Old National Bancorp (ONB)


Market Price (8/24/2026): $25.82 | Market Cap: $9.9 BilSector: Financials | Industry: Regional Banks

Old National Bancorp (ONB)


Market Price (8/24/2026): $25.82
Market Cap: $9.9 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 9.5%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60%

Key risks
ONB key risks include [1] challenges in successfully integrating its significant strategic acquisitions.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 9.5%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%
3 Low stock price volatility
Vol 12M is 27%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
5 Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60%
7 Key risks
ONB key risks include [1] challenges in successfully integrating its significant strategic acquisitions.

ONB in ETFs

Weight = ONB's share of each fund

VTI0.01%
ITOT0.01%
IWM0.29%
IJH0.25%
VYM0.04%
VB0.12%
KRE1.4%
IJJ0.52%
+19 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/1/2026

Old National Bancorp (ONB) stock has gained about 10% since 4/30/2026 because of the following key factors:

1. Old National Bancorp delivered a strong beat on its fiscal Q2 2026 earnings, surpassing analyst expectations for both earnings per share (EPS) and revenue, and reported record profitability metrics. The company announced on July 22, 2026, diluted EPS of $0.65, which exceeded the consensus estimate of $0.63 by $0.02. Additionally, quarterly revenue reached $732.6 million, outperforming analysts' expectations of $716.25 million by 2.09%. This strong performance was highlighted as a "record second quarter with record adjusted EPS, net income, and efficiency ratio". Net income applicable to common shareholders surged by 105.5% year-over-year to $249.4 million.

2. The company demonstrated robust organic loan growth and a significant increase in fee income, indicating strength in its core banking operations. Old National Bancorp reported an increase of $1 billion in end-of-period loans during fiscal Q2 2026, representing an 8% annualized growth, largely driven by strong commercial loan production. The commercial pipeline reached a new record of $5.6 billion. Concurrently, noninterest income increased to $153.6 million, reflecting broad-based strength across all fee-generating businesses.

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Updated on 8/1/2026

Old National Bancorp (ONB) stock has gained about 10% since 4/30/2026 because of the following key factors:

1. Old National Bancorp delivered a strong beat on its fiscal Q2 2026 earnings, surpassing analyst expectations for both earnings per share (EPS) and revenue, and reported record profitability metrics. The company announced on July 22, 2026, diluted EPS of $0.65, which exceeded the consensus estimate of $0.63 by $0.02. Additionally, quarterly revenue reached $732.6 million, outperforming analysts' expectations of $716.25 million by 2.09%. This strong performance was highlighted as a "record second quarter with record adjusted EPS, net income, and efficiency ratio". Net income applicable to common shareholders surged by 105.5% year-over-year to $249.4 million.

2. The company demonstrated robust organic loan growth and a significant increase in fee income, indicating strength in its core banking operations. Old National Bancorp reported an increase of $1 billion in end-of-period loans during fiscal Q2 2026, representing an 8% annualized growth, largely driven by strong commercial loan production. The commercial pipeline reached a new record of $5.6 billion. Concurrently, noninterest income increased to $153.6 million, reflecting broad-based strength across all fee-generating businesses.

3. Old National Bancorp enhanced shareholder value through disciplined capital management, including substantial share repurchases and raised full-year guidance. During fiscal Q2 2026, the company repurchased $107 million of its common stock, with $277 million remaining under its authorization. A total of 5,148,549 shares were repurchased for $123.5 million. Following strong first-half results, Old National also raised its full-year 2026 loan growth guidance to 6-8%.

4. Favorable macroeconomic conditions, particularly within the regional banking sector, provided a tailwind for Old National Bancorp's performance. Regional banks, including ONB, benefited from relatively high interest rates, which positively impacted net interest margins (NIM). The return to a positively sloped yield curve and the repricing of assets contributed to NIM expansion across the sector. The S&P Regional Bank ETF, which includes approximately 160 equally weighted bank stocks, recorded an 18.9% year-to-date return through July 29, 2026, outperforming the broader S&P 500, suggesting a positive broader market sentiment towards smaller-cap financial institutions.

