WINTRUST FINANCIAL CORP - FORM 8-K - EX-99.1

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8-K - FORM 8-K - WINTRUST FINANCIAL CORP	c62824e8vk.htm

Exhibit 99.1

WINTRUST FINANCIAL CORPORATION
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:
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 period’s 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.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
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

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
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

WINTRUST FINANCIAL CORP - FORM 8-K - EX-99.1 - February 7, 2011

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