Wintrust Financial Corporation reports news on its community banking, specialty finance and wealth management businesses. The financial holding company serves markets in greater Chicago, southern Wisconsin, west Michigan, northwest Indiana and southwest Florida through community bank subsidiaries and non-bank units.
Recurring updates cover quarterly earnings, net interest income, loan and deposit trends, dividends on common and preferred securities, board governance and investor conference participation. Company news also reflects business lines such as residential mortgage origination, commercial and life insurance premium financing, short-term accounts receivable financing for the temporary staffing industry and qualified intermediary services for tax-deferred exchanges.
Wintrust Financial (Nasdaq: WTFC) has completed its all-stock acquisition of Macatawa Bank , expanding into West Michigan. The merger, valued at approximately $510.3 million, or $14.85 per share, adds Macatawa Bank's 26 branches and $2.7 billion in assets to Wintrust's portfolio. Macatawa shareholders received 0.137 shares of Wintrust common stock for each Macatawa share.
This strategic move strengthens Wintrust's presence in the region, bringing its total assets to about $62 billion and expanding its network to over 200 banking locations. The merger aims to combine Wintrust's enhanced services and technology with Macatawa's strong community presence and client-focused culture.
Wintrust Financial (Nasdaq: WTFC) has announced its quarterly cash dividends. The company's Board of Directors approved a $0.45 per share dividend on outstanding common stock, payable on August 22, 2024 to shareholders of record as of August 8, 2024. Additionally, quarterly cash dividends were approved for the company's Series D and Series E preferred stocks, both payable on October 15, 2024 to shareholders of record as of October 1, 2024. The Series D stock is a 6.50% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, while the Series E is a 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock.
Wintrust Financial (Nasdaq: WTFC) reported a record net income of $339.7 million ($5.21 per share) for the first half of 2024, up from $334.9 million ($5.18 per share) in the same period of 2023. Pre-tax, pre-provision income (non-GAAP) also hit a record $523.0 million, compared to $506.5 million last year. However, quarterly net income fell to $152.4 million ($2.32 per share) from $187.3 million ($2.89 per share) in Q1 2024. Total loans increased by $1.4 billion (13% annualized), with deposits up by $1.6 billion (14% annualized). Notably, net interest income rose to $470.6 million due to average earning asset growth, despite a decrease in net interest margin by seven basis points to 3.50%. The company is optimistic about sustained financial performance in the coming quarters, driven by loan and deposit growth, stable net interest margins, and disciplined expense control. Challenges include a rise in non-performing loans and net charge-offs, which totaled $30.0 million in Q2 2024.
Wintrust Financial (Nasdaq: WTFC) announced its schedule for releasing second quarter and year-to-date 2024 earnings results. The results will be published after market close on July 17, 2024, followed by a conference call on July 18, 2024, at 10:00 a.m. CDT. The webcast can be accessed through the company's website, and participants can register for the call to receive a unique PIN for seamless access. A slide presentation will accompany the call and will be available on Wintrust's website. Both the webcast replay and slides will be accessible post-event. Wintrust operates 15 community bank subsidiaries with over 170 locations in the Chicago and southern Wisconsin areas and offers various financial services including mortgage origination, insurance financing, and wealth management. The company has assets of approximately $57 billion.
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