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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