ONBNasdaqNational Commercial BanksUS GAAP · USD

Old National Bancorp

Old National Bancorp is an Indiana-based financial holding company whose main banking subsidiary, Old National Bank, provides commercial and consumer banking services across the Midwest and Southeast United States. Through its bank and non-bank affiliates, it also offers wealth management, brokerage, trust, investment advisory, and capital markets services.

Ask about the company
Net income669m USD
+24.1 %y/y
Free cash flow637m USD
+7.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

050100150m USD2020: 118 m USD20202021: 126 m USD20212022202320242025
RevenueOperating profit (EBIT)
Ask Clarifo about Old National Bancorp

Business

Share of revenue
Commercial banking45 %

Loans, deposits, treasury management, and related services for businesses and public clients.

Consumer banking25 %

Retail deposits, personal loans, mortgage-related products, and branch-based banking services.

Wealth management15 %

Trust, private banking, investment advisory, and brokerage services for individuals and institutions.

Capital markets10 %

Client-facing capital markets, financing, and related fee-based financial services.

Other banking services5 %

Ancillary banking and non-bank affiliate services supporting the franchise.

Customers

Old National serves commercial borrowers, retail depositors, and wealth clients across community and middle-market banking relationships. Its customer base is concentrated in the Midwestern and Southeastern U.S., with branch-centered relationships that emphasize deposits, lending, and advisory services.

Commercial and middle-market clients

Businesses that borrow for working capital, equipment, and real estate and use treasury services.

Retail and consumer households

Individuals and families that maintain deposits and use consumer loan products through branches and digital channels.

Wealth management clients

Affluent individuals and families buying trust, brokerage, and investment advisory services.

Small businesses and community organizations

Local operating accounts, lending, and payment services tied to branch relationships.

Capital markets clients

Borrowers and institutional clients using financing and market-related banking services.

Strategy

Old National’s strategy centers on community banking, relationship lending, and a low-cost deposit franchise that supports loan growth. The company also uses acquisitions to deepen its footprint in attractive regional markets while expanding wealth and capital markets capabilities around the core bank.

Deposit franchise expansionShort term

Low-cost deposits are the funding base for lending and liquidity management.

Disciplined loan growthShort term

Loan growth drives earning assets while preserving credit quality.

Acquisition-led footprint buildingMedium term

M&A can add deposits, loans, and market density in attractive regions.

Fee income diversificationMedium term

Wealth management and capital markets reduce reliance on spread income.

Geography

Old National operates primarily in the Midwest and Southeast United States, with banking centers concentrated in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, North Dakota, Tennessee, and Wisconsin. Its largest deposit markets include Chicago, Minneapolis-St. Paul, and Evansville, making local economic conditions and population trends important to franchise growth.

Risks

Old National is exposed to credit, interest-rate, liquidity, and competitive risks typical of regional banking, with performance tied to borrower health and deposit behavior. It also faces regulatory, cyber, and technology risks, including pressure from larger banks and fintech competitors and the operational complexity of acquisitions and integration.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Credit deterioration in loan portfolios1Interest-rate and deposit repricing risk2Competition from banks and fintechs3Cybersecurity and operational disruption4Regional economic concentration5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Credit deterioration in loan portfoliosImpact: HighLikelihood: High

    The bank lends against borrower cash flow and collateral, so downturns can increase charge-offs and provisions.

    ExposureCommercialReal estateConsumer loans
  2. Interest-rate and deposit repricing riskImpact: HighLikelihood: Medium

    Funding costs and loan yields reprice at different speeds, affecting net interest income and deposit retention.

    Exposure: Core deposits and loan book

  3. Competition from banks and fintechsImpact: HighLikelihood: Medium

    Larger banks, credit unions, and fintech lenders can pressure pricing and customer acquisition.

    ExposureCommercial lendingMortgagesDepositsPayments
  4. Cybersecurity and operational disruptionImpact: HighLikelihood: Low

    Banking depends on secure systems, and outages or breaches can create financial and reputational damage.

    ExposureDigital bankingPaymentsThird-party vendors
  5. Regional economic concentrationImpact: MediumLikelihood: High

    The franchise is concentrated in Midwest and Southeast markets, so local recessions or population shifts matter.

    ExposureIllinoisIndianaMinnesotaTennesseeWisconsinOther footprint states
Ask Clarifo about Old National Bancorp

Accounting

Judgemental items
Allowance for credit losses

Management estimates future loan losses using borrower, collateral, and macroeconomic assumptions.

Impact: Affects provision expense, earnings, and balance-sheet reserves

Purchase accounting for acquisitions

Bank acquisitions create fair value marks, core deposit intangibles, and goodwill that must be tracked over time.

Impact: Affects reported assets, amortization, and impairment risk

Fair value of securities and derivatives

Market rates and spreads change the value of investment securities and hedging instruments.

Impact: Affects accumulated other comprehensive income and earnings

Goodwill and intangible impairment

Acquired franchises must be tested if market conditions or performance weaken.

Impact: Can create non-cash charges and reduce equity

Similar listed companies

Publicly listed companies with a comparable business focus.

Old Second Bancorp, Inc

OSBC · State Commercial Banks

First Bancorp, Inc

FNLC · National Commercial Banks

Northwest Bancshares, Inc.

NWBI · National Commercial Banks

U.S. Bancorp

USB · National Commercial Banks

LCNB Corporation

LCNB · National Commercial Banks

S&T Bancorp, Inc

STBA · State Commercial Banks

Last updated: 24/09/2026