Old National posts record Q2 net income $249.4M, EPS $0.65; enhances leadership structure

OLD NATIONAL BANCORP /IN/

Record net income applicable to common shares of $249.4M; adjusted net income $250.4M; diluted EPS $0.65 (both GAAP and adjusted).
Net interest income (FTE) $586.5M, NIM 3.54% down 1 bp; deposits $56.1B up 3.4% annualized; loans $50.8B up 8.3% annualized.
Record efficiency ratio 47.0% (adjusted 45.2%); PPNR $367.9M; noninterest expense $372.2M incl $12.1M merger charges.
Credit quality: provision $36.2M, net charge-offs $32.2M (26 bps), nonaccrual loans 0.91%, ACL 1.21%.
Leadership: formed Operating Group with 8 members; added 4 to ELT; Rafael Sanchez named Chief Government and Corporate Affairs Officer.

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