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Corus Bankshares Inc. of Chicago reported Monday that its second-quarter earnings fell 11% from a year earlier, to $42.4 million.
Diluted earnings per share fell 10%, to 74 cents, but beat the average analyst estimate as reported by Thomson Financial by 13 cents.
The $9.4 billion-asset company, which lends almost exclusively to condominium developers, blamed the decline on the nationwide slowdown in residential housing.
During the quarter Corus charged off a $13 million loan on a condominium conversion project. It was just the second condo loan it had ever charged off. Corus said it plans to increase originations in the second half by lowering its rates.
Its net interest income fell 23%, to $66 million. Its loan-loss provision was $12 million, up from zero in last year's second quarter.
