Old National Bancorp. (ONB) reported first-quarter net income of $23.9 million, or $0.24 per share, compared to net income of $21.7 million, or $0.23 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
The company reported provision expense in the quarter of $0.8 million, compared to $2.1 million in the same quarter last year.
Net interest income on a fully taxable equivalent or FTE basis rose to $79.0 million, compared $74.2 million in the year ago quarter. Fees, Service Charges and Other revenues for the quarter slid to $45.30 million, from to $48.42 million in the prior year.
Meanwhile, total revenue on FTE basis for the quarter was $129.27 million, up from $126.45 million in the year ago quarter. Seven analysts had consensus revenue estimate of $130.53 million for the quarter.
In addition, the company said its Board has authorized a dividend of $.10 per share on the Company's outstanding shares. The dividend is payable June 17, to shareholders of record on June 3, 2013.
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