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Old National Bank
ONB
#2073
Rank
$10.16 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$26.56
Share price
-0.41%
Change (1 day)
28.87%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Old National Bank
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Old National Bank - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-15817
 
Old National Bancorp
(Exact name of registrant as specified in its charter)
 
Indiana35-1539838
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 
One Main Street47708
Evansville,Indiana(Zip Code)
(Address of principal executive offices)
(800) 731-2265
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		 Name of each exchange on which registered
Common stock, no par value ONB NASDAQ Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series AONBPPNASDAQ Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series CONBPONASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☑   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer ☑  Accelerated filer 
☐
Non-accelerated filer 
☐
  Smaller reporting company 
☐
Emerging growth company 
☐
    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑
The registrant has one class of common stock (no par value) with 382,570,000 shares outstanding at July 28, 2026.


OLD NATIONAL BANCORP
FORM 10-Q
TABLE OF CONTENTS
  Page
PART I. 
Item 1. 
 
4
 
5
 
6
 
7
 
8
 
10
 Note 1.
10
 Note 2.
10
Note 3.
11
 Note 4.
13
 Note 5.
13
 Note 6.
16
 Note 7.
29
 Note 8.
30
 Note 9.
31
 Note 10.
32
 Note 11.
33
 Note 12.
34
 Note 13.
36
 Note 14.
38
 Note 15.
38
 Note 16.
42
 Note 17.
43
Note 18.
48
Item 2.
50
 
Forward-Looking Statements
50
 
Financial Highlights
51
 
Non-GAAP Financial Measures
53
 
Executive Summary
56
 
Results of Operations
57
 
Financial Condition
63
 
Risk Management
67
 
Critical Accounting Estimates
74
Item 3.
74
Item 4.
74
PART II.
75
Item 1A.
75
Item 2.
75
Item 5.
75
Item 6.
76
77
2

GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this report, references to “Old National,” “the Company,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of Old National Bancorp and its wholly owned subsidiaries. Old National Bancorp refers solely to the parent holding company, and Old National Bank refers to Old National Bancorp’s bank subsidiary.
The acronyms and abbreviations identified below are used throughout this report, including the Notes to Consolidated Financial Statements (Unaudited). You may find it helpful to refer to this page as you read this report.
AOCI:  accumulated other comprehensive income (loss)
AQR:  asset quality rating
ASC:  Accounting Standards Codification
ASU:  Accounting Standards Update
ATM:  automated teller machine
BBCC: business banking credit center (small business)
Bremer: Bremer Financial Corporation
CECL: current expected credit loss
Common Stock:  Old National Bancorp common stock, no par value
DTI:  debt-to-income
ESPP: Employee Stock Purchase Plan
FASB:  Financial Accounting Standards Board
FDIC:  Federal Deposit Insurance Corporation
FHLB:  Federal Home Loan Bank
FHTC:  Federal Historic Tax Credit
FICO:  Fair Isaac Corporation
GAAP:  U.S. generally accepted accounting principles
LGD:  loss given default
LIHTC:  Low Income Housing Tax Credit
Merger: merger between Old National and Bremer
N/A:  not applicable
N/M:  not meaningful
NASDAQ: NASDAQ Global Select Market
NMTC: New Markets Tax Credit
NOW:  negotiable order of withdrawal
OCC:  Office of the Comptroller of the Currency
PCD: purchased credit deteriorated
PD:  probability of default
Preferred Stock:  Old National Bancorp preferred stock
Renewable Energy:  investment tax credits for solar projects
SEC:  U.S. Securities and Exchange Commission
SOFR: Secured Overnight Financing Rate


3

OLD NATIONAL BANCORP
CONSOLIDATED BALANCE SHEETS
(dollars and shares in thousands, except per share data)
June 30,
2026		December 31,
2025
 (unaudited) 
Assets  
Cash and due from banks$588,654 $591,645 
Money market and other interest-earning investments1,179,526 1,234,532 
Total cash and cash equivalents1,768,180 1,826,177 
Equity securities, at fair value131,113 128,857 
Investment securities - available-for-sale, at fair value (amortized cost
   $12,359,370 and $12,059,997, respectively)
11,582,385 11,384,450 
Investment securities - held-to-maturity, at amortized cost (fair value
   $2,468,208 and $2,540,238, respectively)
2,844,504 2,895,488 
Federal Home Loan Bank/Federal Reserve Bank stock, at cost525,397 493,583 
Loans held-for-sale, at fair value43,608 52,911 
Loans:
Commercial16,112,685 14,983,861 
Commercial real estate22,535,229 22,050,007 
Residential real estate8,760,832 8,467,496 
Consumer3,363,838 3,262,798 
Total loans, net of unearned income50,772,584 48,764,162 
Allowance for credit losses on loans(580,511)(569,520)
Net loans50,192,073 48,194,642 
Premises and equipment, net682,065 690,824 
Goodwill2,429,756 2,425,700 
Other intangible assets432,671 482,286 
Company-owned life insurance1,053,333 1,051,009 
Accrued interest receivable and other assets2,504,332 2,526,040 
Total assets$74,189,417 $72,151,967 
Liabilities
Deposits:
Noninterest-bearing demand$12,665,278 $13,247,483 
Interest-bearing:
Checking and NOW11,129,286 10,740,919 
Savings4,924,639 4,909,138 
Money market16,936,441 16,529,631 
Time deposits10,491,126 9,661,024 
Total deposits56,146,770 55,088,195 
Federal funds purchased and interbank borrowings250,389 100,197 
Securities sold under agreements to repurchase265,301 261,366 
Federal Home Loan Bank advances6,520,296 6,237,375 
Other borrowings1,387,997 852,429 
Accrued expenses and other liabilities1,034,821 1,117,617 
Total liabilities65,605,574 63,657,179 
Shareholders’ Equity
Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding
230,500 230,500 
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized,
   382,537 and 389,662 shares issued and outstanding, respectively
382,537 389,662 
Capital surplus5,753,603 5,944,533 
Retained earnings2,775,344 2,408,764 
Accumulated other comprehensive income (loss), net of tax(558,141)(478,671)
Total shareholders’ equity8,583,843 8,494,788 
Total liabilities and shareholders’ equity$74,189,417 $72,151,967 
The accompanying notes to consolidated financial statements are an integral part of these statements.
4

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars and shares in thousands, except per share data)
2026202520262025
Interest Income    
Loans including fees:    
Taxable$711,947 $658,508 $1,408,309 $1,174,274 
Nontaxable19,175 16,590 39,265 26,767 
Investment securities:
Taxable142,877 124,880 283,236 210,414 
Nontaxable9,271 10,192 18,907 20,299 
Money market and other interest-earning investments11,121 14,791 22,065 23,606 
Total interest income894,391 824,961 1,771,782 1,455,360 
Interest Expense
Deposits237,504 240,088 470,835 430,583 
Federal funds purchased and interbank borrowings391 953 414 2,578 
Securities sold under agreements to repurchase561 636 1,155 1,187 
Federal Home Loan Bank advances61,744 59,042 119,796 100,938 
Other borrowings15,203 9,452 28,021 17,641 
Total interest expense315,403 310,171 620,221 552,927 
Net interest income578,988 514,790 1,151,561 902,433 
Provision for credit losses36,206 106,835 71,152 138,238 
Net interest income after provision for credit losses542,782 407,955 1,080,409 764,195 
Noninterest Income
Wealth and investment services fees42,098 35,817 81,813 65,465 
Service charges on deposit accounts28,009 23,878 54,946 45,034 
Debit card and ATM fees13,092 12,922 25,130 22,913 
Mortgage banking revenue11,163 10,032 20,717 16,911 
Capital markets income12,329 7,114 23,345 11,620 
Company-owned life insurance8,531 6,625 16,092 12,006 
Debt securities gains (losses), net(34)(41)41 (117)
Other income38,376 36,170 53,826 52,479 
Total noninterest income153,564 132,517 275,910 226,311 
Noninterest Expense
Salaries and employee benefits184,765 202,112 368,838 350,417 
Occupancy33,452 30,432 70,447 59,485 
Equipment11,077 12,566 23,152 21,467 
Marketing15,601 13,759 32,035 25,699 
Technology29,630 31,452 58,655 53,472 
Communication6,130 5,014 12,326 9,148 
Professional fees10,735 21,931 23,091 29,850 
FDIC assessment13,592 13,409 27,348 23,109 
Amortization of intangibles23,992 19,630 49,615 26,460 
Amortization of tax credit investments7,807 5,815 14,918 9,239 
Other expense35,380 28,646 56,440 44,891 
Total noninterest expense372,161 384,766 736,865 653,237 
Income before income taxes324,185 155,706 619,454 337,269 
Income tax expense70,771 30,298 132,368 67,202 
Net income 253,414 125,408 487,086 270,067 
Preferred dividends(4,033)(4,033)(8,067)(8,067)
Net income applicable to common shareholders$249,381 $121,375 $479,019 $262,000 
Net income per common share - basic$0.65 $0.34 $1.25 $0.78 
Net income per common share - diluted0.65 0.34 1.24 0.77 
Weighted average number of common shares outstanding - basic381,864 360,155 383,845 338,162 
Weighted average number of common shares outstanding - diluted383,273 361,436 385,697 340,250 
Dividends per common share$0.145 $0.14 $0.29 $0.28 
The accompanying notes to consolidated financial statements are an integral part of these statements.
5

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Net income$253,414 $125,408 $487,086 $270,067 
Other comprehensive income (loss):
Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period(10,295)54,305 (96,065)167,977 
Reclassification adjustment for securities (gains) losses
   realized in income		34 41 (41)117 
Income tax effect2,573 (13,725)24,395 (42,189)
Unrealized gains (losses) on available-for-sale securities(7,688)40,621 (71,711)125,905 
Change in securities held-to-maturity:
Amortization of unrecognized losses on securities transferred
    from available-for-sale		3,534 4,069 7,190 7,984 
Income tax effect(898)(1,032)(1,826)(2,026)
Changes from securities held-to-maturity2,636 3,037 5,364 5,958 
Change in hedges:
Net unrealized derivative gains (losses) on hedges(14,937)4,539 (21,038)15,925 
Reclassification adjustment for (gains) losses realized in net
   income		1,673 2,533 3,338 3,729 
Income tax effect3,429 (1,829)4,577 (5,082)
Changes from hedges(9,835)5,243 (13,123)14,572 
Other comprehensive income (loss), net of tax(14,887)48,901 (79,470)146,435 
Comprehensive income (loss)$238,527 $174,309 $407,616 $416,502 
The accompanying notes to consolidated financial statements are an integral part of these statements.
6

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)
(dollars in thousands, except per
   share data)		Preferred StockCommon StockCapital SurplusRetained EarningsAccumulated
Other
Comprehensive Income (Loss)		Total
Shareholders’ Equity
December 31, 2024$230,500 $318,980 $4,570,865 $1,966,048 $(746,043)$6,340,350 
Net income— — — 144,659 — 144,659 
Other comprehensive income (loss)— — — — 97,534 97,534 
Cash dividends:
Common ($0.14 per share)
— — — (44,653)— (44,653)
Preferred ($17.50 per share)
— — — (4,034)— (4,034)
Common stock issued for Employee
  Stock Purchase Plan (“ESPP”)		— 12 238 — — 250 
Common stock repurchased— (611)(12,927)— — (13,538)
Share-based compensation expense— — 14,411 — — 14,411 
Stock activity under incentive
   compensation plans		— 855 (481)(699)— (325)
Balance, March 31, 2025230,500 319,236 4,572,106 2,061,321 (648,509)6,534,654 
Net income— — — 125,408 — 125,408 
Other comprehensive income (loss)— — — — 48,901 48,901 
Acquisition of Bremer Financial
   Corporation		— 50,183 983,079 — — 1,033,262 
Cash dividends:
Common ($0.14 per share)
— — — (54,855)— (54,855)
Preferred ($17.50 per share)
— — — (4,033)— (4,033)
Common stock issued:
ESPP— 13 243 — — 256 
Forward sale agreement— 21,905 421,331 — — 443,236 
Common stock repurchased— (379)(7,578)— — (7,957)
Share-based compensation expense— — 7,739 — — 7,739 
Stock activity under incentive
   compensation plans		— 860 (736)(348)— (224)
Balance, June 30, 2025$230,500 $391,818 $5,976,184 $2,127,493 $(599,608)$8,126,387 
December 31, 2025$230,500 $389,662 $5,944,533 $2,408,764 $(478,671)$8,494,788 
Net income— — — 233,672 — 233,672 
Other comprehensive income (loss)— — — — (64,583)(64,583)
Cash dividends:
Common ($0.145 per share)
— — — (56,060)— (56,060)
Preferred ($17.50 per share)
— — — (4,034)— (4,034)
Common stock issued for ESPP— 15 311 — — 326 
Common stock repurchased— (4,298)(99,774)— — (104,072)
Share-based compensation expense— — 9,181 — — 9,181 
Stock activity under incentive
   compensation plans		— 936 929 (430)— 1,435 
Balance, March 31, 2026230,500 386,315 5,855,180 2,581,912 (543,254)8,510,653 
Net income— — — 253,414 — 253,414 
Other comprehensive income (loss)— — — — (14,887)(14,887)
Cash dividends:
Common ($0.145 per share)
— — — (55,556)— (55,556)
Preferred ($17.50 per share)
— — — (4,033)— (4,033)
Common stock issued for ESPP— 17 326 — — 343 
Common stock repurchased— (4,809)(110,527)— — (115,336)
Share-based compensation expense— — 9,444 — — 9,444 
Stock activity under incentive
   compensation plans		— 1,014 (820)(393)— (199)
Balance, June 30, 2026$230,500 $382,537 $5,753,603 $2,775,344 $(558,141)$8,583,843 
The accompanying notes to consolidated financial statements are an integral part of these statements.
7

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Six Months Ended
June 30,
(dollars in thousands)20262025
Cash Flows From Operating Activities  
Net income$487,086 $270,067 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation24,650 20,356 
Amortization of other intangible assets49,615 26,460 
Amortization of tax credit investments14,918 9,239 
Net (discount accretion) premium amortization(85,471)(48,688)
Share-based compensation expense18,625 22,150 
Provision for credit losses71,152 138,238 
Debt securities (gains) losses, net(41)117 
Net (gains) losses on sales of loans and other assets(8,767)(7,282)
Increase in cash surrender value of company-owned life insurance(16,092)(12,006)
Residential real estate loans originated for sale(699,869)(545,592)
Proceeds from sales of residential real estate loans715,879 517,410 
(Increase) decrease in interest receivable4,952 (24,949)
(Increase) decrease in other assets14,004 (11,239)
Increase (decrease) in accrued expenses and other liabilities(104,264)(173,188)
Net cash flows provided by (used in) operating activities486,377 181,093 
Cash Flows From Investing Activities
Cash received from merger, net— 196,524 
Purchases of investment securities available-for-sale(1,823,516)(3,272,480)
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock(41,747)(64,657)
Purchases of equity securities(6,529)(5,901)
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale1,440,775 678,703 
Proceeds from sales of investment securities available-for-sale91,308 2,082,054 
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity56,515 34,859 
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock9,933 68,977 
Proceeds from sales of equity securities9,230 3,292 
Loan originations and payments, net(2,005,311)(495,227)
Proceeds from sales of commercial loans15,289 95,298 
Proceeds from company-owned life insurance death benefits13,769 7,029 
Proceeds from sales of premises and equipment and other assets347 1,190 
Purchases of premises and equipment and other assets(17,264)(14,603)
Net cash flows provided by (used in) investing activities(2,257,201)(684,942)
Cash Flows From Financing Activities
Net increase (decrease) in:
Deposits1,058,575 653,281 
Federal funds purchased and interbank borrowings150,192 339,861 
Securities sold under agreements to repurchase3,935 (20,469)
Other borrowings543,547 (8,808)
Payments for maturities of Federal Home Loan Bank advances(3,230,000)(1,645,285)
Proceeds from Federal Home Loan Bank advances3,525,000 1,451,200 
Cash dividends paid(119,683)(107,575)
Common stock repurchased(219,408)(21,495)
Common stock issued for ESPP669 506 
Common stock issued for forward sale agreements— 443,236 
Net cash flows provided by (used in) financing activities1,712,827 1,084,452 
Net increase (decrease) in cash and cash equivalents(57,997)580,603 
Cash and cash equivalents at beginning of period1,826,177 1,227,968 
Cash and cash equivalents at end of period$1,768,180 $1,808,571 

8

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) – (Continued)
Six Months Ended
June 30,
(dollars in thousands)20262025
Supplemental Cash Flow Information:
Total interest paid$614,091 $578,700 
Total income taxes paid (net of refunds)52,989 43,816 
Noncash Investing and Financing Activities:
Common stock issued for merger, net— 1,033,262 
Investment securities purchased but not settled— 25,000 
Operating lease right-of-use assets obtained in exchange for lease obligations3,914 52,101 
Finance lease right-of-use assets obtained in exchange for lease obligations(1,082)831 
The accompanying notes to consolidated financial statements are an integral part of these statements.
9

OLD NATIONAL BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE 1 – BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements include the accounts of Old National Bancorp and its wholly owned subsidiaries (hereinafter collectively referred to as “Old National”) and have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Such principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all the normal and recurring adjustments necessary for a fair statement of the financial position of Old National as of June 30, 2026 and December 31, 2025, and the results of its operations for the three and six months ended June 30, 2026 and 2025. Interim results do not necessarily represent annual results. Certain information and disclosures normally included in notes to consolidated annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to SEC rules and regulations. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2025.
All intercompany transactions and balances have been eliminated.
NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Guidance Pending Adoption 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220 – In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public business entities to disclose specified information about certain costs and expenses in the notes to financial statements at each interim and annual reporting period. Specifically, public business entities will be required to disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. Within the same tabular disclosure, an entity must disclose certain expense, gain, or loss amounts that are already required under current GAAP. Further, an entity must disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. In addition, an entity must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 350 – In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU revises ASC 350-40 to clarify and modernize the accounting and disclosure requirements for software costs. The new update eliminates ASC 350-50, which previously addressed website development costs, and incorporated its relevant guidance into ASC 350-40. The ASU refines ASC 350-40, but it does not entirely integrate the accounting approach for internal-use software with that for externally sold software under ASC 985-20. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 326 – In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. The ASU revises Topic 326 to simplify and improve the accounting for acquired financial assets. The update expands the application of the gross-up approach to include purchased seasoned loans, eliminating the complexity and inconsistency created by having separate models for PCD and non-PCD assets. Under the new guidance, the initial allowance for credit losses is added to the amortized cost basis rather than recorded as a Day 1 provision expense. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting
10

periods. Early adoption is permitted. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 815 – In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The ASU introduces clarifications to Topic 815 building on improvements from ASU 2017‑12, and addresses challenges arising from the global reference rate reform (i.e., the LIBOR transition). The new guidance aims to reduce complexity in applying hedge accounting to transactions tied to an entity’s risk management activities and promotes consistency in accounting for forecasted transactions, interest rate flexibility, and nonfinancial components. The update expands eligibility for hedge accounting by allowing groups of forecasted transactions with similar risk exposures, provides guidance for hedging interest payments on debt with selectable interest rate indexes, clarifies hedging of specified components of nonfinancial assets, and eases restrictions related to net written options and certain compound derivatives. It also resolves presentation mismatches for certain foreign currency hedging relationships. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements.
NOTE 3 – ACQUISITION AND DIVESTITURE ACTIVITY
Acquisition
Bremer Financial Corporation
On May 1, 2025, Old National completed its acquisition of Bremer Financial Corporation (“Bremer”) and its wholly owned subsidiary, Bremer Bank, National Association. Pursuant to the terms of the merger agreement, each outstanding share of Bremer common stock was converted into the right to receive (i) $26.22 in cash without interest, (ii) 4.182 shares of Old National common stock and (iii) cash in lieu of fractional shares.
In addition, on November 25, 2024, Old National entered into a forward sale agreement with Citibank, N.A. (the “Forward Purchaser”) to issue 19,047,619 shares of Old National common stock for an aggregate offering amount of $400.0 million and entered into an underwriting agreement with Citigroup Global Markets Inc., as representative for the underwriters named therein (collectively, the “Underwriters”) and as forward seller (the “Forward Seller”), and the Forward Purchaser. The Underwriters were also granted a 30-day option to purchase up to an additional 2,857,143 shares of Old National common stock. On November 25, 2024, the Underwriters exercised this option in full, upon which Old National entered into an additional forward sale agreement to issue 2,857,143 shares of Old National common stock. Old National physically settled in full the forward sale agreements on May 23, 2025 by delivering 21,904,762 shares of Old National common stock to the Forward Purchaser. Old National received net proceeds from such sale of shares of Old National common stock and full physical settlement of the forward sale agreements of $443.2 million.
11

