Old National Bancorp reported first quarter 2017 income of $36 million, or 27 cents per diluted share, which is a 33.4 percent increase over $27 million in net income, or 24 cents per diluted share, in the first quarter of 2016.
Included in the current quarter were $1.4 million in pre-tax branch consolidation charges related to 15 banking centers that were consolidated in January.
Contributing to the year-over-year increase was the proceeds from the sale of Old National’s insurance subsidiary into the more profitable banking business with the Anchor Bank partnership. Both transactions closed in the second quarter of 2016.
Net interest income for the first quarter totaled $105.8 million compared to $85.6 million in the first quarter of 2016. Total non-interest income for the first quarter was $42.9 million, compared to $49.5 million in the first quarter of 2016.
Old National Chairman and CEO Bob Jones said the first quarter was strong for Old National and its stakeholders.
“This performance demonstrates our continued focus on execution and our commitment to driving shareholder value,” Jones said.
The board of directors declared the quarterly cash dividend of 13 cents per share on the company’s outstanding shares of common stock. The dividend is payable June 15 to shareholders of record on June 1. Based on Old National’s closing price of $17.20 on April 26, the quarterly dividend represents an annualized dividend yield of 3 percent.
Old National is the holding company of Old National Bank, the largest financial services holding company headquartered in Indiana. With $14.9 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 four bank branches in Columbus.