ONB - Earnings call transcript Q3 2024

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Lynell Walton

Ladies and gentlemen, welcome to the Old National Bancorp Third 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 discussed. The company refers you to its forward-looking statement legend in the earnings release and presentation slides.

are and factors SEC within risk filings. company's fully discussed disclosed its The

slides which presentation. to non-GAAP more addition, the for contain In certain contained are measures, of trends. These within measures these numbers understanding of appropriate non-GAAP management are investors' intended the assist appendix performance Reconciliations comparisons. provide believes

and Ryan for opening I'd now call the Jim turn over to Mr. CEO, Ryan? like to Old National's Chairman remarks.

James Ryan

in execute with line National Old reported third earnings today, and third per our results results and our share organic talent expectations. Earlier driven morning. Good footprint. markets strategy quarter with quarter our in solid on These by XXXX new growth in invest were ability our to

durable margin and in were income our efforts also businesses. management fee by growing results organic driven growth, deposit strong focused Our loan the growth, prudent

on our $X.XX of EPS common GAAP to quarter Moving third X. was We reported our earnings Slide share, adjusted $X.XX. and per highlights

for was and TCE XX.X% the was ROA adjusted X.XX%. Our quarter ROA adjusted our

efficiency ratio Our was XX.X%. adjusted a low

core deposit $XXX quarter. was the with annualized during million growing XX.X% noninterest-bearing at deposits our nearly Our strong growth

deposits touch cost his at of we Fed Our advantage a John already of basis in points, total quarter and the low were which actions, recent on taking for later will XXX remains comments.

loans strong year-over-year. and Growing earnings quarter XXXX priority, commercial rising XXXX since our up our our X% another per of were to remains summary, National. selection. due XX% top a for Meanwhile, second third tangible X.X% evidenced value disciplined client annualized share common book In the Old quarter quarter

expense and share. managing deposits, value book leverage growth the consistently with We operating growing fund core management, to tangible disciplined positive creating on loan remain focused through credit, effectively fundamentals, continue per low-cost

now that, John call turn Moran. With to will over I the

John Moran

Jim. Thanks,

over growth reducing which improvement highlights Turning to Total our fund growth loan again to sheet, deposit our see and our quarter while Slide third in capital last allowed continued us the year organically liquidity you can balance our has position. X, borrowings.

and mentioned, from XX% just prior value pace most. CETX to with We tangible accrete XX%, continue share quarter. Jim by strong a we and X% grew we our quarter book per faster that at will year, capital the than we a the of ratio by As last the over expect ended

continue liquidity foundation, a and as Our capital well provide positions finish us strong levels XXXX. to which we

X.X% Slide On last grew quarter, our partly payoffs. show performance trends. line book quarter, the by strong loans annualized commercial with in X, asset production in Total offset we earning with our industry in from

that mid-X% on quarterly meet focused rates new marginal positive increased that grow decreasing requirements, portfolio reinvestment low in net duration remain in and in XQ funding interest support production the We our full due expectation just X% in to our and at income modestly changes prices range risk-adjusted X% cash structure loan 'XX. return will the relationships with range, and flows investment in the to of X values fair under quarter The costs years.

cash have flows over $X next in billion months. XX We approximately the expected

above back points currently back securities XXX book yields on approximately are money New points approximately on yields and loans. basis basis above running rate yields fixed XXX book

and deposits show saw up were and normal community public our deposits, an annualized, annualized and million up Slide noninterest-bearing seasonal even funds deposits XX% trend to were the We total from in ex nearly quarter. XQ. Moving saw deposits grew X. we Core brokered which in increase $XXX increases. better X.X% in a Commercial

well use at decreased, percentage levels. Our X.X% brokered deposits, total remains period brokered below of deposits of as a and our

September and our acquisition, respect XXX consistent in costs actions below XX we decreased increase did on and X basis basis deposit We a September, see drove spot loan-to-deposit remained deposit with compared with to at rate as to points. rates in the quarter XX%. we point Fed was ratio prior client Total offense our

Moreover, This lowering XQ. with started in in rates our has that our early line in exception XX% book book we a was since seen beta expectations. down price

we Overall, continues we are as it highly confident in the expected. execution strategy, deposit of unfold to our and

to above are rate actions while reasonable staying prepared Fed evolving proactively growth to the respond deposit focused on peer in environment costs. future We at driving

