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Old National Bancorp — Q3 2026 Earnings Presentation
Old National Bancorp (ONB) · 28 slides · Filed Oct 21, 2026
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Slide 1 — 3rd Quarter 2026
October 21, 2026 3rd Quarter 2026 Financial Review
Slide 2 — Forward-Looking Statements
2 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
Slide 3 — Non-GAAP Financial Measures
3 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, pre-provision net revenue 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.
Slide 4 — Key Messages
4 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
Slide 5 — Third-Quarter 2026 At A Glance
5 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% Reported Adjusted 1 Adjusted 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
Slide 6 — Balance Sheet
6 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
Slide 7 — Earning Assets
7 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% SECURITIES 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 SECURITIES 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.
Slide 8 — Deposit Franchise
8 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 Global Market Intelligence as of June 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
Slide 9 — Income Statement and Earnings Performance Metrics
9 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
Slide 10 — Net Interest Income & Net Interest Margin1
10 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-POSITIONED FOR RISING 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.
Slide 11 — Noninterest Income
11 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
Slide 12 — Noninterest Expense
12 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
Slide 13 — Credit Quality
13 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 ACQUISITION 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
Slide 14 — Strong Capital Position
14 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% POSITION • $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%
Slide 15 — Full Year Outlook
15 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 OPPORTUNITIES • 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
Slide 16 — Appendix
Appendix Appendix
Slide 17 — Diversified Loan Portfolio
17 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 September 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
Slide 18 — CRE Non-Owner Occupied Maturities
18 $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 September 30, 2026.
Slide 19 — CRE Non-Owner Occupied - Office
19 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 September 30, 2026.
Slide 20 — CRE Non-Owner Occupied - Multifamily
20 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 September 30, 2026.
Slide 21 — Peer Credit Data
21 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 Global Market Intelligence; 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% 1 1 1 1 2
Slide 22 — Non-GAAP Reconciliation
22 Non-GAAP Reconciliation Adjusted net income applicable to common shares and adjusted earnings per share REPORTED EARNINGS 3Q26 2Q26 3Q25 Net interest income $584 $579 $575 FTE adjustment 8 8 8 Net interest income (FTE) $592 $586 $583 Add: Noninterest income 128 154 130 Total revenue (FTE) $720 $740 $713 Less: Provision for credit losses (34) (36) (27) Less: Noninterest expense (355) (372) (446) Income before income taxes (FTE) $331 $332 $241 Less: Income taxes (FTE) 77 78 58 Net income $254 $253 $183 Less: Preferred dividends (4) (4) (4) Net income applicable to common shares $250 $249 $179 Earnings per share $0.66 $0.65 $0.46 ADJUSTMENTS 3Q26 2Q26 3Q25 Pension plan gain $(1) $(13) $0 Merger-related charges 1 12 69 Total adjustments 0 (1) 69 Less: Tax effect on net total adjustments¹ 0 2 (16) Total adjustments, net of tax $0 $1 $53 Net income applicable to common shares, adjusted 250 250 231 Adjusted earnings per diluted share $0.66 $0.65 $0.59 $ 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).
Slide 23 — Non-GAAP Reconciliation
23 Non-GAAP Reconciliation Adjusted noninterest income and adjusted noninterest expense ADJUSTED NONINTEREST INCOME 3Q26 2Q26 3Q25 Noninterest income $128 $154 $130 Less: Pension plan gain (1) (13) 0 Adjusted noninterest income $128 $140 $130 ADJUSTED NONINTEREST EXPENSE 3Q26 2Q26 3Q25 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.
