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Old National Bancorp Q3 net income up YOY

Old National Bancorp reported third-quarter net income of $69.8 million, or 41 cents per share, compared to $51.3 million, or 34 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 34 cents.

The company incurred $1.3 million in merger and integration charges. Excluding these charges from the current quarter and netting out debt securities gains, adjusted net income was $70.5 million, or 41 cents per share.

On a fully taxable-equivalent basis, net interest income for the third quarter was $156.3 million, compared with $133.6 million in the year-ago period. Net interest margin on a fully taxable-equivalent basis for the third quarter increased year over year and stood at 3.57%, compared to 3.51% in the year-ago period.

Provision for loan losses for the quarter was $1.4 million, compared to $750,000 in the year-ago period. Net charge-offs to average loans during the quarter were 0.03%, compared with 0.06% in the 2018 third quarter.

Total loans at the end of the third quarter stood at $12.02 billion, compared to $12.05 billion at the end of the previous quarter and $11.29 billion at the end of the year-ago period.

Total deposits at the end of the third quarter stood at $14.45 billion, compared to $14.36 billion at the end of the previous quarter and $12.60 billion at the end of the year-ago quarter.