Old National Bancorp. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge Offs for the Fourth Quarter Ended December 31, 2011
January 30, 2012 at 09:07 am EST
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Old National Bancorp. reported earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income of $22.214 million or $0.23 per diluted share on total revenue of $128.721 million against net income of $5.726 million or $0.07 per diluted share on total revenue of $99.329 million for the same period a year ago. Income before taxes was $34.005 million against $8.957 million for the same period a year ago. Net interest income was $79.574 million against $57.124 million for the same period a year ago. Return on average assets was 1.01% against 0.31% for the same period a year ago. Return on average common equity was 8.64% against 2.57% for the same period a year ago. Book value per share was 10.92 compared to 10.08 for the same period a year ago. Adjusted income before taxes was $36.2 million. Adjusted net income was $25.9 million or $0.27 per share.
For the full year, the company reported net income of $72.460 million or $0.76 per diluted share on total revenue of $467.577 million against net income of $38.214 million or $0.44 per diluted share on total revenue of $402.048 million for the same period a year ago. Income before taxes was $111.583 million against $56.962 million for the same period a year ago. Net interest income was $284.962 million against $231.898 million for the same period a year ago. Return on average assets was 0.86% against 0.50% for the same period a year ago. Return on average common equity was 7.24% against 4.40% for the same period a year ago. Book value per share was 10.92 compared to 10.08 for the same period a year ago.
For the quarter, the company announced net charge offs was $8.5 million compared to $6.9 million for the same period a year ago.
Old National Bancorp is the holding company of Old National Bank, which is a commercial bank. Old National Bank operates banking centers located primarily across the Midwestern United States, including Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, and Wisconsin, among others. Old National Bank provides community banking services, including commercial, real estate and consumer loans, deposits and private banking, capital markets, brokerage, wealth management, trust and investment advisory services. Its lending activities include loans to individuals, which primarily consist of home equity lines of credit, residential real estate loans and consumer loans, and loans to commercial clients, which include commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing. Its deposit accounts include products, such as noninterest-bearing demand, interest-bearing checking and NOW, savings and money market, and time deposits.
Old National Bancorp. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge Offs for the Fourth Quarter Ended December 31, 2011