Wintrust Financial Corporation ("Wintrust" or "the Company")
(Nasdaq:WTFC) announced net income of $16.4 million or $0.36 per
diluted common share for the quarter ended March 31, 2011 compared
to net income of $16.0 million or $0.41 per diluted common share
for the quarter ended March 31, 2010 and $14.2 million or $(0.06)
per diluted common share for the fourth quarter of 2010.
The Company's total assets of $14.1 billion at March 31, 2011
increased $1.2 billion from March 31, 2010. Total deposits as of
March 31, 2011 were $10.9 billion, an increase of $1.2 billion from
March 31, 2010. Noninterest bearing deposits increased by $407.4
million or 46.7% since March 31, 2010, while NOW, money market and
savings deposits increased $526.6 million or 14.7% during the same
time period. Total loans, including loans held for sale and
excluding covered loans, were $9.7 billion as of March 31, 2011, an
increase of $429.7 million over March 31, 2010.
Edward J. Wehmer, President and Chief Executive Officer,
commented, "We are pleased to report net income of $16.4 million
for the first quarter of 2011 compared to $16.0 million in the
first quarter of 2010 and $14.2 million in the fourth quarter of
2010. The results for the first quarter of 2011 show continued core
operating strengths as our net interest margin improved, credit
related costs remain at levels similar to recent quarters, core
loans outstanding increased, demand deposits related to this core
loan growth increased and the beneficial shift in our deposit mix
away from single-product CD customers continues. Specifically, our
commercial lending initiatives continue to benefit non-interest
bearing deposit growth where this component of total deposits has
increased over the past 12 months to 11.7%, up from 9.0%.
Our renewed franchise expansion efforts that began in the second
quarter of 2010, picked up as we acquired two banks in
FDIC-assisted transactions, acquired the assets of another
residential mortgage origination company and acquired, or
contracted to acquire, three closed branch banking facilities from
the FDIC in Crystal Lake, Schaumburg and Des Plaines. These
transactions will open up new markets to us."
Mr. Wehmer noted, "Our results for the first quarter of 2011
included $9.8 million of bargain purchase gains on the two
FDIC-assisted transactions. These gains were negated somewhat
by an industry-wide fall-off in residential real-estate loan
originations, as we experienced a 55% decline in origination
volumes compared to the first quarter of 2010. Over the past
three months, our period end balances of mortgages held-for-sale
and our niche mortgage warehouse lending have declined by $375
million. This not only impacted the composition of our balance
sheet, but negatively impacted non-interest income as mortgage
banking income declined by $11.1 million in the first quarter of
2011 compared to the fourth quarter of 2010."
Commenting further on credit quality, Mr. Wehmer said,
"Non-performing loans and other real-estate owned both increased
slightly since year-end as severe weather conditions and a shorter
first quarter business calendar hampered the outflow of
non-performing credits. During the first quarter, the Company
recorded a provision for credit losses of $25.3 million, net
charge-offs of $25.3 million and other real-estate owned operating
expenses and charges of $5.8 million. Our allowance for credit
losses, excluding covered loans, increased to $117.1 million or
1.22% of total loans."
In closing, Mr. Wehmer added, "This year will mark the 20th
anniversary of the start of the Wintrust organization. What
began as a single temporary store-front location in Lake Forest in
1991 now has 88 banking locations, as well as wealth management,
mortgage banking and specialty finance operations. We believe
we are successfully managing through the current credit cycle of
elevated credit costs, higher levels of liquidity with little or no
yield and increased capital scrutiny, and we believe our
opportunities to expand the franchise have also increased. Our
core commercial loan pipeline is strong which should result in
shifting our low yielding liquidity assets into higher yield loans
and resulting higher margins on those assets. Marketing
efforts are only just beginning in our newer markets and present us
with good opportunities to further expand and strengthen our core
deposit franchise to support the funding of potential future loan
originations. Our capital levels remain well above regulatory
requirements, we are free from the restraints of TARP and are
excited about the opportunities that lie ahead."
Wintrust's key operating measures and growth rates for the first
quarter of 2011, as compared to the sequential and linked quarters
are shown in the table below:
|
|
|
|
|
% or (4) |
% or |
|
|
|
|
basis point (bp) |
basis point (bp) |
|
|
|
|
change |
change |
|
Three Months
Ended |
from |
from |
|
March 31, |
December 31, |
March 31, |
4th Quarter |
1st Quarter |
|
2011 |
2010 |
2010 |
2010 |
2010 |
|
|
|
|
|
|
Net income |
$ 16,402 |
$ 14,205 |
$ 16,017 |
15% |
2% |
Net income (loss) per common share –
diluted |
$ 0.36 |
$ (0.06) |
$ 0.41 |
700% |
(12)% |
|
|
|
|
|
|
Core pre-tax earnings (2) |
$ 48,799 |
$ 58,666 |
$ 42,076 |
(17)% |
16% |
Net revenue (1) |
$ 150,501 |
$ 157,138 |
$ 138,472 |
(4)% |
9% |
Net interest income |
$ 109,614 |
$ 112,677 |
$ 95,865 |
(3)% |
14% |
|
|
|
|
|
|
Net interest margin (2) |
3.48% |
3.46% |
3.38% |
2 bp |
10 bp |
Net overhead ratio (3) |
1.66% |
1.73% |
1.33% |
(7) bp |
33 bp |
Return on average assets |
0.47% |
0.40% |
0.52% |
7 bp |
(5) bp |
Return on average common equity |
4.49% |
(0.66)% |
4.93% |
515 bp |
(44) bp |
|
|
|
|
|
|
|
At end of period |
|
|
|
|
|
Total assets |
$ 14,080,180 |
$ 13,980,156 |
$ 12,839,978 |
3% |
10% |
Total loans, excluding covered loans |
$ 9,561,802 |
$ 9,599,886 |
$ 9,070,562 |
(2)% |
5% |
Total loans, including loans
held-for-sale, excluding covered loans |
$ 9,656,288 |
$ 9,971,333 |
$ 9,226,611 |
(13)% |
5% |
Total deposits |
$ 10,915,169 |
$ 10,803,673 |
$ 9,724,870 |
4% |
12% |
Total shareholders' equity |
$ 1,453,253 |
$ 1,436,549 |
$ 1,364,832 |
5% |
6% |
|
(1) Net revenue is net
interest income plus non-interest income. |
(2) See "Supplemental
Financial Measures/Ratios" for additional information on this
performance measure/ratio. |
(3) The net overhead
ratio is calculated by netting total non-interest expense and total
non-interest income, annualizing this amount, and dividing by that
period's average total assets. A lower ratio indicates a
higher degree of efficiency. |
(4) Period-end balance
sheet percentage changes are annualized. |
Certain returns, yields, performance ratios, or quarterly growth
rates are "annualized" in this presentation to represent an annual
time period. This is done for analytical purposes to better
discern for decision-making purposes underlying performance trends
when compared to full-year or year-over-year amounts. For
example, a 5% growth rate for a quarter would represent an
annualized 20% growth rate. Additional supplemental financial
information showing quarterly trends can be found on the Company's
web site at www.wintrust.com by choosing "Financial Reports" under
the "Investor Relations" heading, and then choosing "Supplemental
Financial Info."
Items Impacting Comparative Financial
Results: Acquisitions and Capital
Acquisitions
On March 25, 2011, the Company announced that its wholly-owned
subsidiary bank, Advantage National Bank Group ("Advantage"),
acquired certain assets and liabilities and the banking operations
of The Bank of Commerce ("TBOC") in an FDIC-assisted
transaction. TBOC operated one location in Wood Dale,
Illlinois and had approximately $163 million in total assets and
$161 million in total deposits as of December 31,
2010. Advantage acquired substantially all of TBOC's assets at
a discount of approximately 14% and assumed all of the non-brokered
deposits at a premium of approximately 0.1%.
On February 4, 2011, the Company announced that its wholly-owned
subsidiary bank, Northbrook Bank & Trust Company
("Northbrook"), acquired certain assets and liabilities and the
banking operations of Community First Bank-Chicago ("CFBC") in an
FDIC-assisted transaction. CFBC operated one location in
Chicago and had approximately $51.1 million in total assets and
$49.5 million in total deposits as of December 31,
2010. Northbrook Bank acquired substantially all of CFBC's
assets at a discount of approximately 8% and assumed all of the
non-brokered deposits at a premium of approximately 0.5%.
On February 3, 2011, the Company announced the acquisition of
certain assets and the assumption of certain liabilities of the
mortgage banking business of Woodfield Planning Corporation
("Woodfield") of Rolling Meadows, Illinois. With offices in
Rolling Meadows, Illinois and Crystal Lake, Illinois, Woodfield
originated approximately $180 million in mortgage loans in
2010.
On August 17, 2010, the Company announced that its wholly-owned
subsidiary bank, Wheaton Bank & Trust Company ("Wheaton")
signed a Branch Purchase and Assumption Agreement whereby it agreed
to acquire a branch of First National Bank of Brookfield located in
Naperville, Illinois. The transaction closed on October 22, 2010
and the acquired operations are operating as Naperville Bank &
Trust. Through this transaction, Wheaton acquired
approximately $23 million of deposits, approximately $11 million of
performing loans, the property, bank facility and various other
assets.
On August 6, 2010, the Company announced that its wholly-owned
subsidiary bank, Northbrook, in an FDIC-assisted transaction, had
acquired certain assets and liabilities and the banking operations
of Ravenswood Bank ("Ravenswood"). Ravenswood operated one location
in Chicago, Illinois and one in Mount Prospect, Illinois.
On April 23, 2010, the Company announced that Northbrook and
Wheaton, in two FDIC-assisted transactions, had acquired certain
assets and liabilities and the banking operations of Lincoln Park
Savings Bank ("Lincoln Park") and Wheatland Bank ("Wheatland"),
respectively. Lincoln Park operated four locations in Chicago,
Illinois. Wheatland had one location in Naperville,
Illinois.
In summary, in the FDIC-assisted transactions:
- Advantage assumed approximately $161 million of the outstanding
deposits and approximately $163 million of assets of TBOC, prior to
purchase accounting adjustments. A bargain purchase gain of $7.9
million was recognized on this transaction.
- Northbrook assumed approximately $50 million of the outstanding
deposits and approximately $51 million of assets of CFBC, prior to
purchase accounting adjustments. A bargain purchase gain of
$1.9 million was recognized on this transaction.
- Northbrook assumed approximately $120 million of the
outstanding deposits and approximately $188 million of assets of
Ravenswood, prior to purchase accounting adjustments. A
bargain purchase gain of $6.8 million was recognized on this
transaction.
- Northbrook assumed approximately $160 million of the
outstanding deposits and approximately $170 million of assets of
Lincoln Park, prior to purchase accounting adjustments. A
bargain purchase gain of $4.2 million was recognized on this
transaction.
- Wheaton assumed approximately $400 million of the outstanding
deposits and approximately $370 million of assets of Wheatland,
prior to purchase accounting adjustments. A bargain purchase gain
of $22.3 million was recognized on this transaction.
Loans comprise the majority of the assets acquired in the five
FDIC-assisted transactions and are subject to loss sharing
agreements with the FDIC where the FDIC has agreed to reimburse the
Company for 80% of losses incurred on the purchased loans. We
refer to the loans subject to these loss-sharing agreements as
"covered loans." Covered assets include covered loans, covered
OREO and certain other covered assets. The agreements with the
FDIC require that the Company follow certain servicing procedures
or risk losing FDIC reimbursement of losses related to covered
assets.
Capital
On February 14, 2011, the U.S. Department of Treasury ("the
Treasury") sold all 1.6 million warrants to purchase the Company's
common stock it received in connection with its purchase of the
Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series B
in December 2008. The Treasury sold the warrants to third
parties, in a public modified Dutch auction for $15.80 per
warrant. The Company received no proceeds in connection with
the offering. Holders of the warrants have the right to buy
the Company's common stock at a price of $22.82 per share. The
warrants are traded on the NASDAQ Global Select Market under the
ticker symbol "WTFCW" and expire on December 19, 2018.
On December 22, 2010, the Company repurchased all 250,000 shares
of its Fixed Rate Cumulative Perpetual Preferred Stock, Series B
(the "Preferred Stock"), which it issued to the Treasury under the
TARP Capital Purchase Program. The Preferred Stock was
repurchased at a price of $251.3 million, which included accrued
and unpaid dividends of $1.3 million. The repurchase of the
Preferred Stock resulted in a non-cash deemed preferred stock
dividend that reduced net income applicable to common shares
in the fourth quarter of 2010 by approximately $11.4
million. This amount represented the difference between the
repurchase price and the carrying amount of the Preferred Stock, or
the accelerated accretion of the applicable discount on the
preferred shares.
In December 2010, the Company sold 3.69 million shares of common
stock at $30.00 per share in a public offering. The Company
received net proceeds of $104.8 million after deducting
underwriting discounts and commissions and estimated offering
expenses. At the same time the Company sold 4.6 million 7.50%
tangible equity units ("TEU") at a public offering price of $50.00
per unit. The Company received net proceeds of $222.7 million
after deducting underwriting discounts and commissions and
estimated offering expenses. In total, the Company received net
proceeds of $327.5 million from the December offerings.
In March 2010, the Company sold 6.67 million shares of common
stock at $33.25 per share in a public offering. The Company
received net proceeds of $210.3 million after deducting
underwriting discounts and commissions and estimated offering
expenses.
As of March 31, 2011, the Company's estimated capital ratios
were 14.1% for total risk-based capital, 12.8% for tier 1
risk-based capital and 10.3% for leverage, well above the well
capitalized guidelines. Additionally, the Company's
tangible common equity ratio was 8.0% at March 31, 2011.
Financial Performance Overview – First quarter of
2011
For the first quarter of 2011, net interest income totaled
$109.6 million, an increase of $13.7 million as compared to the
first quarter of 2010 and a decrease of $3.1 million as compared to
the fourth quarter of 2010. Average earning assets for the
first quarter of 2011 increased by $1.3 billion compared to the
first quarter of 2010. Average earning asset growth over the
past 12 months was primarily a result of the $699.2 million
increase in average loans, $326.6 million of average covered loan
growth from the five FDIC-assisted bank acquisitions and $247.9
million increase in average liquidity management
assets. Growth in the life insurance premium finance portfolio
of $327.1 million and growth in the commercial and industrial
portfolio of $256.9 million accounted for the bulk of the
total average loan growth over the past 12 months. The average
earning asset growth of $1.3 billion over the past 12 months was
funded by a $440.3 million increase in the average balances of
savings, NOW, MMA and Wealth Management deposits, an increase in
the average balance of net free funds of $533.2 million and
increase in the average balance of retail certificates of deposit
of $313.5 million.
The net interest margin for the first quarter of 2011 was 3.48%
compared to 3.46% in the fourth quarter of 2010. The two basis
point increase in net interest margin in the first quarter of 2011
compared to the fourth quarter of 2010 resulted as reduced costs of
interest-bearing deposits continued to improve the net interest
margin as the rate on these deposits decreased ten basis
points in the first quarter of 2011 compared to the fourth quarter
of 2010. Including the costs of wholesale funding, the rate on
total interest-bearing liabilities declined four basis points
between these comparable periods. Offsetting this positive
impact to the net interest margin was the yield on total average
earning assets, which declined by four basis points as the yield on
loans declined by 37 basis points and the yield on liquidity
management assets improved by 43 basis points. The increased
effective yield recognized on the FDIC covered loan portfolio
helped to counteract some of the impact of the loan portfolio yield
decreases. The lower yield on the loan portfolio in the first
quarter of 2011 was primarily attributable to a $5.6 million
decline in accretion recognized on the purchased life insurance
premium finance loan portfolio as prepayments declined and lower
yields on the commercial premium finance receivable
portfolio. Average net free funds increased by $123 million,
improving the contribution to net interest margin by two basis
points in the first quarter of 2011 compared to the fourth quarter
of 2010. The Company continues to see a beneficial shift in
its deposit mix as average non-interest bearing deposits comprised
11.7% of total average deposits in the first quarter of 2011
compared to 10.5% in the fourth quarter of 2010.
The lower level of net interest income recorded in the first
quarter of 2011 compared to the fourth quarter of 2010 was
primarily attributable to the first quarter of 2011 consisting of
two less days than the fourth quarter of 2010, reducing net
interest income by approximately $2.5 million. The remainder
of the decrease in net interest income was caused by slightly lower
levels of total average earning assets as the average balance of
mortgages held for sale and mortgage warehouse lines declined by
$240 million in the first quarter of 2011 compared to the fourth
quarter of 2010.
The net interest margin increased ten basis points in the first
quarter of 2011 compared to the first quarter of 2010. The
driver for this increase was the reduced costs of interest-bearing
deposits as the rate on these deposits decreased 51 basis points in
the first quarter of 2011 compared to the first quarter of
2010. Including the costs of wholesale funding, the rate on
total interest-bearing liabilities declined 43 basis points between
these comparable periods. Partially offsetting this positive
impact to the net interest margin was the yield on total average
earning assets, which declined by 33 basis points as the yield on
loans declined by 41 basis points and the yield on liquidity
management assets declined by 49 basis points. The yield
recognized on the FDIC covered loan portfolio helped to counteract
some of the impact of these yield decreases.
The higher level of net interest income recorded in the first
quarter of 2011 compared to the first quarter of 2010 was primarily
attributable to a $699 million increase in the average balance of
loans and a $327 million increase in FDIC covered loans. The
bulk of this growth was funded by an increase of $725 million in
interest-bearing deposits and a $533 million increase in net free
funds (of which $402 million was non-interest bearing
deposits). The Company continues to see a beneficial shift in
its deposit mix as non-interest bearing deposits comprised 11.7% of
total average deposits in the first quarter of 2011 compared to
8.9% in the first quarter of 2010.
Non-interest income totaled $40.9 million in the first quarter
of 2011, decreasing $1.7 million, or 4.0%, compared to the first
quarter of 2010 and decreasing $3.6 million, or 8.0%, compared to
the fourth quarter of 2010. Mortgage banking revenue increased $1.9
million when compared to the first quarter of 2010 and decreased
$11.1 million when compared to the fourth quarter of 2010 as loans
originated and sold to the secondary market were $562 million in
the first quarter of 2011 compared to $687 million in the first
quarter of 2010 and $1.3 billion in the fourth quarter of 2010 (see
"Non-Interest Income" section later in this document for further
detail). Trading income decreased by $6.4 million in the first
quarter of 2011 when compared to the first quarter of 2010
primarily due to the realization in the prior year of market value
increases on certain collateralized mortgage obligations held in
trading during 2010.
