Business
Old National reports 2nd quarter earnings of $51.7 million, or $0.32 per share
EVANSVILLE, Ind., July 20, 2020 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q20 net income of $51.7 million, diluted EPS of $0.32.
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., July 20, 2020 (GLOBE NEWSWIRE) -- \n Old National Bancorp (NASDAQ: ONB) reports 2Q20 net income of $51.7 million, diluted EPS of $0.32. Adjusted1 net income of $55.1 million, or $0.33 per diluted share. CEO COMMENTARY: “Old National’s strong 2nd quarter loan production was driven by our ability to help more than 9,400 new and existing clients secure Paycheck Protection Program funding, which resulted in financial assistance to nearly 160,000 of their employees,” said Old National Chairman & CEO Jim Ryan. “We also maintained strong credit metrics and capital ratios during the quarter while working to finalize our recently announced technology partnership with Infosys – a partnership that will accelerate and enhance our ability to provide powerful digital solutions to our clients.” SECOND QUARTER HIGHLIGHTS2: Net income• Net income of $51.7 million• Earnings per share of $0.32 Net interestincome/NIM• Net interest income on a fully taxable equivalent basis of $149.0 million compared to $147.1 million• Net interest margin on a fully taxable equivalent basis of 3.14% compared to 3.31% OperatingPerformance • Pre-provision net revenue1 (“PPNR”) of $87.3 million• Adjusted PPNR1 of $92.1 million, up 7.6% over second quarter of 2019• Noninterest expense of $120.2 million• Adjusted noninterest expense1 of $115.0 million• Efficiency ratio1 of 56.29%• Adjusted efficiency ratio1 of 53.79%, a 552 basis point improvement Loans andCreditQuality• End-of-period total loans3 of $13,738.2 million compared to $12,438.8 million◦ Paycheck Protection Program Loans (PPP) amounted to $1,462.8 million at the end of June• Second-quarter total commercial production, excluding PPP loans, of $658.5 million• Provision for credit losses of $22.5 million• June 30 pipeline of $2.7 billion• Net charge-offs of $0.5 million, or 0.02% annualized, compared to net charge-offs of $6.5 million• Non-performing loans of 1.04% of total loans compared to 1.16% ReturnProfile &Capital• Return on average common equity of 7.27%• Return on average tangible common equity1 of 12.41%• Adjusted return on average tangible common equity1 of 13.18%• No shares of common stock were repurchased during the current quarter NotableItems• $4.9 million in ONB Way charges• $0.3 million in tax credit amortization 1 Non-GAAP financial measure that Management believes is useful in ...