Batesville Herald Tribune, Batesville, Indiana

Business

November 8, 2013

Good quarterly report for Old National

Old National Bancorp (NASDAQ: ONB) reported a 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 2012,” according to Kate Miller, community relations manager.

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.

Bob Jones, president and chief executive officer, noted, “Our third quarter results, specifically our strong credit metrics and stable net interest margin, reinforce Old National’s position as a strong, secure and well-capitalized community bank. Additionally, the completion of our Bank of America branch acquisition and the announcement of our partnership with Fort Wayne-based Tower Financial reflect our continued focus on seeking growth opportunities that benefit our clients and shareholders.”

Old National Bancorp’s board of directors declared a quarterly cash dividend of $.10 per share on the company’s outstanding shares. This dividend is payable Dec. 16 to shareholders of record Dec. 2.

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