Wintrust net incomes rises 14 percent in 2Q

ROSEMONT - Wintrust Financial Corp. reported net income for the second quarter of 2015 rose 14 percent over the same period last year on strong performance on all of the banking group's operations.

Net income of $43.8 million share for the second quarter of 2015, the company reported, compared to $38.5 million for the same period in 2014. That figure rose from $39.1 million for he first quarter of 2015.

"All aspects of our business performed solidly in the second quarter as evidenced by the quarter-over-quarter and year-to-date double digit earnings growth," said Wintrust President and CEO Edward J. Wehmer. "Continued strong loan growth and mortgage banking operations, a stable net interest margin, improved credit quality metrics and improved net overhead ratio fueled the record results in this quarter."

Total loans, excluding covered loans and mortgage loans held-for-sale, increased by $561 million, or 15 percent on annualized basis, to $15.5 billion, the company reported, while total deposits increased by $144 million, or 3 percent on an annualized basis, to $17.1 billion. Net interest income increased $5 million primarily due to strong loan growth in the quarter, and mortgage banking revenue increased by $8.2 million to $36 million

"Wintrust is continuing on its stated approach of consistent and steady growth in all pertinent financial metrics and the franchise itself," Wehmer said. "In the third quarter, we expect to add nearly a billion dollars of assets to the balance sheet through the closing of our previously announced acquisitions. These acquisitions will result in material cost savings opportunities which will allow us to leverage our existing infrastructure."