Amcore Financial swoons after clocking Q1 net loss
Shares of Amcore Financial, Inc. (Nasdaq:AMFI) are getting pummeled today after the regional bank said this morning that it recorded a net loss for the first quarter, down from a net profit in the year ago quarter. Wall Street was expecting a net profit and higher revenues.
The Illinois-based bank attributed the earnings collapse to a proliferating portfolio of non-performing loans, as builders, developers and broader commercial real estate weakened.
Shares crumbled 22.5%, or $4.38, to $15.07 at 10:17 a.m. ET. For detailed price information and recent news stories about Amcore Financial, click AMFI.
