Old National Bancorp (ONB), the holding company for Old National Bank, Monday reported a loss for the fourth quarter, compared to a profit last year, reflecting lower revenues as well as higher non-interest expenses and provisions.
The Evansville, Indiana-based company's net loss attributable to shareholders for the fourth quarter was $9.32 million or $0.11 per share, compared to a profit of $6.35 million or $0.10 per share last year.
On average, seven analysts polled by Thomson Reuters expected loss per share of $0.12 for the quarter. Analysts' estimate typically excludes one-time items.
On a fully taxable equivalent basis, net interest income decreased 13.1% to $59.16 million from $68.05 million a year ago. Net interest margin on total average earning assets was 3.33%, compared to 3.96% for the fourth quarter of 2008.
Provision for loan losses rose to $21.82 million from $17.02 million in the previous year due mainly to a single non-real estate commercial loan loss of $12.0 million.
Total revenue slipped 9.3% to $95.77 million from $105.63 million a year ago. Four analysts estimated revenues of $93.14 million for the quarter.
Non-interest expense were $90.77 million, up 14% from $79.00 million in the comparable quarter last year, due primarily to salaries and benefits expense and occupancy expense associated with the Charter One branches acquired in 2009 as well as FDIC assessment expense.
For the fiscal year 2009, net income attributable to shareholders was $9.84 million or $0.14 per share, compared to $62.18 million or $0.95 per share a year ago. Net interest income for the year declined 4% to $252.23 million from $262.65 million in the previous year. Total revenue declined 3.2% to $415.69 million from $429.62 million last year.
Analysts estimated earnings of $0.13 per share, on revenues of $410.55 million for the full year.
The company also declared a quarterly cash dividend of $0.07 per share, payable March 15, 2010, to shareholders of record March 1, 2010. For purposes of broker trading, the ex-date of the cash dividend will be February 25, 2010.
ONB is currently trading at $11.68, down 0.36 or 2.99%, on a volume of 0.15 million shares on the NYSE.
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