Financial Data and Key Metrics Changes - The company reported GAAP earnings for Q2 2022 of $0.38 per share, with adjusted EPS of $0.46 after excluding $36.6 million in merger expenses [8][15] - Total loan growth was 19%, with commercial loans growing 18% on an annualized basis, contributing to a 45 basis point margin expansion [10][16] - The adjusted efficiency ratio was approximately 54%, indicating effective cost management [9][29] Business Line Data and Key Metrics Changes - Consumer loan growth was 22%, driven by residential mortgages, while the investment portfolio decreased by approximately $200 million quarter-over-quarter [16][17] - The commercial loan pipeline ended at a record $5.9 billion, reflecting a 9% increase over Q1 [19] - New money yields on commercial and industrial (C&I) loans increased by 80 basis points to 4.2% [20] Market Data and Key Metrics Changes - The company maintained stable deposits quarter-over-quarter, with total cost of deposits at 6 basis points, up just 1 basis point from the prior quarter [22][23] - The investment portfolio yields improved significantly to 2.37%, with new money yield at 3.8% [18] Company Strategy and Development Direction - The company completed its systems and brand conversion, which is expected to accelerate model synergies [6][7] - The focus remains on organic growth and maintaining a strong commercial pipeline, despite potential challenges from declining business sentiment [13][37] - The company is targeting adjusted Q4 expenses of $227 million and expects to realize the majority of cost synergies by year-end [40] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding loan growth, despite potential slowing due to higher interest rates and declining sentiment [48][49] - The company is well-positioned to withstand economic challenges, with strong client balance sheets and a robust pipeline [11][13] - Credit conditions remain benign, with net charge-offs at a modest 2 basis points [32] Other Important Information - The company has over $1 billion in down rate protection to mitigate margin risks [26] - The CET1 ratio stands at 9.9%, reflecting a strong capital position [35] Q&A Session Summary Question: Loan growth outlook and client sentiment - Management noted that while there is cautious optimism for continued loan growth, higher interest rates and declining sentiment are factors to consider [48][49] Question: Deposit pricing pressure - Management acknowledged that pricing pressure is beginning to emerge, particularly from price-sensitive customers, but they believe they have a competitive advantage in their deposit franchise [51][52] Question: Expectations for deposits in the second half of the year - Management expects deposits may come under pressure as liquidity is deployed, but they are actively working to grow deposits [74] Question: Fee outlook amidst market pressures - Management indicated that fee lines are under pressure due to market fluctuations, but they remain optimistic about organic growth in wealth and brokerage [78] Question: Integration progress and client adaptation - Management reported that the data systems conversion went well, and clients have adapted effectively to the new systems [91]

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, 2022 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) (State or other jurisdiction of ...

| --- | --- | --- | --- | |-------|-------|------------------|-------| | | | | | | | | | | | | | 1st Quarter 2022 | | Forward-Looking Statements These materials contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of Old National's financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking state ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ 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 1-15817 OLD NATIONAL BANCORP (Exact name of the Registrant as specified in its charter) Indiana 35-1539838 (State or other ju ...

| --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | Forward-Looking Statements This communication includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Old National's future plans, objectives, performance, revenues, growth, profits, operating expenses or Old National's underlying assumptions; F ...

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 September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 ...

Old National Bancorp (NASDAQ:ONB) Q3 2021 Earnings Conference Call October 19, 2021 10:00 AM ET Company Participants Jim Ryan - Chairman and CEO Brendon Falconer - CFO James Sandgren - President and COO Conference Call Participants Ben Gerlinger - Hovde Group Scott Siefers - Piper Sandler Terry McEvoy - Stephens Chris McGratty - Keefe Bruyette & Woods Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ 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 1-15817 OLD NATIONAL BANCORP (Exact name of Registrant as specified in its charter) Indiana 35-1539838 (State or other ju ...

Financial Data and Key Metrics Changes - Adjusted earnings per share were $0.41, while GAAP earnings per share were $0.38, reflecting specific merger charges and debt securities gains [9][3] - Adjusted return on average tangible common equity was 14.6%, and the adjusted efficiency ratio was just under 58% [3] - Net interest income increased by $1.8 million quarter-over-quarter, primarily due to strong commercial loan growth [11] - Net interest margin climbed three basis points to 2.91% from the prior quarter [11] Business Line Data and Key Metrics Changes - Commercial loans, excluding PPP loans, grew by 11% during the quarter, with commercial production of $1.1 billion being the second highest on record [3][9] - Adjusted non-interest income was $51 million in Q2, a decrease of $4 million from Q1, primarily due to lower mortgage banking revenue [12] - Non-interest expense was $121 million, consistent with expectations and Q1 guidance [13] Market Data and Key Metrics Changes - Average deposits increased by 11%, while the growth in period-end balances moderated [11] - The investment portfolio increased slightly as deposit growth outpaced total loan growth [10] Company Strategy and Development Direction - The company is focused on integrating with First Midwest Bank, emphasizing cultural alignment and strategic fit [7] - Management is optimistic about loan growth, supported by a healthy $2.6 billion commercial pipeline [19] - The company plans to continue investing in talent, particularly in wealth and commercial sectors, which may slightly increase expenses in the latter half of the year [5][21] Management's Comments on Operating Environment and Future Outlook - Management noted that credit quality metrics remain benign, with total 30-day delinquencies falling to nine basis points [15] - The company expects continued pressure on net interest income due to the low interest rate environment, but this may be mitigated by earning asset growth [19] - Management remains cautious about the economic outlook, maintaining larger than normal qualitative reserves until more clarity is achieved [18] Other Important Information - The company has reduced reserves due to improved economic forecasts and stimulus programs, but still holds approximately 30% of reserves supported by qualitative adjustments [4][18] - The merger integration efforts are underway, with over 350 team members involved [7] Q&A Session Summary Question: Loan growth sustainability - Management attributes consistent loan growth to strong relationship banking and being proactive in client engagement during the pandemic [25][26] Question: Managing balance sheet growth vs. net interest margin - The company maintains strict risk-adjusted return hurdles for loans and continues to see strong spreads despite the low rate environment [28] Question: Competitive dynamics in commercial lending - Management acknowledges increased competition but remains disciplined in credit structure, with a robust pipeline for the second half of the year [36] Question: Impact of regulatory changes on merger approval - No changes or additional feedback from regulators have been noted, and the company continues to proceed with the merger [38] Question: Bond portfolio growth and reinvestment rates - The company plans to grow the investment portfolio as excess liquidity allows, with new business rates slightly down from previous averages [44] Question: Changes in commercial real estate outlook - Management believes the impact of the pandemic on commercial real estate will take time to fully materialize as leases expire [60] Question: Credit quality discussions with First Midwest - The transition between the two banks is expected to be smooth due to similar approaches to loan risk [65] Question: IT spending strategies post-merger - No material changes in IT spending are anticipated, with continued investment in technology deemed necessary for the combined organization [66]

| --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | Forward-Looking Statements This communication includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Old National's future plans, objectives, performance, revenues, growth, profits, operating expenses or Old National's underlying assumptions; F ...