Business
Wintrust Financial Corporation Reports Second Quarter 2020 Net Income of $21.7 million and Year-to-Date Net Income of $84.5 million
ROSEMONT, Ill., July 21, 2020 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust” or “the Company”) (Nasdaq: WTFC) announced net income of $21.7
About this update from Wintrust Financial Corporation
[{"type":"text","content":"ROSEMONT, Ill., July 21, 2020 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust” or “the Company”) (Nasdaq: WTFC) announced net income of $21.7 million or $0.34 per diluted common share for the second quarter of 2020, a decrease in diluted earnings per common share of 67.3% compared to the prior quarter and a decrease of 75.4% compared to the second quarter of 2019. The Company recorded net income of $84.5 million or $1.38 per diluted common share for the first six months of 2020 compared to net income of $170.6 million or $2.91 per diluted common share for the same period of 2019.\n Highlights of the Second Quarter of 2020:Comparative information to the first quarter of 2020 Total assets increased by $4.7 billion, including $3.3 billion of Paycheck Protection Program (\"PPP\") loans, net of fees.Total loans increased by $3.6 billion, including $3.3 billion of PPP loans, net of fees.° Lines of credit utilization declined to approximately 49% at June 30, 2020 as compared to approximately 56% at March 31, 2020.Total deposits increased by $4.2 billion, primarily related to both PPP lending and organic growth of retail deposits.Net interest income increased by $1.7 million as the impact of a $5.1 billion increase in average earning assets was partially offset by a 39 basis point decline in net interest margin. The decline in net interest margin was largely due to declining interest rates and excess short–term liquidity on the balance sheet.The loans to deposits ratio ended the second quarter of 2020 at 88.1% as compared to 88.4% at prior quarter end. Excluding PPP loans, the loans to deposits ratio ended the second quarter of 2020 at 78.7%.Mortgage banking revenue increased by $54.0 million to $102.3 million for the second quarter of 2020 as compared to $48.3 million in the prior quarter.° Loans originated for sale in the second quarter of 2020 totaled $2.2 billion as compared to $1.2 billion in the prior quarter.° Recorded a decrease in the value of mortgage servicing rights related to changes in fair value model assumptions, net of derivative contract activity held as an economic hedge, of $7.4 million in the second quarter of 2020 as compared to a decline of $10.4 million in the prior quarter.° Accrued $7.2 million of additional contingent consideration expense related to the previous acquisitions of mortgage operatio...