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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