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ONB

Old National Bancorp

ONB

Old National Bancorp • NASDAQ
$21.73 ▼ -0.32% (-0.07)
Market Cap $8.49 B
52w High $24.49
52w Low $16.83
Dividend Yield 0.56%
P/E 12.78
Volume 839.01K
Outstanding Shares 390.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.021B ▲ $445.734M ▲ $182.567M ▲ 17.883% ▲ $0.46 ▲ $258.782M ▲
Q2-2025 $957.478M ▲ $384.766M ▲ $125.408M ▼ 13.098% ▼ $0.35 ▼ $181.151M ▼
Q1-2025 $724.193M ▼ $268.471M ▼ $144.659M ▼ 19.975% ▼ $0.45 ▼ $197.94M ▼
Q4-2024 $757.848M ▼ $276.824M ▲ $153.873M ▲ 20.304% ▲ $0.47 ▲ $202.997M ▲
Q3-2024 $774.063M $272.283M $143.802M 18.578% $0.44 $201.995M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.683B ▼ $71.21B ▲ $62.901B ▲ $8.309B ▲
Q2-2025 $2.117B ▼ $70.98B ▲ $62.853B ▲ $8.126B ▲
Q1-2025 $8.994B ▲ $53.878B ▲ $47.343B ▲ $6.535B ▲
Q4-2024 $8.686B ▲ $53.552B ▼ $47.212B ▼ $6.34B ▼
Q3-2024 $8.624B $53.602B $47.235B $6.367B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $182.567M ▲ $341.195M ▲ $-451.09M ▼ $-16.059M ▼ $-125.954M ▼ $355.798M ▲
Q2-2025 $125.408M ▼ $72.883M ▼ $-414.389M ▼ $910.297M ▲ $568.791M ▲ $64.082M ▼
Q1-2025 $144.659M ▼ $108.21M ▼ $-270.553M ▼ $174.155M ▲ $11.812M ▼ $102.408M ▼
Q4-2024 $153.873M ▲ $235.755M ▲ $-117.323M ▲ $-82.034M ▼ $36.398M ▲ $228.999M ▲
Q3-2024 $143.802M $121.316M $-298.002M $135.21M $-41.476M $115.65M

Revenue by Products

Product Q1-2021Q2-2021Q3-2021Q4-2021
Debit Card And A T M Fees
Debit Card And A T M Fees
 $10.00M ▲$10.00M ▲$0 ▼$10.00M ▲
Deposit Account
Deposit Account
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Gain Loss On Other Real Estate Owned
Gain Loss On Other Real Estate Owned
 $0 ▲$0 ▲$0 ▲$0 ▲
Insurance Premiums And Commissions
Insurance Premiums And Commissions
 $0 ▲$0 ▲$0 ▲$0 ▲
Investment Advisory Management and Administrative Service
Investment Advisory Management and Administrative Service
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Merchant Processing Services
Merchant Processing Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Safe Deposit Box Services
Safe Deposit Box Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Wealth Management Services
Wealth Management Services
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Old National’s income statement shows a bank that has scaled up significantly in recent years. Revenue has stepped up meaningfully as the franchise has grown, helped by acquisitions and a broader footprint. Profitability has also improved over the five‑year span, with earnings clearly higher than in the early 2020s. However, the most recent year shows a bit of pressure: revenue kept rising, but profit per share slipped compared with the prior year. That usually points to higher funding costs, credit provisions, or integration and operating expenses weighing on margins. Big picture: a larger, more profitable bank than it was several years ago, but currently working through a phase of margin compression as the interest‑rate and credit environment has shifted.

Balance Sheet

Balance Sheet The balance sheet has expanded sharply, with total assets now more than double what they were earlier in the decade. That reflects a very different scale of operations, likely driven by acquisitions and organic growth. Equity has grown steadily alongside assets, which suggests retained earnings are building capital and providing a thicker cushion to absorb shocks. Debt has risen as the bank has scaled, but not in a way that looks out of line for a regional bank of this size. Overall, ONB now operates with a much larger, more complex balance sheet but also a stronger capital base than several years ago. As with any growing bank, that brings both opportunity and heightened sensitivity to credit quality and funding conditions.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and has generally trended upward over the five‑year period, although with some year‑to‑year swings that are normal for banks. Free cash flow has followed a similar pattern: solidly positive and improving over time. Investment in physical assets remains modest, which is typical for a bank whose “assets” are mainly financial rather than factories or equipment. In plain terms, ONB appears able to fund its operations and growth from internal cash generation, without heavy strain from capital spending, though its cash flows can still be influenced by shifts in the rate and credit environment.

Competitive Edge

Competitive Edge Old National is a long‑tenured Midwestern regional bank with deep community roots and a relationship‑driven model. Its competitive edge comes less from sheer size and more from specialization and trust. It has built meaningful niches in areas like agribusiness, healthcare finance, nonprofit banking, and services for other financial institutions. These focused verticals allow for tailored solutions and closer advisory relationships, which can be harder for more generic competitors to replicate. Its long history and local presence help support a stable base of core deposits and brand recognition. On the other hand, being a regional bank means it competes against both national players with massive technology budgets and agile fintechs, and it remains exposed to economic cycles in its core geography.

Innovation and R&D

Innovation and R&D ONB’s innovation strategy is pragmatic rather than flashy. The “Transformation Factory” focuses on automating processes, streamlining operations, and improving consistency, which can quietly boost efficiency and client experience. The bank relies heavily on partnerships to extend its capabilities: digital securities‑backed lending through fintech collaboration, and broader use of automation and artificial intelligence through a deepened relationship with a major tech services firm. These moves aim to modernize its digital infrastructure without having to build everything in‑house. It is also pushing into integrated treasury and payment solutions, API‑driven services, and enhanced digital platforms for small businesses and wealth clients. The key watchpoint is execution: success will depend on how seamlessly these tools are rolled out, adopted by clients, and translated into better economics over time.

Summary

Old National Bancorp today looks like a much larger, more diversified regional bank than it was a few years ago. Revenue and overall earnings are materially higher than in the early 2020s, reflecting both organic growth and strategic deals, although the most recent year shows some margin and earnings per share pressure. The balance sheet has grown significantly, backed by rising equity, signaling a bigger but also better‑capitalized institution. Cash flows from the core business are solid and supportive of continued investment and balance‑sheet growth. Competitively, ONB leans on its Midwestern heritage, strong community ties, and specialized industry expertise rather than trying to out‑scale the national giants. Its innovation approach—process automation, targeted fintech partnerships, and digital treasury and wealth offerings—seeks to enhance that relationship‑banking model rather than replace it. Key areas to monitor going forward include: how effectively it manages credit risk in a larger loan book, how well it controls costs and funding pressures in a volatile rate environment, and how successfully it executes on technology and acquisition integration to turn its greater scale into durable, high‑quality earnings.

NEWS

November 18, 2025 · 9:35 AM UTC

Old National Bank Celebrates Clients with Weeklong Appreciation Events and $10,000 Prize Drawing

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November 12, 2025 · 4:15 PM UTC

Old National Bancorp Announces Quarterly Dividends

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November 11, 2025 · 3:11 PM UTC

Old National Bank Earns 2026 Military Friendly® Employer Designation

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October 22, 2025 · 7:00 AM UTC

Old National Bancorp Reports Third Quarter 2025 Results

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October 6, 2025 · 10:00 AM UTC

Old National Bancorp Announces Schedule for Third-Quarter 2025 Earnings Release and Conference Call

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