EVANSVILLE, Ind., Jan. 21, 2026 (GLOBE NEWSWIRE) --

Old National Bancorp (NASDAQ:ONB) reports 4Q25 net income applicable to common shares of $212.6 million, diluted EPS of $0.55; $241.0 million and $0.62 on an adjusted¹ basis, respectively. Full-year net income applicable to common shares of $653.1 million, diluted EPS of $1.79; $808.6 million and $2.21 on an adjusted¹ basis, respectively.

CEO COMMENTARY:

"Old National's strong fourth quarter earnings punctuate an exceptional year that set new organizational records for adjusted earnings per share, net income, and efficiency ratio," said Chairman and CEO Jim Ryan. "Our 2025 results were driven by a focus on fundamentals – core deposit growth to support loan expansion, positive operating leverage, disciplined credit management, and healthy liquidity and capital ratios."

FOURTH QUARTER HIGHLIGHTS²:

Net Income	Net income applicable to common shares of $212.6 million; adjusted net income applicable to common shares¹ of $241.0 million Earnings per diluted common share ("EPS") of $0.55; adjusted EPS¹ of $0.62

Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis¹ of $588.8 million Net interest margin on a fully taxable equivalent basis¹ ("NIM") of 3.65%, up 1 basis point ("bp")

Operating Performance	Pre-provision net revenue¹ ("PPNR") of $312.3 million; adjusted PPNR¹ of $349.6 million, up 4% Noninterest expense of $386.3 million; adjusted noninterest expense¹ of $364.8 million Efficiency ratio¹ of 51.6%; adjusted efficiency ratio¹of 46.0%

Deposits and Funding	Period-end total deposits of $55.1 billion, up 0.6% annualized; core deposits down 3.2% annualized Granular low-cost deposit franchise; total deposit costs of 180 bps, down 17 bps

Loans and Credit Quality	End-of-period total loans³ of $48.8 billion, up $768.8 million or 6.4% annualized Provision for credit losses⁴ ("provision") of $32.7 million Net charge-offs of $32.1 million, or 27 bps of average loans; 16 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition 30+ day delinquencies of 0.22% and nonaccrual loans of 1.07% of total loans

Return Profile & Capital	Return on average tangible common equity¹ ("ROATCE") of 17.8%; adjusted ROATCE¹ of 19.9% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.08%, up 6 bps

Notable Items	$24.5 million of pre-tax merger-related charges $15.9 million of pre-tax pension plan loss⁵ $3.0 million pre-tax reduction to previously accrued FDIC special assessment⁶

¹Non-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 ²Comparisons are on a linked-quarter basis, unless otherwise noted ³Includes loans held-for-sale ⁴Includes the provision for unfunded commitments ⁵Includes a loss associated with the termination of the Bremer pension plan ⁶Represents 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 fourth quarter 2025 net income applicable to common shares of $212.6 million, or $0.55 per diluted common share.

Included in fourth quarter results were pre-tax charges of $24.5 million for merger-related expenses, a $15.9 million pre-tax loss⁵ associated with the termination of the Bremer pension plan and a $3.0 million pre-tax reduction to previously accrued FDIC special assessment⁶. Excluding these items and realized debt securities gains from the current quarter, adjusted net income¹ was $241.0 million, or $0.62 per diluted common share.

DEPOSITS AND FUNDING

Increases in private banking and community deposits were more than offset by seasonal outflows of public funds.

Period-end total deposits were $55.1 billion, up 0.6% annualized; core deposits down 3.2% annualized.
On average, total deposits for the fourth quarter were $55.1 billion, up $0.2 billion.
Granular low-cost deposit franchise; total deposit costs of 180 bps, down 17 bps.
A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS

Loan growth driven by strong commercial loan production.

Period-end total loans³ were $48.8 billion, up $768.8 million or 6.4% annualized, including commercial and industrial loan growth of $477.5 million.
Total commercial loan production in the fourth quarter was $3.5 billion, up 25%; period-end commercial pipeline totaled $4.8 billion, up 15%.
Average total loans in the fourth quarter were $48.2 billion, consistent with the third quarter of 2025.

CREDIT QUALITY

Credit quality continues to be a hallmark of Old National.

