Old National Bancorp announces quarterly cash dividend and stock repurchase plan

Rhea-AI Summary

Old National Bancorp (NASDAQ: ONB) has declared a quarterly cash dividend of $0.14 per share, payable on March 15, 2021, to shareholders of record on March 1, 2021. This dividend yields 3.3% based on the closing price of $17.09 on January 27, 2021. Additionally, the company has approved a stock repurchase plan authorizing the buyback of up to $100 million of its common stock through January 31, 2022, aimed at enhancing shareholder value.

Positive

• Quarterly cash dividend of $0.14 per share enhances shareholder returns.
• Annualized dividend yield of 3.3% indicates strong cash flow and commitment to returning value.
• Stock repurchase plan of $100 million signals confidence in company performance and supports share price.

Negative

• None.

EVANSVILLE, Ind., Jan. 28, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Old National Bancorp (the “Company” or “Old National”) (NASDAQ: ONB) today declared a quarterly cash dividend of $0.14 per share on the Company’s outstanding shares of common stock. The dividend is payable March 15, 2021, to shareholders of record on March 1, 2021. For purposes of broker trading, the ex-date of the cash dividend is February 26, 2021. Based on Old National’s closing price of $17.09 on January 27, 2021, the quarterly dividend represents an annualized dividend yield of 3.3%.

The Board of Directors has also approved the adoption of a stock repurchase plan that authorizes the repurchase of up to $100 million of the outstanding shares of Old National Bancorp common stock, as conditions warrant, through January 31, 2022. These shares may be purchased in either the open market or in privately negotiated transactions, in accordance with SEC regulations.

ABOUT OLD NATIONAL

Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $23.0 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for nine consecutive years.  Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping our clients at the center of all we do. This is an approach to business that we call The ONB Way. Today, Old National’s footprint includes Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital market services. For more information and financial data, please visit Investor Relations at oldnational.com.

Media: Kathy A. Schoettlin (812) 465-7269
Investors: Lynell J. Walton (812) 464-1366

FAQ

When is the dividend for Old National Bancorp due?

The dividend of $0.14 per share is payable on March 15, 2021.

What is the yield of the dividend declared by Old National Bancorp?

The declared dividend represents an annualized yield of 3.3% based on a closing price of $17.09.

What is the purpose of the stock repurchase plan by ONB?

The stock repurchase plan aims to enhance shareholder value through the buyback of up to $100 million in common stock.

What is the duration of Old National Bancorp's stock repurchase program?

The stock repurchase plan is authorized through January 31, 2022.