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Stock Movement Drivers

Fundamental Drivers

The 8.3% change in ONB stock from 4/30/2026 to 8/23/2026 was primarily driven by a 13.4% change in the company's Net Income Margin (%).
(LTM values as of)43020268232026Change
Stock Price ($)23.8225.818.3%
Change Contribution By: 
Total Revenues ($ Mil)2,7382,8233.1%
Net Income Margin (%)27.7%31.4%13.4%
P/E Multiple12.111.1-8.3%
Shares Outstanding (Mil)3863821.0%
Cumulative Contribution8.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/23/2026
ReturnCorrelation
ONB8.3% 
Market (SPY)6.5%20.2%
Sector (XLF)10.3%59.5%

Fundamental Drivers

The 7.0% change in ONB stock from 1/31/2026 to 8/23/2026 was primarily driven by a 21.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)13120268232026Change
Stock Price ($)24.1325.817.0%
Change Contribution By: 
Total Revenues ($ Mil)2,3242,82321.5%
Net Income Margin (%)26.1%31.4%20.3%
P/E Multiple15.511.1-28.2%
Shares Outstanding (Mil)3893821.9%
Cumulative Contribution7.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/23/2026
ReturnCorrelation
ONB7.0% 
Market (SPY)11.0%36.9%
Sector (XLF)8.1%67.4%

Fundamental Drivers

The 25.3% change in ONB stock from 7/31/2025 to 8/23/2026 was primarily driven by a 34.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120258232026Change
Stock Price ($)20.6025.8125.3%
Change Contribution By: 
Total Revenues ($ Mil)2,1052,82334.1%
Net Income Margin (%)27.0%31.4%16.4%
P/E Multiple13.111.1-14.9%
Shares Outstanding (Mil)360382-5.7%
Cumulative Contribution25.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/23/2026
ReturnCorrelation
ONB25.3% 
Market (SPY)22.2%42.0%
Sector (XLF)11.1%67.1%

Fundamental Drivers

The 65.3% change in ONB stock from 7/31/2023 to 8/23/2026 was primarily driven by a 49.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120238232026Change
Stock Price ($)15.6225.8165.3%
Change Contribution By: 
Total Revenues ($ Mil)1,8922,82349.2%
Net Income Margin (%)31.8%31.4%-1.4%
P/E Multiple7.511.147.4%
Shares Outstanding (Mil)291382-23.8%
Cumulative Contribution65.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/23/2026
ReturnCorrelation
ONB65.3% 
Market (SPY)73.2%55.7%
Sector (XLF)70.0%73.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ONB Return13%3%-2%32%5%17%85%
Peers Return16%-19%25%0%49%14%99%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
ONB Win Rate75%33%42%50%50%62% 
Peers Win Rate33%50%54%46%69%59% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ONB Max Drawdown-24%-27%-35%-12%-26%-18% 
Peers Max Drawdown-16%-31%-31%-26%-21%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, FCBM, CBC, NU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)

How Low Can It Go

EventONBS&P 500
2025 US Tariff Shock
  % Loss-25.7%-18.8%
  % Gain to Breakeven34.5%23.1%
  Time to Breakeven288 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.5%-9.5%
  % Gain to Breakeven19.7%10.5%
  Time to Breakeven40 days24 days
2023 SVB Regional Banking Crisis
  % Loss-32.2%-6.7%
  % Gain to Breakeven47.5%7.1%
  Time to Breakeven217 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-20.9%-24.5%
  % Gain to Breakeven26.4%32.4%
  Time to Breakeven60 days427 days
2020 COVID-19 Crash
  % Loss-32.2%-33.7%
  % Gain to Breakeven47.5%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.5%-19.2%
  % Gain to Breakeven36.0%23.8%
  Time to Breakeven791 days105 days

Compare to NEWT, ATLO, FCBM, CBC, NU

In The Past

Old National Bancorp's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventONBS&P 500
2025 US Tariff Shock
  % Loss-25.7%-18.8%
  % Gain to Breakeven34.5%23.1%
  Time to Breakeven288 days79 days
2023 SVB Regional Banking Crisis
  % Loss-32.2%-6.7%
  % Gain to Breakeven47.5%7.1%
  Time to Breakeven217 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-20.9%-24.5%
  % Gain to Breakeven26.4%32.4%
  Time to Breakeven60 days427 days
2020 COVID-19 Crash
  % Loss-32.2%-33.7%
  % Gain to Breakeven47.5%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.5%-19.2%
  % Gain to Breakeven36.0%23.8%
  Time to Breakeven791 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-25.2%-12.2%
  % Gain to Breakeven33.8%13.9%
  Time to Breakeven201 days62 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-27.0%-15.4%
  % Gain to Breakeven37.0%18.2%
  Time to Breakeven577 days125 days
2008-2009 Global Financial Crisis
  % Loss-38.3%-53.4%
  % Gain to Breakeven62.0%114.4%
  Time to Breakeven31 days1085 days

Compare to NEWT, ATLO, FCBM, CBC, NU

In The Past

Old National Bancorp's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Old National Bancorp (ONB)

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Old National Bancorp (ONB) is a bank holding company operating Old National Bank, providing a comprehensive range of financial services to both individual consumers and commercial businesses. Headquartered in Evansville, Indiana, the company has a significant regional presence with 162 banking centers primarily across the states of Indiana, Kentucky, Michigan, Minnesota, and Wisconsin as of December 31, 2021.

The company's core offerings include traditional banking services such as accepting various deposit accounts, including noninterest-bearing demand, interest-bearing checking, savings, money market, and time deposits. It also provides a broad portfolio of lending products, including residential real estate loans, home equity lines of credit, consumer loans, commercial loans, commercial real estate loans, and lease financing. These services are complemented by modern electronic banking solutions like debit and ATM cards, online banking, and mobile banking.

Beyond its core deposit and lending activities, Old National Bancorp extends its services to include cash management, private banking, brokerage, trust, and investment advisory services. It also offers wealth management, investment solutions, foreign currency services, treasury management, merchant services, health savings, and capital markets services. These diverse offerings cater to its primary customers, which are individuals and commercial customers located within its multi-state operational footprint.

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AI Analysis | Feedback

Here are 1-3 brief analogies for Old National Bancorp (ONB):

  • A regional version of U.S. Bank, focused on the Midwest.
  • Like a smaller-scale Bank of America, serving primarily the Midwest.

AI Analysis | Feedback

  • Deposit Accounts: Old National Bancorp accepts various deposit accounts including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings, money market, and time deposits.
  • Loan Products: The company offers a wide range of loans such as home equity lines of credit, residential real estate, consumer, commercial, commercial real estate, letters of credit, and lease financing.
  • Electronic & Mobile Banking Services: Customers are provided with debit and automated teller machine cards, telephone access, online banking, and other electronic and mobile banking services.
  • Wealth Management & Investment Services: ONB provides private banking, brokerage, trust, investment advisory, wealth management, and investment services.
  • Business & Treasury Management Services: The company offers cash management, treasury management, merchant, and capital markets services for commercial clients.
  • Specialized Financial Services: Additional offerings include foreign currency services, health savings accounts, and community development lending and equity investment solutions.

AI Analysis | Feedback

Old National Bancorp (ONB) sells primarily to a broad base of individual and commercial customers rather than a few specific major customers. Based on the services provided, its customer base can be categorized as:

  • Individual Customers: This category includes everyday consumers who utilize the bank's services such as noninterest-bearing demand accounts, interest-bearing checking, savings and money market accounts, time deposits, home equity lines of credit, residential real estate loans, consumer loans, debit and ATM cards, online/mobile banking, and health savings accounts.
  • Commercial Customers (Businesses): This category comprises various businesses that use the bank's commercial loans, commercial real estate loans, letters of credit, lease financing, cash management, treasury management, merchant services, and capital markets services.
  • High-Net-Worth Individuals and Families: Catering to clients with substantial assets, this group benefits from specialized services like private banking, wealth management, trust services, and investment advisory.

AI Analysis | Feedback

  • Fiserv, Inc. (symbol: FISV)
  • Visa Inc. (symbol: V)
  • Mastercard Incorporated (symbol: MA)
  • Crowe LLP

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James C. Ryan III, Chairman and Chief Executive Officer
Mr. Ryan joined Old National Bancorp in 2005 and has served as CEO since 2019. Prior to his current role, he was Senior Executive Vice President and Chief Financial Officer from 2016-2019. His previous roles at the company also include Director of Corporate Development and Mortgage Banking, Integration Executive, and Treasurer. Before joining Old National, he held senior finance positions at Wells Fargo Home Mortgage and Old Kent Financial Corp. He started his banking career as an intern at Old Kent Bank. Under his leadership, Old National has undergone significant mergers and acquisitions, including with First Midwest Bancorp in 2022, CapStar Bank in 2024, and the announced acquisition of Bremer Bank in 2025.

