Indiana Banks and Banks and Banking & Finance and Old National

Old National's earnings highest since 2002

January 28, 2013

Old National Bancorp's earnings rose 26 percent in 2012, to $91.7 million, the greatest since 2002, the Evansville-based company announced Monday morning.

Earnings per share for the largest bank headquartered in Indiana came to 95 cents for the year, up from 76 cents in 2011.

Revenue rose to $511.8 million, up 9.4 percent.

"I am extremely proud of the 2012 financial results for Old National," CEO Bob Jones said in a prepared statement. "Producing the highest net income seen by the company in a decade clearly demonstrates the success of our recent acquisitions and the importance of organic loan growth while maintaining a watchful eye on credit and expenses."

Old National last year acquired Indiana Community Bancorp in Columbus and closed or sold more than 20 branches in Indiana, Illinois and Kentucky. This year, Old National plans to buy 24 branches in northern Indiana and southwest Michigan from Bank of America.

The company has more than 40 branches and about 450 employees in the Indianapolis area.

Old National's fourth-quarter earnings rose slightly, to $23 million, from $22 million in the same period of 2011.

Fourth-quarter earnings per share were basically unchanged at 23 cents. Revenue rose nearly 18 percent, to $139.2 million, over the same quarter of 2011.

Old National said it planned to raise its dividend by a penny, to 10 cents a share.

Old National stock rose 5 cents early Monday morning, to $12.92 per share.

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