Business
Wintrust Financial Corporation Reports Fourth Quarter and Full Year 2022 Results
ROSEMONT, Ill., Jan. 18, 2023 (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. 18, 2023 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $144.8 million or $2.23 per diluted common share for the fourth quarter of 2022, an increase in diluted earnings per common share of 1% compared to the third quarter of 2022. The Company had record annual net income of $509.7 million or $8.02 per diluted common share for the year ended December 31, 2022 as compared to net income of $466.2 million or $7.58 per diluted common share for the same period of 2021. Pre-tax, pre-provision income (non-GAAP) totaled a record $779.1 million for the year ended December 31, 2022, up 35% as compared to $578.5 million for the same period of 2021. Edward J. Wehmer, Founder and Chief Executive Officer, commented, “Wintrust finished the year with great momentum as our fourth quarter results were highlighted by strong net income and record quarterly pre-tax, pre-provision income. Net interest income and net interest margin expanded meaningfully and our loan portfolio continued to grow while exhibiting low levels of net charge-offs. The fourth quarter caps an extraordinary year for Wintrust, and we believe that we are well-positioned to reach even higher levels of financial performance in 2023.\" Highlights of the fourth quarter of 2022:Comparative information to the third quarter of 2022, unless otherwise noted Net interest income increased by $55.4 million or 14% as compared to the third quarter of 2022 primarily due to improvement in net interest margin and loan growth. Net interest margin, on a GAAP basis, increased by 37 basis points to 3.71% for the fourth quarter of 2022 as the upward repricing of earning assets outpaced increases in deposit costs. Net interest margin, on a fully taxable equivalent basis (non-GAAP) increased by 38 basis points to 3.73%. Total loans increased by $1.0 billion, or 11% on an annualized basis. In addition, total loans as of December 31, 2022 were $630 million higher than average total loans in the fourth quarter of 2022 which is expected to benefit future quarters.Total assets increased by $567 million totaling $52.9 billion as of December 31, 2022 and total deposits increased by $105 million.Recorded a provision for credit losses of $47.6 million in the fourth quarter of 2022 primarily related to a mod...