e8vk

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SAZCfHhONx25I5dVynxsFJHuvddKwcUFUgp2o6vFWSfIklLTqe2rp6OSvKo2qVv/ gIzUHXiYn+qvhVlsao8OXg== 0000950137-06-004767.txt : 20060420 0000950137-06-004767.hdr.sgml : 20060420 20060420091808 ACCESSION NUMBER: 0000950137-06-004767 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20060420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060420 DATE AS OF CHANGE: 20060420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OLD NATIONAL BANCORP /IN/ CENTRAL INDEX KEY: 0000707179 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 351539838 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15817 FILM NUMBER: 06768720 BUSINESS ADDRESS: STREET 1: ONE MAIN ST CITY: EVANSVILLE STATE: IN ZIP: 47708 BUSINESS PHONE: 8124641434 MAIL ADDRESS: STREET 1: ONE MAIN ST CITY: EVANSVILLE STATE: IN ZIP: 47708 FORMER COMPANY: FORMER CONFORMED NAME: O DATE OF NAME CHANGE: 19950822 8-K 1 c04440e8vk.htm CURRENT REPORT e8vk

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): April 20, 2006

OLD NATIONAL BANCORP

(Exact name of Registrant as specified in its charter)


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

One Main Street
Evansville, Indiana 47708
(Address of Principal Executive Offices, including Zip Code)

(812) 464-1294
(Registrant’s Telephone Number, Including Area Code)

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 (see General Instruction A.2 below):

o Written communications pursuant to Rule 425 under the Securities Act

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act

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

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

TABLE OF CONTENTS


Item 2.02 Results of Operations and Financial Condition
Item 9.01 Financial Statements and Exhibits
SIGNATURE
Press Release
Financial Trends

Item 2.02 Results of Operations and Financial Condition

On April 20, 2006, Old National Bancorp reported its results for the first quarter of 2006. 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 first-quarter 2006 results. The financial trends are included as Exhibit 99.2 hereto and are incorporated herein by reference. In connection therewith, a slide presentation outlining first-quarter 2006 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 April 20, 2006, at 2:30 p.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 April 20, 2006

99.2 Financial Trends issued by Old National Bancorp on April 20, 2006

* * * * * * *

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: April 20, 2006


		OLD NATIONAL BANCORP

		By:		/s/ Christopher A. Wolking
				Christopher A. Wolking
				Executive Vice President and
				Chief Financial Officer

EX-99.1 2 c04440exv99w1.htm PRESS RELEASE exv99w1

Exhibit: 99.1

NYSE: ONB
www.oldnational.com

FINANCIAL NEWS

April 20, 2006

OLD NATIONAL REPORTS SOLID FIRST-QUARTER EARNINGS OF $.31 PER SHARE

• REPRESENTS A 10.7% INCREASE OVER FOURTH-QUARTER RESULTS

Contacts:


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

First-Quarter vs. Fourth-Quarter Highlights:

	Ø		Net interest margin improves nine basis points

	Ø		Nonaccrual loans decrease 7.6%

	Ø		Management changes announced

Old National Bancorp (NYSE: ONB) today announced first-quarter earnings from continuing operations of $20.7 million, or $.31 per share. Net income, which includes results from discontinued operations, mirrored income from continuing operations for the first quarter of this year, as there were no discontinued operations to report for this period. These results represent a 10.7% increase in earnings per share from continuing operations over the $.28 earned in the fourth quarter of 2005 and a 40.9% increase over the $.22 per share from continuing operations earned in the first quarter of 2005. Net income for the first quarter of 2005 was $.21 per share.

In 2005, Old National restated financial statements due to an error in the Company’s interpretation of SFAS No. 133 resulting in a disallowance of hedge accounting treatment for certain derivatives. As these derivatives were redesignated as hedges in January 2006, management believes it to be more meaningful to analyze current comparisons and future earnings as if hedge accounting treatment had been allowed for the restated periods. The following table reflects the first quarter and fourth quarter of 2005 as if hedge accounting had been allowed:


	1Q05				4Q05				1Q06
($ in millions, except per-share data)	$		EPS		$		EPS		$		EPS
Income From Continuing Operations As Reported	$	15.6	$	.22	$	19.5	$	.28	$	20.7	$	.31
Adjustment for Accounting Treatment of Derivatives, Net of Tax		3.8		.06		2.5		.05		—		—
Adjusted Income From Continuing Operations	$	19.4	$	.28	$	22.0	$	.33	$	20.7	$	.31

Page 1 of 8

In following the strategic decision the company previously announced to exit the O’Fallon, Illinois market, Old National closed on the sale of that financial center in the first quarter of this year and recorded a corresponding pre-tax gain of $3.0 million. Also included in the first quarter were expenses of $1.0 million of severance costs relating to several associates, $.6 million from property dispositions, a $.5 million adjustment relating to profit sharing and $.4 million from legal settlements and additional accounting fees relating to the company’s restatement.

President and CEO Bob Jones noted, “With the major strategic initiatives completed in 2005 and resulting allocation of resources, I believe the foundation upon which we will build the future of Old National has been established. First quarter results began to show the positive impact of these efforts in that underlying fundamentals in critical areas showed improvement. Expense control, margin improvement and credit quality stabilization were all key components to our solid performance. The element still lacking in the equation is balance sheet growth. This one component is critical to us achieving success in 2006.”

Management Changes

Jones commented, “Last week we announced the resignation of Mike Hinton, Senior Executive Vice President and Chief Operating Officer of Old National Bancorp. I will be working closely with the board of directors and other members of the Executive Leadership Group as we look to replace Mike.

“During the first quarter I was pleased to announce the appointment of Randy Reichmann as Regional President over our Indianapolis market,” continued Jones. “Randy joins us from Huntington National Bank with extensive experience in the banking industry. We believe this appointment shows our commitment to the Indianapolis market as Randy has the leadership ability to advance Old National’s presence in this growing market area.

“Other management changes during the quarter were in the mortgage area with the elimination of a senior management and two middle-management positions. This continues our move to improve the efficiency of our mortgage business and to integrate it more fully within our regions.”

Strategic Imperatives

Old National continues to be guided by three strategic imperatives that are critical in 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

Overall credit quality trends for the company continue to improve. Non-performing loans at March 31, 2006, were $51.4 million, down $4.2 million from the $55.6 million at December 31, 2005, and a reduction of $3.8 million from March 31, 2005. The total portfolio of loans identified by the company as problem credits remained relatively stable. Total classified and criticized loans at March 31, 2006, were $221.4 million, up just .7% from the $219.8 million at December 31, 2005.

