Financial Results and Banks and Public Companies and Banking & Finance and Old National and Regional News and Other Counties

Old National improves first-quarter performance

April 26, 2010

Evansville-based Old National Bancorp on Monday reported a first-quarter profit of $10.1 million, or 12 cents per common share—up 84 percent from the prior-year period and a marked improvement from the fourth quarter of 2009, when the company posted a loss of $9.3 million.

Helping the 2010 results: a $13.1 million reduction in non-interest expenses, which had reached $90.8 million in the fourth quarter of last year.

"Our first-quarter results highlight the fundamental strengths of Old National,” CEO Bob Jones said in a prepared statement. “The first quarter also demonstrated our commitment to improving the efficiency of the company, with a decline in our operating expenses.”

Loan demand continues to present a challenge for the financial services holding company, which has $7.8 billion in assets and operates banks in Indiana, Illinois and Kentucky.

Total loans were $3.8 billion as of March 31, a decline of $137.2 million from the end of 2009. The company said commercial loans declined $55.8 million, other consumer loans declined $32.9 million and commercial real estate loans declined $21.5 million.

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