Old National Bancorp (ONB) 10-Year Financial Performance & Capital Metrics

ONB • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutOld National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing. The company also provides debit and automated teller machine cards, telephone access, online banking, and other electronic and mobile banking services; cash management, private banking, brokerage, trust, investment advisory, and other traditional banking services; wealth management, investment, and foreign currency services; and treasury management, merchant, health savings, and capital markets services, as well as community development lending and equity investment solutions. As of December 31, 2021, it operated a total of 162 banking centers located primarily in the states of Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. Old National Bancorp was founded in 1834 and is headquartered in Evansville, Indiana.Show more

Net Interest Income $1.53B +1.8%
Total Revenue $2.96B +16.4%
Net Income $539M -7.4%
Return on Equity 9.06% -16.8%
Net Interest Margin 2.86% -6.6%
Efficiency Ratio 37.02% -8.4%
ROA 1.05% -13.5%
Equity / Assets 11.84% +4.5%
Book Value per Share 20.39 +7.0%
Tangible BV/Share 13.00 +9.6%
Debt/Equity 0.85 -10.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 17.7%
✓Efficient operations: 37.0% efficiency ratio
✓Well capitalized: 11.8% equity/assets
✓Healthy dividend yield of 2.6%
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.45%

5Y26.03%

3Y51.34%

TTM-

Profit (Net Income) CAGR

10Y17.93%

5Y17.75%

3Y24.78%

TTM17.13%

EPS CAGR

10Y5.87%

5Y4.01%

3Y0.2%

TTM4.24%

ROCE

10Y Avg6.05%

5Y Avg6.39%

3Y Avg6.86%

Latest5.9%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	366.12M	402.7M	437.17M	537.6M	604.27M	596.09M	596.4M	1.33B	1.5B	1.53B
NII Growth %	-0%	0.1%	0.09%	0.23%	0.12%	-0.01%	0%	1.23%	0.13%	0.02%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	399.19M	447.13M	495.34M	632.04M	730.39M	663.31M	638.65M	1.45B	2.21B	2.6B
Interest Expense	33.07M	44.43M	58.17M	94.44M	126.11M	67.21M	42.25M	126.27M	703.67M	1.07B
Loan Loss Provision	2.92M	960K	3.05M	6.97M	4.75M	42.88M	-29.62M	144.8M	58.89M	110.62M
Non-Interest Income+	217.67M	203.33M	176.79M	181.32M	199.32M	239.27M	214.22M	399.78M	333.34M	354.7M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	616.86M	650.47M	672.12M	813.36M	929.7M	902.58M	852.87M	1.85B	2.54B	2.96B
Revenue Growth %	0.04%	0.05%	0.03%	0.21%	0.14%	-0.03%	-0.06%	1.17%	0.37%	0.16%
Non-Interest Expense	417.97M	404.65M	442.24M	503.27M	508.49M	536.93M	501.38M	1.04B	1.03B	1.09B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	162.89M	200.43M	168.66M	208.68M	290.36M	255.56M	338.86M	544.73M	751.3M	680.44M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.15%	0.23%	-0.16%	0.24%	0.39%	-0.12%	0.33%	0.61%	0.38%	-0.09%
Pretax Income+	162.89M	200.43M	168.66M	208.68M	290.36M	255.56M	338.86M	544.73M	751.3M	680.44M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	46.18M	66.16M	72.94M	17.85M	52.15M	29.15M	61.32M	116.45M	169.31M	141.25M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	116.72M	134.26M	95.72M	190.83M	238.21M	226.41M	277.54M	428.29M	581.99M	539.19M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.13%	0.15%	-0.29%	0.99%	0.25%	-0.05%	0.23%	0.54%	0.36%	-0.07%
Net Income (Continuing)	116.72M	134.26M	95.72M	190.83M	238.21M	226.41M	277.54M	428.29M	581.99M	539.19M
EPS (Diluted)+	1.00	1.05	0.69	1.22	1.38	1.36	1.67	1.50	1.94	1.68
EPS Growth %	0.05%	0.05%	-0.34%	0.77%	0.13%	-0.01%	0.23%	-0.1%	0.29%	-0.13%
EPS (Basic)	1.01	1.05	0.69	1.23	1.39	1.37	1.68	1.51	1.95	1.69
Diluted Shares Outstanding	116.25M	128.3M	138.51M	156.54M	172.69M	166.18M	165.93M	276.69M	291.86M	311M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	219.82M	255.52M	290.43M	317.17M	276.34M	589.71M	822.02M	728.41M	1.17B	1.23B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	10.21B	12.6B	14.97B	16.84B	17.49B	19.69B	20.91B	40.75B	42.52B	46.43B
Investments Growth %	0.02%	0.23%	0.19%	0.12%	0.04%	0.13%	0.06%	0.95%	0.04%	0.09%
Long-Term Investments	7.79B	9.8B	11.78B	12.71B	12.11B	13.72B	13.53B	33.97B	35.81B	38.97B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	584.63M	655.02M	828.05M	1.04B	1.04B	1.04B	1.04B	2B	2B	2.18B
Intangible Assets	45.78M	63.24M	77.76M	101.51M	60.1M	46.01M	34.68M	126.41M	102.25M	120.85M
PP&E (Net)	196.68M	429.62M	458.07M	485.91M	586.4M	540.61M	545.75M	557.31M	565.4M	588.97M
Other Assets	559.55M	593.98M	692.9M	774.73M	842.11M	973.53M	1.02B	2.41B	2.73B	3.01B
Total Current Assets	2.71B	3.13B	3.57B	4.53B	5.75B	6.65B	8.29B	7.69B	7.89B	8.69B
