Old National Bancorp reported a net income of $229.6 million for the first quarter of 2026, translating to $0.59 per diluted share, an increase from $212.6 million, or $0.55 per diluted share, in the previous quarter. The results were influenced by $7.3 million in merger-related expenses from the acquisition of Bremer Financial Corporation, which was completed on May 1, 2025. Excluding these expenses, adjusted net income was $237.7 million, or $0.61 per diluted share, compared to $241.0 million, or $0.62 per diluted share, in the fourth quarter of 2025. The bank's total assets grew to $73.0 billion, up from $72.2 billion at the end of 2025, driven by strong loan growth.

Total loans increased by $967.7 million, or 8% annualized, to $49.7 billion, with significant contributions from commercial loans. Deposits also rose by $584.3 million, or 4% annualized, to $55.7 billion. Net interest income decreased slightly to $572.6 million, impacted by lower asset yields, but was supported by high-quality loan growth and reduced funding costs. The provision for credit losses was $34.9 million, up from $32.7 million in the previous quarter, reflecting credit migration and macroeconomic factors.

Old National's noninterest income for the quarter was $122.3 million, a 30.4% increase from $93.8 million in the same period last year, bolstered by the Bremer acquisition and organic growth in fee-based services. Notably, wealth and investment services fees rose by 34%, and capital markets income surged by 144.5%. Noninterest expenses totaled $364.7 million, which included $7.3 million in merger-related costs, but decreased from $386.3 million in the previous quarter due to disciplined expense management.

The bank's asset quality remained stable, with nonaccrual loans decreasing to $511.9 million, or 1.03% of total loans, down from 1.07% at the end of 2025. The allowance for credit losses on loans was $574.4 million, representing 1.15% of total loans. Old National's capital ratios remained strong, with a Tier 1 capital ratio of 11.56% and a total capital ratio of 13.71%, both exceeding regulatory requirements. The bank's outlook remains positive, with expectations for continued loan growth and effective management of credit quality and expenses.

About OLD NATIONAL BANCORP /IN/

Old National Bancorp is a Midwest-based financial holding company operating Old National Bank, a full-service community bank. It offers consumer and commercial banking, wealth management, trust, and capital markets services across the Midwest and Southeast. The company focuses on building long-term client relationships, community reinvestment, and strategic mergers to expand its regional footprint and deliver stable, relationship-driven banking solutions.

This description was generated via AI from an annual report. Updated 8 months ago.

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