Wintrust Financial in Rosemont, Ill., reported higher quarterly earnings after a trio of small acquisitions.
The $27 billion-asset company said in a press release Tuesday that its second-quarter profit increased by 24% from a year earlier to $64.9 million, or $1.10 a share.
Net interest income rose by 17% to $204.4 million. The company has added about $800 million in assets from Lake Forest Bank & Trust, First Community Bank and a small mortgage firm in Montana.
Total loans increased by 14% to $20.7 billion, including a 25% rise in commercial lending. The net interest margin expended by 17 basis points to 3.41%.
Wintrust said noninterest income increased by 6.1% to $90 million. Mortgage banking income slipped by 2.4% to $35.9 million.
Noninterest expenses rose by 7.3% to $183.5 million.
The loan-loss allowance fell by 2.2% to $8.9 million.
More acquisitions should be expected, Ed Wehmer, Wintrust’s president and CEO, said in the release.
“We continue to look for opportunities to further enhance the mortgage banking business both organically and through acquisitions,” he said.