OLD NATIONAL BANCORP IN
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 31, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Highlights
The following table sets forth certain financial highlights of Old National for the previous five quarters:
| Three Months Ended | |||||
|---|---|---|---|---|---|
| (dollars and shares in thousands,except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, |
| 2024 · 2024 · 2023 · 2023 · 2023 | |||||
| Income Statement: | |||||
| Net interest income | $388,421 | $356,458 | $364,408 | $375,086 | $382,171 |
| Taxable equivalent adjustment (1) (3) | 6,340 | 6,253 | 6,100 | 5,837 | 5,825 |
| Net interest income - taxable equivalent basis (3) | 394,761 | 362,711 | 370,508 | 380,923 | 387,996 |
| Provision for credit losses | 36,214 | 18,891 | 11,595 | 19,068 | 14,787 |
| Noninterest income | 87,271 | 77,522 | 100,094 | 80,938 | 81,629 |
| Noninterest expense | 282,999 | 262,317 | 284,235 | 244,776 | 246,584 |
| Net income available to common shareholders | 117,196 | 116,250 | 128,446 | 143,842 | 151,003 |
| Per Common Share Data: | |||||
| Weighted average diluted common shares | 316,461 | 292,207 | 292,029 | 291,717 | 291,266 |
| Net income (diluted) | $0.37 | $0.40 | $0.44 | $0.49 | $0.52 |
| Cash dividends | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| Common dividend payout ratio (2) | 38% | 35% | 32% | 29% | 27% |
| Book value | $18.28 | $18.24 | $18.18 | $17.07 | $17.25 |
| Stock price | 17.19 | 17.41 | 16.89 | 14.54 | 13.94 |
| Tangible common book value (3) | 11.05 | 11.10 | 11.00 | 9.87 | 10.03 |
| Performance Ratios: | |||||
| Return on average assets | 0.92% | 0.98% | 1.09% | 1.22% | 1.29% |
| Return on average common equity | 8.17 | 8.74 | 10.20 | 11.39 | 12.01 |
| Return on average tangible common equity (3) | 14.07 | 14.93 | 18.11 | 20.18 | 21.35 |
| Net interest margin (3) | 3.33 | 3.28 | 3.39 | 3.49 | 3.60 |
| Efficiency ratio (3) | 57.17 | 58.34 | 59.05 | 51.66 | 51.22 |
| Net charge-offs (recoveries) to average loans | 0.16 | 0.14 | 0.12 | 0.24 | 0.13 |
| Allowance for credit losses on loans to ending loans | 1.01 | 0.95 | 0.93 | 0.93 | 0.93 |
| Allowance for credit losses (4) to ending loans | 1.08 | 1.03 | 1.03 | 1.03 | 1.04 |
| Non-performing loans to ending loans | 0.94 | 0.98 | 0.83 | 0.80 | 0.91 |
| Balance Sheet: | |||||
| Total loans | $36,150,513 | $33,623,319 | $32,991,927 | $32,577,834 | $32,432,473 |
| Total assets | 53,119,645 | 49,534,918 | 49,089,836 | 49,059,448 | 48,496,755 |
| Total deposits | 39,999,228 | 37,699,418 | 37,235,180 | 37,252,676 | 36,231,315 |
| Total borrowed funds | 6,085,204 | 5,331,161 | 5,331,147 | 5,556,010 | 6,034,008 |
| Total shareholders’ equity | 6,075,072 | 5,595,408 | 5,562,900 | 5,239,537 | 5,292,095 |
| Capital Ratios: | |||||
| Risk-based capital ratios: | |||||
| Tier 1 common equity | 10.73% | 10.76% | 10.70% | 10.41% | 10.14% |
| Tier 1 | 11.33 | 11.40 | 11.35 | 11.06 | 10.79 |
| Total | 12.71 | 12.74 | 12.64 | 12.32 | 12.14 |
| Leverage ratio (to average assets) | 8.90 | 8.96 | 8.83 | 8.70 | 8.59 |
| Total equity to assets (averages) | 11.31 | 11.32 | 10.81 | 10.88 | 10.96 |
| Tangible common equity to tangible assets (3) | 6.94 | 6.86 | 6.85 | 6.15 | 6.33 |
| Nonfinancial Data: | |||||
| Full-time equivalent employees | 4,267 | 3,955 | 3,940 | 3,981 | 4,021 |
| Banking centers | 280 | 258 | 258 | 257 | 256 |
(1)Calculated using the federal statutory tax rate in effect of 21% for all periods.
(2)Cash dividends per common share divided by net income per common share (basic).
(3)Represents a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.
(4)Includes the allowance for credit losses on loans and unfunded loan commitments.
The following table sets forth certain financial highlights of Old National for the year-to-date periods:
| Six Months Ended June 30, | ||
|---|---|---|
| (dollars and shares in thousands, except per share data) | 2024 | 2023 |
| Income Statement: | ||
| Net interest income | $744,879 | $763,659 |
| Taxable equivalent adjustment (1) (3) | 12,593 | 11,491 |
| Net interest income - taxable equivalent basis (3) | 757,472 | 775,150 |
| Provision for credit losses | 55,105 | 28,224 |
| Noninterest income | 164,793 | 152,310 |
| Noninterest expense | 545,316 | 497,295 |
| Net income available to common shareholders | 233,446 | 293,569 |
| Per Common Share Data: | ||
| Weighted average diluted common shares | 304,207 | 291,870 |
| Net income (diluted) | $0.77 | $1.01 |
| Cash dividends | 0.28 | 0.28 |
| Common dividend payout ratio (2) | 36% | 28% |
| Book value | $18.28 | $17.25 |
| Stock price | 17.19 | 13.94 |
| Tangible common book value (3) | 11.05 | 10.03 |
| Performance Ratios: | ||
| Return on average assets | 0.95% | 1.27% |
| Return on average common equity | 8.45 | 11.80 |
| Return on average tangible common equity (3) | 14.48 | 21.19 |
| Net interest margin (3) | 3.31 | 3.65 |
| Efficiency ratio (3) | 57.73 | 52.01 |
| Net charge-offs (recoveries) to average loans | 0.15 | 0.17 |
| Allowance for credit losses on loans to ending loans | 1.01 | 0.93 |
| Allowance for credit losses (4) to ending loans | 1.08 | 1.04 |
| Non-performing loans to ending loans | 0.94 | 0.91 |
| Balance Sheet: | ||
| Total loans | $36,150,513 | $32,432,473 |
| Total assets | 53,119,645 | 48,496,755 |
| Total deposits | 39,999,228 | 36,231,315 |
| Total borrowed funds | 6,085,204 | 6,034,008 |
| Total shareholders’ equity | 6,075,072 | 5,292,095 |
| Capital Ratios: | ||
| Risk-based capital ratios: | ||
| Tier 1 common equity | 10.73% | 10.14% |
| Tier 1 | 11.33 | 10.79 |
| Total | 12.71 | 12.14 |
| Leverage ratio (to average assets) | 8.90 | 8.59 |
| Total equity to assets (averages) | 11.31 | 10.98 |
| Tangible common equity to tangible assets (3) | 6.94 | 6.33 |
| Nonfinancial Data: | ||
| Full-time equivalent employees | 4,267 | 4,021 |
| Banking centers | 280 | 256 |
(1)Calculated using the federal statutory tax rate in effect of 21% for all periods.
(2)Cash dividends per common share divided by net income per common share (basic).
(3)Represents a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.
(4)Includes the allowance for credit losses on loans and unfunded loan commitments.
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