Wintrust Financial Corp.'s shares plunged to a 52-week low Monday after the Lake Forest, Ill., company reported that its third-quarter earnings fell 33% from the year earlier, to $9.9 million. Earnings per share fell 29%, to 40 cents.
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Concern about mortgage defaults caused the multibank holding company to reserve $6.7 million for estimated losses in its wholesale mortgage-banking business, he said. Nonperforming assets at Sept. 30 totaled $48.7 million, up nearly 36% from a year earlier.
Wintrust's shares closed down 6.3%.
