Intrinsic value of Old National Bancorp - ONB

Previous Close

$19.75

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$19.75

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as ONB.

We calculate the intrinsic value of ONB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  630
  645
  661
  680
  701
  723
  748
  775
  803
  834
  867
  902
  940
  980
  1,022
  1,067
  1,114
  1,164
  1,217
  1,273
  1,332
  1,394
  1,460
  1,529
  1,602
  1,678
  1,759
  1,844
  1,933
  2,027
Variable operating expenses, $m
  91
  93
  95
  98
  101
  104
  108
  112
  116
  120
  125
  130
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  253
  266
  278
  292
Fixed operating expenses, $m
  376
  384
  393
  401
  410
  419
  429
  438
  448
  457
  468
  478
  488
  499
  510
  521
  533
  544
  556
  569
  581
  594
  607
  620
  634
  648
  662
  677
  692
  707
Total operating expenses, $m
  467
  477
  488
  499
  511
  523
  537
  550
  564
  577
  593
  608
  623
  640
  657
  675
  693
  712
  731
  752
  773
  795
  817
  840
  865
  890
  915
  943
  970
  999
Operating income, $m
  163
  168
  173
  181
  189
  200
  212
  225
  240
  257
  275
  295
  316
  339
  365
  392
  421
  452
  485
  521
  559
  600
  643
  688
  737
  789
  844
  902
  963
  1,028
EBITDA, $m
  1,816
  1,858
  1,907
  1,963
  2,026
  2,096
  2,172
  2,256
  2,346
  2,443
  2,548
  2,660
  2,780
  2,908
  3,044
  3,188
  3,342
  3,504
  3,676
  3,859
  4,051
  4,255
  4,470
  4,697
  4,936
  5,189
  5,455
  5,736
  6,032
  6,343
Interest expense (income), $m
  44
  818
  759
  774
  790
  809
  829
  852
  876
  902
  931
  962
  994
  1,029
  1,066
  1,106
  1,148
  1,192
  1,239
  1,289
  1,341
  1,397
  1,455
  1,517
  1,582
  1,651
  1,723
  1,799
  1,879
  1,963
  2,052
Earnings before tax, $m
  -654
  -592
  -600
  -610
  -619
  -629
  -640
  -651
  -662
  -674
  -687
  -700
  -713
  -727
  -741
  -756
  -771
  -787
  -803
  -820
  -838
  -856
  -875
  -894
  -914
  -934
  -955
  -977
  -1,000
  -1,023
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -654
  -592
  -600
  -610
  -619
  -629
  -640
  -651
  -662
  -674
  -687
  -700
  -713
  -727
  -741
  -756
  -771
  -787
  -803
  -820
  -838
  -856
  -875
  -894
  -914
  -934
  -955
  -977
  -1,000
  -1,023

