v3.26.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Composition of Loans and Impact of Adoption The portfolio segment reclassifications follow:
Balance Sheet
Line Item		Portfolio
Segment
Reclassifications		Portfolio
Segment After
Reclassifications
(dollars in thousands)
June 30, 2026
Commercial (1)
$16,112,685 $(251,056)$15,861,629 
Commercial real estate22,535,229 (185,429)22,349,800 
BBCCN/A436,485 436,485 
Residential real estate8,760,832 — 8,760,832 
Consumer3,363,838 (3,363,838)N/A
IndirectN/A1,183,585 1,183,585 
DirectN/A597,607 597,607 
Home equityN/A1,582,646 1,582,646 
Total loans (2)
$50,772,584 $— $50,772,584 
Allowance for credit losses on loans(580,511)— (580,511)
Net loans$50,192,073 $— $50,192,073 
December 31, 2025
Commercial (1)
$14,983,861 $(220,410)$14,763,451 
Commercial real estate22,050,007 (175,670)21,874,337 
BBCCN/A396,080 396,080 
Residential real estate8,467,496 — 8,467,496 
Consumer3,262,798 (3,262,798)N/A
IndirectN/A1,075,235 1,075,235 
DirectN/A649,297 649,297 
Home equityN/A1,538,266 1,538,266 
Total loans (2)
$48,764,162 $— $48,764,162 
Allowance for credit losses on loans(569,520)— (569,520)
Net loans$48,194,642 $— $48,194,642 
(1)Includes direct finance leases of $58.8 million at June 30, 2026 and $75.1 million at December 31, 2025.
(2)    Includes unamortized premiums and discounts, and unamortized deferred fees and costs of $455.6 million at June 30, 2026 and $540.1 million at December 31, 2025.
Schedule of Activity in Allowance for Loan Losses Old National’s activity in the allowance for credit losses on loans by portfolio segment was as follows:
(dollars in thousands)Balance at
Beginning of
Period		Allowance
Established
for Acquired
PCD Loans		Charge-offsRecoveriesProvision
for Loan
Losses		Balance at
End of
Period
Three Months Ended June 30, 2026  
Commercial$244,640 $— $(19,638)$6,670 $22,182 $253,854 
Commercial real estate266,797 — (18,155)1,018 14,046 263,706 
BBCC2,779 — (486)118 550 2,961 
Residential real estate39,764 — (74)59 701 40,450 
Indirect8,309 — (1,395)661 (347)7,228 
Direct2,412 — (1,735)689 907 2,273 
Home equity9,657 — (57)78 361 10,039 
Total$574,358 $— $(41,540)$9,293 $38,400 $580,511 
Three Months Ended June 30, 2025
Commercial$157,587 $30,492 $(16,805)$973 $43,670 $215,917 
Commercial real estate198,110 59,611 (9,438)123 45,897 294,303 
BBCC2,695 — (53)99 (253)2,488 
Residential real estate24,214 148 (247)150 7,585 31,850 
Indirect9,063 6 (1,766)905 222 8,430 
Direct2,053 47 (1,480)701 1,243 2,564 
Home equity8,210 138 (165)475 899 9,557 
Total$401,932 $90,442 $(29,954)$3,426 $99,263 $565,109 
Six Months Ended June 30, 2026
Commercial$244,670 $— $(43,152)$10,061 $42,275 $253,854 
Commercial real estate268,332 — (26,622)1,426 20,570 263,706 
BBCC2,371 — (1,296)240 1,646 2,961 
Residential real estate34,394 — (386)124 6,318 40,450 
Indirect8,021 — (3,207)1,338 1,076 7,228 
Direct2,478 — (4,026)1,196 2,625 2,273 
Home equity9,254 — (158)199 744 10,039 
Total$569,520 $— $(78,847)$14,584 $75,254 $580,511 
Six Months Ended June 30, 2025
Commercial$148,722 $30,492 $(26,116)$2,253 $60,566 $215,917 
Commercial real estate200,309 59,611 (21,098)393 55,088 294,303 
BBCC2,813 — (57)399 (667)2,488 
Residential real estate22,922 148 (277)238 8,819 31,850 
Indirect8,434 6 (3,700)1,344 2,346 8,430 
Direct2,304 47 (3,081)1,213 2,081 2,564 