Total Non-Current Assets	9.28B	11.73B	13.94B	15.2B	14.67B	16.32B	16.17B	39.07B	41.2B	44.87B
Total Assets+	11.99B	14.86B	17.52B	19.73B	20.41B	22.96B	24.45B	46.76B	49.09B	53.55B
Asset Growth %	0.03%	0.24%	0.18%	0.13%	0.03%	0.12%	0.07%	0.91%	0.05%	0.09%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	1.97B	2.15B	2.58B	2.49B	2.84B	2.76B	2.65B	5.59B	5.33B	5.41B
Net Debt	1.75B	1.9B	2.29B	2.18B	2.57B	2.17B	1.83B	4.86B	4.16B	4.18B
Long-Term Debt	1.24B	1.57B	1.85B	1.86B	2.06B	2.23B	2.17B	4.56B	5.02B	5.12B
Short-Term Debt	728.5M	580.05M	719.84M	632.43M	678.2M	432.33M	392.55M	1.01B	285.6M	269.36M
Other Liabilities	-50M	0	0	0	0	0	0	0	0	976.83M
Total Current Liabilities	9.31B	11.47B	13.51B	15.18B	15.39B	17.66B	19.18B	37.06B	38.48B	41.09B
Total Non-Current Liabilities	1.19B	1.57B	1.86B	1.86B	2.17B	2.33B	2.26B	4.57B	5.05B	6.12B
Total Liabilities	10.5B	13.05B	15.36B	17.04B	17.56B	19.99B	21.44B	41.63B	43.53B	47.21B
Total Equity+	1.49B	1.81B	2.15B	2.69B	2.85B	2.97B	3.01B	5.13B	5.56B	6.34B
Equity Growth %	0.02%	0.22%	0.19%	0.25%	0.06%	0.04%	0.01%	0.7%	0.08%	0.14%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.08%	0.08%	0.05%	0.08%	0.09%	0.08%	0.09%	0.11%	0.11%	0.09%
Book Value per Share	12.83	14.14	15.55	17.18	16.52	17.89	18.15	18.54	19.06	20.39
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	114.3M	135.16M	152.04M	175.14M	169.62M	165.37M	165.84M	292.9M	292.65M	318.98M
Additional Paid-in Capital	1.09B	1.35B	1.64B	2.03B	1.94B	1.88B	1.88B	4.17B	4.16B	4.57B
Retained Earnings	323.76M	390.29M	413.13M	527.68M	682.18M	783.89M	968.01M	1.22B	1.62B	1.97B
Accumulated OCI	-34.8M	-59.37M	-50.27M	-44.95M	56.21M	147.77M	-2.38M	-786.42M	-738.81M	-746.04M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	230.5M	230.5M	230.5M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	123.76M	24.81M	250.08M	234.41M	233.76M	219.82M	330.38M	814.42M	516.34M	622.28M
Operating CF Growth %	-0.38%	-0.8%	9.08%	-0.06%	-0%	-0.06%	0.5%	1.47%	-0.37%	0.21%
Net Income	116.72M	134.26M	95.72M	190.83M	238.21M	226.41M	277.54M	428.29M	581.99M	539.19M
Depreciation & Amortization	25.85M	29.04M	34.02M	38.22M	43.63M	43M	38.61M	62.29M	62.34M	65.63M
Deferred Taxes	0	0	11.73M	22.95M	2.75M	18.79M	6.77M	10.96M	15.37M	13.33M
Other Non-Cash Items	-1.14M	-165.15M	44.97M	-24.29M	-48.93M	26.37M	-11.27M	64.85M	24.73M	83.04M
Working Capital Changes	-21.92M	19.33M	57.36M	-1.41M	-9.89M	-102.46M	11.23M	219.38M	-195.99M	-111.19M
Cash from Investing+	-500.9M	-640.76M	-536.4M	-271.42M	-525.4M	-2.14B	-1.43B	-1.69B	-1.82B	-1.37B
Purchase of Investments	-907.28M	-1.63B	-874.55M	-663.34M	-2.37B	-2.8B	-3.33B	-1.62B	-1.11B	-1.85B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-370.19M	29.24M	2.56M	-149.9M	0	0	0	1.91B	0	177.79M
Other Investing	-286.55M	-360.99M	-465.96M	-39.07M	153M	-1.64B	238.82M	-3.39B	-1.95B	-1.13B
Cash from Financing+	357M	651.65M	321.23M	63.74M	250.82M	2.24B	1.33B	777.48M	1.75B	802.59M
Dividends Paid	-55.55M	-67.54M	-72.6M	-82.16M	-89.47M	-92.95M	-92.83M	-177.62M	-180.03M	-191.16M
Share Repurchases	-88.69M	-2.04M	-2.76M	-1.8M	-102.41M	-82.36M	-3.73M	-71.18M	-44.31M	-8.88M
Stock Issued	391K	388K	404K	497K	567K	577K	583K	809K	1.08M	1.03M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	-1000K
Other Financing	155.02M	390.45M	158.94M	155.6M	-1.32M	2.24B	1.49B	50.83M	1.51B	1.01B
Net Change in Cash+	-20.14M	35.7M	34.91M	26.73M	-40.83M	313.38M	232.31M	-93.61M	446.65M	52.91M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	239.96M	219.82M	255.52M	290.43M	317.17M	276.34M	589.71M	822.02M	728.41M	1.18B
Cash at End	219.82M	255.52M	290.43M	317.17M	276.34M	589.71M	822.02M	728.41M	1.18B	1.23B
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	38.09M	-199.85M	212.78M	201.02M	196.33M	188.95M	281.69M	776.52M	477.97M	592.01M
FCF Growth %	-0.79%	-6.25%	2.06%	-0.06%	-0.02%	-0.04%	0.49%	1.76%	-0.38%	0.24%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.89%	8.12%	4.82%	7.88%	8.6%	7.77%	9.28%	10.52%	10.89%	9.06%
Return on Assets (ROA)	0.99%	1%	0.59%	1.02%	1.19%	1.04%	1.17%	1.2%	1.21%	1.05%
Net Interest Margin	3.05%	2.71%	2.5%	2.73%	2.96%	2.6%	2.44%	2.84%	3.06%	2.86%
Efficiency Ratio	67.76%	62.21%	65.8%	61.88%	54.69%	59.49%	58.79%	56%	40.4%	37.02%
Equity / Assets	12.44%	12.21%	12.3%	13.63%	13.97%	12.95%	12.32%	10.97%	11.33%	11.84%
Book Value / Share	12.83	14.14	15.55	17.18	16.52	17.89	18.15	18.54	19.06	20.39
NII Growth	-0.07%	9.99%	8.56%	22.97%	12.4%	-1.35%	0.05%	122.66%	13.19%	1.84%
Dividend Payout	47.6%	50.3%	75.85%	43.05%	37.56%	41.05%	33.45%	41.47%	30.93%	35.45%

