Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting first quarter net income of $36 million, up from $27 million during the same period the previous year. The bank says the sale of its Old National Insurance unit last year contributed to the year-over-year increase.
Old National says it redeployed the sale’s proceeds into the more profitable banking business partnership formed through the acquisition of Anchor Bank in Wisconsin. The earnings follow record full-year net income reported in January.
"With a 33% year-over-year increase in net income, strong commercial loan growth and well-controlled expenses, this was a strong 1st quarter for Old National and our stakeholders," said Bob Jones, chief executive officer of Old National. "This performance demonstrates our continued focus on execution and our commitment to driving shareholder value."
Last month, Jones told Inside INdiana Business Television he has a positive outlook for the company both in Indiana and beyond.