Financial 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 increased to $178.533 million in Q3 2025, compared to $121.375 million in Q2 2025, a growth of 47%[28] - Earnings per share (EPS) for Q3 2025 was $0.46, up from $0.34 in Q2 2025, reflecting a 35.3% increase[28] - Net income for Q3 2025 was $182,567,000, compared to $125,408,000 in Q2 2025, reflecting a 45.5% increase[30] - Adjusted net income applicable to common shares, excluding intangibles amortization, reached $250,946,000 in Q3 2025, compared to $205,575,000 in Q2 2025, a growth of 22%[47] Revenue and Income - Total revenue (FTE) for the quarter was $713,045 thousand, an increase of 9.0% from $654,370 thousand in the previous quarter[45] - Noninterest income for Q3 2025 was $130.461 million, slightly down from $132.517 million in Q2 2025[28] - Total noninterest income for Q3 2025 was $130,461,000, slightly down from $132,517,000 in Q2 2025[30] Loans and Deposits - Total loans at the end of the period amounted to $48.0 billion, up 0.6% annualized, and 3.1% annualized excluding loans acquired from Bremer[2][8] - Total loans reached $47.968 billion at the end of Q3 2025, a slight increase from $47.903 billion at the end of Q2 2025[28] - Total deposits at the end of the period reached $55.0 billion, reflecting a 4.8% annualized increase, while core deposits grew by 5.8% annualized[2][8] - Total deposits increased to $55.006 billion in Q3 2025, up from $54.358 billion in Q2 2025[28] Expenses and Efficiency - Noninterest expense was $445.7 million, including $69.3 million in merger-related charges, while adjusted noninterest expense was $376.5 million[2][15] - The efficiency ratio was 58.8%, with an adjusted efficiency ratio of 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] - Adjusted total noninterest expense was $376,460 thousand, compared to $343,560 thousand in the previous quarter, reflecting an increase of 9.6%[45] Credit Quality - Provision for credit losses was $26.7 million, with net charge-offs of $30.0 million, or 25 basis points of average loans[2][8] - Provision for credit losses decreased significantly to $26.738 million in Q3 2025 from $106.835 million in Q2 2025, indicating improved credit quality[28] - The allowance for credit losses on loans increased to $572,178 thousand, compared to $565,109 thousand in the previous quarter, indicating 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] Capital and Ratios - Return on average tangible common equity (ROATCE) was 15.9%, with adjusted ROATCE at 20.1%[2][8] - The Tier 1 common equity ratio stood at 11.02% as of September 30, 2025, compared to 10.74% at the end of Q2 2025[29] - The total capital ratio was reported at 12.78% as of September 30, 2025, compared to 12.59% at the end of Q2 2025[29] - Tangible common equity to tangible assets ratio improved to 7.53% as of September 30, 2025, compared to 7.26% in June 2025[48] Shareholder Information - The company repurchased 1.1 million shares of common stock during the quarter[15] - Average shareholders' common equity increased to $7,924,856,000 in Q3 2025 from $7,208,397,000 in Q2 2025, reflecting a 10% rise[47] - Tangible common book value per share increased to $13.15 in Q3 2025 from $12.60 in Q2 2025, a 4.4% increase[48]
OLD NATIONAL BAN(ONBPO) - 2025 Q3 - Quarterly Results