Old National Bancorp

To exceed client expectations by becoming the Midwest's premier, relationship-focused financial partner.

Old National Bancorp SWOT Analysis

Updated: October 6, 2025 • 2025-Q4 Analysis

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This analysis for Old National Bancorp was created using Alignment.io™ methodology - a proven strategic planning system trusted in over 75,000 strategic planning projects. We've designed it as a helpful companion for your team's strategic process, leveraging leading AI models to analyze publicly available data.

While this represents what AI sees from public data, you know your company's true reality. That's why we recommend using Alignment.io and The System of Alignment™ to conduct your strategic planning—using these AI-generated insights as inspiration and reference points to blend with your team's invaluable knowledge.

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This Old National Bancorp SWOT analysis reveals a pivotal moment for the institution. Having successfully executed a transformative merger, ONB possesses formidable scale and market position in the attractive Midwest region. Its primary strengths lie in its strong capital base, disciplined credit culture, and a relationship-driven model that fosters loyalty. However, the path forward requires a relentless focus on realizing operational efficiencies to combat margin pressure and elevated expenses. The key priorities are clear: optimize the cost structure from the merger, deepen relationships with the expanded commercial client base, accelerate digital capabilities to meet modern expectations, and navigate the volatile macroeconomic environment with prudence. Successfully executing on these fronts will solidify ONB's position as a premier regional bank and unlock significant shareholder value. The strategy must be one of disciplined integration and aggressive organic growth.

Fifth Third Bancorp Huntington Bancshares KeyCorp Associated Banc-Corp Commerce Bancshares

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To exceed client expectations by becoming the Midwest's premier, relationship-focused financial partner.

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Strengths

MERGER: Successful First Midwest integration creates a Chicago powerhouse.
CAPITAL: Strong capital ratios (CET1 >10%) provide stability and options.
CREDIT: Disciplined underwriting results in low net charge-offs (<0.20%).
RELATIONSHIP: High-touch advisory model drives strong client retention.
DIVERSIFICATION: Growing fee income from wealth/capital markets (~25%).

Weaknesses

EFFICIENCY: Noninterest expense remains elevated post-merger (~$450M/qtr).
NIM: Net interest margin compressed due to rising deposit costs in 2024.
TECH: Core banking platform is industry-standard but not a key differentiator.
SCALE: Still smaller than super-regional competitors like Fifth Third/Huntington.
BRAND: Awareness outside of core legacy markets requires further investment.

Opportunities

SYNERGIES: $200M+ in cost saves identified, further optimization possible.
CROSS-SELL: Introduce wealth & treasury to legacy First Midwest clients.
DIGITAL: Enhance mobile/online platform to improve client onboarding/service.
M&A: Fragmented Midwest market offers opportunities for bolt-on acquisitions.
SPECIALTY: Expand niche lending verticals like healthcare and sponsor finance.

Threats

RATES: Continued interest rate volatility pressures net interest margin.
DEPOSITS: Intense competition for low-cost core deposits from all players.
RECESSION: Economic slowdown in the Midwest could increase credit losses.
FINTECH: Nimble digital-only competitors chipping away at retail/SMB clients.
REGULATORY: Increased compliance costs and capital requirements for Cat IV banks.

Key Priorities

EFFICIENCY: Drive down noninterest expense to achieve sub-55% efficiency ratio.
GROWTH: Deepen C&I client relationships to drive loan & fee income growth.
DIGITAL: Accelerate digital transformation to enhance client experience.
STABILITY: Proactively manage balance sheet against interest rate volatility.

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Old National Bancorp OKR

Updated: October 6, 2025 • 2025-Q4 Analysis

This Old National Bancorp OKR plan is a masterclass in focus and execution. It directly translates the strategic imperatives from the SWOT analysis into a clear, actionable roadmap. The objectives—EFFICIENCY ENGINE, FORTRESS BALANCE SHEET, CLIENT OBSESSION, and SMART GROWTH—are not just goals; they are declarations of intent. The plan wisely balances defense (balance sheet stability, efficiency) with offense (client deepening, profitable growth). By embedding key results derived from the AI strategy and retrospective learnings, such as digital onboarding and AI-driven cross-selling, the plan ensures that innovation is not an afterthought but a core driver of success. This is the blueprint for transforming a successful post-merger institution into a dominant, high-performing regional powerhouse.

