New York, June 4, 2026, 18:58 (EDT)
Old National Bancorp shares climbed almost 3% on Thursday as investors turned back to financials in a wider bank stock rally. The Nasdaq-traded stock was recently quoted at $23.97, up 66.5 cents. It traded in a range of $23.43 to $24.07. The market cap was around $9.3 billion, and the P/E ratio stood at 12.4. That put the stock at about 12.4 times annual earnings.
Financial stocks carried most of the gains as the U.S. session turned out mixed. The Dow ended up 1.73% at an all-time high, the S&P 500 rose 0.41%, and the Nasdaq lost 0.09%. Reuters reported financials as one of the top S&P 500 sectors. Paul Nolte at Murphy & Sylvest told Reuters that investors were “buying the dip,” but he was unsure valuations had really been tested. Reuters
Old National outperformed the wider market, but it wasn’t alone. The SPDR S&P Regional Banking ETF climbed 3.1%. The Financial Select Sector SPDR ETF was up 2.6%.
Bank stocks traded strong this session as peers moved higher. Fifth Third Bancorp was up 4.7%. KeyCorp added 3.7%. First Horizon advanced 2.6%. All three outpaced the S&P 500’s gain.
Old National’s board is keeping its quarterly dividend at 14.5 cents per share. The payout goes to shareholders of record as of June 5 and gets paid out June 15. The dividend is a cash payment.
Old National’s latest earnings are the key driver for the action. The bank posted first-quarter net income to common of $229.6 million, or 59 cents a share, with adjusted earnings at $237.7 million, or 61 cents. Chairman and CEO Jim Ryan said it was “disciplined execution and a strong start to the year.” Net interest margin dropped 10 basis points to 3.55%. Loans were up 8.0% annualized. Deposits gained 4.2% annualized. GlobeNewswire
Capital return stays in the picture. Old National bought back 3.9 million common shares in the first quarter and said its preliminary Tier 1 common equity to risk-weighted assets ratio was 11.11%. That bank-capital ratio measures equity against risk-adjusted assets.
Old National is the parent of Old National Bank. The company does most of its business in the Midwest and Southeast. Reuters lists it as a commercial bank with services in consumer and business lending, deposits, private banking, capital markets, brokerage, plus wealth, trust, and advisory services.
The rally still faces the same pressures that have dogged regional banks. Old National’s forward guidance mentions economic uncertainty, credit quality, liquidity, capital, interest-rate risk and funding pressure as possible issues; for a lender, those can turn into loan losses, higher deposit costs or squeezed margins pretty fast.
