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Profit dips for Old National Bank

(photo courtesy of Old National Bank)

EVANSVILLE, Ind. (Inside INdiana Business) – Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting first quarter net income of $22.6 million, down from $56.3 million during the same period last year. The parent of Old National Bank is also committing $1.2 million to COVID-19 relief efforts. 

Chief Executive Officer Jim Ryan says while he is pleased with the bank’s first quarter progress and the implementation of its strategic initiatives announced earlier this year, they are focusing on supporting clients and communities during the pandemic. 

“With this goal in mind, we are giving $1.2 million to COVID-19 relief efforts – both immediate and near-term – while also working diligently to help our clients take advantage of our own internal relief programs and the various government support programs,” Ryan said in a news release. 

The bank says it is committing $600,000, which will focus on meeting the immediate needs in communities in which it has a presence, with an emphasis on low-to-moderate income communities.

An additional $600,000 will come in the form of Old National Bank Foundation grant funding, which will focus on “longer-term restorative and transformative needs within our communities.”

You can connect to the full earnings report by clicking here.