Old National Bancorp (ONB) Stock Price & How to Invest

Old National Bancorp (NASDAQ: ONB) is the holding company for Old National Bank, a super-regional bank headquartered in Evansville, Indiana, with a large operational base in Chicago and a footprint concentrated across the Midwest. Following its May 2025 acquisition of Bremer Bank, the company holds roughly $70 billion in total assets and more than $30 billion in wealth assets under management, making it among the top 25 banking companies headquartered in the United States and one of the largest commercial banks in the Midwest. Like most banks, it earns money in two broad ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits (roughly $2.4 billion on a full-year 2025 basis), and noninterest fee income from wealth management, mortgage banking, treasury management, and capital markets.

Old National's story in recent years has been one of growth through acquisition, capped by its 2021 merger of equals with First Midwest Bancorp and the May 1, 2025 acquisition of Minnesota-based Bremer, which added about $16.3 billion of assets, $11.1 billion of loans, and $12.9 billion of deposits for roughly $1.3 billion in stock and cash. For full-year 2025 the company reported net income applicable to common shares of about $653.1 million and GAAP diluted EPS of $1.79, or about $808.6 million and $2.21 on an adjusted basis that strips out merger charges, which management described as record adjusted net income and EPS. The net interest margin ran around 3.65% in the fourth quarter and the adjusted efficiency ratio was about 48.8% for the year, both signs of a profitable, cost-disciplined operation whose next chapter depends on integrating Bremer and continuing to scale fee-based wealth revenue.

Old National is sensitive to interest rates: net interest income (about $2.4 billion in 2025) is its largest revenue line, so falling rates, deposit repricing, or an inverted yield curve can compress the margin and earnings. As an economically cyclical regional bank, it is exposed to the credit cycle, where a recession or regional downturn would raise loan losses, particularly in commercial real estate and commercial lending that make up a meaningful part of its book. Its acquisitive strategy carries integration and execution risk, since merging Bremer's systems, staff, and customers while retaining deposits and controlling costs is not guaranteed, and future deals add more. Geographic concentration in the Midwest means regional economic weakness hits harder than for a nationally diversified bank. Finally, broader risks (deposit competition, fintech disruption, regulatory and capital requirements, and market volatility affecting its securities portfolio) can all weigh on results.

11 analysts publish price targets on ONB, averaging $29.82 against a $26.64 price as of August 2026, or +11.9%. The published targets run from $27.00 to $32.00, a narrow spread, and the ratings split 8 buy, 4 hold, 0 sell. Over the last six months there have been 11 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full ONB forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Old National Bancorp. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Growth through acquisition and scale. Old National has expanded aggressively, from the 2021 merger of equals with First Midwest to the May 2025 acquisition of Bremer Bank, which pushed total assets to roughly $70 billion. The most optimistic published target, $32.00, assumes this works close to its best case.

The case against. Old National is sensitive to interest rates: net interest income (about $2.4 billion in 2025) is its largest revenue line, so falling rates, deposit repricing, or an inverted yield curve can compress the margin and earnings. The most pessimistic target, $27.00, is roughly what ONB is worth if this bites instead.

Read the full bull and bear case on ONB, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Old National Bancorp's investor relations page or your broker.

• Revenue (net interest income + fees, FY2025): ~$2.9 billion
• Net Interest Income (FY2025): ~$2.4 billion
• Net Income to Common (FY2025): ~$653 million GAAP (~$809 million adjusted)
• Diluted EPS (FY2025): $1.79 GAAP ($2.21 adjusted)
• Market Capitalization: ~$9.9 billion
• P/E Ratio (trailing): ~13
• Dividend Yield: ~2.2%, paid quarterly

Reading a regional bank means looking past a single earnings number to a few structural metrics. The net interest margin (around 3.65% in Q4 2025) shows how profitably the bank lends relative to its funding costs, and the efficiency ratio (an adjusted ~48.8% for 2025) measures how lean the operation is, where lower is better. Note the gap between GAAP EPS of $1.79 and adjusted EPS of $2.21, which reflects one-time merger and integration charges from the Bremer deal, so the adjusted figure is a cleaner read on underlying run-rate earnings. A trailing P/E near 13 is in the typical range for regional banks, which tend to trade at lower multiples than the broader market because their earnings are cyclical and rate-sensitive. The distinctive feature here is the growth-by-acquisition scale-up; the open question is how much of the Bremer benefit is already reflected in the share price versus still to be realized through integration.

If you want ONB exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

Other names that sit close to ONB: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get ONB exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (IWN), which spreads the position across many companies. Or build it into a focused thematic portfolio, so ONB sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where ONB fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Old National Bancorp is a mid-cap Midwest super-regional bank that has grown to roughly $70 billion in assets, posted record adjusted results in 2025, and pays a quarterly dividend, with performance tied to interest rates, the regional credit cycle, and how well it integrates its Bremer acquisition.

Whether ONB is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ONB a buy or a sell?, and where the stock could go from here in the ONB stock forecast.

For income investors, whether ONB pays a dividend and how the payout looks is covered in does ONB pay a dividend? And to weigh ONB against a peer, read the full side-by-side comparisons: ONB vs SGHC and ONB vs CBSH.