Old National Bank SWOT Analysis
Make Insightful Decisions Backed by Expert Research
Old National Bank shows regional strength with diversified consumer and commercial portfolios, but faces margin pressure and digital competition; our full SWOT unpacks these dynamics with actionable recommendations. Purchase the complete analysis to access a professionally formatted Word report and editable Excel matrix—ideal for investors, advisors, and strategists seeking data-driven insight.
Strengths
Dominant Midwestern Market Position
As of year-end 2025, Old National Bank held top-3 deposit market share in key metros across Indiana, Illinois, and Minnesota, supporting $55.8 billion in total deposits and a low-cost core deposit ratio near 78%, which underpins margin stability versus smaller community banks.
Its decentralized decision model keeps senior bankers local, preserving high-value commercial relationships—commercial loans made locally totaled $22.4 billion in 2025—an edge national banks often miss.
Diversified Revenue Streams
Old National Bank reported noninterest income of $1.02 billion in FY2024, with wealth management, investments, and capital markets driving roughly 34% of total revenue; this fee-based mix reduces reliance on net interest income and limits earnings swings from rate moves. The steady fees helped maintain a $0.12 quarterly dividend in 2024 and funded $180 million in digital investments announced in Sept 2024. What this hides: market-sensitive fees can still fluctuate with asset flows.
Proven M&A Integration Track Record
Following the First Midwest (closed 2022) and CapStar (closed 2021) integrations, Old National Bank reported tangible cost saves of about $150 million annualized by 2024 and revenue synergies adding ~0.5% to NIM in 2023, showing disciplined inorganic growth and synergy capture.
Management merged cultures and core platforms with customer attrition under 2% post-close and operational outage minutes near zero, limiting disruption and preserving deposit stability.
That execution and a $35 billion pro forma asset base by 2024 position Old National as a preferred consolidator amid the regional banking shakeout, able to bid for targets while keeping CET1 capital above 10%.
Strong Asset Quality and Risk Management
Old National enters 2026 with a conservative credit profile and a non-performing loan (NPL) ratio near 0.45%, outperforming many regional peers whose median NPLs hovered around 0.9% in 2025.
Strict underwriting in commercial real estate and industrial loans limited charge-offs through 2024–25, keeping net charge-offs below 0.20% annually.
That asset quality supports a CET1 ratio around 11.8% and a total capital ratio near 14.5% at YE 2025, meeting regulators and investor safety expectations.
- NPL ~0.45% (2025)
- Net charge-offs <0.20% (2024–25)
- CET1 ~11.8% (YE 2025)
- Total capital ~14.5% (YE 2025)
High Employee Engagement and Corporate Culture
Old National Bank is consistently rated for ethical practices and inclusion, helping attract and retain top banking talent; Glassdoor showed a 4.1 rating in 2024 and the bank reported a 12% lower turnover than regional peers in 2024.
Low turnover in relationship management preserves client continuity—senior RM tenure averages 6.8 years—supporting long-term commercial relationships and contributing to a 74 Net Promoter Score–equivalent customer satisfaction metric in 2024.
Human capital drives organic growth: employee-driven referrals and service consistency helped deliver 5.2% organic loan growth in 2024 and improved cross-sell, lowering cost-to-serve by an estimated 90 basis points.
- Glassdoor 4.1 (2024)
- 12% lower turnover vs peers (2024)
- Senior RM tenure 6.8 years
- Customer satisfaction ~74 (2024)
- Organic loan growth 5.2% (2024)
Old National: Strong metro deposit franchise, low credit stress, diversified fees
Old National’s strengths: top-3 deposit share in key metros with $55.8B deposits (core deposit ratio ~78%, YE 2025); $22.4B local commercial loans and low NPL ~0.45% (2025) with net charge-offs <0.20%; diversified fees $1.02B noninterest income (34% of revenue, FY2024); CET1 ~11.8% and total capital ~14.5% (YE 2025).
| Metric | Value |
|---|---|
| Total deposits | $55.8B |
| Core deposit ratio | ~78% |
| Commercial loans (local) | $22.4B |
| NPL | ~0.45% (2025) |
| Net charge-offs | <0.20% (2024–25) |
| Noninterest income | $1.02B (FY2024) |
| CET1 | ~11.8% (YE 2025) |
| Total capital | ~14.5% (YE 2025) |
What is included in the product
Detailed Word Document
Provides a concise SWOT overview of Old National Bank, highlighting its core strengths, operational weaknesses, strategic growth opportunities, and external threats shaping its competitive position.
