Anyone else out there ???
I love this stock !!
What makes this company so great is:
1) Regional Dominance. Good candidate for possible acquisition
by a larger banking entity.
2) Princeton Toyota Plant. Just opened a couple of years ago.
Imagine all the collateral growth coming to the area.
3) DRIP program. There are not a lot of shares out there. Everytime
OLDB kicks out a dividend, more shares are taken off
the market. Most of Warren Buffett's companies do this
and look where it's gotten him !!
OLDB just announced another 0.23 (I think) dividend
payable on 12-15.
They usually do a 21-20 split at the end of the year, too.
4) Good Insider Buying. Mostly because of the DRIP program, but
insiders have bought steadily for the past year.
I really think OLDB will take off soon and I attribute it to the
DRIP program. Too few shares out there floating around.
I further believe it will go to the 60 mark and then
they'll split it again.
I also think they'll be absorbed by a larger company
within a few years.
My speculations are just that. I am a private investor with no
special ties to OLDB, other than the shares I own.
If you have other ruminations about the company, speak up !!!
Old National Bancorp Reports Record Earnings
Business Editors
EVANSVILLE, Ind.--(BUSINESS WIRE)--Oct. 22, 1998--Old National
Bancorp (NASDAQ: OLDB) today reported record earnings for the third
quarter of 1998. Net income from continuing operations was up 11.1%
for the third quarter and reached $19.0 million, compared to $17.1
million in 1997. With these earnings, diluted earnings per share for
the quarter rose to $0.67, an 11.7% increase from 1997's $0.60 per
share. The company achieved a return on average assets in the third
quarter of 1.28% which was up from 1.23% in 1997.
Year-to-date, Old National's net income from continuing
operations grew 10.1% to $53.5 million. In addition, diluted earnings
per share rose to $1.88 from the $1.70 achieved in the first nine
months of 1997, an increase of 10.6%. During the first nine months,
the company's return on average assets from continuing operations
increased to 1.22%, while return on average equity moved to 15.17%.
This compares to 1.19% and 14.33% respectively, for the same period
in 1997.
"Old National Chairman James A. Risinger said, "We are pleased to
report continued strong loan demand. On a year-to-date basis, average
loans increased over 9% above 1997 figures. For the same period, our
overall increase in earning assets was somewhat offset by a decrease
in the margin from 4.34% to 4.19%, reflecting current trends in the
interest rate environment. Noninterest income is up 17.7% over 1997,
with a 14.4% increase in our Old National Trust Company revenues, the
addition of bank-owned life insurance (BOLI), plus strong investment
sales growth."
"Nineteen ninety-eight is a significant year for Old National.
Our previously announced charter consolidation effort is well under
way and we expect our performance to continue to reflect the positive
impact of these changes," stated Old National President, Ronald B.
Lankford. "Our efficiency ratio is down from 56.25% to 55.23% on a
year-to-date basis. In addition, our expenses continue under tight
control and are up only 3.4% over 1997 figures."
Upon completion of the company's pending merger with Southern
Bancshares, Inc., Evansville, Indiana-based Old National will have
over $6.2 billion in assets, operate 119 banking locations, 174 ATMs
and employ more the 2,700 people throughout Indiana, Illinois and
Kentucky. For more information, visit the company's website at
www.oldnational.com. |
