Old National Bancorp, which has four branches in Columbus, reported third-quarter net income of $34.7 million, or 25 cents per share.
Those results included $5.5 million in pre-tax merger and integration charges related to the recently completed partnership with Anchor BanCorp Wisconsin.
The most recent results compare to net income of $39 million in the second quarter of 2016 and $37.7. million recorded in the third quarter of 2015. The company reported the second quarter of 2016 contained $7.2 million in pre-tax merger and integration charges.
The company announced its quarterly cash dividend of 13 cents per share, payable Dec. 15 to shareholders of record on Dec. 1.
Chairman and CEO Bob Jones said the third quarter results showed organic loan growth, increased tangible book value, well-controlled operating expenses and strong credit metrics.
“The fact that we achieved these gains in a challenging low-rate environment while successfully completing the conversion of Anchor is a testament to our ability to execute our growth plan,” Jones said.
The company is focused on improving efficiency, including a decision to consolidate an additional 15 banking centers in the first quarter of 2017, Jones said.
Total period-end loans, including loans held for sale, increased $90.9 million to $8.966 billion at the end of September, from $8.875 billion at the end of June. The increase represents a 4.1 percent annualized growth rate.
Total period-end core deposits, including demand and interest-bearing deposits, increased $208.9 million to $10.482 billion at the end of September, compared to $10.273 billion as of June 30.
For the third quarter of 2016, net interest income totaled $107.8 million compared to $99.3 million the second quarter of 2016 and $97.1 million in the third quarter of 2015.
Old National Bancorp, the holding company of Old National Bank, is the largest financial services holding company headquartered in Indiana. Founded in Evansville, the company has retail and commercial banking offices in Indiana, Kentucky, Michigan and Wisconsin.
For more information, visit oldnational.com.
