Three regional banks with a strong presence in the Milwaukee market today reported mixed results in their second quarter earnings reports.
Chicago-based Northern Trust Corp. today reported quarterly net income of $181.9 million, or 75 cents per share, down from $191.1 million, or 78 cents per share, but above analysts’ expectations.
Frederick Waddell, chairman and chief executive officer of Northern Trust, said, “Our business continued to expand in the second quarter as trust, investment and other servicing fees, which represent 65 percent of revenue, increased 8 percent compared to last year and assets under custody and under management increased 20 percent and 15 percent, respectively.”
Pittsburgh-based PNC Financial Services Group Inc. today reported quarterly net income of $1.05 billion, or $1.85 per share, down from $1.12 billion, or $1.98 per share, in the same period a year ago.
“We delivered solid earnings in the second quarter of 2014,” said William Demchak, chairman, president and chief executive officer of PNC Bank. “We grew loans, our fee businesses performed well, expenses were well managed, credit quality continued to improve and capital levels strengthened. While our near-term outlook is for a continuation of the low interest rate environment, we are making important progress on our strategic priorities, which we expect will benefit our long-term performance.”
Minneapolis-based U.S. Bancorp’s quarterly net income rose to $1.5 billion, or 78 cents per share, from $1.48 billion, or 76 cents per share, in the same period a year ago.
“Total commercial loans and commercial real estate loans were both strong,” U.S. Bank CEO Richard Davis said. “We expect overall credit quality to remain relatively stable over the next few quarters.”
Commercial and industrial lending among U.S. banks increased $40.2 billion, or 2.38 percent, to $1.73 trillion in the four weeks ended July 2, after rising just 0.2 percent in the prior period, according to Federal Reserve data compiled by Bloomberg. The increase was the biggest since February.