Business
Old National's strong 2nd quarter driven by commercial loan growth of 11% annualized
EVANSVILLE, Ind. , July 20, 2021 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q21 net income of $62.8 million, diluted EPS of
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind. , July 20, 2021 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q21 net income of $62.8 million, diluted EPS of $0.38.Adjusted1 net income of $67.4 million, or $0.41 per diluted share. CEO COMMENTARY: “Old National’s 2nd quarter earnings success was highlighted by strong commercial loan production – which drove over 11% annualized commercial loan growth – along with excellent credit metrics and stable net interest margin,” said Chairman and CEO Jim Ryan. “These results place Old National in a very strong position as we work to execute our previously announced merger of equals with First Midwest Bank. Combined, we are confident Old National will be even better positioned for strong organic growth with enhanced scale, resources, and capabilities to deliver an improved client experience and enhanced value to our shareholders.” SECOND QUARTER HIGHLIGHTS2: Net income Net income of $62.8 million Earnings per diluted share of $0.38 Net interest income/NIM Net interest income on a fully taxable equivalent basis of $153.4 million compared to $151.6 million Net interest margin on a fully taxable equivalent basis of 2.91% compared to 2.94% Pre-provision net revenue1 (“PPNR”) of $75.3 million Adjusted PPNR1 of $83.3 million Operating Performance Noninterest expense of $129.6 million Adjusted noninterest expense1 of $120.9 million Efficiency ratio1 of 62.05% Adjusted efficiency ratio1 of 57.74% End-of-period total loans3 of $13,834.8 million compared to $13,975.5 million Total commercial loans increased $250.2 million, excluding the $403.0 million decrease in PPP loans Second-quarter total commercial production of $1.1 billion Loans and Provision for credit losses was a recapture of $4.9 million Credit Quality June 30 pipeline of $2.6 billion Net recoveries of $336 thousand compared to net recoveries of $5 thousand Non-performing loans of 1.03% of total loans compared to 1.13% Return on average common equity of 8.39% Return Profile & Capital Return on average tangible common equity1 of 13.58% Adjusted return on average tangible common equity1 of 14.56% No shares of common stock were repurchased during the current quarter $0.4 million in ONB Way charges Notable Items $1.8 million in tax credit amortization $6.5 million in merger charges 1 Non-GAAP financial measure that Management believes is useful in evaluat...