Non-interest expense totaled $98.1 million in the first quarter
of 2011, increasing $14.2 million, or 17%, compared to the first
quarter of 2010 and decreasing $8.1 million compared to the fourth
quarter of 2010. The increase compared to the first quarter of
2010 was primarily attributable to a $7.0 million increase in
salaries and employee benefits. The increase in salaries and
employee benefits was attributable to a $1.0 million increase in
bonus and commissions as variable pay based revenue increased
(primarily in our mortgage banking and wealth management
businesses), a $4.0 million increase in salaries caused by the
addition of employees from the five FDIC-assisted transactions and
larger staffing related to organic Company growth, and a $2.0
million increase from employee benefits (primarily related to
health plans and payroll taxes). Additionally, OREO related
expenses increased $4.5 million and professional fees increased
$439,000, primarily related to increased legal costs related to
non-performing assets and recent bank acquisitions.
The Company's effective tax rate increased to 39.4% in the first
quarter of 2011, up from 37.2% in the first quarter of
2010. This increase is primarily attributable to two
items. The increased Illinois corporate tax rate on 2011
earnings increased our tax expense by approximately
$200,000. Additionally, the Company recorded approximately
$300,000 of additional tax expense due to a one-time adjustment to
change the recorded value of its deferred tax liabilities as of the
beginning of 2011 as a result of the Illinois corporate tax rate
change that was effective on January 1, 2011.
Financial Performance Overview – Credit
Quality
Non-performing loans, excluding covered loans, totaled $155.4
million, or 1.63% of total loans, at March 31, 2011, compared to
$142.1 million, or 1.48% of total loans, at December 31, 2010 and
$141.0 million, or 1.55% of total loans, at March 31,
2010. OREO, excluding covered OREO, of $85.3 million at March
31, 2011 increased $14.1 million compared to $71.2 million at
December 31, 2010 and decreased $3.7 million compared to $89.0
million at March 31, 2010. Throughout the quarter, management
worked with certain borrowers to restructure performing
loans. These actions help these borrowers maintain their homes
or businesses and keep these loans in an accruing status for the
Company. As of March 31, 2011, a total of $96.6 million of
outstanding loan balances qualified as restructured loans, with
$69.4 million of these modified loans in an accruing status.
The provision for credit losses totaled $25.3 million for the
first quarter of 2011 compared to $28.8 million for the fourth
quarter of 2010 and $29.0 million in the first quarter of
2010. Net charge-offs as a percentage of loans, excluding
covered loans, for the first quarter of 2011 totaled 104 basis
points on an annualized basis compared to 119 basis points on an
annualized basis in the first quarter of 2010 and 96 basis points
on an annualized basis in the fourth quarter of 2010.
Excluding the allowance for covered loan losses and covered
loans, the allowance for credit losses at March 31, 2011 totaled
$117.1 million, or 1.22% of total loans, compared to $118.0
million, or 1.23% of total loans, at December 31, 2010 and $106.1
million, or 1.17% of total loans, at March 31, 2010.
|
|
|
WINTRUST FINANCIAL
CORPORATION |
Three Months
Ended |
Selected Financial
Highlights |
March
31, |
|
2011 |
2010 |
Selected Financial Condition Data (at
end of period): |
|
|
Total assets |
$ 14,080,180 |
$ 12,839,978 |
Total loans, excluding covered loans |
9,561,802 |
9,070,562 |
Total deposits |
10,915,169 |
9,724,870 |
Junior subordinated debentures |
249,493 |
249,493 |
Total shareholders' equity |
1,453,253 |
1,364,832 |
Selected Statements of Income
Data: |
|
|
Net interest income |
$ 109,614 |
$ 95,865 |
Net revenue (1) |
150,501 |
138,472 |
Core pre-tax earnings (2) |
48,799 |
42,076 |
Net income |
16,402 |
16,017 |
Net income (loss) per common share –
Basic |
$ 0.44 |
$ 0.43 |
Net income (loss) per common share –
Diluted |
$ 0.36 |
$ 0.41 |
Selected Financial Ratios and Other
Data: |
|
|
Performance Ratios: |
|
|
Net interest margin (2) |
3.48% |
3.38% |
Non-interest income to average assets |
1.18% |
1.37% |
Non-interest expense to average
assets |
2.84% |
2.70% |
Net overhead ratio (3) |
1.66% |
1.33% |
Efficiency ratio (2) (4) |
65.05% |
60.59% |
Return on average assets |
0.47% |
0.52% |
Return on average common equity |
4.49% |
4.93% |
|
|
|
Average total assets |
$ 14,018,525 |
$ 12,590,817 |
Average total shareholders' equity |
1,437,869 |
1,196,191 |
Average loans to average deposits ratio
(excluding covered loans) |
91.2% |
94.6% |
Average loans to average deposits ratio
(including covered loans) |
94.2% |
94.6% |
Common Share Data at end of
period: |
|
|
Market price per common share |
$ 36.75 |
$ 37.21 |
Book value per common share (2) |
$ 33.70 |
$ 34.76 |
Tangible common book value per share (2) |
$ 26.65 |
$ 25.39 |
Common shares outstanding |
34,947,251 |
31,044,449 |
|
|
|
Other Data at end of period:(9) |
|
|
Leverage Ratio (5) |
10.3% |
10.8% |
Tier 1 capital to risk-weighted assets
(5) |
12.8% |
13.4% |
Total capital to risk-weighted assets
(5) |
14.1% |
14.9% |
Tangible common equity ratio (TCE)
(2)(8) |
8.0% |
6.3% |
Allowance for credit losses (6) |
$ 117,067 |
$ 106,050 |
Credit discounts on purchased premium finance
receivables - life insurance (7) |
$ 22,147 |
$ 33,990 |
Non-performing loans |
$ 155,387 |
$ 140,960 |
Allowance for credit losses to total loans
(6) |
1.22% |
1.17% |
Non-performing loans to total loans |
1.63% |
1.55% |
Number of: |
|
|
Bank subsidiaries |
15 |
15 |
Non-bank subsidiaries |
8 |
8 |
Banking
offices |
88 |
78 |
(1) Net revenue includes net
interest income and non-interest income |
(2) See "Supplemental Financial
Measures/Ratios" for additional information on this performance
measure/ratio. |
(3) The net overhead ratio is
calculated by netting total non-interest expense and total
non-interest income, annualizing this amount, and dividing by that
period's total average assets. A lower ratio indicates a
higher degree of efficiency. |
(4) The efficiency ratio is
calculated by dividing total non-interest expense by tax-equivalent
net revenue (less securities gains or losses). A lower ratio
indicates more efficient revenue generation. |
(5) Capital ratios for current
quarter-end are estimated. |
(6) The allowance for credit
losses includes both the allowance for loan losses and the
allowance for unfunded lending-related commitments, but excludes
the allowance for covered loan losses. |
(7) Represents the credit
discounts on purchased life insurance premium finance loans. |
(8) Total shareholders' equity
minus preferred stock and total intangible assets divided by total
assets minus total intangible assets. |
(9) Asset quality ratios exclude
covered loans. |
|
|
|
|
WINTRUST FINANCIAL
CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF CONDITION |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
March 31, |
December 31, |
March 31, |
(In thousands) |
2011 |
2010 |
2010 |
Assets |
|
|
|
Cash and due from banks |
$ 140,919 |
$ 153,690 |
$ 106,501 |
Federal funds sold and securities purchased
under resale agreements |
33,575 |
18,890 |
15,393 |
Interest-bearing deposits with other
banks |
946,193 |
865,575 |
1,222,323 |
Available-for-sale securities, at fair
value |
1,710,321 |
1,496,302 |
1,205,919 |
Trading account securities |
2,229 |
4,879 |
39,938 |
Federal Home Loan Bank and Federal Reserve
Bank stock, at cost |
85,144 |
82,407 |
74,001 |
Brokerage customer receivables |
25,361 |
24,549 |
20,978 |
Mortgage loans held-for-sale, at fair
value |
92,151 |
356,662 |
149,897 |
Mortgage loans held-for-sale, at lower of
cost or market |
2,335 |
14,785 |
6,152 |
Loans, net of unearned income, excluding
covered loans |
9,561,802 |
9,599,886 |
9,070,562 |
Covered loans |
430,452 |
334,353 |
-- |
Total loans |
9,992,254 |
9,934,239 |
9,070,562 |
Less: Allowance for loan losses |
115,049 |
113,903 |
102,397 |
Less: Allowance for
covered loan losses |
4,844 |
-- |
-- |
Net loans |
9,872,361 |
9,820,336 |
8,968,165 |
Premises and equipment, net |
369,785 |
363,696 |
348,182 |
FDIC indemnification asset |
124,785 |
118,182 |
-- |
Accrued interest receivable and other
assets |
381,025 |
366,438 |
363,676 |
Trade date securities receivable |
-- |
-- |
27,850 |
Goodwill |
281,940 |
281,190 |
278,025 |
Other intangible assets |
12,056 |
12,575 |
12,978 |
Total
assets |
$ 14,080,180 |
$ 13,980,156 |
$ 12,839,978 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ 1,279,256 |
$ 1,201,194 |
$ 871,830 |
Interest bearing |
9,635,913 |
9,602,479 |
8,853,040 |
Total deposits |
10,915,169 |
10,803,673 |
9,724,870 |
Notes payable |
1,000 |
1,000 |
1,000 |
Federal Home Loan Bank advances |
409,386 |
423,500 |
421,775 |
Other borrowings |
250,032 |
260,620 |
218,079 |
Secured borrowings - owed to
securitization investors |
600,000 |
600,000 |
600,000 |
Subordinated notes |
50,000 |
50,000 |
60,000 |
Junior subordinated debentures |
249,493 |
249,493 |
249,493 |
Trade date securities payable |
10,000 |
-- |
62,017 |
Accrued interest payable
and other liabilities |
141,847 |
155,321 |
137,912 |
Total liabilities |
12,626,927 |
12,543,607 |
11,475,146 |
|
|
|
|
Shareholders' Equity: |
|
|
|
Preferred stock |
49,672 |
49,640 |
285,642 |
Common stock |
34,947 |
34,864 |
31,044 |
Surplus |
967,587 |
965,203 |
677,090 |
Treasury stock |
(74) |
-- |
-- |
Retained earnings |
404,580 |
392,354 |
373,903 |
Accumulated other
comprehensive loss |
(3,459) |
(5,512) |
(2,847) |
Total shareholders'
equity |
1,453,253 |
1,436,549 |
1,364,832 |
Total liabilities
and shareholders' equity |
$ 14,080,180 |
$ 13,980,156 |
$ 12,839,978 |
|
|
|
WINTRUST FINANCIAL
CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF INCOME (UNAUDITED) |
|
|
|
|
Three Months Ended |
|
March 31, |
(In thousands, except per share
data) |
2011 |
2010 |
Interest income |
|
|
Interest and fees on loans |
$ 136,543 |
$ 129,542 |
Interest bearing deposits with banks |
936 |
1,274 |
Federal funds sold and securities
purchased under resale agreements |
32 |
49 |
Securities |
9,540 |
11,012 |
Trading account securities |
13 |
21 |
Federal Home Loan Bank and Federal
Reserve Bank stock |
550 |
459 |
Brokerage customer
receivables |
166 |
139 |
Total interest
income |
147,780 |
142,496 |
Interest expense |
|
|
Interest on deposits |
23,956 |
33,212 |
Interest on Federal Home Loan Bank
advances |
3,958 |
4,346 |
Interest on notes payable and other
borrowings |
2,630 |
1,462 |
Interest on secured borrowings - owed to
securitization investors |
3,040 |
2,995 |
Interest on subordinated notes |
212 |
241 |
Interest on junior
subordinated debentures |
4,370 |
4,375 |
Total interest
expense |
38,166 |
46,631 |
Net interest income |
109,614 |
95,865 |
Provision for credit losses |
25,344 |
29,044 |
Net interest income after provision for
credit losses |
84,270 |
66,821 |
Non-interest income |
|
|
Wealth management |
10,236 |
8,667 |
Mortgage banking |
11,631 |
9,727 |
Service charges on deposit accounts |
3,311 |
3,332 |
Gains on available-for-sale securities,
net |
106 |
392 |
Gain on bargain purchases |
9,838 |
10,894 |
Trading (losses) gains |
(440) |
5,961 |
Other |
6,205 |
3,634 |
Total non-interest
income |
40,887 |
42,607 |
Non-interest expense |
|
|
Salaries and employee benefits |
56,099 |
49,072 |
Equipment |
4,264 |
3,896 |
Occupancy, net |
6,505 |
6,230 |
Data processing |
3,523 |
3,407 |
Advertising and marketing |
1,614 |
1,314 |
Professional fees |
3,546 |
3,107 |
Amortization of other intangible
assets |
689 |
645 |
FDIC insurance |
4,518 |
3,809 |
OREO expenses, net |
5,808 |
1,337 |
Other |
11,543 |
11,121 |
Total non-interest
expense |
98,109 |
83,938 |
Income before taxes |
27,048 |
25,490 |
Income tax expense |
10,646 |
9,473 |
Net income |
$ 16,402 |
$ 16,017 |
Preferred stock dividends and discount
accretion |
$ 1,031 |
$ 4,943 |
Net income applicable to common
shares |
$ 15,371 |
$ 11,074 |
Net income per common share -
Basic |
$ 0.44 |
$ 0.43 |
Net income per common share -
Diluted |
$ 0.36 |
$ 0.41 |
Cash dividends declared per
common share |
$ 0.09 |
$ 0.09 |
Weighted average common shares
outstanding |
34,928 |
25,942 |
Dilutive potential common shares |
7,794 |
1,139 |
Average common shares and dilutive
common shares |
42,722 |
27,081 |
SUPPLEMENTAL FINANCIAL MEASURES/RATIOS
The accounting and reporting policies of Wintrust conform to
generally accepted accounting principles ("GAAP") in the United
States and prevailing practices in the banking
industry. However, certain non-GAAP performance measures and
ratios are used by management to evaluate and measure the Company's
performance. These include taxable-equivalent net interest
income (including its individual components), net interest margin
(including its individual components), the efficiency ratio,
tangible common equity ratio, tangible common book value per share
and core pre-tax earnings. Management believes that these
measures and ratios provide users of the Company's financial
information a more meaningful view of the performance of the
interest-earning assets and interest-bearing liabilities and of the
Company's operating efficiency. Other financial holding
companies may define or calculate these measures and ratios
differently.
Management reviews yields on certain asset categories and the
net interest margin of the Company and its banking subsidiaries on
a fully taxable-equivalent ("FTE") basis. In this non-GAAP
presentation, net interest income is adjusted to reflect tax-exempt
interest income on an equivalent before-tax basis. This
measure ensures comparability of net interest income arising from
both taxable and tax-exempt sources. Net interest income on a
FTE basis is also used in the calculation of the Company's
efficiency ratio. The efficiency ratio, which is calculated by
dividing non-interest expense by total taxable-equivalent net
revenue (less securities gains or losses), measures how much it
costs to produce one dollar of revenue. Securities gains or
losses are excluded from this calculation to better match revenue
from daily operations to operational expenses. Management
considers the tangible common equity ratio and tangible book value
per common share as useful measurements of the Company's equity.
Core pre-tax earnings is a significant metric in assessing the
Company's core operating performance. Core pre-tax earnings is
adjusted to exclude the provision for credit losses and certain
significant items.
