5 Must-Read Analyst Questions From Old National Bank’s Q4 Earnings Call

Midwestern regional bank Old National Bancorp beat Wall Street’s revenue expectations in Q4 CY2025, with sales up 44.1% year on year to $714.4 million. Its non-GAAP profit of $0.62 per share was 4.8% above analysts’ consensus estimates.

Old National Bank (ONB) Q4 CY2025 Highlights:

• Revenue: $714.4 million vs analyst estimates of $708.1 million (44.1% year-on-year growth, 0.9% beat)
• Adjusted EPS: $0.62 vs analyst estimates of $0.59 (4.8% beat)
• Adjusted Operating Income: $316.9 million vs analyst estimates of $335.1 million (44.4% margin, 5.4% miss)
• Market Capitalization: $9.39 billion

StockStory’s Take

Old National Bank’s fourth quarter results drew a positive market response, as management attributed the performance to strong core deposit growth, disciplined expense control, and credit improvement. CEO Jim Ryan highlighted the successful completion of the Bremer Bank integration and noted the company’s ability to boost tangible book value per share, despite merger charges and share repurchases. Management also emphasized positive trends in fee income, particularly in mortgage and capital markets, which benefited from a more supportive interest rate environment.

Looking ahead, management’s guidance centers on stable to improving net interest income and margin, driven by ongoing loan growth, stable deposit levels, and anticipated rate cuts. CFO John Moran noted that operating leverage and further realization of Bremer cost savings will be key contributors, while CEO Jim Ryan stressed the importance of continued investment in talent and technology. Management remains focused on organic growth and capital return, with Moran stating, "We plan to be more active with share repurchases in 2026 while maintaining strong capital to fund growth."

Key Insights from Management’s Remarks

Management pointed to a combination of steady loan and deposit growth, operational integration, and credit improvement as key drivers of Q4 performance, while also highlighting continued investment in talent and technology.

• Bremer integration completed: The full systems conversion from the Bremer Bank partnership was finalized, with management noting it was among the smoothest and most successful integrations in the company’s history. This expansion solidified Old National Bank’s position in Minnesota and added funding in North Dakota.

• Loan growth and production: Total loans grew at a 6.4% annualized rate, fueled by strong production throughout the commercial portfolio. The company’s loan pipeline also increased nearly 15% from the prior quarter, indicating momentum for future asset growth.

• Deposit and liquidity management: Core deposit growth kept pace with asset growth, maintaining a loan-to-deposit ratio of 89%. Management noted a 17 basis point decrease in cost of deposits, attributing this to a proactive deposit strategy and favorable rate actions.

• Expense discipline and efficiency: Adjusted noninterest expenses were well controlled, supporting a record-low efficiency ratio of 46%. Management expects to fully realize Bremer-related cost savings in the next quarter, which should further support positive operating leverage.

• Credit quality improvement: The quarter saw an 8% reduction in criticized and classified loans, with upgrades and payoffs in commercial real estate portfolios outpacing downgrades by a two-to-one margin. Management reported low levels of charge-offs and maintained confidence in the company’s credit outlook.

Drivers of Future Performance

Old National Bank’s outlook for 2026 is shaped by expectations of continued loan and deposit growth, margin stability, and disciplined capital deployment.

• Stable to improving margins: Management anticipates that loan growth, fixed asset repricing, and effective deposit cost management will help maintain or slightly expand net interest margin, even as the rate environment evolves.

• Operating leverage from cost savings: The finalization of Bremer cost synergies is expected to drive further improvement in the efficiency ratio, supporting non-GAAP earnings growth and enabling higher capital returns through share repurchases.

• Talent and technology investments: The company plans to ramp up hiring, particularly in client-facing roles and wealth management. Investments in technology are being self-funded through expense discipline, targeting enhancements in payments and client capabilities to drive organic growth.

Catalysts in Upcoming Quarters

In the coming quarters, StockStory analysts will monitor (1) the pace of loan and deposit growth relative to peers, (2) the full realization of Bremer Bank cost synergies and their impact on operating leverage, and (3) the effectiveness of talent and technology investments in driving client acquisition and expanding the wealth management business. Updates on net interest margin resilience amid potential rate changes will also be key signposts.

Old National Bank currently trades at $24.03, up from $22.90 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

Midwestern regional bank Old National Bancorp fell short of the markets revenue expectations in Q4 CY2025, but sales rose 40.9% year on year to $698.6 million. Its non-GAAP profit of $0.62 per share was 4.8% above analysts’ consensus estimates.

