Overview

* Old National Bancorp ( ONB ) Q2 adjusted EPS of $0.53, reflecting merger-related charges

* Company's Q2 adjusted net income reaches $190.9 mln, driven by Bremer transaction

* Period-end total deposits up $13.3 bln, loans up $11.5 bln, boosted by Bremer

Outlook

* Old National expects stronger capital position post-Bremer partnership

* Old National anticipates benefits from larger balance sheet for remainder of year

Result Drivers

* BREMER PARTNERSHIP - Successful integration of Bremer partnership boosted deposits and loans

* BALANCE SHEET GROWTH - Focus on growing balance sheet and expanding fee-based businesses contributed to results

* EXPENSE MANAGEMENT - Disciplined expense management helped improve efficiency ratio

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $0.34

Q2 Net $121.38

Income mln

Q2 Net $514.79

Interest mln

Income

Q2 $106.84

Credit mln

Loss

Provisio

n

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Old National Bancorp ( ONB ) is $26.00, about 12.9% above its July 21 closing price of $22.65

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)