Logo

ONBPP

Old National Bancorp

ONBPP

Old National Bancorp • NASDAQ
$24.95 ▼ -0.28% (-0.07)
Market Cap $8.62 B
52w High $25.65
52w Low $24.40
Dividend Yield 1.75%
P/E 28
Volume 12.91K
Outstanding Shares 345.43M

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

Five-Year Company Overview

Income Statement

Income Statement Old National’s income statement tells a story of steady growth with some recent pressure. Revenue has climbed meaningfully over the past five years, helped by expansion and acquisitions, and operating profits have generally risen alongside it. The bank has stayed consistently profitable, which is important in a cyclical industry. However, the most recent year shows that while revenue kept growing, profit did not grow as quickly, implying higher costs, narrower lending margins, or more conservative credit provisions. Overall, earnings have trended upward over time, but the path has not been perfectly smooth, which is typical for a regional bank operating through changing interest-rate and credit environments.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets more than doubling over the period, reflecting both organic growth and deal activity. Equity has grown as well, which supports this larger balance sheet and provides a thicker capital cushion. Debt has increased, but that is expected for a bank that is scaling up and funding a larger loan book; it does not appear disproportionate relative to asset growth. Cash is a small slice of total assets, which is normal for a commercial bank that places most funds into loans and securities. The key takeaway is a much larger institution than five years ago, with capital built up to support that size, but also higher complexity and more to manage in terms of risk.

Cash Flow

Cash Flow Cash generation has been positive and generally improving. Operating cash flow has remained in the black each year and has strengthened over time, suggesting that the core banking activities are producing reliable cash. Free cash flow has closely tracked operating cash flow because investment in physical assets has been modest, which is typical for a bank whose main “assets” are loans and systems rather than factories. There are some year-to-year swings, which is normal given how loan growth, deposits, and interest rates affect reported cash flows in banking. Overall, the cash profile looks solid, with no obvious signs of stress, but it remains sensitive to the broader credit and rate environment.

Competitive Edge

Competitive Edge Old National occupies a solid niche as a relationship-focused regional bank with growing scale. Its competitive edge rests on three main pillars: a local, high-touch banking model; deep specialization in certain commercial segments like healthcare, franchises, and agribusiness; and a very visible commitment to its communities through a large multi-year community growth plan. This combination helps differentiate it from both the national giants, which can feel impersonal, and smaller community banks that may lack specialized capabilities. At the same time, it faces intense competition from larger banks, other regionals, and fintechs, and must navigate the usual regional-bank risks: credit quality, deposit competition, interest margin pressure, and regulatory oversight. Successful integration of acquisitions and maintaining credit discipline will be important for sustaining its competitive standing.

Innovation and R&D

Innovation and R&D Innovation at Old National is more about technology adoption and process redesign than classic lab-style R&D. The internal “Transformation Factory” focuses on automating workflows and cutting turnaround times, already showing benefits in lending processes. Partnerships with firms like Infosys and Supernova allow the bank to modernize its core systems and offer more advanced products, such as securities-based lending, without building everything in-house. On the client side, the bank is sharpening its offerings through segmented wealth management under the 1834 brand and customizable treasury solutions under the ONPointe platform. Management is also exploring artificial intelligence for fraud detection, personalization, and efficiency. The opportunity is to look and feel like a modern digital bank while retaining community roots; the risk lies in execution, cybersecurity, and keeping up with rapid technology change.

Summary

Old National Bancorp today is a much larger, more sophisticated regional bank than it was five years ago, with steady revenue growth, consistent profitability, and a balance sheet that has expanded meaningfully alongside its capital base. Cash generation has been healthy, and capital spending demands are modest, which supports ongoing investment in technology and business development. Strategically, the bank is trying to blend the strengths of a community bank—local relationships and community focus—with the capabilities of a larger institution—specialized lending, wealth management, and digital platforms. Key watch points going forward include how well it manages credit quality through the cycle, sustains margins amid competition for deposits, integrates acquisitions, and executes on its technology partnerships. If those pieces come together, Old National could continue to solidify its position among regional banks, but its performance will remain closely tied to interest rates, economic conditions in its markets, and ongoing execution on its strategic plans.