Page 2 of 8

At March 31, 2006, Old National’s reserve for loan losses was $76.8 million, or 1.59% of total loans, compared with $86.3 million, or 1.74%, at March 31, 2005. The provision for loan losses for the first quarter of 2006 was $3.5 million, compared with provision expense of $5.1 million in the first quarter of 2005 and $6.0 million in the fourth quarter of 2005.

Net charges-offs for the first quarter of 2006 were $5.5 million, or an annualized .46% of total average loans, and compare to $4.5 million, or .37% on an annualized basis, in the first quarter of 2005. First-quarter 2006 includes a $2.8 million charge-off representing a portion of a single commercial credit previously reported in nonaccrual.

Chief Credit Officer Daryl Moore commented, “We are very pleased with the continued improvement in the overall quality of our loan portfolio. These positive trends, albeit slow, are a steady progression in the right direction. It is this stabilization of the quality of the entire portfolio, combined with better than anticipated recoveries and collection efforts in the retail area, which have allowed us to reduce our quarterly provision expense to levels not seen since 1999.”

Enhance Management Discipline

Capital Management

“Our improving capital position has allowed us to continue to be active in our stock buy-back program,” stated Jones. “We have repurchased .4 million shares of common stock during the first quarter and anticipate remaining active in the program for the remainder of the year. The board of directors has approved the repurchase of up to 6.0 million shares of stock over a three-year period ending December 31, 2008.

“Our strong capital position also allows us to allocate capital in higher growth markets where we believe we can obtain the greatest return for our shareholders,” continued Jones. “Yet this year, we plan to open two new financial centers in the Louisville market and an additional two in the Indianapolis area.”

Expense Management

Noninterest expenses totaled $68.5 million for the first quarter of 2006 compared to the $66.4 million and $69.8 million reported for the first quarter of 2005 and the fourth quarter of 2005, respectively. The variance from the first quarter of last year was mainly attributable to the $2.6 million of noninterest expenses from the Flynn Insurance Agency (Flynn) which was acquired in the second quarter of 2005.

Achieve Consistent Quality Earnings

Balance Sheet & Margin

Including residential real estate loans held for sale, Old National reported total loans at March 31, 2006, of $4.831 billion. This total represents a decrease of $106.2 million compared to the $4.938 billion at the end of 2005. Of this decrease, $27.9 million resulted from the first-quarter sale of the O’Fallon, Illinois financial center. Also included in the decrease was a $21.8 million reduction in residential real estate loans held for sale, which included a $12.1 million bulk forward sale completed

Page 3 of 8

during the first quarter. Average total loans for the first quarter were $4.868 billion and represent a decrease of $141.4 million from the average for the fourth quarter of last year.

At March 31, 2006, the company’s investment portfolio was $2.604 billion, a $69.5 million decrease from the end of 2005. This decrease, combined with the decline in total assets during the quarter, resulted in the investment portfolio as a percentage of total assets remaining relatively stable at 31.6%. At December 31, 2005, the investment portfolio was 31.5% of total assets.

Total average core deposits for the first quarter were $5.925 billion, a $16.2 million decrease from the fourth quarter of 2005. Total interest bearing checking balances declined $108.9 million due primarily to a reduction in public sector accounts of $68.9 million. Public sector money market, savings and certificates of deposits under $100,000 increased $115.5 million during the quarter.

The company’s reliance on wholesale borrowed funds continues to diminish. Total wholesale borrowed funds at March 31, 2006, were $1.592 billion, or $30.4 million lower than the $1.623 billion at December 31, 2005.

Net interest income during the first quarter of 2006 was $59.5 million and represented a net interest margin on total average earning assets of 3.18%. This compares to $58.8 million and a margin of 3.09% for the fourth quarter of 2005.

“Although I am disappointed with the decline in commercial and consumer loans during the quarter, we remain committed to improving our earning asset mix by reducing investments and increasing loans,” stated Wolking. “Additionally, growing our core deposit accounts and reducing our reliance on borrowed funds continue to be key initiatives for Old National in 2006. The decline in core deposits during the quarter was due largely to lower public sector deposits, generally our most expensive source of core funding.”

Wolking continued, “I am pleased that our net interest margin improved as we expected during the quarter. Redesignating our derivatives as hedges helped the margin, but improved discipline around deposit pricing was also a contributor to the improvement. Rising market interest rates and competitive pressure on deposit pricing will continue to have an impact on our net interest margin in 2006.”

Fees, Service Charges and Other Revenue

Total fees, service charges and other income during the first quarter of 2006 were $41.4 million, an $8.6 million decrease from the fourth quarter of 2005 and a $4.6 million increase from the first quarter of last year. Fourth quarter contained a $14.6 million gain from the sale of the Clarksville, Tennessee financial centers while the first quarter of 2006 contained a $3.0 million gain from the sale of a financial center in O’Fallon, Illinois.

Also contributing to the differences in quarterly results was the impact of Flynn, which was acquired in the second quarter of 2005 and therefore did not affect first quarter 2005 revenue. The variance from the fourth-quarter results in total insurance revenues relates to the seasonal commission adjustments, or contingency income, that was received. This commission income received in the first quarter of 2006 was $2.4 million, compared to $1.8 million received in the first quarter of 2005 and none received in the fourth quarter of 2005.

Page 4 of 8

Earnings Outlook

“With sound underlying fundamentals demonstrated in first quarter results, combined with the belief that we can properly execute on our balance sheet growth initiatives, we remain optimistic regarding Old National’s earnings potential for 2006,” commented Jones. “It is for these reasons that we remain comfortable with the current range of street estimates for 2006 earnings from continuing operations.”

With $8.2 billion in assets, Old National Bancorp is the largest financial services holding company headquartered in Indiana and 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 relationships with clients in its primary footprint of Indiana, Illinois and Kentucky. Focused on exceeding client expectations, the Old National team of financial professionals provides a broad range of services including retail and commercial banking, wealth management, insurance, and brokerage. For more information and financial trend data, please visit the company’s website at www.oldnational.com.

Conference Call

Old National will hold a conference call at 2:30 p.m. (CDT) on Thursday, April 20, 2006, to discuss first-quarter 2006 financial results, strategic developments, and the company’s outlook for the remainder of the year. The live audio web cast of the call, along with the corresponding presentation slides, will be available on the company’s Shareholder 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 5:30 p.m. (CDT) on April 20 through May 4. To access the replay, dial 1-800-642-1687, conference code 6598887.

