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Illinois' Strongest and Weakest Banks

Next was Harris NA, held by Bank of Montreal (BMO - Get Report). It maintained its C-minus (fair) rating after posting a second-quarter loss of $44 million. After charging-off $248 million in problem loans in the fourth quarter, nonperforming loans crept up during the first and second quarters, leaving Harris with a nonperforming-assets ratio of 1.62% as of June 30. Loan-loss reserves covered 2.65% of total loans, well ahead of the 1.75% annualized ratio of net charge-offs to total loans for the second quarter.

The bank with the weakest asset quality among the 10 biggest in the state was Amcore Bank NA, a subsidiary of Amcore Financial (AMFI). Amcore was in serious trouble, with an 8.98% nonperforming-assets ratio and a total risk-based capital of 8.78% as of June 30. In late June, the bank agreed with the Federal Reserve and the Office of the Comptroller of the Currency to achieve and maintain a total risk-based capital ratio of 12% by Sept. 30.

Amcore is scheduled to release third-quarter results Oct. 27. While the company announced the sale of four branches in August, it has remained silent about compliance with its regulatory capital requirement.

Illinois Banks With Weakest Loan Quality

Fifteen Illinois institutions were included in's list of Undercapitalized Banks and Thrifts published Aug. 28 and based on June 30 financial reports. Of 116 undercapitalized institutions on the list, 13 have failed. From 89 banks and thrifts on a similar list published in May, more than half have been shuttered.

There were 23 Illinois banks and thrifts with nonperforming-assets ratios above 10% as of June 30. Nonperforming assets include nonaccrual loans, accruing loans past due 90 days or more, and repossessed real estate.
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