Exhibit 99.1
Old National Bancorp
capture11.jpg
One Main Street
Evansville, IN 47708Media: Kathy A. Schoettlin (812) 465-7269
oldnational.comInvestors: Lynell J. Walton (812) 464-1366

Old National reports 3rd quarter earnings of $77.9 million,
or $0.47 per share

Evansville, Ind. (October 19, 2020)
Old National Bancorp (NASDAQ: ONB) reports 3Q20 net income of $77.9 million, diluted EPS of $0.47.
Adjusted1 net income of $76.4 million, or $0.46 per diluted share.
CEO COMMENTARY:
 “Our excellent 3rd quarter results are not only a testament to our ONB Way strategy and the overall strength of our organization, they are an indicator of the strength and resiliency of the clients and communities we serve,” said Chairman and CEO Jim Ryan. “More specifically, our quarterly success was driven by very strong commercial production throughout the franchise and outstanding credit metrics that actually resulted in net recoveries.”
THIRD QUARTER HIGHLIGHTS2:
Net income
Net income of $77.9 million
Earnings per diluted share of $0.47
Net interest income/NIM
Net interest income on a fully taxable equivalent basis of $149.0 million compared to $149.0 million
Net interest margin on a fully taxable equivalent basis of 3.03% compared to 3.14%
Operating Performance
Pre-provision net revenue1 (“PPNR”) of $93.5 million
Adjusted PPNR1 of $94.6 million, up 3.4% over third quarter of 2019
Noninterest expense of $120.2 million
Adjusted noninterest expense1 of $114.2 million
Efficiency ratio1 of 55.93%
Adjusted efficiency ratio1 of 53.06%, a 73 basis point improvement

Loans and Credit Quality
End-of-period total loans3 of $13,977.6 million compared to $13,738.2 million
Commercial real estate loans grew $298.2 million
Third-quarter total commercial production, excluding PPP loans, of $977.8 million
Provision for credit losses of $0.0 million
September 30 pipeline of $2.9 billion
Net recoveries of $3.0 million compared to net charge-offs of $0.5 million
Non-performing loans of 1.15% of total loans compared to 1.04%
Return Profile & Capital
Return on average common equity of 10.79%
Return on average tangible common equity1 of 17.88%
Adjusted return on average tangible common equity1 of 17.54%
No shares of common stock were repurchased during the current quarter
Notable Items
$2.9 million in ONB Way charges
$3.1 million in tax credit amortization

1 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 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held for sale





The following information was filed by Old National Bancorp (ONB) on Monday, October 19, 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.

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