Taylor Capital Notes ‘Strong’ Q1 ABL Loan Growth
Taylor Capital Group, the parent company of Cole Taylor Bank, reported net income applicable to common shareholders was $7.7 million for the first quarter of 2012 as compared to $70.1 million for the fourth quarter of 2011. The bank noted that net income for the fourth quarter of 2011 included a $73.2 million reversal of the valuation allowance on the company’s net deferred tax asset.
“I am pleased to report net income at the bank for the fifth consecutive quarter and a record quarter for pre-tax, pre-provision operating earnings,” said Mark A. Hoppe, president and chief executive officer of the company. “In the first quarter, we continued to see impressive growth in our national business lines and continued improvement in credit quality. Our asset-based lending portfolio has also shown strong and consistent quarter over quarter growth since the bank started the division. In the first quarter, the division’s loans outstanding grew by $42 million, or 9%, and since March 31, 2011, loans outstanding have grown by $130 million, or 33%,” Hoppe added.
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