The following table presents a reconciliation of certain
non-GAAP performance measures and ratios used by the Company to
evaluate and measure the Company's performance to the most directly
comparable GAAP financial measures for the last 5 quarters:
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars and shares in thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Calculation of Net
Interest Margin and Efficiency Ratio |
|
|
|
|
(A) Interest Income
(GAAP) |
$ 147,780 |
$ 153,962 |
$ 147,401 |
$ 149,248 |
$ 142,496 |
Taxable-equivalent adjustment: |
|
|
|
|
|
- Loans |
116 |
79 |
85 |
90 |
80 |
- Liquidity management assets |
295 |
326 |
324 |
366 |
361 |
- Other earning assets |
3 |
-- |
7 |
5 |
5 |
Interest Income - FTE |
$ 148,194 |
$ 154,367 |
$ 147,817 |
$ 149,709 |
$ 142,942 |
(B) Interest Expense
(GAAP) |
$ 38,166 |
$ 41,285 |
$ 44,421 |
$ 44,934 |
$ 46,631 |
Net interest income - FTE |
110,028 |
113,082 |
103,396 |
104,775 |
96,311 |
(C) Net Interest Income (GAAP) (A
minus B) |
$ 109,614 |
$ 112,677 |
$ 102,980 |
$ 104,314 |
$ 95,865 |
(D) Net interest margin
(GAAP) |
3.46% |
3.44% |
3.20% |
3.42% |
3.36% |
Net interest margin - FTE |
3.48% |
3.46% |
3.22% |
3.43% |
3.38% |
(E) Efficiency ratio
(GAAP) |
65.23% |
67.65% |
67.20% |
59.90% |
60.79% |
Efficiency ratio -
FTE |
65.05% |
67.48% |
67.01% |
59.72% |
60.59% |
|
|
|
|
|
|
Calculation of Tangible
Common Equity ratio (at period end) |
|
|
|
|
Total shareholders' equity |
$ 1,453,253 |
$ 1,436,549 |
$ 1,398,912 |
$ 1,384,736 |
$ 1,364,832 |
Less: Preferred stock |
(49,672) |
(49,640) |
(287,234) |
(286,460) |
(285,642) |
Less: Intangible assets |
(293,996) |
(293,765) |
(291,219) |
(291,300) |
(291,003) |
(F) Total tangible common shareholders'
equity |
$ 1,109,585 |
$ 1,093,144 |
$ 820,459 |
$ 806,976 |
$ 788,187 |
|
|
|
|
|
|
Total assets |
$ 14,080,180 |
$ 13,980,156 |
$ 14,100,368 |
$ 13,708,560 |
$ 12,839,978 |
Less: Intangible assets |
(293,996) |
(293,765) |
(291,219) |
(291,300) |
(291,003) |
(G) Total tangible assets |
$ 13,786,184 |
$ 13,686,391 |
$ 13,809,149 |
$ 13,417,260 |
$ 12,548,975 |
|
|
|
|
|
|
Tangible common equity ratio
(F/G) |
8.0% |
8.0% |
5.9% |
6.0% |
6.3% |
|
|
|
|
|
|
Calculation of Core Pre-Tax
Earnings |
|
|
|
|
|
Income before taxes |
$ 27,048 |
$ 22,142 |
$ 32,385 |
$ 20,790 |
$ 25,490 |
Add: Provision for credit losses |
25,344 |
28,795 |
25,528 |
41,297 |
29,044 |
Add: OREO expenses, net |
5,808 |
7,384 |
4,767 |
5,843 |
1,337 |
Add: Recourse obligation on loans previously
sold |
103 |
1,365 |
1,432 |
4,721 |
3,452 |
Less: Gain on bargain purchases |
(9,838) |
(250) |
(6,593) |
(26,494) |
(10,894) |
Less: Trading losses (gains) |
440 |
(611) |
(210) |
1,617 |
(5,961) |
Less: (Gains) losses on available-for-sale
securities, net |
(106) |
(159) |
(9,235) |
(46) |
(392) |
Core pre-tax earnings |
$ 48,799 |
$ 58,666 |
$ 48,074 |
$ 47,728 |
$ 42,076 |
|
|
|
|
|
|
Calculation of book value per
share |
|
|
|
|
|
Total shareholders' equity |
$ 1,453,253 |
$ 1,436,549 |
$ 1,398,912 |
$ 1,384,736 |
$ 1,364,832 |
Less: Preferred stock |
(49,672) |
(49,640) |
(287,234) |
(286,460) |
(285,642) |
(H) Total common equity |
$ 1,403,581 |
$ 1,386,909 |
$ 1,111,678 |
$ 1,098,276 |
$ 1,079,190 |
|
|
|
|
|
|
Actual common shares outstanding |
34,947 |
34,864 |
31,144 |
31,084 |
31,044 |
Add: TEU conversion shares |
6,696 |
7,512 |
-- |
-- |
-- |
(I) Common shares used for book value
calculation |
41,643 |
42,376 |
31,144 |
31,084 |
31,044 |
|
|
|
|
|
|
Book value per share
(H/I) |
$ 33.70 |
$ 32.73 |
$ 35.70 |
$ 35.33 |
$ 34.76 |
Tangible common book value per share
(F/I) |
$ 26.65 |
$ 25.80 |
$ 26.34 |
$ 25.96 |
$ 25.39 |
|
|
|
|
|
|
|
LOANS |
|
|
|
|
|
|
Loan Portfolio Mix and Growth
Rates |
|
|
|
% Growth |
|
|
|
|
From (1) |
From |
|
March 31, |
December 31, |
March 31, |
December 31, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Balance: |
|
|
|
|
|
Commercial |
$ 1,937,561 |
$ 2,049,326 |
$ 1,749,895 |
(22)% |
11% |
Commercial real-estate |
3,356,562 |
3,338,007 |
3,333,157 |
2 |
1 |
Home equity |
891,332 |
914,412 |
924,993 |
(10) |
(4) |
Residential real-estate |
344,909 |
353,336 |
322,984 |
(10) |
7 |
Premium finance receivables -
commercial |
1,337,851 |
1,265,500 |
1,317,822 |
23 |
2 |
Premium finance receivables - life
insurance |
1,539,521 |
1,521,886 |
1,233,573 |
5 |
25 |
Indirect consumer (2) |
52,379 |
51,147 |
83,136 |
10 |
(37) |
Consumer and other |
101,687 |
106,272 |
105,002 |
(17) |
(3) |
Total loans, net of unearned
income, excluding covered loans |
$ 9,561,802 |
$ 9,599,886 |
$ 9,070,562 |
(2)% |
5% |
Covered loans |
430,452 |
334,353 |
-- |
117 |
100 |
Total loans, net of unearned income |
$ 9,992,254 |
$ 9,934,239 |
$ 9,070,562 |
2% |
10% |
|
|
|
|
|
|
Mix: |
|
|
|
|
|
Commercial |
19% |
21% |
19% |
|
|
Commercial real-estate |
34 |
34 |
37 |
|
|
Home equity |
9 |
9 |
10 |
|
|
Residential real-estate |
4 |
3 |
4 |
|
|
Premium finance receivables -
commercial |
13 |
13 |
14 |
|
|
Premium finance receivables - life
insurance |
15 |
15 |
14 |
|
|
Indirect consumer (2) |
1 |
1 |
1 |
|
|
Consumer and other |
1 |
1 |
1 |
|
|
Total loans, net of unearned
income, excluding covered loans |
96% |
97% |
100% |
|
|
Covered loans |
4 |
3 |
-- |
|
|
Total loans, net of unearned income |
100% |
100% |
100% |
|
|
|
|
|
|
|
|
(1) Annualized |
(2) Includes autos,
boats, snowmobiles and other indirect consumer loans. |
|
|
Commercial and Commercial Real-Estate
Loans, excluding covered loans |
|
|
|
> 90 Days |
Allowance |
As of March 31,
2011 |
|
% of |
|
Past Due |
For Loan |
|
|
Total |
|
and Still |
Losses |
(Dollars in thousands) |
Balance |
Balance |
Nonaccrual |
Accruing |
Allocation |
Commercial: |
|
|
|
|
|
Commercial and industrial |
$ 1,277,657 |
24.2% |
$ 24,277 |
$ 150 |
$ 20,208 |
Franchise |
114,376 |
2.2 |
1,792 |
-- |
974 |
Mortgage warehouse lines of credit |
33,482 |
0.6 |
-- |
-- |
290 |
Community Advantage - homeowner
associations |
75,948 |
1.4 |
-- |
-- |
190 |
Aircraft |
22,317 |
0.4 |
74 |
-- |
130 |
Asset-based lending |
301,899 |
5.7 |
-- |
-- |
4,828 |
Municipal |
60,376 |
1.1 |
-- |
-- |
1,037 |
Leases |
51,506 |
1.0 |
14 |
-- |
449 |
Total commercial |
$ 1,937,561 |
36.6% |
$ 26,157 |
$ 150 |
$ 28,106 |
|
|
|
|
|
|
Commercial Real-Estate: |
|
|
|
|
|
Residential construction |
$ 91,367 |
1.7% |
$ 7,891 |
$ -- |
$ 2,987 |
Commercial construction |
121,548 |
2.3 |
1,396 |
692 |
3,914 |
Land |
230,214 |
4.3 |
26,974 |
-- |
13,971 |
Office |
557,267 |
10.5 |
17,945 |
-- |
9,001 |
Industrial |
495,636 |
9.4 |
1,251 |
524 |
4,744 |
Retail |
523,114 |
9.9 |
12,824 |
-- |
7,424 |
Multi-family |
293,863 |
5.6 |
5,968 |
-- |
9,945 |
Mixed use and other |
1,043,553 |
19.7 |
19,752 |
781 |
13,660 |
Total commercial
real-estate |
$ 3,356,562 |
63.4% |
$ 94,001 |
$ 1,997 |
$ 65,646 |
Total commercial and commercial
real-estate |
$ 5,294,123 |
100.0% |
$ 120,158 |
$ 2,147 |
$ 93,752 |
|
Commercial real-estate - collateral location
by state: |
|
|
|
|
|
Illinois |
$ 2,725,135 |
81.2% |
|
|
|
Wisconsin |
352,975 |
10.5 |
|
|
|
Total primary
markets |
$ 3,078,110 |
91.7% |
|
|
|
Florida |
48,071 |
1.4 |
|
|
|
Arizona |
41,875 |
1.2 |
|
|
|
Indiana |
47,659 |
1.4 |
|
|
|
Other (no individual state greater than
0.5%) |
140,847 |
4.3 |
|
|
|
Total |
$ 3,356,562 |
100.0% |
|
|
|
|
|
|
|
|
|
|
DEPOSITS |
|
|
|
|
|
|
Deposit Portfolio Mix and Growth
Rates |
|
|
|
% Growth |
|
|
|
|
From (1) |
From |
|
March 31, |
December 31, |
March 31, |
December 31, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Balance: |
|
|
|
|
|
Non-interest bearing |
$ 1,279,256 |
$ 1,201,194 |
$ 871,830 |
26% |
47% |
NOW |
1,526,955 |
1,561,507 |
1,448,857 |
(9) |
5 |
Wealth Management deposits (2) |
659,194 |
658,660 |
690,919 |
0 |
(5) |
Money Market |
1,844,416 |
1,759,866 |
1,586,830 |
19 |
16 |
Savings |
749,681 |
744,534 |
558,770 |
3 |
34 |
Time certificates of deposit |
4,855,667 |
4,877,912 |
4,567,664 |
(2) |
6 |
Total deposits |
$ 10,915,169 |
$ 10,803,673 |
$ 9,724,870 |
4% |
12% |
|
|
|
|
|
|
Mix: |
|
|
|
|
|
Non-interest bearing |
12% |
11% |
9% |
|
|
NOW |
14 |
15 |
15 |
|
|
Wealth Management deposits (2) |
6 |
6 |
7 |
|
|
Money Market |
17 |
16 |
16 |
|
|
Savings |
7 |
7 |
6 |
|
|
Time certificates of deposit |
44 |
45 |
47 |
|
|
Total deposits |
100% |
100% |
100% |
|
|
|
|
|
|
|
|
(1) Annualized |
(2) Represents deposit
balances of the Company's subsidiary banks from brokerage customers
of Wayne Hummer Investments, trust and asset management customers
of The Chicago Trust Company which have been placed into deposit
accounts of the Banks. |
|
|
|
|
|
|
|
|
|
Deposit Maturity
Analysis |
|
|
|
|
|
Weighted- |
As of March 31,
2011 |
Non-- |
|
|
|
|
Average |
|
Interest |
Savings |
|
|
|
Rate of |
|
Bearing |
and |
|
Time |
|
Maturing Time |
|
and |
Money |
Wealth |
Certificates |
Total |
Certificates |
(Dollars in thousands) |
NOW (1) |
Market (1) |
Mgt (1) |
of Deposit |
Deposits |
of Deposit |
1-3 months |
$ 2,806,211 |
$ 2,594,097 |
$ 659,194 |
$ 1,102,908 |
$ 7,162,410 |
1.38% |
4-6 months |
|
|
|
723,965 |
723,965 |
1.90 |
7-9 months |
|
|
|
700,530 |
700,530 |
1.32 |
10-12 months |
|
|
|
581,775 |
581,775 |
1.26 |
13-18 months |
|
|
|
724,299 |
724,299 |
1.68 |
19-24 months |
|
|
|
313,539 |
313,539 |
1.82 |
24+ months |
|
|
|
708,651 |
708,651 |
2.33 |
Total deposits |
$ 2,806,211 |
$ 2,594,097 |
$ 659,194 |
$ 4,855,667 |
$ 10,915,169 |
1.57% |
|
|
|
|
|
|
|
|
(1) Balances of
non-contractual maturity deposits are shown as maturing in the
earliest time frame. These deposits do not
have contractual maturities and re-price in varying degrees to
changes in interest rates. |
|
NET INTEREST INCOME
The following table presents a summary of Wintrust's average
balances, net interest income and related net interest margins,
calculated on a fully tax-equivalent basis, for the first quarter
of 2011 compared to the first quarter of 2010 (linked
quarters):
|
|
For the Three Months
Ended |
For the Three Months Ended |
|
March 31,
2011 |
March 31, 2010 |
(Dollars in thousands) |
Average |
Interest |
Rate |
Average |
Interest |
Rate |
|
|
|
|
|
|
|
Liquidity management assets (1) (2)
(7) |
$ 2,632,012 |
$ 11,354 |
1.75% |
$ 2,384,122 |
$ 13,155 |
2.24% |
Other earning assets (2) (3) (7) |
27,718 |
181 |
2.65 |
26,269 |
164 |
2.53 |
Loans, net of unearned income (2) (4)
(7) |
9,849,309 |
129,587 |
5.34 |
9,150,078 |
129,623 |
5.75 |
Covered loans |
326,571 |
7,072 |
8.78 |
-- |
-- |
-- |
Total earning assets (7) |
$ 12,835,610 |
$ 148,194 |
4.68% |
$ 11,560,469 |
$ 142,942 |
5.01% |
Allowance for loan losses |
(118,610) |
|
|
(107,257) |
|
|
Cash and due from banks |
152,264 |
|
|
113,514 |
|
|
Other assets |
1,149,261 |
|
|
1,024,091 |
|
|
Total assets |
$ 14,018,525 |
|
|
$ 12,590,817 |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
9,542,637 |
$ 23,956 |
1.02% |
$ 8,818,012 |
$ 33,212 |
1.53% |
Federal Home Loan Bank advances |
416,021 |
3,958 |
3.86 |
429,195 |
4,346 |
4.11 |
Notes payable and other borrowings |
266,379 |
2,630 |
4.00 |
225,919 |
1,462 |
2.63 |
Secured borrowings - owed to
securitization investors |
600,000 |
3,040 |
2.05 |
600,000 |
2,995 |
2.02 |
Subordinated notes |
50,000 |
212 |
1.69 |
60,000 |
241 |
1.60 |
Junior subordinated notes |
249,493 |
4,370 |
7.01 |
249,493 |
4,375 |
7.01 |
Total interest-bearing liabilities |
$ 11,124,530 |
$ 38,166 |
1.39% |
$ 10,382,619 |
$ 46,631 |
1.82% |
Non-interest bearing deposits |
1,261,374 |
|
|
858,875 |
|
|
Other liabilities |
194,752 |
|
|
153,132 |
|
|
Equity |
1,437,869 |
|
|
1,196,191 |
|
|
Total liabilities and shareholders'
equity |
$ 14,018,525 |
|
|
$ 12,590,817 |
|
|
|
|
|
|
|
|
|
Interest rate spread (5) (7) |
|
|
3.29% |
|
|
3.19% |
Net free funds/contribution (6) |
$ 1,711,080 |
|
0.19% |
$ 1,177,850 |
|
0.19% |
Net interest income/Net interest margin
(7) |
|
$ 110,028 |
3.48% |
|
$ 96,311 |
3.38% |
|
(1) Liquidity management assets
include available-for-sale securities, interest earning deposits
with banks, federal funds sold and securities purchased under
resale agreements. |
(2) Interest income on
tax-advantaged loans, trading securities and securities reflects a
tax-equivalent adjustment based on a marginal federal corporate tax
rate of 35%. The total adjustments for the three months ended
March 31, 2011 and 2010 were $414,000 and $446,000,
respectively. |
(3) Other earning assets include
brokerage customer receivables and trading account securities. |
(4) Loans, net of unearned
income, include loans held-for-sale and non-accrual loans. |
(5) Interest rate spread is the
difference between the yield earned on earning assets and the
rate paid on interest-bearing liabilities. |
(6) Net free funds are the
difference between total average earning assets and total average
interest-bearing liabilities. The estimated contribution to
net interest margin from net free funds is calculated using the
rate paid for total interest-bearing liabilities. |
(7) See "Supplemental Financial
Measures/Ratios" for additional information on this performance
ratio. |
The higher level of net interest income recorded in the first
quarter of 2011 compared to the first quarter of 2010 was primarily
attributable to a $699 million increase in the average balance of
loans and a $327 million increase in FDIC covered loans. The
bulk of this growth was funded by an increase of $725 million in
interest-bearing deposits and a $533 million increase in net free
funds (of which $402 million was non-interest bearing
deposits). The Company continues to see a beneficial shift in
its deposit mix as non-interest bearing deposits comprised 11.7% of
total average deposits in the first quarter of 2011 compared to
8.9% in the first quarter of 2010.
The net interest margin increased ten basis points in the first
quarter of 2011 compared to the first quarter of 2010. The
driver for this increase was the reduced costs of interest-bearing
deposits as the rate on these decreased 51 basis points in the
first quarter of 2011 compared to the first quarter of
2010. Including the costs of wholesale funding, the rate on
total interest-bearing liabilities declined 43 basis points between
these comparable periods. Partially offsetting this positive
impact to the net interest margin was the yield on total average
earning assets, which declined by 33 basis points as the yield on
loans declined by 41 basis points and the yield on liquidity
management assets declined by 49 basis points. The yield
recognized on the FDIC covered loan portfolio helped to counteract
some of the impact of these yield decreases. Although average
net free funds increased by $533 million, the contribution to net
interest margin remained at 19 basis points for both periods as the
replacement value (rate on total interest-bearing liabilities) was
43 basis points lower.
