Net Income: $170 million for the third quarter; $510 million for the first three quarters of 2024.
Loan Growth: $2.4 billion total; $1.3 billion from Macatawa acquisition, $1.1 billion organically.
Deposit Growth: $3.4 billion total; $2.3 billion from Macatawa acquisition, $1.1 billion organically.
Net Interest Margin: 3.51%, stable compared to the previous quarter.
Net Interest Income: Record $503 million, up $32 million from the second quarter.
Provision for Credit Losses: $22.3 million, including a $15.5 million one-time provision related to Macatawa acquisition.
Non-Interest Income: $113.1 million, down approximately $8 million from the prior quarter.
Non-Interest Expenses: $360.7 million, up $20.3 million from the second quarter.
Total Assets: Increased by $4 billion to $63.8 billion.
Non-Performing Loans: 38 basis points of total loans, slightly down from the previous quarter.
Charge-Offs: $26.7 million, down from $30 million in the second quarter.
Release Date: October 22, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Wintrust Financial Corp (NASDAQ:WTFC) reported record net income of just under $510 million for the first three quarters of 2024, indicating strong financial performance.
The company achieved significant loan growth of $2.4 billion, with $1.1 billion coming from organic growth, showcasing its ability to expand its lending portfolio.
WTFC successfully increased its deposit base by over $3.4 billion, with $1.1 billion from organic growth, reflecting its strong market presence and customer trust.
The net interest margin remained stable at 3.51%, contributing to record net interest income of $503 million, demonstrating effective financial management.
Credit performance was solid, with non-performing loans remaining low and charge-offs decreasing, indicating strong credit discipline and risk management.
The quarter included a non-recurring day-one provision for credit losses related to the Macatawa Bank acquisition of $15.5 million, impacting overall financial results.
Unfavorable mortgage servicing rights activity resulted in a negative impact of $11.4 million, highlighting challenges in the mortgage segment.
Non-interest expenses increased by approximately $20.3 million from the second quarter, driven by acquisition-related costs and higher staffing expenses.
The mortgage business remains relatively insignificant in terms of financial impact, with muted activity due to fluctuating interest rates.
There is ongoing pressure on the commercial real estate portfolio, with higher borrowing costs and market forces affecting valuations, particularly in the office category.
