8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 1, 2010

OLD NATIONAL BANCORP

(Exact name of registrant as specified in its charter)

Indiana	001-15817	35-1539838
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Main Street Evansville, Indiana	47708
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (812) 464-1294

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On February 1, 2010, Old National Bancorp reported its results for the fourth quarter and full year of 2009. The press release is included as Exhibit 99.1 hereto and is incorporated herein by reference. Old National Bancorp also released the financial trends including its fourth-quarter and full-year 2009 results. The financial trends are included as Exhibit 99.2 hereto and are incorporated herein by reference. In connection therewith, a slide presentation outlining fourth-quarter and full-year 2009 earnings, recent strategic developments and the company’s financial outlook will be available on Old National’s website to compliment the conference call to be held on February 1, 2010, at 10:00 a.m. CST and will be accessible at http://www.oldnational.com before the conference call begins.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits. The following exhibits are furnished herewith:

The following exhibits are furnished herewith and this list constitutes the exhibit index:

99.1	Press Release issued by Old National Bancorp on February 1, 2010
99.2	Financial Trends issued by Old National Bancorp on February 1, 2010

* * * * * * *

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 1, 2010

OLD NATIONAL BANCORP
By:	/s/ Christopher A. Wolking
	Christopher A. Wolking
	Senior Executive Vice President and Chief Financial Officer

3

EX-99.1

Exhibit 99.1

NYSE: ONB
www.oldnational.com

FINANCIAL NEWS
February 1, 2010

OLD NATIONAL REPORTS FOURTH-QUARTER AND
FULL-YEAR 2009 RESULTS

• Net loss attributable to common shareholders of $9.3 million, or $.11 per common share, for the fourth quarter and net income available to common shareholders of $9.8 million, or $.14 per common share, for the full year

• Liquidity and capital positions remain strong

• Continued improvement in credit trends

• Board of directors declares cash dividend of $.07 per common share

Contacts:

Financial Community:	Media:
Lynell J. Walton – (812) 464-1366	Kathy A. Schoettlin – (812) 465-7269
Senior Vice President – Investor Relations	Executive Vice President – Communications

Evansville, Ind., February 1, 2010 – Old National Bancorp (NYSE: ONB) today announced a fourth-quarter net loss attributable to common shareholders of $9.3 million, or $.11 per common share. As was previously disclosed in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on January 13, 2010, the fourth quarter of 2009 included a higher than anticipated provision for loan losses of $21.8 million which included a single non-real estate commercial loan loss of $12.0 million. The fourth quarter also included other-than-temporary impairment of $9.5 million, securities gains of $6.3 million and a $3.5 million loss on the extinguishment of debt intended to further strengthen the balance sheet. These fourth-quarter results compare to third-quarter of 2009 earnings of $4.0 million, or $.06 per common share, and $6.3 million, or $.10 per common share, earned in the fourth quarter of 2008.

Old National also reported net income available to common shareholders for the twelve-months ended December 31, 2009, of $9.8 million, or $.14 per common share. This compares to full-year 2008 net income of $62.2 million, or $.95 per common share.

In addition, Old National’s Board of Directors declared a quarterly cash dividend of $0.07 per share on the Company’s outstanding shares. The dividend is payable March 15, 2010, to shareholders of record March 1, 2010. For purposes of broker trading, the ex-date of the cash dividend is February 25, 2010.

“Our fourth quarter net loss is indicative of the difficult operating climate facing all banks today,” commented President and CEO Bob Jones. “Absent the single large loan charge-off during the quarter, our underlying credit metrics remain well controlled relative to the industry with decreases in both non-performing and problem loans during the quarter. We also took specific actions that should provide more consistency in 2010. Our core deposits experienced good growth as noninterest-bearing demand deposits grew over $142 million. In addition, Old National remains fundamentally healthy and secure, with strong capital and liquidity metrics.”

Strategic Imperatives

Old National continues to be guided by three strategic imperatives that are critical to establishing the Company’s presence as a high-performing financial institution:

1. Strengthen the risk profile

2. Enhance management discipline

3. Achieve consistent quality earnings

Strengthen the Risk Profile

Old National’s key credit quality trends are as follows:

($ in millions)	2003			2004			2005			2006			2007			2008			3Q09			4Q09
Non-Performing Loans	$	104.6		$	54.9		$	55.6		$	41.6		$	40.8		$	64.0		$	73.7		$	67.0
Problem Loans	$	343.9		$	192.2		$	136.6		$	153.2		$	115.1		$	180.1		$	174.7		$	157.1
Special Mention Loans	$	215.7		$	148.1		$	83.2		$	119.8		$	103.2		$	124.9		$	94.6		$	103.5
Net Charge-Off Ratio		1.21	%		.61	%		.60	%		.37	%		.44	%		.87	%		1.17	%		2.17	%
Provision for Loan Losses	$	85.0		$	22.4		$	23.1		$	7.0		$	4.1		$	51.5		$	12.2		$	21.8

At December 31, 2009, the reserve for loan losses was $69.5 million, basically flat compared to the reserve of $69.6 million at September 30, 2009. Importantly, the ratio of allowance to non-performing loans increased for Old National to 104% at December 31, 2009, from 94% at September 30, 2009.

“While the significant single-credit write down of $12.0 million in the quarter was disappointing, we were able to post reductions in non-performing loans as well as problem loans in the same period, exclusive of any impact associated with this large write down,” stated Chief Credit Officer Daryl Moore. “These reductions came despite a credit environment that we believe will continue to be challenging throughout 2010.”

Enhance Management Discipline

Capital Management

Old National maintained its strong capital position during the fourth quarter as the ratio of tangible common equity to tangible assets was 8.25% at December 31, 2009, down slightly from the 8.53% reported at September 30, 2009. In addition, at December 31, 2009, regulatory tier 1 and total risk-based capital ratios for Old National were 14.2% and 16.0%, respectively, compared to 14.1% and 16.5% at September 30, 2009, and 12.7% and 15.1% at December 31, 2008. Refer to Table 1 for Non-GAAP reconciliation of the tangible capital ratios.

Expense Management

Old National reported total noninterest expenses for the fourth quarter of 2009 of $90.8 million compared to $84.0 million and $79.0 million reported for the third quarter of 2009 and the fourth quarter of 2008, respectively. The major variance from the third quarter of 2009 relates to the Other Expense line item which includes a $3.5 million loss on the extinguishment of debt recorded in the fourth quarter of 2009. Primary drivers for the increase from fourth-quarter 2008 include salaries and benefits expense and occupancy expense associated with the Charter One branches acquired in 2009, as well as FDIC assessment expense.

Page 2 of 8

Achieve Consistent Quality Earnings

Balance Sheet & Margin

Total loans at December 31, 2009 were $3.908 billion compared to $4.106 billion at September 30, 2009, a decline of $197.2 million. Over half of the decrease stemmed from the Company’s commercial loan portfolio with a decline of $112.9 million during the fourth quarter. Average total loans declined $334.6 million in the fourth quarter compared to the third quarter of 2009. Impacting this decline, along with weak loan demand, was the Company’s sale of $258.0 million in leases during the third quarter.

Old National’s total investment portfolio was $2.954 billion at December 31, 2009, down $35.4 million from September 30, 2009. As a percentage of total assets, the investment portfolio declined to 36.9% at December 31, 2009, from 37.5% at September 30, 2009. Net securities gains for the fourth quarter included a charge for other-than-temporary impairment of $9.5 million. Average investments increased in the fourth quarter to $3.066 billion from $2.631 billion at September 30, 2009, as proceeds from the above mentioned lease sale were primarily invested in the Company’s investment portfolio.

Total core deposits at December 31, 2009, including demand and interest-bearing deposits, totaled $5.834 billion, an increase of $209.1 million from the $5.624 billion at September 30, 2009. Noninterest-bearing checking accounts as well as NOW accounts rose $142.4 million and $134.1 million, respectively, during the quarter and accounted for the majority of the increase. Average core deposits remained flat, totaling $5.692 billion at both December 31, 2009, and September 30, 2009.

At December 31, 2009, total borrowed funds declined to $1.030 billion from the $1.135 billion at September 30, 2009 as Old National retired $105 million in Federal Home Loan Bank advances during the fourth quarter.

Net interest income on a fully tax equivalent basis during the fourth quarter of 2009, was $59.2 million and represented a net interest margin on total average earning assets of 3.33%. This compares to net interest income of $61.7 million and a margin of 3.53% in the third quarter of 2009, and net interest income of $68.0 million and a margin of 3.96% for the fourth quarter of 2008.

Barbara Murphy, Chief Banking Officer, noted, “We were very pleased with the continued increase in core deposit balances, especially the growth in our noninterest-bearing demand deposits. Loan demand remains very weak, however, as the clients in our footprint continue to be economically challenged.”

