Old National Bancorp (ONB) 8-K Results of Operations and Financial Condition

Exhibit: 99.2

Old National Bancorp

Financial Trends

Fourth Quarter 2004

January 27, 2005

Please direct inquiries to:

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

Note:	-	Disclosures based on operating earnings, which exclude gains on branch divestitures and restructuring charges, are included to provide comparable data between years.
	-	Certain prior year amounts may have been restated to conform with the 2004 presentation. Such reclassifications had no effect on net income.
	-	All share and per share data have been adjusted for stock dividends and stock splits.

Old National Bancorp
Financial Summary
Fourth Quarter 2004

												2003												2004
2001		2002			2003			2004				1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
											Profitability (in millions)
93.0			117.9			70.4			67.6		NET INCOME from Continuing Operations		26.3			27.1			11.8			5.3			19.5			11.3			18.2			18.6
(5.9	)		8.3			—			—		NON-OPERATING Income (Expense)		—			—			—			—			—			—			—			—
99.0			109.6			70.4			67.6		OPERATING EARNINGS (2)		26.3			27.1			11.8			5.3			19.5			11.3			18.2			18.6
105.1			110.7			72.5			70.0		OPERATING CASH EARNINGS (1)		26.7			27.5			12.4			5.9			20.1			11.9			18.8			19.2
											Diluted EPS
1.29			1.67			1.00			0.97		Net Income from Continuing Operations		0.37			0.39			0.17			0.07			0.28			0.16			0.26			0.27
(0.08	)		0.12			—			—		Non-Operating		—			—			—			—			—			—			—			—
1.37			1.55			1.00			0.97		Operating (2)		0.37			0.39			0.17			0.07			0.28			0.16			0.26			0.27
1.46			1.57			1.03			1.00		Operating Cash (1)		0.38			0.39			0.18			0.08			0.29			0.17			0.27			0.27
											Net Income Ratios
14.45	%		17.05	%		9.48	%		9.51	%	Return on Common Equity		14.03	%		14.28	%		6.37	%		2.92	%		10.68	%		6.34	%		10.58	%		10.45	%
1.05	%		1.27	%		0.74	%		0.74	%	Return on Assets		1.11	%		1.12	%		0.49	%		0.22	%		0.84	%		0.49	%		0.81	%		0.83	%
											Operating Ratios
1.12	%		1.18	%		0.74	%		0.74	%	Return on Assets (2)		1.11	%		1.12	%		0.49	%		0.22	%		0.84	%		0.49	%		0.81	%		0.83	%
57.6	%		56.5	%		61.3	%		73.5	%	Efficiency Ratio (2)		58.9	%		53.7	%		63.2	%		70.9	%		68.9	%		80.7	%		69.1	%		74.9	%
3.77	%		3.65	%		3.37	%		3.31	%	Net Interest Margin		3.46	%		3.35	%		3.32	%		3.37	%		3.37	%		3.38	%		3.30	%		3.21	%
0.45	%		0.34	%		1.21	%		0.61	%	Net Charge-offs / Average Loans (3)		0.89	%		0.60	%		1.85	%		1.48	%		0.25	%		0.89	%		0.48	%		0.83	%
											Capital Ratios:
											Risk-Based Capital Ratios (end of period):
9.3	%		11.1	%		11.0	%		11.2	%	Tier 1		11.3	%		11.4	%		11.1	%		11.0	%		11.1	%		11.3	%		11.4	%		11.2	%
12.8	%		14.8	%		14.7	%		14.9	%	Total		15.0	%		15.1	%		14.7	%		14.7	%		14.8	%		15.1	%		15.2	%		14.9	%
6.6	%		7.5	%		7.3	%		7.7	%	Leverage Ratio (to average assets)		7.6	%		7.5	%		7.3	%		7.3	%		7.5	%		7.5	%		7.7	%		7.7	%
7.27	%		7.47	%		7.78	%		7.79	%	Total equity to assets (averages)		7.88	%		7.85	%		7.69	%		7.69	%		7.89	%		7.69	%		7.66	%		7.90	%
											Stock Price/ Dividend Ratios:
0.56			0.63			0.69			0.72		Per Share Dividend		0.17			0.17			0.17			0.18			0.18			0.18			0.18			0.18
41	%		41	%		69	%		74	%	Dividend Payout Ratio		46	%		44	%		100	%		225	%		64	%		113	%		69	%		67	%
20.77			20.99			20.72			24.63		Stock Price at EOP		19.41			20.86			20.28			20.72			21.52			23.65			23.66			24.63
9.03			10.52			10.24			10.19		Book Value Per Share		10.60			10.93			10.29			10.24			10.62			9.68			10.29			10.19