As of June 30, 2026, Old National finalized its valuation of all assets acquired and liabilities assumed. The following table presents a summary of all assets acquired and liabilities assumed, net of the fair value adjustments and the fair value of consideration as of the merger date and also includes certain reclassifications to conform to the current presentation in the Consolidated Balance Sheet:
(dollars and shares in thousands)May 1,
2025
Assets
Cash and cash equivalents$449,757 
Equity securities26,070 
Investment securities2,811,108 
FHLB/Federal Reserve Bank stock93,924 
Loans held-for-sale9,883 
Loans, net of allowance for credit losses11,110,423 
Premises and equipment99,965 
Goodwill254,505 
Other intangible assets440,099 
Company-owned life insurance181,909 
Other assets793,404 
Total assets$16,271,047 
Liabilities
Deposits$12,862,357 
Securities sold under agreements to repurchase49,131 
Federal Home Loan Bank advances1,559,227 
Other borrowings205,194 
Accrued expenses and other liabilities247,243 
Total liabilities$14,923,152 
Fair value of consideration
Common stock (50,183 shares issued at $20.59 per share)
$1,033,262 
Cash314,633 
Total consideration$1,347,895 
Goodwill related to this merger will not be deductible for tax purposes.
Other intangible assets acquired included core deposit intangibles and customer relationship intangibles. The estimated fair value of the core deposit intangible was $397.1 million and is being amortized over an estimated useful life of 10 years. The estimated fair value of the customer relationship intangibles was $43.0 million and is being amortized over an estimated useful life of 12 years.
The fair value of purchased credit deteriorated (“PCD”) assets was $1.9 billion on the date of merger. The gross contractual amounts receivable relating to the PCD assets was $2.1 billion. Old National estimates, on the date of the merger, that $103.5 million of the contractual cash flows specific to the PCD assets will not be collected.
Merger-related costs associated with the Bremer acquisition have been expensed for the three and six months ended June 30, 2026 totaling $12.0 million and $18.6 million, respectively, compared to $40.2 million and $40.9 million, respectively, for the three and six months ended June 30, 2025. Additional merger-related and integration costs will be expensed in future periods as incurred.
As a result of the acquisition, Old National assumed sponsorship of Bremer’s defined benefit pension plan under which both plan participation and benefit accruals were subsequently frozen and the plan was then terminated. The net pension asset associated with Bremer’s defined benefit pension plan is recorded in other assets on the consolidated balance sheet. Pension costs were not material in the three and six months ended June 30, 2026.
The Company’s results of operations for the three and six months ended June 30, 2026 include the operating results of the acquired assets and assumed liabilities of Bremer subsequent to the acquisition on May 1, 2025. Due to the integration of certain Bremer systems and processes since the acquisition date, the Company has determined that it is impractical to report the amounts of revenue and income before income taxes of legacy Bremer subsequent to the acquisition.
12

NOTE 4 – NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted-average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.
The following table presents the calculation of basic and diluted net income per common share:
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars and shares in thousands, except per share data)2026202520262025
Net income$253,414 $125,408 $487,086 $270,067 
Preferred dividends(4,033)(4,033)(8,067)(8,067)
Net income applicable to common shares$249,381 $121,375 $479,019 $262,000 
Weighted average common shares outstanding:
Weighted average common shares outstanding (basic)381,864 360,155 383,845 338,162 
Effect of dilutive securities:
Restricted stock1,409 1,281 1,852 2,088 
Weighted average diluted shares outstanding383,273 361,436 385,697 340,250 
Basic Net Income Per Common Share$0.65 $0.34 $1.25 $0.78 
Diluted Net Income Per Common Share$0.65 $0.34 $1.24 $0.77 
NOTE 5 – INVESTMENT SECURITIES
The following table summarizes the amortized cost and fair value of the available-for-sale portfolio and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in accumulated other comprehensive income (loss) (“AOCI”).
(dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses
Basis
Adjustments (1)
Fair
Value
June 30, 2026    
Available-for-Sale    
U.S. Treasury$260,430 $— $(11,365)$(44,732)$204,333 
U.S. government-sponsored entities and agencies1,534,177 8 (139,013)(66,355)1,328,817 
Mortgage-backed securities - Agency10,076,294 36,276 (533,124)— 9,579,446 
States and political subdivisions318,074 1,262 (15,543)637 304,430 
Pooled trust preferred securities13,827 — (951)— 12,876 
Other securities156,568 750 (4,835)— 152,483 
Total available-for-sale securities$12,359,370 $38,296 $(704,831)$(110,450)$11,582,385 
December 31, 2025
Available-for-Sale
U.S. Treasury$269,313 $90 $(7,615)$(47,244)$214,544 
U.S. government-sponsored entities and agencies1,567,036 402 (134,795)(60,251)1,372,392 
Mortgage-backed securities - Agency9,575,241 79,999 (487,205)— 9,168,035 
States and political subdivisions438,642 2,275 (17,286)2,377 426,008 
Pooled trust preferred securities13,819 — (2,085)— 11,734 
Other securities195,946 1,138 (5,347)— 191,737 
Total available-for-sale securities$12,059,997 $83,904 $(654,333)$(105,118)$11,384,450 
(1)    Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 15 to the consolidated financial statements for additional information regarding these derivative financial instruments.
13

The following table summarizes the amortized cost and fair value of the held-to-maturity investment securities portfolio and the corresponding amounts of gross unrecognized gains and losses.
(dollars in thousands)Amortized
Cost		Unrecognized
Gains		Unrecognized
Losses		Fair
Value
June 30, 2026   
Held-to-Maturity
U.S. government-sponsored entities and agencies$825,359 $— $(137,815)$687,544 
Mortgage-backed securities - Agency881,022 — (135,338)745,684 
States and political subdivisions1,138,273 580 (103,723)1,035,130 
Allowance for securities held-to-maturity(150)— — (150)
Total held-to-maturity securities$2,844,504 $580 $(376,876)$2,468,208 
December 31, 2025
Held-to-Maturity
U.S. government-sponsored entities and agencies$840,435 $— $(129,526)$710,909 
Mortgage-backed securities - Agency910,323 — (127,505)782,818 
States and political subdivisions1,144,880 853 (99,072)1,046,661 
Allowance for securities held-to-maturity(150)— — (150)
Total held-to-maturity securities$2,895,488 $853 $(356,103)$2,540,238 
Substantially all of the mortgage-backed securities in the investment portfolio are residential mortgage-backed securities.
Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Proceeds$43,667 $2,092,486 $203,343 $2,163,445 
Realized gains42 11 852 90 
Realized losses(76)(52)(811)(207)
The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Weighted average yield is based on amortized cost.
 June 30, 2026
(dollars in thousands)Amortized
Cost		Fair
Value		Weighted
Average
Yield
Maturity
Available-for-Sale   
Within one year$215,995 $215,925 4.83 %
One to five years3,718,906 3,615,549 4.12 
Five to ten years7,363,333 6,899,316 4.01 
Beyond ten years1,061,136 851,595 2.93 
Total$12,359,370 $11,582,385 3.97 %
Held-to-Maturity
Within one year$118 $113 2.28 %
One to five years55,759 51,623 2.03 
Five to ten years1,598,272 1,395,015 2.56 
Beyond ten years1,190,355 1,021,457 2.82 
Total$2,844,504 $2,468,208 2.66 %
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The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized Losses
June 30, 2026
Available-for-Sale
U.S. Treasury$21,915 $(32)$182,418 $(11,333)$204,333 $(11,365)
U.S. government-sponsored entities
   and agencies		183,666 (1,636)1,143,200 (137,377)1,326,866 (139,013)
Mortgage-backed securities - Agency2,948,237 (29,525)2,927,560 (503,599)5,875,797 (533,124)
States and political subdivisions20,816 (142)146,548 (15,401)167,364 (15,543)
Pooled trust preferred securities— — 12,876 (951)12,876 (951)
Other securities12,679 (24)92,321 (4,811)105,000 (4,835)
Total available-for-sale$3,187,313 $(31,359)$4,504,923 $(673,472)$7,692,236 $(704,831)
December 31, 2025
Available-for-Sale
U.S. Treasury$— $— $184,175 $(7,615)$184,175 $(7,615)
U.S. government-sponsored entities
   and agencies		79,916 (78)1,173,044 (134,717)1,252,960 (134,795)
Mortgage-backed securities - Agency252,875 (953)3,157,476 (486,252)3,410,351 (487,205)
States and political subdivisions6,561 (17)234,389 (17,269)240,950 (17,286)
Pooled trust preferred securities— — 11,734 (2,085)11,734 (2,085)
Other securities1,766 (88)124,990 (5,259)126,756 (5,347)
Total available-for-sale$341,118 $(1,136)$4,885,808 $(653,197)$5,226,926 $(654,333)
The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
June 30, 2026
Held-to-Maturity
U.S. government-sponsored entities
   and agencies		$— $— $687,544 $(137,815)$687,544 $(137,815)
Mortgage-backed securities - Agency— — 745,684 (135,338)745,684 (135,338)
States and political subdivisions38,340 (1,429)949,001 (102,294)987,341 (103,723)
Total held-to-maturity$38,340 $(1,429)$2,382,229 $(375,447)$2,420,569 $(376,876)
December 31, 2025
Held-to-Maturity
U.S. government-sponsored entities
   and agencies		$— $— $710,909 $(129,526)$710,909 $(129,526)
Mortgage-backed securities - Agency— — 782,818 (127,505)782,818 (127,505)
States and political subdivisions— — 995,331 (99,072)995,331 (99,072)
Total held-to-maturity$— $— $2,489,058 $(356,103)$2,489,058 $(356,103)
The unrecognized losses on held-to-maturity investment securities presented in the table above do not include unrecognized losses on securities that were transferred from available-for-sale to held-to-maturity totaling $86.9 million at June 30, 2026 and $94.1 million at December 31, 2025. These unrecognized losses are included as a separate component of shareholders’ equity and are being amortized over the remaining term of the securities.
No allowance for credit losses on available-for-sale debt securities was needed at June 30, 2026 or December 31, 2025.
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An allowance on held-to-maturity debt securities is maintained for certain municipal bonds to account for expected lifetime credit losses. Substantially all of the U.S. government-sponsored entities and agencies and agency mortgage-backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. The allowance for credit losses on held-to-maturity debt securities was $0.2 million at June 30, 2026 and December 31, 2025. Accrued interest receivable on the securities portfolio is excluded from the estimate of credit losses and totaled $69.6 million at June 30, 2026 and $70.1 million at December 31, 2025.
At June 30, 2026, Old National’s securities portfolio consisted of 2,989 securities, 2,297 of which were in an unrealized or unrecognized loss position. The unrealized and unrecognized losses attributable to our U.S. Treasury, U.S. government-sponsored entities and agencies, agency mortgage-backed securities, states and political subdivisions, and other securities are the result of fluctuations in interest rates and market movements. Old National’s pooled trust preferred securities are evaluated using collateral-specific assumptions to estimate the expected future interest and principal cash flows. At June 30, 2026, we had no intent to sell any securities that were in an unrealized loss position nor is it expected that we would be required to sell the securities prior to their anticipated recovery.
Old National’s pooled trust preferred securities have experienced credit defaults. However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations. Old National did not recognize any losses on these securities for the three or six months ended June 30, 2026 or 2025.
Equity Securities
Equity securities consist of mutual funds for Community Reinvestment Act qualified investments and diversified investment securities held in a grantor trust for participants in the Company’s nonqualified deferred compensation plan. Old National’s equity securities with readily determinable fair values totaled $131.1 million at June 30, 2026 and $128.9 million at December 31, 2025. There were gains on equity securities of $0.3 million during the three months ended June 30, 2026 and losses on equity securities of $0.4 million during the six months ended June 30, 2026, respectively, compared to losses on equity securities of $0.6 million and $0.5 million during the three and six months ended June 30, 2025, respectively.
Alternative Investments
Old National has alternative investments without readily determinable fair values that are included in other assets totaling $1.1 billion at June 30, 2026 and $1.0 billion at December 31, 2025. These investments consisted of $645.5 million of illiquid investments in partnerships, limited liability companies, and other ownership interests that support affordable housing and $428.9 million of economic development and community revitalization initiatives in low-to-moderate income neighborhoods at June 30, 2026, compared to $606.5 million and $410.0 million for the same investment types, respectively, at December 31, 2025. There have been no impairments or adjustments on alternative investments without readily determinable fair values, except for amortization of tax credit investments in the three and six months ended June 30, 2026 and 2025. See Note 9 to the consolidated financial statements for detail regarding these investments.
NOTE 6 – LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans
Old National’s loans consist primarily of loans made to consumers and commercial clients in many diverse industries, including real estate rental and leasing, manufacturing, healthcare, wholesale trade, construction, and agriculture, among others. Most of Old National’s lending activity occurs within our principal geographic markets in the Midwest and Southeast regions of the United States. Old National manages concentrations of credit exposure by industry, product, geography, client relationship, and loan size.
Old National has loan participations, which qualify as participating interests, with other financial institutions. At June 30, 2026, these loans totaled $3.7 billion, of which $1.8 billion had been sold to other financial institutions and $1.9 billion was retained by Old National. The loan participations convey proportionate ownership rights with equal priority to each participating interest holder; involve no recourse (other than ordinary representations and warranties) to, or subordination by, any participating interest holder; all cash flows are divided among the participating interest
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holders in proportion to each holder’s share of ownership; and no holder has the right to pledge the entire financial asset unless all participating interest holders agree.
The loan categories used to monitor and analyze interest income and yields are different than the portfolio segments used to determine the allowance for credit losses on loans. The allowance for credit losses was calculated by pooling loans of similar credit risk characteristics and credit monitoring procedures. The four loan portfolios used to monitor and analyze interest income and yields – commercial, commercial real estate, residential real estate, and consumer – are reclassified into seven segments of loans – commercial, commercial real estate, business banking credit center (“BBCC”), residential real estate, indirect, direct, and home equity for purposes of determining the allowance for credit losses on loans. The commercial and commercial real estate loan categories shown on the balance sheet include the same pool of loans as the commercial, commercial real estate, and BBCC portfolio segments. The consumer loan category shown on the balance sheet is comprised of the same loans in the indirect, direct, and home equity portfolio segments. The portfolio segment reclassifications follow:
Balance Sheet
Line Item		Portfolio
Segment
Reclassifications		Portfolio
Segment After
Reclassifications
(dollars in thousands)
June 30, 2026
Commercial (1)
$16,112,685 $(251,056)$15,861,629 
Commercial real estate22,535,229 (185,429)22,349,800 
BBCCN/A436,485 436,485 
Residential real estate8,760,832 — 8,760,832 
Consumer3,363,838 (3,363,838)N/A
IndirectN/A1,183,585 1,183,585 
DirectN/A597,607 597,607 
Home equityN/A1,582,646 1,582,646 
Total loans (2)
$50,772,584 $— $50,772,584 
Allowance for credit losses on loans(580,511)— (580,511)
Net loans$50,192,073 $— $50,192,073 
December 31, 2025
Commercial (1)
$14,983,861 $(220,410)$14,763,451 
Commercial real estate22,050,007 (175,670)21,874,337 
BBCCN/A396,080 396,080 
Residential real estate8,467,496 — 8,467,496 
Consumer3,262,798 (3,262,798)N/A
IndirectN/A1,075,235 1,075,235 
DirectN/A649,297 649,297 
Home equityN/A1,538,266 1,538,266 
Total loans (2)
$48,764,162 $— $48,764,162 
Allowance for credit losses on loans(569,520)— (569,520)
Net loans$48,194,642 $— $48,194,642 
(1)Includes direct finance leases of $58.8 million at June 30, 2026 and $75.1 million at December 31, 2025.
(2)    Includes unamortized premiums and discounts, and unamortized deferred fees and costs of $455.6 million at June 30, 2026 and $540.1 million at December 31, 2025.
The risk characteristics of each loan portfolio segment are as follows:
Commercial
Commercial loans are classified primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its clients.
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Commercial Real Estate
Commercial real estate loans are classified primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. The properties securing Old National’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner-occupied loans.
Included with commercial real estate are construction loans, which are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, financial analysis of the developers and property owners, and feasibility studies, if available. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders (including Old National), sales of developed property, or an interim loan commitment from Old National until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing.
At 254%, Old National Bank’s applicable investor commercial real estate loans as a percentage of its Tier 1 capital plus the allowance for credit losses attributable to loans and leases remained below the regulatory guideline limit of 300% at June 30, 2026.
BBCC
BBCC loans are typically granted to small businesses with gross revenues of less than $5 million and aggregate debt of less than $1 million. Old National has established minimum debt service coverage ratios, minimum Fair Isaac Corporation (“FICO”) scores for owners and guarantors, and the ability to show relatively stable earnings as criteria to help mitigate risk. Repayment of these loans depends on the personal income of the borrowers and the cash flows of the business. These factors can be affected by such changes as economic conditions and unemployment levels.
Residential
With respect to residential loans that are secured by 1 - 4 family residences and are generally owner occupied, Old National typically establishes a maximum loan-to-value ratio and generally requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in residential property values. Portfolio risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.
Indirect
Indirect loans are secured by automobile collateral, generally new and used cars and trucks from auto dealers that operate within our footprint. Old National typically mitigates the risk of indirect loans by establishing minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers and ongoing reviews of dealer relationships.
Direct
Direct loans are typically secured by collateral such as auto or real estate or are unsecured. Old National has established underwriting standards such as minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers.
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Home Equity
Home equity loans are generally secured by 1 - 4 family residences that are owner-occupied. Old National has established underwriting standards such as minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers, along with monitoring of updated borrower credit scores.
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Allowance for Credit Losses
Loans
Credit loss assumptions used when computing the level of expected credit losses are estimated using a model that categorizes loan pools based on loss history, delinquency status, and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The base forecast scenario considers unemployment, gross domestic product, home price index, and the BBB ratio (BBB spread to the 10-year U.S. Treasury rate). In addition to the quantitative inputs, several qualitative factors are considered. These factors include the risk that macroeconomic forecasts of unemployment, gross domestic product, home price index, and the BBB ratio may prove to be more severe and/or prolonged than our baseline forecast due to a variety of considerations. Old National’s activity in the allowance for credit losses on loans by portfolio segment was as follows:
(dollars in thousands)Balance at
Beginning of
Period		Allowance
Established
for Acquired
PCD Loans		Charge-offsRecoveriesProvision
for Loan
Losses		Balance at
End of
Period
Three Months Ended June 30, 2026  
Commercial$244,640 $— $(19,638)$6,670 $22,182 $253,854 
Commercial real estate266,797 — (18,155)1,018 14,046 263,706 
BBCC2,779 — (486)118 550 2,961 
Residential real estate39,764 — (74)59 701 40,450 
Indirect8,309 — (1,395)661 (347)7,228 
Direct2,412 — (1,735)689 907 2,273 
Home equity9,657 — (57)78 361 10,039 
Total$574,358 $— $(41,540)$9,293 $38,400 $580,511 
Three Months Ended June 30, 2025
Commercial$157,587 $30,492 $(16,805)$973 $43,670 $215,917 
Commercial real estate198,110 59,611 (9,438)123 45,897 294,303 
BBCC2,695 — (53)99 (253)2,488 
Residential real estate24,214 148 (247)150 7,585 31,850 
Indirect9,063 6 (1,766)905 222 8,430 
Direct2,053 47 (1,480)701 1,243 2,564 
Home equity8,210 138 (165)475 899 9,557 
Total$401,932 $90,442 $(29,954)$3,426 $99,263 $565,109 
Six Months Ended June 30, 2026
Commercial$244,670 $— $(43,152)$10,061 $42,275 $253,854 
Commercial real estate268,332 — (26,622)1,426 20,570 263,706 
BBCC2,371 — (1,296)240 1,646 2,961 
Residential real estate34,394 — (386)124 6,318 40,450 
Indirect8,021 — (3,207)1,338 1,076 7,228 
Direct2,478 — (4,026)1,196 2,625 2,273 
Home equity9,254 — (158)199 744 10,039 
Total$569,520 $— $(78,847)$14,584 $75,254 $580,511 
Six Months Ended June 30, 2025
Commercial$148,722 $30,492 $(26,116)$2,253 $60,566 $215,917 
Commercial real estate200,309 59,611 (21,098)393 55,088 294,303 
BBCC2,813 — (57)399 (667)2,488 
Residential real estate22,922 148 (277)238 8,819 31,850 
Indirect8,434 6 (3,700)1,344 2,346 8,430 
Direct2,304 47 (3,081)1,213 2,081 2,564 
Home equity7,018 138 (165)510 2,056 9,557 
Total$392,522 $90,442 $(54,494)$6,350 $130,289 $565,109 
The allowance for credit losses on loans at June 30, 2026 and June 30, 2025 included the impact of acquisition accounting adjustments and provision related to the Bremer acquisition which was completed on May 1, 2025. In addition, the provision for credit losses on loans in the three and six months ended June 30, 2025 included $69.1 million to establish an allowance for credit losses on non-PCD Bremer loans acquired. Accrued interest
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receivable on loans is excluded from the estimate of credit losses and totaled $223.7 million at June 30, 2026, compared to $228.6 million at December 31, 2025.
Unfunded Loan Commitments
Old National maintains an allowance for credit losses on unfunded loan commitments to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses on loans, modified to take into account the probability of a drawdown on the commitment. The allowance for credit losses on unfunded loan commitments is classified as a liability account on the balance sheet within accrued expenses and other liabilities, while the corresponding provision for unfunded loan commitments is included in the provision for credit losses. Old National’s activity in the allowance for credit losses on unfunded loan commitments was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Balance at beginning of period$33,725 $22,031 $35,633 $21,654 
Provision for credit losses on unfunded loan commitments
   acquired during the period		— 6,458 — 6,458 
Provision (release) for credit losses on unfunded loan
   commitments		(2,194)1,114 (4,102)1,491 
Balance at end of period$31,531 $29,603 $31,531 $29,603 
Credit Quality
Old National’s management monitors the credit quality of its loans on an ongoing basis with the asset quality rating (“AQR”) for commercial, commercial real estate, and BBCC loans reviewed annually or at renewal and the performance of its residential and consumer loans based upon the accrual status refreshed at least quarterly. Internally, management assigns an AQR to each non-homogeneous commercial, commercial real estate, and BBCC loan in the portfolio. The primary determinants of the AQR are the reliability of the primary source of repayment and the past, present, and projected financial condition of the borrower. The AQR will also consider current industry conditions. Major factors used in determining the AQR can vary based on the nature of the loan, but commonly include factors such as debt service coverage, internal cash flow, liquidity, leverage, operating performance, debt burden, FICO scores, occupancy, interest rate sensitivity, and expense burden. Old National uses the following definitions for risk ratings:
Special Mention. Loans categorized as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of Old National’s credit position at some future date.
Classified – Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Old National will sustain some loss if the deficiencies are not corrected.
Classified – Nonaccrual. Loans classified as nonaccrual have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, in doubt.
Classified – Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as nonaccrual, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
Pass rated loans are those loans that are other than special mention, classified – substandard, classified – nonaccrual, or classified – doubtful.
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The following table summarizes the amortized cost of term loans by risk category of commercial, commercial real estate, and BBCC loans by class of loan and origination year:
(dollars in thousands)Origination YearRevolving to Term
20262025202420232022PriorRevolvingTotal
June 30, 2026
Commercial:
Pass$1,871,092 $2,956,426 $1,671,586 $985,812 $836,604 $1,915,799 $3,702,028 $796,631 $14,735,978 
Special Mention26,182 31,903 95,687 72,440 20,039 11,691 121,703 8,147 387,792 
Classified:
Substandard6,033 12,860 75,756 100,408 30,899 102,488 127,855 103,241 559,540 
Nonaccrual— 748 2,256 2,440 631 4,422 — 12,471 22,968 
Doubtful— 8,884 10,627 31,482 27,869 23,644 9,571 43,274 155,351 
Total$1,903,307 $3,010,821 $1,855,912 $1,192,582 $916,042 $2,058,044 $3,961,157 $963,764 $15,861,629 
Commercial real estate:
Pass$2,222,955 $3,929,498 $2,334,253 $2,073,302 $2,790,586 $6,115,231 $151,653 $902,194 $20,519,672 
Special Mention2,669 14,374 14,760 28,664 90,982 143,033 3,681 8,244 306,407 
Classified:
Substandard1,002 36,595 116,300 308,911 398,088 423,298 8,395 61,581 1,354,170 
Nonaccrual— — 3,539 2,178 2,497 3,818 — 743 12,775 
Doubtful— — 2,968 32,617 35,095 68,465 — 17,631 156,776 
Total$2,226,626 $3,980,467 $2,471,820 $2,445,672 $3,317,248 $6,753,845 $163,729 $990,393 $22,349,800 
BBCC:
Pass$37,165 $53,988 $47,789 $42,235 $30,268 $94,373 $85,108 $27,457 $418,383 
Special Mention564 54 389 253 494 1,695 2,810 4,696 10,955 
Classified:
Substandard22 77 217 598 233 530 1,681 1,651 5,009 
Nonaccrual— — — 333 105 395 — 319 1,152 
Doubtful— — — — — 355 — 631 986 
Total$37,751 $54,119 $48,395 $43,419 $31,100 $97,348 $89,599 $34,754 $436,485 
Origination YearRevolving to Term
20252024202320222021PriorRevolvingTotal
December 31, 2025
Commercial:
Pass$3,073,330 $1,895,772 $1,186,468 $1,064,904 $619,076 $1,567,563 $3,458,502 $774,686 $13,640,301 
Special Mention23,368 84,827 88,803 18,830 7,878 8,161 82,334 14,990 329,191 
Classified:
Substandard16,253 89,293 113,232 62,649 68,265 56,616 129,209 85,729 621,246 
Nonaccrual140 1,617 6,003 7,053 1,001 654 8,659 1,944 27,071 
Doubtful— 7,337 34,925 27,218 2,409 24,547 — 49,206 145,642 
Total$3,113,091 $2,078,846 $1,429,431 $1,180,654 $698,629 $1,657,541 $3,678,704 $926,555 $14,763,451 
Commercial real estate:
Pass$3,746,158 $2,363,809 $2,510,901 $3,325,135 $1,945,116 $5,082,931 $169,450 $886,279 $20,029,779 
Special Mention12,351 20,695 85,266 97,148 102,821 107,590 16,239 24,962 467,072 
Classified:
Substandard14,773 34,761 184,806 294,789 116,261 321,725 45,692 120,284 1,133,091 
Nonaccrual— 4,721 1,282 6,905 5,442 24,308 — 23,642 66,300 
Doubtful— 3,120 23,039 38,716 22,966 60,503 — 29,751 178,095 
Total$3,773,282 $2,427,106 $2,805,294 $3,762,693 $2,192,606 $5,597,057 $231,381 $1,084,918 $21,874,337 
BBCC:
Pass$57,344 $53,469 $50,466 $35,366 $20,106 $75,805 $65,971 $20,036 $378,563 
Special Mention— 663 834 512 535 1,490 2,281 3,323 9,638 
Classified:
Substandard86 191 474 304 26 724 203 2,877 4,885 
Nonaccrual50 — 60 98 359 345 — 1,115 2,027 
Doubtful— — 463 205 — 31 — 268 967 
Total$57,480 $54,323 $52,297 $36,485 $21,026 $78,395 $68,455 $27,619 $396,080 
22