Fees, Service Charges and Other Revenue

Total fees, service charges and other revenue for the fourth quarter of 2009 were $39.4 million, compared to the $39.6 million in the third quarter of 2009 and $36.6 million in the fourth quarter of 2008. The increase in fourth quarter 2009 from fourth quarter 2008 is primarily attributable to increase in service charges on deposit accounts as well as increased ATM fees associated with the Charter One branches purchased in March 2009.

Page 3 of 8

2010 Environment

“2010 appears to be just as difficult, if not more difficult, for the banking sector as was 2009,” stated President and CEO Bob Jones. “It is our belief that increasing regulatory and political changes, weak loan demand and continued challenges for the economy as a whole will persist throughout the year. Old National is well positioned to face these challenges with a strong capital position and a liquid balance sheet poised to benefit from rising interest rates. We also expect to see some relief from elevated credit metrics sooner rather than later in 2010. In addition, we will continue to review our expense base and processes to ensure we are providing quality service to our clients in an efficient manner.”

About Old National

Old National Bancorp, which celebrated its 175^th anniversary in 2009, is the largest financial services holding company headquartered in Indiana and, with $8.0 billion in assets, ranks among the top 100 banking companies in the United States. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with clients in its primary footprint of Indiana, Illinois and Kentucky. In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National also owns one of the largest independent insurance agencies headquartered in Indiana, offering complete personal and commercial insurance solutions. For more information and financial data, please visit the Company’s website at www.oldnational.com.

Conference Call

Old National will hold a conference call at 10:00 a.m. Central on Monday, February 1, 2010, to discuss fourth-quarter and full-year 2009 financial results, strategic developments, and the Company’s outlook for 2010. The live audio web cast of the call, along with the corresponding presentation slides, will be available on the Company’s Investor Relations web page at www.oldnational.com and will be archived there for 12 months. A replay of the call will also be available from 1:00 p.m. Central on February 1 through February 15. To access the replay, dial 1-800-642-1687, conference code 48365442.

Use of Non-GAAP Financial Measures

This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Old National’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this release or the Quarterly Financial Trends supplement to this earnings release, which can be found on the Investor Relations section of Old National’s website at www.oldnational.com.

Page 4 of 8

Forward-Looking Statement

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends and profitability. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to, market, economic, operational, liquidity, credit and interest rate risks associated with Old National’s business, competition, government legislation and policies, ability of Old National to execute its business plan, including acquisition plans, changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits, failure or circumvention of our internal controls, failure or disruption of our information systems, significant changes in accounting, tax or regulatory practices or requirements, new legal obligations or liabilities or unfavorable resolutions of litigations, other matters discussed in this press release and other factors identified in the Company’s Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date of this press release, and Old National undertakes no obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

Table 1: Non-GAAP Reconciliation-Tangible Common Equity

(end of period balances - $ in millions)	December 31, 2009			September 30, 2009
Total Shareholders’ Equity	$	843.8		$	865.4
Deduct: Goodwill and Intangible Assets		(200.2	)		(202.4	)
Tangible Shareholders’ Equity	$	643.6		$	663.0
Total Assets	$	8,005.3		$	7,973.5
Add: Trust Overdrafts		.2			.4
Deduct: Goodwill and Intangible Assets		(200.2	)		(202.4	)
Tangible Assets	$	7,805.4		$	7,771.6
Tangible Equity to Tangible Assets		8.25	%		8.53	%
Tangible Common Equity to Tangible Assets		8.25	%		8.53	%

Page 5 of 8

OLD NATIONAL BANCORP
Financial Highlights

	Three-Months Ended
($ in thousands except per-share data)	December 31
(FTE) Fully taxable equivalent basis.	2009			2008			Change			% Change
Income Data:
Net Interest Income (FTE)	$	59,159		$	68,046		$	(8,887	)		(13.1	)%
Fees, Service Charges and Other Revenues		39,422			36,633			2,789			7.6
Securities Gains (Losses) (a)		(3,201	)		937			(4,138	)		N/M
Derivative Gains (Losses)		395			15			380			N/M
Total Revenue (FTE)		95,775			105,631			(9,856	)		(9.3	)
Provision for Loan Losses		21,821			17,017			4,804			28.2
Noninterest Expense		90,775			78,996			11,779			14.9
Income (Loss) before Taxes		(16,821	)		9,618			(26,439	)		N/M
Provision for Taxes (FTE)		(7,501	)		2,970			(10,471	)		N/M
Net Income (Loss)		(9,320	)		6,648			(15,968	)		N/M
Preferred Stock Dividends & Amortization		—			(298	)		298			(100.0	)
Net Income (Loss) Attributable to Common Shareholders		(9,320	)		6,350			(15,670	)		N/M
Per Common Share Data: (Diluted) (b)
Net Income (Loss) Attributable to Common Shareholders		(.11	)		.10			(.21	)		N/M
Average Diluted Shares Outstanding		86,701			65,922			20,779			31.5
Book Value		9.68			9.56			.12			1.3
Stock Price		12.43			18.16			(5.73	)		(31.6	)
Performance Ratios:
Return on Average Assets		(.47	)%		.35	%		(.82	)%		N/M
Return on Average Common Equity (c)		(4.23	)		4.05			(8.28	)		N/M
Net Interest Margin (FTE)		3.33			3.96			(.63	)		(15.9	)
Other Expense to Revenue (Efficiency Ratio)		94.78			74.79			19.99			26.7
Net Charge-offs to Average Loans (d)		2.17			1.14			1.03			90.4
Reserve for Loan Losses to Ending Loans		1.81			1.41			.40			28.4
Non-Performing Loans to Ending Loans (d)		1.71			1.34			.37			27.6
Balance Sheet:
Average Assets	$	7,990,928		$	7,631,726		$	359,202			4.7
End of Period Balances:
Assets		8,005,335			7,873,890			131,445			1.7
Investments (Including Money Market Investments)		2,953,938			2,295,896			658,042			28.7
Commercial Loans		1,287,168			1,897,966			(610,798	)		(32.2	)
Finance Leases Held for Sale		55,260			—			55,260			N/M
Commercial Real Estate Loans		1,062,910			1,154,916			(92,006	)		(8.0	)
Consumer Loans		1,082,017			1,210,951			(128,934	)		(10.6	)
Residential Real Estate Loans		403,391			496,526			(93,135	)		(18.8	)
Residential Real Estate Loans Held for Sale		17,530			17,155			375			2.2
Earning Assets		6,862,214			7,073,410			(211,196	)		(3.0	)
Core Deposits (Excluding Brokered CDs)		5,833,541			5,250,800			582,741			11.1
Borrowed Funds (Including Brokered CDs)		1,100,150			1,655,977			(555,827	)		(33.6	)
Preferred Shareholders’ Equity		—			97,358			(97,358	)		(100.0	)
Common Shareholders’ Equity		843,826			633,507			210,319			33.2

(a)		Includes $9,478 for other-than-temporary-impairment in fourth quarter 2009.
(b)		Assumes conversion of stock options, restricted stock and warrants.
(c)		Based on average common shareholders’ equity of $881,309 and $626,508, respectively, for 2009 and 2008.
(d)		Includes residential loans held for sale and finance leases held for sale.
N/M	=	Not meaningful.

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OLD NATIONAL BANCORP
Financial Highlights

	Three-Months Ended
($ in thousands except per-share data)	December 31,			September 30,
(FTE) Fully taxable equivalent basis.	2009			2009			Change			% Change
Income Data:
Net Interest Income (FTE)	$	59,159		$	61,683		$	(2,524	)		(4.1	)%
Fees, Service Charges and Other Revenues		39,422			39,638			(216	)		(.5	)
Securities Gains (Losses) (a)		(3,201	)		40			(3,241	)		N/M
Derivative Gains (Losses)		395			(675	)		1,070			N/M
Total Revenue (FTE)		95,775			100,686			(4,911	)		(4.9	)
Provision for Loan Losses		21,821			12,191			9,630			79.0
Noninterest Expense		90,775			83,966			6,809			8.1
Income (Loss) before Taxes		(16,821	)		4,529			(21,350	)		N/M
Provision for Taxes (FTE)		(7,501	)		512			(8,013	)		N/M
Net Income (Loss)		(9,320	)		4,017			(13,337	)		N/M
Preferred Stock Dividends & Amortization		—			—			—			N/M
Net Income (Loss) Attributable to Common Shareholders		(9,320	)		4,017			(13,337	)		N/M
Per Common Share Data: (Diluted) (b)
Net Income (Loss) Attributable to Common Shareholders		(.11	)		.06			(.17	)		N/M
Average Diluted Shares Outstanding		86,701			66,706			19,995			30.0
Book Value		9.68			9.93			(.25	)		(2.5	)
Stock Price		12.43			11.20			1.23			11.0
Performance Ratios:
Return on Average Assets		(.47	)%		.21	%		(.68	)%		N/M
Return on Average Common Equity (c)		(4.23	)		2.53			(6.76	)		N/M
Net Interest Margin (FTE)		3.33			3.53			(.20	)		(5.7	)
Other Expense to Revenue (Efficiency Ratio)		94.78			83.39			11.39			13.7
Net Charge-offs to Average Loans (d)		2.17			1.17			1.00			85.5
Reserve for Loan Losses to Ending Loans		1.81			1.72			.09			5.2
Non-Performing Loans to Ending Loans (d)		1.71			1.80			(.09	)		(5.0	)
Balance Sheet:
Average Assets	$	7,990,928		$	7,832,926		$	158,002			2.0
End of Period Balances:
Assets		8,005,335			7,973,492			31,843			.4
Investments (Including Money Market Investments)		2,953,938			2,989,260			(35,322	)		(1.2	)
Commercial Loans		1,287,168			1,396,997			(109,829	)		(7.9	)
Finance Leases Held for Sale		55,260			58,394			(3,134	)		(5.4	)
Commercial Real Estate Loans		1,062,910			1,091,494			(28,584	)		(2.6	)
Consumer Loans		1,082,017			1,125,509			(43,492	)		(3.9	)
Residential Real Estate Loans		403,391			421,666			(18,275	)		(4.3	)
Residential Real Estate Loans Held for Sale		17,530			11,365			6,165			54.2
Earning Assets		6,862,214			7,094,685			(232,471	)		(3.3	)
Core Deposits (Excluding Brokered CDs)		5,833,541			5,624,408			209,133			3.7
Borrowed Funds (Including Brokered CDs)		1,100,150			1,204,634			(104,484	)		(8.7	)
Preferred Shareholders’ Equity		—			—			—			N/M
Common Shareholders’ Equity		843,826			865,413			(21,587	)		(2.5	)

