Third-quarter income up for most publicly-traded banks in area

Third-quarter income up for most publicly-traded banks in area

Most banks in East Central Illinois with publicly traded stock are reporting increases in third-quarter net income.

Many say they're happy with third-quarter results, even though interest margins are squeezed and loan growth is only fair.

At Mattoon-based First Mid-Illinois Bank & Trust, CEO William S. Rowland said in a release he's "pleased" with loan growth "despite continued sluggish economic conditions."

As of Sept. 30, loan volume at First Mid-Illinois was up 4.5 percent from a year earlier.

Rowland said the bank shouldn't be adversely affected by this year's drought, which pushed crop yields below historical averages.

"It does not appear this will result in significant problems for First Mid because of the high level of operational expertise of our farm customers, the quality of their balance sheets and the fact that the vast majority of these customers maintained crop insurance," he said.

At PNC Bank, loans grew by 1 percent in the third quarter, "reflecting continued growth but at a slower pace," the company said.

MainSource Bank said core earnings in the third quarter were at the highest point in the history of the company.

Even so, "loan growth for the quarter remains a challenge," MainSource CEO Archie Brown Jr. said.

Terre Haute, Ind.-based First Financial Corp. was one of the few banking companies to have lower third-quarter net income than it had a year earlier. But it noted this year's results included income and expenses associated with the purchase of Freestar Bank on Dec. 30, 2011.

Here's an overview of bank performance in the quarter that ended Sept. 30 and how it compared with the same quarter a year ago:

— JPMorgan Chase: Net income of $5.7 billion, up from $4.3 billion; diluted earnings of $1.40 a share, up from $1.02 a share.

— PNC Financial Services Group: Net income of $925 million, up from $834 million; diluted earnings of $1.64 a share, up from $1.55 a share.

— Regions Financial: Net income of $301 million, up from $155 million; diluted earnings of 21 cents a share, down from 22 cents a share.

— Commerce Bancshares: Net income of $66 million, up from $65.4 million; diluted earnings of 75 cents a share, up from 72 cents a share.

— Old National Bancorp: Net income of $19.7 million, up from $16.8 million; diluted earnings of 20 cents a share, up from 18 cents a share.

— First Financial Corp.: Net income of $8.1 million, down from $9.8 million; diluted earnings of 61 cents a share, down from 75 cents a share.

— MainSource Financial Group: Net income of $7 million, up from $5.6 million; diluted earnings of 32 cents a share, up from 24 cents a share.

— First Mid-Illinois Bancshares: Net income of $3.65 million, up from $2.68 million; diluted earnings of 42 cents a share, up from 29 cents a share.

First Midwest Bancorp rescheduled its earnings release for Wednesday as a result of the East Coast storm and the weather-related closure of financial markets.

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