How much of Old National's buyback authorization has been used?

Old National has executed approximately $335 million of its $612 million authorization program through 2Q26 (the $107 million in Q2 plus prior quarters), leaving $277 million available. This represents roughly 55% utilization of the program to date, indicating moderate execution pace relative to remaining authorization.

What is the significance of Old National's 65% combined payout ratio?

The 65% combined payout ratio (dividends plus share repurchases) demonstrates a balanced capital return approach, retaining about 35% of earnings for organic reinvestment and growth. This is moderately conservative for a regional bank and leaves flexibility for adjusted dividend growth or accelerated buybacks depending on market conditions and capital position.

How do buybacks affect earnings per share for Old National shareholders?

By reducing shares outstanding (4.4 million repurchased in Q2), buybacks mechanically increase EPS for continuing shareholders, assuming stable net income. However, the true value depends on whether repurchases occur below tangible book value; Old National's buybacks occurred while TBV per share stood at $14.32.

Why would Old National pursue buybacks now instead of other uses of capital?

Old National's strong capital position (11.09% CET1), record profitability (19.9% adjusted ROATCE), and de-prioritization of M&A suggest the company has excess capital relative to organic growth and acquisition needs. Buybacks return this excess efficiently to shareholders while maintaining regulatory capital thresholds.

Does the filing disclose the average price paid for repurchased shares?

No, the filing does not disclose the specific average price paid per share for the 4.4 million shares repurchased in Q2. Only the aggregate dollar amount ($107 million) is provided in this 8-K exhibit.

What could trigger acceleration or suspension of the buyback program?

While not explicitly stated, typical triggers include changes in capital ratios, significant M&A opportunities, economic deterioration, or regulatory guidance. Old National's forward guidance assumes no Fed rate cuts in 2026 and deposit pricing competition, which could affect future capital generation and buyback pace.

ONBPP 8-K Filed 2026-08-05 Execution disclosure

Old National Bancorp repurchased 4.4M shares in Q2; $277M remains

Bank executed $107M in buybacks during 2Q26, maintaining capital return momentum with 65% combined payout ratio

Shares repurchased4.4M

Remaining$277M

MechanismRule 10b-18 open-market purcha

What the filing says

Old National Bancorp executed $107 million in share repurchases during the second quarter of 2026, buying back 4.4 million shares of common stock. The company returned a total of $163 million to common shareholders in 2Q26 through a combined capital return program that included dividends, achieving a 65% combined payout ratio.

The filing documents the second quarter's execution under an authorization program, with $277 million remaining available for future repurchases. Old National's board approved the initial authorization amount of $612 million for the buyback program. The company continues to prioritize organic growth and capital growth over M&A activity while maintaining a well-capitalized balance sheet with a CET1 ratio of 11.09% and tangible common equity to tangible assets of 7.68%.

The timing of these repurchases reflects Old National's strong profitability metrics in 2Q26, which included record adjusted earnings per share of $0.65 and an adjusted efficiency ratio of 45.2%. Tangible book value per share increased 14% year-over-year to $14.32, supported in part by the capital return strategy.

Old National's $107 million in Q2 buybacks reduces share count by approximately 0.6% (4.4 million shares on a base of ~382.5 million shares outstanding). With $277 million remaining under authorization, the company has deployed roughly 45% of its $612 million program to date. The execution reflects management's confidence in valuation and capital generation, demonstrated by peer-leading profitability (19.9% adjusted ROATCE) and strong credit quality. The 65% combined payout ratio (dividends plus buybacks) is moderately conservative for a regional bank of Old National's profile, leaving room for organic reinvestment and further capital deployment.

Repurchased $107 million of common stock; $277 million authorization remaining — OLD NATIONAL BANCORP /IN/ 8-K filing · View on SEC EDGAR →

What this means

Frequently asked questions

How much of Old National's buyback authorization has been used?: Old National has executed approximately $335 million of its $612 million authorization program through 2Q26 (the $107 million in Q2 plus prior quarters), leaving $277 million available. This represents roughly 55% utilization of the program to date, indicating moderate execution pace relative to remaining authorization.
What is the significance of Old National's 65% combined payout ratio?: The 65% combined payout ratio (dividends plus share repurchases) demonstrates a balanced capital return approach, retaining about 35% of earnings for organic reinvestment and growth. This is moderately conservative for a regional bank and leaves flexibility for adjusted dividend growth or accelerated buybacks depending on market conditions and capital position.
How do buybacks affect earnings per share for Old National shareholders?: By reducing shares outstanding (4.4 million repurchased in Q2), buybacks mechanically increase EPS for continuing shareholders, assuming stable net income. However, the true value depends on whether repurchases occur below tangible book value; Old National's buybacks occurred while TBV per share stood at $14.32.
Why would Old National pursue buybacks now instead of other uses of capital?: Old National's strong capital position (11.09% CET1), record profitability (19.9% adjusted ROATCE), and de-prioritization of M&A suggest the company has excess capital relative to organic growth and acquisition needs. Buybacks return this excess efficiently to shareholders while maintaining regulatory capital thresholds.
Does the filing disclose the average price paid for repurchased shares?: No, the filing does not disclose the specific average price paid per share for the 4.4 million shares repurchased in Q2. Only the aggregate dollar amount ($107 million) is provided in this 8-K exhibit.
What could trigger acceleration or suspension of the buyback program?: While not explicitly stated, typical triggers include changes in capital ratios, significant M&A opportunities, economic deterioration, or regulatory guidance. Old National's forward guidance assumes no Fed rate cuts in 2026 and deposit pricing competition, which could affect future capital generation and buyback pace.

execution regional-bank rule-10b-18 capital-return Q2-2026

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.