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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 17, 2024
WINTRUST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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Illinois | 001-35077 | | 36-3873352 |
(State or other jurisdiction of Incorporation) | (Commission File Number) | | (I.R.S. Employer Identification No.) |
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9700 W. Higgins Road, Suite 800 | Rosemont | Illinois | | 60018 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code (847) 939-9000
Not Applicable
(Former name or former address, if changed since last year)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Title of Each Class | Ticker Symbol | Name of Each Exchange on Which Registered |
Common Stock, no par value | WTFC | The NASDAQ Global Select Market |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value | WTFCM | The NASDAQ Global Select Market |
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of | WTFCP | The NASDAQ Global Select Market |
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value | | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
On July 17, 2024, Wintrust Financial Corporation (the “Company”) announced earnings for the second quarter of 2024 and posted on its website the Second Quarter 2024 Earnings Release Presentation. Copies of the press release relating to the Company’s earnings results and the related presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. Certain supplemental information relating to non-GAAP financial measures reported in the attached press release and presentation is included on pages 32 through 33 of Exhibit 99.1 and pages 27 through 29 of Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | WINTRUST FINANCIAL CORPORATION (Registrant) |
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| By: | /s/ David L. Stoehr |
| | David L. Stoehr Executive Vice President and Chief Financial Officer |
Date: July 17, 2024
INDEX TO EXHIBITS
Exhibit 99.1
Wintrust Financial Corporation
9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018
News Release
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FOR IMMEDIATE RELEASE | | July 17, 2024 |
FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com
Wintrust Financial Corporation Reports Record Year-to-Date Net Income
ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $339.7 million or $5.21 per diluted common share for the first six months of 2024 compared to net income of $334.9 million or $5.18 per diluted common share for the same period of 2023. Pre-tax, pre-provision income (non-GAAP) for the first six months of 2024 totaled a record $523.0 million, compared to $506.5 million in the first six months of 2023.
The Company recorded quarterly net income of $152.4 million or $2.32 per diluted common share for the second quarter of 2024 compared to net income of $187.3 million or $2.89 per diluted common share for the first quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled $251.4 million as compared to $271.6 million for the first quarter of 2024, with the majority of the decrease attributable to the net gain of $19.3 million on the sale of the Company’s Retirement Benefit Advisors (“RBA”) division in the first quarter of 2024.
Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased with our record net income for the first half of 2024 and record quarterly net interest income. Robust loan and deposit growth coupled with a stabilizing margin drove our strong second quarter results. Pre-tax, pre-provision income (non-GAAP) also set the Company’s record for the first half of 2024 and we believe we are well-positioned for strong financial performance as we continue our momentum into the second half of the year.”
Additionally, Mr. Crane noted, “Net interest margin in the second quarter was within our expected range, decreasing seven basis points as compared to the first quarter of 2024. We expect the combination of a stable net interest margin and balance sheet growth to result in continued net interest income growth over the next few quarters. Focusing on growth of net interest income, disciplined expense control and maintaining our consistent credit standards should lead to increasing our long-term franchise value.”
Highlights of the second quarter of 2024:
Comparative information to the first quarter of 2024, unless otherwise noted
•Total loans increased by approximately $1.4 billion, or 13% annualized. Adjusting for the impact of a loan sale transaction of property and casualty insurance premium finance receivables during the second quarter of 2024, total loans would have increased $2.1 billion, or 20% annualized.
•Total deposits increased by approximately $1.6 billion, or 14% annualized.
•Total assets increased by $2.2 billion, or 15% annualized.
•Net interest margin decreased by seven basis points to 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2024.
◦Net interest income increased to $470.6 million in the second quarter of 2024 compared to $464.2 million in the first quarter of 2024, primarily due to average earning asset growth.
•Non-interest income was impacted by the following:
◦Net losses on investment securities totaled $4.3 million in the second quarter of 2024 related to changes in the value of equity securities as compared to net gains of $1.3 million in the first quarter of 2024.
◦Favorable net valuation adjustments related to certain mortgage assets totaled $1.4 million in the second quarter of 2024 compared to favorable net valuation adjustments of $2.4 million in the first quarter of 2024.
•Non-interest expense was impacted by the following:
◦Occupancy expenses of $1.9 million in the second quarter of 2024 related to an unrealized loss associated with the anticipated sale of a branch facility.
◦Approximately $532,000 of professional fees related to the pending acquisition of Macatawa Bank Corporation in the second quarter of 2024 as compared to approximately $392,000 recorded in the first quarter of 2024.
•Provision for credit losses totaled $40.1 million in the second quarter of 2024 as compared to a provision for credit losses of $21.7 million in the first quarter of 2024.
Mr. Crane noted, “Net loan growth during the second quarter totaled $1.4 billion, or 13% on an annualized basis. We are pleased with our diversified loan growth across all major loan types. We were able to achieve this growth net of our election to sell property and casualty insurance premium finance receivables that reduced total outstanding loans at the end of the second quarter by approximately $698 million. Deposit growth in the second quarter of 2024 was utilized to fund our robust loan growth as deposits increased by approximately $1.6 billion, or 14% on an annualized basis. Non-interest bearing deposits remained 21% of total deposits at the end of the second quarter of 2024 and increased $123.3 million compared to the first quarter of 2024. We continue to leverage our customer relationships and market positioning to generate deposits, grow loans and build long term franchise value. Despite the slightly lower net interest margin during the current period, we generated record quarterly net interest income as we continued to grow earning assets.”
Commenting on credit quality, Mr. Crane stated, “As anticipated, we are observing some gradual normalization in our credit metrics. Net charge-offs totaled $30.0 million, or 28 basis points of average total loans on an annualized basis, in the second quarter of 2024 and were spread primarily across the commercial, commercial real estate and property and casualty premium finance receivables portfolios. This compared to net charge-offs totaling $21.8 million, or 21 basis points of average total loans on an annualized basis, in the first quarter of 2024. Non-performing loans totaled $174.3 million, or 0.39% of total loans, at the end of the second quarter of 2024 compared to $148.4 million, or 0.34% of total loans, at the end of the first quarter of 2024. Levels of loans classified as special mention and substandard remained consistent with levels reported at the end of the first quarter of 2024. We continue to be conservative and proactive in reviewing credit and maintaining our consistently strong credit standards. The allowance for credit losses on our core loan portfolio as of June 30, 2024 was approximately 1.52% of the outstanding balance, an increase of one basis point compared to March 31, 2024 (see Table 11 for additional information). We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit.”
In summary, Mr. Crane noted, “We are very pleased with our record start to the year. Momentum continues as our substantial loan growth in the second quarter creates positive revenue momentum moving forward as period-end loan balances exceeded averages. Regulatory approval of our previously announced acquisition of Macatawa Bank Corporation in Michigan was received June 17, 2024. Completion of the acquisition remains subject to approval by Macatawa’s shareholders at a meeting to be held on July 31, 2024, as well as the satisfaction of the other customary closing conditions set forth in the merger agreement. We remain excited for the opportunity to expand into Michigan with Macatawa’s committed management team and reputable bank exhibiting excess liquidity, pristine asset quality and low-cost core deposits.”
The graphs below illustrate certain financial highlights of the second quarter of 2024 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.
*Retirement Benefits Advisors
SUMMARY OF RESULTS:
BALANCE SHEET
Total assets increased $2.2 billion in the second quarter of 2024 as compared to the first quarter of 2024. Total loans increased by $1.4 billion as compared to the first quarter of 2024. The increase in loans was diversified across nearly all loan portfolios. Adjusting for the impact of a loan sale transaction of property and casualty insurance premium finance receivables during the second quarter of 2024, total loans would have increased $2.1 billion, or 20% annualized.
Total liabilities increased by $2.1 billion in the second quarter of 2024 as compared to the first quarter of 2024 primarily due to a $1.6 billion increase in total deposits. Non-interest bearing deposits as a percentage of total deposits was 21% at both June 30, 2024 and March 31, 2024. The Company's loans to deposits ratio ended the quarter at 93.0%.
For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.
NET INTEREST INCOME
For the second quarter of 2024, net interest income totaled $470.6 million, an increase of $6.4 million as compared to the first quarter of 2024. The $6.4 million increase in net interest income in the second quarter of 2024 compared to the first quarter of 2024 was primarily due to a $1.9 billion increase in average earning assets partially offset by a seven basis point decrease in the net interest margin.
Net interest margin was 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2024 compared to 3.57% (3.59% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2024. The net interest margin decrease as compared to the first quarter of 2024 was primarily due to a 21 basis point increase in the rate paid on interest-bearing liabilities. This decrease was partially offset by a 12 basis point increase in yield on earning assets and a two basis point increase in the net free funds contribution. The 21 basis point increase on the rate paid on interest-bearing liabilities in the second quarter of 2024 as compared to the first quarter of 2024 was primarily due to a 25 basis point increase in the rate paid on interest-bearing deposits. The 12 basis point increase in the yield on earning assets in the second quarter of 2024 as compared to the first quarter of 2024 was primarily due to a 10 basis point expansion on loan yields and 11 basis point increase in yield on liquidity management assets.
For more information regarding net interest income, see Table 4 through Table 8 in this report.
ASSET QUALITY
The allowance for credit losses totaled $437.6 million as of June 30, 2024, an increase of $10.1 million compared to $427.5 million as of March 31, 2024. A provision for credit losses totaling $40.1 million was recorded for the second quarter of 2024 as compared to $21.7 million recorded in the first quarter of 2024. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.
Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses accounting standard requires the Company to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of June 30, 2024, March 31, 2024, and December 31, 2023 is shown on Table 12 of this report.
Net charge-offs totaled $30.0 million in the second quarter of 2024, as compared to $21.8 million of net charge-offs in the first quarter of 2024. Net charge-offs as a percentage of average total loans were 28 basis points in the second quarter of 2024 on an annualized basis compared to 21 basis points on an annualized basis in the first quarter of 2024. For more information regarding net charge-offs, see Table 10 in this report.
The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 13 in this report.
Non-performing assets totaled $194.0 million and comprised 0.32% of total assets as of June 30, 2024, as compared to $162.9 million, or 0.28% of total assets, as of March 31, 2024. Non-performing loans totaled $174.3 million and comprised 0.39% of
total loans at June 30, 2024, as compared to $148.4 million and 0.34% of total loans at March 31, 2024. The increase in the second quarter of 2024 was primarily due to an increase in certain credits within the commercial and commercial real estate portfolios becoming nonaccrual. For more information regarding non-performing assets, see Table 14 in this report.
Though these credit metrics increased during the period, net charge-offs as a percentage of average total loans and non-performing loans as a percentage of total loans remained at relatively low levels in the second quarter of 2024.
NON-INTEREST INCOME
Wealth management revenue was relatively stable in the second quarter of 2024 as compared to the first quarter of 2024. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.
Mortgage banking revenue increased by $1.5 million in the second quarter of 2024 as compared to the first quarter of 2024 primarily due to $1.6 million higher production revenue from increased mortgage production as well as a favorable adjustment to the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $642,000 in the second quarter of 2024 compared to a $2.2 million unfavorable adjustment in the first quarter of 2024. This was partially offset by a $105,000 favorable valuation adjustment to the fair value of mortgage servicing rights, net of servicing hedge, in the second quarter of 2024 compared to a $5.0 million favorable adjustment in the first quarter of 2024. The Company monitors the relationship of these assets and seeks to minimize the earnings impact of fair value changes. For more information regarding mortgage banking revenue, see Table 16 in this report.
The Company recognized $4.3 million in net losses on investment securities in the second quarter of 2024 as compared to $1.3 million in net gains in the first quarter of 2024. The change from period to period was primarily the result of higher losses on the Company’s equity investment securities in the second quarter of 2024.
Fees from covered call options decreased by $2.8 million in the second quarter of 2024 as compared to the first quarter of 2024. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.
Other income decreased by $13.0 million in the second quarter of 2024 compared to the first quarter of 2024 primarily due to a $20.0 million gain related to the sale of the RBA division within the wealth management business recognized in the first quarter of 2024. This was partially offset by a favorable adjustment to the Company’s held-for-investment portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $1.0 million when compared to the first quarter of 2024, as well as less unfavorable foreign currency remeasurement adjustments when compared to the first quarter of 2024 and realized gains from the sale of certain loans during the second quarter of 2024.
For more information regarding non-interest income, see Table 15 in this report.
NON-INTEREST EXPENSE
Salaries and employee benefits expense increased by $3.4 million in the second quarter of 2024 as compared to the first quarter of 2024. The $3.4 million increase is primarily related to higher incentive compensation expense due to elevated commissions from increased mortgage production as well as higher salaries due to a full quarter of the Company’s annual merit increase.
Advertising and marketing expenses in the second quarter of 2024 totaled $17.4 million, which is a $4.4 million increase as compared to the first quarter of 2024, primarily due to an increase in seasonal sports sponsorship costs. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.
FDIC insurance, including amounts accrued for estimated special assessments, decreased $4.1 million in the second quarter of 2024 as compared to the first quarter of 2024. This was primarily the result of a $5.2 million accrual recognized in the first
quarter of 2024 for estimated amounts owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring in 2023. The Company recognized no such special assessment in the second quarter of 2024.
For more information regarding non-interest expense, see Table 17 in this report.
INCOME TAXES
The Company recorded income tax expense of $59.0 million in the second quarter of 2024 compared to $62.7 million in the first quarter of 2024. The effective tax rates were 27.90% in the second quarter of 2024 compared to 25.07% in the first quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $16,000 in the second quarter of 2024, compared to net excess tax benefits of $4.4 million in the first quarter of 2024 related to share-based compensation.
BUSINESS UNIT SUMMARY
Community Banking
Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the second quarter of 2024, the community banking unit expanded its commercial, commercial real estate and residential real estate loan portfolios.
Mortgage banking revenue was $29.1 million for the second quarter of 2024, an increase of $1.5 million as compared to the first quarter of 2024, primarily due to $1.6 million higher production revenue from increased mortgage production as well as a favorable adjustment to the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $642,000 in the second quarter of 2024 compared to a $2.2 million unfavorable adjustment in the first quarter of 2024. This was partially offset by a $105,000 favorable valuation adjustment to the fair value of mortgage servicing rights, net of servicing hedge, in the second quarter of 2024 compared to a $5.0 million favorable adjustment in the first quarter of 2024. Service charges on deposit accounts totaled $15.5 million in the second quarter of 2024, which was relatively stable compared to the first quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of June 30, 2024 indicating momentum for expected continued loan growth in the third quarter of 2024.
Specialty Finance
Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.5 billion during the second quarter of 2024. Average balances increased by $392.2 million, net of a loan sale transaction of property and casualty insurance premium finance receivables during the second quarter of 2024, as compared to the first quarter of 2024. The Company’s leasing portfolio balance increased in the second quarter of 2024, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.7 billion as of June 30, 2024 as compared to $3.6 billion as of March 31, 2024. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the second quarter of 2024, which was relatively stable compared to the first quarter of 2024.
Wealth Management
Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the RBA division during the first quarter of 2024. Wealth management revenue totaled $35.4 million in the second quarter of 2024, relatively stable as compared to the first quarter of 2024. At June 30, 2024, the Company’s wealth management subsidiaries had approximately $48.2 billion of assets under administration, which included $8.8 billion of assets owned by the Company and its subsidiary banks.
ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS
Division Sale
In the first quarter of 2024, the Company sold its RBA division and recorded a gain of approximately $20.0 million in other non-interest income from the sale.
Business Combination
On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase.
WINTRUST FINANCIAL CORPORATION
Key Operating Measures
Wintrust’s key operating measures and growth rates for the second quarter of 2024, as compared to the first quarter of 2024 (sequential quarter) and second quarter of 2023 (linked quarter), are shown in the table below:
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| | | | | | | % or (1) basis point (bp) change from 1st Quarter 2024 | | % or basis point (bp) change from 2nd Quarter 2023 |
| | Three Months Ended | |
(Dollars in thousands, except per share data) | | Jun 30, 2024 | | Mar 31, 2024 | | Jun 30, 2023 | |
Net income | | $ | 152,388 | | | $ | 187,294 | | | $ | 154,750 | | (19) | | % | | (2) | | % |
Pre-tax income, excluding provision for credit losses (non-GAAP) (2) | | 251,404 | | | 271,629 | | | 239,944 | | (7) | | | | 5 | | |
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Net income per common share – Diluted | | 2.32 | | | 2.89 | | | 2.38 | | (20) | | | | (3) | | |
Cash dividends declared per common share | | 0.45 | | | 0.45 | | | 0.40 | | — | | | | 13 | | |
Net revenue (3) | | 591,757 | | | 604,774 | | | 560,567 | | (2) | | | | 6 | | |
Net interest income | | 470,610 | | | 464,194 | | | 447,537 | | 1 | | | | 5 | | |
Net interest margin | | 3.50 | % | | 3.57 | % | | 3.64 | % | (7) | | bps | | (14) | | bps |
Net interest margin – fully taxable-equivalent (non-GAAP) (2) | | 3.52 | | | 3.59 | | | 3.66 | | (7) | | | | (14) | | |
Net overhead ratio (4) | | 1.53 | | | 1.39 | | | 1.58 | | 14 | | | | (5) | | |
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Return on average assets | | 1.07 | | | 1.35 | | | 1.18 | | (28) | | | | (11) | | |
Return on average common equity | | 11.61 | | | 14.42 | | | 12.79 | | (281) | | | | (118) | | |
Return on average tangible common equity (non-GAAP) (2) | | 13.49 | | | 16.75 | | | 15.12 | | (326) | | | | (163) | | |
At end of period | | | | | | | | | | | |
Total assets | | $ | 59,781,516 | | $ | 57,576,933 | | $ | 54,286,176 | 15 | | % | | 10 | | % |
Total loans (5) | | 44,675,531 | | 43,230,706 | | 41,023,408 | 13 | | | | 9 | | |
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Total deposits | | 48,049,026 | | 46,448,858 | | 44,038,707 | 14 | | | | 9 | | |
Total shareholders’ equity | | 5,536,628 | | 5,436,400 | | 5,041,912 | 7 | | | | 10 | | |
(1)Period-end balance sheet percentage changes are annualized.
(2)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)Net revenue is net interest income plus non-interest income.
(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 average total assets. A lower ratio indicates a higher degree of efficiency.
(5)Excludes mortgage loans held-for-sale.
Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”
WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | Six Months Ended |
(Dollars in thousands, except per share data) | | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Sep 30, 2023 | | Jun 30, 2023 | Jun 30, 2024 | | Jun 30, 2023 |
Selected Financial Condition Data (at end of period): | | | |
Total assets | | $ | 59,781,516 | | $ | 57,576,933 | | $ | 56,259,934 | | $ | 55,555,246 | | $ | 54,286,176 | | | |
Total loans (1) | | 44,675,531 | | 43,230,706 | | 42,131,831 | | 41,446,032 | | 41,023,408 | | | |
Total deposits | | 48,049,026 | | 46,448,858 | | 45,397,170 | | 44,992,686 | | 44,038,707 | | | |
| | | | | | | | | | | | | |
Total shareholders’ equity | | 5,536,628 | | 5,436,400 | | 5,399,526 | | 5,015,613 | | 5,041,912 | | | |
Selected Statements of Income Data: | | | | | | | | | | | | | |
Net interest income | | $ | 470,610 | | | $ | 464,194 | | | $ | 469,974 | | | $ | 462,358 | | | $ | 447,537 | | $ | 934,804 | | | $ | 905,532 | |
Net revenue (2) | | 591,757 | | | 604,774 | | | 570,803 | | | 574,836 | | | 560,567 | | 1,196,531 | | | 1,126,331 | |
Net income | | 152,388 | | | 187,294 | | | 123,480 | | | 164,198 | | | 154,750 | | 339,682 | | | 334,948 | |
Pre-tax income, excluding provision for credit losses (non-GAAP) (3) | | 251,404 | | | 271,629 | | | 208,151 | | | 244,781 | | | 239,944 | | 523,033 | | | 506,539 | |
| | | | | | | | | | | | | |
Net income per common share – Basic | | 2.35 | | | 2.93 | | | 1.90 | | | 2.57 | | | 2.41 | | 5.28 | | | 5.26 | |
Net income per common share – Diluted | | 2.32 | | | 2.89 | | | 1.87 | | | 2.53 | | | 2.38 | | 5.21 | | | 5.18 | |
Cash dividends declared per common share | | 0.45 | | | 0.45 | | | 0.40 | | | 0.40 | | | 0.40 | | 0.90 | | | 0.80 | |
Selected Financial Ratios and Other Data: | | | | | | | | | | | | | |
Performance Ratios: | | | | | | | | | | | | | |
Net interest margin | | 3.50 | % | | 3.57 | % | | 3.62 | % | | 3.60 | % | | 3.64 | % | 3.53 | % | | 3.72 | % |
Net interest margin – fully taxable-equivalent (non-GAAP) (3) | | 3.52 | | | 3.59 | | | 3.64 | | | 3.62 | | | 3.66 | | 3.56 | | | 3.74 | |
Non-interest income to average assets | | 0.85 | | | 1.02 | | | 0.73 | | | 0.82 | | | 0.86 | | 0.93 | | | 0.85 | |
Non-interest expense to average assets | | 2.38 | | | 2.41 | | | 2.62 | | | 2.41 | | | 2.44 | | 2.40 | | | 2.39 | |
Net overhead ratio (4) | | 1.53 | | | 1.39 | | | 1.89 | | | 1.59 | | | 1.58 | | 1.46 | | | 1.54 | |
| | | | | | | | | | | | | |
Return on average assets | | 1.07 | | | 1.35 | | | 0.89 | | | 1.20 | | | 1.18 | | 1.21 | | | 1.29 | |
Return on average common equity | | 11.61 | | | 14.42 | | | 9.93 | | | 13.35 | | | 12.79 | | 13.01 | | | 14.20 | |
Return on average tangible common equity (non-GAAP) (3) | | 13.49 | | | 16.75 | | | 11.73 | | | 15.73 | | | 15.12 | | 15.12 | | | 16.79 | |
Average total assets | | $ | 57,493,184 | | | $ | 55,602,695 | | | $ | 55,017,075 | | | $ | 54,381,981 | | | $ | 52,601,953 | | $ | 56,547,939 | | | $ | 52,340,090 | |
Average total shareholders’ equity | | 5,450,173 | | | 5,440,457 | | | 5,066,196 | | | 5,083,883 | | | 5,044,718 | | 5,445,315 | | | 4,970,407 | |
Average loans to average deposits ratio | | 95.1 | % | | 94.5 | % | | 92.9 | % | | 92.4 | % | | 94.3 | % | 94.8 | % | | 93.7 | % |
Period-end loans to deposits ratio | | 93.0 | | | 93.1 | | | 92.8 | | | 92.1 | | | 93.2 | | | | |
Common Share Data at end of period: | | | | | | | | | | | | | |
Market price per common share | | $ | 98.56 | | | $ | 104.39 | | | $ | 92.75 | | | $ | 75.50 | | | $ | 72.62 | | | | |
Book value per common share | | 82.97 | | | 81.38 | | | 81.43 | | | 75.19 | | | 75.65 | | | | |
Tangible book value per common share (non-GAAP) (3) | | 72.01 | | | 70.40 | | | 70.33 | | | 64.07 | | | 64.50 | | | | |
Common shares outstanding | | 61,760,139 | | 61,736,715 | | 61,243,626 | | 61,222,058 | | 61,197,676 | | | |
Other Data at end of period: | | | | | | | | | | | | | |
Common equity to assets ratio | | 8.6 | % | | 8.7 | % | | 8.9 | % | | 8.3 | % | | 8.5 | % | | | |
Tangible common equity ratio (non-GAAP) (3) | | 7.5 | | | 7.6 | | | 7.7 | | | 7.1 | | | 7.4 | | | | |
Tier 1 leverage ratio (5) | | 9.3 | | | 9.4 | | | 9.3 | | | 9.2 | | | 9.3 | | | | |
Risk-based capital ratios: | | | | | | | | | | | | | |
Tier 1 capital ratio (5) | | 10.2 | | | 10.3 | | | 10.3 | | | 10.2 | | | 10.1 | | | | |
Common equity tier 1 capital ratio (5) | | 9.5 | | | 9.5 | | | 9.4 | | | 9.3 | | | 9.3 | | | | |
Total capital ratio (5) | | 12.0 | | | 12.2 | | | 12.1 | | | 12.0 | | | 12.0 | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Allowance for credit losses (6) | | $ | 437,560 | | | $ | 427,504 | | | $ | 427,612 | | | $ | 399,531 | | | $ | 387,786 | | | | |
| | | | | | | | | | | | | |
Allowance for loan and unfunded lending-related commitment losses to total loans | | 0.98 | % | | 0.99 | % | | 1.01 | % | | 0.96 | % | | 0.94 | % | | | |
| | | | | | | | | | | | | |
Number of: | | | | | | | | | | | | | |
Bank subsidiaries | | 15 | | | 15 | | | 15 | | | 15 | | | 15 | | | | |
Banking offices | | 177 | | | 176 | | | 174 | | | 174 | | | 175 | | | | |
(1)Excludes mortgage loans held-for-sale.
(2)Net revenue is net interest income plus non-interest income.
(3)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(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 average total assets. A lower ratio indicates a higher degree of efficiency.
(5)Capital ratios for current quarter-end are estimated.
(6)The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (Unaudited) | | (Unaudited) | | | | (Unaudited) | | (Unaudited) |
| | Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, |
(In thousands) | | 2024 | | 2024 | | 2023 | | 2023 | | 2023 |
Assets | | | | | | | | | | |
Cash and due from banks | | $ | 415,462 | | | $ | 379,825 | | | $ | 423,404 | | | $ | 418,088 | | | $ | 513,858 | |
Federal funds sold and securities purchased under resale agreements | | 62 | | | 61 | | | 60 | | | 60 | | | 59 | |
Interest-bearing deposits with banks | | 2,824,314 | | | 2,131,077 | | | 2,084,323 | | | 2,448,570 | | | 2,163,708 | |
Available-for-sale securities, at fair value | | 4,329,957 | | | 4,387,598 | | | 3,502,915 | | | 3,611,835 | | | 3,492,481 | |
Held-to-maturity securities, at amortized cost | | 3,755,924 | | | 3,810,015 | | | 3,856,916 | | | 3,909,150 | | | 3,564,473 | |
Trading account securities | | 4,134 | | | 2,184 | | | 4,707 | | | 1,663 | | | 3,027 | |
Equity securities with readily determinable fair value | | 112,173 | | | 119,777 | | | 139,268 | | | 134,310 | | | 116,275 | |
Federal Home Loan Bank and Federal Reserve Bank stock | | 256,495 | | | 224,657 | | | 205,003 | | | 204,040 | | | 195,117 | |
Brokerage customer receivables | | 13,682 | | | 13,382 | | | 10,592 | | | 14,042 | | | 15,722 | |
| | | | | | | | | | |
| | | | | | | | | | |
Mortgage loans held-for-sale, at fair value | | 411,851 | | | 339,884 | | | 292,722 | | | 304,808 | | | 338,728 | |
| | | | | | | | | | |
| | | | | | | | | | |
Loans, net of unearned income | | 44,675,531 | | | 43,230,706 | | | 42,131,831 | | | 41,446,032 | | | 41,023,408 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Allowance for loan losses | | (363,719) | | | (348,612) | | | (344,235) | | | (315,039) | | | (302,499) | |
Net loans | | 44,311,812 | | | 42,882,094 | | | 41,787,596 | | | 41,130,993 | | | 40,720,909 | |
Premises, software and equipment, net | | 722,295 | | | 744,769 | | | 748,966 | | | 747,501 | | | 749,393 | |
Lease investments, net | | 275,459 | | | 283,557 | | | 281,280 | | | 275,152 | | | 274,351 | |
| | | | | | | | | | |
| | | | | | | | | | |
Accrued interest receivable and other assets | | 1,671,334 | | | 1,580,142 | | | 1,551,899 | | | 1,674,681 | | | 1,455,748 | |
Trade date securities receivable | | — | | | — | | | 690,722 | | | — | | | — | |
| | | | | | | | | | |
Goodwill | | 655,955 | | | 656,181 | | | 656,672 | | | 656,109 | | | 656,674 | |
Other acquisition-related intangible assets | | 20,607 | | | 21,730 | | | 22,889 | | | 24,244 | | | 25,653 | |
Total assets | | $ | 59,781,516 | | | $ | 57,576,933 | | | $ | 56,259,934 | | | $ | 55,555,246 | | | $ | 54,286,176 | |
Liabilities and Shareholders’ Equity | | | | | | | | | | |
Deposits: | | | | | | | | | | |
Non-interest-bearing | | $ | 10,031,440 | | | $ | 9,908,183 | | | $ | 10,420,401 | | | $ | 10,347,006 | | | $ | 10,604,915 | |
Interest-bearing | | 38,017,586 | | | 36,540,675 | | | 34,976,769 | | | 34,645,680 | | | 33,433,792 | |
Total deposits | | 48,049,026 | | | 46,448,858 | | | 45,397,170 | | | 44,992,686 | | | 44,038,707 | |
| | | | | | | | | | |
| | | | | | | | | | |
Federal Home Loan Bank advances | | 3,176,309 | | | 2,676,751 | | | 2,326,071 | | | 2,326,071 | | | 2,026,071 | |
| | | | | | | | | | |
Other borrowings | | 606,579 | | | 575,408 | | | 645,813 | | | 643,999 | | | 665,219 | |
| | | | | | | | | | |
Subordinated notes | | 298,113 | | | 437,965 | | | 437,866 | | | 437,731 | | | 437,628 | |
Junior subordinated debentures | | 253,566 | | | 253,566 | | | 253,566 | | | 253,566 | | | 253,566 | |
| | | | | | | | | | |
Accrued interest payable and other liabilities | | 1,861,295 | | | 1,747,985 | | | 1,799,922 | | | 1,885,580 | | | 1,823,073 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Total liabilities | | 54,244,888 | | | 52,140,533 | | | 50,860,408 | | | 50,539,633 | | | 49,244,264 | |
Shareholders’ Equity: | | | | | | | | | | |
Preferred stock | | 412,500 | | | 412,500 | | | 412,500 | | | 412,500 | | | 412,500 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Common stock | | 61,825 | | | 61,798 | | | 61,269 | | | 61,244 | | | 61,219 | |
Surplus | | 1,964,645 | | | 1,954,532 | | | 1,943,806 | | | 1,933,226 | | | 1,923,623 | |
Treasury stock | | (5,760) | | | (5,757) | | | (2,217) | | | (1,966) | | | (1,966) | |
Retained earnings | | 3,615,616 | | | 3,498,475 | | | 3,345,399 | | | 3,253,332 | | | 3,120,626 | |
Accumulated other comprehensive loss | | (512,198) | | | (485,148) | | | (361,231) | | | (642,723) | | | (474,090) | |
Total shareholders’ equity | | 5,536,628 | | | 5,436,400 | | | 5,399,526 | | | 5,015,613 | | | 5,041,912 | |
Total liabilities and shareholders’ equity | | $ | 59,781,516 | | | $ | 57,576,933 | | | $ | 56,259,934 | | | $ | 55,555,246 | | | $ | 54,286,176 | |
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Six Months Ended |
(Dollars in thousands, except per share data) | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Sep 30, 2023 | | Jun 30, 2023 | Jun 30, 2024 | | Jun 30, 2023 |
Interest income | | | | | | | | | | | | |
Interest and fees on loans | $ | 749,812 | | | $ | 710,341 | | | $ | 694,943 | | | $ | 666,260 | | | $ | 621,057 | | $ | 1,460,153 | | | $ | 1,179,749 | |
Mortgage loans held-for-sale | 5,434 | | | 4,146 | | | 4,318 | | | 4,767 | | | 4,178 | | 9,580 | | | 7,706 | |
Interest-bearing deposits with banks | 19,731 | | | 16,658 | | | 21,762 | | | 26,866 | | | 16,882 | | 36,389 | | | 30,350 | |
Federal funds sold and securities purchased under resale agreements | 17 | | | 19 | | | 578 | | | 1,157 | | | 1 | | 36 | | | 71 | |
Investment securities | 69,779 | | | 69,678 | | | 68,237 | | | 59,164 | | | 51,243 | | 139,457 | | | 111,186 | |
Trading account securities | 13 | | | 18 | | | 15 | | | 6 | | | 6 | | 31 | | | 20 | |
Federal Home Loan Bank and Federal Reserve Bank stock | 4,974 | | | 4,478 | | | 3,792 | | | 3,896 | | | 3,544 | | 9,452 | | | 7,224 | |
Brokerage customer receivables | 219 | | | 175 | | | 203 | | | 284 | | | 265 | | 394 | | | 560 | |
Total interest income | 849,979 | | | 805,513 | | | 793,848 | | | 762,400 | | | 697,176 | | 1,655,492 | | | 1,336,866 | |
Interest expense | | | | | | | | | | | | |
Interest on deposits | 335,703 | | | 299,532 | | | 285,390 | | | 262,783 | | | 213,495 | | 635,235 | | | 358,297 | |
Interest on Federal Home Loan Bank advances | 24,797 | | | 22,048 | | | 18,316 | | | 17,436 | | | 17,399 | | 46,845 | | | 36,534 | |
Interest on other borrowings | 8,700 | | | 9,248 | | | 9,557 | | | 9,384 | | | 8,485 | | 17,948 | | | 16,339 | |
Interest on subordinated notes | 5,185 | | | 5,487 | | | 5,522 | | | 5,491 | | | 5,523 | | 10,672 | | | 11,011 | |
Interest on junior subordinated debentures | 4,984 | | | 5,004 | | | 5,089 | | | 4,948 | | | 4,737 | | 9,988 | | | 9,153 | |
Total interest expense | 379,369 | | | 341,319 | | | 323,874 | | | 300,042 | | | 249,639 | | 720,688 | | | 431,334 | |
Net interest income | 470,610 | | | 464,194 | | | 469,974 | | | 462,358 | | | 447,537 | | 934,804 | | | 905,532 | |
Provision for credit losses | 40,061 | | | 21,673 | | | 42,908 | | | 19,923 | | | 28,514 | | 61,734 | | | 51,559 | |
Net interest income after provision for credit losses | 430,549 | | | 442,521 | | | 427,066 | | | 442,435 | | | 419,023 | | 873,070 | | | 853,973 | |
Non-interest income | | | | | | | | | | | | |
Wealth management | 35,413 | | | 34,815 | | | 33,275 | | | 33,529 | | | 33,858 | | 70,228 | | | 63,803 | |
Mortgage banking | 29,124 | | | 27,663 | | | 7,433 | | | 27,395 | | | 29,981 | | 56,787 | | | 48,245 | |
Service charges on deposit accounts | 15,546 | | | 14,811 | | | 14,522 | | | 14,217 | | | 13,608 | | 30,357 | | | 26,511 | |
(Losses) gains on investment securities, net | (4,282) | | | 1,326 | | | 2,484 | | | (2,357) | | | 0 | | (2,956) | | | 1,398 | |
Fees from covered call options | 2,056 | | | 4,847 | | | 4,679 | | | 4,215 | | | 2,578 | | 6,903 | | | 12,969 | |
Trading gains (losses), net | 70 | | | 677 | | | (505) | | | 728 | | | 106 | | 747 | | | 919 | |
Operating lease income, net | 13,938 | | | 14,110 | | | 14,162 | | | 13,863 | | | 12,227 | | 28,048 | | | 25,273 | |
Other | 29,282 | | | 42,331 | | | 24,779 | | | 20,888 | | | 20,672 | | 71,613 | | | 41,681 | |
Total non-interest income | 121,147 | | | 140,580 | | | 100,829 | | | 112,478 | | | 113,030 | | 261,727 | | | 220,799 | |
Non-interest expense | | | | | | | | | | | | |
Salaries and employee benefits | 198,541 | | | 195,173 | | | 193,971 | | | 192,338 | | | 184,923 | | 393,714 | | | 361,704 | |
Software and equipment | 29,231 | | | 27,731 | | | 27,779 | | | 25,951 | | | 26,205 | | 56,962 | | | 50,902 | |
Operating lease equipment | 10,834 | | | 10,683 | | | 10,694 | | | 12,020 | | | 9,816 | | 21,517 | | | 19,649 | |
Occupancy, net | 19,585 | | | 19,086 | | | 18,102 | | | 21,304 | | | 19,176 | | 38,671 | | | 37,662 | |
Data processing | 9,503 | | | 9,292 | | | 8,892 | | | 10,773 | | | 9,726 | | 18,795 | | | 19,135 | |
Advertising and marketing | 17,436 | | | 13,040 | | | 17,166 | | | 18,169 | | | 17,794 | | 30,476 | | | 29,740 | |
Professional fees | 9,967 | | | 9,553 | | | 8,768 | | | 8,887 | | | 8,940 | | 19,520 | | | 17,103 | |
Amortization of other acquisition-related intangible assets | 1,122 | | | 1,158 | | | 1,356 | | | 1,408 | | | 1,499 | | 2,280 | | | 2,734 | |
FDIC insurance | 10,429 | | | 14,537 | | | 43,677 | | | 9,748 | | | 9,008 | | 24,966 | | | 17,677 | |
OREO expenses, net | (259) | | | 392 | | | (1,559) | | | 120 | | | 118 | | 133 | | | (89) | |
Other | 33,964 | | | 32,500 | | | 33,806 | | | 29,337 | | | 33,418 | | 66,464 | | | 63,575 | |
Total non-interest expense | 340,353 | | | 333,145 | | | 362,652 | | | 330,055 | | | 320,623 | | 673,498 | | | 619,792 | |
Income before taxes | 211,343 | | | 249,956 | | | 165,243 | | | 224,858 | | | 211,430 | | 461,299 | | | 454,980 | |
Income tax expense | 58,955 | | | 62,662 | | | 41,763 | | | 60,660 | | | 56,680 | | 121,617 | | | 120,032 | |
Net income | $ | 152,388 | | | $ | 187,294 | | | $ | 123,480 | | | $ | 164,198 | | | $ | 154,750 | | $ | 339,682 | | | $ | 334,948 | |
Preferred stock dividends | 6,991 | | | 6,991 | | | 6,991 | | | 6,991 | | | 6,991 | | 13,982 | | | 13,982 | |
Net income applicable to common shares | $ | 145,397 | | | $ | 180,303 | | | $ | 116,489 | | | $ | 157,207 | | | $ | 147,759 | | $ | 325,700 | | | $ | 320,966 | |
Net income per common share - Basic | $ | 2.35 | | | $ | 2.93 | | | $ | 1.90 | | | $ | 2.57 | | | $ | 2.41 | | $ | 5.28 | | | $ | 5.26 | |
Net income per common share - Diluted | $ | 2.32 | | | $ | 2.89 | | | $ | 1.87 | | | $ | 2.53 | | | $ | 2.38 | | $ | 5.21 | | | $ | 5.18 | |
Cash dividends declared per common share | $ | 0.45 | | | $ | 0.45 | | | $ | 0.40 | | | $ | 0.40 | | | $ | 0.40 | | $ | 0.90 | | | $ | 0.80 | |
Weighted average common shares outstanding | 61,839 | | 61,481 | | 61,236 | | 61,213 | | 61,192 | 61,660 | | 61,072 |
Dilutive potential common shares | 926 | | | 928 | | | 1,166 | | | 964 | | | 902 | | 901 | | | 933 | |
Average common shares and dilutive common shares | 62,765 | | | 62,409 | | | 62,402 | | | 62,177 | | | 62,094 | | 62,561 | | | 62,005 | |
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | % Growth From |
(Dollars in thousands) | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Sep 30, 2023 | | Jun 30, 2023 | Dec 31, 2023 (1) | | Jun 30, 2023 |
Balance: | | | | | | | | | | | | |
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies | $ | 281,103 | | | $ | 193,064 | | | $ | 155,529 | | | $ | 190,511 | | | $ | 235,570 | | NM | | 19 | % |
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies | 130,748 | | | 146,820 | | | 137,193 | | | 114,297 | | | 103,158 | | (9) | | | 27 | |
Total mortgage loans held-for-sale | $ | 411,851 | | | $ | 339,884 | | | $ | 292,722 | | | $ | 304,808 | | | $ | 338,728 | | 82 | % | | 22 | % |
| | | | | | | | | | | | |
Core loans: | | | | | | | | | | | | |
Commercial | | | | | | | | | | | | |
Commercial and industrial | $ | 6,226,336 | | | $ | 6,105,968 | | | $ | 5,804,629 | | | $ | 5,894,732 | | | $ | 5,737,633 | | 15 | % | | 9 | % |
Asset-based lending | 1,465,867 | | | 1,355,255 | | | 1,433,250 | | | 1,396,591 | | | 1,465,848 | | 5 | | | 0 | |
Municipal | 747,357 | | | 721,526 | | | 677,143 | | | 676,915 | | | 653,117 | | 21 | | | 14 | |
Leases | 2,439,128 | | | 2,344,295 | | | 2,208,368 | | | 2,109,628 | | | 1,925,767 | | 21 | | | 27 | |
PPP loans | 9,954 | | | 11,036 | | | 11,533 | | | 13,744 | | | 15,337 | | (20) | | | (35) | |
Commercial real estate | | | | | | | | | | | | |
Residential construction | 55,019 | | | 57,558 | | | 58,642 | | | 51,550 | | | 51,689 | | (12) | | | 6 | |
Commercial construction | 1,866,701 | | | 1,748,607 | | | 1,729,937 | | | 1,547,322 | | | 1,409,751 | | 16 | | | 32 | |
Land | 338,831 | | | 344,149 | | | 295,462 | | | 294,901 | | | 298,996 | | 30 | | | 13 | |
Office | 1,585,312 | | | 1,566,748 | | | 1,455,417 | | | 1,422,748 | | | 1,404,422 | | 18 | | | 13 | |
Industrial | 2,307,455 | | | 2,190,200 | | | 2,135,876 | | | 2,057,957 | | | 2,002,740 | | 16 | | | 15 | |
Retail | 1,365,753 | | | 1,366,415 | | | 1,337,517 | | | 1,341,451 | | | 1,304,083 | | 4 | | | 5 | |
Multi-family | 2,988,940 | | | 2,922,432 | | | 2,815,911 | | | 2,710,829 | | | 2,696,478 | | 12 | | | 11 | |
Mixed use and other | 1,439,186 | | | 1,437,328 | | | 1,515,402 | | | 1,519,422 | | | 1,440,652 | | (10) | | | (0) | |
Home equity | 356,313 | | | 340,349 | | | 343,976 | | | 343,258 | | | 336,974 | | 7 | | | 6 | |
Residential real estate | | | | | | | | | | | | |
Residential real estate loans for investment | 2,933,157 | | | 2,746,916 | | | 2,619,083 | | | 2,538,630 | | | 2,455,392 | | 24 | | | 19 | |
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies | 88,503 | | | 90,911 | | | 92,780 | | | 97,911 | | | 117,024 | | (9) | | | (24) | |
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies | 45,675 | | | 52,439 | | | 57,803 | | | 71,062 | | | 70,824 | | (42) | | | (36) | |
Total core loans | $ | 26,259,487 | | | $ | 25,402,132 | | | $ | 24,592,729 | | | $ | 24,088,651 | | | $ | 23,386,727 | | 14 | % | | 12 | % |
| | | | | | | | | | | | |
Niche loans: | | | | | | | | | | | | |
Commercial | | | | | | | | | | | | |
Franchise | $ | 1,150,460 | | | $ | 1,122,302 | | | $ | 1,092,532 | | | $ | 1,074,162 | | | $ | 1,091,164 | | 5 | % | | 5 | % |
Mortgage warehouse lines of credit | 593,519 | | | 403,245 | | | 230,211 | | | 245,450 | | | 381,043 | | 95 | | | 56 | |
Community Advantage - homeowners association | 491,722 | | | 475,832 | | | 452,734 | | | 424,054 | | | 405,042 | | 7 | | | 21 | |
Insurance agency lending | 1,030,119 | | | 964,022 | | | 921,653 | | | 890,197 | | | 925,520 | | 14 | | | 11 | |
Premium Finance receivables | | | | | | | | | | | | |
U.S. property & casualty insurance | 6,142,654 | | | 6,113,993 | | | 5,983,103 | | | 5,815,346 | | | 5,900,228 | | 1 | | | 4 | |
Canada property & casualty insurance | 958,099 | | | 826,026 | | | 920,426 | | | 907,401 | | | 862,470 | | 32 | | | 11 | |
Life insurance | 7,962,115 | | | 7,872,033 | | | 7,877,943 | | | 7,931,808 | | | 8,039,273 | | 2 | | | (1) | |
Consumer and other | 87,356 | | | 51,121 | | | 60,500 | | | 68,963 | | | 31,941 | | 143 | | | 173 | |
Total niche loans | $ | 18,416,044 | | | $ | 17,828,574 | | | $ | 17,539,102 | | | $ | 17,357,381 | | | $ | 17,636,681 | | 7 | % | | 4 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Total loans, net of unearned income | $ | 44,675,531 | | | $ | 43,230,706 | | | $ | 42,131,831 | | | $ | 41,446,032 | | | $ | 41,023,408 | | 7 | % | | 9 | % |
(1)Annualized.
TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | % Growth From |
(Dollars in thousands) | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Sep 30, 2023 | | Jun 30, 2023 | Mar 31, 2024 (1) | | Jun 30, 2023 |
Balance: | | | | | | | | | | | | |
Non-interest-bearing | $ | 10,031,440 | | $ | 9,908,183 | | $ | 10,420,401 | | $ | 10,347,006 | | $ | 10,604,915 | 5 | % | | (5) | % |
NOW and interest-bearing demand deposits | 5,053,909 | | 5,720,947 | | 5,797,649 | | 6,006,114 | | 5,814,836 | (47) | | | (13) | |
Wealth management deposits (2) | 1,490,711 | | 1,347,817 | | 1,614,499 | | 1,788,099 | | 1,417,984 | 43 | | | 5 | |
Money market | 16,320,017 | | 15,617,717 | | 15,149,215 | | 14,478,504 | | 14,523,124 | 18 | | | 12 | |
Savings | 5,882,179 | | 5,959,774 | | 5,790,334 | | 5,584,294 | | 5,321,578 | (5) | | | 11 | |
Time certificates of deposit | 9,270,770 | | 7,894,420 | | 6,625,072 | | 6,788,669 | | 6,356,270 | 70 | | | 46 | |
Total deposits | $ | 48,049,026 | | $ | 46,448,858 | | $ | 45,397,170 | | $ | 44,992,686 | | $ | 44,038,707 | 14 | % | | 9 | % |
Mix: | | | | | | | | | | | | |
Non-interest-bearing | 21 | % | | 21 | % | | 23 | % | | 23 | % | | 24 | % | | | |
NOW and interest-bearing demand deposits | 11 | | | 12 | | | 13 | | | 13 | | | 13 | | | | |
Wealth management deposits (2) | 3 | | | 3 | | | 4 | | | 4 | | | 3 | | | | |
Money market | 34 | | | 34 | | | 33 | | | 32 | | | 33 | | | | |
Savings | 12 | | | 13 | | | 13 | | | 13 | | | 12 | | | | |
Time certificates of deposit | 19 | | | 17 | | | 14 | | | 15 | | | 15 | | | | |
Total deposits | 100 | % | | 100 | % | | 100 | % | | 100 | % | | 100 | % | | | |
(1)Annualized.
(2)Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.
TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of June 30, 2024
| | | | | | | | | | | | | | | | | | | | | |
(Dollars in thousands) | | | | | | | | | Total Time Certificates of Deposit | | Weighted-Average Rate of Maturing Time Certificates of Deposit |
1-3 months | | | | | | | | | $ | 2,680,761 | | | 4.75 | % |
4-6 months | | | | | | | | | 2,863,328 | | | 4.74 | |
7-9 months | | | | | | | | | 2,309,917 | | | 4.36 | |
10-12 months | | | | | | | | | 1,073,537 | | | 4.25 | |
13-18 months | | | | | | | | | 215,181 | | | 3.50 | |
19-24 months | | | | | | | | | 67,172 | | | 2.52 | |
24+ months | | | | | | | | | 60,874 | | | 1.90 | |
Total | | | | | | | | | $ | 9,270,770 | | | 4.53 | % |
TABLE 4: QUARTERLY AVERAGE BALANCES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Average Balance for three months ended, |
| | Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, |
(In thousands) | | 2024 | | 2024 | | 2023 | | 2023 | | 2023 |
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) | | $ | 1,485,481 | | | $ | 1,254,332 | | | $ | 1,682,176 | | | $ | 2,053,568 | | | $ | 1,454,057 | |
Investment securities (2) | | 8,203,764 | | | 8,349,796 | | | 7,971,068 | | | 7,706,285 | | | 7,252,582 | |
FHLB and FRB stock | | 253,614 | | | 230,648 | | | 204,593 | | | 201,252 | | | 223,813 | |
| | | | | | | | | | |
Liquidity management assets (3) | | 9,942,859 | | | 9,834,776 | | | 9,857,837 | | | 9,961,105 | | | 8,930,452 | |
Other earning assets (3)(4) | | 15,257 | | | 15,081 | | | 14,821 | | | 17,879 | | | 17,401 | |
Mortgage loans held-for-sale | | 347,236 | | | 290,275 | | | 279,569 | | | 319,099 | | | 307,683 | |
Loans, net of unearned income (3)(5) | | 43,819,354 | | | 42,129,893 | | | 41,361,952 | | | 40,707,042 | | | 40,106,393 | |
Total earning assets (3) | | 54,124,706 | | | 52,270,025 | | | 51,514,179 | | | 51,005,125 | | | 49,361,929 | |
Allowance for loan and investment security losses | | (360,504) | | | (361,734) | | | (329,441) | | | (319,491) | | | (302,627) | |
Cash and due from banks | | 434,916 | | | 450,267 | | | 443,989 | | | 459,819 | | | 481,510 | |
Other assets | | 3,294,066 | | | 3,244,137 | | | 3,388,348 | | | 3,236,528 | | | 3,061,141 | |
Total assets | | $ | 57,493,184 | | | $ | 55,602,695 | | | $ | 55,017,075 | | | $ | 54,381,981 | | | $ | 52,601,953 | |
| | | | | | | | | | |
NOW and interest-bearing demand deposits | | $ | 4,985,306 | | | $ | 5,680,265 | | | $ | 5,868,976 | | | $ | 5,815,155 | | | $ | 5,540,597 | |
Wealth management deposits | | 1,531,865 | | | 1,510,203 | | | 1,704,099 | | | 1,512,765 | | | 1,545,626 | |
Money market accounts | | 15,272,126 | | | 14,474,492 | | | 14,212,320 | | | 14,155,446 | | | 13,735,924 | |
Savings accounts | | 5,878,844 | | | 5,792,118 | | | 5,676,155 | | | 5,472,535 | | | 5,206,609 | |
Time deposits | | 8,546,172 | | | 7,148,456 | | | 6,645,980 | | | 6,495,906 | | | 5,603,024 | |
Interest-bearing deposits | | 36,214,313 | | | 34,605,534 | | | 34,107,530 | | | 33,451,807 | | | 31,631,780 | |
Federal Home Loan Bank advances | | 3,096,920 | | | 2,728,849 | | | 2,326,073 | | | 2,241,292 | | | 2,227,106 | |
Other borrowings | | 587,262 | | | 627,711 | | | 633,673 | | | 657,454 | | | 625,757 | |
Subordinated notes | | 410,331 | | | 437,893 | | | 437,785 | | | 437,658 | | | 437,545 | |
Junior subordinated debentures | | 253,566 | | | 253,566 | | | 253,566 | | | 253,566 | | | 253,566 | |
Total interest-bearing liabilities | | 40,562,392 | | | 38,653,553 | | | 37,758,627 | | | 37,041,777 | | | 35,175,754 | |
Non-interest-bearing deposits | | 9,879,134 | | | 9,972,646 | | | 10,406,585 | | | 10,612,009 | | | 10,908,022 | |
Other liabilities | | 1,601,485 | | | 1,536,039 | | | 1,785,667 | | | 1,644,312 | | | 1,473,459 | |
Equity | | 5,450,173 | | | 5,440,457 | | | 5,066,196 | | | 5,083,883 | | | 5,044,718 | |
Total liabilities and shareholders’ equity | | $ | 57,493,184 | | | $ | 55,602,695 | | | $ | 55,017,075 | | | $ | 54,381,981 | | | $ | 52,601,953 | |
| | | | | | | | | | |
Net free funds/contribution (6) | | $ | 13,562,314 | | | $ | 13,616,472 | | | $ | 13,755,552 | | | $ | 13,963,348 | | | $ | 14,186,175 | |
(1)Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2)Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4)Other earning assets include brokerage customer receivables and trading account securities.
(5)Loans, net of unearned income, include non-accrual loans.
(6)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
TABLE 5: QUARTERLY NET INTEREST INCOME
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Net Interest Income for three months ended, |
| | Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, |
(In thousands) | | 2024 | | 2024 | | 2023 | | 2023 | | 2023 |
Interest income: | | | | | | | | | | |
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents | | $ | 19,748 | | | $ | 16,677 | | | $ | 22,340 | | | $ | 28,022 | | | $ | 16,882 | |
Investment securities | | 70,346 | | | 70,228 | | | 68,812 | | | 59,737 | | | 51,795 | |
FHLB and FRB stock | | 4,974 | | | 4,478 | | | 3,792 | | | 3,896 | | | 3,544 | |
| | | | | | | | | | |
Liquidity management assets (1) | | 95,068 | | | 91,383 | | | 94,944 | | | 91,655 | | | 72,221 | |
Other earning assets (1) | | 235 | | | 198 | | | 222 | | | 291 | | | 272 | |
Mortgage loans held-for-sale | | 5,434 | | | 4,146 | | | 4,318 | | | 4,767 | | | 4,178 | |
Loans, net of unearned income (1) | | 752,117 | | | 712,587 | | | 697,093 | | | 668,183 | | | 622,939 | |
| | | | | | | | | | |
| | | | | | | | | | |
Total interest income | | $ | 852,854 | | | $ | 808,314 | | | $ | 796,577 | | | $ | 764,896 | | | $ | 699,610 | |
| | | | | | | | | | |
Interest expense: | | | | | | | | | | |
NOW and interest-bearing demand deposits | | $ | 32,719 | | | $ | 34,896 | | | $ | 38,124 | | | $ | 36,001 | | | $ | 29,178 | |
Wealth management deposits | | 10,294 | | | 10,461 | | | 12,076 | | | 9,350 | | | 9,097 | |
Money market accounts | | 155,100 | | | 137,984 | | | 130,252 | | | 124,742 | | | 106,630 | |
Savings accounts | | 41,063 | | | 39,071 | | | 36,463 | | | 31,784 | | | 25,603 | |
Time deposits | | 96,527 | | | 77,120 | | | 68,475 | | | 60,906 | | | 42,987 | |
Interest-bearing deposits | | 335,703 | | | 299,532 | | | 285,390 | | | 262,783 | | | 213,495 | |
Federal Home Loan Bank advances | | 24,797 | | | 22,048 | | | 18,316 | | | 17,436 | | | 17,399 | |
Other borrowings | | 8,700 | | | 9,248 | | | 9,557 | | | 9,384 | | | 8,485 | |
Subordinated notes | | 5,185 | | | 5,487 | | | 5,522 | | | 5,491 | | | 5,523 | |
Junior subordinated debentures | | 4,984 | | | 5,004 | | | 5,089 | | | 4,948 | | | 4,737 | |
Total interest expense | | $ | 379,369 | | | $ | 341,319 | | | $ | 323,874 | | | $ | 300,042 | | | $ | 249,639 | |
| | | | | | | | | | |
Less: Fully taxable-equivalent adjustment | | (2,875) | | | (2,801) | | | (2,729) | | | (2,496) | | | (2,434) | |
Net interest income (GAAP) (2) | | 470,610 | | | 464,194 | | | 469,974 | | | 462,358 | | | 447,537 | |
Fully taxable-equivalent adjustment | | 2,875 | | | 2,801 | | | 2,729 | | | 2,496 | | | 2,434 | |
Net interest income, fully taxable-equivalent (non-GAAP) (2) | | $ | 473,485 | | | $ | 466,995 | | | $ | 472,703 | | | $ | 464,854 | | | $ | 449,971 | |
(1)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(2)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
TABLE 6: QUARTERLY NET INTEREST MARGIN
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Net Interest Margin for three months ended, |
| | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Sep 30, 2023 | | Jun 30, 2023 |
Yield earned on: | | | | | | | | | | |
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents | | 5.35 | % | | 5.35 | % | | 5.27 | % | | 5.41 | % | | 4.66 | % |
Investment securities | | 3.45 | | | 3.38 | | | 3.42 | | | 3.08 | | | 2.86 | |
FHLB and FRB stock | | 7.89 | | | 7.81 | | | 7.35 | | | 7.68 | | | 6.35 | |
| | | | | | | | | | |
Liquidity management assets | | 3.85 | | | 3.74 | | | 3.82 | | | 3.65 | | | 3.24 | |
Other earning assets | | 6.23 | | | 5.25 | | | 5.92 | | | 6.47 | | | 6.27 | |
Mortgage loans held-for-sale | | 6.29 | | | 5.74 | | | 6.13 | | | 5.93 | | | 5.45 | |
Loans, net of unearned income | | 6.90 | | | 6.80 | | | 6.69 | | | 6.51 | | | 6.23 | |
| | | | | | | | | | |
Total earning assets | | 6.34 | % | | 6.22 | % | | 6.13 | % | | 5.95 | % | | 5.68 | % |
| | | | | | | | | | |
Rate paid on: | | | | | | | | | | |
NOW and interest-bearing demand deposits | | 2.64 | % | | 2.47 | % | | 2.58 | % | | 2.46 | % | | 2.11 | % |
Wealth management deposits | | 2.70 | | | 2.79 | | | 2.81 | | | 2.45 | | | 2.36 | |
Money market accounts | | 4.08 | | | 3.83 | | | 3.64 | | | 3.50 | | | 3.11 | |
Savings accounts | | 2.81 | | | 2.71 | | | 2.55 | | | 2.30 | | | 1.97 | |
Time deposits | | 4.54 | | | 4.34 | | | 4.09 | | | 3.72 | | | 3.08 | |
Interest-bearing deposits | | 3.73 | | | 3.48 | | | 3.32 | | | 3.12 | | | 2.71 | |
Federal Home Loan Bank advances | | 3.22 | | | 3.25 | | | 3.12 | | | 3.09 | | | 3.13 | |
Other borrowings | | 5.96 | | | 5.92 | | | 5.98 | | | 5.66 | | | 5.44 | |
Subordinated notes | | 5.08 | | | 5.04 | | | 5.00 | | | 4.98 | | | 5.06 | |
Junior subordinated debentures | | 7.91 | | | 7.94 | | | 7.96 | | | 7.74 | | | 7.49 | |
Total interest-bearing liabilities | | 3.76 | % | | 3.55 | % | | 3.40 | % | | 3.21 | % | | 2.85 | % |
| | | | | | | | | | |
Interest rate spread (1)(2) | | 2.58 | % | | 2.67 | % | | 2.73 | % | | 2.74 | % | | 2.83 | % |
Less: Fully taxable-equivalent adjustment | | (0.02) | | | (0.02) | | | (0.02) | | | (0.02) | | | (0.02) | |
Net free funds/contribution (3) | | 0.94 | | | 0.92 | | | 0.91 | | | 0.88 | | | 0.83 | |
Net interest margin (GAAP) (2) | | 3.50 | % | | 3.57 | % | | 3.62 | % | | 3.60 | % | | 3.64 | % |
Fully taxable-equivalent adjustment | | 0.02 | | | 0.02 | | | 0.02 | | | 0.02 | | | 0.02 | |
Net interest margin, fully taxable-equivalent (non-GAAP) (2) | | 3.52 | % | | 3.59 | % | | 3.64 | % | | 3.62 | % | | 3.66 | % |
(1)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(2)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Balance for six months ended, | Interest for six months ended, | Yield/Rate for six months ended, |
(Dollars in thousands) | Jun 30, 2024 | | Jun 30, 2023 | Jun 30, 2024 | | Jun 30, 2023 | Jun 30, 2024 | | Jun 30, 2023 |
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) | $ | 1,369,906 | | | $ | 1,345,506 | | $ | 36,425 | | | $ | 30,421 | | 5.35 | % | | 4.56 | % |
Investment securities (2) | 8,276,780 | | | 7,602,707 | | 140,574 | | | 112,288 | | 3.42 | | | 2.98 | |
FHLB and FRB stock | 242,131 | | | 228,687 | | 9,452 | | | 7,224 | | 7.85 | | | 6.37 | |
| | | | | | | | | |
Liquidity management assets (3)(4) | $ | 9,888,817 | | | $ | 9,176,900 | | $ | 186,451 | | | $ | 149,933 | | 3.79 | % | | 3.29 | % |
Other earning assets (3)(4)(5) | 15,169 | | | 17,920 | | 433 | | | 585 | | 5.74 | | | 6.58 | |
Mortgage loans held-for-sale | 318,756 | | | 289,426 | | 9,580 | | | 7,706 | | 6.04 | | | 5.37 | |
Loans, net of unearned income (3)(4)(6) | 42,974,623 | | | 39,602,672 | | 1,464,704 | | | 1,183,503 | | 6.85 | | | 6.03 | |
| | | | | | | | | |
| | | | | | | | | |
Total earning assets (4) | $ | 53,197,365 | | | $ | 49,086,918 | | $ | 1,661,168 | | | $ | 1,341,727 | | 6.28 | % | | 5.51 | % |
Allowance for loan and investment security losses | (361,119) | | | (292,721) | | | | | | | |
Cash and due from banks | 442,591 | | | 484,964 | | | | | | | |
Other assets | 3,269,102 | | | 3,060,929 | | | | | | | |
Total assets | $ | 56,547,939 | | | $ | 52,340,090 | | | | | | | |
| | | | | | | | | |
NOW and interest-bearing demand deposits | $ | 5,332,786 | | | $ | 5,406,911 | | $ | 67,615 | | | $ | 47,949 | | 2.55 | % | | 1.79 | % |
Wealth management deposits | 1,521,034 | | | 1,854,637 | | 20,755 | | | 21,355 | | 2.74 | | | 2.32 | |
Money market accounts | 14,873,309 | | | 13,138,018 | | 293,084 | | | 174,907 | | 3.96 | | | 2.68 | |
Savings accounts | 5,835,481 | | | 5,019,505 | | 80,134 | | | 41,419 | | 2.76 | | | 1.66 | |
Time deposits | 7,847,314 | | | 5,323,882 | | 173,647 | | | 72,667 | | 4.45 | | | 2.75 | |
Interest-bearing deposits | $ | 35,409,924 | | | $ | 30,742,953 | | $ | 635,235 | | | $ | 358,297 | | 3.61 | % | | 2.35 | % |
Federal Home Loan Bank advances | 2,912,884 | | | 2,350,309 | | 46,845 | | | 36,534 | | 3.23 | | | 3.13 | |
Other borrowings | 607,487 | | | 614,410 | | 17,948 | | | 16,338 | | 5.94 | | | 5.36 | |
Subordinated notes | 424,112 | | | 437,484 | | 10,672 | | | 11,011 | | 5.06 | | | 5.08 | |
Junior subordinated debentures | 253,566 | | | 253,566 | | 9,988 | | | 9,154 | | 7.92 | | | 7.28 | |
Total interest-bearing liabilities | $ | 39,607,973 | | | $ | 34,398,722 | | $ | 720,688 | | | $ | 431,334 | | 3.66 | % | | 2.53 | % |
Non-interest-bearing deposits | 9,925,890 | | | 11,536,336 | | | | | | | |
Other liabilities | 1,568,761 | | | 1,434,625 | | | | | | | |
Equity | 5,445,315 | | | 4,970,407 | | | | | | | |
Total liabilities and shareholders’ equity | $ | 56,547,939 | | | $ | 52,340,090 | | | | | | | |
Interest rate spread (4)(7) | | | | | | | 2.62 | % | | 2.98 | % |
Less: Fully taxable-equivalent adjustment | | | | (5,676) | | | (4,861) | | (0.03) | | | (0.02) | |
Net free funds/contribution (8) | $ | 13,589,392 | | | $ | 14,688,196 | | | | | 0.94 | | | 0.76 | |
Net interest income/margin (GAAP) (4) | | | | $ | 934,804 | | | $ | 905,532 | | 3.53 | % | | 3.72 | % |
Fully taxable-equivalent adjustment | | | | 5,676 | | | 4,861 | 0.03 | | | 0.02 | |
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4) | | | | $ | 940,480 | | | $ | 910,393 | | 3.56 | % | | 3.74 | % |
(1)Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2)Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(4)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(5)Other earning assets include brokerage customer receivables and trading account securities.
