Wintrust Financial (WTFC) in Rosemont, Ill., recorded higher quarterly profits on increased net interest income and benefits from buying Diamond Bancorp in Schaumburg, Ill.
The $18 billion-asset company said late Monday that its third-quarter earnings rose 10% from a year earlier, to $35.6 million. Earnings per share of 71 cents beat the estimates of analysts polled by Bloomberg by 7 cents.
Wintrust's net interest income rose 7% from a year earlier, to $141.8 million. Its loan portfolio increased 7% from Sept. 30, 2012, to $13 billion. The company's net interest margin widened by 7 basis points from a year earlier, to 3.57%.
Noninterest income fell 13% from a year earlier, to $54.7 million, as mortgage-related revenue and fees from covered call options fell.
Noninterest expenses rose 2% from a year earlier, to 127.2 million, because of increased costs tied to salaries and benefits, data processing and equipment.
Net chargeoffs, excluding covered loans from acquisitions, fell 37% from a year earlier, to $11.3 million.
Wintrust announced plans to buy the $165 million-asset Diamond Bancorp in July. Earlier this month, it bought certain assets and liabilities from California mortgage business Surety Financial Services.