Exhibit 99.1

 

     LOGO    LOGO
   NASDAQ: ONB
   oldnational.com

FOR IMMEDIATE RELEASE

January 23, 2018

  

Contacts:

Media:

Kathy A. Schoettlin – (812) 465-7269

Executive Vice President – Communications

Financial Community:

Lynell J. Walton – (812) 464-1366

Senior Vice President – Investor Relations

Old National’s 4th quarter includes strong commercial loan

growth and another successful partnership

4th QUARTER 2017 HIGHLIGHTS:

 

    Organic commercial and commercial real estate loan growth1 of 10.1% annualized from 3rd quarter of 2017

 

    Cost of total deposits remained low at 0.20%, up just 1 basis point from 3rd quarter of 2017

 

    Legacy noninterest expenses2 declined 6.8% from 4th quarter of 2016

 

    Anchor Bancorp, Inc. (Anchor-Minnesota) partnership closed November 1, 2017, less than 90 days following announcement

2017 HIGHLIGHTS:

 

    Organic loan growth1 of almost 5%; organic commercial and commercial real estate loan growth1 of 10.1%

 

    Cost of total deposits increased just 2 basis points to 0.19%

 

    Credit quality metrics remain strong, with net charge-offs of just 0.03% of average total loans

 

    Adjusted operating leverage improved over 350 basis points2 from 2016

 

1 Excludes acquired loans; includes loans held for sale
2 Non-GAAP measure – refer to Tables 3 and 4 for Non-GAAP reconciliations

 

 

Evansville, Ind. (January 23, 2018) – Today Old National Bancorp (the “Company” or “Old National”) (NASDAQ: ONB) reported a 4

th quarter 2017 net loss of $18.5 million, or $0.13 per diluted share. Full-year 2017 net income was $95.7 million, or $0.69 per diluted share.

As was previously disclosed in a Current Report on Form 8-K filed by Old National with the Securities and Exchange Commission on December 22, 2017, the 4th quarter results included an estimated revaluation of the Company’s deferred tax asset due to the new “H.R.1” tax reform law. Old National recorded $39.3 million of additional tax expense to estimate the impact of a reduction to its deferred tax asset. Also included in the 4th quarter were the following pre-tax charges: $11.9 million for merger and integration, $3.0 million for branch consolidations, $1.6 million in severance, $1.3 million for Foundation funding and $0.7 million for a client experience improvement initiative. Excluding these items from the current quarter and netting out securities gains, Old National would have reported net income of $32.7 million, or $0.22 per share. Refer to Table 5 for Non-GAAP net income reconciliation.


The following information was filed by Old National Bancorp (ONB) on Tuesday, January 23, 2018 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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