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Wintrust Financial Corporation (WTFC-3.07%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $170 million from $164.2 million in the same quarter the previous year. The increase is attributed to growth in net interest income driven by organic earning asset growth and the acquisition of Macatawa Bank Corporation.
Net interest income for the quarter was $502.6 million, compared to $462.4 million in the previous year. This increase resulted primarily from a $5.2 billion growth in average loans.
The company reported a net interest margin of 3.49% for the quarter, down from 3.60% in the previous year, primarily due to higher rates on interest-bearing liabilities.
Non-interest income totaled $113.1 million, a slight increase from $112.5 million in the previous year. This was driven by increased gains on investment securities and wealth management revenue, offset by decreased mortgage banking revenue.
Non-interest expense increased to $360.7 million from $330.1 million, primarily due to increased salaries and employee benefits and software and equipment expenses.
Total assets increased to $63.8 billion from $55.6 billion, with total loans rising to $47.1 billion from $41.4 billion, partly due to the Macatawa acquisition.
The company maintained a strong deposit base with total deposits increasing to $51.4 billion from $45.0 billion.
The filing also details Wintrust's acquisition of Macatawa Bank Corporation, completed on August 1, 2024, which added approximately $2.7 billion in assets.
Wintrust does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Wintrust continues to focus on expanding its community banking and specialty finance segments, highlighting its recent acquisition activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wintrust Financial Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.