(6)Loans, net of unearned income, include non-accrual loans.
(7)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(8)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
TABLE 8: INTEREST RATE SENSITIVITY
As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.
The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Static Shock Scenario | | +200 Basis Points | | +100 Basis Points | | -100 Basis Points | | -200 Basis Points |
Jun 30, 2024 | | 1.5 | % | | 1.0 | % | | 0.6 | % | | (0.0) | % |
Mar 31, 2024 | | 1.9 | | | 1.4 | | | 1.5 | | | 1.6 | |
Dec 31, 2023 | | 2.6 | | | 1.8 | | | 0.4 | | | (0.7) | |
Sep 30, 2023 | | 3.3 | | | 1.9 | | | (2.0) | | | (5.2) | |
Jun 30, 2023 | | 5.7 | | | 2.9 | | | (2.9) | | | (7.9) | |
| | | | | | | | | | | | | | | | | | | | | | | |
Ramp Scenario | +200 Basis Points | | +100 Basis Points | | -100 Basis Points | | -200 Basis Points |
Jun 30, 2024 | 1.2 | % | | 1.0 | % | | 0.9 | % | | 1.0 | % |
Mar 31, 2024 | 0.8 | | | 0.6 | | | 1.3 | | | 2.0 | |
Dec 31, 2023 | 1.6 | | | 1.2 | | | (0.3) | | | (1.5) | |
Sep 30, 2023 | 1.7 | | | 1.2 | | | (0.5) | | | (2.4) | |
Jun 30, 2023 | 2.9 | | | 1.8 | | | (0.9) | | | (3.4) | |
As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. Given the recent unprecedented rise in interest rates, the Company has made a conscious effort to reposition its exposure to changing interest rates given the uncertainty of the future interest rate environment. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer term fixed rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.
TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans repricing or contractual maturity period |
As of June 30, 2024 | One year or less | | From one to five years | | From five to fifteen years | | After fifteen years | | Total |
(In thousands) | | | | |
Commercial | | | | | | | | | |
Fixed rate | $ | 477,277 | | | $ | 3,103,539 | | | $ | 1,833,528 | | | $ | 42,066 | | | $ | 5,456,410 | |
| | | | | | | | | |
Variable rate | 8,696,826 | | | 1,226 | | | — | | | — | | | 8,698,052 | |
Total commercial | $ | 9,174,103 | | | $ | 3,104,765 | | | $ | 1,833,528 | | | $ | 42,066 | | | $ | 14,154,462 | |
Commercial real estate | | | | | | | | | |
Fixed rate | $ | 528,051 | | | $ | 2,517,267 | | | $ | 352,478 | | | $ | 55,075 | | | $ | 3,452,871 | |
Variable rate | 8,480,512 | | | 13,745 | | | 69 | | | — | | | 8,494,326 | |
Total commercial real estate | $ | 9,008,563 | | | $ | 2,531,012 | | | $ | 352,547 | | | $ | 55,075 | | | $ | 11,947,197 | |
Home equity | | | | | | | | | |
Fixed rate | $ | 9,862 | | | $ | 3,413 | | | $ | — | | | $ | 24 | | | $ | 13,299 | |
Variable rate | 343,014 | | | — | | | — | | | — | | | 343,014 | |
Total home equity | $ | 352,876 | | | $ | 3,413 | | | $ | — | | | $ | 24 | | | $ | 356,313 | |
Residential real estate | | | | | | | | | |
Fixed rate | $ | 20,300 | | | $ | 3,124 | | | $ | 29,630 | | | $ | 1,036,012 | | | $ | 1,089,066 | |
Variable rate | 77,249 | | | 385,872 | | | 1,515,148 | | | — | | | 1,978,269 | |
Total residential real estate | $ | 97,549 | | | $ | 388,996 | | | $ | 1,544,778 | | | $ | 1,036,012 | | | $ | 3,067,335 | |
Premium finance receivables - property & casualty | | | | | | | | | |
Fixed rate | $ | 7,015,748 | | | $ | 85,005 | | | $ | — | | | $ | — | | | $ | 7,100,753 | |
Variable rate | — | | | — | | | — | | | — | | | — | |
Total premium finance receivables - property & casualty | $ | 7,015,748 | | | $ | 85,005 | | | $ | — | | | $ | — | | | $ | 7,100,753 | |
Premium finance receivables - life insurance | | | | | | | | | |
Fixed rate | $ | 71,207 | | | $ | 543,433 | | | $ | 4,000 | | | $ | 6,991 | | | $ | 625,631 | |
Variable rate | 7,336,484 | | | — | | | — | | | — | | | 7,336,484 | |
Total premium finance receivables - life insurance | $ | 7,407,691 | | | $ | 543,433 | | | $ | 4,000 | | | $ | 6,991 | | | $ | 7,962,115 | |
Consumer and other | | | | | | | | | |
Fixed rate | $ | 33,887 | | | $ | 5,452 | | | $ | 9 | | | $ | 455 | | | $ | 39,803 | |
Variable rate | 47,553 | | | — | | | — | | | — | | | 47,553 | |
Total consumer and other | $ | 81,440 | | | $ | 5,452 | | | $ | 9 | | | $ | 455 | | | $ | 87,356 | |
| | | | | | | | | |
Total per category | | | | | | | | | |
Fixed rate | $ | 8,156,332 | | | $ | 6,261,233 | | | $ | 2,219,645 | | | $ | 1,140,623 | | | $ | 17,777,833 | |
| | | | | | | | | |
Variable rate | 24,981,638 | | | 400,843 | | | 1,515,217 | | | — | | | 26,897,698 | |
Total loans, net of unearned income | $ | 33,137,970 | | | $ | 6,662,076 | | | $ | 3,734,862 | | | $ | 1,140,623 | | | $ | 44,675,531 | |
| | | | | | | | | |
Variable Rate Loan Pricing by Index: | | | | | | | | | |
SOFR tenors | | | | | | | | | $ | 15,744,528 | |
One- year CMT | | | | | | | | | 6,176,495 | |
Prime | | | | | | | | | 3,474,480 | |
Fed Funds | | | | | | | | | 997,252 | |
Ameribor tenors | | | | | | | | | 241,682 | |
| | | | | | | | | |
| | | | | | | | | |
Other U.S. Treasury tenors | | | | | | | | | 124,349 | |
Other | | | | | | | | | 138,912 | |
Total variable rate | | | | | | | | | $ | 26,897,698 | |
SOFR - Secured Overnight Financing Rate.
CMT - Constant Maturity Treasury Rate.
Ameribor - American Interbank Offered Rate.
Source: Bloomberg
As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $12.5 billion tied to one-month SOFR and $6.2 billion tied to one-year CMT. The above chart shows:
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Basis Point (bp) Change in |
| | 1-month SOFR | | One- year CMT | | | | Prime | |
Second Quarter 2024 | | 1 | | bps | 6 | bps | | | 0 | bps |
First Quarter 2024 | | (2) | | 24 | | | | | 0 | |
Fourth Quarter 2023 | | 3 | | (67) | | | | 0 | |
Third Quarter 2023 | | 18 | | 6 | | | | 25 | |
Second Quarter 2023 | | 34 | | 76 | | | | 25 | |
TABLE 10: ALLOWANCE FOR CREDIT LOSSES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | Six Months Ended |
| | Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | Jun 30, | | Jun 30, |
(Dollars in thousands) | | 2024 | | 2024 | | 2023 | | 2023 | | 2023 | 2024 | | 2023 |
Allowance for credit losses at beginning of period | | $ | 427,504 | | | $ | 427,612 | | | $ | 399,531 | | | $ | 387,786 | | | $ | 376,261 | | $ | 427,612 | | | $ | 357,936 | |
Cumulative effect adjustment from the adoption of ASU 2022-02 | | — | | | — | | | — | | | — | | | — | | — | | | 741 | |
Provision for credit losses | | 40,061 | | | 21,673 | | | 42,908 | | | 19,923 | | | 28,514 | | 61,734 | | | 51,559 | |
| | | | | | | | | | | | | |
Other adjustments | | (19) | | | (31) | | | 62 | | | (60) | | | 41 | | (50) | | | 45 | |
Charge-offs: | | | | | | | | | | | | | |
Commercial | | 9,584 | | | 11,215 | | | 5,114 | | | 2,427 | | | 5,629 | | 20,799 | | | 8,172 | |
Commercial real estate | | 15,526 | | | 5,469 | | | 5,386 | | | 1,713 | | | 8,124 | | 20,995 | | | 8,129 | |
Home equity | | — | | | 74 | | | — | | | 227 | | | — | | 74 | | | — | |
Residential real estate | | 23 | | | 38 | | | 114 | | | 78 | | | — | | 61 | | | — | |
| | | | | | | | | | | | | |
Premium finance receivables - property & casualty | | 9,486 | | | 6,938 | | | 6,706 | | | 5,830 | | | 4,519 | | 16,424 | | | 9,148 | |
Premium finance receivables - life insurance | | — | | | — | | | — | | | 18 | | | 134 | | — | | | 155 | |
Consumer and other | | 137 | | | 107 | | | 148 | | | 184 | | | 110 | | 244 | | | 263 | |
| | | | | | | | | | | | | |
Total charge-offs | | 34,756 | | | 23,841 | | | 17,468 | | | 10,477 | | | 18,516 | | 58,597 | | | 25,867 | |
Recoveries: | | | | | | | | | | | | | |
Commercial | | 950 | | | 479 | | | 592 | | | 1,162 | | | 505 | | 1,429 | | | 897 | |
Commercial real estate | | 90 | | | 31 | | | 92 | | | 243 | | | 25 | | 121 | | | 125 | |
Home equity | | 35 | | | 29 | | | 34 | | | 33 | | | 37 | | 64 | | | 72 | |
Residential real estate | | 8 | | | 2 | | | 10 | | | 1 | | | 6 | | 10 | | | 10 | |
| | | | | | | | | | | | | |
Premium finance receivables - property & casualty | | 3,658 | | | 1,519 | | | 1,820 | | | 906 | | | 890 | | 5,177 | | | 2,204 | |
Premium finance receivables - life insurance | | 5 | | | 8 | | | 7 | | | — | | | — | | 13 | | | 9 | |
Consumer and other | | 24 | | | 23 | | | 24 | | | 14 | | | 23 | | 47 | | | 55 | |
| | | | | | | | | | | | | |
Total recoveries | | 4,770 | | | 2,091 | | | 2,579 | | | 2,359 | | | 1,486 | | 6,861 | | | 3,372 | |
Net charge-offs | | (29,986) | | | (21,750) | | | (14,889) | | | (8,118) | | | (17,030) | | (51,736) | | | (22,495) | |
Allowance for credit losses at period end | | $ | 437,560 | | | $ | 427,504 | | | $ | 427,612 | | | $ | 399,531 | | | $ | 387,786 | | $ | 437,560 | | | $ | 387,786 | |
| | | | | | | | | | | | | |
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average: | | | |
Commercial | | 0.25 | % | | 0.33 | % | | 0.14 | % | | 0.04 | % | | 0.16 | % | 0.29 | % | | 0.12 | % |
Commercial real estate | | 0.53 | | | 0.19 | | | 0.19 | | | 0.05 | | | 0.31 | | 0.36 | | | 0.16 | |
Home equity | | (0.04) | | | 0.05 | | | (0.04) | | | 0.23 | | | (0.04) | | 0.01 | | | (0.04) | |
Residential real estate | | 0.00 | | | 0.01 | | | 0.02 | | | 0.01 | | | (0.00) | | 0.00 | | | (0.00) | |
| | | | | | | | | | | | | |
Premium finance receivables - property & casualty | | 0.33 | | | 0.32 | | | 0.29 | | | 0.29 | | | 0.24 | | 0.33 | | | 0.24 | |
Premium finance receivables - life insurance | | (0.00) | | | (0.00) | | | (0.00) | | | 0.00 | | | 0.01 | | (0.00) | | | 0.00 | |
Consumer and other | | 0.56 | | | 0.42 | | | 0.58 | | | 0.65 | | | 0.45 | | 0.49 | | | 0.58 | |
| | | | | | | | | | | | | |
Total loans, net of unearned income | | 0.28 | % | | 0.21 | % | | 0.14 | % | | 0.08 | % | | 0.17 | % | 0.24 | | | 0.11 | % |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Loans at period end | | $ | 44,675,531 | | | $ | 43,230,706 | | | $ | 42,131,831 | | | $ | 41,446,032 | | | $ | 41,023,408 | | | | |
Allowance for loan losses as a percentage of loans at period end | | 0.81 | % | | 0.81 | % | | 0.82 | % | | 0.76 | % | | 0.74 | % | | | |
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end | | 0.98 | | | 0.99 | | | 1.01 | | | 0.96 | | | 0.94 | | | | |
| | | | | | | | | | | | | |
TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | Six Months Ended |
| | Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | Jun 30, | | Jun 30, |
(In thousands) | | 2024 | | 2024 | | 2023 | | 2023 | | 2023 | 2024 | | 2023 |
Provision for loan losses | | $ | 45,111 | | | $ | 26,159 | | | $ | 44,023 | | | $ | 20,717 | | | $ | 31,516 | | $ | 71,270 | | | $ | 54,036 | |
Provision for unfunded lending-related commitments losses | | (5,212) | | | (4,468) | | | (1,081) | | | (769) | | | (2,945) | | (9,680) | | | (2,395) | |
Provision for held-to-maturity securities losses | | 162 | | | (18) | | | (34) | | | (25) | | | (57) | | 144 | | | (82) | |
Provision for credit losses | | $ | 40,061 | | | $ | 21,673 | | | $ | 42,908 | | | $ | 19,923 | | | $ | 28,514 | | $ | 61,734 | | | $ | 51,559 | |
| | | | | | | | | | | | | |
Allowance for loan losses | | $ | 363,719 | | | $ | 348,612 | | | $ | 344,235 | | | $ | 315,039 | | | $ | 302,499 | | | | |
Allowance for unfunded lending-related commitments losses | | 73,350 | | | 78,563 | | | 83,030 | | | 84,111 | | | 84,881 | | | | |
Allowance for loan losses and unfunded lending-related commitments losses | | 437,069 | | | 427,175 | | | 427,265 | | | 399,150 | | | 387,380 | | | | |
Allowance for held-to-maturity securities losses | | 491 | | | 329 | | | 347 | | | 381 | | | 406 | | | | |
Allowance for credit losses | | $ | 437,560 | | | $ | 427,504 | | | $ | 427,612 | | | $ | 399,531 | | | $ | 387,786 | | | | |
TABLE 12: ALLOWANCE BY LOAN PORTFOLIO
The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of June 30, 2024, March 31, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of Jun 30, 2024 | As of Mar 31, 2024 | | As of Dec 31, 2023 |
(Dollars in thousands) | Recorded Investment | | Calculated Allowance | | % of its category’s balance | Recorded Investment | | Calculated Allowance | | % of its category’s balance | | Recorded Investment | | Calculated Allowance | | % of its category’s balance |
Commercial: | | | | | | | | | | | | | | | | |
Commercial, industrial and other | $ | 14,154,462 | | | $ | 181,991 | | | 1.29 | % | $ | 13,503,481 | | | $ | 166,518 | | | 1.23 | % | | $ | 12,832,053 | | | $ | 169,604 | | | 1.32 | % |
| | | | | | | | | | | | | | | | |
Commercial real estate: | | | | | | | | | | | | | | | | |
Construction and development | 2,260,551 | | | 93,154 | | | 4.12 | | 2,150,314 | | | 96,052 | | | 4.47 | | | 2,084,041 | | | 94,081 | | | 4.51 | |
Non-construction | 9,686,646 | | | 130,574 | | | 1.35 | | 9,483,123 | | | 130,000 | | | 1.37 | | | 9,260,123 | | | 129,772 | | | 1.40 | |
Home equity | 356,313 | | | 7,242 | | | 2.03 | | 340,349 | | | 7,191 | | | 2.11 | | | 343,976 | | | 7,116 | | | 2.07 | |
Residential real estate | 3,067,335 | | | 8,773 | | | 0.29 | | 2,890,266 | | | 13,701 | | | 0.47 | | | 2,769,666 | | | 13,133 | | | 0.47 | |
Premium finance receivables | | | | | | | | | | | | | | | | |
Property and casualty insurance | 7,100,753 | | | 14,053 | | | 0.20 | | 6,940,019 | | | 12,645 | | | 0.18 | | | 6,903,529 | | | 12,384 | | | 0.18 | |
Life insurance | 7,962,115 | | | 693 | | | 0.01 | | 7,872,033 | | | 685 | | | 0.01 | | | 7,877,943 | | | 685 | | | 0.01 | |
Consumer and other | 87,356 | | | 589 | | | 0.67 | | 51,121 | | | 383 | | | 0.75 | | | 60,500 | | | 490 | | | 0.81 | |
Total loans, net of unearned income | $ | 44,675,531 | | | $ | 437,069 | | | 0.98 | % | $ | 43,230,706 | | | $ | 427,175 | | | 0.99 | % | | $ | 42,131,831 | | | $ | 427,265 | | | 1.01 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total core loans (1) | $ | 26,259,487 | | | $ | 398,494 | | | 1.52 | % | $ | 25,402,132 | | | $ | 382,372 | | | 1.51 | % | | $ | 24,592,729 | | | $ | 380,847 | | | 1.55 | % |
Total niche loans (1) | 18,416,044 | | | 38,575 | | | 0.21 | | 17,828,574 | | | 44,803 | | | 0.25 | | | 17,539,102 | | | 46,418 | | | 0.26 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
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(1)See Table 1 for additional detail on core and niche loans.
