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Overview
Old National Bancorp (NASDAQ: ONB) is a historic financial services holding company that has been serving its communities since its founding in 1834 in Evansville, Indiana. Renowned for its commitment to community banking, Old National has built enduring partnerships with clients across its core markets in Indiana, East Central Illinois, Kentucky, Michigan, and select Southeastern communities. The corporation combines a rich legacy with a modern approach to banking, leveraging a comprehensive suite of services designed to meet the evolving needs of both retail and commercial clients.
Comprehensive Financial Services
At its core, Old National Bancorp provides an integrated range of financial products and services that include:
- Retail and Commercial Banking: Delivering personalized deposit services, loan solutions, and credit facilities that support both individual customers and businesses.
- Wealth Management and Investment Advisory: Offering tailored financial planning, portfolio management, and investment strategies, ensuring clients receive expert guidance that aligns with their long-term financial objectives.
- Capital Markets and Brokerage Services: Facilitating activities in investment banking and brokerage, thereby enabling clients to access capital markets with confidence and expertise.
- Insurance Solutions: Through its affiliated insurance brokerage, Old National extends risk management and insurance services, positioning itself among the top brokers in the market.
The company’s diverse product mix is sustained by a strong commitment to resilient credit quality, disciplined expense management, and an emphasis on nurturing deep client relationships built over generations.
Regional Market Positioning and Community Focus
Old National Bancorp has strategically positioned itself as a major player within its regional footprint. Its operations are not merely transactional; they are built on the principle of developing long-term, highly valued partnerships with communities. This community-centric approach means that the bank continuously emphasizes local market knowledge, responsiveness to regional economic conditions, and a keen focus on fostering economic growth within the areas it serves. This approach reinforces its reputation as a trusted community partner.
Operational Excellence and Digital Transformation
In recent years, Old National has advanced its operational capabilities by embracing innovative technologies and digital solutions. A notable aspect of its strategy is the convergence of traditional banking with modern digital transformation — an effort supported through strategic partnerships with leading technology firms. By integrating advanced process digitization, automation, and digital banking platforms, Old National has enhanced its internal efficiency, improved client experiences, and maintained a competitive edge in a rapidly evolving financial services landscape. This modernization effort further underscores the bank's commitment to balancing its venerable history with contemporary innovations.
Strategic Acquisitions and Organizational Strength
A significant contributor to Old National’s growth and market strength has been its prudent engagement in strategic acquisitions. These acquisitions have not only expanded the bank's geographic footprint but have also enhanced its service offerings, particularly in regions known for vibrant economic activity. The integration of acquired operations has enriched its banking services, broadened its product portfolio, and reinforced its commitment to serving a diverse customer base with a seamless suite of financial solutions.
Expertise and Industry Recognition
Old National Bancorp stands out for its methodical approach to financial services, built on decades of expertise and steadfast customer commitment. Its portfolio, which includes consumer and commercial banking, wealth management, and capital markets services, reflects a deep understanding of industry dynamics and client needs. Through this multifaceted approach, the company has garnered recognition as one of the foremost community-centric financial institutions in its regions of operation. With a foundation built on trust, reliability, and rigorous financial stewardship, Old National continues to be a model of expert financial management and operational excellence.
Commitment to Quality and Client-Centric Services
Consistent with its long-standing tradition, Old National’s commitment is evident in its focus on quality service delivery, strong risk management practices, and an unwavering dedication to maintaining robust credit quality. Its customer-first philosophy is integrated across every operational facet—from originating commercial loans to providing detailed wealth management advice—ensuring that each client receives personalized attention tailored to their unique financial circumstances.
Conclusion
Old National Bancorp exemplifies what it means to blend a storied heritage with strategic operational enhancements. Through its comprehensive suite of services, regional market leadership, and commitment to digital innovation, the company continues to provide enduring value to its clients and communities. The institution’s emphasis on quality banking solutions, combined with its adaptive approach to technology and market trends, positions it as an essential resource within the financial services industry, ensuring that clients benefit from unmatched expertise and a supportive, community-oriented banking experience.
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.
Old National Bancorp (NASDAQ: ONB) has scheduled its third-quarter 2022 earnings release for October 25, 2022, at 8:00 A.M. ET, followed by a conference call at 10:00 A.M. ET. Dial-in numbers are U.S. (844) 200-6205 and International (929) 526-1599, access code 504244. A webcast will be available on Old National’s Investor Relations website, and a replay will be accessible one hour post-call until November 8, 2022. Old National, a leading Midwest bank with $46 billion in assets, emphasizes community banking and ethical practices.
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