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.
Old National Bancorp (NASDAQ: ONB) reported a strong first quarter of 2023, with net income of $142.6 million and diluted EPS of $0.49, increasing to $159.1 million and $0.54 on an adjusted basis. The company noted stability in its low-cost deposit franchise, which totaled $34.9 billion. Despite a decrease in net interest income to $387.2 million, the net interest margin remained robust at 3.69%. Total loans increased 2.2% to $31.8 billion, showing disciplined growth, particularly in commercial loans. The efficiency ratio improved to 52.8%, reflecting effective expense management. However, the company faced challenges with higher funding costs and increased noninterest expense, which reached $250.7 million, influenced by merger-related charges. Overall, Old National remains well-positioned for future challenges due to its strong liquidity and capital ratios.
Old National announced a total of $1 million in donations following the April 10 tragedy at its downtown Louisville location. The donations are aimed at providing support to impacted individuals and expressing gratitude to community heroes.
The breakdown includes $600,000 to the 'Love for Louisville ONB Survivors Fund', $150,000 to the Louisville Metro Police Foundation, $150,000 to the University of Louisville Hospital Trauma Center, and $100,000 to the American Red Cross. CEO Jim Ryan reaffirmed the bank's commitment to support affected team members and their families.
This fund, managed by the Community Foundation of Louisville, ensures 100% of donations benefit those impacted by the attack. The initiative highlights Old National's community focus and dedication to care.
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.
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