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,864
  13,160
  13,499
  13,878
  14,299
  14,761
  15,263
  15,808
  16,394
  17,023
  17,696
  18,414
  19,179
  19,992
  20,854
  21,768
  22,735
  23,758
  24,839
  25,981
  27,185
  28,455
  29,793
  31,204
  32,689
  34,254
  35,900
  37,632
  39,455
  41,372
Adjusted assets (=assets-cash), $m
  12,864
  13,160
  13,499
  13,878
  14,299
  14,761
  15,263
  15,808
  16,394
  17,023
  17,696
  18,414
  19,179
  19,992
  20,854
  21,768
  22,735
  23,758
  24,839
  25,981
  27,185
  28,455
  29,793
  31,204
  32,689
  34,254
  35,900
  37,632
  39,455
  41,372
Revenue / Adjusted assets
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
Average production assets, $m
  16,526
  16,906
  17,341
  17,829
  18,369
  18,962
  19,608
  20,307
  21,060
  21,868
  22,733
  23,656
  24,638
  25,682
  26,790
  27,964
  29,207
  30,521
  31,909
  33,375
  34,922
  36,554
  38,274
  40,086
  41,994
  44,003
  46,118
  48,344
  50,685
  53,147
Working capital, $m
  -14,784
  -15,125
  -15,513
  -15,950
  -16,433
  -16,964
  -17,541
  -18,167
  -18,841
  -19,564
  -20,337
  -21,162
  -22,041
  -22,975
  -23,966
  -25,017
  -26,128
  -27,304
  -28,546
  -29,858
  -31,242
  -32,702
  -34,240
  -35,861
  -37,568
  -39,366
  -41,258
  -43,249
  -45,343
  -47,546
Total debt, $m
  14,063
  14,330
  14,634
  14,976
  15,355
  15,770
  16,223
  16,712
  17,240
  17,806
  18,412
  19,058
  19,746
  20,478
  21,254
  22,077
  22,947
  23,868
  24,841
  25,868
  26,952
  28,095
  29,300
  30,569
  31,906
  33,314
  34,795
  36,354
  37,995
  39,720
Total liabilities, $m
  11,578
  11,844
  12,149
  12,490
  12,869
  13,285
  13,737
  14,227
  14,754
  15,321
  15,926
  16,573
  17,261
  17,992
  18,769
  19,591
  20,462
  21,382
  22,355
  23,382
  24,466
  25,609
  26,814
  28,084
  29,421
  30,828
  32,310
  33,869
  35,509
  37,235
Total equity, $m
  1,286
  1,316
  1,350
  1,388
  1,430
  1,476
  1,526
  1,581
  1,639
  1,702
  1,770
  1,841
  1,918
  1,999
  2,085
  2,177
  2,274
  2,376
  2,484
  2,598
  2,718
  2,845
  2,979
  3,120
  3,269
  3,425
  3,590
  3,763
  3,945
  4,137
Total liabilities and equity, $m
  12,864
  13,160
  13,499
  13,878
  14,299
  14,761
  15,263
  15,808
  16,393
  17,023
  17,696
  18,414
  19,179
  19,991
  20,854
  21,768
  22,736
  23,758
  24,839
  25,980
  27,184
  28,454
  29,793
  31,204
  32,690
  34,253
  35,900
  37,632
  39,454
  41,372
Debt-to-equity ratio
  10.930
  10.890
  10.840
  10.790
  10.740
  10.680
  10.630
  10.570
  10.520
  10.460
  10.400
  10.350
  10.300
  10.240
  10.190
  10.140
  10.090
  10.050
  10.000
  9.960
  9.910
  9.870
  9.830
  9.800
  9.760
  9.730
  9.690
  9.660
  9.630
  9.600
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -654
  -592
  -600
  -610
  -619
  -629
  -640
  -651
  -662
  -674
  -687
  -700
  -713
  -727
  -741
  -756
  -771
  -787
  -803
  -820
  -838
  -856
  -875
  -894
  -914
  -934
  -955
  -977
  -1,000
  -1,023
Depreciation, amort., depletion, $m
  1,653
  1,691
  1,734
  1,783
  1,837
  1,896
  1,961
  2,031
  2,106
  2,187
  2,273
  2,366
  2,464
  2,568
  2,679
  2,796
  2,921
  3,052
  3,191
  3,338
  3,492
  3,655
  3,827
  4,009
  4,199
  4,400
  4,612
  4,834
  5,068
  5,315
Funds from operations, $m
  998
  1,099
  1,134
  1,173
  1,218
  1,267
  1,321
  1,380
  1,444
  1,512
  1,586
  1,666
  1,751
  1,841
  1,938
  2,040
  2,149
  2,265
  2,387
  2,517
  2,654
  2,800
  2,953
  3,115
  3,286
  3,466
  3,656
  3,857
  4,069
  4,291
Change in working capital, $m
  -290
  -340
  -389
  -436
  -484
  -531
  -578
  -625
  -674
  -723
  -774
  -825
  -879
  -934
  -991
  -1,050
  -1,112
  -1,176
  -1,242
  -1,312
  -1,384
  -1,460
  -1,538
  -1,621
  -1,707
  -1,798
  -1,892
  -1,991
  -2,095
  -2,203
Cash from operations, $m
  1,288
  1,439
  1,522
  1,610
  1,701
  1,797
  1,899
  2,005
  2,117
  2,235
  2,360
  2,491
  2,630
  2,775
  2,929
  3,091
