At a glance
Old National Bancorp is worth $9.35B, about 14 times its fiscal 2025 earnings. Revenue grew 33.9% to $2.52B in fiscal 2025, with 26.5% kept as profit; over 5 years it has grown 24.8% a year. It pays a 2.97% dividend yield, and returned $1.07B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +25.1% over the past year with dividends reinvested and +10.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.6% in the 2020 crash (S&P 500: 33.7%) and 27.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 5 months after the lows.
The business in plain English
Old National Bancorp is the parent company of Old National Bank, a regional bank that traces its roots to 1834. It is based in Evansville, Indiana, and runs its commercial and consumer banking from Chicago. With $72.2 billion in assets at December 31, 2025, it was the sixth-largest bank headquartered in the Midwest. It had 346 banking centers across the Midwest and Southeast, from North Dakota to Tennessee and North Carolina.
Most revenue is net interest income, which is the gap between the interest the bank earns on loans and securities and the interest it pays on deposits. In fiscal 2025, net interest income was $2.06 billion of the $2.52 billion total. The bank lends to businesses, including commercial real estate and farm loans. It also lends to households through home equity lines, mortgages and consumer loans. The other $467 million was noninterest income, such as fees from wealth management, trust, brokerage, treasury management, merchant services and capital markets.
There is no clean revenue split by region, but deposits show where the bank is strongest. As of June 30, 2025, the Chicago area held 32.8% of deposits, Minneapolis-St. Paul 15.0% and Evansville 9.9%. The company has grown through more than 50 acquisitions since 1982. These include CapStar in Nashville in April 2024 and Bremer in May 2025, which added about $16.3 billion in assets and strengthened it in Minnesota and North Dakota.
Price history
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ONB +25.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $712.7M, up 1.1% from a year earlier, and net income was $254.0M (+39.1%).
- For fiscal 2025, revenue was $2.52B (+33.9% year over year; +24.8% a year from FY2020 to FY2025) with a 26.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +24.8% good |
|---|---|
| Return on equity | 7.9% weak |
| Net income / revenue | 26.5% good |
| Deposits | $57.64B |
| Loans | $50.57B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $835.4M | $226.4M | — |
| FY2021 | $810.6M | $277.5M | — |
| FY2022 | $1.73B | $428.3M | — |
| FY2023 | $1.84B | $582.0M | — |
| FY2024 | $1.89B | $539.2M | — |
| FY2025 | $2.52B | $669.3M | — |
Valuation snapshot
| Market value | $9.35B |
|---|---|
| P/E ratio | 13.8 |
| Dividend yield | 2.97% |
Rank among 1514 US companies
Market value at each year end
Old National Bancorp’s market value went from $2.45B at the end of 2016 to $9.35B on Oct 28, 2026, about 3.8 times as much; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.35B | +7.3% |
| 2025 | $8.72B | +25.9% |
| 2024 | $6.92B | +40.1% |
| 2023 | $4.94B | -6.1% |
| 2022 | $5.27B | +75.3% |
| 2021 | $3.00B | +9.7% |
| 2020 | $2.74B | -12.0% |
| 2019 | $3.11B | +32.5% |
| 2018 | $2.35B | -0.8% |
| 2017 | $2.36B | -3.5% |
| 2016 | $2.45B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ONB price data to Oct 28, 2026 | +13.6% | +25.1% | +25.7% | +10.7% | +9.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.6% |
| 2025 | +5.4% |
| 2024 | +32.5% |
| 2023 | -2.5% |
| 2022 | +2.5% |
| 2021 | +12.9% |
| 2020 | -6.0% |
| 2019 | +22.4% |
| 2018 | -9.2% |
| 2017 | -0.9% |
| 2016 | +39.0% |
| 2015 | -5.7% |
| 2014 | -0.1% |
| 2013 | +33.2% |
| 2012 | +4.9% |
| 2011 | +0.6% |
| 2010 | -1.8% |
| 2009 | -29.0% |
| 2008 | +28.0% |
| 2007 | -16.7% |
| 2006 | -8.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 42.2% over that stretch · deepest drop along the way 60.8%, back to its old high 93 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.2% over that stretch · deepest drop along the way 32.6%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 2.1% over that stretch · deepest drop along the way 27.4%, back to its old high 4.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($844K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 28, 2026 | Nicholas J Chulos Chief Legal Officer & Corp Sec | sell | $533K |
| Jul 30, 2026 | Chady M. Alahmar CEO, WEALTH MANAGEMENT | sell | $311K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.5% | Jun 30, 2025 |
| FMR LLC | 9% | Dec 31, 2025 |
| Dimensional Fund Advisors LP | 4.7% | Jun 30, 2025 |
| Fuller & Thaler Asset Management, Inc. | 4.63% | Jun 30, 2025 |
| STATE STREET CORPORATION | 4.3% | Jun 30, 2025 |
ETFs with the most weight in ONB
| KRE SPDR S&P Regional Banking ETF | 2.21% |
| JPSV JPMorgan Active Small Cap Value ETF | 1.75% |
| SEIS SEI Select Small Cap ETF | 1.03% |
| PSC Principal U.S. Small-Cap ETF | 0.72% |
| XMMO Invesco S&P MidCap Momentum ETF | 0.71% |
| DFSV Dimensional US Small Cap Value ETF | 0.63% |
| CVY Invesco Zacks Multi-Asset Income ETF | 0.6% |
| VTWV Vanguard Russell 2000 Value ETF | 0.58% |
What could go wrong
- Heavy reliance on Chicago and Minneapolis. As of June 30, 2025, the Chicago area held 32.8% of deposits and Minneapolis-St. Paul 15.0%. A slump in these Midwest markets could hurt loan repayments and deposit levels at the same time.
