Old National Bancorp's Q2 net income hits record on loan growth

Overview

• US regional bank reported record Q2 net income and adjusted EPS

• Company repurchased $107 mln in common stock during the quarter

Outlook

• Company did not provide specific financial guidance or outlook for future quarters or the full year in press release

Result Drivers

• COMMERCIAL LOAN GROWTH - Co said loan growth was driven by strong high quality commercial loan production, with increases in both commercial and commercial real estate segments

• NET INTEREST INCOME - Higher net interest income was attributed to high quality loan growth and stable core deposit pricing, partly offset by funding mix

• NONINTEREST INCOME - Noninterest income rose due to higher fee income across all line items and a gain from pension plan settlement

Company press release: ID:nGNX3fYjqK

Key Details

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 is $28.00, about 7% above its July 21 closing price of $26.17

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads

• July 21 - First Financial Bancorp Q2 adjusted EPS hits record on loan growth

• July 21 - Western Alliance Bancorp Q2 net income rises on loan growth

• July 21 - Capital One second-quarter profit rises on higher interest income

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(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.)