(a)		Includes $9,478 and $5,062, respectively, for other-than-temporary-impairment in fourth and third quarter 2009.
(b)		Assumes conversion of stock options, restricted stock and warrants.
(c)		Based on average common shareholders’ equity of $881,309 and $635,631, respectively, for December 31, 2009, and September 30, 2009.
(d)		Includes residential loans held for sale and finance leases held for sale.
N/M	=	Not meaningful.

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OLD NATIONAL BANCORP
Financial Highlights

	Twelve Months Ended
($ in thousands except per-share data)	December 31
(FTE) Fully taxable equivalent basis.	2009			2008			Change			% Change
Income Data:
Net Interest Income (FTE)	$	252,230		$	262,651		$	(10,421	)		(4.0	)%
Fees, Service Charges and Other Revenues		160,285			160,551			(266	)		(.2	)
Securities Gains (Losses) (a)		2,456			7,562			(5,106	)		(67.5	)
Derivative Gains (Losses)		719			(1,144	)		1,863			N/M
Total Revenue (FTE)		415,690			429,620			(13,930	)		(3.2	)
Provision for Loan Losses		63,280			51,464			11,816			23.0
Noninterest Expense		338,956			297,229			41,727			14.0
Income (Loss) before Taxes		13,454			80,927			(67,473	)		(83.4	)
Provision for Taxes (FTE)		(283	)		18,449			(18,732	)		(101.5	)
Net Income (Loss)		13,737			62,478			(48,741	)		(78.0	)
Preferred Stock Dividends & Amortization		(3,892	)		(298	)		(3,594	)		N/M
Net Income (Loss) Attributable to Common Shareholders		9,845			62,180			(52,335	)		(84.2	)
Per Common Share Data: (Diluted) (b)
Net Income (Loss) Attributable to Common Shareholders		.14			.95			(.81	)		(85.3	)
Average Diluted Shares Outstanding		71,367			65,776			5,591			8.5
Book Value		9.68			9.56			.12			1.3
Stock Price		12.43			18.16			(5.73	)		(31.6	)
Performance Ratios:
Return on Average Assets		.17	%		.82	%		(.65	)%		(79.3	)
Return on Average Common Equity (c)		1.41			9.49			(8.08	)		(85.1	)
Net Interest Margin (FTE)		3.52			3.82			(.30	)		(7.9	)
Other Expense to Revenue (Efficiency Ratio)		81.54			69.18			12.36			17.9
Net Charge-offs to Average Loans (d)		1.37			.87			.50			57.5
Reserve for Loan Losses to Ending Loans		1.81			1.41			.40			28.4
Non-Performing Loans to Ending Loans (d)		1.71			1.34			.37			27.6
Balance Sheet:
Average Assets	$	7,989,793		$	7,617,822		$	371,971			4.9
End of Period Balances:
Assets		8,005,335			7,873,890			131,445			1.7
Investments (Including Money Market Investments)		2,953,938			2,295,896			658,042			28.7
Commercial Loans		1,287,168			1,897,966			(610,798	)		(32.2	)
Finance Leases Held for Sale		55,260			—			55,260			N/M
Commercial Real Estate Loans		1,062,910			1,154,916			(92,006	)		(8.0	)
Consumer Loans		1,082,017			1,210,951			(128,934	)		(10.6	)
Residential Real Estate Loans		403,391			496,526			(93,135	)		(18.8	)
Residential Real Estate Loans Held for Sale		17,530			17,155			375			2.2
Earning Assets		6,862,214			7,073,410			(211,196	)		(3.0	)
Core Deposits (Excluding Brokered CDs)		5,833,541			5,250,800			582,741			11.1
Borrowed Funds (Including Brokered CDs)		1,100,150			1,655,977			(555,827	)		(33.6	)
Preferred Shareholders’ Equity		—			97,358			(97,358	)		(100.0	)
Common Shareholders’ Equity		843,826			633,507			210,319			33.2

(a)		Includes $24,795 for other-than-temporary impairment in 2009.
(b)		Assumes conversion of stock options, restricted stock and warrants.
(c)		Based on average common shareholders’ equity of $699,796 and $654,929, respectively, for 2009 and 2008.
(d)		Includes residential loans held for sale and finance leases held for sale.
N/M	=	Not meaningful.

Page 8 of 8

EX-99.2

Exhibit 99.2

Old National Bancorp


Financial Trends
Fourth Quarter 2009
February 1, 2010

Please direct inquiries to:

Christopher A. Wolking, Senior Executive Vice President & Chief Financial Officer (812) 464-1322 or Joan M. Kissel, Senior Vice President & Corporate Controller (812) 465-7290

Notes: -Summations may not equal due to rounding.

Old National Bancorp
Financial Summary
Fourth Quarter 2009

													2008												2009
2006			2007			2008			2009				1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
												Profitability (in millions)
$	79.4		$	74.9		$	62.5		$	13.7		Net Income (Loss)	$	19.3		$	19.5		$	17.0		$	6.6		$	9.4		$	9.6		$	4.0		$	(9.3	)
	—			—			0.3			3.9		Preferred Dividend and Amort on Preferred Stock		—			—			—			0.3			3.9			—			—			—
	79.4			74.9			62.2			9.8		Net Income (Loss) Avail. to Common Shareholders		19.3			19.5			17.0			6.3			5.5			9.6			4.0			(9.3	)
												Diluted EPS
$	1.20		$	1.14		$	0.95		$	0.14		Net Income (Loss) Avail. to Common Shareholders	$	0.29		$	0.30		$	0.26		$	0.10		$	0.08		$	0.15		$	0.06		$	(0.11	)
												Ratios — Net Income
	12.43	%		11.67	%		9.49	%		1.41	%	Return on Average Common Equity		11.51	%		11.58	%		10.50	%		4.05	%		3.43	%		6.02	%		2.53	%		-4.23	%
	0.97	%		0.94	%		0.82	%		0.17	%	Return on Average Assets		1.01	%		1.03	%		0.90	%		0.35	%		0.47	%		0.47	%		0.21	%		-0.47	%
	68.54	%		71.01	%		69.18	%		81.54	%	Efficiency Ratio		63.87	%		68.37	%		70.03	%		74.79	%		72.20	%		77.50	%		83.39	%		94.78	%
	3.15	%		3.28	%		3.82	%		3.52	%	Net Interest Margin (FTE)		3.68	%		3.85	%		3.79	%		3.96	%		3.63	%		3.59	%		3.53	%		3.33	%
												Capital Ratios:
												Risk-Based Capital Ratios (EOP):
	11.1	%		10.6	%		12.7	%		14.2	%	Tier 1		11.0	%		11.2	%		11.4	%		12.7	%		9.9	%		10.2	%		14.1	%		14.2	%
	14.5	%		13.3	%		15.1	%		16.0	%	Total		13.8	%		14.1	%		14.3	%		15.1	%		12.2	%		12.6	%		16.5	%		16.0	%
	8.0	%		7.7	%		9.5	%		9.5	%	Leverage Ratio (to Average Assets)		8.0	%		8.2	%		8.3	%		9.5	%		7.3	%		7.1	%		10.0	%		9.5	%
	7.81	%		8.04	%		8.67	%		9.06	%	Total Equity to Assets (Averages)		8.75	%		8.86	%		8.57	%		8.48	%		9.32	%		7.79	%		8.11	%		11.03	%
	6.34	%		6.03	%		5.81	%		8.25	%	Tangible Common Equity to Tangible Assets (3)		6.44	%		6.21	%		6.06	%		5.81	%		5.23	%		5.51	%		8.53	%		8.25	%
												Per Common Share Data:
	0.84			1.11			0.69			0.44		Cash Dividends Declared (1)		—			0.23			0.23			0.23			0.23			0.07			0.07			0.07
	70	%		97	%		73	%		309	%	Dividend Payout Ratio (1)		—			77	%		89	%		228	%		274	%		48	%		117	%		N/M
	9.66			9.86			9.56			9.68		Common Book Value (EOP)		10.20			9.80			9.59			9.56			9.51			9.55			9.93			9.68
	18.92			14.96			18.16			12.43		Market Value (EOP)		18.00			14.26			20.02			18.16			11.17			9.82			11.20			12.43
	7.64			6.98			6.74			7.38		Tangible Common Book Value (3)		7.33			6.95			6.75			6.74			6.42			6.48			7.61			7.38
												Other Statistics
	2,568			2,494			2,507			2,812		Full Time Equivalent Employees (2)		2,478			2,499			2,489			2,507			2,513			2,875			2,828			2,812

