OLD National Bancorp (ONB) Q1 FY2024 earnings: revenue $434 million, down 4.0% on the year

OLD National Bancorp (ONB) reported revenue of $434 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.0% on the same quarter a year earlier. Net income was $120 million, down 18.0% on the year, and diluted earnings per share $0.40. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$434 milliondown 4.0%

Net income$120 milliondown 18.0%

Diluted EPS$0.40

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	434	465	n/a	n/a
Interest expense	240	225	n/a	n/a
Pre-tax income	153	169	n/a	n/a
Income tax	32.5	36.2	n/a	n/a
Effective tax rate	21.3%	21.5%	n/a
Net income	120	132	n/a	n/a
Net margin	27.7%	28.5%	n/a
Diluted EPS	$0.40	$0.44	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	104	72.8	n/a	n/a
Capital expenditure	8.5	10.3	n/a	n/a
Free cash flow	95.8	62.5	n/a	n/a
Cash from investing	-766	-257	n/a	n/a
Cash from financing	426	-304	n/a	n/a
Depreciation and amortisation	15.1	15.9	n/a	n/a
Share-based compensation	5.5	5.0	n/a	n/a
Buybacks	7.2	0.0	n/a	n/a
Dividends paid	45.1	45.0	n/a	n/a
Dividend per share	$0.14	n/a	n/a	n/a
Diluted shares, weighted	292m	292m	n/a	n/a
Shares outstanding at period end	293m	293m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	5,595	5,563	n/a	n/a
Deposits	37,699	37,235	n/a	n/a
Other liabilities	6,240	6,292	n/a	n/a
Total liabilities and equity	49,535	49,090	n/a	n/a
Goodwill	1,999	1,999	n/a	n/a
Intangible assets	96.8	102	n/a	n/a
Securities held for sale or to maturity	9,793	9,727	n/a	n/a
Loans	33,304	32,684	n/a	n/a
Cash and equivalents	939	1,175	n/a	n/a
Other assets	3,403	3,403	n/a	n/a
Total assets	49,535	49,090	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	456	465	434	476	486	490	481	647	705	691	695	733
Interest expense	201	225	240	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	192	169	153	156	185	186	182	156	233	272	295	324
Tax rate	23%	21%	21%	23%	22%	17%	20%	19%	22%	20%	21%	22%
Net income	148	132	120	121	144	154	145	125	183	217	234	253
Net margin	32%	29%	28%	25%	30%	31%	30%	19%	26%	31%	34%	35%
Diluted EPS	$0.49	$0.44	$0.40	$0.37	$0.44	$0.47	$0.44	$0.34	$0.46	$0.55	$0.59	$0.65
Operating cash flow	229	72.8	104	161	121	236	108	72.9	341	159	206	280
Capital expenditure	10.7	10.3	8.5	9.4	5.7	6.8	5.8	8.8	7.6	21.9	12.9	4.4
Free cash flow	218	62.5	95.8	152	116	229	102	64.1	334	137	193	276
Buybacks	0.5	0.0	7.2	1.3	0.3	0.1	13.5	8.0	25.2	25.1	104	115
Dividends paid	45.0	45.0	45.1	48.7	48.7	48.7	48.7	58.9	58.9	58.6	60.1	59.6
Shares outstanding	293m	293m	293m	319m	319m	319m	319m	392m	391m	390m	386m	383m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0000707179-24-000009: the filing on EDGAR. All of OLD National Bancorp's filings: EDGAR company page.

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