Old National Bancorp in Evansville, Ind., reported improved third-quarter profit on growth in fees and consumer and commercial real estate lending.
The $11.9 billion-asset company's net income increased 29.3% to $37.7 million on a year-over-year basis. Earnings per share rose 26.9% to 33 cents. The net interest margin tightened to 3.94%.
Net interest income fell 10.4% to $97.1 million. Consumer loans rose 16.6% to $1.6 billion, and commercial real estate loans rose 12.7% to $1.9 billion.
Noninterest income grew 85.7% to $58.8 million, on higher wealth management fees, mortgage banking and company-owned life insurance.
Noninterest expense lifted 2.7% to $102.6 million. The efficiency ratio improved to 61.97%.