Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting third quarter net income of $37.7 million, compared to $29.1 million during the same quarter last year. The company says the results were affected by the completion of sales involving 17 banking centers, which totaled $194 million in loans and $555 million in deposits.
Without the impact of branch sales, consolidations and integration activity, Old National says its net income would have been $29.4 million in the quarter.
Chief Executive Officer Bob Jones says "this was a quarter that saw us continue to execute successfully on our organic growth strategy. Our loan portfolio saw continued growth, along with excellent credit metrics. We believe this, along with the reduction in our expenses, positions us well for 2016 and beyond."
The company says its primary initiatives for 2015 are: 1. Continue to grow organic revenue; 2. Improve operating leverage; and 3. Prudent use of capital, all while maintaining a strong credit culture.
Old National has significantly expanded its footprint in Indiana and Michigan over the last two years acquiring LSB Financial Corp. in Lafayette Michigan-based United Bancorp Inc. and Tower Financial Corp. in Fort Wayne. In January, its insurance subsidiary acquired Kentucky Kentucky-based Mutual Underwriters Insurance. It also has banking centers in western Kentucky and Louisville, as well as east central and central Illinois.