WINTRUST FINANCIAL CORP (NASDAQ:WTFC) reported record net income of $216.3 million, or $2.78 per diluted common share, for the third quarter of 2025. This marks an 11% increase from the $195.5 million net income reported in the second quarter of 2025. Excluding one-time impacts related to preferred stock, diluted earnings per common share for the third quarter of 2025 were $3.06.
For the first nine months of 2025, the company achieved record net income of $600.8 million, or $8.25 per diluted common share, compared to $509.7 million, or $7.67 per diluted common share, for the same period in 2024. Pre-tax, pre-provision income, a non-GAAP measure, also reached a record $317.8 million in the third quarter of 2025, up from $289.3 million in the prior quarter. Timothy S. Crane, President and Chief Executive Officer, noted the company 'continued to build on the momentum established in our record first half of the year with record net income, net interest income, strong balance sheet growth and prudent management of net interest margin'.
Net interest income rose to $567.0 million in the third quarter of 2025, an increase of $20.3 million from $546.7 million in the second quarter of 2025, primarily driven by strong average earning asset growth. The net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis) and remained within the expected range, according to Mr. Crane. Total loans grew by $1.0 billion, an 8% annualized increase, and total deposits increased by $894.6 million, or 6% annualized, compared to the second quarter of 2025. Total assets expanded by $646.3 million, representing a 4% annualized increase.
The company's third quarter diluted EPS was impacted by $14.0 million, or $0.21 per diluted common share, from the one-time recognition of prior issuance costs related to Preferred Stock Series D and E, which were redeemed on July 15, 2025. Additionally, an excess dividend of $4.9 million, or $0.07 per diluted common share, was recognized from a one-time extended first dividend period on Preferred Stock Series F.
Non-interest income totaled $130.8 million, increasing $6.7 million from $124.1 million in the second quarter of 2025. This rise was influenced by higher net gains on investment securities, totaling $3.0 million, and an increase in wealth management and mortgage banking revenue. Non-interest expense decreased slightly by $1.5 million to $380.0 million. The provision for credit losses was $21.8 million, a slight decrease from $22.2 million in the previous quarter. Non-performing loans improved to $162.6 million, comprising 0.31% of total loans at September 30, 2025, down from $188.8 million or 0.37% at June 30, 2025.
Mr. Crane highlighted 'strong loan growth' and 'diversified nature of our loan growth across all major loan portfolios', with loan pipelines remaining strong. He also emphasized 'disciplined credit management' and the belief that 'the Company’s reserves are appropriate'. The company's loans-to-deposits ratio ended the quarter at 91.8%. Wealth management subsidiaries reported approximately $55.1 billion of assets under administration at September 30, 2025.
