DBRS: Old National unchanged

DBRS said that the ratings for Old National Bancorp, including its BBB (high) issuer and senior debt rating, are unchanged following the release of the company's first quarter 2012 results.

The trend is stable.

Old National reported net income of $21.7 million, down slightly from $22.2 million for the fourth quarter of 2011 but up from $16.4 million for the first quarter of 2011, the agency said.

Specifically, DBRS said lower quarter-on-quarter earnings reflected a 1.8% decrease in total revenues and a $1.1 million increase in provisions for loan loss reserves, partially offset by a 2.6% decline in noninterest expense.

Despite the challenging operating environment, which continues to pressure loan growth, DBRS said that Old National's earnings generation reflects a relatively high net interest margin, stable fee income and positive trending expenses.

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