Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q3 2026 Earnings Presentation
48 slides from Old National Bancorp's earnings presentation, Nov 4, 2026
Slide 1: 3rd Quarter 2026 Investment Thesis
November 4, 2026 3rd Quarter 2026 Investment Thesis Exhibit 99.1
Slide 2: Executive Summary
Slides 3 — 13 Executive Summary
Slide 3: Forward-looking statements
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 p
Slide 4: Non-GAAP Financial Measures
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 ar
Slide 5: Corporate Strategy
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. Corporat
Slide 6: Company at a glance and key metrics
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 lo
Slide 7: Offense and defense: top quartile metrics
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 he
Slide 8: Leading Profitability and Capital Generation vs peers
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 Cor
Slide 9: Peer Leading Profitability and Efficiency
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 pe
Slide 10: Low-Risk Balance Sheet Relative to Peers
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 Capita
Slide 11: Dramatically Enhanced Franchise Value
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 Deposi
Slide 12: Franchise Improvement Relative to Peers
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 No
Slide 13: Strong TBV Per Share Growth History
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 me
Slide 14: Financial Details
Financial Details Data as of September 30, 2026
Slide 15: Key Messages
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
Slide 16: Third-Quarter 2026 At A Glance
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
Slide 17: Balance Sheet
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,
Slide 18: Earning Assets
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 A
Slide 19: Diversified Loan Portfolio
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
Slide 20: Deposit Franchise
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 def
Slide 21: Income Statement and Earnings Performance Metrics
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
Slide 22: Net Interest Income & Net Interest Margin
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
Slide 23: Noninterest Income
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 inco
Slide 24: Noninterest Expense
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 O
Slide 25: Credit Quality
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%
Slide 26: Peer Credit Data
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;
Slide 27: Strong Capital Position
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
Slide 28: Full Year Outlook
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 Include
Slide 29: Conservative Lending Limit/Risk Grades
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
Slide 30: CRE Non-Owner Occupied Maturities
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 • Manag
Slide 31: CRE Non-Owner Occupied - Office
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, acr
Slide 32: CRE Non-Owner Occupied - Multifamily
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 as
Slide 33: Appendix
Appendix Ss OLD NATIONAL BANCORP’
Slide 34: Commitment to Excellence
34Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders Commitment to Excellence
Slide 35: Commitment to the Communities We Serve
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
Slide 36: CAR At A Glance - 2025
36*Value of volunteer time based on figure of $34.79 as established by the Independent Sector CAR At A Glance - 2025
Slide 37: Commitment to Strong Corporate Governance
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 fo
Slide 38: 2025 Executive Compensation
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-bas
Slide 39: Board of Directors
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 ow
Slide 40: Net income and EPS reconciliation
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) (
Slide 41: 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 ro
Slide 42: Tangible common book value reconciliation
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
Slide 43: Efficiency ratio reconciliation
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
Slide 44: Annual efficiency ratio 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: Am
Slide 45: Return on tangible common equity 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 amo
Slide 46: 2026 Peer Group
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 C
Slide 47: Old National Investor Relations Contact
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 [email protected] Old National Investor Relations Contact
Slide 48: Glossary of terms
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