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Mar 31, 2024
Wintrust Q1 2024 Earnings Report
Announced record quarterly net income and leveraged balanced business model to grow deposits and loans while maintaining credit standards and managing expenses.
Key Takeaways
Wintrust Financial Corporation reported a record first quarter net income of $187.3 million, or $2.89 per diluted common share, a 55% increase in diluted earnings per common share compared to the fourth quarter of 2023. Pre-tax, pre-provision income (non-GAAP) totaled a record $271.6 million, up 30% as compared to the fourth quarter of 2023.
Total loans increased by approximately $1.1 billion, or 10% annualized.
Total deposits increased by approximately $1.1 billion, or 9% annualized.
Total assets increased by $1.3 billion, or 9% annualized.
Net interest margin decreased by five basis points to 3.57% during the first quarter of 2024.
Revenue by Segment
Forward Guidance
Late loan growth in the first quarter creates positive revenue momentum moving forward as period-end loan balances exceeded averages. The company continues to see good opportunities in the markets they serve and feel well positioned to grow deposit and loan relationships in future quarters. The company's focus remains on winning business and maximizing long term franchise value.
Positive Outlook
- Expansion with a high quality bank
- Strong low-cost core deposit base
- Excess liquidity
- Exceptional asset quality
- Committed management team
Historical Earnings Impact
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Avg. Return Before/After Earnings
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