ONBPO · Old National Bancorp

Old National Bancorp's Q1 2026 results demonstrate resilient performance amid ongoing Bremer acquisition integration. Net income rose 61.5% year-over-year to $233.7 million from $144.7 million, with diluted EPS advancing 34.1% to $0.59 from $0.44. This earnings momentum stems from projected net interest income growth driven by the Bremer acquisition, loan expansion, and asset repricing benefiting from current interest rates and economic conditions, as highlighted in management discussion.

Operational cash generation strengthened markedly, with net cash provided by operating activities increasing to $206.1 million from $108.2 million prior year. After accounting for $12.9 million in capital expenditures—up from $5.8 million—free cash flow totaled $193.3 million. This robust liquidity supports the company's objective to fund balance sheet growth and meet deposit and debt obligations efficiently. Management affirms the ability to generate adequate short- and long-term liquidity, backed by strategic and contingency plans to address funding needs and unexpected requirements.

Management commentary emphasizes solid growth in total loans and deposits, paired with strong credit quality and capital. Future provision expense could rise with sustained loan growth, reduced recoveries, or higher charge-offs. While interest rate declines might spur residential loan refinancings and originations, the company holds no intent to sell unrealized loss-position securities before recovery. These factors position Old National to navigate integration while pursuing balanced growth and shareholder value.