Wintrust Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 19, 2016 at 07:00 am
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Wintrust Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of USD 187,487,000 against USD 172,715,000 a year ago. Net interest income was USD 167,206,000 against USD 153,719,000 a year ago. Net interest income after provision for credit losses was USD 158,147,000 against USD 147,586,000 a year ago. Income before taxes was USD 56,408,000 against USD 61,802,000 a year ago. Net income applicable to common shares was USD 31,883,000 against USD 36,553,000 a year ago. Net income per common share diluted was USD 0.64 against USD 0.75 a year ago. Net revenue was USD 232,296,000 against USD 211,376,000 a year ago. Return on average assets was 0.63% against 0.78% a year ago. Return on average common equity was 6.03% against 7.51% a year ago. Return on average tangible common equity was 8.12% against 9.82% a year ago. Compared to the third quarter, earnings margin dropped about 4 basis points, really, this related to 1 basis point repeats from CRE accretion, commercial first insurance commercial lending and the mix of all.
For the year, the company reported total interest income of USD 718,464,000 against USD 671,267,000 a year ago. Net interest income was USD 641,529,000 against USD 598,575,000 a year ago. Net interest income after provision for credit losses was USD 608,587,000 against USD 578,038,000 a year ago. Income before taxes was USD 251,765,000 against USD 246,431,000 a year ago. Net income applicable to common shares was USD 145,880,000 against USD 145,075,000 a year ago. Net income per common share diluted was USD 2.93 against USD 2.98 a year ago. Net revenue was USD 913,126,000 against USD 813,815,000 a year ago. Return on average assets was 0.75% against 0.81% a year ago. Return on average common equity was 7.15% against 7.77% a year ago. Return on average tangible common equity was 9.44% against 10.14% a year ago. Book value per common share was USD 43.42 as on December 31, 2015 against USD 41.52 as on December 31, 2014. Tangible common book value per share was USD 33.17 as on December 31, 2015 against USD 32.45 as on December 31, 2014.
The company reported net charge-offs totaled USD 6.6 million in the fourth quarter of 2015, an USD 884,000 increase from USD 5.7 million in the third quarter of 2015 and a USD 694,000 increase from USD 5.9 million in the fourth quarter of 2014.
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 Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015