Old National Reports 24% EPS Growth from 2Q22, 11% on an Adjusted Basis1, Driven by Robust Commercial Loan Growth and

CEO COMMENTARY:

THIRD QUARTER HIGHLIGHTS2:

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 consumer and residential real estate loans

Old National Bancorp ("Old National") reported third quarter 2022 net income applicable to common shares of $136.1 million, or $0.47 per diluted common share.

Included in the third quarter were pre-tax charges of $22.7 million related to the February 15, 2022 merger with First Midwest. Excluding these charges and debt securities losses from the current quarter, adjusted net income was $150.4 million, or $0.51 per diluted common share.

•Period-end total loans3 were $30.5 billion at September 30, 2022, up 13.2% annualized from $29.6 billion at June 30, 2022, driven by strong commercial and consumer loan production.

•PPP loans decreased $38.1 million to $43.5 million at September 30, 2022, compared to June 30, 2022.

•Excluding PPP loans, total loans increased 13.7%, annualized, and total commercial loans increased 16.6%, annualized.

•Total commercial loan production in the third quarter was $2.4 billion; period-end commercial pipeline totaled $5.4 billion.

•Total consumer loans4 were $9.0 billion at September 30, 2022, up 7.1% annualized from June 30, 2022.

◦Consumer loans decreased $31.5 million, or 4.6% annualized, to $2.7 billion and residential mortgage loans grew $188.2 million, or 12.4% annualized, to $6.3 billion, driven by strong production.

•Average total loans in the third quarter were $29.9 billion, an increase of $1.0 billion from the second quarter of 2022.

•Period-end total deposits were $36.1 billion at September 30, 2022, compared to $35.5 billion at June 30, 2022.

•Increase in municipal deposits; commercial and retail deposits were stable.

•On average, total deposits for the third quarter were $35.8 billion, consistent with the second quarter of 2022.

•Net interest income on a fully taxable equivalent basis increased to $381.5 million in the third quarter of 2022 compared to $341.8 million in the second quarter of 2022, driven by higher interest rates, loan growth, and an additional day in the quarter, partially offset by lower accretion income on loans.

•Net interest margin on a fully taxable equivalent basis increased 38 bps to 3.71% compared to 3.33% for the second quarter of 2022.

•Accretion income on loans and borrowings was $25.4 million, or 25 bps of net interest margin, in the third quarter of 2022 compared to $35.0 million, or 34 bps of net interest margin, in the second quarter of 2022.

•Interest collected on nonaccrual loans was $1.2 million, or 1 bps of net interest margin, in the third quarter of 2022 compared to $3.2 million, or 3 bps of net interest margin, in the second quarter of 2022.

•Cost of total deposits was 0.12%, increasing 6 bps and the cost of total interest-bearing deposits increased 9 bps to 0.18% in the third quarter of 2022.

•Provision expense in the third quarter of 2022 was $11.3 million, compared to $9.2 million in the second quarter of 2022, reflecting strong loan growth.

•Net charge-offs in the third quarter were $7.6 million, or 10 bps of average loans compared to net charge-offs of $1.8 million in the second quarter of 2022, or 2 bps of average loans.

◦Net charge-offs include $5.9 million, or 8 bps of average loans, of charge-offs on PCD loans that had an allowance for credit losses established at acquisition.

•30+ day delinquencies were 0.22% at the end of the third quarter, compared to 0.17% at the end of the second quarter.

•Non-performing loans as a percentage of total loans were 0.81% compared to 0.78% at the end of the second quarter of 2022.

•Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. As of September 30, 2022, the remaining discount on these acquired loans was $112 million.

•The allowance for credit losses stood at $302.3 million, or 0.99% of total loans at September 30, 2022, compared to 0.97% at June 30, 2022.

•Total noninterest income for the third quarter of 2022 was $80.4 million, a decrease of $8.7 million from the second quarter of 2022.

•Wealth management fees were lower due to current market conditions and mortgage banking revenue continues to be impacted by the higher rate environment, as well as lower production and gain on sale margins.

•Other income for the second quarter of 2022 was elevated primarily due to equity investment returns and recoveries on previously charged-off acquired loans in addition to increased proceeds from company-owned life insurance.

•Noninterest expense for the third quarter of 2022 was $266.6 million and included $22.7 million of merger-related charges, as well as $2.7 million of tax credit amortization.

