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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 appointed Rafael A. Sanchez as EVP, Chief Impact Officer, effective July 26, 2022. In this newly created role, Sanchez will spearhead initiatives aimed at the financial advancement of underrepresented communities. He will continue serving as the Indianapolis Market President and engage in regional government relations. A law degree holder from Indiana University, Sanchez has been with ONB since 2018 and previously led Indianapolis Power & Light Co. The bank manages assets totaling approximately $46 billion.
Old National Bancorp (ONB) reported a strong second quarter of 2022, with net income applicable to common shares of $111.0 million and diluted EPS of $0.38. Adjusted net income reached $134.6 million, or $0.46 per share. Highlights include a 17% increase in annualized loan growth, net interest income of $341.8 million, and a net interest margin of 3.33%. The merger with First Midwest Bancorp has positively impacted production, with total loans at $29.6 billion.
However, merger-related charges amounted to $36.6 million, influencing earnings.
Old National Bancorp (NASDAQ: ONB) will release its second-quarter 2022 earnings on July 26, 2022, at approximately 8:00 A.M. ET. A conference call is scheduled for the same day at 10:00 A.M. ET. Participants can join by calling (844) 200-6205 for U.S. callers and (929) 526-1599 for international callers.
For those unable to attend live, a replay will be available shortly after the call. Old National, with approximately $46 billion in assets, ranks among the top 35 U.S. banking companies.
UMB Financial Corporation (Nasdaq: UMBF) announced an agreement to acquire the health savings account (HSA) business of Old National Bank (Nasdaq: ONB). The deal involves approximately $500 million in client assets, enhancing UMB's direct-to-employer business with around 157,000 accounts across more than 3,000 employer groups. The transaction is part of UMB's strategy for growth in the HSA sector, aiming to leverage synergies from the experienced team transitioning from Old National. The acquisition is pending regulatory approval and expected to close in Q4 2022.
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.
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