1% and record adjusted efficiency ratio1 of 44.9% CREDIT Credit quality remains stable • Criticized and classified loans down 9% • Net charge-offs of 27 bps; 24 bps excluding PCD loans • Delinquencies, nonaccrual loans and provision in normalized ranges CAPITAL Strong capital funding growth and shareholder returns • CET1 of 11.11%, stable to 2Q26 while funding 3% annualized loan growth • Repurchased $100 million, or 3.9 million shares, of common stock; $177 million authorization remaining • Paid $55 million of quarterly common stock cash dividends • TBV per share excluding the impact of a $391 million rate-driven decrease in AOCI, increased 13% annualized 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - see Appendix for Non-GAAP reconciliation Combined payout ratio 62% $155 million of capital returned to common shareholders Adjusted EPS1 RECORD $0.66 +12% YoY · +2% QoQ Adjusted ROATCE1 19.6% -53 bps YoY · -34 bps QoQ Adjusted Efficiency ratio1 RECORD 44.9% 321 bps better YoY · 24 bps better QoQ ROAA1 1.37% Adjusted ROAA1 1.37% +5 bps YoY · -2 bps QoQ
16 Third-Quarter 2026 At A Glance Strong execution across the franchise drove record efficiency and solid balance sheet growth Earnings per diluted share $0.66 $0.66 +2% Net income to common shareholders $250 $250 – % Return on average assets1 1.37 % 1.37 % -2 bps Return on average TCE1 19.6 % 19.6 % -34 bps Efficiency ratio1 46.1 % 44.9 % -24 bps Net interest margin (FTE)1 3.52 % Tangible book value / share1 $13.77 Total loan2 growth (annualized) 3 % Total deposit growth (annualized) 11 % Total cost of deposits 179 bps KEY PERFORMANCE DRIVERS • Total loan2 growth of $362 million (3% annualized) — C&I up $148 million (4% annualized) and CRE up $157 million (3% annualized) – $3.0 billion of total commercial production – 86% floating at 5.9% – Total commercial pipeline of $4.4 billion, up 6% YoY • Total deposits up 11% annualized on higher business and public funds – Total deposit costs of 179 bps and interest-bearing deposit costs of 231 bps, both up 8 bps • Record efficiency ratio1 of 46.1% and record adjusted efficiency ratio1 of 44.9% Repor ted Adjus ted 1 Adjus ted 1 vs . 2Q26 $ 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
17 Balance Sheet Strong deposit growth funded loan growth and reduced reliance on wholesale borrowings End of period balances 3Q26 2Q26 3Q25 3Q26 vs. 2Q26 3Q26 vs. 3Q25 Available-for-sale securities, at fair value $11,317 $11,582 $11,418 (2) % (1) % Held-to-maturity securities, at amortized cost $2,823 $2,845 $2,910 (1) % (3) % Total loans1 $51,179 $50,816 $48,048 1 % 7 % Total assets $74,424 $74,189 $71,210 — % 5 % Total deposits $57,639 $56,147 $55,006 3 % 5 % Borrowings $7,134 $8,424 $6,766 (15) % 5 % Total liabilities $66,129 $65,606 $62,901 1 % 5 % Shareholders’ equity $8,295 $8,584 $8,309 (3) % — % CET1 capital to RWA2 11.11 % 11.09 % 11.02 % — % 1 % AOCI $(949) $(558) $(524) 70 % (81) % Tangible common book value per share3 $13.77 $14.32 $13.15 (4) % 5 % Loans / deposits 89 % 91 % 87 % (2) % 2 % $ in millions, except per share data 1 Includes loans held-for-sale 2 3Q26 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 Earning Assets Loan growth continued with improving yields and healthy commercial production $ 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 reflects available-for-sale effective duration including securities hedges 4 Cash flows include principal and interest Total loans1 and loan yields Total securities2 and securities yields TOTAL LOANS 1 • Total loan growth of $362 million, or 3% annualized; up 7% YoY – C&I loan growth of $148 million, or 4% annualized; up 12% YoY – CRE loan growth of $157 million, or 3% annualized; up 3% YoY • $3.0 billion total commercial production – 86% floating at 5.9% • $4.4 billion total commercial pipeline, up 6% YoY • October 1, 2026 total loan portfolio spot yield of 6.0% SECURIT IES 2 • Duration3 of 4.7, compared to 4.1 for 2Q26 • 3Q26 new money yield of 5.4% – Current new money yields are ~6.0% • Estimated next-twelve-month cash flows4 of ~$1.8 billion LOAN 1 PORTFOLIO MIX CRE non-owner occupied 32% C&I 32% Residential real estate 17% CRE owner occupied 12% Consumer 7% $48,048 $50,816 $51,179 6.28% 5.88% 5.92% 3Q25 2Q26 3Q26 $14,949 $15,083 $14,796 4.24% 4.11% 4.19% 3Q25 2Q26 3Q26 SECURIT IES 2 PORTFOLIO MIX U.S. treasuries and agency-backed 85% Highly-rated municipal securities 9% Corporate and other 6% All commercial mortgage-backed securities are agency-backed
