Old National Bank reports rise in third-quarter earnings

Tribune Staff Reports


Old National Bancorp reported third quarter 2017 net income of $39.4 million or 29 cents per diluted share.

That represents an increase of 13.4 percent over the third quarter of 2016 when Old National reported net income of $34.709 million, company officials said.

Included in the current quarter were pre-tax charges of $2.1 million for branch consolidations, $1.9 million for a client experience improvement initiative, $400,000 for merger and integrations and $300,000 in severance, the company said.

“This quarter is a good illustration of the transformation of the Old National franchise,” Old National Chairman and CEO Bob Jones said. “Our recent entry into many of the higher-growth markets in the Midwest is reflected in the strong commercial loan growth we have seen now for 10 quarters.”

The transformation will continue with an anticipated Nov. 1 closing with Old National’s newest partnership, which is with St. Paul, Minnesota-based Anchor Bancorp, Jones said.

Old National’s net interest income for the third quarter of 2017 totaled $108.5 million compared to $107.8 million in the third quarter of 2016.

Old National Bancorp is the holding company of Old National Bank, the largest financial services holding company headquartered in Indiana. With $15.1 billion in assets, it ranks among the top 100 banking companies in the United States.

Evansville-based Old National has banking centers in Indiana, Kentucky, western Michigan and eastern Illinois. The company operates a branch in Seymour.