# OLD NATIONAL BANCORP /IN/ (ONB)

Informational only - not investment advice.

CIK: 0000707179
SIC: 6021 National Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=707179
Filing source: https://www.sec.gov/Archives/edgar/data/707179/000070717926000010/onb-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0000707179-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000707179.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,269,853,000 USD | 2025 | verified |
| Net income | 669,257,000 USD | 2025 | verified |
| Assets | 72,151,967,000 USD | 2025 | verified |
| Free cash flow | 637,408,000 USD | 2025 | computed |
| Net margin | 20.47% | 2025 | computed |
| Revenue YoY | +25.68% | 2025 | computed |
| ROE | 7.88% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ONB | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 20.5% | 22.9% | 29 | 76 |
| Revenue growth | 25.7% | 5.2% | 89 | 76 |
| FCF margin | 19.5% | 22.0% | 34 | 65 |
| ROE | 7.9% | 9.9% | 21 | 76 |
| ROA | 0.9% | 1.1% | 28 | 76 |
| Liabilities / equity | 7.49 | 8.12 | 36 | 76 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3269853000 | USD | 2025 | 2026-02-19 |
| Net income | 669257000 | USD | 2025 | 2026-02-19 |
| Assets | 72151967000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000707179.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 447,134,000 | 495,336,000 | 632,045,000 | 730,387,000 | 663,308,000 | 638,649,000 | 1,454,202,000 | 2,206,821,000 | 2,601,651,000 | 3,269,853,000 |
| Net income | 134,264,000 | 95,725,000 | 190,830,000 | 238,206,000 | 226,409,000 | 277,538,000 | 428,287,000 | 581,992,000 | 539,188,000 | 669,257,000 |
| Diluted EPS | 1.05 | 0.69 | 1.22 | 1.38 | 1.36 | 1.67 | 1.50 | 1.94 | 1.68 | 1.79 |
| Operating cash flow | 24,807,000 | 250,083,000 | 234,407,000 | 233,756,000 | 219,820,000 | 330,380,000 | 814,425,000 | 516,342,000 | 622,284,000 | 681,472,000 |
| Capital expenditures | 224,659,000 | 37,303,000 | 33,391,000 | 37,423,000 | 30,871,000 | 48,692,000 | 37,901,000 | 38,375,000 | 30,269,000 | 44,064,000 |
| Dividends paid | 67,536,000 | 72,604,000 | 82,161,000 | 89,474,000 | 92,946,000 | 92,829,000 | 177,623,000 | 180,030,000 | 191,163,000 | 225,117,000 |
| Share buybacks | 2,044,000 | 2,761,000 | 1,805,000 | 102,413,000 | 82,358,000 | 3,731,000 | 71,182,000 | 44,308,000 | 8,884,000 | 71,799,000 |
| Assets | 14,860,237,000 | 17,518,292,000 | 19,728,435,000 | 20,411,667,000 | 22,960,622,000 | 24,453,564,000 | 46,763,372,000 | 49,089,836,000 | 53,552,272,000 | 72,151,967,000 |
| Liabilities | 13,045,820,000 | 15,363,895,000 | 17,038,865,000 | 17,559,214,000 | 19,987,966,000 | 21,441,546,000 | 41,634,777,000 | 43,526,936,000 | 47,211,922,000 | 63,657,179,000 |
| Stockholders' equity | 1,814,417,000 | 2,154,397,000 | 2,689,570,000 | 2,852,453,000 | 2,972,656,000 | 3,012,018,000 | 5,128,595,000 | 5,562,900,000 | 6,340,350,000 | 8,494,788,000 |
| Cash and cash equivalents | 255,519,000 | 290,432,000 | 317,165,000 | 276,337,000 | 589,712,000 | 822,019,000 | 728,412,000 | 1,175,058,000 | 1,227,968,000 | 1,826,177,000 |
| Free cash flow | -199,852,000 | 212,780,000 | 201,016,000 | 196,333,000 | 188,949,000 | 281,688,000 | 776,524,000 | 477,967,000 | 592,015,000 | 637,408,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 30.03% | 19.33% | 30.19% | 32.61% | 34.13% | 43.46% | 29.45% | 26.37% | 20.72% | 20.47% |
| Return on equity | 7.40% | 4.44% | 7.10% | 8.35% | 7.62% | 9.21% | 8.35% | 10.46% | 8.50% | 7.88% |
| Return on assets | 0.90% | 0.55% | 0.97% | 1.17% | 0.99% | 1.13% | 0.92% | 1.19% | 1.01% | 0.93% |
| Liabilities / equity | 7.19 | 7.13 | 6.34 | 6.16 | 6.72 | 7.12 | 8.12 | 7.82 | 7.45 | 7.49 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000707179.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.38 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.47 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.49 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  | 146,600,000 |  | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 544,902,000 |  | 0.52 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 155,036,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 576,519,000 |  | 0.49 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 589,751,000 | 132,480,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 595,981,000 | 120,284,000 | 0.40 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 120,284,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 663,663,000 |  | 0.37 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 121,229,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 679,925,000 |  | 0.44 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 662,082,000 | 153,873,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 630,399,000 | 144,659,000 | 0.44 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 144,659,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 824,961,000 |  | 0.34 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 125,408,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 917,192,000 |  | 0.46 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 897,301,000 | 216,623,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 877,391,000 | 233,672,000 | 0.59 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ONB's latest 10-K: [/company/ONB/business/](/company/ONB/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ONB's latest 10-K: [/company/ONB/risk-factors/](/company/ONB/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/707179/000070717926000046/onb-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

