Taylor Capital Group Inc. in Rosemont, Ill., reported a fifth straight quarterly loss Thursday, as bad loans mounted.
The $4.4 billion-asset company said that loans to residential developers deteriorated further in the quarter, and that its commercial and industrial loans weakened.
It lost $17 million, or $1.62 a share, compared with a loss of $29.3 million, or $2.78 a share, a year earlier.
Taylor Capital's provision for loan losses grew 30% from a year earlier but shrank 43% from the third quarter, to $30.3 million.
Nonperforming assets rose 173% from a year earlier and 6.5% from the third quarter, to $213.6 million at yearend. Residential construction and land loans made up 53% of the nonperformers, versus two-thirds a year earlier. But troubled commercial and industrial loans made up nearly 20% of the nonperformers, compared with 6.5% a year earlier.
Despite the credit deterioration, Bruce W. Taylor, Taylor Capital's chairman, said it made strides in its effort to increase commercial and industrial lending. Those loans increased 75% from a year earlier, to $1.5 billion. Loans overall increased 27.6%, to $3.2 billion.
For the year, Taylor Capital reported a loss of $143.4 million, or $13.72 a share, versus a loss of $9.5 million, or 89 cents a share, in 2007.