Old National Bancorp Posts $229.6M Q1 Net Income, 8% Loan Growth, 4.2% Deposit Rise
Old National Bancorp reported 1Q26 income of $229.6 million and diluted EPS of $0.59, rising to $237.7 million and $0.61 EPS on an adjusted basis. Total deposits rose 4.2% to $55.7 billion while loans grew 8.0% to $49.8 billion, and net interest margin compressed 10 basis points to 3.55%.
1. Q1 Financial Results
Old National reported net income applicable to common shares of $229.6 million and diluted EPS of $0.59 in the first quarter, with adjusted net income of $237.7 million and adjusted EPS of $0.61. Net interest income was $580.4 million on a fully taxable equivalent basis and net interest margin compressed by 10 basis points to 3.55%.
2. Deposits and Funding
Period-end total deposits increased 4.2% annualized to $55.7 billion, supported by retail and commercial inflows that offset seasonal public funds outflows. Deposit costs declined by 8 basis points to 1.72%, while the loan-to-deposit ratio stood at 89%.
3. Loan Growth and Credit Quality
Total loans rose by $970.9 million or 8.0% annualized to $49.8 billion, driven by $633.8 million in commercial and industrial production. Provision for credit losses was $34.9 million and net charge-offs were $32.0 million, representing 26 basis points of average loans with 30+ day delinquencies at 0.24%.
4. Capital Returns and Notable Items
Regulatory Tier 1 common equity ratio preliminarily reached 11.11%, up 3 basis points, and the company repurchased 3.9 million shares during the quarter. The quarter included $7.3 million of merger-related charges and a $3.4 million non-cash pension distribution expense.