Old National Bancorp reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant growth in assets, loans, and deposits, alongside a strategic acquisition and changes in profitability metrics.
As of September 30, 2024, total assets reached $53.6 billion, an increase of $4.5 billion from $49.1 billion at the end of 2023. Total loans amounted to $36.4 billion, up from $33.0 billion at the end of 2023, reflecting a 10.3% increase. This growth was bolstered by the acquisition of CapStar Financial Holdings, completed on April 1, 2024, which added approximately $3.1 billion in assets and $2.1 billion in loans. Total deposits also rose to $40.8 billion, marking an 8.5% annualized increase from the previous quarter.
In terms of profitability, net income for the third quarter of 2024 was $143.8 million, a decrease from $147.9 million in the same period of 2023. For the nine months ended September 30, 2024, net income applicable to common shareholders was $373.2 million, down 14.7% from $437.4 million in the prior year. The diluted earnings per share for the third quarter were $0.44, compared to $0.49 in the same quarter of 2023. The decline in net income was attributed to increased provisions for credit losses, which rose to $28.5 million in Q3 2024 from $19.1 million in Q3 2023, reflecting credit migration and the establishment of an allowance for acquired loans.
Net interest income for the third quarter was $391.7 million, a slight increase from $388.4 million in the previous quarter, while noninterest income rose to $94.1 million, up 16.3% from $80.9 million in Q3 2023. The increase in noninterest income was driven by higher fees from wealth and investment services, service charges on deposit accounts, and mortgage banking revenue.
The company’s total noninterest expense for the third quarter was $262.8 million, which included $6.9 million in merger-related expenses. The effective tax rate decreased to 22.3% from 23.1% in the same quarter of 2023.
Old National's capital position remains strong, with total shareholders' equity increasing to $6.4 billion as of September 30, 2024, up from $5.6 billion at the end of 2023. The Tier 1 common equity ratio improved to 11.00%, compared to 10.41% a year earlier.
Overall, Old National Bancorp's performance reflects a robust growth trajectory, driven by strategic acquisitions and a solid increase in both loans and deposits, despite challenges in profitability metrics.
About OLD NATIONAL BANCORP /IN/
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.