Wintrust Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 15, 2015 at 04:01 pm EST
Share
Wintrust Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. The company reported a net income of $38.1 million or $0.75 per diluted common share for the fourth quarter of 2014 compared to net income of $40.2 million or $0.79 per diluted common share for the third quarter of 2014 and $35.3 million or $0.70 per diluted common share for the fourth quarter of 2013. For the fourth quarter of 2014, net interest income totaled $153.7 million, an increase of $2.0 million as compared to the third quarter of 2014 and an increase of $11.4 million as compared to the fourth quarter of 2013. The changes in net interest income on both a sequential and linked quarter basis are the result of the net interest income increased $2.0 million in the fourth quarter of 2014 compared to the third quarter of 2014. Net interest income increased $11.4 million in the fourth quarter of 2014 compared to the fourth quarter of 2013. Net revenue was $211.376 million against $188.669 million a year ago. Return on average assets was 0.78% against 0.78% a year ago. Return on average common equity was 7.51% against 7.56% a year ago. Book value per common share was $41.52 against $38.47 per share a year ago. Income before taxes was $61.802 million against $57.822 million a year ago. Net income applicable to common shares was $36.553 million against $33.707 million a year ago.
The company recorded net income of $151.4 million or $2.98 per diluted common share in 2014 compared to net income of $137.2 million or $2.75 per diluted common share in 2013. Net interest income totaled $598.6 million for 2014, an increase of $47.9 million as compared to 2013. The increase in net interest income was due to: Average earning assets for 2014 increased by $1.2 billion compared to 2013. The average earning asset growth of $1.2 billion in 2014, partially offset by a five basis point decrease in yield on earning assets, resulted in an increase in total interest income of $40.6 million in 2014 compared to 2013. Funding mix improved as average interest bearing deposits increased $623.7 million, average demand deposits increased $574.6 million and average wholesale borrowings decreased $105.5 million in 2014 compared to 2013. Return on average assets was 0.81% against 0.79% a year ago. Return on average common equity was 7.77% against 7.56% a year ago. Net income applicable to common shares was $145.075 million against $128.815 million a year ago. Net revenue was $813.815 million against $773.024 million a year ago.
For the quarter, the company reported net charge-offs of $5.868 million against $14.479 million a year ago.
Wintrust Financial Corporation is a financial holding company. The Company provides community-oriented, personal and commercial banking services to customers generally located in the Chicago metropolitan area, southern Wisconsin and northwest Indiana. The Company has three segments: community banking, specialty finance and wealth management. Through its community banking segment, its banks provide community-oriented, personal and commercial banking services to customers located in its market area. Its customers include individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the banks' local service areas. Through its specialty finance segment, it offers financing of insurance premiums for businesses and individuals; accounts receivable financing, value-added, out-sourced administrative services; and other specialty finance businesses. Through its wealth management segment, it offers a full range of wealth management services.
Wintrust Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014