The following is a summary of the Old National Bancorp (ONB) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Old National Bancorp reported Q2 2024 adjusted EPS of $0.46, exceeding expectations by $0.02.

• GAAP net income applicable to common shares was $117 million, with a reported EPS of $0.37.

• A strong deposit franchise, disciplined loan growth, solid credit quality, and ample capital contributed to this performance.

Business Progress:

• Completed the partnership with Nashville-based CapStar Bank, enhancing their presence in southeastern markets.

• Successfully converted all former CapStar branches and integrated legacy team members into the Old National network.

• Projecting modest growth in net interest income for the remainder of 2024, supported by new loan production rates and controlled funding costs.

Opportunities:

• Anticipates further growth from wealth management, treasury management, and capital markets businesses.

• The acquisition of CapStar Bank opens avenues in new and vibrant markets, providing substantial growth opportunities.

Risks:

• Operational risks involved in integrating CapStar Bank's branches and systems but mitigated by the successful conversion reported.

• Anticipates a modest increase in deposit costs and a slight decrease in noninterest-bearing deposit percentages by end of year, indicating potential pressure on net interest margin.

More details: Old National Bancorp IR

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