19 Diversified Loan Portfolio A $51.1 billion loan portfolio diversified by asset class and geography Total loans $51.1B CRE non-owner occupied 32% C&I 32% Residential real estate 17% CRE owner occupied 12% Consumer 7% CRE non-owner occupied $16.7 billion · 32% of total loans CRE owner occupied $6.0 billion · 12% of total loans TOTAL LOANS BY STATE MN $10.1 20% IL 8.6 17% IN 5.9 11% WI 4.6 9% MI 3.2 6% TN 2.3 4% KY 1.7 3% ND 1.5 3% TX 1.5 3% FL 1.4 3% OH 1.1 2% Other 9.5 19% Total $51.1 100% $ in billions As of 9/30/2026 Excludes loans held-for-sale Summations may not equal due to rounding CRE portfolio percentages shown as a share of total loans 41% 17% 17% 14% 11% Multifamily Other Warehouse Industrial Office Retail 28% 25% 22% 13% 12% Warehouse Industrial Other Retail Senior Housing Office
20 Deposit Franchise Deposits grew $1.5 billion, or 11% annualized; long-tenured and granular base with 22% noninterest-bearing $ in billions unless otherwise stated 1 Exception pricing shown at the weighted average rate at end of period 2 Peer data per S&P Capital IQ as of 6/30/2026; peer group defined in the Appendix Period-end total deposits Cost of total deposits vs. exception pricing1 COST & MIX Total cost of deposits, up 8 bps QoQ 179 bps Interest-bearing deposit cost, up 8 bps QoQ 231 bps Noninterest-bearing share of deposits 22% Insured share of total deposits >70% WHY THE BASE IS DURABLE Accounts under $25k; % of accounts ~80% Total deposits; median balance ~$3,800 Core account balance, $0–$250k $17k Peer2 average, $0–$250k $23k Core deposits with tenure >5 years ~75% Top 20 clients / total deposits ~11% Top 20 weighted average tenure ~13 years Top 20 collateralized or insured >85% Exception priced / total deposits ~37% Exception priced, average rate1 2.76% Deposit growth came from business and public funds $55.0 $56.1 $57.6 $24.2 $24.2 $24.2 $25.1 $26.9 $27.8 $5.7 $5.0 $5.6 Retail Commercial Public 3Q25 2Q26 3Q26 1.97% 1.80% 1.72% 1.71% 1.79% 2.99% 2.59% 2.57% 2.58% 2.76% Cost of Deposits Exception Pricing 3Q25 4Q25 1Q26 2Q26 3Q26 1 Spot rate of 187 bps at September 30, 2026
21 Income Statement and Earnings Performance Metrics Adjusted EPS increased 12% YoY, reflecting continued improvement in core operating performance $ 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 gain associated with the termination of the Bremer pension plan 3Q26 2Q26 3Q25 3Q26 vs. 2Q26 3Q26 vs. 3Q25 Net interest income1,2 $592 $586 $583 1 % 2 % Provision for credit losses3 34 36 27 (7) % 26 % Adjusted noninterest income1 128 140 130 (9) % (2) % Pension plan gain4 1 13 — N/M N/M Adjusted noninterest expense1 355 360 376 (1) % (6) % Merger-related charges 1 12 69 N/M N/M Income taxes1,2 77 78 58 (1) % 34 % Net income $254 $253 $183 — % 39 % Preferred dividends 4 4 4 — % — % Net income applicable to common shares $250 $249 $179 — % 40 % Net income applicable to common shares, adjusted1 $250 $250 $231 — % 8 % Net interest margin1,2 3.52 % 3.54 % 3.64 % (2) bps (12) bps Earnings per diluted share $0.66 $0.65 $0.46 2 % 43 % Adjusted earnings per diluted share1 $0.66 $0.65 $0.59 2 % 12 % Return on average assets 1.37 % 1.38 % 1.03 % (1) bps 34 bps Adjusted return on average assets1 1.37 % 1.39 % 1.32 % (2) bps 5 bps Return on average tangible common equity 19.6 % 19.8 % 15.9 % (25) bps 372 bps Adjusted return on average tangible common equity1 19.6 % 19.9 % 20.1 % (34) bps (53) bps
