Old National Bancorp's Q1 2024 Financial Overview

By Tamara Parker • Wednesday, May 01 10:25 • Permanent Link

Old National Bancorp has recently released its 10-Q report, providing a detailed look at its financial performance and operations. The company, founded in 1834 and headquartered in Evansville, Indiana, operates as the bank holding company for Old National Bank, offering various financial services to individual and commercial customers in the United States. Its services include deposit accounts, loans, debit and ATM cards, online banking, wealth management, investment, and treasury management. Old National Bancorp also offers community development lending and equity investment solutions.

In the first quarter of 2024, Old National Bancorp reported net interest income of $356.5 million, a decrease from the previous quarter's $364.4 million. The provision for credit losses was $18.9 million, up from $11.6 million in the previous quarter. Noninterest income was $77.5 million, down from $100.1 million in the previous quarter. Noninterest expense stood at $262.3 million, down from $284.2 million in the previous quarter. The net income available to common shareholders was $116.3 million, down from $128.4 million in the previous quarter.

The company's financial highlights for the first quarter of 2024 include a return on average assets of 0.98%, a return on average common equity of 8.74%, and a return on average tangible common equity of 14.93%. The net interest margin was 3.28%, and the efficiency ratio was 58.34%. Old National Bancorp's total loans amounted to $33.6 billion, total assets were $49.5 billion, and total deposits were $37.7 billion at the end of the quarter.

Old National Bancorp also provided non-GAAP financial measures, including net income per common share, tangible common book value, and return on average tangible common equity. These measures are presented to assist users of the financial information in assessing the company’s operating performance.

As a result of these announcements, the company's shares have moved 1.0% on the market, and are now trading at a price of $16.71. Check out the company's full 10-Q submission here.

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