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November 9, 2013

Old National announces third-quarter results

TERRE HAUTE — Old National Bancorp reported third-quarter net income of $23.9 million, or 23 cents per share. These results represent a 21.3 percent increase over the net income of $19.7 million, or 20 cents per share, reported in the third quarter of 2012.

The company’s third-quarter results were impacted by $2.3 million of charges related to the July 12 merger and integration of 24 former Bank of America branches in Northern Indiana and Southwestern Michigan. In addition, as part of Old National’s transformation into higher-growth markets, the company incurred $2.7 million in costs associated with branch closures during the current quarter.

Old National Bancorp’s Board of Directors declared a quarterly cash dividend of 10 cents per share on the company’s outstanding shares. This dividend is payable Dec. 16 to shareholders of record on Dec. 2. For purposes of broker trading, the ex-date of the cash dividend is Nov. 27.

In the third quarter, Old National continued the trend of improvement in overall credit quality metrics as the company reported decreases in non-performing, problem and special mention loans as well as industry low net charge-offs. Old National reported a provision recapture of $1.7 million in the third quarter of 2013, compared to a recapture of $3.7 million in the second quarter of 2013 and provision expense of $.4 million in the third quarter of 2012. Net charge-offs for third quarter 2013 were $0.3 million, or 0.02 percent of average total loans on an annualized basis, below the $0.5 million, or 0.04 percent of average total loans in the second quarter of 2013 and the $0.4 million, or 0.03 percent of average total loans in the third quarter of 2012.  

 

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