Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting record third quarter net income of $51.3 million, up from $39.4 million during the same period last year. Chief Executive Officer Bob Jones says the more than 30 percent increase positions the company for continued growth.
Old National says its net income would have been slightly higher, but the gains were offset by pre-tax charges related to its announcement in April of plans to sell 10 of its branches to Wisconsin-based Marine Credit Union. That sale, the company says, is expected to close this week.
"Our record earnings for the quarter were highlighted by positive operating leverage, a modest increase in core deposit costs, stable credit, and a continued focus on expense control," Jones said in a news release. "We were also pleased to see a 21% increase in year-over-year adjusted pre-provision net revenue. While loan balances were stable for the quarter, our loan pipeline at quarter-end remained strong."
You can view the full third quarter earnings report by clicking here.