The Ohio bank's total deposits grew, unlike at some other regionals, and CEO Stephen Steinour said its 28-basis-point increase in overall funding costs will pay off.
The move toward more asset-based finance shows how CEO Craig Dahl, in his second year at the helm, is reshaping the Minnesota company after its surprise exit from auto lending last year.
After nearly two years of sputtering commercial loan growth, regional bankers are counting more than ever on expanding their portfolios of personal loans and other types of consumer credit.
The Waterbury, Conn., company also posted a double-digit gain in net interest income thanks to a 7% increase in commercial loan balances and a widening net interest margin.
