Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting first quarter net income of $48 million, compared to $36 million during the same period a year earlier. The banking company also says it will consolidate 10 branches over the next two quarters and sell 10 others to Marine Credit Union of Wisconsin, a deal that is expected to close in the third quarter. Old National entered the Wisconsin market in 2016 with its largest-ever acquisition: a $460 million deal for AnchorBank that included nearly 50 Wisconsin branches.
Chief Executive Officer Bob Jones says the record Q1 performance was driven by factors including commercial loan growth, disciplined expense management and "excellent credit quality."
Old National says it paid $2.3 million in merger and integration charges and $2.8 million in branch consolidation charges during the first quarter of 2018. The company says it currently has $17.5 billion in assets with a footprint in Indiana, Kentucky, Michigan, Wisconsin and Minnesota. You can connect to more about the company’s first-quarter earnings report by clicking here.