– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
ROSEMONT, Ill., April 19, 2022 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $127.4 million or $2.07 per diluted common share for the first quarter of 2022, an increase in diluted earnings per common share of 31% compared to the fourth quarter of 2021.
Highlights of the First Quarter of 2022:Comparative information to the fourth quarter of 2021
Edward J. Wehmer, Founder and Chief Executive Officer, commented, "Wintrust kicked off 2022 with an impressive first quarter reporting record quarterly pre-tax, pre-provision income highlighted by continued expansion of net interest income. Our diversified loan book exhibited strong growth while credit quality remains extraordinarily good. The Company’s future prospects remain bright as we believe our asset sensitive interest rate position will allow us to capitalize on potentially rising interest rates. Wintrust reported net income of $127.4 million for the first quarter of 2022, up from $98.8 million in the fourth quarter of 2021. Additionally, pre-tax, pre-provision income (non-GAAP) was a record level of $177.8 million in the first quarter of 2022 as compared to $146.3 million in the fourth quarter of 2021."
Mr. Wehmer continued, "The Company experienced robust loan growth as loans, excluding PPP loans, increased by $796 million or 9% on an annualized basis in the first quarter of 2022. We continue to pick up new market share and grow organically as all of our material loan portfolios exhibited strong growth in the first quarter of 2022. We are still experiencing low commercial line of credit utilization and feel confident that we can continue to grow loans given our robust loan pipelines and diversified loan portfolio. Our loans to deposits ratio ended the quarter at 83.6% and we believe that we have sufficient liquidity to meet customer loan demand."
Mr. Wehmer commented, "Net interest income increased by $3.3 million in the first quarter of 2022 primarily due to earning asset growth and improvement in net interest margin. The expansion in net interest income is particularly impressive when considering there were two fewer days in the first quarter of 2022 as compared to the fourth quarter of 2021. Additionally, the Company’s robust loan growth has continued to more than offset the declining contribution from PPP loans. During the quarter we also improved our net interest margin and increased our quarterly net interest income run rate by increasing our investment portfolio by $1.2 billion.”
Mr. Wehmer stated, “We have maintained our asset sensitive interest rate position which we expect to benefit us as short term interest rates rise. Based on modeled contractual cash flows, including prepayment assumptions, approximately 80% of our current loan balances are projected to reprice or mature in the next 12 months. Further, we project that, assuming an immediate and parallel 25 basis point rate hike, the cumulative increase to net interest income in the subsequent 12 months is approximately $40-$50 million. Such projections incorporate a number of assumptions and could differ materially depending on various factors including competition and the macroeconomic environment.”
Mr. Wehmer noted, “We recorded mortgage banking revenue of $77.2 million in the first quarter of 2022 as compared to $53.1 million in the fourth quarter of 2021. Loan volumes originated for sale in the first quarter of 2022 were $896 million, down from $1.3 billion in the fourth quarter of 2021. The Company recorded a $43.4 million increase in the value of mortgage servicing rights related to changes in fair value model assumptions as compared to a $6.7 million increase recognized in the fourth quarter of 2021. We are focused on expanding our market share of purchase originations and finding efficiencies in our delivery channels to reduce costs in light of the challenging interest rate environment. Based on current market conditions, we expect that mortgage originations in the second quarter of 2022 will remain relatively similar to the first quarter of 2022.”
Commenting on credit quality, Mr. Wehmer stated, "I am impressed that we have yet again, reset our record low level of non-performing loans at 0.16% of total loans, as of March 31, 2022. During the first quarter of 2022, we continued our practice of pursuing the resolution of non-performing credits and executed a loan sale that reduced non-performing loans by approximately $9 million with associated net charge-offs of $413,000. The first quarter of 2022 continued the trend of benign quarterly net charge-offs at $2.5 million and the Company recorded a provision for credit losses of $4.1 million. The allowance for credit losses on our core loan portfolio as of March 31, 2022 is approximately 1.31% of the outstanding balance. We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit."
Mr. Wehmer concluded, “Our first quarter of 2022 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. We expect to leverage our differentiated, diversified loan portfolio to outperform peers with respect to loan growth which should allow us to continue to expand net interest income. We are focused on taking advantage of market opportunities to prudently deploy excess liquidity into earning assets including core and niche loans and investment securities while maintaining an interest rate sensitive asset portfolio. We are opportunistically evaluating the acquisition market which has been active for both banks and business lines of various sizes. Of course, we remain diligent in our consideration of acquisition targets and intend to be prudent in our decision-making, always seeking to minimize dilution.”
The graphs below illustrate certain financial highlights of the first quarter of 2022 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.
Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/b3e2c31a-9c4d-41a0-a095-355ecf0d43d1
SUMMARY OF RESULTS:
Total loans, excluding PPP loans, increased by $796 million as core loans increased by $486 million and niche loans increased by $310 million. See Table 1 for more information. As of March 31, 2022, virtually all of the PPP loan balances originated in 2020 were forgiven with only $40 million remaining on balance sheet of which nearly all are in the forgiveness process. Whereas, as of March 31, 2022, approximately 84% of PPP loan balances originated in 2021 were forgiven, 8% are in the forgiveness review or submission process and 8% have yet to apply for forgiveness. Also, during the first quarter of 2022 a portion of excess liquidity was deployed, increasing investments by $1.2 billion.
Total liabilities increased $115 million in the first quarter of 2022 resulting primarily from a $124 million increase in total deposits. The increase in deposits was primarily due to a $555 million increase in interest-bearing deposits partially offset by a $431 million decrease in non-interest-bearing deposits. The Company's loans to deposits ratio ended the quarter at 83.6%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources on a limited basis to manage its liquidity position as well as for interest rate risk management purposes.
For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Tables 1 through 3 in this report.
NET INTEREST INCOME
For the first quarter of 2022, net interest income totaled $299.3 million, an increase of $3.3 million as compared to the fourth quarter of 2021. The $3.3 million increase in net interest income in the first quarter of 2022 compared to the fourth quarter of 2021 was primarily due to earning asset growth and improvement in net interest margin. Additionally, the net interest income growth occurred despite two fewer days in the first quarter of 2022 compared to the fourth quarter of 2021 and a decline of $6.7 million due to less PPP interest income. As of March 31, 2022, the Company had approximately $6.3 million of net PPP loan fees that have yet to be recognized in income.
Net interest margin was 2.60% (2.61% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2022 compared to 2.54% (2.55% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2021. The net interest margin increase as compared to the fourth quarter of 2021 was due to a three basis point increase in yield on earning assets and a three basis point decrease in the rate paid on interest-bearing liabilities. The decrease in the rate paid on interest-bearing liabilities in the first quarter of 2022 as compared to the fourth quarter of 2021 is primarily due to a two basis point decrease in the rate paid on interest-bearing deposits primarily due to lower repricing of time deposits. The three basis point increase in the yield on earning assets in the first quarter of 2022 as compared to the fourth quarter of 2021 was primarily due to a shift in earning asset mix through liquidity deployment with increasing investment securities and decreasing levels of lower yielding liquidity management assets.
For more information regarding net interest income, see Tables 4 through 7 in this report.
The allowance for credit losses totaled $301.3 million as of March 31, 2022, an increase of $1.6 million as compared to $299.7 million as of December 31, 2021. A provision for credit losses totaling $4.1 million was recorded for the first quarter of 2022 as compared to $9.3 million recorded in the fourth quarter of 2021. For more information regarding the provision for credit losses, see Table 10 in this report.
Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses (“CECL”) 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 March 31, 2022, December 31, 2021, and September 30, 2021 is shown on Table 11 of this report.
Net charge-offs totaled $2.5 million in the first quarter of 2022, as compared to $6.2 million of net charge-offs in the fourth quarter of 2021. Net charge-offs as a percentage of average total loans were reported as three basis points in the first quarter of 2022 on an annualized basis compared to seven basis points on an annualized basis in the fourth quarter of 2021. For more information regarding net charge-offs, see Table 9 in this report.
The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.
The ratio of non-performing assets to total assets was 0.13% as of March 31, 2022, compared to 0.16% at December 31, 2021. Non-performing assets totaled $63.5 million at March 31, 2022, compared to $78.7 million at December 31, 2021. Non-performing loans totaled $57.3 million, or 0.16% of total loans, at March 31, 2022 compared to $74.4 million, or 0.21% of total loans, at December 31, 2021. Other real estate owned (“OREO”) totaled $6.2 million at March 31, 2022, an increase of $1.9 million compared to $4.3 million at December 31, 2021. Management is pursuing the resolution of all non-performing assets. At this time, management believes OREO is appropriately valued at the lower of carrying value or fair value less estimated costs to sell. For more information regarding non-performing assets, see Table 13 in this report.
NON-INTEREST INCOME
Wealth management revenue decreased by $1.1 million during the first quarter of 2022 as compared to the fourth quarter of 2021 primarily related to unfavorable equity market performance. 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 $24.1 million in the first quarter of 2022 as compared to the fourth quarter of 2021, primarily due to a $43.4 million favorable mortgage servicing rights portfolio fair value adjustment as compared to a $6.7 million favorable adjustment recognized in the fourth quarter of 2021. This increase was partially offset by a $13.6 million decline in production revenue. Loans originated for sale were $896 million in the first quarter of 2022, a decrease of $403 million as compared to the fourth quarter of 2021. The percentage of origination volume from refinancing activities was 47% in the first quarter of 2022 as compared to 48% in the fourth quarter of 2021. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market.
During the first quarter of 2022, the fair value of the mortgage servicing rights portfolio increased primarily due to the fair value adjustment increase of $43.4 million and capitalization of $14.4 million. These increases were partially offset by a reduction in value of $6.0 million due to payoffs and paydowns of the existing portfolio.
The Company recorded $3.7 million of fees from covered call options in the first quarter of 2022 as compared to $1.1 million in the fourth quarter of 2021. 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 by using fees generated from these options to compensate for net interest margin compression. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.
Trading gains totaled $3.9 million in the first quarter of 2022 as compared to a gain of $206,000 recognized in the fourth quarter of 2021. Trading gains in the first quarter of 2022 relate primarily to a favorable market value adjustment on an interest rate cap derivative held as an economic hedge for potentially rising interest rates.
The Company recognized net losses on investment securities of $2.8 million in the first quarter of 2022 as compared to net losses of $1.1 million recognized in the fourth quarter of 2021.
Net operating lease income totaled $15.5 million in the first quarter of 2022 as compared to $14.2 million in the fourth quarter of 2021. The $1.3 million increase in the first quarter of 2022 is primarily attributable to increased gains on sale of lease assets as compared to the fourth quarter of 2021.
For more information regarding non-interest income, see Tables 14 and 15 in this report.
NON-INTEREST EXPENSE
Salaries and employee benefits expense increased by $5.2 million in the first quarter of 2022 as compared to the fourth quarter of 2021. The $5.2 million increase is primarily related to increased salary and incentive compensation expense, partially offset by lower commissions expense due to declining mortgage production.
Software and equipment expense totaled $22.8 million in the first quarter of 2022, a decrease of $898,000 as compared to the fourth quarter of 2021. The decrease is primarily due to accelerated depreciation recognized in the fourth quarter of 2021 related to the reduction in the useful life of a software asset that is planned to be replaced as we continue to make upgrades to our digital customer experience.
Advertising and marketing expenses in the first quarter of 2022 decreased by $2.1 million as compared to the fourth quarter of 2021 primarily related to lower media advertising costs. Marketing costs are incurred to promote the Company's brand, commercial banking capabilities, 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.
The Company recorded a net OREO gain of $1.0 million in the first quarter of 2022 as compared to a net gain of $641,000 in the fourth quarter of 2021. The net gains are primarily attributable to the sale of OREO properties during the fourth quarter of 2021 and first quarter of 2022.
Miscellaneous expense in the first quarter of 2022 decreased by $1.2 million as compared to the fourth quarter of 2021. Miscellaneous expense includes ATM expenses, correspondent bank charges, directors fees, telephone, travel and entertainment, corporate insurance, dues and subscriptions, problem loan expenses and lending origination costs that are not deferred.
For more information regarding non-interest expense, see Table 16 in this report.
The Company recorded income tax expense of $46.3 million in the first quarter of 2022 compared to $38.3 million in the fourth quarter of 2021. The effective tax rates were 26.65% in the first quarter of 2022 compared to 27.94% in the fourth quarter of 2021. 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 excess tax benefits of $2.2 million in the first quarter of 2022, compared to excess tax benefits of $866,000 in the fourth quarter of 2021 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 first quarter of 2022, this unit expanded its loan portfolio. The segment’s net interest income increased in the first quarter of 2022 as compared to the fourth quarter of 2021 due to growth in earning assets and an increased net interest margin.
Mortgage banking revenue was $77.2 million for the first quarter of 2022, an increase of $24.1 million as compared to the fourth quarter of 2021. Service charges on deposit accounts totaled $15.3 million in the first quarter of 2022, an increase of $549,000 as compared to the fourth quarter of 2021 primarily due to higher fees associated with commercial account activity. The Company’s gross commercial and commercial real estate loan pipelines remained robust as of March 31, 2022 indicating momentum for continued loan growth in the second quarter of 2022.
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 portfolio were $3.4 billion during the first quarter of 2022 and average balances increased by $551.4 million as compared to the fourth quarter of 2021. The Company’s leasing portfolio balance was unchanged in the first quarter of 2022, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $2.4 billion as of March 31, 2022 and December 31, 2021. Revenues from the Company’s out-sourced administrative services business were $1.9 million in the first quarter of 2022, effectively unchanged from the fourth quarter of 2021.
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, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $31.4 million in the first quarter of 2022, a decrease of $1.1 million compared to the fourth quarter of 2021. Decreases in wealth management revenue were primarily due to unfavorable equity market performance during the first quarter of 2022. At March 31, 2022, the Company’s wealth management subsidiaries had approximately $35.8 billion of assets under administration, which included $6.7 billion of assets owned by the Company and its subsidiary banks, representing a $274 million increase from the $35.5 billion of assets under administration at December 31, 2021.
ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS
Insurance Agency Loan Portfolio
On November 15, 2021, the Company completed its acquisition of certain assets from The Allstate Corporation (“Allstate”). Through this business combination, the Company acquired approximately $581.6 million of loans, net of allowance for credit losses measured on the acquisition date. The loan portfolio was comprised of approximately 1,800 loans to Allstate agents nationally. In addition to acquiring the loans, the Company became the national preferred provider of loans to Allstate agents. In connection with the loan acquisition, a team of Allstate agency lending specialists joined the Company, to augment and expand Wintrust’s existing insurance agency finance business. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $9.3 million on the purchase.
