Old National Bank Reports Q1 Loss
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Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting first quarter net loss of $27.6 million, compared to a net income of $86.8 million during the same period last year. The bank says the drop is primarily due to expenses related to its merger with Chicago-based First Midwest Bancorp Inc.
Old National says the merger-related expenses totaled $52.3 million. Despite the loss, Chief Executive Officer Jim Ryan says the bank saw commercial loan growth and strong credit metrics during the first quarter.
“We are positioned well for continued growth and investments that will benefit our clients, team members, communities and shareholders,” said Ryan.
In February, Old National and First Midwest completed their $6.5 billion merger. Together, the banks have $45 billion in total assets.
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