22 Net Interest Income & Net Interest Margin1 Net interest income¹ increased as earning asset growth and favorable rate/volume mix more than offset higher deposit costs Net interest income (FTE)1 and net interest margin1 MARGIN BRIDGE · 2Q26 TO 3Q26 2Q26 net interest margin1 3.54% Rate / volume mix +4 bps Day count +2 bps Interest-bearing deposit costs (8) bps 3Q26 net interest margin1 3.52% WELL-POSIT IONED FOR R IS ING RATES • Current spot rates favorable to NIM by ~2bps • 63% of loans are variable or floating rate; 94% reprice within three months • 86% of 3Q26 and 88% of YTD commercial production was floating rate • ~$4.6 billion of fixed-rate loans with WAR of 5.1% and ~$1.8 billion of fixed-rate securities with WAR of 4.2% reprice over the next twelve months at September 30, 2026 • $3.4 billion of net balance sheet hedges protect downside risk $583 $586 $592 3.64% 3.54% 3.52% Net interest income (FTE) Net interest margin (FTE) 3Q25 2Q26 3Q26 $ 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
23 Noninterest Income Bank and wealth fees remained resilient as other income normalized from elevated second quarter levels ADJUSTED NONINTEREST INCOME 1 3Q26 2Q26 3Q25 Bank fees $43 $41 $41 Wealth fees 42 42 40 Mortgage fees 9 11 10 Capital markets 12 12 13 Other 22 34 26 Adjusted noninterest income¹ $128 $140 $130 Adjusted noninterest income1 $128M -9% vs. 2Q26 Change vs. 3Q25 -2% vs. $130M in 3Q25 Quarter-end mortgage pipeline $188M vs. $229M at 2Q26 Adjusted noninterest income¹ KEY PERFORMANCE DRIVERS • Other income elevated by ~$10 million in 2Q26 due to market value adjustments, higher BOLI income and an asset recovery • Quarter-end mortgage pipeline was $188 million compared to $229 million for 2Q26 $ 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 $130 $140 $128 3Q25 2Q26 3Q26
24 Noninterest Expense Disciplined expense management drove a record adjusted efficiency ratio1 of 44.9% ADJUSTED NONINTEREST EXPENSE 1 3Q26 2Q26 3Q25 Salaries & employee benefits $180 $183 $194 Occupancy & equipment 46 45 47 Technology & communication 34 36 41 Amortization of intangibles 23 24 26 Other 72 72 68 Adjusted noninterest expense¹ $355 $360 $376 Adjusted noninterest expense1 $355M -1% vs. 2Q26 Change vs. 3Q25 -6% vs.$376M in 3Q25 Adjusted efficiency ratio¹ 44.9% Company record Adjusted noninterest expense¹ KEY PERFORMANCE DRIVERS • Disciplined expense management • Record adjusted efficiency ratio¹ of 44.9% • Continued to invest in organic growth during 3Q26; added 19 Commercial and 7 Wealth relationship managers – Opened new LPOs in Ohio (Cleveland and Columbus) – Enhanced leadership in 1834 and FX while adding new executives across several new strategic disciplines (FinTech/Food & Bev) $ 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 $376 $360 $355 3Q25 2Q26 3Q26
25 Credit Quality Credit remains strong: net charge-offs of 24 bps excluding PCD, delinquencies down and nonaccruals stable Net charge-offs % of average loans, annualized 30+ day delinquency and nonaccrual loans % of total loans ALLOWANCE FOR CREDIT LOSSES 1 – QoQ Allowance at 6/30/2026 $612M 1.21% of total loans2 Economic forecast & other -$4M No material impact due to change in assumptions Loan growth & unfunded +$4M Reserve build on growth Allowance at 9/30/2026 $612M 1.20% of total loans2 WHAT THIS QUARTER SHOWS • Net charge-offs, delinquencies, nonaccrual loans and provision in normalized ranges – Net charge-offs of 24 bps excluding the 3 bps impact of PCD loans MODEL ASSUMPTIONS • Multiple scenario weighted forecast • Qualitative reserves are ~19% of total ACL ACQUIS IT ION ACCOUNTING • $38 million of credit discount remains on Bremer non-PCD loans • 5% allowance on the remaining $1.8 billion of PCD loans 0.25% 0.26% 0.27% 0.17% 0.22% 0.24% ONB Excluding PCD 3Q25 2Q26 3Q26 1.23% 0.91% 0.92% 0.18% 0.29% 0.25% Nonaccrual Loans 30+ Day Delinquency 3Q25 2Q26 3Q26 $ in millions ¹ Includes reserve for unfunded commitments 2 Excludes loans held-for-sale