The following table presents a summary of Wintrust's average
balances, net interest income and related net interest margins,
calculated on a fully tax-equivalent basis, for the first quarter
of 2011 compared to the fourth quarter of 2010 (sequential
quarters):
|
|
For the Three Months
Ended |
For the Three Months Ended |
|
March 31,
2011 |
December 31, 2010 |
(Dollars in thousands) |
Average |
Interest |
Rate |
Average |
Interest |
Rate |
|
|
|
|
|
|
|
Liquidity management assets (1) (2) (7) |
$ 2,632,012 |
$ 11,354 |
1.75% |
$ 2,844,351 |
$ 9,455 |
1.32% |
Other earning assets (2) (3) (7) |
27,718 |
181 |
2.65 |
29,676 |
183 |
2.45 |
Loans, net of unearned income (2) (4)
(7) |
9,849,309 |
129,587 |
5.34 |
9,777,435 |
140,689 |
5.71 |
Covered loans |
326,571 |
7,072 |
8.78 |
337,690 |
4,042 |
4.75 |
Total earning assets (7) |
$ 12,835,610 |
$ 148,194 |
4.68% |
$ 12,989,152 |
$ 154,369 |
4.72% |
Allowance for loan losses |
(118,610) |
|
|
(116,447) |
|
|
Cash and due from banks |
152,264 |
|
|
151,562 |
|
|
Other assets |
1,149,261 |
|
|
1,175,084 |
|
|
Total assets |
$ 14,018,525 |
|
|
$ 14,199,351 |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
9,542,637 |
$ 23,956 |
1.02% |
$ 9,839,223 |
$ 27,853 |
1.12% |
Federal Home Loan Bank advances |
416,021 |
3,958 |
3.86 |
415,260 |
4,038 |
3.86 |
Notes payable and other borrowings |
266,379 |
2,630 |
4.00 |
244,044 |
1,631 |
2.65 |
Secured borrowings - owed to securitization
investors |
600,000 |
3,040 |
2.05 |
600,000 |
3,089 |
2.04 |
Subordinated notes |
50,000 |
212 |
1.69 |
53,369 |
233 |
1.71 |
Junior subordinated notes |
249,493 |
4,370 |
7.01 |
249,493 |
4,441 |
6.97 |
Total interest-bearing liabilities |
$ 11,124,530 |
$ 38,166 |
1.39% |
$ 11,401,389 |
$ 41,285 |
1.43% |
Non-interest bearing deposits |
1,261,374 |
|
|
1,148,208 |
|
|
Other liabilities |
194,752 |
|
|
207,000 |
|
|
Equity |
1,437,869 |
|
|
1,442,754 |
|
|
Total liabilities and shareholders'
equity |
$ 14,018,525 |
|
|
$ 14,199,351 |
|
|
|
|
|
|
|
|
|
Interest rate spread (5) (7) |
|
|
3.29% |
|
|
3.29% |
Net free funds/contribution (6) |
$ 1,711,080 |
|
0.19% |
$ 1,587,763 |
|
0.17% |
Net interest income/Net interest margin
(7) |
|
$ 110,028 |
3.48% |
|
$ 113,084 |
3.46% |
|
(1) Liquidity management assets
include available-for-sale securities, interest earning deposits
with banks, federal funds sold and securities purchased under
resale agreements. |
(2) Interest income on
tax-advantaged loans, trading securities and securities reflects a
tax-equivalent adjustment based on a marginal federal corporate tax
rate of 35%. The total adjustments for the three months ended
March 31, 2011 was $414,000 and for the three months ended December
31, 2010 was $405,000. |
(3) Other earning assets include
brokerage customer receivables and trading account securities. |
(4) Loans, net of unearned
income, include loans held-for-sale and non-accrual loans. |
(5) Interest rate spread is the
difference between the yield earned on earning assets and the
rate paid on interest-bearing liabilities. |
(6) Net free funds are the
difference between total average earning assets and total average
interest-bearing liabilities. The estimated contribution to
net interest margin from net free funds is calculated using the
rate paid for total interest-bearing liabilities. |
(7) See "Supplemental Financial
Measures/Ratios" for additional information on this performance
ratio. |
The lower level of net interest income recorded in the first
quarter of 2011 compared to the fourth quarter of 2010 was
primarily attributable to the first quarter of 2011 consisting of
two less days than the fourth quarter of 2010, reducing net
interest income by approximately $2.5 million. The remainder
of the decrease in net interest income was caused by slightly lower
levels of total average earning assets as the average balance of
mortgages held for sale and mortgage warehouse lines declined by
$240 million in the first quarter of 2011 compared to the fourth
quarter of 2010.
The net interest margin increased two basis points in the first
quarter of 2011 compared to the fourth quarter of
2010. Reduced costs of interest-bearing deposits continued to
improve the net interest margin as the rate on these decreased ten
basis points in the first quarter of 2011 compared to the fourth
quarter of 2010. Including the costs of wholesale funding, the
rate on total interest-bearing liabilities declined four basis
points between these comparable periods. Offsetting this
positive impact to the net interest margin was the yield on total
average earning assets, which declined by four basis points as the
yield on loans declined by 37 basis points and the yield on
liquidity management assets improved by 43 basis points. The
increased effective yield recognized on the FDIC covered loan
portfolio, as higher levels of forecasted cashflows on the covered
loan portfolios drive higher effective yields on these assets,
helped to counteract some of the impact of the loan portfolio yield
decreases. The lower yield on the loan portfolio in the first
quarter of 2011 was primarily attributable to a $5.6 million
decline in accretion recognized on the purchased life insurance
premium finance loan portfolio as prepayments declined and lower
yields on the commercial premium finance receivable
portfolio. Average net free funds increased by $123 million
improving the contribution to net interest margin by two basis
points in the first quarter of 2011 compared to the fourth quarter
of 2010. The Company continues to see a beneficial shift
in its deposit mix as non-interest bearing deposits comprised 11.7%
of total average deposits in the first quarter of 2011 compared to
10.5% in the fourth quarter of 2010.
NON-INTEREST INCOME
For the first quarter of 2011, non-interest income totaled $40.9
million, a decrease of $1.7 million, or 4.0%, compared to the first
quarter of 2010. The decrease was primarily attributable to
lower trading gains and bargain purchase gains, partially offset by
increases in fees from covered call options, mortgage banking
revenue and wealth management revenue.
The following table presents non-interest income by category for
the periods presented:
|
|
Three Months Ended |
|
|
|
March 31, |
$ |
% |
(Dollars in thousands) |
2011 |
2010 |
Change |
Change |
Brokerage |
$ 6,325 |
$ 5,554 |
$ 771 |
14 |
Trust and asset management |
3,911 |
3,113 |
798 |
26 |
Total wealth management |
10,236 |
8,667 |
1,569 |
18 |
Mortgage banking |
11,631 |
9,727 |
1,904 |
20 |
Service charges on deposit accounts |
3,311 |
3,332 |
(21) |
(1) |
Gains on available-for-sale
securities |
106 |
392 |
(286) |
(73) |
Gain on bargain purchases |
9,838 |
10,894 |
(1,056) |
(10) |
Trading (losses) gains |
(440) |
5,961 |
(6,401) |
(107) |
Other: |
|
|
|
|
Fees from covered call options |
2,470 |
289 |
2,181 |
755 |
Bank Owned Life Insurance |
876 |
623 |
253 |
41 |
Administrative services |
717 |
582 |
135 |
23 |
Miscellaneous |
2,142 |
2,140 |
2 |
0 |
Total Other |
6,205 |
3,634 |
2,571 |
71 |
|
|
|
|
|
Total Non-Interest
Income |
$ 40,887 |
$ 42,607 |
$ (1,720) |
(4) |
|
Wealth management revenue is comprised of the trust and asset
management revenue of The Chicago Trust Company and the asset
management fees, brokerage commissions, trading commissions and
insurance product commissions at Wayne Hummer Investments and
Wintrust Capital Management. Wealth management revenue totaled
$10.2 million in the first quarter of 2011 and $8.7 million in
the first quarter of 2010, an increase of 18%. Increased asset
valuations due to equity market improvements have helped revenue
growth from trust and asset management activities. Additionally,
the improvement in the equity markets overall have led to the
increase of the brokerage component of wealth management revenue as
customer trading activity has increased.
Mortgage banking revenue includes revenue from activities
related to originating, selling and servicing residential real
estate loans for the secondary market. For the quarter ended
March 31, 2011, this revenue source totaled $11.6 million, an
increase of $1.9 million when compared to the first quarter of
2010. Mortgages originated and sold totaled $562 million in
the first quarter of 2011 compared to $687 million in the first
quarter of 2010. The increase in mortgage banking revenue in
the first quarter of 2011 as compared to the first quarter of 2010
resulted primarily from estimations of fewer loss indemnification
requests from investors. The Company enters into residential
mortgage loan sale agreements with investors in the normal course
of business. These agreements provide recourse to investors
through certain representations concerning credit information, loan
documentation, collateral and insurability. Investors request
the Company to indemnify them against losses on certain loans or to
repurchase loans which the investors believe do not comply with
applicable representations. An increase in requests for loss
indemnification can negatively impact mortgage banking revenue as
additional recourse expense. The Company recognized $103,000
of expense on loans previously sold in the first quarter of
2011, a decrease of $3.3 million compared to the first quarter of
2010. The loss reserves established for loans expected to be
repurchased is based on trends in repurchase and indemnification
requests, actual loss experience, known and inherent risks in the
loans that have been sold, and current economic conditions.
A summary of the mortgage banking revenue components is shown
below:
|
Mortgage banking
revenue |
|
|
|
|
Three Months Ended |
(Dollars in thousands) |
March 31, 2011 |
December 31, 2010 |
March 31, 2010 |
|
|
|
|
Mortgage loans originated and
sold |
$ 562,088 |
$ 1,250,193 |
$ 686,679 |
|
|
|
|
Mortgage loans serviced for
others |
$ 943,074 |
$ 942,224 |
$ 750,413 |
Fair value of mortgage servicing
rights (MSRs) |
$ 9,448 |
$ 8,762 |
$ 6,602 |
MSRs as a percentage of loans
serviced |
1.00% |
0.93% |
0.88% |
|
|
|
|
Gain on sales of loans and other fees |
$ 11,593 |
$ 23,216 |
$ 13,717 |
Mortgage servicing rights fair value
adjustments |
141 |
835 |
(538) |
Recourse obligation on loans previously
sold |
(103) |
(1,365) |
(3,452) |
Total mortgage banking
revenue |
$ 11,631 |
$ 22,686 |
$ 9,727 |
|
|
|
|
Gain on sales of loans and other fees
as a percentage of loans sold |
2.06% |
1.86% |
2.00% |
|
|
|
|
The gain on bargain purchases of $9.8 million recognized in the
first quarter of 2011 relates to the FDIC-assisted acquisitions of
TBOC by Advantage and CFBC by Northbrook (see "Items Impacting
Comparative Financial Results: Acquisitions"). The gain on
bargain purchases of $10.9 million in the first quarter of 2010
related to loans acquired in the Company's acquisition of a life
insurance premium finance loan portfolio in 2009.
Trading losses of $440,000 were recognized by the Company in the
first quarter of 2011 compared to gains of $6.0 million in the
first quarter of 2010. Lower trading gains in the current
period compared to the first quarter of 2010 resulted primarily
from realizing market value increases in the prior year on certain
collateralized mortgage obligations held in trading which were sold
in July 2010.
Other non-interest income for the first quarter of 2011 totaled
$6.2 million, compared to $3.6 million in the first quarter of
2010. Fees from certain covered call option transactions
increased by $2.2 million in the first quarter of 2011 as compared
to the same period in the prior year. Historically,
compression in the net interest margin was effectively offset, as
has consistently been the case, by the Company's covered call
strategy. An illustration of the past effectiveness of this
strategy is shown in the Supplemental Financial Information section
(see page titled "Net Interest Margin (Including Call Option
Income)").
NON-INTEREST EXPENSE
Non-interest expense for the first quarter of 2011 totaled $98.1
million and increased approximately $14.2 million, or 17%, compared
to the first quarter of 2010.
The following table presents non-interest expense by category
for the periods presented:
|
|
Three Months Ended |
|
|
|
March 31, |
$ |
% |
(Dollars in thousands) |
2011 |
2010 |
Change |
Change |
Salaries and employee benefits: |
|
|
|
|
Salaries |
$ 33,135 |
$ 29,083 |
4,052 |
14 |
Commissions and bonus |
10,714 |
9,731 |
983 |
10 |
Benefits |
12,250 |
10,258 |
1,992 |
19 |
Total salaries and employee benefits |
56,099 |
49,072 |
7,027 |
14 |
Equipment |
4,264 |
3,896 |
368 |
9 |
Occupancy, net |
6,505 |
6,230 |
275 |
4 |
Data processing |
3,523 |
3,407 |
116 |
3 |
Advertising and marketing |
1,614 |
1,314 |
300 |
23 |
Professional fees |
3,546 |
3,107 |
439 |
14 |
Amortization of other intangible
assets |
689 |
645 |
44 |
7 |
FDIC insurance |
4,518 |
3,809 |
709 |
19 |
OREO expenses, net |
5,808 |
1,337 |
4,471 |
334 |
Other: |
|
|
|
|
Commissions - 3rd party brokers |
1,030 |
962 |
68 |
7 |
Postage |
1,078 |
1,110 |
(32) |
(3) |
Stationery and supplies |
840 |
732 |
108 |
15 |
Miscellaneous |
8,595 |
8,317 |
278 |
3 |
Total other |
11,543 |
11,121 |
422 |
4 |
|
|
|
|
|
Total Non-Interest
Expense |
$ 98,109 |
$ 83,938 |
$ 14,171 |
17 |
|
Salaries and employee benefits comprised 57% of total
non-interest expense in the first quarter of 2011 and 58% in the
first quarter of 2010. Salaries and employee benefits expense
increased $7.0 million, or 14%, in the first quarter of 2011
compared to the first quarter of 2010 primarily as a result of a
$1.0 million increase in bonus and commissions as variable pay
based revenue increased (primarily our mortgage banking and wealth
management businesses), a $4.0 million increase in salaries caused
by the addition of employees from the five FDIC-assisted
transactions and larger staffing as the Company grows and a $2.0
million increase from employee benefits (primarily health plan and
payroll taxes
related).
Professional fees include legal, audit and tax fees, external
loan review costs and normal regulatory exam
assessments. Professional fees for the first quarter of 2011
were $3.5 million, an increase of $439,000, or 14%, compared to the
same period in 2010. These increases are primarily a result of
increased legal costs related to non-performing assets and recent
bank acquisitions.
OREO expenses include all costs related to obtaining,
maintaining and selling of other real estate owned
properties. This expense totaled $5.8 million in the first
quarter of 2011, an increase of $4.5 million compared to $1.3
million in the first quarter of 2010. The increase in OREO
expenses primarily related to higher valuation adjustments of
properties held in OREO in the first quarter of 2011 as compared to
first quarter of 2010.
|
|
|
ASSET
QUALITY |
Allowance for Credit
Losses, excluding covered loans |
|
|
|
|
Three Months
Ended |
|
March
31, |
(Dollars in thousands) |
2011 |
2010 |
|
|
|
Allowance for loan losses at
beginning of period |
$ 113,903 |
$ 98,277 |
Provision for credit
losses |
24,376 |
29,044 |
Other adjustments |
-- |
1,943 |
Reclassification (to)/from allowance
for unfunded lending-related commitments |
2,116 |
(99) |
|
|
|
Charge-offs: |
|
|
Commercial |
9,140 |
4,675 |
Commercial real estate |
13,342 |
20,244 |
Home equity |
773 |
281 |
Residential real estate |
1,275 |
406 |
Premium finance receivables -
commercial |
1,507 |
1,933 |
Premium finance receivables - life
insurance |
30 |
-- |
Indirect consumer |
120 |
274 |
Consumer and other |
160 |
179 |
Total charge-offs |
26,347 |
27,992 |
|
|
|
Recoveries: |
|
|
Commercial |
266 |
443 |
Commercial real estate |
338 |
442 |
Home equity |
8 |
8 |
Residential real estate |
2 |
5 |
Premium finance receivables -
commercial |
268 |
229 |
Premium finance receivables - life
insurance |
-- |
-- |
Indirect consumer |
66 |
50 |
Consumer and other |
53 |
47 |
Total recoveries |
1,001 |
1,224 |
Net charge-offs |
(25,346) |
(26,768) |
|
|
|
Allowance for loan losses at
period end |
$ 115,049 |
$ 102,397 |
|
|
|
Allowance for unfunded
lending-related commitments at period end |
2,018 |
3,653 |
|
|
|
Allowance for credit losses at
period end |
$ 117,067 |
$ 106,050 |
|
|
|
Annualized net charge-offs by
category as a percentage of its own respective category's
average: |
|
|
Commercial |
1.85% |
1.02% |
Commercial real estate |
1.57 |
2.42 |
Home equity |
0.34 |
0.12 |
Residential real estate |
0.91 |
0.32 |
Premium finance receivables -
commercial |
0.37 |
0.54 |
Premium finance receivables - life
insurance |
0.01 |
-- |
Indirect consumer |
0.41 |
1.00 |
Consumer and other |
0.42 |
0.48 |
Total loans, net of unearned income,
excluding covered loans |
1.04% |
1.19% |
|
|
|
Net charge-offs as a percentage
of the provision for credit losses |
103.98% |
92.16% |
|
|
|
Loans at period-end |
$ 9,561,802 |
$ 9,070,562 |
Allowance for loan losses as a
percentage of loans at period end |
1.20% |
1.13% |
Allowance for credit losses as a
percentage of loans at period end |
1.22% |
1.17% |
|
The allowance for credit losses, excluding the allowance for
covered loan losses, is comprised of the allowance for loan losses
and the allowance for unfunded lending-related
commitments. The allowance for loan losses is a reserve
against loan amounts that are actually funded and outstanding while
the allowance for unfunded lending-related commitments relates to
certain amounts that Wintrust is committed to lend but for which
funds have not yet been disbursed. The allowance for unfunded
lending-related commitments (separate liability account) represents
the portion of the allowance for credit losses that was
associated with unfunded lending-related commitments. The
provision for credit losses, excluding the provision for covered
loan losses, may contain both a component related to funded loans
(provision for loan losses) and a component related to
lending-related commitments (provision for unfunded loan
commitments and letters of credit). Total credit-related
reserves also include the credit discounts on the purchased life
insurance premium finance receivables which are netted with the
loan balance. Additionally, on January 1, 2010, in conjunction
with recording the securitization facility on its balance sheet,
the Company established an allowance for loan losses totaling $1.9
million. This addition to the allowance for loan losses is
shown as an "other adjustment to the allowance for loan
losses".
The provision for credit losses, excluding the provision for
covered loan losses, totaled $24.4 million for the first quarter of
2011, $28.8 million in the fourth quarter of 2010 and $29.0 million
for the first quarter of 2010. For the quarter ended March 31,
2011, net charge-offs, excluding covered loans, totaled $25.3
million compared to $23.5 million in the fourth quarter of 2010 and
$26.8 million recorded in the first quarter of 2010. On a
ratio basis, annualized net charge-offs as a percentage of average
loans, excluding covered loans, were 1.04% in the first quarter of
2011, 0.96% in the fourth quarter of 2010, and 1.19% in the first
quarter of 2010. Beginning in the third quarter of 2009, the
Company committed to resolving problem credits as quickly as
possible. Actions taken during this time increased OREO, net
charge-offs and the provision for loan losses expenses required to
maintain an appropriate level of reserves. The first quarter
of 2011 amounts recorded for both net charge-offs and provision for
credit losses reflect a continuation of the Company's commitment to
maintain a low level of non-performing assets.