John V. Moran IV, Senior Executive Vice President and Chief Financial Officer
Mr. Moran was appointed Senior Executive Vice President and Chief Financial Officer effective August 31, 2024, after serving as Interim CFO from April 1, 2024. From 2021 to 2024, he was Old National's Chief Strategy Officer. He previously served as Executive Vice President and CFO of NBT Bancorp from 2019 to 2021. Additionally, he was the Director of Corporate Development and Strategy at Old National from 2017 to 2019. Earlier in his career, Mr. Moran held senior positions in investment research for more than 15 years, working with firms such as Macquarie Group, Cohen & Co., and Ryan Beck & Co.

Timothy M. Burke, Jr., President and Chief Operating Officer
Mr. Burke joined Old National Bancorp as President and Chief Operating Officer in July 2025. He previously served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank at KeyBank, overseeing commercial banking in 12 Midwestern markets. Prior to KeyBank, he was a regional CEO for seven years at FirstMerit Bank, which was acquired by Huntington Bancshares in 2016. He also spent 11 years with National City Corporation, rising to Managing Director, Senior Vice President of Corporate Banking, before its sale to PNC Bank.

James A. Sandgren, Chief Executive Officer, Commercial Banking
Mr. Sandgren is the Chief Executive Officer of Commercial Banking at Old National. He has a tenure of nearly 35 years with Old National, having held various executive leadership positions including President and Chief Operating Officer (May 2016-February 2022) and Chief Banking Officer (April 2014-May 2016). He joined the company in 1992 as a loan development officer. Mr. Sandgren is slated to retire in April 2026.

Chady M. AlAhmar, Chief Executive Officer, Wealth Management
Mr. AlAhmar is the Chief Executive Officer of Wealth Management at Old National, a role he assumed in 2020. Before joining Old National, he was a Senior Executive of Wealth Management at U.S. Bank. He has also held strategy, finance, and management positions with GMAC (Ally Bank) and ACG in New York. He was instrumental in creating 1834, a division of Old National Bank, which focuses on comprehensive wealth management and investment advisory services for high-net-worth individuals and institutions.

AI Analysis | Feedback

The key risks to Old National Bancorp's business include significant exposure to commercial real estate, broader credit risk, and pressure on its net interest margin.

  1. Commercial Real Estate (CRE) Exposure: Old National Bancorp has a substantial portion of its loan portfolio tied to commercial real estate. Approximately 46.6% of its loan portfolio, or about $22.08 billion, involves commercial real estate, which creates particular vulnerability to the office property sector due to rising vacancy rates and higher interest rates. This concentration exposes the company to potential losses if market conditions for commercial properties deteriorate further.
  2. Credit Risk: Beyond the specific CRE exposure, Old National Bancorp faces general credit risk, which is the possibility of financial loss stemming from borrowers failing to meet their contractual payment obligations. This risk is increasing across the federal banking system, and Old National maintains allowances for credit losses based on estimated expected losses over the life of its loan and debt security portfolios. The broader economic environment and the creditworthiness of its diverse client base directly impact this risk.
  3. Net Interest Margin (NIM) Pressure and Interest Rate Risk: As a regional bank, Old National Bancorp's primary revenue source is net interest income, accounting for a significant portion of its total revenue (79.1% over the last five years). The company's net interest margin has been under pressure due to strong deposit competition and fluctuating interest rates. The uncertain direction and timing of future interest rate movements, coupled with evolving depositor behavior, pose ongoing challenges to managing funding costs and maintaining profitability.

AI Analysis | Feedback

The emergence and growth of digital-only banks (neobanks) and specialized fintech companies offering core banking services, such as deposit accounts, payments, and various loan types, through purely digital channels. These competitors often feature lower fees, enhanced digital user experiences, and cater to customer segments that prioritize online convenience, directly challenging Old National Bancorp's traditional branch-based model and its ability to attract and retain customers.

AI Analysis | Feedback

Old National Bancorp (ONB) operates within several large financial markets in the U.S. region. Below are the estimated market sizes for their main products and services:

  • Deposit Accounts: The total deposits in all commercial banks in the U.S. were approximately $18.12 trillion in April 2025.

  • Residential Real Estate Loans and Home Equity Lines of Credit (HELOCs): The U.S. home loan market was estimated at $2.42 trillion in 2026. Total mortgage debt, including home equity loans, outstanding in the U.S. amounted to $13.17 trillion at the end of December 2025, with HELOC balances at $433 billion as of Q4 2025.

  • Consumer Loans: The overall consumer lending market in the U.S. was estimated at $27 trillion as of January 2025. Total non-mortgage consumer debt in the U.S. was $4.66 trillion as of April 2023. More specifically, auto loan balances reached $1.66 trillion, and credit card balances were $1.28 trillion outstanding as of Q4 2025.

