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Old National's earnings highest since 2002

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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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  1. I took Bruce's comments to highlight a glaring issue when it comes to a state's image, and therefore its overall branding. An example is Michigan vs. Indiana. Michigan has done an excellent job of following through on its branding strategy around "Pure Michigan", even down to the detail of the rest stops. Since a state's branding is often targeted to visitors, it makes sense that rest stops, being that point of first impression, should be significant. It is clear that Indiana doesn't care as much about the impression it gives visitors even though our branding as the Crossroads of America does place importance on travel. Bruce's point is quite logical and accurate.

  2. I appreciated the article. I guess I have become so accustomed to making my "pit stops" at places where I can ALSO get gasoline and something hot to eat, that I hardly even notice public rest stops anymore. That said, I do concur with the rationale that our rest stops (if we are to have them at all) can and should be both fiscally-responsible AND designed to make a positive impression about our state.

  3. I don't know about the rest of you but I only stop at these places for one reason, and it's not to picnic. I move trucks for dealers and have been to rest areas in most all 48 lower states. Some of ours need upgrading no doubt. Many states rest areas are much worse than ours. In the rest area on I-70 just past Richmond truckers have to hike about a quarter of a mile. When I stop I;m generally in a bit of a hurry. Convenience,not beauty, is a primary concern.

  4. Community Hospital is the only system to not have layoffs? That is not true. Because I was one of the people who was laid off from East. And all of the LPN's have been laid off. Just because their layoffs were not announced or done all together does not mean people did not lose their jobs. They cherry-picked people from departments one by one. But you add them all up and it's several hundred. And East has had a dramatic drop I in patient beds from 800 to around 125. I know because I worked there for 30 years.

  5. I have obtained my 6 gallon badge for my donation of A Positive blood. I'm sorry to hear that my donation was nothing but a profit center for the Indiana Blood Center.

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