SEC EDGAR · 10-Q
10-Q – 2026-04-29 – onb-20260331.htm

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Omsättning
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 70
Debit card and ATM fees 12,038 9,991 | Mortgage banking revenue 9,554 6,879
Debt securities (gains) losses, net ( 75 ) 76 | Net (gains) losses on sales of loans and other assets ( 2,642 ) ( 6,925 ) | Increase in cash surrender value of company-owned life insurance ( 7,561 ) ( 5,381 )
Residential real estate loans originated for sale ( 285,318 ) ( 194,336 ) | Proceeds from sales of residential real estate loans 289,627 200,115 | (Increase) decrease in interest receivable 7,731 14,403
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale 778,452 295,032 | Proceeds from sales of investment securities available-for-sale 84,250 10,187 | Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity 38,509 15,181
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity 38,509 15,181 | Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock 5,432 13 | Proceeds from sales of equity securities 7,677 2,777
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock 5,432 13 | Proceeds from sales of equity securities 7,677 2,777 | Loan originations and payments, net ( 973,195 ) ( 229,265 )
Loan originations and payments, net ( 973,195 ) ( 229,265 ) | Proceeds from sales of commercial loans 10,567 86,581 | Proceeds from company-owned life insurance death benefits 3,746 5,978
Periodens resultat
Note 4. Net Income Per Common Share | 14
Income tax expense 61,597 36,904 | Net income 233,672 144,659 | Preferred dividends ( 4,034 ) ( 4,034 )
Preferred dividends ( 4,034 ) ( 4,034 ) | Net income applicable to common shareholders $ 229,638 $ 140,625 | Net income per common share - basic $ 0.60 $ 0.45
Net income applicable to common shareholders $ 229,638 $ 140,625 | Net income per common share - basic $ 0.60 $ 0.45 | Net income per common share - diluted 0.59 0.44
Net income per common share - basic $ 0.60 $ 0.45 | Net income per common share - diluted 0.59 0.44 | Weighted average number of common shares outstanding - basic 385,849 315,925
(dollars in thousands) 2026 2025 | Net income $ 233,672 $ 144,659
Net income — — — 144,659 — 144,659 | Other comprehensive income (loss) — — — — 97,534 97,534
Net income — — — 233,672 — 233,672 | Other comprehensive income (loss) — — — — ( 64,583 ) ( 64,583 )
Resultat per aktie
FASB ASC 270 – In December 2025, the FASB issued ASU 2025-11, Narrow-Scope Improvements . The ASU revises Topic 270 to clarify and streamline interim reporting requirements under GAAP. The update introduces a comprehensive list of interim disclosures required under GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. While the amendments refine the guidan | FASB ASU 2025-12 – In December 2025, the FASB issued ASU 2025-12, Codification Improvements . The ASU issues guidance to clarify, correct errors in or make minor improvements to a broad range of topics, including EPS, leases, beneficial interests, treasury stock, and revenue guidance. The guidance is part of the FASB’s ongoing codification improvements project to make technical corrections, clarifications, and other incremental improvements to GAAP. The amendments, among other things, clarify th
Kassaflöde
(dollars in thousands) 2026 2025 | Supplemental Cash Flow Information:
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 | 19
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 | 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.
Supplemental cash flow information related to leases was as follows:
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.
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 March 31, 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 $ 2.7 billion notional amount at March 31, 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 remai
Cash Flow Hedges | Interest rate swaps of certain borrowings were designated as cash flow hedges totaling $ 50.0 million notional amount at both March 31, 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 $ 2.7 billion notional amount at March 31, 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 remai | 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.
Interest rate swaps of certain borrowings were designated as cash flow hedges totaling $ 50.0 million notional amount at both March 31, 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 $ 2.7 billion notional amount at March 31, 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 remai | 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.
Likvida medel
Money market and other interest-earning investments 1,216,826 1,234,532 | Total cash and cash equivalents 1,754,148 1,826,177 | Equity securities, at fair value 125,596 128,857
Net cash flows provided by (used in) financing activities 804,644 174,155 | Net increase (decrease) in cash and cash equivalents ( 72,029 ) 11,812 | Cash and cash equivalents at beginning of period 1,826,177 1,227,968
Net increase (decrease) in cash and cash equivalents ( 72,029 ) 11,812 | Cash and cash equivalents at beginning of period 1,826,177 1,227,968 | Cash and cash equivalents at end of period $ 1,754,148 $ 1,239,780
Cash and cash equivalents at beginning of period 1,826,177 1,227,968 | Cash and cash equivalents at end of period $ 1,754,148 $ 1,239,780
Assets | Cash and cash equivalents $ 449,757 | Equity securities 26,070
Nettoskuld
Increase (decrease) in accrued expenses and other liabilities ( 128,950 ) ( 127,634 ) | Net cash flows provided by (used in) operating activities 206,143 108,210 | Cash Flows From Investing Activities
Purchases of premises and equipment and other assets ( 12,885 ) ( 5,802 ) | Net cash flows provided by (used in) investing activities ( 1,082,816 ) ( 270,553 ) | Cash Flows From Financing Activities
Net cash flows provided by (used in) financing activities 804,644 174,155 | Net increase (decrease) in cash and cash equivalents ( 72,029 ) 11,812
Eget kapital
Consolidated Statements of Changes in Shareholders’ Equity (unaudited) | 7
Total liabilities 64,491,998 63,657,179 | Shareholders’ Equity | Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding
Accumulated other comprehensive income (loss), net of tax ( 543,254 ) ( 478,671 ) | Total shareholders’ equity 8,510,653 8,494,788 | Total liabilities and shareholders’ equity $ 73,002,651 $ 72,151,967
Total shareholders’ equity 8,510,653 8,494,788 | Total liabilities and shareholders’ equity $ 73,002,651 $ 72,151,967
OLD NATIONAL BANCORP | CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) | (dollars in thousands, except per
Comprehensive Income (Loss) Total | Shareholders’ Equity | December 31, 2024 $ 230,500 $ 318,980 $ 4,570,865 $ 1,966,048 $ ( 746,043 ) $ 6,340,350
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 | All intercompany transactions and balances have been eliminated. Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts.
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 $ 90.4 million at March 31, 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 March 31, 2026 or December 31, 2025.
Antal aktier
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 386,373,000 shares outstanding at April 28, 2026.
Net income per common share - diluted 0.59 0.44 | Weighted average number of common shares outstanding - basic 385,849 315,925 | Weighted average number of common shares outstanding - diluted 388,054 321,016
Weighted average number of common shares outstanding - basic 385,849 315,925 | Weighted average number of common shares outstanding - diluted 388,054 321,016 | Dividends per common share $ 0.145 $ 0.14
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 d | The following table presents the calculation of basic and diluted net income per common share:
Weighted average common shares outstanding: | Weighted average common shares outstanding (basic) 385,849 315,925
Weighted average common shares outstanding: | Weighted average common shares outstanding (basic) 385,849 315,925 | Effect of dilutive securities:
— 2,312 | Weighted average diluted shares outstanding 388,054 321,016 | Basic Net Income Per Common Share $ 0.60 $ 0.45
$ 237,650 $ 240,974 $ 231,308 $ 190,853 $ 145,454 | Weighted average diluted common shares outstanding 388,054 389,550 390,496 361,436 321,016 | Net income per common share, diluted $ 0.59 $ 0.55 $ 0.46 $ 0.34 $ 0.44
Antal anställda
Nonfinancial Data: | Full-time equivalent employees 4,948 4,971 5,243 5,313 4,028 | Banking centers 346 346 351 351 280
Organisk tillväxt
Average loans, including loans held-for-sale, increased $12.9 billion for the three months ended March 31, 2026 compared to the same period 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 $3.8 billion while average interest-bearing deposits increased $10.8 billion for the three months ended March 31, 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. | 55
Noninterest income increased $28.6 million for the three months ended March 31, 2026 compared to the same period in 2025 driven by the acquisition of Bremer in May 2025 and organic growth of fee-based businesses. | Wealth and investment services fees increased $10.1 million for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher trust and brokerage fees and the Bremer acquisition.
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 12% at both March 31, 2026 and December 31, 2025. | Accrued Expenses and Other Liabilities
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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 March 31, 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)
 
