Old National Bancorp (NASDAQ:ONB) Q3 2024 Results Conference Call October 22, 2024 10:00 AM ET
Company Participants
Lynell Walton - SVP & Director of Investor Relations
Jim Ryan - CEO & Chairman
John Moran - SVP, Chief Strategy Officer & CFO
Mark Sander - President & COO
Jim Sandgren - EVP & CEO of Commercial Banking
Conference Call Participants
Scott Siefers - Piper Sandler
Brendan Nosal - Hovde Group
Ben Gerlinger - Citi
Terry McEvoy - Stephens
Jared Shaw - Barclays
Chris McGratty - KBW
David Long - Raymond James
Jon Arfstrom - RBC Capital Markets
Lynell Walton
Ladies and gentlemen, welcome to the Old National Bancorp Third 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 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 Chairman and CEO, Jim Ryan for opening remarks. Mr. Ryan?
Jim Ryan
Good morning. Earlier today, Old National reported our third quarter 2024 results with earnings per share in line with expectations. These solid third quarter results were driven by our ability to execute on our organic growth strategy and invest in new markets and talent in our footprint. Our results were also driven by the strong organic deposit growth, prudent loan growth, durable margin management and focused efforts in growing our fee income businesses.
Moving to our third quarter highlights on Slide 4. We reported GAAP earnings of $0.44 per common share, and our adjusted EPS was $0.46. Our adjusted ROA TCE for the quarter was 16.8% and our adjusted ROA was 1.13%. Our adjusted efficiency ratio was a low 51.2%. Our core deposit growth was strong at 10.1% annualized with our noninterest-bearing deposits growing nearly $100 million during the quarter.