EVANSVILLE, Ind., April 27, 2009 (GLOBE NEWSWIRE) — Old National Bancorp. (NYSE:ONB) today reported first-quarter 2009 net income of $9.4 million, or $.08 per common share. Excluding $3.9 million from the impact of TARP preferred stock dividends and amortization, earnings per common share would have been $.14 per share. These results compare to fourth-quarter 2008 net income of $6.6 million, or $.10 per share, and $19.3 million, or $.29 per share, earned in the first quarter of 2008. Refer to Table 1 for Non-GAAP reconciliation of the adjusted first-quarter 2009 earnings per common share.
“The first-quarter of 2009 contained several significant positive events for Old National,” commented President and CEO Bob Jones. “The first of these events was our repurchase of the previously issued preferred stock from the U.S. Treasury as part of the Capital Purchase Program. This external validation of Old National’s strong capital position enables us to continue to fulfill our mission of serving as a community partner with integrity. The second event was the completed acquisition of Charter One’s Indiana franchise and the addition of approximately $428 million in core deposits to quarter-end numbers.
This acquisition adds 65 locations to our footprint and positions Old National with the third largest branch network in the state of Indiana.”
Jones continued, “We are also pleased with our first-quarter core operating results and our ability to exceed Wall Street consensus analyst estimates. We continue to focus on controlling credit costs and are pleased with the improvement in our ratio of loan loss reserves to total loans. Our core deposits experienced nice organic growth which demonstrates Old National’s viability and stability within our communities. In addition, the reduction in our cash dividend will solidify our capital position during these uncertain economic times.”