Provision⁴ expense was $32.7 million compared to $26.7 million.
Net charge-offs were $32.1 million, or 27 bps of average loans, compared to 24 bps.
- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 16 bps compared to 17 bps.
30+ day delinquencies as a percentage of loans were 0.22% compared to 0.18%.
Nonaccrual loans as a percentage of total loans were 1.07% compared to 1.23%.
The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $605.2 million, or 1.24% of total loans, compared to $604.5 million, or 1.26% of total loans.

NET INTEREST INCOME AND MARGIN

Higher net interest income reflective of growth in interest-earning assets and lower funding costs.

Net interest income on a fully taxable equivalent basis¹ increased to $588.8 million compared to $582.6 million, driven by growth in earning assets and lower funding costs, partly offset by lower asset yields.
Net interest margin on a fully taxable equivalent basis¹increased 1 bps to 3.65%.
Cost of total deposits was 1.80%, decreasing 17 bps and the cost of total interest-bearing deposits decreased 19 bps to 2.38%.

NONINTEREST INCOME

Record capital markets and higher mortgage banking revenue offset by lower other income.

Total noninterest income was $109.7 million, $125.6 million excluding a $15.9 million pre-tax loss associated with the termination of the Bremer pension plan, compared to $130.5 million in the third quarter of 2025.
Excluding the pension plan loss in the fourth quarter of 2025 and realized debt securities gains, noninterest income was down 3.7% driven by lower other income, which was elevated in the prior quarter, partly offset by record capital markets and higher mortgage banking revenue.

NONINTEREST EXPENSE

Lower reflective of the impact of Bremer cost savings; disciplined expense management drives record adjusted efficiency ratio.

Noninterest expense was $386.3 million and included $24.5 million of merger-related charges as well as a $3.0 million pre-tax reduction of previously accrued FDIC special assessment.
Excluding the above noted items, adjusted noninterest expense¹ was $364.8 million, compared to $376.5 million, driven by cost savings associated with the Bremer transaction.
The efficiency ratio¹ was 51.6%, while the adjusted efficiency ratio¹ was 46.0% compared to 58.8% and 48.1%, respectively.

INCOME TAXES

Income tax expense was $54.9 million, resulting in an effective tax rate of 20.2% compared to 21.5%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 22.7% compared to 24.0%.
- Lower effective tax rate was driven by the finalization of federal and state tax returns in the quarter.
Income tax expense included $10.5 million of tax credit benefit compared to $7.8 million.

CAPITAL

Capital ratios remain strong.

Preliminary total risk-based capital up 7 bps to 12.85% and preliminary regulatory Tier 1 capital up 4 bps to 11.53%, as strong retained earnings drive capital, partly offset by growth in loans.
Tangible common equity to tangible assets was 7.72%, up 2.5%.
The Company repurchased 1.1 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, January 21, 2026, to review fourth quarter and full-year 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 February 4, 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 $72 billion of assets and $37 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-related charges associated with completed and pending acquisitions, a pension plan gain/loss, FDIC special assessment expense, debt securities gains/losses, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, and separation 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, FDIC special assessment expense, distribution of excess pension assets expense, and separation 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.

FORWARD-LOOKING STATEMENTS

This earnings release contains 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 expected cost savings, synergies and other financial benefits from the merger (the "Merger") between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; 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, 2024 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 this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

CONTACTS:
Media: Rick Jillson		Investors: Lynell Durchholz
(812) 465-7267		(812) 464-1366
Rick.Jillson@oldnational.com		Lynell.Durchholz@oldnational.com