Indiana 35-1539838
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
 
One Main Street 47708
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 A ONBPP NASDAQ   Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C ONBPO NASDAQ   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 386,373,000 shares outstanding at April 28, 2026.

OLD NATIONAL BANCORP
FORM 10-Q
TABLE OF CONTENTS
    Page
PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements
 
  Consolidated Balance Sheets (unaudited)
4

  Consolidated Statements of Income (unaudited)
5

  Consolidated Statements of Comprehensive Income (Loss) (unaudited)
6

  Consolidated Statements of Changes in Shareholders’ Equity (unaudited)
7

  Consolidated Statements of Cash Flows (unaudited)
8

  Notes to Consolidated Financial Statements (unaudited)
10

  Note 1. Basis of Presentation
10

  Note 2. Recent Accounting Pronouncements
10

Note 3. Acquisition and Divestiture Activity
12

  Note 4. Net Income Per Common Share
14

  Note 5. Investment Securities
15

  Note 6. Loans and Allowance for Credit Losses
18

  Note 7. Leases
29

  Note 8. Goodwill and Other Intangible Assets
30

  Note 9. Qualified Affordable Housing Projects and Other Tax Credit Investments
31

  Note 10. Securities Sold Under Agreements to Repurchase
32

  Note 11. Federal Home Loan Bank Advances
33

  Note 12. Other Borrowings
33

  Note 13. Accumulated Other Comprehensive Income (Loss)
35

  Note 14. Income Taxes
36

  Note 15. Derivative Financial Instruments
37

  Note 16. Commitments, Contingencies, and Financial Guarantees
40

  Note 17. Fair Value
41

Note 18. Segment Information
46

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
48

  Forward-Looking Statements
48

  Financial Highlights
49

  Non-GAAP Financial Measures
50

  Executive Summary
52

  Results of Operations
53

  Financial Condition
57

  Risk Management
62

  Critical Accounting Estimates
69

Item 3. Quantitative and Qualitative Disclosures About Market Risk
69

Item 4. Controls and Procedures
69

PART II. OTHER INFORMATION
70

Item 1A. Risk Factors
70

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
70

Item 5. Other Information
70

Item 6. Exhibits
71

SIGNATURE
73

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
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)
March 31,
2026 December 31,
2025
  (unaudited)  
Assets    
Cash and due from banks $ 537,322   $ 591,645  
Money market and other interest-earning investments 1,216,826   1,234,532  
Total cash and cash equivalents 1,754,148   1,826,177  
Equity securities, at fair value 125,596   128,857  

Investment securities - available-for-sale, at fair value (amortized cost
   $ 12,205,997 and $ 12,059,997 , respectively)
11,446,062   11,384,450  
Investment securities - held-to-maturity, at amortized cost (fair value
   $ 2,467,941 and $ 2,540,238 , respectively)
2,859,826   2,895,488  
Federal Home Loan Bank/Federal Reserve Bank stock, at cost 505,476   493,583  
Loans held-for-sale, at fair value 56,128   52,911  
Loans:
Commercial 15,617,656   14,983,861  
Commercial real estate 22,192,900   22,050,007  
Residential real estate 8,621,409   8,467,496  
Consumer 3,299,879   3,262,798  
Total loans, net of unearned income 49,731,844   48,764,162  
Allowance for credit losses on loans ( 574,358 ) ( 569,520 )
Net loans 49,157,486   48,194,642  
Premises and equipment, net 690,400   690,824  

Goodwill 2,429,756   2,425,700  
Other intangible assets 456,663   482,286  
Company-owned life insurance 1,054,824   1,051,009  
Accrued interest receivable and other assets 2,466,286   2,526,040  
Total assets $ 73,002,651   $ 72,151,967  
Liabilities
Deposits:
Noninterest-bearing demand $ 12,927,096   $ 13,247,483  
Interest-bearing:
Checking and NOW 10,969,731   10,740,919  
Savings 4,985,949   4,909,138  
Money market 16,871,237   16,529,631  
Time deposits 9,918,459   9,661,024  
Total deposits 55,672,472   55,088,195  
Federal funds purchased and interbank borrowings 200,583   100,197  
Securities sold under agreements to repurchase 264,518   261,366  
Federal Home Loan Bank advances 6,026,801   6,237,375  
Other borrowings 1,331,296   852,429  

