Old National Bancorp Reports First Quarter 2025 Results

Core Insights - Old National Bancorp reported a net income applicable to common shares of $140.6 million for Q1 2025, with a diluted EPS of $0.44, and an adjusted net income of $145.5 million with an adjusted EPS of $0.45, indicating strong financial performance despite economic challenges [1][2][5][6]. Financial Performance - The net interest income on a fully taxable equivalent basis was $393.0 million, reflecting a decrease from $400.0 million, with a net interest margin (NIM) of 3.27%, down 3 basis points [4][17]. - Pre-provision net revenue (PPNR) was reported at $218.3 million, with an adjusted PPNR of $224.3 million [4]. - Noninterest expense totaled $268.5 million, with adjusted noninterest expense at $262.6 million, demonstrating disciplined expense management [4][17]. Deposits and Funding - Total deposits at the end of the period were $41.0 billion, up 2.1% annualized, with core deposits increasing by 1.7% annualized [4][11]. - The cost of total deposits decreased by 17 basis points to 1.91%, indicating a granular low-cost deposit franchise [4][11]. Loans and Credit Quality - Total loans at the end of the period were $36.5 billion, up 1.5% annualized, with a provision for credit losses of $31.4 million [4][11]. - Net charge-offs were $21.6 million, or 24 basis points of average loans, with 30+ day delinquencies at 0.22% and nonaccrual loans at 1.29% of total loans, reflecting resilient credit quality [4][10][11]. Capital and Return Metrics - Return on average tangible common equity (ROATCE) was 15.0%, with an adjusted ROATCE of 15.5% [4][10]. - Preliminary regulatory Tier 1 common equity to risk-weighted assets was 11.62%, up 24 basis points, indicating strong capital ratios [10][17].