Old National Bancorp’s 2024 Earnings Overview

Old National Bancorp ( (ONB) ) has released its Q4 earnings. Here is a breakdown of the information Old National Bancorp presented to its investors.

Old National Bancorp is the sixth largest commercial bank headquartered in the Midwest, offering consumer, commercial banking, wealth management, and capital markets services primarily in the Midwest and Southeast of the United States. The company, which traces its roots back to 1834, has approximately $54 billion in assets and $30 billion under management.

In its latest earnings report, Old National Bancorp announced a net income applicable to common shares of $149.8 million for the fourth quarter of 2024, and $523.1 million for the full year, with diluted EPS of $0.47 and $1.68 respectively. The company also highlighted a nearly 10% growth in total deposits and loans, as well as an 8% increase in tangible book value over the year.

Key financial metrics for the fourth quarter include net interest income on a fully taxable equivalent basis of $400.0 million and a net interest margin of 3.30%. Core deposits increased by 1.9% annualized, with total deposit costs decreasing by 17 basis points to 2.08%. Total loans at the end of the period stood at $36.3 billion, down 1.6% annualized, while provision for credit losses was $27.0 million. Additionally, Old National announced a pending partnership with Bremer Financial Corporation.

Old National’s disciplined expense management resulted in a noninterest expense of $276.8 million, with an adjusted efficiency ratio of 51.8%. The company maintains strong capital ratios, with a preliminary Tier 1 common equity to risk-weighted assets of 11.38%.

Looking ahead, Old National Bancorp remains focused on managing its core operations effectively, supported by its robust capital position and strategic growth initiatives, including the upcoming partnership with Bremer Financial Corporation.