Old National Bancorp reports growth

Officials with Evansville-based company say boost seen in commercial loans, revenue

Evansville-based Old National Bancorp reported second-quarter net income of $38.9 million, down 0.5 percent from $39.1 million in net income in the second quarter of 2016.

This year’s second quarter net income was $0.28 per diluted share, down 3 cents from the same period a year earlier.

The second quarter financial report reflected about $500,000 in pre-tax branch consolidation charges and a $1 million pre-tax charge for a client experience improvement initiative.

Old National’s net interest income of $104.3 million was up 5 percent from last year’s second quarter total of $99.3 million.

“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,” said Bob Jones, Old National chairman and CEO.

The bank experienced growth in total loans and assets in the second quarter year over year, and year-over-year growth in total deposits.

Loans reached $9.2 billion, up from $8.8 billion in the second quarter of last year, a 4.5 percent increase.

Assets reached $14.96 billion, an increase from $14.42 billion during the January-March period in 2016, up 3.7 percent.

Deposits of $10.68 billion increased from $10.45 billion in last year’s first quarter, up 2.2 percent.

Old National Bancorp operates 188 Old National Bank branches, including four in Columbus: 4330 W. Jonathan Moore Pike, 501 Washington St., 2751 Brentwood Drive, and 3805 25th St., as well as offices in North Vernon and Seymour.