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Old National’s profit grows 41 percent

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Evansville-based Old National Bancorp on Monday reported third-quarter profit of $16.8 million, a 41-percent increase from the same period a year ago.

Profit per share was 18 cents, beating analysts’ estimates by 2 cents.

Excluding expenses related to its acquisition of Integra Bank in July, Old National would have earned $22.7 million, or 24 cents per share.

Old National’s revenue grew 23.7 percent, to $122.8 million.

Total loan demand, however, continued to present a challenge for the state's largest financial services holding company, which has $8.9 billion in assets and operates branches in Indiana, Illinois and Kentucky, including 60 in the Indianapolis area.

Total loans were $4.8 billion as of Sept. 30, an increase of $732 million from the second quarter. Total loans would have decreased, however, without the purchase of Integra.

Old National shares rose 20 cents Monday morning, to $11.84 each.

 

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  • Fees?
    So I would expect they charge little of no extra fees to their customers, seeing how they are so profitable?

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  1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

  2. I wonder if the governor could multi-task and talk to CMS about helping Indiana get our state based exchange going so Hoosiers don't lose subsidy if the court decision holds. One option I've seen is for states to contract with healthcare.gov. Or maybe Indiana isn't really interested in healthcare insurance coverage for Hoosiers.

  3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

  4. So heres brilliant planning for you...build a $30 M sports complex with tax dollars, yet send all the hotel tax revenue to Carmel and Fishers. Westfield will unlikely never see a payback but the hotel "centers" of Carmel and Fishers will get rich. Lousy strategy Andy Cook!

  5. AlanB, this is how it works...A corporate welfare queen makes a tiny contribution to the arts and gets tons of positive media from outlets like the IBJ. In turn, they are more easily to get their 10s of millions of dollars of corporate welfare (ironically from the same people who are against welfare for humans).

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