Forward-Looking Statement

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as “expect,” “intend,” “believe,” “anticipate,” “could,” and “should,” which are statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. Internal and external 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 plans and other matters discussed in this news release, changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits, significant changes in accounting, tax or regulatory practices or requirements, and other factors identified in the company’s form 10-K and other periodic filings with the Securities and Exchange Commission. Actual results could materially differ from those contained in or implied by such statements. Old National undertakes no obligation to release revisions to these forward-looking statements or reflect events or conditions after the date of this release.

Page 5 of 8

Non-GAAP Financial Measures

This release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, Old National Bancorp has provided reconciliations within this release, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

Page 6 of 8

OLD NATIONAL BANCORP
Financial Highlights


	Three-Months Ended
($ in thousands except per-share data)	March 31
(FTE) Fully taxable equivalent basis.	2006			2005			Change			% Change
Income Data:
Net Interest Income (FTE)	$	59,488		$	60,759		$	(1,271	)		(2.1	)%
Fees, Service Charges and Other Revenues		41,401			36,650			4,751			13.0
Securities Gains (Losses)		(147	)		(520	)		373			71.7
Derivative Gains (Losses)		1,615			(2,872	)		4,487			156.2
Total Revenue (FTE)		102,357			94,017			8,340			8.9
Provision for Loan Losses		3,500			5,100			(1,600	)		(31.4	)
Noninterest Expense		68,487			66,356			2,131			3.2
Income before Taxes and Discontinued Operations		30,370			22,561			7,809			34.6
Provision for Taxes (FTE)		9,701			7,005			2,696			38.5
Income from Continuing Operations		20,669			15,556			5,113			32.9
Income (Loss) from Discontinued Operations Net of Tax		—			(984	)		984			N/M
Net Income		20,669			14,572			6,097			41.8

Per Share Data: (Diluted) (1)
Net Income from Continuing Operations		.31			.22			.09			40.9
Net Income (Loss) from Discontinued Operations		—			(.01	)		.01			N/M
Net Income		.31			.21			.10			47.6
Average Diluted Shares Outstanding		67,317			68,787			(1,470	)		(2.1	)
Book Value		9.53			9.72			(.19	)		(2.0	)
Stock Price		21.64			20.30			1.34			6.6

Performance Ratios:
Return on Average Assets		1.00	%		.66	%		.34	%		51.5	%
Return on Average Assets (2)		1.00			.71			.29			40.8
Return on Average Equity (3)		12.68			8.27			4.41			53.3
Return on Average Equity (2) (3)		12.68			8.83			3.85			43.6
Net Interest Margin (FTE)		3.18			3.05			.13			4.3
Other Expense to Revenue (Efficiency Ratio) (2)		66.91			70.58			(3.67	)		(5.2	)
Net Charge-offs to Average Loans (4)		.46			.37			.09			24.3
Reserve for Loan Losses to Ending Loans (4)		1.59			1.74			(.15	)		(8.6	)
Non-Performing Loans to Ending Loans (4)		1.06			1.11			(.05	)		(4.5	)

Balance Sheet:
Average Assets	$	8,289,711		$	8,817,207		$	(527,496	)		(6.0	)
End of Period Balances:
Assets		8,244,921			8,793,047			(548,126	)		(6.2	)
Commercial and Commercial Real Estate Loans		3,050,084			3,162,465			(112,381	)		(3.6	)
Consumer Loans		1,247,077			1,219,655			27,422			2.2
Residential Real Estate Loans		512,342			558,219			(45,877	)		(8.2	)
Residential Real Estate Loans Held for Sale		21,965			31,685			(9,720	)		(30.7	)
Core Deposits (Excluding Brokered CDs)		5,880,784			5,988,562			(107,778	)		(1.8	)
Shareholders’ Equity		642,373			667,589			(25,216	)		(3.8	)


(1)		Assumes conversion of stock options and restricted stock.

(2)		Based on income from continuing operations.

(3)		Based on average shareholders’ equity of $651,785 and $704,925, respectively, for 2006 and 2005.

(4)		Includes residential loans held for sale.

N/M Not meaningful.

Page 7 of 8

OLD NATIONAL BANCORP
Financial Highlights


	Three-Months Ended
($ in thousands except per-share data)	March 31,			December 31,
(FTE) Fully taxable equivalent basis.	2006			2005			Change			% Change
Income Data:
Net Interest Income (FTE)	$	59,488		$	58,792			696			1.2	%
Fees, Service Charges and Other Revenues		41,401			50,017			(8,616	)		(17.2	)
Securities Gains (Losses)		(147	)		(274	)		127			46.4
Derivative Gains (Losses)		1,615			(4,081	)		5,696			139.6
Total Revenue (FTE)		102,357			104,454			(2,097	)		(2.0	)
Provision for Loan Losses		3,500			6,000			(2,500	)		(41.7	)
Noninterest Expense		68,487			69,848			(1,361	)		(1.9	)
Income before Taxes and Discontinued Operations		30,370			28,606			1,764			6.2
Provision for Taxes (FTE)		9,701			9,146			555			6.1
Income from Continuing Operations		20,669			19,460			1,209			6.2
Income (Loss) from Discontinued Operations Net of Tax		—			—			—			N/M
Net Income		20,669			19,460			1,209			6.2

Per Share Data: (Diluted) (1)
Net Income from Continuing Operations		.31			.28			.03			10.7
Net Income (Loss) from Discontinued Operations		—			—			—			N/M
Net Income		.31			.28			.03			10.7
Average Diluted Shares Outstanding		67,317			67,591			(274	)		(.4	)
Book Value		9.53			9.61			(.08	)		(.8	)
Stock Price		21.64			21.64			—			—

Performance Ratios:
Return on Average Assets		1.00	%		.92	%		.08	%		8.7
Return on Average Assets (2)		1.00			.92			.08			8.7
Return on Average Equity (3)		12.68			11.69			.99			8.5
Return on Average Equity (2) (3)		12.68			11.69			.99			8.5
Net Interest Margin (FTE)		3.18			3.09			.09			2.9
Other Expense to Revenue (Efficiency Ratio) (2)		66.91			66.87			.04			.1
Net Charge-offs to Average Loans (4)		.46			.68			(.22	)		(32.4	)
Reserve for Loan Losses to Ending Loans (4)		1.59			1.60			(.01	)		(.6	)
Non-Performing Loans to Ending Loans (4)		1.06			1.13			(.07	)		(6.2	)

Balance Sheet:
Average Assets	$	8,289,711		$	8,416,216			(126,505	)		(1.5	)
End of Period Balances:
Assets		8,244,921			8,492,022			(247,101	)		(2.9	)
Commercial and Commercial Real Estate Loans		3,050,084			3,088,127			(38,043	)		(1.2	)
Consumer Loans		1,247,077			1,261,797			(14,720	)		(1.2	)
Residential Real Estate Loans		512,342			543,903			(31,561	)		(5.8	)
Residential Real Estate Loans Held for Sale		21,965			43,804			(21,839	)		(49.9	)
Core Deposits (Excluding Brokered CDs)		5,880,784			6,100,542			(219,758	)		(3.6	)
Shareholders’ Equity		642,373			649,898			(7,525	)		(1.2	)


(1)		Assumes conversion of stock options and restricted stock.

