KBW Comments On ONB's "Higher-Than-Expected" 1Q11 Results

Old National Bancorp. ONB reported higher-than-expected 1Q11 operating EPS of $0.19, “beating both our estimate and consensus,” KBW reports. “Results were driven by lower credit costs, improved expense control, and NIM expansion. The Monroe acquisition closed in January, which contributed nearly all the loan growth in the quarter,” KBW writes. “Following 1Q, we are raising our 2011, 2012 and 2013 earnings estimates.” Old National Bancorp closed Monday at $10.57.