Wintrust Financial (WTFC) Q4 2024 earnings summary

Executive summary

• Achieved record full-year net income of $695 million ($10.31 per diluted share) for 2024, up 12% from 2023, with Q4 net income of $185.4 million and ROA at 1.16%.

• Demonstrated strong organic loan and deposit growth, further boosted by the Macatawa Bank acquisition, expanding the geographic footprint.

• Tangible book value per share (non-GAAP) increased to $75.39, continuing a 28-year growth streak.

• Pre-tax, pre-provision income (non-GAAP) reached $1.05 billion for 2024 and $270.1 million in Q4, both records.

• Continued expansion in key Midwest markets, including West Michigan and Rockford, Illinois.

Financial highlights

• Net interest income for 2024 reached $2.0 billion, up 7% year-over-year, with Q4 net interest income at $525.1 million and a stable net interest margin of 3.51%.

• Total loans grew to $48.1 billion (+15% year-over-year), and total deposits to $52.5 billion (+14% year-over-year).

• Loan growth was 8% annualized in Q4 and 14% for the full year, including Macatawa acquisition; organic loan growth was 11%.

• Non-interest income was $113.5 million in Q4, flat sequentially but up 13% year-over-year, with steady growth in wealth management and treasury management.

• Non-interest expenses were $368.5 million in Q4, up $7.9 million sequentially, mainly due to Macatawa integration and IT investments.

Outlook and guidance

• Management expects stable net interest margin near 3.5% in 2025, with continued net interest income growth supported by balance sheet expansion.

• Expecting mid to high single-digit loan growth in 2025, supported by strong pipelines in C&I, leasing, and niche businesses.

• Expense growth targeted at mid-single digits, below projected loan growth, to maintain operating leverage.

• CET1 capital growth expected to remain steady, supporting further expansion.

• Optimistic about continued profitable growth and further expansion in new and existing markets.