Old National Bancorp Q3 net interest income rises on loan growth

Old National Bancorp

Yesterday 12:08

Overview
US regional bank reported record Q3 net income and adjusted EPS at $0.66 per share
Company's period-end deposits rose 10.6% annualized, loans up 2.9% annualized
Repurchased $100 mln of common stock during the quarter

Outlook
Company did not provide specific financial guidance for the current or future periods in its press release

Result Drivers
LOAN AND DEPOSIT GROWTH - Co said net interest income rose due to high quality loan and deposit growth, partly offset by higher deposit costs
EXPENSE MANAGEMENT - Co attributed record efficiency ratio to disciplined expense management, with adjusted noninterest expense declining from prior quarter
NONINTEREST INCOME DECLINE - Co said noninterest income fell 9.1% from prior quarter due to normalization after elevated other income in Q2

Company press release: ID:nGNX3tpPD3

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
 
$0.66
 
Q3 EPS
 
$0.66
 
Q3 Net Income
 
$249.96 mln
 
Q3 Net Interest Income
 
$584.29 mln
 
Q3 Credit Loss Provision
 
$33.58 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "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 $29.00, about 14.4% above its October 20 closing price of $25.34
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads
Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%
Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality
Oct 20 - East West Bancorp Q3 revenue beats estimates on loan and deposit growth

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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.)