94.3 the point

This news article is about the Wintrust Financial Corporation Reports Fourth Quarter 2008 Results.Here you can find the progress report of Edward J. Wehmer, President and Chief Executive Officer and Mr. Wehmer
Wintrust Financial Corporation ("Wintrust" or "the Company") (Nasdaq: WTFC) announced quarterly net income of $2.0 million, or $0.02 per diluted share, for the period ended December 31, 2008, an increase of $0.15 per diluted share, compared to the $2.5 million loss, or ($0.13) per diluted share, recorded in the third quarter of 2008. Compared to the fourth quarter of 2007, earnings per diluted share decreased $0.63 per diluted share, on a $13.7 million decrease in net income.

Edward J. Wehmer, President and Chief Executive Officer, commented, "We have completed a very difficult 2008 by recording a profit of $2.0 million in the fourth quarter and $20.5 million for the full year. While these levels are not acceptable under normal circumstances, given the current global economic conditions recording a profit during these periods is atypical in the banking industry."

Mr. Wehmer noted, "We recorded $9.9 million of net loan charge-offs and $14.5 million in provision for credit losses in the fourth quarter. Both of these are down significantly from the amounts recorded in the previous quarter. The Company continues to aggressively manage its impaired loan portfolio. Distressed real estate valuations continue to impact this process as values become more distressed due to lack of sales activity, large property inventories, decreasing numbers of potential buyers and other factors. Nonperforming loans increased moderately in the fourth quarter. However, we are focused on resolving existing problem credits and working to identify potential problem credits."