Welcome to the Old National Bancorp First Quarter Earnings Conference Call. This call is being recorded and has been made accessible to the public in accordance with the SEC's Regulation FD.
The call, along with the corresponding presentation slides, will be archived for 12 months on the IR page at oldnational.com. A replay of the call will also be available beginning at 7:00 a.m. Central, on May 3 through May 17.
To access the replay, dial (855) 859-2056, conference ID code 86208935. Those participating today will be analysts and members of the financial community. At this time all participants are in a listen-only mode. Following management's prepared remarks, we will hold a question-and-answer session. At this time, the call will be turned over to Lynell Walton for opening remarks. Ms. Walton?
Lynell J. Walton
Thank you, Holly, and good morning, everyone, and welcome to Old National Bancorp's first quarter 2016 earnings conference call. Joining me are Jim Sandgren; Chris Wolking; Daryl Moore; Bob Jones; Jim Ryan; and Joan Kissel.
(Forward-Looking Cautionary Statements) Please refer to the forward-looking statement disclosure contained on Slide 3, as well as our SEC filings for a full discussion of the company's risk factors.
Additionally, as you review Slide 4, certain non-GAAP financial measures will be discussed on this call. References to non-GAAP measures are only provided to assist you in understanding Old National's results and performance trends and should not be relied upon as a financial measure of actual results.
Reconciliations for such non-GAAP measures are appropriately referenced and included within the presentation. Moving to Slide 5, our net income of $27 million and earnings per share of $0.24 in the first quarter of '16 represented nice increases over the first quarter of 2015.
Excluding merger and integration charges, our adjusted earnings were $28.1 million or $0.25 per share. As it relates to our 2016 initiatives, our first quarter saw gains in every area; Organic loan growth, year-over-year improvement in operational expenses and an increase in our tangible book value per share.
Each of these areas will be discussed in more detail later in the call. In addition to earnings, as noted on Slide 6, are two additional strategic announcements we made today. The first is that we have entered into an agreement to sell our insurance subsidiary to Prime Risk Partners.
The second is that we have closed on our AnchorBank partnership and officially entered the state of Wisconsin. This acquisition boosts our total assets to over $14 billion and adds 46 banking centers to our franchise.
Both of these strategic actions should have meaningful positive impacts on the growth dynamics of the franchise and improvement in both our operating leverage and capital position.
Bob will go into more detail on these actions later in his prepared remarks. With that brief overview, I'll now turn the call over to Jim Sandgren.
James A. Sandgren
Thank you, Lynell, and good morning, everyone. As Lynell noted, the first quarter saw Old National continue our positive momentum with regard to organic loan growth. In
Christopher A. Wolking
CFO and SEVP
Daryl D. Moore
CCO and EVP
James A. Sandgren
Chief Banking Officer and EVP
Lynell J. Walton
SVP and Director of IR
Robert G. Jones
CEO, President and Director
David J. Long
John V. Moran
Jon G. Arfstrom
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