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Old National Bancorp in Evansville, Ind., has agreed to acquire Founders Financial in Grand Rapids, Mich., for $88.2 million in cash and stock.
July 28 -
Old National Bancorp (ONB) in Evansville, Ind., has agreed to buy LSB Financial (LSBI) in Lafayette, Ind. The $9.6 billion-asset Old National will pay about $67 million, or $41.67 a share, in cash and stock for the $366 million-asset LSB.
June 4 -
Old National Bancorp (ONB) in Evansville, Ind., has agreed to buy United Bancorp (UBMI) in Ann Arbor, Mich.
January 8 -
Old National Bancorp in Evansville, Ind., has agreed to buy Tower Financial in Fort Wayne.
September 10
Old National Bancorp in Evansville, Ind., reported higher second-quarter profit as a result of recent acquisitions and on better fee income.
The $12.1 billion-asset bank's net income rose 39% to $26.2 million, or 22 cents per share, from a year earlier. That was two cents less than the average estimate of analysts polled by Bloomberg.
The earnings reflect Old National's acquisitions of
Net interest income rose 9% to $92.1 million, with purchase accounting discounts from its acquisitions contributing $15.6 million during the quarter. Net interest margin compressed 32 basis points to 3.75%.
Old National also cited loan growth in several markets, with notable increases coming in Indianapolis; Kalamazoo, Mich.; and Louisville, Ky.
Fee income rose 43.5% to $54.4 million, partly because of a reduction in the size of an FDIC indemnification asset and due to higher wealth-management fees.
Noninterest expense rose 11.8% to $109.7 million on costs related to the mergers. Old National also recorded a $4 million charge for branch sales and to close 16 branches. The efficiency ratio worsened to 70.52%.
