Published: November 02, 2009 08:19 pm         

Old National Bancorp announces net income

Old National Bancorp recently announced third-quarter net income of $4 million, or $.06 per common share, down from the $.15 per share earned in the second quarter of the year, and $.20 per share less than the $.26 per share earned in the third quarter of 2008.

In addition, Old National’s board of directors declared a quarterly cash dividend of $0.07 per share on the company’s outstanding shares. The dividend is payable Dec. 15, to shareholders of record Dec. 1.

“During the third quarter we accomplished our near-term goals of significantly strengthening Old National’s capital position with a successful stock offering and controlling credit costs associated with our loan portfolio,” commented President and CEO Bob Jones. “We also continue to report positive earnings, and our board of directors declared a quarterly cash dividend of $.07 per share. These events are significant given the current banking and economic climate all banks operate in today.

“However, the economy in our footprint continues to be challenging, as evidenced by soft loan demand and subsequent decrease in our loan portfolio,” continued Jones. “We believe the continuation of these industry challenges, coupled with Old National’s well-capitalized, strong, liquid balance sheet, will position Old National well for future growth opportunities.”