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Old National Bancorp (ONB) 4Q Earnings Rise 3.6 Pct, In Line With Estimates

 January 28, 2013 12:06 PM

(By Balaseshan) Old National Bancorp (NYSE: ONB) reported a 3.6% rise in quarterly earnings on successful acquisitions and organic loan growth. Revenue exceeded consensus, while earnings came in line with Street's expectations.

Earnings for the fourth quarter were $23.01 million or $0.23 per share, compared to $22.21 million or $0.23 per share last year.

Total revenue increased 8.1% to $139.18 million. Net interest income on a fully taxable equivalent basis grew to $87.9 million from $79.6 million.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.23 per share on revenue of $124.90 million for the fourth quarter.

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Net interest margin on total average earning assets rose to 4.34% from 4.20%. The latest quarter margin included 29 basis points associated with the Indiana Community acquisition, 10 basis points associated with the Monroe acquisition and 55 basis points associated with the Integra acquisition, related to the accretion of purchase accounting discounts.

Total core deposits, on average, increased to $7.187 billion from $6.679 billion during third quarter 2012, primarily attributable to the acquisition of Indiana Community.

Total investments, including money market accounts, increased to $2.990 billion at December 31, 2012 from $2.801 billion at September 30, 2012. Average total investments increased $122.0 million to $2.866 billion at December 31, 2012.

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At December 31, 2012, Old National's total loans stood at $5.209 billion compared to $5.253 billion at September 30, 2012. Excluding covered loans, Old National's total loan portfolio grew $32.6 million, to $4.837 billion at December 31, 2012.

On January 24, the company's board raised its quarterly dividend by 11.1% to $0.10 per share, payable on March 15 to shareholders of record on March 1.

ONB is trading up 2.25% at $13.16 on Monday. The stock has been trading between $10.87 and $14.15 for the past 52 weeks.

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