Magazine article American Banker

Profits at Harris Up 4.2% from Year Ago

Magazine article American Banker

Profits at Harris Up 4.2% from Year Ago

Article excerpt

CHICAGO -- Second-quarter profits at Harris Bankcorp Inc. rose 4.2%, to $9,355,000 from $8,973,000 a year ago. On a per share basis, earnings totaled $1.41, up from $1.36 a year ago.

B Kenneth West, chairman of the Chicago-based bank holding company, said net interest income on a fully taxable equivalent basis increased 21% in the second quarter, to $59.77 million, because of a higher volume of average earning assets and improvement in the net interest margin.

Noninferest income in the second quarter rose ot $31.16 million from $27.02 million in the year-earlier period. Mr. West attributed the increase to growth in trust revenue, service charges on deposits, and charge card fees. These more than offset declines in bond trading profits and foreign exchange income, he said. Noninterest expenses rose to $67 million from $53.69 million a year earlier.

Mr. West said the second-quarter provision for credit losses was $4. …

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