Wintrust Financial Corp

Latest Results (21.12.2024):

Net Income

In the third quarter of 2024, Wintrust Financial Corp reported a net income of $170.0 million, or $2.47 per diluted common share. This marks an increase from the second quarter of 2024, where the net income was $152.4 million, or $2.32 per diluted common share. The year-to-date net income for the first nine months of 2024 was $509.7 million, compared to $499.1 million for the same period in 2023.

Loan and Deposit Growth

Wintrust Financial Corp experienced significant growth in loans and deposits during the third quarter of 2024. Total loans increased by approximately $2.4 billion, with $1.3 billion attributed to the acquisition of Macatawa Bank Corporation. Total deposits also rose by approximately $3.4 billion, including $2.3 billion from Macatawa. Excluding Macatawa, loans and deposits grew by 10% and 9% annualized, respectively.

Net Interest Income

The company's net interest income for the third quarter of 2024 increased to $502.6 million, up from $470.6 million in the second quarter. This growth was primarily driven by average earning asset growth and the inclusion of Macatawa's results for the last two months of the quarter. The net interest margin slightly decreased by one basis point to 3.49% during this period.

Non-Interest Income and Expenses

Wintrust Financial Corp's non-interest income in the third quarter of 2024 was impacted by net gains on investment securities totaling $3.2 million, compared to net losses of $4.3 million in the previous quarter. However, unfavorable mortgage servicing rights revenue totaled $11.4 million, a decline from the favorable $2.8 million in the second quarter. Non-interest expenses included $10.1 million from Macatawa's operations and $1.6 million in acquisition-related costs.

Credit Quality and Outlook

The provision for credit losses in the third quarter of 2024 was $22.3 million, including a one-time acquisition-related provision of $15.5 million. Net charge-offs were $26.7 million, primarily in the commercial and property and casualty premium finance receivables portfolios. Wintrust Financial Corp's credit metrics remained stable, with non-performing loans at 0.38% of total loans. The company remains optimistic about its financial performance, focusing on net interest income growth and maintaining strong credit standards.