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Illinois Banks Improve but Weakest Are Vulnerable

Largest Illinois Banks

Here are the 10 largest banks headquartered in the state, along with key metrics as of Dec. 30:

BMO Harris BANK, NA of Chicago, is the largest bank headquartered in Illinois, with $94.8 billion in total assets as of March 31, and a 9% second-place deposit market share in the state, behind JPMorgan Chase Bank NA (the main banking subsidiary of JPMorgan Chase (JPM)) which had a 15.6% Illinois market share as of June 30, 2011, according to the most recent FDIC data.

BMO Harris Bank earned $100.5 million during the first quarter, for a rather weak return on average assets (ROA) of 0.46%, compared to 0.96% in the fourth quarter and a negative 0.15% in the first quarter of 2011. During the first quarter, the bank made a $190.6 million provision for loan loss reserves, increasing from $18.0 million the previous quarter, and $67.6 million a year earlier.

The second-largest Illinois bank is Northern Trust Co. of Chicago, which had $91.3 billion in total assets as of March 31, and is the largest subsidiary of Northern Trust Corp. (NTRS - Get Report). Northern Trust Co.'s first-quarter return on average assets (ROA) was 0.80%, declining from 0.92% the previous quarter, but increasing from 0.64% a year earlier.

The holding company Northern Trust Corp.'s shares have returned 6% year-to-date, through Friday's market close at $41.72. Based on a quarterly payout of 30 cents, the shares have a dividend yield of 2.88%. The shares trade for 1.5 times tangible book value, according to Thomson Reuters Bank Insight, and for 12 times the consensus 2013 earnings estimate of $3.45 a share. The Consensus 2012 EPS estimate is $3.01.

Interested in more on Northern Trust? See TheStreet Ratings' report card for this stock.

The next largest Illinois bank held by a publicly traded holding company is PrivateBank & Trust Co. of Chicago, which had $12.6 billion in total assets as of March 31, and is the main subsidiary of PrivateBancorp (PVTB - Get Report).

PrivateBank & Trust's first-quarter ROA was 0.68%, and the bank's nonperforming assets ratio was a relatively high 4.04% as of March 31, improving from 4.06% the previous quarter and 4.53% a year earlier.

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