Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting fourth quarter net income of $47.5 million, compared to a net loss of $18.5 million during the same period the previous year. The parent of Old National Bank says the closing of its merger with KleinBank in Minnesota contributed to the earnings improvement.
Chief Executive Officer Bob Jones says the fourth quarter was punctuated by the second-highest commercial loan production in the company’s history.
"Old National’s strong 4th quarter capped a year of outstanding performance that included $283.2 million in organic commercial loan growth, positive operating leverage and strong credit and capital ratios," said Jones. "The 4th quarter also saw us continue to execute our growth strategy by closing on our KleinBank partnership, which effectively doubles our presence in the state of Minnesota."
Old National is also reporting full-year net income of $191 million, up from $95.7 million the previous year. You can connect to the full earnings report by clicking here.