Cole Taylor swings to loss in 4Q

By Mary Ellen Podmolik
Posted Jan. 28 at 12:27 p.m.

Hit by increases losses in its credit portfolio, Taylor Capital Group Inc., the parent of Cole Taylor Bank, reported Friday a fourth-quarter loss of $38.5 million , or $2.21 a share, compared to year-ago quarterly earnings of $30.7 million, or $1.57 a share.

For the full year, the company lost $69.7 million, or $4.63 a share, compared with a 2009 net loss of $43 million, or $4.10 a share.

Driving the fourth-quarter loss was a $51.8 million provision for loan losses, which compared to a $18.1 provision in 2010’s third quarter. Nonperforming loans totaled $149.5 million, or 4.83 percent of total loans on Dec. 31, compared with $118.4 million, or 3.9 percent of total loans on Sept. 30.

Shares of Taylor Capital were trading at around $10.30 at midday  on Nasdaq, down more than 12 percent.

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