Slide 24 — Non-GAAP Reconciliation
24 Non-GAAP Reconciliation Efficiency ratio and net interest margin (FTE) ADJUSTED NONINTEREST EXPENSE FOR EFFICIENCY RATIO 3Q26 2Q26 3Q25 Noninterest expense $355 $372 $446 Less: Intangible amortization (23) (24) (26) Noninterest expense, excl. intangibles amortization 332 348 420 Less: Merger-related charges (1) (12) (69) Less: Amortization of tax credits investments (8) (8) (7) Adjusted noninterest expense, excl. intangibles amortization $323 $328 $343 NET INTEREST MARGIN Net interest income $584 $579 $575 FTE adjustment 8 8 8 Net interest income (FTE) $592 $586 $583 Average earning 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 % ADJUSTED TOTAL REVENUE AND EFFICIENCY RATIO 3Q26 2Q26 3Q25 Net interest income $584 $579 $575 Add: FTE adjustment 8 8 8 Net interest income (FTE) $592 $586 $583 Noninterest income 128 154 130 Total revenue (FTE) $720 $740 $713 Less: Pension plan gain (1) (13) 0 Adjusted total revenue $719 $727 $713 Efficiency ratio 46.1 % 47.0 % 58.8 % Adjusted efficiency ratio 44.9 % 45.2 % 48.1 % $ in millions. Summations may not equal due to rounding.
Slide 25 — Non-GAAP Reconciliation
25 Non-GAAP Reconciliation Return on average tangible common equity and return on average assets RETURN ON AVERAGE TANGIBLE COMMON EQUITY 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 shareholders $267 $267 $198 Total adjustments, net of tax $0 $1 $53 Adj. net income to common, excl. intangibles amortization $267 $268 $251 Average GAAP shareholders' common equity $8,312 $8,264 $7,925 Less: Avg. goodwill and other intangible assets (2,850) (2,874) (2,931) Average tangible shareholders' common equity $5,461 $5,391 $4,994 Return on avg. tangible common equity 19.6 % 19.8 % 15.9 % Adjusted return on avg. tangible common equity 19.6 % 19.9 % 20.1 % RETURN ON AVERAGE ASSETS 3Q26 2Q26 3Q25 Net income $254 $253 $183 Total adjustments, net of tax 0 1 53 Adjusted net income $254 $254 $235 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 % $ in millions. Summations may not equal due to rounding.
Slide 26 — Non-GAAP Reconciliation
26 Non-GAAP Reconciliation Tangible common book value per share and tangible common equity to tangible assets TANGIBLE COMMON BOOK VALUE 3Q26 2Q26 3Q25 Shareholders' equity $8,295 $8,584 $8,309 Less: Preferred equity (244) (244) (244) Shareholders' common equity $8,052 $8,340 $8,066 Less: Goodwill and other intangible assets (2,839) (2,862) (2,927) Tangible shareholders' common equity $5,212 $5,478 $5,139 Common shares outstanding 379 383 391 Tangible common book value per share $13.77 $14.32 $13.15 TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS 3Q26 2Q26 3Q25 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 common equity to tangible assets 7.28 % 7.68 % 7.53 % $ in millions, except per share data. Summations may not equal due to rounding.
Slide 27 — 2026 Peer Group
27 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
Slide 28 — Glossary of Terms
28 Glossary of Terms Abbreviations and terms used in this presentation Term Definition ACL Allowance for credit losses AOCI Accumulated other comprehensive income B Billion BOLI Bank-owned life insurance bp(s) Basis point(s) C&I Commercial and industrial CBD Central business district CECL Current expected credit losses CET1 Common equity tier 1 CRE Commercial real estate DSC Debt service coverage ratio EPS Earnings per share FTE Fully taxable equivalent FX Foreign exchange FY Full-year GAAP U.S. generally accepted accounting principles HFS Held-for-sale HTM Held-to-maturity Term Definition k Thousand LPO Loan production office LTV Loan-to-value M Million MOB Medical office building N/M Not meaningful NIM Net interest margin NOO Non-owner occupied PCD Purchased credit deteriorated QoQ Quarter-over-quarter ROAA Return on average assets ROATCE Return on average tangible common equity RWA Risk-weighted assets TBV Tangible common book value TCE Tangible common equity WAR Weighted average rate YoY Year-over-year