Business
Old National's 4th Quarter and Record Full-Year Results Supported by Strong Deposit Franchise, Stable Credit Quality and Well-Managed Expenses
EVANSVILLE, Ind., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 4Q23 net income applicable to common shares of $128.4 million,
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 4Q23 net income applicable to common shares of $128.4 million, diluted EPS of $0.44; $134.6 million and $0.46 on an adjusted1 basis, respectively. Full-year net income applicable to common shares of $565.9 million, diluted EPS of $1.94; $599.2 million and $2.05 on an adjusted1 basis, respectively. CEO COMMENTARY: \"Old National finished 2023 with strong reported results and record performance on an adjusted basis for EPS, return on average tangible equity and efficiency ratio. Tangible book value per share grew by 17% year-over-year and, when combined with a 3.7% average dividend yield, provided shareholders with a strong return for the year,\" said CEO Jim Ryan. \"Our peer-leading deposit franchise, disciplined loan growth, strong credit quality, well-managed expenses, and dedicated team members who are committed to our clients and communities drove these outstanding results.\"\"As planned, Mike Scudder will retire as Executive Chairman of Old National Bancorp at the end of January. I want to thank Mike for his 38 combined years of outstanding leadership and dedication to First Midwest and Old National. His contributions to the board were invaluable as we completed our transformational partnership.\" FOURTH QUARTER HIGHLIGHTS2: Net Income Net income applicable to common shares of $128.4 million; adjusted net income applicable to common shares1 of $134.6 million Earnings per diluted common share (\"EPS\") of $0.44; adjusted EPS1 of $0.46 Net InterestIncome/NIM Net interest income on a fully taxable equivalent basis1 of $370.5 million Net interest margin on a fully taxable equivalent basis1 (\"NIM\") of 3.39%, down 10 basis points (\"bps\") OperatingPerformance Pre-provision net revenue1 (“PPNR”) of $186.4 million; adjusted PPNR1 of $194.6 million Noninterest expense of $284.2 million; adjusted noninterest expense1 of $255.2 million Efficiency ratio1 of 59.0%; adjusted efficiency ratio1 of 53.8% Deposits andFunding Period-end total deposits of $37.2 billion, consistent with September 30, 2023; core deposits up 0.4% Granular low-cost deposit franchise; total deposit costs of 185 bps and a cycle to date (2Q22-4Q23) total deposit beta of 35% (interest-bearing deposit beta of 47%) Loans andCreditQuality End-of-period total loans3 of $33.0 b...