Company: WTFCN
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001015328-25-000130
Chunk: 122

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 122
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-sale investment securities portfolios and derivative contracts designated as cash flow hedges as well as foreign currency translation adjustments. Comprehensive income totaled $287.4 million for the first quarter of 2025 compared to $63.4 million for the first quarter of 2024. 

The Company increased its loan portfolio from $43.2 billion at March 31, 2024 and $48.1 billion at December 31, 2024 to $48.7 billion at March 31, 2025. The increase in the current period compared to the prior periods was a result of growth in several portfolios, including the commercial, commercial real estate, residential real estate loans held for investment portfolios, and insurance premium finance receivable portfolios. For more information regarding changes in the Company’s loan portfolio, see Financial Condition – Interest Earning Assets and Note (6) “Loans” of the Consolidated Financial Statements in Item 1 of this report.

The Company recorded net interest income of $526.5 million in the first quarter of 2025 compared to $464.2 million in the first quarter of 2024. This increase in net interest income recorded in the first quarter of 2025 compared to the first quarter of 2024 resulted primarily from growth in earning assets, specifically a $5.7 billion increase in average loans. Net interest margin was 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) in the first quarter of 2025 compared to 3.57% (3.59% on a fully taxable-equivalent basis, non-GAAP) in the first quarter of 2024. The decrease in net interest margin is primarily due to a decline in loan and other earning assets yields along with a decline in the net free funds contribution. This was partially offset by a reduction in funding cost, primarily related to the rate paid on interest-bearing liabilities, most notably interest-bearing deposits, junior subordinated debentures and other borrowings (see “Net Interest Income” for further detail).

Non-interest income totaled $116.6 million in the first quarter of 2025 compared to $140.6 million in the first quarter of 2024. The decrease is primarily due to a $20.0 million gain recognized in the first quarter of 2024 related to the sale of the Company’s Retirement Benefits Advisors (“RBA”) division within its wealth management business and decreased mortgage banking revenue of $7.1 million in the first quarter of 202