Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Integra Bank reports 15% dip in Q1 income

Integra Bank has reported net income of $5 million for the first quarter of 2008, a decline of $0.8 million, or 14.5% from the fourth quarter of 2007.

The company said that the April 2007 acquisition of Prairie Financial and the recent change in credit conditions make comparisons to the fourth quarter of 2007 more meaningful than comparisons to the first quarter of 2007.

Returns on assets and equity were 0.59% and 5.99%, respectively for the first quarter of 2008, compared to 0.69% and 6.99%, respectively for the fourth quarter of 2007.

Net interest income was $23.5 million for the first quarter of 2008, compared to $24.7 million for the fourth quarter of 2007. Commercial loans increased by $63.4 million, or 16.2% for the first quarter of 2008. Non interest income was $10.7 million for the first quarter of 2008, compared to $7.5 million for the fourth quarter of 2007.

Mike Vea, chairman, president and CEO, said: Our earnings for the first quarter were below our expectations, largely as a result of our increased provision for loan losses.

Nonetheless, we were pleased with several components of our first quarter results. Our loan and low cost deposit growth rates were very strong in what is a very tough, declining economic environment.