EXECUTIVE SUMMARY

Old National is the fifth largest commercial bank headquartered in the Midwest by asset size and ranks among the top 25 banking companies headquartered in the United States with consolidated assets of $74.2 billion at June 30, 2026. The Company’s corporate headquarters and principal executive office are located in Evansville, Indiana. Through our wholly owned banking subsidiary and non-bank affiliates, we provide a wide range of services primarily throughout the Midwest and Southeast regions of the United States. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services.

Net income applicable to common shares for the second quarter of 2026 was $249.4 million, or $0.65 per diluted common share, compared to $229.6 million, or $0.59 per diluted common share, for the first quarter of 2026.

Results for the second quarter of 2026 were impacted by $12.1 million in pre-tax merger-related expenses and a $13.2 million pre-tax gain associated with the settlement of the Bremer pension plan. Results for the first quarter of 2026 were impacted by $7.3 million of merger-related expenses and a $3.4 million non-cash, pre-tax expense associated with the distribution of excess pension plan assets with the resolution of the legacy First Midwest Bancorp, Inc. (“First Midwest”) plan. Excluding these items, net income applicable to common shares for the second quarter of 2026 was $250.4 million, or $0.65 per diluted common share on an adjusted basis1, compared to $237.7 million, or $0.61 per diluted common share on an adjusted basis1, for the first quarter of 2026.

Our results for the second quarter of 2026 reflect solid growth in total loans and deposits, disciplined expense management, and strong credit quality and capital.

Deposits:  Period-end total deposits increased $474.3 million, or 3% annualized, to $56.1 billion at June 30, 2026 compared to March 31, 2026.

Loans:  Our loan balances, excluding loans held-for-sale, increased $1.0 billion, or 8% annualized, to $50.8 billion at June 30, 2026 compared to March 31, 2026 reflecting strong commercial loan production.

Net Interest Income: Net interest income increased $6.4 million to $579.0 million compared to the first quarter of 2026 driven by high quality loan growth and stable core deposit pricing, partly offset by funding mix.

Provision for Credit Losses:  Provision for credit losses was $36.2 million compared to $34.9 million in the first quarter of 2026.