Old National Bank (ONB) Q4 CY2025 Highlights:

• Net Interest Income: $580.8 million vs analyst estimates of $586.6 million (47.4% year-on-year growth, 1% miss)
• Net Interest Margin: 3.6% vs analyst estimates of 3.6% (2.2 basis point miss)
• Revenue: $698.6 million vs analyst estimates of $708.1 million (40.9% year-on-year growth, 1.3% miss)
• Efficiency Ratio: 51.6% vs analyst estimates of 49.3% (225.7 basis point miss)
• Adjusted EPS: $0.62 vs analyst estimates of $0.59 (4.8% beat)
• Tangible Book Value per Share: $13.71 vs analyst estimates of $13.57 (14.7% year-on-year growth, 1% beat)
• Market Capitalization: $8.95 billion

"Old National’s strong fourth quarter earnings punctuate an exceptional year that set new organizational records for adjusted earnings per share, net income, and efficiency ratio," said Chairman and CEO Jim Ryan.

Company Overview

Tracing its roots back to 1834 when Andrew Jackson was president, Old National Bancorp is a bank holding company that provides commercial and consumer loans, deposit services, wealth management, and treasury solutions primarily throughout the Midwest region.

Sales Growth

In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees. Thankfully, Old National Bank’s 24.7% annualized revenue growth over the last five years was incredible. Its growth beat the average banking company and shows its offerings resonate with customers, a helpful starting point for our analysis.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Old National Bank’s annualized revenue growth of 17.2% over the last two years is below its five-year trend, but we still think the results suggest healthy demand.

This quarter, Old National Bank achieved a magnificent 40.9% year-on-year revenue growth rate, but its $698.6 million of revenue fell short of Wall Street’s lofty estimates.

Net interest income made up 79.1% of the company’s total revenue during the last five years, meaning lending operations are Old National Bank’s largest source of revenue.

Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.

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Tangible Book Value Per Share (TBVPS)

The balance sheet drives banking profitability since earnings flow from the spread between borrowing and lending rates. As such, valuations for these companies concentrate on capital strength and sustainable equity accumulation potential.

When analyzing banks, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value by removing intangible assets of debatable liquidation worth. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.

Old National Bank’s TBVPS grew at a tepid 3.7% annual clip over the last five years. However, TBVPS growth has accelerated recently, growing by 11.4% annually over the last two years from $11.04 to $13.71 per share.

Over the next 12 months, Consensus estimates call for Old National Bank’s TBVPS to grow by 14.8% to $15.74, decent growth rate.

Key Takeaways from Old National Bank’s Q4 Results

It was good to see Old National Bank narrowly top analysts’ tangible book value per share expectations this quarter. On the other hand, its revenue slightly missed and its net interest income fell slightly short of Wall Street’s estimates. Overall, this quarter could have been better. The stock remained flat at $22.83 immediately following the results.

Old National Bank may have had a tough quarter, but does that actually create an opportunity to invest right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).

Midwestern regional bank Old National Bancorp will be announcing earnings results this Wednesday before the bell. Here’s what to expect.

Old National Bank beat analysts’ revenue expectations by 2.2% last quarter, reporting revenues of $713 million, up 44.9% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts’ revenue estimates but net interest income in line with analysts’ estimates.

Is Old National Bank a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Old National Bank’s revenue to grow 42.8% year on year to $708.1 million, improving from the 10.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.59 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Old National Bank has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Old National Bank’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. First Horizon delivered year-on-year revenue growth of 8.1%, beating analysts’ expectations by 3.2%, and BOK Financial reported revenues up 12.7%, topping estimates by 7.6%. First Horizon traded up 102% following the results.

Read our full analysis of First Horizon’s results here and BOK Financial’s results here.

Investors in the regional banks segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. Old National Bank’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $26.23 (compared to the current share price of $23.26).

As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the regional banks industry, including TriCo Bancshares and its peers.

Regional banks, financial institutions operating within specific geographic areas, serve as intermediaries between local depositors and borrowers. They benefit from rising interest rates that improve net interest margins (the difference between loan yields and deposit costs), digital transformation reducing operational expenses, and local economic growth driving loan demand. However, these banks face headwinds from fintech competition, deposit outflows to higher-yielding alternatives, credit deterioration (increasing loan defaults) during economic slowdowns, and regulatory compliance costs. Recent concerns about regional bank stability following high-profile failures and significant commercial real estate exposure present additional challenges.

The 101 regional banks stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 1.3%.

