Old National Bank’s second quarter highlighted its growing scale following the early close of the Bremer Bank partnership, with revenues and non-GAAP earnings per share exceeding Wall Street expectations. Management attributed this performance to disciplined expense control, balance sheet growth, and improved fee-based business lines. CEO Jim Ryan noted, “These impressive results were driven by a strong focus on the fundamentals, growing our balance sheet, improving our fee-based businesses, and maintaining well-controlled expenses.” The quarter also saw progress in credit quality, with a reduction in criticized and classified assets and an increase in tangible book value, despite industry-wide competitive pressures.

Is now the time to buy ONB? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Old National Bank’s Q2 Earnings Call

• Scott Siefers (Piper Sandler) asked about cautious loan growth guidance. CEO Jim Ryan explained increased competition in commercial real estate and a commitment to underwriting discipline as reasons for a conservative outlook.

• Ben Gerlinger (Citi) inquired about capital deployment and the possibility of share buybacks. Ryan noted a focus on building capital through year-end, with buybacks under consideration but not imminent due to ongoing integration efforts.

• Chris McGratty (KBW) questioned how deregulatory trends might affect Old National Bank. Ryan described the regulatory environment as constructive, but said the bank remains focused on organic growth rather than pursuing further large acquisitions.

• Jon Arfstrom (RBC Capital Markets) asked about active portfolio management and the characteristics of retained CRE loans. CFO John Moran said ongoing loan-level reviews and selective sales remain part of their approach, emphasizing credit quality.

• Terry McEvoy (Stephens) sought updates on technology investment following a new CIO hire. Ryan highlighted ongoing IT investments, especially in treasury management and data, with no major system gaps identified.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will be monitoring (1) the pace and success of the Bremer Bank systems conversion and integration, (2) whether Old National Bank can sustain positive trends in fee-based businesses like wealth and capital markets, and (3) the impact of deposit repricing as significant time deposits mature. Progress in digital and technology initiatives, along with potential capital deployment decisions, will also be important indicators of strategic execution.

Old National Bank currently trades at $21.59, down from $22.66 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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