Old National Bancorp of Evansville, Ind., reported Tuesday that its third-quarter earnings rose 367% from a year earlier, to $21 million.
Diluted earnings per share rose 357%, to 32 cents, beating the average of analysts' expectations by 2 cents.
In last year's third quarter, the $8 billion-asset Old National was hurt by a restatement tied to its accounting treatment for certain derivatives. Last year's results were also affected by the sales of two subsidiaries: J.W. Terrill Insurance Agency and Fund Evaluation Group.
Net interest income for this year's third quarter fell 6%, to $57.1 million. For the first nine months of the year it fell 3%, to $176 million. The company had no provisions for loan losses, compared with $6 million in last year's third quarter. Fee income dropped 6.8%, to $35.8 million, but for the first nine months of the year it rose 1%, to $113.6 million.
