Wintrust Financial Q3 beats Street

By Reuters
Posted Oct. 27, 2010 at 9:40 a.m.

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.

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