Revenue: As of FY2026 Q1, the actual value is USD 999.74 M.

EPS: As of FY2026 Q1, the actual value is USD 0.59.

EBIT: As of FY2026 Q1, the actual value is USD -277.3 M.

Net Income

Net income applicable to common shares was $229.6 million for the first quarter of 2026. Adjusted net income applicable to common shares was $237.7 million for the same period.

Net Interest Income and Margin

Net interest income on a fully taxable equivalent basis decreased to $580.4 million from $588.8 million in the prior quarter. Net interest margin on a fully taxable equivalent basis decreased by 10 basis points to 3.55%.

Operating Performance

Pre-provision net revenue (PPNR) was $338.1 million, and adjusted PPNR was $348.7 million. Noninterest expense was $364.7 million, with adjusted noninterest expense at $354.0 million. The efficiency ratio was 48.3%, and the adjusted efficiency ratio was 45.7%.

Deposits and Funding

Period-end total deposits reached $55.7 billion, representing a 4.2% annualized increase. Average total deposits for the first quarter were $55.1 billion, consistent with the fourth quarter of 2025. Total deposit costs decreased by 8 basis points to 172 basis points, while interest-bearing deposit costs decreased by 14 basis points to 224 basis points. The loan to deposit ratio stood at 89%.

Loans

End-of-period total loans were $49.8 billion, an increase of $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%. The period-end commercial pipeline reached a record $5.5 billion, up 14%. Average total loans for the first quarter were $49.2 billion, up 7.9% annualized.

Credit Quality

Provision expense for credit losses was $34.9 million, compared to $32.7 million in the previous quarter. Net charge-offs were $32.0 million, or 26 basis points of average loans, a slight decrease from 27 basis points previously. Excluding purchased credit deteriorated (PCD) loans, net charge-offs to average loans were 19 basis points, compared to 16 basis points previously. 30+ day delinquencies as a percentage of loans were 0.24%, compared to 0.22% in the prior quarter. Nonaccrual loans as a percentage of total loans decreased to 1.03% from 1.07%. The allowance for credit losses, including unfunded loan commitments, was $608.1 million, or 1.22% of total loans, compared to $605.2 million, or 1.24% previously.

Noninterest Income

Total noninterest income was $122.3 million, compared to $109.7 million in the prior quarter. Excluding a $15.9 million pre-tax loss associated with the termination of the Bremer pension plan in the fourth quarter of 2025, noninterest income was $125.6 million. Noninterest income, excluding the pension plan loss and debt securities gains, was down 2.6% due to seasonally lower bank fees and reduced capital markets and mortgage fees.

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) basis, the effective tax rate was 22.9% compared to 22.7%. Income tax expense included an $8.7 million tax credit benefit, down from $10.5 million.

Capital

Preliminary total risk-based capital increased by 86 basis points to 13.71%. Preliminary regulatory Tier 1 capital increased by 3 basis points to 11.56%. Tangible common equity to tangible assets was 7.67%, compared to 7.72%. Old National Bancorp repurchased 3.9 million shares of common stock during the quarter.

Outlook / Guidance

Old National Bancorp’s Chairman and CEO, Jim Ryan, stated that the first-quarter results reflect disciplined execution and a strong start to the year. He indicated that momentum across their businesses continues to build. The company remains confident in its full-year expectations, as nothing observed has changed this outlook.