(1)	Excludes after-tax impact of amortization of intangible assets.
(2)	Operating earnings exclude gains on branch divestitures and restructuring charges.
(3)	Net charge-offs include $3.4 million, $1.2 million, $12.5 million and $2.2 million of write-downs on loans transferred to held for sale for the fourth quarter and second quarter of 2004 and the third quarter and second quarter of 2003, respectively.

PAGE 1     

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

	Twelve Months			Change							Fourth Quarter					Change
2004		2003		$			%				2004		2003			$			%
$441.1		$	494.9	$	(53.8	)		-11	%	Interest Income - FTE	$	108.0	$	117.4		$	(9.4	)		-8	%
166.4			197.7		(31.3	)		-16	%	Less: Interest Expense		42.6		44.9			(2.3	)		-5	%
274.7			297.1		(22.4	)		-8	%	Net Interest Income - FTE		65.3		72.5			(7.1	)		-10	%
19.9			19.9		(0.0	)		0	%	Wealth management fees		5.1		5.0			0.1			2	%
11.5			10.5		1.0			10	%	Investment consulting fees		3.0		2.8			0.3			10	%
48.5			44.9		3.6			8	%	Service charges on deposit accounts		12.7		11.0			1.7			15	%
53.2			39.2		14.0			36	%	Insurance premiums and commissions		12.6		11.9			0.8			7	%
12.0			10.6		1.5			14	%	Investment product fees		2.5		2.6			(0.1	)		-2	%
8.5			19.1		(10.7	)		-56	%	Mortgage banking revenue		1.4		1.8			(0.4	)		-22	%
25.6			24.3		1.3			5	%	Other income		5.3		5.5			(0.2	)		-3	%
179.2			168.6		10.6			6	%	Total Fees and Service Charges		42.7		40.5			2.2			5	%
2.9			23.6		(20.6	)		-88	%	Gains (Losses) Sales of Securities		0.6		—			0.6			N/M
182.2			192.1		(10.0	)		-5	%	Total Noninterest Income		43.3		40.5			2.8			7	%
456.9			489.3		(32.4	)		-7	%	Total Revenues (FTE)		108.7		113.0			(4.4	)		-4	%
192.7			169.0		23.7			14	%	Salaries and employee benefits		46.6		39.8			6.8			17	%
143.2			130.7		12.5			10	%	Other expense		34.7		40.3			(5.6	)		-14	%
335.9			299.7		36.2			12	%	Total Noninterest Expense		81.4		80.1			1.2			2	%
22.4			85.0		(62.6	)		-74	%	Provision for loan losses		—		26.0			(26.0	)		-100	%
98.5			104.6		(6.0	)		-6	%	Pre-Tax Income (FTE)		27.3		6.9			20.4			296	%
7.1			9.0		(2.0	)		-22	%	Income Taxes		2.9		(4.6	)		7.5			N/M
23.9			25.1		(1.2	)		-5	%	FTE Adjustment		5.8		6.2			(0.4	)		-7	%
31.0			34.1		(3.2	)		-9	%	Total Taxes (FTE)		8.7		1.6			7.1			435	%
67.6			70.4		(2.8	)		-4	%	Operating Earnings (1)		18.6		5.3			13.3			252	%
—			—		—			—		Non-Operating Income (Expense)		—		—			—			—
$67.6		$	70.4	$	(2.8	)		-4	%	Net Income from Cont. Ops.	$	18.6	$	5.3		$	13.3			252	%
0.97			1.00		(0.03	)		-3	%	EPS - Diluted Net Income from Cont. Ops.		0.27		0.07			0.20			286	%
—			—		—			—		EPS - Non-Operating		—		—			—			—
0.97			1.00		(0.03	)		-3	%	EPS - Diluted Operating (1)		0.27		0.07			0.20			286	%
1.00			1.03		(0.03	)		-3	%	EPS - Diluted Operating Cash (2)		0.27		0.08			0.19			238	%
69,015			69,903		(888	)		-1	%	EOP Shares Outstanding (000s)		69,015		69,903			(888	)		-1	%
69,452			70,118		(666	)		-1	%	Average Basic Shares (000s)		69,132		70,011			(880	)		-1	%
70,024			70,174		(150	)		0	%	Average Diluted Shares (000s)		70,022		70,064			(42	)		0	%

