Exhibit 99.1

 

Old National Bancorp

  LOGO

One Main Street

Evansville, IN 47708

  Media: Kathy A. Schoettlin (812) 465-7269
oldnational.com   Investors: Lynell J. Walton (812) 464-1366

Old National reports 4th quarter net income of $47.5 million,

or $0.28 earnings per share

Evansville, Ind. (January 22, 2019)

 

Old National Bancorp (NASDAQ: ONB) reports 4Q18 net income of $47.5 million, diluted EPS of $0.28.

Adjusted1 net income of $54.1 million, or $0.32 per diluted share.

2018 annual net income of $190.8 million, diluted EPS of $1.22.

Adjusted1 2018 annual net income of $201.8 million, diluted EPS of $1.29.

CEO COMMENTARY:

 

“Old National’s strong 4th quarter – punctuated by the 2nd highest commercial loan production in our history – capped a year of outstanding performance that included $283.2 million in organic commercial loan growth, positive operating leverage and strong credit and capital ratios,” said Old National Chairman & CEO Bob Jones. “The 4th quarter also saw us continue to execute our growth strategy by closing on our KleinBank partnership, which effectively doubles our presence in the state of Minnesota.”

FOURTH-QUARTER HIGHLIGHTS2:

 

Net Income     

•   Net income of $47.5 million

  

•   Earnings per share of $0.28

  
Net Interest   Income/NIM     

•   Net interest income on a fully taxable equivalent basis was $149.3 million, up 11.7%

   •   Net interest margin on a fully taxable equivalent basis was 3.64% compared to 3.51%
  
Operating   Performance     

•   Pre-provision net revenue1 (“PPNR”) was $57.2 million

   •   Adjusted PPNR1 was $67.0 million, up 16.0% over fourth quarter of 2017
   •   Noninterest expense was $150.3 million
   •   Adjusted noninterest expense1 was $126.9 million
   •   Efficiency ratio1 was 70.33%
   •   Adjusted efficiency ratio1 was 63.31%, a 27 basis point improvement from fourth quarter of 2017
  

Loans and   Credit  

Quality  

  

•   End-of-period total loans3 were $12,258.8 million compared to $11,314.0 million

  

•   End-of-period commercial and industrial loans were $3,233.0 million compared to $2,949.3 million

  

•   Fourth quarter total commercial production was $594.0 million; December 31 pipeline was $1.5 billion

   •   Provision for loan losses was $3.4 million compared to $0.8 million
   •   Net charge-offs were $0.6 million, or 0.02% annualized, compared to net charge-offs of $1.7 million
   •   Non-performing loans were 1.43% of total loans compared to 1.47%
  
Capital   Returns     

•   Return on average common equity was 7.59%

   •   Return on average tangible common equity1 was 13.84%
   •   Adjusted return on average tangible common equity1 was 15.62%
  

Notable  

Items  

  

•   Closing of Klein partnership on November 1, 2018

   •   Sale of 10 Wisconsin branches resulting in a $14.0 million net gain
   •   $14.8 million in merger/integration charges and $7.5 million in ONB Foundation funding
   •   $7.6 million in incentive compensation annual true-ups and benefit adjustments driven by higher
     hospitalization costs
   •   $1.1 million in tax credit amortization

 

1

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

2 

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

3 

Includes loans held for sale

 


The following information was filed by Old National Bancorp (ONB) on Tuesday, January 22, 2019 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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