Old National Bancorp
- Open
- 26.74
- Day high
- 26.82
- Day low
- 26.36
- Prev close
- 26.74
- Volume
- 5.4M
- Mkt cap
- $10.2B
- P/E (TTM)
- 13.5
- EPS (TTM)
- $1.96
- P/B
- 1.2
- P/S
- 2.6
- Yield
- 2.15%
- Per share
- $0.57
Old National Bancorp (ONB) is a Financial Services company listed on NASDAQ. The stock is up 17% over the past year.
Old National Bancorp (ONB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ONB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.60 | $0.61 | +1.7% | $703M | -0.5% |
| Jan 21, 2026 | $0.59 | $0.62 | +5.1% | $691M | -2.5% |
| Oct 22, 2025 | $0.56 | $0.59 | +5.0% | $678M | -2.5% |
| Jul 22, 2025 | $0.51 | $0.53 | +3.9% | $647M | -7.0% |
| Jan 21, 2025 | $0.46 | $0.49 | +6.5% | $490M | +2.7% |
| Oct 22, 2024 | $0.46 | $0.46 | +0.0% | $486M | +0.8% |
| Jul 23, 2024 | $0.44 | $0.46 | +4.5% | $476M | +0.4% |
| Jan 23, 2024 | $0.48 | $0.46 | -4.2% | $465M | +3.5% |
| Jul 25, 2023 | $0.50 | $0.54 | +8.0% | $464M | +3.6% |
| Jan 24, 2023 | $0.57 | $0.56 | -1.8% | $556M | +14.1% |
| Jul 26, 2022 | $0.39 | $0.46 | +17.9% | $427M | +9.2% |
| Jan 18, 2022 | $0.28 | $0.37 | +32.1% | $208M | -10.8% |
ONB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Salmon Tomdirector | Grant | 349 | — |
| Apr 7, 2026 | Salmon Tomdirector | Grant | 342 | — |
| Apr 3, 2026 | Putnam Angela Lofficer: Chief Accounting Officer | Grant | 7,234 | — |
| Apr 3, 2026 | Putnam Angela Lofficer: Chief Accounting Officer | Tax | 4,836 | $22.33 |
| Mar 17, 2026 | Ryan James C IIIdirector, officer: CHAIRMAN AND CEO | Tax | 88,601 | $21.51 |
| Mar 17, 2026 | ALAHMAR CHADY M.officer: CEO, WEALTH MANAGEMENT | Tax | 9,709 | $21.51 |
| Mar 17, 2026 | Chulos Nicholas Jofficer: Chief Legal Officer & Corp Sec | Grant | 13,910 | — |
| Mar 17, 2026 | Moran John Vofficer: CHIEF FINANCIAL OFFICER | Grant | 12,363 | — |
| Mar 17, 2026 | Ryan James C IIIdirector, officer: CHAIRMAN AND CEO | Grant | 185,657 | — |
| Mar 17, 2026 | Evernham Scott Jofficer: CHIEF RISK OFFICER | Tax | 6,800 | $21.51 |
| Mar 17, 2026 | ALAHMAR CHADY M.officer: CEO, WEALTH MANAGEMENT | Grant | 18,133 | — |
| Mar 17, 2026 | Sandgren James Aofficer: CEO, COMMERCIAL BANKING | Tax | 16,846 | $21.51 |
| Mar 17, 2026 | Chulos Nicholas Jofficer: Chief Legal Officer & Corp Sec | Tax | 4,958 | $21.51 |
| Mar 17, 2026 | TISCHLER BRENT Rofficer: CEO, COMMUNITY BANKING | Tax | 8,807 | $21.51 |
| Mar 17, 2026 | Evernham Scott Jofficer: CHIEF RISK OFFICER | Grant | 13,910 | — |
Source: ONB SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full ONB insider & 13F page →Old National Bancorp company profile
Overview
Old National Bancorp (NASDAQ:ONB) is a regional bank holding company founded in 1834 and headquartered in Evansville, Indiana. The company operates Old National Bank, which provides traditional banking services across the Midwest and Southeast United States. With nearly two centuries of banking experience, Old National has grown through both organic expansion and strategic acquisitions, most recently completing the integration of CapStar Bank in 2024 and announcing a partnership with Bremer Bank. The company operates 162 banking centers primarily across Indiana, Kentucky, Michigan, Minnesota, and Wisconsin, serving both individual consumers and commercial clients with a comprehensive suite of financial services.
Business
Old National Bancorp operates as a traditional regional commercial bank, providing the full spectrum of banking services that communities and businesses need to manage their finances. The banking industry serves as the financial intermediary between depositors who have excess funds and borrowers who need capital, earning money on the difference between what they pay depositors and what they charge borrowers. The company's core business revolves around deposit-taking and lending activities. On the deposit side, Old National accepts various types of customer deposits including checking accounts, savings accounts, money market accounts, and certificates of deposit. These deposits provide the funding base that banks use to make loans. On the lending side, the bank provides loans across multiple categories: residential mortgages for home purchases, home equity lines of credit, consumer loans for personal needs, commercial loans for business operations, and commercial real estate loans for property investments. Beyond traditional banking, Old National offers several complementary financial services. Their wealth management division provides investment advisory services, trust services, and private banking for affluent clients. The bank also operates treasury management services for business clients, helping companies manage cash flow, payments, and liquidity. Additionally, they provide capital markets services, foreign currency exchange, and community development lending programs. The bank's loan portfolio is well-diversified with approximately 40% in commercial and industrial loans, 30% in commercial real estate, and 30% in consumer loans. This diversification helps reduce concentration risk across different economic sectors and borrower types.