Financial Highlights (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2025			2025			2025			2025			2024			2025			2024
Income Statement
Net interest income	$	580,832		$	574,609		$	514,790		$	387,643		$	394,180		$	2,057,874		$	1,530,783
FTE adjustment^1,3		8,013			7,975			7,063			5,360			5,777			28,411			24,514
Net interest income - tax equivalent basis³		588,845			582,584			521,853			393,003			399,957			2,086,285			1,555,297
Provision for credit losses		32,745			26,738			106,835			31,403			27,017			197,721			110,619
Noninterest income		109,759			130,461			132,517			93,794			95,766			466,531			354,697
Noninterest expense		386,320			445,734			384,766			268,471			276,824			1,485,291			1,094,423
Net income available to common shareholders	$	212,589		$	178,533		$	121,375		$	140,625		$	149,839		$	653,122		$	523,053
Per Common Share Data
Weighted average diluted shares		389,550			390,496			361,436			321,016			318,803			365,464			311,001
EPS, diluted	$	0.55		$	0.46		$	0.34		$	0.44		$	0.47		$	1.79		$	1.68
Cash dividends		0.14			0.14			0.14			0.14			0.14			0.56			0.56
Dividend payout ratio²		25	%		30	%		41	%		32	%		30	%		31	%		33	%
Book value	$	21.17		$	20.64		$	20.12		$	19.71		$	19.11		$	21.17		$	19.11
Stock price		22.31			21.95			21.34			21.19			21.71			22.31			21.71
Tangible book value³		13.71			13.15			12.60			12.54			11.91			13.71			11.91
Performance Ratios
ROAA		1.21	%		1.03	%		0.77	%		1.08	%		1.14	%		1.02	%		1.03	%
ROAE		10.4	%		9.0	%		6.7	%		9.1	%		9.8	%		8.9	%		9.1	%
ROATCE³		17.8	%		15.9	%		12.0	%		15.0	%		16.4	%		15.3	%		15.4	%
NIM (FTE)³		3.65	%		3.64	%		3.53	%		3.27	%		3.30	%		3.54	%		3.31	%
Efficiency ratio³		51.6	%		58.8	%		55.8	%		53.7	%		54.4	%		55.1	%		55.9	%
NCOs to average loans		0.27	%		0.25	%		0.24	%		0.24	%		0.21	%		0.25	%		0.17	%
ACL on loans to EOP loans		1.17	%		1.19	%		1.18	%		1.10	%		1.08	%		1.17	%		1.08	%
ACL⁴to EOP loans		1.24	%		1.26	%		1.24	%		1.16	%		1.14	%		1.24	%		1.14	%
NPLs to EOP loans		1.07	%		1.23	%		1.24	%		1.29	%		1.23	%		1.07	%		1.23	%
Balance Sheet (EOP)
Total loans	$	48,764,162		$	47,967,915		$	47,902,819		$	36,413,944		$	36,285,887		$	48,764,162		$	36,285,887
Total assets		72,151,967			71,210,162			70,979,805			53,877,944			53,552,272			72,151,967			53,552,272
Total deposits		55,088,195			55,006,184			54,357,683			41,034,572			40,823,560			55,088,195			40,823,560
Total borrowed funds		7,451,367			6,766,381			7,346,098			5,447,054			5,411,537			7,451,367			5,411,537
Total shareholders' equity		8,494,788			8,309,271			8,126,387			6,534,654			6,340,350			8,494,788			6,340,350
Capital Ratios³
Risk-based capital ratios (EOP):
Tier 1 common equity		11.08	%		11.02	%		10.74	%		11.62	%		11.38	%		11.08	%		11.38	%
Tier 1 capital		11.53	%		11.49	%		11.20	%		12.23	%		11.98	%		11.53	%		11.98	%
Total capital		12.85	%		12.78	%		12.59	%		13.68	%		13.37	%		12.85	%		13.37	%
Leverage ratio (average assets)		8.90	%		8.72	%		9.26	%		9.44	%		9.21	%		8.90	%		9.21	%
Equity to assets (averages)		11.73	%		11.48	%		11.38	%		12.01	%		11.78	%		11.63	%		11.51	%
TCE to TA		7.72	%		7.53	%		7.26	%		7.76	%		7.41	%		7.72	%		7.41	%
Nonfinancial Data
Full-time equivalent employees		4,971			5,243			5,313			4,028			4,066			4,971			4,066
Banking centers		346			351			351			280			280			346			280
¹Calculated using the federal statutory tax rate in effect of 21% for all periods.
²Cash dividends per common share divided by net income per common share (basic).
³Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.
⁴Includes the allowance for credit losses on loans and unfunded loan commitments.

