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Wintrust turns profit of $81.5 million in second quarter, a 9.8% drop

Wintrust operates Dyer Bank & Trust in Dyer.

Wintrust Bank turned a profit of $81.5 million, or $1.38 in the second quarter.

Its diluted earnings per share were down 9.2% as compared to the first quarter and 9.8% as compared to the second quarter of 2018.

The Rosemont-based bank, which has branches in Dyer, Lansing and across the south suburbs, brought in profits of $170.6 million for the first six months of the year, or $2.91 per share. That's down slightly from the $171.6 million in net income and $2.93 in earnings per share for the first half of 2018.

"The company experienced strong balance sheet growth as total assets were $1.3 billion higher than the prior quarter-end and $4.2 billion higher than the second quarter of 2018," Wintrust President and CEO Edward Wehmer said. "The second quarter was characterized by strong balance sheet growth, increased mortgage banking revenue, resolution of problem credits and a continued focus to increase franchise value in our market area."

The bank increased its assets by $1.3 billion, including $220 million from acquiring Oak Bank in Chicago.

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"This quarter demonstrated our asset-driven mentality as we generated high-quality assets while leveraging our retail banking footprint to grow core deposit funding," Wehmer said. "The company experienced significant loan growth in the quarter as total loans grew by $1.1 billion and the yield on loans remained relatively flat to the prior quarter."

Wintrust's total deposits grew by $714 million in the second quarter.

"We remain aggressive in growing quality assets that meet our standards and will seek to fund that by expanding deposit market share and household penetration," Wehmer said.

The bank's net interest income rose by $4.2 million, and its mortgage banking production revenue increased by $13.3 million. Wehmer said Wintrust will remain open to both organic branch growth and strategic acquisitions.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.