Wintrust Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 19, 2017 at 04:15 am IST
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Wintrust Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $215,013,000 against $187,487,000 a year ago. Net interest income was $190,778,000 against $167,206,000 a year ago. Income before taxes was $88,332,000 against $56,408,000 a year ago. Net income applicable to common shares was $50,979,000 against $31,883,000 a year ago. Net income per diluted share was $0.94 against $0.64 a year ago. Return on average common equity was 8.32% against 6.03% a year ago. Return on average assets was 0.85% against 0.63% a year ago. Return on average tangible common equity (non-GAAP) was 10.68% against 8.12% a year ago.
For the year, the company reported total interest income of $812,457,000 against $718,464,000 a year ago. Net interest income was $722,193,000 against $641,529,000 a year ago. Income before taxes was $331,854,000 against $251,765,000 a year ago. Net income applicable to common shares was $192,362,000 against $145,880,000 a year ago. Net income per diluted share was $3.66 against $2.93 a year ago. Return on average common equity was 8.37% against 7.15% a year ago. Return on average assets was 0.85% against 0.75% a year ago. Return on average tangible common equity (non-GAAP) was 10.90% against 9.44% a year ago.
For the quarter, the company reported net charge-offs of $2,767,000 against $6,562,000 a year ago.
Wintrust Financial Corporation is a financial holding company. The Company provides community-oriented, personal and commercial banking services to customers generally located in the Chicago metropolitan area, southern Wisconsin and northwest Indiana. The Company has three segments: community banking, specialty finance and wealth management. Through its community banking segment, its banks provide community-oriented, personal and commercial banking services to customers located in its market area. Its customers include individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the banks' local service areas. Through its specialty finance segment, it offers financing of insurance premiums for businesses and individuals; accounts receivable financing, value-added, out-sourced administrative services; and other specialty finance businesses. Through its wealth management segment, it offers a full range of wealth management services.
Wintrust Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016