- Big mergers may fall short of plans. Bremer added about $16.3 billion in assets in May 2025. Mergers can bring integration problems and deliver cost savings later than planned. They can also dilute existing shareholders when paid for with stock.
- Commercial real estate loan exposure. Old National holds a significant amount of commercial real estate loans. If property values fall, the property backing those loans is worth less, which could raise loan losses and cut earnings.
- Interest rate swings can squeeze lending profits. Net interest income was $2.06 billion of $2.52 billion in fiscal 2025 revenue. Federal Reserve moves outside the bank's control could narrow the gap between what it earns on loans and pays on deposits.
- Keeping deposits could get more expensive. If customers move money elsewhere, Old National may have to pay higher deposit rates or rely on costlier borrowed funds. Paper losses on its bond holdings could also limit how easily it raises cash.
- The dividend is not guaranteed. Old National warns its dividend may not match past practice. The parent company depends on cash payouts from its bank, and large loan losses or capital rules could squeeze those payouts.
Recent events
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Bylaws or fiscal year changed; Other company announcement
- Investor presentation or announcement
For income and retirement investors
Old National pays a steady dividend, but it did not grow. The dividend was $0.56 a share in every fiscal year from 2020 through 2025, so there was no streak of increases. Dividends took 33.6% of fiscal 2025 earnings (the payout ratio), which leaves a cushion if profits fall. The yield was 2.97% as of October 28, 2026. Share buybacks were modest: $200 million over fiscal 2021–2025, against $867 million paid in dividends. The share count rose 128% from January 2022 to October 2026, partly because of deals paid for in stock, such as CapStar.
Downturns have hit the stock hard. It fell 60.8% during the 2008 financial crisis and took about 93 months, until December 2016, to regain its peak. It dropped 32.6% in the 2020 COVID crash and recovered in about 9.5 months. It then fell 27.4% in 2022 and was back by October 31 of that year. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Old National Bancorp raise its dividend every year?
No. Old National paid $0.56 a share in dividends in every fiscal year from 2020 through 2025, so it had no streak of annual increases over that span. Dividends took 33.6% of fiscal 2025 earnings, and the dividend yield was 2.97% as of October 28, 2026. The company's annual report (10-K) also warns that it may not be able to keep paying dividends in line with past practice.
How does Old National Bancorp make money?
Mostly from lending. Net interest income was $2.06 billion of its $2.52 billion revenue in fiscal 2025. That is the gap between the interest it earns on loans and securities and the interest it pays on deposits. The other $467 million was noninterest income, such as fees from wealth management, trust and brokerage, plus treasury management, merchant and capital markets services for businesses. Its loans range from commercial real estate and farm loans to home equity lines and mortgages.
Where does Old National Bank have branches?
Mainly in the Midwest and Southeast. At December 31, 2025, it operated 346 banking centers in states including Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, North Dakota, Tennessee and Wisconsin. The company is headquartered in Evansville, Indiana, and runs its commercial and consumer banking from Chicago. As of June 30, 2025, the Chicago area held 32.8% of its deposits, Minneapolis-St. Paul 15.0% and Evansville 9.9%.
What did Old National get from buying Bremer Bank?
A stronger position in Minnesota and added funding (deposits it can lend out) in North Dakota. The deal closed May 1, 2025. Bremer brought about $16.3 billion in assets, $11.1 billion in loans and $12.9 billion in deposits. Fiscal 2025 revenue, which included Bremer from May, rose 33.9%. Old National has bought more than 50 financial businesses since 1982. Its 10-K warns that deals may not deliver the expected revenue gains or cost savings on time.
What is Old National Bancorp's P/E ratio?
About 13.8, based on the share price on October 28, 2026, and fiscal 2025 earnings. The P/E (price-to-earnings ratio) compares the share price with profit per share, which was $1.79 in fiscal 2025. The company's market value was about $9.35 billion on the same date. Return on equity, or profit as a share of shareholders' capital, was 7.9% in fiscal 2025. In the quarter ended September 30, 2026, net income rose 39.1% from a year earlier while revenue rose 1.1%.