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Wintrust Financial in Rosemont, Ill. reported higher second-quarter profit due to loan portfolio growth and higher mortgage banking revenues.
July 16 -
Merger-related expenses took a nearly $6 million bite out of third-quarter earnings at Wintrust Financial in Rosemont, Ill., but its chief executive predicted several recently completed deals will pay off sooner than anticipated.
October 19 -
The $22 billion-asset Winstrust said in a press release Thursday that it will pay $30 million in cash for the parent of the $125 million-asset Foundations Bank.
January 14 -
Like any self-conscious Chicagoan, Ed Wehmer is hoping his actions – in this case an advertising campaign at Wrigley Field – aren’t perpetuating the Chicago Cubs’ curse.
May 1
Wintrust Financial's fourth-quarter earnings fell 7% from a year earlier, to $35.5 million, as a revenue surge failed to offset the higher costs associated with recent acquisitions.
The results were a surprise to Wall Street, as analysts had expected the Wintrust, Ill., company to report earnings per share of 77 cents; instead it reported a per-share profit of 64 cents. Wintrust's shares were down more than 3% late Tuesday to $42.20.
The $22.9 billion-asset company reported noninterest expenses of $166.8 million, up 16.3% from a year earlier. In a press release Tuesday, it attributed the year-over-year increase to higher compensation and benefit costs associated with the deals, as well as increased equipment, occupancy and marketing expenses.
The company completed three acquisitions in 2015, totaling assets of roughly $1.1 billion. It also announced last week that it would
Chief Executive Ed Wehmer described 2015 as a "year marked by long-term investments." In addition to the acquisitions, the company created a new leasing division, built out a flagship office in downtown Chicago and embarked on multiyear branding sponsorships with cultural organizations and sports teams,
"These investments are expected to pay substantial dividends in the coming year and beyond," Wehmer said in the press release.
Net revenue was $232.3 million, up 10% from a year earlier. Net interest income was $167 million, up 9% as loan growth helped to offset net interest margin pressure. Loan balances increased 19% from a year earlier, to $17.1 billion, and nearly 5% from the third quarter 2015. Its net interest margin of 3.29% was down 17 basis points from a year earlier and 4 basis points from the third quarter.
Noninterest income was $65.1 million, up 13% from a year earlier, thanks largely to higher fees from interest rate swaps and operating leases.
