Old National Has Big Quarter

Yesterday Old National Bancorp reported 4th quarter net income of $23.0 million, or $.23 per share. These 4th quarter results compared to the net income of $19.7 million, or $.20 per share, that Old National reported in 3rd quarter 2012, and net income of $22.2 million, or $.23 per share, that Old National reported in 4th quarter 2011.  Net income for the 12 months ended December 31, 2012, was $91.7 million, or $.95 per share. These results represent a $19.2 million, or 26% increase, to full-year 2011 net income of $72.5 million and a 25% increase to full-year 2011 earnings per share of $.76.

As was announced in a press release last Thursday Old National Bancorp’s Board of Directors declared an increase in its quarterly common stock dividend to $.10 per share on the Company’s outstanding shares. This new dividend level represents an 11.1% increase over the previous cash dividend level of $.09 per common share. This
dividend is payable March 15, 2013, to shareholders of record on March 1, 2013.

For purposes of broker trading, the ex-date of the cash dividend is February 27, 2013.
Bob Jones, Old National’s President and CEO stated, “I am extremely proud of the 2012 financial results for Old National. Producing the highest net income seen by the Company in a decade clearly demonstrates the success of our recent acquisitions and the importance of organic loan growth while maintaining a watchful eye on credit and expenses. Additionally, we closed on two of our branch sales on January 18 and anticipate the third sale closing later in the 1st quarter of this year. With the hard work of our dedicated associates producing these strong results, as well as the recently announced pending purchase of 24 branches from Bank of America, we’re certainly starting off 2013 with positive momentum.”

WOMI congratulates the bank and its employees.