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Earnings Review and Free Research Report: Wintrust’s Q3 EPS Rose 22% Y-o-Y; Beat Market Forecasts

Research Desk Line-up: KeyCorp Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 24, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Wintrust Financial Corp. (NASDAQ: WTFC) ("Wintrust"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=WTFC, following the Company's disclosure of its financial results on October 18, 2017, for the third quarter of the fiscal year 2017 (Q3 FY17). The Rosemont, Illinois-based Company's diluted earnings per share (EPS) increased 22% y-o-y, and came in above market forecasts. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Regional - Midwest Banks industry. Pro-TD has currently selected KeyCorp (NYSE: KEY) for due-diligence and potential coverage as the Company announced on October 19, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on KeyCorp when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on WTFC; also brushing on KEY. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

During the quarter ended September 30, 2017, Wintrust's net revenues came in at $295.72 million, rising from $271.24 million in Q3 FY16. However, the revenue numbers missed market expectations of $296.75 million. The Company's net interest income rose to $215.99 million in Q3 FY17 from $184.64 million in Q3 FY16. Meanwhile, the Company's net interest income came in at $217.95 million on a fully tax equivalent (FTE) basis for the reported quarter compared to $186.19 million in the year-ago same quarter.

The Company's total non-interest income also increased to $79.73 million in Q3 FY17 from $86.60 million in the previous year's corresponding quarter. Meanwhile, the Company's non-interest expenses also increased to $183.57 million in Q3 FY17 from $176.62 million in Q3 FY16.

The bank holding Company reported net income applicable to common shares of $63.58 million, or $1.12 per diluted common share, in Q3 FY17 versus $49.49 million, or $0.92 per diluted common share, in Q3 FY16. Meanwhile, Wall Street had expected the Company to report net income of $1.08 per diluted share.

Earnings Metrics

During the reported quarter, the Company's return on average assets was 0.96% versus 0.85% in the prior year's comparable quarter. The return on average equity came in at 9.15% in Q3 FY17 compared to 8.20% reported in the year-ago same period. The Company's return on average tangible common equity was 11.39% for the quarter ended September 30, 2017, versus 10.55% at the end the last year's corresponding quarter. Furthermore, the bank's adjusted efficiency ratio was 61.68% on a FTE basis during Q3 FY17 compared to 65.54% in Q3 FY16.

Wintrust's net interest margin increased to 3.43% for the reported quarter from 3.21% in Q3 FY16, while net interest margin (FTE) rose to 3.46% during Q3 FY17 compared to 3.24% for the quarter ended September 30, 2016. The bank's yield on earning assets improved to 3.96% during Q3 FY17 from 3.65% in the year-ago comparable period. In Q3 FY17, the average total earning assets increased to $25.01 billion from $22.87 billion in the previous year's same quarter.

The Company's allowance for loan and covered loan losses was $133.12 million, or 0.64% of total loans, as on September 30, 2017, compared to $117.69 million, or 0.62% of total loans, as on September 30, 2016.

Balance Sheet

Wintrust's average loans, net of unearned income balance, increased to $21.20 billion during the quarter ended September 30, 2017, from $19.07 billion in Q3 FY16. Average total assets balance grew in the quarter ended September 30, 2017, from $24.88 billion for the same period in Q3 FY16. Interest-bearing deposits were $16.29 billion as on September 30, 2017, compared to $15.12 billion recorded as on September 30, 2016. Meanwhile, average total deposits rose 8% to $22.90 billion in Q3 FY17 from $21.15 billion in the year-ago comparable quarter.

As on September 30, 2017, the Banks' non-performing assets were $77.98 million, or 0.37% of the total loan, compared to $83.13 million, or 0.44% of total assets, as on September 30, 2016. Furthermore, the Company made total recoveries of $1.95 million during Q3 FY17 compared to $1.19 million in Q3 FY16.

As on September 30, 2017, the Company's common equity tier 1 capital risk-weighted assets was 9.5% versus 8.7% as on September 30, 2016. The Company's tier 1 risk-based capital ratio came in at 10.0% as on September 30, 2017, compared to 9.8% as on September 30, 2016. Wintrust's tier 1 capital to risk-weighted assets ratio was 10.0% as the end of the reported quarter versus 9.8% at the close of the last year's corresponding quarter. Furthermore, leverage ratio stood at 9.2% as on September 30, 2017, compared to 9.0% on September 30, 2016.

Stock Performance

Wintrust Financial's share price finished yesterday's trading session at $79.44, sliding 2.43%. A total volume of 304.79 thousand shares have exchanged hands, which was higher than the 3-month average volume of 291.77 thousand shares. The Company's stock price soared 1.95% in the last three months, 9.80% in the past six months, and 45.47% in the previous twelve months. Additionally, the stock gained 9.47% since the start of the year. Shares of the Company have a PE ratio of 19.06 and have a dividend yield of 0.70%. The stock currently has a market cap of $4.33 billion.

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SOURCE: Pro-Trader Daily