Old National Bancorp (ONB) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 22 2025
0mins
Should l Buy ONB?
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: 24.020
Low
25.00
Averages
26.29
High
29.00
Current: 24.020
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 Bancorp Q1 2026 Earnings Exceed Expectations
- Earnings Beat: Old National Bancorp reported Q1 2026 GAAP earnings per share of $0.59, with adjusted EPS at $0.61, exceeding analyst expectations and demonstrating robust loan growth and effective funding management in a competitive market.
- Capital Return Strategy: The company repurchased 3.9 million shares during the quarter and plans to continue buybacks under existing authorization, indicating a strong commitment to shareholder returns while asserting that acquisitions are not necessary for growth objectives.
- Loan and Deposit Growth: Total loans grew at an annualized rate of 8% in Q1, led by a 16.9% annualized increase in commercial and industrial loans, while total deposits increased by 4.2% annualized, reflecting strong performance in the core deposit franchise.
- Stable Outlook: Management maintained its full-year 2026 guidance, expecting earnings per share growth of over 15%, and emphasized that the company's profitability and expense control will remain peer-leading in a stable interest rate environment.
See More
Old National Bancorp Reports Q1 Earnings Growth
- Significant Earnings Growth: Old National Bancorp reported a net income of $229.64 million for Q1, translating to $0.59 per share, which marks a substantial increase from last year's $140.63 million and $0.44 per share, indicating a strong enhancement in the company's profitability.
- Adjusted Earnings Performance: Excluding special items, the bank's adjusted earnings reached $237.65 million, or $0.61 per share, further reflecting robust performance in core operations and an increase in profitability.
- Revenue Surge: The company's revenue for the quarter rose by 47.7% to $572.57 million, compared to $387.64 million last year, showcasing strong market demand and business expansion capabilities.
- Enhanced Market Competitiveness: With continuous revenue and earnings growth, Old National Bancorp's competitive position in the financial market has significantly improved, suggesting potential market share expansion and increased investor confidence in the future.
See More
Old National Bancorp Q1 Earnings Beat Expectations
- Earnings Beat: Old National Bancorp reported a Q1 non-GAAP EPS of $0.61, exceeding expectations by $0.01, indicating stability in profitability and market confidence.
- Significant Revenue Growth: The bank's revenue reached $702.77 million, up 46.0% year-over-year, although it fell short of expectations by $3.7 million, reflecting increased market competition and economic uncertainty.
- Slight Margin Decline: The net interest margin (NIM) on a fully taxable equivalent basis was 3.55%, down 10 basis points from the previous quarter, highlighting the impact of changing interest rate environments on profitability.
- Share Buyback Plan: Old National Bancorp announced a share buyback of up to $400 million, a move aimed at enhancing shareholder value and potentially reflecting the company's confidence in future growth.
See More
Old National Bancorp Set to Report Earnings
- Earnings Preview: Old National Bancorp is set to report earnings this Wednesday, with market expectations for a 46.9% year-on-year revenue growth, a significant improvement from last year's 9.5% increase, indicating strong growth potential for the company.
- Revenue Performance: Last quarter, Old National Bank reported revenues of $714.4 million, up 44.1% year-on-year, although it slightly missed analysts' expectations on net interest income, it achieved a narrow beat on tangible book value per share estimates.
- Market Sentiment: Investor sentiment in the regional banks segment has been positive, with average share prices rising 10.2% over the past month, while Old National Bank's shares increased by 12.9%, reflecting optimism heading into earnings.
- Analyst Expectations: Analysts have generally reaffirmed their estimates for Old National Bank over the past 30 days, with an average price target of $27.36 compared to the current share price of $24.34, indicating a significant upside potential and a positive outlook for its future performance.
See More
Old National Releases 2025 Community Action Report Highlighting Commitment to Community Investment
- Community Investment Commitment: In 2025, Old National provided $13.6 million in grants and scholarships to over 2,100 organizations, demonstrating its strong commitment to community investment and reinforcing its position as a regional bank.
- Volunteer Service Hours: Team members donated more than 67,000 hours of volunteer service in 2025, showcasing the company's proactive efforts in promoting community engagement and service, thereby strengthening relationships with clients.
- Employee Development Resources: Old National offers extensive learning and development resources to foster team member engagement and a sense of belonging, which enhances employee satisfaction and retention while strengthening company culture.
- Risk Management and Corporate Governance: The company continues to focus on robust risk management and corporate governance in 2025, ensuring stable operations in a rapidly changing market environment and enhancing investor confidence.
See More
Old National Bancorp Restructures Leadership for Commercial Banking
- Leadership Restructuring: Old National Bancorp has announced a strategic realignment of its Commercial Banking leadership, appointing Chris Doyle as President of Commercial Banking and promoting John C. Thurston to President of Corporate Banking, aiming to better align leadership roles with client needs and enhance service quality and client satisfaction.
- Background of New Appointments: Chris Doyle brings over 20 years of banking experience, having served as a Commercial Regional Leader at a super-regional bank, where he was responsible for complex client transactions and growth strategies, which is expected to inject new growth momentum and competitive edge into Old National.
- Functional Integration: Joe Wicklander will continue to lead Treasury Management and Merchant Services while taking on Foreign Exchange responsibilities, and Tim Kocher will transition to Chief Service Delivery Officer, strengthening service delivery for Commercial Banking clients and enhancing operational efficiency and client experience.
- Market Position Enhancement: As the sixth largest commercial bank in the Midwest, managing approximately $37 billion in assets, the restructured leadership is set to further solidify Old National's market position and drive sustainable long-term growth.