FTE - Fully taxable equivalent basis

(1)	Operating earnings exclude gains on branch divestitures and restructuring charges.
(2)	Excludes after-tax impact of amortization of intangible assets.

PAGE 2     

Old National Bancorp
NET INCOME TRENDS
Fourth Quarter 2004
($ In Millions except EPS information)

									2003										2004
2001		2002		2003		2004			1st Qtr		2nd Qtr		3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr		4th Qtr
651.0			572.6		494.9		441.1	Interest Income - FTE		130.0		126.6		120.9			117.4			114.2			111.5			107.4		108.0
338.4			258.0		197.7		166.4	Less: Interest Expense		53.8		51.8		47.3			44.9			43.0			40.3			40.5		42.6
312.6			314.6		297.1		274.7	Net Interest Income - FTE		76.2		74.8		73.6			72.5			71.2			71.2			67.0		65.3
20.7			19.2		19.9		19.9	Wealth management fees		4.8		5.2		5.0			5.0			4.8			5.2			4.8		5.1
—			5.2		10.5		11.5	Investment consulting fees		2.5		2.6		2.7			2.8			2.7			2.9			2.9		3.0
40.5			42.0		44.9		48.5	Service charges on deposit accounts		10.8		11.6		11.5			11.0			10.8			12.4			12.6		12.7
13.3			16.7		39.2		53.2	Insurance premiums and commissions		8.2		9.1		10.1			11.9			14.5			14.4			11.7		12.6
6.8			9.0		10.6		12.0	Investment product fees		2.7		2.7		2.6			2.6			3.2			3.8			2.5		2.5
9.7			14.5		19.1		8.5	Mortgage banking revenue		4.4		4.9		8.0			1.8			(0.3	)		7.1			0.2		1.4
17.2			23.0		24.3		25.6	Other income		6.7		6.2		5.9			5.5			8.0			5.3			7.0		5.3
108.2			129.6		168.6		179.2	Total Fees and     Service Charges		40.2		42.2		45.7			40.5			43.6			51.1			41.8		42.7
4.8			12.4		23.6		2.9	Gains (Losses) Sales of Securities		2.7		20.8		0.1			—			2.0			—			0.3		0.6
113.0			142.0		192.1		182.2	Total Noninterest     Income		42.9		62.9		45.8			40.5			45.6			51.1			42.1		43.3
425.6			456.6		489.3		456.9	Total Revenues (FTE)		119.1		137.7		119.4			113.0			116.8			122.3			109.1		108.7
138.2			148.4		169.0		192.7	Salaries and employee benefits		41.7		44.1		43.4			39.8			49.3			53.5			43.3		46.6
106.9			109.4		130.7		143.2	Other expense		28.5		29.8		32.1			40.3			31.2			45.2			32.1		34.7
245.1			257.8		299.7		335.9	Total Noninterest     Expense		70.2		74.0		75.5			80.1			80.5			98.7			75.4		81.4
28.7			33.5		85.0		22.4	Provision for loan losses		9.0		22.5		27.5			26.0			7.5			7.5			7.4		—
151.8			165.3		104.6		98.5	Pre-Tax Income (FTE)		39.9		41.3		16.4			6.9			28.9			16.1			26.3		27.3
31.5			30.5		9.0		7.1	Income Taxes		7.3		7.9		(1.5	)		(4.6	)		3.3			(1.2	)		2.1		2.9
21.3			25.2		25.1		23.9	FTE Adjustment		6.4		6.4		6.2			6.2			6.1			6.0			6.0		5.8
52.8			55.6		34.1		31.0	Total Taxes (FTE)		13.7		14.2		4.6			1.6			9.4			4.8			8.1		8.7
99.0			109.6		70.4		67.6	Operating Earnings     (1)		26.3		27.1		11.8			5.3			19.5			11.3			18.2		18.6
(5.9	)		8.3		—		—	Non-Operating Income (Expense)		—		—		—			—			—			—			—		—
93.0			117.9		70.4		67.6	Net Income from     Cont. Ops.		26.3		27.1		11.8			5.3			19.5			11.3			18.2		18.6
1.29			1.67		1.00		0.97	EPS - Diluted Net Income from Cont. Ops.		0.37		0.39		0.17			0.07			0.28			0.16			0.26		0.27
(0.08	)		0.12		—		—	EPS - Non-Operating		—		—		—			—			—			—			—		—
1.37			1.55		1.00		0.97	EPS - Diluted Operating (1)		0.37		0.39		0.17			0.07			0.28			0.16			0.26		0.27
1.46			1.57		1.03		1.00	EPS - Diluted Operating Cash (2)		0.38		0.39		0.18			0.08			0.29			0.17			0.27		0.27
72,038			70,674		70,174		70,024	Average Diluted Shares (000s)		70,292		70,034		70,425			70,064			69,783			70,160			70,067		70,022