WINTRUST FINANCIAL CORPORATION
Key Operating Measures
Wintrust’s key operating measures and growth rates for the first quarter of 2022, as compared to the fourth quarter of 2021 (sequential quarter) and first quarter of 2021 (linked quarter), are shown in the table below:
| % or(1) basis point (bp) change from 4th Quarter 2021 | % or basis point (bp) change from 1st Quarter 2021 | ||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||
| Net income | $ | 127,391 | $ | 98,757 | $ | 153,148 | 29 | % | (17 | ) | % | ||||||||
| Pre-tax income, excluding provision for credit losses (non-GAAP)(2) | 177,786 | 146,344 | 161,512 | 21 | 10 | ||||||||||||||
| Net income per common share – diluted | 2.07 | 1.58 | 2.54 | 31 | (19 | ) | |||||||||||||
| Cash dividends declared per common share | 0.34 | 0.31 | 0.31 | 10 | 10 | ||||||||||||||
| Net revenue(3) | 462,084 | 429,743 | 448,401 | 8 | 3 | ||||||||||||||
| Net interest income | 299,294 | 295,976 | 261,895 | 1 | 14 | ||||||||||||||
| Net interest margin | 2.60 | % | 2.54 | % | 2.53 | % | 6 | bps | 7 | bps | |||||||||
| Net interest margin – fully taxable-equivalent (non-GAAP)(2) | 2.61 | 2.55 | 2.54 | 6 | 7 | ||||||||||||||
| Net overhead ratio(4) | 1.00 | 1.21 | 0.90 | (21 | ) | 10 | |||||||||||||
| Return on average assets | 1.04 | 0.80 | 1.38 | 24 | (34 | ) | |||||||||||||
| Return on average common equity | 11.94 | 9.05 | 15.80 | 289 | (386 | ) | |||||||||||||
| Return on average tangible common equity (non-GAAP)(2) | 14.48 | 11.04 | 19.49 | 344 | (501 | ) | |||||||||||||
| At end of period | |||||||||||||||||||
| Total assets | $ | 50,250,661 | $ | 50,142,143 | $ | 45,682,202 | 1 | % | 10 | % | |||||||||
| Total loans(5) | 35,280,547 | 34,789,104 | 33,171,233 | 6 | 6 | ||||||||||||||
| Total deposits | 42,219,322 | 42,095,585 | 37,872,652 | 1 | 11 | ||||||||||||||
| Total shareholders’ equity | 4,492,256 | 4,498,688 | 4,252,511 | (1 | ) | 6 | |||||||||||||
(1) Period-end balance sheet percentage changes are annualized.(2) See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 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 CORPORATIONSelected Financial Highlights
| Three Months Ended | ||||||||||||||||||||
| (Dollars in thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||||||||||
| Selected Financial Condition Data (at end of period): | ||||||||||||||||||||
| Total assets | $ | 50,250,661 | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | ||||||||||
| Total loans(1) | 35,280,547 | 34,789,104 | 33,264,043 | 32,911,187 | 33,171,233 | |||||||||||||||
| Total deposits | 42,219,322 | 42,095,585 | 39,952,558 | 38,804,616 | 37,872,652 | |||||||||||||||
| Total shareholders’ equity | 4,492,256 | 4,498,688 | 4,410,317 | 4,339,011 | 4,252,511 | |||||||||||||||
| Selected Statements of Income Data: | ||||||||||||||||||||
| Net interest income | $ | 299,294 | $ | 295,976 | $ | 287,496 | $ | 279,590 | $ | 261,895 | ||||||||||
| Net revenue(2) | 462,084 | 429,743 | 423,970 | 408,963 | 448,401 | |||||||||||||||
| Net income | 127,391 | 98,757 | 109,137 | 105,109 | 153,148 | |||||||||||||||
| Pre-tax income, excluding provision for credit losses (non-GAAP)(3) | 177,786 | 146,344 | 141,826 | 128,851 | 161,512 | |||||||||||||||
| Net income per common share – Basic | 2.11 | 1.61 | 1.79 | 1.72 | 2.57 | |||||||||||||||
| Net income per common share – Diluted | 2.07 | 1.58 | 1.77 | 1.70 | 2.54 | |||||||||||||||
| Cash dividends declared per common share | 0.34 | 0.31 | 0.31 | 0.31 | 0.31 | |||||||||||||||
| Selected Financial Ratios and Other Data: | ||||||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||
| Net interest margin | 2.60 | % | 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | ||||||||||
| Net interest margin – fully taxable-equivalent (non-GAAP)(3) | 2.61 | 2.55 | 2.59 | 2.63 | 2.54 | |||||||||||||||
| Non-interest income to average assets | 1.33 | 1.08 | 1.15 | 1.13 | 1.68 | |||||||||||||||
| Non-interest expense to average assets | 2.33 | 2.29 | 2.37 | 2.45 | 2.59 | |||||||||||||||
| Net overhead ratio(4) | 1.00 | 1.21 | 1.22 | 1.32 | 0.90 | |||||||||||||||
| Return on average assets | 1.04 | 0.80 | 0.92 | 0.92 | 1.38 | |||||||||||||||
| Return on average common equity | 11.94 | 9.05 | 10.31 | 10.24 | 15.80 | |||||||||||||||
| Return on average tangible common equity (non-GAAP)(3) | 14.48 | 11.04 | 12.62 | 12.62 | 19.49 | |||||||||||||||
| Average total assets | $ | 49,501,844 | $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | ||||||||||
| Average total shareholders’ equity | 4,500,460 | 4,433,953 | 4,343,915 | 4,256,778 | 4,164,890 | |||||||||||||||
| Average loans to average deposits ratio | 83.8 | % | 81.7 | % | 83.8 | % | 86.7 | % | 87.1 | % | ||||||||||
| Period-end loans to deposits ratio | 83.6 | 82.6 | 83.3 | 84.8 | 87.6 | |||||||||||||||
| Common Share Data at end of period: | ||||||||||||||||||||
| Market price per common share | $ | 92.93 | $ | 90.82 | $ | 80.37 | $ | 75.63 | $ | 75.80 | ||||||||||
| Book value per common share | 71.26 | 71.62 | 70.19 | 68.81 | 67.34 | |||||||||||||||
| Tangible book value per common share (non-GAAP)(3) | 59.34 | 59.64 | 58.32 | 56.92 | 55.42 | |||||||||||||||
| Common shares outstanding | 57,253,214 | 57,054,091 | 56,956,026 | 57,066,677 | 57,023,273 | |||||||||||||||
| Other Data at end of period: | ||||||||||||||||||||
| Tier 1 leverage ratio(5) | 8.1 | % | 8.0 | % | 8.1 | % | 8.2 | % | 8.2 | % | ||||||||||
| Risk-based capital ratios: | ||||||||||||||||||||
| Tier 1 capital ratio(5) | 9.5 | 9.6 | 9.9 | 10.1 | 10.2 | |||||||||||||||
| Common equity tier 1 capital ratio(5) | 8.6 | 8.6 | 8.9 | 9.0 | 9.0 | |||||||||||||||
| Total capital ratio(5) | 11.6 | 11.6 | 12.1 | 12.4 | 12.6 | |||||||||||||||
| Allowance for credit losses(6) | $ | 301,327 | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | ||||||||||
| Allowance for loan and unfunded lending-related commitment losses to total loans | 0.85 | % | 0.86 | % | 0.89 | % | 0.92 | % | 0.97 | % | ||||||||||
| Number of: | ||||||||||||||||||||
| Bank subsidiaries | 15 | 15 | 15 | 15 | 15 | |||||||||||||||
| Banking offices | 174 | 173 | 172 | 172 | 182 | |||||||||||||||
(1) Excludes mortgage loans held-for-sale.(2) Net revenue is net interest income and non-interest income.(3) See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 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 SUBSIDIARIESCONSOLIDATED STATEMENTS OF CONDITION
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 462,516 | $ | 411,150 | $ | 462,244 | $ | 434,957 | $ | 426,325 | ||||||||||
| Federal funds sold and securities purchased under resale agreements | 700,056 | 700,055 | 55 | 52 | 52 | |||||||||||||||
| Interest-bearing deposits with banks | 4,013,597 | 5,372,603 | 5,232,315 | 4,707,415 | 3,348,794 | |||||||||||||||
| Available-for-sale securities, at fair value | 2,998,898 | 2,327,793 | 2,373,478 | 2,188,608 | 2,430,749 | |||||||||||||||
| Held-to-maturity securities, at amortized cost | 3,435,729 | 2,942,285 | 2,736,722 | 2,498,232 | 2,166,419 | |||||||||||||||
| Trading account securities | 852 | 1,061 | 1,103 | 2,667 | 951 | |||||||||||||||
| Equity securities with readily determinable fair value | 92,689 | 90,511 | 88,193 | 86,316 | 90,338 | |||||||||||||||
| Federal Home Loan Bank and Federal Reserve Bank stock | 136,163 | 135,378 | 135,408 | 136,625 | 135,881 | |||||||||||||||
| Brokerage customer receivables | 22,888 | 26,068 | 26,378 | 23,093 | 19,056 | |||||||||||||||
| Mortgage loans held-for-sale | 606,545 | 817,912 | 925,312 | 984,994 | 1,260,193 | |||||||||||||||
| Loans, net of unearned income | 35,280,547 | 34,789,104 | 33,264,043 | 32,911,187 | 33,171,233 | |||||||||||||||
| Allowance for loan losses | (250,539 | ) | (247,835 | ) | (248,612 | ) | (261,089 | ) | (277,709 | ) | ||||||||||
| Net loans | 35,030,008 | 34,541,269 | 33,015,431 | 32,650,098 | 32,893,524 | |||||||||||||||
| Premises, software and equipment, net | 761,213 | 766,405 | 748,872 | 752,375 | 760,522 | |||||||||||||||
| Lease investments, net | 240,656 | 242,082 | 243,933 | 219,023 | 238,984 | |||||||||||||||
| Accrued interest receivable and other assets | 1,066,750 | 1,084,115 | 1,166,917 | 1,185,811 | 1,230,362 | |||||||||||||||
| Trade date securities receivable | — | — | — | 189,851 | — | |||||||||||||||
| Goodwill | 655,402 | 655,149 | 645,792 | 646,336 | 646,017 | |||||||||||||||
| Other acquisition-related intangible assets | 26,699 | 28,307 | 30,118 | 31,997 | 34,035 | |||||||||||||||
| Total assets | $ | 50,250,661 | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | ||||||||||
| Liabilities and Shareholders’ Equity | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non-interest-bearing | $ | 13,748,918 | $ | 14,179,980 | $ | 13,255,417 | $ | 12,796,110 | $ | 12,297,337 | ||||||||||
| Interest-bearing | 28,470,404 | 27,915,605 | 26,697,141 | 26,008,506 | 25,575,315 | |||||||||||||||
| Total deposits | 42,219,322 | 42,095,585 | 39,952,558 | 38,804,616 | 37,872,652 | |||||||||||||||
| Federal Home Loan Bank advances | 1,241,071 | 1,241,071 | 1,241,071 | 1,241,071 | 1,228,436 | |||||||||||||||
| Other borrowings | 482,516 | 494,136 | 504,527 | 518,493 | 516,877 | |||||||||||||||
| Subordinated notes | 437,033 | 436,938 | 436,811 | 436,719 | 436,595 | |||||||||||||||
| Junior subordinated debentures | 253,566 | 253,566 | 253,566 | 253,566 | 253,566 | |||||||||||||||
| Trade date securities payable | 437 | — | 1,348 | — | 995 | |||||||||||||||
| Accrued interest payable and other liabilities | 1,124,460 | 1,122,159 | 1,032,073 | 1,144,974 | 1,120,570 | |||||||||||||||
| Total liabilities | 45,758,405 | 45,643,455 | 43,421,954 | 42,399,439 | 41,429,691 | |||||||||||||||
| Shareholders’ Equity: | ||||||||||||||||||||
| Preferred stock | 412,500 | 412,500 | 412,500 | 412,500 | 412,500 | |||||||||||||||
| Common stock | 59,091 | 58,892 | 58,794 | 58,770 | 58,727 | |||||||||||||||
| Surplus | 1,698,093 | 1,685,572 | 1,674,062 | 1,669,002 | 1,663,008 | |||||||||||||||
| Treasury stock | (109,903 | ) | (109,903 | ) | (109,903 | ) | (100,363 | ) | (100,363 | ) | ||||||||||
| Retained earnings | 2,548,474 | 2,447,535 | 2,373,447 | 2,288,969 | 2,208,535 | |||||||||||||||
| Accumulated other comprehensive (loss) income | (115,999 | ) | 4,092 | 1,417 | 10,133 | 10,104 | ||||||||||||||
| Total shareholders’ equity | 4,492,256 | 4,498,688 | 4,410,317 | 4,339,011 | 4,252,511 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 50,250,661 | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | ||||||||||
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| Three Months Ended | |||||||||||||||||||
| (In thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||||||||||
| Interest income | |||||||||||||||||||
| Interest and fees on loans | $ | 285,698 | $ | 289,140 | $ | 285,587 | $ | 284,701 | $ | 274,100 | |||||||||
| Mortgage loans held-for-sale | 6,087 | 7,234 | 7,716 | 8,183 | 9,036 | ||||||||||||||
| Interest-bearing deposits with banks | 1,687 | 2,254 | 2,000 | 1,153 | 1,199 | ||||||||||||||
| Federal funds sold and securities purchased under resale agreements | 431 | 173 | — | — | — | ||||||||||||||
| Investment securities | 32,398 | 27,210 | 25,189 | 23,623 | 19,264 | ||||||||||||||
| Trading account securities | 5 | 4 | 3 | 1 | 2 | ||||||||||||||
| Federal Home Loan Bank and Federal Reserve Bank stock | 1,772 | 1,776 | 1,777 | 1,769 | 1,745 | ||||||||||||||
| Brokerage customer receivables | 174 | 188 | 185 | 149 | 123 | ||||||||||||||
| Total interest income | 328,252 | 327,979 | 322,457 | 319,579 | 305,469 | ||||||||||||||
| Interest expense | |||||||||||||||||||
| Interest on deposits | 14,854 | 16,572 | 19,305 | 24,298 | 27,944 | ||||||||||||||
| Interest on Federal Home Loan Bank advances | 4,816 | 4,923 | 4,931 | 4,887 | 4,840 | ||||||||||||||
| Interest on other borrowings | 2,239 | 2,250 | 2,501 | 2,568 | 2,609 | ||||||||||||||
| Interest on subordinated notes | 5,482 | 5,514 | 5,480 | 5,512 | 5,477 | ||||||||||||||
| Interest on junior subordinated debentures | 1,567 | 2,744 | 2,744 | 2,724 | 2,704 | ||||||||||||||
| Total interest expense | 28,958 | 32,003 | 34,961 | 39,989 | 43,574 | ||||||||||||||
| Net interest income | 299,294 | 295,976 | 287,496 | 279,590 | 261,895 | ||||||||||||||
| Provision for credit losses | 4,106 | 9,299 | (7,916 | ) | (15,299 | ) | (45,347 | ) | |||||||||||
| Net interest income after provision for credit losses | 295,188 | 286,677 | 295,412 | 294,889 | 307,242 | ||||||||||||||
| Non-interest income | |||||||||||||||||||
| Wealth management | 31,394 | 32,489 | 31,531 | 30,690 | 29,309 | ||||||||||||||
| Mortgage banking | 77,231 | 53,138 | 55,794 | 50,584 | 113,494 | ||||||||||||||
| Service charges on deposit accounts | 15,283 | 14,734 | 14,149 | 13,249 | 12,036 | ||||||||||||||
| (Losses) gains on investment securities, net | (2,782 | ) | (1,067 | ) | (2,431 | ) | 1,285 | 1,154 | |||||||||||
| Fees from covered call options | 3,742 | 1,128 | 1,157 | 1,388 | — | ||||||||||||||
| Trading gains (losses), net | 3,889 | 206 | 58 | (438 | ) | 419 | |||||||||||||
| Operating lease income, net | 15,475 | 14,204 | 12,807 | 12,240 | 14,440 | ||||||||||||||
| Other | 18,558 | 18,935 | 23,409 | 20,375 | 15,654 | ||||||||||||||
| Total non-interest income | 162,790 | 133,767 | 136,474 | 129,373 | 186,506 | ||||||||||||||
| Non-interest expense | |||||||||||||||||||
| Salaries and employee benefits | 172,355 | 167,131 | 170,912 | 172,817 | 180,809 | ||||||||||||||
| Software and equipment | 22,810 | 23,708 | 22,029 | 20,866 | 20,912 | ||||||||||||||
| Operating lease equipment depreciation | 9,708 | 10,147 | 10,013 | 9,949 | 10,771 | ||||||||||||||
| Occupancy, net | 17,824 | 18,343 | 18,158 | 17,687 | 19,996 | ||||||||||||||
| Data processing | 7,505 | 7,207 | 7,104 | 6,920 | 6,048 | ||||||||||||||
| Advertising and marketing | 11,924 | 13,981 | 13,443 | 11,305 | 8,546 | ||||||||||||||
| Professional fees | 8,401 | 7,551 | 7,052 | 7,304 | 7,587 | ||||||||||||||
| Amortization of other acquisition-related intangible assets | 1,609 | 1,811 | 1,877 | 2,039 | 2,007 | ||||||||||||||
| FDIC insurance | 7,729 | 7,317 | 6,750 | 6,405 | 6,558 | ||||||||||||||
| OREO expense, net | (1,032 | ) | (641 | ) | (1,531 | ) | 769 | (251 | ) | ||||||||||
| Other | 25,465 | 26,844 | 26,337 | 24,051 | 23,906 | ||||||||||||||
| Total non-interest expense | 284,298 | 283,399 | 282,144 | 280,112 | 286,889 | ||||||||||||||
| Income before taxes | 173,680 | 137,045 | 149,742 | 144,150 | 206,859 | ||||||||||||||
| Income tax expense | 46,289 | 38,288 | 40,605 | 39,041 | 53,711 | ||||||||||||||
| Net income | $ | 127,391 | $ | 98,757 | $ | 109,137 | $ | 105,109 | $ | 153,148 | |||||||||
| Preferred stock dividends | 6,991 | 6,991 | 6,991 | 6,991 | 6,991 | ||||||||||||||
| Net income applicable to common shares | $ | 120,400 | $ | 91,766 | $ | 102,146 | $ | 98,118 | $ | 146,157 | |||||||||
| Net income per common share - Basic | $ | 2.11 | $ | 1.61 | $ | 1.79 | $ | 1.72 | $ | 2.57 | |||||||||
| Net income per common share - Diluted | $ | 2.07 | $ | 1.58 | $ | 1.77 | $ | 1.70 | $ | 2.54 | |||||||||
| Cash dividends declared per common share | $ | 0.34 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | |||||||||
| Weighted average common shares outstanding | 57,196 | 57,022 | 57,000 | 57,049 | 56,904 | ||||||||||||||
| Dilutive potential common shares | 862 | 976 | 753 | 726 | 681 | ||||||||||||||
| Average common shares and dilutive common shares | 58,058 | 57,998 | 57,753 | 57,775 | 57,585 | ||||||||||||||
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES
| % Growth From(2) | |||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2021(1) | Mar 31, 2021 | ||||||||||||
| Balance: | |||||||||||||||||||
| Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies | $ | 296,548 | $ | 473,102 | $ | 570,663 | $ | 633,006 | $ | 890,749 | NM | (67 | )% | ||||||
| Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies | 309,997 | 344,810 | 354,649 | 351,988 | 369,444 | (41 | ) | (16 | ) | ||||||||||
| Total mortgage loans held-for-sale | $ | 606,545 | $ | 817,912 | $ | 925,312 | $ | 984,994 | $ | 1,260,193 | NM | (52 | )% | ||||||
| Core loans: | |||||||||||||||||||
| Commercial | |||||||||||||||||||
| Commercial and industrial | $ | 5,348,266 | $ | 5,346,084 | $ | 4,953,769 | $ | 4,650,607 | $ | 4,630,795 | 0 | % | 15 | % | |||||
| Asset-based lending | 1,365,297 | 1,299,869 | 1,066,376 | 892,109 | 720,772 | 20 | 89 | ||||||||||||
| Municipal | 533,357 | 536,498 | 524,192 | 511,094 | 493,417 | (2 | ) | 8 | |||||||||||
| Leases | 1,481,368 | 1,454,099 | 1,365,281 | 1,357,036 | 1,290,778 | 8 | 15 | ||||||||||||
| Commercial real estate | |||||||||||||||||||
| Residential construction | 57,037 | 51,464 | 49,754 | 55,735 | 72,058 | 44 | (21 | ) | |||||||||||
| Commercial construction | 1,055,972 | 1,034,988 | 1,038,034 | 1,090,447 | 1,040,631 | 8 | 1 | ||||||||||||
| Land | 283,397 | 269,752 | 255,927 | 239,067 | 240,635 | 21 | 18 | ||||||||||||
| Office(3) | 1,273,705 | 1,285,686 | 1,269,746 | 1,220,658 | 1,131,472 | (4 | ) | 13 | |||||||||||
| Industrial(3) | 1,668,516 | 1,585,808 | 1,490,358 | 1,434,377 | 1,152,522 | 21 | 45 | ||||||||||||
| Retail(3) | 1,395,021 | 1,429,567 | 1,462,101 | 1,455,638 | 1,198,025 | (10 | ) | 16 | |||||||||||
| Multi-family(3) | 2,175,875 | 2,043,754 | 2,038,526 | 1,984,582 | 1,739,521 | 26 | 25 | ||||||||||||
| Mixed use and other(3) | 1,325,551 | 1,289,267 | 1,281,268 | 1,197,865 | 1,969,915 | 11 | (33 | ) | |||||||||||
| Home equity | 321,435 | 335,155 | 347,662 | 369,806 | 390,253 | (17 | ) | (18 | ) | ||||||||||
| Residential real estate | |||||||||||||||||||
| Residential real estate loans for investment | 1,749,889 | 1,606,271 | 1,520,750 | 1,479,507 | 1,370,132 | 36 | 28 | ||||||||||||
| Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies | 13,520 | 22,707 | 18,847 | 44,333 | 45,508 | NM | (70 | ) | |||||||||||
| Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. Government Agencies | 36,576 | 8,121 | 8,139 | 6,445 | 6,333 | NM | NM | ||||||||||||
| Total core loans | $ | 20,084,782 | $ | 19,599,090 | $ | 18,690,730 | $ | 17,989,306 | $ | 17,492,767 | 10 | % | 15 | % | |||||
| Niche loans: | |||||||||||||||||||
| Commercial | |||||||||||||||||||
| Franchise | $ | 1,181,761 | $ | 1,227,234 | $ | 1,176,569 | $ | 1,060,468 | $ | 1,128,493 | (15 | )% | 5 | % | |||||
| Mortgage warehouse lines of credit | 261,847 | 359,818 | 468,162 | 529,867 | 587,868 | NM | (55 | ) | |||||||||||
| Community Advantage - homeowners association | 324,383 | 308,286 | 291,153 | 287,689 | 272,222 | 21 | 19 | ||||||||||||
| Insurance agency lending | 833,720 | 813,897 | 260,482 | 273,999 | 290,880 | 10 | NM | ||||||||||||
| Premium Finance receivables | |||||||||||||||||||
| U.S. property & casualty insurance | 4,271,828 | 4,178,474 | 3,921,289 | 3,805,504 | 3,342,730 | 9 | 28 | ||||||||||||
| Canada property & casualty insurance | 665,580 | 677,013 | 695,688 | 716,367 | 615,813 | (7 | ) | 8 | |||||||||||
| Life insurance | 7,354,163 | 7,042,810 | 6,655,453 | 6,359,556 | 6,111,495 | 18 | 20 | ||||||||||||
| Consumer and other | 48,519 | 24,199 | 22,529 | 9,024 | 35,983 | NM | 35 | ||||||||||||
| Total niche loans | $ | 14,941,801 | $ | 14,631,731 | $ | 13,491,325 | $ | 13,042,474 | $ | 12,385,484 | 9 | % | 21 | % | |||||
| Commercial PPP loans: | |||||||||||||||||||
| Originated in 2020 | $ | 40,016 | $ | 74,412 | $ | 172,849 | $ | 656,502 | $ | 2,049,342 | NM | (98 | )% | ||||||
| Originated in 2021 | 213,948 | 483,871 | 909,139 | 1,222,905 | 1,243,640 | NM | (83 | ) | |||||||||||
| Total commercial PPP loans | $ | 253,964 | $ | 558,283 | $ | 1,081,988 | $ | 1,879,407 | $ | 3,292,982 | NM | (92 | )% | ||||||
| Total loans, net of unearned income | $ | 35,280,547 | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | 6 | % | 6 | % | |||||
(1) Annualized.(2) NM - Not meaningful.(3) As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan. Balances within such categories were also updated as of September 30, 2021 and June 30, 2021 in the table above for comparison purposes.
TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES
| % Growth From | ||||||||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2021(1) | Mar 31, 2021 | |||||||||||||||||
| Balance: | ||||||||||||||||||||||||
| Non-interest-bearing | $ | 13,748,918 | $ | 14,179,980 | $ | 13,255,417 | $ | 12,796,110 | $ | 12,297,337 | (12 | )% | 12 | % | ||||||||||
| NOW and interest-bearing demand deposits | 4,571,484 | 4,158,871 | 3,769,825 | 3,625,538 | 3,562,312 | 40 | 28 | |||||||||||||||||
| Wealth management deposits(2) | 5,402,271 | 4,491,795 | 4,177,820 | 4,399,303 | 4,274,527 | 82 | 26 | |||||||||||||||||
| Money market | 10,671,424 | 11,449,469 | 10,757,654 | 9,843,390 | 9,236,434 | (28 | ) | 16 | ||||||||||||||||
| Savings | 4,089,230 | 3,846,681 | 3,861,296 | 3,776,400 | 3,690,892 | 26 | 11 | |||||||||||||||||
| Time certificates of deposit | 3,735,995 | 3,968,789 | 4,130,546 | 4,363,875 | 4,811,150 | (24 | ) | (22 | ) | |||||||||||||||
| Total deposits | $ | 42,219,322 | $ | 42,095,585 | $ | 39,952,558 | $ | 38,804,616 | $ | 37,872,652 | 1 | % | 11 | % | ||||||||||
| Mix: | ||||||||||||||||||||||||
| Non-interest-bearing | 32 | % | 34 | % | 33 | % | 33 | % | 32 | % | ||||||||||||||
| NOW and interest-bearing demand deposits | 11 | 10 | 9 | 9 | 9 | |||||||||||||||||||
| Wealth management deposits(2) | 13 | 11 | 11 | 11 | 11 | |||||||||||||||||||
| Money market | 25 | 27 | 27 | 25 | 25 | |||||||||||||||||||
| Savings | 10 | 9 | 10 | 10 | 10 | |||||||||||||||||||
| Time certificates of deposit | 9 | 9 | 10 | 12 | 13 | |||||||||||||||||||
| 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”), trust and asset management customers of the Company and brokerage customers from unaffiliated companies which have been placed into deposit accounts.
TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSISAs of March 31, 2022
| (Dollars in thousands) | Total Time Certificates of Deposit | Weighted-Average Rate of Maturing Time Certificates of Deposit(1) | ||||
| 1-3 months | $ | 777,783 | 0.35 | % | ||
| 4-6 months | 730,262 | 0.38 | ||||
| 7-9 months | 686,898 | 0.39 | ||||
| 10-12 months | 564,328 | 0.40 | ||||
| 13-18 months | 521,500 | 0.38 | ||||
| 19-24 months | 297,563 | 0.48 | ||||
| 24+ months | 157,661 | 0.53 | ||||
| Total | $ | 3,735,995 | 0.39 | % | ||
(1) Weighted-average rate excludes the impact of purchase accounting fair value adjustments.
TABLE 4: QUARTERLY AVERAGE BALANCES
| Average Balance for three months ended, | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1) | $ | 4,563,726 | $ | 6,148,165 | $ | 5,112,720 | $ | 3,844,355 | $ | 4,230,886 | ||||||||||
| Investment securities(2) | 6,378,022 | 5,317,351 | 5,065,593 | 4,771,403 | 3,944,676 | |||||||||||||||
| FHLB and FRB stock | 135,912 | 135,414 | 136,001 | 136,324 | 135,758 | |||||||||||||||
| Liquidity management assets(3) | 11,077,660 | 11,600,930 | 10,314,314 | 8,752,082 | 8,311,320 | |||||||||||||||
| Other earning assets(3)(4) | 25,192 | 28,298 | 28,238 | 23,354 | 20,370 | |||||||||||||||
| Mortgage loans held-for-sale | 664,019 | 827,672 | 871,824 | 991,011 | 1,151,848 | |||||||||||||||
| Loans, net of unearned income(3)(5) | 34,830,520 | 33,677,777 | 32,985,445 | 33,085,174 | 32,442,927 | |||||||||||||||
| Total earning assets(3) | 46,597,391 | 46,134,677 | 44,199,821 | 42,851,621 | 41,926,465 | |||||||||||||||
| Allowance for loan and investment security losses | (253,080 | ) | (254,874 | ) | (269,963 | ) | (285,686 | ) | (327,080 | ) | ||||||||||
| Cash and due from banks | 481,634 | 468,331 | 425,000 | 470,566 | 366,413 | |||||||||||||||
| Other assets | 2,675,899 | 2,770,643 | 2,837,652 | 2,910,250 | 3,022,935 | |||||||||||||||
| Total assets | $ | 49,501,844 | $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | ||||||||||
| NOW and interest-bearing demand deposits | $ | 4,287,228 | $ | 3,962,739 | $ | 3,757,677 | $ | 3,626,424 | $ | 3,493,451 | ||||||||||
| Wealth management deposits | 4,427,301 | 4,514,319 | 4,672,402 | 4,369,998 | 4,156,398 | |||||||||||||||
| Money market accounts | 11,353,348 | 11,274,230 | 10,027,424 | 9,547,167 | 9,335,920 | |||||||||||||||
| Savings accounts | 3,904,299 | 3,766,037 | 3,851,523 | 3,728,271 | 3,587,566 | |||||||||||||||
| Time deposits | 3,861,371 | 4,058,282 | 4,236,317 | 4,632,796 | 4,875,392 | |||||||||||||||
| Interest-bearing deposits | 27,833,547 | 27,575,607 | 26,545,343 | 25,904,656 | 25,448,727 | |||||||||||||||
| Federal Home Loan Bank advances | 1,241,071 | 1,241,073 | 1,241,073 | 1,235,142 | 1,228,433 | |||||||||||||||
| Other borrowings | 494,267 | 501,933 | 512,785 | 525,924 | 518,188 | |||||||||||||||
| Subordinated notes | 436,966 | 436,861 | 436,746 | 436,644 | 436,532 | |||||||||||||||
| Junior subordinated debentures | 253,566 | 253,566 | 253,566 | 253,566 | 253,566 | |||||||||||||||
| Total interest-bearing liabilities | 30,259,417 | 30,009,040 | 28,989,513 | 28,355,932 | 27,885,446 | |||||||||||||||
| Non-interest-bearing deposits | 13,734,064 | 13,640,270 | 12,834,084 | 12,246,274 | 11,811,194 | |||||||||||||||
| Other liabilities | 1,007,903 | 1,035,514 | 1,024,998 | 1,087,767 | 1,127,203 | |||||||||||||||
| Equity | 4,500,460 | 4,433,953 | 4,343,915 | 4,256,778 | 4,164,890 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 49,501,844 | $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | ||||||||||
| Net free funds/contribution(6) | $ | 16,337,974 | $ | 16,125,637 | $ | 15,210,308 | $ | 14,495,689 | $ | 14,041,019 | ||||||||||
(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 “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 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, | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Interest income: | ||||||||||||||||||||
| Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents | $ | 2,118 | $ | 2,427 | $ | 2,000 | $ | 1,153 | $ | 1,199 | ||||||||||
| Investment securities | 32,863 | 27,696 | 25,681 | 24,117 | 19,764 | |||||||||||||||
| FHLB and FRB stock | 1,772 | 1,776 | 1,777 | 1,769 | 1,745 | |||||||||||||||
| Liquidity management assets(1) | 36,753 | 31,899 | 29,458 | 27,039 | 22,708 | |||||||||||||||
| Other earning assets(1) | 181 | 194 | 188 | 150 | 125 | |||||||||||||||
| Mortgage loans held-for-sale | 6,087 | 7,234 | 7,716 | 8,183 | 9,036 | |||||||||||||||
| Loans, net of unearned income(1) | 286,125 | 289,557 | 285,998 | 285,116 | 274,484 | |||||||||||||||
| Total interest income | $ | 329,146 | $ | 328,884 | $ | 323,360 | $ | 320,488 | $ | 306,353 | ||||||||||
| Interest expense: | ||||||||||||||||||||
| NOW and interest-bearing demand deposits | $ | 849 | $ | 774 | $ | 767 | $ | 736 | $ | 901 | ||||||||||
| Wealth management deposits | 7,098 | 7,595 | 7,888 | 7,686 | 7,351 | |||||||||||||||
| Money market accounts | 2,609 | 2,604 | 2,342 | 2,795 | 2,865 | |||||||||||||||
| Savings accounts | 336 | 345 | 406 | 402 | 430 | |||||||||||||||
| Time deposits | 3,962 | 5,254 | 7,902 | 12,679 | 16,397 | |||||||||||||||
| Interest-bearing deposits | 14,854 | 16,572 | 19,305 | 24,298 | 27,944 | |||||||||||||||
| Federal Home Loan Bank advances | 4,816 | 4,923 | 4,931 | 4,887 | 4,840 | |||||||||||||||
| Other borrowings | 2,239 | 2,250 | 2,501 | 2,568 | 2,609 | |||||||||||||||
| Subordinated notes | 5,482 | 5,514 | 5,480 | 5,512 | 5,477 | |||||||||||||||
| Junior subordinated debentures | 1,567 | 2,744 | 2,744 | 2,724 | 2,704 | |||||||||||||||
| Total interest expense | $ | 28,958 | $ | 32,003 | $ | 34,961 | $ | 39,989 | $ | 43,574 | ||||||||||
| Less: Fully taxable-equivalent adjustment | (894 | ) | (905 | ) | (903 | ) | (909 | ) | (884 | ) | ||||||||||
| Net interest income (GAAP)(2) | 299,294 | 295,976 | 287,496 | 279,590 | 261,895 | |||||||||||||||
| Fully taxable-equivalent adjustment | 894 | 905 | 903 | 909 | 884 | |||||||||||||||
| Net interest income, fully taxable-equivalent (non-GAAP)(2) | $ | 300,188 | $ | 296,881 | $ | 288,399 | $ | 280,499 | $ | 262,779 | ||||||||||
(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 “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information on this performance measure/ratio.
TABLE 6: QUARTERLY NET INTEREST MARGIN
| Net Interest Margin for three months ended, | |||||||||||||||
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||||||
| Yield earned on: | |||||||||||||||
| Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents | 0.19 | % | 0.16 | % | 0.16 | % | 0.12 | % | 0.11 | % | |||||
| Investment securities | 2.09 | 2.07 | 2.01 | 2.03 | 2.03 | ||||||||||
| FHLB and FRB stock | 5.29 | 5.20 | 5.18 | 5.20 | 5.21 | ||||||||||
| Liquidity management assets | 1.35 | 1.09 | 1.13 | 1.24 | 1.11 | ||||||||||
| Other earning assets | 2.91 | 2.71 | 2.64 | 2.59 | 2.50 | ||||||||||
| Mortgage loans held-for-sale | 3.72 | 3.47 | 3.51 | 3.31 | 3.18 | ||||||||||
| Loans, net of unearned income | 3.33 | 3.41 | 3.44 | 3.46 | 3.43 | ||||||||||
| Total earning assets | 2.86 | % | 2.83 | % | 2.90 | % | 3.00 | % | 2.96 | % | |||||
| Rate paid on: | |||||||||||||||
| NOW and interest-bearing demand deposits | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.10 | % | |||||
| Wealth management deposits | 0.65 | 0.67 | 0.67 | 0.71 | 0.72 | ||||||||||
| Money market accounts | 0.09 | 0.09 | 0.09 | 0.12 | 0.12 | ||||||||||
| Savings accounts | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | ||||||||||
| Time deposits | 0.42 | 0.51 | 0.74 | 1.10 | 1.36 | ||||||||||
| Interest-bearing deposits | 0.22 | 0.24 | 0.29 | 0.38 | 0.45 | ||||||||||
| Federal Home Loan Bank advances | 1.57 | 1.57 | 1.58 | 1.59 | 1.60 | ||||||||||
| Other borrowings | 1.84 | 1.78 | 1.94 | 1.96 | 2.04 | ||||||||||
| Subordinated notes | 5.02 | 5.05 | 5.02 | 5.05 | 5.02 | ||||||||||
| Junior subordinated debentures | 2.47 | 4.23 | 4.23 | 4.25 | 4.27 | ||||||||||
| Total interest-bearing liabilities | 0.39 | % | 0.42 | % | 0.48 | % | 0.56 | % | 0.63 | % | |||||
| Interest rate spread(1)(2) | 2.47 | % | 2.41 | % | 2.42 | % | 2.44 | % | 2.33 | % | |||||
| Less: Fully taxable-equivalent adjustment | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | |||||
| Net free funds/contribution(3) | 0.14 | 0.14 | 0.17 | 0.19 | 0.21 | ||||||||||
| Net interest margin (GAAP)(2) | 2.60 | % | 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | |||||
| Fully taxable-equivalent adjustment | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||||
| Net interest margin, fully taxable-equivalent (non-GAAP)(2) | 2.61 | % | 2.55 | % | 2.59 | % | 2.63 | % | 2.54 | % | |||||
(1) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.(2) See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 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: 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 of 100 and 200 basis points and a decrease of 100 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 | ||||||
| Mar 31, 2022 | 21.4 | % | 11.0 | % | (11.3 | )% | |||
| Dec 31, 2021 | 25.3 | 12.4 | (8.5 | ) | |||||
| Sep 30, 2021 | 24.3 | 11.5 | (7.8 | ) | |||||
| Jun 30, 2021 | 24.6 | 11.7 | (6.9 | ) | |||||
| Mar 31, 2021 | 22.0 | 10.2 | (7.2 | ) | |||||
| Ramp Scenario | +200 Basis Points | +100 Basis Points | -100 Basis Points | |||||
| Mar 31, 2022 | 11.2 | % | 5.8 | % | (7.1 | )% | ||
| Dec 31, 2021 | 13.9 | 6.9 | (5.6 | ) | ||||
| Sep 30, 2021 | 10.8 | 5.4 | (3.8 | ) | ||||
| Jun 30, 2021 | 11.4 | 5.8 | (3.3 | ) | ||||
| Mar 31, 2021 | 10.7 | 5.4 | (3.6 | ) | ||||
TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES
| Loans repricing or maturity period | ||||||||||||||
| As of March 31, 2022 | One year or less | From one to five years | From five to fifteen years | After fifteen years | Total | |||||||||
| (In thousands) | ||||||||||||||
| Commercial | ||||||||||||||
| Fixed rate | $ | 459,243 | $ | 2,128,103 | $ | 1,317,788 | $ | 11,690 | $ | 3,916,824 | ||||
| Fixed rate - PPP | 14,053 | 239,911 | — | — | 253,964 | |||||||||
| Variable rate | 7,410,135 | 2,985 | 55 | — | 7,413,175 | |||||||||
| Total commercial | $ | 7,883,431 | $ | 2,370,999 | $ | 1,317,843 | $ | 11,690 | $ | 11,583,963 | ||||
| Commercial real estate | ||||||||||||||
| Fixed rate | 445,996 | 2,464,523 | 528,599 | 38,784 | 3,477,902 | |||||||||
| Variable rate | 5,740,276 | 16,896 | — | — | 5,757,172 | |||||||||
| Total commercial real estate | $ | 6,186,272 | $ | 2,481,419 | $ | 528,599 | $ | 38,784 | $ | 9,235,074 | ||||
| Home equity | ||||||||||||||
| Fixed rate | 13,341 | 3,596 | 7 | 40 | 16,984 | |||||||||
| Variable rate | 304,451 | — | — | — | 304,451 | |||||||||
| Total home equity | $ | 317,792 | $ | 3,596 | $ | 7 | $ | 40 | $ | 321,435 | ||||
| Residential real estate | ||||||||||||||
| Fixed rate | 15,634 | 5,566 | 29,696 | 925,814 | 976,710 | |||||||||
| Variable rate | 61,274 | 215,288 | 546,713 | — | 823,275 | |||||||||
| Total residential real estate | $ | 76,908 | $ | 220,854 | $ | 576,409 | $ | 925,814 | $ | 1,799,985 | ||||
| Premium finance receivables - property & casualty | ||||||||||||||
| Fixed rate | 4,794,729 | 142,679 | — | — | 4,937,408 | |||||||||
| Variable rate | — | — | — | — | — | |||||||||
| Total premium finance receivables - property & casualty | $ | 4,794,729 | $ | 142,679 | $ | — | $ | — | $ | 4,937,408 | ||||
| Premium finance receivables - life insurance | ||||||||||||||
| Fixed rate | 8,668 | 486,604 | 21,756 | — | 517,028 | |||||||||
| Variable rate | 6,837,135 | — | — | — | 6,837,135 | |||||||||
| Total premium finance receivables - life insurance | $ | 6,845,803 | $ | 486,604 | $ | 21,756 | $ | — | $ | 7,354,163 | ||||
| Consumer and other | ||||||||||||||
| Fixed rate | 19,937 | 5,204 | 90 | 494 | 25,725 | |||||||||
| Variable rate | 22,794 | — | — | — | 22,794 | |||||||||
| Total consumer and other | $ | 42,731 | $ | 5,204 | $ | 90 | $ | 494 | $ | 48,519 | ||||
| Total per category | ||||||||||||||
| Fixed rate | 5,757,548 | 5,236,275 | 1,897,936 | 976,822 | 13,868,581 | |||||||||
| Fixed rate - PPP | 14,053 | 239,911 | — | — | 253,964 | |||||||||
| Variable rate | 20,376,065 | 235,169 | 546,768 | — | 21,158,002 | |||||||||
| Total loans, net of unearned income | $ | 26,147,666 | $ | 5,711,355 | $ | 2,444,704 | $ | 976,822 | $ | 35,280,547 | ||||
| Variable Rate Loan Pricing by Index: | ||||||||||||||
| Prime | $ | 3,399,089 | ||||||||||||
| One- month LIBOR | 7,944,718 | |||||||||||||
| Three- month LIBOR | 299,324 | |||||||||||||
| Twelve- month LIBOR | 6,803,367 | |||||||||||||
| U.S. Treasury tenors | 115,188 | |||||||||||||
| SOFR tenors | 1,758,787 | |||||||||||||
| Ameribor tenors | 221,689 | |||||||||||||
| One-month BSBY | 7,360 | |||||||||||||
| Other | 608,480 | |||||||||||||
| Total variable rate | $ | 21,158,002 | ||||||||||||
LIBOR - London Interbank Offered Rate.SOFR - Secured Overnight Financing Rate.Ameribor - American Interbank Offered Rate.BSBY - Bloomberg Short Term Bank Yield Index.