(2)		Based on income from continuing operations.

(3)		Based on average shareholders’ equity of $651,785 and $666,016, respectively, for March 31, 2006, and December 31, 2005.

(4)		Includes residential loans held for sale.

N/M Not meaningful.

Page 8 of 8

EX-99.2 3 c04440exv99w2.htm FINANCIAL TRENDS exv99w2

Exhibit 99.2


		Old National Bancorp

		Financial Trends

		First Quarter 2006

		April 20, 2006

		Please direct inquiries to:

		Christopher A. Wolking, Executive Vice President & Chief Financial Officer (812) 464-1322 or Candice Jenkins, Senior Vice President & Corporate Controller (812) 461-9769


Notes:	–	Disclosures based on operating earnings, which exclude gains on branch divestitures and restructuring charges, are included to provide comparable data between years.

	–	All share and per share data have been adjusted for stock dividends.

	–	Summations may not equal due to rounding.

	–	In connection with certain derivative transactions related to interest rate swap agreements, the Company restated the years ended December 31, 2002, 2003, 2004, and the quarterly results for the periods ended March 31, June 30, and September 30, 2004 and 2005. For additional information regarding this restatement, see Form 8-K filed on January 31, 2006.

Old National Bancorp
Financial Summary
First Quarter 2006


													2005												2006
2002			2003			2004			2005				1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr
												Profitability (in millions)
$	128.1		$	65.5		$	63.1		$	63.8		NET INCOME	$	14.6		$	25.2		$	4.5		$	19.5		$	20.7
	0.6			2.5			2.8			(14.8	)	INCOME from Discontinued Operations (net of tax)		(1.0	)		0.5			(14.4	)		—			—
	127.5			63.1			60.3			78.6		INCOME from Continuing Operations (net of tax)		15.6			24.7			18.9			19.5			20.7



												Diluted EPS
$	1.81		$	0.93		$	0.90		$	0.93		Net Income	$	0.21		$	0.37		$	0.07		$	0.28		$	0.31
	0.01			0.03			0.04			(0.22	)	Income from Discontinued Operations		(0.01	)		—			(0.21	)		—			—
	1.80			0.90			0.86			1.15		Income from Continuing Operations		0.22			0.37			0.28			0.28			0.31



												Ratios — Net Income
	18.43	%		8.72	%		8.83	%		9.31	%	Return on Average Common Equity		8.27	%		14.56	%		2.66	%		11.69	%		12.68	%
	1.38	%		0.69	%		0.69	%		0.74	%	Return on Average Assets		0.66	%		1.16	%		0.21	%		0.92	%		1.00	%

												Ratios — Income from Continuing Operations
	18.34	%		8.40	%		8.44	%		11.47	%	Return on Average Common Equity		8.83	%		14.24	%		11.16	%		11.69	%		12.68	%
	1.38	%		0.66	%		0.66	%		0.91	%	Return on Average Assets		0.71	%		1.13	%		0.88	%		0.92	%		1.00	%
	52.73	%		60.84	%		73.92	%		65.43	%	Efficiency Ratio		70.58	%		59.87	%		65.02	%		66.87	%		66.91	%
	3.54	%		3.18	%		3.08	%		3.09	%	Net Interest Margin (FTE)		3.05	%		3.07	%		3.16	%		3.09	%		3.18	%



												Capital Ratios:
												Risk-Based Capital Ratios (EOP):
	11.3	%		11.1	%		11.2	%		10.6	%	Tier 1		11.0	%		10.1	%		10.4	%		10.6	%		10.7	%
	14.9	%		14.7	%		14.9	%		14.4	%	Total		14.7	%		13.8	%		14.1	%		14.4	%		14.5	%
	7.6	%		7.4	%		7.7	%		7.7	%	Leverage Ratio (to Average Assets)		7.7	%		7.2	%		7.6	%		7.7	%		7.8	%

	7.50	%		7.86	%		7.83	%		7.94	%	Total Equity to Assets (Averages)		7.99	%		7.95	%		7.91	%		7.91	%		7.86	%



												Per Common Share Data:
	0.63			0.69			0.72			0.76		Cash Dividends Declared		0.19			0.19			0.19			0.19			0.21
	35	%		74	%		80	%		81	%	Dividend Payout Ratio		90	%		51	%		288	%		66	%		68	%
	10.67			10.31			10.16			9.61		Book Value (EOP)		9.72			10.18			9.84			9.61			9.53
	20.99			20.72			24.63			21.64		Market Value (EOP)		20.30			21.40			21.22			21.64			21.64



												Other Statistics
	2,752			2,842			2,565			2,572		Full Time Equivalent Employees (1)		2,549			2,616			2,599			2,572			2,542


		FTE — Fully taxable equivalent basis

		EOP — End of period actual balances

(1)		Based on the number of employees associated with continuing operations.

PAGE 1

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


Three Months						Change							First Quarter						Change
2006			2005			$			%				2006			2005			$			%
$	114.7		$	108.3		$	6.4			5.9	%	Interest Income (FTE)	$	114.7		$	108.3		$	6.4			5.9	%
	55.3			47.6			7.7			16.2	%	Less: Interest Expense		55.3			47.6			7.7			16.2	%

	59.5			60.8			(1.3	)		-2.1	%	Net Interest Income (FTE)		59.5			60.8			(1.3	)		-2.1	%

	5.2			4.9			0.3			6.2	%	Wealth Management Fees		5.2			4.9			0.3			6.2	%
	9.9			11.1			(1.2	)		-10.8	%	Service Charges on Deposit Accounts		9.9			11.1			(1.2	)		-10.8	%
	11.0			9.1			1.9			21.1	%	Insurance Premiums and Commissions		11.0			9.1			1.9			21.1	%
	2.3			2.6			(0.3	)		-12.6	%	Investment Product Fees		2.3			2.6			(0.3	)		-12.6	%
	1.2			1.4			(0.2	)		-12.3	%	Mortgage Banking Revenue		1.2			1.4			(0.2	)		-12.3	%
	11.9			7.7			4.2			55.1	%	Other Income		11.9			7.7			4.2			55.1	%

