Old National Bancorp reported 1st quarter net income of $21.7 million, or $0.23 per share. Included in these results were $800,000 of acquisition and integration expenses and $1.9 million of net Integra-related other real estate owned expenses. These first quarter results compare to the net income of $22.2 million, or $0.23 per share, that Old National reported in 4th quarter 2011, and reflect a 32.2 percent increase over 1st quarter 2011 net income.
First quarter 2012 results included $800,000 in acquisition-related expenses, half of which resulted from the July 29, FDIC-assisted acquisition of Integra Bank with the other half from the pending acquisition of Indiana Community Bancorp (announced Jan. 25). Excluding these acquisition expenses, Old National’s 1st quarter earnings would have been $22.3 million, or $0.24 per share. Fourth quarter 2011 results also included a total of $5.2 million in acquisition-related expenses: $800,000 from the Monroe Bancorp acquisition that was completed 1st quarter of 2011 and $4.4 million from the Integra Bank acquisition. Excluding these acquisition expenses, Old National’s 4th quarter 2011 earnings would have been $25.9 million, or $0.27 per share.
Old National Bancorp’s board of directors also declared a common stock dividend of $0.09 per share on the company’s outstanding shares. This dividend is payable June 15 to shareholders of record on June 1. For purposes of broker trading, the ex-date of the cash dividend is May 30.
“The positive impact from our recent acquisitions, along with our focus on improving already strong capital and credit metrics, maintaining a low-cost core funding base, and improving efficiencies within our core bank, have resulted in another strong quarter for Old National,” said Old National President and CEO Bob Jones. “While our C&I portfolio has been negatively impacted by runoff associated with the acquisitions and moderate organic growth, the economy is slowly improving and we have seen loan growth in key consumer segments.”
Business
Old National begins year with strong first quarter
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Chamber seminar on ‘Protecting Your Brand Online’
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Social Security: Father’s Day advice: The right kind of fishing
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Newsmaker: June 16, 2013
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Company invests in Indiana State theater
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AAA plans Member Appreciation Week activities
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On the move: June 16, 2013
Brittany Michaels has been appointed as the community connections coordinator for the Vigo County Public Library.
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Secretary of State office to implement technology upgrades
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Business Cents: Interview process key to attracting and retaining skilled, talented workers
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UAP Clinic announces new CEO
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ISU center helps prepare grads for job market
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Sycamore Insurance Associates moves to familiar Ohio Street location
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On the move: June 9, 2013
The Maple Center for Integrative Health announces the addition of licensed massage therapist Nancy Humphries to the clinical staff. She received her training from the Body Therapy Institute in Siler City, N.C.
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Briefly: June 9, 2013
Scotts Place, formerly Old Gringos, staged a grand opening on Thursday in Marshall, with a Marshall Chamber of Commerce Ribbon Cutting ceremony.
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WTHI-TV’s Mark Allen to retire
After nearly a half century of work in Indiana television, WTHI-TV’s longtime anchor, Mark Allen, will be retiring at the end of June.
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Chamber of Commerce: The final strategic initiative: Health and Wellness
Thank you to all who participated in the Long Range Planning Community Forum. The information gathered at that event is now being drafted into a final report. Once the report has been reviewed and approved by the Terre Haute Tomorrow Steering Committee, the real work starts. Action teams to address the major issues will be developed.
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Newsmakers: June 9, 2013
Scott’s Custom Colors recently won a contest through Enterprise which entailed a $5,000 donation to a charity important to them.
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Social Security: A reason to smile: Online account options
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Major part of community’s image determined by the newspaper
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Social Security: Social Security’s most popular baby names list
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Hamilton Center part of trauma-informed community
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Business Cents: Do you have a disaster plan in place for your business?
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Newsmakers: June 2, 2013
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Chamber seeks Community of Year nominations
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On the move: June 2, 2013
Deena Dodd, director of the Terre Haute-based Indiana Statewide Rural Health Network, was elected to the board of directors of the National Cooperative of Health Networks Association at the association’s annual meeting in New Orleans.
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Indiana farmers make rapid progress planting corn
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Indiana State Fair to host job fair May 30
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NEWSMAKER: May 26, 2013
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SOCIAL SECURITY: Social Security honors all who serve
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