Business
Old National's strong 3rd quarter driven by commercial loan growth of 7% annualized
EVANSVILLE, Ind., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 3Q21 net income of $71.7 million, diluted EPS of
About this update from Old National Bancorp
[{"type":"text","content":"EVANSVILLE, Ind., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 3Q21 net income of $71.7 million, diluted EPS of $0.43.Adjusted1 net income of $71.8 million, or $0.43 per diluted share. CEO COMMENTARY: \"Old National's excellent 3rd quarter results were driven by multiple success factors, including strong commercial loan growth, good deposit growth, increased fee income, reduced expenses and strong credit metrics,\" said Chairman and CEO Jim Ryan. \"In addition, we continued to make smooth, steady progress throughout the quarter on activities related to our merger of equals with First Midwest Bank, which we expect to be completed as soon as we receive Federal Reserve approval. As previously disclosed, we have already received approval from the OCC.\" THIRD QUARTER HIGHLIGHTS2: Net income Net income of $71.7 million Earnings per diluted share of $0.43 Net interest income/NIM Net interest income on a fully taxable equivalent basis of $155.1 million compared to $153.4 million Net interest margin on a fully taxable equivalent basis of 2.92% compared to 2.91% Operating Performance Pre-provision net revenue1 (“PPNR”) of $88.3 million Adjusted PPNR1 of $90.2 million Noninterest expense of $121.3 million Adjusted noninterest expense1 of $118.2 million Efficiency ratio1 of 56.86% Adjusted efficiency ratio1 of 55.38% Loans and Credit Quality End-of-period total loans3 of $13,636.1 million compared to $13,834.8 million Total commercial loans increased $171.7 million, excluding the $366.1 million decrease in PPP loans Third-quarter total commercial production of $1.0 billion Provision for credit losses was a recapture of $4.6 million September 30 pipeline of $2.7 billion Net recoveries of $3.0 million compared to net recoveries of $336 thousand Non-performing loans of 0.94% of total loans compared to 1.03% Return Profile & Capital Return on average common equity of 9.48% Return on average tangible common equity1 of 15.13% Adjusted return on average tangible common equity1 of 15.16% No shares of common stock were repurchased during the current quarter Notable Items $1.7 million in tax credit amortization $1.4 million in merger charges 1 Non-GAAP financial measure that Management believes is useful in evaluating the financial results of the Company – please refer to the Non GAAP reconciliations contained in this...