The following is a summary of the Old National Bancorp (ONB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Old National Bancorp reported Q1 earnings of $0.40 per common share. The adjusted EPS stood at $0.45, exceeding consensus estimates by 5%.

• The above-average deposit and loan growth, stable credit performance, and disciplined expense management contributed to the exceeded estimates.

• The adjusted ROA for the quarter was 1.1%, with an adjusted ROATCE of 16.7%.

• Deposit and loan growth were recorded at 5% and 7.5% annualized in Q1.

• Q1 saw a 2% increase in the tangible common book value, which increased by 11% year-over-year.

Business Progress:

• A strategic partnership with CapStar Bank was initiated in Q1, aimed at expanding into southeastern markets.

• An emphasis is placed on deposit gathering across all business lines of the business, contributing to overall growth.

• The company foresees potential risk with non-interest bearing accounts, but believes that it is close to an end.

• Three credits caused a non-performing loan line increase, but no significant loss is anticipated from these.

• An ongoing strategy is maintained for portfolio management, including optimization and capital allocation based on the best returns.

• Buyback discussions may be held later in the year as unchecked capital has experienced rapid growth.

• There are no plans to significantly derisk the portfolio as there are no major concentrations.

More details: Old National Bancorp IR

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