Wainwright Bank & Trust Company (Nasdaq: WAIN) reported record net income of $7.0 million for 2006 and diluted earnings per share of $.84 ($.91 per basic share). This compares to consolidated net income of $6.8 million and diluted earnings per share of $.79 ($.86 per basic share) for 2005.
Net income for the fourth quarter of 2006 was $1.7 million with diluted and basic earnings per share of $.21 and $.23, respectively. This compares to net income of $1.6 million and diluted and basic earnings per share of $.19 and $.21, respectively, for the fourth quarter of 2005. All prior year earnings per share amounts have been adjusted to reflect a 5% common stock dividend declared and paid during 2006.
Jan Miller, CEO stated, “During 2006 we continued to generate healthy loan growth across both our commercial and commercial real estate business lines while maintaining outstanding loan quality. Our average loans outstanding increased $50 million, or 9%, compared to 2005. This solid loan growth has been achieved in a highly competitive market without any relaxation of our credit standards. However, we are not immune to the continued inverted yield curve. Despite the growth in the loan portfolio, especially in higher yielding commercial loans, our net interest yield has declined from 3.78% in 2005 to 3.63% in 2006.”
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