CHICAGO -- Harris Bankcorp of Chicago said it earned $26.4 million in the second quarter, up 14% from $23.2 million in the comparable 1991 period.
B. Kenneth West, chairman and chief executive officer of the Bank of Montreal affiliate, said the increase was fueled by higher net interest income and a $15.8 million gain from the sale of remaining claims on Mexico and Brazil.
Net interest income was up 8% from a year earlier, to $123.7 million. Average earning assets rose 8% to $11.95 billion and the net interest margin was essentially unchanged at 4.16%.
The company, with $13.2 billion in total assets, took an $11.8 million charge for the write-down of land and related preconstruction expenditures on a proposed new operations center in Chicago, which may not be completed.
