Adjusted non-interest expenses were $344 million, reflecting two months of Bremer operations, with positive operating leverage year over year.
Adjusted non-interest income was $112 million, reflecting growth in wealth, mortgage, and capital markets.
CET1 ratio was 10.74%, approximately 50 basis points higher than expected post-Bremer close.
CET1 ratio was better than expected at 10.74%, about 50 basis points higher than modeled post-Bremer.
Criticized and classified loans decreased by approximately 9% excluding Bremer, and allowance for credit losses improved by 8 basis points to 1.24%.
Loan growth excluding Bremer was 3.7% annualized from last quarter, in line with guidance, with strong commercial and C&I loan production.
Loan growth excluding Bremer was 3.7% annualized from last quarter, in line with guidance, with strong commercial and industrial loan production.
Net charge-offs were 24 basis points, or 21 basis points excluding charge-offs on PCD loans, with non-accrual loans declining 5 basis points during the quarter.
Net interest income and margin increased driven by Bremer, organic loan growth, and securities portfolio repositioning.
Old National reported GAAP 2Q earnings per share of $0.34, with adjusted EPS of $0.53 excluding $0.19 of net merger-related expenses, representing an 18% increase over the prior quarter and 15% year over year.
Tangible book value per share increased by 14% year over year despite the impact of the Bremer partnership.
Total deposits increased by $13.3 billion, with core deposits ex-brokered up $11.6 billion.
Dafinchi