Mission Statement, Vision, & Core Values (2024) of Old National Bancorp (ONB)

Old National Bancorp (ONB) Bundle

Get Full Bundle:
$12 $7
$12 $7
$12 $7
$12 $7
$25 $15
$12 $7
$12 $7
$12 $7
$12 $7

TOTAL:



An Overview of Old National Bancorp (ONB)

General Summary of Old National Bancorp (ONB)

Old National Bancorp (ONB) is a financial services holding company established in 1834, headquartered in Evansville, Indiana. The company operates through its banking subsidiary, Old National Bank, and offers a broad range of financial services including commercial and consumer banking, wealth management, and capital markets services. As of 2024, Old National has expanded its footprint significantly, particularly after the acquisition of CapStar Financial Holdings, enhancing its presence in key markets like Nashville, Tennessee.

As of September 30, 2024, Old National Bancorp reported consolidated assets totaling approximately $53.6 billion, total loans of $36.4 billion, and total deposits of $40.8 billion. The company's diversified product offerings include:

  • Commercial banking
  • Consumer banking
  • Wealth management
  • Capital markets

Company's Financial Performance in the Latest Financial Reports

For the third quarter of 2024, Old National Bancorp reported a net income applicable to common shareholders of $139.8 million, or $0.44 per diluted common share. This reflects a slight decrease from $143.8 million, or $0.49 per diluted common share in the same period of the previous year. Key financial metrics from Q3 2024 include:

Metric Q3 2024 Q3 2023 % Change
Net Interest Income $391.7 million $375.1 million 4.4%
Provision for Credit Losses $28.5 million $19.1 million 49.4%
Noninterest Income $94.1 million $80.9 million 16.3%
Noninterest Expense $272.3 million $244.8 million 11.2%
Total Assets $53.6 billion $49.1 billion 9.7%
Total Deposits $40.8 billion $37.2 billion 9.7%
Total Loans $36.4 billion $32.6 billion 11.6%

The increase in net interest income was driven by loan growth and higher asset yields. The company also reported a significant increase in noninterest income, attributed to higher service charges and capital markets income. The total deposits grew by $846.5 million, or 8.5% annualized, highlighting the strength of Old National's deposit gathering capabilities.

Introduction to Old National Bancorp as a Leader in the Industry

Old National Bancorp is positioned as the sixth largest commercial bank in the Midwest by asset size and ranks among the top 30 banking companies in the United States. With a strategic focus on growth through acquisitions, such as the recent merger with CapStar Financial Holdings, Old National continues to strengthen its market presence and service offerings. The company’s robust financial performance, evidenced by its record-breaking revenues and growth in total assets, loans, and deposits, reflects its commitment to delivering value to customers and shareholders alike. As of September 30, 2024, Old National maintained a Tier 1 leverage ratio of 9.05% and a tangible common equity to tangible assets ratio of 7.44%, reinforcing its strong capital position in the banking industry.




Mission Statement of Old National Bancorp (ONB)

Mission Statement of Old National Bancorp (ONB)

Old National Bancorp's mission statement emphasizes its commitment to providing high-quality financial services while fostering strong relationships with customers and communities. The significance of this mission lies in its role as a guiding principle for the company's strategic direction and operational decisions. By focusing on customer satisfaction and community engagement, Old National aims to enhance its competitive advantage in the banking sector.

Core Component 1: Customer Focus

Old National Bancorp prioritizes customer satisfaction as a fundamental aspect of its mission. The bank's commitment to understanding and meeting customer needs is reflected in its diverse range of financial products, including personal banking, commercial banking, and wealth management services. The company reported a net interest income of $391.7 million for Q3 2024, a 4.4% increase from the previous year, indicating effective customer engagement and service delivery.

Core Component 2: Community Engagement

Community involvement is a key pillar of Old National's mission. The company actively participates in local initiatives and supports various charitable organizations. In 2024, Old National Bancorp contributed over $2 million to community development projects across the Midwest and Southeast regions. This commitment to community service not only enhances the bank's reputation but also strengthens its customer relationships and brand loyalty.

Core Component 3: Innovation and Quality Services

Old National Bancorp is dedicated to delivering innovative financial solutions that meet the evolving needs of its customers. The bank invests in technology and digital banking platforms to enhance customer experience. As of September 30, 2024, Old National's total assets reached approximately $54 billion, positioning it as the sixth largest commercial bank in the Midwest. This growth reflects the company's ability to adapt and innovate in a competitive financial landscape.

Financial Metric Q3 2024 Q3 2023 % Change
Net Interest Income $391.7 million $375.1 million 4.4%
Net Income Applicable to Common Shares $139.8 million $143.8 million -2.8%
Total Assets $54 billion $49 billion 10.2%
Total Deposits $40.8 billion $37.2 billion 9.7%

Through its mission statement, Old National Bancorp demonstrates a clear commitment to customer service, community involvement, and continuous innovation, positioning itself as a leader in the banking industry while delivering value to its stakeholders.




Vision Statement of Old National Bancorp (ONB)

Vision Statement Overview

The vision statement of Old National Bancorp (ONB) focuses on being the premier financial services provider in the Midwest and Southeast regions of the United States. This entails a commitment to exceptional customer service, innovative solutions, and sustained growth.

