IBJNews

Old National profit rises

Back to TopCommentsE-mailPrintBookmark and Share

Evansville-based Old National Bancorp on Monday reported a third quarter profit of $11.9 million, nearly triple the amount from the year-ago period.

Profit per common share was 13 cents, beating analysts’ estimates by 2 cents.

“We are quite pleased with our third quarter results as they clearly demonstrate our strong focus on reducing non-interest expenses, maintaining strong capital ratios and holding credit metrics stable,” Old National President and CEO Bob Jones said in a prepared statement.

The bank’s earnings also compared favorably to the previous quarter, when it reported profit of $10.5 million, or 12 cents per common share.

Total loan demand, however, continued to present a challenge for the financial services holding company, which has $7.5 billion in assets and operates banks in Indiana, Illinois and Kentucky.

Total loans were $3.7 billion as of Sept. 30, a decline of $30.3 million from the second quarter.

The company said lending activity fell from the previous quarter in three important areas. Consumer loans decreased $36.2 million, commercial loans $25.9 million, and commercial real estate loans $20.9 million.

Old National’s allowance for loan losses as of Sept. 30 was $72.1 million, or 1.95 percent of total loans. That’s up slightly from the previous quarter’s allowance of $71.9 million, or 1.93 percent of total loans.

Bank directors declared a dividend of 7 cents per share payable on Dec. 15.

Old National ranked fifth on IBJ’s most recent list of the largest Indianapolis-area banks, with 432 local employees.

ADVERTISEMENT

  • About to do the same - credit union with limited locations
    I'm about to switch too. I'm not seeing the value and had the thought of switching to another, bigger bank. I'm really considering an online bank or local credit union. Sad.
  • Agreed
    They started charging me a monthly service charge on my checking based on my monthly balance in September. I opened an account at a local credit union.
  • where to go
    Agreed. But where do you go? The local banks sold or died and only the monsters that cant fail are left.
  • one nickel and dime at a time
    I'm pro-business not anti prophet, but seeing this new at the same time that they want to charge me $15 to replace a broken debit card AND charge me $30 every time I use the line of credit tied to my account. This is why I'm leaving the bank and taking my money to another bank.

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    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.

    ADVERTISEMENT