Sourced from Dubois County Free Press
Old National’s 2nd quarter results highlighted by 11.3 percent annualized organic loan growth and 5.5 percent increase in tangible book value.
Second Quarter 2016 Highlights:
• Earnings of $39.1 million, or $0.31 per common share
• Organic loan growth of 11.3 percent annualized
• Tangible book value1 increase of 5.5 percent even after closing on largest partnership in company history
• Current dividend yield of 4.0 percent
• Stable Core Net Interest Margin1
• Early termination of FDIC Loss Share Agreement
Old National Bancorp reported 2nd quarter 2016 net income of $39.1 million, or $0.31 per share. These quarterly results compare to net income of $27.0 million in the 1st quarter of 2016 and $26.2 million recorded in the 2nd quarter of 2015.
Old National accomplished several strategic milestones during the 2nd quarter. These include the sale of the ONB
Insurance Group, Inc.; closing on the partnership with Anchor BanCorp Wisconsin Inc. (“Anchor”); the early termination of our FDIC loss share agreements; and the continuation of rationalizing our branch franchise.
The company also announced its quarterly cash dividend of $0.13 per share. The dividend is payable September 6, 2016, to shareholders of record on September 1, 2016. For purposes of broker trading, the ex-date of the cash dividend is August 30, 2016.
“This was a quarter marked by significant milestones for Old National as we closed on our largest partnership to
date, completed the sale of our Insurance group and ended our FDIC loss share agreement,” said Chairman and
CEO Bob Jones. “These actions – coupled with solid organic loan growth and a continued focus on expense
management – allowed us to continue to grow our business in spite of the economic challenges facing all U.S.
financial companies. Our shareholders also benefitted by the increase in tangible book value even after the closing
of our Anchor partnership.”