26 Peer Credit Data Delinquencies and net charge-offs have historically run below the peer average 30+ day delinquency % of total loans Net charge-offs Annualized, % of average loans Non-performing loans % of total loans Net charge-offs / non-performing loans % ¹ Peer group data per S&P Capital IQ; peer average shown through 2Q26; see Appendix for definition of peer group ² Excludes purchased credit deteriorated net charge-offs ONB Peer Average FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 3Q26 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% ONB Peer Average FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 3Q26 (0.10)% 0.00% 0.10% 0.20% 0.30% 0.40% ONB Peer Average FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 3Q26 0.00% 0.40% 0.80% 1.20% 1.60% ONB Peer Average FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 3Q26 (50)% 0% 50% 100% 11 1 12
27 Strong Capital Position CET1 up 2 bps to 11.11% while funding earning asset growth and returning $155 million to shareholders Tangible common book value per share1 +5% YoY · -15% annualized QoQ Common shares outstanding 378.6M vs. 390.8M at 3Q25 Tangible common equity $5.2B vs. $5.1B at 3Q25 3Q26 CAPITAL DEPLOYMENT $250 million of net income applicable to common shares Share repurchases 3.9 million shares $100M Common dividends Quarterly cash dividend $55M Retained Supports loan growth $95M Combined payout ratio 62% CAPITAL RATIOS 2 3Q26 3Q25 CET1 / RWA 11.11% 11.02% Tier 1 / RWA 11.54% 11.49% Total capital / RWA 13.59% 12.78% TCE / tangible assets 7.28% 7.53% POSIT ION • $177 million of repurchase authorization remaining • Capital strength validated by internal stress testing • HTM pre-tax unrealized losses of $559 million, or ~$419 million net of tax • TBV per share excluding the impact of a $391 million rate-driven decrease in AOCI, increased 13% annualized $13.15 $14.32 $13.77 3Q25 2Q26 3Q26 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 3Q26 figures are preliminary 2Q26 11.09% 11.53% 13.65% 7.68%
28 Full Year Outlook Outlook unchanged from prior quarter $ in millions Prior 2026 guidance as presented in the Company's 2Q26 earnings presentation. Net interest income (FTE), noninterest income and noninterest expense are non-GAAP financial measures - see the Appendix for reconciliations 1 Includes investment in new revenue-generating talent Full-year 2026 3Q26 Actual Prior 2026 Guidance Current 2026 Guidance End-of-period loans (including HFS) up 3% annualized (up 6% YTD, annualized) up 6%–8% YoY Unchanged Net interest income (FTE) $592 million ~$2,400 million ± 2% Unchanged Noninterest income $128 million ~$515–$525 million Unchanged Noninterest expense $355 million ~$1,435–$1,455 million Unchanged Net charge-off ratio 0.27 % ~0.25%–0.30% Unchanged Provision for credit losses $34 million ~$135–$145 million Unchanged Income tax rate — GAAP / adjusted FTE 22% / 23% ~22% / ~24% Unchanged Results in positive operating leverage and greater than 15% EPS growth year over year Net interest income drivers – we see more opportunities than headwinds in today’s environment OPPORTUNIT IES • Fixed rate repricing • Strong loan growth outlook • Loan spread and asset mix opportunities • Current spot rates favorable to NIM by ~2 bps ASSUMPTIONS • No Fed interest rate actions assumed in 4Q26 • Deposit pricing remains competitive • Funding mix remains relatively stable • Includes investment in top revenue-generating talent 1
29 In-house lending limits conservative relative to ONB’s legal lending limit1 of $1,040 million per borrower $ in millions 1 Data as of 9/30/2026 Conservative Lending Limit/Risk Grades
