Old Natl Bancorp Ind (ONB) Stock News

Old National Bancorp has been recognized for its strong financial performance, ranking 6th among U.S. public banks with over $10 billion in assets, according to S&P Global Market Intelligence's 2022 rankings. This distinction emphasizes the bank's stability, risk management, and diversified credit portfolio, as highlighted by CEO Jim Ryan. Old National, with approximately $47 billion in assets, continues to maintain its position as a leading community bank since its inception in 1834, focusing on customer relationships and comprehensive banking services. For more details, visit oldnational.com.

Old National Bank has launched its Choose Your Charity campaign, allowing communities in Illinois, Iowa, Northwest Indiana, and Southeast Wisconsin to vote for local nonprofits to receive a share of $500,000. Each participating organization could receive up to $15,000, with $5,000 going to leading vote recipients from each banking center and an additional $10,000 to the overall top vote recipient. Voting takes place daily until March 31, and is open to all community members, irrespective of their banking relationship with Old National. The initiative highlights the bank's commitment to supporting local causes.

Old National Bank has launched its Empowerment Small Business Loan Program aimed at enhancing credit access for underserved communities, particularly for businesses with revenues under $25 million and majority minority or women ownership. The program allows loan evaluations beyond traditional credit score metrics. A pilot phase of $50 million is active in several major Midwest cities, with over $2.1 million in loans already approved. This initiative is designed to support entrepreneurs who face systemic inequities in capital access. Key appointments in community lending roles emphasize the bank’s commitment to this mission.

Old National is expanding into the Metro Detroit market by securing office space in the Liberty Center building in Troy, Michigan. This new expansion will be led by Rick Hampson, appointed as the Metro Detroit Market President, who brings 27 years of experience in commercial banking. The new team aims to strengthen Old National's presence in Michigan, where it is already established. With approximately $47 billion in assets, Old National ranks among the top 35 banking companies in the U.S. This expansion represents a strategic move to enhance service capabilities in a significant growth market.

Old National Bancorp (NASDAQ: ONB) has declared a quarterly cash dividend of $0.14 per share on outstanding common stock, payable on March 15, 2023. This is for shareholders of record as of March 1, 2023. Additionally, dividends of $17.50 per share will be distributed on the 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A and C, on May 20, 2023, for shareholders recorded by May 5, 2023. Old National also introduced a $200 million stock repurchase program, effective until February 29, 2024, allowing share buybacks at company discretion.

Old National Bancorp (NASDAQ: ONB) reported a strong Q4 2022, with net income of $196.7 million, translating to earnings per share (EPS) of $0.67. For the full year, net income reached $414.2 million, or $1.50 per share. CEO Jim Ryan highlighted robust loan growth, enhanced net interest margin of 3.85%, and a return on average tangible common equity of 31.5%. Total loans increased by 7.7% annualized, reaching $31.1 billion. Operational efficiency improved as noninterest expenses decreased to $282.7 million, leading to an efficiency ratio of 49.1%. The company recorded a significant pre-tax gain of $90.7 million from the sale of health savings accounts.

Old National Bancorp has launched 1834, a new division focused on catering to high-net-worth individuals and institutions. Named after the year the bank was founded, 1834 offers customized wealth advisory services, including wealth planning, investment management, and trust services. Led by wealth management veterans with over 80 years of combined experience, the division aims to provide a boutique experience while leveraging the strength of Old National's nearly 190 years of history. The firm operates across the Midwest and has recently expanded into Nashville and Scottsdale. It emphasizes comprehensive, tailored services without the high entry costs typical of ultra-high-net-worth firms.

Old National Bancorp (NASDAQ: ONB) will release its fourth-quarter 2022 earnings on January 24, 2023, at 8:00 A.M. ET. A conference call will follow at 10:00 A.M. ET. Investors can participate by dialing U.S. (844) 200-6205 or International (929) 526-1599, using access code 379396. The call will also be available via webcast on Old National’s Investor Relations website. The replay can be accessed one hour after the call until January 23, 2024, for web and until February 7, 2023, for phone. Old National, a recognized ethical company, manages approximately $27 billion in assets.

Old National Bancorp (NASDAQ: ONB) announced a quarterly cash dividend of $0.14 per share on common stock, payable on December 15, 2022, to shareholders of record by December 1, 2022. Additionally, a dividend of $17.50 per share has been declared on the fixed-rate perpetual preferred stock (Series A and C), payable on February 20, 2023, to shareholders of record by February 5, 2023. With approximately $46 billion in assets, Old National ranks among the top 35 U.S. banking companies and has been recognized as a World’s Most Ethical Company.