Southern Indiana Business Report
EVANSVILLE – Old National Bancorp on Tuesday reported 2024 fourth-quarter net income of $154 million, an increase of 17% from the fourth quarter of 2023.
Old National is based in Evansville and has branches in the Radius Indiana region. ONB also reported earnings of 47 cents per share. Earnings, adjusted for one-time gains and costs, came to 49 cents per share.
“Old National’s successful 4th quarter was driven by continued growth in our peer-leading deposit franchise, disciplined expense and credit management, and solid net interest income and margin performance,” said Jim Ryan, ONB chairman and CEO. “These excellent results punctuate a strong year of earnings that included nearly 10% growth in total deposits, 10% total loan growth and 8% growth in tangible book value.”
Net interest income on a fully taxable equivalent basis increased to $400 million.
Included in fourth quarter results were pre-tax charges of $8.1 million primarily related to the April 1, 2024 partnership with CapStar Financial Holdings, Inc. (“CapStar”) and the recently announced partnership with Bremer. Excluding these transactions and realized debt securities losses from the current quarter, adjusted net income was $156 million, or 49 cents per diluted common share.
Leadership changes
ONB also noted upcoming changes in leadership. ONB President and Chief Operating Officer Mark G. Sander will retire on June 30 after a career in banking that began in 1980. Prior to the completion of the Old National Bancorp and First Midwest Bancorp partnership in 2022, Sander served as president, COO, and a director at First Midwest Bancorp.
“It has been my privilege to work alongside Mark Sander over the past several years,” said Ryan. “Thanks to Mark’s strong and steady leadership, Old National is now one of the premier banks in the nation. On behalf of all of us at Old National, I want to thank him for embodying our organizational values of collaboration, inclusion, and integrity every day.”
Daniel S. Hermann, founding partner of Lechwe Holdings LLC, founder of AmeriQual Group, LLC, and former president and CEO of Black Beauty Coal Co., has been appointed Lead Independent Director of Old National Bancorp.. Hermann has been a member of the Old National Bancorp board since 2020.
Hermann succeeds Becky Skillman, former Indiana lieutenant governor and former president and CEO of Radius Indiana, who has served as Lead Independent Director since 2016. Skillman will continue her service as a member of the Old National Bancorp board, a position she has held since 2013.
“On behalf of Old National’s Executive Leadership Team and Board of Directors, I want to thank Becky Skillman for her passionate leadership and invaluable guidance as our Lead Independent Director,” said Ryan. “I also want to emphasize how grateful we are to have a leader of Dan Hermann’s character, stature, and experience to build upon the significant contributions that Becky has made in this critical role.”