Wintrust Financial Corp. reported a larger-than-expected increase in quarterly profit, helped by a lower provision to cover bad loans.
For the third quarter, net income was $15.2 million, or 47 cents a share, compared with $27.3 million, or $1.07 a share, in the year-ago period.
Analysts expected the company to earn 26 cents a share, according to Thomson Reuters I/B/E/S.
Net interest income rose 4 percent to $147.4 million, while interest expenses fell 17 percent to $44.4 million.
Provision for credit losses fell 72 percent to $25.5 million.
Total non-interest income declined 64 percent to $54.6 million, hurt by lower gains on bargain purchases.
The company’s non-performing loans declined 42 percent to $134.3 million and net-charge offs were down 72 percent to $22.2 million.
Shares of the Lake Forest, Illinois-based company closed at $30.52 Tuesday on Nasdaq. Their value has declined 9 percent since the company posted disappointing second-quarter results in July.