Graph available at the following link: http://ml.globenewswire.com/Resource/Download/6f805a0f-1ab3-41bc-b7e4-bb73be6c86b3
Source: Bloomberg
As noted in the table on the previous page, the majority of the Company’s portfolio is tied to LIBOR 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 $7.9 billion of variable rate loans tied to one-month LIBOR and $6.8 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:
| Basis Point (bp) Change in | |||||||
| Prime | 1-month LIBOR | 12-month LIBOR | |||||
| First Quarter 2022 | 25 | bps | 35 | bps | 152 | bps | |
| Fourth Quarter 2021 | 0 | 2 | 34 | ||||
| Third Quarter 2021 | 0 | -2 | -1 | ||||
| Second Quarter 2021 | 0 | -1 | -3 | ||||
| First Quarter 2021 | 0 | -3 | -6 | ||||
TABLE 9: ALLOWANCE FOR CREDIT LOSSES
| Three Months Ended | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Allowance for credit losses at beginning of period | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | $ | 379,969 | ||||||||||
| Provision for credit losses | 4,106 | 9,299 | (7,916 | ) | (15,299 | ) | (45,347 | ) | ||||||||||||
| Initial allowance for credit losses recognized on PCD assets acquired during the period(1) | — | 470 | — | — | — | |||||||||||||||
| Other adjustments | 22 | 5 | (65 | ) | 34 | 31 | ||||||||||||||
| Charge-offs: | ||||||||||||||||||||
| Commercial | 1,414 | 4,431 | 1,352 | 3,237 | 11,781 | |||||||||||||||
| Commercial real estate | 777 | 495 | 406 | 1,412 | 980 | |||||||||||||||
| Home equity | 197 | 135 | 59 | 142 | — | |||||||||||||||
| Residential real estate | 466 | 1,067 | 10 | 3 | 2 | |||||||||||||||
| Premium finance receivables | 1,678 | 2,314 | 1,390 | 2,077 | 3,239 | |||||||||||||||
| Consumer and other | 193 | 157 | 112 | 104 | 114 | |||||||||||||||
| Total charge-offs | 4,725 | 8,599 | 3,329 | 6,975 | 16,116 | |||||||||||||||
| Recoveries: | ||||||||||||||||||||
| Commercial | 538 | 389 | 816 | 902 | 452 | |||||||||||||||
| Commercial real estate | 32 | 217 | 373 | 514 | 200 | |||||||||||||||
| Home equity | 93 | 461 | 313 | 328 | 101 | |||||||||||||||
| Residential real estate | 5 | 85 | 5 | 36 | 204 | |||||||||||||||
| Premium finance receivables | 1,476 | 1,240 | 1,728 | 3,239 | 1,782 | |||||||||||||||
| Consumer and other | 49 | 26 | 92 | 34 | 32 | |||||||||||||||
| Total recoveries | 2,193 | 2,418 | 3,327 | 5,053 | 2,771 | |||||||||||||||
| Net charge-offs | (2,532 | ) | (6,181 | ) | (2 | ) | (1,922 | ) | (13,345 | ) | ||||||||||
| Allowance for credit losses at period end | $ | 301,327 | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | ||||||||||
| Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average: | ||||||||||||||||||||
| Commercial | 0.03 | % | 0.14 | % | 0.02 | % | 0.08 | % | 0.37 | % | ||||||||||
| Commercial real estate | 0.03 | 0.01 | 0.00 | 0.04 | 0.04 | |||||||||||||||
| Home equity | 0.13 | (0.38 | ) | (0.28 | ) | (0.20 | ) | (0.10 | ) | |||||||||||
| Residential real estate | 0.11 | 0.25 | 0.00 | (0.01 | ) | (0.06 | ) | |||||||||||||
| Premium finance receivables | 0.01 | 0.04 | (0.01 | ) | (0.04 | ) | 0.06 | |||||||||||||
| Consumer and other | 1.19 | 0.95 | 0.26 | 0.69 | 0.57 | |||||||||||||||
| Total loans, net of unearned income | 0.03 | % | 0.07 | % | 0.00 | % | 0.02 | % | 0.17 | % | ||||||||||
| Loans at period end | $ | 35,280,547 | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | ||||||||||
| Allowance for loan losses as a percentage of loans at period end | 0.71 | % | 0.71 | % | 0.75 | % | 0.79 | % | 0.84 | % | ||||||||||
| Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end | 0.85 | 0.86 | 0.89 | 0.92 | 0.97 | |||||||||||||||
| Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans | 0.86 | 0.88 | 0.92 | 0.98 | 1.08 | |||||||||||||||
(1) The initial allowance for credit losses on purchased credit deteriorated (“PCD”) loans acquired during the period measured approximately $2.8 million, of which approximately $2.3 million was charged-off related to PCD loans that met the Company’s charge-off policy at the time of acquisition. After considering these loans that were immediately charged-off, the net impact of PCD allowance for credit losses at the acquisition date was approximately $470,000.
TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT
| Three Months Ended | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Provision for loan losses | $ | 5,214 | $ | 4,929 | $ | (12,410 | ) | $ | (14,731 | ) | $ | (28,351 | ) | |||||||
| Provision for unfunded lending-related commitments losses | (1,189 | ) | 4,375 | 4,501 | (558 | ) | (17,035 | ) | ||||||||||||
| Provision for held-to-maturity securities losses | 81 | (5 | ) | (7 | ) | (10 | ) | 39 | ||||||||||||
| Provision for credit losses | $ | 4,106 | $ | 9,299 | $ | (7,916 | ) | $ | (15,299 | ) | $ | (45,347 | ) | |||||||
| Allowance for loan losses | $ | 250,539 | $ | 247,835 | $ | 248,612 | $ | 261,089 | $ | 277,709 | ||||||||||
| Allowance for unfunded lending-related commitments losses | 50,629 | 51,818 | 47,443 | 42,942 | 43,500 | |||||||||||||||
| Allowance for loan losses and unfunded lending-related commitments losses | 301,168 | 299,653 | 296,055 | 304,031 | 321,209 | |||||||||||||||
| Allowance for held-to-maturity securities losses | 159 | 78 | 83 | 90 | 99 | |||||||||||||||
| Allowance for credit losses | $ | 301,327 | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | ||||||||||
TABLE 11: 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 March 31, 2022, December 31, 2021 and September 30, 2021.
| As of Mar 31, 2022 | As of Dec 31, 2021 | As of Sep 30, 2021 | ||||||||||||||||||||||
| (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, excluding PPP loans | $ | 11,329,999 | $ | 120,910 | 1.07 | % | $ | 11,345,785 | $ | 119,305 | 1.05 | % | $ | 10,105,984 | $ | 109,780 | 1.09 | % | ||||||
| Commercial PPP loans | 253,964 | 1 | 0.00 | 558,283 | 2 | 0.00 | 1,081,988 | 2 | 0.00 | |||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||||
| Construction and development | 1,396,406 | 34,206 | 2.45 | 1,356,204 | 35,206 | 2.60 | 1,343,715 | 34,101 | 2.54 | |||||||||||||||
| Non-construction | 7,838,668 | 110,700 | 1.41 | 7,634,082 | 109,377 | 1.43 | 7,541,999 | 105,934 | 1.40 | |||||||||||||||
| Home equity | 321,435 | 10,566 | 3.29 | 335,155 | 10,699 | 3.19 | 347,662 | 10,939 | 3.15 | |||||||||||||||
| Residential real estate | 1,799,985 | 9,429 | 0.52 | 1,637,099 | 8,782 | 0.54 | 1,547,736 | 16,272 | 1.05 | |||||||||||||||
| Premium finance receivables | ||||||||||||||||||||||||
| Commercial insurance loans | 4,937,408 | 14,082 | 0.29 | 4,855,487 | 15,246 | 0.31 | 4,616,977 | 17,996 | 0.39 | |||||||||||||||
| Life insurance loans | 7,354,163 | 640 | 0.01 | 7,042,810 | 613 | 0.01 | 6,655,453 | 579 | 0.01 | |||||||||||||||
| Consumer and other | 48,519 | 634 | 1.31 | 24,199 | 423 | 1.75 | 22,529 | 452 | 2.01 | |||||||||||||||
| Total loans, net of unearned income | $ | 35,280,547 | $ | 301,168 | 0.85 | % | $ | 34,789,104 | $ | 299,653 | 0.86 | % | $ | 33,264,043 | $ | 296,055 | 0.89 | % | ||||||
| Total loans, net of unearned income, excluding PPP loans | $ | 35,026,583 | $ | 301,167 | 0.86 | % | $ | 34,230,821 | $ | 299,651 | 0.88 | % | $ | 32,182,055 | $ | 296,053 | 0.92 | % | ||||||
| Total core loans(1) | $ | 20,084,782 | $ | 262,447 | 1.31 | % | $ | 19,599,090 | $ | 260,511 | 1.33 | % | $ | 18,690,730 | $ | 257,788 | 1.38 | % | ||||||
| Total niche loans(1) | 14,941,801 | 38,720 | 0.26 | 14,631,731 | 39,140 | 0.27 | 13,491,325 | 38,265 | 0.28 | |||||||||||||||
| Total PPP loans | 253,964 | 1 | 0.00 | 558,283 | 2 | 0.00 | 1,081,988 | 2 | 0.00 | |||||||||||||||
(1) See Table 1 for additional detail on core and niche loans.