Noninterest Income:  Noninterest income was $153.6 million, or $140.4 million excluding a $13.2 million pre-tax gain associated with the settlement of the Bremer pension plan, compared to $122.3 million in the first quarter of 2026. The increase reflects strong increases in all fee income lines as well as elevated other income due to market value adjustments, higher company-owned life insurance income, and an asset recovery.

Noninterest Expense:  Noninterest expense increased $7.5 million compared to the first quarter of 2026. In the second quarter of 2026, noninterest expense included $12.1 million of merger-related expenses. In the first quarter of 2026, noninterest expense included $7.3 million of merger-related expenses and a $3.4 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest plan. Excluding these expenses, noninterest expense was $360.1 million for the second quarter of 2026, an increase of $6.1 million from $354.0 million for the first quarter of 2026 reflecting disciplined expense management.

(1)Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

56

RESULTS OF OPERATIONS

The following table sets forth certain income statement information of Old National:

[[GREPCENT_TABLE]]
[["(dollars in thousands, except per share data)","Three Months Ended June 30,","","% Change","","Six Months Ended June 30,","","% Change"],["2026","","2025","","","2026","","2025"],["Income Statement Summary:"],["Net interest income","$","578,988","","","$","514,790","","","12.5","","%","$","1,151,561","","","$","902,433","","","27.6","","%"],["Provision for credit losses","36,206","","","106,835","","","(66.1)","","","71,152","","","138,238","","","(48.5)"],["Noninterest income","153,564","","","132,517","","","15.9","","","275,910","","","226,311","","","21.9"],["Noninterest expense","372,161","","","384,766","","","(3.3)","","","736,865","","","653,237","","","12.8"],["Net income applicable to common shareholders","249,381","","","121,375","","","105.5","","","479,019","","","262,000","","","82.8"],["Net income per common share - diluted","0.65","","","0.34","","","91.2","","","1.24","","","0.77","","","61.0"],["Other Data:"],["Return on average common equity","12.07","","%","6.74","","%","","","11.57","","%","7.83","","%"],["Return on average tangible common equity (1)","19.84","","","12.00","","","","","19.13","","","13.39"],["Efficiency ratio (1)","47.04","","","55.80","","","","","47.63","","","54.92"],["Tier 1 leverage ratio","8.95","","","9.26","","","","","8.95","","","9.26"],["Net charge-offs to average loans","0.26","","","0.24","","","","","0.26","","","0.24"]]
[[/GREPCENT_TABLE]]

(1)Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

Net Interest Income

Net interest income is the most significant component of our earnings, comprising 81% of revenues for the six months ended June 30, 2026. Net interest income and net interest margin are influenced by many factors, primarily the volume and mix of earning assets, funding sources, and interest rate fluctuations. Other factors include the level of accretion income on purchased loans, prepayment risk on mortgage and investment-related assets, and the composition and maturity of interest-earning assets and interest-bearing liabilities.

The Federal Reserve held its interest rates steady during the second quarter of 2026 and decreased interest rates compared to those in effect as of June 30, 2025. The Federal Reserve’s Federal Funds Rate is currently in a target range of 3.50% to 3.75%, with the Effective Federal Funds Rate of 3.63% at June 30, 2026 compared to 4.33% at June 30, 2025. Management actively takes balance sheet restructuring, derivative, and deposit pricing actions to help mitigate interest rate risk. See the section of this Item 7 titled “Market Risk” for additional information regarding this risk.

Loans typically generate more interest income than investment securities with similar maturities. Funding from client deposits generally costs less than wholesale funding sources. Factors such as general economic activity, Federal Reserve monetary policy, and price volatility of competing alternative investments can also exert significant influence on our ability to optimize our mix of assets and funding, net interest income, and net interest margin.