FTE — Fully taxable equivalent basis

EOP — End of period actual balances

(1)	The 1st Qtr 2008 dividend was declared in December 2007 and is included in the 2007 totals.
(2)	1st quarter 2009 doesn’t include Charter associates who joined on March 20, 2009.
(3)	See Non-GAAP Reconciliation on Page 8.

PAGE 1

Old National Bancorp
INCOME STATEMENT
($ In Millions except EPS information)

Twelve Months						Change							Fourth Quarter						Change
2009			2008			$			%				2009			2008			$			%
$	361.5		$	411.8		$	(50.3	)		-12.2	%	Interest Income (FTE)	$	84.2		$	100.8		$	(16.6	)		-16.4	%
	109.3			149.2			(39.9	)		-26.8	%	Less: Interest Expense		25.1			32.7			(7.7	)		-23.5	%
	252.2			262.7			(10.4	)		-4.0	%	Net Interest Income (FTE)		59.2			68.0			(8.9	)		-13.1	%
	16.0			17.4			(1.4	)		-8.1	%	Wealth Management Fees		4.0			3.7			0.3			8.3	%
	55.2			45.2			10.0			22.2	%	Service Charges on Deposit Accounts		13.8			11.8			1.9			16.4	%
	20.5			17.2			3.2			18.8	%	ATM Fees		5.5			4.2			1.3			30.3	%
	6.2			5.1			1.1			22.3	%	Mortgage Banking Revenue		1.2			1.1			0.1			10.3	%
	37.9			39.2			(1.3	)		-3.3	%	Insurance Premiums and Commissions		8.7			9.0			(0.2	)		-2.8	%
	8.5			9.5			(1.0	)		-10.3	%	Investment Product Fees		1.7			2.0			(0.4	)		-18.6	%
	2.4			9.2			(6.8	)		-74.3	%	Company-owned Life Insurance		0.8			0.7			0.0			0.6	%
	13.7			17.9			(4.2	)		-23.3	%	Other Income		3.7			4.0			(0.2	)		-5.9	%
	160.3			160.6			(0.3	)		-0.2	%	Total Fees, Service Charges & Other Rev.		39.4			36.6			2.8			7.6	%
	2.5			7.6			(5.1	)		-67.5	%	Gains (Losses) Sales of Securities (1)		(3.2	)		0.9			(4.1	)		N/M
	0.7			(1.1	)		1.9			N/M		Gains (Losses) Derivatives		0.4			0.0			0.4			N/M
	163.5			167.0			(3.5	)		-2.1	%	Total Noninterest Income		36.6			37.6			(1.0	)		-2.6	%
	415.7			429.6			(13.9	)		-3.2	%	Total Revenues (FTE)		95.8			105.6			(9.9	)		-9.3	%
	181.4			167.8			13.6			8.1	%	Salaries and Employee Benefits		47.0			41.8			5.2			12.4	%
	47.1			39.7			7.4			18.6	%	Occupancy		12.4			10.6			1.8			16.5	%
	10.4			9.5			1.0			10.3	%	Equipment		2.5			2.0			0.5			23.4	%
	9.6			9.6			0.0			0.2	%	Marketing		2.7			1.8			0.9			51.4	%
	20.7			19.0			1.7			8.8	%	Data Processing		5.1			4.7			0.4			9.2	%
	10.9			9.3			1.7			17.9	%	Communication		2.8			2.4			0.3			13.8	%
	9.5			7.2			2.3			32.0	%	Professional Fees		2.7			1.9			0.8			40.3	%
	4.3			6.6			(2.3	)		-34.5	%	Loan Expenses		1.1			1.7			(0.6	)		-34.7	%
	4.3			3.3			1.0			30.8	%	Supplies		0.9			0.9			0.1			5.9	%
	12.4			1.5			10.9			N/M		FDIC Assessment		2.3			0.6			1.6			N/M
	28.3			23.9			4.4			18.5	%	Other Expense		11.3			10.5			0.9			8.1	%
	339.0			297.2			41.7			14.0	%	Total Noninterest Expense		90.8			79.0			11.8			14.9	%
	63.3			51.5			11.8			23.0	%	Provision for loan losses		21.8			17.0			4.8			28.2	%
	13.5			80.9			(67.5	)		-83.4	%	Income (loss) before Income Taxes (FTE)		(16.8	)		9.6			(26.4	)		N/M
	(21.1	)		(0.9	)		(20.2	)		N/M		Income Taxes		(11.6	)		(2.5	)		(9.2	)		N/M
	20.8			19.3			1.5			7.8	%	FTE Adjustment		4.1			5.5			(1.3	)		-24.1	%
	(0.3	)		18.4			(18.7	)		-101.5	%	Total Taxes (FTE)		(7.5	)		3.0			(10.5	)		N/M
$	13.7		$	62.5		$	(48.7	)		-78.0	%	Net Income (Loss)	$	(9.3	)	$	6.6		$	(16.0	)		N/M
												Diluted EPS
$	0.14		$	0.95		$	(0.81	)		-84.9	%	Net Income (Loss) Avail to Common	$	(0.11	)	$	0.10		$	(0.21	)		N/M
												Average Common Shares Outstanding (000’s)
	71,314			65,660			5,655			8.6	%	Basic		86,701			65,730			20,971			31.9	%
	71,367			65,776			5,591			8.5	%	Diluted		86,701			65,922			20,779			31.5	%
	87,182			66,321			20,861			31.5	%	Common Shares Outstanding (EOP) (000’s)		87,182			66,321			20,861			31.5	%

(1)	Includes $6.3 million of net gains and $9.5 million of OTTI in 4Q09 and $27.3 million of net gains and $24.8 million of OTTI in YTD09, respectively.
OTTI —	Other Than Temporary Impairment
FTE —	Fully taxable equivalent basis
EOP —	End of period actual balances
N/M =	Not meaningful

PAGE 2

Old National Bancorp
NET INCOME TRENDS
Fourth Quarter 2009
($ In Millions except EPS information)

