Financial Performance - Wintrust Financial Corporation reported a record net income of $695.0 million or $10.31 per diluted common share for the year ended December 31, 2024, representing an increase of 11.6% from $622.6 million or $9.58 per diluted common share in 2023[2]. - For the fourth quarter of 2024, net income was $185.4 million or $2.63 per diluted common share, up from $170.0 million or $2.47 per diluted common share in the third quarter of 2024, marking a 7.9% increase[3]. - Net income for Q4 2024 was $185,362,000, an increase from $123,480,000 in Q4 2023, representing a growth of 50.2%[67]. - Basic net income per common share for Q4 2024 was $2.68, compared to $1.90 in Q4 2023, reflecting an increase of 40.9%[67]. - The company reported a net interest income (GAAP) of $525,148,000 for Q4 2024, up from $502,583,000 in Q3 2024[112]. Loan and Deposit Growth - Total loans increased by approximately $1.0 billion, or 8% annualized, and total deposits increased by approximately $1.1 billion, or 9% annualized, in the fourth quarter of 2024[5]. - Total loans reached $48,055,037 thousand, up 2.1% from $47,067,447 thousand in the prior quarter[62]. - Total deposits increased to $52,512,349 thousand, a growth of 2.15% from $51,404,966 thousand in the previous quarter[62]. - Total loans, net of unearned income increased to $48,055,037, reflecting an 8% growth from the previous quarter and a 14% increase year-over-year[68]. - Non-interest-bearing deposits grew by 25% year-over-year, reaching $11,410,018[70]. Interest Income and Margin - Net interest income for the fourth quarter of 2024 totaled $525.1 million, an increase of $22.6 million compared to the third quarter of 2024, primarily due to a $2.6 billion increase in average earning assets[26]. - The net interest margin remained stable at 3.49% during the fourth quarter of 2024, unchanged from the third quarter of 2024[27]. - The taxable-equivalent net interest margin (non-GAAP) for Q4 2024 was 3.51%, unchanged from Q3 2024, indicating stable performance in interest-earning assets[112]. Non-Interest Income - Non-interest income for Q4 2024 totaled $113,451,000, up from $87,348,000 in Q4 2023, marking a 29.9% increase[67]. - Total Non-Interest Income for the year ended December 31, 2024, was $488,325, reflecting a 12% increase of $54,219 compared to 2023[102]. - Mortgage banking revenue increased by $4.5 million to $20.5 million in Q4 2024 compared to Q3 2024, driven by a $5.5 million positive impact from net fair value marks[53]. Expenses and Efficiency - Non-interest expenses totaled $368.5 million in the fourth quarter of 2024, an increase of $7.9 million compared to the third quarter of 2024, primarily due to the Macatawa acquisition[43]. - Total non-interest expense for Q4 2024 was $368,539,000, an increase of $7,852,000 or 2% compared to Q3 2024, and an increase of $5,887,000 or 2% compared to Q4 2023[109]. - The efficiency ratio (GAAP) improved to 57.46% in Q4 2024 from 58.88% in Q3 2024, indicating better operational efficiency[112]. Credit Quality - Non-performing loans improved to 0.36% of total loans at December 31, 2024, down from 0.38% at September 30, 2024, indicating improved credit quality[32]. - The provision for credit losses totaled $17.0 million in the fourth quarter of 2024, a decrease from $22.3 million in the third quarter of 2024, reflecting a one-time provision related to the Macatawa acquisition[9]. - The allowance for loan losses as a percentage of loans at period end was 0.76% as of December 31, 2024, down from 0.77% in the previous quarter[93]. Acquisitions and Market Expansion - The Company completed the acquisition of Macatawa on August 1, 2024, with preliminary goodwill recorded at approximately $142.1 million[56]. - The number of banking offices increased to 205, up from 203 in the previous quarter, indicating continued market expansion[62]. - Wintrust aims to maintain a net interest margin in the 3.50% range moving into 2025, supported by stable net interest income growth and disciplined expense control[4]. Future Outlook and Strategic Initiatives - The company plans to form additional de novo banks or branch offices as part of its growth strategy[119]. - Forward-looking statements indicate expectations for future financial performance and potential acquisitions in specialty finance or wealth management[119]. - The company is focused on managing risks associated with economic conditions, interest rates, and competitive pressures in the financial services sector[119].
Wintrust Financial Corporation(WTFCM) - 2024 Q4 - Annual Results