First Bank System's Earnings Rose 19%; St. Paul Bancorp's Drop by That Much
Klinekerman, Steve, American Banker
Minneapolis-based First Bank System on Wednesday said third-quarter earnings rose 18.7%; to $108.1 million, while Chicago-based St. Paul Bancorp said its earnings slumped 1-9%, to $9 million.
The $26.3 billion-asset First Bank tweaked performance virtually across the board, posting front-running profitability.
However, St. Paul, a $4 billion-asset thrift, is still mired in the aftermath. of massive mortgage.
First Bank said annualized returns equaled 19,4% on average common equity, up a hearty 260 basis points from the year before, and 1.66% on average assets, up 25 basis points. Anthony Davis, a banking analyst at Dean Witter Reynolds Inc., said First Bank had turned in an outstanding performance.
Year over year comparisons were affected by the cash buyout of Chicago-based Boulevard Bancorp in March. Average loans grew only 2.7%, but repricing of prime-based credits and retail loan growth increased loan yield 58 basis points, to 8. …