For residential real estate and consumer loan classes, Old National evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an on-going basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost of term residential real estate and consumer loans based on payment activity and origination year:
Origination YearRevolving to Term
(dollars in thousands)20262025202420232022PriorRevolvingTotal
June 30, 2026
Residential real estate:
Risk Rating:
Performing$577,590 $1,096,002 $469,884 $544,155 $1,606,443 $4,386,908 $— $578 $8,681,560 
Nonperforming156 5,299 5,484 10,839 18,409 39,085 — — 79,272 
Total$577,746 $1,101,301 $475,368 $554,994 $1,624,852 $4,425,993 $— $578 $8,760,832 
Indirect:
Risk Rating:
Performing$342,588 $354,289 $234,222 $128,792 $84,982 $33,017 $143 $— $1,178,033 
Nonperforming93 1,110 1,132 1,401 1,191 625 — — 5,552 
Total$342,681 $355,399 $235,354 $130,193 $86,173 $33,642 $143 $— $1,183,585 
Direct:
Risk Rating:
Performing$33,487 $61,641 $43,786 $39,378 $55,357 $133,931 $219,672 $5,525 $592,777 
Nonperforming13 11 228 346 1,467 2,545 6 214 4,830 
Total$33,500 $61,652 $44,014 $39,724 $56,824 $136,476 $219,678 $5,739 $597,607 
Home equity:
Risk Rating:
Performing$— $53 $71 $281 $1,193 $14,646 $1,467,822 $76,540 $1,560,606 
Nonperforming— — 40 64 871 4,465 2,539 14,061 22,040 
Total$— $53 $111 $345 $2,064 $19,111 $1,470,361 $90,601 $1,582,646 
Origination YearRevolving to Term
20252024202320222021PriorRevolvingTotal
December 31, 2025
Residential real estate:
Risk Rating:
Performing$955,730 $539,011 $584,626 $1,668,796 $1,960,186 $2,684,743 $— $598 $8,393,690 
Nonperforming1,639 5,684 10,409 17,917 5,328 32,829 — — 73,806 
Total$957,369 $544,695 $595,035 $1,686,713 $1,965,514 $2,717,572 $— $598 $8,467,496 
Indirect:
Risk Rating:
Performing$417,924 $296,068 $170,873 $124,182 $42,664 $17,567 $155 $— $1,069,433 
Nonperforming574 1,299 1,747 1,332 638 212 — — 5,802 
Total$418,498 $297,367 $172,620 $125,514 $43,302 $17,779 $155 $— $1,075,235 
Direct:
Risk Rating:
Performing$72,393 $54,308 $49,357 $53,343 $41,664 $132,876 $236,832 $4,193 $644,966 
Nonperforming43 404 435 402 345 2,691 — 11 4,331 
Total$72,436 $54,712 $49,792 $53,745 $42,009 $135,567 $236,832 $4,204 $649,297 
Home equity:
Risk Rating:
Performing$11 $71 $395 $1,227 $651 $16,913 $1,443,256 $58,538 $1,521,062 
Nonperforming42 40 45 938 95 3,359 546 12,139 17,204 
Total$53 $111 $440 $2,165 $746 $20,272 $1,443,802 $70,677 $1,538,266 
23

The following table summarizes the gross charge-offs of loans by loan portfolio segment and origination year:
Origination Year
(dollars in thousands)20262025202420232022PriorRevolvingTotal
Three Months Ended June 30, 2026
Commercial$478 $1,920 $124 $8,973 $1,657 $6,486 $— $19,638 
Commercial real estate— — — 2,713 4,610 10,832 — 18,155 
BBCC— — 36 357 93 — — 486 
Residential real estate— — — — — 74 — 74 
Indirect103 408 383 314 119 68 — 1,395 
Direct68 133 89 226 309 315 595 1,735 
Home equity— — — — — 57 — 57 
Total gross charge-offs$649 $2,461 $632 $12,583 $6,788 $17,832 $595 $41,540 
Origination Year
20252024202320222021PriorRevolvingTotal
Three Months Ended June 30, 2025
Commercial$— $6,459 $676 $6,970 $583 $2,117 $— $16,805 
Commercial real estate— — — 1,205 4,000 4,233 — 9,438 
BBCC— — 13 31 9 — — 53 
Residential real estate— — — — — 247 — 247 
Indirect12 631 557 317 193 56 — 1,766 
Direct171 205 223 300 304 251 26 1,480 
Home equity— — — — — 165 — 165 
Total gross charge-offs$183 $7,295 $1,469 $8,823 $5,089 $7,069 $26 $29,954 
Origination Year
20262025202420232022PriorRevolvingTotal
Six Months Ended June 30, 2026
Commercial$478 $6,163 $10,724 $14,590 $3,729 $7,077 $391 $43,152 
Commercial real estate— — — 4,783 6,185 15,654 — 26,622 
BBCC— 50 325 537 384 — — 1,296 
Residential real estate— — — — 26 360 — 386 
Indirect103 877 848 751 479 149 — 3,207 
Direct68 321 424 378 625 1,241 969 4,026 
Home equity— — — — — 57 101 158 
Total gross charge-offs$649 $7,411 $12,321 $21,039 $11,428 $24,538 $1,461 $78,847 
Origination Year
20252024202320222021PriorRevolvingTotal
Six Months Ended June 30, 2025
Commercial$— $6,881 $4,795 $11,056 $589 $2,795 $— $26,116 
Commercial real estate— — 303 1,956 11,996 6,843 — 21,098 
BBCC— — 13 31 13 — — 57 
Residential real estate— — — — — 277 — 277 
Indirect12 1,330 1,234 704 293 127 — 3,700 
Direct214 335 333 743 842 588 26 3,081 
Home equity— — — — — 165 — 165 
Total gross charge-offs$226 $8,546 $6,678 $14,490 $13,733 $10,795 $26 $54,494 
Nonaccrual and Past Due Loans
Old National does not record interest on nonaccrual loans until principal is recovered. For all loan classes, a loan is generally placed on nonaccrual status when principal or interest becomes 90 days past due unless it is well secured and in the process of collection, or earlier when concern exists as to the ultimate collectability of principal or interest. Interest accrued but not received is reversed against earnings. Cash interest received on these loans is applied to the principal balance until the principal is recovered or until the loan returns to accrual status. Loans may
24

be returned to accrual status when all the principal and interest amounts contractually due are brought current, remain current for a prescribed period, and future payments are reasonably assured.
The following table presents the aging of the amortized cost basis in past due loans by class of loans:
(dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due
90 Days or
More		Total
Past Due		CurrentTotal
Loans
June 30, 2026
Commercial$8,864 $9,604 $68,458 $86,926 $15,774,703 $15,861,629 
Commercial real estate14,771 26,215 57,736 98,722 22,251,078 22,349,800 
BBCC802 303 739 1,844 434,641 436,485 
Residential61,821 16,778 42,376 120,975 8,639,857 8,760,832 
Indirect8,345 2,122 1,662 12,129 1,171,456 1,183,585 
Direct11,900 1,077 2,778 15,755 581,852 597,607 
Home equity7,161 2,990 7,781 17,932 1,564,714 1,582,646 
Total$113,664 $59,089 $181,530 $354,283 $50,418,301 $50,772,584 
December 31, 2025
Commercial$23,702 $7,200 $68,776 $99,678 $14,663,773 $14,763,451 
Commercial real estate20,870 8,151 122,781 151,802 21,722,535 21,874,337 
BBCC1,297 1,359 463 3,119 392,961 396,080 
Residential45,817 13,650 40,512 99,979 8,367,517 8,467,496 
Indirect8,844 2,263 1,877 12,984 1,062,251 1,075,235 
Direct3,644 1,605 1,762 7,011 642,286 649,297 
Home equity7,186 2,956 8,307 18,449 1,519,817 1,538,266 
Total$111,360 $37,184 $244,478 $393,022 $48,371,140 $48,764,162 
The following table presents the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan:
June 30, 2026December 31, 2025
(dollars in thousands)Nonaccrual
Amortized
Cost		Nonaccrual
With No
Related
Allowance		Past Due
90 Days or
More and
Accruing		Nonaccrual
Amortized
Cost		Nonaccrual
With No
Related
Allowance		Past Due
90 Days or
More and
Accruing
Commercial$178,319 $11,899 $984 $172,713 $9,665 $1,310 
Commercial real estate169,551 33,979 3,695 244,395 57,647 — 
BBCC2,138 — 162 2,994 — 177 
Residential79,272 — 127 73,806 — 599 
Indirect5,552 — 62 5,802 — 203 
Direct4,830 — 272 4,331 — 74 
Home equity22,040 — 1,530 17,204 — 328 
Total$461,702 $45,878 $6,832 $521,245 $67,312 $2,691 
Interest income recognized on nonaccrual loans was insignificant during the three and six months ended June 30, 2026 and 2025.
25

When management determines that foreclosure is probable, expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. A loan is considered collateral dependent when the borrower is experiencing financial difficulty, and the loan is expected to be repaid substantially through the operation or sale of the collateral. The class of loan represents the primary collateral type associated with the loan. Significant period-over-period changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of collateral dependent loans by class of loan:
Type of Collateral
(dollars in thousands)Real
Estate		Blanket
Lien		Investment
Securities/Cash		AutoOther
June 30, 2026
Commercial$15,059 $147,640 $10,172 $2,796 $977 
Commercial real estate166,521 12 285 — 109 
BBCC1,253 483 246 156 — 
Residential79,272 — — — — 
Indirect— — — 5,552 — 
Direct4,149 6 — 235 34 
Home equity22,040 — — — — 
Total loans$288,294 $148,141 $10,703 $8,739 $1,120 
December 31, 2025
Commercial$17,098 $131,107 $6,851 $5,411 $1,942 
Commercial real estate237,984 3,381 1,238 — 116 
BBCC1,364 832 269 260 — 
Residential73,806 — — — — 
Indirect— — — 5,802 — 
Direct3,676 15 — 324 16 
Home equity17,204 — — — — 
Total loans$351,132 $135,335 $8,358 $11,797 $2,074 
Financial Difficulty Modifications
Occasionally, Old National modifies loans to borrowers experiencing financial difficulty in the form of principal forgiveness, term extension, an other-than-insignificant payment delay, or interest rate reduction (or a combination thereof). When principal forgiveness is provided, the amount forgiven is charged-off against the allowance for credit losses on loans.
26

The following table presents the amortized cost basis of financial difficulty modifications that were modified by class of loans and type of modification:
(dollars in thousands)Term
Extension		Payment
Delay		Interest
Rate
Reduction		Total
Class of
Loans
Three Months Ended June 30, 2026
Commercial$36,103 $— $— 0.2 %
Commercial real estate81,922 — — 0.4 %
Total$118,025 $— $— 0.2 %
Three Months Ended June 30, 2025
Commercial$39,797 $— $— 0.3 %
Commercial real estate44,835 — — 0.2 %
Total$84,632 $— $— 0.2 %
Six Months Ended June 30, 2026
Commercial$57,363 $— $6,383 0.4 %
Commercial real estate96,918 4,592 — 0.5 %
Total$154,281 $4,592 $6,383 0.3 %
Six Months Ended June 30, 2025
Commercial$94,248 $— $— 0.7 %
Commercial real estate146,609 — — 0.7 %
Total$240,857 $— $— 0.5 %
Old National monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following table presents the performance of financial difficulty modifications in the twelve months following modification:
(dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due
90 Days or
More		Total
Past Due		CurrentTotal
Loans
June 30, 2026
Commercial$— $— $18,479 $18,479 $45,267 $63,746 
Commercial real estate— 16,702 — 16,702 84,808 101,510 
Total$— $16,702 $18,479 $35,181 $130,075 $165,256 
June 30, 2025
Commercial$1,468 $2,449 $4,511 $8,428 $85,820 $94,248 
Commercial real estate6,311 — 4,566 10,877 135,732 146,609 
Total$7,779 $2,449 $9,077 $19,305 $221,552 $240,857 
27

The following table summarizes the nature of the financial difficulty modifications by class of loans:
Weighted-
Average
Term
Extension
(in months)		Weighted-
Average
Payment
Delay
(in months)		Weighted-
Average
Interest Rate
Reduction
Three Months Ended June 30, 2026
Commercial4.6—— %
Commercial real estate7.4—— %
Total6.6—— %
Three Months Ended June 30, 2025
Commercial6.5—— %
Commercial real estate9.8—— %
Total8.2—— %
Six Months Ended June 30, 2026
Commercial5.7—1.50 %
Commercial real estate7.35.0— %
Total6.75.01.50 %
Six Months Ended June 30, 2025
Commercial7.1—— %
Commercial real estate8.4—— %
Total7.9—— %
There were payment defaults on $12.1 million and $18.5 million of loans during the three and six months ended June 30, 2026, respectively, to borrowers whose loans were modified due to financial difficulties within the previous twelve months. There were payment defaults on $4.6 million and $9.1 million of loans during the three and six months ended June 30, 2025, respectively, to borrowers whose loans had been modified within the previous twelve months. The payment defaults did not materially impact the allowance for credit losses on loans.
Old National had not committed to lend any material additional funds to the borrowers whose loans were modified due to financial difficulties at June 30, 2026 or December 31, 2025.
Purchased Credit Deteriorated Loans
Old National has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans at acquisition was as follows:
(dollars in thousands)
Bremer (1)
Purchase price of loans at acquisition$1,876,226 
Allowance for credit losses at acquisition103,546 
Non-credit discount at acquisition75,826 
Par value of acquired loans at acquisition$2,055,598 
(1)Old National acquired Bremer effective May 1, 2025.
28

NOTE 7 – LEASES
Old National has operating and finance leases for land, office space, banking centers, and equipment. These leases are generally for periods of 5 to 30 years with various renewal options. We include certain renewal options in the measurement of our right-of-use assets and lease liabilities if they are reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.
Old National has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. Variable lease one-time costs that are not dependent upon an index or a rate are included in noninterest expense. For certain equipment leases, Old National accounts for the lease and non-lease components as a single lease component using the practical expedient available for that class of assets. Old National does not have any material sub-lease agreements.
The components of lease expense were as follows:
Affected Line
Item in the
Statement of Income		Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Operating lease costOccupancy/Equipment expense$9,505 $8,960 $19,081 $17,159 
Finance lease cost: 
Amortization of right-of-use assetsOccupancy expense2,139 2,276 4,523 4,546 
Interest on lease liabilitiesInterest expense207 212 437 441 
Sub-lease incomeOccupancy expense(115)(106)(222)(189)
Total $11,736 $11,342 $23,819 $21,957 
Supplemental balance sheet information related to leases was as follows:
(dollars in thousands)June 30,
2026		December 31,
2025
Operating Leases 
Operating lease right-of-use assets$197,907 $209,327 
Operating lease liabilities214,161 226,624 
Finance Leases
Premises and equipment, net18,345 23,950 
Other borrowings20,290 25,798 
Weighted-Average Remaining Lease Term (in Years)
Operating leases8.48.7
Finance leases7.97.0
Weighted-Average Discount Rate
Operating leases3.76 %3.72 %
Finance leases4.06 %4.04 %
Supplemental cash flow information related to leases was as follows:
Six Months Ended
June 30,
(dollars in thousands)20262025
Cash paid for amounts included in the measurement of lease liabilities: 
Operating cash flows from operating leases$20,146 $18,019 
Operating cash flows from finance leases437 441 
Financing cash flows from finance leases4,427 4,446 
29

The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2026:
(dollars in thousands)Operating
Leases		Finance
Leases
2026$20,240 $3,799 
202739,245 3,750 
202835,281 2,886 
202932,339 1,498 
203028,004 1,533 
Thereafter96,905 10,447 
Total undiscounted lease payments252,014 23,913 
Amounts representing interest(37,853)(3,623)
Lease liability$214,161 $20,290 

NOTE 8 – GOODWILL AND OTHER INTANGIBLE ASSETS
The following table presents the changes in the carrying amount of goodwill. See Note 3 to the consolidated financial statements for additional detail regarding acquisitions.
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Balance at beginning of period$2,429,756 $2,175,251 $2,425,700 $2,175,251 
Acquisitions and adjustments— 234,635 4,056 234,635 
Balance at end of period$2,429,756 $2,409,886 $2,429,756 $2,409,886 
Old National performed the required annual goodwill impairment test as of August 31, 2025 and there was no impairment. No events or circumstances since the August 31, 2025 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.
The gross carrying amounts and accumulated amortization of other intangible assets were as follows: 
(dollars in thousands)Gross
Carrying
Amount		Accumulated
Amortization
and Impairment		Net
Carrying
Amount
June 30, 2026   
Core deposit$586,735 $(210,722)$376,013 
Customer relationship90,107 (33,449)56,658 
Total other intangible assets$676,842 $(244,171)$432,671 
December 31, 2025
Core deposit$586,735 $(166,160)$420,575 
Customer relationship93,892 (32,181)61,711 
Total other intangible assets$680,627 $(198,341)$482,286 
Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years.
Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded during the six months ended June 30, 2026 or 2025. Total amortization expense associated with intangible assets was $24.0 million and $49.6 million for the three and six months ended June 30, 2026, respectively, compared to $19.6 million and $26.5 million for the three and six months ended June 30, 2025, respectively.
30

