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.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy ONB?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
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: 22.330
Low
25.00
Averages
26.29
High
29.00
Current: 22.330
Low
25.00
Averages
26.29
High
29.00
About ONB
Old National Bancorp is the holding company of Old National Bank. Old National Bank is a commercial bank that serves clients primarily in the Midwest and Southeast. Old National Bank operates banking centers located primarily throughout the Midwestern and Southeastern United States, including Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, Tennessee, and Wisconsin. In addition to providing 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. Old National Bank’s 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 Schedules Q1 Earnings Release and Call
- Earnings Release Schedule: Old National Bancorp will release its Q1 earnings on April 22, 2026, at 7:00 A.M. ET, providing insights into its financial performance and market dynamics, which may influence investor confidence.
- Conference Call Timing: The conference call at 10:00 A.M. ET on the same day will offer investors a detailed analysis, aiding in the understanding of the earnings report and future outlook, thereby enhancing transparency and communication efficiency.
- Replay Services: A replay of the earnings call will be available within one hour after the call concludes, until midnight ET on May 6, 2026, ensuring that investors who cannot attend live can access critical information, thus improving information accessibility.
- Company Background: As the sixth largest commercial bank in the Midwest, Old National Bancorp manages approximately $72 billion in assets and is committed to building long-term partnerships with clients, while also being recognized as one of the 50 most community-minded companies in the U.S., highlighting its social responsibility.
See More
Old National Bank Achieves Outstanding CRA Rating
- Outstanding Rating: Old National Bank received an 'Outstanding' rating under the Community Reinvestment Act (CRA), indicating exceptional performance in meeting community credit, investment, and service needs, with fewer than 10% of U.S. banks achieving this level.
- Loan Support: During the evaluation period, Old National provided nearly $2.4 billion in community development loans focused on affordable housing and economic development, demonstrating a strong commitment to positively impacting low-income communities.
- Investment Performance: The bank excelled in community development investments, with all assessed Multistate Metropolitan Statistical Areas rated 'Outstanding', showcasing its responsiveness to community needs.
- Volunteer Service Contribution: Old National highlighted over 20,000 hours of volunteerism across 10 states during the evaluation, reflecting its leadership and commitment to community engagement and financial education.
See More
Inflation Data Exceeds Expectations, Triggering Market Volatility
- Inflation Impact: January's Producer Price Index (PPI) rose 0.5% month-over-month, surpassing the expected 0.3%, with the core component increasing by 0.8%, indicating limited room for the Federal Reserve to cut interest rates and heightening concerns over potential economic slowdown.
- Rising Credit Risk: A Bank of America strategist highlighted increasing concerns over problem loans that could pressure lenders, prompting investors to reassess credit risk, particularly in private credit and leveraged loan markets, negatively impacting valuations of banks sensitive to economic cycles.
- Regional Bank Declines: The market's reaction led to significant declines in regional banks, with UMB Financial (NASDAQ:UMBF) down 7%, Texas Capital Bank (NASDAQ:TCBI) down 6.8%, Simmons First National (NASDAQ:SFNC) down 6.6%, Pinnacle Financial Partners (NASDAQ:PNFP) down 7.5%, and Old National Bank (NASDAQ:ONB) down 6.7%, reflecting waning investor confidence in the sector.
- Overreaction Opportunity: While the market's response to the news has been severe, the substantial price drops may present good buying opportunities for high-quality stocks, especially amid increasing economic uncertainty, necessitating careful evaluation of potential investment prospects.
See More
Old National Bancorp Doubles Share Repurchase Program to $400M
- Repurchase Program Expansion: Old National Bancorp has announced a doubling of its share repurchase program to $400 million, effective until February 28, 2027, reflecting the company's confidence in future stock performance.
- Replacement of Previous Plan: The new repurchase program replaces the prior $200 million plan set to expire on February 28, 2026, indicating a proactive adjustment in capital management aimed at enhancing shareholder value.
- Flexible Buyback Methods: The new program allows for buybacks through various methods including open market transactions, privately negotiated deals, or accelerated share repurchase, enhancing the company's flexibility and responsiveness to market fluctuations.
- Future Growth Outlook: Old National Bancorp anticipates loan growth of 4% to 6% in 2026 while strengthening its capital position, demonstrating strategic decisions focused on business expansion and financial health improvement.
See More
OLD NATIONAL BANCORP RAISES QUARTERLY DIVIDEND BY 3.6% TO $0.145 PER SHARE
Dividend Increase: National Bancorp has raised its quarterly dividend by 3.6%.
New Dividend Amount: The new dividend is set at $0.145 per share.
See More
Old National Partners with Axletree to Enhance SWIFT Architecture
- Partnership Completion: Old National Bancorp has finalized its partnership with Axletree Solutions to implement the Symmetree platform, enhancing the security and transparency of its SWIFT architecture, thereby improving transaction control and efficiency.
- Efficiency Gains: The new system reduces friction in international payment processing, enables faster onboarding for clients, and significantly increases transaction volumes, which is expected to positively impact the company's revenue potential.
- Compliance and Scalability: The upgraded architecture meets ISO 20022 standards, establishing a scalable foundation for future international growth, thereby strengthening Old National's competitive position in the international payments sector.
