Old National Bancorp (ONB) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted EPS, net income, and efficiency ratio for full-year 2025, with strong Q4 results and peer-leading profitability metrics.

• Completed successful integration of Bremer Bank, significantly expanding presence, balance sheet, and deposit base.

• Focused on core deposit growth, disciplined credit management, and capital strength, driving tangible book value per share up 15% year-over-year.

• Prioritized organic growth, talent investment, and disciplined capital returns, with 2.2 million shares repurchased in 2025.

Financial highlights

• Full-year 2025 adjusted EPS was $2.21, net income $809M, and Q4 adjusted EPS was $0.62, net income $241M.

• ROAA was 1.26% for the year and 1.37% for Q4; ROATCE was 18.6% for the year and 19.9% for Q4.

• Total loans grew 34% YoY (5.1% excluding Bremer); total deposits up 35% YoY (4.9% excluding Bremer).

• Tangible book value per share up 15% YoY to $13.71; efficiency ratio improved to 51.6% (46.0% adjusted) in Q4.

• Net interest margin (NIM) at 3.65% in Q4, up 35 bps YoY; PPNR was $312.3M, adjusted PPNR $349.6M, up 4% sequentially.

Outlook and guidance

• 2026 guidance: full-year loan growth of 4%-6%, net interest income ~$2.42B, noninterest income $485–505M, noninterest expense $1.44–1.46B.

• Net charge-off ratio expected at 0.25–0.30%; positive operating leverage and over 15% EPS growth YoY projected.

• Expect stable to improving net interest income and margin, with two 25bp rate cuts assumed and neutral rate risk position.

• Fee income expected to remain strong, especially in mortgage and capital markets.