Wintrust Financial Corporation (WTFCW) has reported 53.77 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $54.61 million, or $0.94 a share in the quarter, compared with $35.51 million, or $0.64 a share for the same period last year.
Revenue during the quarter grew 20.37 percent to $268.70 million from $223.24 million in the previous year period. Net interest income for the quarter rose 14.10 percent over the prior year period to $190.78 million. Non-interest income for the quarter rose 31.01 percent over the last year period to $85.28 million.
Wintrust Financial Corp has made provision of $7.35 million for loan losses during the quarter, down 18.87 percent from $9.06 million in the same period last year.
Net interest margin contracted 5 basis points to 3.21 percent in the quarter from 3.26 percent in the last year period. Efficiency ratio for the quarter improved to 65.36 percent from 71.39 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Edward J. Wehmer, president and chief executive officer, commented, "Wintrust reported record net income of $54.6 million for the fourth quarter 2016 and record annual net income of $206.9 million for the full year of 2016. These results were driven by our continued strong asset growth throughout 2016 while maintaining our commitment to controlling operating expenses with our net overhead ratio ending 2016 at 1.47%, which is below our previously stated goal of 1.50%. The fourth quarter of 2016 was also characterized by continued deposit growth, strong performance from our mortgage banking activities, stable credit quality metrics and the acquisition of First Community Financial Corporation."
Assets outpace liabilities growth
Total assets stood at $25,668.55 million as on Dec. 31, 2016, up 12.04 percent compared with $22,909.35 million on Dec. 31, 2015. On the other hand, total liabilities stood at $22,972.94 million as on Dec. 31, 2016, up 11.75 percent from $20,557.07 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $19,637.70 million as on Dec. 31, 2016, up 15.45 percent compared with $17,158.36 million on Dec. 31, 2015. Deposits stood at $21,658.63 million as on Dec. 31, 2016, up 16.20 percent compared with $18,639.63 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $5,927.38 million or 27.37 percent of total deposits on Dec. 31, 2016, compared with $4,836.42 million or 25.95 percent of total deposits on Dec. 31, 2015.
Investments stood at $2,362.36 million as on Dec. 31, 2016, down 9.20 percent or $239.30 million from year-ago. Shareholders equity stood at $2,695.62 million as on Dec. 31, 2016, up 14.60 percent or $343.34 million from year-ago.
Return on average assets moved up 22 basis points to 0.85 percent in the quarter from 0.63 percent in the last year period. At the same time, return on average equity increased 229 basis points to 8.32 percent in the quarter from 6.03 percent in the last year period.
Nonperforming assets were almost stable over the past one year at $128.32 million on Dec. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.50 percent in the quarter, down from 0.56 percent in the last year period.
Book value per share was $47.12 for the quarter, up 8.52 percent or $3.70 compared to $43.42 for the same period last year.
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