Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting first quarter net income of $56.3 million, up from $48 million during the same period last year. The parent of Old National Bank says the results were lower than expected due to $1.2 million in pre-tax charges for merger and integration activity.
The earnings report comes as Old National nears the transition from outgoing Chief Executive Officer Bob Jones, who announced his retirement in January, to his successor and current Chief Financial Officer, Jim Ryan.
"These strong results reflect the positive momentum that Old National enjoys as we transition to Jim Ryan as CEO," Jones said. "The transition is progressing extraordinarily well, and I’m incredibly confident in the future of the organization under Jim’s leadership."
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