Business
Wintrust Financial Corporation Reports Second Quarter 2021 Net Income of $105.1 million and Year-To-Date Net Income of $258.3 million
ROSEMONT, Ill., July 19, 2021 (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., July 19, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (\"Wintrust\", \"the Company\", \"we\" or \"our\") (Nasdaq: WTFC) announced net income of $105.1 million or $1.70 per diluted common share for the second quarter of 2021, a decrease in diluted earnings per common share of 33% compared to the first quarter of 2021 and an increase of 400% compared to the second quarter of 2020. The Company recorded net income of $258.3 million or $4.24 per diluted common share for the first six months of 2021 compared to net income of $84.5 million or $1.38 per diluted common share for the same period of 2020. Highlights of the Second Quarter of 2021:Comparative information to the first quarter of 2021 Total loans, excluding Paycheck Protection Program (\"PPP\") loans, increased by $1.2 billion or 15%, on an annualized basis. Core loans increased by $497 million and niche loans increased by $657 million primarily due to growth in the commercial insurance premium finance receivable portfolio. See Table 1 for more information. PPP loans declined by $1.4 billion in the second quarter of 2021 primarily as a result of processing forgiveness payments on PPP loan balances originated in 2020. As of June 30, 2021, approximately 81% of PPP loan balances originated in 2020 have been forgiven, approximately 12% of balances are in the forgiveness review or submission process, and approximately 7% of balances have not applied for forgiveness.Total assets increased by $1.1 billion.Total deposits increased by $932 million, including a $499 million increase in non-interest bearing deposits.Net interest income increased by $17.7 million primarily due to earning asset growth and increased PPP loan fee accretion. In the second quarter of 2021, average loans and average investment securities increased by $642 million and $827 million, respectively, as compared to first quarter of 2021.The Company recognized $25.2 million of PPP loan fee accretion in the second quarter of 2021 as compared to $19.2 million in the first quarter of 2021. Net interest margin increased by nine basis points primarily due to increased PPP loan fee accretion and a seven basis point decline on the rate paid on interest bearing deposits.Mortgage banking revenue decreased to $50.6 million for the second quarter of 2021 as compared to $113.5 million in the first quart...