Accrued expenses and other liabilities 996,328   1,117,617  
Total liabilities 64,491,998   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,
    386,315 and 389,662 shares issued and outstanding, respectively
386,315   389,662  
Capital surplus 5,855,180   5,944,533  
Retained earnings 2,581,912   2,408,764  
Accumulated other comprehensive income (loss), net of tax ( 543,254 ) ( 478,671 )
Total shareholders’ equity 8,510,653   8,494,788  
Total liabilities and shareholders’ equity $ 73,002,651   $ 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
March 31,
(dollars and shares in thousands, except per share data)
2026 2025
Interest Income    
Loans including fees:    
Taxable $ 696,362   $ 515,766  
Nontaxable 20,090   10,177  
Investment securities:
Taxable 140,359   85,534  
Nontaxable 9,636   10,107  
Money market and other interest-earning investments 10,944   8,815  
Total interest income 877,391   630,399  
Interest Expense
Deposits 233,331   190,495  
Federal funds purchased and interbank borrowings 23   1,625  
Securities sold under agreements to repurchase 594   551  
Federal Home Loan Bank advances 58,052   41,896  
Other borrowings 12,818   8,189  
Total interest expense 304,818   242,756  
Net interest income 572,573   387,643  
Provision for credit losses 34,946   31,403  
Net interest income after provision for credit losses 537,627   356,240  
Noninterest Income
Wealth and investment services fees 39,715   29,648  
Service charges on deposit accounts 26,937   21,156  
Debit card and ATM fees 12,038   9,991  
Mortgage banking revenue 9,554   6,879  

Capital markets income 11,016   4,506  
Company-owned life insurance 7,561   5,381  
Debt securities gains (losses), net 75   ( 76 )
Other income 15,450   16,309  
Total noninterest income 122,346   93,794  
Noninterest Expense
Salaries and employee benefits 184,073   148,305  
Occupancy 36,995   29,053  
Equipment 12,075   8,901  
Marketing 16,434   11,940  
Technology 29,025   22,020  
Communication 6,196   4,134  
Professional fees 12,356   7,919  
FDIC assessment 13,756   9,700  
Amortization of intangibles 25,623   6,830  
Amortization of tax credit investments 7,111   3,424  

Other expense 21,060   16,245  
Total noninterest expense 364,704   268,471  
Income before income taxes 295,269   181,563  
Income tax expense 61,597   36,904  
Net income 233,672   144,659  
Preferred dividends ( 4,034 ) ( 4,034 )
Net income applicable to common shareholders $ 229,638   $ 140,625  
Net income per common share - basic $ 0.60   $ 0.45  
Net income per common share - diluted 0.59   0.44  
Weighted average number of common shares outstanding - basic 385,849   315,925  
Weighted average number of common shares outstanding - diluted 388,054   321,016  
Dividends per common share $ 0.145   $ 0.14  

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
March 31,
(dollars in thousands) 2026 2025
Net income $ 233,672   $ 144,659  

Other comprehensive income (loss):

Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period ( 85,770 ) 113,672  

Reclassification adjustment for securities (gains) losses
   realized in income ( 75 ) 76  
Income tax effect 21,822   ( 28,464 )
Unrealized gains (losses) on available-for-sale securities ( 64,023 ) 85,284  

Change in securities held-to-maturity:

Amortization of unrecognized losses on securities transferred
    from available-for-sale 3,656   3,915  
Income tax effect ( 928 ) ( 994 )
Changes from securities held-to-maturity 2,728   2,921  

Change in hedges:
Net unrealized derivative gains (losses) on hedges ( 6,101 ) 11,386  
Reclassification adjustment for (gains) losses realized in net
   income 1,665   1,196  
Income tax effect 1,148   ( 3,253 )
Changes from hedges ( 3,288 ) 9,329  

Other comprehensive income (loss), net of tax ( 64,583 ) 97,534  
Comprehensive income (loss) $ 169,089   $ 242,193  

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 Stock Common Stock Capital Surplus Retained Earnings Accumulated
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, 2025 $ 230,500   $ 319,236   $ 4,572,106   $ 2,061,321   $ ( 648,509 ) $ 6,534,654  

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, 2026 $ 230,500   $ 386,315   $ 5,855,180   $ 2,581,912   $ ( 543,254 ) $ 8,510,653  

The accompanying notes to consolidated financial statements are an integral part of these statements.
7

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended
March 31,
(dollars in thousands) 2026 2025
Cash Flows From Operating Activities    
Net income $ 233,672   $ 144,659  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation 12,234   9,547  
Amortization of other intangible assets 25,623   6,830  
Amortization of tax credit investments 7,111   3,424  
Net (discount accretion) premium amortization ( 43,287 ) ( 8,363 )

Share-based compensation expense 9,181   14,411  
Provision for credit losses 34,946   31,403  
Debt securities (gains) losses, net ( 75 ) 76  
Net (gains) losses on sales of loans and other assets ( 2,642 ) ( 6,925 )
Increase in cash surrender value of company-owned life insurance ( 7,561 ) ( 5,381 )
Residential real estate loans originated for sale ( 285,318 ) ( 194,336 )
Proceeds from sales of residential real estate loans 289,627   200,115  
(Increase) decrease in interest receivable 7,731   14,403  
(Increase) decrease in other assets 53,851   25,981  
Increase (decrease) in accrued expenses and other liabilities ( 128,950 ) ( 127,634 )
Net cash flows provided by (used in) operating activities 206,143   108,210  
Cash Flows From Investing Activities

Purchases of investment securities available-for-sale ( 1,004,913 ) ( 449,714 )

