Old National Bancorp
Regional bank combining commercial and consumer banking with wealth and capital markets services.
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Profile
Provides commercial and consumer banking, residential mortgages, treasury management, wealth management, and capital markets services across the Midwest and Southeast. Earnings are driven mainly by the spread between loan and securities yields and funding costs, with fees from advisory, deposit, card, mortgage, and capital markets activities.
Operates a regional banking franchise across the Midwest and Southeast, offering commercial, commercial real estate, residential mortgage, and consumer lending alongside deposits and treasury management. Wealth management, private banking, brokerage, trust, and investment advisory services broaden fee income, while capital markets adds derivatives, foreign exchange, and debt-financing capabilities.
Earns most revenue from net interest income: the spread between yields on loans and securities and the cost of deposits and borrowings. A relationship-banking model combines local banking centers with specialized commercial teams, and the Bremer combination expanded the franchise into Minnesota, North Dakota, and Wisconsin.
Operates through Old National Bank and is supervised by the Federal Reserve at the holding-company level and the OCC at the bank level. The parent depends principally on dividends from the bank subsidiary. Banking law and regulatory expectations limit those distributions.
Company facts
Categories
Key statistics
Year to date +14.6% · Average volume (30d) 3.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 28, 2026 | Truist Financial | Target | $28 | $29 | |
| Jul 23, 2026 | RBC Capital | Reiterate | Sector Perform | $25 | $29 |
| Jul 22, 2026 | Jefferies | Reiterate | Hold | $25 | $27 |
| Jul 7, 2026 | Raymond James | Initiate | Market Perform | ||
| Jul 7, 2026 | UBS | Target | $26 | $32 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.63 | $0.65 | +3.8% | $716.3M | $726.9M | +1.5% | −1.06% |
| Apr 22, 2026Q1 FY26 | $0.60 | $0.61 | +1.7% | $706.5M | $702.7M | −0.5% | −0.12% |
| Jan 21, 2026Q4 FY25 | $0.59 | $0.62 | +5.1% | $706.2M | $714.4M | +1.2% | +0.92% |
| Oct 22, 2025Q3 FY25 | $0.56 | $0.59 | +5.0% | $696.0M | $678.3M | −2.5% | −0.91% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $724.2M | $957.5M | $1.02B | $1.01B | $999.7M | $1.00B | |
| Gross profit | $450.0M | $540.5M | $678.3M | $690.6M | $660.0M | $665.0M | |
| Operating income | $181.6M | $155.7M | $232.6M | $304.3M | $295.3M | $324.2M | |
| Net income | $144.7M | $125.4M | $182.6M | $216.6M | $233.7M | $253.4M | |
| Diluted EPS | $0.44 | $0.35 | $0.46 | $0.55 | $0.59 | $0.67 | |
| Gross margin | 62.1% | 56.4% | 66.4% | 68.6% | 66.0% | 66.2% | |
| Operating margin | 25.1% | 16.3% | 22.8% | 30.2% | 29.5% | 32.3% |
Fiscal years (4-quarter sums)FY21 $852.9M · FY22 $1.85B · FY23 $2.54B · FY24 $2.96B · FY25 $3.71B
Balance sheet, Jun 30, 2026Cash & short-term investments $16.33B · Total debt $8.42B · Total assets $74.19B · Shareholders' equity $8.58B
Dividends
Raised for 16 straight years — most recently to $0.145 from $0.14 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 15 | $0.145 | |
| Mar 5, 2026 | Mar 5 | Mar 16 | $0.145 | raised from $0.14 |
| Dec 5, 2025 | Dec 5 | Dec 15 | $0.14 | |
| Sep 5, 2025 | Sep 5 | Sep 15 | $0.14 | |
| Jun 5, 2025 | Jun 5 | Jun 16 | $0.14 | |
| Mar 5, 2025 | Mar 5 | Mar 17 | $0.14 | |
| Dec 5, 2024 | Dec 5 | Dec 16 | $0.14 | |
| Sep 5, 2024 | Sep 5 | Sep 16 | $0.14 |
Ownership
Shares outstanding 382.57M · Float 338.78M · 88.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 46.94M | 12.27% | 13F | Aug 7, 2026 |
| Otto Bremer Trust · 10 percent owner | 41.21M | 10.77% | Form 4 | Mar 2, 2026 |
| FMR LLC | 34.73M | 9.08% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 18.32M | 4.79% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 18.22M | 4.76% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 30, 2026 | Chady M. Alahmar | officer: CEO, WEALTH MANAGEMENT | −11,771 | $26.41 |
| Jul 28, 2026 | Nicholas J. Chulos | officer: Chief Legal Officer & Corp Sec | −20,000 | $26.66 |
| Feb 26, 2026 | Otto Bremer Trust | 10 percent owner | −1,926,782 | $25.95 |
| Feb 20, 2026 | Ryan C. Kitchell | director | −4,003 | |
| Feb 3, 2026 | Nicholas J. Chulos | officer: Chief Legal Officer & Corp Sec | −15,000 | $25.05 |
Peers
- Fifth Third
Cincinnati super-regional with the closest Midwest+Southeast footprint overlay
- Huntington Bancshares
Columbus-HQ Midwest super-regional with deep IN/MI/IL/KY/WI/MN branch overlap
- Wintrust Financial
Closest-size Chicago peer; head-to-head for Chicago MSA commercial deposits
- U.S. Bancorp
Minneapolis-HQ Twin Cities incumbent across Bremer-legacy MN/WI/ND markets
- First Horizon
Memphis-HQ Tennessee incumbent on the exact CapStar-acquired corridor
- Regions Financial
Birmingham-HQ Southeast leader; heavy Tennessee plus IN / IL / KY overlap
- KeyCorp
Cleveland-HQ super-regional; Great Lakes overlap and national middle market
- First Financial Bancorp
Cincinnati-HQ ~$22B community bank; Indiana / Kentucky / Illinois overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| Fifth Third | $54.60 | +0.14% | $49.43B | 18.6 | 11.9 | 3.3 | +45.2% |
| Huntington Bancshares | $16.95 | +0.18% | $34.19B | 12.6 | 9.8 | 2.4 | +47.4% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| U.S. Bancorp | $62.47 | +0.01% | $97.31B | 12.5 | 11.5 | 2.2 | +10.6% |
| First Horizon | $24.65 | +0.02% | $11.70B | 11.8 | 11.3 | 2.5 | +9.9% |
| Regions Financial | $30.33 | +0.02% | $25.88B | 12.4 | 11.1 | 2.7 | +2.2% |
| KeyCorp | $21.91 | +0.07% | $23.65B | 12.7 | 11.2 | 2.3 | +7.3% |
| First Financial Bancorp | $32.84 | +0.09% | $3.44B | 11.6 | 10.2 | 2.6 | +16.7% |
| Median | 12.4 | 11.3 | 2.4 | +10.3% |