olivlawolivlaw

olivLaw · US equity research

Old National Bancorp ONB

National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)

25.89USD+1.85% · 1 dayClose 04 Nov 2026

Old National Bancorp is the holding company of Old National Bank, the sixth largest commercial bank headquartered in the Midwest, offering commercial and retail banking, wealth management and capital markets services mainly in the Midwest and Southeast. The company completed the Bremer acquisition in May 2025, and its third quarter 2026 results show record profitability and improving operating efficiency as assets reached about 72.2 billion USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Old National Bancorp (ONB) stock was 25.89 USD (+1.85% on the day), with market capitalisation 9.8 bn USD, P/E 10.5 on diluted EPS of 2.46 USD over the last 12 months, dividend yield 2.22%, beta 1.14, 52-week range 19.78–27.29 USD. Latest reported quarter (Q3 2026): net income of 254.0 m USD (+39.1% YoY), diluted EPS 0.66 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
9.8 bn USD
shares as of 27 Oct 2026
P/E (TTM)
10.5
Diluted EPS TTM 2.46 · TTM to 30 Sept 2026
E/P (TTM)
9.49%
TTM to 30 Sept 2026
Dividend yield
2.22%
DPS 12m 0.58
Beta (2y)
1.14
Volatility (1y) 24%
52-week range
19.7827.29

Price history

Loading chart…

Technical reading

RSI (14)
58.6
strong (55–70)
Bollinger (20, 2)
24.28 – 25.78
above the upper band · %B 1.07 · band width 6.0%
SMA 50 / 200
25.21 / 24.66
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.10 / -0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+4.1%−1.1%+5.2 pp—
3 months−4.1%−0.5%−3.7 pp—
6 months+5.4%+4.4%+1.0 pp—
Year to date+16.0%+12.3%+3.7 pp—
1 year+26.6%+13.5%+13.1 pp+20.3%
3 years+77.2%+76.4%+0.8 pp+74.0%
5 years+41.6%+63.7%−22.0 pp—
Max drawdown (1y)
−18.2%
06 Feb 2026 → 18 Mar 2026
Max drawdown (5y)
−39.6%
14 Jan 2022 → 11 May 2023
Compound annual growth (5y)
+7.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
unavailable USD
unavailable YoY
Net income
254.0 m USD
+39.1% YoY
Diluted EPS
0.66
+43.5% YoY
net / operating
unavailable / unavailable

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Pre-tax income186.1 m181.6 m155.7 m232.6 m271.5 m295.3 m324.2 m323.8 m
Income tax32.2 m36.9 m30.3 m50.0 m54.9 m61.6 m70.8 m69.8 m
Net income153.9 m144.7 m125.4 m182.6 m216.6 m233.7 m253.4 m254.0 m
Diluted EPS0.48 ≈0.440.340.460.56 ≈0.590.650.66
Operating cash flow235.8 m108.2 m72.9 m ≈341.2 m ≈159.2 m206.1 m280.2 m ≈379.1 m ≈
Capex6.8 m5.8 m8.8 m ≈7.6 m ≈21.9 m12.9 m4.4 m ≈5.8 m ≈
Dividends paid48.7 m48.7 m58.9 m ≈58.9 m ≈58.6 m60.1 m59.6 m ≈59.5 m ≈
Share repurchases139.0 k13.5 m8.0 m ≈25.2 m ≈25.1 m104.1 m115.3 m ≈100.3 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 25 percentile of its own 40-quarter history (min 6.4, median 12.5, max 24.6; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue127.4 m130.8 m118.4 m125.6 munavailableunavailableunavailableunavailable
Revenue YoY+4.0%+2.7%−9.5%+6.1%unavailableunavailableunavailableunavailable
Net income190.8 m238.2 m226.4 m277.5 m428.3 m582.0 m539.2 m669.3 m
Net income YoY+99.4%+24.8%−5.0%+22.6%+54.3%+35.9%−7.4%+24.1%
Diluted EPS1.221.381.361.671.501.941.681.79
Diluted EPS YoY+76.8%+13.1%−1.4%+22.8%−10.2%+29.3%−13.4%+6.5%
net %149.8%182.1%191.2%220.9%unavailableunavailableunavailableunavailable
Free cash flow201.0 m196.3 m188.9 m281.7 m776.5 m478.0 m592.0 m637.4 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.8 bn USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
8.5 bn USD
Total assets
72.2 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
9.0%
ROA
1.1%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net interest income
2023
1.5 bn
2024
1.5 bn
2025
2.1 bn

