How did ONBPO's Q4 earnings surprise investors?

**Old National Bancorp (ONB) did not disappoint investors in Q4**, as its adjusted EPS met estimates. Here's a detailed analysis: 1. **Earnings Performance**: Old National Bancorp reported a net income applicable to common shares of $139.77 million or $0.44 per share for the third quarter, which was slightly below the previous year's $143.84 million or $0.49 per share. However, excluding items, adjusted earnings for the quarter were $0.46 per share, which matched analysts' expectations. 2. **Revenue and Profitability**: The bank's net interest income on a fully taxable equivalent basis was $397.87 million, up from $380.92 million in the previous year. Total noninterest income was also reported at $94.14 million, an increase from $80.94 million in the year-ago quarter. This indicates a positive trend in revenue growth and profitability. 3. **Provision for Credit Losses**: The provision for credit losses was $28.50 million compared to $19.07 million in the year-ago quarter. This suggests that the bank has taken prudent measures to account for potential credit risks. 4. **Overall Financial Health**: Old National Bancorp reported a return on equity of 10.67% and a net margin of 18.83% for the quarter. These metrics indicate efficient use of equity and strong profitability relative to total revenues. 5. **Analyst Expectations**: Analysts had expected the company to report earnings of $0.46 per share for the quarter. Since ONB delivered exactly what was anticipated, it did not come as a surprise to investors. 6. **Market Reaction**: ONB's stock traded up $0.55 during trading hours on the day of the earnings release, hitting $19.42. This positive movement suggests that investors were satisfied with the bank's performance. In conclusion, Old National Bancorp's Q4 earnings did not disappoint investors, as the bank met earnings expectations, showed improvements in revenue and profitability, and maintained a strong financial position.