FTE - Fully taxable equivalent basis

(1)	Operating earnings exclude gains on branch divestitures and restructuring charges.
(2)	Excludes after-tax impact of amortization of intangible assets.

PAGE 3     

Old National Bancorp
Balance Sheet (EOP)
Fourth Quarter 2004
($ in Millions)

	12/31/2004			9/30/2004			12/31/2003			Change from Prior Year
										$			%
Assets
Securities
Government and Agencies	$	699.3		$	700.9		$	606.9		$	92.4			15	%
Municipals		597.6			631.9			655.1			(57.4	)		-9	%
Mortgage Backed		1,445.1			1,377.1			1,509.8			(64.7	)		-4	%
Other (1)		283.0			309.1			160.0			123.0			77	%
Total Investments (1)		3,025.1			3,019.1			2,931.7			93.3			3	%
Residential Loans Held for Sale		22.5			22.1			16.3			6.1			38	%
Loans
Commercial		1,550.6			1,586.6			1,618.1			(67.5	)		-4	%
Commercial and Agriculture Real Estate		1,653.1			1,713.8			1,849.3			(196.2	)		-11	%
Consumer		1,205.7			1,227.2			1,163.3			42.3			4	%
Subtotal		4,409.4			4,527.6			4,630.7			(221.3	)		-5	%
Residential Real Estate		555.4			554.1			939.4			(384.0	)		-41	%
Total Loans		4,964.8			5,081.7			5,570.1			(605.3	)		-11	%
Total Earning Assets		8,012.4			8,122.8			8,518.2			(505.8	)		-6	%
Allowance for loan losses		(85.7	)		(96.3	)		(95.2	)		9.5			-10	%
Nonearning assets
Goodwill and Intangible assets		168.8			169.4			171.2			(2.3	)		-1	%
Other assets		802.8			785.8			769.1			33.7			4	%
Total Nonearning assets		971.7			955.2			940.3			31.4			3	%
Total Assets	$	8,898.3		$	8,981.7		$	9,363.2		$	(464.9	)		-5	%
Liabilities and Equity
Noninterest-bearing demand deposits	$	851.2		$	825.7		$	823.1		$	28.1			3	%
NOW and Savings accounts		2,400.9			2,294.3			2,053.6			347.3			17	%
Money market accounts		573.3			581.8			608.2			(34.8	)		-6	%
Other time		2,203.2			2,333.0			2,635.6			(432.5	)		-16	%
Total Core Deposits		6,028.6			6,034.9			6,120.5			(91.9	)		-2	%
Borrowed Funds (includes Brokered CD’s)		2,045.7			2,117.3			2,411.3			(365.6	)		-15	%
Accrued expenses and other liabilities		120.8			117.2			116.0			4.8			4	%
Total Liabilities		8,195.1			8,269.4			8,647.7			(452.6	)		-5	%
Shareholders’ equity		703.2			712.3			715.5			(12.3	)		-2	%
Total Liabilities and Shareholders Equity	$	8,898.3		$	8,981.7		$	9,363.2		$	(464.9	)		-5	%

