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About Old National Bancorp
Old National Bancorp (NASDAQ: ONB) is a prominent financial services holding company headquartered in Evansville, Indiana. Established in 1834, it stands as one of the oldest banking institutions in the United States, with a rich history rooted in community-centered banking. As the sixth-largest commercial bank headquartered in the Midwest, Old National serves a diverse clientele across the Midwest and Southeast, including Indiana, Illinois, Kentucky, Michigan, and Tennessee. Its extensive footprint and strategic acquisitions place it among the top 30 banking companies in the United States by asset size.
Core Business Areas
Old National operates through a comprehensive suite of financial services, including:
- Retail and Commercial Banking: Offering a wide range of deposit products, consumer loans, commercial lending, and real estate financing, Old National caters to both individual and business clients.
- Wealth Management: Providing investment advisory, trust services, and capital market solutions tailored to high-net-worth individuals and institutional clients.
- Insurance Brokerage: Through Old National Insurance, one of the top 100 insurance brokers in the U.S., the company delivers risk management and insurance solutions to businesses and individuals.
By integrating these services, Old National positions itself as a one-stop financial partner for its clients, emphasizing long-term relationships and personalized service.
Market Position and Strategic Growth
Old National Bancorp has solidified its position as a leader in community banking by focusing on building enduring partnerships with clients and supporting the communities it serves. Its strategic acquisitions, such as the recent merger with CapStar Financial Holdings, have expanded its geographic reach and enhanced its service capabilities. With approximately $54 billion in assets and $31 billion in assets under management, the company is a significant player in the U.S. banking landscape.
Old National differentiates itself through its commitment to community engagement and its ability to adapt to the evolving financial needs of its clients. Its partnership with Infosys for digital transformation underscores its focus on leveraging technology to enhance operational efficiency and client experiences.
Competitive Landscape
Operating in the highly competitive financial services industry, Old National faces competition from both national and regional banks. Its emphasis on community banking, combined with its diversified service offerings and strategic growth initiatives, allows it to maintain a competitive edge. The company’s robust credit quality, disciplined expense management, and focus on core deposit growth further reinforce its market position.
Commitment to Community and Sustainability
Old National’s dedication to community banking extends beyond financial services. Recognized as one of "The Civic 50" by Points of Light, the company is celebrated for its commitment to corporate social responsibility and community development. This recognition reflects its efforts to strengthen the communities it serves through financial literacy programs, charitable contributions, and volunteerism.
Conclusion
With nearly two centuries of experience, Old National Bancorp exemplifies stability, adaptability, and a client-first approach. Its diversified business model, strategic growth through acquisitions, and focus on community impact position it as a trusted partner for individuals, businesses, and investors seeking comprehensive financial solutions.
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.
Old National Bancorp (NASDAQ: ONB) has declared a quarterly cash dividend of $0.14 per share on its outstanding common stock. This dividend will be payable on September 15, 2021, to shareholders of record as of September 1, 2021. The ex-dividend date is August 31, 2021. With a closing price of $16.24 on July 28, 2021, this translates to an annualized dividend yield of 3.4%. Old National is the largest bank holding company in Indiana, boasting $23.7 billion in assets and recognized as a World’s Most Ethical Company.
Old National Bank (ONB) has appointed three key executives to strengthen its Wealth Group, focusing on Investment Management and High-Net-Worth services. Jim Steiner, Joe Colianni, and Eric Holman join from Abbot Downing, which saw its assets under management grow from $26 billion to $48 billion from 2011 to 2020. This strategic hire aligns with ONB's goal to enhance customized client services and expand its geographic reach, notably with new operations in Scottsdale, Arizona. Steiner will serve as Chief Investment Officer, while Colianni and Holman take pivotal leadership roles in high-net-worth advisory and risk management, respectively.
Old National Bancorp (NASDAQ: ONB) reported 2Q21 net income of $62.8 million, or $0.38 per diluted share. Adjusted net income was $67.4 million, or $0.41 per diluted share. Strong commercial loan production yielded over 11% annualized growth, with total commercial loans increasing by $250.2 million. The net interest margin was stable at 2.91%. However, total loans decreased to $13,834.8 million, primarily due to a $403 million drop in PPP loans. The company is set to merge with First Midwest Bank, aiming for enhanced growth and shareholder value.
Old National Bancorp (NASDAQ: ONB) will announce its second-quarter 2021 financial results on July 20, 2021, followed by a conference call at 9:00 a.m. (Eastern). The event will discuss results, strategic developments, and financial outlook. Investors can access the earnings release, presentation slides, and a live audio webcast via the Investor Relations section of Old National's website. Old National ranks as Indiana's largest bank holding company, with assets of $23.7 billion and recognition as a World's Most Ethical Company for a decade.
Old National Bancorp and First Midwest Bancorp have agreed to merge in an all-stock transaction valued at $6.5 billion, creating a leading Midwestern bank with combined assets of $45 billion. Each First Midwest shareholder will receive 1.1336 shares of Old National stock. The merger will result in dual headquarters in Evansville, Indiana, and Chicago, Illinois, with key executives from both banks retaining significant leadership roles. The merger is expected to enhance market position, increase profitability, and drive digital advancements while promoting community engagement.
Old National Bancorp has appointed John Moran as Chief Strategy Officer, rejoining the firm where he previously served as Director of Corporate Development and Strategy from 2017 to 2019. Moran will oversee partnership activities, investor relations, and corporate strategic planning, bringing extensive experience from his prior role as CFO at NBT Bancorp. His background includes over 15 years in investment research. Old National, headquartered in Indiana, has $23.7 billion in assets and has been recognized as a World's Most Ethical Company for ten consecutive years.
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