Old National details costs of Louisville shooting in Q2 report
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Evansville-based Old National Bancorp is reporting second quarter net income of $151 million, up from $111 million during the same period last year. The parent of Old National Bank said Tuesday it also incurred $3.4 million in expenses related to a fatal shooting at its downtown Louisville branch.
On April 10, an employee of the branch killed five people and wounded eight others, including two Louisville police officers. The gunman, 25-year-old Connor Sturgeon, was killed by police.
Later that month, the bank announced it would donate $1 million, the majority of which was earmarked to provide additional support and care for those impacted by the shooting.
In May, Old National said it was relocating its downtown Louisville branch to another location about a mile away.
“More than three months later, our ONB family continues to do our best to love, care and support one another,” the bank said in its quarterly earnings report. “Once again, Old National wants to say thank you to the countless individuals and organizations who have cared for and supported our family during this challenging time.”
The bank said it also saw $2.4 million in pre-tax charges related to its February 2022 merger with Chicago-based First Midwest Bancorp Inc.
CEO Jim Ryan said he is pleased with the bank’s results, which were bolstered by strong deposits.
“The strength of Old National’s deposit franchise was evident once again with a nearly 4% quarterly increase in total deposits that bolstered our already strong liquidity position,” said Ryan. “In addition, Old National continues to be well capitalized with disciplined expense management and strong credit metrics as we execute on our growth strategy and continue to serve our clients and communities with passion, strength and stability.”
You can connect to the full earnings report by clicking here.