	41.4			36.7			4.8			13.0	%	Total Fees, Service Charges & Other Rev.		41.4			36.7			4.8			13.0	%

	(0.1	)		(0.5	)		0.4			N/M		Gains (Losses) Sales of Securities		(0.1	)		(0.5	)		0.4			N/M
	1.6			(2.9	)		4.5			N/M		Gains (Losses) Derivatives		1.6			(2.9	)		4.5			N/M

	42.9			33.3			9.6			28.9	%	Total Noninterest Income		42.9			33.3			9.6			28.9	%

	102.4			94.0			8.3			8.9	%	Total Revenues (FTE)		102.4			94.0			8.3			8.9	%

	41.3			39.0			2.3			5.9	%	Salaries and Employee Benefits		41.3			39.0			2.3			5.9	%
	5.2			5.0			0.2			3.6	%	Occupany		5.2			5.0			0.2			3.6	%
	3.4			3.5			(0.1	)		-3.8	%	Equipment		3.4			3.5			(0.1	)		-3.8	%
	4.6			5.4			(0.8	)		-14.7	%	Data Processing		4.6			5.4			(0.8	)		-14.7	%
	4.6			4.4			0.2			4.1	%	Marketing & Communication		4.6			4.4			0.2			4.1	%
	2.0			2.1			(0.1	)		-7.0	%	Professional Fees		2.0			2.1			(0.1	)		-7.0	%
	7.4			6.8			0.6			8.1	%	Other Expense		7.4			6.8			0.6			8.1	%

	68.5			66.4			2.1			3.2	%	Total Noninterest Expense		68.5			66.4			2.1			3.2	%

	3.5			5.1			(1.6	)		-31.4	%	Provision for loan losses		3.5			5.1			(1.6	)		-31.4	%

												Income before Income Taxes and
	30.4			22.6			7.8			34.6	%	Discontinued Operations (FTE)		30.4			22.6			7.8			34.6	%

	4.6			1.4			3.1			215.5	%	Income Taxes on Continuing Ops.		4.6			1.4			3.1			215.5	%
	5.1			5.6			(0.4	)		-7.4	%	FTE Adjustment		5.1			5.6			(0.4	)		-7.4	%

	9.7			7.0			2.7			38.5	%	Total Taxes (FTE)		9.7			7.0			2.7			38.5	%

	20.7			15.6			5.1			32.9	%	Income from Continuing Operations		20.7			15.6			5.1			32.9	%
	—			(1.0	)		1.0			N/M		Income from Discontinued Ops., (net of tax)		—			(1.0	)		1.0			N/M

$	20.7		$	14.6		$	6.1			41.8	%	Net Income	$	20.7		$	14.6		$	6.1			41.8	%


												Diluted EPS
$	0.31		$	0.22		$	0.09			42.1	%	Income from Continuing Operations	$	0.31		$	0.22		$	0.09			42.1	%
	—			(0.01	)		0.01			N/M		Income from Discontinued Operations		—			(0.01	)		0.01			N/M

$	0.31		$	0.21		$	0.10			47.2	%	Net Income	$	0.31		$	0.21		$	0.10			44.8	%


												Average Common Shares Outstanding (000’s)
	67,016			68,589			(1,573	)		-2.3	%	Basic		67,016			68,589			(1,573	)		-2.3	%
	67,317			68,787			(1,470	)		-2.1	%	Diluted		67,317			68,787			(1,470	)		-2.1	%

	67,409			68,717			(1,308	)		-1.9	%	Common Shares Outstanding (EOP) (000’s)		67,409			68,717			(1,308	)		-1.9	%


FTE — Fully taxable equivalent basis

EOP — End of period actual balances

N/M = Not meaningful

PAGE 2

Old National Bancorp
NET INCOME TRENDS
First Quarter 2006
($ In Millions except EPS information)


										2005											2006
2002		2003		2004		2005				1st Qtr			2nd Qtr		3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr
$	572.6	$	494.8	$	441.0	$	446.8		Interest Income (FTE)	$	108.3		$	110.5	$	113.1		$	114.7		$	114.7
	267.9		214.4		185.4		206.1		Less: Interest Expense		47.6			50.3		52.2			55.9			55.3

	304.7		280.4		255.7		240.7		Net Interest Income (FTE)		60.8			60.2		60.9			58.8			59.5

	19.4		20.4		20.4		20.3		Wealth Management Fees		4.9			5.6		5.0			4.7			5.2
	42.0		44.9		48.5		47.2		Service Charges on Deposit Accounts		11.1			12.1		12.5			11.5			9.9
	15.2		22.4		32.8		35.2		Insurance Premiums and Commissions		9.1			9.1		8.5			8.6			11.0
	9.0		10.6		12.0		9.0		Investment Product Fees		2.6			2.3		2.2			1.8			2.3
	14.5		19.1		8.5		4.9		Mortgage Banking Revenue		1.4			1.3		1.8			0.5			1.2
	35.4		23.1		27.0		45.9		Other Income		7.7			6.9		8.4			22.9			11.9

	135.4		140.5		149.2		162.4		Total Fees, Service Charges & Other Rev.		36.7			37.3		38.4			50.0			41.4

	12.4		23.6		2.9		0.9		Gains (Losses) Sales of Securities		(0.5	)		1.0		0.7			(0.3	)		(0.1	)
	26.0		8.9		10.8		(3.4	)	Gains (Losses) Derivatives		(2.9	)		8.1		(4.6	)		(4.1	)		1.6

	173.8		172.9		162.9		159.9		Total Noninterest Income		33.3			46.5		34.5			45.7			42.9

	478.5		453.4		418.5		400.6		Total Revenues (FTE)		94.0			106.7		95.4			104.5			102.4

	144.5		151.4		171.9		147.8		Salaries and Employee Benefits		39.0			38.7		35.9			34.1			41.3
	16.0		17.0		19.3		20.4		Occupany		5.0			5.1		4.6			5.6			5.2
	15.0		13.8		14.2		14.4		Equipment		3.5			3.9		3.6			3.4			3.4
	13.6		18.9		21.6		21.2		Data Processing		5.4			5.3		5.1			5.4			4.6
	22.6		22.0		20.5		18.2		Marketing & Communication		4.4			4.8		4.2			4.7			4.6
	8.8		8.8		25.9		9.3		Professional Fees		2.1			2.0		2.3			2.9			2.0
	31.8		44.0		36.0		30.9		Other Expense		6.8			4.0		6.3			13.7			7.4