Estimated amortization expense for future years is as follows:
(dollars in thousands) 
2026 remaining$46,493 
202784,810 
202873,690 
202962,983 
203052,287 
Thereafter112,408 
Total$432,671 
NOTE 9 – QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTS
Old National is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects. These investments are included in other assets on the balance sheet, with any unfunded commitments included with other liabilities. As of June 30, 2026, Old National expects to recover its remaining investments through the use of the tax credits that are generated by the investments.
The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments:
(dollars in thousands) June 30, 2026December 31, 2025
InvestmentAccounting MethodInvestment
Unfunded
Commitment (1)
InvestmentUnfunded
Commitment
Low Income Housing Tax Credit (“LIHTC”)Proportional amortization$282,008 $120,312 $257,752 $135,776 
Federal Historic Tax Credit (“FHTC”)Proportional amortization17,199 8,960 23,964 16,505 
New Markets Tax Credit (“NMTC”)Consolidation129,688 — 128,325 — 
Renewable EnergyEquity2 — 4 — 
Total $428,897 $129,272 $410,045 $152,281 
(1)All commitments will be paid by Old National by December 31, 2040.
31

The following table summarizes the amortization expense and tax benefit recognized for Old National’s qualified affordable housing projects and other tax credit investments:
(dollars in thousands)
Amortization
Expense (1)
Tax Expense
(Benefit)
Recognized (2)
Three Months Ended June 30, 2026  
LIHTC$5,763 $(7,219)
FHTC1,177 (1,637)
NMTC7,807 (9,960)
Total$14,747 $(18,816)
Three Months Ended June 30, 2025
LIHTC$3,205 $(4,516)
FHTC614 (723)
NMTC5,815 (7,049)
Total$9,634 $(12,288)
Six Months Ended June 30, 2026
LIHTC$11,526 $(14,437)
FHTC2,721 (3,421)
NMTC14,918 (19,061)
Total$29,165 $(36,919)
Six Months Ended June 30, 2025
LIHTC$6,409 $(8,815)
FHTC1,169 (1,418)
NMTC9,239 (11,309)
Total$16,817 $(21,542)
(1)The amortization expense for the LIHTC and FHTC investments is included in our income tax expense. NMTC amortization is recognized in noninterest expense in correlation to the recognition of tax credits on our tax return.
(2)All of the tax benefits recognized are included in our income tax expense. The tax benefit recognized for the NMTC investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss).
NOTE 10 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
Securities sold under agreements to repurchase are secured borrowings. Old National pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates:
At or for the Six Months
Ended June 30,
(dollars in thousands)20262025
Outstanding at period end$265,301 $297,637 
Average amount outstanding during the period259,031 284,518 
Maximum amount outstanding at any month-end during the period269,379 311,335 
Weighted-average interest rate:
During the period0.90 %0.84 %
At period end0.88 %0.91 %
At December 31, 2025, securities sold under agreements to repurchase totaled $261.4 million with a weighted-average interest rate of 0.95%.
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The following table presents the contractual maturity of our secured borrowings and class of collateral pledged:
 At June 30, 2026
 Remaining Contractual Maturity of the Agreements
(dollars in thousands)Overnight and ContinuousUp to
30 Days		 30-90 DaysGreater Than 90 daysTotal
Repurchase Agreements:     
U.S. Treasury and agency securities$265,301 $— $— $— $265,301 
Total$265,301 $— $— $— $265,301 
NOTE 11 – FEDERAL HOME LOAN BANK ADVANCES
The following table summarizes Old National Bank’s FHLB advances:
(dollars in thousands)June 30,
2026		December 31,
2025
FHLB advances (fixed rates 2.79% to 4.89%
   and variable rates 3.68% to 3.78%) maturing
   August 2026 to March 2046
$6,525,200 $6,230,200 
Fair value hedge basis adjustments and unamortized
   prepayment fees		(4,904)7,175 
Total$6,520,296 $6,237,375 
FHLB advances had weighted-average rates of 3.78% at June 30, 2026 and 3.71% at December 31, 2025. FHLB advances are collateralized by designated assets that may include qualifying commercial real estate loans, residential and multifamily mortgages, home equity loans, and certain investment securities.
At June 30, 2026, total unamortized prepayment fees related to all FHLB advance debt modifications completed in prior years totaled $3.2 million, compared to $3.3 million at December 31, 2025.
Contractual maturities of FHLB advances at June 30, 2026 were as follows:
(dollars in thousands) 
Due in 2026$3,500,000 
Due in 2027141,000 
Due in 2028548,000 
Due in 2029706,000 
Due in 2030479,000 
Thereafter1,151,200 
Fair value hedge basis adjustments and unamortized prepayment fees(4,904)
Total$6,520,296 
33

NOTE 12 – OTHER BORROWINGS
The following table summarizes Old National’s other borrowings:
(dollars in thousands)June 30,
2026		December 31,
2025
Old National Bancorp:  
Subordinated debentures (fixed rates of 5.77% to 5.88%) maturing
   September 2026 to February 2036
$600,000 $150,000 
Unamortized debt issuance costs related to subordinated debentures(4,318)— 
Junior subordinated debentures (rates of 5.33% to 7.51%) maturing
   July 2031 to September 2037
198,499 198,499 
Other basis adjustments5,312 7,891 
Old National Bank:
Finance lease liabilities20,290 25,798 
Leveraged loans for NMTC (fixed rates of 1.00% to 7.25%)
   maturing December 2027 to June 2061
495,395 459,452 
Other (1)
72,819 10,789 
Total other borrowings$1,387,997 $852,429 
(1)Includes overnight borrowings to collateralize certain derivative positions totaling $72.8 million at June 30, 2026 and $10.8 million at December 31, 2025.
Contractual maturities of other borrowings at June 30, 2026 were as follows:
(dollars in thousands) 
Due in 2026$226,262 
Due in 202719,839 
Due in 20282,389 
Due in 20291,059 
Due in 20301,140 
Thereafter1,136,314 
Unamortized debt issuance costs and other basis adjustments994 
Total$1,387,997 
Subordinated Notes
Subordinated debentures supporting general corporate purposes are classified in “other borrowings” and qualify as Tier 2 capital for regulatory purposes, subject to certain limitations.
On January 29, 2026, Old National completed the issuance and sale of $450.0 million aggregate principal amount of its 5.768% fixed-to-floating rate subordinated notes due 2036 (the “Notes”). From the date of issuance to February 15, 2031, or earlier redemption date, the Notes will bear interest at an initial fixed rate of 5.768% per year, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026. From February 15, 2031 to the maturity date of February 15, 2036, or earlier redemption date, the Notes will bear interest at a floating rate per year equal to a benchmark rate (which is expected to be Three-Month Term Secured Overnight Financing Rate (“SOFR”)) plus 220 basis points, payable quarterly in arrears on February 15, May 15, August 15, and November 15 of each year, commencing on May 15, 2031. The Company intends to use the net proceeds from this offering for general corporate purposes.
On February 15, 2022, Old National assumed $150.0 million of subordinated fixed rate notes related to the First Midwest Bancorp, Inc. merger. The subordinated debentures have a 5.875% fixed rate of interest through the September 29, 2026 maturity date.
Junior Subordinated Debentures
Junior subordinated debentures related to trust preferred securities are classified in “other borrowings” and qualify as Tier 2 capital for regulatory purposes, subject to certain limitations.
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Through various mergers and acquisitions, Old National assumed junior subordinated debenture obligations related to various trusts that issued trust preferred securities. Old National guarantees the payment of distributions on the trust preferred securities issued by the trusts. Proceeds from the issuance of each of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by the trusts.
Old National, at any time, may redeem the junior subordinated debentures at par and, thereby cause a redemption of the trust preferred securities in whole or in part.
The following table summarizes the terms of our outstanding junior subordinated debentures at June 30, 2026:
(dollars in thousands)   
Rate at
June 30,
2026
 
Name of TrustIssuance DateIssuance
Amount		RateMaturity Date
Bridgeview Statutory Trust IJuly 2001$15,464 
3-month SOFR plus 3.58%
7.51%July 31, 2031
Bridgeview Capital Trust IIDecember 200215,464 
3-month SOFR plus 3.35%
7.28%January 7, 2033
First Midwest Capital Trust INovember 200337,825 
6.95% fixed
6.95%December 1, 2033
St. Joseph Capital Trust IIMarch 20055,155 
3-month SOFR plus 1.75%
5.68%March 17, 2035
Northern States Statutory Trust ISeptember 200510,310 
3-month SOFR plus 1.80%
5.73%September 15, 2035
Anchor Capital Trust IIIAugust 20055,000 
3-month SOFR plus 1.55%
5.54%September 30, 2035
Great Lakes Statutory Trust IIDecember 20056,186 
3-month SOFR plus 1.40%
5.33%December 15, 2035
Bremer Statutory Trust IIJune 200661,856 
3-month SOFR plus 1.60%
5.52%June 1, 2036
Home Federal Statutory
   Trust I		September 200615,464 
3-month SOFR plus 1.65%
5.58%September 15, 2036
Monroe Bancorp Capital
   Trust I		July 20063,093 
3-month SOFR plus 1.60%
5.53%October 7, 2036
Tower Capital Trust 3December 20069,279 
3-month SOFR plus 1.69%
5.61%March 1, 2037
Monroe Bancorp Statutory
   Trust II		March 20075,155 
3-month SOFR plus 1.60%
5.53%June 15, 2037
Great Lakes Statutory Trust IIIJune 20078,248 
3-month SOFR plus 1.70%
5.63%September 15, 2037
Total$198,499 
Leveraged Loans
The leveraged loans are directly related to the NMTC structure. As part of the transaction structure, Old National has the right to sell its interest in the entity that received the leveraged loans at an agreed upon price to the leveraged lender at the end of the NMTC seven-year compliance period. See Note 9 to the consolidated financial statements for additional information on the Company’s NMTC investments.
Finance Lease Liabilities
Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $20.3 million at June 30, 2026. See Note 7 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities.
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NOTE 13 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes within each classification of AOCI, net of tax:
(dollars in thousands)Unrealized
Gains and
Losses on
Available-for-Sale Debt
Securities		Unrecognized
Gains and
Losses on
Held-to-Maturity
Securities		Gains and
Losses on
Hedges		Total
Three Months Ended June 30, 2026    
Balance at beginning of period$(492,459)$(67,736)$16,941 $(543,254)
Other comprehensive income (loss) before reclassifications(7,714)— (11,076)(18,790)
Amounts reclassified from AOCI to income (1)
26 2,636 1,241 3,903 
Balance at end of period$(500,147)$(65,100)$7,106 $(558,141)
Three Months Ended June 30, 2025
Balance at beginning of period$(582,779)$(79,373)$13,643 $(648,509)
Other comprehensive income (loss) before reclassifications40,590 — 3,365 43,955 
Amounts reclassified from AOCI to income (1)
31 3,037 1,878 4,946 
Balance at end of period$(542,158)$(76,336)$18,886 $(599,608)
Six Months Ended June 30, 2026
Balance at beginning of period$(428,436)$(70,464)$20,229 $(478,671)
Other comprehensive income (loss) before reclassifications(71,681)— (15,598)(87,279)
Amounts reclassified from AOCI to income (1)
(30)5,364 2,475 7,809 
Balance at end of period$(500,147)$(65,100)$7,106 $(558,141)
Six Months Ended June 30, 2025
Balance at beginning of period$(668,063)$(82,294)$4,314 $(746,043)
Other comprehensive income (loss) before reclassifications125,818 — 11,807 137,625 
Amounts reclassified from AOCI to income (1)
87 5,958 2,765 8,810 
Balance at end of period$(542,158)$(76,336)$18,886 $(599,608)
(1)See table below for details about reclassifications to income.
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The following table summarizes the amounts reclassified out of each component of AOCI for the three months ended June 30, 2026 and 2025:
 Three Months Ended
June 30,		 
(dollars in thousands)20262025 
Details about AOCI ComponentsAmount Reclassified
from AOCI		Affected Line Item in the
Statement of Income
Unrealized gains and losses on
   available-for-sale securities		$(34)$(41)Debt securities gains (losses), net
 8 10 Income tax (expense) benefit
 $(26)$(31)Net income
Amortization of unrecognized losses on
   held-to-maturity securities transferred
   from available-for-sale		$(3,534)$(4,069)Interest income (expense)
 898 1,032 Income tax (expense) benefit
 $(2,636)$(3,037)Net income
Gains and losses on hedges
   Interest rate contracts		$(1,673)$(2,533)Interest income (expense)
 432 655 Income tax (expense) benefit
 $(1,241)$(1,878)Net income
Total reclassifications for the period$(3,903)$(4,946)Net income
The following table summarizes the amounts reclassified out of each component of AOCI for the six months ended June 30, 2026 and 2025:
 Six Months Ended
June 30,		 
(dollars in thousands)20262025 
Details about AOCI ComponentsAmount Reclassified
from AOCI		Affected Line Item in the
Statement of Income
Unrealized gains and losses on
   available-for-sale securities		$41 $(117)Debt securities gains (losses), net
 (11)30 Income tax (expense) benefit
 $30 $(87)Net income
Amortization of unrecognized losses on
   held-to-maturity securities transferred
   from available-for-sale		$(7,190)$(7,984)Interest income (expense)
 1,826 2,026 Income tax (expense) benefit
 $(5,364)$(5,958)Net income
Gains and losses on hedges
   Interest rate contracts		$(3,338)$(3,729)Interest income (expense)
 863 964 Income tax (expense) benefit
 $(2,475)$(2,765)Net income
Total reclassifications for the period$(7,809)$(8,810)Net income
37

NOTE 14 – INCOME TAXES
The following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income:
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Provision at statutory rate of 21%
$68,079 $32,698 $130,085 $70,826 
State income taxes14,047 5,094 29,593 11,995 
Tax credit investments - federal:
New market tax credits(7,868)(4,419)(15,058)(7,784)
Nontaxable or nondeductible items:
Tax-exempt interest(5,955)(5,599)(12,175)(9,851)
FDIC premiums2,854 2,816 5,743 4,853 
Other, net(386)(292)(5,820)(2,837)
Income tax expense$70,771 $30,298 $132,368 $67,202 
Effective tax rate21.8 %19.5 %21.4 %19.9 %
Net Deferred Tax Assets
Net deferred tax assets are included in other assets on the balance sheet. At June 30, 2026, net deferred tax assets totaled $455.8 million, compared to $473.2 million at December 31, 2025. No valuation allowance was required on the Company’s deferred tax assets at June 30, 2026 or December 31, 2025.
Old National has federal net operating loss carryforwards totaling $104.5 million at June 30, 2026 and $87.8 million at December 31, 2025. If not used, the federal net operating loss carryforwards will begin expiring in 2032 and later. Old National has recorded state net operating loss carryforwards totaling $145.5 million at June 30, 2026 and $140.3 million at December 31, 2025. If not used, the state net operating loss carryforwards will expire from 2028 to 2044. The federal and recorded state net operating loss carryforwards are subject to an annual limitation under Internal Revenue Code section 382. Old National believes that all of the federal and recorded state net operating loss carryforwards will be used prior to expiration.
NOTE 15 – DERIVATIVE FINANCIAL INSTRUMENTS
As part of our overall interest rate risk management, Old National uses derivative instruments, including interest rate contracts such as swaps, collars, and floors. The notional amount does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis.
Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. Old National’s exposure is limited to the termination value of the contracts rather than the notional, principal, or contract amounts. There are provisions in our agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, we minimize credit risk through credit approvals, limits, and monitoring procedures.
Derivatives Designated as Hedges
Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner:
Cash flow hedges: changes in fair value are recognized as a component in other comprehensive income (loss).
Fair value hedges: changes in fair value are recognized concurrently in earnings.
As long as a hedging instrument is designated, and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for as outlined above. This is the case whether or not economic mismatches exist in the hedging
38

relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings.
The change in fair value of the hedging instrument that is included in the assessment of hedge effectiveness is presented in the same income statement line item that is used to present the earnings effect of the hedged item.
Cash Flow Hedges
Interest rate swaps of certain borrowings were designated as cash flow hedges totaling $50.0 million notional amount at both June 30, 2026 and December 31, 2025. Interest rate swaps, collars, and floors related to variable-rate commercial loan pools were designated as cash flow hedges totaling $3.2 billion notional amount at June 30, 2026 and $2.3 billion notional amount at December 31, 2025. The hedges were determined to be effective during all periods presented and we expect them to remain effective during the remaining terms.
Old National has designated its interest rate collars as cash flow hedges. The structure of these instruments is such that Old National pays the counterparty an incremental amount if the collar index exceeds the cap rate. Conversely, Old National receives an incremental amount if the index falls below the floor rate. No payments are required if the collar index falls between the cap and floor rates. 
Old National has designated its interest rate floor transactions as cash flow hedges. The structure of these instruments is such that Old National receives an incremental amount if the index falls below the floor strike rate. No payments are required if the index remains above the floor strike rate.
Fair Value Hedges
Interest rate swaps of certain borrowings were designated as fair value hedges totaling $800.0 million notional amount at June 30, 2026 and $1.1 billion notional amount at December 31, 2025. Interest rate swaps of certain available-for-sale investment securities were designated as fair value hedges totaling $874.4 million notional amount at June 30, 2026 and $927.4 million notional amount at December 31, 2025. The hedges were determined to be effective during all periods presented and we expect them to remain effective during the remaining terms.
The following table summarizes Old National’s derivatives designated as hedges:
June 30, 2026December 31, 2025
Fair ValueFair Value
(dollars in thousands)Notional
Assets (1)
Liabilities (2)
Notional
Assets (1)
Liabilities (2)
Cash flow hedges:
Interest rate swaps, collars, and floors on loan
   pools		$3,200,000 $2,717 $14,770 $2,300,000 $11,627 $1,667 
Interest rate swaps on borrowings (3)
50,000 — — 50,000 — — 
Fair value hedges:
Interest rate swaps on investment securities (3)
874,407 — — 927,407 — — 
Interest rate swaps on borrowings (3)
800,000 1,013 — 1,100,000 4,836 — 
Total$3,730 $14,770 $16,463 $1,667 
(1)Derivative assets are included in other assets on the balance sheet.
(2)Derivative liabilities are included in other liabilities on the balance sheet.
(3)The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules.
39

The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows:
(dollars in thousands)Gain (Loss)
Recognized
in Income on
Related
Hedged
Items
Derivatives in
Fair Value Hedging
Relationships		Location of Gain or
(Loss) Recognized in
Income on Derivative		Gain (Loss)
Recognized
in Income on
Derivative		Hedged Items
in Fair Value
Hedging
Relationships		Location of Gain or
(Loss) Recognized in
in Income on Related
Hedged Item
Three Months Ended
June 30, 2026
Interest rate contractsInterest income/(expense)$(5,982)Fixed-rate debtInterest income/(expense)$5,982 
Interest rate contractsInterest income/(expense)6,421 Fixed-rate
investment
securities		Interest income/(expense)(6,351)
Total$439 $(369)
Three Months Ended
June 30, 2025
Interest rate contractsInterest income/(expense)$6,088 Fixed-rate debtInterest income/(expense)$(6,075)
Interest rate contractsInterest income/(expense)(8,579)Fixed-rate
investment
securities		Interest income/(expense)8,564 
Total$(2,491)$2,489 
Six Months Ended
June 30, 2026
Interest rate contractsInterest income/(expense)$(11,038)Fixed-rate debtInterest income/(expense)$11,032 
Interest rate contractsInterest income/(expense)7,185 Fixed-rate
investment
securities		Interest income/(expense)(7,101)
Total$(3,853)$3,931 
Six Months Ended
June 30, 2025
Interest rate contractsInterest income/(expense)$15,064 Fixed-rate debtInterest income/(expense)$(15,007)
Interest rate contractsInterest income/(expense)(27,746)Fixed-rate
investment
securities		Interest income/(expense)27,711 
Total$(12,682)$12,704 
The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows:
Three Months Ended
June 30,		Three Months Ended
June 30,
(dollars in thousands) 2026202520262025
Derivatives in
Cash Flow Hedging
Relationships		Location of Gain or
(Loss) Reclassified
from AOCI into Income		Gain (Loss)
Recognized in Other
Comprehensive
Income on Derivative		Gain (Loss)
Reclassified from
AOCI into
Income
Interest rate contractsInterest income/(expense)$(14,937)$4,538 $(3,036)$(3,632)
  Six Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
Derivatives in
Cash Flow Hedging
Relationships		Location of Gain or
(Loss) Reclassified
from AOCI into Income		Gain (Loss)
Recognized in Other
Comprehensive
Income on Derivative		Gain (Loss)
Reclassified from
AOCI into
Income
Interest rate contractsInterest income/(expense)$(23,244)$15,925 $(5,976)$(5,927)
Amounts reported in AOCI related to cash flow hedges will be reclassified to interest income or interest expense as interest payments are received or paid on Old National’s derivative instruments. During the next 12 months, we
40

