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) has declared a quarterly cash dividend of $0.14 per share on its common stock, payable on June 15, 2022, to shareholders of record by June 1, 2022. Additionally, a cash dividend of $17.50 per share on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A and C, will be paid on August 20, 2022, to shareholders of record by August 5, 2022. Old National ranks among the top 35 U.S. banking companies, with approximately $46 billion in assets.
Old National Bank (NASDAQ: ONB) has appointed six new Market Presidents across its Illinois locations to enhance community engagement and leadership. The new leaders, including Mike Jamieson and Bob Kelly, will spearhead local brand activation and relationship-building efforts. This follows the completion of Old National's merger with First Midwest Bancorp, positioning them as the sixth largest commercial bank in the Midwest with $46 billion in assets. The appointments reflect the bank's commitment to strengthening its presence and addressing community needs.
Old National Bancorp (NASDAQ: ONB) reported a net loss of $29.6 million for Q1 2022, translating to a diluted EPS of $(0.13). Adjusted net income was $91.6 million, or $0.40 per diluted share, driven by strong commercial loan growth following the merger with First Midwest. Net interest income reached $226.6 million, with a net interest margin of 2.88%. Total loans increased to $28.4 billion, while total deposits rose to $35.6 billion. The company incurred $96.3 million in CECL Day 1 provision expenses and $52.3 million in merger-related charges, impacting overall financial performance.
Old National Bancorp (NASDAQ: ONB) announced its schedule for the first-quarter 2022 earnings release and conference call. The earnings release will occur on April 26, 2022, at approximately 8:00 A.M. ET, followed by a conference call at 10:00 A.M. ET. Investors can access the call via dial-in numbers or webcast on Old National's Investor Relations website. The replay of the call will be available for a limited time after completion. Old National is recognized for its ethical practices and ranks among the top 35 banking companies in the U.S., with over $46 billion in assets.
Old National Bancorp (NASDAQ: ONB) announced a quarterly cash dividend of $17.50 per share on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A and C. The dividend, equivalent to $0.4375 per depositary share, is payable on May 20, 2022 to stockholders of record by May 5, 2022. This reflects the company's continued commitment to returning value to its shareholders.
Old National Bank announced its expansion into the greater Kansas City region with the opening of a new Commercial Banking office. The bank has hired Steve Liggett as Market President and David Robinson as Corporate Relationship Manager, both with extensive local banking experience. This move is part of Old National's strategy to enhance its commercial capabilities and strengthen its presence in the market. With over $46 billion in assets, Old National is recognized as a top banking company in the U.S. and aims to maintain its commitment to community banking.
Old National Bancorp (NASDAQ: ONB) announced that CEO Jim Ryan will participate in a virtual bank mergers and acquisitions panel at the 2022 RBC Capital Markets Financial Institutions Conference on March 9, 2022, at 1:20 p.m. Eastern Time. Interested investors can access the live webcast through the Investor Relations section of oldnational.com, with a replay available afterward. Old National, the largest bank holding company in Indiana, completed a merger with First Midwest Bancorp and manages over $34 billion in assets, recognized as a World’s Most Ethical Company for 10 consecutive years.
Old National Bancorp (NASDAQ: ONB) announced a new stock repurchase program, allowing up to $200 million in buybacks of its common stock. These transactions may occur on the open market or via private negotiations and will be active until January 31, 2023. This strategic move aims to enhance shareholder value as the company continues to solidify its position within the competitive banking sector, boasting over $46 billion in assets after its recent merger with First Midwest Bancorp.
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