Taylor Capital Q2 Revenue Rises - Quick Facts

(RTTNews) - Taylor Capital Group, Inc. (TAYC), the parent company of Cole Taylor Bank, posted lower second-quarter net income applicable to common stockholders of $11.84 million, or $0.39 per share, versus $12.48 million, or $0.41 per share, a year ago. However, net income for the period grew year-over-year to $15.62 million, from $14.23 million. The company said the quarterly net income included a $5.4 million pre-tax, or $3.2 million after-tax expense for the early extinguishment of debt costs on prepaying $37.5 million of 8% subordinated notes.

Revenue totaled $87.2 million for the second quarter of 2013, up 33.7%, compared with $65.2 million in the 2012 second quarter. For the second quarter of 2013, net interest income after was $41.1 million, an increase of 12.9% from the prior year's $36.4 million, due mainly to growth in loan balances, the repayment of the Bank's $60 million of 10% subordinated notes in the third quarter of 2012 and lower deposit funding costs.

Noninterest income, excluding investment security gains and losses, was $46.1 million this quarter, compared with $28.9 million a year ago, up 59.5%, chiefly reflecting a $15.5 million increase in mortgage banking revenue.