Old National Bancorp

Latest Results (04.08.2026):

Old National Bancorp reported results for the fourth quarter of 2025 (4Q25): net income applicable to common shares was $212.6 million (diluted EPS $0.55) and adjusted net income was $241.0 million (adjusted diluted EPS $0.62). For full-year 2025 the company reported net income applicable to common shares of $653.1 million (EPS $1.79) and adjusted net income of $808.6 million (adjusted EPS $2.21). Management cited record adjusted EPS, net income and an improved efficiency ratio driven by loan growth, deposit funding, operating leverage and disciplined credit management.

Earnings (4Q25 & FY2025)

4Q25 GAAP net income applicable to common shares: $212.6M, diluted EPS $0.55. 4Q25 adjusted net income: $241.0M, adjusted EPS $0.62. FY2025 GAAP net income: $653.1M, EPS $1.79; FY2025 adjusted net income: $808.6M, adjusted EPS $2.21.

Net interest income & margin

Net interest income on a fully tax-equivalent basis was $588.8M in 4Q25 (up vs. 3Q25); FTE NIM was 3.65%, up 1 basis point quarter-over-quarter, supported by growth in earning assets and lower funding costs.

Loan growth

End-of-period total loans were $48.8B, up $768.8M (6.4% annualized). Commercial and industrial loans grew strongly ($477.5M in the quarter); total commercial loan production was $3.5B (+25%) and the period-end commercial pipeline was $4.8B (+15%).

Deposits & funding

Period-end total deposits were $55.1B (up 0.6% annualized); core deposits were down 3.2% annualized. The firm emphasized a granular, low-cost deposit franchise: total deposit cost 1.80% (down 17 bps) and loan-to-deposit ratio ~89%, supporting liquidity.

Credit quality

Provision for credit losses in 4Q25 was $32.7M. Net charge-offs were $32.1M (27 bps of average loans); excluding PCD loans with acquired ACL, NCOs were 16 bps. 30+ day delinquencies were 0.22% and nonaccrual loans 1.07% of total loans. Total allowance for credit losses (including unfunded commitments) was $605.2M, ~1.24% of loans.

Noninterest income & expense

Total noninterest income was $109.7M ($125.6M excluding a $15.9M pre-tax Bremer pension-plan loss). Noninterest expense was $386.3M; adjusted noninterest expense was $364.8M reflecting Bremer cost savings. Reported efficiency ratio was 51.6%; adjusted efficiency ratio was 46.0%, a quarterly record on the adjusted basis.

Pre-provision performance

Reported pre-provision net revenue (PPNR) for 4Q25 was $312.3M; adjusted PPNR was $349.6M, up ~4% sequentially, reflecting revenue growth and adjusted expense leverage.

Capital, returns & shareholder actions

Preliminary capital: Tier 1 common ratio 11.08% (up 6 bps), total risk-based capital 12.85% (up 7 bps). ROATCE was 17.8% (adjusted 19.9%). The company repurchased ~1.1 million shares in the quarter.

Notable items

4Q25 included pre-tax merger-related charges of $24.5M, a $15.9M pre-tax loss tied to termination of the Bremer pension plan, and a $3.0M pre-tax reduction to a previously accrued FDIC special assessment. Adjusted metrics exclude these and certain other items per the company’s non-GAAP reconciliations.