Business
Wintrust Financial Corporation Reports Third Quarter 2021 Net Income of $109.1 million and Year-To-Date Net Income of $367.4 million
ROSEMONT, Ill., Oct. 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., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, \"we\" or \"our\") (Nasdaq: WTFC) announced net income of $109.1 million or $1.77 per diluted common share for the third quarter of 2021, an increase in diluted earnings per common share of 4% compared to the second quarter of 2021 and an increase of 6% compared to the third quarter of 2020. The Company recorded net income of $367.4 million or $6.00 per diluted common share for the first nine months of 2021 compared to net income of $191.8 million or $3.06 per diluted common share for the same period of 2020. Highlights of the Third Quarter of 2021:Comparative information to the second 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 $701 million and niche loans increased by $449 million. See Table 1 for more information. PPP loans declined by $797 million in the third quarter of 2021 primarily as a result of processing forgiveness payments.Total assets increased by $1.1 billion.Total deposits increased by $1.1 billion, including a $459 million increase in non-interest bearing deposits.Net interest income increased by $7.9 million as compared to the second quarter of 2021 as follows: Increased $16.3 million primarily due to earning asset growth and a nine basis point decline in deposit costs.Increased $3.0 million due to one additional day in the quarter.Decreased by $11.4 million due to $3.6 million of less PPP interest income and $7.8 million of less PPP fee income. Net interest margin decreased by four basis points primarily due to increased liquidity.Recorded no material net charge-offs in the third quarter of 2021 as compared to very minimal net charge-offs of $1.9 million in the second quarter of 2021.Recorded a negative provision for credit losses of $7.9 million in the third quarter of 2021 as compared to a negative provision for credit losses of $15.3 million in the second quarter of 2021.The allowance for credit losses on our core loan portfolio is approximately 1.38% of the outstanding balance as of September 30, 2021, down from 1.49% as of June 30, 2021. See Table 12 for more information.Non-performing loans remained low at 0.27% of total loans, as of September 30, 2021, unchanged from the secon...