Wed, Oct 30, 2:29 PM (64 days ago)
Old National Bancorp (ONB) reported its Q3 2024 results, showing a net income of $139.8 million, or $0.44 per diluted share, down from $143.8 million in Q3 2023. The decrease in net income was influenced by $6.9 million in merger-related expenses from the CapStar acquisition and $2.6 million in separation costs. Total loans increased 10.3% to $36.4 billion, while total deposits rose by 9.7% to $40.8 billion. Net interest income slightly increased to $391.7 million, driven by loan growth despite rising funding costs. The provision for credit losses rose significantly to $28.5 million, reflecting credit migration and the allowance for acquired loans. Noninterest income rose 16.3% to $94.1 million, supported by higher fees across various services. The efficiency ratio improved to 53.83%, indicating better cost management. The company’s total assets reached $53.6 billion, with a strong capital position and a Tier 1 capital ratio of 11.60%. The acquisition of CapStar is expected to enhance growth and market presence in high-growth areas.