Old National posts record third-quarter profit of $250 million, EPS rises to $0.66

Old National Bancorp reported record third-quarter profit, helped by deposit and loan growth and the best efficiency ratio in its history.

Net income applicable to common shares was $250.0 million, or $0.66 a diluted share, according to its earnings release filed with an 8-K on Wednesday. That compares with $0.65 in the second quarter and $0.46 a year earlier. Adjusted EPS, a non-GAAP measure, was also $0.66, versus $0.59 a year ago.

"Old National continues to demonstrate the strength and consistency of our operating model," Chairman and Chief Executive Jim Ryan said in the release.

Deposits, loans and margin

Period-end deposits rose to $57.6 billion, up 10.6% annualized from the second quarter. Loans grew 2.9% annualized to $51.2 billion, led by commercial and industrial and commercial real estate lending.

Net interest income on a fully taxable equivalent basis rose to $592.0 million from $586.5 million in the prior quarter, while net interest margin slipped 2 basis points to 3.52% as deposit costs rose to 1.79%.

The adjusted efficiency ratio improved to a record 44.9%.

Credit and capital

Credit quality was stable. Net charge-offs were $34.1 million, or 27 basis points of average loans, and the provision for credit losses was $33.6 million. Nonaccrual loans were 0.92% of total loans.

Old National repurchased $100 million, or 3.9 million shares, during the quarter. Its preliminary common equity Tier 1 ratio was 11.11%.

By the numbers

• Net income to common: $250.0 million, a record
• Diluted EPS: $0.66, vs. $0.46 a year ago
• Deposits: $57.6 billion
• Net interest margin: 3.52%
• Buybacks: $100 million

Sources

1. Old National Bancorp, Form 8-K (Item 2.02) with Exhibit 99.1 earnings release, filed Oct. 21, 2026, accession 0001628280-26-066598

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