  • Commercial Loans and Commercial Real Estate Loans: The U.S. commercial lending market was approximated at $2.4 trillion in 2025. Another estimate for the U.S. commercial lending market size mentions $9.7 trillion. Total commercial real estate mortgage borrowing and lending in the U.S. was estimated to be $498 billion in 2024.

  • Wealth Management, Investment Advisory, and Trust Services: The global wealth management market was valued at $1.25 trillion in 2020 and is projected to reach $3.43 trillion by 2030, with North America holding the largest share in 2020. The North American wealth management platform market, which supports these services, was valued at $1.4 billion in 2026. The global wealth of High Net Worth Individuals (HNWIs) reached $86.8 trillion in 2023.

AI Analysis | Feedback

Old National Bancorp (ONB) is expected to drive future revenue growth over the next two to three years through several key strategies:

  1. Strong Loan Growth: Management anticipates continued loan growth, with expectations of 4%-6% growth for the full year 2026. This organic loan growth is consistently highlighted as a core focus, supported by a healthy demand environment.
  2. Expansion of Net Interest Income and Net Interest Margin: As the largest source of Old National Bank's revenue, net interest income (NII) is projected to benefit from loan repricing dynamics and favorable interest rate conditions, including potential rate cuts. The company also anticipates stable to improving net interest margins (NIM) and enhanced securities yields resulting from portfolio restructuring.
  3. Growth in Non-Interest Fee Income: Old National Bancorp is focusing on increasing its non-interest income, particularly from wealth management, mortgage banking, and capital markets services. Furthermore, the bank aims for double-digit growth in treasury and card fee income by 2026, driven by an expanded commercial client base.
  4. Strategic Acquisitions and Geographic Market Expansion: The successful integration of recent acquisitions, such as the Bremer Bank partnership and the CapStar purchase, has significantly expanded ONB's balance sheet, enhanced its capital position, and broadened its multi-state commercial banking footprint across the Midwest and Mid-South. This expanded presence targets middle-market clients and supports organic growth priorities in key metropolitan areas like Chicago, Minneapolis–St. Paul, Nashville, and Indianapolis, aiming to increase commercial treasury relationships and overall market share.

AI Analysis | Feedback

Share Repurchases

  • Old National Bancorp's Board of Directors approved doubling its share repurchase program to $400 million in February 2026, which is effective until February 28, 2027. This program replaced a prior $200 million authorization.
  • In February 2025, the company announced a new share repurchase program authorizing up to $200 million worth of shares, set to expire on February 28, 2026.
  • The company repurchased 2.2 million shares of common stock in 2025, reducing equity by $50.0 million. In 2022, 3.5 million common shares were repurchased under a $200 million program, which reduced equity by $63.8 million.

Share Issuance

  • In November 2024, Old National entered into a forward sale agreement to issue 19,047,619 shares of common stock for an aggregate offering amount of $400.0 million. An additional 2,857,143 shares were subject to an exercised option and additional forward sale agreement.
  • The merger of equals transaction with First Midwest Bancorp, Inc. in February 2022 was an all-stock transaction.
  • Through its Employee Stock Purchase Plan, Old National issued 52,000 shares in 2022 with proceeds of approximately $809,000, and 35,000 shares in 2021 with proceeds of approximately $583,000.

Outbound Investments

  • Old National entered into a definitive merger agreement to acquire Bremer Bank in November 2024, valuing the transaction at approximately $1.4 billion. Bremer Bank had $16.5 billion in total assets as of December 31, 2024, and the acquisition was anticipated to close on May 1, 2025. This acquisition significantly contributed to Old National's asset and loan growth in 2025.
  • In April 2024, Old National completed its acquisition of CapStar and its wholly owned subsidiary, CapStar Bank, in an all-stock transaction. CapStar contributed $3.1 billion in total assets and the acquisition was targeted to achieve annual cost synergies of $32 million by the end of 2025.
  • Old National completed its merger of equals with First Midwest Bancorp, Inc. in February 2022, in an all-stock transaction, creating an entity with over $46 billion of assets at the time of the announcement.

Capital Expenditures

  • Old National Bancorp has focused on taking significant steps to enhance its technology, including expanding its partnership with Infosys and creating an internal Transformation Factory for process improvement and automation.
  • The company plans for continued investment in technology and client-facing capabilities in 2026, aiming to drive tangible book value per share growth.
  • Strategic initiatives include investing in treasury management and expanding into the mid-cap space, with a focus on organic growth and technological innovation.

