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1. A regional bank like a smaller PNC Financial Services (PNC) for the Midwest.

2. The KeyCorp (KEY) of Indiana and surrounding Midwest states.

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• Deposit Accounts: Provides various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to securely manage their funds.
• Lending Services: Offers a broad range of loans including residential mortgages, home equity lines, personal loans, and commercial and industrial loans to individuals and businesses.
• Wealth Management: Delivers investment management, financial planning, trust and estate services, and private banking solutions to help clients achieve their financial goals.
• Treasury Management & Business Services: Offers businesses solutions such as payment processing, cash flow management, merchant services, and fraud prevention tools.

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• Consumer Banking Customers: This category includes individuals and households. They utilize services such as checking and savings accounts, personal loans, mortgages, home equity lines of credit, credit cards, and wealth management services.
• Small Business Banking Customers: This category comprises small to medium-sized enterprises (SMEs). They typically require business checking and savings accounts, small business loans, lines of credit, merchant services, and treasury management solutions tailored for smaller operations.
• Commercial and Corporate Banking Customers: This category includes larger businesses, corporations, and institutional clients. They seek more complex financial services such as commercial loans, commercial real estate financing, treasury management services, corporate credit cards, and specialized financing solutions.

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• Fiserv, Inc. (FI)
• Visa Inc. (V)
• Mastercard Incorporated (MA)

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James C. Ryan III, Chairman and Chief Executive Officer

James C. Ryan III was appointed CEO of Old National Bancorp in May 2019 and became Chairman of the Board in January 2020. He has held numerous executive leadership positions within Old National, including Senior Executive Vice President and Chief Financial Officer from 2016-2019, Director of Corporate Development and Mortgage Banking, Integration Executive, Treasurer, and Assistant Treasurer. Before joining Old National, he held senior finance roles at Wells Fargo Home Mortgage and Old Kent Financial Corp.

John V. Moran, Senior Executive Vice President and Chief Financial Officer

John V. Moran has served as the Chief Financial Officer of Old National Bancorp since 2024, having previously served as interim CFO. Prior to this, he was the Chief Strategy Officer for the company from 2021 to 2024 and Director of Corporate Development and Strategy from 2017 to 2019. Before rejoining Old National in 2021, Mr. Moran served as the Chief Financial Officer for NBT Bancorp. His earlier career included over 15 years in senior investment research positions at firms such as Macquarie Group, Cohen & Co., and Ryan Beck & Co.

Mark G. Sander, President and Chief Operating Officer

Mark G. Sander is the President and Chief Operating Officer of Old National Bancorp. Before joining Old National, he served as Chief Operating Officer and President at First Midwest. Prior to that, he held the position of Executive Vice President, Head of Commercial Banking at Associated Banc-Corp, where he was also a member of their Executive and Asset-Liability committees.

Matt Keen, Chief Information Officer

Matt Keen has been the Chief Information Officer of Old National Bancorp since July 2025. Prior to this role, he served as the Chief Information Officer at Bremer Bank.

Angela L. Putnam, Senior Vice President and Chief Accounting Officer

Angela L. Putnam has served as the Chief Accounting Officer and Senior Vice President of Old National Bancorp since 2022. Earlier in her career, she was the Vice President and Financial Reporting Manager for First Midwest from April 2013 to November 2014.

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The key risks to Old National Bancorp's business operations primarily revolve around prevailing economic conditions, intense market competition, and the successful integration of strategic acquisitions.

1. Macroeconomic Conditions and Loan Growth Uncertainty: Old National Bancorp faces significant uncertainty regarding loan growth forecasts due to broader macroeconomic conditions and potential economic downturns. These external factors can impact the company's ability to sustain its growth momentum and overall profitability.
2. Competitive Market and Margin Compression: The banking sector, particularly the Commercial Real Estate (CRE) market where Old National Bancorp operates, is highly competitive. This increased competition can affect loan pull-through rates and potentially lead to margin compression, thereby challenging the company's profitability.
3. Integration Risks of Acquisitions: Old National Bancorp has engaged in significant partnerships and acquisitions, such as the Bremer Bank partnership. The successful integration of these new entities and their systems is crucial for realizing anticipated benefits, achieving operational efficiencies, and supporting future earnings growth. Challenges in integration could adversely affect the company's financial performance and strategic objectives.