Home equity7,018 138 (165)510 2,056 9,557 
Total$392,522 $90,442 $(54,494)$6,350 $130,289 $565,109 
Old National’s activity in the allowance for credit losses on unfunded loan commitments was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Balance at beginning of period$33,725 $22,031 $35,633 $21,654 
Provision for credit losses on unfunded loan commitments
   acquired during the period		— 6,458 — 6,458 
Provision (release) for credit losses on unfunded loan
   commitments		(2,194)1,114 (4,102)1,491 
Balance at end of period$31,531 $29,603 $31,531 $29,603 
Schedule of Risk Category of Loans and Amortized Cost
The following table summarizes the amortized cost of term loans by risk category of commercial, commercial real estate, and BBCC loans by class of loan and origination year:
(dollars in thousands)Origination YearRevolving to Term
20262025202420232022PriorRevolvingTotal
June 30, 2026
Commercial:
Pass$1,871,092 $2,956,426 $1,671,586 $985,812 $836,604 $1,915,799 $3,702,028 $796,631 $14,735,978 
Special Mention26,182 31,903 95,687 72,440 20,039 11,691 121,703 8,147 387,792 
Classified:
Substandard6,033 12,860 75,756 100,408 30,899 102,488 127,855 103,241 559,540 
Nonaccrual— 748 2,256 2,440 631 4,422 — 12,471 22,968 
Doubtful— 8,884 10,627 31,482 27,869 23,644 9,571 43,274 155,351 
Total$1,903,307 $3,010,821 $1,855,912 $1,192,582 $916,042 $2,058,044 $3,961,157 $963,764 $15,861,629 
Commercial real estate:
Pass$2,222,955 $3,929,498 $2,334,253 $2,073,302 $2,790,586 $6,115,231 $151,653 $902,194 $20,519,672 
Special Mention2,669 14,374 14,760 28,664 90,982 143,033 3,681 8,244 306,407 
Classified:
Substandard1,002 36,595 116,300 308,911 398,088 423,298 8,395 61,581 1,354,170 
Nonaccrual— — 3,539 2,178 2,497 3,818 — 743 12,775 
Doubtful— — 2,968 32,617 35,095 68,465 — 17,631 156,776 
Total$2,226,626 $3,980,467 $2,471,820 $2,445,672 $3,317,248 $6,753,845 $163,729 $990,393 $22,349,800 
BBCC:
Pass$37,165 $53,988 $47,789 $42,235 $30,268 $94,373 $85,108 $27,457 $418,383 
Special Mention564 54 389 253 494 1,695 2,810 4,696 10,955 
Classified:
Substandard22 77 217 598 233 530 1,681 1,651 5,009 
Nonaccrual— — — 333 105 395 — 319 1,152 
Doubtful— — — — — 355 — 631 986 
Total$37,751 $54,119 $48,395 $43,419 $31,100 $97,348 $89,599 $34,754 $436,485 
Origination YearRevolving to Term
20252024202320222021PriorRevolvingTotal
December 31, 2025
Commercial:
Pass$3,073,330 $1,895,772 $1,186,468 $1,064,904 $619,076 $1,567,563 $3,458,502 $774,686 $13,640,301 
Special Mention23,368 84,827 88,803 18,830 7,878 8,161 82,334 14,990 329,191 
Classified:
Substandard16,253 89,293 113,232 62,649 68,265 56,616 129,209 85,729 621,246 
Nonaccrual140 1,617 6,003 7,053 1,001 654 8,659 1,944 27,071 
Doubtful— 7,337 34,925 27,218 2,409 24,547 — 49,206 145,642 
Total$3,113,091 $2,078,846 $1,429,431 $1,180,654 $698,629 $1,657,541 $3,678,704 $926,555 $14,763,451 
Commercial real estate:
Pass$3,746,158 $2,363,809 $2,510,901 $3,325,135 $1,945,116 $5,082,931 $169,450 $886,279 $20,029,779 
Special Mention12,351 20,695 85,266 97,148 102,821 107,590 16,239 24,962 467,072 
Classified:
Substandard14,773 34,761 184,806 294,789 116,261 321,725 45,692 120,284 1,133,091 
Nonaccrual— 4,721 1,282 6,905 5,442 24,308 — 23,642 66,300 
Doubtful— 3,120 23,039 38,716 22,966 60,503 — 29,751 178,095 
Total$3,773,282 $2,427,106 $2,805,294 $3,762,693 $2,192,606 $5,597,057 $231,381 $1,084,918 $21,874,337 
