Staff Reports
Old National Bancorp, the holding company of Old National Bank, has reported second quarter net income of $44 million, a 13.2 percent increase from the second quarter of 2017.
Earnings per share were reported at 29 cents, an increase of 3.6 percent from the second quarter of 2017.
Included in the second quarter was a pre-tax gain of $2.2 million for the sale of a student loan portfolio. Also included in the second quarter were pre-tax charges of $2.5 million for merger and integration and $1.3 million (net of $300,000 gain) for branch actions.
With a continued focus on expense management, company officials reported that nine branches located throughout the company’s footprint in Indiana, Kentucky, Michigan, Minnesota and Wisconsin were consolidated within the second quarter with one still pending in the third quarter.
Also, Old National is entering into the sale of 10 Old National branches in Wisconsin to Marine Credit Union of LaCrosse, Wisconsin. The branch sale includes assuming about $261 million in deposits and no loans.
Strong commercial loan growth that defined Old National’s overall growth market strategy over the past several quarters continued in the second quarter, the company said.
The Old National Bancorp board of directors announced its quarterly dividend of 13 cents per share payable Sept. 18 to stockholders of record as of Sept. 4.
Evansville-based Old National operates four bank branches in Columbus.