TABLE 12: LOAN PORTFOLIO AGING
| (Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||||||
| Loan Balances: | |||||||||||||||
| Commercial | |||||||||||||||
| Nonaccrual | $ | 16,878 | $ | 20,399 | $ | 26,468 | $ | 23,232 | $ | 22,459 | |||||
| 90+ days and still accruing | — | 15 | — | 1,244 | — | ||||||||||
| 60-89 days past due | 1,294 | 24,262 | 9,768 | 5,204 | 13,292 | ||||||||||
| 30-59 days past due | 31,889 | 43,861 | 25,224 | 18,478 | 35,541 | ||||||||||
| Current | 11,533,902 | 11,815,531 | 11,126,512 | 11,394,118 | 12,636,915 | ||||||||||
| Total commercial | $ | 11,583,963 | $ | 11,904,068 | $ | 11,187,972 | $ | 11,442,276 | $ | 12,708,207 | |||||
| Commercial real estate | |||||||||||||||
| Nonaccrual | $ | 12,301 | $ | 21,746 | $ | 23,706 | $ | 26,035 | $ | 34,380 | |||||
| 90+ days and still accruing | — | — | — | — | — | ||||||||||
| 60-89 days past due | 2,648 | 284 | 5,395 | 4,382 | 8,156 | ||||||||||
| 30-59 days past due | 30,141 | 40,443 | 79,818 | 19,698 | 70,168 | ||||||||||
| Current | 9,189,984 | 8,927,813 | 8,776,795 | 8,628,254 | 8,432,075 | ||||||||||
| Total commercial real estate | $ | 9,235,074 | $ | 8,990,286 | $ | 8,885,714 | $ | 8,678,369 | $ | 8,544,779 | |||||
| Home equity | |||||||||||||||
| Nonaccrual | $ | 1,747 | $ | 2,574 | $ | 3,449 | $ | 3,478 | $ | 5,536 | |||||
| 90+ days and still accruing | — | — | 164 | — | — | ||||||||||
| 60-89 days past due | 199 | — | 340 | 301 | 492 | ||||||||||
| 30-59 days past due | 545 | 1,120 | 867 | 777 | 780 | ||||||||||
| Current | 318,944 | 331,461 | 342,842 | 365,250 | 383,445 | ||||||||||
| Total home equity | $ | 321,435 | $ | 335,155 | $ | 347,662 | $ | 369,806 | $ | 390,253 | |||||
| Residential real estate | |||||||||||||||
| Early buy-out loans guaranteed by U.S. government agencies(1) | $ | 50,096 | $ | 30,828 | $ | 26,986 | $ | 50,778 | $ | 51,841 | |||||
| Nonaccrual | 7,262 | 16,440 | 22,633 | 23,050 | 21,553 | ||||||||||
| 90+ days and still accruing | — | — | — | — | — | ||||||||||
| 60-89 days past due | 293 | 982 | 1,540 | 1,584 | 944 | ||||||||||
| 30-59 days past due | 18,808 | 12,145 | 1,076 | 2,139 | 13,768 | ||||||||||
| Current | 1,723,526 | 1,576,704 | 1,495,501 | 1,452,734 | 1,333,867 | ||||||||||
| Total residential real estate | $ | 1,799,985 | $ | 1,637,099 | $ | 1,547,736 | $ | 1,530,285 | $ | 1,421,973 | |||||
| Premium finance receivables | |||||||||||||||
| Nonaccrual | $ | 6,707 | $ | 5,433 | $ | 7,300 | $ | 6,418 | $ | 9,690 | |||||
| 90+ days and still accruing | 12,363 | 7,217 | 5,811 | 3,570 | 4,783 | ||||||||||
| 60-89 days past due | 31,291 | 28,104 | 15,804 | 7,759 | 5,113 | ||||||||||
| 30-59 days past due | 36,800 | 89,070 | 21,654 | 32,758 | 31,373 | ||||||||||
| Current | 12,204,410 | 11,768,473 | 11,221,861 | 10,830,922 | 10,019,079 | ||||||||||
| Total premium finance receivables | $ | 12,291,571 | $ | 11,898,297 | $ | 11,272,430 | $ | 10,881,427 | $ | 10,070,038 | |||||
| Consumer and other | |||||||||||||||
| Nonaccrual | $ | 4 | $ | 477 | $ | 384 | $ | 485 | $ | 497 | |||||
| 90+ days and still accruing | 43 | 137 | 126 | 178 | 161 | ||||||||||
| 60-89 days past due | 5 | 34 | 16 | 22 | 8 | ||||||||||
| 30-59 days past due | 221 | 509 | 125 | 75 | 74 | ||||||||||
| Current | 48,246 | 23,042 | 21,878 | 8,264 | 35,243 | ||||||||||
| Total consumer and other | $ | 48,519 | $ | 24,199 | $ | 22,529 | $ | 9,024 | $ | 35,983 | |||||
| Total loans, net of unearned income | |||||||||||||||
| Early buy-out loans guaranteed by U.S. government agencies(1) | $ | 50,096 | $ | 30,828 | $ | 26,986 | $ | 50,778 | $ | 51,841 | |||||
| Nonaccrual | 44,899 | 67,069 | 83,940 | 82,698 | 94,115 | ||||||||||
| 90+ days and still accruing | 12,406 | 7,369 | 6,101 | 4,992 | 4,944 | ||||||||||
| 60-89 days past due | 35,730 | 53,666 | 32,863 | 19,252 | 28,005 | ||||||||||
| 30-59 days past due | 118,404 | 187,148 | 128,764 | 73,925 | 151,704 | ||||||||||
| Current | 35,019,012 | 34,443,024 | 32,985,389 | 32,679,542 | 32,840,624 | ||||||||||
| Total loans, net of unearned income | $ | 35,280,547 | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | |||||
(1) Early buy-out loans are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
TABLE 13: NON-PERFORMING ASSETS(1) AND TROUBLED DEBT RESTRUCTURINGS (“TDRs”)
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Loans past due greater than 90 days and still accruing(2): | |||||||||||||||||||
| Commercial | $ | — | $ | 15 | $ | — | $ | 1,244 | $ | — | |||||||||
| Commercial real estate | — | — | — | — | — | ||||||||||||||
| Home equity | — | — | 164 | — | — | ||||||||||||||
| Residential real estate | — | — | — | — | — | ||||||||||||||
| Premium finance receivables | 12,363 | 7,217 | 5,811 | 3,570 | 4,783 | ||||||||||||||
| Consumer and other | 43 | 137 | 126 | 178 | 161 | ||||||||||||||
| Total loans past due greater than 90 days and still accruing | 12,406 | 7,369 | 6,101 | 4,992 | 4,944 | ||||||||||||||
| Non-accrual loans: | |||||||||||||||||||
| Commercial | 16,878 | 20,399 | 26,468 | 23,232 | 22,459 | ||||||||||||||
| Commercial real estate | 12,301 | 21,746 | 23,706 | 26,035 | 34,380 | ||||||||||||||
| Home equity | 1,747 | 2,574 | 3,449 | 3,478 | 5,536 | ||||||||||||||
| Residential real estate | 7,262 | 16,440 | 22,633 | 23,050 | 21,553 | ||||||||||||||
| Premium finance receivables | 6,707 | 5,433 | 7,300 | 6,418 | 9,690 | ||||||||||||||
| Consumer and other | 4 | 477 | 384 | 485 | 497 | ||||||||||||||
| Total non-accrual loans | 44,899 | 67,069 | 83,940 | 82,698 | 94,115 | ||||||||||||||
| Total non-performing loans: | |||||||||||||||||||
| Commercial | 16,878 | 20,414 | 26,468 | 24,476 | 22,459 | ||||||||||||||
| Commercial real estate | 12,301 | 21,746 | 23,706 | 26,035 | 34,380 | ||||||||||||||
| Home equity | 1,747 | 2,574 | 3,613 | 3,478 | 5,536 | ||||||||||||||
| Residential real estate | 7,262 | 16,440 | 22,633 | 23,050 | 21,553 | ||||||||||||||
| Premium finance receivables | 19,070 | 12,650 | 13,111 | 9,988 | 14,473 | ||||||||||||||
| Consumer and other | 47 | 614 | 510 | 663 | 658 | ||||||||||||||
| Total non-performing loans | $ | 57,305 | $ | 74,438 | $ | 90,041 | $ | 87,690 | $ | 99,059 | |||||||||
| Other real estate owned | 4,978 | 1,959 | 9,934 | 10,510 | 8,679 | ||||||||||||||
| Other real estate owned - from acquisitions | 1,225 | 2,312 | 3,911 | 5,062 | 7,134 | ||||||||||||||
| Other repossessed assets | — | — | — | — | — | ||||||||||||||
| Total non-performing assets | $ | 63,508 | $ | 78,709 | $ | 103,886 | $ | 103,262 | $ | 114,872 | |||||||||
| Accruing TDRs not included within non-performing assets | $ | 35,922 | $ | 37,486 | $ | 38,468 | $ | 44,019 | $ | 46,151 | |||||||||
| Total non-performing loans by category as a percent of its own respective category’s period-end balance: | |||||||||||||||||||
| Commercial | 0.15 | % | 0.17 | % | 0.24 | % | 0.21 | % | 0.18 | % | |||||||||
| Commercial real estate | 0.13 | 0.24 | 0.27 | 0.30 | 0.40 | ||||||||||||||
| Home equity | 0.54 | 0.77 | 1.04 | 0.94 | 1.42 | ||||||||||||||
| Residential real estate | 0.40 | 1.00 | 1.46 | 1.51 | 1.52 | ||||||||||||||
| Premium finance receivables | 0.16 | 0.11 | 0.12 | 0.09 | 0.14 | ||||||||||||||
| Consumer and other | 0.10 | 2.54 | 2.26 | 7.35 | 1.83 | ||||||||||||||
| Total loans, net of unearned income | 0.16 | % | 0.21 | % | 0.27 | % | 0.27 | % | 0.30 | % | |||||||||
| Total non-performing assets as a percentage of total assets | 0.13 | % | 0.16 | % | 0.22 | % | 0.22 | % | 0.25 | % | |||||||||
| Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans | 670.77 | % | 446.78 | % | 352.70 | % | 367.64 | % | 341.29 | % | |||||||||
(1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. (2) As of March 31, 2022, December 31, 2021, September 30, 2021, and June 2021, approximately $320,000, $320,000, $445,000 and $320,000, respectively, of TDRs were past due greater than 90 days and still accruing interest. No TDRs as of March 31, 2021 were past due greater than 90 days and still accruing interest.
Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies
| Three Months Ended | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Balance at beginning of period | $ | 74,438 | $ | 90,041 | $ | 87,690 | $ | 99,059 | $ | 127,513 | |||||||||
| Additions from becoming non-performing in the respective period | 4,141 | 6,851 | 9,341 | 12,762 | 9,894 | ||||||||||||||
| Return to performing status | (729 | ) | (6,616 | ) | (3,322 | ) | — | (654 | ) | ||||||||||
| Payments received | (20,139 | ) | (13,212 | ) | (5,568 | ) | (12,312 | ) | (22,731 | ) | |||||||||
| Transfer to OREO and other repossessed assets | (4,377 | ) | (275 | ) | (720 | ) | (3,660 | ) | (1,372 | ) | |||||||||
| Charge-offs, net | (2,354 | ) | (5,167 | ) | (548 | ) | (4,684 | ) | (2,952 | ) | |||||||||
| Net change for niche loans(1) | 6,325 | 2,816 | 3,168 | (3,475 | ) | (10,639 | ) | ||||||||||||
| Balance at end of period | $ | 57,305 | $ | 74,438 | $ | 90,041 | $ | 87,690 | $ | 99,059 | |||||||||
(1) This includes activity for premium finance receivables and indirect consumer loans.
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||
| Accruing TDRs: | ||||||||||||||
| Commercial | $ | 2,773 | $ | 4,131 | $ | 4,532 | $ | 6,911 | $ | 7,536 | ||||
| Commercial real estate | 10,068 | 8,421 | 8,385 | 9,659 | 9,478 | |||||||||
| Residential real estate and other | 23,081 | 24,934 | 25,551 | 27,449 | 29,137 | |||||||||
| Total accrual | $ | 35,922 | $ | 37,486 | $ | 38,468 | $ | 44,019 | $ | 46,151 | ||||
| Non-accrual TDRs:(1) | ||||||||||||||
| Commercial | $ | 4,935 | $ | 6,746 | $ | 3,079 | $ | 4,104 | $ | 5,583 | ||||
| Commercial real estate | 2,050 | 2,050 | 3,239 | 3,434 | 1,309 | |||||||||
| Residential real estate and other | 1,964 | 3,027 | 3,685 | 4,190 | 3,540 | |||||||||
| Total non-accrual | $ | 8,949 | $ | 11,823 | $ | 10,003 | $ | 11,728 | $ | 10,432 | ||||
| Total TDRs: | ||||||||||||||
| Commercial | $ | 7,708 | $ | 10,877 | $ | 7,611 | $ | 11,015 | $ | 13,119 | ||||
| Commercial real estate | 12,118 | 10,471 | 11,624 | 13,093 | 10,787 | |||||||||
| Residential real estate and other | 25,045 | 27,961 | 29,236 | 31,639 | 32,677 | |||||||||
| Total TDRs | $ | 44,871 | $ | 49,309 | $ | 48,471 | $ | 55,747 | $ | 56,583 | ||||
(1) Included in total non-performing loans.
Other Real Estate Owned
| Three Months Ended | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Balance at beginning of period | $ | 4,271 | $ | 13,845 | $ | 15,572 | $ | 15,813 | $ | 16,558 | |||||||||
| Disposals/resolved | (2,497 | ) | (9,664 | ) | (1,949 | ) | (3,152 | ) | (2,162 | ) | |||||||||
| Transfers in at fair value, less costs to sell | 4,429 | 275 | 315 | 3,660 | 1,587 | ||||||||||||||
| Fair value adjustments | — | (185 | ) | (93 | ) | (749 | ) | (170 | ) | ||||||||||
| Balance at end of period | $ | 6,203 | $ | 4,271 | $ | 13,845 | $ | 15,572 | $ | 15,813 | |||||||||
| Period End | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| Balance by Property Type: | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Residential real estate | $ | 1,127 | $ | 1,310 | $ | 1,592 | $ | 1,952 | $ | 2,713 | |||||||||
| Residential real estate development | — | — | 934 | 1,030 | 1,287 | ||||||||||||||
| Commercial real estate | 5,076 | 2,961 | 11,319 | 12,590 | 11,813 | ||||||||||||||
| Total | $ | 6,203 | $ | 4,271 | $ | 13,845 | $ | 15,572 | $ | 15,813 | |||||||||
TABLE 14: NON-INTEREST INCOME
| Three Months Ended | Q1 2022 compared to Q4 2021 | Q1 2022 compared to Q1 2021 | |||||||||||||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||
| Brokerage | $ | 4,632 | $ | 5,292 | $ | 5,230 | $ | 5,148 | $ | 5,040 | $ | (660 | ) | (12 | )% | $ | (408 | ) | (8 | )% | |||||||||||||
| Trust and asset management | 26,762 | 27,197 | 26,301 | 25,542 | 24,269 | (435 | ) | (2 | ) | 2,493 | 10 | ||||||||||||||||||||||
| Total wealth management | 31,394 | 32,489 | 31,531 | 30,690 | 29,309 | (1,095 | ) | (3 | ) | 2,085 | 7 | ||||||||||||||||||||||
| Mortgage banking | 77,231 | 53,138 | 55,794 | 50,584 | 113,494 | 24,093 | 45 | (36,263 | ) | (32 | ) | ||||||||||||||||||||||
| Service charges on deposit accounts | 15,283 | 14,734 | 14,149 | 13,249 | 12,036 | 549 | 4 | 3,247 | 27 | ||||||||||||||||||||||||
| (Losses) gains on investment securities, net | (2,782 | ) | (1,067 | ) | (2,431 | ) | 1,285 | 1,154 | (1,715 | ) | NM | (3,936 | ) | NM | |||||||||||||||||||
| Fees from covered call options | 3,742 | 1,128 | 1,157 | 1,388 | — | 2,614 | NM | 3,742 | NM | ||||||||||||||||||||||||
| Trading gains (losses), net | 3,889 | 206 | 58 | (438 | ) | 419 | 3,683 | NM | 3,470 | NM | |||||||||||||||||||||||
| Operating lease income, net | 15,475 | 14,204 | 12,807 | 12,240 | 14,440 | 1,271 | 9 | 1,035 | 7 | ||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||||||
| Interest rate swap fees | 4,569 | 3,526 | 4,868 | 2,820 | 2,488 | 1,043 | 30 | 2,081 | 84 | ||||||||||||||||||||||||
| BOLI | 48 | 1,192 | 2,154 | 1,342 | 1,124 | (1,144 | ) | (96 | ) | (1,076 | ) | (96 | ) | ||||||||||||||||||||
| Administrative services | 1,853 | 1,846 | 1,359 | 1,228 | 1,256 | 7 | — | 597 | 48 | ||||||||||||||||||||||||
| Foreign currency remeasurement gains (losses) | 11 | 111 | 77 | (782 | ) | 99 | (100 | ) | (90 | ) | (88 | ) | (89 | ) | |||||||||||||||||||
| Early pay-offs of capital leases | 265 | 249 | 209 | 195 | (52 | ) | 16 | 6 | 317 | NM | |||||||||||||||||||||||
| Miscellaneous | 11,812 | 12,011 | 14,742 | 15,572 | 10,739 | (199 | ) | (2 | ) | 1,073 | 10 | ||||||||||||||||||||||
| Total Other | 18,558 | 18,935 | 23,409 | 20,375 | 15,654 | (377 | ) | (2 | ) | 2,904 | 19 | ||||||||||||||||||||||
| Total Non-Interest Income | $ | 162,790 | $ | 133,767 | $ | 136,474 | $ | 129,373 | $ | 186,506 | $ | 29,023 | 22 | % | $ | (23,716 | ) | (13 | )% | ||||||||||||||
NM - Not meaningful.
TABLE 15: MORTGAGE BANKING
| Three Months Ended | |||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||||||||||
| Originations: | |||||||||||||||||||
| Retail originations | $ | 647,785 | $ | 980,627 | $ | 1,153,265 | $ | 1,328,721 | $ | 1,641,664 | |||||||||
| Veterans First originations | 247,738 | 318,244 | 405,663 | 395,290 | 580,303 | ||||||||||||||
| Total originations for sale (A) | $ | 895,523 | $ | 1,298,871 | $ | 1,558,928 | $ | 1,724,011 | $ | 2,221,967 | |||||||||
| Originations for investment | 274,628 | 177,676 | 181,886 | 249,749 | 321,858 | ||||||||||||||
| Total originations | $ | 1,170,151 | $ | 1,476,547 | $ | 1,740,814 | $ | 1,973,760 | $ | 2,543,825 | |||||||||
| Retail originations as percentage of originations for sale | 72 | % | 75 | % | 74 | % | 77 | % | 74 | % | |||||||||
| Veterans First originations as a percentage of originations for sale | 28 | 25 | 26 | 23 | 26 | ||||||||||||||
| Purchases as a percentage of originations for sale | 53 | % | 52 | % | 56 | % | 53 | % | 27 | % | |||||||||
| Refinances as a percentage of originations for sale | 47 | 48 | 44 | 47 | 73 | ||||||||||||||
| Production Margin: | |||||||||||||||||||
| Production revenue (B)(1) | $ | 14,585 | $ | 28,182 | $ | 39,247 | $ | 37,531 | $ | 71,282 | |||||||||
| Total originations for sale (A) | $ | 895,523 | $ | 1,298,871 | $ | 1,558,928 | $ | 1,724,011 | $ | 2,221,967 | |||||||||
| Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2) | 330,196 | 353,509 | 510,982 | 605,400 | 798,534 | ||||||||||||||
| Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2) | 353,509 | 510,982 | 605,400 | 798,534 | 1,072,717 | ||||||||||||||
| Total mortgage production volume (C) | $ | 872,210 | $ | 1,141,398 | $ | 1,464,510 | $ | 1,530,877 | $ | 1,947,784 | |||||||||
| Production margin (B / C) | 1.67 | % | 2.47 | % | 2.68 | % | 2.45 | % | 3.66 | % | |||||||||
| Mortgage Servicing: | |||||||||||||||||||
| Loans serviced for others (D) | $ | 13,426,535 | $ | 13,126,254 | $ | 12,720,126 | $ | 12,307,337 | $ | 11,530,676 | |||||||||
| MSRs, at fair value (E) | 199,146 | 147,571 | 133,552 | 127,604 | 124,316 | ||||||||||||||
| Percentage of MSRs to loans serviced for others (E / D) | 1.48 | % | 1.12 | % | 1.05 | % | 1.04 | % | 1.08 | % | |||||||||
| Servicing income | $ | 10,851 | $ | 10,766 | $ | 10,454 | $ | 9,830 | $ | 9,636 | |||||||||
| Components of MSR: | |||||||||||||||||||
| MSR - current period capitalization | $ | 14,401 | $ | 15,080 | $ | 15,546 | $ | 17,512 | $ | 24,616 | |||||||||
| MSR - collection of expected cash flows - paydowns | (1,215 | ) | (1,101 | ) | (1,036 | ) | (991 | ) | (728 | ) | |||||||||
| MSR - collection of expected cash flows - payoffs | (4,801 | ) | (6,385 | ) | (7,558 | ) | (7,549 | ) | (9,440 | ) | |||||||||
| MSR - changes in fair value model assumptions | 43,365 | 6,656 | (888 | ) | (5,540 | ) | 18,045 | ||||||||||||
| Summary of Mortgage Banking Revenue: | |||||||||||||||||||
| Production revenue(1) | $ | 14,585 | $ | 28,182 | $ | 39,247 | $ | 37,531 | $ | 71,282 | |||||||||
| Servicing income | 10,851 | 10,766 | 10,454 | 9,830 | 9,636 | ||||||||||||||
| MSR activity | 51,750 | 14,250 | 6,064 | 3,432 | 32,493 | ||||||||||||||
| Other | 45 | (60 | ) | 29 | (209 | ) | 83 | ||||||||||||
| Total mortgage banking revenue | $ | 77,231 | $ | 53,138 | $ | 55,794 | $ | 50,584 | $ | 113,494 | |||||||||
(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 16: NON-INTEREST EXPENSE
| Three Months Ended | Q1 2022 compared to Q4 2021 | Q1 2022 compared to Q1 2021 | ||||||||||||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||||||
| Salaries and employee benefits: | ||||||||||||||||||||||||||||||||
| Salaries | $ | 92,116 | $ | 91,612 | $ | 88,161 | $ | 91,089 | $ | 91,053 | $ | 504 | 1 | % | $ | 1,063 | 1 | % | ||||||||||||||
| Commissions and incentive compensation | 51,793 | 49,923 | 57,026 | 53,751 | 61,367 | 1,870 | 4 | (9,574 | ) | (16 | ) | |||||||||||||||||||||
| Benefits | 28,446 | 25,596 | 25,725 | 27,977 | 28,389 | 2,850 | 11 | 57 | — | |||||||||||||||||||||||
| Total salaries and employee benefits | 172,355 | 167,131 | 170,912 | 172,817 | 180,809 | 5,224 | 3 | (8,454 | ) | (5 | ) | |||||||||||||||||||||
| Software and equipment | 22,810 | 23,708 | 22,029 | 20,866 | 20,912 | (898 | ) | (4 | ) | 1,898 | 9 | |||||||||||||||||||||
| Operating lease equipment depreciation | 9,708 | 10,147 | 10,013 | 9,949 | 10,771 | (439 | ) | (4 | ) | (1,063 | ) | (10 | ) | |||||||||||||||||||
| Occupancy, net | 17,824 | 18,343 | 18,158 | 17,687 | 19,996 | (519 | ) | (3 | ) | (2,172 | ) | (11 | ) | |||||||||||||||||||
| Data processing | 7,505 | 7,207 | 7,104 | 6,920 | 6,048 | 298 | 4 | 1,457 | 24 | |||||||||||||||||||||||
| Advertising and marketing | 11,924 | 13,981 | 13,443 | 11,305 | 8,546 | (2,057 | ) | (15 | ) | 3,378 | 40 | |||||||||||||||||||||
| Professional fees | 8,401 | 7,551 | 7,052 | 7,304 | 7,587 | 850 | 11 | 814 | 11 | |||||||||||||||||||||||
| Amortization of other acquisition-related intangible assets | 1,609 | 1,811 | 1,877 | 2,039 | 2,007 | (202 | ) | (11 | ) | (398 | ) | (20 | ) | |||||||||||||||||||
| FDIC insurance | 7,729 | 7,317 | 6,750 | 6,405 | 6,558 | 412 | 6 | 1,171 | 18 | |||||||||||||||||||||||
| OREO expense, net | (1,032 | ) | (641 | ) | (1,531 | ) | 769 | (251 | ) | (391 | ) | 61 | (781 | ) | NM | |||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||
| Commissions - 3rd party brokers | 917 | 861 | 884 | 889 | 846 | 56 | 7 | 71 | 8 | |||||||||||||||||||||||
| Postage | 1,416 | 1,684 | 2,018 | 1,900 | 1,743 | (268 | ) | (16 | ) | (327 | ) | (19 | ) | |||||||||||||||||||
| Miscellaneous | 23,132 | 24,299 | 23,435 | 21,262 | 21,317 | (1,167 | ) | (5 | ) | 1,815 | 9 | |||||||||||||||||||||
| Total other | 25,465 | 26,844 | 26,337 | 24,051 | 23,906 | (1,379 | ) | (5 | ) | 1,559 | 7 | |||||||||||||||||||||
| Total Non-Interest Expense | $ | 284,298 | $ | 283,399 | $ | 282,144 | $ | 280,112 | $ | 286,889 | $ | 899 | 0 | % | $ | (2,591 | ) | (1 | )% | |||||||||||||
NM - Not meaningful.