Purchases of Federal Home Loan Bank/Federal Reserve Bank stock ( 17,325 ) —  
Purchases of equity securities ( 3,284 ) ( 2,711 )
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale 778,452   295,032  
Proceeds from sales of investment securities available-for-sale 84,250   10,187  
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity 38,509   15,181  
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock 5,432   13  
Proceeds from sales of equity securities 7,677   2,777  
Loan originations and payments, net ( 973,195 ) ( 229,265 )
Proceeds from sales of commercial loans 10,567   86,581  
Proceeds from company-owned life insurance death benefits 3,746   5,978  
Proceeds from sales of premises and equipment and other assets 153   1,190  
Purchases of premises and equipment and other assets ( 12,885 ) ( 5,802 )
Net cash flows provided by (used in) investing activities ( 1,082,816 ) ( 270,553 )
Cash Flows From Financing Activities
Net increase (decrease) in:
Deposits 584,277   211,012  
Federal funds purchased and interbank borrowings 100,386   ( 215 )
Securities sold under agreements to repurchase 3,152   21,281  
Other borrowings 485,669   ( 46,863 )
Payments for maturities of Federal Home Loan Bank advances ( 2,280,000 ) ( 250,285 )

Proceeds from Federal Home Loan Bank advances 2,075,000   301,200  

Cash dividends paid ( 60,094 ) ( 48,687 )

Common stock repurchased ( 104,072 ) ( 13,538 )
Common stock issued for ESPP 326   250  

Net cash flows provided by (used in) financing activities 804,644   174,155  
Net increase (decrease) in cash and cash equivalents ( 72,029 ) 11,812  
Cash and cash equivalents at beginning of period 1,826,177   1,227,968  
Cash and cash equivalents at end of period $ 1,754,148   $ 1,239,780  

8

OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) – (Continued)
Three Months Ended
March 31,
(dollars in thousands) 2026 2025
Supplemental Cash Flow Information:

Total interest paid $ 307,525   $ 257,981  
Total income taxes paid (net of refunds) 10,779   2,170  
Noncash Investing and Financing Activities:

Investment securities purchased but not settled —   20,000  
Operating lease right-of-use assets obtained in exchange for lease obligations 2,529   1,640  
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 March 31, 2026 and December 31, 2025, and the results of its operations for the three months ended March 31, 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. Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts.

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Guidance Adopted in 2026
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 470 – In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments . This ASU clarifies requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. The amendments in this ASU are effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. The adoption of this guidance on January 1, 2026 did not have a material impact on the consolidated financial statements.
FASB ASC 326 – In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update introduce a practical expedient for all entities and an accounting policy election that is available to all entities other than public business entities related to applying ASC 326-20 to simplify the measurement of credit losses on current accounts receivable and current contract assets that occur from transactions accounted for under ASC 606. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The adoption of this guidance on January 1, 2026 did not have a material impact on the consolidated financial statements.
Accounting Guidance Pending Adoption  
FASB 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
10

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 805 and 810 – In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity . The ASU revises the guidance in ASC 805 to clarify that, in determining the accounting acquirer in “a business combination that is effected primarily by exchanging equity interests in which a VIE is acquired,” an entity would be required to consider the factors in ASC 805-10-55-12 through 55-15. Previously, the accounting acquirer in such transactions was always the primary beneficiary. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an interim or annual reporting period. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASC 718 and 606 – In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer . The ASU is intended to reduce diversity in practice and improve existing guidance, primarily by revising the definition of a “performance condition” and eliminating a forfeiture policy election for service conditions associated with share-based consideration payable to a customer. In addition, the ASU clarifies that the guidance in ASC 606 on the variable consideration constraint does not apply to share-based consideration payable to a customer regardless of whether an award’s grant date has occurred (as determined under ASC 718). The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. 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 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.
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FASB ASC 270 – In December 2025, the FASB issued ASU 2025-11, Narrow-Scope Improvements . The ASU revises Topic 270 to clarify and streamline interim reporting requirements under GAAP. The update introduces a comprehensive list of interim disclosures required under GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. While the amendments refine the guidance and improve navigability, they do not expand or reduce existing disclosure requirements. The ASU clarifies and improves the guidance on interim financial reporting in ASC 270 to make it easier for preparers and users of financial statements to navigate current GAAP requirements without changing the fundamental nature or scope of interim reporting requirements. 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. Old National is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
FASB ASU 2025-12 – In December 2025, the FASB issued ASU 2025-12, Codification Improvements . The ASU issues guidance to clarify, correct errors in or make minor improvements to a broad range of topics, including EPS, leases, beneficial interests, treasury stock, and revenue guidance. The guidance is part of the FASB’s ongoing codification improvements project to make technical corrections, clarifications, and other incremental improvements to GAAP. The amendments, among other things, clarify the guidance in ASC 260 on how to calculate diluted earnings per share when an entity has a loss from continuing operations and a contract that may be settled in stock or cash that is reported as an asset or liability for accounting purposes. 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. Old National is currently evaluating the impact of adopting this guidance 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.
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The assets acquired and liabilities assumed in the Company’s acquisition of Bremer, both intangible and tangible, were recorded at their estimated fair values as of the merger date and have been accounted for under the acquisition method of accounting. The following table presents the preliminary valuation of the assets acquired and liabilities assumed 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 securities 26,070  
Investment securities 2,811,108  
FHLB/Federal Reserve Bank stock 93,924  
Loans held-for-sale 9,883  
Loans, net of allowance for credit losses 11,110,423  
Premises and equipment 99,965  
Goodwill 254,505  
Other intangible assets 440,099  
Company-owned life insurance 181,909  
Other assets 793,404  
Total assets $ 16,271,047  
Liabilities
Deposits $ 12,862,357  
Securities sold under agreements to repurchase 49,131  
Federal Home Loan Bank advances 1,559,227  
Other borrowings 205,194  
Accrued expenses and other liabilities 247,243  
Total liabilities $ 14,923,152  
Fair value of consideration

Common stock ( 50,183 shares issued at $ 20.59 per share)
$ 1,033,262  
Cash 314,633  
Total consideration $ 1,347,895  

Goodwill related to this merger will no t 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 months ended March 31, 2026 and 2025 totaling $ 6.5 million and $ 0.7 million, respectively, and 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 months ended March 31, 2026.
The Company’s results of operations for the three months ended March 31, 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.
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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
March 31,
(dollars and shares in thousands, except per share data) 2026 2025
Net income $ 233,672   $ 144,659  
Preferred dividends ( 4,034 ) ( 4,034 )