  3,261
  3,441
  3,630
  3,829
  4,038
  4,259
  4,491
  4,736
  4,993
  5,264
  5,548
  5,848
  6,163
  6,494
Maintenance CAPEX, $m
  -1,619
  -1,653
  -1,691
  -1,734
  -1,783
  -1,837
  -1,896
  -1,961
  -2,031
  -2,106
  -2,187
  -2,273
  -2,366
  -2,464
  -2,568
  -2,679
  -2,796
  -2,921
  -3,052
  -3,191
  -3,338
  -3,492
  -3,655
  -3,827
  -4,009
  -4,199
  -4,400
  -4,612
  -4,834
  -5,068
New CAPEX, $m
  -337
  -380
  -434
  -488
  -541
  -593
  -646
  -699
  -753
  -808
  -865
  -923
  -982
  -1,044
  -1,108
  -1,174
  -1,243
  -1,314
  -1,389
  -1,466
  -1,547
  -1,631
  -1,720
  -1,812
  -1,908
  -2,009
  -2,115
  -2,225
  -2,341
  -2,463
Cash from investing activities, $m
  -1,956
  -2,033
  -2,125
  -2,222
  -2,324
  -2,430
  -2,542
  -2,660
  -2,784
  -2,914
  -3,052
  -3,196
  -3,348
  -3,508
  -3,676
  -3,853
  -4,039
  -4,235
  -4,441
  -4,657
  -4,885
  -5,123
  -5,375
  -5,639
  -5,917
  -6,208
  -6,515
  -6,837
  -7,175
  -7,531
Free cash flow, $m
  -667
  -594
  -603
  -612
  -622
  -633
  -643
  -655
  -667
  -679
  -691
  -705
  -718
  -732
  -747
  -762
  -778
  -794
  -811
  -828
  -846
  -865
  -884
  -904
  -924
  -945
  -967
  -989
  -1,013
  -1,037
Issuance/(repayment) of debt, $m
  -1,078
  266
  304
  342
  379
  415
  452
  490
  528
  566
  606
  646
  688
  731
  776
  823
  871
  921
  973
  1,027
  1,084
  1,143
  1,205
  1,269
  1,337
  1,408
  1,482
  1,559
  1,640
  1,725
Issuance/(repurchase) of shares, $m
  1,991
  621
  634
  648
  661
  676
  690
  705
  721
  737
  754
  772
  789
  808
  827
  847
  868
  889
  912
  934
  958
  983
  1,008
  1,035
  1,062
  1,091
  1,120
  1,151
  1,182
  1,215
Cash from financing (excl. dividends), $m  
  913
  887
  938
  990
  1,040
  1,091
  1,142
  1,195
  1,249
  1,303
  1,360
  1,418
  1,477
  1,539
  1,603
  1,670
  1,739
  1,810
  1,885
  1,961
  2,042
  2,126
  2,213
  2,304
  2,399
  2,499
  2,602
  2,710
  2,822
  2,940
Total cash flow (excl. dividends), $m
  246
  294
  336
  377
  418
  458
  499
  540
  582
  625
  668
  713
  759
  807
  856
  908
  961
  1,016
  1,073
  1,133
  1,196
  1,261
  1,329
  1,401
  1,475
  1,553
  1,635
  1,720
  1,810
  1,904
Retained Cash Flow (-), $m
  -1,991
  -621
  -634
  -648
  -661
  -676
  -690
  -705
  -721
  -737
  -754
  -772
  -789
  -808
  -827
  -847
  -868
  -889
  -912
  -934
  -958
  -983
  -1,008
  -1,035
  -1,062
  -1,091
  -1,120
  -1,151
  -1,182
  -1,215
Prev. year cash balance distribution, $m
  50
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
Cash available for distribution, $m
  -1,695
  -328
  -298
  -270
  -243
  -217
  -191
  -165
  -139
  -113
  -86
  -58
  -30
  -1
  29
  60
  93
  127
  162
  199
  238
  278
  321
  366
  413
  463
  515
  570
  628
  689
Discount rate, %
  13.50
  14.18
  14.88
  15.63
  16.41
  17.23
  18.09
  19.00
  19.95
  20.94
  21.99
  23.09
  24.24
  25.46
  26.73
  28.07
  29.47
  30.94
  32.49
  34.11
  35.82
  37.61
  39.49
  41.47
  43.54
  45.72
  48.00
  50.40
  52.92
  55.57
PV of cash for distribution, $m
  -1,494
  -251
  -197
  -151
  -114
  -84
  -60
  -41
  -27
  -17
  -10
  -5
  -2
  0
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  33.7
  22.8
  15.4
  10.4
  7.1
  4.8
  3.3
  2.3
  1.6
  1.1
  0.8
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory and other traditional banking services. The Company focuses on community banking. The Company's banking segment operates through its subsidiary, Old National Bank. As of December 31, 2016, Old National Bank operated approximately 203 banking centers located in Indiana, Kentucky, Michigan and Wisconsin. As of December 31, 2016, Old National Bank leased 81 banking centers from unaffiliated third parties. Each of the branches of Old National Bank provide a group of similar community banking services, including products and services, such as commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust and investment advisory services.