												2008												2009
2006		2007			2008			2009				1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
$	471.2	$	478.5		$	411.8		$	361.5		Interest Income (FTE)	$	108.5		$	102.0		$	100.6		$	100.8		$	93.8		$	94.7		$	88.7		$	84.2
	239.0		242.2			149.2			109.3		Less: Interest Expense		44.3			36.0			36.1			32.7			28.8			28.4			27.0			25.1
	232.2		236.4			262.7			252.2		Net Interest Income (FTE)		64.2			65.9			64.5			68.0			65.1			66.3			61.7			59.2
	19.5		18.7			17.4			16.0		Wealth Management Fees		4.6			4.9			4.2			3.7			3.8			4.3			3.9			4.0
	42.3		44.8			45.2			55.2		Service Charges on Deposit Accounts		10.2			11.3			11.8			11.8			10.7			15.7			15.1			13.8
	12.1		14.5			17.2			20.5		ATM Fees		4.0			4.5			4.5			4.2			4.1			5.4			5.4			5.5
	4.1		4.4			5.1			6.2		Mortgage Banking Revenue		1.2			1.4			1.4			1.1			1.7			1.8			1.5			1.2
	41.5		39.0			39.2			37.9		Insurance Premiums and Commissions		12.1			9.3			8.8			9.0			11.4			8.9			8.8			8.7
	8.7		10.7			9.5			8.5		Investment Product Fees		2.7			2.4			2.3			2.0			2.2			2.2			2.4			1.7
	9.0		9.8			9.2			2.4		Company-owned Life Insurance		2.8			2.8			2.9			0.7			0.7			0.4			0.5			0.8
	13.8		16.1			17.9			13.7		Other Income		5.3			5.2			3.2			4.0			3.8			4.0			2.1			3.7
	150.9		158.0			160.6			160.3		Total Fees, Service Charges & Other Rev.		43.0			41.7			39.1			36.6			38.6			42.7			39.6			39.4
	1.5		(3.0	)		7.6			2.5		Gains (Losses) Sales of Securities (1)		4.5			2.1			0.0			0.9			3.2			2.4			0.0			(3.2	)
	1.5		0.2			(1.1	)		0.7		Gains (Losses) Derivatives		(0.6	)		(0.3	)		(0.2	)		0.0			0.5			0.5			(0.7	)		0.4
	153.9		155.1			167.0			163.5		Total Noninterest Income		46.9			43.5			39.0			37.6			42.2			45.6			39.0			36.6
	386.2		391.5			429.6			415.7		Total Revenues (FTE)		111.1			109.5			103.5			105.6			107.3			111.9			100.7			95.8
	157.6		163.7			167.8			181.4		Salaries and Employee Benefits		42.3			43.2			40.5			41.8			42.7			45.2			46.5			47.0
	19.9		26.5			39.7			47.1		Occupancy		9.6			9.6			9.8			10.6			10.6			12.0			12.0			12.4
	12.7		11.1			9.5			10.4		Equipment		2.6			2.5			2.4			2.0			2.3			2.7			2.9			2.5
	10.4		8.4			9.6			9.6		Marketing		2.0			2.7			3.1			1.8			2.0			2.6			2.3			2.7
	18.0		19.2			19.0			20.7		Data Processing		4.6			4.9			4.8			4.7			4.9			5.4			5.3			5.1
	9.2		9.3			9.3			10.9		Communication		2.3			2.2			2.3			2.4			2.6			2.9			2.7			2.8
	7.6		7.7			7.2			9.5		Professional Fees		1.7			1.9			1.7			1.9			2.6			2.1			2.1			2.7
	5.7		6.0			6.6			4.3		Loan Expenses		1.3			1.7			1.9			1.7			0.9			1.2			1.2			1.1
	3.4		3.5			3.3			4.3		Supplies		0.9			0.7			0.8			0.9			1.3			1.2			0.9			0.9
	0.9		0.9			1.5			12.4		FDIC Assessment		0.3			0.3			0.3			0.6			2.1			6.3			1.8			2.3
	19.3		21.7			23.9			28.3		Other Expense		3.3			5.1			5.0			10.5			5.5			5.2			6.3			11.3
	264.7		278.0			297.2			339.0		Total Noninterest Expense		70.9			74.8			72.5			79.0			77.5			86.8			84.0			90.8
	7.0		4.1			51.5			63.3		Provision for Loan Losses		21.9			5.7			6.8			17.0			17.3			12.0			12.2			21.8
	114.5		109.4			80.9			13.5		Income (loss) before Income Taxes (FTE)		18.2			28.9			24.2			9.6			12.5			13.2			4.5			(16.8	)
	15.6		17.3			(0.9	)		(21.1	)	Income Taxes		(5.5	)		4.8			2.3			(2.5	)		(2.7	)		(2.0	)		(4.8	)		(11.6	)
	19.5		17.2			19.3			20.8		FTE Adjustment		4.4			4.6			4.9			5.5			5.9			5.6			5.3			4.1
	35.1		34.5			18.4			(0.3	)	Total Taxes (FTE)		(1.1	)		9.4			7.1			3.0			3.1			3.6			0.5			(7.5	)
$	79.4	$	74.9		$	62.5		$	13.7		Net Income (Loss)	$	19.3		$	19.5		$	17.0		$	6.6		$	9.4		$	9.6		$	4.0		$	(9.3	)
											Diluted EPS
$	1.20	$	1.14		$	0.95		$	0.14		Net Income (Loss) Avail to Common	$	0.29		$	0.30		$	0.26		$	0.10		$	0.08		$	0.15		$	0.06		$	(0.11	)
	66,226		65,684			65,660			71,314		Average Basic Common Shares (000’s)		65,623			65,640			65,645			65,730			65,793			65,950			66,635			86,701
	66,261		65,750			65,776			71,367		Average Diluted Common Shares (000’s)		65,754			65,812			65,790			65,922			65,882			65,999			66,706			86,701

FTE —	Fully taxable equivalent basis
(1)	Includes $2.4 million, $7.9 million, $5.1 million and $9.5 million in 1Q09, 2Q09, 3Q09 and 4Q09, respectively, for OTTI.

PAGE 3

Old National Bancorp
Balance Sheet (EOP)
Fourth Quarter 2009
($ in Millions)

																Change from Prior Year
	12/31/2009			9/30/2009			6/30/2009			3/31/2009			12/31/2008			12/31/2009 vs. 12/31/2008						12/31/2007			12/31/2006
																$			%
Assets
Investments:
Treasury & Gov’t Sponsored Agencies	$	1,142.7		$	1,305.7		$	831.6		$	1,019.6		$	389.3		$	753.4			N/M		$	688.9		$	680.2
Mortgage-backed Securities		1,048.4			941.7			1,029.7			1,131.2			1,172.6			(124.2	)		-10.6	%		1,048.8			1,147.0
States & Political Subdivisions		534.6			494.2			522.7			485.1			482.2			52.4			10.9	%		294.9			273.3
Other Securities		192.7			218.9			215.6			208.5			221.7			(29.0	)		-13.1	%		275.9			275.7
Fed Funds Sold & Resell Agreements		—			—			—			—			0.0			(0.0	)		-100.0	%		—			283.5
Money Market Investments		35.6			28.8			62.5			42.6			30.1			5.5			18.3	%		8.5			4.1
Total Investments		2,953.9			2,989.3			2,662.2			2,887.0			2,295.9			658.0			28.7	%		2,317.0			2,663.7
Residential Real Estate Loans Held for Sale		17.5			11.4			25.2			19.6			17.2			0.4			2.2	%		13.0			16.6
Leases Held for Sale		55.3			58.4			370.2			—			—			55.3			N/M			—			—
Loans:
Commercial Loans & Leases		1,287.2			1,397.0			1,422.6			1,809.4			1,898.0			(610.8	)		-32.2	%		1,694.7			1,629.9
Commercial & Agriculture Real Estate		1,062.9			1,091.5			1,124.4			1,133.9			1,154.9			(92.0	)		-8.0	%		1,270.4			1,386.4
Consumer:
Home Equity		274.8			275.6			271.9			270.5			270.0			4.8			1.8	%		250.1			284.8
Other Consumer Loans		807.2			849.9			883.9			919.2			941.0			(133.7	)		-14.2	%		937.6			914.1
Subtotal of Commercial & Consumer Loans		3,432.1			3,614.0			3,702.8			4,133.0			4,263.8			(831.7	)		-19.5	%		4,152.9			4,215.1
Residential Real Estate		403.4			421.7			448.4			488.5			496.5			(93.1	)		-18.8	%		533.4			484.9
Total Loans		3,835.5			4,035.7			4,151.2			4,621.5			4,760.4			(924.9	)		-19.4	%		4,686.4			4,700.0
Total Earning Assets		6,862.2			7,094.7			7,208.9			7,528.1			7,073.4			(211.2	)		-3.0	%		7,016.3			7,380.3
Allowance for Loan Losses		(69.5	)		(69.6	)		(70.1	)		(71.8	)		(67.1	)		2.5			3.7	%		(56.5	)		(67.8	)
Nonearning Assets:
Cash and Due from Banks		461.7			196.9			146.7			131.5			162.9			298.8			N/M			255.2			210.3
Premises & Equipment		52.4			56.5			58.7			58.6			44.6			7.8			17.4	%		48.7			122.9
Goodwill & Intangible Assets		200.2			202.4			204.0			205.6			186.8			13.4			7.2	%		191.0			134.2
Company-owned Life Insurance		224.7			223.9			224.2			223.8			223.1			1.5			0.7	%		214.5			198.0
Other Assets		273.8			268.6			239.7			280.2			250.1			23.7			9.5	%		176.9			171.6
Total Nonearning Assets		1,212.7			948.4			873.4			899.7			867.6			345.1			39.8	%		886.3			837.0
Total Assets	$	8,005.3		$	7,973.5		$	8,012.2		$	8,356.1		$	7,873.9		$	131.4			1.7	%	$	7,846.1		$	8,149.5
Liabilities & Equity
Noninterest-bearing Demand Deposits	$	1,188.3		$	1,045.9		$	1,045.6		$	1,039.3		$	888.6		$	299.8			33.7	%	$	855.4		$	877.9
NOW Accounts		1,354.3			1,220.2			1,297.2			1,257.5			1,292.6			61.8			4.8	%		1,410.7			1,449.2
Savings Accounts		972.2			971.5			928.9			918.8			874.6			97.6			11.2	%		774.1			437.7
Money Market Accounts		381.1			418.8			452.0			522.8			420.8			(39.7	)		-9.4	%		562.1			925.3
Other Time under $100,000		1,284.3			1,298.7			1,340.3			1,335.2			1,224.2			60.1			4.9	%		1,283.0			1,369.0
Other Time $100,000 & over		653.3			669.2			664.7			671.7			550.0			103.3			18.8	%		562.1			932.6
Total Core Deposits		5,833.5			5,624.4			5,728.6			5,745.4			5,250.8			582.7			11.1	%		5,447.4			5,991.6
Brokered CD’s		69.9			69.9			69.9			109.4			171.5			(101.5	)		-59.2	%		216.0			329.9
Total Deposits		5,903.5			5,694.4			5,798.5			5,854.7			5,422.3			481.2			8.9	%		5,663.4			6,321.5
Short-term Borrowings		331.1			326.1			542.4			827.1			649.6			(318.5	)		-49.0	%		638.2			312.9
Long-term Borrowings		699.1			808.6			810.3			810.0			834.9			(135.8	)		-16.3	%		656.7			747.5
Total Borrowed Funds		1,030.2			1,134.7			1,352.7			1,637.0			1,484.5			(454.3	)		-30.6	%		1,295.0			1,060.5
Accrued Expenses & Other Liabilities		227.8			279.0			226.4			232.5			236.2			(8.4	)		-3.6	%		234.9			125.2
Total Liabilities		7,161.5			7,108.1			7,377.6			7,724.3			7,143.0			18.5			0.3	%		7,193.2			7,507.1
Preferred Stock & Surplus		—			—			—			—			97.4			(97.4	)		-100.0	%		—			—
Common Stock, Surplus & Retained Earnings		864.2			880.3			683.3			679.2			687.0			177.2			25.8	%		664.2			667.5
Other Comprehensive Income		(20.4	)		(14.9	)		(48.7	)		(47.5	)		(53.5	)		33.1			61.9	%		(11.3	)		(25.1	)
Total Shareholders Equity		843.8			865.4			634.6			631.8			730.9			113.0			15.5	%		652.9			642.4
Total Liabilities & Shareholders Equity	$	8,005.3		$	7,973.5		$	8,012.2		$	8,356.1		$	7,873.9		$	131.4			1.7	%	$	7,846.1		$	8,149.5