TABLE 13: LOAN PORTFOLIO AGING
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In thousands) | | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Sep 30, 2023 | | Jun 30, 2023 |
Loan Balances: | | | | | | | | | | |
Commercial | | | | | | | | | | |
Nonaccrual | | $ | 51,087 | | | $ | 31,740 | | | $ | 38,940 | | | $ | 43,569 | | | $ | 40,460 | |
90+ days and still accruing | | 304 | | | 27 | | | 98 | | | 200 | | | 573 | |
60-89 days past due | | 16,485 | | | 30,248 | | | 19,488 | | | 22,889 | | | 22,808 | |
30-59 days past due | | 36,358 | | | 77,715 | | | 85,743 | | | 35,681 | | | 48,970 | |
Current | | 14,050,228 | | | 13,363,751 | | | 12,687,784 | | | 12,623,134 | | | 12,487,660 | |
Total commercial | | $ | 14,154,462 | | | $ | 13,503,481 | | | $ | 12,832,053 | | | $ | 12,725,473 | | | $ | 12,600,471 | |
Commercial real estate | | | | | | | | | | |
Nonaccrual | | $ | 48,289 | | | $ | 39,262 | | | $ | 35,459 | | | $ | 17,043 | | | $ | 18,483 | |
90+ days and still accruing | | — | | | — | | | — | | | 1,092 | | | — | |
60-89 days past due | | 6,555 | | | 16,713 | | | 8,515 | | | 7,395 | | | 1,054 | |
30-59 days past due | | 38,065 | | | 32,998 | | | 20,634 | | | 60,984 | | | 14,218 | |
Current | | 11,854,288 | | | 11,544,464 | | | 11,279,556 | | | 10,859,666 | | | 10,575,056 | |
Total commercial real estate | | $ | 11,947,197 | | | $ | 11,633,437 | | | $ | 11,344,164 | | | $ | 10,946,180 | | | $ | 10,608,811 | |
Home equity | | | | | | | | | | |
Nonaccrual | | $ | 1,100 | | | $ | 838 | | | $ | 1,341 | | | $ | 1,363 | | | $ | 1,361 | |
90+ days and still accruing | | — | | | — | | | — | | | — | | | 110 | |
60-89 days past due | | 275 | | | 212 | | | 62 | | | 219 | | | 316 | |
30-59 days past due | | 1,229 | | | 1,617 | | | 2,263 | | | 1,668 | | | 601 | |
Current | | 353,709 | | | 337,682 | | | 340,310 | | | 340,008 | | | 334,586 | |
Total home equity | | $ | 356,313 | | | $ | 340,349 | | | $ | 343,976 | | | $ | 343,258 | | | $ | 336,974 | |
Residential real estate | | | | | | | | | | |
Early buy-out loans guaranteed by U.S. government agencies (1) | | $ | 134,178 | | | $ | 143,350 | | | $ | 150,583 | | | $ | 168,973 | | | $ | 187,848 | |
Nonaccrual | | 18,198 | | | 17,901 | | | 15,391 | | | 16,103 | | | 13,652 | |
90+ days and still accruing | | — | | | — | | | — | | | — | | | — | |
60-89 days past due | | 1,977 | | | — | | | 2,325 | | | 1,145 | | | 7,243 | |
30-59 days past due | | 130 | | | 24,523 | | | 22,942 | | | 904 | | | 872 | |
Current | | 2,912,852 | | | 2,704,492 | | | 2,578,425 | | | 2,520,478 | | | 2,433,625 | |
Total residential real estate | | $ | 3,067,335 | | | $ | 2,890,266 | | | $ | 2,769,666 | | | $ | 2,707,603 | | | $ | 2,643,240 | |
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| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Premium finance receivables - property & casualty | | | | | | | | | | |
Nonaccrual | | $ | 32,722 | | | $ | 32,648 | | | $ | 27,590 | | | $ | 26,756 | | | $ | 19,583 | |
90+ days and still accruing | | 22,427 | | | 25,877 | | | 20,135 | | | 16,253 | | | 12,785 | |
60-89 days past due | | 29,925 | | | 15,274 | | | 23,236 | | | 16,552 | | | 22,670 | |
30-59 days past due | | 45,927 | | | 59,729 | | | 50,437 | | | 31,919 | | | 32,751 | |
Current | | 6,969,752 | | | 6,806,491 | | | 6,782,131 | | | 6,631,267 | | | 6,674,909 | |
Total Premium finance receivables - property & casualty | | $ | 7,100,753 | | | $ | 6,940,019 | | | $ | 6,903,529 | | | $ | 6,722,747 | | | $ | 6,762,698 | |
Premium finance receivables - life insurance | | | | | | | | | | |
Nonaccrual | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 6 | |
90+ days and still accruing | | — | | | — | | | — | | | 10,679 | | | 1,667 | |
60-89 days past due | | 4,118 | | | 32,482 | | | 16,206 | | | 41,894 | | | 3,729 | |
30-59 days past due | | 17,693 | | | 100,137 | | | 45,464 | | | 14,972 | | | 90,117 | |
Current | | 7,940,304 | | | 7,739,414 | | | 7,816,273 | | | 7,864,263 | | | 7,943,754 | |
Total Premium finance receivables - life insurance | | $ | 7,962,115 | | | $ | 7,872,033 | | | $ | 7,877,943 | | | $ | 7,931,808 | | | $ | 8,039,273 | |
Consumer and other | | | | | | | | | | |
Nonaccrual | | $ | 3 | | | $ | 19 | | | $ | 22 | | | $ | 16 | | | $ | 4 | |
90+ days and still accruing | | 121 | | | 47 | | | 54 | | | 27 | | | 28 | |
60-89 days past due | | 81 | | | 16 | | | 25 | | | 196 | | | 51 | |
30-59 days past due | | 366 | | | 210 | | | 165 | | | 519 | | | 146 | |
Current | | 86,785 | | | 50,829 | | | 60,234 | | | 68,205 | | | 31,712 | |
Total consumer and other | | $ | 87,356 | | | $ | 51,121 | | | $ | 60,500 | | | $ | 68,963 | | | $ | 31,941 | |
Total loans, net of unearned income | | | | | | | | | | |
Early buy-out loans guaranteed by U.S. government agencies (1) | | $ | 134,178 | | | $ | 143,350 | | | $ | 150,583 | | | $ | 168,973 | | | $ | 187,848 | |
Nonaccrual | | 151,399 | | | 122,408 | | | 118,743 | | | 104,850 | | | 93,549 | |
90+ days and still accruing | | 22,852 | | | 25,951 | | | 20,287 | | | 28,251 | | | 15,163 | |
60-89 days past due | | 59,416 | | | 94,945 | | | 69,857 | | | 90,290 | | | 57,871 | |
30-59 days past due | | 139,768 | | | 296,929 | | | 227,648 | | | 146,647 | | | 187,675 | |
Current | | 44,167,918 | | | 42,547,123 | | | 41,544,713 | | | 40,907,021 | | | 40,481,302 | |
Total loans, net of unearned income | | $ | 44,675,531 | | | $ | 43,230,706 | | | $ | 42,131,831 | | | $ | 41,446,032 | | | $ | 41,023,408 | |
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
TABLE 14: NON-PERFORMING ASSETS(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Jun 30, | | | | Mar 31, | | | | | Dec 31, | | Sep 30, | | Jun 30, |
(Dollars in thousands) | 2024 | | | | 2024 | | | | | 2023 | | 2023 | | 2023 |
Loans past due greater than 90 days and still accruing: | | | | | | | | | | | | | | |
Commercial | $ | 304 | | | | | $ | 27 | | | | | | $ | 98 | | | $ | 200 | | | $ | 573 | |
Commercial real estate | — | | | | | — | | | | | | — | | | 1,092 | | | — | |
Home equity | — | | | | | — | | | | | | — | | | — | | | 110 | |
Residential real estate | — | | | | | — | | | | | | — | | | — | | | — | |
Premium finance receivables - property & casualty | 22,427 | | | | | 25,877 | | | | | | 20,135 | | | 16,253 | | | 12,785 | |
Premium finance receivables - life insurance | — | | | | | — | | | | | | — | | | 10,679 | | | 1,667 | |
Consumer and other | 121 | | | | | 47 | | | | | | 54 | | | 27 | | | 28 | |
Total loans past due greater than 90 days and still accruing | 22,852 | | | | | 25,951 | | | | | | 20,287 | | | 28,251 | | | 15,163 | |
Non-accrual loans: | | | | | | | | | | | | | | |
Commercial | 51,087 | | | | | 31,740 | | | | | | 38,940 | | | 43,569 | | | 40,460 | |
Commercial real estate | 48,289 | | | | | 39,262 | | | | | | 35,459 | | | 17,043 | | | 18,483 | |
Home equity | 1,100 | | | | | 838 | | | | | | 1,341 | | | 1,363 | | | 1,361 | |
Residential real estate | 18,198 | | | | | 17,901 | | | | | | 15,391 | | | 16,103 | | | 13,652 | |
Premium finance receivables - property & casualty | 32,722 | | | | | 32,648 | | | | | | 27,590 | | | 26,756 | | | 19,583 | |
Premium finance receivables - life insurance | — | | | | | — | | | | | | — | | | — | | | 6 | |
Consumer and other | 3 | | | | | 19 | | | | | | 22 | | | 16 | | | 4 | |
Total non-accrual loans | 151,399 | | | | | 122,408 | | | | | | 118,743 | | | 104,850 | | | 93,549 | |
Total non-performing loans: | | | | | | | | | | | | | | |
Commercial | 51,391 | | | | | 31,767 | | | | | | 39,038 | | | 43,769 | | | 41,033 | |
Commercial real estate | 48,289 | | | | | 39,262 | | | | | | 35,459 | | | 18,135 | | | 18,483 | |
Home equity | 1,100 | | | | | 838 | | | | | | 1,341 | | | 1,363 | | | 1,471 | |
Residential real estate | 18,198 | | | | | 17,901 | | | | | | 15,391 | | | 16,103 | | | 13,652 | |
Premium finance receivables - property & casualty | 55,149 | | | | | 58,525 | | | | | | 47,725 | | | 43,009 | | | 32,368 | |
Premium finance receivables - life insurance | — | | | | | — | | | | | | — | | | 10,679 | | | 1,673 | |
Consumer and other | 124 | | | | | 66 | | | | | | 76 | | | 43 | | | 32 | |
Total non-performing loans | $ | 174,251 | | | | | $ | 148,359 | | | | | | $ | 139,030 | | | $ | 133,101 | | | $ | 108,712 | |
Other real estate owned | 19,731 | | | | | 14,538 | | | | | | 13,309 | | | 14,060 | | | 11,586 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Total non-performing assets | $ | 193,982 | | | | | $ | 162,897 | | | | | | $ | 152,339 | | | $ | 147,161 | | | $ | 120,298 | |
| | | | | | | | | | | | | | |
Total non-performing loans by category as a percent of its own respective category’s period-end balance: | | | | | | | | | | | | | | |
Commercial | 0.36 | % | | | | 0.24 | % | | | | | 0.30 | % | | 0.34 | % | | 0.33 | % |
Commercial real estate | 0.40 | | | | | 0.34 | | | | | | 0.31 | | | 0.17 | | | 0.17 | |
Home equity | 0.31 | | | | | 0.25 | | | | | | 0.39 | | | 0.40 | | | 0.44 | |
Residential real estate | 0.59 | | | | | 0.62 | | | | | | 0.56 | | | 0.59 | | | 0.52 | |
Premium finance receivables - property & casualty | 0.78 | | | | | 0.84 | | | | | | 0.69 | | | 0.64 | | | 0.48 | |
Premium finance receivables - life insurance | — | | | | | — | | | | | | — | | | 0.13 | | | 0.02 | |
Consumer and other | 0.14 | | | | | 0.13 | | | | | | 0.13 | | | 0.06 | | | 0.10 | |
Total loans, net of unearned income | 0.39 | % | | | | 0.34 | % | | | | | 0.33 | % | | 0.32 | % | | 0.26 | % |
Total non-performing assets as a percentage of total assets | 0.32 | % | | | | 0.28 | % | | | | | 0.27 | % | | 0.26 | % | | 0.22 | % |
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans | 288.69 | % | | | | 348.98 | % | | | | | 359.82 | % | | 380.69 | % | | 414.09 | % |
| | | | | | | | | | | | | | |
(1)Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Six Months Ended |
| Jun 30, | | Mar 31, | | | Dec 31, | | Sep 30, | | Jun 30, | Jun 30, | | Jun 30, |
(In thousands) | 2024 | | 2024 | | | 2023 | | 2023 | | 2023 | 2024 | | 2023 |
| | | | | | | | | | | | | | |
Balance at beginning of period | $ | 148,359 | | | $ | 139,030 | | | | | $ | 133,101 | | | $ | 108,712 | | | $ | 100,690 | | $ | 139,030 | | | $ | 100,697 | |
Additions from becoming non-performing in the respective period | 54,376 | | | 23,142 | | | | | 59,010 | | | 18,666 | | | 21,246 | | 77,518 | | | 45,701 | |
| | | | | | | | | | | | | | |
Return to performing status | (912) | | | (490) | | | | | (24,469) | | | (1,702) | | | (360) | | (1,402) | | | (840) | |
Payments received | (9,611) | | | (8,336) | | | | | (10,000) | | | (6,488) | | | (12,314) | | (17,947) | | | (17,575) | |
Transfer to OREO and other repossessed assets | (6,945) | | | (1,381) | | | | | (2,623) | | | (2,671) | | | (2,958) | | (8,326) | | | (2,958) | |
Charge-offs, net | (7,673) | | | (14,810) | | | | | (9,480) | | | (3,011) | | | (2,696) | | (22,483) | | | (3,855) | |
Net change for premium finance receivables | (3,343) | | | 11,204 | | | | | (6,509) | | | 19,595 | | | 5,104 | | 7,861 | | | (12,458) | |
Balance at end of period | $ | 174,251 | | | $ | 148,359 | | | | | $ | 139,030 | | | $ | 133,101 | | | $ | 108,712 | | $ | 174,251 | | | $ | 108,712 | |
Other Real Estate Owned
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, |
(In thousands) | 2024 | | 2024 | | 2023 | | 2023 | | 2023 |
Balance at beginning of period | $ | 14,538 | | | $ | 13,309 | | | $ | 14,060 | | | $ | 11,586 | | | $ | 9,361 | |
Disposals/resolved | (1,752) | | | — | | | (3,416) | | | (467) | | | (733) | |
Transfers in at fair value, less costs to sell | 6,945 | | | 1,436 | | | 2,665 | | | 2,941 | | | 2,958 | |
| | | | | | | | | |
Fair value adjustments | — | | | (207) | | | — | | | — | | | — | |
Balance at end of period | $ | 19,731 | | | $ | 14,538 | | | $ | 13,309 | | | $ | 14,060 | | | $ | 11,586 | |
| | | | | | | | | |
| Period End |
| Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, |
Balance by Property Type: | 2024 | | 2024 | | 2023 | | 2023 | | 2023 |
Residential real estate | $ | 161 | | | $ | 1,146 | | | $ | 720 | | | $ | 441 | | | $ | 318 | |
| | | | | | | | | |
Commercial real estate | 19,570 | | | 13,392 | | | 12,589 | | | 13,619 | | | 11,268 | |
Total | $ | 19,731 | | | $ | 14,538 | | | $ | 13,309 | | | $ | 14,060 | | | $ | 11,586 | |
TABLE 15: NON-INTEREST INCOME
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Q2 2024 compared to Q1 2024 | | Q2 2024 compared to Q2 2023 |
| Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | | |
(Dollars in thousands) | 2024 | | 2024 | | 2023 | | 2023 | | 2023 | | $ Change | | % Change | | $ Change | | % Change |
Brokerage | $ | 5,588 | | | $ | 5,556 | | | $ | 5,349 | | | $ | 4,359 | | | $ | 4,404 | | | $ | 32 | | | 1 | % | | $ | 1,184 | | | 27 | % |
Trust and asset management | 29,825 | | | 29,259 | | | 27,926 | | | 29,170 | | | 29,454 | | | 566 | | | 2 | | | 371 | | | 1 | |
Total wealth management | 35,413 | | | 34,815 | | | 33,275 | | | 33,529 | | | 33,858 | | | 598 | | | 2 | | | 1,555 | | | 5 | |
Mortgage banking | 29,124 | | | 27,663 | | | 7,433 | | | 27,395 | | | 29,981 | | | 1,461 | | | 5 | | | (857) | | | (3) | |
Service charges on deposit accounts | 15,546 | | | 14,811 | | | 14,522 | | | 14,217 | | | 13,608 | | | 735 | | | 5 | | | 1,938 | | | 14 | |
(Losses) gains on investment securities, net | (4,282) | | | 1,326 | | | 2,484 | | | (2,357) | | | 0 | | | (5,608) | | | NM | | (4,282) | | | NM |
Fees from covered call options | 2,056 | | | 4,847 | | | 4,679 | | | 4,215 | | | 2,578 | | | (2,791) | | | (58) | | | (522) | | | (20) | |
Trading gains (losses), net | 70 | | | 677 | | | (505) | | | 728 | | | 106 | | | (607) | | | (90) | | | (36) | | | (34) | |
Operating lease income, net | 13,938 | | | 14,110 | | | 14,162 | | | 13,863 | | | 12,227 | | | (172) | | | (1) | | | 1,711 | | | 14 | |
Other: | | | | | | | | | | | | | | | | | |
Interest rate swap fees | 3,392 | | | 2,828 | | | 4,021 | | | 2,913 | | | 2,711 | | | 564 | | | 20 | | | 681 | | | 25 | |
BOLI | 1,351 | | | 1,651 | | | 1,747 | | | 729 | | | 1,322 | | | (300) | | | (18) | | | 29 | | | 2 | |
Administrative services | 1,322 | | | 1,217 | | | 1,329 | | | 1,336 | | | 1,319 | | | 105 | | | 9 | | | 3 | | | 0 | |
Foreign currency remeasurement (losses) gains | (145) | | | (1,171) | | | 1,150 | | | (446) | | | 543 | | | 1,026 | | | (88) | | | (688) | | | NM |
Changes in fair value on EBOs and loans held-for-investment | 604 | | | (439) | | | 1,556 | | | (338) | | | (242) | | | 1,043 | | | NM | | 846 | | | NM |
Early pay-offs of capital leases | 393 | | | 430 | | | 157 | | | 461 | | | 201 | | | (37) | | | (9) | | | 192 | | | 96 | |
Miscellaneous | 22,365 | | | 37,815 | | | 14,819 | | | 16,233 | | | 14,818 | | | (15,450) | | | (41) | | | 7,547 | | | 51 | |
Total Other | 29,282 | | | 42,331 | | | 24,779 | | | 20,888 | | | 20,672 | | | (13,049) | | | (31) | | | 8,610 | | | 42 | |
Total Non-Interest Income | $ | 121,147 | | | $ | 140,580 | | | $ | 100,829 | | | $ | 112,478 | | | $ | 113,030 | | | $ | (19,433) | | | (14) | % | | $ | 8,117 | | | 7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | | | |
| | Jun 30, | | Jun 30, | | $ | | % |
(Dollars in thousands) | | 2024 | | 2023 | | Change | | Change |
Brokerage | | $ | 11,144 | | | $ | 8,937 | | | $ | 2,207 | | | 25 | % |
Trust and asset management | | 59,084 | | | 54,866 | | | 4,218 | | | 8 | |
Total wealth management | | 70,228 | | | 63,803 | | | 6,425 | | | 10 | |
Mortgage banking | | 56,787 | | | 48,245 | | | 8,542 | | | 18 | |
Service charges on deposit accounts | | 30,357 | | | 26,511 | | | 3,846 | | | 15 | |
(Losses) gains on investment securities, net | | (2,956) | | | 1,398 | | | (4,354) | | | NM |
Fees from covered call options | | 6,903 | | | 12,969 | | | (6,066) | | | (47) | |
Trading gains, net | | 747 | | | 919 | | | (172) | | | (19) | |
Operating lease income, net | | 28,048 | | | 25,273 | | | 2,775 | | | 11 | |
Other: | | | | | | | | |
Interest rate swap fees | | 6,220 | | | 5,317 | | | 903 | | | 17 | |
BOLI | | 3,002 | | | 2,673 | | | 329 | | | 12 | |
Administrative services | | 2,539 | | | 2,934 | | | (395) | | | (13) | |
Foreign currency remeasurement (losses) gains | | (1,316) | | | 355 | | | (1,671) | | | NM |
Changes in fair value on EBOs and loans held-for-investment | | 165 | | | 303 | | | (138) | | | (46) | |
Early pay-offs of leases | | 823 | | | 566 | | | 257 | | | 45 | |
Miscellaneous | | 60,180 | | | 29,533 | | | 30,647 | | | NM |
Total Other | | 71,613 | | | 41,681 | | | 29,932 | | | 72 | |
Total Non-Interest Income | | $ | 261,727 | | | $ | 220,799 | | | $ | 40,928 | | | 19 | % |
NM - Not meaningful.
BOLI - Bank-owned life insurance.
