WHEELING, Ill. -- Cole Taylor Financial Group, the $1.6 billion-asset parent of Cole Taylor Bank and Cole Taylor Finance Co., reported first-quarter net income of $3.5 million, or 28 cents per share, an increase of 51% over $2.3 million, or 18 cents per share, a year ago.

Annualized return on average assets rose to 0.89%, up from 0.67% in the first quarter of 1993. Annualized return on average equity increased to 15.40% from 11.54% during the same periods.

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