Revenue by Segment

	2018	2019	2020	2021
Wealth Management Services	36.86M	37.07M	36.81M	40.41M
Wealth Management Services Growth	-	0.57%	-0.72%	9.79%
Deposit Account	44.03M	44.91M	35.08M	34.69M
Deposit Account Growth	-	2.02%	-21.89%	-1.13%
Investment Advisory, Management and Administrative Service	-	-	21.61M	24.64M
Investment Advisory, Management and Administrative Service Growth	-	-	-	14.00%
Debit Card And A T M Fees	20.22M	21.65M	20.18M	20.74M
Debit Card And A T M Fees Growth	-	7.10%	-6.81%	2.78%
Merchant Processing Services	2.93M	3.1M	3.15M	3.73M
Merchant Processing Services Growth	-	6.08%	1.45%	18.51%
Safe Deposit Box Services	1.12M	1.21M	957K	999K
Safe Deposit Box Services Growth	-	7.30%	-20.65%	4.39%
Gain Loss On Other Real Estate Owned	1.27M	254K	240K	298K
Gain Loss On Other Real Estate Owned Growth	-	-80.00%	-5.51%	24.17%
Insurance Premiums And Commissions	399K	815K	407K	114K
Insurance Premiums And Commissions Growth	-	104.26%	-50.06%	-71.99%
Investment Advisory Management And Administrative Service	20.54M	21.79M	-	-
Investment Advisory Management And Administrative Service Growth	-	6.07%	-	-

Frequently Asked Questions

Valuation & Price

Old National Bancorp (ONB) has a price-to-earnings (P/E) ratio of 13.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Old National Bancorp (ONB) grew revenue by 16.4% over the past year. This is strong growth.

Yes, Old National Bancorp (ONB) is profitable, generating $606.5M in net income for fiscal year 2024 (18.2% net margin).

Dividend & Returns

Yes, Old National Bancorp (ONB) pays a dividend with a yield of 2.64%. This makes it attractive for income-focused investors.

Old National Bancorp (ONB) has a return on equity (ROE) of 9.1%. This is below average, suggesting room for improvement.

Industry Metrics

Old National Bancorp (ONB) has a net interest margin (NIM) of 2.9%. NIM has been under pressure due to interest rate environment.

Old National Bancorp (ONB) has an efficiency ratio of 37.0%. This is excellent, indicating strong cost control.

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