Net income applicable to common shares $ 229,638   $ 140,625  

Weighted average common shares outstanding:
Weighted average common shares outstanding (basic) 385,849   315,925  
Effect of dilutive securities:
Restricted stock 2,205   2,779  
Forward sale (1)
—   2,312  
Weighted average diluted shares outstanding 388,054   321,016  
Basic Net Income Per Common Share $ 0.60   $ 0.45  
Diluted Net Income Per Common Share $ 0.59   $ 0.44  

(1) Old National had dilutive shares from forward sale contracts for the three months ended March 31, 2025 since the average market price of the Company’s common shares was higher than the average forward sale price (as determined under the terms of the forward sale agreements). Old National received net proceeds from the sale of shares of Old National common stock and full physical settlement of the forward sale agreements subsequently in 2025.
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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
March 31, 2026        
Available-for-Sale        
U.S. Treasury $ 269,434   $ 29   $ ( 12,125 ) $ ( 44,086 ) $ 213,252  
U.S. government-sponsored entities and agencies 1,537,687   38   ( 141,610 ) ( 61,197 ) 1,334,918  
Mortgage-backed securities - Agency 9,876,409   43,479   ( 520,593 ) —   9,399,295  
States and political subdivisions 332,123   1,111   ( 20,327 ) 1,622   314,529  
Pooled trust preferred securities 13,823   —   ( 2,024 ) —   11,799  
Other securities 176,521   716   ( 4,968 ) —   172,269  
Total available-for-sale securities $ 12,205,997   $ 45,373   $ ( 701,647 ) $ ( 103,661 ) $ 11,446,062  

December 31, 2025
Available-for-Sale
U.S. Treasury $ 269,313   $ 90   $ ( 7,615 ) $ ( 47,244 ) $ 214,544  
U.S. government-sponsored entities and agencies 1,567,036   402   ( 134,795 ) ( 60,251 ) 1,372,392  
Mortgage-backed securities - Agency 9,575,241   79,999   ( 487,205 ) —   9,168,035  
States and political subdivisions 438,642   2,275   ( 17,286 ) 2,377   426,008  
Pooled trust preferred securities 13,819   —   ( 2,085 ) —   11,734  
Other securities 195,946   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.
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
March 31, 2026      
Held-to-Maturity
U.S. government-sponsored entities and agencies $ 823,732   $ —   $ ( 135,135 ) $ 688,597  
Mortgage-backed securities - Agency 896,328   —   ( 132,604 ) 763,724  
States and political subdivisions 1,139,916   193   ( 124,339 ) 1,015,770  

Allowance for securities held-to-maturity ( 150 ) —   —   ( 150 )
Total held-to-maturity securities $ 2,859,826   $ 193   $ ( 392,078 ) $ 2,467,941  

December 31, 2025
Held-to-Maturity
U.S. government-sponsored entities and agencies $ 840,435   $ —   $ ( 129,526 ) $ 710,909  
Mortgage-backed securities - Agency 910,323   —   ( 127,505 ) 782,818  
States and political subdivisions 1,144,880   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.
15

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
March 31,
(dollars in thousands) 2026 2025
Proceeds $ 162,301   $ 70,959  
Realized gains 810   79  
Realized losses ( 735 ) ( 155 )

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.

  March 31, 2026
(dollars in thousands) Amortized
Cost Fair
Value Weighted
Average
Yield
Maturity
Available-for-Sale      
Within one year $ 610,555   $ 613,320   5.23   %
One to five years 6,085,919   5,992,346   4.56  
Five to ten years 4,288,476   3,849,168   3.15  
Beyond ten years 1,221,047   991,228   2.97  
Total $ 12,205,997   $ 11,446,062   3.94   %
Held-to-Maturity
Within one year $ 123   $ 118   2.28   %
One to five years 55,565   51,615   2.03  
Five to ten years 1,594,637   1,394,616   2.58  
Beyond ten years 1,209,501   1,021,592   2.80  
Total $ 2,859,826   $ 2,467,941   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 months 12 months or longer Total
(dollars in thousands) Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses Fair
Value Unrealized Losses
March 31, 2026
Available-for-Sale
U.S. Treasury $ 9,957   $ ( 36 ) $ 183,081   $ ( 12,089 ) $ 193,038   $ ( 12,125 )
U.S. government-sponsored entities
   and agencies 171,027   ( 1,262 ) 1,161,922   ( 140,348 ) 1,332,949   ( 141,610 )
Mortgage-backed securities - Agency 1,934,393   ( 17,496 ) 3,024,977   ( 503,097 ) 4,959,370   ( 520,593 )
States and political subdivisions 38,460   ( 342 ) 149,821   ( 19,985 ) 188,281   ( 20,327 )
Pooled trust preferred securities —   —   11,799   ( 2,024 ) 11,799   ( 2,024 )
Other securities 19,499   ( 91 ) 102,173   ( 4,877 ) 121,672   ( 4,968 )
Total available-for-sale $ 2,173,336   $ ( 19,227 ) $ 4,633,773   $ ( 682,420 ) $ 6,807,109   $ ( 701,647 )

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 - Agency 252,875   ( 953 ) 3,157,476   ( 486,252 ) 3,410,351   ( 487,205 )
States and political subdivisions 6,561   ( 17 ) 234,389   ( 17,269 ) 240,950   ( 17,286 )
Pooled trust preferred securities —   —   11,734   ( 2,085 ) 11,734   ( 2,085 )
Other securities 1,766   ( 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 months 12 months or longer Total
(dollars in thousands) Fair
Value Unrecognized
Losses Fair
Value Unrecognized
Losses Fair
Value Unrecognized
Losses
March 31, 2026
Held-to-Maturity
U.S. government-sponsored entities
   and agencies $ —   $ —   $ 688,597   $ ( 135,135 ) $ 688,597   $ ( 135,135 )
Mortgage-backed securities - Agency —   —   763,724   ( 132,604 ) 763,724   ( 132,604 )
States and political subdivisions 48,602   ( 957 ) 930,306   ( 123,382 ) 978,908   ( 124,339 )
Total held-to-maturity $ 48,602   $ ( 957 ) $ 2,382,627   $ ( 391,121 ) $ 2,431,229   $ ( 392,078 )

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 $ 90.4 million at March 31, 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 March 31, 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 March 31, 2026 and December 31, 2025. Accrued interest receivable on the securities portfolio is excluded from the estimate of credit losses and totaled $ 58.2 million at March 31, 2026 and $ 70.1 million at December 31, 2025.
At March 31, 2026, Old National’s securities portfolio consisted of 2,995 securities, 2,211 of which were in an unrealized loss position. The unrealized 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 March 31, 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 months ended March 31, 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 $ 125.6 million at March 31, 2026 and $ 128.9  million at December 31, 2025. There were losses on equity securities of $ 0.7 million during the three months ended March 31, 2026, compared to gains on equity securities of $ 0.1 million during the three months ended March 31, 2025.
Alternative Investments
Old National has alternative investments without readily determinable fair values that are included in other assets totaling $ 1.0 billion at both March 31, 2026 and December 31, 2025. These investments consisted of $ 611.1 million of illiquid investments in partnerships, limited liability companies, and other ownership interests that support affordable housing and $ 405.7 million of economic development and community revitalization initiatives in low-to-moderate income neighborhoods at March 31, 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 months ended March 31, 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 March 31, 2026, these loans totaled $ 3.6 billion, of which $ 1.8 billion had been sold to other financial institutions and $ 1.8 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 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.
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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)
March 31, 2026
Commercial (1)
$ 15,617,656   $ ( 226,663 ) $ 15,390,993  
Commercial real estate 22,192,900   ( 185,110 ) 22,007,790  
BBCC N/A 411,773   411,773  
Residential real estate 8,621,409   —   8,621,409  
Consumer 3,299,879   ( 3,299,879 ) N/A
Indirect N/A 1,122,414   1,122,414  
Direct N/A 627,602   627,602  
Home equity N/A 1,549,863   1,549,863  
Total loans (2)
$ 49,731,844   $ —   $ 49,731,844  
Allowance for credit losses on loans ( 574,358 ) —   ( 574,358 )
Net loans $ 49,157,486   $ —   $ 49,157,486  

December 31, 2025
Commercial (1)
$ 14,983,861   $ ( 220,410 ) $ 14,763,451  
Commercial real estate 22,050,007   ( 175,670 ) 21,874,337  
BBCC N/A 396,080   396,080  
Residential real estate 8,467,496   —   8,467,496  
Consumer 3,262,798   ( 3,262,798 ) N/A
Indirect N/A 1,075,235   1,075,235  
Direct N/A 649,297   649,297  
Home equity N/A 1,538,266   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 $ 65.7 million at March 31, 2026 and $ 75.1  million at December 31, 2025.
(2)    Includes unamortized premiums and discounts, and unamortized deferred fees and costs of $ 497.7  million at March 31, 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.
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
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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 255 %, 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 March 31, 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.
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
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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.
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 Charge-offs Recoveries Provision
for Loan
Losses Balance at
End of
Period

Three Months Ended March 31, 2026
Commercial $ 244,670   $ ( 23,514 ) $ 3,391   $ 20,093   $ 244,640  
Commercial real estate 268,332   ( 8,467 ) 408   6,524   266,797  
BBCC 2,371   ( 810 ) 122   1,096   2,779  
Residential real estate 34,394   ( 312 ) 66   5,616   39,764  
Indirect 8,021   ( 1,812 ) 676   1,424   8,309  
Direct 2,478   ( 2,291 ) 507   1,718   2,412  
Home equity 9,254   ( 101 ) 121   383   9,657  
Total $ 569,520   $ ( 37,307 ) $ 5,291   $ 36,854   $ 574,358  
Three Months Ended March 31, 2025
Commercial $ 148,722   $ ( 9,311 ) $ 1,280   $ 16,896   $ 157,587  
Commercial real estate 200,309   ( 11,660 ) 270   9,191   198,110  
BBCC 2,813   ( 4 ) 300   ( 414 ) 2,695  
Residential real estate 22,922   ( 30 ) 88   1,234   24,214  
Indirect 8,434   ( 1,934 ) 439   2,124   9,063  
Direct 2,304   ( 1,601 ) 512   838   2,053  
Home equity 7,018   —   35   1,157   8,210  
Total $ 392,522   $ ( 24,540 ) $ 2,924   $ 31,026   $ 401,932  

The allowance for credit losses on loans at March 31, 2026 included the impact of acquisition accounting adjustments and provision related to the Bremer acquisition which was completed on May 1, 2025. Accrued interest receivable on loans is excluded from the estimate of credit losses and totaled $ 229.7 million at March 31, 2026, compared to $ 228.6 million at December 31, 2025.
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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
March 31,
(dollars in thousands) 2026 2025
Allowance for credit losses on unfunded loan commitments:
Balance at beginning of period $ 35,633   $ 21,654  

Provision (release) for credit losses on unfunded loan
   commitments ( 1,908 ) 377  
Balance at end of period $ 33,725   $ 22,031  

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 Year Revolving to Term
2026 2025 2024 2023 2022 Prior Revolving Total
March 31, 2026
Commercial:

Pass $ 982,378   $ 3,084,951   $ 1,779,772   $ 1,089,569   $ 1,003,524   $ 2,059,091   $ 3,467,227   $ 755,404   $ 14,221,916  
Special Mention 7,636   27,694   86,189   94,446   27,965   12,715   107,431   44,770   408,846  
Classified:
Substandard 3,400   16,200   80,889   106,733   42,078   115,427   133,529   72,705   570,961  
Nonaccrual —   166   630   4,608   9,548   3,359   13,037   3,146   34,494  
Doubtful —   1,954   8,363   35,346   30,360   21,497   10,631   46,625   154,776  
Total $ 993,414   $ 3,130,965   $ 1,955,843   $ 1,330,702   $ 1,113,475   $ 2,212,089   $ 3,731,855   $ 922,650   $ 15,390,993  

Commercial real estate:

Pass $ 941,673   $ 3,801,635   $ 2,333,140   $ 2,353,282   $ 3,011,249   $ 6,534,640   $ 172,334   $ 952,521   $ 20,100,474  
Special Mention 1,907   4,405   12,284   56,416   96,422   210,910   733   1,907   384,984  
Classified:
Substandard —   38,756   81,680   240,773   431,589   416,458   24,284   72,462   1,306,002  
Nonaccrual —   —   5,098   568   1,974   11,365   —   30,902   49,907  
Doubtful —   —   1,894   45,631   39,825   57,182   —   21,891   166,423  
Total $ 943,580   $ 3,844,796   $ 2,434,096   $ 2,696,670   $ 3,581,059   $ 7,230,555   $ 197,351   $ 1,079,683   $ 22,007,790  

