Why did ONB's Q2 earnings exceed forecasts?

Old National Bancorp's (ONB) Q2 earnings exceeded forecasts due to several key factors:

1. **Strong Organic Loan Growth**: Old National Bancorp experienced significant growth in its organic loan portfolio, which contributed to higher interest income and overall revenue. This growth was driven by the company's strategic initiatives and effective market positioning.
2. **Purchase Accounting Accretion**: The company's recent acquisition of CapStar has contributed to its financial results, with the integration of CapStar into ONB's operations enhancing balance sheet growth and driving further synergies. Purchase accounting accretion from this acquisition has positively impacted the bank's margin and spread revenues.
3. **Effective Expense Management**: Old National Bancorp has demonstrated strong expense management, which has helped to optimize its operational efficiency and improve profitability. This includes well-managed noninterest expenses, which have contributed to the company's solid financial performance.

In summary, Old National Bancorp's Q2 earnings exceeded expectations due to strong organic loan growth, the impact of purchase accounting accretion from the CapStar acquisition, and effective expense management. These factors combined to deliver robust financial results that surpassed market forecasts.