OLD NATIONAL BAN(US:ONBPP)2025-04-22 11:05Financial 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, down from $149,839,000 in Q4 2024 [28]. - Net income for Q1 2025 was $144,659 thousand, compared to $153,873 thousand in Q4 2024, representing a decline of 6.9% [31]. - 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 net income applicable to common shares was $145,454 thousand, with an adjusted EPS of $0.45 for the quarter [40]. - The company reported a return on average equity (ROAE) of 9.1% for Q1 2025, down from 9.8% in Q4 2024 [43]. 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; total commercial loan production for the quarter was $1.5 billion [2][8]. - Total loans increased to $36,413,944 thousand in Q1 2025, up from $36,285,887 thousand in Q4 2024, marking a growth of 0.4% [32]. - Total deposits rose to $41,034,572 thousand in Q1 2025, compared to $40,823,560 thousand in Q4 2024, indicating an increase of 0.5% [32]. 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]. - The net interest margin (GAAP) was reported at 3.23% for the three months ended March 31, 2025 [36]. - Net interest income after provision for credit losses for Q1 2025 was $356,240 thousand, a decrease of 3.4% from $367,163 thousand in Q4 2024 [31]. Credit Losses and Allowance - 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 thousand as of March 31, 2025, up from $392,522 thousand in Q4 2024 [32]. - The allowance for credit losses on loans increased to $398,765 compared to $382,799 in the previous quarter [36]. Efficiency and Ratios - The efficiency ratio was 53.7%, while the adjusted efficiency ratio was 51.8%, compared to 54.4% and 51.8% respectively in the previous quarter [2][15]. - The efficiency ratio for Q1 2025 improved to 53.7%, compared to 54.4% in Q4 2024 [28]. - Preliminary regulatory Tier 1 common equity to risk-weighted assets was 11.62%, an increase of 24 basis points [2][15]. - The Tier 1 common equity ratio improved to 11.62% in Q1 2025 from 11.38% in Q4 2024 [28]. Shareholder Information - The company maintained a cash dividend of $0.14 per share for Q1 2025, consistent with previous quarters [28]. - Total shareholders' equity increased to $6,534,654 thousand as of March 31, 2025, from $6,340,350 thousand at the end of Q4 2024 [32]. - Average shareholders' equity for Q1 2025 was $6,416,485,000, up from $6,338,953,000 in Q4 2024 [43]. - Common shares outstanding as of March 31, 2025, were 319,236, an increase from 318,980 as of December 31, 2024 [44]. Future Outlook - The company anticipates closing its partnership with Bremer Bank on May 1, 2025, which is expected to enhance its market position [1].