X net share end million income expenses. our of earnings statement. separation $X.XX shares and per merger-related Slide share. of $X.XX or provides applicable We quarter common per Reported to GAAP reported income $XXX included

our items, these was $X.XX. earnings adjusted per Excluding share

and in of interest our asset Moving net Net Slide expected, we unchanged by X, grew were as was and accretion deposit on to increases yields income income costs. offset interest margin. net details while present interest margin as essentially

Year-over-year, growth again of a with showed low funding. maintaining while generation asset deposit cost pace we that kept essentially total

noninterest which income, and XX the adjusted our expectations. $XX trends in above million quarter for was Slide shows

Our capital well and production primary benefiting with bank ahead mortgage CRE expectations, a benefiting fee fees markets modest businesses of performed in seasonality production. from improvement in all from

$XXX of Expenses Continuing the we positive XX, adjusted quarter. operating in show and trend controlled, well million to linked-quarter leverage. Slide we remained noninterest generated for expenses the

basis On that present trends, commercial basis The borrowers our reflect charge-offs in loan XX points, X basis PCD excluding consumer Total both due basis quality X related of portfolios. a to and Slide we monitoring. nonperforming were our actively to which unrelated sectors points low XX, net increased XX points, loans. we credit ratio are the points mostly X and

for risk in credit up Risk last quarter. conservative for the the including effects rates has commitments migration rating allowance of points by framework. the higher unfunded been the losses basis basis to a X quarter reserve prior quarters several our total rating more over XXX loans, posture interest was from driven third points, and The

scenario qualitative landing hard is resulted further with logical a are S-X prior Qualitative reserves total in migration our migration. quarter. that our comes increase in the the XXX% now to has into This unlikely. unchanged an capture reserves possibility as the reserves, greater on factors focus incorporate the additional of Moody's from grade quantitative qualitative is While weighting conviction grade scenario a

now and we remind that Also, Moreover, at higher current total assumes you the S-X unemployment levels allowance nearly our GDP. the XXX discount stands that plus acquired loans an credit points. losses basis loans rate scenario than for negative on to is remaining XX%

credit Slide XX metrics presents to relative peers. key

As averages above well see, you peer to credit but time. and that NPLs, are over peer delinquency monitoring below to levels of approach proactive has our ratios can charge-off led

We have themselves. practice long conservatism, and speak for to continue we that results the believe

On we earnings. XX, the Slide of quarter. at end retained by strong ratios capital increased, review our driven position All the

In TCE addition, the build. environment further rate aided

details updated rate increase on is position and income net fourth guidance. Slide to risk XX quarter. includes in the expected NII interest our modestly

slide, listed I but are assumptions of a highlight on would primary few drivers. the Our the

rate points forward the curve. basis consistent each, X assumed we XX of with First, cuts

declining Second, approximately a to mix we now noninterest-bearing beta total at anticipating of total stable deposit are deposit XX%. a rate XX%, remained that and

positioned that we have our the and neutral balance sheet believe maintained We well risk position. rate we continue to have

year Slide the XX includes fourth XXXX. quarter our full of outlook and for the

is from with the chart, but it the our year, proved pointing we year of remains initial than durable in many You expectations pre-provision more details that can you outlook and the in full January peers. shared see for this worth outlook revenue out unchanged net our

of offset original proactive than range, originally our expected line income to are is and line expected grade be by expenses. provision growth result original credit in migration partially by as be approach expense higher those with a are with NII in loan charge-offs driven while fee noninterest Net expectations, slightly our right higher while expected higher to year to Full is management.

XXXX year-to-date results line expectations our been strong excellent results in with summary, performance quarter have In with third metrics. and

our priorities. importantly, continue execute we to against More ability strategic to demonstrate our

fund our growth to we driving are asset deposit organic First, generation.

Second, our adjusted quartile profile at common remains equity. peers against on return tangible top XX%

which expenses, on And resilient evidenced basis an our net have positive along book. reserve disciplined was remain rapidly we book driving ratio and granular of value with non-PCD of tangible we just are ample charge-offs per continuing believe leverage coverage and XX%. up XX% year-over-year. as we well-diversified points. compound adjusted efficiency And we fifth, Third, borrowers operating to Fourth, a loan share, XX remain by

we'd your With call for questions. comments, those open to like the

Operator

Piper from Siefers line your first of question the And Instructions] comes Scott [Operator with Sandler.