	252.3		275.8		309.4		262.1		Total Noninterest Expense		66.4			63.9		62.0			69.8			68.5

	33.5		85.0		22.4		23.1		Provision for Loan Losses		5.1			6.0		6.0			6.0			3.5

	192.7		92.6		86.7		115.4		Income before Taxes and Disco. Ops (FTE)		22.6			36.8		27.4			28.6			30.4

	40.1		4.4		2.5		15.3		Income Taxes on Continuing Ops.		1.4			6.6		3.2			4.0			4.6
	25.2		25.1		23.9		21.5		FTE Adjustment		5.6			5.5		5.2			5.2			5.1

	65.2		29.5		26.4		36.8		Total Taxes (FTE)		7.0			12.1		8.5			9.1			9.7

	127.5		63.1		60.3		78.6		Income from Continuing Operations		15.6			24.7		18.9			19.5			20.7
	0.6		2.5		2.8		(14.8	)	Income from Discontinued Ops., (net of tax)		(1.0	)		0.5		(14.4	)		—			—

$	128.1	$	65.5	$	63.1	$	63.8		Net Income	$	14.6		$	25.2	$	4.5		$	19.5		$	20.7


									Diluted EPS
$	1.80	$	0.90	$	0.86	$	1.15		Income from Continuing Operations	$	0.22		$	0.37	$	0.28		$	0.28		$	0.31
	0.01		0.03		0.04		(0.22	)	Income from Discontinued Operations		(0.01	)		—		(0.21	)		—			—

$	1.81	$	0.93	$	0.90	$	0.93		Net Income	$	0.21		$	0.37	$	0.07		$	0.28		$	0.31


	70,536		70,118		69,452		68,095		Average Basic Common Shares (000’s)		68,589			68,471		68,011			67,323			67,016
	70,673		70,174		70,024		68,256		Average Diluted Common Shares (000’s)		68,787			68,488		68,331			67,591			67,317

FTE — Fully taxable equivalent basis

PAGE 3

Old National Bancorp
Balance Sheet (EOP)
First Quarter 2006
($ in Millions)


	03/31/06			12/31/05			03/31/05			Change from Prior Year
										$			%
Assets
Securities:
Treasury & Government Sponsored Agencies	$	581.5		$	509.7		$	670.8		$	(89.3	)		-13.3	%
Municipals		486.6			488.4			583.1			(96.5	)		-16.5	%
Mortgage Backed		1,243.7			1,253.3			1,418.7			(175.0	)		-12.3	%
Fed Funds Sold		3.1			123.9			10.0			(6.9	)		-68.5	%
Other (1)		289.1			298.2			294.9			(5.9	)		-2.0	%

Total Investments (1)		2,604.0			2,673.5			2,977.5			(373.5	)		-12.5	%

Residential Real Estate Loans Held for Sale		22.0			43.8			31.7			(9.7	)		-30.7	%
Loans:
Commercial Loans & Leases		1,550.0			1,553.7			1,522.5			27.5			1.8	%
Commercial & Agriculture Real Estate		1,500.1			1,534.4			1,640.0			(139.8	)		-8.5	%
Consumer:
Home Equity		315.3			337.4			358.7			(43.4	)		-12.1	%
Other Consumer Loans		931.8			924.4			861.0			70.8			8.2	%

Subtotal		4,297.2			4,349.9			4,382.1			(85.0	)		-1.9	%
Residential Real Estate		512.3			543.9			558.2			(45.9	)		-8.2	%

Total Loans		4,809.5			4,893.8			4,940.3			(130.8	)		-2.6	%

Total Earning Assets		7,435.5			7,611.2			7,949.5			(514.1	)		-6.5	%


Allowance for Loan Losses		(76.8	)		(78.8	)		(86.3	)		9.5			11.0	%
Nonearning Assets:
Cash and Due from Banks		165.0			245.4			159.5			5.5			3.4	%
Premises & Equipment		195.1			199.9			209.7			(14.5	)		-6.9	%
Goodwill & Intangible Assets		135.8			136.3			117.5			18.3			15.6	%
Other Assets		390.3			378.1			443.1			(52.8	)		-11.9	%

Total Nonearning Assets		886.3			959.7			929.8			(43.5	)		-4.7	%

Total Assets	$	8,244.9		$	8,492.0		$	8,793.0		$	(548.1	)		-6.2	%


Liabilities & Equity
Noninterest-bearing Demand Deposits	$	820.1		$	891.5		$	850.6		$	(30.5	)		-3.6	%
NOW Accounts		1,458.4			1,640.7			1,826.9			(368.5	)		-20.2	%
Savings Accounts		486.5			480.4			495.4			(8.9	)		-1.8	%
Money Market Accounts		901.6			869.0			620.0			281.7			45.4	%
Other Time under $100,000		1,391.4			1,378.0			1,486.1			(94.6	)		-6.4	%
Other Time $100,000 & over		822.7			840.9			709.6			113.1			15.9	%

Total Core Deposits		5,880.8			6,100.5			5,988.6			(107.8	)		-1.8	%


Borrowed Funds:
Short-term Borrowings		359.3			302.8			493.3			(134.0	)		-27.2	%
Brokered CD’s		337.3			365.1			381.4			(44.1	)		-11.6	%
Long-term Borrowings		895.8			954.9			1,152.3			(256.5	)		-22.3	%

Total Borrowed Funds		1,592.4			1,622.8			2,026.9			(434.5	)		-21.4	%


Accrued Expenses & Other Liabilities		129.4			118.8			110.0			19.4			17.6	%

Total Liabilities		7,602.5			7,842.1			8,125.5			(522.9	)		-6.4	%


Common Stock, Capital Surplus & Retained Earnings		670.0			671.7			685.0			(15.0	)		-2.2	%
Other Comprehensive Income		(27.6	)		(21.8	)		(17.5	)		(10.2	)		N/M

Total Shareholders Equity		642.4			649.9			667.6			(25.2	)		-3.8	%

Total Liabilities & Shareholders Equity	$	8,244.9		$	8,492.0		$	8,793.0		$	(548.1	)		-6.2	%


		EOP — End of period actual balances

		N/M = Not meaningful

(1)		Includes money market investments.