December 31, 2025 capital ratios are preliminary.
FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets


Income Statement (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2025			2025			2025			2025			2024			2025			2024
Interest income	$	897,301		$	917,192		$	824,961		$	630,399		$	662,082		$	3,269,853		$	2,601,651
Less: interest expense		316,469			342,583			310,171			242,756			267,902			1,211,979			1,070,868
Net interest income		580,832			574,609			514,790			387,643			394,180			2,057,874			1,530,783
Provision for credit losses		32,745			26,738			106,835			31,403			27,017			197,721			110,619
Net interest income after provision for credit losses		548,087			547,871			407,955			356,240			367,163			1,860,153			1,420,164
Wealth and investment services fees		39,012			39,684			35,817			29,648			30,012			144,161			116,791
Service charges on deposit accounts		27,516			27,856			23,878			21,156			20,577			100,406			78,175
Debit card and ATM fees		13,178			13,197			12,922			9,991			10,991			49,288			43,400
Mortgage banking revenue		11,053			10,442			10,032			6,879			7,026			38,406			26,237
Capital markets income		13,080			12,629			7,114			4,506			5,244			37,329			20,299
Company-owned life insurance		7,099			7,565			6,625			5,381			6,499			26,670			20,987
Other income		(1,252	)		19,081			36,170			16,309			15,539			70,308			49,020
Debt securities gains (losses), net		73			7			(41	)		(76	)		(122	)		(37	)		(212	)
Total noninterest income		109,759			130,461			132,517			93,794			95,766			466,531			354,697
Salaries and employee benefits		187,251			211,345			202,112			148,305			146,605			749,013			603,095
Occupancy		35,243			34,442			30,432			29,053			29,733			129,170			110,429
Equipment		14,184			12,703			12,566			8,901			9,325			48,354			36,588
Marketing		14,418			15,093			13,759			11,940			12,653			55,210			45,607
Technology		30,882			36,122			31,452			22,020			21,429			120,476			88,797
Communication		6,726			7,742			5,014			4,134			4,176			23,616			17,337
Professional fees		18,454			13,598			21,931			7,919			11,055			61,902			35,291
FDIC assessment		11,190			14,095			13,409			9,700			11,970			48,394			44,681
Amortization of intangibles		26,016			26,184			19,630			6,830			7,237			78,660			27,528
Amortization of tax credit investments		9,822			7,057			5,815			3,424			4,556			26,118			13,329
Other expense		32,134			67,353			28,646			16,245			18,085			144,378			71,741
Total noninterest expense		386,320			445,734			384,766			268,471			276,824			1,485,291			1,094,423
Income before income taxes		271,526			232,598			155,706			181,563			186,105			841,393			680,438
Income tax expense		54,903			50,031			30,298			36,904			32,232			172,136			141,250
Net income	$	216,623		$	182,567		$	125,408		$	144,659		$	153,873		$	669,257		$	539,188
Preferred dividends		(4,034	)		(4,034	)		(4,033	)		(4,034	)		(4,034	)		(16,135	)		(16,135	)
Net income applicable to common shares	$	212,589		$	178,533		$	121,375		$	140,625		$	149,839		$	653,122		$	523,053

EPS, diluted	$	0.55		$	0.46		$	0.34		$	0.44		$	0.47		$	1.79		$	1.68
Weighted Average Common Shares Outstanding
Basic		387,862			389,038			360,155			315,925			315,673			363,513			309,499
Diluted		389,550			390,496			361,436			321,016			318,803			365,464			311,001
(EOP)		389,662			390,768			391,818			319,236			318,980			389,662			318,980


End of Period Balance Sheet (unaudited)
($ in thousands)

	December 31,			September 30,			June 30,			March 31,			December 31,
		2025			2025			2025			2025			2024
Assets
Cash and due from banks	$	591,645		$	491,910		$	637,556		$	486,061		$	394,450
Money market and other interest-earning investments		1,234,532			1,190,707			1,171,015			753,719			833,518
Investments:
Treasury and government-sponsored agencies		2,427,371			2,402,375			2,445,733			2,364,170			2,289,903
Mortgage-backed securities		10,078,358			10,117,015			9,632,206			6,458,023			6,175,103
States and political subdivisions		1,570,888			1,579,802			1,590,272			1,589,555			1,637,379
Other securities		825,761			849,911			852,687			755,348			781,656
Total investments		14,902,378			14,949,103			14,520,898			11,167,096			10,884,041
Loans held-for-sale, at fair value		52,911			80,341			77,618			40,424			34,483
Loans:
Commercial		14,983,861			14,506,375			14,662,916			10,650,615			10,288,560
Commercial and agriculture real estate		22,050,007			22,083,734			21,879,785			16,135,327			16,307,486
Residential real estate		8,467,496			8,190,127			8,212,242			6,771,694			6,797,586
Consumer		3,262,798			3,187,679			3,147,876			2,856,308			2,892,255
Total loans		48,764,162			47,967,915			47,902,819			36,413,944			36,285,887
Allowance for credit losses on loans		(569,520	)		(572,178	)		(565,109	)		(401,932	)		(392,522	)
Premises and equipment, net		690,824			691,950			682,539			584,664			588,970
Goodwill and other intangible assets		2,907,986			2,926,960			2,944,372			2,289,268			2,296,098
Company-owned life insurance		1,051,009			1,044,780			1,046,693			859,211			859,851
Accrued interest receivable and other assets		2,526,040			2,438,674			2,561,404			1,685,489			1,767,496
Total assets	$	72,151,967		$	71,210,162		$	70,979,805		$	53,877,944		$	53,552,272

