Old Natl Bancorp Ind Stock Price, News & Analysis

On April 10, 2023, Old National Bancorp (NASDAQ: ONB) released a statement addressing the tragic events in Louisville that affected its team members. CEO Jim Ryan expressed deep sorrow for the losses and injuries experienced by employees, emphasizing the company's commitment to supporting those impacted. The leadership team has been present in Louisville to offer assistance, with a focus on ensuring that affected individuals receive necessary support. Ryan also acknowledged the swift response from local law enforcement and medical teams. The company requests continued prayers for all those affected by this tragedy.

Old National Bancorp (NASDAQ: ONB) has announced the schedule for its first-quarter 2023 earnings release and conference call. The earnings release will take place on April 25, 2023, at 8:00 A.M. ET, followed by a conference call at 10:00 A.M. ET. Participants can join via dial-in or webcast through Old National's Investor Relations website. The telephonic replay will be available shortly after the call until May 9, 2023. Old National Bancorp is the sixth largest commercial bank in the Midwest, with approximately $47 billion in assets and a focus on community banking since 1834.

Old National Bancorp has been recognized for its strong financial performance, ranking 6^th 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.