SEC (XBRL)· 19 Feb 2026verified

Net fee income
2023
333.3 m
2024
354.7 m
2025
466.5 m

SEC (XBRL)· 19 Feb 2026verified

Non-interest expense
2023
1.0 bn
2024
1.1 bn
2025
1.5 bn

SEC (XBRL)· 19 Feb 2026verified

Pre-tax income
2023
751.3 m
2024
680.4 m
2025
841.4 m

SEC (XBRL)· 19 Feb 2026verified

Net income
2023
582.0 m
2024
539.2 m
2025
669.3 m

SEC (XBRL)· 19 Feb 2026verified

Diluted EPS
2023
1.94
2024
1.68
2025
1.79

SEC (XBRL)· 19 Feb 2026verified

Dividend per share
2023
0.56
2024
0.56
2025
0.56

SEC (XBRL)· 19 Feb 2026verified

Balance sheet · USD

Cash
2023
1.2 bn
2024
1.2 bn
2025
1.8 bn

SEC (XBRL)· 19 Feb 2026verified

Loans
2023
32.7 bn
2024
35.9 bn
2025
48.2 bn

SEC (XBRL)· 19 Feb 2026verified

Total assets
2023
49.1 bn
2024
53.6 bn
2025
72.2 bn

SEC (XBRL)· 19 Feb 2026verified

Deposits
2023
37.2 bn
2024
40.8 bn
2025
55.1 bn

SEC (XBRL)· 19 Feb 2026verified

Total liabilities
2023
43.5 bn
2024
47.2 bn
2025
63.7 bn

SEC (XBRL)· 19 Feb 2026verified

Equity
2023
5.6 bn †
2024
6.3 bn †
2025
8.5 bn †

SEC (XBRL)· 19 Feb 2026verified

Cash flow · USD

Dividends paid
2023
180.0 m
2024
191.2 m
2025
225.1 m

SEC (XBRL)· 19 Feb 2026verified

Share repurchases
2023
44.3 m
2024
8.9 m
2025
71.8 m

SEC (XBRL)· 19 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
6.1%
computed by olivLawFY 2021
Revenue CAGR 3Y
-0.5%
computed by olivLawFY 2018 → FY 2021
Revenue CAGR 5Y
-1.8%
computed by olivLawFY 2016 → FY 2021
Net income growth (YoY)
22.6%
computed by olivLawFY 2021
Net income CAGR 3Y
13.3%
computed by olivLawFY 2018 → FY 2021
Net income CAGR 5Y
15.6%
computed by olivLawFY 2016 → FY 2021
EPS growth (YoY)
22.8%
computed by olivLawFY 2021
EPS CAGR 3Y
11.0%
computed by olivLawFY 2018 → FY 2021
EPS CAGR 5Y
9.7%
computed by olivLawFY 2016 → FY 2021

Profitability

Net margin
unavailable
input data missing

Returns

ROE
11.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
1.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
23.4%
computed by olivLawTTM to 30 Sept 2026

Market and valuation

Market capitalisation
9.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
10.2x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
10.5x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
9.5%
computed by olivLawTTM to 30 Sept 2026
P/B
1.2x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
unavailable
input data missing
Dividend yield
2.2%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
5.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Banking

Net interest margin
3.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cost-to-income
52.2%
computed by olivLawTTM to 30 Sept 2026
Loan-to-deposit
87.7%
computed by olivLawbalance sheet at 30 Sept 2026
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 57 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

25.89 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 9.8 bn USD

Key indicators

Market capitalisation
9.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
10.5x
computed by olivLawTTM to 30 Sept 2026
P/B
1.2x
computed by olivLawbalance sheet at 30 Sept 2026
ROE
11.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
unavailable
input data missing
Revenue growth (YoY)
6.1%
computed by olivLawFY 2021
Dividend yield
2.2%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

15/20 reporting lines present
Latest full fiscal year: 2021
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 27 Oct 2026
Source: SEC (XBRL)published 28 Oct 2026
verified 2599derived 141