TABLE 17: 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 | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (Dollars and shares in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: | |||||||||||||||||||
| (A) Interest Income (GAAP) | $ | 328,252 | $ | 327,979 | $ | 322,457 | $ | 319,579 | $ | 305,469 | |||||||||
| Taxable-equivalent adjustment: | |||||||||||||||||||
| - Loans | 427 | 417 | 411 | 415 | 384 | ||||||||||||||
| - Liquidity Management Assets | 465 | 486 | 492 | 494 | 500 | ||||||||||||||
| - Other Earning Assets | 2 | 2 | — | — | — | ||||||||||||||
| (B) Interest Income (non-GAAP) | $ | 329,146 | $ | 328,884 | $ | 323,360 | $ | 320,488 | $ | 306,353 | |||||||||
| (C) Interest Expense (GAAP) | 28,958 | 32,003 | 34,961 | 39,989 | 43,574 | ||||||||||||||
| (D) Net Interest Income (GAAP) (A minus C) | $ | 299,294 | $ | 295,976 | $ | 287,496 | $ | 279,590 | $ | 261,895 | |||||||||
| (E) Net Interest Income (non-GAAP) (B minus C) | $ | 300,188 | $ | 296,881 | $ | 288,399 | $ | 280,499 | $ | 262,779 | |||||||||
| Net interest margin (GAAP) | 2.60 | % | 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | |||||||||
| Net interest margin, fully taxable-equivalent (non-GAAP) | 2.61 | 2.55 | 2.59 | 2.63 | 2.54 | ||||||||||||||
| (F) Non-interest income | $ | 162,790 | $ | 133,767 | $ | 136,474 | $ | 129,373 | $ | 186,506 | |||||||||
| (G) (Losses) gains on investment securities, net | (2,782 | ) | (1,067 | ) | (2,431 | ) | 1,285 | 1,154 | |||||||||||
| (H) Non-interest expense | 284,298 | 283,399 | 282,144 | 280,112 | 286,889 | ||||||||||||||
| Efficiency ratio (H/(D+F-G)) | 61.16 | % | 65.78 | % | 66.17 | % | 68.71 | % | 64.15 | % | |||||||||
| Efficiency ratio (non-GAAP) (H/(E+F-G)) | 61.04 | 65.64 | 66.03 | 68.56 | 64.02 | ||||||||||||||
| Reconciliation of Non-GAAP Tangible Common Equity Ratio: | |||||||||||||||||||
| Total shareholders’ equity (GAAP) | $ | 4,492,256 | $ | 4,498,688 | $ | 4,410,317 | $ | 4,339,011 | $ | 4,252,511 | |||||||||
| Less: Non-convertible preferred stock (GAAP) | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | |||||||||
| Less: Intangible assets (GAAP) | (682,101 | ) | (683,456 | ) | (675,910 | ) | (678,333 | ) | (680,052 | ) | |||||||||
| (I) Total tangible common shareholders’ equity (non-GAAP) | $ | 3,397,655 | $ | 3,402,732 | $ | 3,321,907 | $ | 3,248,178 | $ | 3,159,959 | |||||||||
| (J) Total assets (GAAP) | $ | 50,250,661 | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | |||||||||
| Less: Intangible assets (GAAP) | (682,101 | ) | (683,456 | ) | (675,910 | ) | (678,333 | ) | (680,052 | ) | |||||||||
| (K) Total tangible assets (non-GAAP) | $ | 49,568,560 | $ | 49,458,687 | $ | 47,156,361 | $ | 46,060,117 | $ | 45,002,150 | |||||||||
| Common equity to assets ratio (GAAP) (L/J) | 8.1 | % | 8.1 | % | 8.4 | % | 8.4 | % | 8.4 | % | |||||||||
| Tangible common equity ratio (non-GAAP) (I/K) | 6.9 | 6.9 | 7.0 | 7.1 | 7.0 | ||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (Dollars and shares in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Reconciliation of Non-GAAP Tangible Book Value per Common Share: | |||||||||||||||||||
| Total shareholders’ equity | $ | 4,492,256 | $ | 4,498,688 | $ | 4,410,317 | $ | 4,339,011 | $ | 4,252,511 | |||||||||
| Less: Preferred stock | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | |||||||||
| (L) Total common equity | $ | 4,079,756 | $ | 4,086,188 | $ | 3,997,817 | $ | 3,926,511 | $ | 3,840,011 | |||||||||
| (M) Actual common shares outstanding | 57,253 | 57,054 | 56,956 | 57,067 | 57,023 | ||||||||||||||
| Book value per common share (L/M) | $ | 71.26 | $ | 71.62 | $ | 70.19 | $ | 68.81 | $ | 67.34 | |||||||||
| Tangible book value per common share (non-GAAP) (I/M) | 59.34 | 59.64 | 58.32 | 56.92 | 55.42 | ||||||||||||||
| Reconciliation of Non-GAAP Return on Average Tangible Common Equity: | |||||||||||||||||||
| (N) Net income applicable to common shares | $ | 120,400 | $ | 91,766 | $ | 102,146 | $ | 98,118 | $ | 146,157 | |||||||||
| Add: Intangible asset amortization | 1,609 | 1,811 | 1,877 | 2,039 | 2,007 | ||||||||||||||
| Less: Tax effect of intangible asset amortization | (430 | ) | (505 | ) | (509 | ) | (553 | ) | (522 | ) | |||||||||
| After-tax intangible asset amortization | $ | 1,179 | $ | 1,306 | $ | 1,368 | $ | 1,486 | $ | 1,485 | |||||||||
| (O) Tangible net income applicable to common shares (non-GAAP) | $ | 121,579 | $ | 93,072 | $ | 103,514 | $ | 99,604 | $ | 147,642 | |||||||||
| Total average shareholders’ equity | $ | 4,500,460 | $ | 4,433,953 | $ | 4,343,915 | $ | 4,256,778 | $ | 4,164,890 | |||||||||
| Less: Average preferred stock | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | |||||||||
| (P) Total average common shareholders’ equity | $ | 4,087,960 | $ | 4,021,453 | $ | 3,931,415 | $ | 3,844,278 | $ | 3,752,390 | |||||||||
| Less: Average intangible assets | (682,603 | ) | (677,470 | ) | (677,201 | ) | (679,535 | ) | (680,805 | ) | |||||||||
| (Q) Total average tangible common shareholders’ equity (non-GAAP) | $ | 3,405,357 | $ | 3,343,983 | $ | 3,254,214 | $ | 3,164,743 | $ | 3,071,585 | |||||||||
| Return on average common equity, annualized (N/P) | 11.94 | % | 9.05 | % | 10.31 | % | 10.24 | % | 15.80 | % | |||||||||
| Return on average tangible common equity, annualized (non-GAAP) (O/Q) | 14.48 | 11.04 | 12.62 | 12.62 | 19.49 | ||||||||||||||
| Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: | |||||||||||||||||||
| Income before taxes | $ | 173,680 | $ | 137,045 | $ | 149,742 | $ | 144,150 | $ | 206,859 | |||||||||
| Add: Provision for credit losses | 4,106 | 9,299 | (7,916 | ) | (15,299 | ) | (45,347 | ) | |||||||||||
| Pre-tax income, excluding provision for credit losses (non-GAAP) | $ | 177,786 | $ | 146,344 | $ | 141,826 | $ | 128,851 | $ | 161,512 | |||||||||
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, Crete, Countryside, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Gurnee, Grayslake, Hanover Park, Highland Park, Highwood, Hoffman Estates, Homer Glen, Itasca, Joliet, Lake Bluff, Lake Villa, Lansing, Lemont, Lindenhurst, Lynwood, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, Northfield, Norridge, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rockford, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, South Holland, 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 Dyer, Indiana and in Naples, Florida.
Additionally, the Company operates various non-bank business units:
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, such as the impacts of the COVID-19 pandemic (including the emergence of variant strains), and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2021 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, and management’s long-term performance goals, as well as statements relating to the anticipated effects on 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:
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 Wednesday, April 20, 2022 at 11:00 a.m. (Central Time) regarding first quarter 2022 results. Individuals interested in listening should call (877) 363-5049 and enter Conference ID #6069787. A simultaneous audio-only webcast and replay of the conference call as well as an accompanying slide presentation may be accessed via the Company’s website at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2022 earnings press release will 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.
FOR MORE INFORMATION CONTACT:Edward J. Wehmer, Founder & Chief Executive OfficerDavid A. Dykstra, Vice Chairman & Chief Operating Officer(847) 939-9000 Web site address: www.wintrust.com
РОУЗМОНТ, Иллинойс, 19 апреля 2022 г. (GLOBE NEWSWIRE) -- Корпорация Wintrust Financial (“Wintrust”, “Компания”, “мы” или “наш”) (Nasdaq: WTFC) объявила о чистой прибыли в размере 127,4 млн долларов или 2,07 доллара на разводненную обыкновенную акцию за первый квартал 2022 года, что на 31% больше разводненной прибыли на одну обыкновенную акцию по сравнению с четвертым кварталом 2021 года.
Основные события Первого квартала 2022 года:Сравнительная информация с четвертым кварталом 2021 года
Эдвард Дж. Вемер (Edward J. Wehmer), основатель и главный исполнительный директор, прокомментировал: "Wintrust начала 2022 год с впечатляющего отчета за первый квартал с рекордным квартальным доходом до налогообложения и резервирования, что подтверждается продолжающимся ростом чистого процентного дохода. Наш диверсифицированный кредитный портфель продемонстрировал значительный рост, в то время как кредитное качество остается чрезвычайно хорошим. Перспективы Компании на будущее остаются радужными, поскольку мы считаем, что наша позиция по процентным ставкам, чувствительная к активам, позволит нам извлечь выгоду из потенциально растущих процентных ставок. Wintrust сообщила о чистой прибыли в размере 127,4 млн долларов за первый квартал 2022 года по сравнению с 98,8 млн долларов в четвертом квартале 2021 года. Кроме того, доход до налогообложения и резервирования (не по GAAP) составил рекордный уровень в размере 177,8 млн долларов в первом квартале 2022 года по сравнению с 146,3 млн долларов в четвертом квартале 2021 года."
Г-н Вемер продолжил: "Компания продемонстрировала устойчивый рост кредитования, поскольку кредиты, за исключением кредитов по ГЧП, увеличились на 796 миллионов долларов или на 9% в годовом исчислении в первом квартале 2022 года. Мы продолжаем завоевывать новую долю рынка и органично расти, поскольку все наши существенные кредитные портфели продемонстрировали значительный рост в первом квартале 2022 года. Мы по-прежнему испытываем низкий уровень использования коммерческих кредитных линий и уверены, что сможем продолжать наращивать объемы кредитов, учитывая наши надежные кредитные линии и диверсифицированный кредитный портфель. Наше отношение кредитов к депозитам завершило квартал на уровне 83,6%, и мы считаем, что у нас достаточно ликвидности для удовлетворения спроса клиентов на кредиты".
Г-н Вемер прокомментировал: "Чистый процентный доход увеличился на 3,3 миллиона долларов в первом квартале 2022 года в основном за счет роста доходных активов и улучшения чистой процентной маржи. Увеличение чистого процентного дохода особенно впечатляет, если учесть, что в первом квартале 2022 года было на два дня меньше по сравнению с четвертым кварталом 2021 года. Кроме того, устойчивый рост кредитования Компании продолжал более чем компенсировать снижение вклада кредитов по ГЧП. В течение квартала мы также улучшили нашу чистую процентную маржу и увеличили наш ежеквартальный чистый процентный доход, увеличив наш инвестиционный портфель на 1,2 миллиарда долларов”.
Г-н Вемер заявил: “Мы сохранили нашу чувствительную к активам позицию по процентным ставкам, которая, как мы ожидаем, принесет нам пользу по мере роста краткосрочных процентных ставок. На основе смоделированных договорных денежных потоков, включая допущения о предоплате, прогнозируется, что примерно 80% наших текущих остатков по кредитам будут погашены или погашены в течение следующих 12 месяцев. Кроме того, мы прогнозируем, что, предполагая немедленное и параллельное повышение ставки на 25 базисных пунктов, совокупный прирост чистого процентного дохода в последующие 12 месяцев составит примерно 40-50 миллионов долларов. Такие прогнозы включают в себя ряд допущений и могут существенно отличаться в зависимости от различных факторов, включая конкуренцию и макроэкономическую среду.”
Г-н Вемер отметил: “Мы зафиксировали доход от ипотечных банковских услуг в размере 77,2 млн долларов в первом квартале 2022 года по сравнению с 53,1 млн долларов в четвертом квартале 2021 года. Объем кредитов, выданных для продажи в первом квартале 2022 года, составил 896 миллионов долларов по сравнению с 1,3 миллиарда долларов в четвертом квартале 2021 года. Компания зафиксировала увеличение стоимости прав на обслуживание ипотечных кредитов на 43,4 миллиона долларов, связанное с изменениями допущений модели справедливой стоимости, по сравнению с увеличением на 6,7 миллиона долларов, признанным в четвертом квартале 2021 года. Мы сосредоточены на расширении нашей доли рынка закупок и поиске эффективных каналов доставки для снижения затрат в свете сложной ситуации с процентными ставками. Исходя из текущих рыночных условий, мы ожидаем, что выдача ипотечных кредитов во втором квартале 2022 года останется относительно такой же, как и в первом квартале 2022 года”.
Комментируя кредитное качество, г-н Вемер заявил: "Я впечатлен тем, что мы в очередной раз сбросили наш рекордно низкий уровень просроченных кредитов на уровне 0,16% от общего объема кредитов по состоянию на 31 марта 2022 года. В течение первого квартала 2022 года мы продолжили нашу практику урегулирования проблемных кредитов и осуществили продажу кредитов, которая сократила количество проблемных кредитов примерно на 9 миллионов долларов США с соответствующими чистыми списаниями в размере 413 000 долларов США. В первом квартале 2022 года продолжилась тенденция к благоприятным ежеквартальным чистым списаниям в размере 2,5 млн долларов, и Компания зафиксировала резерв на покрытие кредитных убытков в размере 4,1 млн долларов. Резерв на возможные потери по нашему основному кредитному портфелю по состоянию на 31 марта 2022 года составляет примерно 1,31% от непогашенного остатка. Мы считаем, что резервы Компании остаются адекватными, и мы по-прежнему тщательно анализируем кредитоспособность".
Г-н Вемер заключил: “Наши результаты за первый квартал 2022 года продолжают демонстрировать многогранный характер нашей бизнес-модели, которая, по нашему мнению, однозначно обеспечивает нам успех. Мы рассчитываем использовать наш дифференцированный, диверсифицированный кредитный портфель, чтобы превзойти аналогичные показатели по росту кредитования, что должно позволить нам продолжать увеличивать чистый процентный доход. Мы сосредоточены на использовании рыночных возможностей для разумного использования избыточной ликвидности в приносящие доход активы, включая основные и нишевые кредиты и инвестиционные ценные бумаги, сохраняя при этом портфель активов, чувствительных к процентным ставкам. Мы оппортунистически оцениваем рынок поглощений, который был активен как для банков, так и для бизнес-направлений различного размера. Конечно, мы по-прежнему тщательно рассматриваем цели приобретения и намерены быть осмотрительными в принятии решений, всегда стремясь свести к минимуму разбавление”.
