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Wintrust Financial Corp (WTFC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Wintrust Financial Corp

CIK: 1015328 Ticker: WTFC

Exhibit 99.1
Wintrust Financial Corporation
9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018
News Release
 
 
 
FOR IMMEDIATE RELEASE
  
April 21, 2020
FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, Founder & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com

Wintrust Financial Corporation Reports First Quarter 2020 Net Income of $62.8 million

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust” or “the Company”) (Nasdaq: WTFC) announced net income of $62.8 million or $1.04 per diluted common share for the first quarter of 2020, a decrease in diluted earnings per common share of 27.8% compared to the prior quarter and a decrease of 31.6% compared to the first quarter of 2019.

Highlights of the First Quarter of 2020:
Comparative information to the fourth quarter of 2019
Total assets increased by $2.2 billion.
Total loans increased by $1.0 billion.
Total deposits increased by $1.4 billion.
Net interest income decreased by $436,000 as the impact of a five basis point decline in net interest margin and one less day was partially offset by a $925 million increase in average earning assets.
The allowance for credit losses increased by $95.0 million to $253.5 million as of March 31, 2020 as compared to $158.5 million as of December 31, 2019.  The change in allowance for credit losses was due to:
An increase of $47.4 million related to the cumulative effect adjustment from the adoption of the Current Expected Credit Loss ("CECL") standard effective as of January 1, 2020.
Provision for credit losses of $53.0 million in the current quarter. Provision for credit losses increased by $45.2 million from a provision for credit losses of $7.8 million in the fourth quarter of 2019 primarily related to the implementation of CECL and the economic conditions created by the COVID-19 pandemic.
Net charge-offs of $5.3 million in the first quarter of 2020 as compared to $12.7 million in the fourth quarter of 2019.

Other highlights of the first quarter of 2020
Recorded $17.4 million of derivative income associated with mandatory commitments to fund mortgage originations for sale in the current quarter as compared to a $1.0 million derivative loss in the fourth quarter of 2019. Mandatory commitments to fund mortgage originations for sale were $1.4 billion at the end of the first quarter of 2020 as compared to $372 million at the end of the fourth quarter of 2019.
Recorded a decrease in the value of mortgage servicing rights related to changes in fair value model assumptions, net of derivative contract activity held as an economic hedge, of $10.4 million.
Recognized $4.4 million of net losses on investment securities, primarily as a result of unrealized losses on market sensitive securities.
Incurred acquisition related costs of $1.7 million in the first quarter of 2020 as compared to $2.4 million in the fourth quarter of 2019.
Total period end loans were $871 million higher than average total loans in current quarter.
Repurchased 576,469 shares of common stock at a cost of $37.1 million. At this time, we have temporarily suspended our common stock repurchase program, as an additional prudential measure.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, "I would like to start by thanking all Wintrust employees for their passion and commitment during this difficult time. As the challenges of COVID-19 affect our customers and our communities, we stand ready to be responsive and supportive. I am extremely proud of our successful efforts earlier this month to timely launch the Paycheck Protection Program ("PPP") to provide much needed funding to our small business customers so that they can continue to operate and pay their employees. Our teams worked tirelessly to process approximately 8,900 applications


