Wintrust Financial Corporation
727 North Bank Lane, Lake Forest, Illinois 60045
|FOR IMMEDIATE RELEASE
||January 27, 2010
FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Senior Executive Vice President & Chief Operating Officer
Web site address: www.wintrust.com
WINTRUST FINANCIAL CORPORATION REPORTS
2009 FOURTH QUARTER RESULTS SHOWING IMPROVED CREDIT QUALITY
LAKE FOREST, ILLINOISWintrust Financial Corporation (Wintrust or the Company) (Nasdaq
WTFC) announced net income of $28.2 million or $0.90 per diluted common share for the quarter ended
December 31, 2009. This compares with earnings of $32.0 million ($1.07 per diluted common share)
for the third quarter of 2009 and $2.0 million ($0.02 per diluted common share) for the fourth
quarter of 2008. Net income for the year ended December 31, 2009 was $73.1 million ($2.18 per
diluted common share) compared to $20.5 million ($0.76 per diluted common share) for the year-ended
December 31, 2008.
Edward J. Wehmer, President and Chief Executive Officer, commented We are pleased to report
net income for the full year of $73.1 million and net income for the fourth quarter of $28.2
million and a significant improvement in the level of non-performing loans. Core pre-tax earnings,
or earnings before taxes, provision for credit losses, other real-estate owned expenses and the
bargain purchase gains, were $148 million for the full year of 2009 compared to $90 million in
2008. This same measure of earnings increased to $44 million in the fourth quarter of 2009
compared to $18 million in the fourth quarter of 2008.
Commenting on credit, Mr. Wehmer said, Wintrust reduced its non-performing loans by 43%
during the fourth quarter to a level below where it stood a year ago. Total non-performing loans
represent only 1.57% of the total loan portfolio at year-end 2009. During the fourth quarter, we
recorded a provision for credit losses of $39 million and net charge-offs of $35 million.
Additionally, we recognized $5 million of expenses related to write-downs, valuation adjustments
and operating costs on other real estate owned during the fourth quarter. Our allowance for loan
losses increased to $98 million or 1.17% of total loans. Adding our reserve for unfunded
lending-related commitments and credit-related discounts on purchased loans brings the Companys
total credit reserves to $139 million or 1.65% of total loans.