estimate that $1.7 million will be reclassified to interest income and $11.7 million will be reclassified to interest expense.
Derivatives Not Designated as Hedges
Commitments to fund certain mortgage loans (“interest rate lock commitments”) and forward commitments for the future delivery of mortgage loans to third party investors (“forward mortgage loan contracts”) are considered derivatives. These derivative contracts do not qualify for hedge accounting. At June 30, 2026, the notional amounts of the interest rate lock commitments totaled $117.7 million and forward mortgage loan contracts totaled $134.7 million. At December 31, 2025, the notional amounts of the interest rate lock commitments totaled $81.7 million and forward commitments totaled $120.6 million. It is our practice to enter into forward mortgage loan contracts for the future delivery of residential mortgage loans to third-party investors when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from our commitment to fund the loans.
Old National also enters into derivative instruments for the benefit of its clients. The notional amounts of these customer derivative instruments and the offsetting counterparty derivative instruments totaled $10.6 billion at June 30, 2026 and $9.9 billion at December 31, 2025. These derivative contracts do not qualify for hedge accounting. These instruments include interest rate swaps, caps, and collars. Commonly, Old National will economically hedge significant exposures related to these derivative contracts entered into for the benefit of clients by entering into offsetting contracts with approved, reputable, independent counterparties with substantially matching terms.
Old National enters into derivative financial instruments as part of its foreign currency risk management strategies. These derivative instruments consist of foreign currency forward contracts to accommodate the business needs of its clients. Old National does not designate these foreign currency forward contracts for hedge accounting treatment.
The following table summarizes Old National’s derivatives not designated as hedges:
June 30, 2026December 31, 2025
Fair ValueFair Value
(dollars in thousands)Notional
Assets (1)
Liabilities (2)
Notional
Assets (1)
Liabilities (2)
Interest rate lock commitments$117,675 $493 $— $81,698 $583 $— 
Forward mortgage loan contracts134,702 — 223 120,584 — 402 
Customer interest rate contracts10,605,993 26,627 223,791 9,939,577 76,026 180,367 
Counterparty interest rate contracts (3)
10,605,993 116,780 26,798 9,939,577 77,597 76,442 
Customer foreign currency contracts20,791 119 66 12,086 106 27 
Counterparty foreign currency contracts20,645 103 30 11,656 53 63 
Total$144,122 $250,908 $154,365 $257,301 
(1)Derivative assets are included in other assets on the balance sheet.
(2)Derivative liabilities are included in other liabilities on the balance sheet.
(3)The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules.
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The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows:
Three Months Ended
June 30,
(dollars in thousands) 20262025
Derivatives Not Designated as
Hedging Instruments		Location of Gain or (Loss)
Recognized in Income on
Derivative		Gain (Loss)
Recognized in Income on
Derivative
Interest rate contracts (1)
Other income/(expense)$290 $123 
Mortgage contractsMortgage banking revenue(1,236)(122)
Foreign currency contractsOther income/(expense)(53)(66)
Total $(999)$(65)
  Six Months Ended
June 30,
 20262025
Derivatives Not Designated as
Hedging Instruments		Location of Gain or (Loss)
Recognized in Income on
Derivative		Gain (Loss)
Recognized in Income on
Derivative
Interest rate contracts (1)
Other income/(expense)$456 $147 
Mortgage contractsMortgage banking revenue89 (503)
Foreign currency contractsOther income/(expense)17 13 
Total $562 $(343)
(1)Includes the valuation differences between the customer and offsetting swaps.
Fair Value of Offsetting Derivatives
Certain derivative instruments are subject to master netting agreements with counterparties that provide rights of setoff. The Company records these transactions at their gross fair values and does not offset derivative assets and liabilities in the Consolidated Balance Sheet. The following table presents the fair value of the Company’s derivatives and offsetting positions:
June 30, 2026December 31, 2025
(dollars in thousands)AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$147,852 $265,678 $170,828 $258,968 
Less: amounts offset in the Consolidated Balance Sheet— — — — 
Net amount presented in the Consolidated Balance Sheet147,852 265,678 170,828 258,968 
Gross amounts not offset in the Consolidated Balance Sheet
Offsetting derivative positions(41,598)(41,598)(78,172)(78,172)
Cash collateral pledged(2,720)(75,539)(17,670)(28,689)
Net credit exposure$103,534 $148,541 $74,986 $152,107 
NOTE 16 – COMMITMENTS, CONTINGENCIES, AND FINANCIAL GUARANTEES
Litigation
At June 30, 2026, there were certain legal proceedings pending against the Company and its subsidiaries in the ordinary course of business. While the outcome of any legal proceeding is inherently uncertain, based on information currently available, the Company’s management does not expect that any potential liabilities arising from pending litigation will have a material adverse effect on the Company’s business, financial position, or results of operations.
Credit-Related Financial Instruments
Old National holds instruments, in the normal course of business with clients, that are considered financial guarantees and are recorded at fair value. Standby letters of credit guarantees are issued in connection with agreements made by clients to counterparties. Standby letters of credit are contingent upon failure of the client to
42

perform the terms of the underlying contract. Credit risk associated with standby letters of credit is essentially the same as that associated with extending loans to clients and is subject to normal credit policies. The term of these standby letters of credit is typically one year or less. These commitments are not recorded in the consolidated financial statements.
The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit:
(dollars in thousands)June 30,
2026		December 31,
2025
Unfunded loan commitments (1)
$11,327,552 $12,145,320 
Standby letters of credit (2)
262,133 199,638 
(1)Excludes cancellable loan commitments of $2.9 billion at June 30, 2026 and $2.8 billion at December 31, 2025.
(2)Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.9 million at June 30, 2026 and $1.7 million at December 31, 2025.
At June 30, 2026, approximately 2% of the unfunded loan commitments had fixed rates, with the remainder having floating rates ranging from 0.01% to 20.74%. The allowance for unfunded loan commitments totaled $31.5 million at June 30, 2026 and $35.6 million at December 31, 2025.
Old National is a party in risk participation transactions of interest rate swaps, which had total notional amounts of $1.5 billion at June 30, 2026 and $1.3 billion at December 31, 2025.
NOTE 17 – FAIR VALUE
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:
•Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
•Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
•Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Old National used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:
Investment securities and equity securities: The fair values for investment securities and equity securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using swap and SOFR curves plus spreads that adjust for loss severities, volatility, credit risk, and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations.
Loans held-for-sale: The fair value of loans held-for-sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2).
Derivative financial instruments: The fair values of derivative financial instruments are based on market quotes developed using observable inputs as of the valuation date (Level 2).
43

Recurring Basis
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: 
Fair Value Measurements at June 30, 2026 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets for
Identical Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
Equity securities$131,113 $131,113 $— $— 
Investment securities available-for-sale:
U.S. Treasury204,333 204,333 — — 
U.S. government-sponsored entities and agencies1,328,817 — 1,328,817 — 
Mortgage-backed securities - Agency9,579,446 — 9,579,446 — 
States and political subdivisions304,430 — 304,430 — 
Pooled trust preferred securities12,876 — 12,876 — 
Other securities152,483 — 152,483 — 
Loans held-for-sale43,608 — 43,608 — 
Derivative assets147,852 — 147,852 — 
Financial Liabilities
Derivative liabilities265,678 — 265,678 — 
  Fair Value Measurements at December 31, 2025 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets for
Identical Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
Equity securities$128,857 $128,857 $— $— 
Investment securities available-for-sale:
U.S. Treasury214,544 214,544 — — 
U.S. government-sponsored entities and agencies1,372,392 — 1,372,392 — 
Mortgage-backed securities - Agency9,168,035 — 9,168,035 — 
States and political subdivisions426,008 — 426,008 — 
Pooled trust preferred securities11,734 — 11,734 — 
Other securities191,737 — 191,737 — 
Loans held-for-sale52,911 — 52,911 — 
Derivative assets170,828 — 170,828 — 
Financial Liabilities
Derivative liabilities258,968 — 258,968 — 
Non-Recurring Basis
Assets measured at fair value on a non-recurring basis at June 30, 2026 are summarized below:
  Fair Value Measurements at June 30, 2026 Using
(dollars in thousands)Carrying
Value		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)
Collateral Dependent Loans:    
Commercial loans$40,139 $— $— $40,139 
Commercial real estate loans56,305 — — 56,305 
Foreclosed Assets:
Commercial real estate1,136 — — 1,136 
44

Commercial and commercial real estate loans that are deemed collateral dependent are valued using the discounted cash flows. The liquidation amounts are based on the fair value of the underlying collateral using the most recently available appraisals with certain adjustments made based on the type of property, age of appraisal, current status of the property, and other related factors to estimate the current value of the collateral. These commercial and commercial real estate loans had a principal amount of $183.8 million, with a valuation allowance of $87.3 million at June 30, 2026. Old National recorded provision expense associated with these loans totaling $44.4 million and $46.5 million for the three and six months ended June 30, 2026, respectively, compared to $15.0 million and $24.6 million for the three and six months ended June 30, 2025, respectively.
Other real estate owned and other repossessed property is measured at fair value less costs to sell on a non-recurring basis and had a net carrying amount of $1.1 million at June 30, 2026. There were no material writedowns on other real estate owned for the three and six months ended June 30, 2026, compared to $0.5 million of writedowns for the three and six months ended June 30, 2025.
Assets measured at fair value on a non-recurring basis at December 31, 2025 are summarized below:
  Fair Value Measurements at December 31, 2025 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets for
Identical Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
Collateral Dependent Loans:    
Commercial loans$55,471 $— $— $55,471 
Commercial real estate loans109,852 — — 109,852 
Foreclosed Assets:
Commercial real estate975 — — 975 
Residential98 — — 98 
At December 31, 2025, commercial and commercial real estate loans that are deemed collateral dependent had a principal amount of $256.3 million, with a valuation allowance of $90.9 million. Net carrying amount of other real estate owned and other repossessed property totaled $1.1 million at December 31, 2025.
The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy:
(dollars in thousands)Fair ValueValuation TechniquesUnobservable Input
Range (Weighted Average) (1)
June 30, 2026    
Collateral Dependent Loans    
Commercial loans$40,139 DiscountedDiscount for type of property,
15% - 50% (38%)
 cash flowage of appraisal, and current status
Commercial real estate loans56,305 DiscountedDiscount for type of property,
11% - 50% (24%)
cash flowage of appraisal, and current status
Foreclosed Assets
Commercial real estate1,136 Fair value ofDiscount for type of property,
0% - 29% (27%)
collateralage of appraisal, and current status
December 31, 2025  
Collateral Dependent Loans  
Commercial loans$55,471 DiscountedDiscount for type of property,
8% - 50% (35%)
 cash flowage of appraisal, and current status
Commercial real estate loans109,852 DiscountedDiscount for type of property,
2% - 61% (17%)
 cash flowage of appraisal, and current status
Foreclosed Assets  
Commercial real estate (2)
975 Fair value ofDiscount for type of property,
30%
collateralage of appraisal, and current status
Residential (2)
98 Fair value ofDiscount for type of property,
44%
  collateralage of appraisal, and current status 
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)There was only one foreclosed commercial real estate property and one foreclosed residential property at December 31, 2025 with write-downs during the year ended December 31, 2025, so no range or weighted average is reported.
45

Fair Value Option
Old National may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in net income. After the initial adoption, the election is made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made.
Loans Held-For-Sale
Old National has elected the fair value option for loans held-for-sale. For these loans, interest income is recorded in the consolidated statements of income based on the contractual amount of interest income earned on the financial assets (except any that are on nonaccrual status). None of these loans are 90 days or more past due, nor are any on nonaccrual status. Interest income for loans held-for-sale is included in the income statement totaling $0.9 million and $1.6 million for the three and six months ended June 30, 2026, respectively, compared to $1.1 million and $1.7 million for the three and six months ended June 30, 2025, respectively.
Newly originated conforming fixed-rate and adjustable-rate first mortgage loans are intended for sale and are hedged with derivative instruments. Old National has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplification. The fair value option was not elected for loans held for investment.
The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was as follows: 
(dollars in thousands)Aggregate
Fair Value		Difference Contractual Principal
June 30, 2026   
Loans held-for-sale$43,608 $759 $42,849 
December 31, 2025
Loans held-for-sale$52,911 $1,148 $51,763 
Accrued interest at period end is included in the fair value of the instruments.
The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value:
(dollars in thousands)Other
Gains and (Losses)		Interest IncomeInterest (Expense)Total Changes
in Fair Values
Included in
Current Period Earnings
Three Months Ended June 30, 2026    
Loans held-for-sale$378 $23 $— $401 
Three Months Ended June 30, 2025
Loans held-for-sale$783 $101 $— $884 
Six Months Ended June 30, 2026
Loans held-for-sale$(374)$23 $(38)$(389)
Six Months Ended June 30, 2025
Loans held-for-sale$1,386 $101 $(9)$1,478 
46

Financial Instruments Not Carried at Fair Value
The carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows: 
  Fair Value Measurements at June 30, 2026 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
Financial Assets    
Cash, due from banks, money market,
   and other interest-earning investments		$1,768,180 $1,768,180 $— $— 
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies825,359 — 687,544 — 
Mortgage-backed securities - Agency881,022 — 745,684 — 
State and political subdivisions1,138,123 — 1,034,980 — 
Loans, net:
Commercial15,856,832 — — 15,972,494 
Commercial real estate22,270,561 — — 22,528,236 
Residential real estate8,720,382 — — 7,975,684 
Consumer credit3,344,298 — — 3,189,201 
Accrued interest receivable301,860 867 77,261 223,732 
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits$12,665,278 $12,665,278 $— $— 
Checking, NOW, savings, and money market
   interest-bearing deposits		32,990,366 32,990,366 — — 
Time deposits10,491,126 — 10,442,674 — 
Federal funds purchased and interbank borrowings250,389 250,389 — — 
Securities sold under agreements to repurchase265,301 265,301 — — 
FHLB advances6,520,296 — 6,501,492 — 
Other borrowings1,387,997 — 1,404,069 — 
Accrued interest payable71,420 — 71,420 — 
Standby letters of credit1,929 — — 1,929 
Off-Balance Sheet Financial Instruments
Commitments to extend credit$— $— $— $5,379 
47

  Fair Value Measurements at December 31, 2025 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
Financial Assets    
Cash, due from banks, money market,
   and other interest-earning investments		$1,826,177 $1,826,177 $— $— 
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies840,435 — 710,909 — 
Mortgage-backed securities - Agency910,323 — 782,818 — 
State and political subdivisions1,144,730 — 1,046,511 — 
Loans, net:
Commercial14,737,809 — — 14,831,563 
Commercial real estate21,780,686 — — 21,806,075 
Residential real estate8,433,102 — — 7,526,511 
Consumer credit3,243,045 — — 3,027,561 
Accrued interest receivable306,812 894 77,288 228,630 
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits$13,247,483 $13,247,483 $— $— 
Checking, NOW, savings, and money market
   interest-bearing deposits		32,179,688 32,179,688 — — 
Time deposits9,661,024 — 9,540,748 — 
Federal funds purchased and interbank borrowings100,197 100,197 —— 
Securities sold under agreements to repurchase261,366 261,366 —— 
FHLB advances6,237,375 — 6,229,752 — 
Other borrowings852,429 — 853,938 — 
Accrued interest payable65,291 — 65,291 — 
Standby letters of credit1,672 — — 1,672 
Off-Balance Sheet Financial Instruments
Commitments to extend credit$— $— $— $5,687 
The methods utilized to measure the fair value of financial instruments at June 30, 2026 and December 31, 2025 represent an approximation of exit price, however, an actual exit price may differ.
NOTE 18 – SEGMENT INFORMATION
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in assessing performance and in deciding how to allocate resources. Old National’s CODM is the Chairman and CEO of the Company.
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 and elsewhere, including commercial and consumer loan and depository services, private banking, capital markets, brokerage, wealth management, trust, investment advisory, and other traditional banking services. The Company’s business activities are predominantly similar in their nature, operations, and economic characteristics, largely serving commercial, specialty and consumer banking clients with products and services that are offered through overall similar processes and platforms. The accounting policies for the services discussed here are the same as those described in Note 1 to the consolidated financial statements included in Old National’s Annual Report on Form 10-K for the year ended December 31, 2025. We earn interest income on loans as well as fee income from the origination of loans and from fees charged on deposit accounts. Lending activities include loans to individuals, which primarily consist of home equity lines of credit, residential real estate loans, and consumer loans, and loans to commercial clients, which include commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing. Residential real estate loans are either kept in our loan portfolio or sold to secondary investors, with gains or losses from the sales being recognized.
48

The CODM uses consolidated net income to monitor results, evaluate budget-to-actual variances, perform competitive analyses that benchmark the Company to competitors, and determine whether to reinvest earnings in the Company or to deploy capital in other ways to maximize shareholder value. The CODM is regularly provided with the consolidated income and expenses, as well as assets, as presented on the Consolidated Statements of Income and Consolidated Balance Sheets, respectively, to assess performance and decide how to allocate resources on a Company-wide basis. The CODM also uses such information to monitor the level of expenses incurred associated with the various aspects of the Company’s business that support our clients, generate revenues, and are associated with the overall administration of the Company’s operations. In addition, certain internal financial information is also used by the CODM to monitor credit quality and credit loss expense. As a result, the Company has determined that it has only one reportable segment.
49

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is an analysis generally discussing our results of operations for the three and six months ended June 30, 2026 compared to the same period in 2025, and financial condition as of June 30, 2026 compared to December 31, 2025. This discussion and analysis should be read in conjunction with the consolidated financial statements and related notes, as well as our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Annual Report on Form 10-K”).
FORWARD-LOOKING STATEMENTS
This report 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 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 technology 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; adverse effects on our information technology systems, or those of third parties, resulting from failures, disruptions or cybersecurity attacks, including ransomware; security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this report; and other factors identified in our 2025 Annual Report on Form 10-K and other filings with the SEC. These forward-looking statements are made only as of the date of this report and are not guarantees of future results, performance, or outcomes.
Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. We cannot assure that any of these statements, estimates, or beliefs will be realized and actual results or outcomes may differ from those contemplated in these forward-looking statements. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this report. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.
Investors should consider these risks, uncertainties, and other factors in addition to the factors under the heading “Risk Factors” included in Item 1A of Part I of Old National’s 2025 Annual Report on Form 10-K and our other filings with the SEC.
50

FINANCIAL HIGHLIGHTS
The following table sets forth certain financial highlights of Old National for the previous five quarters:
Three Months Ended
(dollars and shares in thousands,
except per share data)		June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Income Statement:
Net interest income$578,988 $572,573 $580,832 $574,609 $514,790 
Taxable equivalent adjustment (1) (3)
7,510 7,849 8,013 7,975 7,063 
Net interest income - taxable equivalent basis (3)
586,498 580,422 588,845 582,584 521,853 
Provision for credit losses36,206 34,946 32,745 26,738 106,835 
Noninterest income153,564 122,346 109,759 130,461 132,517 
Noninterest expense372,161 364,704 386,320 445,734 384,766 
Net income applicable to common shareholders249,381 229,638 212,589 178,533 121,375 
Per Common Share Data:
Weighted average diluted common shares383,273 388,054 389,550 390,496 361,436 
Net income (diluted)$0.65 $0.59 $0.55 $0.46 $0.34 
Cash dividends0.145 0.145 0.14 0.14 0.14 
Common dividend payout ratio (2)
22 %25 %25 %30 %41 %
Book value$21.80 $21.40 $21.17 $20.64 $20.12 
Stock price25.90 22.10 22.31 21.95 21.34 
Tangible common book value (3)
14.32 13.93 13.71 13.15 12.60 
Performance Ratios:
Return on average assets1.38 %1.29 %1.21 %1.03 %0.77 %
Return on average common equity12.07 11.07 10.44 9.01 6.74 
Return on average tangible common equity (3)
19.84 18.41 17.76 15.87 12.00 
Net interest margin (3)
3.54 3.55 3.65 3.64 3.53 
Efficiency ratio (3)
47.04 48.25 51.58 58.84 55.80 
Net charge-offs to average loans0.26 0.26 0.27 0.25 0.24 
Allowance for credit losses on loans to ending loans1.14 1.15 1.17 1.19 1.18 
Allowance for credit losses (4) to ending loans
1.21 1.22 1.24 1.26 1.24 
Non-performing loans to ending loans0.91 1.03 1.07 1.23 1.24 
Balance Sheet:
Total loans$50,772,584 $49,731,844 $48,764,162 $47,967,915 $47,902,819 
Total assets74,189,417 73,002,651 72,151,967 71,210,162 70,979,805 
Total deposits56,146,770 55,672,472 55,088,195 55,006,184 54,357,683 
Total borrowed funds8,423,983 7,823,198 7,451,367 6,766,381 7,346,098 
Total shareholders’ equity8,583,843 8,510,653 8,494,788 8,309,271 8,126,387 
Capital Ratios:
Risk-based capital ratios:
Tier 1 common equity11.09 %11.11 %11.08 %11.02 %10.74 %
Tier 111.53 11.56 11.53 11.49 11.20 
Total13.65 13.71 12.85 12.78 12.59 
Leverage ratio (to average assets)8.95 8.93 8.90 8.72 9.26 
Total equity to assets (averages)11.61 11.79 11.73 11.48 11.38 
Tangible common equity to tangible assets (3)
7.68 7.67 7.72 7.53 7.26 
Nonfinancial Data:
Full-time equivalent employees4,914 4,948 4,971 5,243 5,313 
Banking centers346 346 346 351 351 
(1)Calculated using the federal statutory tax rate in effect of 21% for all periods.
(2)Cash dividends per common share divided by net income per common share (basic).
(3)Represents a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.
(4)Includes the allowance for credit losses on loans and unfunded loan commitments.
51

The following table sets forth certain financial highlights of Old National for the year-to-date periods:
Six Months Ended June 30,
(dollars and shares in thousands, except per share data)20262025
Income Statement:
Net interest income$1,151,561 $902,433 
Taxable equivalent adjustment (1) (3)
15,359 12,423 
Net interest income - taxable equivalent basis (3)
1,166,920 914,856 
Provision for credit losses71,152 138,238 
Noninterest income275,910 226,311 
Noninterest expense736,865 653,237 
Net income applicable to common shareholders479,019 262,000 
Per Common Share Data:
Weighted average diluted common shares385,697 340,250 
Net income (diluted)$1.24 $0.77 
Cash dividends0.29 0.28 
Common dividend payout ratio (2)
23 %36 %
Book value$21.80 $20.12 
Stock price25.90 21.34 
Tangible common book value (3)
14.32 12.60 
Performance Ratios:
Return on average assets1.34 %0.91 %
Return on average common equity11.57 7.83 
Return on average tangible common equity (3)
19.13 13.39 
Net interest margin (3)
3.54 3.41 
Efficiency ratio (3)
47.63 54.92 
Net charge-offs to average loans0.26 0.24 
Allowance for credit losses on loans to ending loans1.14 1.18 
Allowance for credit losses (4) to ending loans
1.21 1.24 
Non-performing loans to ending loans0.91 1.24 
Balance Sheet:
Total loans$50,772,584 $47,902,819 
Total assets74,189,417 70,979,805 
Total deposits56,146,770 54,357,683 
Total borrowed funds8,423,983 7,346,098 
Total shareholders’ equity8,583,843 8,126,387 
Capital Ratios:
Risk-based capital ratios:
Tier 1 common equity11.09 %10.74 %
Tier 111.53 11.20 
Total13.65 12.59 
Leverage ratio (to average assets)8.95 9.26 
Total equity to assets (averages)11.70 11.66 
Tangible common equity to tangible assets (3)
7.68 7.26 
(1)Calculated using the federal statutory tax rate in effect of 21% for all periods.
(2)Cash dividends per common share divided by net income per common share (basic).
(3)Represents a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.
(4)Includes the allowance for credit losses on loans and unfunded loan commitments.
52

