Old National Reports Quarterly Loss, Lower Annual Profit
Old National Bancorp records a solid second quarter in fy 2019
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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 a fourth quarter net loss of $18.5 million, compared to a profit of $33.5 million in the same period in 2016. The bank says the results were affected by some $48 million in expenses including merger and consolidation costs and a deferred tax asset reduction.
Full-year net income in 2017 exceeded $95.7 million, compared to $134.3 million in 2017. Old National’s acquisition of Anchor Bancorp Inc. of Minnesota closed in November, adding to what Chief Executive Officer Bob Jones says wrapped up "a very successful 2017 with another strong quarter."
Jones adds "we are optimistic as we look ahead to 2018 given the strength of our franchise and the foundation we have built for sustained, positive operating leverage. While the immediate impact of the Tax Cut and Jobs Act is the necessary writedown of a portion of our deferred taxes, the positive impact that reduced taxes will have on Old National and our clients will be significant in 2018 and beyond. We are already hearing from our clients about increased investments in technology and other capital expenditures. This is a similar story for us, as we expect to use some of the benefit to enhance our client experience through increased investments in technology."
Old National says its total loan portfolio grew more than $2 billion in 2017. The parent of Old National Bank currently has 191 branches after consolidating 14 during the fourth quarter and says assets total $17.5 billion. You can connect to the full earning report by clicking here.