Old National’s 2nd quarter net income increases 8.0% over prior quarter; includes 10% annualized commercial loan growth
Posted: Jul 25, 2017
Today Old National Bancorp (the “Company” or “Old National”) (NASDAQ:ONB) reported 2nd quarter 2017 net income of $38.9 million, or $0.28 per diluted share. Included in the current quarter were $0.5 million in pre-tax net branch consolidation charges and a $1.0 million pre-tax charge for a client experience improvement initiative. This current quarter net income represents an increase of 8.0% over the 1st quarter of 2017 net income of $36.0 million. During the 1st quarter, Old National incurred $1.4 million in pre-tax branch consolidation charges related to the 15 banking centers that were consolidated by the Company in January 2017.
“Our strong 2nd quarter results are reflective of our transformation into higher growth markets and executing on our stated initiatives,” said Old National Chairman and CEO Bob Jones. “With strong commercial loan growth and low credit costs, coupled with revenue growth and well-maintained expenses, this was a successful quarter of execution for Old National.”