TABLE 16: MORTGAGE BANKING
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Six Months Ended |
(Dollars in thousands) | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Sep 30, 2023 | | Jun 30, 2023 | Jun 30, 2024 | | Jun 30, 2023 |
Originations: | | | | | | | | | | | | |
Retail originations | $ | 544,394 | | | $ | 331,504 | | | $ | 315,637 | | | $ | 408,761 | | | $ | 406,888 | | $ | 875,898 | | | $ | 663,025 | |
| | | | | | | | | | | | |
Veterans First originations | 177,792 | | | 144,109 | | | 123,564 | | | 163,856 | | | 171,158 | | 321,901 | | | 287,362 | |
Total originations for sale (A) | $ | 722,186 | | | $ | 475,613 | | | $ | 439,201 | | | $ | 572,617 | | | $ | 578,046 | | $ | 1,197,799 | | | $ | 950,387 | |
Originations for investment | 275,331 | | | 169,246 | | | 124,974 | | | 137,622 | | | 184,795 | | 444,577 | | | 315,975 | |
Total originations | $ | 997,517 | | | $ | 644,859 | | | $ | 564,175 | | | $ | 710,239 | | | $ | 762,841 | | $ | 1,642,376 | | | $ | 1,266,362 | |
| | | | | | | | | | | | |
As a percentage of originations for sale: | | | | | | | | | | | | |
Retail originations | 75 | % | | 70 | % | | 72 | % | | 71 | % | | 70 | % | 73 | % | | 70 | % |
Veterans First originations | 25 | | | 30 | | | 28 | | | 29 | | | 30 | | 27 | | | 30 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Purchases | 83 | % | | 75 | % | | 85 | % | | 84 | % | | 84 | % | 80 | % | | 82 | % |
Refinances | 17 | | | 25 | | | 15 | | | 16 | | | 16 | | 20 | | | 18 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Production Margin: | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Production revenue (B) (1) | $ | 14,990 | | | $ | 13,435 | | | $ | 6,798 | | | $ | 13,766 | | | $ | 11,846 | | $ | 28,425 | | | $ | 20,467 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Total originations for sale (A) | $ | 722,186 | | | $ | 475,613 | | | $ | 439,201 | | | $ | 572,617 | | | $ | 578,046 | | $ | 1,197,799 | | | $ | 950,387 | |
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) | 222,738 | | | 207,775 | | | 119,624 | | | 150,713 | | | 196,246 | | 222,738 | | | 196,246 | |
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) | 207,775 | | | 119,624 | | | 150,713 | | | 196,246 | | | 184,168 | | 119,624 | | | 113,303 | |
Total mortgage production volume (C) | $ | 737,149 | | | $ | 563,764 | | | $ | 408,112 | | | $ | 527,084 | | | $ | 590,124 | | $ | 1,300,913 | | | $ | 1,033,330 | |
| | | | | | | | | | | | |
Production margin (B / C) | 2.03 | % | | 2.38 | % | | 1.67 | % | | 2.61 | % | | 2.01 | % | 2.19 | % | | 1.98 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Mortgage Servicing: | | | | | | | | | | | | |
Loans serviced for others (D) | $ | 12,211,027 | | $ | 12,051,392 | | $ | 12,007,165 | | $ | 11,885,531 | | $ | 11,752,223 | | | |
MSRs, at fair value (E) | 204,610 | | 201,044 | | 192,456 | | 210,524 | | 200,692 | | | |
Percentage of MSRs to loans serviced for others (E / D) | 1.68 | % | | 1.67 | % | | 1.60 | % | | 1.77 | % | | 1.71 | % | | | |
Servicing income | $ | 10,586 | | | $ | 10,498 | | | $ | 10,286 | | | $ | 10,191 | | | $ | 11,034 | | $ | 21,084 | | | $ | 23,086 | |
| | | | | | | | | | | | |
Components of MSR: | | | | | | | | | | | | |
MSR - changes in fair value model assumptions | $ | 877 | | | $ | 7,595 | | | $ | (19,634) | | | $ | 4,723 | | | $ | 2,715 | | $ | 8,472 | | | $ | (4,238) | |
Changes in fair value of derivative contract held as an economic hedge, net | (772) | | | (2,577) | | | 3,541 | | | (2,481) | | | (726) | | (3,349) | | | 220 | |
MSR valuation adjustment, net of changes in fair value of derivative contract held as an economic hedge | $ | 105 | | | $ | 5,018 | | | $ | (16,093) | | | $ | 2,242 | | | $ | 1,989 | | $ | 5,123 | | | $ | (4,018) | |
MSR - current period capitalization | 8,223 | | | 5,379 | | | 5,077 | | | 9,706 | | | 8,720 | | 13,602 | | | 13,827 | |
MSR - collection of expected cash flows - paydowns | (1,504) | | | (1,444) | | | (1,572) | | | (1,492) | | | (1,432) | | (2,948) | | | (3,220) | |
MSR - collection of expected cash flows - payoffs and repurchases | (4,030) | | | (2,942) | | | (1,939) | | | (3,105) | | | (3,611) | | (6,972) | | | (5,732) | |
MSR Activity | $ | 2,794 | | | $ | 6,011 | | | $ | (14,527) | | | $ | 7,351 | | | $ | 5,666 | | $ | 8,805 | | | $ | 857 | |
| | | | | | | | | | | | |
Summary of Mortgage Banking Revenue: | | | | | | | | | | | | |
Production revenue (1) | $ | 14,990 | | | $ | 13,435 | | | $ | 6,798 | | | $ | 13,766 | | | $ | 11,846 | | $ | 28,425 | | | $ | 20,467 | |
Servicing income | 10,586 | | | 10,498 | | | 10,286 | | | 10,191 | | | 11,034 | | 21,084 | | | 23,086 | |
MSR activity | 2,794 | | | 6,011 | | | (14,527) | | | 7,351 | | | 5,666 | | 8,805 | | | 857 | |
Changes in fair value of early buy-out loans guaranteed by U.S. government agencies | 642 | | | (2,190) | | | 4,856 | | | (4,245) | | | 1,508 | | (1,548) | | | 3,806 | |
Other revenue | 112 | | | (91) | | | 20 | | | 332 | | | (73) | | 21 | | | 29 | |
Total mortgage banking revenue | $ | 29,124 | | | $ | 27,663 | | | $ | 7,433 | | | $ | 27,395 | | | $ | 29,981 | | $ | 56,787 | | | $ | 48,245 | |
| | | | | | | | | | | | |
Changes in fair value on EBOs and loans held-for-investment | $ | 604 | | | $ | (439) | | | $ | 1,556 | | | $ | (338) | | | $ | (242) | | $ | 165 | | | $ | 303 | |
(1)Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2)Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.
TABLE 17: NON-INTEREST EXPENSE
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Q2 2024 compared to Q1 2024 | | Q2 2024 compared to Q2 2023 |
| Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | | |
(Dollars in thousands) | 2024 | | 2024 | | 2023 | | 2023 | | 2023 | | $ Change | | % Change | | $ Change | | % Change |
Salaries and employee benefits: | | | | | | | | | | | | | | | | | |
Salaries | $ | 113,860 | | | $ | 112,172 | | | $ | 111,484 | | | $ | 111,303 | | | $ | 107,671 | | | $ | 1,688 | | | 2 | % | | $ | 6,189 | | | 6 | % |
Commissions and incentive compensation | 52,151 | | | 51,001 | | | 48,974 | | | 48,817 | | | 44,511 | | | 1,150 | | | 2 | | | 7,640 | | | 17 | |
Benefits | 32,530 | | | 32,000 | | | 33,513 | | | 32,218 | | | 32,741 | | | 530 | | | 2 | | | (211) | | | (1) | |
Total salaries and employee benefits | 198,541 | | | 195,173 | | | 193,971 | | | 192,338 | | | 184,923 | | | 3,368 | | | 2 | | | 13,618 | | | 7 | |
Software and equipment | 29,231 | | | 27,731 | | | 27,779 | | | 25,951 | | | 26,205 | | | 1,500 | | | 5 | | | 3,026 | | | 12 | |
Operating lease equipment | 10,834 | | | 10,683 | | | 10,694 | | | 12,020 | | | 9,816 | | | 151 | | | 1 | | | 1,018 | | | 10 | |
Occupancy, net | 19,585 | | | 19,086 | | | 18,102 | | | 21,304 | | | 19,176 | | | 499 | | | 3 | | | 409 | | | 2 | |
Data processing | 9,503 | | | 9,292 | | | 8,892 | | | 10,773 | | | 9,726 | | | 211 | | | 2 | | | (223) | | | (2) | |
Advertising and marketing | 17,436 | | | 13,040 | | | 17,166 | | | 18,169 | | | 17,794 | | | 4,396 | | | 34 | | | (358) | | | (2) | |
Professional fees | 9,967 | | | 9,553 | | | 8,768 | | | 8,887 | | | 8,940 | | | 414 | | | 4 | | | 1,027 | | | 11 | |
Amortization of other acquisition-related intangible assets | 1,122 | | | 1,158 | | | 1,356 | | | 1,408 | | | 1,499 | | | (36) | | | (3) | | | (377) | | | (25) | |
FDIC insurance | 10,429 | | | 9,381 | | | 9,303 | | | 9,748 | | | 9,008 | | | 1,048 | | | 11 | | | 1,421 | | | 16 | |
FDIC insurance - special assessment | — | | | 5,156 | | | 34,374 | | | — | | | — | | | (5,156) | | | NM | | — | | | NM |
OREO expense, net | (259) | | | 392 | | | (1,559) | | | 120 | | | 118 | | | (651) | | | NM | | (377) | | | NM |
Other: | | | | | | | | | | | | | | | | | |
Lending expenses, net of deferred origination costs | 5,335 | | | 5,078 | | | 5,330 | | | 4,777 | | | 7,890 | | | 257 | | | 5 | | | (2,555) | | | (32) | |
Travel and entertainment | 5,340 | | | 4,597 | | | 5,754 | | | 5,449 | | | 5,401 | | | 743 | | | 16 | | | (61) | | | (1) | |
Miscellaneous | 23,289 | | | 22,825 | | | 22,722 | | | 19,111 | | | 20,127 | | | 464 | | | 2 | | | 3,162 | | | 16 | |
Total other | 33,964 | | | 32,500 | | | 33,806 | | | 29,337 | | | 33,418 | | | 1,464 | | | 5 | | | 546 | | | 2 | |
Total Non-Interest Expense | $ | 340,353 | | | $ | 333,145 | | | $ | 362,652 | | | $ | 330,055 | | | $ | 320,623 | | | $ | 7,208 | | | 2 | % | | $ | 19,730 | | | 6 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | | |
| | Jun 30, | | Jun 30, | $ | | % |
(Dollars in thousands) | | 2024 | | 2023 | Change | | Change |
Salaries and employee benefits: | | | | | | | |
Salaries | | $ | 226,032 | | | $ | 216,025 | | $ | 10,007 | | | 5 | % |
Commissions and incentive compensation | | 103,152 | | | 84,310 | | 18,842 | | | 22 | |
Benefits | | 64,530 | | | 61,369 | | 3,161 | | | 5 | |
Total salaries and employee benefits | | 393,714 | | | 361,704 | | 32,010 | | | 9 | |
Software and equipment | | 56,962 | | | 50,902 | | 6,060 | | | 12 | |
Operating lease equipment | | 21,517 | | | 19,649 | | 1,868 | | | 10 | |
Occupancy, net | | 38,671 | | | 37,662 | | 1,009 | | | 3 | |
Data processing | | 18,795 | | | 19,135 | | (340) | | | (2) | |
Advertising and marketing | | 30,476 | | | 29,740 | | 736 | | | 2 | |
Professional fees | | 19,520 | | | 17,103 | | 2,417 | | | 14 | |
Amortization of other acquisition-related intangible assets | | 2,280 | | | 2,734 | | (454) | | | (17) | |
FDIC insurance | | 19,810 | | | 17,677 | | 2,133 | | | 12 | |
FDIC insurance - special assessment | | 5,156 | | | — | | 5,156 | | | NM |
OREO expense, net | | 133 | | | (89) | | 222 | | | NM |
Other: | | | | | | | |
Lending expenses, net of deferred origination costs | | 10,413 | | | 10,989 | | (576) | | | (5) | |
Travel and entertainment | | 9,937 | | | 9,991 | | (54) | | | (1) | |
Miscellaneous | | 46,114 | | | 42,595 | | 3,519 | | | 8 | |
Total other | | 66,464 | | | 63,575 | | 2,889 | | | 5 | |
Total Non-Interest Expense | | $ | 673,498 | | | $ | 619,792 | | $ | 53,706 | | | 9 | % |
NM - Not meaningful.
TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS
The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.
Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a fully taxable-equivalent basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Six Months Ended |
| Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | Jun 30, | | Jun 30, |
(Dollars and shares in thousands) | 2024 | | 2024 | | 2023 | | 2023 | | 2023 | 2024 | | 2023 |
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: | | | |
(A) Interest Income (GAAP) | $ | 849,979 | | | $ | 805,513 | | | $ | 793,848 | | | $ | 762,400 | | | $ | 697,176 | | $ | 1,655,492 | | | $ | 1,336,866 | |
Taxable-equivalent adjustment: | | | | | | | | | | | | |
- Loans | 2,305 | | | 2,246 | | | 2,150 | | | 1,923 | | | 1,882 | | 4,551 | | | 3,754 | |
- Liquidity Management Assets | 567 | | | 550 | | | 575 | | | 572 | | | 551 | | 1,117 | | | 1,102 | |
- Other Earning Assets | 3 | | | 5 | | | 4 | | | 1 | | | 1 | | 8 | | | 5 | |
(B) Interest Income (non-GAAP) | $ | 852,854 | | | $ | 808,314 | | | $ | 796,577 | | | $ | 764,896 | | | $ | 699,610 | | $ | 1,661,168 | | | $ | 1,341,727 | |
(C) Interest Expense (GAAP) | 379,369 | | | 341,319 | | | 323,874 | | | 300,042 | | | 249,639 | | 720,688 | | | 431,334 | |
(D) Net Interest Income (GAAP) (A minus C) | $ | 470,610 | | | $ | 464,194 | | | $ | 469,974 | | | $ | 462,358 | | | $ | 447,537 | | $ | 934,804 | | | $ | 905,532 | |
(E) Net Interest Income (non-GAAP) (B minus C) | $ | 473,485 | | | $ | 466,995 | | | $ | 472,703 | | | $ | 464,854 | | | $ | 449,971 | | $ | 940,480 | | | $ | 910,393 | |
Net interest margin (GAAP) | 3.50 | % | | 3.57 | % | | 3.62 | % | | 3.60 | % | | 3.64 | % | 3.53 | % | | 3.72 | % |
Net interest margin, fully taxable-equivalent (non-GAAP) | 3.52 | | | 3.59 | | | 3.64 | | | 3.62 | | | 3.66 | | 3.56 | | | 3.74 | |
(F) Non-interest income | $ | 121,147 | | | $ | 140,580 | | | $ | 100,829 | | | $ | 112,478 | | | $ | 113,030 | | $ | 261,727 | | | $ | 220,799 | |
(G) (Losses) gains on investment securities, net | (4,282) | | | 1,326 | | | 2,484 | | | (2,357) | | | 0 | | (2,956) | | | 1,398 | |
(H) Non-interest expense | 340,353 | | | 333,145 | | | 362,652 | | | 330,055 | | | 320,623 | | 673,498 | | | 619,792 | |
Efficiency ratio (H/(D+F-G)) | 57.10 | % | | 55.21 | % | | 63.81 | % | | 57.18 | % | | 57.20 | % | 56.15 | % | | 55.10 | % |
Efficiency ratio (non-GAAP) (H/(E+F-G)) | 56.83 | | | 54.95 | | | 63.51 | | | 56.94 | | | 56.95 | | 55.88 | | | 54.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Six Months Ended |
| Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | Jun 30, | | Jun 30, |
(Dollars and shares in thousands) | 2024 | | 2024 | | 2023 | | 2023 | | 2023 | 2024 | | 2023 |
Reconciliation of Non-GAAP Tangible Common Equity Ratio: | | | |
Total shareholders’ equity (GAAP) | $ | 5,536,628 | | $ | 5,436,400 | | $ | 5,399,526 | | $ | 5,015,613 | | $ | 5,041,912 | | | |
| | | | | | | | | | | | |
Less: Non-convertible preferred stock (GAAP) | (412,500) | | (412,500) | | (412,500) | | (412,500) | | (412,500) | | | |
Less: Intangible assets (GAAP) | (676,562) | | (677,911) | | (679,561) | | (680,353) | | (682,327) | | | |
(I) Total tangible common shareholders’ equity (non-GAAP) | $ | 4,447,566 | | $ | 4,345,989 | | $ | 4,307,465 | | $ | 3,922,760 | | $ | 3,947,085 | | | |
(J) Total assets (GAAP) | $ | 59,781,516 | | $ | 57,576,933 | | $ | 56,259,934 | | $ | 55,555,246 | | $ | 54,286,176 | | | |
Less: Intangible assets (GAAP) | (676,562) | | (677,911) | | (679,561) | | (680,353) | | (682,327) | | | |
(K) Total tangible assets (non-GAAP) | $ | 59,104,954 | | $ | 56,899,022 | | $ | 55,580,373 | | $ | 54,874,893 | | $ | 53,603,849 | | | |
Common equity to assets ratio (GAAP) (L/J) | 8.6 | % | | 8.7 | % | | 8.9 | % | | 8.3 | % | | 8.5 | % | | | |
Tangible common equity ratio (non-GAAP) (I/K) | 7.5 | | | 7.6 | | | 7.7 | | | 7.1 | | | 7.4 | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reconciliation of Non-GAAP Tangible Book Value per Common Share: | | | |
Total shareholders’ equity | $ | 5,536,628 | | | $ | 5,436,400 | | | $ | 5,399,526 | | | $ | 5,015,613 | | | $ | 5,041,912 | | | | |
Less: Preferred stock | (412,500) | | | (412,500) | | | (412,500) | | | (412,500) | | | (412,500) | | | | |
(L) Total common equity | $ | 5,124,128 | | | $ | 5,023,900 | | | $ | 4,987,026 | | | $ | 4,603,113 | | | $ | 4,629,412 | | | | |
(M) Actual common shares outstanding | 61,760 | | | 61,737 | | | 61,244 | | | 61,222 | | | 61,198 | | | | |
Book value per common share (L/M) | $ | 82.97 | | | $ | 81.38 | | | $ | 81.43 | | | $ | 75.19 | | | $ | 75.65 | | | | |
Tangible book value per common share (non-GAAP) (I/M) | 72.01 | | | 70.40 | | | 70.33 | | | 64.07 | | | 64.50 | | | | |
| | | | | | | | | | | | |
Reconciliation of Non-GAAP Return on Average Tangible Common Equity: | | | |
(N) Net income applicable to common shares | $ | 145,397 | | | $ | 180,303 | | | $ | 116,489 | | | $ | 157,207 | | | $ | 147,759 | | $ | 325,700 | | | $ | 320,966 | |
Add: Intangible asset amortization | 1,122 | | | 1,158 | | | 1,356 | | | 1,408 | | | 1,499 | | 2,280 | | | 2,734 | |
Less: Tax effect of intangible asset amortization | (311) | | | (291) | | | (343) | | | (380) | | | (402) | | (602) | | | (722) | |
After-tax intangible asset amortization | $ | 811 | | | $ | 867 | | | $ | 1,013 | | | $ | 1,028 | | | $ | 1,097 | | $ | 1,678 | | | $ | 2,012 | |
(O) Tangible net income applicable to common shares (non-GAAP) | $ | 146,208 | | | $ | 181,170 | | | $ | 117,502 | | | $ | 158,235 | | | $ | 148,856 | | $ | 327,378 | | | $ | 322,978 | |
Total average shareholders’ equity | $ | 5,450,173 | | | $ | 5,440,457 | | | $ | 5,066,196 | | | $ | 5,083,883 | | | $ | 5,044,718 | | $ | 5,445,315 | | | $ | 4,970,407 | |
Less: Average preferred stock | (412,500) | | | (412,500) | | | (412,500) | | | (412,500) | | | (412,500) | | (412,500) | | | (412,500) | |
(P) Total average common shareholders’ equity | $ | 5,037,673 | | | $ | 5,027,957 | | | $ | 4,653,696 | | | $ | 4,671,383 | | | $ | 4,632,218 | | $ | 5,032,815 | | | $ | 4,557,907 | |
Less: Average intangible assets | (677,207) | | | (678,731) | | | (679,812) | | | (681,520) | | | (682,561) | | (677,969) | | | (678,924) | |
(Q) Total average tangible common shareholders’ equity (non-GAAP) | $ | 4,360,466 | | | $ | 4,349,226 | | | $ | 3,973,884 | | | $ | 3,989,863 | | | $ | 3,949,657 | | $ | 4,354,846 | | | $ | 3,878,983 | |
Return on average common equity, annualized (N/P) | 11.61 | % | | 14.42 | % | | 9.93 | % | | 13.35 | % | | 12.79 | % | 13.01 | % | | 14.20 | % |
Return on average tangible common equity, annualized (non-GAAP) (O/Q) | 13.49 | | | 16.75 | | | 11.73 | | | 15.73 | | | 15.12 | | 15.12 | | | 16.79 | |
| | | | | | | | | | | | |
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: | | | | | |
Income before taxes | $ | 211,343 | | | $ | 249,956 | | | $ | 165,243 | | | $ | 224,858 | | | $ | 211,430 | | $ | 461,299 | | | $ | 454,980 | |
Add: Provision for credit losses | 40,061 | | | 21,673 | | | 42,908 | | | 19,923 | | | 28,514 | | 61,734 | | | 51,559 | |
Pre-tax income, excluding provision for credit losses (non-GAAP) | $ | 251,404 | | | $ | 271,629 | | | $ | 208,151 | | | $ | 244,781 | | | $ | 239,944 | | $ | 523,033 | | | $ | 506,539 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
WINTRUST SUBSIDIARIES AND LOCATIONS
Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 15 community bank subsidiaries are: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., in Chicago, Libertyville Bank & Trust Company, N.A., Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, N.A., Schaumburg Bank & Trust Company, N.A., Village Bank & Trust, N.A., in Arlington Heights, Beverly Bank & Trust Company, N.A. in Chicago, Wheaton Bank & Trust Company, N.A., State Bank of The Lakes, N.A., in Antioch, Old Plank Trail Community Bank, N.A., in New Lenox, St. Charles Bank & Trust Company, N.A. and Town Bank, N.A., in Hartland, Wisconsin.