Peer Outperformance in Regional Banks

ONB has outperformed 61% of its 262 Regional Banks peers over 5Y. Regional Banks ranks 5th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that ONB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
30%
of 283 industry peers · 16.4% return
3Y
47%
of 273 industry peers · 83.0% return
5Y
61%
of 262 industry peers · 79.8% return
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Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is ONB's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Investment Banking & Brokerage 13 5.7%134.1%133.9% IBKR 512% · SNEX 252% · GS 187%
Reinsurance 6 19.3%80.7%117.8% SPNT 140% · MTG 130% · RGA 128%
Diversified Banks 12 37.4%131.6%101.7% JPM 153% · CM 148% · RY 135%
Life & Health Insurance 19 11.2%56.2%84.8% UNM 285% · FG 197% · MFC 172%
Regional Banks ← 263 25.9%86.0%64.5% GCBC 395% · ESQ 364% · NBN 297%
Property & Casualty Insurance 42 11.1%74.2%63.8% ASIC 2583900% · HRTG 433% · UVE 278%
Multi-line Insurance 9 13.5%78.4%57.8% GNW 176% · L 101% · SLF 86%
Consumer Finance 30 10.1%87.8%34.4% ENVA 660% · EZPW 391% · FCFS 185%
Multi-Sector Holdings 6 1.4%16.7%33.9% JEF 78% · BRK-B 73% · VOYA 66%
Insurance Brokers 15 -9.5%11.4%33.7% LIFE 571% · AJG 94% · ARX 87%
Asset Management & Custody Banks 83 -8.7%23.5%25.5% SII 341% · WT 303% · VCTR 289%
Financial Exchanges & Data 15 -1.6%14.2%13.9% VIRT 216% · CBOE 156% · CME 69%
Commercial & Residential Mortgage Finance 12 -31.1%19.6%4.5% FNMA 474% · FMCC 460% · ESNT 60%
Specialized Finance 3 18.7%53.6%3.7% EFC 36% · CACC 4% · HASI -14%
Mortgage REITs 34 -7.2%13.6%-11.5% RITM 61% · NREF 53% · DX 41%
Transaction & Payment Processing Services 15 1.4%8.4%-41.3% MA 65% · V 65% · CPAY 58%
Diversified Capital Markets 21 -29.3%-4.7%-45.9% BTCS 584% · OPY 176% · LPLA 153%
Diversified Financial Services 5 -6.3%63.2%-58.0% FRHC 166% · EQH 80% · TMS -58%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ONBNEWTATLOFCBMCBCNUMedian
NameOld Nati.NewtekOneAmes Nat.First Ca.Central .Nu  
Mkt Price25.8112.5331.7612.6831.96-25.81
Mkt Cap9.90.40.30.37.6-0.4
Rev LTM2,823277731321,084-277
Op Inc LTM-------
FCF LTM940-7402142475-42
FCF 3Y Avg660-37317---17
CFO LTM987-7392245502-45
CFO 3Y Avg697-37319---19

Growth & Margins

ONBNEWTATLOFCBMCBCNUMedian
NameOld Nati.NewtekOneAmes Nat.First Ca.Central .Nu  
Rev Chg LTM34.1%7.8%21.3%---21.3%
Rev Chg 3Y Avg14.7%26.8%8.1%---14.7%
Rev Chg Q13.2%7.0%18.5%-15.2%-14.2%
QoQ Delta Rev Chg LTM3.1%1.7%4.3%-3.6%-3.3%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM35.0%-267.4%30.3%34.3%46.3%-34.3%
CFO/Rev 3Y Avg30.5%-138.6%30.2%---30.2%
FCF/Rev LTM33.3%-267.5%28.9%32.0%43.8%-32.0%
FCF/Rev 3Y Avg28.8%-138.7%27.9%---27.9%

Valuation

ONBNEWTATLOFCBMCBCNUMedian
NameOld Nati.NewtekOneAmes Nat.First Ca.Central .Nu  
Mkt Cap9.90.40.30.37.6-0.4
P/S3.51.33.92.47.1-3.5
P/Op Inc-------
P/EBIT-------
P/E11.15.512.215.517.8-12.2
P/CFO10.0-0.512.86.915.2-10.0
Total Yield11.4%26.9%10.9%6.5%7.0%-10.9%
Dividend Yield2.4%8.5%2.8%0.0%1.4%-2.4%
FCF Yield 3Y Avg8.6%-103.1%8.9%---8.6%
D/E0.81.60.10.40.0-0.4
Net D/E0.60.5-1.7-0.0-1.0--0.0

