Unibancorp Inc. said its net income fell 14 percent in the third quarter from a year earlier because of a continuing high number of nonperforming loans squeezed its interest margins.
Unibancorp, parent of UnibancTrust Co. and Hawthorne Bank of Wheaton, said earnings fell to $601,000, or 34 cents a share, from $698,000, or 43 cents a share, a year earlier.
Net income in the first nine months of 1985 totaled $1.89 million, or $1.10 a share, up 22 percent from $1.55 million, or 78 cents a share, a year earlier.
Donald D. Thornburg, president, said results in the third-quarter of 1984 included a net gain of $260,000 from nonrecurring items. Excluding that gain, he said, the 1985 results were up 37 percent from a year earlier.
Thornburg added that UnibancTrust`s bond trading and trust profits were stronger than expected in the quarter and that the Wheaton bank also posted better-than-anticipated profits.
Assets of the holding company totaled $554.5 million on Sept. 30, down from $627.4 million a year earlier. Loans dipped to $306.1 million from $306.7 million a year earlier, while deposits fell to $399.5 million from $437.4 million.
SQUARE D EARNINGS SKID 35% Square D Co. said its earnings declined 35 percent in the third quarter as its electronics business became a victim of the slumping semiconductor and computer markets.
The Palatine company said net income fell to $24.7 million, or 85 cents a share, from $37.7 million, or $1.31 a share, in the year-earlier period. The 1984 period included an aftertax gain of $598,000, or 2 cents a share, from a property sale.
Sales declined 5 percent, to $361.7 million from $378.9 million.
Dalton L. Knauss, chairman, said, ”We believe we have passed the bottom of the recession in the electronics industry and that business conditions will improve in the fourth quarter of this year and into 1986.”
He said the firm`s electrical-products business continued to show strength in the latest period.