Robert Siefers

of quarter hoped fact I it's guess particular, be expectation the days the lighter fourth we The full appreciate I XX sort the of that the Fed a comments the that has anything year belly what since different as John, the sort the of of then well your on in curve function had than moves. ago. what the NII. But the would little may of words happened in with a changed? love timing as just hear to

you know touched over like I then cash And the of $X XX billion next flows on months. the

the thoughts sort see you just on levers can how the powerfully allowing so? base from maybe of expectation, and any fourth could you would do additionally that quarter main sort advance NII of to updated it offer If

John Moran

the of little is it's the outlook. on Scott, curve Yes. touch Really, X-year the is right that belly your on bit a the point NII suspicion a of lower driving guide. curve,

book then next the billion Pick back points securities, flow in over XX $X basis the that cash about months. book. on against up XXX And roughly there off coming of

touch, So stronger, At that book. there would at think little point. back the we be go margin, helpful. that of certainly, in securities growth come And right most this a that back loan But bit. anticipate in just into most the let plowing be I comes if into will of will could maybe just that a securities we

Robert Siefers

kind How credit this what trying sort the then And to could little is at some in next my expand just it we a John, have up? around anticipated if I Is reserving little to for should why of little relative will you think you quarter this cost something is so Perfect. be quarter. least transitory higher and a of about -- maybe dynamics? Okay. particular, a on catch while? arms those get would if comments, expected a of Or continue to that

John Moran

of normalization think I just it's here. credit

we XX points I XX now on think But year, of beginning sitting the to basis XX on points charge-offs. saying at We're for -- guidance. basis the on tightened still the think the charge-offs. sort range were it's at year, XX I of the we to

And saw around that in bit the of quarter building So I little don't there's charge-offs the kind any you loss expectation think difference real provision covering a and content. in of reserve. was our that

Operator

question line of And from with your Brendan Hovde the Nosal next comes Group.

Brendan Nosal

XXXX again here, relatively and heard end your across rate forward balance the the start kind further you if traject of like, basis points a on positioning. to of on we on To looking cuts by thoughts offer expect next getting sheet XXX so of little out margin quarter just curves, neutral a how this up let's or dynamics. NII end say, Maybe off year? comments some the NIM the I

John Moran

kind Brendan, you're bottoming I XQ, bias seeing probably up little here would a -- be in think our bit. of up is what XQ,

yield little curve bias look us. a to right? to and our in as that franchise think be out continued down XQ bit, for the we in and played deinverting think into XXXX, I helpful going of out, was are stable growth in kind underlying the I

And be look, us, think I think I will whole factor next the So helpful the key that's it's right? year. helpful for for industry, that

Brendan Nosal

Maybe Perfect. for more one Okay. me.

kind X quarters. at core of little Just charge-off of on the bit looking over higher past rate the book, numbers a seeing SPCD the kind loan

characterize Just wondering of within of perhaps how a normalization base? indicative it you of framework the that is some off would still that. Is Or well low weakenings? gradual

James Ryan

No.

the on you your first hit well head within and it's credit nail I of which option, it's with our is the Brendan, guidance. still normalization think

the to year XX% think we what XX% XX%. that's for year, said, just you're John As and started I credit so as We're normalizes, to XX% at seeing. the now full

Operator

of line And your the next from Ben Citi. Gerlinger question with comes

Benjamin Gerlinger

pretty appetite a But your through talk in at you seem targeting you of just of like more be perspective, situated ] any and balance appetite might so get guys might obviously the [ outlook. well the from you it's rate kind trends to question. I reeling highlight? for But 'XX, you on current where for -- hiring kind want and hiring sheet Can 'XX

Mark Sander

answer it Ben, this would this is way. Mark. I

open think anything, but we industry We I we think to and loan that don't the do really. opportunistic, we need growth. have. like team outgrow We we're can

of has are our growth all focused on performance performance teams that. deposit our terrific been and think I

closely. to in time, continue pays to good quickly So look all people do the along. and I but for also we're talent, to need expenses we But come it we opportunistically anything, will itself don't so say if watching think fill we

And that [ ] so just we're that looking comes opportunity towns unless not along. to great

James Ryan

top Yes. add of on that. might I

particularly to talent about acquisition, our income paying think we're businesses. fee attention we As

institution, space. bit think us, you management, we again, management wealth hires, just If you are a are about right treasury little for we businesses, businesses transition when that about larger on those the our in opportunities the particularly that, sort think a as have more earnback think to long-term have longer of investments but