NON-GAAP FINANCIAL MEASURES
The Company’s accounting and reporting policies conform to 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 users of the financial information 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 following table.
The Company presents net income per common share and net income applicable to common shares, adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, pension plan gain/loss, 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 net income per common share and net income applicable to common shares 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 taxable 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 users of the financial information, 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 shareholders’ equity and retain the effect of AOCI in shareholders’ equity.
Although intended to enhance 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 previously provided tables and the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.
53

The following table presents GAAP to non-GAAP reconciliations for the previous five quarters:
Three Months Ended
(dollars and shares in thousands,
except per share data)		June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Net income per common share:
Net income applicable to common shares$249,381 $229,638 $212,589 $178,533 $121,375 
Adjustments:
Merger-related charges12,109 7,323 24,547 69,274 41,206 
Pension plan (gain) loss(13,240)— 15,878 — (21,001)
Debt securities (gains) losses34 (75)(73)(7)41 
Distribution of excess pension assets expense— 3,394 — — — 
FDIC special assessment— — (2,994)— — 
CECL Day 1 non-PCD provision expense— — — — 75,604 
Less: tax effect on net total adjustments (2)
2,091 (2,630)(8,973)(16,492)(26,372)
Net income applicable to common shares, adjusted (1)
$250,375 $237,650 $240,974 $231,308 $190,853 
Weighted average diluted common shares outstanding383,273 388,054 389,550 390,496 361,436 
Net income per common share, diluted$0.65 $0.59 $0.55 $0.46 $0.34 
Adjusted net income per common share, diluted (1)
$0.65 $0.61 $0.62 $0.59 $0.53 
Tangible common book value:
Shareholders’ common equity$8,340,124 $8,266,934 $8,251,069 $8,065,552 $7,882,668 
Deduct: Goodwill and intangible assets2,862,427 2,886,419 2,907,986 2,926,960 2,944,372 
Tangible shareholders’ common equity (1)
$5,477,697 $5,380,515 $5,343,083 $5,138,592 $4,938,296 
Period end common shares382,537 386,315 389,662 390,768 391,818 
Tangible common book value (1)
$14.32 $13.93 $13.71 $13.15 $12.60 
Return on average tangible common equity:
Net income applicable to common shares$249,381 $229,638 $212,589 $178,533 $121,375 
Add:  Intangible amortization (net of tax) (2)
17,994 19,217 19,512 19,638 14,722 
Tangible net income (1)
$267,375 $248,855 $232,101 $198,171 $136,097 
Average shareholders’ common equity$8,264,486 $8,300,501 $8,147,348 $7,924,856 $7,208,397 
Deduct: Average goodwill and intangible assets2,873,898 2,894,824 2,919,924 2,931,319 2,670,710 
Average tangible shareholders’ common equity (1)
$5,390,588 $5,405,677 $5,227,424 $4,993,537 $4,537,687 
Return on average tangible common equity (1)
19.84 %18.41 %17.76 %15.87 %12.00 %
Net interest margin:
Net interest income$578,988 $572,573 $580,832 $574,609 $514,790 
Taxable equivalent adjustment7,510 7,849 8,013 7,975 7,063 
Net interest income - taxable equivalent basis (1)
$586,498 $580,422 $588,845 $582,584 $521,853 
Average earning assets$66,341,949 $65,433,548 $64,456,815 $64,032,811 $59,061,249 
Net interest margin (1)
3.54 %3.55 %3.65 %3.64 %3.53 %
Efficiency ratio:
Noninterest expense$372,161 $364,704 $386,320 $445,734 $384,766 
Deduct:  Intangible amortization expense23,992 25,623 26,016 26,184 19,630 
Noninterest expense excluding intangible
   amortization expense (1)
$348,169 $339,081 $360,304 $419,550 $365,136 
Net interest income - taxable equivalent basis (1)
   (see above)
$586,498 $580,422 $588,845 $582,584 $521,853 
Noninterest income153,564 122,346 109,759 130,461 132,517 
Deduct:  Debt securities gains (losses), net(34)75 73 7 (41)
Total revenue excluding debt securities gains
   (losses) (1)
$740,096 $702,693 $698,531 $713,038 $654,411 
Efficiency ratio (1)
47.04 %48.25 %51.58 %58.84 %55.80 %
Tangible common equity to tangible assets:
Tangible shareholders’ equity (1) (see above)
$5,477,697 $5,380,515 $5,343,083 $5,138,592 $4,938,296 
Assets$74,189,417 $73,002,651 $72,151,967 $71,210,162 $70,979,805 
Deduct: Goodwill and intangible assets2,862,427 2,886,419 2,907,986 2,926,960 2,944,372 
Tangible assets (1)
$71,326,990 $70,116,232 $69,243,981 $68,283,202 $68,035,433 
Tangible common equity to tangible assets (1)
7.68 %7.67 %7.72 %7.53 %7.26 %
(1)Represents a non-GAAP financial measure.
(2)Calculated using management’s estimate of the annual fully taxable equivalent income tax rates (federal and state).
54

The following table presents GAAP to non-GAAP reconciliations for the year-to-date periods:
Six Months Ended June 30,
(dollars and shares in thousands, except per share data)20262025
Net income per common share:
Net income applicable to common shares$479,019 $262,000 
Adjustments:
Merger-related charges19,432 47,062 
Pension plan gain(13,240)(21,001)
Distribution of excess pension assets expense3,394 — 
Debt securities (gains) losses(41)117 
CECL Day 1 non-PCD provision expense— 75,604 
Less: tax effect on net total adjustments (2)
(540)(27,475)
Net income applicable to common shares, adjusted (1)
$488,024 $336,307 
Weighted average diluted common shares outstanding385,697 340,250 
Net income per common share, diluted$1.24 $0.77 
Adjusted net income per common share, diluted (1)
$1.27 $0.99 
Tangible common book value:
Shareholders’ common equity$8,340,124 $7,882,668 
Deduct: Goodwill and intangible assets2,862,427 2,944,372 
Tangible shareholders’ common equity (1)
$5,477,697 $4,938,296 
Period end common shares382,537 391,818 
Tangible common book value (1)
$14.32 $12.60 
Return on average tangible common equity:
Net income applicable to common shares$479,019 $262,000 
Add:  Intangible amortization (net of tax) (2)
37,211 19,845 
Tangible net income (1)
$516,230 $281,845 
Average shareholders’ common equity$8,282,394 $6,693,442 
Deduct: Average goodwill and intangible assets2,884,304 2,482,663 
Average tangible shareholders’ common equity (1)
$5,398,090 $4,210,779 
Return on average tangible common equity (1)
19.13 %13.39 %
Net interest margin:
Net interest income$1,151,561 $902,433 
Taxable equivalent adjustment15,359 12,423 
Net interest income - taxable equivalent basis (1)
$1,166,920 $914,856 
Average earning assets$65,890,258 $53,599,627 
Net interest margin (1)
3.54 %3.41 %
Efficiency ratio:
Noninterest expense$736,865 $653,237 
Deduct:  Intangible amortization expense49,615 26,460 
Noninterest expense excluding intangible
   amortization expense (1)
$687,250 $626,777 
Net interest income - taxable equivalent basis (1)
   (see above)
$1,166,920 $914,856 
Noninterest income275,910 226,311 
Deduct:  Debt securities gains (losses), net41 (117)
Total revenue excluding debt securities gains
   (losses) (1)
$1,442,789 $1,141,284 
Efficiency ratio (1)
47.63 %54.92 %
Tangible common equity to tangible assets:
Tangible shareholders’ equity (1) (see above)
$5,477,697 $4,938,296 
Assets$74,189,417 $70,979,805 
Deduct: Goodwill and intangible assets2,862,427 2,944,372 
Tangible assets (1)
$71,326,990 $68,035,433 
Tangible common equity to tangible assets (1)
7.68 %7.26 %
(1)Represents a non-GAAP financial measure.
(2)Calculated using management’s estimate of the annual fully taxable equivalent income tax rates (federal and state).
55

EXECUTIVE SUMMARY
Old National is the fifth 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 $74.2 billion at June 30, 2026. The Company’s corporate headquarters and principal executive office are located in Evansville, Indiana. 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 second quarter of 2026 was $249.4 million, or $0.65 per diluted common share, compared to $229.6 million, or $0.59 per diluted common share, for the first quarter of 2026.
Results for the second quarter of 2026 were impacted by $12.1 million in pre-tax merger-related expenses and a $13.2 million pre-tax gain associated with the settlement of the Bremer pension plan. Results for the first quarter of 2026 were impacted by $7.3 million of merger-related expenses and a $3.4 million non-cash, pre-tax expense associated with the distribution of excess pension plan assets with the resolution of the legacy First Midwest Bancorp, Inc. (“First Midwest”) plan. Excluding these items, net income applicable to common shares for the second quarter of 2026 was $250.4 million, or $0.65 per diluted common share on an adjusted basis1, compared to $237.7 million, or $0.61 per diluted common share on an adjusted basis1, for the first quarter of 2026.
Our results for the second 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 $474.3 million, or 3% annualized, to $56.1 billion at June 30, 2026 compared to March 31, 2026.
Loans:  Our loan balances, excluding loans held-for-sale, increased $1.0 billion, or 8% annualized, to $50.8 billion at June 30, 2026 compared to March 31, 2026 reflecting strong commercial loan production.
Net Interest Income: Net interest income increased $6.4 million to $579.0 million compared to the first quarter of 2026 driven by high quality loan growth and stable core deposit pricing, partly offset by funding mix.
Provision for Credit Losses:  Provision for credit losses was $36.2 million compared to $34.9 million in the first quarter of 2026.
Noninterest Income:  Noninterest income was $153.6 million, or $140.4 million excluding a $13.2 million pre-tax gain associated with the settlement of the Bremer pension plan, compared to $122.3 million in the first quarter of 2026. The increase reflects strong increases in all fee income lines as well as elevated other income due to market value adjustments, higher company-owned life insurance income, and an asset recovery.
Noninterest Expense:  Noninterest expense increased $7.5 million compared to the first quarter of 2026. In the second quarter of 2026, noninterest expense included $12.1 million of merger-related expenses. 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. Excluding these expenses, noninterest expense was $360.1 million for the second quarter of 2026, an increase of $6.1 million from $354.0 million for the first quarter of 2026 reflecting disciplined expense management.
(1)Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.
56

RESULTS OF OPERATIONS
The following table sets forth certain income statement information of Old National:
(dollars in thousands, except
   per share data)		Three Months Ended
June 30,		%
Change		Six Months Ended
June 30,		%
Change
2026202520262025
Income Statement Summary:
Net interest income$578,988 $514,790 12.5 %$1,151,561 $902,433 27.6 %
Provision for credit losses36,206 106,835 (66.1)71,152 138,238 (48.5)
Noninterest income153,564 132,517 15.9 275,910 226,311 21.9 
Noninterest expense372,161 384,766 (3.3)736,865 653,237 12.8 
Net income applicable to common
   shareholders		249,381 121,375 105.5 479,019 262,000 82.8 
Net income per common share -
   diluted		0.65 0.34 91.2 1.24 0.77 61.0 
Other Data:
Return on average common equity12.07 %6.74 %11.57 %7.83 %
Return on average tangible common
   equity (1)
19.84 12.00 19.13 13.39 
Efficiency ratio (1)
47.04 55.80 47.63 54.92 
Tier 1 leverage ratio8.95 9.26 8.95 9.26 
Net charge-offs to average loans0.26 0.24 0.26 0.24 
(1)Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.
Net Interest Income
Net interest income is the most significant component of our earnings, comprising 81% of revenues for the six months ended June 30, 2026. Net interest income and net interest margin are influenced by many factors, primarily the volume and mix of earning assets, funding sources, and interest rate fluctuations. Other factors include the level of accretion income on purchased loans, prepayment risk on mortgage and investment-related assets, and the composition and maturity of interest-earning assets and interest-bearing liabilities.
The Federal Reserve held its interest rates steady during the second quarter of 2026 and decreased interest rates compared to those in effect as of June 30, 2025. The Federal Reserve’s Federal Funds Rate is currently in a target range of 3.50% to 3.75%, with the Effective Federal Funds Rate of 3.63% at June 30, 2026 compared to 4.33% at June 30, 2025. Management actively takes balance sheet restructuring, derivative, and deposit pricing actions to help mitigate interest rate risk. See the section of this Item 7 titled “Market Risk” for additional information regarding this risk.
Loans typically generate more interest income than investment securities with similar maturities. Funding from client deposits generally costs less than wholesale funding sources. Factors such as general economic activity, Federal Reserve monetary policy, and price volatility of competing alternative investments can also exert significant influence on our ability to optimize our mix of assets and funding, net interest income, and net interest margin.
Net interest income is the excess of interest received from interest-earning assets over interest paid on interest-bearing liabilities. For analytical purposes, net interest income is presented in the table that follows, adjusted to a taxable equivalent basis to reflect what our tax-exempt assets would need to yield in order to achieve the same after-tax yield as a taxable asset. We used the current federal statutory tax rate in effect of 21% for all periods. This analysis portrays the income tax benefits related to tax-exempt assets and helps to facilitate a comparison between taxable and tax-exempt assets. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully taxable equivalent basis and that it may enhance comparability for peer comparison purposes for both management and investors.
57

The following tables present the average balance sheet for each major asset and liability category, its related interest income and yield, or its expense and rate.
(Tax equivalent basis,
dollars in thousands)		Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025
Earning AssetsAverage
Balance
Income (1)/
Expense
Yield/
Rate		Average
Balance
Income (1)/
Expense
Yield/
Rate
Money market and other interest-earning
   investments		$1,212,043 $11,121 3.68 %$1,424,700 $14,791 4.16 %
Investment securities:
Treasury and government sponsored agencies2,349,871 18,993 3.23 %2,396,691 20,820 3.47 %
Mortgage-backed securities10,428,343 111,157 4.26 %8,567,318 87,734 4.10 %
States and political subdivisions1,450,389 12,017 3.31 %1,596,899 13,402 3.36 %
Other securities828,774 12,395 5.98 %970,581 15,770 6.50 %
Total investment securities15,057,377 154,562 4.11 %13,531,489 137,726 4.07 %
Loans: (2)
Commercial15,792,290 238,663 6.05 %13,240,876 219,446 6.63 %
Commercial real estate22,234,235 339,925 6.12 %20,022,403 316,422 6.32 %
Residential real estate loans8,722,341 103,162 4.73 %7,792,440 88,852 4.56 %
Consumer3,323,663 54,468 6.57 %3,049,341 54,787 7.21 %
Total loans50,072,529 736,218 5.88 %44,105,060 679,507 6.16 %
Total earning assets66,341,949 $901,901 5.44 %59,061,249 $832,024 5.64 %
Deduct: Allowance for credit losses on loans(580,550)(404,871)
Non-Earning Assets
Cash and due from banks545,346 426,513 
Other assets6,991,436 6,403,239 
Total assets$73,298,181 $65,486,130 
Interest-Bearing Liabilities
Checking and NOW accounts$11,106,289 $47,349 1.71 %$9,672,146 $41,862 1.74 %
Savings accounts4,950,785 3,032 0.25 %4,968,232 3,777 0.30 %
Money market accounts16,485,000 99,903 2.43 %15,282,970 113,542 2.98 %
Time deposits10,145,661 87,220 3.45 %8,318,060 80,907 3.90 %
Total interest-bearing deposits42,687,735 237,504 2.23 %38,241,408 240,088 2.52 %
Federal funds purchased and interbank
   borrowings		42,228 391 3.71 %88,603 953 4.31 %
Securities sold under agreements to repurchase257,217 561 0.87 %295,948 636 0.86 %
FHLB advances6,561,147 61,744 3.77 %6,037,462 59,042 3.92 %
Other borrowings1,360,976 15,203 4.48 %828,214 9,452 4.58 %
Total borrowed funds8,221,568 77,899 3.80 %7,250,227 70,083 3.88 %
Total interest-bearing liabilities$50,909,303 $315,403 2.48 %$45,491,635 $310,171 2.73 %
Noninterest-Bearing Liabilities and
   Shareholders’ Equity
Demand deposits$12,860,401 $11,568,854 
Other liabilities1,020,272 973,525 
Shareholders’ equity8,508,205 7,452,116 
Total liabilities and shareholders’ equity$73,298,181 $65,486,130 
Net interest income - taxable equivalent basis$586,498 3.54 %$521,853 3.53 %
Taxable equivalent adjustment(7,510)(7,063)
Net interest income (GAAP)$578,988 3.49 %$514,790 3.49 %
(1)Interest income is reflected on a fully taxable equivalent basis.
(2)Includes loans held-for-sale.
58

(Tax equivalent basis,
dollars in thousands)		Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
Earning AssetsAverage
Balance
Income (1)/
Expense
Yield/
Rate		Average
Balance
Income (1)/
Expense
Yield/
Rate
Money market and other interest-earning
   investments		$1,213,528 $22,065 3.67 %$1,109,634 $23,606 4.29 %
Investment securities:
Treasury and government sponsored agencies2,384,129 38,114 3.20 %2,357,995 40,839 3.46 %
Mortgage-backed securities10,348,439 218,622 4.23 %7,433,868 142,257 3.83 %
States and political subdivisions1,487,627 24,558 3.30 %1,603,821 26,644 3.32 %
Other securities834,327 25,772 6.18 %871,262 26,282 6.03 %
Total investment securities15,054,522 307,066 4.08 %12,266,946 236,022 3.85 %
Loans: (2)
Commercial15,550,178 472,103 6.07 %11,827,287 385,041 6.51 %
Commercial real estate22,146,063 675,873 6.10 %18,128,526 562,357 6.20 %
Residential real estate loans8,628,736 202,115 4.68 %7,306,465 156,500 4.28 %
Consumer3,297,231 107,919 6.60 %2,960,769 104,257 7.10 %
Total loans49,622,208 1,458,010 5.88 %40,223,047 1,208,155 6.01 %
Total earning assets65,890,258 $1,787,141 5.43 %53,599,627 $1,467,783 5.48 %
Deduct: Allowance for credit losses on loans(576,848)(401,835)
Non-Earning Assets
Cash and due from banks547,129 399,620 
Other assets7,017,805 5,901,705 
Total assets$72,878,344 $59,499,117 
Interest-Bearing Liabilities
Checking and NOW$11,036,650 $93,644 1.71 %$8,853,822 $71,325 1.62 %
Savings4,935,795 6,043 0.25 %4,830,998 7,385 0.31 %
Money market16,513,687 199,859 2.44 %13,523,239 202,817 3.02 %
Time deposits9,948,542 171,289 3.47 %7,644,494 149,056 3.93 %
Total interest-bearing deposits42,434,674 470,835 2.24 %34,852,553 430,583 2.49 %
Federal funds purchased and interbank
   borrowings		23,038 414 3.62 %118,202 2,578 4.40 %
Securities sold under agreements to repurchase259,031 1,155 0.90 %284,518 1,187 0.84 %
FHLB advances6,433,228 119,796 3.76 %5,255,372 100,938 3.87 %
Other borrowings1,267,288 28,021 4.46 %752,408 17,641 4.73 %
Total borrowed funds7,982,585 149,386 3.77 %6,410,500 122,344 3.85 %
Total interest-bearing liabilities$50,417,259 $620,221 2.48 %$41,263,053 $552,927 2.70 %
Noninterest-Bearing Liabilities and
   Shareholders’ Equity
Demand deposits$12,875,219 $10,339,594 
Other liabilities1,059,753 959,309 
Shareholders’ equity8,526,113 6,937,161 
Total liabilities and shareholders’ equity$72,878,344 $59,499,117 
Net interest income - taxable equivalent basis$1,166,920 3.54 %$914,856 3.41 %
Taxable equivalent adjustment(15,359)(12,423)
Net interest income (GAAP)$1,151,561 3.50 %$902,433 3.37 %
(1)Interest income is reflected on a fully taxable equivalent basis.
(2)Includes loans held-for-sale.
59

The following table presents the dollar amount of changes in taxable equivalent net interest income attributable to changes in the average balances of assets and liabilities and the yields earned or rates paid.
From Three Months Ended
June 30, 2025 to Three
Months Ended June 30, 2026
From Six Months Ended
June 30, 2025 to Six
Months Ended June 30, 2026
 
