Old National Bancorp (NASDAQ: ONB) reports 3Q25 net income applicable to common shares of $178.5 million, diluted EPS of $0.46; $231.3 million and $0.59 on an adjusted1 basis,[...]

Old National Bancorp (NASDAQ: ONB) reports 3Q25 net income applicable to common shares of $178.5 million, diluted EPS of $0.46; $231.3 million and $0.59 on an adjusted1 basis, respectively.

CEO COMMENTARY:

"Old National's outstanding quarterly results reflect our continued focus on the fundamentals and the benefits from our recent partnership with Bremer Bank," said Chairman and CEO Jim Ryan. "Furthermore, with conversion activities related to our Bremer partnership now complete, Old National is exceptionally well positioned for the remainder of 2025 and beyond."

THIRD QUARTER HIGHLIGHTS2:

Net Income			•Net income applicable to common shares of $178.5 million; adjusted net income applicable to common shares1 of $231.3 million
			•Earnings per diluted common share ("EPS") of $0.46; adjusted EPS1 of $0.59
Net Interest Income/NIM			•Net interest income on a fully taxable equivalent basis1 of $582.6 million
			•Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.64%, up 11 basis points ("bps")
Operating Performance			•Pre-provision net revenue1 ("PPNR") of $267.3 million; adjusted PPNR1 of $336.6 million, up 16%
			•Noninterest expense of $445.7 million; adjusted noninterest expense1 of $376.5 million
			•Efficiency ratio1 of 58.8%; adjusted efficiency ratio1 of 48.1%
Deposits and Funding			•Period-end total deposits of $55.0 billion, up 4.8% annualized; core deposits up 5.8% annualized
			•Granular low-cost deposit franchise; total deposit costs of 197 bps, up 4 bps
			Loans and Credit Quality			•End-of-period total loans3 of $48.0 billion, up 0.6% annualized ◦End-of-period total loans3 up 3.1% annualized excluding loans acquired from Bremer
						•Provision for credit losses4 ("provision") of $26.7 million
						•Net charge-offs of $30.0 million, or 25 bps of average loans; 17 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
•30+ day delinquencies of 0.18% and nonaccrual loans of 1.23% of total loans
Return Profile & Capital			•Return on average tangible common equity1 ("ROATCE") of 15.9%; adjusted ROATCE1 of 20.1% •Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.02%, up 28 bps
Notable Items			•$69.3 million of pre-tax merger-related charges

1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments

RESULTS OF OPERATIONS2

Old National Bancorp reported third quarter 2025 net income applicable to common shares of $178.5 million, or $0.46 per diluted common share.

Included in third quarter results were pre-tax charges of $69.3 million for merger-related expenses. Excluding these items and realized debt securities losses from the current quarter, adjusted net income1 was $231.3 million, or $0.59 per diluted common share.

DEPOSITS AND FUNDING

Growth in core deposits driven by growth from both existing and new commercial clients.

•Period-end total deposits were $55.0 billion, up 4.8% annualized; core deposits up 5.8% annualized.

•On average, total deposits for the third quarter were $54.9 billion, up $5.1 billion.

•Granular low-cost deposit franchise; total deposit costs of 197 bps, up 4 bps.

•A loan to deposit ratio of 87%, combined with existing funding sources, provides strong liquidity.

LOANS

Loan growth driven by strong commercial loan production partially offset by proactive portfolio actions.

•Period-end total loans3 were $48.0 billion, up 0.6% annualized.

◦Excluding loans3 acquired in the Bremer transaction, period-end total loans were up 3.1% annualized.

•Total commercial loan production in the third quarter was $2.8 billion, up 20% from the second quarter of 2025; period-end commercial pipeline totaled $4.2 billion.

•Average total loans in the third quarter were $48.2 billion, an increase of $4.1 billion.

CREDIT QUALITY

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

•Provision4 expense was $26.7 million compared to $106.8 million, or $31.2 million excluding $75.6 million of current expected credit loss ("CECL") Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction in the second quarter of 2025.

•Net charge-offs were $30.0 million, or 25 bps of average loans, compared to 24 bps in the prior quarter.

◦Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 17 bps compared to 21 bps in the prior quarter.

•30+ day delinquencies as a percentage of loans were 0.18% compared to 0.30%.

•Nonaccrual loans as a percentage of total loans were 1.23% compared to 1.24%.

•The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $604.5 million, or 1.26% of total loans, compared to $594.7 million, or 1.24% of total loans.

NET INTEREST INCOME AND MARGIN

Higher reflective of larger balance sheet and higher asset yields.

•Net interest income on a fully taxable equivalent basis1 increased to $582.6 million compared to $521.9 million, driven by the full quarter impact of Bremer, higher asset yields and more days in the quarter, partly offset by higher funding costs.

•Net interest margin on a fully taxable equivalent basis1 increased 11 bps to 3.64%.

•Cost of total deposits was 1.97%, increasing 4 bps and the cost of total interest-bearing deposits increased 5 bps to 2.57%.

NONINTEREST INCOME

Increase driven by full quarter impact of Bremer, organic growth and record capital markets revenue.

•Total noninterest income was $130.5 million compared to $132.5 million, or $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan in the second quarter of 2025.

•Excluding the pension plan gain in the second quarter of 2025 and realized debt securities losses, noninterest income was up 16.9% driven by the full quarter impact of Bremer, organic growth and record capital markets revenue.

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NONINTEREST EXPENSE

Higher reflective of the full quarter impact of Bremer, disciplined expense management drives adjusted efficiency ratio lower.

•Noninterest expense was $445.7 million and included $69.3 million of merger-related charges.

•Excluding merger-related charges, adjusted noninterest expense1 was $376.5 million, compared to $343.6 million, driven by the full quarter impact of Bremer.

•The efficiency ratio1 was 58.8%, while the adjusted efficiency ratio1 was 48.1% compared to 55.8% and 50.2%, respectively.

INCOME TAXES

•Income tax expense was $50.0 million, resulting in an effective tax rate of 21.5% compared to 19.5%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.0% compared to 24.6%.

◦The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction.

•Income tax expense included $7.8 million of tax credit benefit compared to $5.8 million.

CAPITAL

Capital ratios remain strong.

•Preliminary total risk-based capital up 19 bps to 12.78% and preliminary regulatory Tier 1 capital up 29 bps to 11.49%, as strong retained earnings drive capital.

•Tangible common equity to tangible assets was 7.53%, up 3.7%.

•The Company repurchased 1.1 million shares of common stock during the quarter.

CONFERENCE CALL AND WEBCAST

Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, October 22, 2025, to review third quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company's Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. The telephone replay will be available approximately one hour after completion of the call until midnight Eastern Time on November 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (609) 800-9909; Access code 9394540.

ABOUT OLD NATIONAL

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

USE OF NON-GAAP FINANCIAL MEASURES

The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, CECL Day 1 non-PCD provision expense, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion

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may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

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

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

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

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

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