WTFC - Wintrust Financial: Mortgage Banking Normalization To Counter Net Interest Income Growth

• Non-interest income will likely substantially decline in 2021 as mortgage refinance activity will normalize.
• Low interest rates will likely drive loan growth. However, the lower funding of loans in the next round of the PPP compared to the previous round will constrain loan growth.
• Deployment of excess liquidity will support the net interest margin. Nevertheless, the margin will likely drift downwards due to the low rate environment.
• WTFC is offering a low total expected return.

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