Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Old National Bancorp > News item |
Fitch affirms Old National
Fitch Ratings said it affirmed Old National Bancorp's long-term issuer default rating at BBB, short-term issuer default rating at F2, viability rating at bbb, support rating at 5 and support floor at No Floor and St. Joseph Capital Trust I and II's preferred stock at BB-. The outlook is stable.
The agency said the affirmation reflects Old National's improved profitability and the maintenance of adequate capital ratios over the last year. Old National's return on average assets increased to 0.86% in 2011 from 0.50% in 2010. Fitch attributed this improvement to higher net interest income, lower provisioning for credit losses and higher non-interest income, partially offset by modestly higher overall expenses.
Much of Old National's improvement in profitability over the course of the last year can be attributed to its acquisitions of Monroe Bancorp in early 2011 and Integra Bancorp in July 2011, Fitch said. The agency noted, however, that Old National's acquisitions have not gone completely smoothly, as there has been some adverse credit development on commercial real estate related credits from the company's Monroe acquisition.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.