EOP —	End of period actual balances
N/M =	Not meaningful

PAGE 4

Old National Bancorp
Balance Sheet Trends
PERIOD AVERAGES
($ in Millions)

													2008												2009
2006			2007			2008			2009				1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
												Assets
												Investments:
$	584.3		$	636.8		$	439.1		$	916.3		Treasury & Gov’t Sponsored Agencies	$	653.4		$	405.7		$	356.5		$	340.9		$	551.0		$	935.8		$	872.8		$	1,305.6
	1,215.0			1,112.9			1,130.7			1,063.3		Mortgage-backed Securities		1,059.5			1,132.1			1,146.8			1,184.2			1,163.5			1,087.0			996.9			1,005.7
	408.5			263.7			329.4			506.7		States & Political Subdivisions		287.6			310.6			327.4			392.0			504.9			511.5			498.4			512.0
	254.6			268.6			251.4			214.4		Other Securities		276.2			265.8			252.1			211.7			220.7			212.9			219.7			204.3
	72.8			109.5			1.6			0.0		Fed Funds Sold & Resell Agreements		0.0			0.4			3.5			2.5			0.0			—			—			—
	14.8			7.7			20.3			38.5		Money Market Investments		12.4			31.6			18.1			19.3			33.2			39.5			42.8			38.4
	2,550.0			2,399.1			2,172.6			2,739.2		Total Investments		2,289.1			2,146.2			2,104.3			2,150.7			2,473.4			2,786.8			2,630.6			3,066.0
												Loans:
	1,592.3			1,679.6			1,779.4			1,684.7		Commercial Loans & Leases (1)		1,710.3			1,772.9			1,800.9			1,833.6			1,840.1			1,813.1			1,664.2			1,421.3
	1,466.2			1,374.7			1,205.1			1,117.3		Commercial & Agriculture Real Estate		1,251.2			1,218.7			1,182.3			1,168.2			1,148.9			1,132.0			1,108.7			1,079.5
												Consumer:
	307.1			267.1			254.9			273.1		Home Equity		248.3			249.6			256.2			265.5			271.2			271.8			274.1			275.3
	929.7			937.4			935.7			882.3		Other Consumer Loans		933.0			932.3			937.7			939.8			933.4			900.9			867.2			827.7
	4,295.3			4,258.8			4,175.1			3,957.4		Subtotal of Commercial & Consumer Loans		4,142.9			4,173.5			4,177.0			4,207.1			4,193.7			4,117.8			3,914.2			3,603.8
	527.9			556.0			528.0			469.4		Residential Real Estate (1)		542.0			535.9			523.2			511.2			510.4			491.3			450.2			425.9
	4,823.1			4,814.9			4,703.1			4,426.8		Total Loans (1)		4,684.9			4,709.3			4,700.1			4,718.3			4,704.1			4,609.1			4,364.4			4,029.8
	7,373.1			7,214.0			6,875.7			7,166.0		Total Earning Assets		6,973.9			6,855.5			6,804.5			6,868.9			7,177.4			7,395.9			6,995.0			7,095.8
	(76.5	)		(68.2	)		(62.0	)		(70.1	)	Allowance for Loan Losses		(56.1	)		(67.9	)		(62.0	)		(62.0	)		(67.2	)		(72.2	)		(70.1	)		(71.0	)
	876.7			839.2			804.1			893.9		Nonearning Assets		764.1			806.3			821.2			824.8			813.6			887.7			908.0			966.1
$	8,173.4		$	7,985.0		$	7,617.8		$	7,989.8		Total Assets	$	7,682.0		$	7,594.0		$	7,563.6		$	7,631.7		$	7,923.9		$	8,211.4		$	7,832.9		$	7,990.9
												Liabilities & Equity
$	800.7		$	828.5		$	835.0		$	1,018.4		Noninterest-bearing Demand Deposits	$	811.2		$	824.9		$	841.9		$	861.8		$	904.1		$	1,026.8		$	1,046.8		$	1,096.0
	1,429.8			1,490.4			1,249.5			1,250.7		NOW Accounts		1,310.8			1,264.7			1,204.7			1,217.7			1,239.0			1,261.6			1,260.0			1,242.5
	441.3			622.4			886.4			937.6		Savings Accounts		828.4			906.3			922.6			888.1			878.2			933.9			960.6			977.9
	886.2			758.6			487.5			436.5		Money Market Accounts		541.0			498.1			473.4			437.5			425.5			483.0			432.7			404.9
	2,277.9			2,134.9			1,696.4			1,956.9		Other Time		1,737.3			1,593.5			1,694.6			1,760.2			1,854.1			2,011.2			1,991.9			1,970.5
	5,835.8			5,834.7			5,154.7			5,600.2		Total Core Deposits		5,228.7			5,087.6			5,137.2			5,165.4			5,300.8			5,716.5			5,691.9			5,691.7
	338.4			291.5			170.7			97.8		Brokered CD’s		196.8			112.8			187.0			186.2			161.4			90.0			69.9			69.9
	6,174.2			6,126.2			5,325.4			5,698.0		Total Deposits		5,425.5			5,200.4			5,324.2			5,351.6			5,462.2			5,806.5			5,761.8			5,761.6
	402.2			461.8			616.9			527.1		Short-term Borrowings		625.4			679.6			568.4			594.4			660.5			721.6			401.0			325.6
	835.6			615.9			810.1			812.1		Long-term Borrowings		754.7			832.5			817.8			835.2			834.6			809.9			808.6			795.2
	1,237.8			1,077.7			1,427.0			1,339.2		Total Borrowed Funds		1,380.1			1,512.1			1,386.2			1,429.6			1,495.1			1,531.4			1,209.6			1,120.7
	123.0			139.3			205.2			228.6		Accrued Expenses & Other Liabilities		204.2			208.6			205.1			203.0			227.9			233.5			225.9			227.3
	7,535.1			7,343.1			6,957.7			7,265.9		Total Liabilities		7,009.7			6,921.1			6,915.5			6,984.3			7,185.2			7,571.4			7,197.3			7,109.6
	—			—			5.2			24.1		Preferred Stock & Surplus		—			—			—			21.0			96.4			—			—			—
	666.2			666.8			688.7			735.0		Common Stock, Surplus & Retained Earnings		675.9			688.7			695.0			695.2			687.5			680.9			676.0			895.8
	(27.8	)		(25.0	)		(33.7	)		(35.3	)	Other Comprehensive Income		(3.6	)		(15.8	)		(46.9	)		(68.7	)		(45.2	)		(41.0	)		(40.4	)		(14.5	)
	638.4			641.8			660.2			723.9		Total Shareholders Equity		672.3			672.9			648.1			647.5			738.7			640.0			635.6			881.3
$	8,173.4		$	7,985.0		$	7,617.8		$	7,989.8		Total Liabilities & Shareholders Equity	$	7,682.0		$	7,594.0		$	7,563.6		$	7,631.7		$	7,923.9		$	8,211.4		$	7,832.9		$	7,990.9

(1) Includes residential loans and leases held for sale.

