Wintrust Financial Shares Dip On Q4 Miss: Details

Wintrust Financial Corp WTFC shares are trading lower after the company reported fourth-quarter FY23 results.

Net revenue rose 4% Y/Y to $570.8 million, missing the consensus of $579.2 million. Net interest income rose 3% Y/Y to $470.0 million, with margin contraction of 9bps Y/Y to 3.62%.

Adjusted EPS of $2.40 missed the consensus of $2.49. EPS declined 16% Y/Y to $1.87 in the fourth quarter of FY23.

As of Dec 31, 2023, total loans rose 7% Y/Y to $42.1 billion, and total deposits were up 6% Y/Y to $45.4 billion.

The company recorded provision for credit losses of $42.9 million in the quarter vs. $47.6 million a year ago.

At the end of the year, Tier 1 capital ratio stood at 10.2% vs. 10.0% the prior year. Net charge-offs were $14.9 million in the quarter vs. $8.1 million in third-quarter FY23.

“In the current interest rate environment, we still expect to maintain our net interest margin within a narrow range around current levels during the first quarter of 2024 and stay relatively stable for the remainder of 2024, depending on the pace and magnitude of potential interest rate changes,” stated Timothy S. Crane, President, and Chief Executive Officer.

Price Action: WTFC shares are down 3.20% at $90.19 premarket on the last check Thursday.