ONBPP

EX-99.1

2 onb_exhibit991er3q26.htm

EX-99.1

Document

Exhibit 99.1

Old National Bancorp Reports Record Third Quarter 2026 Results

Evansville, Ind. (October 21, 2026)

Old National Bancorp (NASDAQ: ONB) reports 3Q26 net income applicable to common shares of $250.0 million, diluted EPS of $0.66; $249.7 million and $0.66 on an adjusted1 basis, respectively.

CEO COMMENTARY:

"With our strong 3rd quarter results, highlighted by record net income, a record efficiency ratio, and growth in both deposits and loans, Old National continues to demonstrate the strength and consistency of our operating model," said Chairman and CEO Jim Ryan. "Our disciplined focus on fundamentals continues to drive profitable growth, positive operating leverage, and meaningful value creation for our shareholders. As we look ahead, we remain very well positioned to build on this momentum and capitalize on opportunities across our growing franchise."

THIRD QUARTER HIGHLIGHTS2:

Net Income •Record net income applicable to common shares of $250.0 million; adjusted net income applicable to common shares1 of $249.7 million

•Earnings per diluted common share ("EPS") of $0.66; record adjusted EPS1 of $0.66

Net Interest Income/NIM •Net interest income on a fully taxable equivalent basis1 of $592.0 million

•Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.52%, down 2 basis points ("bps")

Operating Performance •Pre-provision net revenue1 ("PPNR") of $365.0 million; adjusted PPNR1 of $364.8 million

•Noninterest expense of $355.4 million; adjusted noninterest expense1 of $354.7 million

•Record efficiency ratio1 of 46.1%; record adjusted efficiency ratio1 of 44.9%

Deposits and Funding •Period-end total deposits of $57.6 billion, up 10.6% annualized

•Granular low-cost deposit franchise; total deposit costs of 179 bps, up 8 bps; interest-bearing deposit costs of 231 bps, up 8 bps

Loans and Credit Quality •End-of-period total loans3 of $51.2 billion, up $362.3 million or 2.9% annualized

•Provision for credit losses4 ("provision") of $33.6 million

•Net charge-offs of $34.1 million, or 27 bps of average loans; 24 bps of average loans excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition

•30+ day delinquencies of 0.25% and nonaccrual loans of 0.92% of total loans

Return Profile & Capital •Return on average tangible common equity1 ("ROATCE") of 19.6%; adjusted ROATCE1 of 19.6%

•Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 2 bps

•Repurchased $100 million, or 3.9 million shares, of common stock during the quarter

Notable Items •$0.9 million of pre-tax pension gain5

•$0.7 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 5 Includes a gain associated with the settlement of the Bremer pension plan

RESULTS OF OPERATIONS2

Old National Bancorp reported record third quarter 2026 net income applicable to common shares of $250.0 million, or $0.66 per diluted common share.

Included in third quarter results was a $0.9 million pre-tax gain associated with the settlement of the Bremer pension plan and pre-tax charges of $0.7 million for merger-related expenses. Excluding these items and realized debt securities gains from the current quarter net of tax, adjusted net income1 was $249.7 million, or $0.66 per diluted common share.

DEPOSITS AND FUNDING

Increases in business and public funds.

•Period-end total deposits were $57.6 billion, up 10.6% annualized.

•On average, total deposits for the third quarter were $56.9 billion, an increase of $1.3 billion.

•Granular low-cost deposit franchise; total deposit costs of 179 bps, up 8 bps.

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

LOANS

Loan growth driven by high quality commercial loan production.

•Period-end total loans3 were $51.2 billion, up $362.3 million or 2.9% annualized, including commercial and industrial growth of $148.0 million, as well as commercial real estate growth of $157.3 million.

•Period-end commercial pipeline totaled $4.4 billion, down 20% from record levels at the end of the second quarter and up 6% from a year ago.

•Average total loans in the third quarter were $51.1 billion, up 7.8% annualized.

CREDIT QUALITY

Credit quality remains stable.

•Provision4 expense was $33.6 million compared to $36.2 million.

•Net charge-offs were $34.1 million, or 27 bps of average loans, compared to 26 bps.

◦Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 24 bps compared to 22 bps.

•30+ day delinquencies as a percentage of loans