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Form 8-K

sec.gov

8-K — OLD NATIONAL BANCORP /IN/

Accession: 0001628280-26-026389

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0000707179

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — onb-20260422.htm (Primary)

EX-99.1 (onb_exhibit991er1q26.htm)

GRAPHIC — ONB LOGO (capture.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: onb-20260422.htm · Sequence: 1

onb-20260422

Old National Bancorp /IN/0000707179FALSE00007071792026-04-222026-04-220000707179us-gaap:CommonStockMember2026-04-222026-04-220000707179us-gaap:SeriesAPreferredStockMember2026-04-222026-04-220000707179us-gaap:SeriesCPreferredStockMember2026-04-222026-04-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_________________________________________________________

FORM 8-K

_________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 22, 2026

_________________________________________________________

OLD NATIONAL BANCORP

(Exact name of Registrant as specified in its charter)

_________________________________________________________

Indiana 001-15817 35-1539838

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

One Main Street

Evansville, Indiana 47708

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (773) 765-7675

________________________________________________________

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 The NASDAQ Stock Market LLC

Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A ONBPP The NASDAQ Stock Market LLC

Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C ONBPO The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (s230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (s240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition.

On April 22, 2026, Old National Bancorp (the “Company”) issued a press release (“Press Release”) reporting its financial results for the first quarter 2026. The Press Release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. A slide presentation outlining first quarter of 2026 earnings, strategic developments, and the Company’s financial outlook will be available on the “Investor Relations” section of the Company’s website to complement the conference call to be held on April 22, 2026, at 9:00 a.m. Central Time and will be accessible at http://www.oldnational.com immediately before the conference call begins.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.    Description

99.1    Press Release issued by Old National Bancorp on April 22, 2026.

104        Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 22, 2026

OLD NATIONAL BANCORP

By: /s/ Nicholas J. Chulos

Nicholas J. Chulos

Executive Vice President,

Chief Legal Officer and Corporate Secretary

3

EX-99.1

EX-99.1

Filename: onb_exhibit991er1q26.htm · Sequence: 2

Document

Exhibit 99.1

Old National Bancorp Reports First Quarter 2026 Results

Evansville, Ind. (April 22, 2026)

Old National Bancorp (NASDAQ: ONB) reports 1Q26 net income applicable to common shares of $229.6 million, diluted EPS of $0.59; $237.7 million and $0.61 on an adjusted1 basis, respectively.

CEO COMMENTARY:

"Old National's first-quarter results reflect disciplined execution and a strong start to the year," said Chairman and CEO Jim Ryan. "We delivered strong loan growth, controlled expenses, and maintained strong credit, capital, and liquidity levels, while also taking decisive action on capital returns. Momentum across our businesses continues to build, and nothing we’re seeing changes our confidence in our full-year expectations."

FIRST QUARTER HIGHLIGHTS2:

Net Income

•Net income applicable to common shares of $229.6 million; adjusted net income applicable to common shares1 of $237.7 million

•Earnings per diluted common share ("EPS") of $0.59; adjusted EPS1 of $0.61

Net Interest Income/NIM

•Net interest income on a fully taxable equivalent basis1 of $580.4 million

•Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.55%, down 10 basis points ("bps")

Operating Performance

•Pre-provision net revenue1 ("PPNR") of $338.1 million; adjusted PPNR1 of $348.7 million

•Noninterest expense of $364.7 million; adjusted noninterest expense1 of $354.0 million

•Efficiency ratio1 of 48.3%; adjusted efficiency ratio1 of 45.7%

Deposits and Funding

•Period-end total deposits of $55.7 billion, up 4.2% annualized

•Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps; interest-bearing deposit costs of 224 bps, down 14 bps

Loans and Credit Quality

•End-of-period total loans3 of $49.8 billion, up $970.9 million or 8.0% annualized

•Provision for credit losses4 ("provision") of $34.9 million

•Net charge-offs of $32.0 million, or 26 bps of average loans; 19 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition

•30+ day delinquencies of 0.24% and nonaccrual loans of 1.03% of total loans

Return Profile & Capital

•Return on average tangible common equity1 ("ROATCE") of 18.4%; adjusted ROATCE1 of 19.0%

•Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 3 bps

•Repurchased 3.9 million shares of common stock during the quarter

Notable Items

•$7.3 million of pre-tax merger-related charges

•$3.4 million of pre-tax expense related to the distribution of excess pension plan assets5

1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Includes non-cash expense associated with the distribution of excess pension assets with the

resolution of the legacy First Midwest Bancorp, Inc. plan 6 Includes a loss associated with the termination of the Bremer pension plan 7 Represents the Company's estimate of its FDIC special assessment using the FDIC's updated estimate of losses to its Deposit Insurance Fund

RESULTS OF OPERATIONS2

Old National Bancorp reported first quarter 2026 net income applicable to common shares of $229.6 million, or $0.59 per diluted common share.

