Old National Bancorp (NASDAQ:ONB) Q1 2024 Earnings Conference Call April 23, 2024 10:00 AM ET
Company Participants
Jim Ryan - Chief Executive Officer
John Moran - Interim Chief Financial Officer
Mark Sander - President and Chief Operating Officer
Conference Call Participants
Scott Siefers - Piper Sandler
Ben Gerlinger - Citi
Terry McEvoy - Stephens
Jon Arfstrom - RBC Capital Markets
Chris McGratty - KBW
David Long - Raymond James
Operator
Welcome to the Old National Bancorp First Quarter 2024 Earnings Conference Call. This call is being recorded and has been made accessible to the public in accordance with the SEC's Regulation FD. Corresponding presentation slides can be found on the Investor Relations page at oldnational.com and will be archived and there for 12 months.
Management would like to remind everyone that certain statements on today's call may be forward-looking in nature and are subject to certain risks, uncertainties and other factors that could cause actual results or outcomes to differ from those discussed. The company refers you to its forward-looking statement legend in the earnings release and presentation slides. The company's risk factors are fully disclosed and discussed within its SEC filings.
In addition, certain slides contain non-GAAP measures, which management believes provide more appropriate comparisons. These non-GAAP measures are intended to assist investors' understanding of performance trends. Reconciliations for these numbers are contained within the appendix of the presentation.
I'd now like to turn the call over to Old National's CEO, Jim Ryan, for opening remarks. Mr. Ryan, please go ahead.
Jim Ryan
This morning, Old National reported its first quarter 2024 results. Our peer-leading, low-cost deposit franchise, above-average deposit and loan growth, disciplined expense control, and stable credit performance during the quarter drove these better-than-consensus results and sets us up favorably as we move into the second quarter.
Before I delve into the first quarter highlights, I want to underscore the strategic importance of our partnership with Nashville-based CapStar Bank, which we closed on April 1st. Not only has this partnership expanded our franchise to robust and dynamic southeastern markets, but it also accelerates our growth potential. It's a milestone that officially welcomes CapStar clients and team members to our Old National family. CapStar Bank will operate as a division of Old National Bank until the Banking Center and Systems conversions, which we anticipate will occur in the third quarter.
Let's focus on our first quarter earnings starting on page four, which have laid a strong foundation for the year. We reported GAAP earnings of $0.40 per common share for the first quarter, and our adjusted EPS was $0.45. Notably, our adjusted earnings per share exceeded consensus estimates by 5%. This accomplishment was driven by above-average deposit loan growth, stable credit performance, and importantly, disciplined expense management, which underscores our financial strength and consistent quality returns.