OLD NATIONAL BANCORP /IN/

Old National is the sixth largest commercial bank headquartered in the Midwest by asset size and ranks among the top 25 banking companies headquartered in the United States with consolidated assets of $73.0 billion at March 31, 2026. The Company’s corporate headquarters and principal executive office are located in Evansville, Indiana with commercial and consumer banking operations headquartered in Chicago, Illinois. Through our wholly owned banking subsidiary and non-bank affiliates, we provide a wide range of services primarily throughout the Midwest and Southeast regions of the United States. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services.

Net income applicable to common shares for the first quarter of 2026 was $229.6 million, or $0.59 per diluted common share, compared to $212.6 million, or $0.55 per diluted common share, for the fourth quarter of 2025.

Results for the first quarter of 2026 were impacted by $7.3 million in pre-tax merger-related expenses as a result of Old National’s acquisition of Bremer Financial Corporation (“Bremer”) on May 1, 2025 and 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. (“First Midwest”) plan. Results for the fourth quarter of 2025 were impacted by $24.5 million of merger-related expenses, a $15.9 million pre-tax loss associated with the termination of the Bremer pension plan, and $3.0 million pre-tax reduction of previously accrued FDIC special assessment. Excluding these items, net income applicable to common shares for the first quarter of 2026 was $237.7 million, or $0.61 per diluted common share on an adjusted basis 1, compared to $241.0 million, or $0.62 per diluted common share on an adjusted basis 1, for the fourth quarter of 2025.

Our results for the first quarter of 2026 reflect solid growth in total loans and deposits, disciplined expense management, and strong credit quality and capital.

Deposits: Period-end total deposits increased $584.3 million, or 4% annualized, to $55.7 billion at March 31, 2026 compared to December 31, 2025.

Loans: Our loan balances, excluding loans held-for-sale, increased $967.7 million, or 8% annualized, to $49.7 billion at March 31, 2026 compared to December 31, 2025 reflecting strong commercial loan production.

Net Interest Income: Net interest income decreased $8.3 million to $572.6 million compared to the fourth quarter of 2025 driven by lower asset yields, partly offset by high quality loan growth and lower funding costs.

Provision for Credit Losses: Provision for credit losses was $34.9 million compared to $32.7 million in the fourth quarter of 2025.

Noninterest Income: Noninterest income was $122.3 million compared to $109.8 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. The decrease (when excluding the loss associated with the termination of the pension plan in the fourth quarter of 2025) reflects seasonally lower bank fees as well as lower capital markets and mortgage fees that were elevated in the fourth quarter of 2025, partly offset by strong wealth management fees.

Noninterest Expense: Noninterest expense decreased $21.6 million compared to the fourth quarter of 2025. In the first quarter of 2026, noninterest expense included $7.3 million of merger-related expenses and 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 plan. In the fourth quarter of 2025, noninterest expense included $24.5 million of merger-related expenses and $3.0 million pre-tax reduction of previously accrued FDIC special assessment. Excluding these expenses, noninterest expense was $354.0 million for the first quarter of 2026, a decrease of $10.8 million from $364.8 million for the fourth quarter of 2025 driven by disciplined expense management and lower other expense, which was elevated in the prior quarter.

(1)Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.