Old National Reports Strong 2015 Earnings
(Image courtesy of Old National.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Old National Bancorp (Nasdaq: ONB) is reporting net income of $116.7 million in 2015, up from $103.7 million the previous year. Chief Executive Officer Bob Jones says the company’s focus on execution that ended the year on a high note will continue into 2016.
Old National is also reporting fourth quarter 2015 net income of $32 million, up from $29.3 million during the same period in the previous year. Jones says the company’s acquisition of Anchor BanCorp Wisconsin Inc. (Nasdaq: ABCW) will help lead the way for growth this year.
"Our strong 4th quarter performance provides a fitting ending to 2015 – a year focused on execution," says Jones. Our continued loan growth, lower expenses and excellent credit quality metrics, combined with our latest partnership and entry into the state of Wisconsin, should position us for continued success in 2016."
The Anchor BanCorp acquisition was valued at approximately $460 million. It is the largest deal in Old National’s history and Jones said it will put the company in the middle of a "phenomenally good market."
"Our initial integration efforts in Wisconsin have reinforced our belief that not only is Old National entering dynamic markets, but we are doing so with a high quality team," adds Jones. "This expansion of our footprint will be supported through the continued focus on execution in our current markets, which will continue to be guided by the same strategic initiatives that led to our successful 2015: 1. Continue to grow organic revenue; 2.Improve the operating leverage of the Company; and 3. Prudent use of capital. We believe the partnerships we have closed to date position the franchise in growth markets where our community bank brand and style bode well for our future performance."