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Dec 31, 2025
Old National Q4 2025 Earnings Report
Old National beat expectations in Q4 with strong earnings growth and improved efficiency.
Key Takeaways
Old National Bancorp reported strong Q4 2025 results, with a solid increase in net income and adjusted EPS. The bank improved its efficiency ratio and demonstrated continued credit quality discipline, despite seasonal deposit outflows.
Reported net income of $212.6 million and adjusted net income of $241.0 million.
EPS was $0.55; adjusted EPS reached $0.62, a company record.
Efficiency ratio improved to 51.6%, and adjusted efficiency ratio reached 46.0%.
Net interest margin rose slightly to 3.65% despite broader market pressures.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Old National remains optimistic for 2026, emphasizing organic loan growth, capital discipline, and continued cost control, while keeping a cautious eye on deposit trends and credit normalization.
Positive Outlook
- Strong commercial loan production continues into Q1
- Disciplined expense control post-Bremer integration
- Efficiency ratio expected to remain below 50%
- Solid capital ratios support potential share repurchases
- Positive net interest income trend due to lower funding costs
Challenges Ahead
- Core deposits declined on an annualized basis
- Loan-to-deposit ratio approaching upper end of comfort zone
- Potential pressure on asset yields persists
- Nonaccrual loans elevated vs. prior year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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