Old National Bancorp

Latest Results (16.02.2026):

Old National Bancorp — Fourth Quarter 2025: The bank reported 4Q25 net income applicable to common shares of $212.6 million ($0.55 diluted EPS) and adjusted net income of $241.0 million ($0.62 adjusted EPS). Management cited record adjusted EPS, net income and an improved adjusted efficiency ratio driven by loan growth, deposit funding, operating leverage, disciplined credit management and strong capital and liquidity metrics.

Earnings

4Q25 net income applicable to common was $212.6 million (diluted EPS $0.55); adjusted net income was $241.0 million (adjusted EPS $0.62). Full-year 2025 net income applicable to common was $653.1 million ($1.79 diluted EPS) and $808.6 million ($2.21 adjusted EPS) on an adjusted basis.

Net interest income & margin

Net interest income on a fully taxable equivalent basis was $588.8 million in 4Q25. FTE net interest margin edged up 1 basis point quarter‑over‑quarter to 3.65%.

Revenue and PPNR

Reported pre‑provision net revenue (PPNR) was $312.3 million; adjusted PPNR was $349.6 million (adjusted PPNR up ~4% sequentially).

Expenses & efficiency

Noninterest expense for the quarter was $386.3 million; adjusted noninterest expense was $364.8 million reflecting Bremer-related cost savings. Reported efficiency ratio was 51.6%; adjusted efficiency ratio improved to a record 46.0%.

Deposits & funding

Period‑end total deposits were $55.1 billion (up 0.6% annualized) while core deposits were down 3.2% annualized. The franchise remains granular and relatively low cost: total deposit cost was 1.80%, down 17 bps sequentially. Loan‑to‑deposit ratio was ~89%.

Loan growth

End‑of‑period loans were $48.8 billion, up $768.8 million (6.4% annualized). Commercial & industrial loans grew $477.5 million; total commercial loan production for the quarter was $3.5 billion (up 25%) and the period‑end commercial pipeline was $4.8 billion (up 15%).

Credit quality

Provision for credit losses was $32.7 million. Net charge‑offs were $32.1 million (27 bps of average loans); excluding PCD loans with an allowance at acquisition, NCOs were 16 bps. 30+ day delinquencies were 0.22% and nonaccrual loans were 1.07% of total loans. Total allowance for credit losses (including unfunded commitments) was $605.2 million (1.24% of total loans).

Capital, returns & liquidity

Return on average tangible common equity (ROATCE) was 17.8% (19.9% adjusted). Preliminary Tier 1 common equity to risk‑weighted assets was 11.08% (up 6 bps). Tangible common equity to tangible assets was 7.72%. The company repurchased 1.1 million shares in the quarter.

Notable items

4Q25 included $24.5 million pre‑tax merger‑related charges, a $15.9 million pre‑tax loss tied to termination of the Bremer pension plan, and a $3.0 million pre‑tax reduction to previously accrued FDIC special assessment; these items are excluded from many adjusted metrics reported by the company.