The Bull Case For Old National Bancorp (ONB) Could Change Following Strong Q3 Earnings and Bremer Integration

• Old National Bancorp recently announced its third quarter 2025 earnings, reporting net interest income of US$574.61 million and net income of US$182.57 million, both up from the previous year, reflecting strong performance after integrating Bremer Bank.
• This outperformance was attributed to effective operational discipline, robust core deposit growth, and improved efficiency highlighted by management as key contributors.
• We'll examine how Old National's higher-than-expected earnings and successful Bremer Bank integration may reshape its investment outlook.

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Old National Bancorp Investment Narrative Recap

To be a shareholder in Old National Bancorp right now, you would need to believe that the company’s expanded Midwest footprint and integration of Bremer Bank will drive sustainable growth despite competitive lending markets and commercial real estate risks. The recent Q3 results underscored stronger-than-expected earnings and operational efficiency, but the biggest short-term catalyst, realizing synergies from the Bremer integration, remains challenged by persistent headwinds in loan growth. The biggest risk continues to be Old National’s sizable commercial real estate exposure, which keeps it vulnerable to sector downturns; this latest news does not materially change that risk in the near term.

Among recent events, Old National’s completed share buyback of over 1.1 million shares for US$25.02 million is particularly relevant, reflecting efforts to return capital to shareholders even as loan runoff pressures temper growth expectations. While share repurchases can support shareholder value, investors should keep in mind the tension between buybacks, capital allocation, and maintaining flexibility amid a competitive lending environment.

In contrast, investors should be alert to ONB’s ongoing exposure to commercial real estate loans, as...

Read the full narrative on Old National Bancorp (it's free!)

Old National Bancorp's outlook anticipates $3.6 billion in revenue and $1.5 billion in earnings by 2028. This scenario assumes annual revenue growth of 24.2% and an increase in earnings of $948.4 million from current earnings of $551.6 million.

Uncover how Old National Bancorp's forecasts yield a $25.75 fair value, a 27% upside to its current price.

Exploring Other Perspectives

Three Simply Wall St Community fair value estimates for Old National Bancorp range from US$25.75 to US$12,367.80 per share. Such wide differences in analysis make sense when considering the continuing risk of commercial real estate exposure in the current market, explore the full range of views to see how opinions differ.

Explore 3 other fair value estimates on Old National Bancorp - why the stock might be a potential multi-bagger!

Build Your Own Old National Bancorp Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Old National Bancorp research is our analysis highlighting 5 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Old National Bancorp research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Old National Bancorp's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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