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Net charge-offs dip at Wintrust; NPAs rise

Rosemont, Ill.-based Wintrust Financial Corp. on Oct. 18 posted a 23.6% year-over-year rise in third-quarter results.

Net income climbed to $65.6 million, or $1.12 per share, from net income of $53.1 million, or 92 cents per share, a year ago. The S&P Capital IQ consensus normalized EPS estimate was $1.08.

The company's net interest margin for the quarter was 3.46%, up from 3.43% in the linked quarter and up from 3.24% a year ago.

The company recorded a provision for loan losses of $7.9 million, down from $8.9 million in the previous quarter and down from $9.6 million a year earlier.

Net charge-offs totaled $4.5 million, compared to net charge-offs of $5.3 million in the linked quarter and net charge-offs of $5.7 million in the prior-year quarter.

At the end of the third quarter, nonperforming assets totaled $115.7 million, compared to $108.9 million in the linked quarter and a decrease from $118.6 million a year ago.

As part of its earnings, the bank also announced that it terminated all existing loss share agreements with the FDIC on Oct. 16. Wintrust made a net payment of $15.2 million to the FDIC as consideration for the early terminated agreements that covered eight failed banks that Wintrust had acquired between 2010 and 2012, and recorded a pretax gain of $400,000 in the fourth quarter of 2017 to write off the remaining loss share asset, relieve the clawback liability and recognize the payment to the FDIC.