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Old National Bancorp One Main Street Evansville , IN 47708 oldnational.com Exhibit 99.1 OLD NATIONAL BANCORP Media : Kathy A. Schoettlin ( 812 ) 465-7269 Investors : Lynell J. Walton ( 812 ) 464-1366 Old National's strong 2nd quarter driven by commercial loan growth of 11 % annualized Evansville , Ind . ( July 20 , 2021 ) Old National Bancorp ( NASDAQ : ONB ) reports 2Q21 net income of $ 62.8 million , diluted EPS of $ 0.38 . Adjusted¹ net income of $ 67.4 million , or $ 0.41 per diluted share . CEO COMMENTARY : " Old National's 2nd quarter earnings success was highlighted by strong commercial loan production - which drove over 11 % annualized commercial loan growth - along with excellent credit metrics and stable net interest margin , ” said Chairman and CEO Jim Ryan . " These results place Old National in a very strong position as we work to execute our previously announced merger of equals with First Midwest Bank . Combined , we are confident Old National will be even better positioned for strong organic growth with enhanced scale , resources , and capabilities to deliver an improved client experience and enhanced value to our shareholders . " SECOND QUARTER HIGHLIGHTS² : Net income Net interest income / NIM Operating Performance Loans and Credit Quality • Net income of $ 62.8 million Earnings per diluted share of $ 0.38 Net interest income on a fully taxable equivalent basis of $ 153.4 million compared to $ 151.6 million Net interest margin on a fully taxable equivalent basis of 2.91 % compared to 2.94 % Pre - provision net revenue¹ ( " PPNR " ) of $ 75.3 million Adjusted PPNR¹ of $ 83.3 million Noninterest expense of $ 129.6 million Adjusted noninterest expense¹ of $ 120.9 million Efficiency ratio¹ of 62.05 % Adjusted efficiency ratio¹ of 57.74 % End - of - period total loans³ of $ 13,834.8 million compared to $ 13,975.5 million Total commercial loans increased $ 250.2 million , excluding the $ 403.0 million decrease in PPP loans Second - quarter total commercial production of $ 1.1 billion Provision for credit losses was a recapture of $ 4.9 million . June 30 pipeline of $ 2.6 billion Net recoveries of $ 336 thousand compared to net recoveries of $ 5 thousand Non - performing loans of 1.03 % of total loans compared to 1.13 % . Return on average common equity of 8.39 % Return Profile & Capital Notable Items Return on average tangible common equity¹ of 13.58 % Adjusted return on average tangible common equity¹ of 14.56 % No shares of common stock were repurchased during the current quarter $ 0.4 million in ONB Way charges $ 1.8 million in tax credit amortization $ 6.5 million in merger charges 1 Non - GAAP financial measure that Management believes is useful in evaluating the financial results of the Company - please refer to the Non GAAP reconciliations contained in this release 2 Comparisons are on a linked - quarter basis , unless otherwise noted ³ Includes loans held for sale