Old National Bancorp Q1 2024 Earnings – $130.8M Adjusted Income

Old National Bancorp (NASDAQ: ONB) has reported its first-quarter 2024 results, showcasing a net income applicable to common shares of $116.3 million and diluted earnings per share (EPS) of $0.40. On an adjusted basis, the net income was $130.8 million, with adjusted EPS of $0.45.

The company's net interest income on a fully taxable equivalent basis stood at $362.7 million, with a net interest margin of 3.28%, a decrease of 11 basis points. Additionally, the provision for credit losses was reported at $18.9 million, while net charge-offs amounted to $11.8 million, or 14 basis points of average loans.

In terms of deposits, Old National Bancorp saw period-end total deposits of $37.7 billion, reflecting a 5.0% annualized growth, with core deposits increasing by 3.2% annually. The loan to deposit ratio was reported at 89%.

The end-of-period total loans stood at $33.6 billion, representing a 7.5% annualized increase, with total commercial loan production in the first quarter amounting to $1.1 billion and the period-end commercial pipeline totaling $2.7 billion.

Old National Bancorp demonstrated disciplined expense management, with noninterest expense reported at $262.3 million, including various charges and expenses. Adjusted noninterest expense, excluding these items, was $243.1 million.

The company's capital ratios remained strong, with preliminary total risk-based capital up 10 basis points to 12.74% and preliminary regulatory tier 1 capital up 5 basis points to 11.40%.

Furthermore, Old National Bancorp completed its acquisition of CapStar Financial Holdings, Inc. and its subsidiary, CapStar Bank, on April 1, 2024, strengthening its presence in Nashville, Tennessee. CapStar had approximately $3.0 billion of total assets, $2.3 billion of total loans, and $2.6 billion of deposits at the time of closing.

These results demonstrate Old National Bancorp's continued growth and stability in its financial performance, solidifying its position as a significant player in the banking sector. As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $16.52. For the full picture, make sure to review Old National Bancorp's 8-K report.

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