Management believes the allowance for credit losses is
appropriate to provide for inherent losses in the
portfolio. There can be no assurances however, that future
losses will not exceed the amounts provided for, thereby affecting
future results of operations. The amount of future additions
to the allowance for credit losses will be dependent upon
management's assessment of the appropriateness of the allowance
based on its evaluation of economic conditions, changes in real
estate values, interest rates, the regulatory environment, the
level of past-due and non-performing loans, and other
factors. The increase in the allowance for credit losses from
the end of the prior quarter reflects the continued changes in real
estate values on certain types of credits, specifically credits
with residential development collateral valuation exposure.
The Company also provides a provision for covered loan losses on
covered loans and an allowance for covered loan losses on covered
loans. Please see "Covered Assets" later in this document for
more detail.
The table below shows the aging of the Company's loan portfolio,
excluding covered loans, at March 31, 2011:
|
|
|
|
|
|
|
|
As of March 31, 2011 |
|
90+ days |
60-89 |
30-59 |
|
|
|
|
and still |
days past |
days past |
|
|
(Dollars in thousands) |
Nonaccrual |
accruing |
due |
due |
Current |
Total Loans |
Loan Balances: |
|
|
|
|
|
|
Commercial |
$ 26,157 |
$ 150 |
$ 3,450 |
$ 11,645 |
$ 1,896,159 |
$ 1,937,561 |
Commercial real-estate: |
|
|
|
|
|
|
Residential construction |
7,891 |
-- |
1,057 |
3,587 |
78,832 |
91,367 |
Commercial construction |
1,396 |
692 |
2,469 |
680 |
116,311 |
121,548 |
Land |
26,974 |
-- |
7,366 |
12,455 |
183,419 |
230,214 |
Office |
17,945 |
-- |
1,705 |
3,059 |
534,558 |
557,267 |
Industrial |
1,251 |
524 |
1,672 |
8,499 |
483,690 |
495,636 |
Retail |
12,824 |
-- |
4,994 |
5,810 |
499,486 |
523,114 |
Multi-family |
5,968 |
-- |
1,107 |
5,059 |
281,729 |
293,863 |
Mixed use and other |
19,752 |
781 |
7,187 |
19,835 |
995,998 |
1,043,553 |
Total commercial real-estate |
94,001 |
1,997 |
27,557 |
58,984 |
3,174,023 |
3,356,562 |
Total commercial and commercial
real-estate |
120,158 |
2,147 |
31,007 |
70,629 |
5,070,182 |
5,294,123 |
Home equity |
11,184 |
-- |
3,366 |
6,603 |
870,179 |
891,332 |
Residential real estate |
4,909 |
-- |
918 |
5,174 |
333,908 |
344,909 |
Premium finance receivables - commercial |
9,550 |
6,319 |
4,433 |
14,428 |
1,303,121 |
1,337,851 |
Premium finance receivables - life
insurance |
342 |
-- |
1,130 |
5,580 |
1,532,469 |
1,539,521 |
Indirect consumer |
320 |
310 |
182 |
657 |
50,910 |
52,379 |
Consumer and other |
147 |
1 |
185 |
394 |
100,960 |
101,687 |
Total loans, net of unearned income,
excluding covered loans |
$ 146,610 |
$ 8,777 |
$ 41,221 |
$ 103,465 |
$ 9,261,729 |
$ 9,561,802 |
|
|
|
|
|
|
|
Aging as a % of Loan
Balance: |
|
|
|
|
|
|
Commercial |
1.3% |
--% |
0.2% |
0.6% |
97.9% |
100.0% |
Commercial real-estate: |
|
|
|
|
|
|
Residential construction |
8.6 |
-- |
1.2 |
3.9 |
86.3 |
100.0 |
Commercial construction |
1.1 |
0.6 |
2.0 |
0.6 |
95.7 |
100.0 |
Land |
11.7 |
-- |
3.2 |
5.4 |
79.7 |
100.0 |
Office |
3.2 |
-- |
0.3 |
0.5 |
96.0 |
100.0 |
Industrial |
0.3 |
0.1 |
0.3 |
1.7 |
97.6 |
100.0 |
Retail |
2.5 |
-- |
1.0 |
1.1 |
95.4 |
100.0 |
Multi-family |
2.0 |
-- |
0.4 |
1.7 |
95.9 |
100.0 |
Mixed use and other |
1.9 |
0.1 |
0.7 |
1.9 |
95.4 |
100.0 |
Total commercial real-estate |
2.8 |
0.1 |
0.8 |
1.8 |
94.5 |
100.0 |
Total commercial and commercial
real-estate |
2.3 |
-- |
0.6 |
1.3 |
95.8 |
100.0 |
Home equity |
1.3 |
-- |
0.4 |
0.7 |
97.6 |
100.0 |
Residential real estate |
1.4 |
-- |
0.3 |
1.5 |
96.8 |
100.0 |
Premium finance receivables - commercial |
0.7 |
0.5 |
0.3 |
1.1 |
97.4 |
100.0 |
Premium finance receivables - life
insurance |
0.0 |
-- |
0.1 |
0.4 |
99.5 |
100.0 |
Indirect consumer |
0.6 |
0.6 |
0.3 |
1.3 |
97.2 |
100.0 |
Consumer and other |
0.1 |
0.0 |
0.2 |
0.4 |
99.3 |
100.0 |
Total loans, net of unearned income,
excluding covered loans |
1.5% |
0.1% |
0.4% |
1.1% |
96.9% |
100.0% |
|
As of March 31, 2011, $41.2 million of all loans, excluding
covered loans, or 0.4%, were 60 to 89 days past due and $103.5
million, or 1.1%, were 30 to 59 days (or one payment) past due.
As of December 31, 2010, $46.1 million of all loans,
excluding covered loans, or 0.5%, were 60 to 89 days past due and
$91.9 million, or 1.0%, were 30 to 59 days (or one payment) past
due. The majority of the commercial and commercial real estate
loans shown as 60 to 89 days and 30 to 59 days past due are
included on the Company's internal problem loan reporting
system. Loans on this system are closely monitored by
management on a monthly basis.
The Company's home equity and residential loan portfolios
continue to exhibit low delinquency ratios. Home equity loans
at March 31, 2011 that are current with regard to the contractual
terms of the loan agreement represent 97.6% of the total home
equity portfolio. Residential real estate loans at March 31,
2011 that are current with regards to the contractual terms of the
loan agreements comprise 96.8% of total residential real estate
loans outstanding.
The table below shows the aging of the Company's loan portfolio,
excluding covered loans, at December 31, 2010:
|
As of December 31, 2010 |
|
90+ days |
60-89 |
30-59 |
|
|
|
|
and still |
days past |
days past |
|
|
(Dollars in thousands) |
Nonaccrual |
accruing |
due |
due |
Current |
Total Loans |
Loan Balances: |
|
|
|
|
|
|
Commercial |
$ 16,382 |
$ 478 |
$ 4,755 |
$ 16,024 |
$ 2,011,687 |
$ 2,049,326 |
Commercial real-estate: |
|
|
|
|
|
|
Residential construction |
10,010 |
-- |
96 |
1,801 |
84,040 |
95,947 |
Commercial construction |
1,820 |
-- |
-- |
1,481 |
128,371 |
131,672 |
Land |
37,602 |
-- |
6,815 |
11,915 |
203,857 |
260,189 |
Office |
12,718 |
-- |
9,121 |
3,202 |
510,290 |
535,331 |
Industrial |
3,480 |
-- |
686 |
2,276 |
493,859 |
500,301 |
Retail |
3,265 |
-- |
4,088 |
3,839 |
499,335 |
510,527 |
Multi-family |
4,794 |
-- |
1,573 |
3,062 |
281,525 |
290,954 |
Mixed use and other |
20,274 |
-- |
8,481 |
15,059 |
969,272 |
1,013,086 |
Total commercial real-estate |
93,963 |
-- |
30,860 |
42,635 |
3,170,549 |
3,338,007 |
Total commercial and commercial
real-estate |
110,345 |
478 |
35,615 |
58,659 |
5,182,236 |
5,387,333 |
Home equity |
7,425 |
-- |
2,181 |
7,098 |
897,708 |
914,412 |
Residential real estate |
6,085 |
-- |
1,836 |
8,224 |
337,191 |
353,336 |
Premium finance receivables - commercial |
8,587 |
8,096 |
6,076 |
16,584 |
1,226,157 |
1,265,500 |
Premium finance receivables - life
insurance |
354 |
-- |
-- |
-- |
1,521,532 |
1,521,886 |
Indirect consumer |
191 |
318 |
301 |
918 |
49,419 |
51,147 |
Consumer and other |
252 |
1 |
109 |
379 |
105,531 |
106,272 |
Total loans, net of unearned income,
excluding covered loans |
$ 133,239 |
$ 8,893 |
$ 46,118 |
$ 91,862 |
$ 9,319,774 |
$ 9,599,886 |
|
|
|
|
|
|
|
Aging as a % of Loan
Balance: |
|
|
|
|
|
|
Commercial |
0.8% |
--% |
0.2% |
0.8% |
98.2% |
100.0% |
Commercial real-estate: |
|
|
|
|
|
|
Residential construction |
10.4 |
-- |
0.1 |
1.9 |
87.6 |
100.0 |
Commercial construction |
1.4 |
-- |
-- |
1.1 |
97.5 |
100.0 |
Land |
14.5 |
-- |
2.6 |
4.6 |
78.3 |
100.0 |
Office |
2.4 |
-- |
1.7 |
0.6 |
95.3 |
100.0 |
Industrial |
0.7 |
-- |
0.1 |
0.5 |
98.7 |
100.0 |
Retail |
0.6 |
-- |
0.8 |
0.8 |
97.8 |
100.0 |
Multi-family |
1.6 |
-- |
0.5 |
1.1 |
96.8 |
100.0 |
Mixed use and other |
2.0 |
-- |
0.8 |
1.5 |
95.7 |
100.0 |
Total commercial real-estate |
2.8 |
-- |
0.9 |
1.3 |
95.0 |
100.0 |
Total commercial and commercial
real-estate |
2.0 |
-- |
0.7 |
1.1 |
96.2 |
100.0 |
Home equity |
0.8 |
-- |
0.2 |
0.8 |
98.2 |
100.0 |
Residential real estate |
1.7 |
-- |
0.5 |
2.3 |
95.5 |
100.0 |
Premium finance receivables - commercial |
0.7 |
0.6 |
0.5 |
1.3 |
96.9 |
100.0 |
Premium finance receivables - life
insurance |
0.0 |
-- |
0.0 |
0.0 |
100.0 |
100.0 |
Indirect consumer |
0.4 |
0.6 |
0.6 |
1.8 |
96.6 |
100.0 |
Consumer and other |
0.2 |
-- |
0.1 |
0.4 |
99.3 |
100.0 |
Total loans, net of unearned income,
excluding covered loans |
1.4% |
0.1% |
0.5% |
1.0% |
97.0% |
100.0% |
|
Non-performing Assets, excluding covered assets
The following table sets forth Wintrust's non-performing assets,
excluding covered assets, at the dates indicated.
|
|
|
|
|
|
March 31, |
December 31, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
|
|
|
|
Loans past due greater than
90 days and still accruing: |
|
|
|
Commercial |
$ 150 |
$ 478 |
$ -- |
Commercial real-estate |
1,997 |
-- |
1,195 |
Home equity |
-- |
-- |
21 |
Residential real-estate |
-- |
-- |
-- |
Premium finance receivables -
commercial |
6,319 |
8,096 |
7,479 |
Premium finance receivables - life
insurance |
-- |
-- |
5,450 |
Indirect consumer |
310 |
318 |
665 |
Consumer and other |
1 |
1 |
20 |
Total loans past due greater than 90 days
and still accruing |
8,777 |
8,893 |
14,830 |
|
|
|
|
Non-accrual
loans: |
|
|
|
Commercial |
26,157 |
16,382 |
15,331 |
Commercial real-estate |
94,001 |
93,963 |
82,389 |
Home equity |
11,184 |
7,425 |
7,730 |
Residential real-estate |
4,909 |
6,085 |
5,460 |
Premium finance receivables -
commercial |
9,550 |
8,587 |
14,106 |
Premium finance receivables - life
insurance |
342 |
354 |
73 |
Indirect consumer |
320 |
191 |
615 |
Consumer and other |
147 |
252 |
426 |
Total non-accrual loans |
146,610 |
133,239 |
126,130 |
|
|
|
|
Total non-performing
loans: |
|
|
|
Commercial |
26,307 |
16,860 |
15,331 |
Commercial real-estate |
95,998 |
93,963 |
83,584 |
Home equity |
11,184 |
7,425 |
7,751 |
Residential real-estate |
4,909 |
6,085 |
5,460 |
Premium finance receivables -
commercial |
15,869 |
16,683 |
21,585 |
Premium finance receivables - life
insurance |
342 |
354 |
5,523 |
Indirect consumer |
630 |
509 |
1,280 |
Consumer and other |
148 |
253 |
446 |
Total non-performing loans |
$ 155,387 |
$ 142,132 |
$ 140,960 |
Other real estate owned |
85,290 |
71,214 |
89,009 |
Total non-performing assets |
$ 240,677 |
$ 213,346 |
$ 229,969 |
|
|
|
|
Total non-performing loans by
category as a percent of its own respective category's period-end
balance: |
|
|
|
Commercial |
1.36% |
0.82% |
0.88% |
Commercial real-estate |
2.86 |
2.81 |
2.51 |
Home equity |
1.25 |
0.81 |
0.84 |
Residential real-estate |
1.42 |
1.72 |
1.69 |
Premium finance receivables -
commercial |
1.19 |
1.32 |
1.64 |
Premium finance receivables - life
insurance |
0.02 |
0.02 |
0.45 |
Indirect consumer |
1.20 |
0.99 |
1.54 |
Consumer and other |
0.15 |
0.24 |
0.42 |
Total loans, net of unearned
income |
1.63% |
1.48% |
1.55% |
|
|
|
|
Total non-performing assets as a
percentage of total assets |
1.71% |
1.53% |
1.79% |
|
|
|
|
Allowance for loan losses as a
percentage total non-performing loans |
74.04% |
80.14% |
72.64% |
|
Non-performing Commercial and Commercial Real Estate
The commercial non-performing loan category totaled $26.3
million as of March 31, 2011 compared to $16.9 million as of
December 31, 2010 and $15.3 million as of March 31, 2010. The
commercial real estate non-performing loan category totaled $96.0
million as of March 31, 2011 compared to $94.0 million as of
December 31, 2010 and $83.6 million as of March 31, 2010.
Management is pursuing the resolution of all credits in this
category. At this time,management believes reserves are
appropriate to absorb inherent losses that are expected to occur
upon the ultimate resolution of these credits.
Non-performing Residential Real Estate and Home Equity
Non-performing home equity and residential real estate loans
totaled $16.1 million as of March 31, 2011. The balance
increased $2.9 million from March 31, 2010 and $2.6 million from
December 31, 2010. The March 31, 2011 non-performing balance
is comprised of $4.9 million of residential real estate (22
individual credits) and $11.2 million of home equity loans (35
individual credits). On average, this is approximately four
non-performing residential real estate loans and home equity loans
per chartered bank within the Company. The Company believes
control and collection of these loans is very manageable. At
this time, management believes reserves are adequate to absorb
inherent losses that may occur upon the ultimate resolution of
these credits.
Non-performing Commercial Premium Finance Receivables
The table below presents the level of non-performing property
and casualty premium finance receivables as of March 31, 2011 and
2010, and the amount of net charge-offs for the quarters then
ended.
|
|
March 31, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
Non-performing premium finance receivables -
commercial |
$ 15,869 |
$ 21,585 |
- as a percent of premium finance
receivables - commercial outstanding |
1.19% |
1.64% |
|
|
|
Net charge-offs of premium finance
receivables - commercial |
$ 1,239 |
$ 1,704 |
- annualized as a percent of average
premium finance receivables - commercial |
0.37% |
0.54% |
|
Fluctuations in this category may occur due to timing and nature
of account collections from insurance carriers. The Company's
underwriting standards, regardless of the condition of the economy,
have remained consistent. We anticipate that net charge-offs
and non-performing asset levels in the near term will continue to
be at levels that are within acceptable operating ranges for this
category of loans. Management is comfortable with
administering the collections at this level of non-performing
property and casualty premium finance receivables and believes
reserves are adequate to absorb inherent losses that may occur upon
the ultimate resolution of these credits.
The ratio of non-performing commercial premium finance
receivables fluctuates throughout the year due to the nature and
timing of canceled account collections from insurance
carriers. Due to the nature of collateral for commercial
premium finance receivables, it customarily takes 60-150 days to
convert the collateral into cash. Accordingly, the level of
non-performing commercial premium finance receivables is not
necessarily indicative of the loss inherent in the
portfolio. In the event of default, Wintrust has the power to
cancel the insurance policy and collect the unearned portion of the
premium from the insurance carrier. In the event of
cancellation, the cash returned in payment of the unearned premium
by the insurer should generally be sufficient to cover the
receivable balance, the interest and other charges due. Due to
notification requirements and processing time by most insurance
carriers, many receivables will become delinquent beyond 90 days
while the insurer is processing the return of the unearned
premium. Management continues to accrue interest until
maturity as the unearned premium is ordinarily sufficient to
pay-off the outstanding balance and contractual interest due.
