Old National Bancorp (ONB) Tops Q1 EPS by 2c, Slight Beat on Revenues

Old National Bancorp (NASDAQ: ONB) reported Q1 EPS of $0.31, $0.02 better than the analyst estimate of $0.29. Revenue for the quarter came in at $173.7 million versus the consensus estimate of $173.04 million.

FIRST-QUARTER HIGHLIGHTS2:

Net Income

• Net income of $48.0 million, an increase of 33.3% from first quarter of 2017
• Earnings per share of $0.31, an increase of 14.8% from first quarter of 2017

Net Interest Income/NIM

• Net interest income was $128.5 million, up 8.4%
• Net interest margin on a fully taxable equivalent basis was 3.45% compared to 3.47%

Operating Performance

• Pre-provision net revenue1 (“PPNR”) was $56.1 million
• Adjusted PPNR1 was $61.1 million, up 5.9%
• Noninterest expense was $117.6 million
• Adjusted noninterest expense1 was $111.8 million, compared to $110.2 million
• Efficiency ratio1 was 65.94%
• Adjusted efficiency ratio1 was 62.59%, a 118 basis point improvement from first quarter of 2017

Loans and Credit Quality

• End-of-period total loans3 were $11,256.3 million compared to $11,136.1 million
  • Represents 4.3% annualized growth
• End-of-period commercial and commercial real estate loans were $7,261.6 million compared to $7,071.8 million
  • Represents 10.7% annualized growth
• Non-performing loans were 1.28% of total loans compared to 1.30%
• Provision for loan losses was $0.4 million compared to $1.0 million
• Net charge-offs were $0.4 million, or 0.01% annualized, compared to 0.03%

Capital Returns

• Return on average equity was 8.86%
• Return on average tangible common equity1 was 15.80%
• Adjusted return on average tangible common equity1 was 16.81%

Notable Items

• $2.3 million in merger and integration charges
• $2.8 million for branch consolidation charges
• $0.7 million in tax credit amortization
• Footprint rationalization continues with 10 branch consolidations and the pending sale of 10 branches

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

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