Old National’s 1st quarter net Income increases 29% compared to 1st quarter 2015

Old National Bancorp reported a first quarter 2016 net income of $27.0 million, or $0.24 per share. These quarterly results compare to net income of $32.0 million in the 4th quarter of 2015 and $20.9 million recorded in the 1st quarter of 2015.

Old National also announced today that it has agreed to sell the company’s insurance agency subsidiary, ONB Insurance Group, Inc., d/b/a Old National Insurance, to Prime Risk Partners. Upon the completion of the transaction, Old National Insurance will operate under the name ONI Risk Partners. Included in the sale are Old National Insurance’s two third-party administrator subsidiaries, Employee Plans, LLC and JWF Specialty. The transaction is expected to close in the 2nd quarter of 2016, and is subject to customary closing conditions.

Additionally, Old National announced today that as of May 1, 2016, it has closed on its partnership with Anchor BanCorp Wisconsin Inc. (“Anchor”) in Madison, Wisc.  This partnership, which provides an entry point for Old National into the most vibrant communities in the state of Wisconsin, includes 46 banking centers and adds $1.7 billion in total loans and $1.8 billion in total deposits, based on March 31, 2016, balances.

Also today, the Company announced its quarterly cash dividend of $0.13 per share.  The dividend is payable June 15, 2016, to shareholders of record on June 1, 2016.  For purposes of broker trading, the ex-date of the cash dividend is May 27, 2016.

“These actions, when taken together, are examples of how Old National is focusing on creating sustainable long term value for our shareholders,” said Old National President and CEO Bob Jones.  “The sale of our insurance group should improve our efficiency ratio, allow us to increase our tangible book value and helps fund the cash portion of the Anchor partnership. Speaking of Anchor, this partnership is off to a great start and our optimism for the benefits that our shareholders will derive is very strong. We feel confident that given the quality of the quarter when combined with these actions, Old National is well positioned for a year of continued growth.”