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Wintrust plans to expand mortgage technology over next 2 quarters

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Wintrust plans to expand mortgage technology over next 2 quarters

Wintrust FinancialCorp. plans to expand its technology capabilities in the mortgage sectorover the next two quarters as the cost of lending increases, Wintrust CEO EdwardWehmer said during a July 20 earnings call.

"Technology in general is lagging behind us, and we're workingfor the third and fourth quarters on getting more efficient in that business byelevating our technology to get more bang for our buck in that business," hesaid. "It's really a necessity because the mortgage business is an integralpart of what we do."

The bank also plans to close its deal with GeneralElectric Co. to buy some of GeneralElectric Capital Corp.'s U.S. restaurant franchise financing assetsin the middle of the third quarter, executives said. The deal is expected to addabout $500 million of loans to the bank's balance sheet, Wehmer said.

The bank reported second-quarter net income of $50.0 million,or 90 cents per share, compared to $43.8 million, or 85 cents per share for thesecond quarter of 2015. Its net interest margin was 3.27% in the second quarterof 2016 compared to 3.41% in the second quarter of 2015, on a fully tax-equivalentbasis.

The financial institution also completed a sale of 3 million common shares in the secondquarter, which was used to help finance its deal with GE and its of Elgin, Ill.-based , Wehmersaid. The acquisition of First Community should lead to cost savings, as the twobanks have a 100% market overlap, he added.