Old National Bancorp Q1 Profit Rises

(RTTNews) - Old National Bancorp (ONB) reported that its first quarter net income increased to $86.8 million or $0.52 per share from $22.6 million or $0.13 per share, prior year. Adjusted net income was $86.4 million, or $0.52 per share, for the quarter. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.41, for the quarter. Analysts' estimates typically exclude special items.

First quarter net interest income - tax equivalent basis - increased to $151.62 million from $147.09 million, prior year. Noninterest income was $56.71 million compared to $57.50 million. Analysts expected revenue of $208.82 million, for the quarter.

"Old National's positive first quarter results were driven by record first-quarter commercial loan production, strong mortgage revenue and excellent credit quality," said Chairman and CEO Jim Ryan.