Score by group

  • Balance sheet31
  • Valuation74
  • Quality60
  • Growth53
  • Returns24

Estimated value range

Low
23.97
USD per share
Mid
28.19
USD per share
High
31.27
USD per share
Price: 25.89 USD
The price is within the range
Potential to the central value: 8.9% (value / price − 1)
Margin of safety: 8.1% (1 − price / value)
Agreement between methods: high · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.54 – 34.16 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income22.54 – 23.57 (Mid 23.04)
  • Justified P/B25.40 – 34.16 (Mid 29.14)
  • Dividend discount (DDM)outside the aggregate7.36 – 9.90 (Mid 8.44)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
  • Peers: P/E27.95 – 31.24 (Mid 29.70)
    27 companies used · median multiple 12.1x · quartiles 11.4x – 12.7x
    BAC, CAC, CASH, CBU, CFBK, CFR, COF, FHN, FULT, FUNC, HAFC, HBAN, JPM, KEY, LCNB, MRBK, NBTB, NKSH, PNC, RF, SFST, SHBI, TBBK, USB, WAFD, WFC, WSFS
  • Peers: P/B22.54 – 31.31 (Mid 27.23)
    33 companies used · median multiple 1.2x · quartiles 1.0x – 1.4x
    BAC, BANC, C, CAC, CARE, CASH, CBU, CFBK, COF, DCBG, FHN, FULT, FUNC, HAFC, HBAN, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, PNC, PRK, RF, SFST, SHBI, SNUS-PH, UBS, USB, WAFD, WFC, WSFS, ZION
Multiple comparisons use the SIC vertical: National Commercial Banks (SIC 6021)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 57/100

FactorValueScoreWeight used
ROE · Quality11.5%62 (vs peers)19%
ROA · Quality1.3%65 (on a fixed band)7%
Cost-to-income · Quality52.2%51 (on a fixed band)12%
Net interest margin · Quality3.2%67 (on a fixed band)7%
EPS CAGR 3Y · Growth11.0%92 (on a fixed band)10%
Revenue CAGR 3Y · Growth-0.5%0 (on a fixed band)7%
NPL ratio · Balance sheetunavailableunavailable—
Cost of risk · Balance sheetunavailableunavailable—
Loan-to-deposit · Balance sheet87.7%31 (on a fixed band)5%
P/B · Valuation1.2x70 (vs peers)12%
P/E (TTM) · Valuation10.5x78 (vs peers)12%
Dividend yield · Returns2.2%24 (vs peers)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial31/100 · 1/3 factors with a value
  • Growth53/100 · 2/2 factors with a value
  • Quality60/100 · 4/4 factors with a value
  • Returns24/100 · 1/1 factors with a value
  • Valuation74/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Old National Bancorp (ONB). Latest full fiscal year: 2021; data up to 2026-09-30.

Figures computed from the financial statements: net interest income 2.1 bn USD in 2025; YoY growth 6.1%; ROE 11.5%.

The estimated value range is 23.97–31.27 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 28.19 USD, the price of 25.89 USD leaves a potential of 8.9% (value / price − 1) and a margin of safety of 8.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EPS CAGR 3Y: 11.0%
  • P/B: 1.2x
  • P/E (TTM): 10.5x

What contradicts it

  • Revenue CAGR 3Y: -0.5%
  • Dividend yield: 2.2%

Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.

