First-quarter earnings up for most area banks

First-quarter earnings up for most area banks

Most publicly traded banking companies in East Central Illinois reported increases in first-quarter earnings this year.

The notable exceptions were Commerce Bancshares, MainSource Financial Group and First Busey Corp. In each case, first-quarter earnings were down from a year ago.

At First Mid-Illinois Bancshares, first-quarter earnings remained flat, though the company's net income went up.

Loan volume hasn't changed much from a year ago at many of the publicly traded banks, particularly those headquartered in Illinois and Indiana.

Two companies — Commerce Bancshares and PNC Financial Services Group — had significant percentage increases in loan volume, and others had marginal increases. But many banks had fewer loans on the books than a year earlier.

Here's a summary of first-quarter earnings reports for publicly traded banking companies with a presence in East Central Illinois:

— JPMorganChase, the New York-based parent of Chase, had net income of $6.5 billion, up from $4.9 billion a year earlier. Earnings were $1.59 a share, up from $1.19 a share. Loan volume was up 1.1 percent from a year earlier.

— PNC Financial Services Group, the Pittsburgh-based parent of PNC Bank, reported net income of $1 billion, up from $811 million a year earlier. Diluted earnings were $1.76 a share, up from $1.144 a share. Loan volume was up 5.8 percent from a year earlier.

— Regions Financial, the Birmingham, Ala.-based parent of Regions Bank, had net income of $335 million, up from $199 million in the first quarter of 2012. Earnings were 23 cents a share, up from 11 cents a share. Loan volume was down 3.6 percent from a year earlier.

— Commerce Bancshares, the Kansas City, Mo.-based parent of Commerce Bank, reported net income of $60.8 million, down from $66.8 million a year earlier. Earnings were 67 cents a share, down from 70 cents a share. Loan volume was up 7.9 percent from a year earlier.

— Old National Bancorp, the Evansville, Ind.-based parent of Old National Bank, had net income of $23.9 million, up from $21.7 million a year earlier. Earnings were 24 cents a share, up from 23 cents a share. Loan volume was down 1.6 percent from a year earlier.

— First Midwest Bancorp, the Itasca-based parent of First Midwest Bank, reported net income of $14.6 million, up from $7.9 million a year earlier. Diluted earnings were 20 cents a share, up from 11 cents a share. Loan volume was down 0.5 percent from a year earlier.

— First Financial Corp., the Terre Haute, Ind.-based parent of First Financial Bank, had net income of $7.7 million, up from $7.4 million in the first quarter of 2012. Earnings were 58 cents a share, up from 56 cents a share. Loan volume was down 1.6 percent from a year earlier.

— First Mid-Illinois Bancshares, the Mattoon-based parent of First Mid-Illinois Bank & Trust, had net income of $3.53 million, up from $3.39 million a year earlier. Earnings were 41 cents a share, unchanged from a year earlier. Loan volume was down 0.9 percent.

— First Busey Corp., the Champaign-based parent of Busey Bank, had net income of $6.4 million, down from $7.6 million a year earlier. Earnings were 6 cents a share, down from 8 cents a share. Loan volume was up 2.7 percent from a year earlier.

— MainSource Financial Group, the Greensburg, Ind.-based parent of MainSource Bank, had net income of $4 million, down from $6 million a year earlier. Earnings were 19 cents a share, down from 32 cents a share. Explaining the lower income, a release from the bank said it prepaid a $15 million Federal Home Loan Bank advance and incurred a $2.2 million prepayment penalty. It also reported $750,000 in costs and write-downs associated with the closing of eight branches, including one in Covington, Ind. Loan volume was up 0.9 percent from a year earlier.

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David Illinois wrote on May 01, 2013 at 7:05 am

Busey Bank executive pay was greatly increased, while profitability was declining.  Nice!