Liabilities and Equity
Noninterest-bearing demand deposits	$	13,247,483		$	12,691,658		$	12,652,556		$	9,186,314		$	9,399,019
Interest-bearing:
Checking and NOW accounts		9,096,662			9,669,551			9,194,738			7,736,014			7,538,987
Savings accounts		4,909,138			4,958,555			5,058,819			4,715,329			4,753,279
Money market accounts		16,175,497			16,739,884			16,564,125			11,638,653			11,807,228
Other time deposits		7,983,949			7,767,698			7,613,377			6,212,898			5,819,970
Total core deposits		51,412,729			51,827,346			51,083,615			39,489,208			39,318,483
Brokered deposits		3,675,466			3,178,838			3,274,068			1,545,364			1,505,077
Total deposits		55,088,195			55,006,184			54,357,683			41,034,572			40,823,560

Federal funds purchased and interbank borrowings		100,197			1			340,246			170			385
Securities sold under agreements to repurchase		261,366			277,594			297,637			290,256			268,975
Federal Home Loan Bank advances		6,237,375			5,663,361			5,835,918			4,514,354			4,452,559
Other borrowings		852,429			825,425			872,297			642,274			689,618
Total borrowed funds		7,451,367			6,766,381			7,346,098			5,447,054			5,411,537
Accrued expenses and other liabilities		1,117,617			1,128,326			1,149,637			861,664			976,825
Total liabilities		63,657,179			62,900,891			62,853,418			47,343,290			47,211,922
Preferred stock, common stock, surplus, and retained earnings		8,973,459			8,833,662			8,725,995			7,183,163			7,086,393
Accumulated other comprehensive income (loss), net of tax		(478,671	)		(524,391	)		(599,608	)		(648,509	)		(746,043	)
Total shareholders' equity		8,494,788			8,309,271			8,126,387			6,534,654			6,340,350
Total liabilities and shareholders' equity	$	72,151,967		$	71,210,162		$	70,979,805		$	53,877,944		$	53,552,272


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)

	Three Months Ended							Three Months Ended							Three Months Ended
	December 31, 2025							September 30, 2025							December 31, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	1,261,352		$	12,411	3.90	%	$	1,159,564		$	12,207	4.18	%	$	1,072,509		$	12,843	4.76	%
Investments:
Treasury and government-sponsored agencies		2,417,085			19,907	3.29	%		2,391,564			20,721	3.47	%		2,325,120			20,841	3.59	%
Mortgage-backed securities		10,148,898			106,935	4.21	%		9,854,107			105,596	4.29	%		6,149,775			50,416	3.28	%
States and political subdivisions		1,576,423			13,002	3.30	%		1,577,384			13,109	3.32	%		1,654,591			13,698	3.31	%
Other securities		836,161			12,006	5.74	%		874,728			16,265	7.44	%		783,708			10,518	5.37	%
Total investments		14,978,567			151,850	4.06	%		14,697,783			155,691	4.24	%		10,913,194			95,473	3.50	%
Loans:²
Commercial		14,658,743			237,687	6.49	%		14,722,785			249,569	6.78	%		10,401,056			176,996	6.81	%
Commercial and agriculture real estate		22,020,548			351,761	6.39	%		21,999,016			356,014	6.47	%		16,326,802			263,062	6.44	%
Residential real estate loans		8,310,815			95,981	4.62	%		8,287,155			95,129	4.59	%		6,814,829			68,346	4.01	%
Consumer		3,226,790			55,624	6.84	%		3,166,508			56,557	7.09	%		2,883,413			51,139	7.06	%
Total loans		48,216,896			741,053	6.14	%		48,175,464			757,269	6.28	%		36,426,100			559,543	6.14	%

