Old National hits record Q3 profit

(photo courtesy of Old National Bank)

EVANSVILLE, Ind. (Inside INdiana Business) — Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting record third quarter net income of $69.8 million, up from $51.3 million during the same period last year. The results mark the second consecutive quarter of record profit for the bank.

Chief Executive Officer Jim Ryan says the bank also saw record loan production for the quarter, which combined with other metrics allowed Old National to “generate positive operating leverage.”

“While loan prepayments and lower line utilization impacted overall balance sheet growth, activity levels were robust,” Ryan said in a news release. “Our granular loan portfolio and low-risk profile again led to low credit costs, and Old National remains on a path to high-performance.”

Ryan took over the role of CEO at Old National in May, following the retirement of Bob Jones. Ryan joined the bank in 2000.

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

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