Versus the vertical median

National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
10.5x
vertical median 12.1x
below median (−12.9%)
EV/EBITDA
—
vertical median —
P/S
—
vertical median 13.8x
P/B
1.2x
vertical median 1.3x
below median (−6.8%)
ROE
11.5%
vertical median 11.3%
at median
Net margin
—
vertical median 73.1%
EBIT margin
—
vertical median —
Revenue YoY
6.1%
vertical median 7.2%
below median (−15.4%)
Net debt/EBITDA
—
vertical median —
Dividend yield
2.2%
vertical median 2.8%
below median (−20.1%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JPMJpmorgan Chase & Co935.1 bn14.718.0%36.2%+2.8%+12% / +126%
BACBofA Finance LLC356.3 bn12.210.8%26.8%+6.8%−4% / +69%
WFCWells Fargo & Company262.5 bn12.212.9%—−1.6%+2% / +96%
CCitigroup Inc218.2 bn17.86.8%16.8%+5.6%+20% / +171%
UBSUBS Group AG169.3 bn21.58.9%—+7.0%+31% / +79%
COFCapital One Financial Corp124.1 bn12.19.7%17.2%+36.6%−6% / +85%
USBUs Bancorp \de\95.1 bn12.012.7%27.5%+4.4%+24% / +60%
PNCPNC Financial Services Group, Inc.92.6 bn12.213.1%31.1%+7.2%+22% / +74%
HBANHuntington Bancshares Incorporated32.4 bn12.99.1%133.3%+6.4%−1% / +43%
RFRegions Financial Corporation24.7 bn11.711.9%—+23.8%+14% / +74%
KEYKeyCorp22.8 bn11.611.2%26.6%+62.7%+17% / +74%
FHNFirst Horizon Corp11.2 bn11.311.6%29.9%+7.2%+6% / +86%
SNUS-PHSantander Holdings USA, Inc.11.0 bn6.210.8%—unavailableunavailable / unavailable
CFRCullen/Frost Bankers, Inc.9.9 bn14.816.3%29.5%+8.3%+29% / +62%
ONBOld National Bancorp9.8 bn10.511.5%—+6.1%+27% / +77%
ZIONZions Bancorporation, National Association9.7 bn8.516.4%168.7%+3.6%+25% / +87%
FULTFulton Financial Corp4.6 bn11.611.1%137.0%−6.5%+34% / +71%
WSFSWsfs Financial Corporation4.1 bn12.812.4%—+50.2%+45% / +110%
CBUCommunity Financial System, Inc.3.5 bn15.211.5%26.6%+9.6%+16% / +48%
PRKPark National Corporation3.3 bn16.411.0%25.8%+2.9%+19% / +65%
BANCBanc Of California, Inc.2.9 bn—-0.7%-1.4%−3.8%+1% / +61%
NBTBNbt Bancorp Inc2.8 bn13.311.4%117.1%+10.4%+30% / +52%
WAFDWaFd, Inc.2.2 bn9.48.5%810.8%+7.8%−5% / +13%
CHCOCity Holding Company2.0 bn15.716.6%176.6%+3.2%+19% / +50%
TBBKThe Bancorp, Inc.1.9 bn8.929.6%164.3%+20.8%−26% / +21%

1- and 3-year price returns: for ONB from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 21 Oct 2026; since then the company filed 10-Q (28 Oct 2026).

In brief

Old National Bancorp is the holding company of Old National Bank, the sixth largest commercial bank headquartered in the Midwest, offering commercial and retail banking, wealth management and capital markets services mainly in the Midwest and Southeast. The company completed the Bremer acquisition in May 2025, and its third quarter 2026 results show record profitability and improving operating efficiency as assets reached about 72.2 billion USD 1.

SWOT

Strengths

  • Stable low-cost deposits and a loan-to-deposit ratio that leaves room for liquidity-backed growth 13.
  • Record results in the third quarter of 2026 and an improved efficiency ratio, showing operating discipline 3.
  • A consolidated regional footprint built through acquisitions, including Bremer and CapStar, with a diversified client base 1.

Weaknesses

  • Deposit costs are rising, eroding net interest margin and requiring careful funding management 3.
  • Heavy exposure to commercial real estate and to a single region makes the bank sensitive to local economic declines 1.
  • Merger-related and amortization expenses raised costs in 2025, and integrating acquisitions remains complex 1.

Opportunities

  • If the commercial pipeline converts into loans, organic growth could support revenue over the longer term 3.
  • Acquisitions in faster-growing areas could extend the franchise, subject to regulatory approval 1.
  • Digital channels and wealth management could attract new clients and diversify noninterest income 1.

Threats

  • Nonbank and FinTech competitors may offer cheaper and faster products, which could reduce market share 1.
  • A weaker economic cycle could raise credit losses, especially in commercial and real estate segments 1.
  • Regulatory changes or political tensions could delay or block future acquisitions 1.

Risks

  • Economic cycle and credit qualityhigh

    A recession or rising unemployment could affect borrowers' ability to repay, and the commercial and real estate portfolio is sensitive to these conditions 1.

  • Regional concentrationmedium

    Loans are concentrated in the Midwest and Southeast, so local economic developments could affect several segments of the bank at once 1.

  • Acquisition integrationmedium

    If synergies from Bremer and CapStar do not materialize on time, integration costs and shareholder dilution could persist 1.

