Old National Bancorp in Evansville, Ind., posted on Monday third-quarter earnings of $16.8 million, up 41.2% from a year ago, due to strong revenue growth.
Earnings per share totaled 18 cents, beating consensus analysts' expectations by two cents. Revenue was up about 24% from a year ago to $123 million for the quarter.
"The fact that we increased net income by more than 41% over third quarter 2010, while continuing to grow revenue, manage noninterest expenses and control credit quality illustrates that Old National is operating from a position of strength in spite of continuing economic headwinds," Bob Jones, Old National Bancorp president and chief executive, said in a press release.
The $8.9 billion-asset company said that FDIC-assisted acquisition of Integra Bank N.A. was accretive to the third quarter after $6.8 million in related expenses. Old National acquired certain assets and substantially all deposits of Integra Bank on July 29. Through October, Old National has consolidated 13 of the 52 former Integra branches and an additional 20 are scheduled for consolidation in the fourth quarter.
The company said that it recorded no provision expense in the third quarter compared with $3.2 million in the second quarter and $6.4 million a year ago. Old National's chargeoffs totaled about $4.9 million, down about 20% from a year ago.