PAGE 5

Old National Bancorp
Interest Rate Trends (FTE basis)
PERIOD AVERAGES

													2008												2009
2006			2007			2008			2009				1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
												Earning Assets:
												Investments:
	4.55	%		5.07	%		4.90	%		4.01	%	Treasury & Gov’t Sponsored Agencies		4.66	%		4.97	%		5.03	%		5.14	%		4.80	%		4.52	%		4.15	%		3.21	%
	4.55	%		4.68	%		5.01	%		4.93	%	Mortgage-backed Securities		4.79	%		5.03	%		5.07	%		5.14	%		5.16	%		5.18	%		4.78	%		4.54	%
	6.93	%		7.07	%		6.91	%		6.72	%	States & Political Subdivisions		6.85	%		6.76	%		6.80	%		7.15	%		6.92	%		6.53	%		6.83	%		6.63	%
	5.14	%		5.25	%		5.54	%		4.93	%	Other Securities		5.31	%		5.30	%		5.47	%		6.22	%		5.31	%		4.95	%		4.98	%		4.44	%
	5.20	%		5.35	%		3.40	%		0.35	%	Fed Funds Sold, Resell Agr & Money Mkt		10.74	%		2.42	%		2.74	%		1.34	%		0.75	%		0.37	%		0.25	%		0.09	%
	5.01	%		5.14	%		5.32	%		4.89	%	Total Investments		5.11	%		5.26	%		5.36	%		5.58	%		5.39	%		5.12	%		4.90	%		4.26	%
												Loans:
	7.32	%		7.47	%		5.88	%		4.49	%	Commercial Loans & Leases (1)		6.64	%		5.86	%		5.63	%		5.44	%		4.52	%		4.54	%		4.52	%		4.37	%
	7.27	%		7.56	%		6.22	%		4.62	%	Commercial & Agriculture Real Estate		6.70	%		6.25	%		6.01	%		5.90	%		4.79	%		4.60	%		4.57	%		4.53	%
												Consumer:
	8.04	%		8.17	%		5.51	%		3.57	%	Home Equity		6.71	%		5.49	%		5.30	%		4.60	%		3.59	%		3.55	%		3.55	%		3.60	%
	7.13	%		7.61	%		7.66	%		7.27	%	Other Consumer Loans		7.79	%		7.66	%		7.60	%		7.57	%		7.30	%		7.24	%		7.28	%		7.28	%
	7.31	%		7.57	%		6.35	%		5.08	%	Subtotal of Commercial & Consumer Loans		6.92	%		6.35	%		6.16	%		5.99	%		5.15	%		5.08	%		5.08	%		5.03	%
	5.54	%		5.86	%		5.87	%		5.63	%	Residential Real Estate Loans (1)		5.92	%		5.85	%		5.87	%		5.84	%		5.68	%		5.61	%		5.65	%		5.56	%
	7.12	%		7.38	%		6.30	%		5.14	%	Total Loans (1)		6.81	%		6.29	%		6.11	%		5.97	%		5.21	%		5.14	%		5.14	%		5.08	%
	6.39	%		6.63	%		5.99	%		5.04	%	Total Earning Assets		6.25	%		5.97	%		5.89	%		5.85	%		5.27	%		5.13	%		5.05	%		4.73	%
												Interest-bearing Liabilities:
	1.92	%		2.12	%		0.51	%		0.04	%	NOW Accounts		0.84	%		0.52	%		0.45	%		0.21	%		0.03	%		0.04	%		0.04	%		0.04	%
	1.28	%		2.43	%		1.46	%		0.38	%	Savings Accounts		2.03	%		1.50	%		1.46	%		0.88	%		0.40	%		0.39	%		0.39	%		0.35	%
	3.32	%		3.11	%		1.12	%		0.10	%	Money Market Accounts		1.71	%		1.14	%		1.04	%		0.47	%		0.11	%		0.10	%		0.10	%		0.10	%
	4.15	%		4.64	%		3.74	%		3.01	%	Other Time		4.26	%		3.67	%		3.52	%		3.50	%		3.29	%		3.10	%		2.92	%		2.75	%
	3.12	%		3.38	%		2.04	%		1.39	%	Total Interest-bearing Deposits		2.51	%		1.98	%		1.94	%		1.72	%		1.49	%		1.43	%		1.35	%		1.27	%
	4.57	%		4.72	%		4.25	%		4.26	%	Brokered CD’s		4.32	%		4.01	%		4.26	%		4.30	%		4.16	%		4.19	%		4.44	%		4.44	%
	3.21	%		3.46	%		2.13	%		1.45	%	Total Interest-bearing Deposits & CD’s		2.59	%		2.03	%		2.04	%		1.83	%		1.58	%		1.48	%		1.40	%		1.32	%
	3.98	%		3.94	%		1.77	%		0.27	%	Short-term Borrowings		2.53	%		1.81	%		1.79	%		0.92	%		0.24	%		0.25	%		0.31	%		0.32	%
	6.03	%		6.64	%		5.29	%		4.96	%	Long-term Borrowings		5.69	%		5.25	%		5.13	%		5.11	%		5.15	%		5.11	%		4.93	%		4.63	%
	5.37	%		5.48	%		3.77	%		3.11	%	Total Borrowed Funds		4.27	%		3.70	%		3.76	%		3.37	%		2.98	%		2.82	%		3.40	%		3.37	%
	3.61	%		3.80	%		2.52	%		1.82	%	Total Interest-bearing Liabilities		2.98	%		2.46	%		2.45	%		2.20	%		1.93	%		1.81	%		1.81	%		1.72	%
	2.78	%		2.83	%		3.47	%		3.23	%	Net Interest Rate Spread		3.27	%		3.51	%		3.45	%		3.65	%		3.34	%		3.33	%		3.24	%		3.01	%
	3.15	%		3.28	%		3.82	%		3.52	%	Net Interest Margin		3.68	%		3.85	%		3.79	%		3.96	%		3.63	%		3.59	%		3.53	%		3.33	%

FTE —	Fully taxable equivalent basis
(1)	Includes residential loans and leases held for sale.

PAGE 6

Old National Bancorp
Asset Quality (EOP)
($ in Millions)

