Taylor Capital Group Inc.'s (TAYC) net income applicable to common stockholders was $13.6 million or $0.44 per share, for the first quarter of 2013, compared to net income of $7.7 million or $0.26 per share, for the first quarter of 2012.
Income before income taxes was $28.3 million for the first quarter of 2013, compared to $15.8 million for the first quarter of 2012, an increase of 79.1%.
Net interest income was $40.7 million for the first quarter of 2013, compared to $35.8 million for the first quarter of 2012, an increase of 13.7%. The increase was primarily due to growth in loan balances, lower deposit funding costs and the repayment of the Bank's $60 million of 10% subordinated notes.
Noninterest income, excluding investment security gains and losses, was $39.7 million for the first quarter of 2013, compared to $23.1 million for the first quarter of 2012, an increase of 71.9%. The increase was primarily due to a $14.5 million increase in mortgage banking revenue.
Revenue totaled $80.4 million for the first quarter of 2013, compared to $58.9 million in the first quarter of 2012, an increase of 36.5%.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share on revenues of $41.78 million for the quarter. Analysts' estimates typically exclude special items.
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