Thankfully, share prices of the companies have been resilient as they are up 8.4% on average since the latest earnings results.

TriCo Bancshares

Founded in 1975 and headquartered in Chico, California, TriCo Bancshares operates Tri Counties Bank, providing personal, small business, and commercial banking services through branches across California.

TriCo Bancshares reported revenues of $107.4 million, up 8.5% year on year. This print exceeded analysts’ expectations by 1%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS and tangible book value per share estimates.

Interestingly, the stock is up 12.6% since reporting and currently trades at $47.93.

Best Q3: Customers Bancorp

Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking.

Customers Bancorp reported revenues of $231.8 million, up 38.3% year on year, outperforming analysts’ expectations by 6.9%. The business had a stunning quarter with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 19.3% since reporting. It currently trades at $78.19.

Weakest Q3: The Bancorp

Operating behind the scenes of many popular fintech apps and prepaid cards you might use daily, The Bancorp is a bank holding company that specializes in providing banking services to fintech companies and offering specialty lending products.

The Bancorp reported revenues of $174.7 million, up 38.8% year on year, falling short of analysts’ expectations by 9.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ net interest income estimates.

The Bancorp delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 9.4% since the results and currently trades at $69.96.

Read our full analysis of The Bancorp’s results here.

WesBanco

Tracing its roots back to 1870 in West Virginia, WesBanco is a bank holding company that provides retail and commercial banking, trust services, insurance, and investment products through its subsidiaries across several Midwestern and Mid-Atlantic states.

WesBanco reported revenues of $261.6 million, up 72.9% year on year. This print missed analysts’ expectations by 0.7%. Overall, it was a slower quarter as it also produced a slight miss of analysts’ net interest income estimates and a slight miss of analysts’ revenue estimates.

WesBanco delivered the fastest revenue growth among its peers. The stock is up 8.9% since reporting and currently trades at $34.14.

Read our full, actionable report on WesBanco here, it’s free for active Edge members.

Old National Bank

Tracing its roots back to 1834 when Andrew Jackson was president, Old National Bancorp is a bank holding company that provides commercial and consumer loans, deposit services, wealth management, and treasury solutions primarily throughout the Midwest region.

Old National Bank reported revenues of $713 million, up 44.9% year on year. This result topped analysts’ expectations by 2.2%. Zooming out, it was a satisfactory quarter as it also logged a solid beat of analysts’ revenue estimates but net interest income in line with analysts’ estimates.

The stock is up 11.4% since reporting and currently trades at $23.04.

Read our full, actionable report on Old National Bank here, it’s free for active Edge members.

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Popular and the rest of the regional banks stocks fared in Q3.

Regional banks, financial institutions operating within specific geographic areas, serve as intermediaries between local depositors and borrowers. They benefit from rising interest rates that improve net interest margins (the difference between loan yields and deposit costs), digital transformation reducing operational expenses, and local economic growth driving loan demand. However, these banks face headwinds from fintech competition, deposit outflows to higher-yielding alternatives, credit deterioration (increasing loan defaults) during economic slowdowns, and regulatory compliance costs. Recent concerns about regional bank stability following high-profile failures and significant commercial real estate exposure present additional challenges.

The 101 regional banks stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 1.3%.

Thankfully, share prices of the companies have been resilient as they are up 8.4% on average since the latest earnings results.

Popular

Founded in 1893 as the first bank in Puerto Rico to serve the working class, Popular is a financial holding company that provides retail, mortgage, and commercial banking services primarily in Puerto Rico and the mainland United States.

Popular reported revenues of $814 million, up 10.5% year on year. This print was in line with analysts’ expectations, and overall, it was a satisfactory quarter for the company with a narrow beat of analysts’ tangible book value per share estimates.

Interestingly, the stock is up 11.9% since reporting and currently trades at $129.09.

Best Q3: Customers Bancorp

Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking.

Customers Bancorp reported revenues of $231.8 million, up 38.3% year on year, outperforming analysts’ expectations by 6.9%. The business had a stunning quarter with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 19.3% since reporting. It currently trades at $78.19.

Weakest Q3: The Bancorp

Operating behind the scenes of many popular fintech apps and prepaid cards you might use daily, The Bancorp is a bank holding company that specializes in providing banking services to fintech companies and offering specialty lending products.

The Bancorp reported revenues of $174.7 million, up 38.8% year on year, falling short of analysts’ expectations by 9.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ net interest income estimates.

The Bancorp delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 9.4% since the results and currently trades at $69.96.

Read our full analysis of The Bancorp’s results here.