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• Intensified Competition from Digital-First Banks and Fintech Companies: Regional banks like Old National Bancorp face growing pressure from digital-only banks (neobanks), online lenders, and specialized financial technology firms. These competitors often operate with lower overhead, offer more competitive rates, provide advanced digital user experiences, and cater to specific customer segments (e.g., younger demographics, specific lending niches), directly vying for deposits and loan demand. This mirrors the disruption seen when agile, tech-forward companies challenged established incumbents.
• Increased Deposit Sensitivity and Competition for Funding: In an environment of higher and more volatile interest rates, customers have become significantly more rate-sensitive regarding their deposits. This has led to an increased willingness to move funds from traditional, lower-yielding accounts to higher-yielding alternatives such as money market funds, Certificates of Deposit (CDs), and accounts offered by online-only banks. This trend puts sustained pressure on Old National Bancorp's net interest margin and its ability to attract and retain stable, low-cost deposits, as it must increasingly compete on rates.

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Old National Bancorp (ONB) operates primarily in community and commercial banking, as well as wealth management, within the United States. The addressable market sizes for their main products and services in the U.S. are as follows:

• Commercial Banking: The U.S. commercial banking market is estimated to be approximately $732.5 billion in 2025. Another estimate places the market size at $1.6 trillion in 2025.
• Community Banking: The market size for community banking in the U.S. is projected to be $19.39 billion in 2025.
• Residential Real Estate Loans (Mortgages): The total residential mortgage debt in the U.S. amounted to $12.94 trillion as of the second quarter of 2025.
• Wealth Management: The United States holds 54.2% of the total global assets under management (AUM), which reached $162 trillion in 2025. This equates to an addressable market of approximately $87.8 trillion in AUM for wealth management in the U.S. in 2025.

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Here are 3-5 expected drivers of future revenue growth for Old National Bancorp (ONB) over the next 2-3 years:

1. Integration and Synergies from the Bremer Bank Partnership and Expansion in the Upper Midwest: The successful integration of Bremer Bank is consistently highlighted as a significant driver of future revenue growth. This partnership enhances financial flexibility, balance sheet scale, and earnings growth, particularly in the Upper Midwest region. The full-quarter impact of Bremer operations has already begun to contribute to financial results, and Old National Bancorp is positioned to leverage this integration to drive net interest income and margin growth.
2. Strong Organic Loan Growth: Old National Bancorp anticipates continued growth in its loan portfolio, driven by disciplined client selection and strong production in its commercial book. The company has reported consistent annualized growth in total loans, excluding acquired loans, and expects this trend to continue.
3. Robust Core Deposit Growth and Optimized Funding Strategy: The company places a strong emphasis on growing its core deposit base. Old National Bancorp has demonstrated peer-leading deposit growth and focuses on attracting and retaining low-cost deposits, including commercial and community deposits. This sustained growth in deposits provides a stable and cost-effective funding source for loan growth and overall balance sheet expansion.
4. Net Interest Income (NII) and Net Interest Margin (NIM) Expansion/Stability: Old National Bancorp expects its net interest income and net interest margin to be stable to improving. This is supported by asset repricing dynamics, ongoing loan growth, and the positive contributions from the Bremer partnership. The company is prepared to proactively respond to the evolving interest rate environment and aims to optimize its net interest margin.
5. Growth in Non-Interest Income and Fee-Based Businesses, particularly Wealth Management: Diversification of revenue streams through growth in non-interest income is a key focus. The company has seen increases in wealth management fees and other income. The acquisition of Bremer Bank is specifically expected to meaningfully expand Old National Bancorp's wealth management services, contributing to higher-value, lower-volatility revenue.

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Share Repurchases

• Old National Bancorp announced a new share repurchase program in February 2025, authorizing the repurchase of up to $200 million worth of shares until February 28, 2026. This plan replaced an existing program from February 2024.
• Prior to that, a share repurchase plan was announced in February 2023, authorizing the repurchase of up to $200 million of shares, which expired on February 29, 2024.
• Common stock repurchased for the trailing 12 months ending March 31, 2025, amounted to -$15.24 million.

Share Issuance

• The number of shares outstanding increased by 14.14% in one year.
• Shares outstanding for the quarter ending September 30, 2025, were 0.390 billion, representing a 23.06% increase year-over-year.
• Old National Bancorp's shares outstanding saw a 66.75% increase from 2021 to 2022, from 0.277 billion in 2022 to 0.292 billion in 2023 (a 5.48% increase), and to 0.311 billion in 2024 (a 6.56% increase).

Capital Expenditures

• In the last 12 months, capital expenditures were -$27.02 million.
• Another source indicates capital expenditures of -$28.95 million in the last 12 months.
• The company's capital allocation includes a focus on digital investments to position ONB for long-term earnings growth and improved efficiency.