Old National Bancorp (NASDAQ:ONB) Q2 2024 Results Conference Call July 23, 2024 10:00 AM ET
Company Participants
Jim Ryan - CEO & Chairman
John Moran - EVP, Chief Strategy Officer, Interim CFO & Principal Financial Officer
Mark Sander - President & COO
Conference Call Participants
Scott Siefers - Piper Sandler
Brendan Nosal - Hovde Group
Jared Shaw - Barclays
Terry McEvoy - Stephens
Chris McGratty - KBW
Jon Arfstrom - RBC
Operator
Welcome to the Old National Bancorp's Second Quarter 2024 Earnings Conference Call. This call is being recorded and has been made accessible to the public in accordance with the SEC's Regulation FD. Corresponding presentation slides can be found on the Investor Relations page at oldnational.com, and will be archived there for 12 months.
Management would like to remind everyone that certain statements on today's call may be forward-looking in nature and are subject to certain risks, uncertainties and other factors that could cause actual results or outcomes to differ from those disclosed. The company refers you to its forward-looking statement legend in the earnings release and presentation slides. The company's risk factors are fully disclosed and discussed within its SEC filings.
In addition, certain slides contain non-GAAP measures, which management believes provides more appropriate comparisons. These non-GAAP measures are intended to assist investors' understanding of performance trends. Reconciliations for these numbers are contained with the appendix of the presentation.
I'd now like to turn the call over to Old National's Chairman and CEO, Jim Ryan, for opening remarks. Mr. Ryan?
Jim Ryan
Good morning. Earlier today, Old National reported our second quarter 2024 results. Our earnings per share exceeded expectations due to better-than-expected revenue growth and lower expenses which led to positive operating leverage. These strong second quarter results were driven by our investments in new markets and talent in our footprint, supported by our peer-leading low-cost deposit franchise, solid credit performance and ample capital. We remain focused on the acceleration of our wealth management, treasury management and capital markets businesses.
Before moving to our second quarter highlights, I also want to provide you an update on our previously announced partnership with the Nashville-based CapStar Bank, which closed on April 1, and expanded our franchise to several strong and vibrant southeastern markets. I'm pleased to share that last week, we successfully completed all banking center and systems conversion for this partnership. As of July 15, all former CapStar branches have been converted to Old National banking centers, and all legacy CapStar team members are now operating in the Old National network.