Corus Bankshares Inc. of Chicago said Tuesday that it had it earned $38.1 million in the fourth quarter, 39.6% more than a year earlier, and per-share earnings rose 32%, to $1.32, beating the average of analysts' estimates by 8 cents.
Full-year earnings jumped 41.1%, to $137.2 million, or $4.76 a share, up 40%. The company reported the data Tuesday and attributed the gains to asset growth and strong credit quality. Last year its assets increased 66.7%, to $8.5 billion. Commercial real estate loans rose 67.3%, to $4.4 billion - and it charged off no such loans.
Net interest income was up 64.9% for the quarter, to $71 million, and 60.9% for the year, to $244 million. Noninterest income was down 67.9% for the quarter, to $3.4 million, and down 45.6% for the quarter, to $27.9 million. Lower securities gains were blamed.
