Old National Bank

ONB · Nasdaq · Financials · Financials, fiscal 2016 to 2025

ONB · Last close · October 26, 2026

$25.03

Old National Bank's revenue rose 33.9% to $2.5 billion in fiscal 2025. Net income was $669 million, up 24.1%. Its return on equity was 9.0%, about the same as 9.1% a year earlier. Its efficiency ratio was 58.8%, up from 58.0% a year earlier. It paid out $297 million in dividends and buybacks. The diluted share count rose 17.5%.

Old National Bancorp Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0000707179-26-000010 Updated October 18, 2026

Revenue

$2.5B

33.9%

Net income

$669M

24.1%

Return on equity

9.0%

0.0 pts

Return on tangible equity

13.4%

1.0 pts

Efficiency ratio

58.8%

0.8 pts

Market cap

$9.7B

Oct 26 close

P/E

12.8x

On $1.95 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 6.1% a year and net income 19.5% a year, as new shares raised the share count by 185% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Old National Bank yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Old National Bank's earnings per share of $1.95 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.8×, the middle of Old National Bank's own P/E today, its peers' median and its sector's median (Old National Bank's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: UMB Financial, South State Bank, Wintrust Financial, Columbia Banking System.

Earnings growth in the years ahead (% a year) Starts at Old National Bank's revenue growth over the last 3 years, 13.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $25.03
Value at this multiple, against the last close: —
Old National Bank's P/E at the last close: 12.8×

Company	Last close	Earnings per share	P/E today
Old National BankONB	$25.03	$1.95	12.8×
Wintrust FinancialWTFC	$151.17	$12.45	12.1×
Columbia Banking SystemCOLB	$31.06	$2.56	12.1×
UMB FinancialUMBF	$134.26	$12.03	11.2×
South State BankSSB	$105.40	$9.51	11.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	13,494	30,820	32,684	35,893	48,195
Deposits	18,569	35,001	37,235	40,824	55,088
Loans to deposits	72.7%	88.0%	87.8%	87.9%	87.5%
Provision for credit losses	−30	145	59	111	198
Provision to average loans	−0.2%	0.7%	0.2%	0.3%	0.5%
Total assets	24,454	46,763	49,090	53,552	72,152
Shareholders' equity	3,012	5,129	5,563	6,340	8,495

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Old National Bank shares on the open market, and 3 insiders sold $51.6 million, $50.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 30, 2026	Chady M. AlahmarCEO, Wealth Management	Sold	11,771	$26.41	$310,872	Form 4
Jul 28, 2026	Nicholas J ChulosChief Legal Officer & Corp Sec	Sold	20,000	$26.66	$533,200	Form 4
Feb 26, 2026	Otto Bremer Trust10% owner	Sold plan	1,926,782	$25.95	$50.0 million	Form 4
Feb 3, 2026	Nicholas J ChulosChief Legal Officer & Corp Sec	Sold	30,000	$25.05	$751,500	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Old National Bank side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Old National Bank	FY25	33.9%	26.5%	9.0%	13.4%	58.8%
UMB Financial	FY25	62.8%	26.5%	12.6%	15.5%	61.2%	Compare
South State Bank	FY25	56.1%	29.8%	10.7%	16.9%	56.7%	Compare
Wintrust Financial	FY25	11.2%	30.2%	12.1%	13.1%	55.5%	Compare
Columbia Banking System	FY25	19.3%	23.9%	8.5%	11.9%	61.8%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	656	620	733	804	835	811	1,728	1,836	1,886	2,524
Revenue growth	9.8%	−5.3%	18.1%	9.6%	4.0%	−3.0%	113.1%	6.3%	2.7%	33.9%
Net interest income	403	437	538	604	596	596	1,328	1,503	1,531	2,058
Noninterest income	253	183	195	199	239	214	400	333	355	466
Noninterest expense	454	449	517	508	537	501	1,038	1,026	1,094	1,485
Provision for credit losses	—	—	7	5	43	−30	145	59	111	198
Net income	134	96	191	238	226	278	428	582	539	669
Diluted EPS (US$)	1.05	0.69	1.22	1.38	1.36	1.67	1.50	1.94	1.68	1.79
Diluted shares (millions)	128	138	156	173	166	166	277	292	311	366
Payouts
Dividends paid	68	73	82	90	93	93	178	180	191	225
Share buybacks	2	3	2	102	82	4	71	44	9	72
Balance sheet at fiscal year end
Loans, net	8,961	11,068	12,188	12,063	13,655	13,494	30,820	32,684	35,893	48,195
Deposits	10,743	12,606	14,350	14,553	17,038	18,569	35,001	37,235	40,824	55,088
Total assets	14,860	17,518	19,728	20,412	22,961	24,454	46,763	49,090	53,552	72,152
Shareholders' equity	1,814	2,154	2,690	2,852	2,973	3,012	5,129	5,563	6,340	8,495
Ratios
Return on equity	8.1%	4.8%	7.9%	8.6%	7.8%	9.3%	10.5%	10.9%	9.1%	9.0%
Return on tangible common equity	13.0%	7.7%	12.8%	13.7%	12.1%	14.2%	17.0%	18.2%	14.4%	13.4%
Return on assets	1.0%	0.6%	1.0%	1.2%	1.0%	1.2%	1.2%	1.2%	1.1%	1.1%
Efficiency ratio	69.3%	72.3%	70.6%	63.3%	64.3%	61.9%	60.1%	55.9%	58.0%	58.8%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Old National Bank's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Old National Bank.