30 $0.7B CRE Non-Owner Occupied Maturities $4.9B Interest rate >4% 89% Interest rate <4% 11% CRE non-owner occupied maturing <18 months ~1% of total loans CRE non-owner occupied maturing <18 months - interest rate <4% Multifamily 49% Other 11% Office 11% MATURING CRE NON-OWNER OCCUPIED 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 As of 9/30/2026
31 CRE Non-Owner Occupied - Office A $2.3 billion office portfolio of smaller, in-footprint loans with low CBD exposure Our lending looks more like this …less like this • 80% located in the bank's footprint and diversified by submarket • CBD office exposure is low and primarily within footprint, across 13 cities OFFICE PORTFOLIO Total office portfolio $2.3B Average loan size $4.1M Located in bank's footprint 80% MOB and/or investment grade tenants 60% CBD share of NOO office 10% Weighted average LTV ~62% Weighted average DSC ~1.47x As of 9/30/2026
32 CRE Non-Owner Occupied - Multifamily A $6.8 billion multifamily portfolio with stable demand and no material rent-controlled exposure Our lending looks more like this …less like this • Stable demand and rental rates in core markets (IL, MN, WI) • Multifamily remains the dominant and stable CRE asset class MULTIFAMILY PORTFOLIO Total multifamily portfolio $6.8B Average loan size $5.5M Located in bank's footprint 87% Material rent-controlled exposure None Weighted average LTV ~61% Weighted average DSC ~1.34x As of 9/30/2026
Appendix Appendix
34Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders Commitment to Excellence
35 Old National’s 2025 Community Action Report (“CAR”) 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 Commitment to the Communities We Serve
36*Value of volunteer time based on figure of $34.79 as established by the Independent Sector CAR At A Glance - 2025
37 Position or Salary Target Ownership Guidelines Chief Executive Officer 5X salary in stock or 200,000 shares Chief Operating Officer 4X salary in stock or 100,000 shares Salary equal to or greater than $250,000 3X salary in stock or 50,000 shares Stock ownership guidelines have been established for executive officers as follows: 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 Commitment to Strong Corporate Governance
38 Tied to long-term shareholder value 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% 2025 Executive Compensation
39 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 Board of Directors and Corporate Governance
40 3Q26 2Q26 3Q25 FY2022 FY2019 Net interest income $584 $579 $575 $1,328 $604 FTE Adjustment 8 8 8 18 13 Net interest income (FTE) $592 $586 $583 $1,346 $617 Add: Noninterest income 128 154 130 400 199 Total revenue (FTE) $720 $740 $713 $1,746 $817 Less: Provision for credit losses (34) (36) (27) (145) (5) Less: Noninterest expense (355) (372) (446) (1,038) (509) Income before income taxes (FTE) $331 $332 $241 $563 $303 Less: Income taxes (FTE) 77 78 58 135 65 Net income $254 $253 $183 $428 $238 Less: Preferred dividends (4) (4) (4) (14) 0 Net income applicable to common shares $250 $249 $179 $414 $238 Earnings Per Share $0.66 $0.65 $0.46 $1.50 $1.38 Adjustments: Pension plan gain $(1) $(13) $0 $0 $0 Merger-related charges 1 12 69 132 6 CECL Day 1 non-PCD provision 0 0 0 96 0 Debt securities gains/losses 0 0 0 0 (2) ONB Way Charges 0 0 0 0 11 Property Optimization 0 0 0 27 0 Gain on sale of health savings accounts 0 0 0 (91) 0 Total adjustments 0 (1) 69 164 16 Less: Tax effect on net total adjustments1 0 2 (16) (38) (4) Total adjustments, net of tax $0 $1 $53 $127 $12 Net income applicable to common shares, adjusted 250 250 231 541 250 Adjusted Earnings Per Diluted Share $0.66 $0.65 $0.59 $1.96 $1.45 $ 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) Non-GAAP Reconciliation
