Old National Bancorp reported fourth‑quarter 2025 results that included a net income of $212.6 million and a diluted earnings per share of $0.55, slightly below the consensus estimate of $0.59. Adjusted earnings, however, rose to $241.0 million and an adjusted EPS of $0.62, beating the consensus of $0.59 by $0.03.
The stronger adjusted performance was driven by a 49% year‑over‑year increase in net interest income, which climbed to $588.8 million from $394.18 million in the same quarter of 2024. Non‑interest income grew by $13.9 million to $109.7 million, reflecting modest fee gains that offset a $15.55 million revenue miss. Cost discipline and efficient credit management helped keep operating margins stable.
The quarter was also shaped by the full integration of Bremer Financial, which added $12.5 billion in loans and $9.3 billion in deposits. The acquisition has already produced tangible book value per share growth of 15% year‑over‑year and is expected to deliver $115 million in annual cost savings, reinforcing Old National’s capital position with a Common Equity Tier 1 ratio of 11.08%.
Management reaffirmed its full‑year 2025 guidance, projecting adjusted EPS of $2.21 and net income of $808.6 million. CEO Jim Ryan emphasized that the bank’s focus on organic growth, disciplined credit, and operational leverage will sustain profitability, while the Bremer integration continues to deliver scale and cost efficiencies.
Analysts noted that the adjusted EPS beat was largely a result of strict cost controls and a favorable mix of loan growth, but the revenue miss highlighted a modest decline in fee‑based income. The mixed reaction reflects confidence in the bank’s execution while acknowledging the headwind of a slightly weaker top line.
Looking ahead, Old National expects continued loan demand in its core markets and anticipates that the Bremer integration will further strengthen its competitive position in the Twin Cities region, positioning the bank for steady growth in the coming quarters.
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