Strong 1Q results and maintained guidance point to continued outperformance vs peers. Monitor execution on full-year NII and expense targets; the active buyback program provides downside support. Any deviation from guidance in subsequent quarters would be key.
Price Chart
Executive Summary
Old National Bancorp released its 1Q26 investor presentation, reporting strong year-over-year growth: net income applicable to common shares of $230M (up 63% YoY), EPS of $0.59 (up 34% YoY), and adjusted EPS of $0.61 (up 36% YoY). Total loans grew 37% YoY (8% annualized), NIM expanded 28 bps to 3.55%, and CET1 remained strong at 11.11%. The company maintained its full-year 2026 guidance, expects >15% EPS growth YoY, and returned $151M to shareholders via dividends and buybacks.
Key Facts
- Net income applicable to common shares: $230M in 1Q26 vs $141M in 1Q25 (+63% YoY)
- EPS: $0.59 vs $0.44 (+34% YoY); adjusted EPS $0.61 vs $0.45 (+36% YoY)
- Net interest income (FTE): $580M vs $393M (+48% YoY); NIM 3.55% vs 3.27% (+28 bps)
- Total loans: $49.8B, up 37% YoY (8% annualized); total deposits: $55.7B, up 36% YoY
- CET1 ratio: 11.11%; TBV per share: $13.93, up 11% YoY
- Full-year 2026 outlook: NII ~$2,415M +/-2%, NCO ratio ~0.25%-0.30%, positive operating leverage expected
- Repurchased 3.9M shares for $95M; $383M remaining under authorization; quarterly dividend increased 4%
Financial Impact
Net income up $89M YoY; EPS up $0.15; NII up $187M YoY; loan book expanded by $13.3B YoY
Risk Factors
- Credit normalization: NCO ratio of 0.26% could rise towards the guided 0.25-0.30% range
- Interest rate sensitivity: NII assumes no Fed cuts in 2026; changes in rate path could impact net interest margin
- Integration risk from Bremer acquisition (closed in 2025) – cost savings and revenue synergies must materialize
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031184 |
| Document: onb-20260506.htm | 0001628280-26-031184 |
| Document: 0001628280-26-031184-index-headers.html | 0001628280-26-031184 |
| Document: 0001628280-26-031184-index.html | 0001628280-26-031184 |
| Document: 0001628280-26-031184.txt | 0001628280-26-031184 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 28, 2026 21w ago | S-3ASR | $24.83 $24.84 | ▲ +0.02% | ▼ −1.16% | $25.17 (+1.37%) |
May 13, 2026 23w ago | 8-K | $24.79 $24.92 | ▲ +0.52% | ▼ −3.07% | $25.17 (+1.53%) |
May 6, 2026 24w ago | 8-K | $24.80 $25.08 | ▲ +1.15% | ▼ −0.91% | $25.17 (+1.51%) |
Apr 22, 2026 26w ago | 8-K | $24.66 $25.06 | ▲ +1.59% | ▼ −3.19% | $25.17 (+2.06%) |
US Market Status
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