Old National in Evansville, Ind., reported higher quarterly profit due to securities gains and loan growth tied to its purchase of Anchor BanCorp Wisconsin.
The $14.4 billion-asset company said in a press release Monday that its net income rose 50% from a year earlier to $39.1 million, or 31 cents a share.
Noninterest income rose 70% to $93.3 million on securities gains and higher mortgage banking revenue and investment product fees.
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Old National Bancorp in Evansville, Ind., has negotiated an exit from its loss-share agreements with the Federal Deposit Insurance Corp.
June 23 -
Old National Bancorp in Evansville, Ind., will exit the insurance business after selling those operations to Prime Risk Partners.
May 2 -
Chris Bauer, who navigated Anchor BanCorp through bankruptcy and an IPO, will stay with Old National in an unspecified role. Old National, meanwhile, has added Wisconsin to the list of states where it is looking for acquisitions.
January 12 -
Old National Bancorp in Evansville, Ind., has agreed to buy Anchor BanCorp Wisconsin in Madison.
January 12
Net interest income increased 8% to $99.3 million. Total loans increased 30% after the company's
The loan-loss provision fell 42% to $1.3 million.
Noninterest expenses rose 11% to $121.4 million because of increases in salaries and employee benefits, professional fees, and real estate and loan expenses. Anchor's operational costs contributed $11.4 million to noninterest expenses during the quarter.
Old National also