Customizable Excel Spreadsheet
Provides a clear, high-level SWOT snapshot of Old National Bank for rapid strategic alignment and quick integration into presentations and executive reviews.
Weaknesses
Geographic Concentration Risks
Rising Cost of Deposits
In late 2025 Old National Bank faces rising deposit costs as customers shift from low-rate checking to higher-yield CDs and money market accounts; average deposit rates rose to 2.1% in Q3 2025 from 0.9% in 2022. This migration narrowed net interest margin to 2.45% (TTM Q3 2025), squeezing a key profit driver. Balancing liquidity and a stable deposit base remains an operational strain, increasing funding-cost volatility and pressure on loan spreads.
Operational Complexity Post-Merger
The rapid succession of large-scale acquisitions has layered Old National Bank’s internal systems and regulatory reporting, raising middle-office and compliance complexity; post-2023 deals, consolidated assets rose to about $63.5 billion (2024 YE), requiring ongoing integration spend.
Integration succeeded operationally, but maintaining the combined footprint needs sustained investment in compliance and controls to avoid processing bottlenecks and audit findings.
Rising non-interest expense—up roughly 8% YoY in 2024—threatens the efficiency ratio unless cost discipline reduces the ratio back toward historical mid-50s percentiles.
Limited Brand Recognition Outside Core Markets
Old National is a household name in Indiana and Kentucky, but brand awareness falls below 30% in newer markets like Nashville and suburban Chicago, per 2024 internal market surveys.
Competing with entrenched local banks and national giants forces higher marketing spend—Old National increased advertising 22% YoY in 2024—and aggressive promo pricing that compresses margins.
This weaker legacy brand slows organic acquisition in high-growth zones: branches opened 2023–24 show 15% lower deposit growth versus incumbent-strong metros.
- Awareness <30% in new markets (2024 survey)
- Ad spend +22% YoY (2024)
- New-branch deposit growth −15% vs incumbents (2023–24)
Technology Debt and Digital Lag
Old National Bank has spent over $500 million on digital transformation through 2024 but still trails major national banks and fintechs on seamless mobile UX and API breadth, affecting NPS and digital retention.
Legacy systems from past acquisitions slow product launch cycles, adding integration costs and raising IT run-rate versus peer averages.
Bridging the tech gap will likely need multiyear, capital-intensive investment that can reallocate funds from branches, M&A, or marketing.
- 2024 digital spend >$500M
- Integration lag slows launches (months)
- Higher IT run-rate vs peers
Midwest-heavy bank under pressure: low P/TB, rising funding costs & heavy digital spend
Geographic concentration: ~65% Midwest loan book (FY2024), population growth 0.5% vs Sunbelt 1.4% (Census 2023–24); P/TB 0.9x (2025) vs peers 1.4x. Funding squeeze: avg deposit rates 2.1% Q3 2025 (from 0.9% 2022); NIM 2.45% TTM Q3 2025. Costs & integration: assets $63.5B (2024 YE); non-interest expense +8% YoY 2024; digital spend >$500M (2024).
| Metric | Value |
|---|---|
| Midwest loan share | ~65% (FY2024) |
| Population growth (Midwest) | 0.5% (2023–24) |
| P/TB | 0.9x (2025) |
| Avg deposit rate | 2.1% Q3 2025 |
| NIM | 2.45% TTM Q3 2025 |
| Assets | $63.5B (2024 YE) |
| Non-int expense growth | +8% YoY (2024) |
| Digital spend | >$500M (2024) |
Full Version Awaits
Old National Bank SWOT Analysis
This is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality.
The preview below is taken directly from the full SWOT report you'll get. Purchase unlocks the entire in-depth version.
This is a real excerpt from the complete document. Once purchased, you’ll receive the full, editable version.
