Wintrust Financial Corporation reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved a net income of $170.0 million for Q3 2024, a 4% increase from $164.2 million in Q3 2023. For the nine months, net income rose to $509.7 million, up 2% from $499.1 million in the prior year. The net income applicable to common shares for Q3 2024 was $163.0 million, compared to $157.2 million in Q3 2023.
Total revenue for Q3 2024 reached $615.7 million, reflecting a 7% increase from $574.8 million in Q3 2023. This growth was driven by a 9% rise in net interest income, which amounted to $502.6 million, up from $462.4 million in the same quarter last year. The net interest margin for Q3 2024 was 3.49%, slightly down from 3.60% in Q3 2023. Non-interest income also saw a modest increase, totaling $113.1 million, compared to $112.5 million in the prior year.
The company’s total assets increased by 15% year-over-year, reaching $63.8 billion as of September 30, 2024, up from $55.6 billion a year earlier. Total deposits rose by 14% to $51.4 billion, compared to $45.0 billion in September 2023. The increase in deposits was attributed to growth in money market and time certificate deposits.
Wintrust completed the acquisition of Macatawa Bank Corporation on August 1, 2024, issuing approximately 4.7 million shares valued at $499.3 million. This acquisition added significant assets, including $2.7 billion in total assets and $1.3 billion in loans. The company incurred $1.6 million in acquisition expenses for Q3 2024 and $2.5 million for the nine months.
The provision for credit losses for Q3 2024 was $22.3 million, up from $19.9 million in Q3 2023, reflecting increased loan growth and a $15.5 million Day 1 provision related to the Macatawa acquisition. Net charge-offs for Q3 2024 totaled $26.7 million, compared to $8.1 million in Q3 2023.
Wintrust's total shareholders' equity increased by 28% to $6.4 billion as of September 30, 2024, compared to $5.0 billion a year prior. The company declared a quarterly cash dividend of $0.45 per share, consistent with previous quarters in 2024. The market price per common share rose to $108.53, a 44% increase from $75.50 a year earlier.
About WINTRUST FINANCIAL CORP
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