Old National Bancorp (ONB) Stock

Old National Bancorp (ONB) is a Financials stock trading at $25.83 (as of 2026-08-20), with a market capitalization of $9.98B and a trailing P/E of 14.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Old National Bancorp is the bank holding company for Old National Bank, providing financial services to individual and commercial customers in the United States. It offers deposit accounts, lending (including residential and commercial real estate and consumer credit), and banking services such as electronic and mobile banking, cash and treasury management, private banking, brokerage and trust, investment advisory, and related merchant and capital markets services.

Understand Old National Bancorp: how it makes money

Old National Bancorp runs a bank that takes customer deposits and makes a range of loans, earning money through its lending and deposit-based financial services in the United States.

Bank profits are driven by the volume and quality of loans the bank originates and holds, with credit performance monitored through measures like criticized and classified loans and nonaccruals.

Business quality (Solid): The dataset includes operating metrics tied to loan production and credit quality, but it does not provide a clean official reportable segment revenue breakdown.

Valuation: At 13× earnings, ONB trades in line with the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

Commercial lending pipeline remains substantial: Commercial Loan Pipeline is listed at 5.9 USD_B, which can support future loan production.
Credit quality indicators improved: Criticized and Classified Loans Decline is reported at 0.22 USD_B, and Nonaccrual Loans Decrease is reported at 0.07 USD_B.
Commercial real estate exposure is measurable and tracked: Investor Commercial Real Estate is reported at 11.7 USD_B, with Multifamily Loans (Within Investor Commercial Real Estate) at 5.5 USD_B.

Bear case

Credit performance can reverse: Even with decreases in criticized and nonaccrual loans in the latest data, a future rise in criticized and classified loans or nonaccruals would be a direct risk to earnings.
Commercial real estate concentration is a key sensitivity: Investor Commercial Real Estate is 11.7 USD_B, so changes in CRE fundamentals could affect loan quality.
PPP-related legacy exposure may add uncertainty: Paycheck Protection Program Loan Balance is listed at 0.72 USD_B, with Paycheck Protection Program Loans at Period End at 0.35 USD_B.
Funding mix could become less favorable: Noninterest-Bearing Deposits as a Percentage of Core Deposits is reported at 26.0 percent, and changes in this mix can affect funding economics.

Valuation — source: SEC EDGAR (first-party)
Price	$25.83
Market Cap	$9.98B
P/E Ratio	14.5
EV / EBITDA	8.8
Price / Book	1.17
Price / Sales	3.07
FCF Yield	9.6%
DCF Value (model)	$29.55
DCF Upside vs Price	14.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$3.27B
Net Margin	20.5%
Revenue Growth (YoY)	32.9%
EPS Growth (YoY)	17.0%

Valuation vs Sector & Industry
Stock P/E	14.5
Sector P/E (Financials)	15.1
Industry P/E (Banking)	12.9
vs Sector	-3.9%
vs Industry	12.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($990.03M)
Institutional Holders Tracked	10

Company
Sector	Financials
Industry	Banking
CEO	James C. Ryan
Employees	4,028
Country	US
IPO Date	1984-06-20

Related Companies (Business model: Universal / Commercial Bank; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.