Fifth Third Bancorp Huntington Bancshares KeyCorp Associated Banc-Corp Commerce Bancshares

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To exceed client expectations by becoming the Midwest's premier, relationship-focused financial partner.

EFFICIENCY ENGINE

Forge a lean, scalable operational model.

AUTOMATE: Reduce commercial loan closing times by 30% via a new digital workflow platform by year-end.
OPTIMIZE: Consolidate 15 redundant software applications from the merger, saving $5M in annual licensing fees.
CONSOLIDATE: Reduce overall branch network square footage by 5% through optimization without impacting service.
PROCESS: Implement RPA in deposit operations to automate 500,000 manual transactions annually, freeing up FTEs.

FORTRESS BALANCE SHEET

Build an all-weather balance sheet.

DEPOSITS: Grow noninterest-bearing demand deposits by $500M by launching new treasury management bundles.
FUNDING: Increase the percentage of core deposits to 85% of total funding to reduce reliance on wholesale.
LOANS: Originate $1B in high-quality, variable-rate C&I loans to improve asset sensitivity.
HEDGING: Execute a balance sheet hedge that protects Net Interest Income within a 5% band in a +/- 100bps rate shock.

CLIENT OBSESSION

Become the primary bank for our clients.

ONBOARDING: Launch a fully digital account opening process for small businesses, reducing time from 3 days to 3 hours.
CROSS-SELL: Increase the number of products per commercial client from 3.5 to 4.0 via targeted AI-driven campaigns.
WEALTH: Achieve a 20% referral rate from commercial bankers to wealth advisors for legacy First Midwest clients.
FEEDBACK: Improve client satisfaction scores for digital banking by 10 points based on quarterly pulse surveys.

SMART GROWTH

Expand market share profitably and prudently.

LENDING: Grow the specialty finance portfolio (e.g., sponsor finance) by 15% while maintaining credit quality.
CHICAGO: Increase middle-market C&I loan outstandings in the Chicago MSA by $750M through targeted hiring.
FEE INCOME: Grow noninterest income to represent 28% of total revenue by expanding capital markets services.
M&A: Develop a qualified pipeline of 5 potential bolt-on acquisition targets in adjacent Midwest markets.

METRICS

ROTCE: 15%+
Efficiency Ratio: < 55%
CET1 Capital Ratio: > 10%

VALUES

Integrity
Inclusion
Excellence
Collaboration
Optimism

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Old National Bancorp Retrospective

AI-Powered Insights

Claude

Gemini

GPT

Old National Bancorp Q4 2024 Earnings Release & Investor Presentation
Old National Bancorp 2023 Form 10-K
Company Website (investor.oldnational.com, www.oldnational.com)
Publicly available financial data from Yahoo Finance and Seeking Alpha
Industry reports on Midwest regional banking trends

Fifth Third Bancorp Huntington Bancshares KeyCorp Associated Banc-Corp Commerce Bancshares

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To exceed client expectations by becoming the Midwest's premier, relationship-focused financial partner.

Toggle Theme

What Went Well

LOANS: Solid commercial loan growth outpaced industry averages last quarter.
FEES: Wealth management and capital markets fees provided stable income.
CREDIT: Credit quality remained pristine with exceptionally low charge-offs.
SYNERGIES: On track to achieve or exceed all publicly stated merger costs saves.
CAPITAL: Maintained robust capital levels well above regulatory requirements.

Not So Well

NIM: Net interest margin compressed more than expected due to deposit costs.
DEPOSITS: Noninterest-bearing deposit balances saw continued moderate runoff.
EXPENSES: Noninterest expenses, while controlled, remain a key focus for investors.
STOCK: Share price has underperformed peers amid rate environment uncertainty.
EFFICIENCY: Efficiency ratio ticked up slightly, moving away from target range.