Приведенные ниже графики иллюстрируют некоторые финансовые показатели первого квартала 2022 года, а также исторические финансовые показатели. См. раздел “Дополнительные финансовые показатели/коэффициенты, не относящиеся к GAAP” в Таблице 17 для получения дополнительной информации в отношении финансовых показателей/коэффициентов, не относящихся к GAAP, включая сверку с соответствующими финансовыми показателями/коэффициентами GAAP.
Графики доступны по следующей ссылке: http://ml.globenewswire.com/Resource/Download/b3e2c31a-9c4d-41a0-a095-355ecf0d43d1
краткое изложение результатов:
Общий объем кредитов, за исключением кредитов по ГЧП, увеличился на 796 миллионов долларов, так как основные кредиты увеличились на 486 миллионов долларов, а нишевые кредиты увеличились на 310 миллионов долларов. Дополнительную информацию смотрите в таблице 1. По состоянию на 31 марта 2022 года практически все остатки по кредитам ГЧП, выданным в 2020 году, были прощены, и на балансе осталось всего 40 миллионов долларов, из которых почти все находятся в процессе прощения. Принимая во внимание, что по состоянию на 31 марта 2022 года примерно 84% остатков по кредитам ГЧП, выданным в 2021 году, были прощены, 8% находятся в процессе рассмотрения или подачи заявления о прощении, а 8% еще не подали заявление о прощении. Кроме того, в течение первого квартала 2022 года была задействована часть избыточной ликвидности, что увеличило инвестиции на 1,2 миллиарда долларов.
Общий объем обязательств увеличился на 115 миллионов долларов в первом квартале 2022 года в основном за счет увеличения общего объема депозитов на 124 миллиона долларов. Увеличение депозитов произошло в основном за счет увеличения процентных депозитов на 555 миллионов долларов, частично компенсированного сокращением беспроцентных депозитов на 431 миллион долларов. Отношение кредитов Компании к депозитам завершило квартал на уровне 83,6%. Руководство верит в существенное пополнение баланса Компании за счет основных депозитов и использует посреднические или оптовые источники финансирования на ограниченной основе для управления своей ликвидностью, а также для целей управления процентным риском.
Для получения дополнительной информации об изменениях в балансе Компании см. Консолидированные отчеты о состоянии и Таблицы 1-3 в этом отчете.
чистый процентный доход
За первый квартал 2022 года чистый процентный доход составил 299,3 миллиона долларов, увеличившись на 3,3 миллиона долларов по сравнению с четвертым кварталом 2021 года. Увеличение чистого процентного дохода на 3,3 миллиона долларов в первом квартале 2022 года по сравнению с четвертым кварталом 2021 года было обусловлено главным образом ростом доходных активов и улучшением чистой процентной маржи. Кроме того, рост чистого процентного дохода произошел, несмотря на то, что в первом квартале 2022 года было на два дня меньше по сравнению с четвертым кварталом 2021 года, и снижение на 6,7 млн долларов США из-за меньшего процентного дохода по ППС. По состоянию на 31 марта 2022 года у Компании было около 6,3 миллионов долларов чистых комиссионных по кредитам PPP, которые еще не были признаны в составе дохода.
Чистая процентная маржа составила 2,60% (2,61% на полностью налогооблагаемой эквивалентной основе, без учета GAAP) в течение первого квартала 2022 года по сравнению с 2,54% (2,55% на полностью налогооблагаемой эквивалентной основе, без учета GAAP) в четвертом квартале 2021 года. Увеличение чистой процентной маржи по сравнению с четвертым кварталом 2021 года было обусловлено увеличением доходности доходных активов на три базисных пункта и снижением ставки, выплачиваемой по процентным обязательствам, на три базисных пункта. Снижение ставки, выплачиваемой по процентным обязательствам в первом квартале 2022 года по сравнению с четвертым кварталом 2021 года, в первую очередь связано со снижением ставки, выплачиваемой по процентным депозитам, на два базисных пункта, в основном из-за более низкой переоценки срочных депозитов. Увеличение доходности доходных активов на три базисных пункта в первом квартале 2022 года по сравнению с четвертым кварталом 2021 года было вызвано главным образом изменением структуры доходных активов за счет использования ликвидности с увеличением инвестиционных ценных бумаг и снижением уровня низкодоходных активов для управления ликвидностью.
Для получения дополнительной информации о чистом процентном доходе см. Таблицы с 4 по 7 в настоящем отчете.
Резерв на возможные потери по кредитам составил $301,3 млн по состоянию на 31 марта 2022 года, увеличившись на $1,6 млн по сравнению с $299,7 млн по состоянию на 31 декабря 2021 года. За первый квартал 2022 года был создан резерв на покрытие кредитных убытков на общую сумму 4,1 миллиона долларов по сравнению с 9,3 миллиона долларов, зарегистрированными в четвертом квартале 2021 года. Для получения дополнительной информации о резерве на покрытие кредитных убытков см. Таблицу 10 в настоящем отчете.
Руководство считает, что резерв на возможные потери по кредитам достаточен для учета ожидаемых кредитных убытков. Текущий стандарт учета ожидаемых кредитных убытков (“CECL”) требует от Компании оценки ожидаемых кредитных убытков в течение срока действия финансовых активов Компании на отчетную дату. Однако не может быть никаких гарантий того, что будущие убытки не превысят значительно предусмотренные суммы, что повлияет на будущие результаты операций. Сводная информация о резерве на возможные потери по кредитам, рассчитанном для компонентов кредита в каждом портфеле по состоянию на 31 марта 2022 года, 31 декабря 2021 года и 30 сентября 2021 года, приведена в таблице 11 настоящего отчета.
Чистые списания составили 2,5 миллиона долларов в первом квартале 2022 года по сравнению с 6,2 миллионами долларов чистых списаний в четвертом квартале 2021 года. Чистые списания в процентах от среднего общего объема кредитов составили три базисных пункта в первом квартале 2022 года в годовом исчислении по сравнению с семью базисными пунктами в годовом исчислении в четвертом квартале 2021 года. Для получения дополнительной информации о чистых списаниях смотрите Таблицу 9 в этом отчете.
Уровень просроченной задолженности Компании остается низким и управляемым. Для получения дополнительной информации о просроченных кредитах см. Таблицу 12 в настоящем отчете.
Отношение неработающих активов к общему объему активов составило 0,13% по состоянию на 31 марта 2022 года по сравнению с 0,16% на 31 декабря 2021 года. Неработающие активы на 31 марта 2022 года составили 63,5 млн долларов США по сравнению с 78,7 млн долларов США на 31 декабря 2021 года. Неработающие кредиты составили 57,3 млн долларов США, или 0,16% от общего объема кредитов, на 31 марта 2022 года по сравнению с 74,4 млн долларов США, или 0,21% от общего объема кредитов, на 31 декабря 2021 года. Прочая принадлежащая недвижимость (“ОРЕО”) на 31 марта 2022 года составила 6,2 миллиона долларов, увеличившись на 1,9 миллиона долларов по сравнению с 4,3 миллиона долларов на 31 декабря 2021 года. Руководство стремится ликвидировать все неработающие активы. На данный момент руководство считает, что OREO надлежащим образом оценивается по наименьшей из двух величин: балансовой стоимости или справедливой стоимости за вычетом предполагаемых затрат на продажу. Для получения дополнительной информации о неработающих активах см. Таблицу 13 в этом отчете.
непроцентный доход
Выручка от управления капиталом снизилась на 1,1 миллиона долларов в первом квартале 2022 года по сравнению с четвертым кварталом 2021 года, что в основном связано с неблагоприятными показателями фондового рынка. Доход от управления капиталом состоит из доходов от доверительного управления и управления активами Chicago Trust Company и Great Lakes Advisors, брокерских комиссий, сборов за управление денежными средствами и комиссий за страховые продукты Wintrust Investments, а также сборов за аналогичные услуги обмена с отсрочкой уплаты налогов, предоставляемые Chicago Deferred Exchange Company.
Выручка от ипотечных банковских услуг увеличилась на 24,1 млн долларов в первом квартале 2022 года по сравнению с четвертым кварталом 2021 года, главным образом из-за благоприятной корректировки справедливой стоимости портфеля прав на обслуживание ипотечных кредитов на сумму 43,4 млн долларов по сравнению с благоприятной корректировкой на сумму 6,7 млн долларов, признанной в четвертом квартале 2021 года. Это увеличение было частично компенсировано снижением выручки от производства на 13,6 млн. долл. Кредиты, выданные для продажи, составили 896 миллионов долларов в первом квартале 2022 года, что на 403 миллиона долларов меньше по сравнению с четвертым кварталом 2021 года. Доля объема привлеченных средств от деятельности по рефинансированию составила 47% в первом квартале 2022 года по сравнению с 48% в четвертом квартале 2021 года. Доходы от ипотечных банковских услуг включают доходы от деятельности, связанной с предоставлением, продажей и обслуживанием кредитов на жилую недвижимость на вторичном рынке.
В течение первого квартала 2022 года справедливая стоимость портфеля прав на обслуживание ипотечных кредитов увеличилась в основном за счет увеличения корректировки справедливой стоимости на 43,4 миллиона долларов и капитализации на 14,4 миллиона долларов. Это увеличение было частично компенсировано снижением стоимости на 6,0 млн. долл. США из-за выплат и выплат по существующему портфелю.
Компания зафиксировала сборы в размере 3,7 миллиона долларов от покрытых опционов на звонки в первом квартале 2022 года по сравнению с 1,1 миллиона долларов в четвертом квартале 2021 года. Компания, как правило, выписывает опционы "колл" сроком менее трех месяцев на определенные ценные бумаги Казначейства США и агентства, находящиеся в ее портфеле, для обеспечения ликвидности и других целей. Руководство заключило эти сделки с целью экономического хеджирования позиций по ценным бумагам и повышения общей доходности своего инвестиционного портфеля за счет использования комиссионных, полученных от этих опционов, для компенсации сокращения чистой процентной маржи. Эти опционные операции предназначены для снижения общего процентного риска и не квалифицируются как хеджирование в соответствии с руководством по бухгалтерскому учету.
Прибыль от торговли составила 3,9 миллиона долларов в первом квартале 2022 года по сравнению с прибылью в размере 206 000 долларов, признанной в четвертом квартале 2021 года. Прибыль от торговли в первом квартале 2022 года связана в первую очередь с благоприятной корректировкой рыночной стоимости производного инструмента с предельной процентной ставкой, удерживаемого в качестве экономического хеджирования на случай потенциально растущих процентных ставок.
Компания признала чистые убытки по инвестиционным ценным бумагам в размере 2,8 миллиона долларов в первом квартале 2022 года по сравнению с чистыми убытками в размере 1,1 миллиона долларов, признанными в четвертом квартале 2021 года.
Чистый доход от операционной аренды составил $15,5 млн в первом квартале 2022 года по сравнению с $14,2 млн в четвертом квартале 2021 года. Увеличение на 1,3 миллиона долларов в первом квартале 2022 года в основном связано с увеличением прибыли от продажи арендуемых активов по сравнению с четвертым кварталом 2021 года.
Для получения дополнительной информации о непроцентных доходах см. Таблицы 14 и 15 в настоящем отчете.
непроцентные расходы
Расходы на заработную плату и пособия работникам увеличились на 5,2 миллиона долларов в первом квартале 2022 года по сравнению с четвертым кварталом 2021 года. Увеличение на 5,2 миллиона долларов в первую очередь связано с увеличением расходов на заработную плату и стимулирующие выплаты, частично компенсируемое снижением комиссионных расходов из-за сокращения производства ипотечных кредитов.
Расходы на программное обеспечение и оборудование в первом квартале 2022 года составили 22,8 миллиона долларов, что на 898 000 долларов меньше, чем в четвертом квартале 2021 года. Снижение в основном связано с ускоренной амортизацией, признанной в четвертом квартале 2021 года, связанной с сокращением срока полезного использования программного обеспечения, которое планируется заменить, поскольку мы продолжаем обновлять наш цифровой пользовательский интерфейс.
Расходы на рекламу и маркетинг в первом квартале 2022 года сократились на 2,1 миллиона долларов по сравнению с четвертым кварталом 2021 года, что в основном связано со снижением затрат на рекламу в СМИ. Маркетинговые расходы связаны с продвижением бренда Компании, коммерческих банковских возможностей, различных продуктов Компании, привлечением кредитов и депозитов, объявлением об открытии новых филиалов, а также расширением небанковского бизнеса Компании. Уровень маркетинговых расходов зависит от сроков использования спонсорских программ, которые определяются на основе рыночной площади, целевой аудитории, конкуренции и различных других факторов.
Компания зафиксировала чистую прибыль OREO в размере 1,0 миллиона долларов в первом квартале 2022 года по сравнению с чистой прибылью в размере 641 000 долларов в четвертом квартале 2021 года. Чистая прибыль в основном обусловлена продажей OREO properties в четвертом квартале 2021 года и первом квартале 2022 года.
Прочие расходы в первом квартале 2022 года сократились на 1,2 млн. долл. США по сравнению с четвертым кварталом 2021 года. Прочие расходы включают расходы на банкоматы, банковские корреспондентские сборы, гонорары директоров, телефонные звонки, поездки и развлечения, корпоративное страхование, взносы и подписки, расходы по проблемным кредитам и расходы на предоставление кредита, которые не подлежат отсрочке.
Для получения дополнительной информации о непроцентных расходах см. Таблицу 16 в настоящем отчете.
Компания зафиксировала расходы по налогу на прибыль в размере 46,3 млн долларов в первом квартале 2022 года по сравнению с 38,3 млн долларов в четвертом квартале 2021 года. Эффективные налоговые ставки составили 26,65% в первом квартале 2022 года по сравнению с 27,94% в четвертом квартале 2021 года. На эффективные налоговые ставки частично повлияли налоговые последствия, связанные с компенсацией, основанной на акциях, которые колеблются в зависимости от цены акций Компании и сроков реализации опционов на акции сотрудников и предоставления других вознаграждений, основанных на акциях. Компания зафиксировала сверхнормативные налоговые льготы в размере 2,2 миллиона долларов в первом квартале 2022 года по сравнению с сверхнормативными налоговыми льготами в размере 866 000 долларов в четвертом квартале 2021 года, связанными с компенсацией на основе акций.
краткое описание бизнес-подразделения
Банковское обслуживание сообщества
Через свое подразделение community banking Компания предоставляет банковские и финансовые услуги в первую очередь частным лицам, предприятиям малого и среднего бизнеса, местным органам власти и институциональным клиентам, проживающим в основном в районах, которые обслуживает Компания. В первом квартале 2022 года это подразделение расширило свой кредитный портфель. Чистый процентный доход сегмента увеличился в первом квартале 2022 года по сравнению с четвертым кварталом 2021 года за счет роста доходных активов и увеличения чистой процентной маржи.
Выручка ипотечных банков за первый квартал 2022 года составила 77,2 миллиона долларов, увеличившись на 24,1 миллиона долларов по сравнению с четвертым кварталом 2021 года. Сборы за обслуживание депозитных счетов в первом квартале 2022 года составили 15,3 миллиона долларов, увеличившись на 549 000 долларов по сравнению с четвертым кварталом 2021 года, главным образом из-за более высоких сборов, связанных с деятельностью коммерческих счетов. По состоянию на 31 марта 2022 года общий объем кредитов Компании на коммерческую недвижимость и коммерческую недвижимость оставался стабильным, что указывает на динамику дальнейшего роста кредитования во втором квартале 2022 года.
Специальность Финансы
Через свое специализированное финансовое подразделение Компания предлагает финансирование страховых взносов для юридических и физических лиц, финансирование оборудования через структурированные кредиты и лизинговые продукты клиентам в различных отраслях, финансирование дебиторской задолженности и добавленной стоимости, административные услуги из внешних источников и другие услуги. Поступления в рамках портфеля дебиторской задолженности по финансированию страховых взносов составили 3,4 миллиарда долларов в первом квартале 2022 года, а средние остатки увеличились на 551,4 миллиона долларов по сравнению с четвертым кварталом 2021 года. Баланс лизингового портфеля Компании не изменился в первом квартале 2022 года, при этом портфель активов Компании, включая капитальную аренду, кредиты и оборудование на условиях операционной аренды, составил 2,4 миллиарда долларов по состоянию на 31 марта 2022 года и 31 декабря 2021 года. Выручка от бизнеса по предоставлению административных услуг за пределами Компании в первом квартале 2022 года составила 1,9 миллиона долларов, практически не изменившись по сравнению с четвертым кварталом 2021 года.
Управление капиталом
Через четыре отдельные дочерние компании в рамках своего подразделения по управлению капиталом Компания предлагает полный спектр услуг по управлению капиталом, включая трастовые и инвестиционные услуги, услуги по обмену с отсрочкой уплаты налогов, управление активами, брокерские услуги по ценным бумагам, а также услуги 401 (k) и пенсионного плана. Доход от управления капиталом в первом квартале 2022 года составил 31,4 миллиона долларов, что на 1,1 миллиона долларов меньше, чем в четвертом квартале 2021 года. Снижение доходов от управления капиталом было вызвано в первую очередь неблагоприятными показателями фондового рынка в первом квартале 2022 года. По состоянию на 31 марта 2022 года активы дочерних компаний по управлению активами Компании находились под управлением примерно на 35,8 миллиарда долларов, включая активы на 6,7 миллиарда долларов, принадлежащие Компании и ее дочерним банкам, что на 274 миллиона долларов больше, чем активы на 35,5 миллиарда долларов, находящиеся под управлением на 31 декабря 2021 года.
