Old National Bancorp beats Q4 estimates as year of record earnings concludes

Old National Bancorp (NASDAQ:ONB) shares remained steady Wednesday after the Evansville-based lender posted fourth-quarter adjusted earnings that cleared Wall Street hurdles, capping what leadership described as an "exceptional" year of growth.

The holding company for Old National Bank reported net income of $216.6 million, or $0.55 per diluted share.

When adjusted for merger-related costs and non-recurring items, earnings rose to $0.62 per share, surpassing the Zacks Investment Research consensus estimate of $0.59.

The quarter’s performance was anchored by the successful integration of the Bremer Bank partnership, which helped push total period-end loans to $48.8 billion—a 6.4% annualized increase.

While total revenue of $1.01 billion reached significant heights, net interest income (FTE) of $588.8 million and a 3.65% net interest margin fell slightly short of some analyst forecasts due to the shifting interest rate landscape.

Despite the slight revenue miss, the bank’s adjusted efficiency ratio improved to 46%, highlighting a disciplined approach to expense management.

For the full year 2025, Old National generated record adjusted net income of $808.6 million, or $2.21 per share.

CEO Jim Ryan noted that these record-breaking results were driven by a "focus on fundamentals," specifically the ability to grow core deposits while maintaining high credit standards.

The bank’s asset quality metrics also remained healthy, with nonaccrual loans dropping to 1.07% of total loans.

Entering 2026, the company maintained its quarterly cash dividend of $0.14 per share, signaling continued confidence in its capital position and its recent expansion into the Southeast and Florida markets.