Monday's Financial Winners & Losers

Financial stocks were higher Monday, earnings news drove movements in several smaller stocks.

Old National Bancorp (ONB Quote) shares jumped 8% after the regional bank's first quarter earnings came in 81% over the year-ago period's. Although the net income was down sequentially, investors rewarded the bank for its balance sheet restructuring and staff reductions, sending shares up $1.26 to $17.06.

Midwestern bank PrivateBancorp(PVTB Quote) reported a net loss for the first quarter of $8.9 million. However, the bank also added a significant number of accounts and saw increases in revenue and client deposits. The good news buoyed shares 6.8% to $35.56, an increase of $2.25.

It hasn't been an easy ride as of late for student loans, but on Monday Student Loan Corp.(STU Quote) ticked up 10.5% on no discernable news. The student lender saw it shares move up $11.63 to $122.05.

Jefferies Group (JEF Quote) also bumped up 6% ahead of its earnings reports expected out later this week. The regional broker gained $1.07 to move to $18.99.

The NYSE Financial Sector index quietly moved up 89.19 to 7,838.96.

Elsewhere, other regional banks tumbled on less than impressive first quarters. The Bancorp (TBBK Quote) noted that its results were impacted by a combination of the Federal Reserve's rate cuts and the bank's attempt to build loan loss reserves. Shares were down 6% in early trading, but lately recovered and were only losing 3.2% to trade at $12.

Shares of small-cap bank First State Bancorporation(FSNM Quote) declined 15.1% after the bank's first-quarter earnings decreased 39% from a year ago, as its provision for loan losses increased. Investors sold off shares in the southwestern bank, as shares fell $1.79 cents to $9.98.