Saturday, July 17, 2004

Bank of Kentucky parent reports 4% gain in profits

By Jeff McKinney
Enquirer staff writer

Loan growth helped the parent of the Bank of Kentucky post a 4 percent gain in second-quarter profits.

The Crestview Hills-based Bank of Kentucky Financial Corp. reported Friday that it earned $2.6 million, or 43 cents a share, up from $2.5 million, or 42 cents a share, in the same 2003 period.

The bank said the higher profits came as net interest income rose 13 percent to $7.3 million in the quarter, fueled by a 13 percent gain in loans outstanding. Quarterly fee income for the Bank of Kentucky dropped 16 percent to $2.2 million, mainly caused by a 53 percent reduction on the gain on the sale of mortgage loans as higher interest rates slowed refinancing activity.

The Bank of Kentucky, with assets of $833 million, operates 26 branches in Northern Kentucky.

Winton Financial Corp. - Lower fee income caused the parent of Winton Savings and Loan Co. to post a drop in fiscal third-quarter profits.

The Monfort Heights-based company earned $1.2 million, or 26 cents per share, down from $1.5 million, or 32 cents a share, during the same year-ago period.

Winton said non-interest income fell to $685,000, down from $1.2 million and mortgage banking income fell 75 percent to $249,000 from $1 million a year ago.

Winton's net interest income rose 4.7 percent to $3.97 million.

Winton Savings has seven branches and two lending offices in Southwest Ohio and Southeast Indiana.

Huntington Bancshares Inc. - Better credit quality and deposit growth helped the parent of Huntington National Bank report a 14 percent rise in second-quarter earnings.

The Columbus-based banking company made $110.1 million, or 47 cents a share, up from $96.5 million, or 42 cents a share, last year.

Huntington's provision to cover problem loans dropped to $5 million from $49.2 million in the 2003 second quarter.

Huntington also said this week it would boost its quarterly cash dividend to 20 cents per common share, up from 17.5 cents. The new dividend is payable Oct. 1 to shareholders of record Sept. 17.

KeyCorp - Higher gains in investment banking fees and lower expenses helped the parent of Key Bank post a 6.2 percent gain in second-quarter profits.

The Cleveland-based banking company earned $239 million, or 58 cents a share, compared with $225 million, or 53 cents a share, during the same period a year ago.

KeyCorp has put more emphasis on developing its investment banking business. The company also was helped by a drop in loan losses and a 10 percent rise in fee income.

Key Bank operates 23 branches in Greater Cincinnati.


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