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

Old National reports 4th quarter earnings of $74.1 million,
or $0.44 per share

Evansville, Ind. (January 19, 2021)
Old National Bancorp (NASDAQ: ONB) reports 4Q20 net income of $74.1 million, diluted EPS of $0.44.
Adjusted1 net income of $76.6 million, or $0.46 per diluted share.
Full-Year 2020 net income of $226.4 million, or $1.36 per diluted share.
Adjusted1 Full-Year net income of $250.3 million, or $1.50 per diluted share.
"Our 4th quarter success capped a very strong year of earnings as our team members worked with passion and resiliency to serve our clients," said Chairman and CEO Jim Ryan. "Another significant factor was the successful implementation of our ONB Way growth strategy in 2020, which enabled us to effectively and efficiently serve all client segments with streamlined processes and enhanced technology. This led to a phenomenal year of commercial loan production and outstanding performance."
Net income
Net income of $74.1 million
Earnings per diluted share of $0.44
Net interest income/NIM
Net interest income on a fully taxable equivalent basis of $164.6 million compared to $149.0 million
Net interest margin on a fully taxable equivalent basis of 3.26% compared to 3.03%
Operating Performance
Pre-provision net revenue1 (“PPNR”) of $80.8 million
Adjusted PPNR1 of $94.0 million, up 27.2% over fourth quarter of 2019
Noninterest expense of $142.3 million
Adjusted noninterest expense1 of $128.8 million
Efficiency ratio1 of 62.37%
Adjusted efficiency ratio1 of 56.35%

Loans and Credit Quality
End-of-period total loans3 of $13,849.7 million compared to $13,977.6 million
Total commercial loans increased $473.1 million, excluding the $536.2 million decline in PPP loans
Fourth-quarter total commercial production of $1,197.1 million
Provision for credit losses was a recapture of $1.1 million
December 31 pipeline of $2.1 billion
Net recoveries of $1.1 million compared to net recoveries of $3.0 million
Non-performing loans of 1.20% of total loans compared to 1.15%
Return Profile & Capital
Return on average common equity of 10.11%
Return on average tangible common equity1 of 16.57%
Adjusted return on average tangible common equity1 of 17.08%
No shares of common stock were repurchased during the current quarter
Notable Items
$3.6 million in ONB Way charges
$9.9 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 Tuesday, January 19, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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