Wintrust Financial in Rosemont, Ill., rode strong gains in both interest and fee income to a record profit in the third quarter.
The $25.3 billion-asset holding company said Monday that its net income for the quarter jumped 39% from the same period last year, to $53.1 million, while earnings per share climbed 33%, to 92 cents. Net revenue increased 18% year over year, to $271 million.
The growth was fueled largely by a 20% increase in total loans, to $19.1 billion, that was aided by its August acquisition of $554 million in performing loans and related relationships from an affiliate of GE Capital Franchise Finance. That increase in total loans helped to boost net income by 11.5% year over year, to $184.6 million.
Noninterest income rose 33.4% to $86.6 million as the company posted double-digit gains in mortgage-banking revenue and a 6% increase in wealth management revenue.
Wintrust has acquired six banks since the start of 2015 and President and Chief Executive Edward J. Wehmer said in a news release Monday that the company would continue to pursue "strategic acquisitions." Wintrust agreed in July to buy $178 million-asset First Community Financial in Elgin, Ill., for $30.3 million in cash. That deal that is expected to close in the fourth quarter.