Business
Old National's Strong 2nd Quarter Driven by Robust Commercial Loan Growth and Net Interest Margin Expansion
EVANSVILLE, Ind., July 26, 2022 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q22 net income applicable to common shares of $111.0 million,
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., July 26, 2022 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 2Q22 net income applicable to common shares of $111.0 million, diluted EPS of $0.38. Adjusted net income applicable to common shares1 of $134.6 million, or $0.46 per diluted common share. CEO COMMENTARY: “As evidenced by a 17% increase in annualized loan growth and strong net interest margin expansion, this was a very robust earnings quarter for Old National,” said CEO Jim Ryan. “We are especially pleased with the growth opportunities that are taking shape in our Chicagoland market as we begin to realize the full potential of our recently completed merger.\" SECOND QUARTER HIGHLIGHTS2: Net Income Net income applicable to common shares of $111.0 million; adjusted net income applicable to common shares1 of $134.6 million Earnings per diluted common share (\"EPS\") of $0.38; adjusted EPS1 of $0.46 Net Interest Income/NIM Net interest income on a fully taxable equivalent basis1 of $341.8 million Net interest margin on a fully taxable equivalent basis1 (\"NIM\") of 3.33%, up 45 basis points (\"bps\") Operating Performance Pre-provision net revenue1 (“PPNR”) of $153.5 million; adjusted PPNR1 of $191.7 million Noninterest expense of $277.4 million; adjusted noninterest expense1 of $239.3 million Efficiency ratio1 of 62.7%; adjusted efficiency ratio1 of 53.9% Loans and Credit Quality End-of-period total loans3 of $29.6 billion, up 17.0% annualized compared to $28.4 billion at March 31, 2022 Total commercial loans increased 17.9% annualized, excluding Paycheck Protection Program (\"PPP\") loans1 Total consumer loans4 increased 21.9% annualized Second quarter total commercial production of $2.2 billion June 30 commercial loan pipeline of $5.9 billion Provision for credit losses (\"provision\") of $9.2 million Net charge-offs of $1.8 million, or 2 bps of average loans Non-performing loans of 0.78% of total loans Return Profile & Capital Return on average tangible common equity1 of 16.9%; adjusted return on average tangible common equity1 of 20.4% Notable Items $36.6 million of merger-related charges $1.5 million of tax credit amortization 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Certain comparisons to prior...