And like an more -- the grow need we to balance that's to feel relationship managers sheet. balance so sheet area and we as plenty have there have of growth, says, Mark don't

successful. those opportunities However, income fee businesses, us will continued be be on for to there

Benjamin Gerlinger

you Anything as the more place, additional growth also cost you you Got kind you. kind under lay forward, call feet it, incrementally your let's of And have you going then the would when it's that the of that -- of potentially helpful. call kind of, there kind to positive any just now cuts, or integration you here. in you the expense have Southeast or additional That's saves in think land. want on your have integration about of now that is and

John Moran

No.

terms think the full I CapStar. you'll the XQ saves in see of we rate for highlighted reflected that in run

fully and the expect $XX be around million realized Just that that, to in those are remind quarter. will annually, fourth you, we

looking anything, invest if add or in if to would And that a I market, know it's Jim. think we're don't market. Mark I great

Mark Sander

add of Yes, engines of the in communities lot just to like economic a and that. just you we're Tennessee advantage core and down a plenty need making a I time it's in really, Nashville broadly, down position that part organic It And I've take be our have of would legacy to Midwestern to There's a there. us those few month, Oftentimes, successful. spent markets. in are seems I'm for unique there there. be we growth down of opportunities and just times

we'll our John where any It's incredibly invest the strong. growth continue as franchise there. unlike of economic think And part still so other is said, I to

Operator

of your line next McEvoy with Terry And comes from Stephens. the question

Terence McEvoy

that this said Maybe, the beta NII over but you. you And of insight $XXX are several what's know beta XX% year, about $XX question for a does assume next by guide the you XXXX. I total accretion. John, the in beyond let's million quarters? million the start then deposit slide with Did deposit of thinking the of the fourth how for the your on end end quarter,

John Moran

Yes.

the stable. So piece, yes, accretion roughly

got the for XQ. you've So right there number

think front continue and acquisition, allows We're respect unapologetic we our I client and fund beta, growth. to been on offense, us organically of play about foot terms XX% to really some loan with that. In probably to room to still we've our want

think playing expect of I exception it's to exactly XX% most move really as get that quarters And for and been a we couple beta, we'll book. and now, and we've it's see expected, that quickly. where price the saying we down roughly out this we've had to there, in beta, been able very

And we're afternoon, Fed team moved points, they In points. basis move XX went XX for points, for points, go the basis basis ready so to B, and Loyd very one When pressed the A got that in was fact, we button, Mike that right? And ready one XX to remain was go ready to when program XX quickly. had agile. and program basis very, and we'll

Terence McEvoy

any discuss loans. in nonaccrual themes you follow-up. among a Could then common increase And the

classified increase that National think specific third And in results. the was X Shared borrowers showed the Credit as do anything there loans. recent exam with up in to well as I quarter

Mark Sander

Mark. reverse, take in I'll those Terry, it's

ratings. the in debt environment, we almost framework exclusively a risk our posture at conservative repayment Given looking this We're of our which source to in now overall. drove service our more that risk move primary negative year, coverage migration rating

in as we've tightened, the coverage far year point as have so full in And XXX rates, absorbed of basis CRE. increase a particularly ratios

ratings. influence sources substandard across generally good collateral. our But factor still believe loss they these our no still of But we We into content, repayment, guarantors feel about mention loans. and special low and obviously is sources longer which secondary risk

credits. larger were larger, about relatively there to larger got range. think X say credits Specifically us. to $XX the speaking, million Those When X $XX to you for the I were that in million nonaccruals, all

one each each was moved before on our into screen So a nonaccrual. manageable is radar they level,

the a credit SNC I One of CapStar downgrade And was C&I out our from portfolio. of reflective guess just granular think. portfolio, I the exam, a it's

were other CRE. different segments X The of

I just for credit. nonperforming I'll say, value there's trend, most each real no demand those estate just and geography, And decent our book, unique issues So no individual think properties. like in of to again, the underlying

guidance think nonaccruals basis that We So to our even moved. XX still charge-off in are hasn't be QX, though in XX up, points. we'll our

Operator

Barclays. question Jared the comes with your And next from Shaw of line

Jared David Shaw

at that on year point guide bit little as just Maybe it should just And income? jumping of an Or how the that? income, looking we off the for is sort about seasonality? fee of of sort Anything $X versus looks implying million look driving it's decline like fee next be thinking quarter. we a specifically third