•Excluding these items, adjusted noninterest expense for the third quarter was $241.3 million, compared to $239.3 million in the second quarter of 2022, up due primarily to approximately $7 million of lower deferred loan origination costs and year-to-date incentive accrual true-up, as well as $4 million of provision for unfunded commitments due to loan growth and higher marketing expense.

•The third quarter efficiency ratio was 56.2%, while the adjusted efficiency ratio was 50.7% for the third quarter of 2022 compared to 62.7% and 53.9%, respectively, for the second quarter of 2022.

•On a fully taxable equivalent basis, income tax expense in the third quarter was $43.8 million, resulting in a 23.8% FTE tax rate, compared to 20.3% in the second quarter of 2022, reflective of higher pre-tax net income.

•Income tax expense included $3.1 million of tax credit benefit.

•Preliminary total risk-based capital was 11.84% and preliminary regulatory Tier 1 capital was 10.58%, impacted by strong loan growth, partly offset by retained earnings. In addition, total risk-based capital was impacted by the phase-out of $30 million of Tier 2 subordinated debt.

•Tangible common equity to tangible assets was 5.82% at the end of the third quarter compared to 6.20% in the second quarter of 2022, driven by the higher rate environment's impact on unrealized losses within the investment portfolio.

•The Company did not repurchase any shares of common stock during the quarter.

•A loan to deposit ratio of 84.7%, combined with existing funding sources plus available unencumbered, high-quality collateral, provides strong liquidity.

Old National has recently expanded into the Nashville, Tennessee area with the hiring of seven wealth management professionals. The experienced team, with an average tenure of over 20 years in wealth/investment services, will be led by Steve Cook, who will serve as Market President. This group will lead and operate a new wealth management office under the 1834 brand, which is the new high-net-worth brand of the Old National Wealth Group.

As previously disclosed on June 27, 2022, Old National Bank, a wholly-owned subsidiary of Old National Bancorp, entered into a Custodial Transfer and Asset Purchase Agreement with UMB Bank, n.a. (“UMB”), pursuant to which UMB will acquire Old National Bank’s business of acting as a qualified custodian for, and administering, health savings accounts. Old National Bank serves as custodian for health savings accounts comprised of both investment accounts and deposit accounts. Upon completion of the sale, UMB will pay Old National a premium on deposit account balances transferred at closing, or a premium of approximately $95 million based on September 30, 2022 balances. Regulatory approval for the sale has been received. Subject to customary closing conditions, the parties anticipate completing the sale in mid-November of 2022.

In early December, Old National will implement several enhancements to overdraft protection programs to provide clients with more flexibility. The changes will include the elimination of the non-sufficient fund ("NSF") fee when an item is returned, among other modifications that will benefit the consumer.

Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 25, 2022, to review third quarter 2022 financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations web page at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (844) 200-6205 or International (929) 526-1599, Access code 504244. A replay of the call will also be available from noon Central Time on October 25, 2022 through November 8, 2022. To access the replay, dial U.S. (866) 813-9403 or international +44 (204) 525-0658, Access code 902394.

Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the sixth largest commercial bank headquartered in the Midwest. With approximately $46 billion of assets and $27 billion of assets under management, Old National ranks among the top 35 banking companies based in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for eleven consecutive years.  Since its founding in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients and in the communities it serves. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment, and capital market services. For more information and financial data, please visit Investor Relations at oldnational.com.

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 of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity, all adjusted for certain notable items. These items include the CECL Day 1 non-PCD provision expense, merger related charges associated with completed acquisitions, ONB Way charges, and net securities gains. 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 and the CECL Day 1 non-PCD provision expense 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.

The Company presents loans excluding PPP loans. Management believes that excluding PPP loans is useful as it facilitates better comparability between periods. PPP loans are fully guaranteed by the Small Business Administration and are expected to be forgiven if the applicable criteria are met. Additionally, management believes excluding PPP loans from this item may enhance comparability for peer comparison.

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 pre-provision net revenues, adjusted 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, ONB Way charges and amortization of tax credit investments. Management believes that excluding these items from noninterest expense 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 previously provided tables and the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.

This communication contains 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 statements can be identified by the use of the words "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "should," 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. Factors that might cause such a difference include, but are not limited to: the continued impact of the COVID-19 pandemic on our business as well as the business of our customers; competition; government legislation, regulations and policies; ability of Old National to execute its business plan, including the completion of the integration related to the merger between Old National and First Midwest and the achievement of the synergies and other benefits from the merger; changes in economic conditions which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of our internal controls; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations; 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; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results or performance, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.