
(dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Basis Adjustments (1)		Fair Value
June 30, 2026
Available-for-Sale
U.S. Treasury	$	260,430	$	—	$	(11,365)	$	(44,732)	$	204,333
U.S. government-sponsored entities and agencies	1,534,177		8		(139,013)		(66,355)		1,328,817
Mortgage-backed securities - Agency	10,076,294		36,276		(533,124)		—		9,579,446
States and political subdivisions	318,074		1,262		(15,543)		637		304,430
Pooled trust preferred securities	13,827		—		(951)		—		12,876
Other securities	156,568		750		(4,835)		—		152,483
Total available-for-sale securities	$	12,359,370	$	38,296	$	(704,831)	$	(110,450)	$	11,582,385

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.


(dollars in thousands)	Amortized Cost		Unrecognized Gains		Unrecognized Losses		Fair Value
June 30, 2026
Held-to-Maturity
U.S. government-sponsored entities and agencies	$	825,359	$	—	$	(137,815)	$	687,544
Mortgage-backed securities - Agency	881,022		—		(135,338)		745,684
States and political subdivisions	1,138,273		580		(103,723)		1,035,130

Allowance for securities held-to-maturity	(150)		—		—		(150)
Total held-to-maturity securities	$	2,844,504	$	580	$	(376,876)	$	2,468,208

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

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.


	June 30, 2026
(dollars in thousands)	Amortized Cost		Fair Value		Weighted Average Yield
Maturity
Available-for-Sale
Within one year	$	215,995	$	215,925	4.83	%
One to five years	3,718,906		3,615,549		4.12
Five to ten years	7,363,333		6,899,316		4.01
Beyond ten years	1,061,136		851,595		2.93
Total	$	12,359,370	$	11,582,385	3.97	%
Held-to-Maturity
Within one year	$	118	$	113	2.28	%
One to five years	55,759		51,623		2.03
Five to ten years	1,598,272		1,395,015		2.56
Beyond ten years	1,190,355		1,021,457		2.82
Total	$	2,844,504	$	2,468,208	2.66	%


	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2026
Available-for-Sale
U.S. Treasury	$	21,915	$	(32)	$	182,418	$	(11,333)	$	204,333	$	(11,365)
U.S. government-sponsored entities and agencies	183,666		(1,636)		1,143,200		(137,377)		1,326,866		(139,013)
Mortgage-backed securities - Agency	2,948,237		(29,525)		2,927,560		(503,599)		5,875,797		(533,124)
States and political subdivisions	20,816		(142)		146,548		(15,401)		167,364		(15,543)
Pooled trust preferred securities	—		—		12,876		(951)		12,876		(951)
Other securities	12,679		(24)		92,321		(4,811)		105,000		(4,835)
Total available-for-sale	$	3,187,313	$	(31,359)	$	4,504,923	$	(673,472)	$	7,692,236	$	(704,831)

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)


	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
June 30, 2026
Held-to-Maturity
U.S. government-sponsored entities and agencies	$	—	$	—	$	687,544	$	(137,815)	$	687,544	$	(137,815)
Mortgage-backed securities - Agency	—		—		745,684		(135,338)		745,684		(135,338)
States and political subdivisions	38,340		(1,429)		949,001		(102,294)		987,341		(103,723)
Total held-to-maturity	$	38,340	$	(1,429)	$	2,382,229	$	(375,447)	$	2,420,569	$	(376,876)

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 $86.9 million at June 30, 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.

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 June 30, 2026 and December 31, 2025. Accrued interest receivable on the securities portfolio is excluded from the estimate of credit losses and totaled $69.6 million at June 30, 2026 and $70.1 million at December 31, 2025.

At June 30, 2026, Old National’s securities portfolio consisted of 2,989 securities, 2,297 of which were in an unrealized or unrecognized loss position. The unrealized and unrecognized 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 June 30, 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 or six months ended June 30, 2026 or 2025.

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 $131.1 million at June 30, 2026 and $128.9 million at December 31, 2025. There were gains on equity securities of $0.3 million during the three months ended June 30, 2026 and losses on equity securities of $0.4 million during the six months ended June 30, 2026, respectively, compared to losses on equity securities of $0.6 million and $0.5 million during the three and six months ended June 30, 2025, respectively.

Old National has alternative investments without readily determinable fair values that are included in other assets totaling $1.1 billion at June 30, 2026 and $1.0 billion at December 31, 2025. These investments consisted of $645.5 million of illiquid investments in partnerships, limited liability companies, and other ownership interests that support affordable housing and $428.9 million of economic development and community revitalization initiatives in low-to-moderate income neighborhoods at June 30, 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 and six months ended June 30, 2026 and 2025. See Note 9 to the consolidated financial statements for detail regarding these investments.