- Real-Time Payment Tracking: Through Axletree, Old National can now track international payments in real time, leveraging SWIFT APIs to provide a secure end-to-end environment, significantly enhancing customer service quality and satisfaction.
See More
Old National Bancorp Schedules Q1 Earnings Release and Call
- Earnings Release Schedule: Old National Bancorp will release its Q1 earnings on April 22, 2026, at 7:00 A.M. ET, providing insights into its financial performance and market dynamics, which may influence investor confidence.
- Conference Call Timing: The conference call at 10:00 A.M. ET on the same day will offer investors a detailed analysis, aiding in the understanding of the earnings report and future outlook, thereby enhancing transparency and communication efficiency.
- Replay Services: A replay of the earnings call will be available within one hour after the call concludes, until midnight ET on May 6, 2026, ensuring that investors who cannot attend live can access critical information, thus improving information accessibility.
- Company Background: As the sixth largest commercial bank in the Midwest, Old National Bancorp manages approximately $72 billion in assets and is committed to building long-term partnerships with clients, while also being recognized as one of the 50 most community-minded companies in the U.S., highlighting its social responsibility.
See More
Old National Bank Achieves Outstanding CRA Rating
- Outstanding Rating: Old National Bank received an 'Outstanding' rating under the Community Reinvestment Act (CRA), indicating exceptional performance in meeting community credit, investment, and service needs, with fewer than 10% of U.S. banks achieving this level.
- Loan Support: During the evaluation period, Old National provided nearly $2.4 billion in community development loans focused on affordable housing and economic development, demonstrating a strong commitment to positively impacting low-income communities.
- Investment Performance: The bank excelled in community development investments, with all assessed Multistate Metropolitan Statistical Areas rated 'Outstanding', showcasing its responsiveness to community needs.
- Volunteer Service Contribution: Old National highlighted over 20,000 hours of volunteerism across 10 states during the evaluation, reflecting its leadership and commitment to community engagement and financial education.
See More
Inflation Data Exceeds Expectations, Triggering Market Volatility
- Inflation Impact: January's Producer Price Index (PPI) rose 0.5% month-over-month, surpassing the expected 0.3%, with the core component increasing by 0.8%, indicating limited room for the Federal Reserve to cut interest rates and heightening concerns over potential economic slowdown.
- Rising Credit Risk: A Bank of America strategist highlighted increasing concerns over problem loans that could pressure lenders, prompting investors to reassess credit risk, particularly in private credit and leveraged loan markets, negatively impacting valuations of banks sensitive to economic cycles.
- Regional Bank Declines: The market's reaction led to significant declines in regional banks, with UMB Financial (NASDAQ:UMBF) down 7%, Texas Capital Bank (NASDAQ:TCBI) down 6.8%, Simmons First National (NASDAQ:SFNC) down 6.6%, Pinnacle Financial Partners (NASDAQ:PNFP) down 7.5%, and Old National Bank (NASDAQ:ONB) down 6.7%, reflecting waning investor confidence in the sector.
- Overreaction Opportunity: While the market's response to the news has been severe, the substantial price drops may present good buying opportunities for high-quality stocks, especially amid increasing economic uncertainty, necessitating careful evaluation of potential investment prospects.
See More
Old National Bancorp Doubles Share Repurchase Program to $400M
- Repurchase Program Expansion: Old National Bancorp has announced a doubling of its share repurchase program to $400 million, effective until February 28, 2027, reflecting the company's confidence in future stock performance.
- Replacement of Previous Plan: The new repurchase program replaces the prior $200 million plan set to expire on February 28, 2026, indicating a proactive adjustment in capital management aimed at enhancing shareholder value.
- Flexible Buyback Methods: The new program allows for buybacks through various methods including open market transactions, privately negotiated deals, or accelerated share repurchase, enhancing the company's flexibility and responsiveness to market fluctuations.
- Future Growth Outlook: Old National Bancorp anticipates loan growth of 4% to 6% in 2026 while strengthening its capital position, demonstrating strategic decisions focused on business expansion and financial health improvement.
See More
OLD NATIONAL BANCORP RAISES QUARTERLY DIVIDEND BY 3.6% TO $0.145 PER SHARE
Dividend Increase: National Bancorp has raised its quarterly dividend by 3.6%.
New Dividend Amount: The new dividend is set at $0.145 per share.
See More
Old National Partners with Axletree to Enhance SWIFT Architecture
- Partnership Completion: Old National Bancorp has finalized its partnership with Axletree Solutions to implement the Symmetree platform, enhancing the security and transparency of its SWIFT architecture, thereby improving transaction control and efficiency.
- Efficiency Gains: The new system reduces friction in international payment processing, enables faster onboarding for clients, and significantly increases transaction volumes, which is expected to positively impact the company's revenue potential.
- Compliance and Scalability: The upgraded architecture meets ISO 20022 standards, establishing a scalable foundation for future international growth, thereby strengthening Old National's competitive position in the international payments sector.
- Real-Time Payment Tracking: Through Axletree, Old National can now track international payments in real time, leveraging SWIFT APIs to provide a secure end-to-end environment, significantly enhancing customer service quality and satisfaction.
See More
