Old National Bancorp reported first-quarter 2018 net income of $48.0 million, or $0.31 per diluted share. Included in the first quarter were pre-tax charges of $2.3 million for merger and integration and $2.8 million for branch consolidations. Excluding these items from the current quarter and netting out securities gains, Old National would have reported net income of $51.2 million, or $0.34 per share.
With a continued focus on expense management, 10 branches located throughout the footprint are scheduled to be consolidated; 9 in the second quarter and 1 in the third quarter of this year. In addition, Old National entered into a branch purchase and assumption agreement for the sale of 10 Old National branches in Wisconsin to Marine Credit Union of La Crosse, Wisconsin. The branch sale includes the assumption of approximately $274 million in deposits and no loans. Subject to regulatory approval and other terms and conditions, the sale is expected to close in the third quarter of 2018.
“Our record start to 2018 was driven by continued strong commercial loan growth, disciplined expense management, controlled deposit costs and excellent credit quality,” said Old National Bancorp Chairman and CEO Bob Jones. “In keeping with our ongoing focus on improving the operating dynamics of the franchise, we also announced our decision to sell 10 branches and consolidate an additional 10 branches throughout our franchise.”
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ONB 1Q18 Earnings Release