Old National Bancorp (ONB) Business Profile

What it does

Old National Bancorp is an Indiana-based financial holding company whose wholly owned subsidiary is Old National Bank. Founded in 1834, it is headquartered in Evansville, Indiana; its commercial and consumer banking operations are headquartered in Chicago, Illinois. James C. Ryan is chairman and chief executive officer.

The company serves individuals and businesses primarily in the Midwest and Southeast. It accepts deposits, makes loans and offers services for managing money and investments. Its banking centers provide community banking services, while customers can also use online, mobile and telephone banking.

For individuals, lending includes home equity lines of credit, residential real estate loans and consumer loans. Business lending includes commercial and commercial real estate loans, agricultural loans, letters of credit and lease financing. Old National keeps some residential real estate loans in its own portfolio and sells others to secondary investors.

Beyond deposits and loans, the company offers private banking, wealth management, trust, brokerage and investment advisory services. Business customers can also use treasury management, merchant, foreign currency and capital markets services. The company provides community development lending and makes equity investments intended to support jobs and community revitalization.

At December 31, 2025, Old National had $72.2 billion in consolidated assets and operated 346 banking centers. It employed 4,971 full-time equivalent team members.

How it makes money

Old National earns interest on loans and other interest-earning assets, and pays interest on deposits and other interest-bearing liabilities. The difference is net interest income. It is affected by the amount and mix of loans, securities and funding, as well as changes in interest rates. Deposits from customers generally cost less than wholesale funding sources.

Net interest income was $2.1 billion in 2025 and accounted for 82% of 2025 revenues. Noninterest income was $466.5 million in 2025. The company also earns fees from originating loans, providing account services and delivering services such as wealth management, capital markets and mortgage banking.

Deposits include noninterest-bearing demand accounts, interest-bearing checking, savings and money market accounts, and time deposits. Old National pays interest on interest-bearing deposits and receives service fees on various accounts. Its lending relationships range from consumer borrowing and home loans to commercial credit, real estate lending, agricultural loans and lease financing.

Some residential real estate loans are retained, generating interest income, while others are sold to secondary investors. Wealth management, trust, investment advisory and brokerage services provide additional sources of fee income. Businesses can also pay for treasury management, merchant and capital markets services.

Old National intends to grow core client deposits alongside earning assets. In Q3 2026, it reported growth in deposits and continued expansion in commercial and industrial and commercial real estate lending. It also described fee income performance as broadly stable, while mortgage fees had softened in the changing rate environment.

Customers and how it sells

Old National serves individuals and commercial clients, offering deposit accounts and loans alongside services for investment, payments and business finances. Customers can use its banking centers, online and mobile banking, telephone banking, and debit and ATM cards.

The company operates primarily in the Midwest and Southeast. At December 31, 2025, its banking centers were located primarily in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, North Dakota, Tennessee and Wisconsin. Its corporate headquarters are in Evansville, Indiana, while commercial and consumer banking operations are headquartered in Chicago, Illinois.

The company identifies Chicago, Minneapolis–St. Paul, Evansville, Indianapolis, Milwaukee and Madison among the metropolitan areas it serves. Its 2025 acquisition of Bremer expanded its position in Minnesota and added funding in North Dakota. The earlier acquisition of CapStar strengthened its presence in Nashville, Tennessee.

Old National has also been adding commercial banking capacity in Ohio. In Q3 2026, its commercial hires included 4 bankers there, including bankers in Cleveland and Columbus. The company identifies those cities as expansion markets. It also added relationship managers across commercial banking and wealth management to increase its capacity to serve clients.

Suppliers and costs

Old National’s funding sources include customer deposits, borrowings and capital markets funding. It pays interest on interest-bearing deposits and competes for deposits as it grows its earning assets. In Q3 2026, the company said deposit growth was coming at a higher cost than it had expected earlier in the year, in a competitive deposit market.

Employee compensation is another cost. Old National provides base pay, incentive opportunities and benefits including health coverage, retirement contributions and paid leave. It employed 4,971 full-time equivalent team members at December 31, 2025.

