Business
Old National reports 4th quarter earnings of $74.1 million, or $0.44 per share
EVANSVILLE, Ind., Jan. 19, 2021 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 4Q20 net income of $74.1 million, diluted EPS of
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., Jan. 19, 2021 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 4Q20 net income of $74.1 million, diluted EPS of $0.44.Adjusted1 net income of $76.6 million, or $0.46 per diluted share.Full-Year 2020 net income of $226.4 million, or $1.36 per diluted share.Adjusted1 Full-Year net income of $250.3 million, or $1.50 per diluted share. CEO COMMENTARY: \"Our 4th quarter success capped a very strong year of earnings as our team members worked with passion and resiliency to serve our clients,\" said Chairman and CEO Jim Ryan. \"Another significant factor was the successful implementation of our ONB Way growth strategy in 2020, which enabled us to effectively and efficiently serve all client segments with streamlined processes and enhanced technology. This led to a phenomenal year of commercial loan production and outstanding performance.\" FOURTH QUARTER HIGHLIGHTS2: Net income• Net income of $74.1 million• Earnings per diluted share of $0.44 Net interestincome/NIM• Net interest income on a fully taxable equivalent basis of $164.6 million compared to $149.0 million• Net interest margin on a fully taxable equivalent basis of 3.26% compared to 3.03% OperatingPerformance• Pre-provision net revenue1 (“PPNR”) of $80.8 million• Adjusted PPNR1 of $94.0 million, up 27.2% over fourth quarter of 2019• Noninterest expense of $142.3 million• Adjusted noninterest expense1 of $128.8 million• Efficiency ratio1 of 62.37%• Adjusted efficiency ratio1 of 56.35% Loans andCreditQuality• End-of-period total loans3 of $13,849.7 million compared to $13,977.6 million• Total commercial loans increased $473.1 million, excluding the $536.2 million decline in PPP loans• Fourth-quarter total commercial production of $1,197.1 million• Provision for credit losses was a recapture of $1.1 million• December 31 pipeline of $2.1 billion• Net recoveries of $1.1 million compared to net recoveries of $3.0 million• Non-performing loans of 1.20% of total loans compared to 1.15% ReturnProfile& Capital• Return on average common equity of 10.11%• Return on average tangible common equity1 of 16.57%• Adjusted return on average tangible common equity1 of 17.08%• No shares of common stock were repurchased during the current quarter NotableItems• $3.6 million in ONB Way charges• $9.9 million in tax credit amortization 1 Non-GAAP financial measure that M...