Business
Wintrust Financial Corporation Reports Fourth Quarter 2021 Net Income of $98.8 million and Record Full Year Net Income of $466.2 million
ROSEMONT, Ill., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net
About this update from Wintrust Financial Corporation
[{"type":"text","content":"ROSEMONT, Ill., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $98.8 million or $1.58 per diluted common share for the fourth quarter of 2021, a decrease in diluted earnings per common share of 11% compared to the third quarter of 2021. The Company recorded record annual net income of $466.2 million or $7.58 per diluted common share for the year ended December 31, 2021 compared to net income of $293.0 million or $4.68 per diluted common share for the same period of 2020. Highlights of the Fourth Quarter of 2021:Comparative information to the third quarter of 2021 Total assets increased by $2.3 billion totaling $50.1 billion as of December 31, 2021.Total loans, excluding Paycheck Protection Program (“PPP”) loans, increased by $2.0 billion, or 25% on an annualized basis. Core loans increased by $908 million and Niche loans increased by $1.1 billion. Niche loans included $578 million of growth related to loans acquired in a business combination completed in the fourth quarter of 2021.PPP loans declined by $524 million in the fourth quarter of 2021 primarily as a result of processing forgiveness payments. Total deposits increased by $2.1 billion, including a $925 million increase in non-interest bearing deposits.Net interest income increased by $8.5 million as compared to the third quarter of 2021 as follows: Increased $15.5 million primarily due to earning asset growth and a five basis point decline in deposit costs.Decreased by $7.0 million due to $1.7 million less PPP interest income and $5.3 million less PPP fee income. Net interest margin decreased by four basis points primarily due to increased liquidity which had approximately a six basis point unfavorable impact. However, the rate on interest bearing deposits declined by five basis points which more than offset a three basis point decline in loan yields. Recorded $6.2 million of net charge-offs or seven basis points on an annualized basis in the fourth quarter of 2021 as compared to no material net charge-offs in the third quarter of 2021.Recorded a provision for credit losses of $9.3 million in the fourth quarter of 2021 as compared to a negative provision for credit losses of $7.9 million in the third quarter of 2021. The provision for credit losses in the fourth quarter of ...