{"id":477909,"date":"2021-04-19T08:04:20","date_gmt":"2021-04-19T12:04:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/old-national-reports-1st-quarter-earnings-of-86-8-million-or-0-52-per-share\/"},"modified":"2021-04-19T08:04:20","modified_gmt":"2021-04-19T12:04:20","slug":"old-national-reports-1st-quarter-earnings-of-86-8-million-or-0-52-per-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/old-national-reports-1st-quarter-earnings-of-86-8-million-or-0-52-per-share\/","title":{"rendered":"Old National reports 1st quarter earnings of $86.8 million, or $0.52 per share"},"content":{"rendered":"
\n

EVANSVILLE, Ind., April 19, 2021 (GLOBE NEWSWIRE) — <\/p>\n\n\n\n
\n Old National Bancorp (NASDAQ: ONB) reports 1Q21 net income of $86.8 million, diluted EPS of $0.52.<\/strong>\u00a0<\/td>\n<\/tr>\n
\n Adjusted<\/strong>
\n
\n 1 <\/strong>
\n <\/sup>
\n net income of $86.4\u00a0million, or $0.52 per diluted share.<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n CEO COMMENTARY<\/strong>:<\/p>\n\n\n
“Old National’s positive first quarter results were driven by record first-quarter commercial loan production, strong mortgage revenue and excellent credit quality,” said Chairman and CEO Jim Ryan. “We also continue to work with our small business and non-profit clients who are affected by the pandemic to help them gain access to Paycheck Protection Program funds and also to complete the loan forgiveness process.”<\/td>\n<\/tr>\n<\/table>\n

\n FIRST QUARTER HIGHLIGHTS<\/strong>
\n
\n 2<\/strong>
\n <\/sup>:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Net income<\/strong><\/p>\n<\/td>\n\n
    \n
  • Net income of $86.8 million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Earnings per diluted share of $0.52<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net interest
income\/NIM<\/strong><\/p>\n<\/td>\n		\n
    \n
  • Net interest income on a fully taxable equivalent basis of $151.6\u00a0million compared to $164.6\u00a0million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Net interest margin on a fully taxable equivalent basis of 2.94% compared to 3.26%<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n <\/p>\n

Operating
Performance <\/strong><\/p>\n<\/td>\n

\n
    \n
  • Pre-provision net revenue1<\/sup> (\u201cPPNR\u201d) of $90.6\u00a0million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Adjusted PPNR1<\/sup> of $91.3\u00a0million, up 17.9% over first quarter of 2020<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Noninterest expense of $117.7\u00a0million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Adjusted noninterest expense1<\/sup> of $115.0\u00a0million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Efficiency ratio1<\/sup> of 55.57%<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Adjusted efficiency ratio1 <\/sup>of 54.25%<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n <\/p>\n

Loans and
Credit
Quality<\/strong><\/p>\n<\/td>\n

\n
    \n
  • End-of-period total loans3<\/sup> of $13,975.5\u00a0million compared to $13,849.7\u00a0million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00ba<\/sub> \u00a0 \u00a0 \u00a0 Total commercial loans increased $59.0\u00a0million, excluding the $181.1 million increase in PPP loans<\/p>\n<\/td>\n<\/tr>\n
\n
    \n
  • First-quarter total commercial production of $718.0 million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Provision for credit losses was a recapture of $17.4\u00a0million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • March 31 pipeline of $2.6 billion<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Net recoveries of $5 thousand compared to net recoveries of $1.1 million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Non-performing loans of 1.13% of total loans compared to 1.20%<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n <\/p>\n

Return Profile
& Capital<\/strong><\/p>\n<\/td>\n

\n
    \n
  • Return on average common equity of 11.69%<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Return on average tangible common equity1<\/sup> of 18.88%<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • Adjusted return on average tangible common equity1<\/sup> of 18.79%<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
  • No shares of common stock were repurchased during the current quarter<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n
Notable Items<\/strong><\/p>\n<\/td>\n		\n
    \n
  • $1.5 million in ONB Way charges<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n