Reports Q1 revenue $565.76M, consensus $570.12M. Tangible book value per common share was $64.22 at quarter end vs. $61.00 at previous quarter end. Q1 allowance for credit losses was $ 376.26M vs. $357.94M in the previous quarter and $301.33M last year. Q1 provision for credit losses was $ 23.05M vs. $47.65M in the previous quarter and $4.11M a year ago. CEO Edward Wehmer commented, "Wintrust successfully navigated the first quarter with limited disruption thanks to our strong deposit franchise and balanced business model. Total deposits remained stable in the first quarter as the diversity of our deposit base showed its resilience in a volatile market. Credit metrics remained very strong with non-performing assets unchanged from the prior quarter, remaining at historic lows. Finally, the company’s net interest margin increased during the quarter contributing to record quarterly net income."
Published first on TheFly
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