(1)   Includes money market investments.

PAGE 4     

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

2001			2002			2003			2004				2003												2004
													1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
												Assets
												Securities
$	482		$	593		$	629		$	640		Government and Agencies	$	708		$	614		$	589		$	605		$	587		$	602		$	659		$	713
	582			656			667			638		Municipals		689			676			654			650			652			641			635			625
	773			1,342			1,710			1,422		Mortgage Backed		1,573			1,886			1,814			1,567			1,484			1,430			1,348			1,428
	181			146			149			248		Other (1)		128			132			168			167			176			178			343			297
	2,018			2,737			3,155			2,950		Total Investments (1)		3,098			3,308			3,225			2,989			2,898			2,852			2,985			3,064
												Loans
	1,692			1,690			1,687			1,611		Commercial		1,677			1,706			1,698			1,665			1,601			1,636			1,604			1,603
	1,855			1,844			1,866			1,768		Commercial and Agriculture Real Estate		1,876			1,872			1,869			1,847			1,838			1,804			1,749			1,678
	1,052			1,057			1,096			1,196		Consumer		1,054			1,069			1,110			1,149			1,168			1,183			1,211			1,224
	4,599			4,592			4,648			4,575		Subtotal		4,607			4,647			4,678			4,661			4,608			4,623			4,564			4,505
	1,682			1,287			1,003			766		Residential Real Estate (2)		1,091			984			977			960			955			960			568			579
	6,281			5,878			5,651			5,341		Total Loans (2)		5,698			5,631			5,655			5,621			5,563			5,583			5,132			5,084
	8,299			8,615			8,807			8,290		Total Earning Assets		8,796			8,940			8,880			8,611			8,461			8,435			8,117			8,148
	(74	)		(81	)		(89	)		(98	)	Allowance for loan losses		(89	)		(87	)		(91	)		(90	)		(98	)		(101	)		(96	)		(96	)
	640			730			839			931		Nonearning assets		794			811			858			891			898			920			956			950
$	8,864		$	9,264		$	9,556		$	9,123		Total Assets	$	9,501		$	9,665		$	9,646		$	9,412		$	9,261		$	9,254		$	8,977		$	9,002
												Liabilities and Equity
$	664		$	712		$	753		$	803		Noninterest-bearing demand deposits	$	730		$	744		$	761		$	776		$	771		$	798		$	814		$	829
	1,339			1,678			1,984			2,207		NOW and Savings accounts		1,871			2,058			1,996			2,011			2,054			2,166			2,248			2,359
	778			644			612			587		Money market accounts		590			587			629			642			603			586			582			576
	3,065			3,146			2,767			2,449		Other time		2,900			2,813			2,694			2,659			2,602			2,500			2,394			2,300
	5,847			6,181			6,115			6,046		Total Core Deposits		6,091			6,202			6,080			6,089			6,031			6,050			6,039			6,065
	2,287			2,294			2,573			2,251		Borrowed Funds (includes Brokered CD’s)		2,541			2,594			2,683			2,474			2,387			2,380			2,133			2,105
	86			97			124			115		Accrued expenses and other liabilities		121			110			141			125			112			111			118			120
	8,220			8,572			8,813			8,413		Total Liabilities		8,753			8,906			8,904			8,688			8,531			8,542			8,289			8,291
	644			692			743			710		Shareholders’ equity		749			758			742			724			731			712			688			712
$	8,864		$	9,264		$	9,556		$	9,123		Total Liabilities and Equity	$	9,501		$	9,665		$	9,646		$	9,412		$	9,261		$	9,254		$	8,977		$	9,002

(1)	Includes money market investments.
(2)	Includes residential loans held for sale.