Returns

ONBNEWTATLOFCBMCBCNUMedian
NameOld Nati.NewtekOneAmes Nat.First Ca.Central .Nu  
1M Rtn-2.6%-13.2%5.7%0.2%0.1%-0.1%
3M Rtn8.5%-5.1%11.2%0.6%12.8%-8.5%
6M Rtn3.7%-0.4%16.0%0.6%27.9%-3.7%
12M Rtn16.4%7.0%65.5%0.6%74.8%-16.4%
3Y Rtn83.0%-14.1%98.7%0.6%154.1%-83.0%
1M Excs Rtn-4.7%-16.1%3.0%-3.8%-2.4%--3.8%
3M Excs Rtn5.9%-7.5%8.2%-2.4%9.8%-5.9%
6M Excs Rtn-7.4%-11.5%4.9%-10.4%16.8%--7.4%
12M Excs Rtn2.1%-8.9%51.1%-19.4%54.3%-2.1%
3Y Excs Rtn4.6%-88.5%21.6%-73.6%66.5%-4.6%

Comparison Analyses

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FDIC Bank Data

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment2,5241,8851,8361,728811
Total2,5241,8851,8361,728811


Operating Income by Segment
$ Mil20122011201020092008
Community Banking142129734865
Other30-3-5-1
Treasury-18-30-26-50-2
Total12810043-762


Assets by Segment
$ Mil20152014201320122011
Banking11,84611,5019,431  
Other848470456197
Insurance626365  
Wealth Management  15  
Community Banking   5,4035,035
Treasury   3,6853,378
Total11,99211,6489,5829,5448,610


Price Behavior

Price Behavior
Market Price$25.81 
Market Cap ($ Bil)9.9 
First Trading Date03/26/1990 
Distance from 52W High-5.4% 
   50 Days200 Days
DMA Price$26.19$23.68
DMA Trendupup
Distance from DMA-1.5%9.0%
 3M1YR
Volatility21.1%26.2%
Downside Capture11.8778.21
Upside Capture47.9079.48
Correlation (SPY)12.5%40.4%
ONB Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.380.130.300.630.901.12
Up Beta-0.73-0.59-0.090.501.051.19
Down Beta0.740.270.180.300.801.16
Up Capture81%66%66%80%92%113%
Bmk +ve Days11223567138427
Stock +ve Days11253669132374
Down Capture39%-7%25%78%87%101%
Bmk -ve Days11212859114326
Stock -ve Days11172655117371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONB
ONB22.2%26.7%0.72-
Sector ETF (XLF)10.1%14.6%0.4466.4%
Equity (SPY)21.1%12.9%1.2240.4%
Gold (GLD)37.5%28.8%1.104.8%
Commodities (DBC)43.2%20.2%1.66-17.8%
Real Estate (VNQ)12.9%13.8%0.6446.0%
Bitcoin (BTCUSD)-31.6%44.1%-0.7318.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONB
ONB12.6%29.9%0.42-
Sector ETF (XLF)10.1%18.4%0.4169.3%
Equity (SPY)12.9%17.2%0.5753.4%
Gold (GLD)20.6%18.6%0.90-0.9%
Commodities (DBC)10.4%19.6%0.416.9%
Real Estate (VNQ)2.3%18.9%0.0249.0%
Bitcoin (BTCUSD)10.4%52.8%0.3821.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONB
ONB10.0%30.6%0.37-
Sector ETF (XLF)13.5%22.0%0.5674.6%
Equity (SPY)15.2%17.9%0.7256.9%
Gold (GLD)12.7%16.2%0.64-6.6%
Commodities (DBC)8.0%18.0%0.3615.8%
Real Estate (VNQ)5.0%20.7%0.2049.7%
Bitcoin (BTCUSD)63.1%66.1%1.0313.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity18.3 Mil
Short Interest: % Change Since 7152026-2.4%
Average Daily Volume5.5 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity381.9 Mil
Short % of Basic Shares4.8%