See More
Old National Bancorp Q1 2026 Earnings Exceed Expectations
- Earnings Beat: Old National Bancorp reported Q1 2026 GAAP earnings per share of $0.59, with adjusted EPS at $0.61, exceeding analyst expectations and demonstrating robust loan growth and effective funding management in a competitive market.
- Capital Return Strategy: The company repurchased 3.9 million shares during the quarter and plans to continue buybacks under existing authorization, indicating a strong commitment to shareholder returns while asserting that acquisitions are not necessary for growth objectives.
- Loan and Deposit Growth: Total loans grew at an annualized rate of 8% in Q1, led by a 16.9% annualized increase in commercial and industrial loans, while total deposits increased by 4.2% annualized, reflecting strong performance in the core deposit franchise.
- Stable Outlook: Management maintained its full-year 2026 guidance, expecting earnings per share growth of over 15%, and emphasized that the company's profitability and expense control will remain peer-leading in a stable interest rate environment.
See More
Old National Bancorp Reports Q1 Earnings Growth
- Significant Earnings Growth: Old National Bancorp reported a net income of $229.64 million for Q1, translating to $0.59 per share, which marks a substantial increase from last year's $140.63 million and $0.44 per share, indicating a strong enhancement in the company's profitability.
- Adjusted Earnings Performance: Excluding special items, the bank's adjusted earnings reached $237.65 million, or $0.61 per share, further reflecting robust performance in core operations and an increase in profitability.
- Revenue Surge: The company's revenue for the quarter rose by 47.7% to $572.57 million, compared to $387.64 million last year, showcasing strong market demand and business expansion capabilities.
- Enhanced Market Competitiveness: With continuous revenue and earnings growth, Old National Bancorp's competitive position in the financial market has significantly improved, suggesting potential market share expansion and increased investor confidence in the future.
See More
Old National Bancorp Q1 Earnings Beat Expectations
- Earnings Beat: Old National Bancorp reported a Q1 non-GAAP EPS of $0.61, exceeding expectations by $0.01, indicating stability in profitability and market confidence.
- Significant Revenue Growth: The bank's revenue reached $702.77 million, up 46.0% year-over-year, although it fell short of expectations by $3.7 million, reflecting increased market competition and economic uncertainty.
- Slight Margin Decline: The net interest margin (NIM) on a fully taxable equivalent basis was 3.55%, down 10 basis points from the previous quarter, highlighting the impact of changing interest rate environments on profitability.
- Share Buyback Plan: Old National Bancorp announced a share buyback of up to $400 million, a move aimed at enhancing shareholder value and potentially reflecting the company's confidence in future growth.
See More
Old National Bancorp Set to Report Earnings
- Earnings Preview: Old National Bancorp is set to report earnings this Wednesday, with market expectations for a 46.9% year-on-year revenue growth, a significant improvement from last year's 9.5% increase, indicating strong growth potential for the company.
- Revenue Performance: Last quarter, Old National Bank reported revenues of $714.4 million, up 44.1% year-on-year, although it slightly missed analysts' expectations on net interest income, it achieved a narrow beat on tangible book value per share estimates.
- Market Sentiment: Investor sentiment in the regional banks segment has been positive, with average share prices rising 10.2% over the past month, while Old National Bank's shares increased by 12.9%, reflecting optimism heading into earnings.
- Analyst Expectations: Analysts have generally reaffirmed their estimates for Old National Bank over the past 30 days, with an average price target of $27.36 compared to the current share price of $24.34, indicating a significant upside potential and a positive outlook for its future performance.
See More
Old National Releases 2025 Community Action Report Highlighting Commitment to Community Investment
- Community Investment Commitment: In 2025, Old National provided $13.6 million in grants and scholarships to over 2,100 organizations, demonstrating its strong commitment to community investment and reinforcing its position as a regional bank.
- Volunteer Service Hours: Team members donated more than 67,000 hours of volunteer service in 2025, showcasing the company's proactive efforts in promoting community engagement and service, thereby strengthening relationships with clients.
- Employee Development Resources: Old National offers extensive learning and development resources to foster team member engagement and a sense of belonging, which enhances employee satisfaction and retention while strengthening company culture.
- Risk Management and Corporate Governance: The company continues to focus on robust risk management and corporate governance in 2025, ensuring stable operations in a rapidly changing market environment and enhancing investor confidence.
See More
Old National Bancorp Restructures Leadership for Commercial Banking
- Leadership Restructuring: Old National Bancorp has announced a strategic realignment of its Commercial Banking leadership, appointing Chris Doyle as President of Commercial Banking and promoting John C. Thurston to President of Corporate Banking, aiming to better align leadership roles with client needs and enhance service quality and client satisfaction.
- Background of New Appointments: Chris Doyle brings over 20 years of banking experience, having served as a Commercial Regional Leader at a super-regional bank, where he was responsible for complex client transactions and growth strategies, which is expected to inject new growth momentum and competitive edge into Old National.
- Functional Integration: Joe Wicklander will continue to lead Treasury Management and Merchant Services while taking on Foreign Exchange responsibilities, and Tim Kocher will transition to Chief Service Delivery Officer, strengthening service delivery for Commercial Banking clients and enhancing operational efficiency and client experience.
- Market Position Enhancement: As the sixth largest commercial bank in the Midwest, managing approximately $37 billion in assets, the restructured leadership is set to further solidify Old National's market position and drive sustainable long-term growth.
See More
