Old National reports record first quarter net income


Tribune Staff Reports

Old National is reporting a record first quarter net income of $48 million for the first quarter of this year, a 33 percent increase from the same quarter a year earlier.

The company reported earnings per share of 31 cents, an increase of 14.8 percent from the first quarter of 2017.

Included in the first quarter were pretax charges of $2.3 million for merger and integration and $2.8 million for branch consolidations, the company reported. Excluding those items from the current quarter and netting out securities gains, Old National would have reported net income of $51.2 million, or 34 cents per share.

With a continued focus on expense management, 10 branches located throughout the company’s footprint are scheduled to be consolidated — nine in the second quarter and one in the third quarter of this year, the company reported.

Old National also has entered into a branch purchase and assumption agreement for the sale of 10 Old National branches in Wisconsin to Marine Credit Union of LaCrosse, Wisconsin. The branch sale includes the assumption of about $274 million in deposits and no loans, the company said.

Subject to regulatory approval and other terms, the sale is expected to close in the third quarter of this year.

Old National Bancorp, the holding company of Old National Bank, is the largest financial services holding company headquartered in Indiana. With $17.5 billion in assets, it ranks among the top 100 banking companies in the United States. It was founded in Evansville in 1834, and today, its footprint includes Indiana, Kentucky, Michigan, Wisconsin and Minnesota, including a location in Seymour.

For information, visit oldnational.com.

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