Old National Bancorp today reported first-quarter earnings of $21.7 million, or 23 cents per diluted common share, a 32 percent increase from the $16.4 million, or 17 cents a share, posted for the same three months of 2011.
The Evansville-based parent of Old National Bank reduced the amount of money it set aside for bad loans to $2.06 million, or $1.25 million less than last year’s first-quarter loan loss provision.
Costs for the quarter ended March 31 included $800,000 of acquisition- and integration-related expenses and $1.9 million of net Integra-related other real estate owned expenses. On July 29, Old National acquired certain assets of Integra Bank N.A. from the Federal Deposit Insurance Corp. in an FDIC-assisted transaction.