Old National Bancorp (ONB) reported first‑quarter 2026 results that included net income of $229.6 million, diluted earnings per share of $0.59, and adjusted earnings per share of $0.61. Total revenue for the quarter was $702.8 million, a figure that aligns with the company’s net of interest expense revenue and corrects the earlier misstatement of $999.7 million.
Revenue growth was modest, driven by a 8.0% annualized increase in loan growth and a 4.2% annualized rise in deposits. The net interest margin contracted by 10 basis points to 3.55%, a compression attributed to lower asset yields that were partially offset by the higher loan mix and lower funding costs. The adjusted efficiency ratio improved to a record low of 45.7%, underscoring disciplined cost management.
The adjusted EPS beat consensus estimates of $0.60 by $0.01, a 1.7% lift. The beat was largely a result of strict expense control and the strong loan‑growth momentum, which helped maintain profitability even as the interest margin tightened. Compared with Q1 2025, where diluted EPS was $0.44 and adjusted EPS was $0.45, the current quarter shows a clear acceleration in earnings quality.
Chairman and CEO Jim Ryan said, "We delivered strong loan growth, controlled expenses, and maintained strong credit, capital, and liquidity levels, while also taking decisive action on capital returns. Momentum across our businesses continues to build, and nothing we're seeing changes our confidence in our full-year expectations." Management reaffirmed its full‑year guidance, maintaining expectations for loan growth at the higher end of the 4%–6% range and expressing confidence in the bank’s strategic trajectory.
Old National remains the sixth‑largest commercial bank in the Midwest, with approximately $72 billion in assets and a top‑25 ranking among U.S. banks. The company repurchased 3.9 million shares during the quarter and issued $450 million of subordinated notes, actions that support shareholder value while preserving capital flexibility.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.