Learnings

PRICING: Deposit pricing beta is higher and more immediate in this cycle.
RELATIONSHIPS: Commercial clients are loyal but still demand competitive rates.
DIGITAL: Clients who are digitally engaged have higher balances and retention.
COSTS: Achieving next level of efficiency requires more than just merger saves.
MARKETS: Investors are highly focused on liability sensitivity and funding costs.

Action Items

DEPOSITS: Launch targeted campaigns to attract and retain operating accounts.
EXPENSES: Initiate a new operational excellence program to identify savings.
TREASURY: Proactively market treasury management solutions to lock in deposits.
COMMUNICATIONS: Enhance investor messaging around balance sheet positioning.
DIGITAL: Accelerate rollout of new digital onboarding for treasury clients.

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Organization	SWOT Analysis	OKR Plan	Top 6	Retrospective

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Old National Bancorp Market

AI-Powered Insights

Claude

Gemini

GPT

Old National Bancorp Q4 2024 Earnings Release & Investor Presentation
Old National Bancorp 2023 Form 10-K
Company Website (investor.oldnational.com, www.oldnational.com)
Publicly available financial data from Yahoo Finance and Seeking Alpha
Industry reports on Midwest regional banking trends

Founded: 1834
Market Share: Top 5 deposit share in key MSAs like Chicago, Indianapolis, Milwaukee.
Customer Base: Mid-market businesses, HNW individuals, retail consumers in the Midwest.
Category:
Regional Banking
SIC Code: 6021 National Commercial Banks
NAICS Code: 522110 Commercial Banking
Location: Evansville, Indiana
Zip Code: 47708
Congressional District: IN-8 EVANSVILLE
Employees: 4400

Competitors

Fifth Third Bancorp View Analysis

Huntington Bancshares View Analysis

KeyCorp View Analysis

Associated Banc-Corp Request Analysis

Commerce Bancshares View Analysis

Products & Services

No products or services data available

Distribution Channels

Old National Bancorp Business Model Analysis

AI-Powered Insights

Claude

Gemini

GPT

Old National Bancorp Q4 2024 Earnings Release & Investor Presentation
Old National Bancorp 2023 Form 10-K
Company Website (investor.oldnational.com, www.oldnational.com)
Publicly available financial data from Yahoo Finance and Seeking Alpha
Industry reports on Midwest regional banking trends

Problem

Businesses need more than just a loan.
Managing wealth is complex and personal.
Generic banking feels transactional.

Solution

Dedicated relationship manager as a partner.
Holistic wealth advisory and trust services.
Full suite of treasury management tools.

Key Metrics

Return on Tangible Common Equity (ROTCE)
Efficiency Ratio
Loan & Deposit Growth
Client Retention & Net Promoter Score (NPS)

Unique

Scale of a large bank, service of a community bank.
Deep Midwest focus and market knowledge.
190-year history of stability and trust.

Advantage

High-touch service model is hard to replicate.
Sticky, low-cost core deposit base.
Entrenched position in key Midwest markets.

Channels

Commercial Relationship Managers
Branch Network & Private Bankers
Digital and Mobile Banking Platforms

Customer Segments

Mid-market companies ($20M-$500M revenue).
High-Net-Worth individuals and families.
Retail consumers in our geographic footprint.

Costs

Salaries and employee benefits.
Net interest expense (cost of funds).
Technology and infrastructure spending.
Occupancy (branches) and marketing.

Old National Bancorp Product Market Fit Analysis

Updated: October 6, 2025

Old National Bank acts as a strategic financial partner for Midwest businesses and families. It combines the sophisticated solutions of a large bank with the proactive, high-touch service of a community institution. This unique model delivers tailored expertise in commercial banking and wealth management, empowering clients to achieve their most ambitious financial goals with a trusted advisor by their side.

RELATIONSHIP: Proactive guidance from a dedicated team to fuel your growth.

