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Tax cut may mean Q4 EPS hit at Old National

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Tax cut may mean Q4 EPS hit at Old National

The reduction in the federal corporate tax rate to 21% could mean a 28 cents-per-share hit to Old National Bancorp's fourth-quarter earnings.

Based on the Evansville, Ind.-based company's deferred tax assets balance of $138.0 million as of Sept. 30 and inclusive of the estimated impact from a recent acquisition, Old National projects an approximately $41 million downward revaluation of its DTA, minus any utilized in the fourth quarter.

Furthermore, the hit to tangible book value is estimated at 27 cents per share.

A final determination of the tax cut's impact has yet to be made, but Old National does not expect it to cause future cash expenditures.