EPS exactly in line with consensus removes upside catalyst; the revenue miss on lower noninterest income and NIM compression may weigh on the stock. Watch for deposit cost trajectory and commercial pipeline trends (down 20% QoQ) in the next quarter.
Price Chart
Executive Summary
Old National Bancorp reported record Q3 2026 net income applicable to common shares of $250.0M and diluted GAAP EPS of $0.66, exactly in line with consensus estimates of $0.66. Revenue (net interest income + noninterest income) was $712.7M, below the $731.7M consensus, driven by a normalization of noninterest income from elevated Q2 levels. The bank posted a record adjusted efficiency ratio of 44.9%, strong loan and deposit growth, and continued share repurchases ($100M), but NIM compressed 2 bps to 3.52% and deposit costs rose 8 bps.
Key Financial Metrics
Key Facts
- Record Q3 2026 net income applicable to common shares of $250.0M, up from $178.5M in Q3 2025
- GAAP diluted EPS of $0.66, in line with consensus of $0.66 (0% surprise)
- Net interest income (FTE) of $592.0M, up from $582.6M YoY
- NIM (FTE) of 3.52%, down 2 bps QoQ and 12 bps YoY
- Record adjusted efficiency ratio of 44.9%, improving from 48.1% in Q3 2025
- Period-end total deposits of $57.6B, up 10.6% annualized QoQ
- Period-end total loans of $51.2B, up 2.9% annualized QoQ
- Repurchased $100M of common stock (3.9M shares) during the quarter
- Provision for credit losses of $33.6M, down from $36.2M in Q2 2026
- Noninterest income of $128.4M, down 9.1% ex-items from Q2 2026 due to normalization of other income
Financial Impact
EPS in line with consensus; revenue miss of ~$19M vs consensus; record net income and efficiency ratio
Risk Factors
- NIM compression of 2 bps QoQ and 12 bps YoY amid rising deposit costs
- Commercial pipeline down 20% from record Q2 levels, signaling potential slowdown in loan growth
- Tangible common equity to tangible assets declined to 7.28% from 7.68% due to $391M AOCI impact from rates
- Noninterest income normalized from elevated Q2 levels, down 9.1% ex-items
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-066598 |
| Document: onb-20261021.htm | 0001628280-26-066598 |
| Document: 0001628280-26-066598-index-headers.html | 0001628280-26-066598 |
| Document: 0001628280-26-066598-index.html | 0001628280-26-066598 |
| Document: 0001628280-26-066598.txt | 0001628280-26-066598 |
| 8-K Data (Synthetic) | 0001628280-26-066598 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Press Release | $25.03 | awaiting T+20 | — | $25.01 (−0.04%) |
Oct 21, 2026 6d ago | 8-K | $24.59 | awaiting T+20 | — | $25.01 (+1.73%) |
Sep 25, 2026 4w ago | Press Release | $25.49 $25.32 | ▼ −0.67% | ▲ +0.81% | $25.01 (−1.86%) |
Aug 5, 2026 11w ago | 8-K | $26.67 $25.98 | ▼ −2.59% | ▼ −3.19% | $25.01 (−6.21%) |
Jul 31, 2026 12w ago | Insider Cluster | $26.70 $25.44 | ▼ −4.73% | ▼ −5.97% | $25.01 (−6.31%) |
Jul 31, 2026 12w ago | Insider Cluster | $26.70 $25.44 | ▼ −4.73% | ▼ −5.97% | $25.01 (−6.31%) |
Jul 22, 2026 13w ago | 8-K | $26.39 $25.91 | ▼ −1.82% | ▼ −4.72% | $25.01 (−5.21%) |
Jul 7, 2026 16w ago | Press Release | $26.43 | awaiting T+20 | — | $25.01 (−5.35%) |
May 28, 2026 21w ago | Press Release | $24.00 $25.88 | ▲ +7.83% | ▲ +10.98% | $25.01 (+4.23%) |
May 13, 2026 23w ago | Press Release | $23.45 $25.14 | ▲ +7.22% | ▲ +8.08% | $25.01 (+6.69%) |
US Market Status
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