On this page of StockholderLetter.com we present the latest annual shareholder letter from OLD NATIONAL BANCORP /IN/ — ticker symbol ONB. Reading current and past ONB letters to shareholders can bring important insights into the investment thesis.
OLD NATIONAL BANCORP Notice of Annual Meeting of Shareholders and Proxy Statement W ITH 2 025 AN NUAL REP O RT
OLD NATIONAL BANCORP Dear Shareholders, This letter details a defining and historic year for Old National Bank one that will be remembered for strong operating results as well as for the way our team delivered those results. Over the past 12 months, we achieved record financial performance while also successfully completing strategic initiatives that will strengthen our company, and your investment, for the long term. What stands out most is how we moved forward together: with disciplined execution, a steady operating model, and a culture grounded in doing the right thing for our clients, communities, and team members. Jim Ryan Chairman and CEO As you read this letter, you will notice a few themes, including performance, execution, and purpose. Before we take a deeper dive, here is an overview of the accomplishments that best define 2025, and which we believe position us very well for the future: We delivered record financial performance. Through disciplined balance sheet management and sustained operating leverage, we achieved new highs in profitability and efficiency. We completed a remarkably smooth and seamless integration. Our Bremer Bank partnership expanded our footprint, enhanced our client and community impact, and added scale that strengthens our earnings power. Dan Hermann Lead Independent Director We advanced a rigorous succession planning framework and executed seamless leadership transitions. During 2025, we welcomed a new President & Chief Operating Officer and a new Chief Information Officer. Both transitions were executed with discipline, reinforcing the depth of our leadership bench and positioning us to take Old National to the next level. We made strategic investments in technology while accelerating our operational transformation. During the year, we expanded our capabilities and established a futurefocused technology framework and foundation. These efforts enhanced how we serve clients and support team members while creating a durable platform for long-term value creation. We continued to advance the standard for community engagement. In 2025, Old National provided $13.6 million in grants and sponsorships, our team members contributed nearly 68,000 volunteer hours, and we played a leading role in standing up Generations Community Bank the first minority depository institution in the state of Indiana. Completing our Transformative Partnership with Bremer Bank Our partnership with St. Paul, Minnesota-based Bremer Bank, which included 70 branches and $16.3 billion in total assets, closed on May 1, 2025. This set the stage for a busy year of integration work. With that work now complete, the partnership is already delivering meaningful benefits through a broader, low-cost deposit base (Old National is now the third largest bank in the Twin Cities by deposits); an enhanced and diversified loan portfolio; and an expanded presence across dynamic, vibrant markets throughout the Upper Midwest. Equally important, we were thrilled to welcome a highly talented group of new team
members whose expertise, client focus, and shared commitment to community have strengthened our organization and accelerated our momentum. A meaningful portion of our integration work focused on cultural alignment listening, learning, and reinforcing shared values while also ensuring we have the right people in the right roles to capture growth opportunities. Financially, this partnership positions Old National for stronger earnings performance and improved profitability through significant cost efficiencies, improved operating leverage, and increased earnings power for shareholders. Focusing on our Record 2025 Financial Results As noted earlier, 2025 was a strong earnings year for Old National. We established several new organizational records thanks to a relentless focus on: Low-cost core deposit growth to support balanced loan growth Sustained positive operating leverage Disciplined credit management Strong liquidity and capital ratios These foundational capabilities have been built over time and tested through varying cycles. In 2025, we further strengthened these capabilities through our enhanced scale and focus on operational discipline. As a result, we achieved the following organizational records: Adjusted Earnings Per Share (EPS) of $2.21 Adjusted Net Income of $809 million Adjusted Efficiency Ratio of 48.8% In addition, our 2025 financial results compared very favorably to our peers in multiple categories. This included top decile performance within our peer group in Adjusted Return on Average Tangible Common Equity (18.6%) and adjusted efficiency ratio (48.8%). Additionally, we were in the top half of our peer group in the following categories: Adjusted Return on Average Assets (ROAA) of 1.26% Total cost of deposits at 190 basis points Tangible book value (TBV) Per Share Growth of 15.1%, year over year Loan Growth (excluding Bremer Bank-acquired loans) of 5.1% Deposit Growth (excluding Bremer Bank-acquired deposits) of 4.9% Stock Performance Old National delivered a strong total shareholder return in 2025 of 5.4%, reinforcing the long-term value and stability we have created for our shareholders over the past several years. Our three-year total shareholder return (2023-25) was 39.4%. And since early 2019, Old National has outperformed the KBW Nasdaq Regional Banking Index, on a total shareholder return basis, by approximately 36%. We continue to view long-term