Old National profits dip in second quarter

EVANSVILLE, Ind. (Inside INdiana Business) – Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting a net income of $51 million during the second quarter, down from $63 million during the same period last year.

Old National says strong volume from the Paycheck Protection Program drove total loan balances higher and capital ratios remain strong.

“Old National’s strong 2nd quarter loan production was driven by our ability to help more than 9,400 new and existing clients secure Paycheck Protection Program funding, which resulted in financial assistance to nearly 160,000 of their employees,” said Old National Bancorp Chief Executive Officer Jim Ryan. “We also maintained strong credit metrics and capital ratios during the quarter while working to finalize our recently announced technology partnership with Infosys – a partnership that will accelerate and enhance our ability to provide powerful digital solutions to our clients.”

Earlier this month, Old National announced a partnership with India-based Infosys (NYSE: INFY), an information technology company. Old National says the partnership enables faster adoption of digital solutions and modernizes its existing technology infrastructure.

Included in the second quarter were pre-tax charges of $5.0 million for ONB Way.

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