Overview

• U.S. regional bank's Q1 adjusted EPS was $0.61, net income reached $229.6 mln

• Net interest income fell from prior quarter, reflecting margin compression

• Company repurchased 3.9 mln shares of common stock during the quarter

Outlook

• Company did not provide specific financial guidance for the current quarter or full year

Result Drivers

• COMMERCIAL LOAN GROWTH - Co said strong commercial loan production drove loan growth in Q1

• MARGIN COMPRESSION - Net interest income fell due to margin compression and lower asset yields, partly offset by loan growth and lower funding costs

• EXPENSE MANAGEMENT - Adjusted noninterest expense decreased due to disciplined expense management and fully realized Bremer cost savings

Company press release: ID:nGNXc6NMhQ

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Adjusted EPS		$0.61
Q1 EPS		$0.59
Q1 Net Income		$229.64 mln
Q1 Net Interest Income		$572.57 mln
Q1 Credit Loss Provision		$34.95 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 4 "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 $27.00, about 13.6% above its April 21 closing price of $23.77

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

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.