Total earning assets	$	64,456,815		$	905,314	5.61	%	$	64,032,811		$	925,167	5.78	%	$	48,411,803		$	667,859	5.52	%

Less: Allowance for credit losses on loans		(570,659	)						(566,102	)						(382,799	)

Non-earning Assets:
Cash and due from banks	$	558,909						$	492,415						$	370,932
Other assets		7,111,237							7,177,663							5,402,359

Total assets	$	71,556,302						$	71,136,787						$	53,802,295

Interest-Bearing Liabilities:
Checking and NOW accounts	$	9,031,058		$	32,515	1.43	%	$	9,382,625		$	36,221	1.53	%	$	7,338,532		$	23,747	1.29	%
Savings accounts		4,915,822			3,410	0.28	%		5,009,293			3,866	0.31	%		4,750,387			4,467	0.37	%
Money market accounts		16,577,620			108,754	2.60	%		16,674,801			121,886	2.90	%		11,900,305			103,818	3.47	%
Other time deposits		7,896,718			70,232	3.53	%		7,723,441			73,247	3.76	%		5,985,911			61,679	4.10	%
Total interest-bearing core deposits		38,421,218			214,911	2.22	%		38,790,160			235,220	2.41	%		29,975,135			193,711	2.57	%
Brokered deposits		3,337,026			35,122	4.18	%		3,371,269			37,381	4.40	%		1,662,698			21,579	5.16	%
Total interest-bearing deposits		41,758,244			250,033	2.38	%		42,161,429			272,601	2.57	%		31,637,833			215,290	2.71	%

Federal funds purchased and interbank borrowings		4,593			54	4.66	%		157,192			1,816	4.58	%		433			23	21.13	%
Securities sold under agreements to repurchase		244,732			650	1.05	%		289,323			731	1.00	%		249,133			584	0.93	%
Federal Home Loan Bank advances		5,854,007			56,775	3.85	%		5,552,780			57,143	4.08	%		4,461,733			43,788	3.90	%
Other borrowings		836,908			8,957	4.25	%		871,996			10,292	4.68	%		669,580			8,217	4.88	%
Total borrowed funds		6,940,240			66,436	3.80	%		6,871,291			69,982	4.04	%		5,380,879			52,612	3.89	%

Total interest-bearing liabilities	$	48,698,484		$	316,469	2.58	%	$	49,032,720		$	342,583	2.77	%	$	37,018,712		$	267,902	2.88	%

Noninterest-Bearing Liabilities and Shareholders' Equity:
Demand deposits	$	13,318,459						$	12,731,654						$	9,509,446
Other liabilities		1,148,292							1,203,838							935,184
Shareholders' equity		8,391,067							8,168,575							6,338,953

Total liabilities and shareholders' equity	$	71,556,302						$	71,136,787						$	53,802,295

Net interest rate spread						3.03	%						3.01	%						2.64	%

Net interest margin (GAAP)						3.60	%						3.59	%						3.26	%

Net interest margin (FTE)³						3.65	%						3.64	%						3.30	%

FTE adjustment				$	8,013						$	7,975						$	5,777

¹Interest income is reflected on a FTE basis.
²Includes loans held-for-sale.
³Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)

	Twelve Months Ended							Twelve Months Ended
	December 31, 2025							December 31, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	1,160,460		$	48,224	4.16	%	$	887,771		$	45,835	5.16	%
Investments:
Treasury and government-sponsored agencies		2,381,350			81,467	3.42	%		2,288,053			87,489	3.82	%
Mortgage-backed securities		8,728,237			354,788	4.06	%		5,829,322			185,633	3.18	%
States and political subdivisions		1,590,251			52,755	3.32	%		1,672,493			56,006	3.35	%
Other securities		863,288			54,553	6.32	%		781,969			47,821	6.12	%
Total investments	$	13,563,126		$	543,563	4.01	%	$	10,571,837		$	376,949	3.57	%
Loans:²
Commercial		13,270,793			872,297	6.57	%		10,166,184			711,562	7.00	%
Commercial and agriculture real estate		20,085,105			1,270,132	6.32	%		15,698,854			1,028,387	6.55	%
Residential real estate loans		7,806,805			347,610	4.45	%		6,823,798			266,116	3.90	%
Consumer		3,079,678			216,438	7.03	%		2,832,823			197,316	6.97	%
Total loans		44,242,381			2,706,477	6.12	%		35,521,659			2,203,381	6.20	%