PAGE 5     

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

2001	2002			2003			2004				2003												2004
											1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
										Earning Assets
										Securities
6.17%		4.55	%		3.83	%		3.18	%	Government and Agencies		3.99	%		3.92	%		3.77	%		3.59	%		3.39	%		3.20	%		3.16	%		3.02	%
7.07%		7.13	%		7.02	%		6.92	%	Municipals		7.08	%		7.03	%		6.97	%		6.99	%		6.87	%		6.97	%		6.98	%		6.86	%
6.46%		5.45	%		4.12	%		4.18	%	Mortgage Backed		4.50	%		4.02	%		3.81	%		4.21	%		4.19	%		4.13	%		4.24	%		4.15	%
6.05%		5.14	%		4.21	%		3.09	%	Other (1)		4.83	%		4.91	%		3.64	%		3.77	%		3.37	%		3.34	%		2.58	%		3.36	%
6.53%		5.64	%		4.68	%		4.46	%	Total Investments (1)		4.97	%		4.65	%		4.43	%		4.66	%		4.58	%		4.52	%		4.39	%		4.36	%
										Loans
8.18%		6.58	%		5.61	%		5.41	%	Commercial		5.95	%		5.66	%		5.50	%		5.35	%		5.44	%		5.26	%		5.37	%		5.58	%
8.22%		6.93	%		5.87	%		5.70	%	Commercial and Agriculture Real Estate		6.25	%		6.05	%		5.62	%		5.55	%		5.67	%		5.59	%		5.79	%		5.75	%
9.28%		8.04	%		7.22	%		6.58	%	Consumer		7.55	%		7.43	%		7.10	%		6.85	%		6.72	%		6.57	%		6.51	%		6.52	%
8.45%		7.06	%		6.10	%		5.83	%	Subtotal		6.44	%		6.22	%		5.93	%		5.80	%		5.85	%		5.72	%		5.83	%		5.90	%
7.77%		7.32	%		6.37	%		5.60	%	Residential Real Estate (2)		6.72	%		6.50	%		6.23	%		6.00	%		5.84	%		5.61	%		5.42	%		5.38	%
8.27%		7.11	%		6.14	%		5.79	%	Total Loans (2)		6.49	%		6.27	%		5.98	%		5.83	%		5.85	%		5.70	%		5.79	%		5.84	%
7.84%		6.65	%		5.62	%		5.32	%	Total Earning Assets		5.95	%		5.67	%		5.42	%		5.43	%		5.42	%		5.30	%		5.28	%		5.29	%
										Interest-bearing Liabilities
1.68%		1.22	%		0.86	%		0.84	%	NOW and Savings accounts		0.99	%		1.04	%		0.73	%		0.68	%		0.68	%		0.75	%		0.89	%		1.01	%
3.32%		1.55	%		0.94	%		1.10	%	Money market accounts		1.11	%		1.00	%		0.82	%		0.83	%		0.83	%		0.86	%		1.17	%		1.54	%
5.52%		4.58	%		3.96	%		3.25	%	Other time		4.24	%		4.03	%		3.86	%		3.72	%		3.58	%		3.25	%		3.07	%		3.07	%
4.20%		3.19	%		2.47	%		1.99	%	Total Interest-Bearing Deposits		2.77	%		2.57	%		2.33	%		2.22	%		2.13	%		1.95	%		1.92	%		1.97	%
5.29%		3.63	%		2.54	%		2.75	%	Borrowed Funds (includes Brokered CD’s)		2.75	%		2.59	%		2.38	%		2.43	%		2.55	%		2.49	%		2.85	%		3.15	%
4.53%		3.32	%		2.49	%		2.22	%	Total Interest-Bearing Liabilities		2.76	%		2.58	%		2.34	%		2.29	%		2.26	%		2.12	%		2.19	%		2.31	%
3.31%		3.32	%		3.13	%		3.10	%	Net Interest Rate Spread		3.19	%		3.09	%		3.08	%		3.14	%		3.15	%		3.18	%		3.09	%		2.97	%
3.77%		3.65	%		3.37	%		3.31	%	Net Interest Margin		3.46	%		3.35	%		3.32	%		3.37	%		3.37	%		3.38	%		3.30	%		3.21	%

(1)	Includes money market investments.
(2)	Includes residential loans held for sale.