EXPERTISE: Access to specialized commercial, wealth, and treasury solutions.

COMMITMENT: A 190-year legacy of investing in our clients and communities.

Before State

Fragmented banking relationships
Reactive, transactional financial services
Limited access to sophisticated advice

After State

Integrated financial partner relationship
Proactive, strategic guidance provided
Access to full suite of financial tools

Negative Impacts

Missed growth opportunities for business
Suboptimal wealth and asset management
Inefficient cash flow and operations

Positive Outcomes

Accelerated business growth and success
Long-term wealth creation and preservation
Optimized treasury and cash management

Key Metrics

Client Retention Rate

>95%

Net Promoter Score (NPS)

Est. +40

User Growth Rate

3-5% annually

Customer Feedback/Reviews

4.1 stars on G2

Repeat Purchase Rates

High cross-sell ratio

Requirements

Trust in a dedicated relationship manager
Commitment to a long-term partnership
Openness to integrated financial solutions

Why Old National Bancorp

Assigning dedicated relationship teams
Utilizing holistic financial planning tools
Connecting clients to subject matter experts

Old National Bancorp Competitive Advantage

Our people: experienced, client-first
Our scale: big bank tools, small bank feel
Our focus: exclusively on the Midwest

Proof Points

190 years of serving our communities
Top-tier market share in major metros
$8.3B community benefits commitment

Old National Bancorp Market Positioning

AI-Powered Insights

Claude

Gemini

GPT

Old National Bancorp Q4 2024 Earnings Release & Investor Presentation
Old National Bancorp 2023 Form 10-K
Company Website (investor.oldnational.com, www.oldnational.com)
Publicly available financial data from Yahoo Finance and Seeking Alpha
Industry reports on Midwest regional banking trends

Strategic pillars derived from our vision-focused SWOT analysis

Deepen relationships through advisory-led model

Integrate technology for seamless client experience

Pursue disciplined organic & M&A expansion in Midwest

Optimize post-merger operations and cost structure

What You Do

Provides comprehensive banking, wealth management, and capital markets svcs.

Target Market

Midwest businesses, families, and communities seeking a trusted partner.

Differentiation

Relationship-focused advisory model
Deep community roots and engagement
Significant scale in attractive Midwest markets

Revenue Streams

Net Interest Income from loans/securities
Fee Income (Wealth, Treasury, Service)

Old National Bancorp Operations and Technology

AI-Powered Insights

Claude

Gemini

GPT

Old National Bancorp Q4 2024 Earnings Release & Investor Presentation
Old National Bancorp 2023 Form 10-K
Company Website (investor.oldnational.com, www.oldnational.com)
Publicly available financial data from Yahoo Finance and Seeking Alpha
Industry reports on Midwest regional banking trends

Company Operations

Organizational Structure: Regional model with centralized corporate functions and lines of business.
Supply Chain: Core processing by Fiserv; various fintech partnerships for specific services.
Tech Patents: Focus on tech partnerships over proprietary patents; holds service marks.
Website: https://www.oldnational.com

Top Clients

Board Members

Old National Bancorp Competitive Forces

Threat of New Entry

LOW: High regulatory hurdles, capital requirements, and the need for brand trust make de novo bank entry difficult and rare.

Supplier Power

MEDIUM: Core technology providers (Fiserv, FIS) have significant leverage. The labor market for skilled bankers is competitive.

Buyer Power

HIGH: Clients can easily switch banks for better rates or service. Digital tools increase price transparency for loans/deposits.

Threat of Substitution

MEDIUM: Fintechs, credit unions, and private credit funds offer compelling alternatives for payments, lending, and deposits.

Competitive Rivalry

HIGH: Intense rivalry among super-regionals (Fifth Third), community banks, and non-bank lenders for both loans and deposits.