Included in first quarter results were pre-tax charges of $7.3 million for merger-related expenses, a $3.4 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan. Excluding these items and realized debt securities gains from the current quarter, adjusted net income1 was $237.7 million, or $0.61 per diluted common share.

DEPOSITS AND FUNDING

Increases in retail and commercial deposits more than offset seasonal outflows of public funds.

•Period-end total deposits were $55.7 billion, up 4.2% annualized.

•On average, total deposits for the first quarter were $55.1 billion, consistent with the fourth quarter of 2025.

•Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps.

•A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS

Loan growth driven by strong high quality commercial loan production.

•Period-end total loans3 were $49.8 billion, up $970.9 million or 8.0% annualized, including commercial and industrial loan growth of $633.8 million.

•Total commercial loan production in the first quarter was $3.3 billion, down 5%; record period-end commercial pipeline totaled $5.5 billion, up 14%.

•Average total loans in the first quarter were $49.2 billion, up 7.9% annualized.

CREDIT QUALITY

Credit quality continues to be a hallmark of Old National.

•Provision4 expense was $34.9 million compared to $32.7 million.

•Net charge-offs were $32.0 million, or 26 bps of average loans, compared to 27 bps.

◦Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 19 bps compared to 16 bps.

•30+ day delinquencies as a percentage of loans were 0.24% compared to 0.22%.

•Nonaccrual loans as a percentage of total loans were 1.03% compared to 1.07%.

•The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $608.1 million, or 1.22% of total loans, compared to $605.2 million, or 1.24% of total loans.

NET INTEREST INCOME AND MARGIN

Lower net interest income and margin compression reflective of the rate environment.

•Net interest income on a fully taxable equivalent basis1 decreased to $580.4 million compared to $588.8 million, driven by lower asset yields, partly offset by high quality loan growth and lower funding costs.

•Net interest margin on a fully taxable equivalent basis1 decreased 10 bps to 3.55%.

•Cost of total deposits was 1.72%, decreasing 8 bps and the cost of total interest-bearing deposits decreased 14 bps to 2.24%.

NONINTEREST INCOME

Strong wealth fees more than offset by seasonally lower bank fees as well as lower capital markets and mortgage fees which were elevated in the prior quarter.

•Total noninterest income was $122.3 million compared to $109.7 million, or $125.6 million excluding a $15.9 million pre-tax loss associated with the termination of the Bremer pension plan in the fourth quarter of 2025.

•Excluding the pension plan loss6 in the fourth quarter of 2025 and realized debt securities gains, noninterest income was down 2.6% driven by seasonally lower bank fees as well as lower capital markets and mortgage fees, which were elevated in the prior quarter, partly offset by strong wealth management fees.

2

NONINTEREST EXPENSE

100% realization of Bremer cost savings along with disciplined expense management drives record adjusted efficiency ratio.

•Noninterest expense was $364.7 million and included $7.3 million of merger-related charges as well as a $3.4 million non-cash expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan.

•Excluding the above noted items, adjusted noninterest expense1 decreased to $354.0 million, compared to $364.8 million excluding merger-related charges and a $3.0 million pre-tax reduction of previously accrued FDIC special assessment7 in the fourth quarter of 2025, driven by disciplined expense management and lower other expense which was elevated in the prior quarter.

•The efficiency ratio1 was 48.3%, while the adjusted efficiency ratio1 was 45.7% compared to 51.6% and 46.0%, respectively.

INCOME TAXES

•Income tax expense was $61.6 million, resulting in an effective tax rate of 20.9% compared to 20.2%. On an adjusted fully taxable equivalent ("FTE") basis1, the effective tax rate was 22.9% compared to 22.7%.

•Income tax expense included $8.7 million of tax credit benefit compared to $10.5 million.

CAPITAL

Capital ratios remain strong.

•Preliminary total risk-based capital up 86 bps to 13.71% and preliminary regulatory Tier 1 capital up 3 bps to 11.56%, as strong retained earnings drive capital, partly offset by growth in loans and share repurchases. In addition, total risk-based capital was impacted by the issuance of $450.0 million of subordinated notes during the quarter.

•Tangible common equity to tangible assets was 7.67% compared to 7.72%.

•The Company repurchased 3.9 million shares of common stock during the quarter.

CONFERENCE CALL AND WEBCAST

Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, April 22, 2026, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. The telephone replay will be available approximately one hour after completion of the call until midnight Eastern Time on May 6, 2026. To access the replay, dial U.S. (800) 770-2030 or International (609) 800-9909; Access code 9394540.

