Old National Bancorp

Latest Results (01.04.2026):

Old National Bancorp's fourth quarter 2025 results show a strong finish to the year: Q4 net income applicable to common shares was $212.6 million (diluted EPS $0.55) and adjusted Q4 net income was $241.0 million (adjusted diluted EPS $0.62). For full-year 2025, net income applicable to common shares was $653.1 million (diluted EPS $1.79) and adjusted net income was $808.6 million (adjusted diluted EPS $2.21). The company cites core deposit-driven loan growth, positive operating leverage, disciplined credit management and solid capital metrics as drivers of performance.

Earnings

Q4 2025 net income applicable to common shares: $212.6M (EPS $0.55). Q4 adjusted net income: $241.0M (adjusted EPS $0.62). Full-year 2025 net income: $653.1M (EPS $1.79); adjusted full-year net income: $808.6M (adjusted EPS $2.21).

Net interest income & margin

Q4 net interest income (FTE) was $588.8M. Net interest margin (FTE) was 3.65%, up 1 basis point sequentially. Deposit funding costs improved: total deposit cost 1.80% (down 17 bps) and cost of interest-bearing deposits 2.38% (down 19 bps).

Loans & deposits

End-of-period total loans: $48.76B, up $768.8M (6.4% annualized); commercial & industrial loan growth $477.5M. Total commercial loan production in Q4: $3.5B (up 25%); commercial pipeline $4.8B (up 15%). Period-end total deposits: $55.09B (up 0.6% annualized); core deposits down 3.2% annualized. Loan-to-deposit ratio ~89%.

Credit quality

Provision for credit losses in Q4: $32.7M (vs. $26.7M prior quarter). Net charge-offs: $32.1M (0.27% of average loans); 0.16% excluding PCD loans that had an allowance at acquisition. 30+ day delinquencies: 0.22%; nonaccrual loans: 1.07% of total loans. Allowance for credit losses (including unfunded commitments): $605.2M (1.24% of total loans).

Revenue, PPNR & expense

Total noninterest income in Q4: $109.7M (or $125.6M excluding a $15.9M pre-tax pension loss). Pre-provision net revenue (PPNR): $312.3M; adjusted PPNR: $349.6M (adjusted PPNR up 4%). Noninterest expense: $386.3M; adjusted noninterest expense: $364.8M (driven by Bremer-related cost savings).

Efficiency & returns

Reported efficiency ratio: 51.6%; adjusted efficiency ratio: 46.0% (record). Return on average tangible common equity (ROATCE): 17.8%; adjusted ROATCE: 19.9%.

Capital & liquidity

Preliminary regulatory Tier 1 common equity / RWA: 11.08% (up 6 bps); Tier 1 capital: 11.53%; total risk‑based capital: 12.85%. Tangible common equity to tangible assets: 7.72%. The company repurchased 1.1 million shares in the quarter.

Notable items

Q4 included $24.5M pre-tax merger-related charges, a $15.9M pre-tax loss associated with termination of the Bremer pension plan, and a $3.0M pre-tax reduction to previously accrued FDIC special assessment. Adjusted metrics exclude these and certain other one-time items per the company's non-GAAP reconciliations.

Other

Management characterized 2025 as a year of record adjusted EPS, net income and efficiency performance. Old National hosted a conference call/webcast on Jan 21, 2026 to discuss Q4 and full-year 2025 results.