Business
Old National’s 3rd quarter net income increases 36% from a year ago to a record $69.8 million, or $0.41 per share
EVANSVILLE, Ind., Oct. 21, 2019 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 3Q19 net income of $69.8 million, diluted EPS of
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., Oct. 21, 2019 (GLOBE NEWSWIRE) -- \n Old National Bancorp (NASDAQ: ONB) reports 3Q19 net income of $69.8 million, diluted EPS of $0.41.Adjusted1 net income of $70.5 million, or $0.41 per diluted share. CEO COMMENTARY: “For the 2nd straight quarter, Old National combined record net income with record loan production, defense of our net interest margin, good fee income and excellent credit metrics, all of which allowed us to continue to generate positive operating leverage,” said CEO Jim Ryan. “While loan prepayments and lower line utilization impacted overall balance sheet growth, activity levels were robust. Our granular loan portfolio and low-risk profile again led to low credit costs, and Old National remains on a path to high-performance.” THIRD QUARTER HIGHLIGHTS2: Net Income Net income of $69.8 million, an increase of 36% from third quarter of 2018Earnings per share of $0.41, an increase of 21% from third quarter of 2018 Net Interest Income/NIM Net interest income on a fully taxable equivalent basis was $156.3 million compared to $158.5 millionNet interest margin on a fully taxable equivalent basis was 3.57% compared to 3.66% Operating Performance Pre-provision net revenue1 (“PPNR”) was $87.6 millionAdjusted PPNR1 was $89.7 million, up 26.5% over third quarter of 2018Noninterest expense was $122.6 millionAdjusted noninterest expense1 was $120.1 millionEfficiency ratio1 was 56.44%Adjusted efficiency ratio1 was 55.26%, a 341 basis point improvement from third quarter of 2018 Loans and Credit Quality End-of-period total loans3 were $12,075.9 million compared to $12,084.5 millionThird-quarter total commercial production was a record $680 million; September 30 pipeline was a record $2.0 billionProvision for loan losses was $1.4 millionNet charge-offs were $0.8 million, or 0.03% annualized, compared to net charge-offs of $0.3 millionNon-performing loans were 1.31% of total loans compared to 1.34% Return Profile & Capital Return on average common equity was 9.91%Return on average tangible common equity1 was 17.01%Adjusted return on average tangible common equity1 was 17.16%Repurchased 2.2 million shares of common stock during the quarter Notable Items $1.3 million in merger and integration charges$1.2 million in tax credit amortization 1 Non-GAAP financial measure that Management believes is useful in evaluating ...