Old National Bancorp's Q2 adjusted EPS $0.53, Bremer partnership boosts deposits

Overview

• Old National Bancorp 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

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 $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: ID:nGNX4xhlrL