outperformance as the product of repeatable discipline: balancing growth and profitability, maintaining rigor in capital allocation, and operating with a consistent risk posture. Executive Leadership Transitions Sustained performance requires sustained leadership depth and bench strength. In 2025, we continued our strong focus on succession planning and talent management important work that enabled us to decisively, thoughtfully, and seamlessly execute two Executive Leadership Team transitions during the year. Tim Burke named President and Chief Operating Officer (COO) Following Mark Sander s retirement as President and COO in June 2025, we were pleased to welcome Tim Burke to Old National as his successor. Tim brings nearly 30 years of banking experience to Old National, the majority of it in the Midwest, along with a proven track record of leading growth and driving revenue all of which positions him perfectly to lead our Commercial, Community, and Wealth business lines, along with our Credit and Marketing teams.
During his brief tenure at Old National, Tim has honed our sales strategy and sharpened our focus on organic growth. One of his first actions was to introduce a new Chief Revenue Enablement Officer role an investment in sales excellence and revenue discipline that we will return to in the forward-looking portion of this letter. We are thrilled that our rigorous, highly disciplined succession planning put Old National in position to attract a leader of Tim s caliber and character, and we re confident that his energy, strategic vision, and collaborative leadership will enable us to build upon Mark Sander s legacy. Matt Keen named Chief Information Officer (CIO) Also in 2025, Old National CIO Paul Kilroy elected to retire. As a result, we welcomed Matt Keen as our new CIO. Once again, we used a highly rigorous, structured vetting process to select Matt for the crucial role. Already, Matt has shifted the Old National Technology team s mindset from foundational build-out and support to a clear goal of operational excellence, defined not as incremental optimization, but as continuous innovation tied directly to long-term strategic value. More specifically, Matt drives an AI-first modernization mindset, emphasizing automation, adaptability, and scalable, secure solutions that improve productivity and the client experience. He also believes in a business-aligned leadership model that pairs dedicated technology leaders with client business lines and departments. The results have been extremely positive, with internal partners pointing to stronger relationships, clearer accountability, and more effective system strategies. I m honored to step into this role at a moment when the company has both strong momentum and an exceptional foundation, and I m excited to help accelerate our organic growth priorities while staying true to the basic banking principles that have served our clients and shareholders so well for more than 190 years. Tim Burke Old National has a unique opportunity to pair strong banking fundamentals with a modern technology platform, and I m looking forward to helping build capabilities that enhance the client experience, strengthen resilience, and support scalable growth. Matt Keen Focusing on our Clients By Investing in People and Technology Throughout 2025, we invested in both the growth and development of our team members and the technology they need to serve one another and our clients exceptionally well. We chose these investments with a clear focus on building capabilities that make us more effective, resilient, and responsive. Investing in Our People Throughout Old National s history, our team members have been our most valuable asset. As a result, our culture revolves around investing in their growth and development. We do so by providing the tools, resources, and support systems they need to excel while fostering a work environment grounded in collaboration, ethics, integrity, and inclusion. In 2025, our time-tested talent strategy approach continued. First, we actively sought to add exceptional new talent in key roles throughout our footprint. Secondly, we worked to develop existing talent at every level of the organization through structured growth and development programs, self-directed learning, and manager-led development. To further strengthen our leadership bench, in 2025 we introduced new development programs designed to build a deeper leadership pipeline and prepare team members for expanded responsibility over time. RISE was launched to create a more structured path for growth for frontline to mid-level team members. The program strengthens core leadership and performance skills and helps accelerate readiness for next-level roles across the franchise. We also introduced the Aspire program to equip mid- to senior-level team members with the skills and competencies required to lead through change, drive enterprise results, develop talent, and strengthen cross-functional collaboration. In tandem, RISE and Aspire create a more consistent, disciplined approach to development, reinforcing succession planning and ensuring we have the leadership depth to support our clients and communities as we grow. We also introduced a program in 2025 designed to accelerate the development of Old National leaders who have been identified as candidates for future Executive Leadership positions. Known as the Executive Leadership Experience program, it provides these executive leaders of tomorrow with exposure to enterprise strategy, cross-functional decision-making, and the complexity of executive-level challenges.
 • shareholder letter icon 4/2/2026 Letter Continued (Full PDF)
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 • Benford's Law Stocks icon ONB Benford's Law Stock Score = 98