ABOUT OLD NATIONAL

Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $73 billion of assets and $39 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.

USE OF NON-GAAP FINANCIAL MEASURES

The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-

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related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, a pension plan gain/loss, FDIC special assessment expense, debt securities gains/losses, and CECL Day 1 non-PCD provision expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain/loss and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.

Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS

This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity

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needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the impact of purchase accounting with respect to the merger between Old National and Bremer (the “Merger”), or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

CONTACTS:

Media: Rick Jillson Investors: Lynell Durchholz

(812) 465-7267 (812) 464-1366

Rick.Jillson@oldnational.com

Lynell.Durchholz@oldnational.com

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``

Financial Highlights (unaudited)

($ and shares in thousands, except per share data)

Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Income Statement

Net interest income $ 572,573  $ 580,832  $ 574,609  $ 514,790  $ 387,643

FTE adjustment1,3

7,849  8,013  7,975  7,063  5,360

Net interest income - tax equivalent basis3

580,422  588,845  582,584  521,853  393,003

Provision for credit losses 34,946  32,745  26,738  106,835  31,403

Noninterest income 122,346  109,759  130,461  132,517  93,794

Noninterest expense 364,704  386,320  445,734  384,766  268,471

Net income applicable to common shareholders 229,638  212,589  178,533  121,375  140,625

Per Common Share Data

Weighted average diluted shares 388,054  389,550  390,496  361,436  321,016

EPS, diluted $ 0.59  $ 0.55  $ 0.46  $ 0.34  $ 0.44

Cash dividends 0.145  0.140  0.140  0.140  0.140

Dividend payout ratio2

25  % 25  % 30  % 41  % 32  %

Book value $ 21.40  $ 21.17  $ 20.64  $ 20.12  $ 19.71

Stock price 22.10  22.31  21.95  21.34  21.19

Tangible book value3

13.93  13.71  13.15  12.60  12.54

Performance Ratios

ROAA 1.29  % 1.21  % 1.03  % 0.77  % 1.08  %

ROAE 11.1  % 10.4  % 9.0  % 6.7  % 9.1  %

ROATCE3

18.4  % 17.8  % 15.9  % 12.0  % 15.0  %

NIM (FTE)3

3.55  % 3.65  % 3.64  % 3.53  % 3.27  %

Efficiency ratio3

48.3  % 51.6  % 58.8  % 55.8  % 53.7  %

NCOs to average loans 0.26  % 0.27  % 0.25  % 0.24  % 0.24  %

ACL on loans to EOP loans 1.15  % 1.17  % 1.19  % 1.18  % 1.10  %

ACL4 to EOP loans

1.22  % 1.24  % 1.26  % 1.24  % 1.16  %

NPLs to EOP loans 1.03  % 1.07  % 1.23  % 1.24  % 1.29  %

Balance Sheet (EOP)

Total loans $ 49,731,844 $ 48,764,162 $ 47,967,915 $ 47,902,819 $ 36,413,944

Total assets 73,002,651 72,151,967 71,210,162 70,979,805 53,877,944

Total deposits 55,672,472 55,088,195 55,006,184 54,357,683 41,034,572

Total borrowed funds 7,823,198 7,451,367 6,766,381 7,346,098 5,447,054

Total shareholders' equity 8,510,653 8,494,788 8,309,271 8,126,387 6,534,654

Capital Ratios3

Risk-based capital ratios (EOP):

Tier 1 common equity 11.11  % 11.08  % 11.02  % 10.74  % 11.62  %

Tier 1 capital 11.56  % 11.53  % 11.49  % 11.20  % 12.23  %

Total capital 13.71  % 12.85  % 12.78  % 12.59  % 13.68  %

Leverage ratio (average assets) 8.93  % 8.90  % 8.72  % 9.26  % 9.44  %

Equity to assets (averages) 11.79  % 11.73  % 11.48  % 11.38  % 12.01  %

TCE to TA 7.67  % 7.72  % 7.53  % 7.26  % 7.76  %

Nonfinancial Data

Full-time equivalent employees 4,948 4,971 5,243 5,313 4,028

Banking centers 346 346 351 351 280

1 Calculated using the federal statutory tax rate in effect of 21% for all periods.

2 Cash dividends per common share divided by net income per common share (basic).

3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

4 Includes the allowance for credit losses on loans and unfunded loan commitments.

March 31, 2026 capital ratios are preliminary.

FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets

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Income Statement (unaudited)

($ and shares in thousands, except per share data)

Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Interest income $ 877,391  $ 897,301  $ 917,192  $ 824,961  $ 630,399

Less: interest expense 304,818  316,469  342,583  310,171  242,756

Net interest income 572,573  580,832  574,609  514,790  387,643

Provision for credit losses 34,946  32,745  26,738  106,835  31,403

Net interest income

after provision for credit losses 537,627  548,087  547,871  407,955  356,240

Wealth and investment services fees 39,715  39,012  39,684  35,817  29,648

Service charges on deposit accounts 26,937  27,516  27,856  23,878  21,156

Debit card and ATM fees 12,038  13,178  13,197  12,922  9,991

Mortgage banking revenue 9,554  11,053  10,442  10,032  6,879

Capital markets income 11,016  13,080  12,629  7,114  4,506

Company-owned life insurance 7,561  7,099  7,565  6,625  5,381

Other income 15,450  (1,252) 19,081  36,170  16,309

Debt securities gains (losses), net 75  73  7  (41) (76)

Total noninterest income 122,346  109,759  130,461  132,517  93,794

Salaries and employee benefits 184,073  187,251  211,345  202,112  148,305

Occupancy 36,995  35,243  34,442  30,432  29,053

Equipment 12,075  14,184  12,703  12,566  8,901

Marketing 16,434  14,418  15,093  13,759  11,940

Technology 29,025  30,882  36,122  31,452  22,020

Communication 6,196  6,726  7,742  5,014  4,134

Professional fees 12,356  18,454  13,598  21,931  7,919

FDIC assessment 13,756  11,190  14,095  13,409  9,700

Amortization of intangibles 25,623  26,016  26,184  19,630  6,830

Amortization of tax credit investments 7,111  9,822  7,057  5,815  3,424

Other expense 21,060  32,134  67,353  28,646  16,245

Total noninterest expense 364,704  386,320  445,734  384,766  268,471

Income before income taxes 295,269  271,526  232,598  155,706  181,563

Income tax expense 61,597  54,903  50,031  30,298  36,904

Net income $ 233,672  $ 216,623  $ 182,567  $ 125,408  $ 144,659

Preferred dividends (4,034) (4,034) (4,034) (4,033) (4,034)

Net income applicable to common shares $ 229,638  $ 212,589  $ 178,533  $ 121,375  $ 140,625

EPS, diluted $ 0.59  $ 0.55  $ 0.46  $ 0.34  $ 0.44

Weighted Average Common Shares Outstanding

Basic 385,849 387,862 389,038 360,155 315,925

Diluted 388,054 389,550 390,496 361,436 321,016

Common shares outstanding (EOP) 386,315 389,662 390,768 391,818 319,236

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End of Period Balance Sheet (unaudited)

($ in thousands)

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Assets

Cash and due from banks $ 537,322  $ 591,645  $ 491,910  $ 637,556  $ 486,061

Money market and other interest-earning investments 1,216,826  1,234,532  1,190,707  1,171,015  753,719

Investments:

Treasury and government-sponsored agencies 2,371,903  2,427,371  2,402,375  2,445,733  2,364,170

Mortgage-backed securities 10,295,623  10,078,358  10,117,015  9,632,206  6,458,023

States and political subdivisions 1,454,444  1,570,888  1,579,802  1,590,272  1,589,555

Other securities 814,990  825,761  849,911  852,687  755,348

Total investments 14,936,960  14,902,378  14,949,103  14,520,898  11,167,096

Loans held-for-sale, at fair value 56,128  52,911  80,341  77,618  40,424

Loans:

Commercial 15,617,656  14,983,861  14,506,375  14,662,916  10,650,615

Commercial and agriculture real estate 22,192,900  22,050,007  22,083,734  21,879,785  16,135,327

Residential real estate 8,621,409  8,467,496  8,190,127  8,212,242  6,771,694

Consumer 3,299,879  3,262,798  3,187,679  3,147,876  2,856,308

Total loans 49,731,844  48,764,162  47,967,915  47,902,819  36,413,944

Allowance for credit losses on loans (574,358) (569,520) (572,178) (565,109) (401,932)

Premises and equipment, net 690,400  690,824  691,950  682,539  584,664

Goodwill and other intangible assets 2,886,419  2,907,986  2,926,960  2,944,372  2,289,268

Company-owned life insurance 1,054,824  1,051,009  1,044,780  1,046,693  859,211

Accrued interest receivable and other assets 2,466,286  2,526,040  2,438,674  2,561,404  1,685,489

Total assets $ 73,002,651  $ 72,151,967  $ 71,210,162  $ 70,979,805  $ 53,877,944

Liabilities and Equity

Noninterest-bearing demand deposits $ 12,927,096  $ 13,247,483  $ 12,691,658  $ 12,652,556  $ 9,186,314

Interest-bearing:

Checking and NOW accounts 10,969,731  10,740,919  11,162,121  10,554,889  8,237,335

