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Old National Bancorp
NASDAQ: ONB Financials Bank 🔎 Screen
🏹 Trader: 🎯 Near 52W High | BRS 64 Forming View all →
$9.3B
Market Cap
12.5
P/E
2.23
PEG
ROCE
9.0%
ROE
0.93
D/E
OPM
-5.7%
% from 52W High
63
α RS
🔍 ONB is showing a near-52W-high setup because it's within 5.7% of its 52-week high, RS Rating is 63, and it's hugging the 21 EMA. Net: Broad signal stack, not a recommendation. ? 52W High RS Rating Technicals
Sources
5.7% from 52W high · RS Rating 63 · hugging 21 EMA
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🌏 Global Investor Returns
Currency-adjusted total returns for ONB including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Old National Bancorp operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States. It accepts deposit accounts, such as noninterest-bearing demand, interest-bearing checking and negotiable order of withdrawal, savings and money market, and time deposits. The company also offers loans, including home equity lines of credit, residential real estate loans, and consumer loans, as well as loans to commercial clients comprising commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing. In addition, it offers debit and automated teller machine cards, telephone access and online banking, and other electronic and mobile banking services. Further, the company offers private banking, wealth management, trust, investment advisory, brokerage, and foreign currency services; treasury management, merchant, and capital markets services for businesses; and community development lending and equity investment solutions. Old National Bancorp was founded in 1834 and is headquartered in Evansville, Indiana.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding ONB
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 1.03M $22.9M 0.03% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED Old National Q1 2026: Adjusted EPS $0.61, loan growth 8% annualized, record pipelines
Revenue & Profitability
For Q1 2026, Old National reported GAAP EPS of $0.59 and adjusted EPS of $0.61. Adjusted non-interest income was $122 million, exceeding guidance. Adjusted non-interest expense was $354 million. Profitability metrics remained top decile, with return on assets and return on tangible common equity leading peers. Tangible book value per share grew 6% annualized linked-quarter and 11% year-over-year. The combined payout ratio (dividends and buybacks) was 64% of adjusted net income.
Outlook
Management noted a higher-for-longer rate outlook and continued industry uncertainty, but stated that Old National is built for this backdrop. The base case assumes the Fed is done cutting rates for 2026 and the 5-year yield stabilizes at current levels. Despite a competitive deposit environment, the company expects stable to improving net interest income and margin. Full-year 2026 guidance remains unchanged, with loan growth trending toward the high end of the 4%-6% range.
Growth Drivers
Key growth levers include strong commercial and industrial loan production (16.9% annualized linked-quarter growth), record loan pipelines of $5.5 billion (up nearly 14% from year-end), and expansion in community markets and core middle-market lending. Fee income growth is supported by capital markets activity driven by the robust pipeline and momentum in wealth management and brokerage. The company is also investing in talent, adding experienced bankers from super-regional institutions.
Balance Sheet & CapEx
Old National is investing in AI and technology to accelerate efficiency and scalability. An AI center of excellence has been established, and use cases in risk management are being explored. Management noted that AI has already improved productivity, e.g., cleaning up legacy code in a week. The expense guidance reflects continued investment in talent and operational excellence, with second-quarter seasonal factors such as merit increases.
Margins
The adjusted efficiency ratio reached a record low of 46% in Q1. Management expects stable to improving net interest margin and positive operating leverage throughout 2026. The net interest margin was 3.55% in Q1, impacted by two fewer days, sub-debt issuance, and loan production skewed toward lower-spread floating-rate C&I. Fee income and well-controlled expenses are expected to support margin stability, with loan mix improving in coming quarters.
Key Risks
Risks flagged include credit normalization: total net charge-offs were 26 bps (19 bps non-PCD), and criticized/classified loans increased $113 million due to Bremer loans transitioning to Old National's framework. Qualitative reserves incorporate a 100% weighting on Moody's S2 scenario plus additional factors for global economic uncertainty. The exposure to non-depository financial institutions (NDFIs) is de minimis at ~1% of total loans. Market risks include volatility in the 5-year yield and competitive deposit pricing.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-22
Record Q2 results featured strong organic loan growth, record efficiency, and robust fee income. Capital ratios remain solid, with increased guidance for loan and fee income growth in 2026. Shareholder returns were significant, and credit quality remains stable.
Q1 2026 Q1 2026 2026-04-22
First quarter 2026 results exceeded expectations with strong loan growth, fee income, and disciplined expenses. Guidance for the year is unchanged, with loan and fee growth expected at the high end of the range and continued focus on capital return and operational efficiency.
Q4 2025 Q4 2025 2026-01-21
Record 2025 results featured strong adjusted EPS, net income, and efficiency, with Q4 driven by robust loan growth, improved credit, and successful Bremer Bank integration. 2026 guidance calls for continued organic growth, active capital returns, and stable to improving margins.
Q3 2025 Q3 2025 2025-10-22
Third quarter 2025 results exceeded guidance, with strong adjusted EPS, robust loan and deposit growth, and improved efficiency. Credit quality remains stable, capital ratios are strong, and integration of the Bremer partnership is complete, supporting continued organic growth and shareholder returns.
Q2 2025 Q2 2025 2025-07-22
Second quarter 2025 results exceeded guidance, with adjusted EPS up 18% sequentially and 15% year-over-year, driven by the early Bremer Bank partnership close, strong loan and deposit growth, and disciplined expense management. Capital and credit metrics improved, and full-year guidance was raised for NII and fee income.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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