BBCC:

Pass $ 20,491   $ 55,414   $ 50,695   $ 47,526   $ 32,387   $ 96,860   $ 65,950   $ 24,184   $ 393,507  
Special Mention 317   —   641   289   470   1,695   2,780   4,006   10,198  
Classified:
Substandard 23   81   228   659   256   652   271   2,239   4,409  
Nonaccrual —   —   —   804   77   716   —   1,013   2,610  
Doubtful —   —   —   558   84   228   —   179   1,049  
Total $ 20,831   $ 55,495   $ 51,564   $ 49,836   $ 33,274   $ 100,151   $ 69,001   $ 31,621   $ 411,773  

Origination Year Revolving to Term
2025 2024 2023 2022 2021 Prior Revolving Total
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 Mention 23,368   84,827   88,803   18,830   7,878   8,161   82,334   14,990   329,191  
Classified:
Substandard 16,253   89,293   113,232   62,649   68,265   56,616   129,209   85,729   621,246  
Nonaccrual 140   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 Mention 12,351   20,695   85,266   97,148   102,821   107,590   16,239   24,962   467,072  
Classified:
Substandard 14,773   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:
Substandard 86   191   474   304   26   724   203   2,877   4,885  
Nonaccrual 50   —   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  

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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 Year Revolving to Term
(dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Total
March 31, 2026
Residential real estate:
Risk Rating:
Performing $ 145,294   $ 1,115,143   $ 501,045   $ 531,452   $ 1,628,492   $ 4,627,271   $ —   $ 588   $ 8,549,285  
Nonperforming —   3,569   5,255   11,208   18,681   33,411   —   —   72,124  
Total $ 145,294   $ 1,118,712   $ 506,300   $ 542,660   $ 1,647,173   $ 4,660,682   $ —   $ 588   $ 8,621,409  

Indirect:
Risk Rating:
Performing $ 163,228   $ 391,040   $ 264,802   $ 148,719   $ 103,836   $ 44,684   $ 149   $ —   $ 1,116,458  
Nonperforming —   880   1,508   1,508   1,261   799   —   —   5,956  
Total $ 163,228   $ 391,920   $ 266,310   $ 150,227   $ 105,097   $ 45,483   $ 149   $ —   $ 1,122,414  

Direct:
Risk Rating:
Performing $ 14,169   $ 66,961   $ 48,968   $ 44,447   $ 61,716   $ 131,793   $ 249,173   $ 4,897   $ 622,124  
Nonperforming —   5   263   477   1,409   2,654   —   670   5,478  
Total $ 14,169   $ 66,966   $ 49,231   $ 44,924   $ 63,125   $ 134,447   $ 249,173   $ 5,567   $ 627,602  

Home equity:
Risk Rating:
Performing $ —   $ 11   $ 71   $ 302   $ 1,194   $ 15,632   $ 1,447,098   $ 66,413   $ 1,530,721  
Nonperforming —   40   40   44   921   4,552   420   13,125   19,142  
Total $ —   $ 51   $ 111   $ 346   $ 2,115   $ 20,184   $ 1,447,518   $ 79,538   $ 1,549,863  

Origination Year Revolving to Term
2025 2024 2023 2022 2021 Prior Revolving Total
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  
Nonperforming 1,639   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  
Nonperforming 574   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  
Nonperforming 43   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  
Nonperforming 42   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  

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The following table summarizes the gross charge-offs of loans by loan portfolio segment and origination year:

Origination Year
(dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Total

Three Months Ended March 31, 2026
Commercial $ —   $ 4,243   $ 10,600   $ 5,617   $ 2,072   $ 591   $ 391   $ 23,514  
Commercial real estate —   —   —   2,070   1,575   4,822   —   8,467  
BBCC —   50   289   180   291   —   —   810  
Residential real estate —   —   —   —   26   286   —   312  
Indirect —   469   465   437   360   81   —   1,812  
Direct —   188   335   152   316   926   374   2,291  
Home equity —   —   —   —   —   —   101   101  
Total gross charge-offs $ —   $ 4,950   $ 11,689   $ 8,456   $ 4,640   $ 6,706   $ 866   $ 37,307  

Origination Year
2025 2024 2023 2022 2021 Prior Revolving Total
Three Months Ended March 31, 2025
Commercial $ —   $ 422   $ 4,119   $ 4,086   $ 6   $ 678   $ —   $ 9,311  
Commercial real estate —   —   303   751   7,996   2,610   —   11,660  
BBCC —   —   —   —   4   —   —   4  
Residential real estate —   —   —   —   —   30   —   30  
Indirect —   699   677   387   100   71   —   1,934  
Direct 43   130   110   443   538   337   —   1,601  
Home equity —   —   —   —   —   —   —   —  
Total gross charge-offs $ 43   $ 1,251   $ 5,209   $ 5,667   $ 8,644   $ 3,726   $ —   $ 24,540  

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 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.
25

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 Current Total
Loans
March 31, 2026
Commercial $ 14,923   $ 4,498   $ 69,617   $ 89,038   $ 15,301,955   $ 15,390,993  
Commercial real estate 38,698   7,333   92,763   138,794   21,868,996   22,007,790  
BBCC 1,296   75   1,009   2,380   409,393   411,773  
Residential 51,652   9,188   34,435   95,275   8,526,134   8,621,409  
Indirect 8,167   1,565   1,940   11,672   1,110,742   1,122,414  
Direct 3,164   684   2,854   6,702   620,900   627,602  
Home equity 6,491   2,760   7,661   16,912   1,532,951   1,549,863  
Total $ 124,391   $ 26,103   $ 210,279   $ 360,773   $ 49,371,071   $ 49,731,844  