Savings accounts 4,985,949  4,909,138  4,958,555  5,058,819  4,715,329

Money market accounts 16,871,237  16,529,631  17,032,446  16,880,190  11,638,653

Time deposits 9,918,459  9,661,024  9,161,404  9,211,229  7,256,941

Total deposits 55,672,472  55,088,195  55,006,184  54,357,683  41,034,572

Federal funds purchased and interbank borrowings 200,583  100,197  1  340,246  170

Securities sold under agreements to repurchase 264,518  261,366  277,594  297,637  290,256

Federal Home Loan Bank advances 6,026,801  6,237,375  5,663,361  5,835,918  4,514,354

Other borrowings 1,331,296  852,429  825,425  872,297  642,274

Total borrowed funds 7,823,198  7,451,367  6,766,381  7,346,098  5,447,054

Accrued expenses and other liabilities 996,328  1,117,617  1,128,326  1,149,637  861,664

Total liabilities 64,491,998  63,657,179  62,900,891  62,853,418  47,343,290

Preferred stock, common stock, surplus, and retained earnings 9,053,907  8,973,459  8,833,662  8,725,995  7,183,163

Accumulated other comprehensive income (loss), net of tax (543,254) (478,671) (524,391) (599,608) (648,509)

Total shareholders' equity 8,510,653  8,494,788  8,309,271  8,126,387  6,534,654

Total liabilities and shareholders' equity $ 73,002,651  $ 72,151,967  $ 71,210,162  $ 70,979,805  $ 53,877,944

8

Average Balance Sheet and Interest Rates (unaudited)

($ in thousands)

Three Months Ended Three Months Ended Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Average

Income1/

Yield/ Average

Income1/

Yield/ Average

Income1/

Yield/

Earning Assets: Balance Expense Rate Balance Expense Rate Balance Expense Rate

Money market and other interest-earning investments $ 1,215,029  $ 10,944  3.65  % $ 1,261,352  $ 12,411  3.90  % $ 791,067  $ 8,815  4.52  %

Investments:

Treasury and government-sponsored agencies 2,418,767  19,121  3.16  % 2,417,085  19,907  3.29  % 2,318,869  20,019  3.45  %

Mortgage-backed securities 10,267,648  107,465  4.19  % 10,148,898  106,935  4.21  % 6,287,825  54,523  3.47  %

States and political subdivisions 1,525,277  12,541  3.29  % 1,576,423  13,002  3.30  % 1,610,819  13,242  3.29  %

Other securities 839,943  13,377  6.37  % 836,161  12,006  5.74  % 770,839  10,512  5.45  %

Total investments 15,051,635  152,504  4.05  % 14,978,567  151,850  4.06  % 10,988,352  98,296  3.58  %

Loans:2

Commercial 15,305,376  233,440  6.10  % 14,658,743  237,687  6.49  % 10,397,991  165,595  6.37  %

Commercial and agriculture real estate 22,056,911  335,948  6.09  % 22,020,548  351,761  6.39  % 16,213,606  245,935  6.07  %

Residential real estate loans 8,534,092  98,953  4.64  % 8,310,815  95,981  4.62  % 6,815,091  67,648  3.97  %

Consumer 3,270,505  53,451  6.63  % 3,226,790  55,624  6.84  % 2,871,213  49,470  6.99  %

Total loans 49,166,884  721,792  5.88  % 48,216,896  741,053  6.14  % 36,297,901  528,648  5.83  %

Total earning assets $ 65,433,548  $ 885,240  5.42  % $ 64,456,815  $ 905,314  5.61  % $ 48,077,320  $ 635,759  5.30  %

Less: Allowance for credit losses on loans (573,105) (570,659) (398,765)

Non-earning Assets:

Cash and due from banks $ 548,932  $ 558,909  $ 372,428

Other assets 7,044,468  7,111,237  5,394,600

Total assets $ 72,453,843  $ 71,556,302  $ 53,445,583

Interest-Bearing Liabilities:

Checking and NOW accounts $ 10,966,236  $ 46,295  1.71  % $ 10,530,694  $ 47,987  1.81  % $ 8,026,407  $ 29,462  1.49  %

Savings accounts 4,920,639  3,011  0.25  % 4,915,822  3,410  0.28  % 4,692,239  3,608  0.31  %

Money market accounts 16,542,693  99,956  2.45  % 16,948,275  112,644  2.64  % 11,743,957  89,275  3.08  %

Time deposits 9,749,234  84,069  3.50  % 9,363,453  85,992  3.64  % 6,963,444  68,150  3.97  %

Total interest-bearing deposits 42,178,802  233,331  2.24  % 41,758,244  250,033  2.38  % 31,426,047  190,495  2.46  %

Federal funds purchased and interbank borrowings 3,634  23  2.57  % 4,593  54  4.66  % 148,130  1,625  4.45  %

