Old National Bancorp Swings To 4th Qtr Profit (ONB)

Evansville, Indiana-based Old National Bancorp ONB released financial results on Monday morning. Old National Bancorp announced that it swung to a 4th quarter profit, with net income of $5.7 million, or 7 cents per share, compared to a net loss of $9.3 million, or 11 cents per share, a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 11 cents per share. President and CEO Bob Jones said, "These positive 4th quarter results allowed Old National to solidify a profitable 2010 while maintaining our commitment to basic, client-focused community banking. I'm especially encouraged that our deposit balances for the quarter remained steady while loans -- especially residential real estate loans -- increased and loan charge-offs decreased compared to 4th quarter 2009." Old National Bancorp (ONB) finished the previous trading day at $11.15 per share. The consensus price target of analysts covering the company's stock is $11.43 per share. Old National Bancorp is the largest financial services holding company headquartered in Indiana and, with $7.5 billion in assets, ranks among the top 100 banking companies in the United States. Read more from Benzinga's Company news.