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Mar 31, 2025
Old National Q1 2025 Earnings Report
Old National reported solid results in Q1 2025, supported by loan growth, stable net interest margin, and disciplined expense management.
Key Takeaways
Old National Bancorp delivered a steady Q1 2025, with EPS of $0.44 and net income of $141M. The company grew loans and deposits modestly, kept expenses in check, and maintained a strong capital position. Credit quality remained healthy, while tangible book value rose 13% YoY.
Net income applicable to common shares was $141M, with adjusted EPS of $0.45.
Tangible common book value increased to $12.54, up 13% YoY.
Efficiency ratio improved to 53.7% (adjusted: 51.8%) showing disciplined cost control.
Loan growth of 1.5% annualized, excluding a $71M CRE loan sale.
Revenue by Segment
Forward Guidance
Old National expects stable net interest income and moderate loan growth in 2025, assuming a neutral rate position and successful Bremer acquisition close in Q2.
Positive Outlook
- Net interest income expected to grow to ~$517M in Q2 2025.
- Loan growth projected between 2%–4% annualized in Q2.
- Bremer acquisition anticipated to enhance scale and earnings.
- Deposit beta assumed to moderate with expected Fed cuts.
- NIB deposit mix expected to remain stable at 23%.
Challenges Ahead
- Economic uncertainty may pressure loan growth.
- Rising credit costs with projected NCO ratio up to 0.27%.
- Interest rate variability could impact NII projections.
- Higher noninterest expense expected with Bremer integration.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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