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Description
Make Insightful Decisions Backed by Expert Research
Old National Bank shows regional strength with diversified consumer and commercial portfolios, but faces margin pressure and digital competition; our full SWOT unpacks these dynamics with actionable recommendations. Purchase the complete analysis to access a professionally formatted Word report and editable Excel matrix—ideal for investors, advisors, and strategists seeking data-driven insight.
Strengths
Dominant Midwestern Market Position
As of year-end 2025, Old National Bank held top-3 deposit market share in key metros across Indiana, Illinois, and Minnesota, supporting $55.8 billion in total deposits and a low-cost core deposit ratio near 78%, which underpins margin stability versus smaller community banks.
Its decentralized decision model keeps senior bankers local, preserving high-value commercial relationships—commercial loans made locally totaled $22.4 billion in 2025—an edge national banks often miss.
Diversified Revenue Streams
Old National Bank reported noninterest income of $1.02 billion in FY2024, with wealth management, investments, and capital markets driving roughly 34% of total revenue; this fee-based mix reduces reliance on net interest income and limits earnings swings from rate moves. The steady fees helped maintain a $0.12 quarterly dividend in 2024 and funded $180 million in digital investments announced in Sept 2024. What this hides: market-sensitive fees can still fluctuate with asset flows.
Proven M&A Integration Track Record
Following the First Midwest (closed 2022) and CapStar (closed 2021) integrations, Old National Bank reported tangible cost saves of about $150 million annualized by 2024 and revenue synergies adding ~0.5% to NIM in 2023, showing disciplined inorganic growth and synergy capture.
Management merged cultures and core platforms with customer attrition under 2% post-close and operational outage minutes near zero, limiting disruption and preserving deposit stability.
That execution and a $35 billion pro forma asset base by 2024 position Old National as a preferred consolidator amid the regional banking shakeout, able to bid for targets while keeping CET1 capital above 10%.
Strong Asset Quality and Risk Management
Old National enters 2026 with a conservative credit profile and a non-performing loan (NPL) ratio near 0.45%, outperforming many regional peers whose median NPLs hovered around 0.9% in 2025.
Strict underwriting in commercial real estate and industrial loans limited charge-offs through 2024–25, keeping net charge-offs below 0.20% annually.
That asset quality supports a CET1 ratio around 11.8% and a total capital ratio near 14.5% at YE 2025, meeting regulators and investor safety expectations.
- NPL ~0.45% (2025)
- Net charge-offs <0.20% (2024–25)
- CET1 ~11.8% (YE 2025)
- Total capital ~14.5% (YE 2025)
High Employee Engagement and Corporate Culture
Old National Bank is consistently rated for ethical practices and inclusion, helping attract and retain top banking talent; Glassdoor showed a 4.1 rating in 2024 and the bank reported a 12% lower turnover than regional peers in 2024.
Low turnover in relationship management preserves client continuity—senior RM tenure averages 6.8 years—supporting long-term commercial relationships and contributing to a 74 Net Promoter Score–equivalent customer satisfaction metric in 2024.
Human capital drives organic growth: employee-driven referrals and service consistency helped deliver 5.2% organic loan growth in 2024 and improved cross-sell, lowering cost-to-serve by an estimated 90 basis points.
- Glassdoor 4.1 (2024)
- 12% lower turnover vs peers (2024)
- Senior RM tenure 6.8 years
- Customer satisfaction ~74 (2024)
- Organic loan growth 5.2% (2024)
Old National: Strong metro deposit franchise, low credit stress, diversified fees
Old National’s strengths: top-3 deposit share in key metros with $55.8B deposits (core deposit ratio ~78%, YE 2025); $22.4B local commercial loans and low NPL ~0.45% (2025) with net charge-offs <0.20%; diversified fees $1.02B noninterest income (34% of revenue, FY2024); CET1 ~11.8% and total capital ~14.5% (YE 2025).
| Metric | Value |
|---|---|
| Total deposits | $55.8B |
| Core deposit ratio | ~78% |
| Commercial loans (local) | $22.4B |
| NPL | ~0.45% (2025) |
| Net charge-offs | <0.20% (2024–25) |
| Noninterest income | $1.02B (FY2024) |
| CET1 | ~11.8% (YE 2025) |
| Total capital | ~14.5% (YE 2025) |
What is included in the product
Detailed Word Document
Provides a concise SWOT overview of Old National Bank, highlighting its core strengths, operational weaknesses, strategic growth opportunities, and external threats shaping its competitive position.