Revenue model
Old National generates revenue primarily through net interest income - the difference between interest earned on loans and investments versus interest paid on deposits and borrowed funds. This is the fundamental banking business model where the bank acts as a financial intermediary, borrowing money from depositors at lower rates and lending it out at higher rates. The bank's paying customers include individual consumers who need mortgages, personal loans, and deposit accounts, as well as commercial clients ranging from small businesses to large corporations requiring commercial loans, treasury management services, and other banking products. Wealth management clients pay fees for investment advisory and trust services. Several factors significantly impact Old National's profitability margins. Interest rate environments are crucial - when rates rise, the bank can potentially earn more on new loans faster than deposit costs increase, expanding margins. However, if deposit costs rise too quickly or loan demand weakens, margins can compress. The bank's deposit beta (how quickly deposit rates follow market rates) is critical - Old National has maintained relatively low deposit betas around 30%, meaning their funding costs rise more slowly than market rates. Credit quality directly affects profitability through loan loss provisions and charge-offs. Economic downturns can force banks to set aside more money for potential loan losses. Competition from other banks, credit unions, and non-bank lenders can pressure both loan pricing and deposit rates. Regulatory changes can impact capital requirements and operational costs. The bank's efficiency ratio (expenses divided by revenue) measures operational leverage - Old National targets around 52%, meaning they spend 52 cents to generate each dollar of revenue. Fee income from wealth management, treasury services, and other non-interest sources provides additional revenue streams that are less sensitive to interest rate cycles, helping stabilize overall earnings.
Competitive moat
Old National's competitive moat is moderate but meaningful, built primarily around its established local market presence and customer relationships rather than any unique technological or structural advantages. Regional banks like Old National benefit from several defensive characteristics that create switching costs and competitive barriers. The bank's primary moat stems from customer relationship inertia and local market knowledge. Banking relationships, particularly for small and medium businesses, are often sticky due to the complexity of switching banks, established credit relationships, and the value of local decision-making. Old National's nearly 190-year history in its markets provides deep community ties and local expertise that larger national banks may lack. Their community banking model allows for relationship-based lending decisions and personalized service that can differentiate them from larger competitors. The bank's low-cost deposit franchise represents another competitive advantage. With noninterest-bearing deposits comprising 23% of core deposits and overall deposit costs remaining relatively low, Old National has a funding advantage over institutions more reliant on expensive wholesale funding. This deposit base provides stable, relationship-driven funding that is less rate-sensitive than market-rate funding sources. However, the banking industry faces significant competitive pressures that limit moat strength. Large national banks offer broader product suites, advanced technology platforms, and can compete aggressively on pricing. Credit unions operate with tax advantages and member-focused models. Fintech companies are disrupting traditional banking services, particularly in payments, lending, and digital banking experiences. Direct online banks can offer higher deposit rates without the overhead of physical branches. The regulatory environment also constrains differentiation opportunities, as banking products are largely commoditized and subject to extensive oversight. Interest rate cycles can quickly erode competitive advantages, and economic downturns can expose credit quality differences between institutions. While Old National's regional focus provides some defensive characteristics, the moat is not particularly wide or durable compared to businesses with stronger network effects or switching costs.
Risks & safety
Old National demonstrates solid financial stability with adequate capital buffers and manageable risk levels typical of well-run regional banks. **Capital and Solvency:** - CET1 ratio of 11.62% provides substantial capital cushion above regulatory minimums - Tangible book value per share growing steadily (up 5% quarter-over-quarter in Q1 2025) - Debt-to-equity ratio of 0.81 is reasonable for banking operations - Strong cash position with $1.24 billion in cash and short-term investments **Credit Quality:** - Net charge-offs at manageable 24 basis points in Q1 2025 - Allowance for credit losses at 112 basis points provides adequate reserves - Well-diversified loan portfolio reduces concentration risk - Nonperforming loan ratios remain controlled **Valuation Metrics:** - Trading at 1.02x price-to-book ratio, near tangible book value - P/E ratio of 11.6x appears reasonable for regional bank - EV/EBITDA of 3.1x suggests modest valuation **Other Considerations:** - Positive free cash flow generation ($102 million in Q1 2025) - Stable deposit base with relationship-driven core deposits - Interest rate sensitivity remains a key risk factor - Integration risks from recent acquisitions (CapStar completed, Bremer pending)
Recent development
Old National has pursued an active acquisition-driven growth strategy over the past few years, completing two significant bank partnerships that have transformed its geographic footprint and scale. The company successfully integrated CapStar Bank in April 2024, adding $2.1 billion in loans and deposits while expanding into the attractive Nashville and Tennessee markets. This acquisition was completed with full systems conversion and banking center integration, achieving the targeted $109 million in annual expense savings. The bank announced a partnership with Bremer Bank that received regulatory approval and is set to close on May 1, 2025, with system conversion expected in mid-October. This transaction will significantly expand Old National's presence in Minnesota, North Dakota, and Wisconsin, adding substantial scale and market density in the upper Midwest region. Beyond acquisitions, Old National has focused on organic growth initiatives including strategic hiring of revenue-generating talent, particularly in wealth management and commercial banking. The company launched its "1834" high net worth wealth management brand and has continued investing in fee income businesses like treasury management and capital markets services. The bank has maintained disciplined expense management while investing in technology and digital banking capabilities. Recent leadership changes include the retirement of President and COO Mark Sander in June 2025, with succession planning already in place. Old National has also emphasized maintaining its low-cost deposit franchise advantage, with deposit betas remaining around 30% compared to industry averages, and has focused on growing core deposits rather than relying on more expensive wholesale funding sources. Throughout this expansion, the company has maintained conservative credit underwriting standards and has been proactive in managing commercial real estate exposure through selective loan sales, demonstrating disciplined risk management during the growth phase.
ONB company profile · for informational purposes only — not investment advice.
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