Old National Bank reports fourth quarter earnings

EVANSVILLE Old National Bancorp (ONB) on Tuesday reported net income of $56.2 million in its fourth quarter.

The Evansville, Indiana-based bank said it had earnings of 34 cents per share. Earnings, adjusted for non-recurring costs, were 37 cents per share.

The holding company for Old National Bank posted revenue of $208.4 million in the period. Its revenue net of interest expense was $201.7 million, beating Street forecasts. Three analysts surveyed by Zacks expected $201.4 million.

For the year, the company reported profit of $277.5 million, or $1.67 per share. Revenue was reported as $824.5 million.

Included in the fourth quarter were pre-tax charges of $6.7 million related to the pending merger with First Midwest Bancorp Inc. Excluding these charges from the current quarter and netting out debt securities gains, adjusted net income was $60.9 million or 37 cents per diluted share.

“Old National’s fourth quarter capped off a year of record earnings driven by robust commercial loan growth, strong credit quality and well-controlled expenses,” said Chairman and CEO Jim Ryan. “I’m particularly pleased that we achieved these strong results while also working steadily to remain on-task to complete our anticipated merger with First Midwest Band, which also enjoyed strong fourth quarter and full-year 2021 results.”

Old National Bancorp is the largest bank holding company headquartered in Indiana, and has several locations in Columbus. With $24.5 billion in assets, it ranks among the top 100 banking companies in the U.S. and includes locations in Indiana, Kentucky, Michigan, Minnesota and Wisconsin.

For more information, visit oldnationalcom.