Exhibit 99.1


Old National Bancorp

One Main Street

Evansville, IN 47708



Media: Kathy A. Schoettlin (812) 465-7269

Investors: Lynell J. Walton (812) 464-1366

Old National reports 1st quarter earnings,

announces $1.2 million commitment to COVID-19 relief efforts

and support programs for clients

Evansville, Ind. (April 20, 2020)

Old National Bancorp (NASDAQ: ONB) reports 1Q20 net income of $22.6 million, diluted EPS of $0.13.

Adjusted1 net income of $42.1 million, or $0.25 per diluted share.


“While we are pleased with our 1st quarter progress and the implementation of the ONB Way strategic initiatives,

our commitment and focus today is on supporting our clients, team members and communities during the COVID-

19 pandemic,” said Chairman & CEO Jim Ryan. “With this goal in mind, we are giving $1.2 million to COVID-19 relief

efforts - both immediate and near-term - while also working diligently to help our clients take advantage of our own

internal relief programs and the various government support programs. I’d also like to thank our team members for

their hard work and unwavering commitment to serving our clients and communities during this difficult time.”



Net Income   

•  Net income of $22.6 million


•  Earnings per share of $0.13

Net Interest Income/NIM   

•  Net interest income on a fully taxable equivalent basis was $147.1 million compared to $152.2 million


•  Net interest margin on a fully taxable equivalent basis was 3.31% compared to 3.46%

Operating Performance   

•  Pre-provision net revenue1 (“PPNR”) was $45.9 million


•  Adjusted PPNR1 was $77.4 million, up 2.9% over first quarter of 2019


•  Noninterest expense was $158.7 million


•  Adjusted noninterest expense1 was $122.0 million


•  Efficiency ratio1 was 77.71%


•  Adjusted efficiency ratio1 was 59.31%, a 166 basis point improvement

Loans and




•  End-of-period total loans3 were $12,438.8 million compared to $12,164.4 million


•  Represents 9.0% annualized growth


•  End-of-period commercial and commercial real estate loans were $8,330.0 million


•  Represents 13.6% annualized growth


•  First-quarter total commercial production was $647.3 million; March 31 pipeline was $2.8 billion


•  Provision for credit losses was $17.0 million


•  Net charge-offs were $6.5 million, or 0.21% annualized, compared to net charge-offs of $3.6 million


•  Non-performing loans were 1.16% of total loans compared to 1.19%


Profile &



•  Return on average common equity was 3.20%


•  Return on average tangible common equity1 was 5.86%


•  Adjusted return on average tangible common equity1 was 10.35%


•  Repurchased 4.9 million shares of common stock during the current quarter




•  Day one increase to the allowance for credit losses was $41.3 million and to the unfunded commitment liability was $4.5 million due to the adoption of CECL


•  $31.2 million in ONB Way charges


•  $5.5 million in tax credit amortization



Non-GAAP financial measure that Management believes is useful in evaluating the financial results of the Company – please refer to the Non-GAAP reconciliations contained in this release


Comparisons are on a linked-quarter basis, unless otherwise noted


Includes loans held for sale

The following information was filed by Old National Bancorp (ONB) on Monday, April 20, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Old National Bancorp's financial trajectory

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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Old National Bancorp.


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