Net interest income is the excess of interest received from interest-earning assets over interest paid on interest-bearing liabilities. For analytical purposes, net interest income is presented in the table that follows, adjusted to a taxable equivalent basis to reflect what our tax-exempt assets would need to yield in order to achieve the same after-tax yield as a taxable asset. We used the current federal statutory tax rate in effect of 21% for all periods. This analysis portrays the income tax benefits related to tax-exempt assets and helps to facilitate a comparison between taxable and tax-exempt assets. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully taxable equivalent basis and that it may enhance comparability for peer comparison purposes for both management and investors.

57

The following tables present the average balance sheet for each major asset and liability category, its related interest income and yield, or its expense and rate.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/707179/000070717926000010/onb-20251231.htm
Complete FY 2025 MD&A: /company/ONB/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

[[GREPCENT_TABLE]]
[["","Page"],["General Overview","36"],["Corporate Developments in 2025","36"],["Business Outlook","37"],["Financial Highlights","38"],["Non-GAAP Financial Measures","40"],["Results of Operations","43"],["Financial Condition","48"],["Risk Management","54"],["Material Contractual Obligations, Commitments, and Contingent Liabilities","65"],["Critical Accounting Estimates","66"]]
[[/GREPCENT_TABLE]]

The following is an analysis generally discussing our results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024, and financial condition as of December 31, 2025 and 2024. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes. This discussion contains forward-looking statements concerning our business. Readers are cautioned that, by their nature, forward-looking statements are based on estimates and assumptions and are subject to risks, uncertainties, and other factors. Actual results may differ materially from our expectations that are expressed or implied by any forward-looking statement. The discussion in Item 1A, “Risk Factors,” lists some of the factors that could cause our actual results to vary materially from those expressed or implied by any forward-looking statements, and such discussion is incorporated into this discussion by reference. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.

GENERAL OVERVIEW

Old National is the sixth largest commercial bank headquartered in the Midwest by asset size and ranks among the top 25 banking companies headquartered in the United States. The Company’s corporate headquarters and principal executive office are located in Evansville, Indiana with commercial and consumer banking operations headquartered in Chicago, Illinois. Through our wholly owned banking subsidiary and non-bank affiliates, we provide a wide range of services primarily throughout the Midwest and Southeast regions of the United States. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services.

CORPORATE DEVELOPMENTS IN 2025

Old National’s 2025 results were driven by the completion and successful integration of Bremer and a focus on fundamentals—core deposit growth to support loan expansion, positive operating leverage, disciplined credit management, and healthy liquidity and capital ratios. We once again showed our unwavering commitment to shareholders, clients, team members, and communities. Our peer-leading deposit franchise, disciplined loan growth, strong credit quality, well-managed expenses, and dedicated team members who are committed to our clients and communities enabled us to exceed our expectations that we set as we began 2025. Highlights experienced in 2025 included:

•completion of our Bremer partnership on May 1, 2025, solidifying our position as a premier mid-size bank;

•net income applicable to common shareholders of $653.1 million, or $1.79 per diluted common share;

•peer-leading, low-cost deposit franchise; loan to deposit ratio of 89%;

•growth in total deposits of 35%, 5% excluding Bremer;

•disciplined loan growth of 34%, 5% excluding Bremer;

•disciplined expense management with an efficiency ratio of 55.10%;

•stable credit metrics, including net charge-offs to average loans of 0.25%; and

•tangible book value per share growth of 15%.

36

Results for 2025 were impacted by $140.9 million of merger-related expenses, $75.6 million of CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans, a $5.1 million net gain associated with the freezing of the benefits of the Bremer pension plan and subsequent termination of the plan, and a $3.0 million reduction to previously accrued FDIC special assessment. Excluding these items, net income applicable to common shares for 2025 was $808.6 million, or $2.21 per diluted common share on an adjusted basis. Refer to the “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