John Moran

bit yes, bit quarter. of had little that right? in Jared, the markets little And I XQ. I then Mortgage it And was, really that, there a of subject in don't a are would some that ratable. Yes. a lines be to couple a I don't way the know in that are that probably seasonality XQ kind I on fourth Capital strong that think, of will our broke rating. in little know other, count run necessarily things softer was of necessarily other, one run

Jared David Shaw

opportunity Okay. CETX, seems capital other to view plenty here? we capital especially thinking then and to we're with building, your Is capital buybacks on And of organic any build for growth how continue thoughts should to It about side. going supplement the certainly actions? see like be there that capital an or

John Moran

Yes.

right? we're a basis we're check, XXX rebuild that to CETX, tack plus/minus to ratio. points on going on and XX% Left -- So very quickly, starting capital we'll on year

there's get as think I an next year, of opportunity kind think buyback. about to into certainly, we So

Board of kind little talk every that. earn bit to dividend sensitive we about a on the with We're And so. quarter, back

Operator

line KBW. next from with the question McGratty of your comes And Chris

Christopher McGratty

talked issue. about leverage, into get investments as positive we about with about change XX% you operating a in 'XX? and lot just growth? do the we Any the How low those forward John, your talked efficiency cadence of or think and the curve you Jim material the

James Ryan

No, hopefully I sensitive some of think to the obviously our playbook. extent know the control. that -- And we expenses. we to is just that we keep ability expense our running we're have the base inside And

though, here. ourselves, a governance long continue manage also invest been trying an from And As to going we're you we've term perspective, but relationship know, in risk from management perspective. management to the both to for Chris, offensive really

to continue make. any But to And make revenue we're we those investments of help of to investments. those type am growth to going sensitive offset I

the sometimes as we the the And bit than some of balance about returns we other like make income the businesses, longer investments talked little businesses of some sheet. are fee maybe a the

managing 'XX. But of we've those in job tradeoffs types done continue and a of pretty to expect to calls us make those good same

Christopher McGratty

of use Any income the next fee to initiatives in even capital or a deal your year. related

James Ryan

Yes, know as don't any some No. the see material treasury nature. that's I and But mortgage, mortgage think just management wealth and around the again, that anything volatility in in is right clearly, that. there's about And that's an win. we management, to we coming future been area, I have

it and the we're rate. hopefully, that the kind today, continue have treasury to to at like production X right we I an wealth around will X% are other at ones XX-year businesses, the win. But we And it's those and grow. think point inflection But of

We gains. some have long-term

We to build businesses, high and expectations around specifically. of going businesses continue the we're those have in to growth those

Operator

Long from the David comes question James. next of Raymond your line with And

David Long

a say, does how that being that growth you some As you in, impact opportunities? you're growth may great operating invest positive where see revenue the leverage talking goal, how Tennessee and quickly about

that to leverage? have going if Or forward doesn't maybe to growth need come can are you operating positive the you revenue market? Do put dollars in in, still you --

James Ryan

not we we've like there invest is Yes, the other said I and other In in. where to maybe are -- have That earlier, low continue share share, dynamics high our total as there's parts growth got is, the to of have again, low area I in growth unlike of we but growth. high. any part our obviously, franchise, market, that's think an

been in to pretty are So of little And in kind would of I going navigate to investments. And I profile part expense rather of I our think continue return to basis on and all expansion be think a a kind deliver as earnings the up some bit longer-term side continued that those our adept markets prioritize say would expect. well. growth. newer that we've and able key for I Those trade-offs you investments continuing give of we'll of franchise.

David Long

customer Got it. demand, And there think is to you do loan loan catalysts commercial growth. out biggest to in related then And my marketplace customer as the question increase the demand? are second as far what

Mark Sander

Mark. it's David, Yes,

cautiousness little hang just removal uncertainty, right? I -- I of to bit. people Is or becoming election more landing seen think the then is guess, focus, coming the gearing little just -- the stuff. kind think I into abate a soft we've on of clear And bit a that people

And about past a that and they people lot think [ a want get election I talk frozen so the it's making to little just more they but that hesitant. ], they're not

X issues. So once get on refinance to more people we in little I CRE market. -- that said, the you're things activity starting those those and see out think clarity you'll see a

at You're seeing lenders take rate. aggressive things a longer-term pretty out

to a see and -- to starting needs catch we're up little sources out demand bit. there's there So

