Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 280

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 280
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7 million in 2024 compared to $9.5 million in 2023.  The increase was due to higher net charge-offs experienced in 2024 and loan growth. The specialty finance segment’s non-interest income increased to $119.3 million for the year ended December 31, 2024 compared to $106.0 million in 2023.  Non-interest expenses increased by $20.9 million in 2024 compared to 2023, primarily because of higher salary, commissions, and incentive compensation as well as other segment expenses.  For 2024, our commercial premium finance operations, life insurance premium finance operations, leasing operations and accounts receivable finance operations accounted for 49%, 30%, 19% and 2%, respectively, of the total revenues of our specialty finance business. Net income of the specialty finance segment totaled $186.3 million and $175.5 million for the years ended December 31, 2024 and 2023, respectively. 

The wealth management segment reported net interest income of $30.0 million for 2024 and $32.7 million for 2023. Net interest income for this segment is primarily comprised of an allocation of net interest income earned by the community banking segment on non-interest bearing and interest-bearing wealth management customer account balances on deposit at the 

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banks. Wealth management customer account balances on deposit at the banks averaged $1.5 billion and $1.7 billion in 2024 and 2023, respectively. This segment recorded non-interest income of $168.1 million for 2024 as compared to $136.6 million for 2023. The increase was primarily due to a $20.0 million gain recognized in the first quarter of 2024 related to the sale of the Company’s RBA division within its wealth management business.  Non-interest expenses increased by $6.4 million in 2024 compared to 2023, primarily because of higher commissions and incentive compensation.  Distribution of wealth management services through each bank continues to be a focus of the Company as the number of brokers in its banks continues to increase. The Company is committed to growing the wealth management segment in order to better service its customers and create a more diversified revenue stream. The wealth management segment reported net income of $50.0 million for 2024 compared to $33.0 million for 2023.

Analysis of Financial Condition

Total assets were $64.9 billion at December 31, 202