Our net interest income increased 34% to $2.1 billion during 2025, driven by loans and securities acquired in the Bremer transaction as well as strong loan growth and lower costs of average interest-bearing liabilities, partially offset by higher balances of average interest-bearing liabilities. Provision for credit losses increased compared to 2024, reflective of provision expense associated with the Bremer acquisition as well as credit migration, higher net charge-offs, and macroeconomic factors. Noninterest income increased from $354.7 million in 2024 to $466.5 million in 2025 primarily due to the impact of the Bremer acquisition, higher mortgage banking revenue, capital markets income, and other income. Noninterest expense increased $390.9 million in 2025 compared to 2024. Noninterest expense in 2025 included $140.9 million of merger-related expenses and a $3.0 million reduction to previously accrued FDIC special assessment. Noninterest expense in 2024 included $37.3 million of merger-related expenses, a $13.3 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest plan, $3.0 million for an FDIC special assessment, and $2.6 million of separation expense. Excluding these expenses, noninterest expense in 2025 increased $309.3 million, driven by operating costs and additional amortization of intangibles related to the acquisitions of Bremer and CapStar, as well as higher salary and employee benefits reflective of merit and performance-driven incentive accruals.

On May 1, 2025, Old National completed its acquisition of Bremer, and its wholly owned banking subsidiary, Bremer Bank, National Association. The majority of system conversions related to the Bremer transaction were completed in mid-October 2025. The successful execution of this conversion reinforced the strength of our disciplined integration framework and enhanced our operating platform across the expanded footprint.

BUSINESS OUTLOOK

Driving tangible book value per share growth remains a key priority in 2026 as we build on the 15% growth achieved in 2025 despite the impact of closing our Bremer partnership, the associated merger-related charges, and the repurchase of 2.2 million shares in the second half of the year. We closed 2025 with 5% loan growth excluding our Bremer partnership and move into 2026 with a strong commercial pipeline and a loan-to-deposit ratio of 89%, providing sufficient liquidity to fund growth. We will remain on offense and rely on our ability to navigate changes in short-term interest rates, shifts in the yield curve, and overall economic conditions as we have for the past 190 years.

Looking ahead to 2026, we remain focused on disciplined organic growth, prudent capital deployment, and continued investment in talent, technology, and client‑facing capabilities. Our proven ability to execute on these strategic priorities will support sustainable performance, maintain strong credit quality, and position the Company for long‑term value creation across economic cycles for our shareholders and communities.

37

FINANCIAL HIGHLIGHTS

The following table sets forth certain financial highlights of Old National for the previous five quarters:

