Taylor Capital Group Inc., Chicago, reported that its strong overall performance in the third quarter was driven primarily by strong mortgage results from its Cole Taylor Mortgage division. The parent company saw its net income increase by 18 percent in the quarter.
In a press release announcing the results, Taylor Capital Group said its net income for the nine months ending Sept. 30, 2012, was $40.4 million. That was up considerably from the $8.8 million for the nine months ending Sept. 3o, 2011.
"Third-quarter pre-tax, pre-provision operating earnings reached a record $32.8 million resulting from another tremendous effort put forth by all facets of our company," said Mark Hoppe, president and chief executive officer of Taylor Capital Group.
Hoppe added, "These results reflect the ongoing success of our decisions to diversify revenue and to strengthen our core lines of business. Cole Taylor Mortgage, our mortgage division, continues to be a strong...