Old National Bancorp (ONB) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 22 2025
0mins
Source: SeekingAlpha
Adjusted Earnings Per Share (EPS) $0.59, an 11% increase over the prior quarter and a 28% increase year-over-year. This was driven by the full quarter impact of Bremer operations, margin expansion, better-than-expected growth in fee income, and well-controlled expenses.
Return on Average Tangible Common Equity 20%, reflecting strong profitability and operational efficiency.
Return on Assets (ROA) 1.3%, indicating strong asset utilization and profitability.
Efficiency Ratio Below 50%, showing improved operational efficiency.
CET1 Ratio Over 11%, a 28 basis points increase from the prior quarter, driven by strong retained earnings and capital generation despite merger-related charges and share repurchases.
Tangible Book Value Per Share Grew 4% from 2Q and 10% year-over-year, even with the impact of merger charges and share repurchases.
Loan Growth (Excluding Bremer) 3.1% annualized from last quarter, supported by a 20% increase in production from the prior quarter and a 40% year-over-year increase in the legacy Old National pipeline.
Deposit Growth 4.8% annualized, with core deposits (excluding brokered) growing 5.8% annualized, driven by growth from existing and new commercial clients.
Net Interest Income and Margin Increased due to the full quarter impact of Bremer, asset repricing, and organic growth.
Adjusted Noninterest Income $130 million for the quarter, exceeding guidance, driven by Bremer and organic growth in primary fee businesses, with strong performance in capital markets.
Adjusted Noninterest Expenses $376 million for the quarter, reflecting a full quarter impact of Bremer operations, with well-controlled run rate expenses and a low 48% efficiency ratio.
Credit Metrics Total net charge-offs were 25 basis points, with a 6% reduction in criticized and classified loans, reflecting active portfolio management.
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Analyst Views on ONB
Wall Street analysts forecast ONB stock price to rise
7 Analyst Rating
4 Buy
3 Hold
0 Sell
Moderate Buy
Current: 26.230
Low
25.00
Averages
26.29
High
29.00
Current: 26.230
Low
25.00
Averages
26.29
High
29.00
About ONB
Old National Bancorp is the financial holding company of Old National Bank. Old National Bank is a commercial bank that provides a range of services primarily throughout the Midwest and Southeast regions of the United States. It provides commercial and consumer loan and depository services, private banking, capital markets, brokerage, wealth management, trust, investment advisory, and other traditional banking services. It also provides services in consumer and commercial banking; Old National Bank offers comprehensive wealth management and capital markets services. Each of the banking centers of Old National Bank provides a group of similar community banking services, including such products and services as commercial, real estate, and consumer loans; deposits; and private banking, capital markets, brokerage, wealth management, trust, and investment advisory services. Its lending activities include loans to individuals, and loans to commercial clients.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Old National Bank Risk Analysis and Alternative Investment
- Low Net Interest Margin: Old National Bank's net interest margin averaged only 3.5% over the past two years, significantly below industry standards, indicating poor loan profitability that limits the bank's flexibility and profit potential.
- Weak EPS Growth: While Old National Bank's revenue has grown at an impressive annualized rate of 26.7%, its earnings per share (EPS) have only increased at a meager 5.8% compounded annual growth rate, suggesting a decline in profitability per share during expansion, which may undermine investor confidence.
- Slow Tangible Book Value Growth: The bank's tangible book value per share (TBVPS) grew by just 4% over the last five years, but recently accelerated to 11.9% over the past two years, increasing from $11.15 to $13.96, indicating an improvement in asset foundation.
- Market Performance and Valuation: Despite Old National Bank's stock outperforming the S&P 500 by 5.1% over the past six months, trading at a forward price-to-book ratio of 1.1, there appears to be no significant investment opportunity, prompting analysts to recommend seeking more promising alternatives.
See More
Old National Bank Named to Civic 50 for Third Year
- Community Recognition: Old National Bank has been named to the Civic 50 for the third consecutive year, highlighting its leadership in community service across the U.S., which enhances brand image and builds customer trust.
- Financial Sector Leader: Recognized as the Financials Sector Leader in the 2026 Civic 50, Old National's outstanding performance in social responsibility and community engagement further solidifies its market position among financial services organizations.
- Volunteer Service Contribution: In 2025, Old National and its employees provided over 67,500 hours of volunteer service and donated $13.6 million to more than 2,100 nonprofit organizations, demonstrating a deep commitment to community and strengthening client relationships.
- Sustainable Development Strategy: By providing approximately $721 million in community development loans, Old National supports economic development and affordable housing for low-income communities, reflecting its commitment to embedding social impact into its business strategy.
