Business
Wintrust Financial Corporation Reports Third Quarter 2022 Results
ROSEMONT, Ill., Oct. 18, 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., Oct. 18, 2022 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $143.0 million or $2.21 per diluted common share for the third quarter of 2022, an increase in diluted earnings per common share of 48% compared to the second quarter of 2022. The Company recorded net income of $364.9 million or $5.78 per diluted common share for the first nine months of 2022 compared to net income of $367.4 million or $6.00 per diluted common share for the same period of 2021. Edward J. Wehmer, Founder and Chief Executive Officer, commented, “I am very pleased with our third quarter results as we reported strong net income and record quarterly pre-tax, pre-provision income (non-GAAP). By design, we were able to benefit significantly from the recent rise in interest rates as net interest income and net interest margin showed substantial growth. We expect that momentum to continue as we remain asset sensitive to changes in interest rates. In addition, we added strong loan growth in the third quarter, which paired with margin expansion, is expected to drive meaningful revenue growth in future quarters.\" Highlights of the Third Quarter of 2022:Comparative information to the second quarter of 2022 Net interest income increased by $63.6 million or by 19% as compared to the second quarter of 2022 primarily due to improvement in net interest margin and loan growth. Net interest margin increased by 42 basis points as the upward repricing of earning assets significantly outpaced increases in deposit costs. Total loans increased by $1.1 billion, or 12% on an annualized basis. In addition, total loans as of September 30, 2022 were $736 million higher than average total loans in the third quarter of 2022 which is expected to benefit future quarters.Total assets increased by $1.4 billion totaling $52.4 billion as of September 30, 2022 and total deposits increased by $204 million.Recorded a provision for credit losses of $6.4 million in the third quarter of 2022 primarily related to loan growth and $3.2 million of net charge-offs or three basis points of average total loans on an annualized basis.The allowance for credit losses on our core loan portfolio is approximately 1.26% of the outstanding balance as of September 30, 2022 down from 1.31% as of June 30, 2022. ...