Old National Bancorp. Announces Unaudited Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017
January 23, 2018 at 08:01 am EST
Share
Old National Bancorp. announced unaudited earnings results for fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $118,556,000, income before taxes of $21,912,000, net loss of $18,493,000 or $0.13 per diluted share, negative return on average assets of 0.45%, negative return on average common equity of 3.51% compared to the net interest income of $109,917,000, income before taxes of $48,166,000, net income of $33,456,000 or $0.25 per diluted share, return on average assets of 0.91%, return on average common equity of 7.33% for the same quarter a year ago. Interest income was $135,134,000 against $121,849,000 for the same period a year ago. Adjusted income before income taxes was $45.0 million, net income was $32.7 million or $0.22 per share.
For the year, the company reported net interest income of $437,168,000, income before taxes of $168,664,000, net income of $95,725,000 or $0.69 per diluted share, book value per share of $13.42 as on December 31, 2016, return on average assets of 0.63%, return on average common equity of 4.98% compared to the net interest income of $402,703,000, income before taxes of $200,426,000, net income of $134,264,000 or $1.05 per diluted share, return on average assets of 0.98%, return on average common equity of 7.84% for the previous year. Interest income was $495,336,000 against $447,134,000 for the same period a year ago. Tangible common book value per share was $8.37 against $8.30 a year ago.
The company recorded a net charge-offs of $0.8 million in the fourth quarter of 2017.
Old National Bancorp is the holding company of Old National Bank, which is a commercial bank. Old National Bank operates banking centers located primarily across the Midwestern United States, including Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, and Wisconsin, among others. Old National Bank provides community banking services, including commercial, real estate and consumer loans, deposits and private banking, capital markets, brokerage, wealth management, trust and investment advisory services. Its lending activities include loans to individuals, which primarily consist of home equity lines of credit, residential real estate loans and consumer loans, and loans to commercial clients, which include commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing. Its deposit accounts include products, such as noninterest-bearing demand, interest-bearing checking and NOW, savings and money market, and time deposits.
Old National Bancorp. Announces Unaudited Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017