Shares of Wintrust Financial Corporation (WTFC) plummeted by 5.82% on Monday morning after the company reported disappointing third-quarter earnings results. The Chicago-based bank holding company missed analysts' estimates for both revenue and earnings per share (EPS) for the quarter ended September 30, 2024.
Wintrust Financial reported revenue of $615.73 million, which fell short of analysts' expectations by $20.94 million. The company's GAAP EPS of $2.47 also missed estimates by $0.01. While pre-tax, pre-provision income increased slightly from the previous quarter to $255.0 million, the results were weighed down by a one-time, $15.5 million provision for credit losses related to an acquisition.
Despite the earnings miss, Wintrust Financial provided guidance that its net interest margin is expected to remain around 3.50% in the fourth quarter of 2024 and into 2025. The company also reported an increase in tangible book value per common share to $76.15 as of September 30, 2024.
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