Old National Bancorp reported fourth-quarter 2019 adjusted net income of $55.2 million, or 32 cents per share.
Net income for the most recent quarter was $49.2 million, or 29 cents per share, up from $47.5 million, or 28 cents per share, in the year-ago period.
The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 36 cents.
On a fully taxable-equivalent basis, net interest income for the fourth quarter of 2019 was $152.2 million, compared with $149.3 million in the year-ago period.
Provision for loan losses for the most recent quarter was $1.3 million, compared to $3.4 million in the year-ago period. The company reported net charge-offs to average loans during the quarter of 0.12%, compared to 0.02% in the 2018 fourth quarter.
Total loans at the end of the fourth quarter of 2019 stood at $12.12 billion, compared to $12.02 billion at the end of the previous quarter and $12.24 billion at the end of the year-ago period.
Total deposits at the end of the fourth quarter stood at $14.55 billion, compared to $14.45 billion at the end of the previous quarter and $14.35 billion at the end of the year-ago quarter.
The company reported net income of $238.2 million, or $1.38 per share, for full year 2019, an increase from $190.8 million, or $1.22 per share, for full year 2018. Total revenue, on a fully taxable-equivalent basis, for 2019 increased year over year to $816.5 million from $744.3 million.
The S&P Global Market Intelligence consensus GAAP EPS estimate for full year 2019 was $1.44.
Old National also increased its quarterly common stock cash dividend to 14 cents per share. This new dividend level represents a 7.7% increase over the previous cash dividend level of 13 cents per common share. The dividend will be paid March 16 to shareholders of record on March 2.
The company's board also approved the adoption of a stock repurchase plan that authorizes up to 7.0 million shares of Old National stock to be repurchased, as conditions warrant, through Jan. 31, 2021.