  • Margin pressuremedium

    Rising deposit costs and interest rate volatility could compress the net interest margin in coming quarters 3.

  • Regulation and compliancelow

    Capital, anti-money laundering and data protection requirements could add costs or delay approvals for acquisitions 1.

Investment thesis

What would need to be true (bull case)

  • Recent results show record profitability, an improved efficiency ratio and a low-cost deposit base, which could support growth if conditions remain favorable 3.
  • The integration of Bremer and CapStar extended the footprint into faster-growing areas, and synergies could broaden the revenue base 1.
  • Strong capital and liquidity provide room for new lending and shareholder returns if the current pace holds 3.

What would break the thesis

  • Deposit costs are rising and the net interest margin edged down, which could limit profit growth if pressure continues 3.
  • Exposure to commercial real estate and to a single region could amplify losses in a regional recession 1.
  • Competition from FinTech companies and larger banks could pressure pricing and market share in deposits and loans 1.

What to watch

  • Trend in deposit costs and the net interest marginQ4 2026
  • Pace of loan growth and the level of the commercial pipelineQ1 2027
  • Portfolio quality, especially commercial real estate and delinquency rates2027
  • Results of the Bremer integration and any new acquisitions announced in the next annual reportnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 21 Oct 2026; since then the company filed 10-Q (28 Oct 2026).

The business

Old National Bancorp, the financial holding company of Old National Bank, is incorporated in Indiana, with its principal office in Evansville and commercial and consumer banking operations headquartered in Chicago 1. The bank traces its roots to 1834 and operated 346 banking centers at December 31, 2025, mainly across the Midwest and Southeast 1. Its offering covers loans to individuals and businesses, deposits, and wealth management, trust, brokerage and treasury services for companies 1.

Core revenue comes from interest on loans and fees from lending and other services, while noninterest-bearing and interest-bearing deposits provide funding 1. The company has grown largely through acquisitions, having acquired over 50 financial institutions since forming its holding company in 1982, and recent deals CapStar and Bremer extended its presence in Nashville and Minnesota 1. At the end of the third quarter of 2026, total deposits reached 57.6 billion USD and loans 51.2 billion USD 3.

The company is regulated as a bank holding and financial holding company supervised by the Federal Reserve, while the national bank is supervised by the OCC, so capital and management requirements directly shape its ability to make acquisitions 1. It says its basic strategy remains community banking, with long-term client relationships and consistent quality earnings 1.

Segments

Commercial and retail banking

This activity includes commercial, real estate and consumer loans and deposits, delivered through a network of banking centers in the Midwest and Southeast 1. Net interest income rose to about 2.1 billion USD in fiscal 2025, helped by the Bremer acquisition and loan growth 1.

Market context

The core market is the Midwest and Southeast United States, where the Chicago metropolitan area holds about 32.8 percent of the franchise's deposits and Minneapolis-St. Paul about 15 percent 1. Overall, the bank's weighted share of deposits in its served areas is about 1.2 percent, which indicates a regional rather than national presence 1.

Competition is intense, and large banks, credit unions, FinTech firms and money market funds can offer similar products 1. The company notes that some nonbank firms face lighter regulation and lower costs, which could erode market share if its pace of acquisitions and digital investment does not keep up 1.

Competitive position

Old National competes with larger commercial banks, savings and loan associations, credit unions, mortgage firms, FinTech companies and securities brokerages 1. Nonbank competitors may have lighter regulation and offer deposit products through bank partnerships, making competitive pressure more diverse 1.

The company also mentions competition from out-of-market providers through online and mobile channels, and industry consolidation can create larger, better funded rivals 1. The company remains one of the largest Midwest banks but must show it can compete through digital services and cost 1.

  • Larger commercial banks

    Competitors with greater financial resources and broader geographic reach, particularly for corporate clients 1.

  • FinTech companies

    Nonbank firms offering banking and deposit-like products, sometimes through partnerships with existing banks 1.

  • Credit unions and savings and loan associations

    Local institutions with retail market share that compete on rates and personalized service 1.

  • Brokerage and wealth management firms

    Competitors for wealth management and investment products sought by higher-income clients 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Old National Bancorp · 19 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Old National Bancorp · 29 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Old National Bancorp · 21 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.