Old National Bancorp of Evansville, Ind., said its first-quarter earnings fell 48% from the first quarter of 2006, to $10.8 million.
Diluted earnings per share also fell 48%, to 16 cents, and missed the average expectation of analysts surveyed by Thomson Financial by 11 cents.
The $8.3 billion-asset Old National attributed the decline to a variety of factors.
For the quarter, it reported $3.7 million, or 4 cents a share, of balance-sheet restructuring charges and $1.4 million, or a penny a share, of costs related to staff reductions and changes in its operations.
It also reported $2 million, or 2 cents a share, of branch closure costs and $600,000, or just under a penny a share, of costs related to its February acquisition of St. Joseph Capital Corp., of Mishawaka, Ind. The $75.6 million acquisitions was Old National's first in seven years.
The costs pushed noninterest expenses up 5% from a year earlier, to $71.8 million. Noninterest income dropped 13%, to $36.2 million.
Old National's fully taxable equivalent net interest income dropped 6%, to $56 million. Its provision for loan losses fell 30%, to $2.4 million.
By late Monday, Old National's shares had dropped less than 1% from Friday's close, to $18.12.