See More
Old National Bank Achieves 5-Star Rating, Highlighting Financial Strength
- Financial Strength Recognition: Old National Bank has been awarded Bauer Financial's 5-Star 'Superior' rating, the highest accolade for financial stability, indicating its leading position among banks nationwide and enhancing client trust.
- Long-Term Strategic Commitment: CEO Jim Ryan stated that this recognition reflects the company's long-term commitment to risk management and delivering value to clients, aiming to continuously create value for clients and communities, thereby solidifying its market position.
- Asset Scale Advantage: With approximately $73 billion in assets and $39 billion under management, Old National Bank ranks among the top 25 banking institutions in the U.S., showcasing its strong influence in the Midwest and Southeast markets.
- Community Responsibility: In 2025, Old National was named one of 'The Civic 50', highlighting its active contributions to community service, which further enhances its brand image and customer loyalty.
See More
Old National Bank Appoints New President of Commercial Banking
- New Leadership: Old National Bank has appointed Shane Print as President of Commercial & Industrial Banking, where he will drive growth in C&I, Agribusiness, and SBA lending, expected to enhance the company's overall business capabilities.
- Extensive Experience: Print brings nearly 25 years of financial services experience, having served as Senior Vice President at a major Chicago bank, where he led commercial banking across multiple markets, poised to bring innovation and client engagement to Old National.
- Community Engagement: Print is actively involved in the Chicago business community, currently serving as Chairman of the Better Business Bureau of Chicago & Northern Illinois, and has previously held positions on the Board of Directors for the Chicagoland Chamber of Commerce, showcasing his influence and network in the industry.
- Succession Plan: Print succeeds Kevin Anderson, who will retire at the end of the year after a 43-year banking career, ensuring a smooth transition in leadership and continued growth for the company.
See More
Old National Bancorp Declares Quarterly Dividend
- Quarterly Dividend Announcement: Old National Bancorp (ONB) declares a quarterly dividend of $0.145 per share, consistent with previous distributions, demonstrating the company's ongoing commitment to stable dividends and bolstering investor confidence.
- Dividend Yield: The forward yield of 2.47% reflects the company's attractiveness in the current market environment, potentially drawing in more investors seeking reliable income streams.
- Payment Schedule: The dividend is payable on June 15, with a record date of June 5 and an ex-dividend date also on June 5, ensuring shareholders receive timely returns and enhancing shareholder satisfaction.
- Loan Growth Outlook: Old National Bancorp outlines a loan growth forecast of 4%-6% for 2026 while maintaining its full-year guidance, indicating confidence in future business expansion, which may attract more investor interest in its long-term growth potential.
See More
Old National Bank Launches Golf Ambassador Team
- Golf Ambassador Team Launch: Old National Bank has introduced the 'Team Old National' golf ambassadors, spotlighting elite talents like PGA TOUR standout Michael Brennan and world amateur No. 1 Kiara Romero, aiming to enhance brand visibility during national tournaments.
- Brennan's Career Breakthrough: Michael Brennan secured full-time PGA TOUR membership after winning the Bank of Utah Championship in October 2025, currently ranked 49th in the World Golf Rankings, showcasing his competitive prowess in the sport.
- Romero's Outstanding Achievements: Kiara Romero, the top-ranked player in the World Amateur Golf Rankings and recipient of the 2025 McCormack Medal, holds a school record with six individual tournament wins, highlighting her potential and influence in the golf community.
- Brand and Community Engagement: By supporting these exceptional athletes, Old National Bank not only boosts its brand recognition but also strengthens its connection with the communities it serves, reflecting its commitment to the sport of golf and client engagement.
See More
Old National Bank Risk Analysis and Alternative Investment
- Low Net Interest Margin: Old National Bank's net interest margin averaged only 3.5% over the past two years, significantly below industry standards, indicating poor loan profitability that limits the bank's flexibility and profit potential.
- Weak EPS Growth: While Old National Bank's revenue has grown at an impressive annualized rate of 26.7%, its earnings per share (EPS) have only increased at a meager 5.8% compounded annual growth rate, suggesting a decline in profitability per share during expansion, which may undermine investor confidence.
- Slow Tangible Book Value Growth: The bank's tangible book value per share (TBVPS) grew by just 4% over the last five years, but recently accelerated to 11.9% over the past two years, increasing from $11.15 to $13.96, indicating an improvement in asset foundation.
- Market Performance and Valuation: Despite Old National Bank's stock outperforming the S&P 500 by 5.1% over the past six months, trading at a forward price-to-book ratio of 1.1, there appears to be no significant investment opportunity, prompting analysts to recommend seeking more promising alternatives.
