EVANSVILLE, Ind. - On Tuesday Old National Bancorp (NASDAQ:ONB) reported fourth quarter earnings that exceeded analyst estimates, driven by continued growth in its deposit franchise and solid net interest income performance.
The bank holding company posted adjusted earnings per share of $0.49, beating the consensus estimate of $0.46.
Revenue came in at $489.95 million, also topping expectations of $486.89 million.
Net income applicable to common shares was $149.8 million for the quarter.
On an adjusted basis, which excludes merger-related charges and other items, net income was $156.0 million.
"Old National's successful 4th quarter was driven by continued growth in our peer-leading deposit franchise, disciplined expense and credit management, and solid net interest income and margin performance," said Chairman and CEO Jim Ryan.
Total (EPA:TTEF) loans ended the quarter at $36.3 billion, down slightly from the previous quarter but up 10% year-over-year.
The bank reported strong commercial loan production of $1.5 billion for the quarter.
Total deposits were $40.8 billion, consistent with the prior quarter. Core deposits increased at a 1.9% annualized rate.
Net interest margin on a fully taxable equivalent basis was 3.30%, down 2 basis points from the previous quarter.
Credit quality remained solid, with net charge-offs of 21 basis points of average loans. The allowance for credit losses stood at 1.14% of total loans at quarter-end.
Old National maintained strong capital levels, with a preliminary Tier 1 common equity ratio of 11.38%, up 38 basis points from the prior quarter.
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