PAGE 6     

Old National Bancorp
Asset Quality
End of Period
($ in Millions)

2001		2002		2003		2004			2003												2004
									1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
73.8		74.2		87.7		95.2		Beginning allowance for loan losses		87.7			84.0			98.0			92.7			95.2			100.6			95.1			96.3
28.7		33.5		85.0		22.4		Provision for loan losses		9.0			22.5			27.5			26.0			7.5			7.5			7.4			—
—		—		(9.3	)	0.7		Transfer to Allow. Unfunded Commitments		—			—			(6.7	)		(2.6	)		1.4			(0.6	)		—			—
(36.2	)	(27.6	)	(61.6	)	(41.2	)	Gross charge-offs		(14.3	)		(8.0	)		(17.1	)		(22.2	)		(5.7	)		(12.7	)		(11.0	)		(11.9	)
—		—		(14.7	)	(4.6	)	Write-downs from loans sold		—			(2.2	)		(12.5	)		—			—			(1.2	)		—			(3.4	)
7.9		7.6		8.2		13.2		Gross recoveries		1.6			1.7			3.5			1.4			2.2			1.4			4.9			4.7
(28.3	)	(20.0	)	(68.1	)	(32.6	)	Net Charge-offs		(12.7	)		(8.5	)		(26.1	)		(20.8	)		(3.5	)		(12.5	)		(6.1	)		(10.6	)
74.2		87.7		95.2		85.7		Ending allowance for loan losses		84.0			98.0			92.7			95.2			100.6			95.1			96.3			85.7
0.45	%	0.34	%	1.21	%	0.61	%	Net Charge-offs / Average Loans (1)		0.89	%		0.60	%		1.85	%		1.48	%		0.25	%		0.89	%		0.48	%		0.83	%
6,281.0		5,878.3		5,651.4		5,340.7		Average Loans Outstanding (1)		5,698.0			5,631.5			5,655.0			5,621.2			5,563.0			5,583.2			5,132.3			5,084.3
6,132.9		5,769.6		5,586.5		4,987.3		EOP Loans Outstanding (1)		5,639.9			5,627.6			5,603.2			5,586.5			5,577.5			5,134.0			5,103.7			4,987.3
1.21	%	1.52	%	1.70	%	1.72	%	Allowance for Loan Loss / EOP Loans(1)		1.49	%		1.74	%		1.65	%		1.70	%		1.80	%		1.85	%		1.89	%		1.72	%
								Underperforming Assets
12.6		9.5		5.1		2.4		Loans 90 days and over (still accruing)		14.1			5.6			11.4			5.1			2.3			1.4			6.7			2.4
								Non-performing loans:
37.9		100.3		104.6		54.9		Nonaccrual loans		116.5			146.4			110.2			104.6			107.1			97.6			106.0			54.9
25.9		—		—		—		Renegotiated loans		—			—			—			—			—			—			—			—
63.8		100.3		104.6		54.9		Total non-performing loans		116.5			146.4			110.2			104.6			107.1			97.6			106.0			54.9
9.2		7.9		8.8		8.3		Foreclosed properties		9.0			8.9			9.8			8.8			5.3			3.9			3.8			8.3
1.04	%	1.74	%	1.87	%	1.10	%	Non-performing loans / Loans (1)		2.07	%		2.60	%		1.97	%		1.87	%		1.92	%		1.90	%		2.08	%		1.10	%
116	%	87	%	91	%	156	%	Allowance to Non-performing		72	%		67	%		84	%		91	%		94	%		97	%		91	%		156	%

(1) Includes residential loans held for sale.

PAGE 7