ONBPO · Old National Bancorp

Old National Bancorp's first quarter 2026 results demonstrate disciplined execution amid a challenging rate environment, as highlighted by Chairman and CEO Jim Ryan. GAAP net income applicable to common shares reached $229.6 million, or $0.59 diluted EPS, while adjusted figures improved to $237.7 million and $0.61, excluding $7.3 million in pre-tax merger-related charges and $3.4 million non-cash pension expense. Net interest income on a fully taxable equivalent basis fell to $580.4 million from $588.8 million in the prior quarter, with NIM contracting 10 basis points to 3.55%, reflecting lower asset yields partially offset by loan growth and reduced funding costs. Deposit costs declined 8 bps to 1.72%, supporting a loan-to-deposit ratio of 89% and robust liquidity. Loan balances grew $970.9 million or 8.0% annualized to $49.8 billion, fueled by $633.8 million in commercial and industrial loans and a record $5.5 billion commercial pipeline, up 14%. Credit quality remained strong, with provision expense at $34.9 million, net charge-offs at 26 bps (19 bps excluding PCD loans), and nonaccrual loans at 1.03%. Noninterest income rose to $122.3 million, driven by wealth fees despite seasonal declines in other fees. Adjusted noninterest expense fell to $354.0 million, yielding a record adjusted efficiency ratio of 45.7%. Capital position strengthened, with preliminary Tier 1 common equity at 11.11% and total risk-based capital at 13.71%, bolstered by retained earnings despite $450 million subordinated notes issuance and 3.9 million shares repurchased. Management expresses confidence in full-year expectations, underscoring building momentum across businesses.