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EVANSVILLE, Ind. - Old National Bancorp (NASDAQ:ONB) reported better-than-expected first quarter results on Tuesday.
The company’s stock jumped 13.23% in premarket trading following the earnings release.
The Indiana-based bank posted adjusted earnings per share of $0.45, beating analyst estimates of $0.43. Revenue came in at $481.44 million, also topping expectations of $478.31 million.
Old National’s strong performance was driven by its "peer-leading deposit franchise, solid loan growth and disciplined expense management," according to Chairman and CEO Jim Ryan. The results demonstrate the bank’s ability to navigate a challenging economic environment, he added.
Net interest income on a fully taxable equivalent basis was $393 million in Q1, down slightly from $400 million in the previous quarter. The net interest margin decreased 3 basis points to 3.27%.
Total (EPA:TTEF) loans grew 1.5% annualized to $36.5 billion at quarter-end. Deposits rose 2.1% annualized to $41 billion, with core deposits up 1.7%.
Credit quality remained resilient, with net charge-offs of 24 basis points of average loans. The allowance for credit losses stood at 1.16% of total loans.
The company will host a conference call at 9:00 a.m. Central Time on Tuesday to discuss the results in more detail.
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