Old National Bancorp reported second quarter net income of $39.1 million, or 31 cents per share, compared to $26.2 million recorded in the second quarter of 2015.
Several strategic milestones were completed in the second quarter of 2016, including the sale of ONB Insurance Group, doing business as Old National Insurance and closing on the partnership with Anchor BanCorp Wisconsin Inc., the company said.
The company announced its quarterly cash dividend of 13 cents per share, payable Sept. 16 to shareholders of record on Sept. 1.
“This was a quarter marked by significant milestones for Old National as we closed our largest partnership to date, completed the sale of our insurance group and ended our FDIC loss share agreement,” chairman and CEO Bob Jones said. “These actions — coupled with solid organic loan growth and a continued focus on expense management — allowed us to continue to grow our business in spite of the economic challenges facing all U.S. financial companies. Our shareholders also benefited by the increase in tangible book value even after the closing of our Anchor partnership.”
As of June 30, total period-end loans, including loans held for sale, increased $1.845 billion to $8.875 billion, increasing from $7,030 billion as of March 31. Organic loan growth during the second quarter was $199.1 million or 11.3 percent on an annualized basis.
At June 30, total period-end core deposits, including demand and interest-bearing deposits, increased $1.851 billion to $10.277 billion, compared to $8.422 billion at March 31. Total core deposits through partnership with Anchor were $1.953 billion as of the date of closing.
Net interest income for the second quarter of 2016 totaled $99.3 million compared to $85.6 million in the first quarter of 2016 and $92.1 million in the second quarter of 2015.
Old National Bancorp is the holding company of Old National Bank, the largest financial services holding company headquartered in Indiana. Founded in Evansville, the company has offices in Indiana, Kentucky, Michigan and Wisconsin, including a new office in Seymour at 1117 E. Tipton St. and a branch in Ewing.