See More
Old National Bank Named to Civic 50 for Third Year
- Community Recognition: Old National Bank has been named to the Civic 50 for the third consecutive year, highlighting its leadership in community service across the U.S., which enhances brand image and builds customer trust.
- Financial Sector Leader: Recognized as the Financials Sector Leader in the 2026 Civic 50, Old National's outstanding performance in social responsibility and community engagement further solidifies its market position among financial services organizations.
- Volunteer Service Contribution: In 2025, Old National and its employees provided over 67,500 hours of volunteer service and donated $13.6 million to more than 2,100 nonprofit organizations, demonstrating a deep commitment to community and strengthening client relationships.
- Sustainable Development Strategy: By providing approximately $721 million in community development loans, Old National supports economic development and affordable housing for low-income communities, reflecting its commitment to embedding social impact into its business strategy.
See More
Old National Bank Achieves 5-Star Rating, Highlighting Financial Strength
- Financial Strength Recognition: Old National Bank has been awarded Bauer Financial's 5-Star 'Superior' rating, the highest accolade for financial stability, indicating its leading position among banks nationwide and enhancing client trust.
- Long-Term Strategic Commitment: CEO Jim Ryan stated that this recognition reflects the company's long-term commitment to risk management and delivering value to clients, aiming to continuously create value for clients and communities, thereby solidifying its market position.
- Asset Scale Advantage: With approximately $73 billion in assets and $39 billion under management, Old National Bank ranks among the top 25 banking institutions in the U.S., showcasing its strong influence in the Midwest and Southeast markets.
- Community Responsibility: In 2025, Old National was named one of 'The Civic 50', highlighting its active contributions to community service, which further enhances its brand image and customer loyalty.
See More
Old National Bank Appoints New President of Commercial Banking
- New Leadership: Old National Bank has appointed Shane Print as President of Commercial & Industrial Banking, where he will drive growth in C&I, Agribusiness, and SBA lending, expected to enhance the company's overall business capabilities.
- Extensive Experience: Print brings nearly 25 years of financial services experience, having served as Senior Vice President at a major Chicago bank, where he led commercial banking across multiple markets, poised to bring innovation and client engagement to Old National.
- Community Engagement: Print is actively involved in the Chicago business community, currently serving as Chairman of the Better Business Bureau of Chicago & Northern Illinois, and has previously held positions on the Board of Directors for the Chicagoland Chamber of Commerce, showcasing his influence and network in the industry.
- Succession Plan: Print succeeds Kevin Anderson, who will retire at the end of the year after a 43-year banking career, ensuring a smooth transition in leadership and continued growth for the company.
See More
Old National Bancorp Declares Quarterly Dividend
- Quarterly Dividend Announcement: Old National Bancorp (ONB) declares a quarterly dividend of $0.145 per share, consistent with previous distributions, demonstrating the company's ongoing commitment to stable dividends and bolstering investor confidence.
- Dividend Yield: The forward yield of 2.47% reflects the company's attractiveness in the current market environment, potentially drawing in more investors seeking reliable income streams.
- Payment Schedule: The dividend is payable on June 15, with a record date of June 5 and an ex-dividend date also on June 5, ensuring shareholders receive timely returns and enhancing shareholder satisfaction.
- Loan Growth Outlook: Old National Bancorp outlines a loan growth forecast of 4%-6% for 2026 while maintaining its full-year guidance, indicating confidence in future business expansion, which may attract more investor interest in its long-term growth potential.
See More
Old National Bank Launches Golf Ambassador Team
- Golf Ambassador Team Launch: Old National Bank has introduced the 'Team Old National' golf ambassadors, spotlighting elite talents like PGA TOUR standout Michael Brennan and world amateur No. 1 Kiara Romero, aiming to enhance brand visibility during national tournaments.
- Brennan's Career Breakthrough: Michael Brennan secured full-time PGA TOUR membership after winning the Bank of Utah Championship in October 2025, currently ranked 49th in the World Golf Rankings, showcasing his competitive prowess in the sport.
- Romero's Outstanding Achievements: Kiara Romero, the top-ranked player in the World Amateur Golf Rankings and recipient of the 2025 McCormack Medal, holds a school record with six individual tournament wins, highlighting her potential and influence in the golf community.
- Brand and Community Engagement: By supporting these exceptional athletes, Old National Bank not only boosts its brand recognition but also strengthens its connection with the communities it serves, reflecting its commitment to the sport of golf and client engagement.
See More
