Financial Performance - Old National Bancorp reported Q1 2025 net income applicable to common shares of $140.6 million, with diluted EPS of $0.44; adjusted net income was $145.5 million, or $0.45 per diluted share [1][2][3]. - Net income available to common shareholders for Q1 2025 was $140,625,000, compared to $149,839,000 in Q4 2024 [28]. - Net income for Q1 2025 was $144,659,000, compared to $153,873,000 in Q4 2024, representing a decline of 6.9% [31]. - The net income applicable to common shares for the three months ended March 31, 2025, was $140,625 thousand, compared to $149,839 thousand for the previous quarter, reflecting a decrease of 6.5% [40]. - Total revenue for Q1 2025 was $486,797,000, a slight decrease from $495,723,000 in Q4 2024, but an increase from $440,233,000 in Q1 2024 [42]. - Adjusted PPNR for Q1 2025 was $224,258,000, compared to $227,138,000 in Q4 2024 and $197,152,000 in Q1 2024, indicating a year-over-year growth of 13.8% [42]. Deposits and Loans - Total deposits at the end of the period were $41.0 billion, reflecting a 2.1% annualized increase; core deposits rose by 1.7% annualized [2][8]. - Total loans at the end of the period were $36.5 billion, up 1.5% annualized; commercial loan production for the quarter was $1.5 billion [2][8]. - Total loans increased to $36,413,944,000 in Q1 2025, up from $36,285,887,000 in Q4 2024, marking a growth of 0.4% [32]. - Total deposits rose to $41,034,572,000 in Q1 2025, compared to $40,823,560,000 in Q4 2024, indicating an increase of 0.5% [32]. - Demand deposits increased to $9.10 billion, while total interest-bearing deposits were $31.43 billion [36]. Interest Income and Margin - Net interest income on a fully taxable equivalent basis was $393.0 million, down from $400.0 million, with a net interest margin of 3.27%, a decrease of 3 basis points [2][8]. - Net interest income for Q1 2025 was $387,643,000, a slight decrease from $394,180,000 in Q4 2024 [28]. - Net interest income after provision for credit losses for Q1 2025 was $356,240,000, a decrease of 3.4% from $367,163,000 in Q4 2024 [31]. - The net interest margin (NIM) for the quarter was 3.23%, a slight decrease from 3.26% in the previous quarter [40]. Credit Losses and Provisions - Provision for credit losses was $31.4 million, with net charge-offs of $21.6 million, or 24 basis points of average loans [2][8]. - Provision for credit losses increased to $31,403,000 in Q1 2025 from $27,017,000 in Q4 2024 [28]. - The allowance for credit losses on loans was $401,932,000 as of March 31, 2025, up from $392,522,000 in Q4 2024 [32]. - The provision for credit losses on loans was $31,026 thousand for the quarter, slightly up from $30,417 thousand in the prior quarter, indicating a 2% increase [38]. Efficiency and Ratios - The efficiency ratio was 53.7%, while the adjusted efficiency ratio was 51.8%, compared to 54.4% and 51.8% in the previous quarter [2][15]. - The efficiency ratio for Q1 2025 improved to 53.7%, compared to 54.4% in Q4 2024 and 58.3% in Q1 2024, indicating better cost management [42]. - Return on average tangible common equity (ROATCE) was 15.0%, with adjusted ROATCE at 15.5% [2][15]. - The tangible common equity to tangible assets ratio improved to 7.76% as of March 31, 2025, compared to 7.41% in Q4 2024 [44]. Assets and Equity - Total assets as of Q1 2025 were $53,877,944,000, compared to $53,552,272,000 in Q4 2024 [28]. - Shareholders' equity increased to $6,534,654,000 as of March 31, 2025, compared to $6,340,350,000 at the end of Q4 2024 [32]. - Average shareholders' equity increased to $6,416,485,000 in Q1 2025 from $6,338,953,000 in Q4 2024 [43]. Other Key Developments - The company anticipates closing its partnership with Bremer Bank on May 1, 2025, which is expected to enhance its market position [1]. - The company incurred merger-related charges of $5,856,000 in Q1 2025, compared to $8,117,000 in Q4 2024 [42].
OLD NATIONAL BAN(ONBPO) - 2025 Q1 - Quarterly Results