Old National Bancorp Reports Strong 2024 Financial Results

By Tamara Parker • Tuesday, January 21 15:24 • Permanent Link

Old National Bancorp (NASDAQ: ONB) has reported its fourth-quarter and full-year 2024 results, revealing a net income applicable to common shares of $149.8 million for the fourth quarter, with adjusted net income applicable to common shares at $156.0 million. The diluted earnings per share (EPS) for the quarter were $0.47 and $0.49 on an adjusted basis. For the full year, the net income applicable to common shares stood at $523.1 million, with diluted EPS at $1.68 and adjusted diluted EPS at $1.86.

Key figures for the fourth quarter include net interest income on a fully taxable equivalent basis of $400.0 million, with a net interest margin of 3.30%, down 2 basis points from the previous period. The pre-provision net revenue was reported at $218.9 million, with an adjusted figure of $227.1 million. Noninterest expense was $276.8 million, including $8.1 million in pre-tax merger-related charges. Adjusted noninterest expense was $268.7 million.

In terms of deposits and funding, the period-end total deposits stood at $40.8 billion, with core deposits showing a 1.9% annualized increase. The loan to deposit ratio was reported at 89%. Total loans were $36.3 billion at the end of the period, reflecting a 1.6% annualized decrease. The provision for credit losses was $27.0 million, while net charge-offs were $18.7 million, which represented 21 basis points of average loans.

Old National also reported a return on average tangible common equity (ROATCE) of 16.4%, with an adjusted figure of 17.0%. The preliminary regulatory tier 1 common equity to risk-weighted assets was 11.38%, up 38 basis points.

Regarding leadership changes, Old National Bancorp announced the retirement of President and COO Mark G. Sander, effective June 30, 2025. Additionally, Daniel S. Hermann has been appointed as the lead independent director of the company.

The company's total risk-based capital increased by 43 basis points to 13.37%, while the preliminary regulatory tier 1 capital was up 38 basis points to 11.98%. Tangible common equity to tangible assets stood at 7.41%.

These figures and leadership changes provide insights into Old National Bancorp's financial performance and strategic direction for the future. As a result of these announcements, the company's shares have moved 2.9% on the market, and are now trading at a price of $23.59. For more information, read the company's full 8-K submission here.

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