Bank of Ky. posts $2.2M net income

Fueled by its acquisition of a rival, The Bank of Kentucky reported hefty increases in first-quarter assets and net income Monday.

For the three months ended March 31, the bank posted a net income of $2.2 million, up 11 percent from the same period last year. Assets, meanwhile, rose 53 percent to $778 million.

The bank bought Peoples Bank of Northern Kentucky last fall as Peoples struggled to minimize the damage from its relationship with former home builder Bill Erpenbeck, who relied heavily on Peoples in pulling off a $34 million check-diversion scheme.

Convergys revises expected earnings

Cincinnati's Convergys Corp. has announced a downward revision in its expected quarterly earnings because of the settlement of a long-standing lawsuit against one of its limited partnership interests.

Convergys' portion of the settlement will be $9.9 million, reducing first-quarter earnings projections from 25-28 cents a share to 21-24 cents a share.

Convergys said Friday that its Cingular Wireless division agreed to settle a $22 million lawsuit filed by Westside Cellular Inc. alleging that a group of defendants violated 1985 and 1993 orders from the Ohio Public Utilities Commission regarding service and market access.

Cingular Wireless is a 45-percent owner and general partner of Cincinnati SMSA Limited Partnerships, named in Westside's complaint.

Convergys received its interest in the cellular partnership as part of its spinoff from Cincinnati Bell in 1998.

Home builder's earnings high

Columbus-based home builder M/I Schottenstein Homes Inc. Monday reported first-quarter earnings that were the highest in the company's 27-year history.

In the quarter ended March 31, the home builder earned $17.8 million, or $1.23 a share, on revenue of $209 million, compared with earnings of $15.9 million, or $1.06 a share, on revenue of $215.6 million in last year's first quarter.

- From staff and wire reports