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Taylor Capital Group Inc. Reports Operating Results (10-Q)

August 08, 2012 | About:
10qk

10qk

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Taylor Capital Group Inc. (TAYC) filed Quarterly Report for the period ended 2012-06-30.

Taylor Capital Group Inc has a market cap of $487.2 million; its shares were traded at around $16.74 with a P/E ratio of 28.1 and P/S ratio of 2.1.

Highlight of Business Operations:

Net income applicable to common stockholders was $12.5 million, or $0.41 per diluted common share for the second quarter of 2012, compared to a net loss applicable to common stockholders of $3.9 million, or $0.19 per diluted common share, in the second quarter of 2011. For the six months ended June 30, 2012, net income applicable to common stockholders was $20.2 million, or $0.66 per diluted common share outstanding, compared to a net loss applicable to common stockholders of $5.9 million, or $0.32 per diluted common share outstanding, for the six months ended June 30, 2011. This increase in income applicable to common stockholders for the six months ended June 30, 2012, was primarily the result of strong mortgage banking revenue and a decrease in credit costs, which includes the provision for loan losses and nonperforming asset expense.

Average interest-earning assets during the second quarter of 2012 were $4.57 billion as compared to $4.25 billion during the second quarter of 2011, an increase of $324.4 million, or 7.6%. Average investment balances decreased $82.8 million, or 6.0%, between those two periods while average loan balances increased $407.9 million, or 14.2%.

Average interest-earning assets during the first six months of 2012 were $4.49 billion as compared to $4.27 billion during the first six months of 2011, an increase of $222.7 million, or 5.2%. Average investment balances decreased $78.6 million, or 5.8%, between those two periods while average loan balances increased $301.8 million, or 10.4%.

Total noninterest income was $31.9 million during the second quarter of 2012, compared to $6.4 million in the second quarter of 2011, an increase of $25.5 million, or 398.4%. This increase is primarily due to an increase in mortgage banking revenue generated from Cole Taylor Mortgage. Mortgage banking revenue totaled $23.0 million in the second quarter of 2012, an increase of $20.8 million from the second quarter of 2011, primarily driven by increased margins on mortgage originations and sales in the secondary market and an increase in loan fundings.

Net income for the Mortgage Banking segment for the six months ended June 30, 2012, was $12.8 million, an increase of $15.1 million from net loss of $2.3 million for the six months ended June 30, 2011. Net interest income increased $4.2 million, from $2.0 million for the six month period ended June 30, 2011 to $6.2 million for the six month period ended June 30, 2012 due to an increase in both held for sale and mortgage portfolio loans. Noninterest income also increased, from $3.8 million for the first six months of 2011 to $40.5 million for the first six months of 2012, an increase of $36.7 million. This increase reflects this segments expansion of its national platform, diversification of its revenue streams and sustained low mortgage interest rates. Noninterest expense increased from $9.5 million in for the six months ended June 30, 2011 to $27.1 million in for the six months ended June 30, 2012, an increase of $17.6 million, primarily due to increased salaries and employee benefits expense and incentive compensation expense due to additional headcount and an increase in production and performance based incentive compensation.

Read the The complete Report

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