BBCC:
Pass$57,344 $53,469 $50,466 $35,366 $20,106 $75,805 $65,971 $20,036 $378,563 
Special Mention— 663 834 512 535 1,490 2,281 3,323 9,638 
Classified:
Substandard86 191 474 304 26 724 203 2,877 4,885 
Nonaccrual50 — 60 98 359 345 — 1,115 2,027 
Doubtful— — 463 205 — 31 — 268 967 
Total$57,480 $54,323 $52,297 $36,485 $21,026 $78,395 $68,455 $27,619 $396,080 
For residential real estate and consumer loan classes, Old National evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an on-going basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost of term residential real estate and consumer loans based on payment activity and origination year:
Origination YearRevolving to Term
(dollars in thousands)20262025202420232022PriorRevolvingTotal
June 30, 2026
Residential real estate:
Risk Rating:
Performing$577,590 $1,096,002 $469,884 $544,155 $1,606,443 $4,386,908 $— $578 $8,681,560 
Nonperforming156 5,299 5,484 10,839 18,409 39,085 — — 79,272 
Total$577,746 $1,101,301 $475,368 $554,994 $1,624,852 $4,425,993 $— $578 $8,760,832 
Indirect:
Risk Rating:
Performing$342,588 $354,289 $234,222 $128,792 $84,982 $33,017 $143 $— $1,178,033 
Nonperforming93 1,110 1,132 1,401 1,191 625 — — 5,552 
Total$342,681 $355,399 $235,354 $130,193 $86,173 $33,642 $143 $— $1,183,585 
Direct:
Risk Rating:
Performing$33,487 $61,641 $43,786 $39,378 $55,357 $133,931 $219,672 $5,525 $592,777 
Nonperforming13 11 228 346 1,467 2,545 6 214 4,830 
Total$33,500 $61,652 $44,014 $39,724 $56,824 $136,476 $219,678 $5,739 $597,607 
Home equity:
Risk Rating:
Performing$— $53 $71 $281 $1,193 $14,646 $1,467,822 $76,540 $1,560,606 
Nonperforming— — 40 64 871 4,465 2,539 14,061 22,040 
Total$— $53 $111 $345 $2,064 $19,111 $1,470,361 $90,601 $1,582,646 
Origination YearRevolving to Term
20252024202320222021PriorRevolvingTotal
December 31, 2025
Residential real estate:
Risk Rating:
Performing$955,730 $539,011 $584,626 $1,668,796 $1,960,186 $2,684,743 $— $598 $8,393,690 
Nonperforming1,639 5,684 10,409 17,917 5,328 32,829 — — 73,806 
Total$957,369 $544,695 $595,035 $1,686,713 $1,965,514 $2,717,572 $— $598 $8,467,496 
Indirect:
Risk Rating:
Performing$417,924 $296,068 $170,873 $124,182 $42,664 $17,567 $155 $— $1,069,433 
Nonperforming574 1,299 1,747 1,332 638 212 — — 5,802 
Total$418,498 $297,367 $172,620 $125,514 $43,302 $17,779 $155 $— $1,075,235 
Direct:
Risk Rating:
Performing$72,393 $54,308 $49,357 $53,343 $41,664 $132,876 $236,832 $4,193 $644,966 
Nonperforming43 404 435 402 345 2,691 — 11 4,331 
Total$72,436 $54,712 $49,792 $53,745 $42,009 $135,567 $236,832 $4,204 $649,297 
Home equity:
Risk Rating:
Performing$11 $71 $395 $1,227 $651 $16,913 $1,443,256 $58,538 $1,521,062 
Nonperforming42 40 45 938 95 3,359 546 12,139 17,204 
Total$53 $111 $440 $2,165 $746 $20,272 $1,443,802 $70,677 $1,538,266 
The following table summarizes the gross charge-offs of loans by loan portfolio segment and origination year:
Origination Year
(dollars in thousands)20262025202420232022PriorRevolvingTotal
Three Months Ended June 30, 2026
Commercial$478 $1,920 $124 $8,973 $1,657 $6,486 $— $19,638 
Commercial real estate— — — 2,713 4,610 10,832 — 18,155 
BBCC— — 36 357 93 — — 486 
Residential real estate— — — — — 74 — 74 
Indirect103 408 383 314 119 68 — 1,395 
Direct68 133 89 226 309 315 595 1,735 
Home equity— — — — — 57 — 57 
Total gross charge-offs$649 $2,461 $632 $12,583 $6,788 $17,832 $595 $41,540 
