Marshall & Ilsley Corp.'s third-quarter loss narrowed as it set aside less to cover potential losses.
The company also said President and Chief Executive Mark Furlong will assume the additional role of chairman, succeeding Dennis Kuester, who stepped down from the role Wednesday but will remain a director.
The Wisconsin-based regional bank posted its eighth-straight quarter in the red as results have improved, though not as much as at other banks. Like peers, it has set aside less to cover loan losses recently, lifting the bottom line.
Marshall & Ilsley posted a loss of $143.9 million, or 32 cents a share, compared with a year-earlier loss of $223.4 million, or 68 cents a share. Revenue dipped 1.3% to $610.5 million.
Analysts polled by Thomson Reuters most recently forecast an 26-cent-a-share loss on $571.3 million in revenue.
Loan-loss provisions were $431.7 million, down from $578.7 million a year earlier and $439.9 million the prior quarter. Net charge-offs, or loans lenders don't think are collectible, rose to 5.47% of average loans from 4.48% and 4.17%, respectively. Nonperforming loans, those near default, fell to 4.02% of total loans, from 4.88% and 4.36%.
As of Sept. 30, total loans and leases were down 14% from a year earlier as total deposits dropped 8.4%.
Shares closed Tuesday at $6.95 and were down slightly above 1% to $6.85 recent premarket trading. The stock is up 28% this year.
