Old National improves second-quarter performance

July 26, 2010

Evansville-based Old National Bancorp on Monday reported a second-quarter profit of $10.5 million, up 9 percent from the year-ago period.

Profit translated to 12 cents per common share, beating analysts’ estimates by a penny.

The results were aided by a continued reduction in non-interest expenses, which declined 10 percent to $77.8 million in the second quarter.

While CEO Bob Jones acknowledged in a written statement that challenges remain in the banking industry, he’s encouraged by the growth in Old National’s commercial loan and business checking account activity.

“These positive indicators underscore Old National’s position as a secure, conservative community bank,” he said.

Total loan demand, however, continues to present a challenge for the financial services holding company, which has $7.7 billion in assets and operates banks in Indiana, Illinois and Kentucky.

Total loans were $3.7 billion as of June 30, a decline of $34.2 million from the first quarter.

The company said commercial loans increased $18.3 million. But commercial real estate loans decreased $38.9 million and consumer loans decreased $36.5 million.

Old National ranked fifth on IBJ's most recent list of the largest Indianapolis-area banks, with 432 employees at 59 locations.


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