Business
Old National Bancorp Reports Second Quarter 2024 Results
EVANSVILLE, Ind., July 23, 2024 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q24 net income applicable to common shares of $117.2 million,
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., July 23, 2024 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q24 net income applicable to common shares of $117.2 million, diluted EPS of $0.37; $144.1 million and $0.46 on an adjusted1 basis, respectively. CEO COMMENTARY: \"Old National’s second quarter results exceeded expectations due to better than expected revenue growth and lower expenses,\" said Chairman and CEO Jim Ryan. \"We achieved these outstanding results while also successfully closing on our CapStar Bank partnership and working to complete the associated systems integration. As a result, Old National has meaningfully increased our presence in Nashville, Tenn., while expanding our operations into several other vibrant Southeastern markets.\" SECOND QUARTER HIGHLIGHTS2: Net Income Net income applicable to common shares of $117.2 million; adjusted net income applicable to common shares1 of $144.1 million Earnings per diluted common share (\"EPS\") of $0.37; adjusted EPS1 of $0.46 Net Interest Income/NIM Net interest income on a fully taxable equivalent basis1 of $394.8 million Net interest margin on a fully taxable equivalent basis1 (\"NIM\") of 3.33%, up 5 basis points (\"bps\") Operating Performance Pre-provision net revenue1 (“PPNR”) of $199.0 million; adjusted PPNR1 of $218.5 million Noninterest expense of $283.0 million; adjusted noninterest expense1 of $263.6 million Efficiency ratio1 of 57.2%; adjusted efficiency ratio1 of 52.6% Deposits and Funding Period-end total deposits of $40.0 billion, up $2.3 billion; core deposits up $1.7 billion Period-end total deposits up 2.4% annualized excluding CapStar Financial Holdings, Inc. (\"CapStar\") Granular low-cost deposit franchise; total deposit costs of 216 bps and a cycle to date (2Q22-2Q24) total deposit beta of 41% (interest-bearing deposit beta of 53%) Loans and Credit Quality End-of-period total loans3 of $36.2 billion, up $2.6 billion End-of-period total loans3 up 5.9% annualized excluding CapStar Provision for credit losses4 (\"provision\") of $36.2 million; $20.9 million excluding $15.3 million of current expected credit loss (\"CECL\") Day 1 non-purchased credit deteriorated (\"non-PCD\") provision expense5 Net charge-offs of $14.0 million, or 16 bps of average loans; 11 bps excluding purchased credit deteriorated (\"PCD\") loans that had an allowance at acquisition Return...