Total
Change (1)
Attributed to
Total
Change (1)
Attributed to
(dollars in thousands)VolumeRateVolumeRate
Interest Income
Money market and other interest-earning
   investments		$(3,670)$(2,080)$(1,590)$(1,541)$2,073 $(3,614)
Investment securities (2)
16,836 15,598 1,238 71,044 55,247 15,797 
Loans (3)
56,711 89,858 (33,147)249,855 279,503 (29,648)
Total interest income69,877 103,376 (33,499)319,358 336,823 (17,465)
Interest Expense
Checking and NOW deposits5,487 6,170 (683)22,319 18,110 4,209 
Savings deposits(745)(11)(734)(1,342)151 (1,493)
Money market deposits(13,639)8,148 (21,787)(2,958)40,869 (43,827)
Time deposits6,313 16,781 (10,468)22,233 42,556 (20,323)
Federal funds purchased and interbank
   borrowings		(562)(464)(98)(2,164)(1,899)(265)
Securities sold under agreements to
   repurchase		(75)(84)9 (32)(111)79 
FHLB advances2,702 5,034 (2,332)18,858 22,384 (3,526)
Other borrowings5,751 6,024 (273)10,380 11,782 (1,402)
Total interest expense5,232 41,598 (36,366)67,294 133,842 (66,548)
Net interest income$64,645 $61,778 $2,867 $252,064 $202,981 $49,083 
(1)The variance not solely due to rate or volume is allocated equally between the rate and volume variances.
(2)Interest income on investment securities includes taxable equivalent adjustments of $2.4 million and $4.9 million during the three and six months ended June 30, 2026, respectively, and $2.7 million and $5.3 million during the three and six months ended June 30, 2025, respectively; using the federal statutory rate in effect of 21%.
(3)Interest income on loans includes taxable equivalent adjustments of $5.1 million and $10.4 million during the three and six months ended June 30, 2026, respectively, and $4.4 million and $7.1 million during the three and six months ended June 30, 2025, respectively; using the federal statutory rate in effect of 21%.
The increase in net interest income for the three and six months ended June 30, 2026 compared to the same periods in 2025 was driven by the acquisition of Bremer as well as strong loan growth, and lower costs of average interest-bearing liabilities, partially offset by higher balances of average interest-bearing liabilities and lower yields on loans.
The increase in net interest margin on a fully taxable equivalent basis for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to the impact of Bremer, loan growth, and lower costs of average interest-bearing liabilities, partially offset by higher balances of average interest-bearing liabilities and lower yields on loans. The yield on interest earning assets decreased 20 basis points and the cost of interest-bearing liabilities decreased 25 basis points in the three months ended June 30, 2026 compared to the same quarter a year ago. The yield on interest earning assets decreased 5 basis points and the cost of interest-bearing liabilities decreased 22 basis points in the six months ended June 30, 2026 compared to the same period a year ago.
Average earning assets increased $7.3 billion and $12.3 billion for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to Bremer loans and securities acquired as well as strong loan growth.
Average loans, including loans held-for-sale, increased $6.0 billion and $9.4 billion for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to Bremer loans acquired as well as strong commercial and commercial real estate loan growth. Bremer loans totaled $11.2 billion at the close of the acquisition.
Average noninterest-bearing deposits increased $1.3 billion while average interest-bearing deposits increased $4.4 billion for the three months ended June 30, 2026 when compared to the same period in 2025 reflecting Bremer deposits assumed and organic growth. Average noninterest-bearing deposits increased $2.5 billion while average
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interest-bearing deposits increased $7.6 billion for the six months ended June 30, 2026 when compared to the same period in 2025 reflecting Bremer deposits assumed and organic growth. Bremer deposits assumed totaled $12.9 billion at the close of the acquisition.
Provision for Credit Losses
The following table details the components of the provision for credit losses:
Three Months Ended
June 30,		%Six Months Ended
June 30,		%
(dollars in thousands)20262025Change20262025Change
Provision for credit losses on loans$38,400 $99,263 (61.3)%$75,254 $130,289 (42.2)%
Provision (release) for credit losses on
   unfunded loan commitments		(2,194)7,572 (129.0)(4,102)7,949 (151.6)
Total provision for credit losses$36,206 $106,835 (66.1)%$71,152 $138,238 (48.5)%
Net (charge-offs) recoveries on non-PCD
   loans		$(26,007)$(23,363)11.3 %$(48,451)$(42,199)14.8 %
Net (charge-offs) recoveries on PCD
   loans		(6,240)(3,165)97.2 (15,812)(5,945)166.0 
Total net (charge-offs) recoveries on
   loans		$(32,247)$(26,528)21.6 %$(64,263)$(48,144)33.5 %
Net charge-offs (recoveries) to average
   loans		0.26 %0.24 %7.0 %0.26 %0.24 %8.2 
Total provision for credit losses on loans decreased in the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to $75.6 million to establish an allowance for credit losses on non-PCD Bremer loans and unfunded loan commitments acquired in the three and six months ended June 30, 2025. Continued loan growth in future periods, a decline in our current level of recoveries, or an increase in charge-offs could result in an increase in provision expense. Additionally, provision expense may be volatile due to changes in CECL model assumptions of credit quality, macroeconomic factors and conditions, and loan composition, which drive the allowance for credit losses balance.
Noninterest Income
We generate revenues in the form of noninterest income through client fees, sales commissions, and gains and losses from our core banking franchise and other related businesses, such as wealth management, investment consulting, and investment products. The following table details the components in noninterest income:
Three Months Ended
June 30,		%Six Months Ended
June 30,		%
(dollars in thousands)20262025Change20262025Change
Wealth and investment services fees$42,098 $35,817 17.5 %$81,813 $65,465 25.0 %
Service charges on deposit accounts28,009 23,878 17.3 54,946 45,034 22.0 
Debit card and ATM fees13,092 12,922 1.3 25,130 22,913 9.7 
Mortgage banking revenue11,163 10,032 11.3 20,717 16,911 22.5 
Capital markets income12,329 7,114 73.3 23,345 11,620 100.9 
Company-owned life insurance8,531 6,625 28.8 16,092 12,006 34.0 
Debt securities gains (losses), net(34)(41)(17.1)41 (117)(135.0)
Other income38,376 36,170 6.1 53,826 52,479 2.6 
Total noninterest income$153,564 $132,517 15.9 %$275,910 $226,311 21.9 %
Noninterest income for three and six months ended June 30, 2026 included a $13.2 million gain in other income associated with the settlement of the Bremer pension plan. Noninterest income for the three and six months ended June 30, 2025 included a $21.0 million gain in other income associated with the freezing of benefits of the Bremer pension plan. Excluding these gains, noninterest income increased $28.8 million and $57.4 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. These increases were driven by the acquisition of Bremer in May 2025, organic growth of fee-based businesses, and elevated other income.
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Capital markets income increased $5.2 million and $11.7 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to higher levels of commercial real estate client interest rate swap fees and the Bremer acquisition.
Noninterest Expense
The following table details the components in noninterest expense:
Three Months Ended
June 30,		%Six Months Ended
June 30,		%
(dollars in thousands)20262025Change20262025Change
Salaries and employee benefits$184,765 $202,112 (8.6)%$368,838 $350,417 5.3 %
Occupancy 33,452 30,432 9.9 70,447 59,485 18.4 
Equipment 11,077 12,566 (11.8)23,152 21,467 7.8 
Marketing 15,601 13,759 13.4 32,035 25,699 24.7 
Technology29,630 31,452 (5.8)58,655 53,472 9.7 
Communication 6,130 5,014 22.3 12,326 9,148 34.7 
Professional fees10,735 21,931 (51.1)23,091 29,850 (22.6)
FDIC assessment13,592 13,409 1.4 27,348 23,109 18.3 
Amortization of intangibles23,992 19,630 22.2 49,615 26,460 87.5 
Amortization of tax credit investments7,807 5,815 34.3 14,918 9,239 61.5 
Other expense35,380 28,646 23.5 56,440 44,891 25.7 
Total noninterest expense$372,161 $384,766 (3.3)%$736,865 $653,237 12.8 %
Noninterest expense included $12.1 million and $41.2 million of merger-related expenses for the three months ended June 30, 2026 and 2025, respectively. Excluding these expenses, noninterest expense increased to $360.1 million for the three months ended June 30, 2026, compared to $343.6 million for the three months ended June 30, 2025. This increase was driven primarily by operating costs and additional amortization of intangibles related to the acquisition of Bremer.
Noninterest expense included $19.4 million and $47.1 million of merger-related expenses for the six months ended June 30, 2026 and 2025, respectively. Noninterest expense for the six months ended June 30, 2026 also included 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. Excluding these expenses, noninterest expense increased to $714.0 million for the six months ended June 30, 2026, compared to $606.2 million for the six months ended June 30, 2025. This increase was driven primarily by operating costs and additional amortization of intangibles related to the acquisition of Bremer.
Amortization of tax credit investments increased $2.0 million and $5.7 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to additional amortization related to the Bremer acquisition. In addition, the recognition of tax credit amortization expense is contingent upon the successful completion of the rehabilitation of a historic building or completion of a solar project within the reporting period. Many factors including weather, labor availability, building regulations, inspections, and other unexpected construction delays related to a rehabilitation project can cause a project to exceed its estimated completion date. See Note 9 to the consolidated financial statements for additional information on our tax credit investments.
Provision for Income Taxes
We record a provision for income taxes currently payable and for income taxes payable or benefits to be received in the future, which arise due to timing differences in the recognition of certain items for financial statement and income tax purposes. The major difference between the effective tax rate applied to our financial statement income and the federal statutory tax rate is caused by a tax benefit from our tax credit investments and interest on tax-exempt securities and loans. The effective tax rate was 21.8% and 21.4% for the three and six months ended June 30, 2026, respectively, compared to 19.5% and 19.9% for the three and six months ended June 30, 2025, respectively, reflecting an increase in pre-tax book income contributing to an increase in state taxes. See Note 14 to the consolidated financial statements for additional information. In accordance with ASC 740-270, Accounting for Interim Reporting, the provision for income taxes was recorded at June 30, 2026 based on the current estimate of the effective annual rate.
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FINANCIAL CONDITION
Overview
At June 30, 2026, our assets were $74.2 billion, a $2.0 billion increase compared to assets of $72.2 billion at December 31, 2025, reflective of strong loan growth.
Earning Assets
Our earning assets are comprised of investment securities, portfolio loans, loans held-for-sale, money market investments, interest-earning accounts with the Federal Reserve, and equity securities. Earning assets were $67.1 billion at June 30, 2026, a $2.1 billion increase compared to earning assets of $65.0 billion at December 31, 2025.
Investment Securities
We classify the majority of our investment securities as available-for-sale to give management the flexibility to sell the securities prior to maturity based on fluctuating interest rates or changes in our funding requirements.
The investment securities portfolio, including equity securities, was $15.1 billion at June 30, 2026, compared to $14.9 billion at December 31, 2025. Investment securities represented 22% of earning assets at June 30, 2026, compared to 23% at December 31, 2025. At June 30, 2026, we had no intent to sell any securities that were in an unrealized loss position nor is it expected that we would be required to sell the securities prior to their anticipated recovery.
The investment securities available-for-sale portfolio had net unrealized losses of $666.5 million and $570.4 million at June 30, 2026 and December 31, 2025, respectively. The investment securities held-to-maturity portfolio had net unrealized losses of $376.3 million and $355.3 million at June 30, 2026 and December 31, 2025, respectively.
The investment securities available-for-sale portfolio including securities hedges had an effective duration of 4.08 at June 30, 2026, compared to 3.80 at December 31, 2025. The total investment securities portfolio had an effective duration of 4.69 at June 30, 2026, compared to 4.51 at December 31, 2025. Effective duration represents the percentage change in the fair value of the portfolio in response to a change in interest rates and is used to evaluate the portfolio’s price volatility at a single point in time. Generally, there is more uncertainty in interest rates over a longer average maturity, resulting in a higher duration percentage. The weighted average yields on investment securities, on a taxable equivalent basis, were 4.11% and 4.08% for the three and six months ended June 30, 2026, respectively, compared to 4.07% and 3.85% for the three and six months ended June 30, 2025, respectively.
Loan Portfolio
We lend to consumer and commercial clients in many diverse industries including real estate rental and leasing, manufacturing, healthcare, wholesale trade, construction, and agriculture, among others. Old National manages concentrations of credit exposure by industry, product, geography, client relationship, and loan size. The following table presents the composition of the loan portfolio:
(dollars in thousands)June 30,
2026		December 31,
2025		$ Change% Change
Commercial$16,112,685 $14,983,861 $1,128,824 7.5 %
Commercial real estate22,535,229 22,050,007 485,222 2.2 
Residential real estate8,760,832 8,467,496 293,336 3.5 
Consumer3,363,838 3,262,798 101,040 3.1 
Total loans$50,772,584 $48,764,162 $2,008,422 4.1 %
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The following table presents the composition of the loan portfolio by state:
(dollars in thousands)CommercialCommercial
Real Estate		Residential
Real Estate		ConsumerTotal
Loans		Percent of
Total
June 30, 2026
Minnesota$2,802,206 $5,053,884 $1,850,696 $399,614 $10,106,400 20 %
Illinois3,015,165 3,534,824 1,459,897 646,553 8,656,439 17 %
Indiana1,905,572 1,858,655 1,086,543 981,895 5,832,665 11 %
Wisconsin1,143,129 2,693,471 545,323 189,580 4,571,503 9 %
Michigan841,529 1,423,589 641,142 275,026 3,181,286 6 %
Tennessee432,849 1,229,948 321,512 232,851 2,217,160 4 %
Kentucky326,751 629,607 263,255 409,982 1,629,595 3 %
North Dakota435,560 961,486 133,291 30,915 1,561,252 3 %
Texas459,346 704,961 291,096 10,896 1,466,299 3 %
Florida331,236 605,438 341,178 38,925 1,316,777 3 %
Ohio721,108 424,786 11,123 16,774 1,173,791 2 %
Other3,698,234 3,414,580 1,815,776 130,827 9,059,417 18 %
Total$16,112,685 $22,535,229 $8,760,832 $3,363,838 $50,772,584 100 %
Geographic location in the preceding table is determined by collateral location for real estate loans and borrower location for non-real estate loans.
Commercial and Commercial Real Estate Loans
Commercial and commercial real estate loans are the largest classifications within earning assets, representing 58% at June 30, 2026, compared to 57% at December 31, 2025. At June 30, 2026, commercial and commercial real estate loans were $38.6 billion, an increase of $1.6 billion from December 31, 2025 driven primarily by disciplined commercial loan production.
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The following table provides detail on commercial loans by industry classification (as defined by the North American Industry Classification System) and by loan size.
June 30, 2026December 31, 2025
(dollars in thousands)Outstanding
Exposure(1)
NonaccrualOutstanding
Exposure(1)
Nonaccrual
By Industry:
Health care and social assistance$2,990,290 $3,661,508 $18,802 $2,805,380 $3,464,934 $24,489 
Manufacturing2,654,369 4,081,240 37,087 2,139,977 3,614,096 16,915 
Real estate rental and leasing1,523,840 2,106,105 22,290 1,518,886 2,274,601 25,021 
Construction1,203,618 2,467,297 7,308 1,064,375 2,333,033 6,996 
Wholesale trade1,191,364 2,000,081 4,234 1,049,963 1,927,612 4,154 
Accommodation and food services1,080,876 1,274,843 12,660 1,159,348 1,422,249 19,153 
Professional, scientific, and
  technical services		891,988 1,415,906 6,518 795,520 1,367,099 6,298 
Agriculture, forestry, fishing,
  and hunting		711,579 1,047,582 5,518 776,845 1,126,107 5,393 
Finance and insurance652,759 1,452,641 314 678,034 1,305,205 317 
Retail trade547,108 900,563 12,215 486,717 777,389 13,121 
Administrative and support and
  waste management and
  remediation services		466,610 641,285 16,473 440,155 667,738 4,552 
Transportation and warehousing381,983 538,491 15,176 474,426 634,311 29,733 
Arts, Entertainment, and Recreation338,799 463,006 3,900 303,815 419,632 3,153 
Educational services323,058 472,944 2 295,001 472,694 8 
Public administration295,995 319,516 — 306,621 344,205 — 
Other services252,849 411,158 14,796 270,337 435,139 11,969 
Other605,600 983,369 2,114 418,461 886,189 2,570 
Total$16,112,685 $24,237,535 $179,407 $14,983,861 $23,472,233 $173,842 
By Loan Size:
Less than $200,0002 %2 %2 %5 %3 %10 %
$200,000 to $1,000,0009 10 13 12 10 16 
$1,000,000 to $5,000,00020 22 46 25 24 42 
$5,000,000 to $10,000,00016 15 14 17 16 21 
$10,000,000 to $25,000,00027 25 12 23 25 11 
Greater than $25,000,00026 26 13 18 22 — 
Total100 %100 %100 %100 %100 %100 %
(1)    Includes unfunded loan commitments.
The following table provides detail on commercial real estate loans classified by property type.
June 30, 2026December 31, 2025
(dollars in thousands)Outstanding
Exposure(1)
NonaccrualOutstanding
Exposure(1)
Nonaccrual
By Property Type:
Multifamily$6,770,178 $8,307,405 $46,561 $6,648,859 $7,978,053 $104,993 
Warehouse / Industrial4,516,324 4,834,580 12,298 4,180,226 4,481,580 5,144 
Retail3,272,975 3,445,418 24,316 3,225,434 3,373,296 21,636 
Office2,916,504 3,090,586 45,389 2,705,874 2,891,180 49,201 
Senior housing1,154,331 1,182,958 23,402 1,269,488 1,307,281 29,723 
Single family533,553 556,839 1,747 616,035 632,748 4,826 
Other (2)
3,371,364 3,650,885 16,888 3,404,091 3,694,867 30,737 
Total$22,535,229 $25,068,671 $170,601 $22,050,007 $24,359,005 $246,260 
(1)    Includes unfunded loan commitments.
(2)    Other includes commercial development, agriculture real estate, hotels, self-storage, land development, religion, and mixed-use properties.
The mix of properties securing the loans in our commercial real estate portfolio is comprised of owner-occupied and non-owner-occupied categories and is diverse in terms of type and geographic location, generally within the
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Company’s primary market area. Approximately 26% of the commercial real estate portfolio is owner-occupied at June 30, 2026, compared to 29% at December 31, 2025.
The Company actively reviews its broader loan portfolio in the normal course of business and has performed a targeted review of contractual maturities in its non-owner-occupied commercial real estate portfolio as part of its response to current market conditions to identify exposure to credit risk associated with renewals. At June 30, 2026, the Company held $680.7 million of non-owner-occupied commercial real estate loans, or 1% of total loans, that mature within 18 months with an interest rate below 4%.
Residential Real Estate Loans
At June 30, 2026, residential real estate loans held in our loan portfolio were $8.8 billion, an increase of $293.3 million compared to December 31, 2025. Changes in interest rates may impact the number of refinancings and new originations of residential real estate loans. If interest rates decrease in the future, there may be an increase in refinancings and new originations of residential real estate loans. Conversely, future increases in interest rates may result in a decline in the level of refinancings and new originations of residential real estate loans.
Consumer Loans
Consumer loans, including automobile loans, personal, and home equity loans and lines of credit, increased $101.0 million to $3.4 billion at June 30, 2026 compared to December 31, 2025.
Funding
The following table summarizes Old National’s total funding, comprised of deposits and wholesale borrowings:
(dollars in thousands)June 30,
2026		December 31,
2025		$ Change% Change
Deposits:
Noninterest-bearing demand$12,665,278 $13,247,483 $(582,205)(4.4)%
Interest-bearing:
Checking and NOW11,129,286 10,740,919 388,367 3.6 %
Savings4,924,639 4,909,138 15,501 0.3 %
Money market16,936,441 16,529,631 406,810 2.5 %
Time deposits10,491,126 9,661,024 830,102 8.6 %
Total deposits56,146,770 55,088,195 1,058,575 1.9 %
Wholesale borrowings:
Federal funds purchased and interbank borrowings250,389 100,197 150,192 149.9 %
Securities sold under agreements to repurchase265,301 261,366 3,935 1.5 %
Federal Home Loan Bank advances6,520,296 6,237,375 282,921 4.5 %
Other borrowings1,387,997 852,429 535,568 62.8 %
Total wholesale borrowings8,423,983 7,451,367 972,616 13.1 %
Total funding$64,570,753 $62,539,562 $2,031,191 3.2 %
The increase in total deposits was due to organic growth. We use wholesale funding to augment deposit funding and to help maintain our desired interest rate risk position. Wholesale funding as a percentage of total funding was 13% at June 30, 2026, compared to 12% at December 31, 2025. The increase in other borrowings was due to the issuance and sale of $450.0 million aggregate principal amount of subordinated notes in January 2026. The Company intends to use the net proceeds from this offering for general corporate purposes.
Capital
Shareholders’ equity totaled $8.6 billion at June 30, 2026, compared to $8.5 billion at December 31, 2025. Retained earnings were offset by the repurchase of 8.3 million shares of Common Stock under share repurchase plans that were approved by the Company’s Board of Directors during the six months ended June 30, 2026, which reduced equity by $201.6 million, dividends, and changes in unrealized losses on available-for-sale investment securities during the six months ended June 30, 2026. As of June 30, 2026, Old National had remaining authorization to repurchase up to $276.6 million of its outstanding Common Stock through February 28, 2027.
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Capital Adequacy
Old National and the banking industry are subject to various regulatory capital requirements administered by the federal banking agencies. At June 30, 2026, Old National and its bank subsidiary exceeded the regulatory minimums and Old National Bank met the regulatory definition of “well-capitalized” based on the most recent regulatory definition.
Old National’s consolidated capital position remains strong as evidenced by the following key industry ratios. 
Regulatory
Guidelines
Minimum		Prompt
Corrective
Action "Well
Capitalized"
Guidelines		June 30,
2026		December 31,
2025
Tier 1 capital to total average assets (leverage
   ratio)		4.00 %N/A%8.95 %8.90 %
Common equity Tier 1 capital to risk-weighted
   total assets		7.00 N/A11.09 11.08 
Tier 1 capital to risk-weighted total assets8.50 6.00 11.53 11.53 
Total capital to risk-weighted total assets10.50 10.00 13.65 12.85 
Shareholders’ equity to assetsN/AN/A11.57 11.77 
Old National Bank, Old National’s bank subsidiary, maintained a strong capital position as evidenced by the following key industry ratios.
Regulatory
Guidelines
Minimum		Prompt
Corrective
Action "Well
Capitalized"
Guidelines		June 30,
2026		December 31,
2025
Tier 1 capital to total average assets (leverage
   ratio)		4.00 %5.00 %8.80 %8.52 %
Common equity Tier 1 capital to risk-weighted
   total assets		7.00 6.50 11.34 11.05 
Tier 1 capital to risk-weighted total assets8.50 8.00 11.34 11.05 
Total capital to risk-weighted total assets10.50 10.00 12.29 12.00 
Management views stress testing as an integral part of the Company’s risk management and strategic planning activities. Old National performs stress testing periodically throughout the year. The primary objective of the stress testing is to ensure that Old National has a robust, forward-looking stress testing process and maintains sufficient capital to continue operations throughout times of economic and financial stress. Management also uses the stress testing framework to evaluate decisions relating to pricing, loan concentrations, capital deployment, and mergers and acquisitions to ensure that strategic decisions align with Old National’s risk appetite statement. Old National’s stress testing process incorporates key risks that include strategic, market, liquidity, credit, operational, information security and technology, talent management, and compliance/regulatory/legal risks. Old National’s stress testing policy outlines steps that will be taken if stress test results do not meet internal thresholds under severely adverse economic scenarios.
RISK MANAGEMENT
Overview
Old National has adopted a Risk Appetite Statement to enable our Board of Directors, Enterprise Risk Committee of our Board, Executive Leadership Team, and Senior Management to better assess, understand, monitor, and mitigate Old National’s risks. The Risk Appetite Statement addresses the following major risks: strategic, market, liquidity, credit, operational, information security and technology, talent management, and regulatory/legal/compliance. Our Chief Risk Officer provides quarterly reports to the Board’s Enterprise Risk Committee on various risk topics. The following discussion addresses certain of these major risks including credit, market, and liquidity. Discussion of strategic, talent management, operational, information security and technology, and regulatory/legal/compliance risks is provided in the section entitled “Risk Factors” in the Company’s 2025 Annual Report on Form 10-K.
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Credit Risk
Credit risk represents the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms. Our primary credit risks result from our investment and lending activities.
Asset Quality
We lend to consumer and commercial clients in many diverse industries including, among others, real estate rental and leasing, manufacturing, healthcare, wholesale trade, construction, and agriculture. Old National manages concentrations of credit exposure by industry, product, geography, client relationship, and loan size. At June 30, 2026, our average commercial loan size was approximately $899,000 and our average commercial real estate loan size was approximately $1,627,000. At June 30, 2026, we had minimal exposure to foreign borrowers and no sovereign debt. Our policy is to concentrate our lending activity in the geographic market areas we serve, primarily in the Midwest and Southeast regions of the United States.
The following table presents a summary of under-performing assets as well as criticized and classified assets:
(dollars in thousands)June 30,
2026		December 31,
2025
Nonaccrual loans$461,702 $521,245 
Past due loans (90 days or more and still accruing)6,832 2,691 
Foreclosed assets3,374 6,235 
Total under-performing assets$471,908 $530,171 
Classified loans (includes nonaccrual, past due 90 days
    or more, and other problem loans)		$2,387,255 $2,283,157 
Other classified assets (1)
7,960 20,616 
Special mention loans705,154 805,901 
Total criticized and classified assets$3,100,369 $3,109,674 
Asset Quality Ratios:
Nonaccrual loans/total loans (2)
0.91 %1.07 %
Under-performing assets/total loans (2)
0.93 1.09 
Under-performing assets/total assets0.64 0.73 
Allowance for credit losses on loans/under-performing assets123.01 107.42 
Allowance for credit losses on loans/nonaccrual loans125.73 109.26 
(1)Includes investment securities that fell below investment grade rating.
(2)Loans exclude loans held-for-sale.
Under-performing assets decreased to $471.9 million at June 30, 2026, compared to $530.2 million at December 31, 2025. Under-performing assets as a percentage of total loans at June 30, 2026 were 0.93%, a 16 basis points decrease from 1.09% at December 31, 2025.
Nonaccrual loans decreased $59.5 million from December 31, 2025 to June 30, 2026 driven by active portfolio management. As a percentage of nonaccrual loans, the allowance for credit losses on loans was 125.73% at June 30, 2026, compared to 109.26% at December 31, 2025.
Total criticized and classified assets were $3.1 billion at June 30, 2026, a decrease of $9.3 million from December 31, 2025. Other classified assets include investment securities that fell below investment grade rating totaling $8.0 million at June 30, 2026, compared to $20.6 million at December 31, 2025.
Allowance for Credit Losses on Loans and Unfunded Commitments
Net charge-offs on loans totaled $32.2 million during the three months ended June 30, 2026, compared to $26.5 million for the same period in 2025. Annualized, net charge-offs to average loans were 0.26% and 0.24% for the three months ended June 30, 2026 and 2025, respectively. Annualized, net charge-offs to average loans excluding PCD loans were 0.22% for the three months ended June 30, 2026 and 2025. Net charge-offs on loans totaled $64.3 million during the six months ended June 30, 2026, compared to $48.1 million for the same period in 2025. Annualized, net charge-offs to average loans were 0.26% and 0.24% for the six months ended June 30, 2026 and
68