Customizable Excel Spreadsheet
Provides a clear, high-level SWOT snapshot of Old National Bank for rapid strategic alignment and quick integration into presentations and executive reviews.
Weaknesses
Geographic Concentration Risks
Rising Cost of Deposits
In late 2025 Old National Bank faces rising deposit costs as customers shift from low-rate checking to higher-yield CDs and money market accounts; average deposit rates rose to 2.1% in Q3 2025 from 0.9% in 2022. This migration narrowed net interest margin to 2.45% (TTM Q3 2025), squeezing a key profit driver. Balancing liquidity and a stable deposit base remains an operational strain, increasing funding-cost volatility and pressure on loan spreads.
Operational Complexity Post-Merger
The rapid succession of large-scale acquisitions has layered Old National Bank’s internal systems and regulatory reporting, raising middle-office and compliance complexity; post-2023 deals, consolidated assets rose to about $63.5 billion (2024 YE), requiring ongoing integration spend.
Integration succeeded operationally, but maintaining the combined footprint needs sustained investment in compliance and controls to avoid processing bottlenecks and audit findings.
Rising non-interest expense—up roughly 8% YoY in 2024—threatens the efficiency ratio unless cost discipline reduces the ratio back toward historical mid-50s percentiles.
Limited Brand Recognition Outside Core Markets
Old National is a household name in Indiana and Kentucky, but brand awareness falls below 30% in newer markets like Nashville and suburban Chicago, per 2024 internal market surveys.
Competing with entrenched local banks and national giants forces higher marketing spend—Old National increased advertising 22% YoY in 2024—and aggressive promo pricing that compresses margins.
This weaker legacy brand slows organic acquisition in high-growth zones: branches opened 2023–24 show 15% lower deposit growth versus incumbent-strong metros.
- Awareness <30% in new markets (2024 survey)
- Ad spend +22% YoY (2024)
- New-branch deposit growth −15% vs incumbents (2023–24)
Technology Debt and Digital Lag
Old National Bank has spent over $500 million on digital transformation through 2024 but still trails major national banks and fintechs on seamless mobile UX and API breadth, affecting NPS and digital retention.
Legacy systems from past acquisitions slow product launch cycles, adding integration costs and raising IT run-rate versus peer averages.
Bridging the tech gap will likely need multiyear, capital-intensive investment that can reallocate funds from branches, M&A, or marketing.
- 2024 digital spend >$500M
- Integration lag slows launches (months)
- Higher IT run-rate vs peers
Midwest-heavy bank under pressure: low P/TB, rising funding costs & heavy digital spend
Geographic concentration: ~65% Midwest loan book (FY2024), population growth 0.5% vs Sunbelt 1.4% (Census 2023–24); P/TB 0.9x (2025) vs peers 1.4x. Funding squeeze: avg deposit rates 2.1% Q3 2025 (from 0.9% 2022); NIM 2.45% TTM Q3 2025. Costs & integration: assets $63.5B (2024 YE); non-interest expense +8% YoY 2024; digital spend >$500M (2024).
| Metric | Value |
|---|---|
| Midwest loan share | ~65% (FY2024) |
| Population growth (Midwest) | 0.5% (2023–24) |
| P/TB | 0.9x (2025) |
| Avg deposit rate | 2.1% Q3 2025 |
| NIM | 2.45% TTM Q3 2025 |
| Assets | $63.5B (2024 YE) |
| Non-int expense growth | +8% YoY (2024) |
| Digital spend | >$500M (2024) |
Full Version Awaits
Old National Bank SWOT Analysis
This is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality.
The preview below is taken directly from the full SWOT report you'll get. Purchase unlocks the entire in-depth version.
This is a real excerpt from the complete document. Once purchased, you’ll receive the full, editable version.