Securities sold under agreements to repurchase 260,865  594  0.92  % 244,732  650  1.05  % 272,961  551  0.82  %

Federal Home Loan Bank advances 6,303,888  58,052  3.73  % 5,854,007  56,775  3.85  % 4,464,590  41,896  3.81  %

Other borrowings 1,172,559  12,818  4.43  % 836,908  8,957  4.25  % 675,759  8,189  4.91  %

Total borrowed funds 7,740,946  71,487  3.75  % 6,940,240  66,436  3.80  % 5,561,440  52,261  3.81  %

Total interest-bearing liabilities $ 49,919,748  $ 304,818  2.48  % $ 48,698,484  $ 316,469  2.58  % $ 36,987,487  $ 242,756  2.66  %

Noninterest-Bearing Liabilities and Shareholders' Equity:

Demand deposits $ 12,890,201  $ 13,318,459  $ 9,096,676

Other liabilities 1,099,674  1,148,292  944,935

Shareholders' equity 8,544,220  8,391,067  6,416,485

Total liabilities and shareholders' equity $ 72,453,843  $ 71,556,302  $ 53,445,583

Net interest rate spread 2.94  % 3.03  % 2.64  %

Net interest margin (GAAP) 3.50  % 3.60  % 3.23  %

Net interest margin (FTE)3

3.55  % 3.65  % 3.27  %

FTE adjustment $ 7,849  $ 8,013  $ 5,360

1 Interest income is reflected on a FTE basis.

2 Includes loans held-for-sale.

3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.

9

Asset Quality (EOP) (unaudited)

($ in thousands)

Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Allowance for credit losses:

Beginning allowance for credit losses on loans $ 569,520  $ 572,178  $ 565,109  $ 401,932  $ 392,522

Allowance established for acquired PCD loans —  —  13,104  90,442  —

Provision for credit losses on loans 36,854  29,450  24,003  99,263  31,026

Gross charge-offs (37,307) (35,131) (35,402) (29,954) (24,540)

Gross recoveries 5,291  3,023  5,364  3,426  2,924

NCOs (32,016) (32,108) (30,038) (26,528) (21,616)

Ending allowance for credit losses on loans $ 574,358  $ 569,520  $ 572,178  $ 565,109  $ 401,932

Beginning allowance for credit losses on unfunded commitments $ 35,633  $ 32,338  $ 29,603  $ 22,031  $ 21,654

Provision (release) for credit losses on unfunded commitments (1,908) 3,295  2,735  7,572  377

Ending allowance for credit losses on unfunded commitments $ 33,725  $ 35,633  $ 32,338  $ 29,603  $ 22,031

Allowance for credit losses $ 608,083  $ 605,153  $ 604,516  $ 594,712  $ 423,963

Provision for credit losses on loans $ 36,854  $ 29,450  $ 24,003  $ 99,263  $ 31,026

Provision (release) for credit losses on unfunded commitments (1,908) 3,295  2,735  7,572  377

Provision for credit losses $ 34,946  $ 32,745  $ 26,738  $ 106,835  $ 31,403

NCOs / average loans1

0.26  % 0.27  % 0.25  % 0.24  % 0.24  %

Average loans1

$ 49,157,096  $ 48,199,086  $ 48,153,186  $ 44,075,472  $ 36,284,059

EOP loans1

49,731,844  48,764,162  47,967,915  47,902,819  36,413,944

ACL on loans / EOP loans1

1.15  % 1.17  % 1.19  % 1.18  % 1.10  %

ACL / EOP loans1

1.22  % 1.24  % 1.26  % 1.24  % 1.16  %

Underperforming Assets:

Loans 90 days and over (still accruing) $ 4,407  $ 2,691  $ 1,525  $ 16,893  $ 6,757

Nonaccrual loans 511,959  521,245  590,820  594,709  469,211

Foreclosed assets 5,786  6,235  6,325  7,986  6,301

Total underperforming assets $ 522,152  $ 530,171  $ 598,670  $ 619,588  $ 482,269

Classified and Criticized Assets:

Nonaccrual loans $ 511,959  $ 521,245  $ 590,820  $ 594,709  $ 469,211

Substandard loans (still accruing) 1,881,374  1,759,221  1,881,294  1,969,260  1,479,630

Loans 90 days and over (still accruing) 4,407  2,691  1,525  16,893  6,757

Total classified loans - "problem loans" 2,397,740  2,283,157  2,473,639  2,580,862  1,955,598

Other classified assets 20,620  20,616  35,373  43,495  53,239

Special Mention 804,028  805,901  893,109  1,008,716  828,314

Total classified and criticized assets $ 3,222,388  $ 3,109,674  $ 3,402,121  $ 3,633,073  $ 2,837,151