Nonperforming Loans Rollforward
The table below presents a summary of non-performing loans,
excluding covered loans, as of March 31, 2011 and 2010 as well as
the change in balance during each respective period:
|
|
|
|
|
Three Months
Ended |
|
March 31, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
Balance at beginning of period |
$ 142,132 |
$ 131,804 |
Additions, net |
56,168 |
45,803 |
Return to performing status |
(1,175) |
(3,087) |
Payments received |
(1,589) |
(1,300) |
Transfer to OREO |
(22,425) |
(27,246) |
Charge-offs |
(14,100) |
(12,199) |
Net change for niche loans (1) |
(3,624) |
7,185 |
Balance at end of
period |
$ 155,387 |
$ 140,960 |
|
|
|
(1) This includes activity for
premium finance receivables, mortgages held for investment by
Wintrust Mortgage and indirect consumer loans. |
|
Restructured Loans
The table below presents a summary of restructured loans for the
respective period, presented by loan category and accrual
status:
|
|
|
|
March 31, |
December 31, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
Accruing: |
|
|
|
Commercial |
$ 12,620 |
$ 14,163 |
$ 12,593 |
Commercial real estate |
55,202 |
65,419 |
50,523 |
Residential real estate |
1,560 |
1,562 |
2,169 |
Total accrual |
$ 69,382 |
$ 81,144 |
$ 65,285 |
|
|
|
|
Non-accrual: (1) |
|
|
|
Commercial |
$ 5,582 |
$ 3,865 |
$ -- |
Commercial real estate |
21,174 |
15,947 |
4,096 |
Residential real estate |
431 |
234 |
-- |
Total non-accrual |
$ 27,187 |
$ 20,046 |
$ 4,096 |
|
|
|
|
Total restructured
loans: |
|
|
|
Commercial |
$ 18,202 |
$ 18,028 |
$ 12,593 |
Commercial real estate |
76,376 |
81,366 |
54,619 |
Residential real estate |
1,991 |
1,796 |
2,169 |
Total restructured loans |
$ 96,569 |
$ 101,190 |
$ 69,381 |
|
|
|
|
(1) Included in total non-performing
loans. |
|
|
|
|
At March 31, 2011, the Company had $96.6 million in loans with
modified terms. The $96.6 million in modified loans represents
121 credit relationships in which economic concessions were granted
to certain borrowers to better align the terms of their loans with
their current ability to pay. These actions were taken on a
case-by-case basis working with these borrowers to find a
concession that would assist them in retaining their businesses or
their homes and attempt to keep these loans in an accruing status
for the Company.
Subsequent to its restructuring, any restructured loan with a
below market rate concession will remain classified by the Company
as a restructured loan for its duration. All restructured loans
were reviewed for collateral impairment at March 31, 2011 and
approximately $8.3 million of collateral impairment was present on
restructured loans classified as non-accrual and appropriately
reserved for through the Company's normal reserving methodology in
the Company's allowance for loan losses.
Other Real Estate Owned
The table below presents a summary of other real estate owned,
excluding covered other real estate owned, as of March 31, 2011 and
shows the activity for the respective period and the balance for
each property type:
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
December 31, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
Balance at beginning of period |
$ 71,214 |
$ 76,654 |
$ 80,163 |
Disposals/resolved |
(11,515) |
(21,904) |
(10,994) |
Transfers in at fair value, less costs to
sell |
28,865 |
18,812 |
20,152 |
Fair value adjustments |
(3,274) |
(2,348) |
(312) |
Balance at end of period |
$ 85,290 |
$ 71,214 |
$ 89,009 |
|
|
|
|
|
Period
End |
|
March 31, |
December 31, |
March 31, |
Balance by Property Type |
2011 |
2010 |
2010 |
Residential real estate |
$ 10,570 |
$ 5,694 |
$ 9,476 |
Residential real estate development |
17,808 |
17,781 |
34,392 |
Commercial real estate |
56,912 |
47,739 |
45,141 |
Total |
$ 85,290 |
$ 71,214 |
$ 89,009 |
|
The following table provides a comparative analysis for the
period end balances of the covered asset components, any changes in
the allowance for covered loan losses and the contractual aging of
the loans in the covered loan portfolio.
|
|
|
|
Covered
Assets |
|
|
|
|
|
March 31, |
December 31, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
|
|
|
|
Period End Balances: |
|
|
|
Loans |
$ 430,452 |
$ 334,353 |
$ -- |
Other real estate owned |
37,143 |
19,583 |
-- |
FDIC Indemnification asset |
124,785 |
118,182 |
-- |
Total covered assets |
$ 592,380 |
$ 472,118 |
$ -- |
|
|
|
|
Allowance for Covered Loan Losses
Rollforward: |
|
|
|
Balance at beginning of period |
$ -- |
$ -- |
$ -- |
Provision for covered loan losses |
968 |
-- |
-- |
Loans charged-off |
-- |
-- |
-- |
Recoveries of loans charged-off |
-- |
-- |
-- |
Net charge-offs |
-- |
-- |
-- |
Other adjustments - increase to
indemnification asset |
3,876 |
|
|
Balance at end of period |
$ 4,844 |
$ -- |
$ -- |
|
|
|
|
Accretable Yield
Activity: |
|
|
|
Accretable yield, beginning balance |
$ 39,809 |
$ 38,866 |
$ -- |
Acquisitions |
7,107 |
-- |
-- |
Accretable yield amortized to interest
income (1) |
(14,159) |
(4,042) |
-- |
Increase in expected cash flows (2) |
58,575 |
4,985 |
-- |
Accretable yield, ending balance |
$ 91,332 |
$ 39,809 |
$ -- |
|
|
|
|
|
(1) Does not reflect offsetting
amounts of $7.1 million recorded against interest income in the
first quarter of 2011 as a result of reductions to the
indemnification assets. |
(2) Represents reclassifications
to/from non-accretable discount, increases/decreases in interest
cash flows due to prepayments and/or changes in interest
rates. |
The following table presents a summary of the discount
components for the life insurance premium finance portfolio
purchase as of March 31, 2011 and shows the changes in the balances
from March 31, 2010.
|
Purchased Loan
Portfolio |
|
|
Summary of
Acquisition |
|
Credit |
|
|
discounts -- |
|
|
non-- |
|
Accretable |
accretable |
(Dollars in thousands) |
discounts |
discounts |
|
|
|
Balances at March 31,
2010 |
$ 58,037 |
$ 33,990 |
- Accretion (effective yield method) |
(4,810) |
-- |
- Accretion recognized as accounts
prepay |
(3,434) |
(3,418) |
- Reclassification from nonaccretable to
accretable |
1,986 |
(1,986) |
- Discount used for loans written off |
-- |
(369) |
Balances at June 30,
2010 |
$ 51,779 |
$ 28,217 |
- Accretion (effective yield method) |
(5,139) |
-- |
- Accretion recognized as
accounts prepay |
(1,672) |
(1,680) |
- Reclassification from accretable to
nonaccretable |
(52) |
52 |
- Discount used for loans written off |
-- |
(190) |
Balances at September 30,
2010 |
$ 44,916 |
$ 26,399 |
- Accretion (effective yield method) |
(6,873) |
-- |
- Accretion recognized as
accounts prepay |
(4,591) |
(3,181) |
- Reclassification from accretable to
nonaccretable |
(137) |
137 |
- Discount used for loans written off |
-- |
(128) |
Balances at December 31,
2010 |
$ 33,315 |
$ 23,227 |
- Accretion (effective yield method) |
(6,418) |
-- |
- Accretion recognized as
accounts prepay |
(1,538) |
(1,096) |
- Reclassification from nonaccretable to
accretable |
184 |
(184) |
- Recovery of discount used for loans written
off |
-- |
200 |
Balances at March 31,
2011 |
$ 25,543 |
$ 22,147 |
|
WINTRUST SUBSIDIARIES AND LOCATIONS
Wintrust is a financial holding company whose common stock is
traded on the Nasdaq Global Select Market (Nasdaq:WTFC). Its
15 community bank subsidiaries are: Lake Forest Bank &
Trust Company, Hinsdale Bank & Trust Company, North Shore
Community Bank & Trust Company in Wilmette, Libertyville Bank
& Trust Company, Barrington Bank & Trust Company, Crystal
Lake Bank & Trust Company, Northbrook Bank & Trust Company,
Advantage National Bank in Elk Grove Village, Village Bank &
Trust in Arlington Heights, Beverly Bank & Trust Company in
Chicago, Wheaton Bank & Trust Company, State Bank of The Lakes
in Antioch, Old Plank Trail Community Bank, N.A. in New Lenox, St.
Charles Bank & Trust Company and Town Bank in Hartland,
Wisconsin. The banks also operate facilities in Illinois in
Algonquin, Bloomingdale, Buffalo Grove, Cary, Chicago, Clarendon
Hills, Deerfield, Downers Grove, Frankfort, Geneva, Glencoe, Glen
Ellyn, Gurnee, Grayslake, Highland Park, Highwood, Hoffman Estates,
Island Lake, Lake Bluff, Lake Villa, Lincoln Park, Lindenhurst,
McHenry, Mokena, Mount Prospect, Mundelein, Naperville, North
Chicago, Northfield, Palatine, Prospect Heights, Ravenswood,
Ravinia, Riverside, Rogers Park, Roselle, Sauganash, Skokie, Spring
Grove, Vernon Hills, Wauconda, Western Springs, Willowbrook,
Winnetka and Wood Dale and in Delafield, Elm Grove, Madison, Wales,
Wisconsin.
Additionally, the Company operates various non-bank
subsidiaries. First Insurance Funding Corporation, one of the
largest insurance premium finance companies operating in the United
States, serves commercial and life insurance loan customers
throughout the country. Tricom, Inc. of Milwaukee provides
high-yielding, short-term accounts receivable financing and
value-added out-sourced administrative services, such as data
processing of payrolls, billing and cash management services, to
temporary staffing service clients located throughout the United
States. Wintrust Mortgage Corporation engages primarily in the
origination and purchase of residential mortgages for sale into the
secondary market through origination offices located throughout the
United States. Loans are also originated nationwide through
relationships with wholesale and correspondent offices. Wayne
Hummer Investments, LLC is a broker-dealer providing a full range
of private client and brokerage services to clients and
correspondent banks located primarily in the Midwest. Wintrust
Capital Management provides money management services and advisory
services to individual accounts. Advanced Investment Partners,
LLC is an investment management firm specializing in the active
management of domestic equity investment strategies. The
Chicago Trust Company, a trust subsidiary, allows Wintrust to
service customers' trust and investment needs at each banking
location. Wintrust Information Technology Services Company
provides information technology support, item capture and statement
preparation services to the Wintrust subsidiaries.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the
meaning of federal securities laws. Forward-looking information can
be identified through the use of words such as "intend," "plan,"
"project," "expect," "anticipate," "believe," "estimate,"
"contemplate," "possible," "point," "will," "may," "should,"
"would" and "could." Forward-looking statements and information are
not historical facts, are premised on many factors and assumptions,
and represent only management's expectations, estimates and
projections regarding future events. Similarly, these
statements are not guarantees of future performance and involve
certain risks and uncertainties that are difficult to predict,
which may include, but are not limited to, those listed below and
the Risk Factors discussed under Item 1A of the Company's 2010
Annual Report on Form 10-K and in any of the Company's subsequent
SEC filings. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995, and is including this statement for
purposes of invoking these safe harbor provisions. Such
forward-looking statements may be deemed to include, among other
things, statements relating to the Company's future financial
performance, the performance of its loan portfolio, the expected
amount of future credit reserves and charge-offs, delinquency
trends, growth plans, regulatory developments, securities that the
Company may offer from time to time, and management's long-term
performance goals, as well as statements relating to the
anticipated effects on financial condition and results of
operations from expected developments or events, the Company's
business and growth strategies, including future acquisitions of
banks, specialty finance or wealth management businesses, internal
growth and plans to form additional de novo banks or branch
offices. Actual results could differ materially from those
addressed in the forward-looking statements as a result of numerous
factors, including the following:
- negative economic conditions that adversely affect the economy,
housing prices, the job market and other factors that may affect
the Company's liquidity and the performance of its loan portfolios,
particularly in the markets in which it operates;
- the extent of defaults and losses on the Company's loan
portfolio, which may require further increases in its allowance for
credit losses;
- estimates of fair value of certain of the Company's assets and
liabilities, which could change in value significantly from period
to period;
- changes in the level and volatility of interest rates, the
capital markets and other market indices that may affect, among
other things, the Company's liquidity and the value of its assets
and liabilities;
- a decrease in the Company's regulatory capital ratios,
including as a result of further declines in the value of its loan
portfolios, or otherwise;
- legislative or regulatory changes, particularly changes in
regulation of financial services companies and/or the products and
services offered by financial services companies, including those
resulting from the Dodd-Frank Act;
- restrictions upon our ability to market our products to
consumers and limitations on our ability to profitably operate our
mortgage business resulting from the Dodd-Frank Act;
- increased costs of compliance, heightened regulatory capital
requirements and other risks associated with changes in regulation
and the current regulatory environment, including the Dodd-Frank
Act;
- changes in capital requirements resulting from Basel II and III
initiatives;
- increases in the Company's FDIC insurance premiums, or the
collection of special assessments by the FDIC;
- losses incurred in connection with repurchases and
indemnification payments related to mortgages;
- competitive pressures in the financial services business which
may affect the pricing of the Company's loan and deposit products
as well as its services (including wealth management
services);
- delinquencies or fraud with respect to the Company's premium
finance business;
- failure to identify and complete favorable acquisitions in the
future or unexpected difficulties or developments related to the
integration of recent or future acquisitions;
- unexpected difficulties and losses related to FDIC-assisted
acquisitions, including those resulting from our loss-sharing
arrangements with the FDIC;
- credit downgrades among commercial and life insurance providers
that could negatively affect the value of collateral securing the
Company's premium finance loans;
- any negative perception of the Company's reputation or
financial strength;
- the loss of customers as a result of technological changes
allowing consumers to complete their financial transactions without
the use of a bank;
- the ability of the Company to attract and retain senior
management experienced in the banking and financial services
industries;
- the Company's ability to comply with covenants under its
securitization facility and credit facility;
- unexpected difficulties or unanticipated developments related
to the Company's strategy of de novo bank formations and openings,
which typically require over 13 months of operations before
becoming profitable due to the impact of organizational and
overhead expenses, the startup phase of generating deposits and the
time lag typically involved in redeploying deposits into
attractively priced loans and other higher yielding earning
assets;
- changes in accounting standards, rules and interpretations and
the impact on the Company's financial statements;
- adverse effects on our operational systems resulting from
failures, human error or tampering;
- significant litigation involving the Company; and
- the ability of the Company to receive dividends from its
subsidiaries.
Therefore, there can be no assurances that future actual results
will correspond to these forward-looking statements. The
reader is cautioned not to place undue reliance on any
forward-looking statement made by or on behalf of
Wintrust. Any such statement speaks only as of the date the
statement was made or as of such date that may be referenced within
the statement. The Company undertakes no obligation to release
revisions to these forward-looking statements or reflect events or
circumstances after the date of this press release.
Persons are advised, however, to consult further disclosures
management makes on related subjects in its reports filed with the
Securities and Exchange Commission and in its press releases.
CONFERENCE CALL, WEB CAST AND REPLAY
The Company will hold a conference call at 1:00 p.m. (CT)
Wednesday, April 20, 2011 regarding first quarter 2011
results. Individuals interested in listening should call (877)
363-5049 and enter Conference ID #59204020. A simultaneous
audio-only web cast and replay of the conference call may be
accessed via the Company's web site at (http://www.wintrust.com),
Investor News and Events, Presentations & Conference Calls. The
text of the first quarter 2011 earnings press release will be
available on the home page of the Company's website at
(http://www.wintrust.com) and at the Investor News and Events,
Press Releases link on its website.
