News about ONB

Old National Bancorp reported record third-quarter results, with adjusted EPS of $0.66, net income of $250.0 million and an adjusted efficiency ratio of 44.9%, a record low. Total deposits grew 11% annualized to $57.6 billion, while loans rose 3% annualized to $51.2 billion, led by commercial lending. Net interest margin fell 2 basis points to 3.52% as funding costs rose, and mortgage banking revenue softened amid rising rates. The company repurchased $100 million of shares and kept full-year EPS growth guidance of 15% or more, but expects full-year net interest income and fourth-quarter loan growth to land at the lower end of their ranges.