Origination Year
20252024202320222021PriorRevolvingTotal
Three Months Ended June 30, 2025
Commercial$— $6,459 $676 $6,970 $583 $2,117 $— $16,805 
Commercial real estate— — — 1,205 4,000 4,233 — 9,438 
BBCC— — 13 31 9 — — 53 
Residential real estate— — — — — 247 — 247 
Indirect12 631 557 317 193 56 — 1,766 
Direct171 205 223 300 304 251 26 1,480 
Home equity— — — — — 165 — 165 
Total gross charge-offs$183 $7,295 $1,469 $8,823 $5,089 $7,069 $26 $29,954 
Origination Year
20262025202420232022PriorRevolvingTotal
Six Months Ended June 30, 2026
Commercial$478 $6,163 $10,724 $14,590 $3,729 $7,077 $391 $43,152 
Commercial real estate— — — 4,783 6,185 15,654 — 26,622 
BBCC— 50 325 537 384 — — 1,296 
Residential real estate— — — — 26 360 — 386 
Indirect103 877 848 751 479 149 — 3,207 
Direct68 321 424 378 625 1,241 969 4,026 
Home equity— — — — — 57 101 158 
Total gross charge-offs$649 $7,411 $12,321 $21,039 $11,428 $24,538 $1,461 $78,847 
Origination Year
20252024202320222021PriorRevolvingTotal
Six Months Ended June 30, 2025
Commercial$— $6,881 $4,795 $11,056 $589 $2,795 $— $26,116 
Commercial real estate— — 303 1,956 11,996 6,843 — 21,098 
BBCC— — 13 31 13 — — 57 
Residential real estate— — — — — 277 — 277 
Indirect12 1,330 1,234 704 293 127 — 3,700 
Direct214 335 333 743 842 588 26 3,081 
Home equity— — — — — 165 — 165 
Total gross charge-offs$226 $8,546 $6,678 $14,490 $13,733 $10,795 $26 $54,494 
Schedule of Past Due Financing Receivables
The following table presents the aging of the amortized cost basis in past due loans by class of loans:
(dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due
90 Days or
More		Total
Past Due		CurrentTotal
Loans
June 30, 2026
Commercial$8,864 $9,604 $68,458 $86,926 $15,774,703 $15,861,629 
Commercial real estate14,771 26,215 57,736 98,722 22,251,078 22,349,800 
BBCC802 303 739 1,844 434,641 436,485 
Residential61,821 16,778 42,376 120,975 8,639,857 8,760,832 
Indirect8,345 2,122 1,662 12,129 1,171,456 1,183,585 
Direct11,900 1,077 2,778 15,755 581,852 597,607 
Home equity7,161 2,990 7,781 17,932 1,564,714 1,582,646 
Total$113,664 $59,089 $181,530 $354,283 $50,418,301 $50,772,584 
December 31, 2025
Commercial$23,702 $7,200 $68,776 $99,678 $14,663,773 $14,763,451 
Commercial real estate20,870 8,151 122,781 151,802 21,722,535 21,874,337 
BBCC1,297 1,359 463 3,119 392,961 396,080 
Residential45,817 13,650 40,512 99,979 8,367,517 8,467,496 
Indirect8,844 2,263 1,877 12,984 1,062,251 1,075,235 
Direct3,644 1,605 1,762 7,011 642,286 649,297 
Home equity7,186 2,956 8,307 18,449 1,519,817 1,538,266 
Total$111,360 $37,184 $244,478 $393,022 $48,371,140 $48,764,162 
Schedule of Nonaccrual and Past Due Loans
The following table presents the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan:
June 30, 2026December 31, 2025
(dollars in thousands)Nonaccrual
Amortized
Cost		Nonaccrual
With No
Related
Allowance		Past Due
90 Days or
More and
Accruing		Nonaccrual
Amortized
Cost		Nonaccrual
With No
Related
Allowance		Past Due
90 Days or
More and
Accruing
Commercial$178,319 $11,899 $984 $172,713 $9,665 $1,310 
Commercial real estate169,551 33,979 3,695 244,395 57,647 — 
BBCC2,138 — 162 2,994 — 177 
Residential79,272 — 127 73,806 — 599 
Indirect5,552 — 62 5,802 — 203 
Direct4,830 — 272 4,331 — 74 
Home equity22,040 — 1,530 17,204 — 328 
Total$461,702 $45,878 $6,832 $521,245 $67,312 $2,691 
