Evansville's Old National Bank earnings down for 3Q 2008

Evansville Courier & Press

Old National Bank earnings fell in the third quarter compared to last quarter and last year, the company announced in a report today.

The Evansville-based bank reported earnings of $17 million for the third quarter of 2008, a nearly 24.8 percent decline from $22.6 million reported earnings in the same period last year. It marked a 12.8 percent dip from the $19.5 million earned in the second quarter of this year.

Earnings per share declined to $.26 in the third quarter 2008 from $.30 per share last quarter and $.34 a share in the third quarter last year.

Old National President and CEO Bob Jones said in the report that company performance remains strong given the current economic climate.

"We are pleased with our third quarter earnings performance given the unprecedented operating environment facing financial institutions today," he said in the release. "Our consistently executed strategy and prudent focus on risk management, evidenced by basically flat non-performing loans and a decrease in net charge-offs, has positioned us with a well capitalized, liquid balance sheet. In addition, we have produced gross revenue for the first nine months of this year that exceeds that of last year's by over 10 percent. Clearly, the fundamentals of our business model remain strong and should continue to produce solid underlying earnings support as we proceed through these difficult economic times."