[[GREPCENT_TABLE]]
[["","Three Months Ended"],["(dollars and shares in thousands, except per share data)","December 31,","September 30,","June 30,","March 31,","December 31,"],["2025","2025","2025","2025","2024"],["Income Statement:"],["Net interest income","$","580,832","","$","574,609","","$","514,790","","$","387,643","","$","394,180"],["Taxable equivalent adjustment (1) (3)","8,013","","7,975","","7,063","","5,360","","5,777"],["Net interest income \u2013 taxable equivalent basis (3)","588,845","","582,584","","521,853","","393,003","","399,957"],["Provision for credit losses","32,745","","26,738","","106,835","","31,403","","27,017"],["Noninterest income","109,759","","130,461","","132,517","","93,794","","95,766"],["Noninterest expense","386,320","","445,734","","384,766","","268,471","","276,824"],["Net income available to common shareholders","212,589","","178,533","","121,375","","140,625","","149,839"],["Per Common Share Data:"],["Weighted average diluted common shares","389,550","","390,496","","361,436","","321,016","","318,803"],["Net income (diluted)","$","0.55","","$","0.46","","$","0.34","","$","0.44","","$","0.47"],["Cash dividends","0.14","","0.14","","0.14","","$","0.14","","$","0.14"],["Common dividend payout ratio (2)","25","%","30","%","41","%","32","%","30","%"],["Book value","$","21.17","","$","20.64","","$","20.12","","$","19.71","","$","19.11"],["Stock price","22.31","","21.95","","21.34","","21.19","","21.71"],["Tangible common book value (3)","13.71","","13.15","","12.60","","12.54","","11.91"],["Performance Ratios:"],["Return on average assets","1.21","%","1.03","%","0.77","%","1.08","%","1.14","%"],["Return on average common equity","10.44","","9.01","","6.74","","9.11","","9.83"],["Return on average tangible common equity (3)","17.76","","15.87","","12.00","","15.02","","16.37"],["Net interest margin (3)","3.65","","3.64","","3.53","","3.27","","3.30"],["Efficiency ratio (3)","51.58","","58.84","","55.80","","53.74","","54.37"],["Net charge-offs to average loans","0.27","","0.25","","0.24","","0.24","","0.21"],["Allowance for credit losses on loans to ending loans","1.17","","1.19","","1.18","","1.10","","1.08"],["Allowance for credit losses (4) to ending loans","1.24","","1.26","","1.24","","1.16","","1.14"],["Non-performing loans to ending loans","1.07","","1.23","","1.24","","1.29","","1.23"],["Balance Sheet:"],["Total loans","$","48,764,162","","$","47,967,915","","$","47,902,819","","$","36,413,944","","$","36,285,887"],["Total assets","72,151,967","","71,210,162","","70,979,805","","53,877,944","","53,552,272"],["Total deposits","55,088,195","","55,006,184","","54,357,683","","41,034,572","","40,823,560"],["Total borrowed funds","7,451,367","","6,766,381","","7,346,098","","5,447,054","","5,411,537"],["Total shareholders\u2019 equity","8,494,788","","8,309,271","","8,126,387","","6,534,654","","6,340,350"],["Capital Ratios:"],["Risk-based capital ratios:"],["Tier 1 common equity","11.08","%","11.02","%","10.74","%","11.62","%","11.38","%"],["Tier 1","11.53","","11.49","","11.20","","12.23","","11.98"],["Total","12.85","","12.78","","12.59","","13.68","","13.37"],["Leverage ratio (to average assets)","8.90","","8.72","","9.26","","9.44","","9.21"],["Total equity to assets (averages)","11.73","","11.48","","11.38","","12.01","","11.78"],["Tangible common equity to tangible assets (3)","7.72","","7.53","","7.26","","7.76","","7.41"],["Nonfinancial Data:"],["Full-time equivalent employees","4,971","","5,243","","5,313","","4,028","","4,066"],["Banking centers","346","","351","","351","","280","","280"]]
[[/GREPCENT_TABLE]]

(1)Calculated using the federal statutory tax rate in effect of 21% for all periods.

(2)Cash dividends per common share divided by net income per common share (basic).

(3)Represents a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

(4)Includes the allowance for credit losses on loans and unfunded loan commitments.

38

The following table sets forth certain financial highlights of Old National for the year-to-date periods:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ONB/mda/fy2025/
All MD&A years: /company/ONB/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ONB/mda/fy2024/): filed 2025-02-19; accession 0000707179-25-000005 (https://www.sec.gov/Archives/edgar/data/707179/000070717925000005/onb-20241231.htm)
- [FY 2023 MD&A](/company/ONB/mda/fy2023/): filed 2024-02-22; accession 0000707179-24-000006 (https://www.sec.gov/Archives/edgar/data/707179/000070717924000006/onb-20231231.htm)
- [FY 2022 MD&A](/company/ONB/mda/fy2022/): filed 2023-02-22; accession 0000707179-23-000008 (https://www.sec.gov/Archives/edgar/data/707179/000070717923000008/onb-20221231.htm)
- [FY 2021 MD&A](/company/ONB/mda/fy2021/): filed 2022-02-10; accession 0000707179-22-000013 (https://www.sec.gov/Archives/edgar/data/707179/000070717922000013/onb-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ONB.md · JSON record: /company/ONB.json · verified financials: /company/ONB/financials.json / /company/ONB/financials.csv · machine TOC for the whole site: /llms.txt