4 th Quarter Highlights :
- Earnings per share of $.23
- Period end commercial loans (excluding covered loans) increase 3.3%
- Total revenues increase 17.9%
- Improvement in overall credit quality
2012 Highlights :
- Full year net income increases 26% over 2011; highest net income since 2002
- Net loan charge-off ratio decreases 65% from 2011 levels; lowest net charge-off ratio since 1999
- Indiana Community acquisition closed September 15, 2012
- Period end total loans (excluding covered loans and current acquisition) increase $284.3 million or 6.9%
EVANSVILLE, Ind., Jan. 28, 2013 (GLOBE NEWSWIRE) -- Today Old National Bancorp (NYSE:ONB) reported 4 th quarter net income of $23.0 million, or $.23 per share. These 4 th quarter results compare favorably to the net income of $19.7 million, or $.20 per share, that Old National reported in 3 rd quarter 2012, and net income of $22.2 million, or $.23 per share, that Old National reported in 4 th 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 dated January 24, 2013, Old National Bancorp's Board of Directors declared an increase in its 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 1 st 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." Committed to our Strategic Imperatives Old National's strong performance can be attributed to our unwavering commitment to the following strategic imperatives:
- Strengthen the risk profile.
- Enhance management discipline.
- Achieve consistent quality earnings.