PAGE 4

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


2002			2003			2004			2005				2005												2006
													1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr
												Assets
												Securities:
$	593.0		$	629.0		$	640.4		$	574.1		Treasury & Gov’t Sponsored Agencies	$	693.2		$	610.6		$	508.9		$	483.9		$	539.6
	656.1			667.5			638.4			536.9		Municipals		592.5			566.2			507.0			481.9			487.2
	1,341.7			1,709.9			1,422.5			1,346.9		Mortgage Backed		1,447.8			1,356.8			1,288.1			1,294.9			1,251.4
	5.1			4.9			68.0			12.6		Fed Funds Sold		0.6			0.3			4.0			45.7			49.3
	141.2			143.8			180.4			298.4		Other (1)		289.4			300.9			302.3			300.9			293.1

	2,737.1			3,155.1			2,949.7			2,769.0		Total Investments (1)		3,023.5			2,834.8			2,610.3			2,607.3			2,620.5

	44.4			60.3			22.3			36.2		Residential Real Estate Loans Held for Sale		22.3			35.6			43.7			43.2			30.5
												Loans:
	1,690.4			1,686.7			1,611.1			1,578.2		Commercial Loans & Leases		1,503.9			1,580.3			1,623.8			1,605.0			1,535.9
	1,844.5			1,866.1			1,767.5			1,604.2		Commercial & Agriculture Real Estate		1,636.0			1,619.4			1,613.0			1,548.4			1,519.7
												Consumer:
	229.4			295.8			348.9			357.6		Home Equity		362.7			360.1			361.4			346.3			327.1
	827.3			799.8			847.6			889.9		Other Consumer Loans		861.2			861.1			910.9			926.3			927.0

	4,591.6			4,648.3			4,575.1			4,429.9		Subtotal		4,363.7			4,420.9			4,509.1			4,426.0			4,309.7
	1,242.2			942.8			743.2			548.5		Residential Real Estate		554.4			549.4			550.5			539.8			527.4

	5,833.8			5,591.1			5,318.4			4,978.5		Total Loans		4,918.1			4,970.3			5,059.6			4,965.8			4,837.1

	8,615.3			8,806.6			8,290.4			7,783.6		Total Earning Assets		7,963.9			7,840.8			7,713.6			7,616.3			7,488.1


	(81.4	)		(89.1	)		(97.8	)		(82.9	)	Allowance for Loan Losses		(86.6	)		(84.3	)		(81.1	)		(79.8	)		(79.1	)
	730.0			838.5			930.9			925.8		Nonearning Assets		939.9			964.5			919.1			879.6			880.7

$	9,263.9		$	9,556.0		$	9,123.5		$	8,626.5		Total Assets	$	8,817.2		$	8,721.0		$	8,551.6		$	8,416.2		$	8,289.7


												Liabilities & Equity
$	712.3		$	752.8		$	803.1		$	837.6		Noninterest-bearing Demand Deposits	$	836.7		$	834.3		$	843.9		$	835.4		$	811.3
	1,215.9			1,504.7			1,735.6			1,754.9		NOW Accounts		1,883.7			1,832.4			1,687.7			1,615.8			1,506.9
	462.6			479.3			471.3			485.3		Savings Accounts		484.0			487.7			491.6			478.0			489.5
	644.0			612.0			587.0			695.0		Money Market Accounts		579.7			643.3			724.7			832.2			883.2
	3,146.4			2,766.7			2,449.3			2,202.4		Other Time		2,201.5			2,205.7			2,222.7			2,179.6			2,233.9

	6,181.3			6,115.5			6,046.3			5,975.2		Total Core Deposits		5,985.7			6,003.4			5,970.6			5,941.0			5,924.8


												Borrowed Funds:
	689.0			687.6			406.1			388.2		Short-term Borrowings		415.4			437.2			388.6			311.4			298.6
	321.4			296.0			375.3			376.2		Brokered CD’s		384.6			380.3			372.4			367.4			352.8
	1,278.7			1,577.1			1,463.5			1,094.6		Long-term Borrowings		1,218.5			1,102.1			1,044.0			1,013.9			938.0

	2,289.0			2,560.7			2,244.9			1,858.9		Total Borrowed Funds		2,018.5			1,919.6			1,805.0			1,692.6			1,589.4


	98.6			128.8			117.8			107.1		Accrued Expenses & Other Liabilities		108.1			104.4			99.4			116.6			123.8

	8,568.8			8,805.0			8,408.9			7,941.2		Total Liabilities		8,112.3			8,027.4			7,875.1			7,750.2			7,637.9


	662.7			717.4			708.0			690.9		Common Stock, Surplus & Retained Earnings		699.5			701.6			681.3			681.2			671.1
	32.4			33.6			6.6			(5.6	)	Other Comprehensive Income		5.5			(8.0	)		(4.8	)		(15.2	)		(19.3	)

	695.1			751.0			714.6			685.3		Total Shareholders Equity		704.9			693.6			676.5			666.0			651.8

$	9,263.9		$	9,556.0		$	9,123.5		$	8,626.5		Total Liabilities & Shareholders Equity	$	8,817.2		$	8,721.0		$	8,551.6		$	8,416.2		$	8,289.7


(1)		Includes money market investments.

PAGE 5

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


2002			2003			2004			2005				2005												2006
													1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr
												Earning Assets:
												Securities:
	4.55	%		3.83	%		3.18	%		3.44	%	Treasury & Gov’t Sponsored Agencies		3.10	%		3.28	%		3.64	%		3.89	%		4.26	%
	7.13	%		7.02	%		6.92	%		6.88	%	Municipals		6.87	%		6.90	%		6.86	%		6.91	%		6.85	%
	5.45	%		4.12	%		4.18	%		4.24	%	Mortgage Backed		4.15	%		4.21	%		4.26	%		4.36	%		4.45	%
	1.64	%		1.15	%		1.56	%		4.19	%	Fed Funds Sold		2.49	%		3.78	%		3.74	%		4.25	%		4.34	%
	5.26	%		4.28	%		3.62	%		4.50	%	Other (1)		4.18	%		4.40	%		4.69	%		4.73	%		5.05	%

	5.64	%		4.68	%		4.46	%		4.61	%	Total Investments (1)		4.44	%		4.57	%		4.69	%		4.78	%		4.92	%

												Loans:
	6.58	%		5.61	%		5.41	%		6.39	%	Commercial Loans & Leases		6.02	%		6.32	%		6.45	%		6.75	%		7.06	%
	6.93	%		5.87	%		5.70	%		6.36	%	Commercial & Agriculture Real Estate		6.13	%		6.16	%		6.42	%		6.74	%		7.00	%
												Consumer:
	5.21	%		5.12	%		5.17	%		6.28	%	Home Equity		5.84	%		6.13	%		6.35	%		6.82	%		7.60	%
	8.83	%		8.00	%		7.16	%		6.93	%	Other Consumer Loans		6.91	%		6.95	%		7.01	%		6.85	%		6.96	%

