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Sep 30, 2020
Wintrust Q3 2020 Earnings Report
Reported record net income and strong loan growth amid challenges of COVID-19.
Key Takeaways
Wintrust Financial Corporation announced record net income of $107.3 million for the third quarter of 2020. The company saw an increase in total assets, total loans, and total deposits. Net interest income decreased, but mortgage banking revenue increased.
Wintrust reported record net income of $107.3 million for the third quarter of 2020, up from $21.7 million in the second quarter of 2020.
Total loans increased by $733 million or 9% on an annualized basis.
Total deposits increased by $193 million as compared to the second quarter of 2020 including $205 million of non-interest bearing deposit growth.
Mortgage banking revenue increased by $6.2 million to $108.5 million for the third quarter of 2020 as compared to $102.3 million in the prior quarter.
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Wintrust Revenue by Segment
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CapyFin.com Forward Guidance
Wintrust expects to continue to grow loans in the fourth quarter of 2020 without compromising their credit standards. The company also believes that the fourth quarter of 2020 will provide another strong quarter for mortgage banking production.
Positive Outlook
- Opportunities for both internal and external growth remain consistently strong.
- Successful participation in PPP lending enhanced growth opportunities.
- Loan pipelines remain strong.
- Expect to continue to grow loans in the fourth quarter of 2020 without compromising credit standards.
- Believe the fourth quarter of 2020 will provide another strong quarter for mortgage banking production.
Challenges Ahead
- Carefully monitor the COVID-19 pandemic.
- Evaluate the impact that COVID-19 could have on the economy.
- Evaluate the impact that COVID-19 could have on customers.
- Evaluate the impact that COVID-19 could have on the business.
- Actively monitor and manage the credit portfolio.