Old Natl Bancorp Ind Stock Price, News & Analysis

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.

On November 1, 2022, Old National Bancorp will celebrate its merger with First Midwest Bancorp by ringing the closing bell at Nasdaq. CEO Jim Ryan, along with other executives, will represent the company in this symbolic event. Old National, a leading commercial bank in the Midwest with approximately $46 billion in assets, has been recognized as a World’s Most Ethical Company for 11 consecutive years. This event also coincides with the bank's upcoming 188th anniversary.

Old National Bancorp (NASDAQ: ONB) reported a strong financial performance for 3Q22, with net income applicable to common shares reaching $136.1 million and diluted EPS of $0.47. Adjusted net income was $150.4 million with an adjusted EPS of $0.51, marking a nearly 19% year-over-year growth. Total loans increased by 13.2% annualized to $30.5 billion, while net interest income rose 11.6% to $381.5 million. However, noninterest income fell by 9.8% to $80.4 million, reflecting lower wealth management revenues.