Analysis of AI Strategy

Updated: October 6, 2025 • 2025-Q4 Analysis

The Old National Bancorp AI SWOT Analysis underscores a critical imperative: AI is no longer optional, but essential for competitive relevance in regional banking. ONB's core strength is its vast, newly-consolidated client dataset—a strategic asset waiting to be refined by machine learning. The primary opportunities lie in driving operational efficiency through back-office automation and enhancing revenue through AI-powered personalization and risk management. However, significant weaknesses in specialized talent and legacy systems must be addressed, likely through strategic fintech partnerships rather than building everything in-house. The greatest threat is inaction, as both large national banks and nimble fintechs are weaponizing AI to create superior client experiences and pricing models. ONB must adopt a focused, pragmatic AI strategy that delivers clear ROI on efficiency and client value to avoid being outmaneuvered.

Fifth Third Bancorp Huntington Bancshares KeyCorp Associated Banc-Corp Commerce Bancshares

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To exceed client expectations by becoming the Midwest's premier, relationship-focused financial partner.

Strengths

DATA: Massive, newly combined client dataset from ONB and First Midwest.
CHANNELS: Established digital banking platforms for deploying AI features.
CLIENTS: Strong, trust-based relationships to introduce AI-driven advice.
COMMERCIAL: Rich data on mid-market businesses to train underwriting models.

Weaknesses

TALENT: Limited in-house data science and AI/ML engineering expertise.
SYSTEMS: Legacy core infrastructure may hinder agile AI model deployment.
CULTURE: Traditionally risk-averse banking culture may slow AI adoption.
BUDGET: AI initiatives must compete for funding with integration projects.

Opportunities

AUTOMATION: Use RPA/AI for back-office tasks like loan processing/compliance.
PERSONALIZATION: AI-powered 'next best offer' to deepen client relationships.
RISK: Enhance fraud detection and credit underwriting models with ML.
SERVICE: Deploy AI-powered chatbots to handle routine client inquiries 24/7.

Threats

COMPETITION: Larger banks are investing billions in AI, creating an experience gap.
FINTECH: AI-native startups offer superior, niche automated financial services.
SECURITY: AI models and the data they use are new targets for cyberattacks.
REGULATION: Evolving regulations around AI bias in lending could pose risks.

Key Priorities

AUTOMATE: Implement AI/RPA to reduce manual back-office processing costs.
PERSONALIZE: Leverage client data with AI for targeted cross-sell campaigns.
RISK: Deploy machine learning models to improve fraud detection accuracy.
EFFICIENCY: Use AI to optimize branch staffing and treasury management.

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Old National Bancorp Financial Performance

AI-Powered Insights

Claude

Gemini

GPT

Old National Bancorp Q4 2024 Earnings Release & Investor Presentation
Old National Bancorp 2023 Form 10-K
Company Website (investor.oldnational.com, www.oldnational.com)
Publicly available financial data from Yahoo Finance and Seeking Alpha
Industry reports on Midwest regional banking trends

Profit: FY 2023 Net Income: $874.9 Million

Market Cap: $4.9 Billion (as of early 2025)

Stock Performance

Annual Report: View Report

Debt: Long-term debt of approx. $1.9 Billion

ROI Impact: ROTCE target of 15%+ impacted by NIM

SWOT Index

Composite strategic assessment with 10-year outlook

/ 100

Market Leader

ICM Index

STRATEGIC ADVISOR ASSESSMENT

ONB is a strong regional leader with a clear, achievable vision. Its Iconic Index score is anchored by a solid, well-defined core strategy and impactful OKRs. The score is constrained by the inherent limitations of the regional banking sector (category-level ambition) and significant, balanced threats and weaknesses that temper its upside potential. The growth multiplier reflects a mature market with high competition, where survival is likely but exponential, market-redefining growth is not.

SWOT Factors

Upside: 74.0 Risk: 78.0

OKR Impact

AI Leverage

Top 3 Strategic Levers

DRIVE EFFICIENCY: Relentlessly pursue post-merger cost saves.

DEEPEN RELATIONSHIPS: Leverage scale to cross-sell wealth/treasury.

MODERNIZE TECH: Invest in digital client experience and AI.

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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