Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting full-year net income of $134 million, up from $117 million the previous year. The bank says the successful acquisition and integration of Anchor BanCorp Wisconsin Inc., along with strong loan growth, contributed to the record performance.
The bank says the 15 percent increase represents the highest yearly earnings in its history. Old National is also reporting fourth quarter net income of $33.5 million, up from $32 million during the same quarter in 2015.
"A strong fourth quarter, driven by 6.1 percent annualized organic loan growth, capped a year of excellent growth for Old National," said Bob Jones, chief executive office of Old National. "Not only did we increase our net income by 15 percent over 2015 while maintaining exceptional credit quality and increasing our tangible book value by nearly 9 percent, we accomplished all of this while expanding our franchise into Wisconsin with the largest partnership in our history."
The $460 million acquisition of Anchor BanCorp closed in May. In addition to that deal, Old National says the $93 million sale of its Old National Insurance unit boosted its bottom line.
Old National also cut the ribbon on its new regional headquarters in downtown Indianapolis in 2016.