Old National Bancorp (ONB) Tops Q2 EPS by 3c, Revenues Beat

Old National Bancorp (NASDAQ: ONB) reported Q2 EPS of $0.29, $0.03 better than the analyst estimate of $0.26. Revenue for the quarter came in at $184.1 million versus the consensus estimate of $174.26 million.

CEO COMMENTARY:

“Disciplined expense management and a measured increase in deposit costs, together with the benefit of increased rates, resulted in a very successful second quarter for Old National highlighted by positive operating leverage and an almost 20% increase in year-over-year adjusted pre-provision net revenue,” stated Chairman and CEO Bob Jones. “Moreover, we set a new company record for total commercial production while experiencing very strong commercial and industrial loan growth and maintaining a strong period-end pipeline. Coupled with our recently announced KleinBank partnership – which effectively doubles our presence in Minnesota’s Twin Cities – these results illustrate that Old National is well-positioned for continued growth and success in the vibrant markets that now define our franchise.”

SECOND-QUARTER HIGHLIGHTS2:

Net Income

• Net income of $44.0 million, an increase of 13.2% from second quarter of 2017
• Earnings per share of $0.29, an increase of 3.6% from second quarter of 2017

Net Interest Income/NIM

• Net interest income was $132.0 million, up 2.6%
• Net interest margin on a fully taxable equivalent basis was 3.55% compared to 3.45%

Operating Performance

• Pre-provision net revenue1 (“PPNR”) was $53.6 million
• Adjusted PPNR1 was $65.6 million, up 7.4%
• Noninterest expense was $130.5 million
• Adjusted noninterest expense1 was $114.5 million, compared to $111.3 million
• Efficiency ratio1 was 69.58%
• Adjusted efficiency ratio1 was 61.68%, a 134 basis point improvement from second quarter of 2017

For earnings history and earnings-related data on Old National Bancorp (ONB) click here.

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