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Wintrust Financial Corp. (WTFC) filed Quarterly Report for the period ended 2011-09-30.
Wintrust Financial Corp. has a market cap of $1.06 billion; its shares were traded at around $29.87 with a P/E ratio of 24.9 and P/S ratio of 1.3. The dividend yield of Wintrust Financial Corp. stocks is 0.6%. Wintrust Financial Corp. had an annual average earning growth of 6.4% over the past 10 years.
This is the annual revenues and earnings per share of WTFC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of WTFC.
Highlight of Business Operations:
The net interest margin for the first nine months of 2011 was 3.41%, compared to 3.34% in the first nine months of 2010. Average earning assets for the first nine months of 2011 increased by $1.1 billion compared to the first nine months of 2010. This average earning asset growth was primarily a result of the $599.9 million increase in average loans, $297.7 million of average covered loan growth from the FDIC-assisted bank acquisitions and a $154.4 million increase in liquidity management and other earning assets. Growth in the life insurance premium finance portfolio of $285.6 million and growth in the commercial and industrial portfolio of $263.7 million accounted for the majority of the total average loan growth over the past 12 months. The average earning asset growth of $1.1 billion over the past 12 months was primarily funded by a $468.7 million increase in the average balances of interest-bearing deposits and an increase in the average balance of net free funds of $444.2 million.Salaries and employee benefits comprised 58% of total non-interest expense in the third quarter of 2011 as compared to 57% of total non-interest expense in the prior year quarter. Salaries and employee benefits expense increased $4.8 million, or 9%, in the third quarter of 2011 compared to the third quarter of 2010 primarily as a result of a $6.1 million increase in salaries caused by the addition of employees from the various acquisitions and larger staffing as the Company grows and a $1.1 million increase from employee benefits (primarily health plan and payroll taxes related), partially offset by a $2.4 million decrease in bonus and commissions attributable to variable pay based revenue. On a year-to-date basis, salaries and employee benefits expense increased $14.3 million, or 9%, in the first nine months of 2011 compared to the first nine months of 2010, primarily as a result of a $13.4 million increase in salaries caused by the addition of employees from the various acquisitions and larger staffing as the Company grows and a $4.5 million increase from employee benefits (primarily health plan and payroll taxes related), partially offset by a $3.6 million decrease in bonus and commissions attributable to variable pay based revenue.
The community banking segment’s net interest income for the quarter ended September 30, 2011 totaled $109.2 million as compared to $95.4 million for the same period in 2010, an increase of $13.8 million, or 14%. On a year-to-date basis, net interest income totaled $312.1 million for the first nine months of 2011, an increase of $31.3 million, or 11%, as compared to the $280.8 million recorded last year. These increases are primarily attributable to the FDIC-assisted bank acquisitions and the ability to raise interest-bearing deposits at more reasonable rates. The community banking segment’s non-interest income totaled $55.7 million in the third quarter of 2011, an increase of $11.4 million, or 26%, when compared to the third quarter of 2010 total of $44.3 million. On a year-to-date basis, the segment’s non-interest income totaled $109.2 million for the first nine months of 2011, an increase of $8.1 million, or 8%, when compared to the first nine months of 2010 total of $101.1 million. These increases are primarily attributable to increased bargain purchase gains in the third quarter of 2011 as a result of the First Chicago acquisition. The community banking segment’s net income for the quarter ended September 30, 2011 totaled $32.9 million, an increase of $10.5 million, as compared to net income in the third quarter of 2010 of $22.4 million. The after-tax profit for the nine months ended September 30, 2011, totaled $61.2 million, an increase of $8.1 million, or 15% as compared to the prior year total of $53.1 million.
Net interest income for the specialty finance segment totaled $28.8 million for the quarter ended September 30, 2011, compared to $22.8 million for the same period in 2010, an increase of $6.0 million or 26%. On a year-to-date basis, net interest income totaled $84.8 million for the first nine months of 2011, an increase of $16.5 million, or 24%, as compared to the $68.3 million recorded last year. Our commercial premium finance operations, life insurance finance operations and accounts receivable finance operations accounted for 56%, 37% and 7% respectively, of the total revenues of our specialty finance business for the three and nine month periods ending September 30, 2011. The increases in net interest income are primarily attributable to lower interest expense in the third quarter and first nine months of 2011 as compared to the same periods in 2010. The specialty finance segment’s non-interest income totaled $784,000 for the quarter ended September 30, 2011, compared to $745,000 for the same period in 2010, an increase of $39,000. Non-interest income decreased $10.6 million to $2.3 million in the first nine months of 2011 as compared to the same period in the prior year. This decrease is attributable to the impact of the life insurance premium finance receivable portfolio bargain purchase gain in the first nine months of 2010. The after-tax profit of the specialty finance segment for the quarter ended September 30, 2011 totaled $12.8 million as compared to $9.2 million for the quarter ended September 30, 2010. The specialty finance segment’s after-tax profit for the nine months ended September 30, 2011 totaled $40.7 million, an increase of $16.1 million, or 66%, as compared to the prior year total of $24.6 million.
The wealth management segment reported net interest income of $2.9 million for the third quarter of 2011 compared to $399,000 in the same quarter of 2010. Net interest income is comprised of the net interest earned on brokerage customer receivables at WHI and an allocation of the net interest income earned by the community banking segment on non-interest bearing and interest-bearing wealth management customer account balances on deposit at the banks (“wealth management deposits”). The allocated net interest income included in this segment’s profitability was $2.7 million ($1.7 million after tax) in the third quarter of 2011 compared to $264,000 ($151,000 after tax) in the third quarter of 2010. This segment recorded non-interest income of $14.3 million for the third quarter of 2011 compared to $11.0 million for the third quarter of 2010. This increase is mostly attributable to the acquisition of Great Lakes Advisors in the third quarter of 2011. The wealth management segment’s net income totaled $2.4 million for the third quarter of 2011 compared to a net loss of $11,000 for the third quarter of 2010. On a year-to-date basis, net interest income totaled $6.3 million for the first nine months of 2011, an increase of $944,000 or 18%, as compared to the $5.4 million recorded last year. The allocated net interest income included in this segment’s profitability was $5.9 million ($3.6 million after tax) in the first nine months of 2011 and $5.0 million ($3.1 million after tax) in the first nine months of 2010. This segment’s after-tax net income for the nine months ended September 30, 2011 totaled $5.1 million compared to $2.4 million for the nine months ended September 30, 2010, an increase of $2.7 million.
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