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# Old National's Third-Quarter Profit Hits $250.0 Million, With Efficiency Ratio At 46.1%
- URL: https://www.bullished.co/old-nationals-third-quarter-profit-hits-250-0-million-with-efficiency-ratio-at-46-1-05bebdaf/
- Published: 2026-10-21T11:24:12.000Z
- Updated: 2026-10-28T19:16:05.000Z
- Description: The bank's margin slipped 2 basis points to 3.52%, but lower costs and faster deposit growth carried the quarter.
- Author: Matteo Parrino
- Tags: Earnings, ONB, Industry: Financials

[Old National Bancorp](https://www.bullished.co/tag/onb/) reported record third-quarter net income applicable to common shares of [$250.0 million](https://www.sec.gov/Archives/edgar/data/0000707179/000162828026066598/onb%5Fexhibit991er3q26.htm?ref=bullished.co), or $0.66 per diluted share, in an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed Wednesday. The gain came from lower costs and deposit growth, while its lending margin edged down.

## What the results show

Adjusted net income was [$249.7 million](https://www.globenewswire.com/news-release/2026/10/21/3385383/5764/en/old-national-bancorp-reports-record-third-quarter-2026-results.html?ref=bullished.co), also $0.66 per share. Diluted EPS was $0.65 in the second quarter and $0.46 a year earlier, the release's tables show.

The efficiency ratio, which measures expenses as a share of revenue, was a [record 46.1%](https://www.globenewswire.com/news-release/2026/10/21/3385383/5764/en/old-national-bancorp-reports-record-third-quarter-2026-results.html?ref=bullished.co), against 47.0% in the second quarter. The adjusted ratio was a record 44.9%, versus 45.2%.

Noninterest expense was $355.4 million. Adjusted noninterest expense fell to $354.7 million from $360.1 million.

Return on average tangible common equity, a measure of profit against the shareholder capital the bank uses, was 19.6%.

## Deposits up, margin down

Period-end deposits reached $57.6 billion, up 10.6% annualized. Total loans were $51.2 billion, up $362.3 million, or 2.9% annualized. The company said the growth included $148.0 million in commercial and industrial loans and $157.3 million in commercial real estate.

Net interest margin on a tax-equivalent basis fell 2 basis points (0.02 percentage points) to 3.52%. Deposit costs rose 8 basis points to 179 basis points. Net interest income on that basis rose to $592.0 million from $586.5 million.

Total noninterest income was $128.4 million, down from $153.6 million. The company attributed about $10 million of the second-quarter level to elevated other income.

The commercial loan pipeline was $4.4 billion, down 20% from the record at the end of the second quarter and up 6% from a year ago.

## Credit and capital

The provision for credit losses was $33.6 million, versus $36.2 million. Net charge-offs were $34.1 million, or 27 basis points of average loans, versus 26\. Loans 30 or more days delinquent were 0.25% of loans, versus 0.29%.

Old National repurchased $100 million, or 3.9 million shares, of stock and paid $55 million in dividends. Preliminary Tier 1 common equity was 11.11%, up 2 basis points. Tangible common equity to tangible assets fell to 7.28% from 7.68%, which the company tied to a $391 million rates impact on other comprehensive income.

Chairman and CEO Jim Ryan said the bank remains "very well positioned to build on this momentum."

## What to watch

The company scheduled its earnings call for 9:00 a.m. Central Time Wednesday. Slides covering its financial outlook were to be posted on its investor relations site.

The next test is margin: deposit costs rose 8 basis points in the quarter, and the margin has slipped from 3.64% a year earlier.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
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/0000707179/000162828026066598/onb-20261021.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit onb\_exhibit991er3q26.htm — OLD NATIONAL BANCORP /IN/ 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000707179/000162828026066598/onb%5Fexhibit991er3q26.htm?ref=bullished.co) — SEC EDGAR
- [Old National Bancorp Reports Record Third Quarter 2026](https://www.globenewswire.com/news-release/2026/10/21/3385383/5764/en/old-national-bancorp-reports-record-third-quarter-2026-results.html?ref=bullished.co) — globenewswire.com

### 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/)

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