Old National Bancorp’s second-quarter earnings fell 58% from the same quarter last year, to $11.3 million.
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Earnings per share fell 59%, to 17 cents.
In its report Thursday, the $9 billion-asset Evansville, Ind., company attributed the decline largely to restructuring charges. This spring it announced that it would lay off between 300 and 350 people to cut costs and boost earnings.
Old National’s net interest income declined 5% from the same quarter last year, to $71.2 million. Fee income rose 21%, to $51 million.
The provision for loan losses fell 67%, to $7.5 million. Net chargeoffs rose 47%, to $12.5 million.
