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# Old National Puts Its Loan Spot Yield At 6.0%, With $4.6 Billion Of Fixed-Rate Loans To Reprice
- URL: https://www.bullished.co/old-national-puts-its-loan-spot-yield-at-6-0-with-4-6-billion-of-fixed-rate-loans-to-92be1fd5/
- Published: 2026-11-04T22:29:27.000Z
- Updated: 2026-11-04T22:29:27.000Z
- Description: The bank's investor deck also keeps its 2026 outlook unchanged, including net interest income of about $2,400 million, plus or minus 2%.
- Author: Matteo Parrino
- Tags: SEC Filings, ONB, Industry: Financials

[Old National Bancorp](https://www.bullished.co/tag/onb/), the Evansville, Indiana, bank holding company, put its total loan portfolio spot yield at [6.0% on October 1](https://www.sec.gov/Archives/edgar/data/0000707179/000162828026070262/onbinvestmentthesis3q26.htm?ref=bullished.co), up from a third-quarter average loan yield of 5.92%. The figure comes from an [investor presentation](https://www.sec.gov/Archives/edgar/data/0000707179/000162828026070262/onb-20261104.htm?ref=bullished.co) filed Wednesday.

## Repricing and the rate position

The deck says about $4.6 billion of fixed-rate loans, carrying a weighted average rate of 5.1%, and about $1.8 billion of fixed-rate securities at 4.2% reprice over the 12 months after September 30.

The bank describes itself as positioned for rising rates: 63% of loans are variable or floating rate, and 94% of those reprice within three months. Current spot rates favor net interest margin by about 2 basis points, the deck says, and $3.4 billion of net balance sheet hedges protect against downside rate risk.

The third-quarter margin was 3.52%, against 3.54% in the second quarter and 3.64% a year earlier.

## Outlook left alone

Management left its full-year 2026 guidance unchanged from the prior quarter. That includes net interest income of about $2,400 million, plus or minus 2%, and noninterest expense of about $1,435 million to $1,455 million.

The bank still expects positive operating leverage and earnings-per-share growth above 15%. It assumes no Federal Reserve rate action in the fourth quarter.

The third quarter itself brought record net income of $254 million and earnings of $0.66 per share. The efficiency ratio, which measures costs against revenue, hit a record 46.1%, or 44.9% on an adjusted basis.

## Real estate exposure

As of September 30, the multifamily book was $6.8 billion, with no material rent-controlled exposure. The office portfolio was $2.3 billion, and 10% of the non-owner-occupied office loans sit in central business districts.

Old National, which had 346 banking centers and $74 billion in assets, also reported a $612 million allowance for credit losses, or 1.20% of total loans.

The bank's next test is fourth-quarter results, which will show whether the above-15% earnings-per-share growth guidance holds.

Learn

- [Item 7.01: Regulation FD disclosure →](https://www.bullished.co/learn/8-k-items-explained/#item-701-regulation-fd-disclosure)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — OLD NATIONAL BANCORP /IN/ (ONB)](https://www.sec.gov/Archives/edgar/data/0000707179/000162828026070262/onb-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit onbinvestmentthesis3q26.htm — OLD NATIONAL BANCORP /IN/ 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000707179/000162828026070262/onbinvestmentthesis3q26.htm?ref=bullished.co) — SEC EDGAR

### More on Old National Bancorp

- [Old National Booked $45.9 Million On Troubled Business Loans As It Rebuilt Its Reserve Models](https://www.bullished.co/old-national-booked-45-9-million-on-troubled-business-loans-as-it-rebuilt-its-reserve-07f3b835/)
- [Old National CEO Rules Out Bank Deals For Now: 'We Don't Need It' For Returns](https://www.bullished.co/old-national-ceo-rules-out-bank-deals-for-now-we-dont-need-it-for-returns-79d61290/)
- [Old National's Third-Quarter Profit Hits $250.0 Million, With Efficiency Ratio At 46.1%](https://www.bullished.co/old-nationals-third-quarter-profit-hits-250-0-million-with-efficiency-ratio-at-46-1-05bebdaf/)

[All Old National Bancorp (ONB) coverage →](https://www.bullished.co/tag/onb/)