v3.26.1
LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES LEASES
Old National has operating and finance leases for land, office space, banking centers, and equipment. These leases are generally for periods of 5 to 30 years with various renewal options. We include certain renewal options in the measurement of our right-of-use assets and lease liabilities if they are reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.
Old National has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. Variable lease one-time costs that are not dependent upon an index or a rate are included in noninterest expense. For certain equipment leases, Old National accounts for the lease and non-lease components as a single lease component using the practical expedient available for that class of assets. Old National does not have any material sub-lease agreements.
The components of lease expense were as follows:
Affected Line
Item in the
Statement of Income		Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Operating lease costOccupancy/Equipment expense$9,505 $8,960 $19,081 $17,159 
Finance lease cost: 
Amortization of right-of-use assetsOccupancy expense2,139 2,276 4,523 4,546 
Interest on lease liabilitiesInterest expense207 212 437 441 
Sub-lease incomeOccupancy expense(115)(106)(222)(189)
Total $11,736 $11,342 $23,819 $21,957 
Supplemental balance sheet information related to leases was as follows:
(dollars in thousands)June 30,
2026		December 31,
2025
Operating Leases 
Operating lease right-of-use assets$197,907 $209,327 
Operating lease liabilities214,161 226,624 
Finance Leases
Premises and equipment, net18,345 23,950 
Other borrowings20,290 25,798 
Weighted-Average Remaining Lease Term (in Years)
Operating leases8.48.7
Finance leases7.97.0
Weighted-Average Discount Rate
Operating leases3.76 %3.72 %
Finance leases4.06 %4.04 %
Supplemental cash flow information related to leases was as follows:
Six Months Ended
June 30,
(dollars in thousands)20262025
Cash paid for amounts included in the measurement of lease liabilities: 
Operating cash flows from operating leases$20,146 $18,019 
Operating cash flows from finance leases437 441 
Financing cash flows from finance leases4,427 4,446 
The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2026:
(dollars in thousands)Operating
Leases		Finance
Leases
2026$20,240 $3,799 
202739,245 3,750 
202835,281 2,886 
202932,339 1,498 
203028,004 1,533 
Thereafter96,905 10,447 
Total undiscounted lease payments252,014 23,913 
Amounts representing interest(37,853)(3,623)
Lease liability$214,161 $20,290 
LEASES LEASES
Old National has operating and finance leases for land, office space, banking centers, and equipment. These leases are generally for periods of 5 to 30 years with various renewal options. We include certain renewal options in the measurement of our right-of-use assets and lease liabilities if they are reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.
Old National has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. Variable lease one-time costs that are not dependent upon an index or a rate are included in noninterest expense. For certain equipment leases, Old National accounts for the lease and non-lease components as a single lease component using the practical expedient available for that class of assets. Old National does not have any material sub-lease agreements.
The components of lease expense were as follows:
Affected Line
Item in the
Statement of Income		Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Operating lease costOccupancy/Equipment expense$9,505 $8,960 $19,081 $17,159 
Finance lease cost: 
Amortization of right-of-use assetsOccupancy expense2,139 2,276 4,523 4,546 
Interest on lease liabilitiesInterest expense207 212 437 441 
Sub-lease incomeOccupancy expense(115)(106)(222)(189)
Total $11,736 $11,342 $23,819 $21,957 
Supplemental balance sheet information related to leases was as follows:
(dollars in thousands)June 30,
2026		December 31,
2025
Operating Leases 
Operating lease right-of-use assets$197,907 $209,327 
Operating lease liabilities214,161 226,624 
Finance Leases
Premises and equipment, net18,345 23,950 
Other borrowings20,290 25,798 
Weighted-Average Remaining Lease Term (in Years)
Operating leases8.48.7
Finance leases7.97.0
Weighted-Average Discount Rate
Operating leases3.76 %3.72 %
Finance leases4.06 %4.04 %
Supplemental cash flow information related to leases was as follows:
Six Months Ended
June 30,
(dollars in thousands)20262025
Cash paid for amounts included in the measurement of lease liabilities: 
Operating cash flows from operating leases$20,146 $18,019 
Operating cash flows from finance leases437 441 
Financing cash flows from finance leases4,427 4,446 
The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2026:
(dollars in thousands)Operating
Leases		Finance
Leases
2026$20,240 $3,799 
202739,245 3,750 
202835,281 2,886 
202932,339 1,498 
203028,004 1,533 
Thereafter96,905 10,447 
Total undiscounted lease payments252,014 23,913 
Amounts representing interest(37,853)(3,623)
Lease liability$214,161 $20,290