Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Old National Bancorp (NYSE: ONB) were banking big gains today, rising as much as 12% in intraday trading on heavier than average volume.

So what: It's earnings season, so it's a good bet that a big stock move has something to do with better or worse than expected second-quarter results. In Old National's case, the bank reported $0.18 in earnings per share, a substantial jump from the second quarter of last year. That figure topped analysts' estimates by $0.02. Management also reminded investors that the bank is growing thanks to the acquisition of Integra Bank at the end of July -- a deal that includes a loss-sharing agreement with the Federal Deposit Insurance Corporation.

Now what: Investors are still leery of most bank stocks, Old National included. Though the stock generally traded at a book value multiple of two or more prior to the financial crisis, it now trades closer to one times book value. With a strong capital position, an improving loan book, and a 2.7% dividend yield, this could be a bank worth watching.

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