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|FOR IMMEDIATE RELEASE|
|February 2, 2015||Contacts:|
|Kathy A. Schoettlin (812) 465-7269|
|Executive Vice President Communications|
|Lynell J. Walton (812) 464-1366|
|Senior Vice President Investor Relations|
Strong earnings and successful acquisitions highlight transformational year for Old National Bancorp
4TH QUARTER HIGHLIGHTS:
|||Earnings of $29.3 million represent a 19.1% increase over the $24.5 million earned in the 4th quarter of 2013|
|||Organic loan growth of $51.9 million or 3.4% annualized|
|||Completed acquisition of LSB Financial Corp. in Lafayette, Indiana|
|||Earnings of $103.7 million represent a 2.7% increase over 2013 ($100.9 million) and the highest net income since 2002|
|||Organic loan growth of $339.6 million or 7.0%|
|||Completed acquisitions in the higher growth markets of Fort Wayne and Lafayette, Indiana and Ann Arbor, Michigan|
|||Credit quality and capital levels remained strong|
Evansville, Ind. (Feb. 2, 2015) Today Old National Bancorp (the Company or Old National) (NASDAQ: ONB) reported 4th quarter 2014 net income of $29.3 million, or $.25 per share. These quarterly results represent an increase of 19.1% over the net income of $24.5 million in the 4th quarter of 2013 and a .4% increase over the net income of $29.1 million recorded in the 3rd quarter of 2014.
Benefitting current quarter results was $16.6 million of accretion income which was partially offset by a $6.2 million adjustment to the FDIC indemnification asset. Also included in the current quarter were $3.1 million of pre-tax merger and integration expenses. Included in 3rd quarter 2014 results were $3.6 million of merger and integration expenses, a $19.1 million unfavorable change in the indemnification asset and $34.3 million in accretion income. Included in 4th quarter 2013 results were $2.5 million of merger and integration expenses, a $3.4 million unfavorable change in the indemnification asset and $16.8 million in accretion income.
For the twelve months ended December 31, 2014, net income was $103.7 million, or $.95 per share. This net income represents an increase of 2.7% to full-year 2013 net income of $100.9 million, or $1.00 per share. Included in 2014 earnings were $86.5 million in accretion income which was partially offset by a $43.2 million adjustment to the FDIC indemnification asset and $15.6 million in pre-tax merger and integration expenses. Included in 2013 earnings were $59.0 million in accretion income which was partially offset by a $9.3 million adjustment to the FDIC indemnification asset and $5.9 million in merger and integration expenses. Earnings per share calculations were impacted by the shares issued in conjunction with the Companys recent acquisition.
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The following information was filed by Old National Bancorp (ONB) on Monday, February 2, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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