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Old National profit rises

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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.

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  • 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.

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