In addition to the locations noted above, the banks also operate facilities in Illinois in Addison, Algonquin, Aurora, Bloomingdale, Bolingbrook, Buffalo Grove, Burbank, Cary, Clarendon Hills, Countryside, Crete, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Grayslake, Gurnee, Hanover Park, Hawthorn Woods, Highland Park, Highwood, Hoffman Estates, Homer Glen, Itasca, Joliet, Lake Bluff, Lake Villa, Lansing, Lemont, Lindenhurst, Lombard, Lynwood, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, Norridge, Northfield, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rockford, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Pewaukee, Racine, Wales, Walworth, Whitefish Bay and Wind Lake, and in Florida in Bonita Springs and Naples, and in Indiana in Crown Point and Dyer.
Additionally, the Company operates various non-bank business units:
•FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
•First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
•Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
•Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
•Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
•Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
•The Chicago Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
•Wintrust Asset Finance offers direct leasing opportunities.
•CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2023 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, plans to form additional de novo banks or branch offices, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form
additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:
•economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
•negative effects suffered by us or our customers resulting from changes in U.S. trade policies;
•the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
•estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
•the financial success and economic viability of the borrowers of our commercial loans;
•commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
•the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
•inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
•changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
•the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
•competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
•failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
•unexpected difficulties and losses related to FDIC-assisted acquisitions;
•harm to the Company’s reputation;
•any negative perception of the Company’s financial strength;
•ability of the Company to raise additional capital on acceptable terms when needed;
•disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
•ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
•failure or breaches of our security systems or infrastructure, or those of third parties;
•security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
•adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
•adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
•increased costs as a result of protecting our customers from the impact of stolen debit card information;
•accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
•ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
•environmental liability risk associated with lending activities;
•the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
•losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
•the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
•the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
•the expenses and delayed returns inherent in opening new branches and de novo banks;
•liabilities, potential customer loss or reputational harm related to closings of existing branches;
•examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
•changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
•the ability of the Company to receive dividends from its subsidiaries;
•the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
•a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
•legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
•changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
•a lowering of our credit rating;
•changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
•regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
•increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
•the impact of heightened capital requirements;
•increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
•delinquencies or fraud with respect to the Company’s premium finance business;
•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
•the Company’s ability to comply with covenants under its credit facility;
•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation;
•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change; and
•the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses.
Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.
CONFERENCE CALL, WEBCAST AND REPLAY
The Company will hold a conference call on Thursday, July 18, 2024 at 10:00 a.m. (CDT) regarding second quarter and year-to-date 2024 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated June 28, 2024 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the second quarter and year-to-date 2024 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.
Earnings Release Presentation Q2 2024 Wintrust Financial Corporation
22 This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2023 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time,the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company's financial condition and results of operations from expected developments or events. Actual results could differ materially from those addressed in the forward- looking statements as a result of numerous factors, including the following: • economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates; • negative effects suffered by us or our customers resulting from changes in U.S. trade policies; • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses; • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period; • the financial success and economic viability of the borrowers of our commercial loans; • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses; • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; • changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities; • the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability; • competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products; • failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions; • unexpected difficulties and losses related to FDIC-assisted acquisitions; • harm to the Company’s reputation; • any negative perception of the Company’s financial strength; • ability of the Company to raise additional capital on acceptable terms when needed; • disruption in capital markets, which may lower fair values for the Company’s investment portfolio; • ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith; • failure or breaches of our security systems or infrastructure, or those of third parties; • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft; • adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware); PENDING - LEGAL Forward Looking Statements
33 • adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors; • increased costs as a result of protecting our customers from the impact of stolen debit card information; • accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions; • ability of the Company to attract and retain senior management experienced in the banking and financial services industries; • environmental liability risk associated with lending activities; • the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation; • losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith; • the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank; • the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns; • the expenses and delayed returns inherent in opening new branches and de novo banks; • liabilities, potential customer loss or reputational harm related to closings of existing branches; • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; • changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements; • the ability of the Company to receive dividends from its subsidiaries; • the impact of the Company's transition from LIBOR to an alternative benchmark rate for current and future transactions; • a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise; • legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies; • changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity; • a lowering of our credit rating; • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise; • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business; • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment; • the impact of heightened capital requirements; • increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC; • delinquencies or fraud with respect to the Company’s premium finance business; • credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans; • the Company’s ability to comply with covenants under its credit facility; • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services; and • the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses. Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward- looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release and this presentation. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases and presentations. PENDING - LEGAL Forward Looking Statements
44 Pre-Tax, Pre-Provision1 June 2024 Year-to-Date Highlights (Comparative to June 2023 Year-to-Date) Total DepositsTotal Assets Total Loans Net Income $59.8 billion +$5.5 billion or 10% $44.7 billion +$3.7 billion or 9% $48.0 billion +$4.0 billion or 9% $339.7 million +$5 million or 1% Update Format second box BV / TBV Net Interest Income Net Interest Margin $934.8 million +$29 million or 3% (non-GAAP) $72.01 +$7.51 $523.0 million +$16 million or 3% Diluted EPS $5.21 +$0.03 or 1% Current EPS Prior EPS $ 2.32 2.89 $ (0.57) PPNI Prior PPNI $ 251.4 271.6 $-20.23 -20200000 251,404 271,629 Metric June 2024 YTD June 2023 YTD Difference % Change Net Income $ 339,682 $ 334,948 $ 4,734 1 % Pre-Tax, Pre- Provision 523,033 506,539 $ 16,494 3 % Diluted EPS $ 5.21 $ 5.18 $ 0.03 1 % Net Interest Income 934,804 905,532 $ 29,272 3 % NIM 3.53 % 3.72 % (0.1900) % 58 TBV 72.01 64.50 $ 7.51 12 % Total Assets 59,781,516 54,286,176 $ 5,495,340 10 % Total Loans 44,675,531 41,023,408 $ 3,652,123 9 % Total Deposits 48,049,026 44,038,707 $ 4,010,319 9 % June 2024 Year-to-Date Takeaways 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix (GAAP) $82.97 +$7.32 (non-GAAP) 3.56% -18 bps (GAAP) 3.53% -19 bps NIM FY GAAP NIM PY GAAP Change 3.53% 3.72% -19.00 NIM FY Non- GAAP NIM PY Non- GAAP Change 3.56% 3.74% -18.00 BV FY BV PY Change $ 82.97 $ 75.65 $ 7.31999999999999 TBV TBV PY Change 72.01 64.50 7.51 • Record full year net income of $622.6 million or $9.58 per diluted common share was 22% higher than our annual record net income in 2022 • Record full year net interest income of $1.8 billion driven by net interest margin expansion along with strong earning asset growth • Credit metrics remain strong and at historically low levels with net charge-offs of 11 bps of average total loans for full year 2023 • The Company's capital expansion was driven by record full year earnings in 2023 and remain well above the regulatory thresholds • Wintrust's tangible book value per common share (non-GAAP) increased in 2023 to $70.33 as of December 31, 2023. Tangible book value per common share (non-GAAP) has increased every year since Wintrust became a public company in 1996 • Record year-to-date net income of $339.7 million or $5.21 per diluted common share was $5 million higher than our net income for the same time period in 2023 • Record year-to-date net interest income of $934.8 million driven by strong earning asset growth was $29 million higher than our net interest income for the same time period in 2023 • Wintrust's tangible book value per common share (non-GAAP) increased to $72.01 as of June 30, 2024. Tangible book value per common share (non-GAAP) has increased every year since Wintrust became a public company in 1996
55 • Robust loan growth of $1.4 billion, or 13% annualized. Adjusting for the impact of a loan sale transaction within our property and casualty insurance premium finance receivables portfolio during the second quarter of 2024, total loans would have increased $2.1 billion, or 20% annualized • Strong deposit growth of $1.6 billion, or 14% annualized, driven by our diversified product offerings • Recorded net income of $152.4 million for the second quarter of 2024 • Q2 2024 net interest margin (non-GAAP) of 3.52% remained within our expected range, decreasing by seven basis points from the prior quarter Pre-Tax, Pre-Provision1 Diversified Balance Sheet Total DepositsTotal Assets Total Loans Net Income $59.8 billion +$2.2 billion $44.7 billion +$1.4 billion $48.0 billion +$1.6 billion $152.4 million -$34.9 million Stable Credit Quality • NPLs of $174.3 million, or 0.39% of total loans, remain relatively low compared to historical levels • Allowance for credit losses on total core loans was 1.52% Efficiency RatioReturn on Assets ROE / ROTCE 1.07% -28 bps (GAAP) 57.10% +189 bps $251.4 million -$20.2 million 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix for all metrics denoted as non-GAAP Diluted EPS $2.32 -$0.57 Current EPS Prior EPS $ 2.32 2.89 $ (0.57) PPNI Prior PPNI $ 251.4 271.6 $-20.23 -20200000 251,404 271,629 Stable Margin Supports Earnings Net Overhead Ratio 1.53% +14 bps (non-GAAP) 56.83% +188 bps Efficiency GAAP Prior Q 57.10% 58.59% $ (149.00) Efficiency Non GAAP Prior Q Efficiency Ratio (GAAP) Q1-23 Efficiency Ratio (GAAP) Q4-22 Efficiency Ratio (Non- GAAP) Q1-23 Efficiency Ratio (Non- GAAP) Q4-22 57.10 % 55.21 % 56.83 % 54.95 % % Change File does not have calc for GAAP numbers 188 Check 189.00 188.00 (GAAP) 11.61% -281 bps (non-GAAP) 13.49% -326 bps Q2 2024 Highlights (Comparative to Q1 2024) Current ROE Prior ROE Current ROTCE Prior ROTCE 11.61 % 14.42 % 13.49 % 16.75 % (281) -326 PENDING
66 Diluted EPS Quarterly Trend Quarterly Pre-Tax Income, Excluding Provision for Credit Losses Record Net Income for the First Six Months of the Year $154.8 $164.2 $123.5 $187.3 $152.4 1.18% 1.20% 0.89% 1.35% 1.07% Net Income ROA Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $2.38 $2.53 $1.87 $2.89 $2.32 Diluted EPS Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $239.9 $244.8 $208.2 $271.6 $251.4 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 ($ in Millions) ($ in Millions) 1 See non-GAAP reconciliation in Appendix Q2 2024 Highlights Earnings Summary Differentiated, highly diversified and sustainable business model Manual Input - Highlights May Change QoQ • Q2 2024 pre-tax income, excluding provision for credit losses totaled $251.4 million as compared to $271.6 million in the first quarter of 2024. The decrease in Q2 2024 was primarily related to the realized net gain on the sale of the Company's RBA division in the first quarter of 2024 • Record quarterly net interest income of $470.6 million
77 31% 27% 16% 18% 7% 1% Commercial Commercial Real Estate PFR - Property and Casualty Insurance PFR - Life Insurance Residential Real Estate All Other Loans $43,231 $651 $314 $177 $(698) $859 $142 $44,676 3/31/2024 Commercial Commercial Real Estate Residential Real Estate PFR - Property and Casualty Insurance Loan Sale PFR - Property and Casualty Insurance Other Activity All Other Loans 6/30/2024 $41.0 $43.2 $44.7 6.23% 6.80% 6.90% Total Loans Average Total Loan Yield 6/30/2023 3/31/2024 6/30/2024 Year-over-Year Change $3.7B or 9% in Total Loans Loan Portfolio Diversified loan portfolio Strong Loan Growth Despite PFR - Property and Casualty Insurance Loan Sale Transaction ($ in Millions) Diversified Loan Mix (as of 6/30/2024) Robust Loan Growth Coupled with Higher Loan Yield ($ in Billions)
88 • Robust second quarter deposit growth totaling $1.6 billion • Deposit base and liquidity remained strong despite a volatile market • Year-over-year deposit growth of $4.0 billion or 9% • Non-Interest-Bearing increased approximately $123 million in the second quarter of 2024 $46,449 $123 $702 $1,376 $(601) $48,049 3/31/2024 Non-Interest-Bearing Money Market CDs Other Interest- Bearing 6/30/2024 $44.0 $46.5 $48.0 2.71% 3.48% 3.73% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 6/30/2023 3/31/2024 6/30/2024 1 1Includes: NOW, Interest-bearing Demand Deposits, Savings and deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), trust and asset management customers of the Company Deposit Portfolio Enviable core deposit franchise in Chicago and Milwaukee market areas Strong Quarterly Growth Primarily Driven by CDs and Money Market ($ in Millions) Deposit Growth Supported by Strong Franchise ($ in Billions) Highlights 1 Manual Input - Highlights May Change QoQ
99 24% 21% 13% 11% 3% 3% 33% 34% 12% 12% 15% 19% Time Certificates of Deposit Savings Money Market Wealth Management Deposits NOW and Interest-Bearing Demand Deposits Non-Interest-Bearing Q2 2023 Q2 2024 Total Interest-Bearing Deposit Costs 1 Fed Funds Upper Target up 525 bps 0.25% 5.50% 12/31/21 6/30/2024 Total Interest-Bearing Deposit Beta 67% 0.24% 3.73% 12/31/21 6/30/2024 Total Deposit Beta 53% 0.16% 2.93% 12/31/21 6/30/2024 Fed Target Total Deposit Costs $44.0 Deposit Portfolio Deposit beta increase driven by competitive deposit pricing to fund quality loan growth Q2 2024 Highlights Deposit Beta Stability Continues in Q2 2024 Non-Interest-Bearing Deposit Mix Remains Unchanged from Last Quarter ($ in Billions) $48.0 • Total cycle-to-date interest-bearing deposit beta was at 66% as of Q2 2024 • No material deposit concentrations • Non-interest-bearing at 21% of total deposits as of June 30, 2024 Manual Input - Highlights May Change QoQ Manual Input - Calculation using Fed Funds 5.50% 3.73% 2.93% Fed Funds Upper Target Interest-Bearing Deposit Rate Total Deposit Rate 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Deposit Betas Interest-Bearing Deposit Beta: 67% Total Deposit Beta: 53% Total Deposit Beta: 53% Deposit Betas Interest-Bearing Deposit Beta: 66% Total Deposit Beta: 53% 21% 21% 12% 11% 3% 3% 34% 34% 13% 12% 17% 19% Time Certificates of Deposit Savings Money Market Wealth Management Deposits NOW and Interest-Bearing Demand Deposits Non-Interest-Bearing Q1 2024 Q2 2024 $46.5 Non-Interest-Bearing Deposit Mix Remains Unchanged from Last Quarter ($ in Billions) $48.0
1010 Capital/Liquidity Current capital levels are well in excess of regulatory thresholds $4.3 $3.8 $0.1 Available-for-Sale Held-to-Maturity Other 12.2% 0.3% (0.4)% (0.1)% 12.0% 3/31/2024 Retained Earnings and Other Equity Changes Change in RWA Change in Subordinated Debt 6/30/2024 1 Ratios for Q2 2024 are estimated 9.3% 9.5% 9.5% 10.1% 10.3% 10.2% 12.0% 12.2% 12.0% 9.3% 9.4% 9.3% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 6/30/2023 3/31/2024 6/30/2024 Total Capital Ratio 1 Total Capital Ratio Decreased Due to Change in RWA and Subordinated Debt Partially Offset by Strong Earnings Capital Levels Remained Stable Supporting Strong Growth Strategically Balanced Investment Portfolio (as of 6/30/2024) ($ in Billions) • The Company's capital levels are well in excess of regulatory thresholds and it is expected that the Company would remain well capitalized in the event the Company were to liquidate its entire investment portfolio • Investment portfolio size has remained relatively unchanged quarter over quarter at 14% of total assets Q2 2024 Highlights 1 Total Investment Portfolio Yield (Q2 '24): 3.45% Duration: 6.6 Years $8.2 Manual Input - Highlights May Change QoQ Manual Input - CET1 calculation comes from Ravshana
1111 Tangible Book Value Per Share (non-GAAP) Wintrust has grown TBV Per Share every year since going public in 1996, and increased TBV Per Share to $72.01 for the second quarter of 2024, which is the highest in Company history $4.11 $5.50 $6.03 $6.19 $7.08 $9.03 $11.65 $14.84 $16.07 $17.28 $18.97 $19.02 $20.78 $23.22 $25.80$26.72 $29.28 $29.93 $32.45 $33.17 $37.08 $41.68 $44.67 $49.70 $53.23 $59.64 $61.00 $70.33 $72.01 Tangible Book Value Per Share (non-GAAP) 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 Q2 2 02 4 1 1Q2 2024 is a Preliminary Number Tangible book value per common share (non-GAAP) increased to $72.01 which is the highest in Company history
1212 Net Interest Margin/Income Net interest margin within guidance range; coupled with earning asset growth and strong net interest income Q2 2024 NII Increase Primarily Driven by Higher Average Earning Assets Despite Decrease in NIM 3.59% 0.12% (0.21)% 0.02% 3.52% NIM (non-GAAP) Q1 2024 Earning Asset Yield Interest-Bearing Liability Rate Net Free Funds NIM (non-GAAP) Q2 2024 Repositioning the Balance Sheet to Mitigate Interest Rate Risk 2.9% 1.0% 1.8% 1.0% Static Ramp 6/30/2023 6/30/2024 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points (2.9)% 0.6% (0.9)% 0.9% Static Ramp 6/30/2023 6/30/2024 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Falling Rates Scenario - 100 Basis Points 1 Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet 2 Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months Q1 '24 NII $464.2MM Q2 '24 NII $470.6MMNIM Linking Chart 6/30/2024 3/31/2024 Variance Total earning assets (7) 6.34 % 6.22 % 0.12 % Total interest-bearing liabilities 3.76 % 3.55 (0.21) % Net free funds/contribution (6)/ Net interest income/Net interest margin 0.94 % 0.92 0.02 NIM 3.52 % 3.59 Manual Input - Data Comes from Mark BPending
