Business
Old National's 2nd Quarter Results Supported by Strong Deposit Franchise, Ample Capital, Stable Credit and Expense Discipline
EVANSVILLE, Ind., July 25, 2023 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q23 net income applicable to common shares of $151.0 million,
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., July 25, 2023 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q23 net income applicable to common shares of $151.0 million, diluted EPS of $0.52; $156.3 million and $0.54 on an adjusted1 basis, respectively. CEO COMMENTARY: \"The strength of Old National’s deposit franchise was evident once again with a nearly 4% quarterly increase in total deposits that bolstered our already strong liquidity position,\" said CEO Jim Ryan. \"In addition, Old National continues to be well capitalized with disciplined expense management and strong credit metrics as we execute on our growth strategy and continue to serve our clients and communities with passion, strength and stability.\" SECOND QUARTER HIGHLIGHTS2: Net Income Net income applicable to common shares of $151.0 million; adjusted net income applicable to common shares1 of $156.3 million Earnings per diluted common share (\"EPS\") of $0.52; adjusted EPS1 of $0.54 Net Interest Income/NIM Net interest income on a fully taxable equivalent basis1 of $388.0 million Net interest margin on a fully taxable equivalent basis1 (\"NIM\") of 3.60%, down 9 basis points (\"bps\") Operating Performance Pre-provision net revenue1 (“PPNR”) of $223.0 million; adjusted PPNR1 of $229.0 million Noninterest expense of $246.6 million; adjusted noninterest expense1 of $240.6 million Efficiency ratio1 of 51.2%; adjusted efficiency ratio1 of 49.4% Deposits and Funding Period-end total deposits of $36.2 billion, up 3.8%; core deposits up 2.4% Granular low-cost deposit franchise; total deposit costs of 115 bps and a cycle to date (2Q22-2Q23) total deposit beta of 23% (interest-bearing deposit beta of 33%) Loans and Credit Quality End-of-period total loans3 of $32.5 billion, up 2.2% Provision for credit losses4 (\"provision\") of $14.8 million Net charge-offs of $10.1 million, or 13 bps of average loans; 6 bps excluding purchased credit deteriorated (\"PCD\") loans that had an allowance at acquisition 30+ day delinquencies of 0.12% and non-performing loans of 0.91% of total loans Return Profile & Capital Return on average tangible common equity1 of 21.4%; adjusted return on average tangible common equity1 of 22.1% Notable Items $3.4 million of Louisville expenses5 $2.4 million of merger-related charges $0.2 million of property optimization charges 1 Non-GAAP financial measure that ma...