Total earning assets	$	58,965,967		$	3,298,264	5.59	%	$	46,981,267		$	2,626,165	5.59	%

Less: Allowance for credit losses on loans		(485,792	)						(348,638	)

Non-earning Assets:
Cash and due from banks	$	463,159						$	394,350
Other assets		6,528,184							5,275,427

Total assets	$	65,471,518						$	52,302,406

Interest-Bearing Liabilities:
Checking and NOW accounts	$	8,639,817		$	121,877	1.41	%	$	7,554,510		$	112,741	1.49	%
Savings accounts		4,897,318			14,661	0.30	%		4,919,559			19,922	0.40	%
Money market accounts		15,011,269			429,954	2.86	%		10,905,756			406,739	3.73	%
Other time deposits		7,183,802			267,168	3.72	%		5,492,898			230,132	4.19	%
Total interest-bearing core deposits		35,732,206			833,660	2.33	%		28,872,723			769,534	2.67	%
Brokered deposits		2,703,198			119,557	4.42	%		1,447,491			76,728	5.30	%
Total interest-bearing deposits		38,435,404			953,217	2.48	%		30,320,214			846,262	2.79	%

Federal funds purchased and interbank borrowings		99,394			4,448	4.48	%		57,950			3,262	5.63	%
Securities sold under agreements to repurchase		275,701			2,568	0.93	%		258,630			2,752	1.06	%
Federal Home Loan Bank advances		5,481,224			214,856	3.92	%		4,473,800			177,317	3.96	%
Other borrowings		803,849			36,890	4.59	%		784,994			41,275	5.26	%
Total borrowed funds		6,660,168			258,762	3.89	%		5,575,374			224,606	4.03	%

Total interest-bearing liabilities		45,095,572			1,211,979	2.69	%		35,895,588			1,070,868	2.98	%

Noninterest-Bearing Liabilities and Shareholders' Equity:
Demand deposits	$	11,693,361						$	9,424,577
Other liabilities		1,068,576							962,511
Shareholders' equity		7,614,009							6,019,730

Total liabilities and shareholders' equity	$	65,471,518						$	52,302,406

Net interest rate spread						2.90	%						2.61	%

Net interest margin (GAAP)						3.49	%						3.26	%

Net interest margin (FTE)³						3.54	%						3.31	%

FTE adjustment				$	28,411						$	24,514

¹Interest income is reflected on a FTE.
²Includes loans held-for-sale.
³Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.


Asset Quality (EOP) (unaudited)
($ in thousands)

	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2025			2025			2025			2025			2024			2025			2024
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	572,178		$	565,109		$	401,932		$	392,522		$	380,840		$	392,522		$	307,610
Allowance established for acquired PCD loans		—			13,104			90,442			—			—			103,546			26,725
Provision for credit losses on loans		29,450			24,003			99,263			31,026			30,417			183,742			120,191
Gross charge-offs		(35,131	)		(35,402	)		(29,954	)		(24,540	)		(21,278	)		(125,027	)		(71,304	)
Gross recoveries		3,023			5,364			3,426			2,924			2,543			14,737			9,300
NCOs		(32,108	)		(30,038	)		(26,528	)		(21,616	)		(18,735	)		(110,290	)		(62,004	)
Ending allowance for credit losses on loans	$	569,520		$	572,178		$	565,109		$	401,932		$	392,522		$	569,520		$	392,522
Beginning allowance for credit losses on unfunded commitments	$	32,338		$	29,603		$	22,031		$	21,654		$	25,054		$	21,654		$	31,226
Provision (release) for credit losses on unfunded commitments		3,295			2,735			7,572			377			(3,400	)		13,979			(9,572	)
Ending allowance for credit losses on unfunded commitments	$	35,633		$	32,338		$	29,603		$	22,031		$	21,654		$	35,633		$	21,654
Allowance for credit losses	$	605,153		$	604,516		$	594,712		$	423,963		$	414,176		$	605,153		$	414,176
Provision for credit losses on loans	$	29,450		$	24,003		$	99,263		$	31,026		$	30,417		$	183,742		$	120,191
Provision (release) for credit losses on unfunded commitments		3,295			2,735			7,572			377			(3,400	)		13,979			(9,572

Old National Bancorp Reports Fourth Quarter and Full-Year 2025 Results