John Moran

excellent in kind relationships, And different through have deposit terms this full add of job Jim we done of want, leading an spring risen definitely and would 'XX. environment growth. us I what of have our Mark David, expectations the since

an albeit I quarter for slower really think has part a So the that that maybe half important first the that was year, the or we half the back but year in of client the of quite selection quarter see of intentional. third played

upfront. economic and make bet table, that we the there come. a it's the We we less to hurdle will to want in bring full terms want it we pricing that relationship to and we're ensure we to that much -- And hit our rates sure get of willing

Operator

Markets. Capital And your with next Jon question comes the from RBC line Arfstrom of

Jon Arfstrom

You're on something Just more lending. it But return do hurdles driving that. Or follow-up is competitive, it a comment? Is what's think? your risk-adjusted is intentional on competitive? you else? more about that it quick talking Is

James Sandgren

John, just this picking a the starting Sandgren. last think is competitive No, quarter. the up Jim see pressures over bit we're to I little

we're still relationship. our we and the that spaces in the we fighting right So win business because in do of to have all

but both side lending up gathering So picking the and -- the it's on deposit side.

chances, we're win So that. like doing our and we to just chances again, our like I

Jon Arfstrom

John, for -- you you have and Okay. say that one that pricing maybe would on or faded well. exception you And is how exception closing? the there? like pricing X XX -- the then would Slide on maybe initial -- I no quickly quickly gap But as the chart, the reasons you're longer for are

John Moran

we think flash -- here both we deposits close beta, clearly, in down total gap. if somebody is But we're exception offense. the a opportunity. there Jon, book. again, I and can mean, sort on going stay look, to I the I else crested And National's mean, we've Old that view XX% of out as on I

deposits generation. with loan continuing very in much our pace keep I have to think interested we're

long And case, so as deposits. putting right? on the that's still we'll we're on as good spread, And offense on stay

Jon Arfstrom

Or the stuff bit continue to a flatten up to Are forward? start send to All seeing out, And obviously the last signal this time? some answer over But one to Maybe of us? crest I you again. manageable. want you think I as credit this, you growth the delinquency look little to expecting when go nonperforming hard they're look then you still but on Okay. right. what's and trends, at are to

Mark Sander

conversion. little That bit a on with I'll It's Mark. this it's the quarter delinquencies. administrative John, the bumped really start issues. based CapStar

rating will we could Relative now possible. mean, a So will it's come is that, see mean come still at I honestly. risk think And in and to it it's I back -- decent down think still nonevent, I level QX. I that further migration, some. a

But I think and our known potential problems closely are well monitored.

of still some rate is mitigate there's while upgrades downgrades, the our already for Interest reduce And approach proactive Frankly, activity. to in a efforts in some starting a expectation to will and them we well. conservative itself lot that see so I we're downgrade things which that think early, soft just identifying manifest could cuts and book. see as this aggressive landing, our

we'll some, So I again, manage think we see well. but could it

Operator

Instructions] question a Scott follow-up Siefers Piper from will we take [Operator Sandler. And with

Robert Siefers

were getting capital the Just sort recall level a or had Jim, of But the as just M&A high of value acquisitions? ahead preferences. look increasing hoping updated picture. question. or on deploy to strategic you so get on preference into path you the of the stay to how Last tangible impression build that thoughts fee quickly, would quarter, as on list into look a with we might the top any book any fit I some that deals not of to

James Ryan

Yes.

growth I think M&A as said organic today plenty really what that we've is have just opportunities convey, And to hurdle. high opportunities a got of to we've any future we try we need execute on.

we to things opportunities opportunistically. day, exceed anything meet we creation. And shareholder high think But hurdles at very to we all those I put place, the want place. and end that value are look look has those at the focused on very we of have in long-term pretty However, extent shareholders in those of come hurdles high are will there that to our along us the at

Operator

the this remarks. no further back like And questions there Ryan call are at to for time. to Jim I'd closing turn

James Ryan

Well, appreciate day. to we participation. great up your And follow Have all day the usual, questions. team with any be around as a will

Lynell Walton

website, National's call. will today's Durchholz of National's available additional months A (XXX) replay, concludes again, Relations contact Old page participation slides, your access be will along Lynell at Ladies questions, XXX-XXXX. will This (XXX) call oldnational.com. of replay the conference XX dialing for the Old be available XXX-XXXX, please replay in Investor Thank the and be on by Once code available presentation this through anyone has also a gentlemen, XXXXXXX. you call. for November If X. with

Old National Bancorp (ONB) 22 Oct 242024 Q3 Earnings call transcript