Welcome to our dedicated page for Old National Bancorp news (Ticker: ONB), a resource for investors and traders seeking the latest updates and insights on Old National Bancorp stock.
Old National Bancorp (NASDAQ: ONB) is the largest financial services holding company headquartered in Indiana, with approximately $53 billion in assets and $29 billion in assets under management as of Q1 2024. Founded in Evansville in 1834, Old National Bank (ONB) has a rich history in community banking, focusing on building long-term, valued partnerships in regions including Indiana, Illinois, Kentucky, and Michigan. ONB provides a comprehensive suite of services encompassing retail and commercial banking, wealth management, investments, and brokerage. Additionally, ONB owns Old National Insurance, one of the top 100 brokers in the U.S.
Recently, Old National has expanded its footprint through strategic acquisitions, including the recent merger with CapStar Financial Holdings, Inc., enhancing its presence in high-growth markets like Nashville, Tennessee. This acquisition, slated for completion in Q3 2024, brings ONB's total assets to approximately $53 billion. The company continually strives to improve its service offerings and operational efficiency, evident from its partnerships with leading alternative investment platforms like Proteus, enhancing investment options for high-net-worth clients.
ONB's financial health remains strong, with Q1 2024 net income applicable to common shares reported at $116.3 million, or $0.40 per diluted common share. Excluding notable transactions, the adjusted net income stands at $130.8 million, or $0.45 per diluted share. The company boasts stable low-cost deposits, strong credit quality, and disciplined expense management. Its resilience is further underscored by its effective handling of various operational and environmental challenges, including the FDIC special assessment and the integration costs associated with its mergers.
Old National is committed to maintaining robust community banking services, providing tailored financial solutions, and fostering regional economic growth. Investors can access comprehensive financial data and updates via the company’s Investor Relations page.
On February 16, 2022, Old National Bancorp and First Midwest Bancorp announced the successful completion of their all-stock merger, forming the sixth-largest commercial bank in the Midwest with over $46 billion in assets. The merger, effective February 15, 2022, allows former First Midwest shareholders to receive 1.1336 shares of Old National stock per share held. The new company will continue under the Old National brand with a dual headquarters in Evansville and Chicago, and an integrated financial services approach aimed at enhancing customer engagement and market reach.
Old National Bancorp (NASDAQ: ONB) announced an $8.3 billion Community Growth Plan to support underserved communities, pending the merger with First Midwest. The Plan includes nearly $5 billion for community lending to low-to-moderate income (LMI) borrowers and $3.3 billion for community development projects over five years. Key commitments include $2 billion for mortgage lending, $3 billion for small business loans, and over $3 billion for community development investments. The combined entity will emerge as a significant banking force in the Midwest, enhancing services across its footprint.
Old National Bancorp (ONB) and First Midwest Bancorp announce the receipt of Federal Reserve approval for their merger, initially disclosed on June 1, 2021. The merger is anticipated to finalize by March 1, 2022, creating one of the largest banks in the Midwest with combined assets exceeding $45 billion. Both companies emphasize a customer-centric approach and community commitment, with the merger expected to enhance market competitiveness and growth opportunities. Old National will maintain its branding and dual headquarters post-merger.
Old National Bancorp has declared a quarterly dividend of $0.14 per share on its common stock, payable on March 15, 2022. Shareholders of record as of March 4, 2022 will receive this dividend, with the ex-date being March 3, 2022. This dividend represents an annualized yield of 3.0% based on its closing price of $18.87 on January 26, 2022. Old National Bancorp, with $24.5 billion in assets, is the largest bank holding company in Indiana and operates in several states, providing extensive banking and wealth management services.
Old National Bancorp (NASDAQ: ONB) reported a net income of $56.2 million for Q4 2021, with diluted EPS of $0.34, showcasing robust commercial loan growth and controlled expenses. Adjusted net income reached $60.9 million or $0.37 per diluted share. For the full year, net income stood at $277.5 million ($1.67 per diluted share), driven by a 6.9% growth in commercial loans. Despite a decrease in net interest income to $146.8 million, the company maintained strong credit quality with a non-performing loans ratio of 0.92%.
Old National Bancorp (NASDAQ: ONB) will announce its fourth-quarter and full-year 2021 financial results on January 18, 2022. A conference call at 9:00 a.m. (Central) will provide insights into these results, including strategic developments and the company's financial outlook. The call will be accessible via a U.S. and international dial-in number, with a replay available from January 18 to February 1. Old National Bancorp, headquartered in Indiana, is a major player in community banking with $24.0 billion in assets and a presence in five states.
Old National Bank has been recognized as the number one Indiana-based lender and the second overall lender in Indiana for the SBA's 2021 fiscal year 7a loan volume rankings. The bank's SBA 7a loan volume doubled to $141 million, a significant increase from $70 million in 2020. Notable growth was reported across several states, with Michigan seeing a 129% increase and Minnesota a 65% increase in loan volume. The bank aims to support small business growth through its dedicated SBA services.
The Board of Directors of Old National Bancorp (ONB) declared a quarterly cash dividend of $0.14 per share, payable on December 15, 2021, to shareholders recorded by December 6, 2021. With an ex-dividend date of December 3, 2021, the annualized yield stands at 3.3% based on the closing price of $17.18 on October 27, 2021. Old National, holding $24.0 billion in assets, is recognized among the top 100 banking companies in the U.S.
Old National Bancorp (NASDAQ: ONB) reported a strong 3Q21 with a net income of $71.7 million and a diluted EPS of $0.43. Adjusted net income remained at $71.8 million, indicating no change in earnings per share. The quarter saw significant commercial loan growth, up $171.7 million, while total loans decreased by $198.7 million primarily due to a drop in PPP loans. Deposits rose 7.3% to $18.2 billion, driven by an increase in noninterest-bearing deposits. The company continues its merger with First Midwest Bank, pending Federal Reserve approval.
Old National Bancorp (NASDAQ: ONB) will announce its third-quarter 2021 financial results on October 19, 2021. A conference call will follow at 9:00 a.m. Central Time to discuss these results and the Company’s financial outlook. Interested parties can access the call via the provided dial-in numbers and a webcast will be available on the Investor Relations page of Old National’s website. Old National, with $23.7 billion in assets, is the largest bank holding company in Indiana and has a long-standing commitment to ethical banking practices.
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