1313 $113.0 $112.5 $100.8 $140.6 $121.1 $33.9 $33.5 $33.3 $34.8 $35.4 $12.2 $13.9 $14.2 $14.1 $13.9 $13.6 $14.2 $14.5 $14.8 $15.5 $23.3 $23.5 $31.4 $49.2 $27.2 $30.0 $27.4 $7.4 $27.7 $29.1 Wealth Management Operating Lease Income, net Service Charges on Deposits Other ; incl. Call Option Income Mortgage Banking Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $578.0 $572.6 $439.2 $475.6 $722.2 $406.8 $408.7 $315.6 $331.5 $544.4 $171.2 $163.9 $123.6 $144.1 $177.8 Retail Originations Veterans First Originations Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Mortgage Originations for Sale Increased in Q2 2024 and Higher Year-over-Year MSRs Increased Due to New Capitalization Net of Payoffs and Paydowns Consistently Strong Wealth Management Business Non-Interest Income Decrease Impacted by Realized Gain on Sale of the Company's RBA Division in Q1 2024 1 Other - includes Interest Rate Swap Fees, BOLI, Administrative Services, FX Remeasurement Gains/(Losses), Early Pay-Offs of Capital Leases, Gains/(losses) on investment securities, net, Fees from covered call options, Trading gains/(losses), net and Miscellaneous 1 $33.9 $33.5 $33.3 $34.8 $35.4 $44.5 $44.7 $47.1 $48.7 $48.2 Total Wealth Management Revenue Assets Under Administration ($ in Billions) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 ($ in Millions) ($ in Millions) % of MSRs to Loans Serviced for Others Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 1.71% 1.77% 1.60% 1.67% 1.68% $200.7 $210.5 $192.5 $201.1 $204.6 $11,752 $11,886 $12,007 $12,051 $12,211 MSRs, at fair value Loans Serviced for Others Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 ($ in Millions) ($ in Millions) Non-Interest Income Diversified fee businesses support non-interest income levels despite challenging mortgage environment Manual Input - Data Comes from Griffin Hickey Pending
1414 Efficiency Ratio Remains Relatively Stable Quarter over Quarter 56.95% 56.94% 63.51% 54.95% 56.83% Efficiency Ratio (non-GAAP) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $333.1 $4.4 $(5.2) $3.4 $0.5 $4.2 $340.4 Q1 2024 Non-Interest Expense Advertising and Marketing FDIC Special Assessment Salaries and Benefits Occupancy Expense All Other Expenses Q2 2024 Non-Interest Expense Non-Interest Expense Continue to monitor our expenses and believe they are in line with Company growth ($ in Millions) Increase Primarily Driven by Seasonal Advertising and Marketing Partially Offset by FDIC Special Assessment Recognized in Q1 2024 ($ in Millions) $184.9 $192.3 $194.0 $195.2 $198.5 $107.7 $111.3 $111.5 $112.2 $113.9 $44.5 $48.8 $49.0 $51.0 $52.1 $32.7 $32.2 $33.5 $32.0 $32.5 Salaries Commissions and Incentive Compensation Benefits Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 1 Q4 2023 Includes FDIC Special Assessment of $34.4MM 2 Q1 2024 Includes FDIC Special Assessment of $5.2MM & Net Gain on Sale of RBA of $19.3MM 1 2 Total Salaries and Benefits Increase Primarily Driven by Commissions from Elevated Mortgage Production and Higher Salaries from a Full Quarter of the Annual Merit Increase
1515 $108.7 $133.1 $139.0 $148.4 $174.3 $74.6 $79.4 $91.3 $89.9 $119.1 $1.7 $10.7 $0.0 $0.0 $0.0 $32.4 $43.0 $47.7 $58.5 $55.2 0.26% 0.32% 0.33% 0.34% 0.39% NPLs as a % of Total Loans PFR - Commercial NPLs PFR - Life NPLs Commercial, CRE and Other NPLs 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 $17.0 $8.1 $14.9 $21.8 $30.0$28.5 $19.9 $42.9 $21.7 $40.1 0.17% 0.08% 0.14% 0.21% 0.28% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $41,949 $43,350 Q1 2024 Q2 2024 $690 $735 Q1 2024 Q2 2024 $592 $591 Q1 2024 Q2 2024 Pass and Loans Guaranteed1 Special Mention Substandard2 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful 97% 97% 2% 2% 1% 1% Credit Quality Diversified Business Lines and Strong Credit Management Support Stable Credit Quality Provision Covers Net Charge-Offs and Loan Growth Manageable Levels of Non-Performing Loans ($ in Millions) ($ in Millions) Special Mention and Substandard Percentages Remained Unchanged Quarter over Quarter ($ in Millions) Manual Input - All Data comes from Mike Reiser Q1 & Q2 Commercial, CRE, and Other NPL are hard coded due to rounding issues
1616 0.40% 0.45% 0.41% 0.46% 0.48% 0.34% 0.51% 0.29% 0.34% 0.39% 0.81% 1.58% 1.74% 1.52% 1.30% 1.03% 0.85% 0.62% 0.56% 0.50% 0.47% 0.44% 0.36% 0.32% 0.16% 0.21% 0.27% 0.32% NPA/TA 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 Q2 2 02 4 1Q2 2024 is a Preliminary Number Non-Performing Assets to Total Assets NPAs continue to normalize after historic lows during the pandemic
1717 • Increase in allowance driven by net loan growth across most segments coupled with changes in credit quality within specific products of the portfolio • Strong coverage across all portfolios designed to protect against potential future economic downturn $42.1 $43.2 $44.7 1.01% 0.99% 0.98% Total Loan Period End Balance Allowance as a % of Total Loans 12/31/2023 3/31/2024 6/30/2024 $24.6 $25.4 $26.3 1.55% 1.51% 1.52% Core Loan Period End Balance Allowance as a % of Category 12/31/2023 3/31/2024 6/30/2024 $17.5 $17.8 $18.4 0.26% 0.25% 0.21% Niche Loan Period End Balance Allowance as a % of Category 12/31/2023 3/31/2024 6/30/2024 Credit Quality - Allowance for Loan Losses The Company remains well-reserved Well-Reserved Across Our Core Loan PortfolioSufficient Allowance Coverage of Total Loan Portfolio ($ in Billions) ($ in Billions) Allowance Provides Appropriate Coverage Given Minimal Historic Losses in Niche Portfolio ($ in Billions) Q2 2024 Highlights Manual Input - All Data comes from Mike Reiser • Increase in allowance for credit losses balance driven by net loan growth across most segments coupled with changes in credit quality within specific products of the portfolio • Strong coverage across all portfolios designed to protect against potential future economic downturn
1818 $143.1 $151.5 $169.6 $166.5 $182.0 1.14% 1.19% 1.32% 1.23% 1.29% Calculated Allowance Allowance as a % of Category 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 $41.0 $43.8 $39.0 $31.8 $51.4 0.33% 0.34% 0.30% 0.24% 0.36% NPLs NPL as a % of Category 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 $12,600 $12,725 $12,832 $13,503 $14,154 0.16% 0.04% 0.14% 0.33% 0.25% Period End Balance Net Charge-Off Ratio 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 44% 11%5% 17% 8% 4% 4% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - HOA Insurance agency lending Credit Quality - Commercial Loans Diversified portfolio with low net charge-offs Manageable Levels of Non-Performing Commercial LoansStrong Portfolio Growth Paired with Moderating Charge-Offs ($ in Millions) ($ in Millions) Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 6/30/2024) ($ in Millions)
1919 $10,609 $10,946 $11,344 $11,633 $11,947 0.31% 0.05% 0.19% 0.19% 0.53% Period End Balance Net Charge-Off Ratio 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 $18.5 $18.1 $35.5 $39.3 $48.3 0.17% 0.17% 0.31% 0.34% 0.40% NPLs NPL as a % of Category 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 $215.7 $215.7 $223.9 $226.1 $223.7 2.03% 1.97% 1.97% 1.94% 1.87% Calculated Allowance Allowance as a % of Category 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 13% 19% 11% 25% 12% 16% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties NPLs Increased as Credit Quality NormalizesContinue to be Proactive in Managing Credit ($ in Millions) ($ in Millions) Ample Allowance Levels to Protect Against Potential Future Market Pressure Commercial Real Estate Loan Composition (as of 6/30/2024) ($ in Millions)
2020 Medical, 25% Medical Owner Occupied, 3% Non-Medical Owner- Occupied, 14% Non-Medical Non Owner-Occupied, 58% $379.3 $301.2 $220.4 $206.9 $287.9 $189.6 $149.7 $149.6 $179.6 $141.1 $205.5 $96.8 Total CRE Office Non-Medical Non Owner-Occupied <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Chicago CBD, 11% Other CBD, 12% Suburban, 77% 1Chicago CBD includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 1 2 $1,212.8 $195.9$176.6 $922.3 ### $223.0 $395.8 262880 94 48 31 25 17 12 17 12 7 4 Number of Loans Per Category CRE Office Portfolio (as of 6/30/2024) CRE office represents a minimal percentage of the total loan portfolio CRE Office Portfolio Geography ($ in Millions) CRE Office Portfolio Composition Granularity of CRE Office Portfolio by Loan Size ($ in Millions) ($ in Millions) <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M # of Loans CRE 880 94 31 17 17 7 Non Med 262 48 25 12 12 4 Portfolio Characteristics As of 3/31/2024 As of 6/30/2024 Balance ($ in Millions) $1,567 $1,585 CRE office as a % to Total CRE 13.47% 13.27% CRE office as a % to Total Loans 3.62% 3.55% Average Size of Loan ($ in Millions) $1.5 $1.5 Non-Performing Loan (NPL) Ratio 1.33% 2.05% Loans Still Accruing that are 30-89 Days Past Due Ratio 0.09% 0.07% Owner Occupied or Medical % 44% 42% $44.2 Need to Update these once Loans are finalized KP: Updated
2121 Manual Input - Data comes from Dominic Sarro $1.7 $10.7 $0.0 $0.0 $0.0 0.02% 0.13% 0.00% 0.00% 0.00% NPLs NPL as a % of Category 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 $8,135 $1,855 Cash Surrender Value Other $8,039 $7,932 $7,878 $7,872 $7,962 0.01% 0.00% 0.00% 0.00% 0.00% Period End Balance Net Charge-Off Ratio 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 1 Loan Collateral reported at actual values versus credit advance rate 2 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance 4% 71% 6% 19% Annuity Brokerage Account Certificate of Deposit Letters of Credit OtherCollateral Coverage2 of 125% Credit Quality Premium Finance Receivables - Life Insurance Life Insurance portfolio remains steady and has continued to demonstrate exceptional credit quality Strong Portfolio with Persistently Low Levels of Non-Performing LoansQ2 2024 Balances Remained Stable with Strong Credit Quality ($ in Millions) ($ in Millions) Total Loan Collateral1 by Type (as of 6/30/2024) "Other" Loan Collateral1 by Type (as of 6/30/2024) ($ in Millions)
2222 Moderate Levels of Non-Performing Loans Growth Continued Despite Loan Sale Impact of Approximately $698MM $6,763 $6,723 $6,904 $6,940 $7,101 0.24% 0.29% 0.29% 0.32% 0.33% Period End Balance Net Charge-Off Ratio 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 $4,583 $4,212 $4,140 $4,209 $5,080 Originations Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $32.4 $43.0 $47.7 $58.5 $55.1 0.48% 0.64% 0.69% 0.84% 0.78% NPLs NPL as a % of Category 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 $3,506 $2,287 $1,092 $216 Current Premium Finance Receivables - Property and Casualty Insurance Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 7-9 Months > 9 months Premium Finance Receivables - Property and Casualty Insurance ($ in Millions) ($ in Millions) Projected Repayments Record Origination Volume in the Second Quarter of 2024 ($ in Millions) ($ in Millions) Manual Input - Data comes from Mark B Manual Input - Data comes from Thanos Polyzois
2323 Appendix
2424 Hedging activities had a 18 basis point unfavorable impact to our Q2 2024 NIM as compared to a 19 basis point unfavorable impact to our Q1 2024 NIM. These derivatives are expected to benefit the Company if one-month term SOFR rates fall. Hedge Type Effective Date Notional Maturity Date Cap Rate Floor Rate Swap Rate Costless Collar 9/1/2022 $1.25B 9/1/2025 3.74% 2.25% N/A Costless Collar 9/1/2022 $1.25B 9/1/2027 3.45% 2.00% N/A Costless Collar 10/1/2022 $0.5B 10/1/2026 4.32% 2.75% N/A Receive Fixed Swap 1/31/2023 $0.5B 12/31/2025 N/A N/A 3.75% Receive Fixed Swap 1/31/2023 $0.5B 12/31/2026 N/A N/A 3.51% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2026 N/A N/A 3.68% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2027 N/A N/A 3.45% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 3.92% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.53% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 4.18% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.75% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2026 N/A N/A 4.45% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2027 N/A N/A 4.15% Receive Fixed Swap 10/1/2024 $0.35B 10/1/2029 N/A N/A 3.99% Receive Fixed Swap 11/1/2024 $0.35B 11/1/2029 N/A N/A 4.25% Below are the details of the derivatives entered by the Company as of 6/30/2024. These derivatives hedge the cash flows of variable rate loans that reprice monthly based on one-month term SOFR. Hedging Strategy Update Use of Hedges to Mitigate Negative Impacts of Falling Rates
2525 1Geographic Diversification: relevant business location utilized to estimate geographic diversification, which can mean the following locations types were used: collateral location, customer business location, customer home address and customer billing address States/Jurisdictions that individually comprise 1% or less of the Total Loan Portfolio shaded light blue Loan Portfolio Highly diversified portfolio across U.S Loan Portfolio - Geographic Diversification1 (as of 6/30/2024) 35% 8% 7% 6% 5% 4% 3% 2% 2% 2% 2% 2% 2%Canada: Total Loan Portfolio Primary Geographic Region Commercial: Commercial, industrial and other Illinois/Wisconsin Leasing Nationwide Franchise Lending Nationwide Commercial real estate Construction and development Illinois/Wisconsin Non-construction Illinois/Wisconsin Home equity Illinois/Wisconsin Residential Real Estate Illinois/Wisconsin Premium finance receivables Commercial insurance loans Nationwide and Canada Life insurance loans Nationwide Consumer and other Illinois/Wisconsin 2% 1.2% 1.4% 1.4% 1.5% 2%
2626 Abbreviation Definition BOLI Bank Owned Life Insurance BP Basis Point BV Book Value per Common Share CBD Central Business District CET1 Ratio Common Equity Tier 1 Capital Ratio CRE Commercial Real Estate Diluted EPS Net Income per Common Share - Diluted FDIC Federal Deposit Insurance Corporation GAAP Generally Accepted Accounting Principles HOA Homeowners Association Interest Bearing Cash Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents MSR Mortgage Servicing Right NCO Net Charge Off NII Net Interest Income NIM Net Interest Margin Non-GAAP For non-GAAP metrics, see the reconciliation in the Appendix NP Not Pictured NPA Non-Performing Asset NPL Non-Performing Loan PFR Premium Finance Receivables PTPP Pre-Tax, Pre-Provision Income RBA Retirement Benefits Advisors ROA Return on Assets ROE Return on Average Common Equity ROTCE Return on Average Tangible Common Equity RWA Risk-Weighted Asset SOFR Secured Overnight Financing Rate TBV Tangible Book Value TBVPS Tangible Book Value Per Share Glossary
2727 Three Months Ended Six Months Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2024 2024 2023 2023 2023 2024 2023 (A) Interest Income (GAAP) $849,979 $805,513 $793,848 $762,400 $697,176 $ 1,655,492 $ 1,336,866 Taxable-equivalent adjustment: - Loans 2,305 2,246 2,150 1,923 1,882 4,551 3,754 - Liquidity Management Assets 567 550 575 572 551 1,117 1,102 - Other Earning Assets 3 5 4 1 1 8 5 (B) Interest Income (non-GAAP) $852,854 $808,314 $796,577 $764,896 $699,610 $1,661,168 $1,341,727 (C) Interest Expense (GAAP) $379,369 $341,319 $323,874 $300,042 $249,639 $720,688 $431,334 (D) Net Interest Income (GAAP) (A minus C) $470,610 $464,194 $469,974 $462,358 $447,537 $934,804 $905,532 (E) Net Interest Income (non-GAAP) (B minus C) $473,485 $466,995 $472,703 $464,854 $449,971 $940,480 $910,393 Net interest margin (GAAP) 3.50 % 3.57 % 3.62 % 3.60 % 3.64 % 3.53 % 3.72 % Net interest margin, fully taxable-equivalent (non-GAAP) 3.52 % 3.59 % 3.64 % 3.62 % 3.66 % 3.56 % 3.74 % (F) Non-interest income $121,147 $140,580 $100,829 $112,478 $113,030 $261,727 $220,799 (G) (Losses) gains on investment securities, net (4,282) 1,326 2,484 (2,357) — (2,956) 1,398 (H) Non-interest expense 340,353 333,145 362,652 330,055 320,623 673,498 619,792 Efficiency ratio (H/(D+F-G)) 57.10 % 55.21 % 63.81 % 57.18 % 57.20 % 56.15 % 55.10 % Efficiency ratio (non-GAAP) (H/(E+F-G)) 56.83 % 54.95 % 63.51 % 56.94 % 56.95 % 55.88 % 54.86 % The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of non-GAAP Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs, net of economic hedge and Early Buy-out Loans Guaranteed by U.S. government agencies: ($ in Thousands): Income before taxes $211,343 $249,956 $165,243 $224,858 $211,430 $461,299 $454,980 Add: Provision for credit losses 40,061 21,673 42,908 19,923 28,514 $61,734 $51,559 Pre-tax income, excluding provision for credit losses (non-GAAP) $251,404 $271,629 $208,151 $244,781 $239,944 $523,033 $506,539 Non-GAAP Reconciliation
2828 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 211,343 $ 249,956 $ 165,243 $ 224,858 $ 211,430 $ 461,299 $ 454,980 Add: Provision for credit losses 40,061 21,673 42,908 19,923 28,514 61,734 51,559 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 251,404 $ 271,629 $ 208,151 $ 244,781 $ 239,944 $ 523,033 $ 506,539 Three Months Ended Six Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2024 2024 2023 2023 2023 2024 2023 (N) Net income applicable to common shares $145,397 $180,303 $116,489 $157,207 $147,759 $325,700 $320,966 Add: Intangible asset amortization 1,122 1,158 1,356 1,408 1,499 2,280 2,734 Less: Tax effect of intangible asset amortization (311) (291) (343) (380) (402) (602) (722) After-tax intangible asset amortization $ 811 $ 867 $ 1,013 $ 1,028 $ 1,097 $ 1,678 $ 2,012 (O) Tangible net income applicable to common shares (non-GAAP) $146,208 $181,170 $117,502 $158,235 $148,856 327,378 322,978 Total average shareholders’ equity $5,450,173 $5,440,457 $5,066,196 $5,083,883 $5,044,718 $5,445,315 $4,970,407 Less: Average preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (412,500) $(412,500) (P) Total average common shareholders’ equity $5,037,673 $5,027,957 $4,653,696 $4,671,383 $4,632,218 $5,032,815 $ 4,557,907 Less: Average intangible assets (677,207) (678,731) (679,812) (681,520) (682,561) (677,969) $ (678,924) (Q) Total average tangible common shareholders’ equity (non-GAAP) $4,360,466 $4,349,226 $3,973,884 $3,989,863 $3,949,657 $ 4,354,846 $ 3,878,983 Return on average common equity, annualized (N/P) 11.61 % 14.42 % 9.93 % 13.35 % 12.79 % 13.01 % 14.20 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 13.49 16.75 11.73 15.73 15.12 15.12 16.79 The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Non-GAAP Reconciliation
2929 Three Months Ended Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): June 30, March 31, December 31, September 30, June 30, 2024 2024 2023 2023 2023 Total shareholders’ equity (GAAP) $5,536,628 $5,436,400 $5,399,526 $5,015,613 $5,041,912 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (676,562) (677,911) (679,561) (680,353) (682,327) (I) Total tangible common shareholders’ equity (non-GAAP) $4,447,566 $4,345,989 $4,307,465 $3,922,760 $3,947,085 (J) Total assets (GAAP) 59,781,516 57,576,933 56,259,934 55,555,246 54,286,176 Less: Intangible assets (GAAP) (676,562) (677,911) (679,561) (680,353) (682,327) (K) Total tangible assets (non-GAAP) $59,104,954 $56,899,022 $55,580,373 $54,874,893 $53,603,849 Common equity to assets ratio (GAAP) (L/J) 8.6 % 8.7 % 8.9 % 8.3 % 8.5 % Tangible common equity ratio (non-GAAP) (I/K) 7.5 % 7.6 % 7.7 % 7.1 % 7.4 % Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $5,536,628 $5,436,400 $5,399,526 $5,015,613 $5,041,912 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $5,124,128 $5,023,900 $4,987,026 $4,603,113 $4,629,412 (M) Actual common shares outstanding 61,760 61,737 61,244 61,222 61,198 Book value per common share (L/M) $82.97 $81.38 $81.43 $75.19 $75.65 Tangible book value per common share (non-GAAP) (I/M) $72.01 $70.40 $70.33 $64.07 $64.50 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: ($'s and Shares in Thousands): June 30, March 31, December 31, September 30, June 30, 2024 2024 2023 2023 2023 (N) Net income applicable to common shares $ 173,207 $ 137,826 $ 1,492 $ 1,579 $ 120,400 Add: Intangible asset amortization 1,235 1,436 $ (425) $ (445) 1,609 Less: Tax effect of intangible asset amortization (321) (370) 1067000 1,134 (430) After-tax intangible asset amortization $ 914 $ 1,066 137,037 88,656 $ 1,179 (O) Tangible net income applicable to common shares (non-GAAP) $ 174,121 $ 138,892 $ 4,795,387 $ 4,526,110 $ 121,579 Total average shareholders’ equity $ 4,895,271 $ 4,710,856 $ (412,500) $ (412,500) $ 4,500,460 Less: Average preferred stock (412,500) (412,500) 4,382,887 4,113,610 (412,500) (P) Total average common shareholders’ equity $ 4,482,771 $ 4,298,356 $ (678,953) $ (681,091) $ 4,087,960 Less: Average intangible assets (675,247) (676,371) 3,703,934 3,432,519 (682,603) (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 3,807,524 $ 3,621,985 $0.12 $0.09 $ 3,405,357 Return on average common equity, annualized (N/P) 15.67 % 12.72 % 11.94 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 0.1854636737388 63 Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): June 30, March 31, December 31, September 30, June 30, 2024 2024 2023 2023 2023 (N) Net income applicable to common shares $ 145,397 $ 180,303 $ 116,489 $ 157,207 $ 147,759 Add: Intangible asset amortization $ 1,122 $ 1,158 $ 1,356 $ 1,408 1499000 Less: Tax effect of intangible asset amortization $ (311) $ (291) $ (343) $ (380) (402) After-tax intangible asset amortization $ 811 $ 867 $ 1,013 $ 1,028 1,097 (O) Tangible net income applicable to common shares (non-GAAP) $ 146,208 $ 181,170 $ 117,502 $ 158,235 148,856 Total average shareholders’ equity $ 5,450,173 $ 5,440,457 $ 5,066,196 $ 5,083,883 $ 5,044,718 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 5,037,673 $ 5,027,957 $ 4,653,696 $ 4,671,383 $ 4,632,218 Less: Average intangible assets $ (677,207) $ (678,731) $ (679,812) $ (681,520) $ (682,561) (Q) Total average tangible common shareholders’ equity (non-GAAP) $4,360,466 $4,349,226 $3,973,884 $3,989,863 $3,949,657 Return on average common equity, annualized (N/P) 11.61% 14.42% 9.93% 13.35% 12.79% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 13.49 16.75 11.73 15.73 15.12 Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.
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Jul. 17, 2024 |
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WINTRUST FINANCIAL CORP
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Entity Incorporation, State or Country Code |
IL
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Rosemont
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Wintrust Financial (NASDAQ:WTFCM)
過去 株価チャート
から 7 2024 まで 8 2024
Wintrust Financial (NASDAQ:WTFCM)
過去 株価チャート
から 8 2023 まで 8 2024