Midwestern regional bank Old National Bancorp (NASDAQ: ONB) missed Wall Street’s revenue expectations in Q1 CY2026, but sales rose 45.8% year on year to $702.8 million. Its non-GAAP profit of $0.61 per share was in line with analysts’ consensus estimates.

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"Old National's first-quarter results reflect disciplined execution and a strong start to the year," said Chairman and CEO Jim Ryan.

Company Overview

Tracing its roots back to 1834 when Andrew Jackson was president, Old National Bancorp (NASDAQ: ONB) is a bank holding company that provides commercial and consumer loans, deposit services, wealth management, and treasury solutions primarily throughout the Midwest region.

Sales Growth

In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees. Over the last five years, Old National Bank grew its revenue at an incredible 26.7% compounded annual growth rate. Its growth beat the average banking company and shows its offerings resonate with customers.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Old National Bank’s annualized revenue growth of 23.2% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, Old National Bank achieved a magnificent 45.8% year-on-year revenue growth rate, but its $702.8 million of revenue fell short of Wall Street’s lofty estimates.

Net interest income made up 79.5% of the company’s total revenue during the last five years, meaning lending operations are Old National Bank’s largest source of revenue.

While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income.

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Tangible Book Value Per Share (TBVPS)

Banks operate as balance sheet businesses, with profits generated through borrowing and lending activities. Valuations reflect this reality, emphasizing balance sheet strength and long-term book value compounding ability.

Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.

Old National Bank’s TBVPS grew at a tepid 4% annual clip over the last five years. However, TBVPS growth has accelerated recently, growing by 11.8% annually over the last two years from $11.15 to $13.93 per share.

Over the next 12 months, Consensus estimates call for Old National Bank’s TBVPS to grow by 17.8% to $16.41, top-notch growth rate.

Key Takeaways from Old National Bank’s Q1 Results

We struggled to find many positives in these results. Its net interest income missed and its EPS was in line with Wall Street’s estimates. Overall, this was a softer quarter. The stock remained flat at $23.78 immediately after reporting.

So do we think Old National Bank is an attractive buy at the current price? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).