EVANSVILLE — Old National Bancorp reported third quarter 2020 net income of $77.9 million or 47 cents per diluted share. That represents an increase of 11.6% over the third quarter of 2019, when Old National reported net income of $69.8 million, company officials said.
Included in the current quarter were pre-tax charges of $2.9 million, the Evansville-based bank said. Earnings, adjusted for non-recurring gains, were 46 cents per share.
The results beat Wall Street expectations, according to The Associated Press. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
“Our excellent 3rd quarter results are not only a testament to our ONB Way strategy and the overall strength of our organization, they are an indicator of the strength and resiliency of the clients and communities we serve,” said Old National Chairman and CEO Jim Ryan in a statement. “More specifically, our quarterly success was driven by very strong commercial production throughout the franchise and outstanding credit metrics that actually resulted in net recoveries.”
Old National’s net interest income for the third quarter of 2020 totaled $145.6 million, compared to $153.1 million in the third quarter of 2019.
The holding company also reported that interest and net fees from the federal Paycheck Protection Program had a positive impact of $8.8 million on net interest income in the third quarter, but had a net neutral impact on the interest margin.
Old National Bancorp shares have decreased 25% since the beginning of the year, according to wire reports. The stock has fallen 19% in the last 12 months.
Old National Bancorp is the holding company of Old National Bank, the largest financial services holding company headquartered in Indiana. With $22.5 billion in assets, it ranks among the top 100 banking companies in the United States, the company said.
Old National has banking centers in Indiana, Kentucky, western Michigan and eastern Illinois. The company operates two bank branches in Columbus.
