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. Can your dog sign a marriage license or personally state that he wishes to join you in a legal union? If not then no, you cannot marry him. When you teach him to read, write, and speak a discernible language, then maybe you'll have a reasonable argument. Thanks for playing!

    2. Look no further than Mike Rowe, the former host of dirty jobs, who was also a classically trained singer.

    3. Current law states income taxes are paid to the county of residence not county of income source. The most likely scenario would be some alteration of the income tax distribution formula so money earned in Marion co. would go to Marion Co by residents of other counties would partially be distributed to Marion co. as opposed to now where the entirety is held by the resident's county.

    4. This is more same-old, same-old from a new generation of non-progressive 'progressives and fear mongers. One only needs to look at the economic havoc being experienced in California to understand the effect of drought on economies and people's lives. The same mindset in California turned a blind eye to the growth of population and water needs in California, defeating proposal after proposal to build reservoirs, improve water storage and delivery infrastructure...and the price now being paid for putting the demands of a raucous minority ahead of the needs of many. Some people never, never learn..

    5. I wonder if I can marry him too? Considering we are both males, wouldn't that be a same sex marriage as well? If they don't honor it, I'll scream discrimination just like all these people have....

    ADVERTISEMENT