Old National’s profit grows 41 percent

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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