Byline Bancorp

Ranking as the fifth most active Small Business Administration lender in the country, Byline Bancorp is a Chicago-based bank that provides banking services to small and medium-sized businesses, commercial real estate developers, and consumers.

Byline Bancorp reported revenues of $115.7 million, up 13.6% year on year. This result surpassed analysts’ expectations by 4.5%. It was an exceptional quarter as it also put up a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ net interest income estimates.

The stock is up 10.9% since reporting and currently trades at $29.57.

Read our full, actionable report on Byline Bancorp here, it’s free for active Edge members.

Old National Bank

Tracing its roots back to 1834 when Andrew Jackson was president, Old National Bancorp is a bank holding company that provides commercial and consumer loans, deposit services, wealth management, and treasury solutions primarily throughout the Midwest region.

Old National Bank reported revenues of $713 million, up 44.9% year on year. This number topped analysts’ expectations by 2.2%. Aside from that, it was a satisfactory quarter as it also recorded a solid beat of analysts’ revenue estimates but net interest income in line with analysts’ estimates.

The stock is up 11.4% since reporting and currently trades at $23.04.

Read our full, actionable report on Old National Bank here, it’s free for active Edge members.

As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the regional banks industry, including Pinnacle Financial Partners (NASDAQ:PNFP) and its peers.

Regional banks, financial institutions operating within specific geographic areas, serve as intermediaries between local depositors and borrowers. They benefit from rising interest rates that improve net interest margins (the difference between loan yields and deposit costs), digital transformation reducing operational expenses, and local economic growth driving loan demand. However, these banks face headwinds from fintech competition, deposit outflows to higher-yielding alternatives, credit deterioration (increasing loan defaults) during economic slowdowns, and regulatory compliance costs. Recent concerns about regional bank stability following high-profile failures and significant commercial real estate exposure present additional challenges.

The 101 regional banks stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 1.3%.

Thankfully, share prices of the companies have been resilient as they are up 9.2% on average since the latest earnings results.

Pinnacle Financial Partners (NASDAQ:PNFP)

Founded in 2000 with a focus on delivering big-bank capabilities with community bank personalization, Pinnacle Financial Partners (NASDAQ:PNFP) is a Tennessee-based financial holding company that provides banking, investment, trust, mortgage, and insurance services to businesses and individuals.

Pinnacle Financial Partners reported revenues of $560 million, up 17% year on year. This print exceeded analysts’ expectations by 5.4%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ tangible book value per share estimates.

Interestingly, the stock is up 8.6% since reporting and currently trades at $97.81.

Best Q3: Customers Bancorp

Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking.

Customers Bancorp reported revenues of $231.8 million, up 38.3% year on year, outperforming analysts’ expectations by 6.9%. The business had a stunning quarter with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 17.8% since reporting. It currently trades at $77.19.

Weakest Q3: The Bancorp

Operating behind the scenes of many popular fintech apps and prepaid cards you might use daily, The Bancorp is a bank holding company that specializes in providing banking services to fintech companies and offering specialty lending products.

The Bancorp reported revenues of $174.7 million, up 38.8% year on year, falling short of analysts’ expectations by 9.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and net interest income estimates.

The Bancorp delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 9.8% since the results and currently trades at $69.64.

Read our full analysis of The Bancorp’s results here.

Old National Bank

Tracing its roots back to 1834 when Andrew Jackson was president, Old National Bancorp is a bank holding company that provides commercial and consumer loans, deposit services, wealth management, and treasury solutions primarily throughout the Midwest region.

Old National Bank reported revenues of $713 million, up 44.9% year on year. This print topped analysts’ expectations by 2.2%. More broadly, it was a satisfactory quarter as it also produced a solid beat of analysts’ revenue estimates but net interest income in line with analysts’ estimates.

The stock is up 12.4% since reporting and currently trades at $23.24.

Read our full, actionable report on Old National Bank here, it’s free for active Edge members.

OceanFirst Financial

Tracing its roots back to 1902 when it began serving coastal New Jersey communities, OceanFirst Financial operates as a regional bank holding company that provides commercial and consumer banking services primarily in New Jersey and surrounding metropolitan areas.

OceanFirst Financial reported revenues of $103 million, up 9.5% year on year. This number met analysts’ expectations. Aside from that, it was a slower quarter as it produced EPS in line with analysts’ estimates and a slight miss of analysts’ net interest income estimates.

The stock is down 9.5% since reporting and currently trades at $17.49.

Read our full, actionable report on OceanFirst Financial here, it’s free for active Edge members.