Staff Reports
EVANSVILLE — Old National Bancorp reported second quarter 2019 net income of $63 million, or 36 cents per share, an increase of 43% from the second quarter of 2018.
Old National Bancorp, the holding company of Old National Bank, reported that net interest income on a fully taxable equivalent basis was $158.5 million, up 5.5%. Net interest margin on fully taxable equivalent basis was 3.66%.
“This was a quarter that saw Old National report record net income, strong loan production, good fee income and excellent credit metrics, all of which allowed us to continue to generate positive operating leverage, said Old National CEO Jim Ryan. “While loan prepayments and planned exits impacted overall balance sheet growth, activity levels were robust and we successfully covnerted our KleinBank-Minnesota branches during the quarter.”
Ryan said the company’s granular loan portfolio and low-risk profile again resulted in very low credit costs and Old National remains on a high performance path.
Pre-provision net revenue was reported at $81.6 million with non-interest expense at $128.1 million.
End-of-period loans were $12,084.5 million and second-quarter total commercial production was a record $628.0 million, the company reported.
Included in the second quarter were pre-tax charges of $3.2 million for merger and integration activity. Excluding these charges from the current quarter and netting out debt securities gains, adjusted net income was $64.5 million, or 37 cents per diluted share.
The company, with $20.1 billion in assets, is a top 100 U.S. bank, the largest Indiana-based bank and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for eight consecutive years. The company has locations in Indiana, including Columbus, along with Kentucky, Michigan, Minnesota and Wisconsin.
For more information, visit oldnational.com.
