DBRS: Old National earnings up

DBRS said that Old National Bancorp reported net income available to common shareholders of $9.6 million for the quarter, up from $5.5 million for the prior quarter, yet down from $19.5 million for Q2 2008.

On a sequential quarterly basis, earnings benefited from a 31% decrease in provisions for loan loss reserves and an 11% increase in fee revenues, partially offset by a 4 basis points narrowing of net interest margin to 3.59%, a $5.5 million increase in other than temporary securities impairment charges, and a 12% increase in non-interest expenses, the agency said.

DBRS said it views the results and current credit fundamentals as in line for its ratings - BBB (high) for issuer and senior debt - and stable trend.

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