ONBPO · Old National Bancorp

Old National Bancorp delivered a strong first quarter of 2026, characterized by top-quartile financial metrics and disciplined capital management. The company reported an adjusted Return on Average Assets (ROAA) of 1.33% and an adjusted Return on Average Tangible Common Equity (ROATCE) of 19.0%, positioning it favorably among peers. Operational efficiency reached a record level, with the adjusted efficiency ratio improving to 45.7%, down from the GAAP reported 48.3%, highlighting successful expense management and integration synergies.

The balance sheet remains robust with ample liquidity and capital. The loan-to-deposit ratio stood at 89%, and the CET1 capital ratio was 11.11%, providing flexibility for continued organic growth. Tangible Book Value (TBV) per share increased 11% year-over-year, reflecting the strategic impact of the recent Bremer merger and capital generation. Credit quality continues to be a hallmark of the franchise, with low net charge-offs of 19 basis points (excluding purchased credit deteriorated loans) and an allowance for credit losses coverage of 1.22% of total loans.

Management demonstrated a commitment to shareholder returns, returning $151 million to common shareholders during the quarter through a combination of $95 million in share repurchases and $56 million in dividends. The company also raised its quarterly common stock cash dividend by 4% per share. Looking ahead, Old National Bancorp stated it is prioritizing organic growth and capital growth over M&A, while proposed regulatory capital rule changes may offer additional capital flexibility.