ONBPP - Old National Bancorp: Continuing Expectations For Market Perform
2024-01-23 13:14:41 ET
Summary
- Old National Bancorp revenue fell 16.5% in Q4, but loans are still growing, with a 1.0% increase to $33.0 billion.
- The bank saw a decline in commercial loan production and margin compression, leading to a decrease in net interest income.
- Asset quality metrics improved, but efficiency and return metrics declined, with a decrease in return on average equity and return on tangible equity.
As many of our readers know, we closely follow the operational performance of institutions in the financial sector. In fall of 2023, we issued a wave of buy calls in a number of regional banks as we believed there was sizable upside. One name that our strong reviews of the key metrics highlighted was Old National Bancorp (ONB) to stabilize. We had a market perform on the stock (so-called neutral), and the bank stock rallied along with the sector. Shares have stabilized and rallied some 24% since we last checked in on it. In this column, we review the bank's just-reported Q4 earnings ....
Old National Bancorp: Continuing Expectations For Market Perform