41 3Q26 2Q26 3Q25 Noninterest income $128 $154 $130 Less: Pension plan gain (1) (13) 0 Adjusted noninterest income $128 $140 $130 Noninterest expense $355 $372 $446 Less: Merger-related charges (1) (12) (69) Adjusted noninterest expense $355 $360 $376 $ in millions Summations may not equal due to rounding Total assets $74,424 $74,189 $71,210 Less: Goodwill and other intangible assets (2,839) (2,862) (2,927) Tangible assets $71,585 $71,327 $68,283 Tangible shareholders’ common equity to tangible assets 7.28 % 7.68 % 7.53 % Non-GAAP Reconciliation Net income $254 $253 $183 Total adjustments, net of tax 0 1 53 Adjusted Net Income $254 $254 $236 Average Assets $74,276 $73,298 $71,137 Return on average assets 1.37 % 1.38 % 1.03 % Adjusted return on average assets 1.37 % 1.39 % 1.32 %
42 FY2025 FY2024 FY2023 FY2022 Shareholders' equity $8,495 $6,340 $5,563 $5,129 Less: Preferred equity (244) (244) (244) (244) Shareholders' common equity 8,251 6,096 5,319 4,885 Less: Goodwill and other intangible assets (2,908) (2,296) (2,101) (2,125) Tangible shareholders' common equity $5,343 $3,800 $3,218 $2,760 Common shares outstanding 390 319 293 293 Tangible common book value $13.71 $11.91 $11.00 $9.42 1Q22 FY2021 FY2020 FY2019 Shareholders' equity $5,232 $3,012 $2,973 $2,852 Less: Preferred equity (244) 0 0 0 Shareholders' common equity 4,988 3,012 2,973 2,852 Less: Goodwill and other intangible assets (2,145) (1,072) (1,083) (1,097) Tangible shareholders' common equity $2,843 $1,940 $1,890 $1,755 Common shares outstanding 293 166 165 170 Tangible common book value $9.71 $11.70 $11.43 $10.35 $ in millions Summations may not equal due to rounding Non-GAAP Reconciliation 3Q26 2Q26 1Q26 3Q25 Shareholders' equity $8,295 $8,584 $8,511 $8,309 Less: Preferred equity (244) (244) (244) (244) Shareholders' common equity $8,052 8,340 8,267 8,065 Less: Goodwill and other intangible assets (2,839) (2,862) (2,886) (2,927) Tangible shareholders' common equity $5,212 $5,478 $5,381 $5,138 Common shares outstanding 379 383 386 391 Tangible common book value $13.77 $14.32 $13.93 $13.15
43 3Q26 2Q26 3Q25 Noninterest Expense $355 $372 $446 Less: Intangible amortization (23) (24) (26) Noninterest expense, excluding intangible amortization 332 348 420 Adjustments: Less: Merger-related charges (1) (12) (69) Less: Amortization of tax credits investments (8) (8) (7) Adjusted noninterest expense for efficiency ratio $323 $328 $343 Net interest income $584 $579 $575 Add: FTE adjustment 8 8 8 Net interest income (FTE) $592 $587 $583 Noninterest income 128 154 130 Total revenue (FTE) $720 $741 $713 Less: Debt securities gains/losses 0 0 0 Total revenue, excluding debt securities gains/losses 720 741 713 Adjustments: Less: Pension plan gain (1) (13) 0 Adjusted total revenue for efficiency ratio $719 $728 $713 Efficiency Ratio 46.1 % 47.0 % 58.8 % Adjusted Efficiency Ratio 44.9 % 45.2 % 48.1 % Net interest income $584 $579 $575 FTE adjustment 8 8 8 Net interest income (FTE) $592 $587 $583 Average earnings assets $67,301 $66,342 $64,033 Net interest margin 3.47 % 3.49 % 3.59 % Net interest margin (FTE) 3.52 % 3.54 % 3.64 % $ in millions Summations may not equal due to rounding Non-GAAP Reconciliation
44 FY2025 FY2024 FY2023 FY2021 FY2019 Noninterest Expense $1,485 $1,094 $1,026 $501 $509 Less: Intangible amortization (79) (28) (24) (11) (17) Noninterest expense, excluding intangible amortization 1,406 1,066 1,002 490 492 Adjustments: Less: Merger-related charges (141) (37) (29) (15) (6) Less: Amortization of tax credits investments (26) (13) (15) (7) (3) Less: FDIC special assessment 3 (3) (19) 0 0 Less: ONB Way Charges 0 0 0 (2) (11) Less: Contract termination charges 0 0 (4) 0 0 Less: Louisville expenses 0 0 (3) 0 0 Less: Property optimization charges 0 0 (2) 0 0 Less: Distribution of excess pension assets 0 (13) 0 0 0 Less: Separation expense 0 (3) 0 0 0 Adjusted noninterest expense for efficiency ratio $1,242 $997 $930 $467 $472 Net interest income $2,058 $1,531 $1,503 $596 $604 Add: FTE adjustment 28 25 23 14 13 Net interest income (FTE) $2,086 $1,555 $1,527 $610 $617 Noninterest income 467 355 333 214 199 Total revenue (FTE) $2,553 $1,910 $1,860 $825 $817 Less: Debt securities gains/losses 0 0 6 (4) (2) Less: Pension plan gain (5) 0 0 0 0 Total revenue, excluding debt securities gains/losses 2,548 1,910 1,866 820 815 Adjustments: Less: Gain on sale of Visa Class B restricted shares 0 0 (22) 0 0 Adjusted total revenue for efficiency ratio $2,548 $1,910 $1,844 $820 $815 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 % $ in millions Summations may not equal due to rounding Non-GAAP Reconciliation
