Hoosier banks post increases in profit

Old National Bancorp, the largest Indiana-based bank, reported a 43% increase in second-quarter profit.

The Evansville-based bank, whose operating footprint includes 23 Indianapolis-area branches, reported profit of $63 million, up from $44 million during the same period a year earlier.

As of June 30, the bank had $12.1 billion in loans, unchanged from the previous quarter. As of June 30, 2018, the bank’s loans totaled $11.3 billion.

Old National said that it saw record commercial loan production and that both its commercial and industrial portfolios grew. But commercial real estate loan and consumer loan portfolios decreased.

On a conference call with analysts, CEO James C. Ryan III struck a cautious tone.

“As you come to expect from us, given the global backdrop and inconsistent economic data, we are also staying disciplined and continue to focus on lending in our footprint. We don’t believe this is the right time to get too aggressive on new commercial credit,” he said.

Several other Indiana-based banks also posted profit increases.

Muncie-based First Merchants Corp. reported second-quarter profit of $41.1 million, up from $39.6 million a year earlier.

First Merchants had $7.4 billion in loans as of June 30, up from $7.3 billion the previous quarter. As of June 30, 2018, the bank’s loans totaled $7.0 billion.

Warsaw-based Lakeland Financial Corp., which operates as Lake City Bank, reported second-quarter profit of $21.7 million, up from $20.1 million a year earlier.

The bank had $4.0 billion in loans as of June 30, up slightly from the $3.9 billion it reported at both the end of the previous quarter and on June 30, 2018.

Fishers-based First Internet Bancorp reported second-quarter profit of $6.1 million, up from $6.0 million during the same period a year earlier.

The bank had $2.9 billion in loans as of June 30, up from $2.8 billion at the end of the previous quarter. As of June 30, 2018, the bank’s loans totaled $2.3 billion.•

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