The following information was filed by Wintrust Financial Corp (WTFC) on Wednesday, April 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Condition
Consolidated Statements Of Condition (Parenthetical)
Consolidated Statements Of Income (Unaudited)
Allowance For Credit Losses
Allowance For Credit Losses (Allowance For Credit Losses Narrative) (Details)
Allowance For Credit Losses (Components Of Allowance For Credit Losses) (Details)
Allowance For Credit Losses (Held-To-Maturity Debt Securities By Credit Quality Indication) (Details)
Allowance For Credit Losses (Loan Portfolio By Credit Quality Indicator) (Details)
Allowance For Credit Losses (Schedule Of Aging Of The Company's Loan Portfolio) (Detail)
Allowance For Credit Losses (Summary Of Activity In The Allowance For Credit Losses) (Detail)
Allowance For Credit Losses (Summary Of Tdrs Subsequent Default Under The Restructured Terms) (Detail)
Allowance For Credit Losses (Summary Of The Post-Modification Balance Of Tdrs) (Detail)
Allowance For Credit Losses (Tables)
Allowance For Credit Losses (Tdrs Narrative) (Detail)
Basis Of Presentation
Basis Of Presentation (Policies)
Business Combinations And Asset Acquisitions
Business Combinations And Asset Acquisitions (Detail)
Cash And Cash Equivalents
Deposits
Deposits (Detail)
Deposits (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Narrative) (Detail)
Derivative Financial Instruments (Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges) (Detail)
Derivative Financial Instruments (Schedule Of Carrying Amount Of Hedged Assets/(Liabilities)) (Detail)
Derivative Financial Instruments (Schedule Of Cash Flow Hedging Instruments) (Detail)
Derivative Financial Instruments (Schedule Of Fair Value Of Derivative Financial Instruments) (Detail)
Derivative Financial Instruments (Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives) (Detail)
Derivative Financial Instruments (Summary Of Interest Rate Derivatives And Offsetting Positions) (Details)
Derivative Financial Instruments (Tables)
Fair Values Of Assets And Liabilities
Fair Values Of Assets And Liabilities (Narrative) (Detail)
Fair Values Of Assets And Liabilities (Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-Recurring) (Detail)
Fair Values Of Assets And Liabilities (Summary Of Assets Measured At Fair Value On A Nonrecurring Basis) (Detail)
Fair Values Of Assets And Liabilities (Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail)
Fair Values Of Assets And Liabilities (Summary Of Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Detail)
Fair Values Of Assets And Liabilities (Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail)
Fair Values Of Assets And Liabilities (Tables)
Fhlb Advances, Other Borrowings And Subordinated Notes
Fhlb Advances, Other Borrowings And Subordinated Notes (Narrative) (Details)
Fhlb Advances, Other Borrowings And Subordinated Notes (Summary Of Debt) (Details)
Fhlb Advances, Other Borrowings And Subordinated Notes (Summary Of Pledged Securities Related To Securities Sold Under Repurchase Agreements) (Details)
Fhlb Advances, Other Borrowings And Subordinated Notes (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Estimated Amortization) (Detail)
Goodwill And Other Intangible Assets (Goodwill Assets By Business Segment) (Detail)
Goodwill And Other Intangible Assets (Narrative) (Detail)
Goodwill And Other Intangible Assets (Summary Of Intangible Assets) (Detail)
Goodwill And Other Intangible Assets (Tables)
Investment Securities
Investment Securities (Continuous Unrealized Loss Position, Fair Value) (Detail)
Investment Securities (Investments Classified By Contractual Maturity Date) (Detail)
Investment Securities (Marketable Securities) (Detail)
Investment Securities (Narrative) (Detail)
Investment Securities (Schedule Of Realized Gain (Loss)) (Detail)
Investment Securities (Tables)
Junior Subordinated Debentures
Junior Subordinated Debentures (Narrative) (Detail)
Junior Subordinated Debentures (Summary Of Junior Subordinated Debentures) (Detail)
Junior Subordinated Debentures (Tables)
Loans
Loans (Activity Related To Accretable Yield Of Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination) (Detail)
Loans (Narrative) (Detail)
Loans (Schedule Of Unpaid Principal Balance And Carrying Value Of Acquired Loans) (Detail)
Loans (Summary Of Loan Portfolio) (Detail)
Loans (Tables)
Mortgage Servicing Rights ("Msrs")
Mortgage Servicing Rights ("Msrs") (Details)
Mortgage Servicing Rights ("Msrs") (Tables)
Recent Accounting Developments
Recent Accounting Developments (Narrative) (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Contract Assets, Contract Liabilities And Receivables From Contracts With Customers) (Details)
Revenue From Contracts With Customers (Disaggregation Of Revenue By Source) (Details)
Revenue From Contracts With Customers (Narrative) (Details)
Revenue From Contracts With Customers (Performance Obligations Unsatisfied At End Of Period) (Details)
Revenue From Contracts With Customers (Tables)
Segment Information
Segment Information (Narrative) (Detail)
Segment Information (Summary Of Segment Information) (Detail)
Segment Information (Tables)
Shareholders' Equity And Earnings Per Share
Shareholders' Equity And Earnings Per Share (Components Of Other Comprehensive Income (Loss)) (Detail)
Shareholders' Equity And Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Detail)
Shareholders' Equity And Earnings Per Share (Narrative) (Detail)
Shareholders' Equity And Earnings Per Share (Other Comprehensive Income Reclassified From Aoci) (Detail)
Shareholders' Equity And Earnings Per Share (Tables)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Narrative) (Detail)
Stock-Based Compensation Plans (Summary Of Plans' Restricted Share And Performance-Vested Stock Award Activity) (Detail)
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Detail)
Stock-Based Compensation Plans (Tables)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Wintrust Financial Corp provided additional information to their SEC Filing as exhibits

Ticker: WTFC
CIK: 1015328
Form Type: 10-Q Quarterly Report
Accession Number: 0001015328-20-000120
Submitted to the SEC: Mon May 04 2020 8:13:53 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: State Commercial Banks

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