December 31, 2025
Commercial $ 23,702   $ 7,200   $ 68,776   $ 99,678   $ 14,663,773   $ 14,763,451  
Commercial real estate 20,870   8,151   122,781   151,802   21,722,535   21,874,337  
BBCC 1,297   1,359   463   3,119   392,961   396,080  
Residential 45,817   13,650   40,512   99,979   8,367,517   8,467,496  
Indirect 8,844   2,263   1,877   12,984   1,062,251   1,075,235  
Direct 3,644   1,605   1,762   7,011   642,286   649,297  
Home equity 7,186   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:

March 31, 2026 December 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 $ 189,270   $ 9,168   $ 1,601   $ 172,713   $ 9,665   $ 1,310  
Commercial real estate 216,330   64,634   2,057   244,395   57,647   —  
BBCC 3,659   —   190   2,994   —   177  
Residential 72,124   —   181   73,806   —   599  
Indirect 5,956   —   64   5,802   —   203  
Direct 5,478   —   19   4,331   —   74  
Home equity 19,142   —   295   17,204   —   328  
Total $ 511,959   $ 73,802   $ 4,407   $ 521,245   $ 67,312   $ 2,691  

Interest income recognized on nonaccrual loans was insignificant during the three months ended March 31, 2026 and 2025.
26

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 Auto Other
March 31, 2026
Commercial $ 18,750   $ 153,748   $ 9,427   $ 4,653   $ 1,410  
Commercial real estate 210,578   3,353   1,212   —   113  
BBCC 2,577   610   254   218   —  
Residential 72,124   —   —   —   —  
Indirect —   —   —   5,956   —  
Direct 4,284   11   —   244   38  
Home equity 19,142   —   —   —   —  
Total loans $ 327,455   $ 157,722   $ 10,893   $ 11,071   $ 1,561  

December 31, 2025
Commercial $ 17,098   $ 131,107   $ 6,851   $ 5,411   $ 1,942  
Commercial real estate 237,984   3,381   1,238   —   116  
BBCC 1,364   832   269   260   —  
Residential 73,806   —   —   —   —  
Indirect —   —   —   5,802   —  
Direct 3,676   15   —   324   16  
Home equity 17,204   —   —   —   —  
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.
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 Total
Class of
Loans

Three Months Ended March 31, 2026
Commercial $ 17,267   $ —   0.1   %
Commercial real estate 23,529   4,592   0.1   %

Total $ 40,796   $ 4,592   0.1   %

Three Months Ended March 31, 2025
Commercial $ 13,945   $ —   0.1   %
Commercial real estate 27,383   —   0.2   %

Total $ 41,328   $ —   0.1   %

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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 Current Total
Loans
March 31, 2026
Commercial $ —   $ —   $ 2,954   $ 2,954   $ 44,579   $ 47,533  
Commercial real estate 3,299   —   —   3,299   81,619   84,918  

Total $ 3,299   $ —   $ 2,954   $ 6,253   $ 126,198   $ 132,451  

March 31, 2025
Commercial $ 4,607   $ —   $ 4,701   $ 9,308   $ 53,806   $ 63,114  
Commercial real estate 5,612   —   1,730   7,342   154,164   161,506  

Total $ 10,219   $ —   $ 6,431   $ 16,650   $ 207,970   $ 224,620  

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)

Three Months Ended March 31, 2026
Commercial 6.9 —
Commercial real estate 5.5 5.0

Total 6.0 5.0

Three Months Ended March 31, 2025
Commercial 6.8 —
Commercial real estate 9.8 —

Total 8.8 —

There were no new payment defaults on loans during the three months ended March 31, 2026 to borrowers whose loans were modified due to financial difficulties within the previous twelve months. There were payment defaults on $ 2.6  million of loans during the three months ended March 31, 2025 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 no t committed to lend any material additional funds to the borrowers whose loans were modified due to financial difficulties at March 31, 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 acquisition 103,546  
Non-credit discount at acquisition 75,826  
Par value of acquired loans at acquisition $ 2,055,598  

(1) Old National acquired Bremer effective May 1, 2025.
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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
March 31,
(dollars in thousands) 2026 2025
Operating lease cost Occupancy/Equipment expense $ 9,576   $ 8,199  
Finance lease cost:  
Amortization of right-of-use assets Occupancy expense 2,384   2,270  
Interest on lease liabilities Interest expense 230   229  

Sub-lease income Occupancy expense ( 107 ) ( 83 )
Total   $ 12,083   $ 10,615  

Supplemental balance sheet information related to leases was as follows:

(dollars in thousands) March 31,
2026 December 31,
2025
Operating Leases  
Operating lease right-of-use assets $ 204,165   $ 209,327  
Operating lease liabilities 220,947   226,624  

Finance Leases
Premises and equipment, net 20,484   23,950  
Other borrowings 22,385   25,798  

Weighted-Average Remaining Lease Term (in Years)
Operating leases 8.5 8.7
Finance leases 7.6 7.0

Weighted-Average Discount Rate
Operating leases 3.74   % 3.72   %
Finance leases 4.05   % 4.04   %

Supplemental cash flow information related to leases was as follows:

Three Months Ended
March 31,
(dollars in thousands) 2026 2025
Cash paid for amounts included in the measurement of lease liabilities:  
Operating cash flows from operating leases $ 10,092   $ 8,645  
Operating cash flows from finance leases 230   229  
Financing cash flows from finance leases 2,332   2,213  

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The following table presents a maturity analysis of the Company’s lease liability by lease classification at March 31, 2026:

(dollars in thousands) Operating
Leases Finance
Leases
2026 $ 30,056   $ 6,101  
2027 38,925   3,750  
2028 34,981   2,886  
2029 32,050   1,498  
2030 27,714   1,533  
Thereafter 96,797   10,447  
Total undiscounted lease payments 260,523   26,215  
Amounts representing interest ( 39,576 ) ( 3,830 )
Lease liability $ 220,947   $ 22,385  

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
March 31,
(dollars in thousands) 2026 2025
Balance at beginning of period $ 2,425,700   $ 2,175,251  
Acquisitions and adjustments 4,056   —  
Balance at end of period $ 2,429,756   $ 2,175,251  

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
March 31, 2026      
Core deposit $ 586,735   $ ( 189,206 ) $ 397,529  
Customer relationship 93,892   ( 34,758 ) 59,134  
Total other intangible assets $ 680,627   $ ( 223,964 ) $ 456,663