ONB Shareholder/Stockholder Letter Transcript:

OLD NATIONAL BANCORP
Notice of Annual Meeting
of Shareholders
and Proxy Statement
W ITH 2 025 AN NUAL REP O RT


OLD NATIONAL BANCORP
Dear Shareholders,
This letter details a defining and historic year for Old National Bank   one that will be
remembered for strong operating results as well as for the way our team delivered those
results. Over the past 12 months, we achieved record financial performance while also
successfully completing strategic initiatives that will strengthen our company, and your
investment, for the long term. What stands out most is how we moved forward together:
with disciplined execution, a steady operating model, and a culture grounded in doing the
right thing for our clients, communities, and team members.
Jim Ryan
Chairman and CEO
As you read this letter, you will notice a few themes, including performance, execution,
and purpose. Before we take a deeper dive, here is an overview of the accomplishments
that best define 2025, and which we believe position us very well for the future:
    We delivered record financial performance. Through disciplined balance sheet
management and sustained operating leverage, we achieved new highs in profitability
and efficiency.
    We completed a remarkably smooth and seamless integration. Our Bremer Bank
partnership expanded our footprint, enhanced our client and community impact,
and added scale that strengthens our earnings power.
Dan Hermann
Lead Independent
Director
    We advanced a rigorous succession planning framework and executed seamless
leadership transitions. During 2025, we welcomed a new President & Chief Operating
Officer and a new Chief Information Officer. Both transitions were executed with
discipline, reinforcing the depth of our leadership bench and positioning us to take
Old National to the next level.
    We made strategic investments in technology while accelerating our operational
transformation. During the year, we expanded our capabilities and established a futurefocused technology framework and foundation. These efforts enhanced how we serve
clients and support team members while creating a durable platform for long-term
value creation.
    We continued to advance the standard for community engagement. In 2025,
Old National provided $13.6 million in grants and sponsorships, our team members
contributed nearly 68,000 volunteer hours, and we played a leading role in standing
up Generations Community Bank   the first minority depository institution in the state
of Indiana.
Completing our Transformative Partnership with Bremer Bank
Our partnership with St. Paul, Minnesota-based Bremer Bank, which included 70 branches
and $16.3 billion in total assets, closed on May 1, 2025. This set the stage for a busy year of
integration work.
With that work now complete, the partnership is already delivering meaningful benefits
through a broader, low-cost deposit base (Old National is now the third largest bank in
the Twin Cities by deposits); an enhanced and diversified loan portfolio; and an expanded
presence across dynamic, vibrant markets throughout the Upper Midwest.
Equally important, we were thrilled to welcome a highly talented group of new team

members whose expertise, client focus, and shared commitment to community have strengthened our organization and
accelerated our momentum. A meaningful portion of our integration work focused on cultural alignment   listening, learning,
and reinforcing shared values   while also ensuring we have the right people in the right roles to capture growth opportunities.
Financially, this partnership positions Old National for stronger earnings performance and improved profitability through
significant cost efficiencies, improved operating leverage, and increased earnings power for shareholders.
Focusing on our Record 2025 Financial Results
As noted earlier, 2025 was a strong earnings year for Old National. We established several new organizational records thanks
to a relentless focus on:


Low-cost core deposit growth to support balanced loan growth
Sustained positive operating leverage
Disciplined credit management
Strong liquidity and capital ratios
These foundational capabilities have been built over time and tested through varying cycles. In 2025, we further strengthened
these capabilities through our enhanced scale and focus on operational discipline. As a result, we achieved the following
organizational records:
    Adjusted Earnings Per Share (EPS) of $2.21
    Adjusted Net Income of $809 million
    Adjusted Efficiency Ratio of 48.8%
In addition, our 2025 financial results compared very favorably to our peers in multiple categories. This included top decile
performance within our peer group in Adjusted Return on Average Tangible Common Equity (18.6%) and adjusted efficiency
ratio (48.8%).
Additionally, we were in the top half of our peer group in the following categories:



Adjusted Return on Average Assets (ROAA) of 1.26%
Total cost of deposits at 190 basis points
Tangible book value (TBV) Per Share Growth of 15.1%, year over year
Loan Growth (excluding Bremer Bank-acquired loans) of 5.1%
Deposit Growth (excluding Bremer Bank-acquired deposits) of 4.9%
Stock Performance
Old National delivered a strong total shareholder return in 2025 of 5.4%, reinforcing the long-term value and stability we have
created for our shareholders over the past several years. Our three-year total shareholder return (2023-25) was 39.4%. And
since early 2019, Old National has outperformed the KBW Nasdaq Regional Banking Index, on a total shareholder return basis,
by approximately 36%.
We continue to view long-term outperformance as the product of repeatable discipline: balancing growth and profitability,
maintaining rigor in capital allocation, and operating with a consistent risk posture.
Executive Leadership Transitions
Sustained performance requires sustained leadership depth and bench strength. In 2025, we continued our strong focus on
succession planning and talent management   important work that enabled us to decisively, thoughtfully, and seamlessly
execute two Executive Leadership Team transitions during the year.
Tim Burke named President and Chief Operating Officer (COO)
Following Mark Sander   s retirement as President and COO in June 2025, we were pleased to welcome Tim Burke to Old
National as his successor. Tim brings nearly 30 years of banking experience to Old National, the majority of it in the Midwest,
along with a proven track record of leading growth and driving revenue   all of which positions him perfectly to lead our
Commercial, Community, and Wealth business lines, along with our Credit and Marketing teams.

During his brief tenure at Old National, Tim has honed our sales strategy and
sharpened our focus on organic growth. One of his first actions was to introduce a
new Chief Revenue Enablement Officer role   an investment in sales excellence and
revenue discipline that we will return to in the forward-looking portion of this letter.
We are thrilled that our rigorous, highly disciplined succession planning put Old
National in position to attract a leader of Tim   s caliber and character, and we   re
confident that his energy, strategic vision, and collaborative leadership will enable
us to build upon Mark Sander   s legacy.
Matt Keen named Chief Information Officer (CIO)
Also in 2025, Old National CIO Paul Kilroy elected to retire. As a result, we
welcomed Matt Keen as our new CIO. Once again, we used a highly rigorous,
structured vetting process to select Matt for the crucial role.
Already, Matt has shifted the Old National Technology team   s mindset from
foundational build-out and support to a clear goal of operational excellence,
defined not as incremental optimization, but as continuous innovation tied
directly to long-term strategic value. More specifically, Matt drives an AI-first
modernization mindset, emphasizing automation, adaptability, and scalable,
secure solutions that improve productivity and the client experience. He also
believes in a business-aligned leadership model that pairs dedicated technology
leaders with client business lines and departments. The results have been
extremely positive, with internal partners pointing to stronger relationships,
clearer accountability, and more effective system strategies.
   I   m honored to step into this
role at a moment when the
company has both strong
momentum and an exceptional
foundation, and I   m excited
to help accelerate our organic
growth priorities while staying
true to the basic banking
principles that have served our
clients and shareholders so
well for more than 190 years.   
Tim Burke
   Old National has a unique
opportunity to pair strong
banking fundamentals with a
modern technology platform,
and I   m looking forward to
helping build capabilities that
enhance the client experience,
strengthen resilience, and
support scalable growth.   
Matt Keen
Focusing on our Clients By Investing in People and Technology
Throughout 2025, we invested in both the growth and development of our team members and the technology they need to
serve one another and our clients exceptionally well. We chose these investments with a clear focus on building capabilities
that make us more effective, resilient, and responsive.
Investing in Our People
Throughout Old National   s history, our team members have been our most valuable asset. As a result, our culture revolves
around investing in their growth and development. We do so by providing the tools, resources, and support systems they need
to excel while fostering a work environment grounded in collaboration, ethics, integrity, and inclusion.
In 2025, our time-tested talent strategy approach continued. First, we actively sought to add exceptional new talent in key
roles throughout our footprint. Secondly, we worked to develop existing talent at every level of the organization through
structured growth and development programs, self-directed learning, and manager-led development.
To further strengthen our leadership bench, in 2025 we introduced new development programs designed to build a deeper
leadership pipeline and prepare team members for expanded responsibility over time.
    RISE was launched to create a more structured path for growth for frontline to mid-level team members. The program
strengthens core leadership and performance skills and helps accelerate readiness for next-level roles across the franchise.
    We also introduced the Aspire program to equip mid- to senior-level team members with the skills and competencies
required to lead through change, drive enterprise results, develop talent, and strengthen cross-functional collaboration.
In tandem, RISE and Aspire create a more consistent, disciplined approach to development, reinforcing succession planning
and ensuring we have the leadership depth to support our clients and communities as we grow.
We also introduced a program in 2025 designed to accelerate the development of Old National leaders who have been
identified as candidates for future Executive Leadership positions. Known as the Executive Leadership Experience program,
it provides these executive leaders of tomorrow with exposure to enterprise strategy, cross-functional decision-making, and
the complexity of executive-level challenges.


shareholder letter icon 4/2/2026 Letter Continued (Full PDF)
 

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