Mixed Q4 Results: 40.9% Revenue Surge, GAAP EPS Miss and 3.65% Net Interest Margin

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Old National Bancorp reported GAAP earnings per share of $0.55, missing estimates by $0.04, and revenue of $698.6 million versus $706.2 million expected; adjusted EPS of $0.62 topped forecasts. Fourth-quarter revenue rose 40.9% year-over-year on acquisition activity, while net interest margin held at 3.65% and nonaccrual loans climbed to 1.07%.

1. Old National Receives Customer Confidence Award

Old National Bancorp has been named the recipient of the Customer Confidence Award at Quavo’s 2nd annual Trust in Banking Awards for 2026, recognizing the bank’s top satisfaction rate in client dispute resolution management. Quavo, a leading AI-driven dispute technology partner, honored Old National for its fair and efficient handling of client disputes, with Quavo Client Account Manager Derrick Donsbach praising the bank’s commitment to trust and superior accountholder experience. Old National COO Jeff Newcom noted that rapid, careful resolution of fraud and disputes is fundamental to the bank’s service model, and said the award underscores the urgency and dedication the firm brings to protecting clients and achieving optimal outcomes.

2. Q4 2025 Financial Results and Outlook

On January 21, Old National reported GAAP earnings per share of $0.55, missing the consensus $0.59, while revenue came in at $698.6 million versus estimates of $706.17 million. Adjusted EPS of $0.62 beat analyst forecasts, and the bank posted a 40.9% year-over-year revenue increase in Q4 2025 driven by recent acquisitions. Net interest margin remained robust at 3.65% (FTE), reflecting improved lending yields, though nonaccrual loans rose to 1.07%, above regional peer averages and highlighting asset-quality risks. At current levels, the bank trades at a trailing P/E of approximately 13.46 and offers an earnings yield near 7.43%, suggesting solid relative valuation as it enters 2026 with positive momentum from both operational performance and industry recognition.

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