Loans 30-89 days past due (still accruing) $ 114,038  $ 105,632  $ 83,030  $ 128,771  $ 72,517

Nonaccrual loans / EOP loans1

1.03  % 1.07  % 1.23  % 1.24  % 1.29  %

ACL / nonaccrual loans 119  % 116  % 102  % 100  % 90  %

Under-performing assets/EOP loans1

1.05  % 1.09  % 1.25  % 1.29  % 1.32  %

Under-performing assets/EOP assets 0.72  % 0.73  % 0.84  % 0.87  % 0.90  %

30+ day delinquencies/EOP loans1

0.24  % 0.22  % 0.18  % 0.30  % 0.22  %

1 Excludes loans held-for-sale.

10

Non-GAAP Measures (unaudited)

($ and shares in thousands, except per share data)

Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Earnings Per Share:

Net income applicable to common shares $ 229,638  $ 212,589  $ 178,533  $ 121,375  $ 140,625

Adjustments:

Merger-related charges 7,323  24,547  69,274  41,206  5,856

Tax effect1

(1,810) (5,896) (16,494) (11,337) (1,089)

Merger-related charges, net 5,513  18,651  52,780  29,869  4,767

Distribution of excess pension assets 3,394  —  —  —  —

Tax effect1

(839) —  —  —  —

Distribution of excess pension assets, net 2,555  —  —  —  —

Debt securities (gains) losses (75) (73) (7) 41  76

Tax effect1

19  18  2  (11) (14)

Debt securities (gains) losses, net (56) (55) (5) 30  62

Pension plan loss (gain) —  15,878  —  (21,001) —

Tax effect1

—  (3,814) —  5,778  —

Pension plan loss (gain), net —  12,064  —  (15,223) —

FDIC special assessment —  (2,994) —  —  —

Tax effect1

—  719  —  —  —

FDIC special assessment, net —  (2,275) —  —  —

CECL Day 1 non-PCD provision expense —  —  —  75,604  —

Tax effect1

—  —  —  (20,802) —

CECL Day 1 non-PCD provision expense, net —  —  —  54,802  —

Total adjustments, net 8,012  28,385  52,775  69,478  4,829

Net income applicable to common shares, adjusted $ 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

EPS, diluted $ 0.59  $ 0.55  $ 0.46  $ 0.34  $ 0.44

Adjusted EPS, diluted $ 0.61  $ 0.62  $ 0.59  $ 0.53  $ 0.45

NIM:

Net interest income $ 572,573  $ 580,832  $ 574,609  $ 514,790  $ 387,643

Add: FTE adjustment2

7,849  8,013  7,975  7,063  5,360

Net interest income (FTE) $ 580,422  $ 588,845  $ 582,584  $ 521,853  $ 393,003

Average earning assets $ 65,433,548  $ 64,456,815  $ 64,032,811  $ 59,061,249  $ 48,077,320

NIM (GAAP) 3.50  % 3.60  % 3.59  % 3.49  % 3.23  %

NIM (FTE) 3.55  % 3.65  % 3.64  % 3.53  % 3.27  %

Refer to last page of Non-GAAP reconciliations for footnotes.

11

Non-GAAP Measures (unaudited)

($ in thousands)

Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

PPNR:

Net interest income (FTE)2

$ 580,422  $ 588,845  $ 582,584  $ 521,853  $ 393,003

Add: Noninterest income 122,346  109,759  130,461  132,517  93,794

Total revenue (FTE) 702,768  698,604  713,045  654,370  486,797

Less: Noninterest expense (364,704) (386,320) (445,734) (384,766) (268,471)

PPNR $ 338,064  $ 312,284  $ 267,311  $ 269,604  $ 218,326

Adjustments:

Pension plan loss (gain) $ —  $ 15,878  $ —  $ (21,001) $ —

Debt securities (gains) losses (75) (73) (7) 41  76

Noninterest income adjustments (75) 15,805  (7) (20,960) 76

Adjusted noninterest income 122,271  125,564  130,454  111,557  93,870

Adjusted revenue $ 702,693  $ 714,409  $ 713,038  $ 633,410  $ 486,873

Adjustments:

Merger-related charges $ 7,323  $ 24,547  $ 69,274  $ 41,206  $ 5,856

FDIC Special Assessment —  (2,994) —  —  —

Distribution of excess pension assets 3,394  —  —  —  —

Noninterest expense adjustments 10,717  21,553  69,274  41,206  5,856

Adjusted total noninterest expense (353,987) (364,767) (376,460) (343,560) (262,615)

Adjusted PPNR $ 348,706  $ 349,642  $ 336,578  $ 289,850  $ 224,258

Efficiency Ratio:

Noninterest expense $ 364,704  $ 386,320  $ 445,734  $ 384,766  $ 268,471

Less: Amortization of intangibles (25,623) (26,016) (26,184) (19,630) (6,830)

Noninterest expense, excl. amortization of intangibles 339,081  360,304  419,550  365,136  261,641

Less: Amortization of tax credit investments (7,111) (9,822) (7,057) (5,815) (3,424)

Less: Noninterest expense adjustments (10,717) (21,553) (69,274) (41,206) (5,856)

Adjusted noninterest expense, excluding amortization $ 321,253  $ 328,929  $ 343,219  $ 318,115  $ 252,361

Total revenue (FTE)2

$ 702,768  $ 698,604  $ 713,045  $ 654,370  $ 486,797

Less: Debt securities (gains) losses (75) (73) (7) 41  76

Less: Pension plan loss (gain) —  15,878  —  (21,001) —

Total adjusted revenue $ 702,693  $ 714,409  $ 713,038  $ 633,410  $ 486,873

Efficiency Ratio 48.3  % 51.6  % 58.8  % 55.8  % 53.7  %

Adjusted Efficiency Ratio 45.7  % 46.0  % 48.1  % 50.2  % 51.8  %

Refer to last page of Non-GAAP reconciliations for footnotes.

12

Non-GAAP Measures (unaudited)

($ in thousands)

Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

ROAE and ROATCE:

Net income applicable to common shares $ 229,638  $ 212,589  $ 178,533  $ 121,375  $ 140,625

Amortization of intangibles 25,623  26,016  26,184  19,630  6,830

Tax effect1

(6,406) (6,504) (6,546) (4,908) (1,708)

Amortization of intangibles, net 19,217  19,512  19,638  14,722  5,122

Net income applicable to common shares, excluding intangibles amortization 248,855  232,101  198,171  136,097  145,747

Total adjustments, net (see pg.12) 8,012  28,385  52,775  69,478  4,829

Adjusted net income applicable to common shares, excluding intangibles amortization $ 256,867  $ 260,486  $ 250,946  $ 205,575  $ 150,576

Average shareholders' equity $ 8,544,220  $ 8,391,067  $ 8,168,575  $ 7,452,116  $ 6,416,485

Less: Average preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)

Average shareholders' common equity $ 8,300,501  $ 8,147,348  $ 7,924,856  $ 7,208,397  $ 6,172,766

Average goodwill and other intangible assets (2,894,824) (2,919,924) (2,931,319) (2,670,710) (2,292,526)

Average tangible shareholder's common equity $ 5,405,677  $ 5,227,424  $ 4,993,537  $ 4,537,687  $ 3,880,240

ROAE 11.1  % 10.4% 9.0% 6.7% 9.1%

ROAE, adjusted 11.5  % 11.8% 11.7% 10.6% 9.4%

ROATCE 18.4  % 17.8% 15.9% 12.0% 15.0%

ROATCE, adjusted 19.0  % 19.9% 20.1% 18.1% 15.5%

Refer to last page of Non-GAAP reconciliations for footnotes.

13

Non-GAAP Measures (unaudited)

($ in thousands)

As of

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Tangible Common Equity:

Shareholders' equity $ 8,510,653  $ 8,494,788  $ 8,309,271  $ 8,126,387  $ 6,534,654

Less: Preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)

Shareholders' common equity $ 8,266,934  $ 8,251,069  $ 8,065,552  $ 7,882,668  $ 6,290,935

Less: Goodwill and other intangible assets (2,886,419) (2,907,986) (2,926,960) (2,944,372) (2,289,268)

Tangible shareholders' common equity $ 5,380,515  $ 5,343,083  $ 5,138,592  $ 4,938,296  $ 4,001,667

Total assets $ 73,002,651  $ 72,151,967  $ 71,210,162  $ 70,979,805  $ 53,877,944

Less: Goodwill and other intangible assets (2,886,419) (2,907,986) (2,926,960) (2,944,372) (2,289,268)

Tangible assets $ 70,116,232  $ 69,243,981  $ 68,283,202  $ 68,035,433  $ 51,588,676

Risk-weighted assets3

$ 54,283,745  $ 53,617,620  $ 52,515,468  $ 52,517,871  $ 40,266,670

Tangible common equity to tangible assets 7.67  % 7.72  % 7.53  % 7.26  % 7.76  %

Tangible common equity to risk-weighted assets3

9.91  % 9.97  % 9.78  % 9.40  % 9.94  %

Tangible Common Book Value:

Common shares outstanding 386,315  389,662  390,768  391,818  319,236

Tangible common book value $ 13.93  $ 13.71  $ 13.15  $ 12.60  $ 12.54

1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).

2 Calculated using the federal statutory tax rate in effect of 21% for all periods.

3 March 31, 2026 figures are preliminary.

14

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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