Old National Bancorp reported its first quarter 2021 net income of $86.8 million, or $0.52 per diluted share.
Included in the first quarter were pre-tax charges of $1.5 million for ONB Way. Excluding these charges from the current quarter and netting our debt securities gains, adjusted net income was $86.4 million.
Period-end total loans were $13,975.5 million at March 31, an increase of $125.8 million, or 3.6% annualized, when compared to the $13,849.7 million at Dec. 31.
Paycheck Protection Program loans totaled $1,124.1 million March 31, compared to $943 million on Dec. 31.
Excluding the $181.1 million increase in PPE loans during the quarter, total loans decreased $55.3 million, or 1.7% annualized.
Period-end total deposits were $17,848.8 million as of March 31, an increase of $812.3 million, or 19.1% annualized.
Net interest income decreased to $148.1 million in the first quarter of 2021 compared to $161.1 million in the fourth quarter of 2020.
"Old National’s positive first quarter results were driven by record first-quarter commercial loan production, strong mortgage revenue and excellent credit quality," said Chairman and CEO Jim Ryan. "We also continue to work with our small business and non-profit clients who are affected by the pandemic to help them gain access to Paycheck Protection Program funds and also to complete the loan forgiveness process."
Old National Bancorp, the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $23.7 billion in assets, it ranks among the top 100 banking companies in the U.S. Old National’s footprint includes locations in Indiana, including those in Columbus, Kentucky, Michigan, Minnesota and Wisconsin.
To learn more, visit oldnational.com.
