Old National Bancorp(US:ONB)2025-10-22 11:07Financial Performance - Net income applicable to common shares for Q3 2025 was $178.5 million, with adjusted net income of $231.3 million, resulting in diluted EPS of $0.46 and adjusted EPS of $0.59[2][3] - Net income available to common shareholders for Q3 2025 was $178.5 million, up from $121.4 million in Q2 2025, a 47% increase[28] - Earnings per share (EPS) for Q3 2025 was $0.46, compared to $0.34 in Q2 2025, reflecting a 35.3% increase[28] - Adjusted EPS for the latest quarter was $0.59, up from $0.53 in the previous quarter, reflecting a 11.3% increase[44] - The company reported an ROAE of 9.0% for Q3 2025, compared to 6.7% in Q2 2025, indicating improved profitability[47] Revenue and Income - Net interest income on a fully taxable equivalent basis was $582.6 million, reflecting an increase driven by higher asset yields and the full quarter impact of Bremer[2][8] - Noninterest income for Q3 2025 was $130.5 million, slightly down from $132.5 million in Q2 2025[28] - Total revenue (FTE) for the quarter was $713,045 thousand, an increase from $654,370 thousand in the previous quarter, representing a 9.0% rise[45] - The company reported a total adjusted revenue of $713,038 thousand, compared to $633,410 thousand in the previous quarter, indicating a 12.6% increase[45] Loans and Deposits - Total loans at the end of the period were $48.0 billion, up 0.6% annualized, with a 3.1% increase when excluding loans acquired from Bremer[2][8] - Total loans reached $47.97 billion at the end of Q3 2025, compared to $47.90 billion at the end of Q2 2025[28] - Total deposits reached $55.0 billion, up 4.8% annualized, while core deposits increased by 5.8% annualized[2][8] - Total deposits rose to $55,006,184 thousand, compared to $54,357,683 thousand in the prior quarter, indicating an increase of 1.2%[31] Credit Quality - Provision for credit losses was $26.7 million, with net charge-offs of $30.0 million, representing 25 basis points of average loans[2][8] - Provision for credit losses decreased to $26.7 million in Q3 2025 from $106.8 million in Q2 2025, indicating improved credit quality[28] - The allowance for credit losses on loans increased to $572,178 thousand, up from $565,109 thousand in the previous quarter, reflecting a rise of 1.9%[31] - Nonaccrual loans stood at $590,820 thousand as of September 30, 2025, slightly down from $594,709 thousand in the previous quarter[40] Efficiency and Ratios - The efficiency ratio was 58.8%, while the adjusted efficiency ratio improved to 48.1%[2][15] - The efficiency ratio improved to 58.8% in Q3 2025 from 55.8% in Q2 2025, indicating better cost management[28] - Return on average tangible common equity (ROATCE) was 15.9%, with adjusted ROATCE at 20.1%[2][15] - The net interest margin improved to 3.64%, up 11 basis points from the previous quarter[2][8] Assets and Equity - Total assets increased to $71.21 billion in Q3 2025 from $70.98 billion in Q2 2025[28] - Total shareholders' equity increased to $8,309,271 thousand, compared to $8,126,387 thousand in the previous quarter, marking a growth of 2.2%[31] - The Tier 1 common equity ratio stood at 11.02% at the end of Q3 2025, up from 10.74% at the end of Q2 2025[29] - Average shareholders' common equity increased to $7,924,856,000 in Q3 2025 from $7,208,397,000 in Q2 2025, reflecting a 10% growth[47]