Noninterest expense increased $390.9 million in 2025 compared with 2024. The 2025 amount included $140.9 million of merger-related expenses and a $3.0 million reduction to a previously accrued FDIC special assessment. Operating costs and additional amortization of intangibles related to acquisitions, as well as higher salaries and employee benefits, contributed to the increase excluding the identified expenses.

The company also pays deposit insurance assessments and invests in technology, processes and staff. It uses external vendors, whose systems are relevant to its operational and security risks.

Competitive position

Old National competes for banking and financial services clients with commercial banks, savings and loan associations, credit unions, mortgage banking firms, financial technology companies and consumer finance companies. It also competes with securities brokerages, insurers, money market mutual funds, private equity and debt funds, and other financial services providers. No individual competitors are named in the supplied company disclosures.

Competition extends to deposits, lending relationships and staff. Old National says many competing financial institutions are larger and have greater resources. Some nonbank competitors may face fewer regulatory constraints, operate across broader areas, have more capital or have lower costs. The company also describes the market for banking talent as competitive.

Old National seeks relationships that include both loans and deposits, and offers services beyond banking, including wealth management and capital markets. It has banking centers across its regional footprint as well as online, mobile and telephone channels. It also seeks core client deposits to fund growth in earning assets.

Our reading: The regional branch network and range of services provide a basis for client relationships, but the evidence does not establish how difficult those relationships are for competitors to displace. Our reading: Customer deposits can support funding costs, although competition for deposits limits the protection they provide.

Growth opportunities

Old National pursues growth through lending, deposits, additional services for existing clients, hiring and acquisitions. Its stated priorities include organic growth and investment in talent, technology and client-facing capabilities. It seeks to fund lending growth with core deposits and to develop relationships that meet its pricing and credit requirements.

In 2025, total deposits grew 35%, or 5% excluding Bremer, while loans grew 34%, or 5% excluding Bremer. Old National completed the Bremer acquisition in May 2025; most related system conversions were completed in October 2025. Bremer contributed approximately $16.3 billion of total assets, $11.1 billion of total loans and $12.9 billion of deposits at closing.

The company also plans to invest in bankers and specialized expertise to grow relationships and fee income. In Q3 2026, it added 26 relationship managers across commercial banking and wealth management. Commercial hires included 4 bankers in Ohio, where Cleveland and Columbus are expansion markets. Old National has also added leaders in fintech, foreign currency, and food and beverage businesses.

The company continues to assess mergers, acquisitions and divestitures. Its targeted acquisition markets include areas within its general footprint with average to above average growth rates. Its ability to complete certain transactions depends on regulatory assessments, including capital, management and compliance.

Structural risks

• Credit losses: If actual losses on loans or debt securities exceed Old National’s allowance for credit losses, net income will decrease. Credit migration, higher net charge-offs and macroeconomic factors contributed to an increase in the provision for credit losses in 2025.

• Rates and funding: Net interest income depends on the mix of earning assets and funding sources and on interest rate fluctuations. Deposit flows are influenced by rates, competition, economic conditions and events at other banking organizations. Liquidity risk includes the possibility of being unable to meet financial commitments or becoming unduly reliant on alternative funding.

• Acquisitions: Mergers and acquisitions can entail integration costs, the loss of employees or clients, management distraction and possible goodwill impairment. Entering new markets can involve costs and delays before assets and deposits support the expansion.

• Operational security: A failure or breach of Old National’s systems or those of external vendors could disrupt business, expose confidential information, damage its reputation and create financial and legal exposure. System upgrades also carry disruption and delay risks.

• Regulation: Changes in laws, regulations or their application may increase compliance costs, reduce revenue or constrain activities. Regulatory limits on dividends from Old National Bank could affect the holding company’s liquidity and its ability to meet obligations.

Bottom line

Our reading

Our reading: Old National is a regional banking business built around lending relationships funded by deposits, with wealth and other services adding fee income. Its expansion through hiring and acquisitions gives it several ways to grow, while exposing it to integration demands and competition for deposits and staff. Credit losses, interest rates and regulation remain central to how the business performs.