Wintrust Financial Corporation (NASDAQ:WTFC.M) Q4 2016 Earnings Conference Call - Final Transcript
Jan 19, 2017 • 02:00 pm ET
Welcome to Wintrust Financial Corporation's 2016 Fourth Quarter and Year-to-date Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Following a review of the results by Edward Wehmer, Chief Executive Officer and President; and David Dykstra, Senior Executive Vice President and Chief Operating Officer, there will be a formal question-and-answer session.
During the course of today's call, Wintrust's management may make statements that constitute projections, expectations, beliefs or similar forward-looking statements. Actual results could differ materially from the results anticipated or projected in any such forward-looking statements. The Company's forward-looking assumptions that could cause the actual results to differ materially from the information discussed during this call are detailed in the fourth quarter and year-to-date earnings press release and in the Company's most recent Form 10-K and any subsequent filings on file with the SEC. As a reminder, this conference call is being recorded.
I will now turn the conference call over to Mr. Edward Wehmer.
Edward Joseph Wehmer
Thank you, and good afternoon, everybody. Happy New Year, and welcome to our fourth quarter earnings call. With me as always is David Dykstra, our Chief Operating Officer; Kate Boege, our General Counsel; and Dave Stoehr, our Chief Financial Officer. Our call will follow the usual format. I will kick it off with some general comments about the fourth quarter and full-year results. Dave Dykstra will then provide more detailed analysis of other income and other expense categories for the quarter, then back to me for some summary comments on thoughts regarding the future and then as we had mentioned, time for questions.
In December, Wintrust celebrated a milestone. December 27th marked the 25th anniversary of the opening of our first bank, Lake Forest Bank & Trust. I remember that day like it was yesterday. 11 people and 1,100 square foot store front, hoping and praying that when we opened the doors at 7 o'clock, there might be a customer or two who would wander in.
Surprisingly to me, there was a line of people at the door when we opened and since then, we really haven't looked back. We had no delusions of the grandeur on that day, just an idea to bring back old time community banking to our community. Little did we know that 25 years later, we would be a $25 billion plus asset bank with an almost equal amount in wealth management assets. We would be the second biggest commercial bank headquartered in Illinois, making over $200 million in net income.
In fact, I just wanted to get the $100 million in assets and that was going to be a challenge. So it's been heck of a run, and we are still not looking back as we think the future remains extremely promising for our organization. Thanks for affording me the opportunity to take a little stroll down the memory lane and now down to our results.
Our earnings for the quarter totaled $54.6 million or $0.94 a share, up 54% and 47% respectively.