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 in Minnesota and North Dakota.

• Focused on organic growth, disciplined capital returns, and investing in talent and technology for long-term success, with 2.2 million shares repurchased in 2025.

• Fourth quarter 2025 adjusted net income was $241.0 million, with adjusted EPS of $0.62.

Financial highlights

• Full-year 2025 adjusted EPS was $2.21, net income $809M; Q4 adjusted EPS was $0.62, net income $241M; ROAA 1.37% in Q4, ROATCE 19.9%.

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

• Tangible book value per share up 15% year-over-year to $13.71.

• Adjusted efficiency ratio at a record low 46% in Q4.

• Net interest margin at 3.65% in Q4, up 35 bps year-over-year.

Outlook and guidance

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

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

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

• Positive operating leverage and over 15% EPS growth year-over-year projected.