Earnings Returns History

Updated 8/24/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/22/20260.8%2.8%-1.0%
4/22/20261.1%0.9%0.0%
1/21/20264.9%4.3%8.7%
10/22/20250.6%-1.5%-1.8%
7/22/2025-1.5%-4.7%-4.9%
4/22/20253.8%8.1%12.5%
1/21/20253.2%2.3%6.0%
10/22/20240.0%2.3%11.1%
...
SUMMARY STATS   
# Positive171615
# Negative789
Median Positive2.2%2.7%5.6%
Median Negative-1.5%-2.2%-3.7%
Max Positive4.9%8.1%21.7%
Max Negative-6.2%-6.2%-6.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/22/20260.8%2.8%-1.0%
4/22/20261.1%0.9%0.0%
1/21/20264.9%4.3%8.7%
10/22/20250.6%-1.5%-1.8%
7/22/2025-1.5%-4.7%-4.9%
4/22/20253.8%8.1%12.5%
1/21/20253.2%2.3%6.0%
10/22/20240.0%2.3%11.1%
7/23/20242.2%1.0%-6.1%
4/23/20240.1%1.5%5.2%
1/23/2024-1.4%2.6%-4.1%
10/24/2023-2.7%-1.9%5.6%
7/25/20232.2%8.0%-3.7%
4/25/2023-2.3%-2.4%-2.4%
1/24/2023-6.2%-6.2%-3.2%
10/25/20223.4%6.7%3.6%
7/26/20222.3%7.0%7.6%
4/26/20220.1%-1.5%0.7%
1/18/2022-0.8%-5.3%-5.5%
10/19/20212.6%5.7%7.8%
7/20/20210.2%0.1%2.9%
4/19/2021-0.5%0.4%2.0%
1/19/20211.8%-0.4%0.4%
10/19/20202.6%7.1%21.7%
SUMMARY STATS   
# Positive171615
# Negative789
Median Positive2.2%2.7%5.6%
Median Negative-1.5%-2.2%-3.7%
Max Positive4.9%8.1%21.7%
Max Negative-6.2%-6.2%-6.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202502/19/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/19/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/22/202410-K
09/30/202311/01/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202502/19/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/19/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/22/202410-K
09/30/202311/01/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202102/10/202210-K
09/30/202110/27/202110-Q
06/30/202108/04/202110-Q
03/31/202104/28/202110-Q
12/31/202002/10/202110-K
09/30/202010/28/202010-Q
06/30/202007/29/202010-Q
03/31/202004/29/202010-Q
12/31/201902/12/202010-K
09/30/201910/30/201910-Q

Insider Activity

Updated 8/4/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Alahmar, Chady MCEO, WEALTH MANAGEMENTDirectSell731202626.4111,771310,8441,677,701Form
2Chulos, Nicholas JChief Legal Officer & Corp SecDirectSell729202626.6620,000533,1921,427,462Form
3Otto, Bremer Trust DirectSell302202625.951,926,78249,999,9931,069,413,721Form
4Chulos, Nicholas JChief Legal Officer & Corp SecTrust for SpouseSell205202625.0515,000375,748511,995Form
5Chulos, Nicholas JChief Legal Officer & Corp SecTrustSell205202625.0515,000375,748511,970Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Alahmar, Chady MCEO, WEALTH MANAGEMENTDirectSell731202626.4111,771310,8441,677,701Form
2Chulos, Nicholas JChief Legal Officer & Corp SecDirectSell729202626.6620,000533,1921,427,462Form
3Otto, Bremer Trust DirectSell302202625.951,926,78249,999,9931,069,413,721Form
4Chulos, Nicholas JChief Legal Officer & Corp SecTrust for SpouseSell205202625.0515,000375,748511,995Form
5Chulos, Nicholas JChief Legal Officer & Corp SecTrustSell205202625.0515,000375,748511,970Form

Investor Activity (13F)

Updated Aug 24, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Endeavour Capital Advisors Inc$22.1 Mil5.0%42ADD +68.9%13F
Stieven Capital Advisors, L.P.$16.5 Mil3.5%35ADD +31.4%13F
Rhino Investment Partners, Inc$6.5 Mil1.8%39New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Rhino Investment Partners, Inc$6.5 Mil1.8%39New13F
Endeavour Capital Advisors Inc$22.1 Mil5.0%42ADD +68.9%13F
Stieven Capital Advisors, L.P.$16.5 Mil3.5%35ADD +31.4%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Endeavour Capital Advisors Inc$22.1 Mil5.0%42ADD +68.9%13F
Stieven Capital Advisors, L.P.$16.5 Mil3.5%35ADD +31.4%13F
Rhino Investment Partners, Inc$6.5 Mil1.8%39New13F
Core Cache Last Updated: 8/23/2026