Old National Bancorp (ONB) Misses Q1 EPS by 2c

Old National Bancorp (NASDAQ: ONB) reported Q1 EPS of $0.25, $0.02 worse than the analyst estimate of $0.27.

CEO COMMENTARY:

“While we are pleased with our 1st quarter progress and the implementation of the ONB Way strategic initiatives, our commitment and focus today is on supporting our clients, team members and communities during the COVID-19 pandemic,” said Chairman & CEO Jim Ryan. “With this goal in mind, we are giving $1.2 million to COVID-19 relief efforts - both immediate and near-term - while also working diligently to help our clients take advantage of our own internal relief programs and the various government support programs. I’d also like to thank our team members for their hard work and unwavering commitment to serving our clients and communities during this difficult time.”

FIRST QUARTER HIGHLIGHTS2:

Net Income

• Net income of $22.6 million
• Earnings per share of $0.13

Net Interest Income/NIM

• Net interest income on a fully taxable equivalent basis was $147.1 million compared to $152.2 million
• Net interest margin on a fully taxable equivalent basis was 3.31% compared to 3.46%

Operating Performance

• Pre-provision net revenue1 (“PPNR”) was $45.9 million
• Adjusted PPNR1 was $77.4 million, up 2.9% over first quarter of 2019
• Noninterest expense was $158.7 million
• Adjusted noninterest expense1 was $122.0 million
• Efficiency ratio1 was 77.71%
• Adjusted efficiency ratio1 was 59.31%, a 166 basis point improvement

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

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