The following table presents the amortized cost basis of collateral dependent loans by class of loan:
Type of Collateral
(dollars in thousands)Real
Estate		Blanket
Lien		Investment
Securities/Cash		AutoOther
June 30, 2026
Commercial$15,059 $147,640 $10,172 $2,796 $977 
Commercial real estate166,521 12 285 — 109 
BBCC1,253 483 246 156 — 
Residential79,272 — — — — 
Indirect— — — 5,552 — 
Direct4,149 6 — 235 34 
Home equity22,040 — — — — 
Total loans$288,294 $148,141 $10,703 $8,739 $1,120 
December 31, 2025
Commercial$17,098 $131,107 $6,851 $5,411 $1,942 
Commercial real estate237,984 3,381 1,238 — 116 
BBCC1,364 832 269 260 — 
Residential73,806 — — — — 
Indirect— — — 5,802 — 
Direct3,676 15 — 324 16 
Home equity17,204 — — — — 
Total loans$351,132 $135,335 $8,358 $11,797 $2,074 
Schedule of Activity in Trouble Debt Restructurings
The following table presents the amortized cost basis of financial difficulty modifications that were modified by class of loans and type of modification:
(dollars in thousands)Term
Extension		Payment
Delay		Interest
Rate
Reduction		Total
Class of
Loans
Three Months Ended June 30, 2026
Commercial$36,103 $— $— 0.2 %
Commercial real estate81,922 — — 0.4 %
Total$118,025 $— $— 0.2 %
Three Months Ended June 30, 2025
Commercial$39,797 $— $— 0.3 %
Commercial real estate44,835 — — 0.2 %
Total$84,632 $— $— 0.2 %
Six Months Ended June 30, 2026
Commercial$57,363 $— $6,383 0.4 %
Commercial real estate96,918 4,592 — 0.5 %
Total$154,281 $4,592 $6,383 0.3 %
Six Months Ended June 30, 2025
Commercial$94,248 $— $— 0.7 %
Commercial real estate146,609 — — 0.7 %
Total$240,857 $— $— 0.5 %
Old National monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following table presents the performance of financial difficulty modifications in the twelve months following modification:
(dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due
90 Days or
More		Total
Past Due		CurrentTotal
Loans
June 30, 2026
Commercial$— $— $18,479 $18,479 $45,267 $63,746 
Commercial real estate— 16,702 — 16,702 84,808 101,510 
Total$— $16,702 $18,479 $35,181 $130,075 $165,256 
June 30, 2025
Commercial$1,468 $2,449 $4,511 $8,428 $85,820 $94,248 
Commercial real estate6,311 — 4,566 10,877 135,732 146,609 
Total$7,779 $2,449 $9,077 $19,305 $221,552 $240,857 
The following table summarizes the nature of the financial difficulty modifications by class of loans:
Weighted-
Average
Term
Extension
(in months)		Weighted-
Average
Payment
Delay
(in months)		Weighted-
Average
Interest Rate
Reduction
Three Months Ended June 30, 2026
Commercial4.6—— %
Commercial real estate7.4—— %
Total6.6—— %
Three Months Ended June 30, 2025
Commercial6.5—— %
Commercial real estate9.8—— %
Total8.2—— %
Six Months Ended June 30, 2026
Commercial5.7—1.50 %
Commercial real estate7.35.0— %
Total6.75.01.50 %
Six Months Ended June 30, 2025
Commercial7.1—— %
Commercial real estate8.4—— %
Total7.9—— %
Schedule of Financing Receivable, Purchased with Credit Deterioration
Old National has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans at acquisition was as follows:
(dollars in thousands)
Bremer (1)
Purchase price of loans at acquisition$1,876,226 
Allowance for credit losses at acquisition103,546 
Non-credit discount at acquisition75,826 
Par value of acquired loans at acquisition$2,055,598 
(1)Old National acquired Bremer effective May 1, 2025.