	7.06	%		6.10	%		5.83	%		6.48	%	Subtotal		6.22	%		6.36	%		6.54	%		6.77	%		7.05	%
	7.32	%		6.37	%		5.60	%		5.47	%	Residential Real Estate (2)		5.40	%		5.48	%		5.50	%		5.49	%		5.41	%

	7.11	%		6.14	%		5.79	%		6.36	%	Total Loans (2)		6.12	%		6.26	%		6.42	%		6.62	%		6.86	%


	6.65	%		5.62	%		5.32	%		5.74	%	Total Earning Assets		5.48	%		5.65	%		5.84	%		6.00	%		6.18	%


												Interest-bearing Liabilities:
	1.24	%		0.90	%		0.94	%		1.44	%	NOW Accounts		1.27	%		1.39	%		1.48	%		1.65	%		1.80	%
	1.18	%		0.73	%		0.47	%		0.87	%	Savings Accounts		0.61	%		0.74	%		0.98	%		1.13	%		1.33	%
	1.55	%		0.94	%		1.10	%		2.71	%	Money Market Accounts		1.99	%		2.37	%		2.88	%		3.30	%		3.23	%
	4.58	%		3.96	%		3.25	%		3.32	%	Other Time		3.14	%		3.23	%		3.34	%		3.57	%		3.78	%

	3.19	%		2.47	%		1.99	%		2.36	%	Total Interest-bearing Deposits		2.09	%		2.24	%		2.44	%		2.69	%		2.87	%


												Borrowed Funds:
	1.59	%		1.06	%		0.96	%		2.48	%	Short-term Borrowings		1.97	%		2.45	%		2.71	%		2.92	%		3.25	%
	4.98	%		4.92	%		4.71	%		4.64	%	Brokered CD’s		4.56	%		4.67	%		4.66	%		4.65	%		4.35	%
	5.18	%		3.81	%		4.05	%		5.26	%	Long-term Borrowings		4.89	%		5.25	%		5.22	%		5.77	%		5.58	%

	4.07	%		3.20	%		3.60	%		4.55	%	Total Borrowed Funds		4.23	%		4.49	%		4.57	%		5.00	%		4.87	%


	3.45	%		2.71	%		2.48	%		2.95	%	Total Interest-bearing Liabilities		2.69	%		2.85	%		2.99	%		3.26	%		3.34	%


	3.19	%		2.91	%		2.84	%		2.79	%	Net Interest Rate Spread		2.79	%		2.80	%		2.85	%		2.73	%		2.83	%

	3.54	%		3.18	%		3.08	%		3.09	%	Net Interest Margin		3.05	%		3.07	%		3.16	%		3.09	%		3.18	%


		FTE — Fully taxable equivalent basis

(1)		Includes money market investments.

(2)		Includes residential loans held for sale.

PAGE 6

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


2002			2003			2004			2005				2005												2006
													1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr
$	74.2		$	87.7		$	95.2		$	85.7		Beginning Allowance for Loan Losses	$	85.7		$	86.3		$	80.6		$	81.4		$	78.8

	33.5			85.0			22.4			23.1		Provision for Loan Losses		5.1			6.0			6.0			6.0			3.5

	—			(9.3	)		0.7			—		Transfer to Allow. Unfunded Commitments		—			—			—			—			—

	(27.6	)		(61.6	)		(41.2	)		(36.1	)	Gross Charge-offs		(6.3	)		(8.7	)		(9.4	)		(11.6	)		(7.4	)
	—			(14.7	)		(4.6	)		(5.3	)	Write-downs from Loans Sold		—			(5.3	)		—			—			—
	7.6			8.2			13.2			11.5		Gross Recoveries		1.8			2.4			4.1			3.1			1.9

	(20.0	)		(68.1	)		(32.6	)		(30.0	)	Net Charge-offs		(4.5	)		(11.7	)		(5.3	)		(8.5	)		(5.5	)


$	87.7		$	95.2		$	85.7		$	78.8		Ending Allowance for Loan Losses	$	86.3		$	80.6		$	81.4		$	78.8		$	76.8


	0.34	%		1.21	%		0.61	%		0.60	%	Net Charge-offs / Average Loans (1)		0.37	%		0.93	%		0.41	%		0.68	%		0.46	%

	5,878.3			5,651.4			5,340.7			5,014.7		Average Loans Outstanding (1)		4,940.4			5,005.9			5,103.2			5,009.0			4,867.6

	5,769.6			5,586.5			4,987.3			4,937.6		EOP Loans Outstanding (1)		4,972.0			5,071.8			5,158.5			4,937.6			4,831.5

	1.52	%		1.70	%		1.72	%		1.60	%	Allowance for Loan Loss / EOP Loans(1)		1.74	%		1.59	%		1.58	%		1.60	%		1.59	%

												Underperforming Assets:
$	9.5		$	5.1		$	2.4		$	1.8		Loans 90 Days & over (still accruing)	$	1.8		$	2.4		$	1.9		$	1.8		$	1.4

												Non-performing Loans:
	100.3			104.6			54.9			55.6		Nonaccrual Loans		55.2			49.0			58.8			55.6			51.4
	—			—			—			—		Renegotiated Loans		—			—			—			—			—

	100.3			104.6			54.9			55.6		Total Non-performing Loans		55.2			49.0			58.8			55.6			51.4


	7.9			8.8			8.3			3.6		Foreclosed properties		5.1			4.3			3.4			3.6			2.3


$	117.7		$	118.5		$	65.6		$	61.0		Total Underperforming Assets	$	62.0		$	55.8		$	64.1		$	61.0		$	55.1


	1.74	%		1.87	%		1.10	%		1.13	%	Non-performing loans / EOP Loans (1)		1.11	%		0.97	%		1.14	%		1.13	%		1.06	%

	87	%		91	%		156	%		142	%	Allowance to Non-performing Loans		156	%		165	%		138	%		142	%		150	%

	2.04	%		2.12	%		1.32	%		1.24	%	Under-performing Assets / EOP Loans (1)		1.25	%		1.10	%		1.24	%		1.24	%		1.14	%

	9,612.6			9,363.2			8,898.3			8,492.0		EOP Total Assets		8,793.0			8,648.5			8,535.3			8,492.0			8,244.9

	1.22	%		1.27	%		0.74	%		0.72	%	Under-performing Assets / EOP Assets		0.71	%		0.64	%		0.75	%		0.72	%		0.67	%


		EOP — End of period actual balances

(1)		Includes residential loans held for sale.

PAGE 7

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Table of Contents