45 3Q26 2Q26 3Q25 Net income applicable to common shares $250 $249 $179 Add: Intangibles amortization, net of tax 17 18 20 Tangible net income applicable to common shares $267 $267 $199 Total adjustments, net of tax $0 $1 $53 Adjusted net income applicable to common shares, excluding intangibles amortization $267 $268 $252 Average GAAP shareholders’ common equity $8,312 $8,264 $7,925 Less: Average goodwill and other intangible assets (2,850) (2,873) (2,931) Average tangible shareholders’ common equity $5,461 $5,391 $4,994 Return on average tangible shareholders’ common equity 19.6 % 19.8 % 15.9 % Adjusted return on average tangible common equity 19.6 % 19.9 % 20.1 % $ in millions Summations may not equal due to rounding Non-GAAP Reconciliation FY2025 FY2024 FY2023 FY2021 Net income applicable to common shares $653 $523 $566 $278 Add: Intangibles amortization, net of tax 59 21 18 9 Tangible net income applicable to common shares $712 $544 $584 $287 Total adjustments, net of tax $155 $55 $33 $9 Adjusted net income applicable to common shares, excluding intangibles amortization $867 $599 $617 $296 Average GAAP shareholders’ common equity $7,370 $5,776 $5,011 $2,998 Less: Average goodwill and other intangible assets (2,706) (2,238) (2,113) (1,077) Average tangible shareholders' common equity $4,664 $3,538 $2,898 $1,921 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 %
46 2026 Peer Group Like-size, publicly-traded financial services companies, serving comparable demographics with comparable services as Old National Bancorp COLB Columbia Banking System, Inc. CFR Cullen/Frost Bankers, Inc. FHN First Horizon Corporation HBAN Huntington Bancshares, Inc. MTB M&T Bank Corporation PNFP Pinnacle Financial Partners, Inc. RF Regions Financial Corporation SSB SouthState Bank Corporation UMBF UMB Financial Corporation VLY Valley National Bancorp WAL Western Alliance Bancorporation WTFC Wintrust Financial Corporation ZION Zions Bancorporation
47 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
48 Term Definition Term Definition Term Definition ACL Allowance for credit losses GAAP U.S. generally accepted accounting principles NIB Noninterest-bearing AOCI Accumulated other comprehensive income HFI Held for investment NII Net interest income AUM Assets under management HFS Held-for-sale NIM Net interest margin B Billion HHI Household income NOO Non-owner occupied bp(s) Basis point(s) HTM Held-to-maturity NTM Next 12 months CAGR Compound annual growth rate IB Interest-bearing PCD Purchased credit deteriorated C&I Commercial and industrial k Thousand QoQ Quarter-over-quarter CBD Central business district KRX “KBW” Nasdaq Regional Bank Index RBC Risk based capital CECL Current expected credit losses LTV Loan-to-value ROAA Return on average assets CET1 Common equity tier 1 M&A Mergers and acquisitions ROATCE Return on average tangible common equity CMBS Commercial mortgage-backed security M Million RWA Risk-weighted assets DSC Debt service coverage ratio MOB Medical office building TA Tangible assets E Consensus Estimates MOE Merger of Equals TBV Tangible common book value EOP End of period MSA Metropolitan statistical area TCE Tangible common equity EPS Earnings per share N/M Not meaningful TSR Total shareholder return FTE Fully taxable equivalent NCOs Net charge-offs YoY Year-over-year FY Full-year NEO Named executive officer Glossary of Terms Abbreviations and terms used in this presentation