FINANCIAL RATIOS  of  Old National Bancorp (ONB)

Valuation Ratios
P/E Ratio 19.9
Price to Sales 0
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 32.6
Price to Free Cash Flow -18.7
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 161.6%
Cap. Spend. - 3 Yr. Gr. Rate 63.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 44%
Total Debt to Equity 44%
Interest Coverage 6
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 8.1%
Return On Equity - 3 Yr. Avg. 8%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 33%
Eff/ Tax Rate - 3 Yr. Avg. 29.3%
Payout Ratio 50.7%

ONB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ONB stock intrinsic value calculation we used $618 million for the last fiscal year's total revenue generated by Old National Bancorp. The default revenue input number comes from 2017 income statement of Old National Bancorp. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ONB stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 13.5%, whose default value for ONB is calculated based on our internal credit rating of Old National Bancorp, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Old National Bancorp.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ONB stock the variable cost ratio is equal to 14.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $368 million in the base year in the intrinsic value calculation for ONB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Old National Bancorp.

Corporate tax rate of 27% is the nominal tax rate for Old National Bancorp. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ONB stock is equal to 1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ONB are equal to 2621.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Old National Bancorp operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ONB is equal to -2345.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Old National Bancorp - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 138 million for Old National Bancorp is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Old National Bancorp at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Old National Bancorp announces quarterly cash dividend   [Jul-26-18 04:15PM  GlobeNewswire]
▶ Old National Bancorp: 2Q Earnings Snapshot   [06:41AM  Associated Press]
▶ Should You Buy Old National Bancorp (NASDAQ:ONB) Now?   [Jun-21-18 10:00AM  Simply Wall St.]
▶ Prudent Picks From 3 Top Value Experts   [May-18-18 02:10PM  Forbes]
▶ Old National Bancorp announces quarterly cash dividend   [Apr-26-18 03:00PM  GlobeNewswire]
▶ Old National Bancorp to webcast annual shareholders meeting   [Apr-24-18 04:00PM  GlobeNewswire]
▶ Old National Bancorp: 1Q Earnings Snapshot   [Apr-23-18 06:46AM  Associated Press]
▶ Check Out These Dirt-Cheap Stocks That Could Pay Big   [Apr-11-18 05:00AM  GoBankingRates]
▶ Old National Announces Quarterly Cash Dividend   [Jan-25-18 03:00PM  GlobeNewswire]
▶ Old National Bancorp reports 4Q loss   [Jan-23-18 08:39AM  Associated Press]
▶ Old National Announces Quarterly Cash Dividend   [Oct-26-17 03:00PM  GlobeNewswire]
▶ Old National Bancorp beats Street 3Q forecasts   [Oct-24-17 06:15AM  Associated Press]
▶ Is It Too Late To Buy Old National Bancorp (ONB)?   [Sep-19-17 04:33PM  Simply Wall St.]
▶ Fed Vice Chairman Fischer to resign for 'personal reasons'   [Sep-06-17 05:29PM  Associated Press]
▶ 3 Financial Stocks for Every Investors Short List   [Aug-29-17 03:21PM  InvestorPlace]
▶ AnchorBank buyer Old National to buy Anchor Bank in $303M deal   [Aug-08-17 01:50PM  American City Business Journals]
▶ Old National Bancorp buying St. Paul's Anchor Bank in $303 million deal   [12:35PM  American City Business Journals]
▶ Old National Announces Quarterly Cash Dividend   [Jul-27-17 03:00PM  GlobeNewswire]
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