Summary

• Old National Bancorp delivered solid Q1 results, with strong credit quality and no signs of economic slowdown across its Midwest and Southeast footprint.
• ONB achieved 8% annualized loan growth and a record $5.5B commercial pipeline, while deposits grew 4.2% annualized and deposit costs declined.
• The bank posted a record efficiency ratio of 45.7%, strong return metrics, and manageable asset quality, though net interest margin compressed by 10 bps to 3.55%.
• We rate ONB as a Hold due to its 80% premium to tangible book; would consider buying below $20.
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We are well into our update coverage of the Q1 regional bank earnings season. If you are new to our earnings season coverage, we look at the key metrics of regionals to look for signs of

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