Business
Old National reports 4th quarter earnings, announces dividend increase, stock repurchase plan, and ONB Way strategic update
EVANSVILLE, Ind., Jan. 21, 2020 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 4Q19 net income of $49.2 million, diluted EPS of $0.29.
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., Jan. 21, 2020 (GLOBE NEWSWIRE) -- \nOld National Bancorp (NASDAQ: ONB) reports 4Q19 net income of $49.2 million, diluted EPS of $0.29. Adjusted1 net income of $55.2 million, or $0.32 per diluted share. 2019 annual net income of $238.2 million, diluted EPS of $1.38. Adjusted1 2019 annual net income of $249.9 million, diluted EPS of $1.45. CEO COMMENTARY: “Our 4th quarter results capped a strong year of earnings for Old National,” said CEO Jim Ryan. “Full-year 2019 results included three quarters of record net income, stellar credit metrics, well controlled expenses and record commercial loan production, all of which was accomplished while finalizing a new strategic plan – known as The ONB Way – that will ensure our clients remain at the center of all we do.” FOURTH QUARTER HIGHLIGHTS2: Net Income Net income of $49.2 millionEarnings per share of $0.29 Net Interest Income/NIM Net interest income on a fully taxable equivalent basis was $152.2 million compared to $156.3 millionNet interest margin on a fully taxable equivalent basis was 3.46% compared to 3.57% Operating Performance Pre-provision net revenue1 (“PPNR”) was $65.2 millionAdjusted PPNR1 was $73.9 million, up 10.3% over fourth quarter of 2018Noninterest expense was $134.7 millionAdjusted noninterest expense1 was $125.6 millionEfficiency ratio1 was 65.57%Adjusted efficiency ratio1 was 60.97%, a 234 basis point improvement from fourth quarter of 2018 Loans and Credit Quality End-of-period total loans3 were $12,164.4 million compared to $12,075.9 millionFourth-quarter total commercial production was a record $681 million; December 31 pipeline was a record $2.2 billionProvision for loan losses was $1.3 millionNet charge-offs were $3.6 million, or 0.12% annualized, compared to net charge-offs of $0.8 millionNon-performing loans were 1.19% of total loans compared to 1.31% Return Profile & Capital Return on average common equity was 6.94%Return on average tangible common equity1 was 12.03%Adjusted return on average tangible common equity1 was 13.44%Repurchased 428 thousand shares of common stock during the current quarter Notable Items $0.01 increase in quarterly cash dividend to $0.14 per share7 million share repurchase authorization effective until January 31, 2021Current quarter contained $8.2 million in ONB Way charges, $0.2 million in merger and integration ...