													2008												2009
2006			2007			2008			2009				1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
$	78.8		$	67.8		$	56.5		$	67.1		Beginning Allowance for Loan Losses	$	56.5		$	72.2		$	62.1		$	63.5		$	67.1		$	71.8		$	70.1		$	69.6
	7.0			4.1			51.5			63.3		Provision for Loan Losses		21.9			5.7			6.8			17.0			17.3			12.0			12.2			21.8
	—			5.7			—			—		Acquired from acquisition		—			—			—			—			—			—			—			—
	(27.9	)		(26.9	)		(51.2	)		(78.0	)	Gross Charge-offs		(8.7	)		(18.0	)		(8.7	)		(15.9	)		(15.9	)		(16.0	)		(19.1	)		(27.1	)
	(2.8	)		(5.3	)		—			(0.6	)	Write-downs from Loans Sold		—			—			—			—			—			(0.6	)		—			—
	12.7			11.1			10.4			17.8		Gross Recoveries		2.6			2.1			3.2			2.5			3.3			2.9			6.3			5.3
	(18.1	)		(21.1	)		(40.8	)		(60.8	)	Net Charge-offs		(6.1	)		(15.9	)		(5.5	)		(13.4	)		(12.6	)		(13.6	)		(12.7	)		(21.8	)
$	67.8		$	56.5		$	67.1		$	69.5		Ending Allowance for Loan Losses	$	72.2		$	62.1		$	63.5		$	67.1		$	71.8		$	70.1		$	69.6		$	69.5
	0.37	%		0.44	%		0.87	%		1.37	%	Net Charge-offs / Average Loans (1)		0.52	%		1.35	%		0.46	%		1.14	%		1.07	%		1.18	%		1.17	%		2.17	%
$	4,823.1		$	4,814.9		$	4,703.1		$	4,426.8		Average Loans Outstanding (1)	$	4,684.9		$	4,709.3		$	4,700.1		$	4,718.3		$	4,704.1		$	4,609.1		$	4,364.4		$	4,029.8
$	4,716.6		$	4,699.4		$	4,777.5		$	3,908.3		EOP Loans Outstanding (1)	$	4,691.0		$	4,743.4		$	4,693.0		$	4,777.5		$	4,641.1		$	4,546.7		$	4,105.4		$	3,908.3
	1.44	%		1.20	%		1.41	%		1.81	%	Allowance for Loan Loss / EOP Loans (2)		1.54	%		1.31	%		1.36	%		1.41	%		1.55	%		1.69	%		1.72	%		1.81	%
												Underperforming Assets:
$	2.1		$	1.5		$	2.9		$	3.5		Loans 90 Days & over (still accruing)	$	1.5		$	1.6		$	1.9		$	2.9		$	2.4		$	2.3		$	2.7		$	3.5
												Non-performing Loans:
	41.5			40.8			64.0			67.0		Nonaccrual Loans (3)		70.2			68.1			68.4			64.0			77.4			77.7			73.7			67.0
	0.1			—			—			—		Renegotiated Loans		—			—			—			—			—			—			—			—
	41.6			40.8			64.0			67.0		Total Non-performing Loans		70.2			68.1			68.4			64.0			77.4			77.7			73.7			67.0
	3.3			2.9			2.9			8.1		Foreclosed properties		2.3			3.3			3.2			2.9			6.9			4.8			4.2			8.1
$	47.0		$	45.2		$	69.9		$	78.7		Total Underperforming Assets	$	74.1		$	72.9		$	73.6		$	69.9		$	86.7		$	84.8		$	80.6		$	78.7
$	153.2		$	115.1		$	180.1		$	157.1		Classified Loans — “Problem Loans”	$	153.7		$	149.8		$	173.8		$	180.1		$	199.8		$	191.3		$	174.7		$	157.1
	—			—			34.5			161.2		Other Classified Assets		—			—			—			34.5			96.5			145.3			174.6		$	161.2
	119.8			103.2			124.9			103.5		Criticized Loans — “Special Mention Loans”		103.8			97.5			114.3			124.9			86.6			101.0			94.6			103.5
$	273.0		$	218.3		$	339.5		$	421.7		Total Classified & Criticized Assets	$	257.5		$	247.3		$	288.2		$	339.5		$	382.9		$	437.6		$	443.9		$	421.7
	0.88	%		0.87	%		1.34	%		1.71	%	Non-performing loans / EOP Loans (1)		1.50	%		1.43	%		1.46	%		1.34	%		1.67	%		1.71	%		1.80	%		1.71	%
	163	%		138	%		105	%		104	%	Allowance to Non-performing Loans		103	%		91	%		93	%		105	%		93	%		90	%		94	%		104	%
	1.00	%		0.96	%		1.46	%		2.01	%	Under-performing Assets / EOP Loans (1)		1.58	%		1.54	%		1.57	%		1.46	%		1.87	%		1.87	%		1.96	%		2.01	%
$	8,149.5		$	7,846.1		$	7,873.9		$	8,005.3		EOP Total Assets	$	7,723.5		$	7,601.8		$	7,568.3		$	7,873.9		$	8,356.1		$	8,012.2		$	7,973.5		$	8,005.3
	0.58	%		0.58	%		0.89	%		0.98	%	Under-performing Assets / EOP Assets		0.96	%		0.96	%		0.97	%		0.89	%		1.04	%		1.06	%		1.01	%		0.98	%

EOP —	End of period actual balances
(1)	Includes residential loans and leases held for sale.
(2)	Excludes residential loans and leases held for sale.
(3)	Includes $.6 million in 2Q09, $4.8 million in 3Q09 and $10.0 million in 4Q09 of renegotiated loans.

PAGE 7

Old National Bancorp
NON-GAAP MEASURES
Fourth Quarter 2009
($ In Millions except EPS information)

													2008												2009
2006			2007			2008			2009				1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
												Actual EOP Balances
$	642.4		$	652.9		$	730.9		$	843.8		GAAP Shareholders’ Equity	$	675.4		$	649.0		$	635.4		$	730.9		$	631.8		$	634.6		$	865.4		$	843.8
												Deduct:
	113.4			159.2			159.2			167.9		Goodwill		159.2			159.2			159.2			159.2			167.8			167.9			167.9			167.9
	20.8			31.8			27.6			32.3		Intangibles		31.1			29.5			28.6			27.6			37.8			36.1			34.5			32.3
	134.2			191.0			186.8			200.2				190.3			188.7			187.8			186.8			205.6			204.0			202.4			200.2
$	508.2		$	461.9		$	544.0		$	643.6		Tangible Shareholders’ Equity	$	485.1		$	460.3		$	447.6		$	544.0		$	426.2		$	430.6		$	663.0		$	643.6
												Deduct:
	—			—			97.4			—		Preferred Stock, Surplus & Retained Earnings		—			—			—			97.4			—			—			—			—
$	508.2		$	461.9		$	446.7		$	643.6		Tangible Common Shareholders’ Equity	$	485.1		$	460.3		$	447.6		$	446.7		$	426.2		$	430.6		$	663.0		$	643.6
												Actual EOP Balances
$	8,149.5		$	7,846.1		$	7,873.9		$	8,005.3		GAAP Assets	$	7,723.5		$	7,601.8		$	7,568.3		$	7,873.9		$	8,356.1		$	8,012.2		$	7,973.5		$	8,005.3
												Add:
	0.8			1.7			1.0			0.2		Trust Overdrafts		0.1			0.1			0.3			1.0			0.1			0.0			0.4			0.2
												Deduct:
	113.4			159.2			159.2			167.9		Goodwill		159.2			159.2			159.2			159.2			167.8			167.9			167.9			167.9
	20.8			31.8			27.6			32.3		Intangibles		31.1			29.5			28.6			27.6			37.8			36.1			34.5			32.3
	134.2			191.0			186.8			200.2				190.3			188.7			187.8			186.8			205.6			204.0			202.4			200.2
$	8,016.2		$	7,656.8		$	7,688.0		$	7,805.4		Tangible Assets	$	7,533.2		$	7,413.1		$	7,380.9		$	7,688.0		$	8,150.5		$	7,808.2		$	7,771.6		$	7,805.4
	5,695.6			5,483.0			5,555.2			5,204.3		Risk Weighted Assets		5,496.4			5,415.9			5,385.5			5,555.2			5,680.4			5,529.0			5,410.9			5,204.3
												Actual EOP Balances
$	79.4		$	74.9		$	62.5		$	13.7		GAAP Net Income	$	19.3		$	19.5		$	17.0		$	6.6		$	9.4		$	9.6		$	4.0		$	(9.3	)
												Add:
	1.8			3.0			3.6			4.9		Intangible Amortization (net of tax)		0.8			1.2			0.8			0.8			0.8			1.2			1.2			1.6
$	81.2		$	77.9		$	66.1		$	18.6		Tangible Net Income	$	20.1		$	20.7		$	17.8		$	7.5		$	10.3		$	10.9		$	5.3		$	(7.8	)
												Tangible Ratios
	15.98	%		16.87	%		12.15	%		2.89	%	Return on Tangible Equity		16.58	%		17.96	%		15.94	%		5.49	%		9.62	%		10.11	%		3.17	%		-4.83	%
	15.98	%		16.87	%		14.79	%		2.89	%	Return on Tangible Common Equity		16.58	%		17.96	%		15.94	%		6.69	%		9.62	%		10.11	%		3.17	%		-4.83	%
	1.01	%		1.02	%		0.86	%		0.24	%	Return on Tangible Assets		1.07	%		1.12	%		0.97	%		0.39	%		0.50	%		0.56	%		0.27	%		-0.40	%
	6.34	%		6.03	%		7.08	%		8.25	%	Tangible Equity to Tangible Assets		6.44	%		6.21	%		6.06	%		7.08	%		5.23	%		5.51	%		8.53	%		8.25	%
	8.92	%		8.42	%		9.79	%		12.37	%	Tangible Equity to Risk Weighted Assets		8.83	%		8.50	%		8.31	%		9.79	%		7.50	%		7.79	%		12.25	%		12.37	%
	6.34	%		6.03	%		5.81	%		8.25	%	Tangible Common Equity to Tangible Assets		6.44	%		6.21	%		6.06	%		5.81	%		5.23	%		5.51	%		8.53	%		8.25	%
	8.92	%		8.42	%		8.04	%		12.37	%	Tangible Common Equity to Risk Wgt Assets		8.83	%		8.50	%		8.31	%		8.04	%		7.50	%		7.79	%		12.25	%		12.37	%
	7.64			6.98			8.20			7.38		Tangible Book Value (1)		7.33			6.95			6.75			8.20			6.42			6.48			7.61			7.38
	7.64			6.98			6.74			7.38		Tangible Common Book Value (2)		7.33			6.95			6.75			6.74			6.42			6.48			7.61			7.38

Tangible Common Equity is defined as GAAP Shareholders’ Equity less Preferred Stock, Goodwill and Intangibles.
Tangible Common Equity presentation includes Other Comprehensive Income (OCI) as is common in other company releases.
(1)	Tangible Shareholders’ Equity Divided By Common Shares Issued and Outstanding at Period-End.
(2)	Tangible Common Shareholders’ Equity Divided By Common Shares Issued and Outstanding at Period-End.

PAGE 8