Wintrust Financial announced Q1/16 net income was a record $49.1 million, up 26% from $39.1 million in the first quarter of 2015. Earnings per share of $0.90 exceeded analysts’ expectations of $0.73 per share. Wintrust noted net interest income increased $19.6 million in Q1/16 compared to Q1/15 primarily as a result of growth in average loans.

The following highlights were excerpted from the news release:

• Non-interest income of $68.8 was up $4.2 million or 7% compared to Q1/15. Wintrust said an increase in operating lease income of $2.8 million was up from $65,000 a year earlier and noted the increase related to growth in the company’s leasing divisions.
• Lease investments (net) of $89.3 million were up from $383,000 a year earlier.
• The yield on earning assets of 3.71% in Q1/16 was down from 3.83% a year earlier.
• The net interest margin in Q1/16 of 3.32% was down from 3.42% a year earlier.

“Wintrust reported record net income of $49.1 million for the first quarter of 2016, a 38% increase over the fourth quarter of 2015 and a 26% increase over the first quarter of 2015,” said Edward J. Wehmer, president and CEO. “Excluding a $4.3 million gain from the extinguishment of debt and $285,000 of acquisition related charges, net income totaled $46.7 million for the quarter. The first quarter of 2016 was characterized by positive momentum from continued loan and deposit growth, improvement in the net interest margin, stable credit quality metrics, the acquisition of Generations and decreased operating costs, including those related to recent acquisitions.”