STBA
Old National Bank Q2 Revenue Rises 14.8% to $726.9 Million, Beats Estimates
Old National Bank reported second-quarter revenues of $726.9 million, up 14.8% year on year and 1.2% above analysts' expectations, though the quarter still brought a miss on net interest income estimates and only a narrow beat on EPS. Chairman and CEO Jim Ryan called the results a record quarter reflecting disciplined execution and the strength of the company's long-term growth strategy, but the stock is down 3.7% since reporting and trades at $25.21. Among the 94 regional bank stocks tracked, revenues as a group came in line with consensus estimates, and share prices on average are down 5.6% since the latest earnings results. OFG Bancorp posted the strongest quarter, with revenues of $190.3 million, up 4.4% year on year and 3.9% above expectations, sending its stock up 2.5% to $51.27. Banc of California had the weakest quarter, with revenues of $285.7 million, up 4.7% but 3.1% short of expectations, and its stock is down 16.6% at $17.66. S&T Bancorp reported revenues of $105.8 million, up 5.1% and 1.1% above estimates, with its stock flat at $49.11, while F.N.B. Corporation posted revenues of $465.8 million, up 5.6% but 0.7% below expectations, with its stock down 10.6% at $17.43.
BANC · Capital · Negative Banc of California had the weakest quarter, with revenue 3.1% short of expectations and its stock down 16.6%.
FNB · Capital · Negative F.N.B. Corporation posted revenue 0.7% below expectations, with its stock down 10.6%.
OFG · Capital · Positive OFG Bancorp posted the strongest quarter, with revenue 3.9% above expectations, sending its stock up 2.5%.
ONB · Capital · Neutral Old National Bank beat on revenue but missed net interest income estimates and only narrowly beat EPS, with the stock down 3.7%.
STBA · Capital · Neutral S&T Bancorp revenue rose 5.1% and beat estimates by 1.1%, but its stock was flat.