Wintrust Financial Corp.'s fourth-quarter profit soared to a record $54.6 million, a 54 percent increase as compared to the year-ago quarter.
Wintrust, which has branches in in Dyer, Lansing, South Holland, Steger and Crete, also increased its annual profit to a record $206.9 million, a 32 percent year-over-year increase.
"These results were driven by our continued strong asset growth throughout 2016 while maintaining our commitment to controlling operating expenses," President and Chief Executive Officer Edward Wehmer said. "The fourth quarter of 2016 was also characterized by continued deposit growth, strong performance from our mortgage banking activities, stable credit quality metrics and the acquisition of First Community Financial Corp."
In the fourth quarter, Wintrust grew loans by $602 million to $19.7 billion, a 13 percent increase. Assets grew by $247 million to $25.7 billion. Deposits rose by $511 million to $21.7 billion in the last three months of the year.
The 25-year-old bank expects continued growth in all areas of business in 2017.
"Evaluating strategic acquisitions and organic branch growth will continue to be a part of our overall growth strategy with the goal of becoming Chicago’s bank and Wisconsin’s bank," Wehmer said. "Our opportunities for both internal growth and external growth remain consistently strong."