Amcore Financial Inc. of Rockford, Ill., announced fourth-quarter earnings of $12.9 million, up 31%.
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Diluted earnings per share also rose 31%, to 51 cents, the $4.9 billion-asset company said Tuesday.
Full-year earnings of $45.7 million were up 5%, as was the $1.81 per share. The results beat the average analyst forecast of 49 cents for the quarter and $1.79 for the year.
Amcore said the 20 branches added in high-growth areas since April 2001 helped boost earnings. Its net interest income was up 10% for the quarter, to $39.6 million, and for the year, to $153 million. Noninterest income was up 3% for the quarter, to $19.3 million, but down 19% for the year, to $70.5 million.
