Southern Indiana Business Report
EVANSVILLE – Old National Bancorp released the results of its third quarter 2024 report.
The Evansville-based bank reported third quarter 2024 net income applicable to common shares of $139.8 million, or $0.44 per diluted common share.
Included in third quarter results were pre-tax charges of $6.9 million primarily related to the April 1, 2024 acquisition of CapStar Financial Holdings Inc. and $2.6 million of pre-tax separation expense. Excluding these transactions and realized debt securities gains from the current quarter, adjusted net income was $147.2 million, or $0.46 per diluted common share.
Growth in deposits was driven by increases in commercial and community deposits and normal seasonal patterns in public funds, partially offset by lower brokered deposits.
- Period-end total deposits were $40.8 billion, up 8.5% annualized; core deposits up 10.1% annualized.
- On average, total deposits for the third quarter were $40.6 billion, up 4.8% annualized.
- A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.
Concerning loan activity, period-end total loans were $36.5 billion, up 2.7% annualized. Total commercial loan production in the third quarter was $1.7 billion; period-end commercial pipeline totaled $2.8 billion. Average total loans in the third quarter were $36.3 billion, an increase of $235.9 million.
“Old National’s strong third quarter was driven by a focus on our fundamentals: continuing to grow deposits and loans, effectively managing both credit and capital and creating positive operating leverage through disciplined expense management,” said Chairman and CEO Jim Ryan in a press release. “As a result of our ability to execute on this fundamental strategy, we find ourselves well positioned to continue to invest in new markets while attracting exceptional talent to our franchise.”
Old National has several locations in the Radius Indiana region, including Bedford, Jasper, Huntingburg, Ferdinand, Loogootee, Washington and Paoli.