2025, respectively. Annualized, net charge-offs to average loans excluding PCD loans were 0.20% and 0.22% for the six months ended June 30, 2026 and 2025, respectively.
Credit quality within the loans held for investment portfolio is continuously monitored by management and is reflected within the allowance for credit losses on loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process for estimating expected credit losses. Expected credit loss inherent in non-cancelable off-balance-sheet credit exposures (unfunded loan commitments) is accounted for as a separate liability included in other liabilities on the balance sheet. The allowance for credit losses on loans held for investment and unfunded loan commitments is adjusted by a credit loss expense, which is reported in earnings, and reduced by the charge-off of loan amounts, net of recoveries. Accrued interest receivable is excluded from the estimate of credit losses.
The allowance for credit loss estimation process involves procedures to consider the unique characteristics of our loan portfolio segments. These segments are further disaggregated into loan classes based on the level at which credit risk of the loan is monitored. When computing the level of expected credit losses, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status, and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods.
The allowance level is influenced by loan volumes, loan AQR migration or delinquency status, changes in historical loss experience, and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses on loans has two basic components: first, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans; and second, a pooled component for estimated expected credit losses for pools of loans that share similar risk characteristics.
The allowance for credit losses on loans was $580.5 million at June 30, 2026, compared to $569.5 million at December 31, 2025. Continued loan growth in future periods, a decline in our current level of recoveries, or an increase in charge-offs could result in an increase in provision expense. Additionally, provision expense may be volatile due to changes in CECL model assumptions of credit quality, macroeconomic factors and conditions, and loan composition, which drive the allowance for credit losses balance.
We maintain an allowance for credit losses on unfunded loan commitments to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses on loans, modified to take into account the probability of a drawdown on the commitment. The allowance for credit losses on unfunded loan commitments is classified as a liability account on the balance sheet within accrued expenses and other liabilities, while the corresponding provision for unfunded loan commitments is included in the provision for credit losses. The allowance for credit losses on unfunded loan commitments totaled $31.5 million at June 30, 2026, compared to $35.6 million at December 31, 2025.
See the section entitled “Risk Factors” in the Company’s 2025 Annual Report on Form 10-K for further discussion of our credit risk.
Market Risk
Market risk is the risk that the estimated fair value of our assets, liabilities, and derivative financial instruments will decline as a result of changes in interest rates or financial market volatility, or that our net income will be significantly reduced by interest rate changes.
The objective of our interest rate management process is to maximize net interest income while operating within acceptable limits established for interest rate risk and maintaining adequate levels of funding and liquidity.
Potential cash flows, sales, or replacement value of many of our assets and liabilities, especially those that earn or pay interest, are sensitive to changes in the general level of interest rates. This interest rate risk arises primarily from our normal business activities of gathering deposits and extending loans. Many factors affect our exposure to
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changes in interest rates, such as general economic and financial conditions, client preferences, historical pricing relationships, and re-pricing characteristics of financial instruments. Our earnings can also be affected by the monetary and fiscal policies of the U.S. Government and its agencies, particularly the Federal Reserve.
In managing interest rate risk, we establish guidelines for asset and liability management, including measurement of short and long-term sensitivities to changes in interest rates, which are reviewed with the Enterprise Risk Committee of our Board of Directors. Based on the results of our analysis, we may use different techniques to manage changing trends in interest rates including:
•adjusting balance sheet mix or altering interest rate characteristics of assets and liabilities;
•changing product pricing strategies;
•modifying characteristics of the investment securities portfolio; or
•using derivative financial instruments, to a limited degree.
A key element in our ongoing process is to measure and monitor interest rate risk using a model to quantify the likely impact of changing interest rates on Old National’s results of operations. The model quantifies the effects of various possible interest rate scenarios on projected net interest income. The model measures the impact on net interest income relative to a base case scenario over a two-year cumulative horizon resulting from an immediate change in interest rates using multiple rate scenarios. The base case scenario assumes that the balance sheet and interest rates are held at current levels. The model shows our projected net interest income sensitivity based on interest rate changes only and does not consider other forecast assumptions. The net interest income projections across all interest rate scenarios include the expected impact of purchase accounting accretion due to recent acquisitions. Due to the dynamics of future interest rate expectations, we also measure and monitor interest rate risk using the forward curve, which may be a more probable scenario of our interest rate exposure. The forward curve represents the relationship between the price of forward contracts and the time to maturity of the forward contracts at a point in time.
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The following table illustrates our projected net interest income sensitivity over a two-year cumulative horizon based on the asset/liability model at June 30, 2026 and 2025:
Immediate Rate Decrease
June 30, 2026
Forward
Curve
Immediate Rate Increase
(dollars in thousands)-300
Basis Points		-200
Basis Points		-100
Basis Points		Base+100
Basis Points		+200
Basis Points		+300
Basis Points
June 30, 2026
Projected interest income:
Money market, other
  interest earning
  investments, and
  investment
  securities		$1,109,848 $1,238,634 $1,357,507 $1,456,384 $1,443,976 $1,504,576 $1,557,413 $1,605,770 
Loans4,047,985 4,692,508 5,332,672 6,165,980 5,980,093 6,609,127 7,222,104 7,829,016 
Total interest
   income		5,157,833 5,931,142 6,690,179 7,622,364 7,424,069 8,113,703 8,779,517 9,434,786 
Projected interest expense:
Deposits344,070 688,920 1,147,061 1,806,555 1,653,444 2,114,296 2,575,150 3,036,004 
Borrowings431,368 616,752 803,511 1,054,863 1,004,985 1,207,343 1,410,025 1,612,728 
Total interest
   expense		775,438 1,305,672 1,950,572 2,861,418 2,658,429 3,321,639 3,985,175 4,648,732 
Net interest
   income		$4,382,395 $4,625,470 $4,739,607 $4,760,946 $4,765,640 $4,792,064 $4,794,342 $4,786,054 
Change from base$(383,245)$(140,170)$(26,033)$(4,694)$26,424 $28,702 $20,414 
% change from base(8.04)%(2.94)%(0.55)%(0.10)%0.55 %0.60 %0.43 %
Immediate Rate Decrease
June 30, 2025
Forward
Curve
Immediate Rate Increase
-300
Basis Points		-200
Basis Points		-100
Basis Points		Base+100
Basis Points		+200
Basis Points		+300
Basis Points
June 30, 2025
Projected interest income:
Money market, other
  interest earning
  investments, and
  investment
  securities		$1,003,247 $1,124,051 $1,234,492 $1,291,913 $1,320,324 $1,378,486 $1,428,001 $1,475,967 
Loans3,876,868 4,538,232 5,169,325 5,326,771 5,761,516 6,320,235 6,866,992 7,409,983 
Total interest
   income		4,880,115 5,662,283 6,403,817 6,618,684 7,081,840 7,698,721 8,294,993 8,885,950 
Projected interest expense:
Deposits544,860 959,639 1,396,607 1,487,928 1,860,933 2,332,488 2,777,697 3,222,907 
Borrowings469,089 606,475 749,830 800,724 916,315 1,086,951 1,257,876 1,428,853 
Total interest
   expense		1,013,949 1,566,114 2,146,437 2,288,652 2,777,248 3,419,439 4,035,573 4,651,760 
Net interest
   income		$3,866,166 $4,096,169 $4,257,380 $4,330,032 $4,304,592 $4,279,282 $4,259,420 $4,234,190 
Change from base$(438,426)$(208,423)$(47,212)$25,440 $(25,310)$(45,172)$(70,402)
% change from base(10.19)%(4.84)%(1.10)%0.59 %(0.59)%(1.05)%(1.64)%
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The following table illustrates the upper bound, Federal Funds Rate assumed in the simulation above at June 30, 2026 and 2025:
June 30, 2026June 30, 2025
Basis Point Change Scenario
Federal Funds
Rate (1)
Month 12 (2)
Federal Funds
Rate (1)
Month 12 (2)
+3003.75 %6.75 %4.50 %7.50 %
+2003.75 %5.75 %4.50 %6.50 %
+1003.75 %4.75 %4.50 %5.50 %
Base3.75 %3.75 %4.50 %4.50 %
-1003.75 %2.75 %4.50 %3.50 %
-2003.75 %1.75 %4.50 %2.50 %
-3003.75 %0.75 %4.50 %1.50 %
(1)Represents the upper bound, Federal Funds Rate.
(2)Represents the Federal Funds Rate in month 12 given a gradual, parallel “ramp” relative to the base implied forward scenario.
Our projected net interest income increased year over year driven by the Bremer acquisition, loan growth, and asset repricing due to current interest rates and economic conditions. Our overall strategy is consistent period over period, as we continue to manage our balance sheet toward a neutral interest rate risk position in a disciplined manner.
A key element in the measurement and modeling of interest rate risk is the re-pricing assumptions of our transaction deposit accounts, which align with our approach to deposit pricing and are consistent period over period. Because the models are driven by expected behavior in various interest rate scenarios and many factors besides market interest rates affect our net interest income, we recognize that model outputs are not guarantees of actual results. For this reason, we model many different combinations of interest rates and balance sheet assumptions to understand our overall sensitivity to market interest rate changes, including shocks, ramps, yield curve flattening, yield curve steepening, as well as forecasts of likely interest rate scenarios tested.
We use cash flow and fair value hedges, primarily interest rate swaps, collars, and floors, to mitigate interest rate risk. Derivatives designated as hedging instruments were in a net liability position with a fair value loss of $11.0 million at June 30, 2026, compared to a net asset position with a fair value gain of $14.8 million at December 31, 2025. See Note 15 to the consolidated financial statements for further discussion of derivative financial instruments.
Liquidity Risk
Liquidity risk arises from the possibility that we may not be able to satisfy current or future financial commitments or may become unduly reliant on alternative funding sources. We establish liquidity risk guidelines that we review with the Enterprise Risk Committee of our Board of Directors and monitor through our Asset/Liability Executive Management Committee. The objective of liquidity management is to ensure we have the ability to fund balance sheet growth and meet deposit and debt obligations in a timely and cost-effective manner. Management monitors liquidity through a regular review of asset and liability maturities, funding sources, and loan and deposit forecasts. We maintain strategic and contingency liquidity plans to ensure sufficient available funding to satisfy requirements for balance sheet growth, to properly manage capital markets’ funding sources, and to address unexpected liquidity requirements. On May 28, 2026, we filed an automatic shelf registration statement with the SEC that permits us to issue an unspecified amount of debt or equity securities.
Loan repayments and maturing investment securities are a relatively predictable source of funds. However, deposit flows, calls of investment securities, and prepayments of loans and mortgage-related securities are not as predictable as they are strongly influenced by interest rates, events at other banking organizations, the housing market, general and local economic conditions, competition in the marketplace, and other factors. We continually monitor marketplace trends to identify patterns that might improve the predictability of the timing of deposit flows or asset prepayments.
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A maturity schedule for Old National Bank’s time deposits is shown in the following table at June 30, 2026.
(dollars in thousands)
Maturity BucketAmountRate
2026$6,888,508 4.07 %
20273,421,506 3.60 
202894,413 2.80 
202940,133 2.44 
203021,643 4.06 
2031 and beyond
24,923 3.52 
Total$10,491,126 3.90 %
Our ability to acquire funding at competitive prices is influenced by rating agencies’ views of our credit quality, liquidity, capital, and earnings.
The credit ratings of Old National and Old National Bank at June 30, 2026 are shown in the following table.
 Moody’s Investors Service
 Long-termShort-term
Old NationalBaa1N/A
Old National BankA1P-1
Old National Bank maintains relationships in capital markets with brokers and dealers to issue certificates of deposit and short-term and medium-term bank notes as well. At June 30, 2026, Old National and its subsidiaries had the following availability of liquid funds and borrowings:
(dollars in thousands)June 30, 2026
Available liquid funds:
Cash and due from banks$1,768,180 
Unencumbered government-issued debt securities6,360,336 
Unencumbered investment grade municipal securities101,310 
Unencumbered corporate securities31,618 
Availability of borrowings*:
Amount available from Federal Reserve discount window4,356,933 
Amount available from Federal Home Loan Bank8,245,763 
Total available funds$20,864,140 
* Based on collateral pledged
Old National Bancorp has routine funding requirements consisting primarily of operating expenses, dividends to shareholders, debt service, net derivative cash flows, and funds used for acquisitions. Old National Bancorp can obtain funding to meet its obligations from dividends and management fees collected from its subsidiaries, operating line of credit, and through the issuance of debt securities. Additionally, Old National Bancorp has a shelf registration in place with the SEC permitting ready access to the public debt and equity markets. At June 30, 2026, Old National Bancorp’s other borrowings outstanding were $799.5 million. Management believes the Company has the ability to generate and obtain adequate amounts of liquidity to meet its requirements in the short-term and the long-term.
Federal banking laws regulate the amount of dividends that may be paid by Old National Bank to Old National Bancorp on an unconsolidated basis without obtaining prior regulatory approval. Prior regulatory approval is required if dividends to be declared in any year would exceed net earnings of the current year plus retained net profits for the preceding two years. Prior regulatory approval to pay dividends was not required in 2025 and is not currently required.
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CRITICAL ACCOUNTING ESTIMATES
Our most significant accounting policies are described in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. Certain of these accounting policies require management to use significant judgment and estimates, which can have a material impact on the carrying value of certain assets and liabilities. We consider these policies to be our critical accounting estimates. The judgment and assumptions made are based upon historical experience, future forecasts, or other factors that management believes to be reasonable under the circumstances. Because of the nature of the judgment and assumptions, actual results could differ from estimates, which could have a material effect on our financial condition and results of operations.
For additional information regarding critical accounting estimates, see the section titled “Critical Accounting Estimates” included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes in the Company’s application of critical accounting estimates since December 31, 2025.
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk and Liquidity Risk.
ITEM 4.  CONTROLS AND PROCEDURES
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Evaluation of Disclosure Controls and Procedures. Old National’s principal executive officer and principal financial officer have concluded that Old National’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended), based on their evaluation of these controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, are effective at the reasonable assurance level as discussed below to ensure that information required to be disclosed by Old National in the reports it files under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to Old National’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Limitations on the Effectiveness of Controls. Management, including the principal executive officer and principal financial officer, does not expect that Old National’s disclosure controls and internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls.
The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be only reasonable assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, the system of controls may become inadequate because of changes in conditions or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Changes in Internal Control over Financial Reporting. There were no changes in Old National’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, Old National’s internal control over financial reporting.
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PART II
OTHER INFORMATION
ITEM 1A.  RISK FACTORS
There have been no material changes from the risk factors disclosed in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(c)ISSUER PURCHASES OF EQUITY SECURITIES
Period
Total
Number
of Shares
Purchased (1)
Average
Price
Paid Per
Share
Total Number
of Shares
Purchased as
Part of Publicly
Announced Plans
or Programs (2)
Maximum
Dollar Value of
Shares that
May Yet
Be Purchased
Under the Plans
or Programs (2)
04/01/26 - 04/30/261,391,509 $23.42 1,007,630 $359,453,405 
05/01/26 - 05/31/262,716,500 24.12 2,715,832 293,945,068 
06/01/26 - 06/30/26700,542 24.72 700,120 276,639,779 
Total4,808,551 $24.00 4,423,582 $276,639,779 
(1)Consists of shares acquired pursuant to the Company’s Board-approved share repurchase program referred to in note 2 to this table and the Company’s share-based incentive programs. Under the terms of the Company’s share-based incentive programs, the Company accepts previously owned shares of common stock surrendered to satisfy tax withholding obligations associated with the vesting of restricted stock or performance shares earned.
(2)In the first quarter of 2026, the Company’s Board of Directors approved a new share repurchase program, under which the Company is authorized to repurchase up to $400 million of its outstanding shares of common stock through February 28, 2027. This new share repurchase program replaces the prior $200 million program that was set to expire on February 28, 2026.
ITEM 5.  OTHER INFORMATION
(a)None
(b)There have been no material changes in the procedure by which security holders may recommend nominees for election to the Company’s board of directors.
(c)No “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K was adopted, modified, or terminated during the three months ended June 30, 2026.
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ITEM 6.  EXHIBITS

Exhibit No.
 
Description
2.1 
3.1 
3.2 
3.3 
3.4 
3.5  
4.1 
4.2 
4.3 
31.1  
31.2  
32.1  
32.2  
101  
The following materials from Old National’s Form 10-Q Report for the quarterly period ended June 30, 2026, formatted in inline XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements.
104  
The cover page from Old National’s Form 10-Q Report for the quarterly period ended June 30, 2026, formatted in inline XBRL and contained in Exhibit 101.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  OLD NATIONAL BANCORP
  (Registrant)
   
By: /s/  John V. Moran, IV
  John V. Moran, IV
  Senior Executive Vice President and Chief Financial Officer
  Duly Authorized Officer and Principal Financial Officer
   
  
Date:  July 29, 2026
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