DBRS: Old National unchanged

DBRS said that the ratings for Old National Bancorp, including the BBB (high) issuer and senior debt rating, are unchanged following the release of 1Q11 results.

The trend is stable.

Reflecting a wider net interest margin, higher fee revenues lower expenses and stabilizing credit costs, Old National reported net income of $16.4 million for 1Q11, up from $5.7 million for 4Q10, the agency added.

Specifically, on a sequential quarter basis, improved 1Q11 earnings were attributable to a 7.9% increase in total revenues, a 53.4% decline in provisions for loan loss reserves and a 4.0% contraction in non-interest expense, the agency said.

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