Exhibit 99.1


Old National Bancorp    

One Main Street

Evansville, IN 47708




Media: Kathy A. Schoettlin (812) 465-7269

Investors: Lynell J. Walton (812) 464-1366


Old National reports record 3rd quarter net income of $51.3 million, a 30.4% increase from a year ago

Evansville, Ind. (October 22, 2018)

Old National Bancorp (NASDAQ: ONB) reports record 3Q18 net income of $51.3 million, diluted EPS of $0.34. Adjusted1 net income of $52.4 million, or $0.34 per share.


“Our record earnings for the quarter were highlighted by positive operating leverage, a modest increase in core deposit costs, stable credit, and a continued focus on expense control,” stated Chairman and CEO Bob Jones. “We were also pleased to see a 21% increase in year-over-year adjusted pre-provision net revenue. While loan balances were stable for the quarter, our loan pipeline at quarter-end remained strong. These strong 3rd quarter results position Old National very well for continued growth.”



Net Income   

•   Net income of $51.3 million, an increase of 30.4% from third quarter of 2017


•   Earnings per share of $0.34, an increase of 17.2% from third quarter of 2017


Net Interest



•   Net interest income on a fully taxable equivalent basis was $133.6 million, down 0.9%


•   Net interest margin on a fully taxable equivalent basis was 3.51% compared to 3.55%

Operating Performance   

•   Pre-provision net revenue1 (“PPNR”) was $60.2 million


•   Adjusted PPNR1 was $70.9 million, up 8.1%


•   Noninterest expense was $119.4 million


•   Adjusted noninterest expense1 was $108.4 million, compared to $114.5 million


•   Efficiency ratio1 was 64.71%


•   Adjusted efficiency ratio1 was 58.67%, a 251-basis point improvement from third quarter of 2017


Loans and




•   End-of-period total loans3 were $11,314.0 million compared to $11,321.8 million


•   End-of-period commercial and industrial loans were $2,949.3 million compared to $2,962.9 million


•   Third quarter total commercial production was $455.2 million; September 30 pipeline was $1.7 billion


•   Provision for loan losses of $0.8 million compared to $2.4 million in the second quarter


•   Net charge-offs were $1.7 million, or 0.06% annualized, compared to net recoveries of $0.8 million


•   Non-performing loans were 1.47% of total loans compared to 1.38%





•   Return on average equity was 9.28%


•   Return on average tangible common equity1 was 16.10%


•   Adjusted return on average tangible common equity1 was 16.42%





•   $1.7 million in merger/integration charges and a $0.1 million net gain in branch actions


•   $9.2 million in tax credit amortization


•   Footprint rationalization continues with the pending sale of 10 branches, expected to close October 26, 2018



Non-GAAP financial measure that Management believes is useful in evaluating the financial results of the Company – please refer to the Non-GAAP reconciliations contained in this release


Comparisons are on a linked-quarter basis, unless otherwise noted


Includes loans held for sale

The following information was filed by Old National Bancorp (ONB) on Monday, October 22, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Old National Bancorp's financial trajectory

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