WINTRUST FINANCIAL
CORPORATION
Supplemental Financial
Information
5 Quarter Trends
WINTRUST FINANCIAL
CORPORATION - Supplemental Financial Information |
Selected Financial Highlights - 5
Quarter Trends |
|
(Dollars in thousands, except
per share data) |
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
2011 |
2010 |
2010 |
2010 |
2010 |
Selected Financial Condition Data (at
end of period): |
|
|
|
|
|
Total assets |
$ 14,080,180 |
$ 13,980,156 |
$ 14,100,368 |
$ 13,708,560 |
$ 12,839,978 |
Total loans, excluding covered loans |
9,561,802 |
9,599,886 |
9,461,155 |
9,324,163 |
9,070,562 |
Total deposits |
10,915,169 |
10,803,673 |
10,962,239 |
10,624,742 |
9,724,870 |
Junior subordinated debentures |
249,493 |
249,493 |
249,493 |
249,493 |
249,493 |
Total shareholders' equity |
1,453,253 |
1,436,549 |
1,398,912 |
1,384,736 |
1,364,832 |
Selected Statements of Income
Data: |
|
|
|
|
|
Net interest income |
109,614 |
112,677 |
102,980 |
104,314 |
95,865 |
Net revenue (1) |
150,501 |
157,138 |
157,636 |
154,750 |
138,472 |
Core pre-tax earnings (2) |
48,799 |
58,666 |
48,074 |
47,728 |
42,076 |
Net income |
16,402 |
14,205 |
20,098 |
13,009 |
16,017 |
Net income (loss) per common share –
Basic |
$ 0.44 |
$ (0.06) |
$ 0.49 |
$ 0.26 |
$ 0.43 |
Net income (loss) per common share –
Diluted |
$ 0.36 |
$ (0.06) |
$ 0.47 |
$ 0.25 |
$ 0.41 |
Selected Financial Ratios and Other
Data: |
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Net interest margin (2) |
3.48% |
3.46% |
3.22% |
3.43% |
3.38% |
Non-interest income to average assets |
1.18% |
1.24% |
1.56% |
1.51% |
1.37% |
Non-interest expense to average
assets |
2.84% |
2.97% |
2.85% |
2.78% |
2.70% |
Net overhead ratio (3) |
1.66% |
1.73% |
1.28% |
1.26% |
1.33% |
Efficiency ratio (2) (4) |
65.05% |
67.48% |
67.01% |
59.72% |
60.59% |
Return on average assets |
0.47% |
0.40% |
0.57% |
0.39% |
0.52% |
Return on average common equity |
4.49% |
(0.66)% |
5.44% |
2.98% |
4.93% |
Average total assets |
$ 14,018,525 |
$ 14,199,351 |
$ 14,015,757 |
$ 13,390,537 |
$ 12,590,817 |
Average total shareholders' equity |
1,437,869 |
1,442,754 |
1,391,507 |
1,371,689 |
1,196,191 |
Average loans to average deposits ratio |
91.2% |
89.0% |
88.7% |
91.0% |
94.6% |
Average loans to average deposits ratio
(including covered loans) |
94.2 |
92.1 |
91.7 |
93.0 |
94.6 |
Common Share Data at end of
period: |
|
|
|
|
|
Market price per common share |
$ 36.75 |
$ 33.03 |
$ 32.41 |
$ 33.34 |
$ 37.21 |
Book value per common share (2) |
$ 33.70 |
$ 32.73 |
$ 35.70 |
$ 35.33 |
$ 34.76 |
Tangible common book value per share (2) |
$ 26.65 |
$ 25.80 |
$ 26.34 |
$ 25.96 |
$ 25.39 |
Common shares outstanding |
34,947,251 |
34,864,068 |
31,143,740 |
31,084,298 |
31,044,449 |
Other Data at end of period:(9) |
|
|
|
|
|
Leverage Ratio (5) |
10.3% |
10.1% |
10.0% |
10.2% |
10.8% |
Tier 1 Capital to risk-weighted assets
(5) |
12.8% |
12.5% |
12.7% |
13.0% |
13.4% |
Total capital to risk-weighted assets
(5) |
14.1% |
13.8% |
14.1% |
14.3% |
14.9% |
Tangible Common Equity ratio (TCE) (2)
(8) |
8.0% |
8.0% |
5.9% |
6.0% |
6.3% |
Allowance for credit losses (6) |
$ 117,067 |
$ 118,037 |
$ 112,807 |
$ 108,716 |
$ 106,050 |
Credit discounts on purchased
premium finance receivables - life insurance (7) |
22,147 |
23,227 |
26,399 |
28,216 |
33,990 |
Non-performing loans |
155,387 |
142,132 |
134,323 |
135,401 |
140,960 |
Allowance for credit losses to total loans
(6) |
1.22% |
1.23% |
1.19% |
1.17% |
1.17% |
Non-performing loans to total loans |
1.63% |
1.48% |
1.42% |
1.45% |
1.55% |
Number of: |
|
|
|
|
|
Bank subsidiaries |
15 |
15 |
15 |
15 |
15 |
Non-bank subsidiaries |
8 |
8 |
8 |
8 |
8 |
Banking
offices |
88 |
86 |
85 |
85 |
78 |
(1) Net revenue includes net
interest income and non-interest income |
(2) See "Supplemental Financial
Measures/Ratios" for additional information on this performance
measure/ratio. |
(3) The net overhead ratio is
calculated by netting total non-interest expense and total
non-interest income, annualizing this amount, and dividing by
that period's total average assets. A lower ratio
indicates a higher degree of efficiency. |
(4) The efficiency ratio is
calculated by dividing total non-interest expense by tax-equivalent
net revenue (less securities gains or losses). A lower ratio
indicates more efficient revenue generation. |
(5) Capital ratios for current
quarter-end are estimated. |
(6) The allowance for credit
losses includes both the allowance for loan losses and the
allowance for unfunded lending-related commitments, but excluding
the allowance for covered loan losses. |
(7) Represents the credit
discounts on purchased life insurance premium finance loans. |
(8) Total shareholders' equity
minus preferred stock and total intangible assets divided by total
assets minus total intangible assets |
(9) Asset quality ratios exclude
covered loans. |
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Consolidated Statements
of Condition - 5 Quarter Trends |
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(In thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Assets |
|
|
|
|
|
Cash and due from banks |
$ 140,919 |
$ 153,690 |
$ 155,067 |
$ 123,712 |
$ 106,501 |
Federal funds sold and securities purchased
under resale agreements |
33,575 |
18,890 |
88,913 |
28,664 |
15,393 |
Interest-bearing deposits with other
banks |
946,193 |
865,575 |
1,224,584 |
1,110,123 |
1,222,323 |
Available-for-sale securities, at fair
value |
1,710,321 |
1,496,302 |
1,324,179 |
1,418,035 |
1,205,919 |
Trading account securities |
2,229 |
4,879 |
4,935 |
38,261 |
39,938 |
Federal Home Loan Bank and Federal Reserve
Bank stock, at cost |
85,144 |
82,407 |
80,445 |
79,300 |
74,001 |
Brokerage customer receivables |
25,361 |
24,549 |
25,442 |
24,291 |
20,978 |
Mortgage loans held-for-sale, at fair
value |
92,151 |
356,662 |
307,231 |
222,703 |
149,897 |
Mortgage loans held-for-sale, at lower of
cost or market |
2,335 |
14,785 |
13,209 |
15,278 |
6,152 |
Loans, net of unearned income, excluding
covered loans |
9,561,802 |
9,599,886 |
9,461,155 |
9,324,163 |
9,070,562 |
Covered loans |
430,452 |
334,353 |
353,840 |
275,563 |
-- |
Total loans |
9,992,254 |
9,934,239 |
9,814,995 |
9,599,726 |
9,070,562 |
Less: Allowance for loan losses |
115,049 |
113,903 |
110,432 |
106,547 |
102,397 |
Less: Allowance for
covered loan losses |
4,844 |
-- |
-- |
-- |
-- |
Net loans |
9,872,361 |
9,820,336 |
9,704,563 |
9,493,179 |
8,968,165 |
Premises and equipment, net |
369,785 |
363,696 |
353,445 |
346,806 |
348,182 |
FDIC indemnification asset |
124,785 |
118,182 |
161,640 |
114,102 |
-- |
Accrued interest receivable and other
assets |
381,025 |
366,438 |
365,496 |
374,172 |
363,676 |
Trade date securities receivable |
-- |
-- |
-- |
28,634 |
27,850 |
Goodwill |
281,940 |
281,190 |
278,025 |
278,025 |
278,025 |
Other intangible assets |
12,056 |
12,575 |
13,194 |
13,275 |
12,978 |
Total
assets |
$ 14,080,180 |
$ 13,980,156 |
$ 14,100,368 |
$ 13,708,560 |
$ 12,839,978 |
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing |
$ 1,279,256 |
$ 1,201,194 |
$ 1,042,730 |
$ 953,814 |
$ 871,830 |
Interest bearing |
9,635,913 |
9,602,479 |
9,919,509 |
9,670,928 |
8,853,040 |
Total deposits |
10,915,169 |
10,803,673 |
10,962,239 |
10,624,742 |
9,724,870 |
Notes payable |
1,000 |
1,000 |
1,000 |
1,000 |
1,000 |
Federal Home Loan Bank advances |
409,386 |
423,500 |
414,832 |
415,571 |
421,775 |
Other borrowings |
250,032 |
260,620 |
241,522 |
218,424 |
218,079 |
Secured borrowings - owed to
securitization investors |
600,000 |
600,000 |
600,000 |
600,000 |
600,000 |
Subordinated notes |
50,000 |
50,000 |
55,000 |
55,000 |
60,000 |
Junior subordinated debentures |
249,493 |
249,493 |
249,493 |
249,493 |
249,493 |
Trade date securities payable |
10,000 |
-- |
2,045 |
200 |
62,017 |
Accrued interest payable
and other liabilities |
141,847 |
155,321 |
175,325 |
159,394 |
137,912 |
Total liabilities |
12,626,927 |
12,543,607 |
12,701,456 |
12,323,824 |
11,475,146 |
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
Preferred stock |
49,672 |
49,640 |
287,234 |
286,460 |
285,642 |
Common stock |
34,947 |
34,864 |
31,145 |
31,084 |
31,044 |
Surplus |
967,587 |
965,203 |
682,318 |
680,261 |
677,090 |
Treasury stock |
(74) |
-- |
(51) |
(4) |
-- |
Retained earnings |
404,580 |
392,354 |
394,323 |
381,969 |
373,903 |
Accumulated other
comprehensive (loss) income |
(3,459) |
(5,512) |
3,943 |
4,966 |
(2,847) |
Total shareholders'
equity |
1,453,253 |
1,436,549 |
1,398,912 |
1,384,736 |
1,364,832 |
Total liabilities
and shareholders' equity |
$ 14,080,180 |
$ 13,980,156 |
$ 14,100,368 |
$ 13,708,560 |
$ 12,839,978 |
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Consolidated Statements
of Income (Unaudited) - 5 Quarter Trends |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(In thousands, except per share
data) |
2011 |
2010 |
2010 |
2010 |
2010 |
Interest income |
|
|
|
|
|
Interest and fees on loans |
$ 136,543 |
$ 144,652 |
$ 137,902 |
$ 135,800 |
$ 129,542 |
Interest bearing deposits with banks |
936 |
1,342 |
1,339 |
1,215 |
1,274 |
Federal funds sold and securities
purchased under resale agreements |
32 |
39 |
35 |
34 |
49 |
Securities |
9,540 |
7,236 |
7,438 |
11,218 |
11,012 |
Trading account securities |
13 |
11 |
19 |
343 |
21 |
Federal Home Loan Bank and Federal
Reserve Bank stock |
550 |
512 |
488 |
472 |
459 |
Brokerage customer
receivables |
166 |
170 |
180 |
166 |
139 |
Total interest
income |
147,780 |
153,962 |
147,401 |
149,248 |
142,496 |
Interest expense |
|
|
|
|
|
Interest on deposits |
23,956 |
27,853 |
31,088 |
31,626 |
33,212 |
Interest on Federal Home Loan Bank
advances |
3,958 |
4,038 |
4,042 |
4,094 |
4,346 |
Interest on notes payable and other
borrowings |
2,630 |
1,631 |
1,411 |
1,439 |
1,462 |
Interest on secured borrowings - owed to
securitization investors |
3,040 |
3,089 |
3,167 |
3,115 |
2,995 |
Interest on subordinated notes |
212 |
233 |
265 |
256 |
241 |
Interest on junior
subordinated debentures |
4,370 |
4,441 |
4,448 |
4,404 |
4,375 |
Total interest
expense |
38,166 |
41,285 |
44,421 |
44,934 |
46,631 |
Net interest income |
109,614 |
112,677 |
102,980 |
104,314 |
95,865 |
Provision for credit losses |
25,344 |
28,795 |
25,528 |
41,297 |
29,044 |
Net interest income after provision for
credit losses |
84,270 |
83,882 |
77,452 |
63,017 |
66,821 |
Non-interest income |
|
|
|
|
|
Wealth management |
10,236 |
10,108 |
8,973 |
9,193 |
8,667 |
Mortgage banking |
11,631 |
22,686 |
20,980 |
7,985 |
9,727 |
Service charges on deposit accounts |
3,311 |
3,346 |
3,384 |
3,371 |
3,332 |
Gains on available-for-sale securities,
net |
106 |
159 |
9,235 |
46 |
392 |
Gain on bargain purchases |
9,838 |
250 |
6,593 |
26,494 |
10,894 |
Trading (losses) gains |
(440) |
611 |
210 |
(1,617) |
5,961 |
Other |
6,205 |
7,301 |
5,281 |
4,964 |
3,634 |
Total non-interest
income |
40,887 |
44,461 |
54,656 |
50,436 |
42,607 |
Non-interest expense |
|
|
|
|
|
Salaries and employee benefits |
56,099 |
59,031 |
57,014 |
50,649 |
49,072 |
Equipment |
4,264 |
4,384 |
4,203 |
4,046 |
3,896 |
Occupancy, net |
6,505 |
5,927 |
6,254 |
6,033 |
6,230 |
Data processing |
3,523 |
4,388 |
3,891 |
3,669 |
3,407 |
Advertising and marketing |
1,614 |
1,881 |
1,650 |
1,470 |
1,314 |
Professional fees |
3,546 |
4,775 |
4,555 |
3,957 |
3,107 |
Amortization of other intangible
assets |
689 |
719 |
701 |
674 |
645 |
FDIC insurance |
4,518 |
4,572 |
4,642 |
5,005 |
3,809 |
OREO expenses, net |
5,808 |
7,384 |
4,767 |
5,843 |
1,337 |
Other |
11,543 |
13,140 |
12,046 |
11,317 |
11,121 |
Total non-interest
expense |
98,109 |
106,201 |
99,723 |
92,663 |
83,938 |
Income before taxes |
27,048 |
22,142 |
32,385 |
20,790 |
25,490 |
Income tax expense |
10,646 |
7,937 |
12,287 |
7,781 |
9,473 |
Net income |
$ 16,402 |
$ 14,205 |
$ 20,098 |
$ 13,009 |
$ 16,017 |
Preferred stock dividends and discount
accretion |
$ 1,031 |
$ 16,175 |
$ 4,943 |
$ 4,943 |
$ 4,943 |
Net income (loss) applicable to
common shares |
$ 15,371 |
$ (1,970) |
$ 15,155 |
$ 8,066 |
$ 11,074 |
Net income (loss) per common
share - Basic |
$ 0.44 |
$ (0.06) |
$ 0.49 |
$ 0.26 |
$ 0.43 |
Net income (loss) per common
share - Diluted |
$ 0.36 |
$ (0.06) |
$ 0.47 |
$ 0.25 |
$ 0.41 |
Cash dividends declared per
common share |
$ 0.09 |
$ -- |
$ 0.09 |
$ -- |
$ 0.09 |
Weighted average common shares
outstanding |
34,928 |
32,015 |
31,117 |
31,074 |
25,942 |
Dilutive potential common shares |
7,794 |
-- |
988 |
1,267 |
1,139 |
Average common shares and dilutive
common shares |
42,722 |
32,015 |
32,105 |
32,341 |
27,081 |
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Period End Loan Balances
- 5 Quarter Trends |
|
|
|
|
|
|
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Balance: |
|
|
|
|
|
Commercial |
$ 1,937,561 |
$ 2,049,326 |
$ 1,952,791 |
$ 1,827,618 |
$ 1,749,895 |
Commercial real estate |
3,356,562 |
3,338,007 |
3,331,498 |
3,347,823 |
3,333,157 |
Home equity |
891,332 |
914,412 |
919,824 |
922,305 |
924,993 |
Residential real-estate |
344,909 |
353,336 |
342,009 |
332,673 |
322,984 |
Premium finance receivables -
commercial |
1,337,851 |
1,265,500 |
1,323,934 |
1,346,985 |
1,317,822 |
Premium finance receivables - life
insurance |
1,539,521 |
1,521,886 |
1,434,994 |
1,378,657 |
1,233,573 |
Indirect consumer (1) |
52,379 |
51,147 |
56,575 |
69,011 |
83,136 |
Consumer and other |
101,687 |
106,272 |
99,530 |
99,091 |
105,002 |
Total loans, net of unearned
income, excluding covered loans |
$ 9,561,802 |
$ 9,599,886 |
$ 9,461,155 |
$ 9,324,163 |
$ 9,070,562 |
Covered loans |
430,452 |
334,353 |
353,840 |
275,563 |
-- |
Total loans, net of unearned income |
$ 9,992,254 |
$ 9,934,239 |
$ 9,814,995 |
$ 9,599,726 |
$ 9,070,562 |
|
|
|
|
|
|
Mix: |
|
|
|
|
|
Commercial |
19% |
21% |
20% |
19% |
19% |
Commercial real estate |
34 |
34 |
34 |
35 |
37 |
Home equity |
9 |
9 |
9 |
10 |
10 |
Residential real-estate |
4 |
3 |
3 |
3 |
4 |
Premium finance receivables -
commercial |
13 |
13 |
13 |
14 |
14 |
Premium finance receivables - life
insurance |
15 |
15 |
15 |
14 |
14 |
Indirect consumer (1) |
1 |
1 |
1 |
1 |
1 |
Consumer and other |
1 |
1 |
1 |
1 |
1 |
Total loans, net of unearned
income, excluding covered loans |
96% |
97% |
96% |
97% |
100% |
Covered loans |
4 |
3 |
4 |
3 |
-- |
Total loans, net of unearned income |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
|
|
(1) Includes autos, boats,
snowmobiles and other indirect consumer loans. |
|
|
|
|
|
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Period End Deposits
Balances - 5 Quarter Trends |
|
|
|
|
|
|
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Balance: |
|
|
|
|
|
Non-interest bearing |
$ 1,279,256 |
$ 1,201,194 |
$ 1,042,730 |
$ 953,814 |
$ 871,830 |
NOW |
1,526,955 |
1,561,507 |
1,551,749 |
1,560,733 |
1,448,857 |
Wealth Management deposits (1) |
659,194 |
658,660 |
710,435 |
694,830 |
690,919 |
Money Market |
1,844,416 |
1,759,866 |
1,746,168 |
1,722,729 |
1,586,830 |
Savings |
749,681 |
744,534 |
713,823 |
594,753 |
558,770 |
Time certificates of deposit |
4,855,667 |
4,877,912 |
5,197,334 |
5,097,883 |
4,567,664 |
Total deposits |
$ 10,915,169 |
$ 10,803,673 |
$ 10,962,239 |
$ 10,624,742 |
$ 9,724,870 |
|
|
|
|
|
|
Mix: |
|
|
|
|
|
Non-interest bearing |
12% |
11% |
10% |
9% |
9% |
NOW |
14 |
15 |
14 |
15 |
15 |
Wealth Management deposits (1) |
6 |
6 |
6 |
6 |
7 |
Money Market |
17 |
16 |
16 |
16 |
16 |
Savings |
7 |
7 |
7 |
6 |
6 |
Time certificates of deposit |
44 |
45 |
47 |
48 |
47 |
Total deposits |
100% |
100% |
100% |
100% |
100% |
(1) Represents deposit balances
of the Company's subsidiary banks from brokerage customers of Wayne
Hummer Investments, trust and asset management customes of The
Chicago Trust Company which have been placed into deposit accounts
of the Banks. |
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Net Interest Margin
(Including Call Option Income) - 5 Quarter Trends |
|
|
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
|
|
|
|
|
|
Net interest income |
$ 110,028 |
$ 113,083 |
$ 103,396 |
$ 104,775 |
$ 96,311 |
Call option income |
2,470 |
1,075 |
703 |
169 |
289 |
Net interest income including call option
income |
$ 112,498 |
$ 114,158 |
$ 104,099 |
$ 104,944 |
$ 96,600 |
|
|
|
|
|
|
Yield on earning assets |
4.68% |
4.72% |
4.59% |
4.91% |
5.01% |
Rate on interest-bearing liabilities |
1.39 |
1.43 |
1.55 |
1.65 |
1.82 |
Rate spread |
3.29% |
3.29% |
3.04% |
3.26% |
3.19% |
Net free funds contribution |
0.19 |
0.17 |
0.18 |
0.17 |
0.19 |
Net interest margin |
3.48 |
3.46 |
3.22 |
3.43 |
3.38 |
Call option income |
0.08 |
0.03 |
0.02 |
0.01 |
0.01 |
Net interest margin including call option
income |
3.56% |
3.49% |
3.24% |
3.44% |
3.39% |
|
|
|
|
|
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Net Interest Margin
(Including Call Option Income - YTD Trends) |
|
|
|
|
Three Months
Ended |
Years Ended |
|
March 31, |
December 31, |
(Dollars in thousands) |
2011 |
2010 |
2009 |
2008 |
2007 |
|
|
|
|
|
|
Net interest income |
$ 110,028 |
$ 417,565 |
$ 314,096 |
$ 247,054 |
$ 264,777 |
Call option income |
2,470 |
2,236 |
1,998 |
29,024 |
2,628 |
Net interest income including call option
income |
$ 112,498 |
$ 419,801 |
$ 316,094 |
$ 276,078 |
$ 267,405 |
|
|
|
|
|
|
Yield on earning assets |
4.68% |
4.80% |
5.07% |
5.88% |
7.21% |
Rate on interest-bearing liabilities |
1.39 |
1.61 |
2.29 |
3.31 |
4.39 |
Rate spread |
3.29% |
3.19% |
2.78% |
2.57% |
2.82% |
Net free funds contribution |
0.19 |
0.18 |
0.23 |
0.24 |
0.29 |
Net interest margin |
3.48 |
3.37 |
3.01 |
2.81 |
3.11 |
Call option income |
0.08 |
0.02 |
0.02 |
0.33 |
0.03 |
Net interest margin including call option
income |
3.56% |
3.39% |
3.03% |
3.14% |
3.14% |
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Quarterly Average
Balances - 5 Quarter Trends |
|
|
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(In thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Liquidity management assets |
$ 2,632,012 |
$ 2,844,351 |
$ 2,802,964 |
$ 2,613,179 |
$ 2,384,122 |
Other earning assets |
27,718 |
29,676 |
34,263 |
62,874 |
26,269 |
Loans, net of unearned income |
9,849,309 |
9,777,435 |
9,603,561 |
9,356,033 |
9,150,078 |
Covered loans |
326,571 |
337,690 |
325,751 |
210,030 |
-- |
Total earning assets |
$ 12,835,610 |
$ 12,989,152 |
$ 12,766,539 |
$ 12,242,116 |
$ 11,560,469 |
Allowance for loan losses |
(118,610) |
(116,447) |
(113,631) |
(108,764) |
(107,257) |
Cash and due from banks |
152,264 |
151,562 |
154,078 |
137,531 |
113,514 |
Other assets |
1,149,261 |
1,175,084 |
1,208,771 |
1,119,654 |
1,024,091 |
Total assets |
$ 14,018,525 |
$ 14,199,351 |
$ 14,015,757 |
$ 13,390,537 |
$ 12,590,817 |
|
|
|
|
|
|
Interest-bearing deposits |
$ 9,542,637 |
$ 9,839,223 |
$ 9,823,525 |
$ 9,348,541 |
$ 8,818,012 |
Federal Home Loan Bank advances |
416,021 |
415,260 |
414,789 |
417,835 |
429,195 |
Notes payable and other borrowings |
266,379 |
244,044 |
232,991 |
217,751 |
225,919 |
Secured borrowings - owed to securitization
investors |
600,000 |
600,000 |
600,000 |
600,000 |
600,000 |
Subordinated notes |
50,000 |
53,369 |
55,000 |
57,198 |
60,000 |
Junior subordinated notes |
249,493 |
249,493 |
249,493 |
249,493 |
249,493 |
Total interest-bearing liabilities |
$ 11,124,530 |
$ 11,401,389 |
$ 11,375,798 |
$ 10,890,818 |
$ 10,382,619 |
Non-interest bearing deposits |
1,261,374 |
1,148,208 |
1,005,170 |
932,046 |
858,875 |
Other liabilities |
194,752 |
207,000 |
243,282 |
195,984 |
153,132 |
Equity |
1,437,869 |
1,442,754 |
1,391,507 |
1,371,689 |
1,196,191 |
Total liabilities and shareholders'
equity |
$ 14,018,525 |
$ 14,199,351 |
$ 14,015,757 |
$ 13,390,537 |
$ 12,590,817 |
|
|
|
|
|
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Net Interest Margin - 5
Quarter Trends |
|
|
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
2011 |
2010 |
2010 |
2010 |
2010 |
Yield earned on: |
|
|
|
|
|
Liquidity management assets |
1.75% |
1.32% |
1.36% |
2.04% |
2.24% |
Other earning assets |
2.65 |
2.45 |
2.37 |
3.28 |
2.53 |
Loans, net of unearned income |
5.34 |
5.71 |
5.54 |
5.71 |
5.75 |
Covered loans |
8.78 |
4.75 |
4.84 |
5.12 |
-- |
|
4.68% |
4.72% |
4.59% |
4.91% |
5.01% |
Rate paid on: |
|
|
|
|
|
Interest-bearing deposits |
1.02% |
1.12% |
1.26% |
1.36% |
1.53% |
Federal Home Loan Bank advances |
3.86 |
3.86 |
3.87 |
3.93 |
4.11 |
Notes payable and other borrowings |
4.00 |
2.65 |
2.40 |
2.65 |
2.63 |
Secured borrowings - owed to securitization
investors |
2.05 |
2.04 |
2.09 |
2.08 |
2.02 |
Subordinated notes |
1.69 |
1.71 |
1.89 |
1.77 |
1.60 |
Junior subordinated notes |
7.01 |
6.97 |
6.98 |
6.98 |
7.01 |
|
1.39% |
1.43% |
1.55% |
1.65% |
1.82% |
|
|
|
|
|
|
Interest rate spread |
3.29% |
3.29% |
3.04% |
3.26% |
3.19% |
Net free funds/contribution |
0.19 |
0.17 |
0.18 |
0.17 |
0.19 |
Net interest income/Net interest margin |
3.48% |
3.46% |
3.22% |
3.43% |
3.38% |
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Non-Interest Income - 5
Quarter Trends |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(In thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Brokerage |
$ 6,325 |
$ 6,641 |
$ 5,806 |
$ 5,712 |
$ 5,554 |
Trust and asset management |
3,911 |
3,467 |
3,167 |
3,481 |
3,113 |
Total wealth management |
10,236 |
10,108 |
8,973 |
9,193 |
8,667 |
Mortgage banking |
11,631 |
22,686 |
20,980 |
7,985 |
9,727 |
Service charges on deposit accounts |
3,311 |
3,346 |
3,384 |
3,371 |
3,332 |
Gains on available-for-sale securities |
106 |
159 |
9,235 |
46 |
392 |
Gain on bargain purchases |
9,838 |
250 |
6,593 |
26,494 |
10,894 |
Trading (losses) gains |
(440) |
611 |
210 |
(1,617) |
5,961 |
Other: |
|
|
|
|
|
Fees from covered call options |
2,470 |
1,074 |
703 |
169 |
289 |
Bank Owned Life Insurance |
876 |
811 |
552 |
418 |
623 |
Administrative services |
717 |
715 |
744 |
708 |
582 |
Miscellaneous |
2,142 |
4,701 |
3,282 |
3,669 |
2,140 |
Total other income |
6,205 |
7,301 |
5,281 |
4,964 |
3,634 |
|
|
|
|
|
|
Total Non-Interest
Income |
$ 40,887 |
$ 44,461 |
$ 54,656 |
$ 50,436 |
$ 42,607 |
|
|
|
|
|
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Non-Interest Expense - 5
Quarter Trends |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(In thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
Salaries and employee benefits: |
|
|
|
|
|
Salaries |
$ 33,135 |
$ 31,876 |
$ 30,537 |
$ 28,714 |
$ 29,083 |
Commissions and bonus |
10,714 |
18,043 |
17,366 |
12,967 |
9,731 |
Benefits |
12,250 |
9,112 |
9,111 |
8,968 |
10,258 |
Total salaries and employee benefits |
56,099 |
59,031 |
57,014 |
50,649 |
49,072 |
Equipment |
4,264 |
4,384 |
4,203 |
4,046 |
3,896 |
Occupancy, net |
6,505 |
5,927 |
6,254 |
6,033 |
6,230 |
Data processing |
3,523 |
4,388 |
3,891 |
3,669 |
3,407 |
Advertising and marketing |
1,614 |
1,881 |
1,650 |
1,470 |
1,314 |
Professional fees |
3,546 |
4,775 |
4,555 |
3,957 |
3,107 |
Amortization of other intangibles |
689 |
719 |
701 |
674 |
645 |
FDIC insurance |
4,518 |
4,572 |
4,642 |
5,005 |
3,809 |
OREO expenses, net |
5,808 |
7,384 |
4,767 |
5,843 |
1,337 |
Other: |
|
|
|
|
|
Commissions - 3rd party brokers |
1,030 |
965 |
979 |
1,097 |
962 |
Postage |
1,078 |
1,220 |
1,254 |
1,229 |
1,110 |
Stationery and supplies |
840 |
1,069 |
812 |
761 |
732 |
Miscellaneous |
8,595 |
9,886 |
9,001 |
8,230 |
8,317 |
Total other expense |
11,543 |
13,140 |
12,046 |
11,317 |
11,121 |
|
|
|
|
|
|
Total Non-Interest
Expense |
$ 98,109 |
$ 106,201 |
$ 99,723 |
$ 92,663 |
$ 83,938 |
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Allowance for Credit
Losses, excluding covered loans - 5 Quarter Trends |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
|
|
|
|
|
|
Allowance for loan losses at
beginning of period |
$ 113,903 |
$ 110,432 |
$ 106,547 |
$ 102,397 |
$ 98,277 |
Provision for credit
losses |
24,376 |
28,795 |
25,528 |
41,297 |
29,044 |
Other adjustments |
-- |
-- |
-- |
-- |
1,943 |
Reclassification (to)/from allowance
for unfunded lending-related commitments |
2,116 |
(1,781) |
(206) |
785 |
(99) |
|
|
|
|
|
|
Charge-offs: |
|
|
|
|
|
Commercial |
9,140 |
6,060 |
3,076 |
4,781 |
4,675 |
Commercial real estate |
13,342 |
13,591 |
15,727 |
12,311 |
20,244 |
Home equity |
773 |
1,322 |
1,234 |
3,089 |
281 |
Residential real estate |
1,275 |
311 |
116 |
310 |
406 |
Premium finance receivables -
commercial |
1,507 |
1,820 |
1,505 |
17,747 |
1,933 |
Premium finance receivables - life
insurance |
30 |
154 |
79 |
-- |
-- |
Indirect consumer |
120 |
239 |
198 |
256 |
274 |
Consumer and other |
160 |
565 |
288 |
109 |
179 |
Total charge-offs |
26,347 |
24,062 |
22,223 |
38,603 |
27,992 |
Recoveries: |
|
|
|
|
|
Commercial |
266 |
268 |
286 |
143 |
443 |
Commercial real estate |
338 |
57 |
197 |
218 |
442 |
Home equity |
8 |
2 |
8 |
6 |
8 |
Residential real estate |
2 |
2 |
3 |
2 |
5 |
Premium finance receivables -
commercial |
268 |
144 |
220 |
188 |
229 |
Premium finance receivables - life
insurance |
-- |
-- |
-- |
-- |
-- |
Indirect consumer |
66 |
38 |
29 |
81 |
50 |
Consumer and other |
53 |
8 |
43 |
33 |
47 |
Total recoveries |
1,001 |
519 |
786 |
671 |
1,224 |
Net charge-offs |
(25,346) |
(23,543) |
(21,437) |
(37,932) |
(26,768) |
|
|
|
|
|
|
Allowance for loan losses at period
end |
$ 115,049 |
$ 113,903 |
$ 110,432 |
$ 106,547 |
$ 102,397 |
|
|
|
|
|
|
Allowance for unfunded
lending-related commitments at period end |
2,018 |
4,134 |
2,375 |
2,169 |
3,653 |
Allowance for credit losses at period
end |
$ 117,067 |
$ 118,037 |
$ 112,807 |
$ 108,716 |
$ 106,050 |
|
|
|
|
|
|
Annualized net charge-offs by
category as a percentage of its own respective
category's average: |
|
|
|
|
|
Commercial |
1.85% |
1.11% |
0.60% |
1.04% |
1.02% |
Commercial real estate |
1.57 |
1.66 |
1.84 |
1.45 |
2.42 |
Home equity |
0.34 |
0.57 |
0.53 |
1.34 |
0.12 |
Residential real estate |
0.91 |
0.17 |
0.07 |
0.23 |
0.32 |
Premium finance receivables -
commercial |
0.37 |
0.54 |
0.39 |
5.46 |
0.54 |
Premium finance receivables - life
insurance |
0.01 |
0.04 |
0.02 |
-- |
-- |
Indirect consumer |
0.41 |
1.51 |
1.08 |
0.92 |
1.00 |
Consumer and other |
0.42 |
1.98 |
1.01 |
0.27 |
0.48 |
Total loans, net of unearned income |
1.04% |
0.96% |
0.89% |
1.63% |
1.19% |
|
|
|
|
|
|
Net charge-offs as a percentage of
the provision for credit losses |
103.98% |
81.76% |
83.97% |
91.85% |
92.16% |
|
|
|
|
|
|
Loans at period-end |
$ 9,561,802 |
$ 9,599,886 |
$ 9,461,155 |
$ 9,324,163 |
$ 9,070,562 |
Allowance for loan losses as a
percentage of loans at period end |
1.20% |
1.19% |
1.17% |
1.14% |
1.13% |
Allowance for credit losses as a
percentage of loans at period end |
1.22% |
1.23% |
1.19% |
1.17% |
1.17% |
|
|
WINTRUST FINANCIAL
CORPORATION - SUPPLEMENTAL FINANCIAL INFORMATION |
Non-Performing Assets,
excluding covered assets - 5 Quarter Trends |
|
|
|
|
|
|
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2011 |
2010 |
2010 |
2010 |
2010 |
|
|
|
|
|
|
Loans past due greater than 90 days
and still accruing: |
|
|
|
|
|
Commercial |
$ 150 |
$ 478 |
$ -- |
$ 99 |
$ -- |
Commercial real-estate |
1,997 |
-- |
-- |
2,248 |
1,195 |
Home equity |
-- |
-- |
-- |
-- |
21 |
Residential real-estate |
-- |
-- |
-- |
-- |
-- |
Premium finance receivables -
commercial |
6,319 |
8,096 |
6,853 |
6,350 |
7,479 |
Premium finance receivables - life
insurance |
-- |
-- |
1,222 |
1,923 |
5,450 |
Indirect consumer |
310 |
318 |
355 |
579 |
665 |
Consumer and other |
1 |
1 |
2 |
3 |
20 |
Total loans past due greater than 90 days
and still accruing |
8,777 |
8,893 |
8,432 |
11,202 |
14,830 |
|
|
|
|
|
|
Non-accrual loans: |
|
|
|
|
|
Commercial |
26,157 |
16,382 |
19,444 |
17,741 |
15,331 |
Commercial real-estate |
94,001 |
93,963 |
83,340 |
82,984 |
82,389 |
Home equity |
11,184 |
7,425 |
6,144 |
7,149 |
7,730 |
Residential real-estate |
4,909 |
6,085 |
6,644 |
4,436 |
5,460 |
Premium finance receivables -
commercial |
9,550 |
8,587 |
9,082 |
11,389 |
14,106 |
Premium finance receivables - life
insurance |
342 |
354 |
222 |
-- |
73 |
Indirect consumer |
320 |
191 |
446 |
438 |
615 |
Consumer and other |
147 |
252 |
569 |
62 |
426 |
Total non-accrual loans |
146,610 |
133,239 |
125,891 |
124,199 |
126,130 |
|
|
|
|
|
|
Total non-performing
loans: |
|
|
|
|
|
Commercial |
26,307 |
16,860 |
19,444 |
17,840 |
15,331 |
Commercial real-estate |
95,998 |
93,963 |
83,340 |
85,232 |
83,584 |
Home equity |
11,184 |
7,425 |
6,144 |
7,149 |
7,751 |
Residential real-estate |
4,909 |
6,085 |
6,644 |
4,436 |
5,460 |
Premium finance receivables -
commercial |
15,869 |
16,683 |
15,935 |
17,739 |
21,585 |
Premium finance receivables - life
insurance |
342 |
354 |
1,444 |
1,923 |
5,523 |
Indirect consumer |
630 |
509 |
801 |
1,017 |
1,280 |
Consumer and other |
148 |
253 |
571 |
65 |
446 |
Total non-performing loans |
$ 155,387 |
$ 142,132 |
$ 134,323 |
$ 135,401 |
$ 140,960 |
Other real estate owned |
85,290 |
71,214 |
76,654 |
86,420 |
89,009 |
Total non-performing assets |
$ 240,677 |
$ 213,346 |
$ 210,977 |
$ 221,821 |
$ 229,969 |
|
|
|
|
|
|
Total non-performing loans by
category as a percent of its own respective category's period-end
balance: |
|
|
|
|
|
Commercial |
1.36% |
0.82% |
1.00% |
0.98% |
0.88% |
Commercial real-estate |
2.86 |
2.81 |
2.50 |
2.55 |
2.51 |
Home equity |
1.25 |
0.81 |
0.67 |
0.78 |
0.84 |
Residential real-estate |
1.42 |
1.72 |
1.94 |
1.33 |
1.69 |
Premium finance receivables -
commercial |
1.19 |
1.32 |
1.20 |
1.32 |
1.64 |
Premium finance receivables - life
insurance |
0.02 |
0.02 |
0.10 |
0.14 |
0.45 |
Indirect consumer |
1.20 |
0.99 |
1.42 |
1.47 |
1.54 |
Consumer and other |
0.15 |
0.24 |
0.57 |
0.07 |
0.42 |
Total loans |
1.63% |
1.48% |
1.42% |
1.45% |
1.55% |
|
|
|
|
|
|
Total non-performing assets as a
percentage of total assets |
1.71% |
1.53% |
1.50% |
1.62% |
1.79% |
|
|
|
|
|
|
Allowance for loan losses as a
percentage total non-performing loans |
74.04% |
80.14% |
82.21% |
78.69% |
72.64% |
|
CONTACT: Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Senior Executive Vice President
& Chief Operating Officer
(847) 615-4096
Web site address: www.wintrust.com
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