Old National Bank’s third quarter results surpassed Wall Street’s expectations for both revenue and adjusted earnings per share, reflecting the successful integration of the Bremer Bank partnership and robust growth in core deposits. Management emphasized that operational discipline and investments in talent have helped deliver improved efficiency and credit metrics, with CEO Jim Ryan describing the quarter as “a reflection of our strong financial performance and our continued commitment to being a better version of ourselves.” The bank also benefited from well-controlled expenses and positive trends in loan quality, which management highlighted as strengths given ongoing industry concerns about credit conditions.

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

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 From Old National Bank’s Q3 Earnings Call

• Scott Siefers (Piper Sandler) asked about the small reduction in net interest income expectations for the fourth quarter; CFO John Moran described this as “very stable,” attributing it to minor changes in the five-year rate and loan book launch points.
• Jared Shaw (Barclays) inquired about loan runoff from the Bremer acquisition; CEO Jim Ryan explained this was normal attrition of non-strategic portfolios, with no significant loan sales planned.
• Ben Gerlinger (Citi) questioned the sustainability of loan growth guidance and reinvestment plans; management cited a 40% increase in commercial pipelines and reaffirmed ongoing investment in talent, especially in commercial banking.
• Terry McEvoy (Stephens) asked about Old National’s minimal exposure to non-depository financial institution loans; Ryan highlighted the bank’s “old fashioned, bread and butter banking” philosophy, focusing on core markets and clients.
• Chris McGratty (KBW) probed the targeted capital levels and buyback capacity; Ryan acknowledged flexibility to return additional capital while monitoring regulatory and economic conditions, and Moran confirmed expectations for net interest income growth into next year.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will focus on (1) the pace and sustainability of organic loan and deposit growth, (2) realization and impact of Bremer-related cost synergies on operating efficiency, and (3) trends in asset quality and credit metrics amid broader banking sector concerns. We will also monitor how management balances capital returns with organic growth and investment in talent.

Old National Bank currently trades at $20.38, down from $20.68 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

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