Old National Bancorp in Evansville, Ind., missed first-quarter expectations as merger-related and streamlining expenses negated many of the benefits from recently completed acquisitions.

Net income at the $12 billion-asset company dipped 21% year over year, to $20.9 million. Earnings per share of 18 cents missed the average estimate of analysts polled by Bloomberg by 6 cents.

The results were skewed by four acquisitions Old National completed since the first quarter of 2014: Tower Financial, United Bancorp, LSB Financial and Founders Financial. Yet even after excluding spending on merger integration, branch closures, an early retirement program and other one-time items, adjusted earnings per share still fell 1 cent below the Bloomberg estimate of 24 cents,

Those merger-related and other special expenses helped push noninterest expenses 34% higher year-over-year, to $116.2 million.

Noninterest income climbed 32%, to $52.6 million, partly because of higher fee income from the Founders deal.

Net interest income rose 9%, to $91 million, but net interest margin declined 52 basis points year over year, to 3.70%.

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