Wintrust Financial Corp. in Lake Forest, Ill., said Wednesday that its fourth-quarter earnings rose 4% from a year earlier, to $15.6 million.
Earnings per diluted share rose 14%, to 65 cents.
Like most other banking companies, the $9.4 billion-asset multi-bank holding company reported an increase in nonperforming loans. Its nonperformers more than doubled, to $75.7 million at yearend.
As a result, Wintrust's fourth-quarter provision for loan losses jumped 226%, to $6.2 million.
For the full year, Wintrust's earnings fell 16%, to $55.7 million, and the company took a $14.8 million provision.
"The fourth-quarter results were acceptable, given the current economic environment," said Edward J. Wehmer, Wintrust's president and chief executive.
"For over two years we have been predicting the coming of this credit cycle and believe that we have positioned the company appropriately."
