Wintrust Financial Corp - WTFC STOCK NEWS

Wintrust Financial (Nasdaq: WTFC) reported a net income of $509.7 million ($7.67 per diluted share) for the first nine months of 2024, compared to $499.1 million ($7.71 per diluted share) for the same period in 2023. The third quarter net income was $170.0 million ($2.47 per diluted share), up from $152.4 million ($2.32 per diluted share) in Q2 2024. Pre-tax, pre-provision income for the first nine months hit a record $778.1 million. The acquisition of Macatawa Bank on August 1, 2024, contributed significantly to these results.

Total loans increased by $2.4 billion, with $1.3 billion from Macatawa, and total deposits rose by $3.4 billion, including $2.3 billion from Macatawa. Net interest income grew to $502.6 million in Q3 2024 from $470.6 million in Q2 2024. Net interest margin slightly decreased by one basis point to 3.49%.

Non-interest income saw mixed results with a $3.2 million gain on investment securities but a $11.4 million loss in mortgage servicing rights revenue. Non-interest expenses increased by $20.3 million, partly due to $10.1 million from Macatawa.

Credit metrics remained stable with net charge-offs decreasing to $26.7 million. Non-performing loans totaled $179.7 million, or 0.38% of total loans. The allowance for credit losses was $436.2 million.

Wintrust Financial (Nasdaq: WTFC) has announced its schedule for the release of third quarter and year-to-date 2024 earnings results. The company will release the results after market close on Monday, October 21, 2024, followed by a conference call on Tuesday, October 22, 2024, at 10:00 a.m. (CDT). Interested parties can access an audio-only webcast or register for the call to participate and ask questions. A slide presentation and replay of the webcast will be available on Wintrust's website.

Wintrust is a financial holding company with approximately $62 billion in assets. It operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. The company also offers various non-bank services, including residential mortgage origination, wealth management, and commercial and life insurance premium financing.

Wintrust Financial (Nasdaq: WTFC) has partnered with First Dollar to enhance its Workplace Solutions offering for health savings accounts (HSAs), flexible spending accounts (FSAs), and other employee benefit accounts. This collaboration aims to provide a fully integrated benefit experience aligned with Wintrust's high standards.

The partnership addresses key challenges in employee benefits, including cost, engagement, and vendor management. Wintrust will leverage First Dollar's advanced technology to offer a comprehensive suite of tax-advantaged and lifestyle accounts, including:

• Health savings accounts (HSAs)
• Health flexible spending accounts (FSAs)
• Health reimbursement arrangements (HRAs)
• Dependent care FSAs
• Commuter benefit programs
• Lifestyle spending accounts (LSAs)

This move reinforces Wintrust's position as a one-stop shop for financial needs, combining cutting-edge technology with personalized service to help reduce healthcare costs and support employee savings.

Wintrust Financial (Nasdaq: WTFC) has completed its all-stock acquisition of Macatawa Bank , expanding into West Michigan. The merger, valued at approximately $510.3 million, or $14.85 per share, adds Macatawa Bank's 26 branches and $2.7 billion in assets to Wintrust's portfolio. Macatawa shareholders received 0.137 shares of Wintrust common stock for each Macatawa share.

This strategic move strengthens Wintrust's presence in the region, bringing its total assets to about $62 billion and expanding its network to over 200 banking locations. The merger aims to combine Wintrust's enhanced services and technology with Macatawa's strong community presence and client-focused culture.

Wintrust Financial (Nasdaq: WTFC) has announced its quarterly cash dividends. The company's Board of Directors approved a $0.45 per share dividend on outstanding common stock, payable on August 22, 2024 to shareholders of record as of August 8, 2024. Additionally, quarterly cash dividends were approved for the company's Series D and Series E preferred stocks, both payable on October 15, 2024 to shareholders of record as of October 1, 2024. The Series D stock is a 6.50% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, while the Series E is a 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock.

Wintrust Financial (Nasdaq: WTFC) reported a record net income of $339.7 million ($5.21 per share) for the first half of 2024, up from $334.9 million ($5.18 per share) in the same period of 2023. Pre-tax, pre-provision income (non-GAAP) also hit a record $523.0 million, compared to $506.5 million last year. However, quarterly net income fell to $152.4 million ($2.32 per share) from $187.3 million ($2.89 per share) in Q1 2024. Total loans increased by $1.4 billion (13% annualized), with deposits up by $1.6 billion (14% annualized). Notably, net interest income rose to $470.6 million due to average earning asset growth, despite a decrease in net interest margin by seven basis points to 3.50%. The company is optimistic about sustained financial performance in the coming quarters, driven by loan and deposit growth, stable net interest margins, and disciplined expense control. Challenges include a rise in non-performing loans and net charge-offs, which totaled $30.0 million in Q2 2024.

Wintrust Financial (Nasdaq: WTFC) announced its schedule for releasing second quarter and year-to-date 2024 earnings results. The results will be published after market close on July 17, 2024, followed by a conference call on July 18, 2024, at 10:00 a.m. CDT. The webcast can be accessed through the company's website, and participants can register for the call to receive a unique PIN for seamless access. A slide presentation will accompany the call and will be available on Wintrust's website. Both the webcast replay and slides will be accessible post-event. Wintrust operates 15 community bank subsidiaries with over 170 locations in the Chicago and southern Wisconsin areas and offers various financial services including mortgage origination, insurance financing, and wealth management. The company has assets of approximately $57 billion.

Wintrust Financial (WTFC) has announced a quarterly cash dividend of $0.45 per share of outstanding common stock. The dividend is payable on May 23, 2024, to shareholders of record as of May 9, 2024. Additionally, the Company approved quarterly cash dividends on outstanding shares of its preferred stocks.

Wintrust Financial reported record first-quarter 2024 net income of $187.3 million, with diluted earnings per share up by 55% compared to the previous quarter. Total loans and deposits increased by approximately $1.1 billion each, while total assets increased by $1.3 billion. Net interest margin decreased slightly to 3.57%, with net interest income at $464.2 million. Non-interest income was impacted by gains from the sale of the Retirement Benefits Advisors division and favorable net valuation adjustments. However, non-interest expenses were affected by an accrual for FDIC special assessments. Provision for credit losses decreased, and credit metrics remained steady. Overall, Wintrust Financial had a strong quarter with positive momentum and a focus on long-term value.