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Net Income Tops $46 Million at Sky Financial Group
BOWLING GREEN, Ohio -- Sky Financial Group Inc. yesterday reported third quarter net income of $46.1 million, or 43 cents per diluted share, compared to $41.6 million, or 46 cents per diluted share for the third quarter last year. Net income and diluted earnings per share for the third quarter 2004 reflect the completion of Sky's acquisition of Second Bancorp on July 1 and include $2.5 million in after-tax merger-related expenses, while last year's third quarter included $1.1 million of after-tax income from discontinued operations, officials said.Based on net income, return on average assets and return on average equity were 1.26% and 13.21%, respectively, for the third quarter of 2004, versus 1.31% and 18%, respectively, for the third quarter of 2003, officials said.Core operating earnings were $48.6 million for the third quarter, up 20.3% versus $40.4 million for the third quarter last year. Based on core operating earnings, return on average assets and return on average equity were 1.33% and 13.92%, respectively, for the third quarter, versus 1.35% and 17.51%, respectively, for the year-ago quarter, officials said."Our increase in core operating earnings from last year, despite the large decrease in mortgage revenues, reflects contributions from solid organic growth in our targeted loan and deposit portfolios, acceleration in our fee income excluding mortgage banking, consistent discipline in our credit quality and expense controls, and the very successful completion of our Second Bancorp acquisition," commented Marty E. Adams, chairman and chief executive officer. "We look forward to continued strong performance in the fourth quarter as we plan to complete our merger with Prospect Bank and expand our growing presence in the greater Columbus market." For the nine months ended September 30, 2004, Sky reported net income of $145 million, or $1.47 per diluted share, increasing from $115.2 million, or $1.29 per diluted share, reported for the first nine months last year. Net interest income for the third quarter was $122.5 million, up 21.5% from the third quarter last year. Visit Sky Financial Group Inc.: www.skyfi.com"