Old National Bancorp in Evansville, Ind., said Monday that its second-quarter earnings climbed 25% from the first quarter, to $27.2 million, as net interest income rose while expenses fell.
Year over year, Old National's earnings rose 60%, largely due to a 22% jump in interest income stemming in part from its July 2011 takeover of the failed Integra Bank. Its earnings per share of 29 cents beat the average of analysts' estimates by a nickel, according to Thomson Reuters.
The $8.6 billion-asset Old National said that its net interest income jumped 2.3% from the prior quarter due to modest loan growth and that its noninterest expense fell 5.8%. Earnings were also aided by a $6.2 million increase in income from securities gains, which more than offset a 13.1% drop in fees from service charges.
Old National's shares were up 1% Monday afternoon, to $12.24.
