Q2 2024 Wintrust Financial Corp Earnings Call Transcript
Key Points
- Wintrust Financial Corp (WTFC) reported net income of over $152 million for the quarter and a record net income of just under $340 million for the first half of the year.
- Loan growth was strong, with an increase of $1.4 billion for the quarter, balanced across all material product categories.
- Deposit growth was also robust, increasing by slightly over $1.6 billion, with non-interest-bearing deposits remaining stable.
- Net interest margin was 3.52%, in line with expectations, contributing to record net interest income of $471 million.
- The company continues to gain market share in Chicago, the Midwest, and niche businesses, adding consumer and commercial clients at a healthy rate.
- Provision for credit losses increased to $40.1 million in the second quarter, up from $21.7 million in the prior quarter.
- Non-interest income decreased by approximately $19.4 million compared to the prior quarter, primarily due to the absence of a $20 million gain from the sale of a division in the first quarter.
- Non-interest expenses rose by $7.2 million, driven by higher salary and employee benefits, advertising and marketing expenses, and a charge related to the pending sale of a bank branch.
- Commercial real estate (CRE) loans saw an uptick in non-performing loans and charge-offs, reflecting ongoing stress in the sector.
- The company recorded a $4.3 million loss on securities and a modest gain on the sale of premium finance loans, indicating some volatility in non-interest income categories.
Welcome to Wintrust Financial Corporation's second-quarter and year-to-date 2024 earnings conference call. A review of the results will be made by Tim Crane, President and Chief Executive Officer; David Dykstra, Vice Chairman and Chief Operating Officer; and Richard Murphy, Vice Chairman and Chief Lending Officer. As part of their reviews, the presenters may make reference to both the earnings press release and the earnings release presentation. (Operator Instructions)
During the course of today's call, Wintrust management may make statements that constitute projections, expectations, beliefs, or similar forward-looking statements. Actual results could differ materially from the results anticipated or projected in any such forward-looking statements. The company's forward-looking assumptions that could cause the actual results to differ materially from the information discussed during this call are detailed in our earnings press release and in the company's most recent Form 10-K and any subsequent filings with the SEC.
Also, our remarks may reference certain non-GAAP financial measures.
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