Wintrust Financial Corp., of Lake Forest, Ill., announced that its fourth-quarter earnings fell 20% from a year earlier, to $15 million.
Diluted earnings per share fell 24%, to 57 cents. The average estimate of analysts polled by Thomson Financial had called for earnings of 61 cents.
Full-year earnings fell just under 1%, to $66.5 million, and full-year earnings per share fell 7%, to $2.56.
The $9.6 billion-asset Wintrust said its fourth-quarter net interest margin declined 4 basis points from a year earlier, to 3.07%. The full-year margin dropped 6 basis points, to 3.1%.
Net interest income after provisions for loan losses rose 14% for the fourth quarter, to $63.5 million, and 15% for the full year, to $241.8 million. The fourth-quarter provision for loan losses grew 76%, to $1.9 million. Wintrust did not specify a reason for the increase, except to say that it was providing for "inherent losses" in the portfolio. The full-year provision grew 6%, to $7.1 million.
Noninterest income fell 19% for the quarter, to $19.4 million, and 2% for the full year, to $91.2 million. Wintrust attributed the decline to lower levels of securities trading income.
