Old National Bancorp (NASDAQ: ONB) reports 1Q26 net income applicable to common shares of $229.6 million, diluted EPS of $0.59; $237.7 million and $0.61 on an adjusted1 basis,[...]

Old National Bancorp (NASDAQ: ONB) reports 1Q26 net income applicable to common shares of $229.6 million, diluted EPS of $0.59; $237.7 million and $0.61 on an adjusted1 basis, respectively.

CEO COMMENTARY:

"Old National's first-quarter results reflect disciplined execution and a strong start to the year," said Chairman and CEO Jim Ryan. "We delivered strong loan growth, controlled expenses, and maintained strong credit, capital, and liquidity levels, while also taking decisive action on capital returns. Momentum across our businesses continues to build, and nothing we're seeing changes our confidence in our full-year expectations."

FIRST QUARTER HIGHLIGHTS2:

Net Income			•Net income applicable to common shares of $229.6 million; adjusted net income applicable to common shares1 of $237.7 million
			•Earnings per diluted common share ("EPS") of $0.59; adjusted EPS1 of $0.61
Net Interest Income/NIM			•Net interest income on a fully taxable equivalent basis1 of $580.4 million
			•Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.55%, down 10 basis points ("bps")
Operating Performance			•Pre-provision net revenue1 ("PPNR") of $338.1 million; adjusted PPNR1 of $348.7 million
			•Noninterest expense of $364.7 million; adjusted noninterest expense1 of $354.0 million
			•Efficiency ratio1 of 48.3%; adjusted efficiency ratio1 of 45.7%
Deposits and Funding			•Period-end total deposits of $55.7 billion, up 4.2% annualized
			•Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps; interest-bearing deposit costs of 224 bps, down 14 bps
			Loans and Credit Quality			•End-of-period total loans3 of $49.8 billion, up $970.9 million or 8.0% annualized
						•Provision for credit losses4 ("provision") of $34.9 million
						•Net charge-offs of $32.0 million, or 26 bps of average loans; 19 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
•30+ day delinquencies of 0.24% and nonaccrual loans of 1.03% of total loans
Return Profile & Capital			•Return on average tangible common equity1 ("ROATCE") of 18.4%; adjusted ROATCE1 of 19.0% •Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 3 bps •Repurchased 3.9 million shares of common stock during the quarter
Notable Items			•$7.3 million of pre-tax merger-related charges •$3.4 million of pre-tax expense related to the distribution of excess pension plan assets5

1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company - refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Includes non-cash expense associated with the distribution of excess pension assets with the

resolution of the legacy First Midwest Bancorp, Inc. plan 6 Includes a loss associated with the termination of the Bremer pension plan 7 Represents the Company's estimate of its FDIC special assessment using the FDIC's updated estimate of losses to its Deposit Insurance Fund

RESULTS OF OPERATIONS2

Old National Bancorp reported first quarter 2026 net income applicable to common shares of $229.6 million, or $0.59 per diluted common share.

Included in first quarter results were pre-tax charges of $7.3 million for merger-related expenses, a $3.4 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan. Excluding these items and realized debt securities gains from the current quarter, adjusted net income1 was $237.7 million, or $0.61 per diluted common share.

DEPOSITS AND FUNDING

Increases in retail and commercial deposits more than offset seasonal outflows of public funds.

•Period-end total deposits were $55.7 billion, up 4.2% annualized.

•On average, total deposits for the first quarter were $55.1 billion, consistent with the fourth quarter of 2025.

•Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps.

•A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS

Loan growth driven by strong high quality commercial loan production.

•Period-end total loans3 were $49.8 billion, up $970.9 million or 8.0% annualized, including commercial and industrial loan growth of $633.8 million.

•Total commercial loan production in the first quarter was $3.3 billion, down 5%; record period-end commercial pipeline totaled $5.5 billion, up 14%.

•Average total loans in the first quarter were $49.2 billion, up 7.9% annualized.

CREDIT QUALITY

Credit quality continues to be a hallmark of Old National.

•Provision4 expense was $34.9 million compared to $32.7 million.

•Net charge-offs were $32.0 million, or 26 bps of average loans, compared to 27 bps.

◦Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 19 bps compared to 16 bps.

•30+ day delinquencies as a percentage of loans were 0.24% compared to 0.22%.

•Nonaccrual loans as a percentage of total loans were 1.03% compared to 1.07%.

•The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $608.1 million, or 1.22% of total loans, compared to $605.2 million, or 1.24% of total loans.

NET INTEREST INCOME AND MARGIN

Lower net interest income and margin compression reflective of the rate environment.

•Net interest income on a fully taxable equivalent basis1 decreased to $580.4 million compared to $588.8 million, driven by lower asset yields, partly offset by high quality loan growth and lower funding costs.

•Net interest margin on a fully taxable equivalent basis1 decreased 10 bps to 3.55%.

•Cost of total deposits was 1.72%, decreasing 8 bps and the cost of total interest-bearing deposits decreased 14 bps to 2.24%.

NONINTEREST INCOME

Strong wealth fees more than offset by seasonally lower bank fees as well as lower capital markets and mortgage fees which were elevated in the prior quarter.

•Total noninterest income was $122.3 million compared to $109.7 million, or $125.6 million excluding a $15.9 million pre-tax loss associated with the termination of the Bremer pension plan in the fourth quarter of 2025.

•Excluding the pension plan loss6 in the fourth quarter of 2025 and realized debt securities gains, noninterest income was down 2.6% driven by seasonally lower bank fees as well as lower capital markets and mortgage fees, which were elevated in the prior quarter, partly offset by strong wealth management fees.

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NONINTEREST EXPENSE

100% realization of Bremer cost savings along with disciplined expense management drives record adjusted efficiency ratio.

•Noninterest expense was $364.7 million and included $7.3 million of merger-related charges as well as a $3.4 million non-cash expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan.

•Excluding the above noted items, adjusted noninterest expense1 decreased to $354.0 million, compared to $364.8 million excluding merger-related charges and a $3.0 million pre-tax reduction of previously accrued FDIC special assessment7 in the fourth quarter of 2025, driven by disciplined expense management and lower other expense which was elevated in the prior quarter.

•The efficiency ratio1 was 48.3%, while the adjusted efficiency ratio1 was 45.7% compared to 51.6% and 46.0%, respectively.

INCOME TAXES

•Income tax expense was $61.6 million, resulting in an effective tax rate of 20.9% compared to 20.2%. On an adjusted fully taxable equivalent ("FTE") basis1, the effective tax rate was 22.9% compared to 22.7%.

•Income tax expense included $8.7 million of tax credit benefit compared to $10.5 million.

CAPITAL

Capital ratios remain strong.

•Preliminary total risk-based capital up 86 bps to 13.71% and preliminary regulatory Tier 1 capital up 3 bps to 11.56%, as strong retained earnings drive capital, partly offset by growth in loans and share repurchases. In addition, total risk-based capital was impacted by the issuance of $450.0 million of subordinated notes during the quarter.

•Tangible common equity to tangible assets was 7.67% compared to 7.72%.

•The Company repurchased 3.9 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, April 22, 2026, to review first 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 May 6, 2026. 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 $73 billion of assets and $39 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-

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related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, a pension plan gain/loss, FDIC special assessment expense, debt securities gains/losses, 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.

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, 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.