ONB earnings analysis
What we found in ONB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Old National delivered a strong Q2: total revenue reached $732.6 million and diluted EPS was $0.65, up from $0.59 sequentially and $0.34 a year earlier. Results reflected commercial-led loan growth, higher fee income, better efficiency, and substantially improved year-over-year provision comparisons following the prior-year Bremer acquisition allowance build. The principal watch items are a 1-basis-point sequential NIM decline to 3.54%, increased wholesale borrowing, and somewhat higher charge-offs, although reported nonaccrual and under-performing asset ratios improved.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue and EPS accelerated
- Q2 total revenue was $732.6 million (net interest income of $579.0 million plus noninterest income of $153.6 million), up 5.4% sequentially from $694.9 million and 13.2% from $647.3 million a year earlier. Diluted EPS rose to $0.65 from $0.59 in Q1 and $0.34 in Q2 2025.
- Core net interest income grew
- Net interest income increased $6.4 million sequentially to $579.0 million and rose 12.5% year over year from $514.8 million. Management attributed the increase to high-quality loan growth and stable core-deposit pricing; tax-equivalent NIM was 3.54%, versus 3.53% a year ago.
- Commercial lending drove balance growth
- Period-end loans grew $1.0 billion sequentially to $50.8 billion, driven by commercial production, while deposits increased $474.3 million sequentially to $56.1 billion. Since year-end, commercial loans rose $1.129 billion, commercial real estate loans increased $485.2 million, and total loans grew $2.008 billion.
- Fee income broadened
- Noninterest income increased 25.5% sequentially to $153.6 million, including a $13.2 million Bremer pension-settlement gain. Excluding that gain, fee and other income was $140.4 million; capital-markets income rose 73.3% year over year to $12.3 million.
- Asset-quality ratios improved
- Credit quality improved: nonaccrual loans declined to $461.7 million from $521.2 million at year-end, and under-performing assets fell to $471.9 million from $530.2 million. Nonperforming loans-to-total loans improved to 0.91% from 1.07%.
- Capital supports buybacks
- Capital remained sound, with CET1 at 11.09% versus 11.08% at year-end and total capital at 13.65% versus 12.85%. The company repurchased 8.3 million shares for $201.6 million in the first half and retained $276.6 million of repurchase authorization.
- Cash-flow metrics not disclosed
- Operating cash flow, capital expenditures, and free cash flow are not presented in the supplied filing extract; free cash flow is not a standard reported performance metric for this bank. Accordingly, free cash flow is reported as null.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Wholesale funding reliance increased
- Funding mix shifted toward wholesale sources: total wholesale borrowings increased $972.6 million, or 13.1%, from year-end to $8.424 billion, while noninterest-bearing demand deposits declined $582.2 million, or 4.4%, to $12.665 billion. Wholesale funding rose to 13% of total funding from 12%.
- Charge-offs and provision sensitivity
- Net charge-offs increased to $32.2 million in Q2 from $26.5 million a year earlier, and the annualized net-charge-off ratio rose to 0.26% from 0.24%. Management says future loan growth, lower recoveries, higher charge-offs, or CECL macroeconomic-assumption changes could increase provision expense; Q2 provision was $36.2 million.
- Rate sensitivity and securities losses
- Interest-rate exposure remains material: the available-for-sale securities portfolio had $666.5 million of net unrealized losses at June 30, 2026, up from $570.4 million at year-end, while its effective duration increased to 4.08 from 3.80. A modeled immediate 300-basis-point rate decline would reduce two-year cumulative net interest income by $383.2 million, or 8.04%, versus the base case.
- No risk-factor updates disclosed
- Item 1A states there were no material changes to the risk factors disclosed in the 2025 Annual Report on Form 10-K. Therefore, the filing contains no newly added or materially amended risk-factor disclosure.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.65
What they said about what is next.
The 10-Q provides no quantitative revenue or EPS outlook. Management states that it believes it can generate and obtain adequate liquidity for short- and long-term requirements; available liquid funds and borrowing capacity totaled $20.864 billion at June 30, 2026.
The filing reads better than the one before it.
What came before.
- 10-Q · April 29, 2026
- Old National Bancorp (ONB) reported Q1 2026 revenue of $694.9 million, falling short of the estimated $705.8 million. However, the bank delivered adjusted EPS of $0.61, slightly above the consensus estimate of $0.60.…
- 10-K · February 19, 2026
- Old National completed two strategic acquisitions (CapStar on April 1, 2024 and Bremer on May 1, 2025) that materially increased scale; consolidated assets totaled $72.2 billion at December 31, 2025. 2025 results show…
- 10-Q · July 30, 2025
- Old National’s 10-Q (Q2 2025) shows a sharp increase in revenue driven by higher net interest income and noninterest income following the May 1 Bremer acquisition, while operating profitability was compressed by higher…
- 10-Q · April 30, 2025
- Old National reported total revenue of $481,437,000 for the quarter (net interest income $387,643,000 + noninterest income $93,794,000), up $47,457,000 (10.9%) versus the prior-year quarter. Diluted EPS was $0.44 (basic…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ONB makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever