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8-K - FORM 8-K - WINTRUST FINANCIAL CORP | c62824e8vk.htm |
Exhibit 99.1
WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights (Unaudited)
Selected Financial Highlights (Unaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Selected Financial Condition Data (at end of period): |
||||||||||||||||
Total assets |
$ | 13,968,074 | $ | 12,215,620 | ||||||||||||
Total loans, excluding covered loans |
9,599,886 | 8,411,771 | ||||||||||||||
Total deposits |
10,803,673 | 9,917,074 | ||||||||||||||
Junior subordinated debentures |
249,493 | 249,493 | ||||||||||||||
Total shareholders equity |
1,436,549 | 1,138,639 | ||||||||||||||
Selected Statements of Income Data: |
||||||||||||||||
Net interest income |
$ | 112,677 | $ | 86,934 | $ | 415,836 | $ | 311,876 | ||||||||
Net revenue (1) |
157,138 | 172,022 | 607,996 | 629,523 | ||||||||||||
Core pre-tax earnings (2) |
58,666 | 39,931 | 196,544 | 122,804 | ||||||||||||
Net income |
14,205 | 28,167 | 63,329 | 73,069 | ||||||||||||
Net income (loss) per common share Basic |
$ | (0.06 | ) | $ | 0.96 | $ | 1.08 | $ | 2.23 | |||||||
Net income (loss) per common share Diluted |
$ | (0.06 | ) | $ | 0.90 | $ | 1.02 | $ | 2.18 | |||||||
Selected Financial Ratios and Other Data: |
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Performance Ratios: |
||||||||||||||||
Net interest margin (3) |
3.46 | % | 3.10 | % | 3.37 | % | 3.01 | % | ||||||||
Non-interest income to average assets |
1.24 | % | 2.77 | % | 1.42 | % | 2.78 | % | ||||||||
Non-interest expense to average assets |
2.97 | % | 2.94 | % | 2.82 | % | 3.01 | % | ||||||||
Net overhead ratio (4) |
1.73 | % | 0.17 | % | 1.40 | % | 0.23 | % | ||||||||
Efficiency ratio (5) |
67.48 | % | 52.54 | % | 63.77 | % | 54.44 | % | ||||||||
Return on average assets |
0.40 | % | 0.92 | % | 0.47 | % | 0.64 | % | ||||||||
Return on average common equity |
(0.66 | )% | 10.97 | % | 3.01 | % | 6.70 | % | ||||||||
Average total assets |
$ | 14,199,351 | $ | 12,189,096 | $ | 13,556,612 | $ | 11,415,322 | ||||||||
Average total shareholders equity |
1,442,754 | 1,126,594 | 1,352,135 | 1,081,792 | ||||||||||||
Average loans to average deposits ratio (excluding covered
loans) |
89.0 | % | 86.9 | % | 91.1 | % | 90.5 | % | ||||||||
Average loans to average deposits ratio (including covered
loans) |
92.1 | % | 86.9 | % | 93.4 | % | 90.5 | % | ||||||||
Common Share Data at end of period: |
||||||||||||||||
Market price per common share |
$ | 33.03 | $ | 30.79 | ||||||||||||
Book value per common share (6) |
$ | 32.73 | $ | 35.27 | ||||||||||||
Tangible common book value per share (7) |
$ | 25.80 | $ | 23.22 | ||||||||||||
Common shares outstanding |
34,864,068 | 24,206,819 | ||||||||||||||
Other Data at end of period: (8) |
||||||||||||||||
Leverage Ratio (9) |
10.6 | % | 9.3 | % | ||||||||||||
Tier 1 capital to risk-weighted assets (9) |
12.6 | % | 11.0 | % | ||||||||||||
Total capital to risk-weighted assets (9) |
13.9 | % | 12.4 | % | ||||||||||||
Tangible common equity ratio (TCE) (10) |
8.0 | % | 4.7 | % | ||||||||||||
Allowance for credit losses (11) |
$ | 118,037 | $ | 101,831 | ||||||||||||
Credit discounts on purchased premium finance receivables
life insurance (12) |
$ | 23,227 | $ | 37,323 | ||||||||||||
Non-performing loans |
$ | 142,132 | $ | 131,804 | ||||||||||||
Allowance for credit losses to total loans (11) |
1.23 | % | 1.21 | % | ||||||||||||
Non-performing loans to total loans |
1.48 | % | 1.57 | % | ||||||||||||
Number of: |
||||||||||||||||
Bank subsidiaries |
15 | 15 | ||||||||||||||
Non-bank subsidiaries |
8 | 8 | ||||||||||||||
Banking offices |
86 | 78 | ||||||||||||||
(1) | Net revenue includes net interest income and non-interest income. | |
(2) | Core pre-tax earnings represents income before taxes adjusted for provision for credit losses, OREO expenses, net, recourse obligation on loans previously sold less gain on bargain purchases, trading gains/losses and gains/losses on available-for-sale securities. | |
(3) | Net interest margin is presented on a tax-equivalent basis. | |
(4) | The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that periods total average assets. A lower ratio indicates a higher degree of efficiency. | |
(5) | 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. | |
(6) | Book value per common share is calculated by dividing total common equity (which is comprised of total shareholders equity less preferred stock), by actual common shares outstanding (which is adjusted for tangible equity unit conversion shares). | |
(7) | Tangible common book value per share is calculated by dividing total tangible common shareholders equity (which is comprised of total shareholders equity less preferred stock and intangible assets), by common shares outstanding (which is adjusted for tangible equity unit conversion shares). | |
(8) | Asset quality ratios exclude covered loans. | |
(9) | Capital ratios for the current quarter-end are estimated. | |
(10) | The tangible common equity ratio is calculated by dividing total shareholders equity less preferred stock and total intangible assets by total assets less total intangible assets. | |
(11) | The allowance for credit losses includes both the allowance for loan losses and the allowance for unfunded lending-related commitments. | |
(12) | Represents the credit discounts on purchased life insurance premium finance loans. |
2
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
CONSOLIDATED STATEMENTS OF CONDITION
(Unaudited) | (Unaudited) | |||||||||||
December 31, | September 30, | December 31, | ||||||||||
(In thousands) | 2010 | 2010 | 2009 | |||||||||
Assets |
||||||||||||
Cash and due from banks |
$ | 153,690 | $ | 155,067 | $ | 135,133 | ||||||
Federal funds sold and securities purchased under resale agreements |
18,890 | 88,913 | 23,483 | |||||||||
Interest-bearing deposits with other banks |
865,575 | 1,224,584 | 1,025,663 | |||||||||
Available-for-sale securities, at fair value |
1,496,302 | 1,324,179 | 1,255,066 | |||||||||
Trading account securities |
4,879 | 4,935 | 33,774 | |||||||||
Brokerage customer receivables |
24,549 | 25,442 | 20,871 | |||||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost |
82,407 | 80,445 | 73,749 | |||||||||
Loans held-for-sale |
371,447 | 320,440 | 275,715 | |||||||||
Loans, net of unearned income, excluding covered loans |
9,599,886 | 9,461,155 | 8,411,771 | |||||||||
Covered loans |
334,353 | 353,840 | | |||||||||
Total loans |
9,934,239 | 9,814,995 | 8,411,771 | |||||||||
Less: Allowance for loan losses |
113,903 | 110,432 | 98,277 | |||||||||
Net loans |
9,820,336 | 9,704,563 | 8,313,494 | |||||||||
Premises and equipment, net |
363,696 | 353,445 | 350,345 | |||||||||
FDIC indemnification asset |
118,182 | 161,640 | | |||||||||
Accrued interest receivable and other assets |
354,356 | 365,496 | 416,678 | |||||||||
Goodwill |
281,190 | 278,025 | 278,025 | |||||||||
Other intangible assets |
12,575 | 13,194 | 13,624 | |||||||||
Total assets |
$ | 13,968,074 | $ | 14,100,368 | $ | 12,215,620 | ||||||
Liabilities and Shareholders Equity |
||||||||||||
Deposits: |
||||||||||||
Non-interest bearing |
$ | 1,201,194 | $ | 1,042,730 | $ | 864,306 | ||||||
Interest bearing |
9,602,479 | 9,919,509 | 9,052,768 | |||||||||
Total deposits |
10,803,673 | 10,962,239 | 9,917,074 | |||||||||
Notes payable |
1,000 | 1,000 | 1,000 | |||||||||
Federal Home Loan Bank advances |
415,643 | 414,832 | 430,987 | |||||||||
Other borrowings |
260,619 | 241,522 | 247,437 | |||||||||
Secured borrowings owed to securitization investors |
600,000 | 600,000 | | |||||||||
Subordinated notes |
50,000 | 55,000 | 60,000 | |||||||||
Junior subordinated debentures |
249,493 | 249,493 | 249,493 | |||||||||
Trade date securities payable |
| 2,045 | | |||||||||
Accrued interest payable and other liabilities |
151,097 | 175,325 | 170,990 | |||||||||
Total liabilities |
12,531,525 | 12,701,456 | 11,076,981 | |||||||||
Shareholders Equity: |
||||||||||||
Preferred stock |
49,640 | 287,234 | 284,824 | |||||||||
Common stock |
34,864 | 31,145 | 27,079 | |||||||||
Surplus |
965,203 | 682,318 | 589,939 | |||||||||
Treasury stock |
| (51 | ) | (122,733 | ) | |||||||
Retained earnings |
392,354 | 394,323 | 366,152 | |||||||||
Accumulated other comprehensive (loss) income |
(5,512 | ) | 3,943 | (6,622 | ) | |||||||
Total shareholders equity |
1,436,549 | 1,398,912 | 1,138,639 | |||||||||
Total liabilities and shareholders equity |
$ | 13,968,074 | $ | 14,100,368 | $ | 12,215,620 | ||||||
3
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended | Years Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands, except per share data) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Interest income |
||||||||||||||||
Interest and fees on loans |
$ | 144,652 | $ | 122,140 | $ | 547,896 | $ | 465,777 | ||||||||
Interest bearing deposits with banks |
1,342 | 1,369 | 5,170 | 3,574 | ||||||||||||
Federal funds sold and securities purchased under
resale agreements |
39 | 38 | 157 | 271 | ||||||||||||
Securities |
7,236 | 12,672 | 36,904 | 55,649 | ||||||||||||
Trading account securities |
11 | 20 | 394 | 106 | ||||||||||||
Brokerage customer receivables |
170 | 143 | 655 | 515 | ||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock |
512 | 447 | 1,931 | 1,722 | ||||||||||||
Total interest income |
153,962 | 136,829 | 593,107 | 527,614 | ||||||||||||
Interest expense |
||||||||||||||||
Interest on deposits |
27,853 | 38,998 | 123,779 | 171,259 | ||||||||||||
Interest on Federal Home Loan Bank advances |
4,038 | 4,510 | 16,520 | 18,002 | ||||||||||||
Interest on notes payable and other borrowings |
1,631 | 1,663 | 5,943 | 7,064 | ||||||||||||
Interest on secured borrowings owed to
securitization investors |
3,089 | | 12,366 | | ||||||||||||
Interest on subordinated notes |
233 | 286 | 995 | 1,627 | ||||||||||||
Interest on junior subordinated debentures |
4,441 | 4,438 | 17,668 | 17,786 | ||||||||||||
Total interest expense |
41,285 | 49,895 | 177,271 | 215,738 | ||||||||||||
Net interest income |
112,677 | 86,934 | 415,836 | 311,876 | ||||||||||||
Provision for credit losses |
28,795 | 38,603 | 124,664 | 167,932 | ||||||||||||
Net interest income after provision for credit losses |
83,882 | 48,331 | 291,172 | 143,944 | ||||||||||||
Non-interest income |
||||||||||||||||
Wealth management |
10,108 | 8,047 | 36,941 | 28,357 | ||||||||||||
Mortgage banking |
22,686 | 16,495 | 61,378 | 68,527 | ||||||||||||
Service charges on deposit accounts |
3,346 | 3,437 | 13,433 | 13,037 | ||||||||||||
Gain on sales of commercial premium finance receivables |
| 4,429 | | 8,576 | ||||||||||||
Gains
(losses) on available-for-sale securities, net |
159 | 642 | 9,832 | (268 | ) | |||||||||||
Gain on bargain purchases |
250 | 42,951 | 44,231 | 156,013 | ||||||||||||
Trading gains |
611 | 4,411 | 5,165 | 26,788 | ||||||||||||
Other |
7,301 | 4,676 | 21,180 | 16,617 | ||||||||||||
Total non-interest income |
44,461 | 85,088 | 192,160 | 317,647 | ||||||||||||
Non-interest expense |
||||||||||||||||
Salaries and employee benefits |
59,031 | 47,955 | 215,766 | 186,878 | ||||||||||||
Equipment |
4,384 | 4,097 | 16,529 | 16,119 | ||||||||||||
Occupancy, net |
5,927 | 6,124 | 24,444 | 23,806 | ||||||||||||
Data processing |
4,388 | 3,404 | 15,355 | 12,982 | ||||||||||||
Advertising and marketing |
1,881 | 1,366 | 6,315 | 5,369 | ||||||||||||
Professional fees |
4,775 | 3,556 | 16,394 | 13,399 | ||||||||||||
Amortization of other intangible assets |
719 | 744 | 2,739 | 2,784 | ||||||||||||
FDIC insurance |
4,572 | 4,731 | 18,028 | 21,199 | ||||||||||||
OREO expenses, net |
7,384 | 5,293 | 19,331 | 18,963 | ||||||||||||
Other |
13,140 | 13,047 | 47,624 | 42,588 | ||||||||||||
Total non-interest expense |
106,201 | 90,317 | 382,525 | 344,087 | ||||||||||||
Income before taxes |
22,142 | 43,102 | 100,807 | 117,504 | ||||||||||||
Income tax expense |
7,937 | 14,935 | 37,478 | 44,435 | ||||||||||||
Net income |
$ | 14,205 | $ | 28,167 | $ | 63,329 | $ | 73,069 | ||||||||
Preferred stock dividends and discount accretion |
$ | 16,175 | $ | 4,888 | 31,004 | $ | 19,556 | |||||||||
Net income (loss) applicable to common shares |
$ | (1,970 | ) | $ | 23,279 | $ | 32,325 | $ | 53,513 | |||||||
Net income (loss) per common share Basic |
$ | (0.06 | ) | $ | 0.96 | $ | 1.08 | $ | 2.23 | |||||||
Net income (loss) per common share Diluted |
$ | (0.06 | ) | $ | 0.90 | $ | 1.02 | $ | 2.18 | |||||||
Cash dividends declared per common share |
$ | | $ | | $ | 0.18 | $ | 0.27 | ||||||||
Weighted average common shares outstanding |
32,015 | 24,166 | 30,057 | 24,010 | ||||||||||||
Dilutive potential common shares |
| 2,845 | 1,513 | 2,335 | ||||||||||||
Average common shares and dilutive common shares |
32,015 | 27,011 | 31,570 | 26,345 | ||||||||||||
4