Commitment to Customer Service

Old National Bancorp aims to deliver outstanding customer service by prioritizing client relationships and satisfaction. The bank emphasizes understanding customer needs and providing tailored financial solutions.

Innovative Financial Solutions

As part of its vision, ONB seeks to integrate cutting-edge technology into its banking services. This includes enhancing digital banking platforms and offering innovative products that cater to evolving customer demands.

Sustainable Growth Strategy

Old National Bancorp is committed to sustainable growth through strategic acquisitions and organic expansion. The recent acquisition of CapStar Financial Holdings, completed on April 1, 2024, exemplifies this strategy, adding approximately $3.1 billion in total assets and expanding their presence in high-growth markets.

Financial Metrics 2024 (Q3) 2023 (Q3)
Total Assets $53.6 billion $49.1 billion
Total Loans $36.4 billion $32.6 billion
Total Deposits $40.8 billion $37.2 billion
Net Income $139.8 million $143.8 million
Net Interest Income $391.7 million $375.1 million

Community Engagement

Old National Bancorp envisions being a leader in community engagement by investing in local initiatives and supporting economic development. This commitment is reflected in their substantial community reinvestment contributions, aiming to uplift underserved communities across their operational footprint.

Financial Stability and Risk Management

Financial stability remains a cornerstone of ONB's vision. The bank employs rigorous risk management practices to ensure resilience against market fluctuations, evidenced by a Tier 1 capital ratio of 11.6% as of September 30, 2024.

Employee Empowerment

Old National Bancorp emphasizes the importance of its workforce in achieving its vision. The bank is committed to fostering a culture of inclusivity and professional development, aiming to empower employees to provide the best service to customers.

Conclusion

The vision statement of Old National Bancorp encapsulates their strategic direction for 2024 and beyond, focusing on customer service excellence, innovative solutions, sustainable growth, community involvement, financial stability, and employee empowerment.




Core Values of Old National Bancorp (ONB)

Integrity

Integrity is a core value at Old National Bancorp (ONB), reflecting the company's commitment to ethical practices and transparency in all operations. This value is essential for building trust with customers, employees, and stakeholders.

Old National demonstrates its commitment to integrity through its robust compliance and risk management framework. In 2024, the bank maintained a Tier 1 capital ratio of 11.60%, well above the regulatory minimum, ensuring financial stability and adherence to regulatory standards .

Customer Focus

Customer focus is pivotal to Old National's mission, driving the bank's efforts to provide exceptional service and tailored financial solutions. This value is reflected in the bank's strategic initiatives aimed at enhancing customer experience.

In 2024, Old National reported a significant increase in noninterest income, rising to $258.9 million, a 10.2% increase from the previous year, demonstrating its ability to meet customer needs through various service offerings . The bank's acquisition of CapStar Financial Holdings in April 2024 expanded its footprint in high-growth markets, further enhancing its customer service capabilities .

Collaboration

Collaboration is a core value that emphasizes teamwork and partnership within the organization and with clients. Old National fosters a culture of cooperation to drive innovative solutions and improve operational efficiency.

As of September 30, 2024, Old National operated 280 banking centers, facilitating collaboration among employees and enhancing customer access to banking services . The successful integration of CapStar Bank post-acquisition is a testament to the bank's collaborative approach, allowing for shared resources and expertise across both organizations .

Community Engagement

Community engagement reflects Old National's commitment to making a positive impact in the communities it serves. This value is vital for fostering strong relationships and supporting local economies.

In 2024, Old National invested significantly in community development projects, including affordable housing initiatives. The bank's investments in qualified affordable housing projects totaled $287.7 million, with ongoing commitments expected to be fulfilled by December 31, 2035 . Additionally, the bank's support for local charities and community organizations underscores its dedication to enhancing community welfare.

Excellence

Excellence drives Old National to pursue high standards in service delivery and operational performance. This core value is essential for maintaining competitive advantage in the financial services industry.

The bank's efficiency ratio improved to 56.37% in 2024, reflecting disciplined expense management and operational excellence . Furthermore, Old National's net interest income reached $1.14 billion for the nine months ended September 30, 2024, showcasing its effectiveness in generating revenue .

Core Value Key Metrics Demonstration of Commitment
Integrity Tier 1 Capital Ratio: 11.60% Robust compliance framework
Customer Focus Noninterest Income: $258.9 million Expanded service offerings
Collaboration Banking Centers: 280 Successful integration of CapStar
Community Engagement Investments in Affordable Housing: $287.7 million Support for local charities
Excellence Efficiency Ratio: 56.37% Disciplined expense management

DCF model

Old National Bancorp (ONB) DCF Excel Template

    5-Year Financial Model

    40+ Charts & Metrics

    DCF & Multiple Valuation

    Free Email Support

Article updated on 8 Nov 2024

Resources:

  • Old National Bancorp (ONB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Old National Bancorp (ONB)' financial performance, including balance sheets, income statements, and cash flow statements.
  • SEC Filings – View Old National Bancorp (ONB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.