Old National profit falls, but beats expectations

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Second-quarter profit for Old National Bancorp fell 50 percent from the same period a year ago, but the company still managed to exceed analysts’ expectations.

The Evansville-based parent of Old National Bank this morning announced profit of $9.6 million, or 15 cents per share, beating analysts’ estimates by 9 cents.

Revenue of $111.9 million was 2.3 percent more than the same time last year.

In a prepared statement, Old National CEO Bob Jones said the bank is pleased to have beaten the consensus of Wall Street.

“In light of our continued concerns about the ongoing impacts of the economic downturn, including weak loan demand, we continue to position Old National as a well capitalized, liquid institution prepared to take advantage of prudent growth opportunities as they arise,” he said.

The company in March completed its $15.9 million acquisition of 65 Charter One retail branches in Indiana from Providence, R.I.-based Citizens Financial Group.

Old National now has more than 180 bank branches in Indiana, making it the state’s third-largest bank in terms of retail locations.

Most of its Charter One branches are in the Indianapolis area. The majority are in stores operated by Kroger, Marsh Supermarkets, Starbucks and Wal-Mart.

The acquisition helped Old National grow deposits as of June 30 to $5.7 billion, a jump of nearly 10 percent from the end of 2008.

The value of Old National loans, however, declined 10 percent from the first three months of the year, to $4.2 billion, largely due to a drop in commercial and residential real estate lending. 

The company also announced a quarterly dividend of 7 cents a share, payable Sept. 15.

In the first quarter, Old National cut its dividend from 23 cents to 7 cents to help it retain about $10 million in capital during the second quarter, it said.

Shares of Old National were fetching $10.95 in mid-morning trading, up nearly 12 percent on the day.


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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.