статьи, влияющие на сравнительные финансовые результаты
Кредитный Портфель Страхового агентства
15 ноября 2021 года Компания завершила приобретение определенных активов у Allstate Corporation (“Allstate”). В результате этого объединения бизнеса Компания приобрела займы на сумму около 581,6 млн. долларов США за вычетом резерва на возможные потери по кредитам, оцененного на дату приобретения. Кредитный портфель состоял примерно из 1800 кредитов, выданных всем государственным агентам по всей стране. В дополнение к приобретению кредитов, Компания стала национальным предпочтительным поставщиком кредитов для всех государственных агентов. В связи с получением кредита к Компании присоединилась команда специалистов по кредитованию Allstate agency, чтобы расширить и расширить существующий бизнес Wintrust по финансированию страховых агентств. Поскольку сделка была определена как объединение бизнеса, Компания зарегистрировала гудвилл в размере примерно 9,3 миллиона долларов при покупке.
Корпорация Wintrust Financial
Основные Оперативные Меры
Основные операционные показатели и темпы роста Wintrust за первый квартал 2022 года по сравнению с четвертым кварталом 2021 года (последовательный квартал) и первым кварталом 2021 года (связанный квартал) показаны в таблице ниже:
| % or(1) basis point (bp) change from 4th Quarter 2021 | % or basis point (bp) change from 1st Quarter 2021 | ||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||
| Net income | $ | 127,391 | $ | 98,757 | $ | 153,148 | 29 | % | (17 | ) | % | ||||||||
| Pre-tax income, excluding provision for credit losses (non-GAAP)(2) | 177,786 | 146,344 | 161,512 | 21 | 10 | ||||||||||||||
| Net income per common share – diluted | 2.07 | 1.58 | 2.54 | 31 | (19 | ) | |||||||||||||
| Cash dividends declared per common share | 0.34 | 0.31 | 0.31 | 10 | 10 | ||||||||||||||
| Net revenue(3) | 462,084 | 429,743 | 448,401 | 8 | 3 | ||||||||||||||
| Net interest income | 299,294 | 295,976 | 261,895 | 1 | 14 | ||||||||||||||
| Net interest margin | 2.60 | % | 2.54 | % | 2.53 | % | 6 | bps | 7 | bps | |||||||||
| Net interest margin – fully taxable-equivalent (non-GAAP)(2) | 2.61 | 2.55 | 2.54 | 6 | 7 | ||||||||||||||
| Net overhead ratio(4) | 1.00 | 1.21 | 0.90 | (21 | ) | 10 | |||||||||||||
| Return on average assets | 1.04 | 0.80 | 1.38 | 24 | (34 | ) | |||||||||||||
| Return on average common equity | 11.94 | 9.05 | 15.80 | 289 | (386 | ) | |||||||||||||
| Return on average tangible common equity (non-GAAP)(2) | 14.48 | 11.04 | 19.49 | 344 | (501 | ) | |||||||||||||
| At end of period | |||||||||||||||||||
| Total assets | $ | 50,250,661 | $ | 50,142,143 | $ | 45,682,202 | 1 | % | 10 | % | |||||||||
| Total loans(5) | 35,280,547 | 34,789,104 | 33,171,233 | 6 | 6 | ||||||||||||||
| Total deposits | 42,219,322 | 42,095,585 | 37,872,652 | 1 | 11 | ||||||||||||||
| Total shareholders’ equity | 4,492,256 | 4,498,688 | 4,252,511 | (1 | ) | 6 | |||||||||||||
(1) Процентные изменения баланса на конец периода указаны в годовом исчислении. (2) Дополнительную информацию об этом показателе/коэффициенте эффективности см. в разделе “Дополнительные финансовые показатели/коэффициенты, не относящиеся к GAAP” в таблице 17. (3) Чистый доход - это чистый процентный доход плюс непроцентный доход.(4) Коэффициент чистых накладных расходов рассчитывается путем вычета общих непроцентных расходов и общего непроцентного дохода, пересчета этой суммы в год и деления на среднюю общую сумму активов за этот период. Более низкий коэффициент указывает на более высокую степень эффективности. (5) Не включает ипотечные кредиты, предназначенные для продажи.
Определенные показатели доходности, доходности, коэффициенты эффективности или квартальные темпы роста в этой презентации “приведены в годовом исчислении” для представления годового периода времени. Это делается в аналитических целях, чтобы лучше определить для целей принятия решений основные тенденции производительности по сравнению с показателями за весь год или за год. Например, 5%-ный темп роста за квартал будет представлять собой 20%-ный темп роста в годовом исчислении. Дополнительную дополнительную финансовую информацию, отражающую квартальные тенденции, можно найти на веб-сайте Компании по адресу www.wintrust.com выбрав “Финансовые отчеты” в разделе “Отношения с инвесторами”, а затем выбрав ”Основные финансовые показатели".
Wintrust Financial КОРПОРАЦИЙВЫбранные Финансовые показатели
| Three Months Ended | ||||||||||||||||||||
| (Dollars in thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||||||||||
| Selected Financial Condition Data (at end of period): | ||||||||||||||||||||
| Total assets | $ | 50,250,661 | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | ||||||||||
| Total loans(1) | 35,280,547 | 34,789,104 | 33,264,043 | 32,911,187 | 33,171,233 | |||||||||||||||
| Total deposits | 42,219,322 | 42,095,585 | 39,952,558 | 38,804,616 | 37,872,652 | |||||||||||||||
| Total shareholders’ equity | 4,492,256 | 4,498,688 | 4,410,317 | 4,339,011 | 4,252,511 | |||||||||||||||
| Selected Statements of Income Data: | ||||||||||||||||||||
| Net interest income | $ | 299,294 | $ | 295,976 | $ | 287,496 | $ | 279,590 | $ | 261,895 | ||||||||||
| Net revenue(2) | 462,084 | 429,743 | 423,970 | 408,963 | 448,401 | |||||||||||||||
| Net income | 127,391 | 98,757 | 109,137 | 105,109 | 153,148 | |||||||||||||||
| Pre-tax income, excluding provision for credit losses (non-GAAP)(3) | 177,786 | 146,344 | 141,826 | 128,851 | 161,512 | |||||||||||||||
| Net income per common share – Basic | 2.11 | 1.61 | 1.79 | 1.72 | 2.57 | |||||||||||||||
| Net income per common share – Diluted | 2.07 | 1.58 | 1.77 | 1.70 | 2.54 | |||||||||||||||
| Cash dividends declared per common share | 0.34 | 0.31 | 0.31 | 0.31 | 0.31 | |||||||||||||||
| Selected Financial Ratios and Other Data: | ||||||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||
| Net interest margin | 2.60 | % | 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | ||||||||||
| Net interest margin – fully taxable-equivalent (non-GAAP)(3) | 2.61 | 2.55 | 2.59 | 2.63 | 2.54 | |||||||||||||||
| Non-interest income to average assets | 1.33 | 1.08 | 1.15 | 1.13 | 1.68 | |||||||||||||||
| Non-interest expense to average assets | 2.33 | 2.29 | 2.37 | 2.45 | 2.59 | |||||||||||||||
| Net overhead ratio(4) | 1.00 | 1.21 | 1.22 | 1.32 | 0.90 | |||||||||||||||
| Return on average assets | 1.04 | 0.80 | 0.92 | 0.92 | 1.38 | |||||||||||||||
| Return on average common equity | 11.94 | 9.05 | 10.31 | 10.24 | 15.80 | |||||||||||||||
| Return on average tangible common equity (non-GAAP)(3) | 14.48 | 11.04 | 12.62 | 12.62 | 19.49 | |||||||||||||||
| Average total assets | $ | 49,501,844 | $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | ||||||||||
| Average total shareholders’ equity | 4,500,460 | 4,433,953 | 4,343,915 | 4,256,778 | 4,164,890 | |||||||||||||||
| Average loans to average deposits ratio | 83.8 | % | 81.7 | % | 83.8 | % | 86.7 | % | 87.1 | % | ||||||||||
| Period-end loans to deposits ratio | 83.6 | 82.6 | 83.3 | 84.8 | 87.6 | |||||||||||||||
| Common Share Data at end of period: | ||||||||||||||||||||
| Market price per common share | $ | 92.93 | $ | 90.82 | $ | 80.37 | $ | 75.63 | $ | 75.80 | ||||||||||
| Book value per common share | 71.26 | 71.62 | 70.19 | 68.81 | 67.34 | |||||||||||||||
| Tangible book value per common share (non-GAAP)(3) | 59.34 | 59.64 | 58.32 | 56.92 | 55.42 | |||||||||||||||
| Common shares outstanding | 57,253,214 | 57,054,091 | 56,956,026 | 57,066,677 | 57,023,273 | |||||||||||||||
| Other Data at end of period: | ||||||||||||||||||||
| Tier 1 leverage ratio(5) | 8.1 | % | 8.0 | % | 8.1 | % | 8.2 | % | 8.2 | % | ||||||||||
| Risk-based capital ratios: | ||||||||||||||||||||
| Tier 1 capital ratio(5) | 9.5 | 9.6 | 9.9 | 10.1 | 10.2 | |||||||||||||||
| Common equity tier 1 capital ratio(5) | 8.6 | 8.6 | 8.9 | 9.0 | 9.0 | |||||||||||||||
| Total capital ratio(5) | 11.6 | 11.6 | 12.1 | 12.4 | 12.6 | |||||||||||||||
| Allowance for credit losses(6) | $ | 301,327 | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | ||||||||||
| Allowance for loan and unfunded lending-related commitment losses to total loans | 0.85 | % | 0.86 | % | 0.89 | % | 0.92 | % | 0.97 | % | ||||||||||
| Number of: | ||||||||||||||||||||
| Bank subsidiaries | 15 | 15 | 15 | 15 | 15 | |||||||||||||||
| Banking offices | 174 | 173 | 172 | 172 | 182 | |||||||||||||||
(1) Исключает ипотечные кредиты, предназначенные для продажи. (2) Чистый доход - это чистый процентный доход и непроцентный доход. (3) Дополнительную информацию об этом показателе/коэффициенте эффективности см. в разделе “Дополнительные финансовые показатели/коэффициенты, не относящиеся к GAAP” в таблице 17.(4) Рассчитывается коэффициент чистых накладных расходов путем вычета общих непроцентных расходов и общего непроцентного дохода, пересчета этой суммы в год и деления на среднюю общую сумму активов за этот период. Более низкий коэффициент указывает на более высокую степень эффективности. (5) Рассчитаны коэффициенты достаточности капитала на конец текущего квартала. (6) Резерв на возможные потери по кредитам включает резерв на возможные потери по ссудам, резерв на необеспеченные обязательства, связанные с кредитованием, и резерв на потери по ценным бумагам, удерживаемым до погашения.
Wintrust Financial корпорация и дочерние компании консолидированные заявления об условиях
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 462,516 | $ | 411,150 | $ | 462,244 | $ | 434,957 | $ | 426,325 | ||||||||||
| Federal funds sold and securities purchased under resale agreements | 700,056 | 700,055 | 55 | 52 | 52 | |||||||||||||||
| Interest-bearing deposits with banks | 4,013,597 | 5,372,603 | 5,232,315 | 4,707,415 | 3,348,794 | |||||||||||||||
| Available-for-sale securities, at fair value | 2,998,898 | 2,327,793 | 2,373,478 | 2,188,608 | 2,430,749 | |||||||||||||||
| Held-to-maturity securities, at amortized cost | 3,435,729 | 2,942,285 | 2,736,722 | 2,498,232 | 2,166,419 | |||||||||||||||
| Trading account securities | 852 | 1,061 | 1,103 | 2,667 | 951 | |||||||||||||||
| Equity securities with readily determinable fair value | 92,689 | 90,511 | 88,193 | 86,316 | 90,338 | |||||||||||||||
| Federal Home Loan Bank and Federal Reserve Bank stock | 136,163 | 135,378 | 135,408 | 136,625 | 135,881 | |||||||||||||||
| Brokerage customer receivables | 22,888 | 26,068 | 26,378 | 23,093 | 19,056 | |||||||||||||||
| Mortgage loans held-for-sale | 606,545 | 817,912 | 925,312 | 984,994 | 1,260,193 | |||||||||||||||
| Loans, net of unearned income | 35,280,547 | 34,789,104 | 33,264,043 | 32,911,187 | 33,171,233 | |||||||||||||||
| Allowance for loan losses | (250,539 | ) | (247,835 | ) | (248,612 | ) | (261,089 | ) | (277,709 | ) | ||||||||||
| Net loans | 35,030,008 | 34,541,269 | 33,015,431 | 32,650,098 | 32,893,524 | |||||||||||||||
| Premises, software and equipment, net | 761,213 | 766,405 | 748,872 | 752,375 | 760,522 | |||||||||||||||
| Lease investments, net | 240,656 | 242,082 | 243,933 | 219,023 | 238,984 | |||||||||||||||
| Accrued interest receivable and other assets | 1,066,750 | 1,084,115 | 1,166,917 | 1,185,811 | 1,230,362 | |||||||||||||||
| Trade date securities receivable | — | — | — | 189,851 | — | |||||||||||||||
| Goodwill | 655,402 | 655,149 | 645,792 | 646,336 | 646,017 | |||||||||||||||
| Other acquisition-related intangible assets | 26,699 | 28,307 | 30,118 | 31,997 | 34,035 | |||||||||||||||
| Total assets | $ | 50,250,661 | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | ||||||||||
| Liabilities and Shareholders’ Equity | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non-interest-bearing | $ | 13,748,918 | $ | 14,179,980 | $ | 13,255,417 | $ | 12,796,110 | $ | 12,297,337 | ||||||||||
| Interest-bearing | 28,470,404 | 27,915,605 | 26,697,141 | 26,008,506 | 25,575,315 | |||||||||||||||
| Total deposits | 42,219,322 | 42,095,585 | 39,952,558 | 38,804,616 | 37,872,652 | |||||||||||||||
| Federal Home Loan Bank advances | 1,241,071 | 1,241,071 | 1,241,071 | 1,241,071 | 1,228,436 | |||||||||||||||
| Other borrowings | 482,516 | 494,136 | 504,527 | 518,493 | 516,877 | |||||||||||||||
| Subordinated notes | 437,033 | 436,938 | 436,811 | 436,719 | 436,595 | |||||||||||||||
| Junior subordinated debentures | 253,566 | 253,566 | 253,566 | 253,566 | 253,566 | |||||||||||||||
| Trade date securities payable | 437 | — | 1,348 | — | 995 | |||||||||||||||
| Accrued interest payable and other liabilities | 1,124,460 | 1,122,159 | 1,032,073 | 1,144,974 | 1,120,570 | |||||||||||||||
| Total liabilities | 45,758,405 | 45,643,455 | 43,421,954 | 42,399,439 | 41,429,691 | |||||||||||||||
| Shareholders’ Equity: | ||||||||||||||||||||
| Preferred stock | 412,500 | 412,500 | 412,500 | 412,500 | 412,500 | |||||||||||||||
| Common stock | 59,091 | 58,892 | 58,794 | 58,770 | 58,727 | |||||||||||||||
| Surplus | 1,698,093 | 1,685,572 | 1,674,062 | 1,669,002 | 1,663,008 | |||||||||||||||
| Treasury stock | (109,903 | ) | (109,903 | ) | (109,903 | ) | (100,363 | ) | (100,363 | ) | ||||||||||
| Retained earnings | 2,548,474 | 2,447,535 | 2,373,447 | 2,288,969 | 2,208,535 | |||||||||||||||
| Accumulated other comprehensive (loss) income | (115,999 | ) | 4,092 | 1,417 | 10,133 | 10,104 | ||||||||||||||
| Total shareholders’ equity | 4,492,256 | 4,498,688 | 4,410,317 | 4,339,011 | 4,252,511 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 50,250,661 | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | ||||||||||
Wintrust Financial корпорация и дочерние компании консолидированные отчеты о прибылях и убытках (неаудированные)
| Three Months Ended | |||||||||||||||||||
| (In thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||||||||||
| Interest income | |||||||||||||||||||
| Interest and fees on loans | $ | 285,698 | $ | 289,140 | $ | 285,587 | $ | 284,701 | $ | 274,100 | |||||||||
| Mortgage loans held-for-sale | 6,087 | 7,234 | 7,716 | 8,183 | 9,036 | ||||||||||||||
| Interest-bearing deposits with banks | 1,687 | 2,254 | 2,000 | 1,153 | 1,199 | ||||||||||||||
| Federal funds sold and securities purchased under resale agreements | 431 | 173 | — | — | — | ||||||||||||||
| Investment securities | 32,398 | 27,210 | 25,189 | 23,623 | 19,264 | ||||||||||||||
| Trading account securities | 5 | 4 | 3 | 1 | 2 | ||||||||||||||
| Federal Home Loan Bank and Federal Reserve Bank stock | 1,772 | 1,776 | 1,777 | 1,769 | 1,745 | ||||||||||||||
| Brokerage customer receivables | 174 | 188 | 185 | 149 | 123 | ||||||||||||||
| Total interest income | 328,252 | 327,979 | 322,457 | 319,579 | 305,469 | ||||||||||||||
| Interest expense | |||||||||||||||||||
| Interest on deposits | 14,854 | 16,572 | 19,305 | 24,298 | 27,944 | ||||||||||||||
| Interest on Federal Home Loan Bank advances | 4,816 | 4,923 | 4,931 | 4,887 | 4,840 | ||||||||||||||
| Interest on other borrowings | 2,239 | 2,250 | 2,501 | 2,568 | 2,609 | ||||||||||||||
| Interest on subordinated notes | 5,482 | 5,514 | 5,480 | 5,512 | 5,477 | ||||||||||||||
| Interest on junior subordinated debentures | 1,567 | 2,744 | 2,744 | 2,724 | 2,704 | ||||||||||||||
| Total interest expense | 28,958 | 32,003 | 34,961 | 39,989 | 43,574 | ||||||||||||||
| Net interest income | 299,294 | 295,976 | 287,496 | 279,590 | 261,895 | ||||||||||||||
| Provision for credit losses | 4,106 | 9,299 | (7,916 | ) | (15,299 | ) | (45,347 | ) | |||||||||||
| Net interest income after provision for credit losses | 295,188 | 286,677 | 295,412 | 294,889 | 307,242 | ||||||||||||||
| Non-interest income | |||||||||||||||||||
| Wealth management | 31,394 | 32,489 | 31,531 | 30,690 | 29,309 | ||||||||||||||
| Mortgage banking | 77,231 | 53,138 | 55,794 | 50,584 | 113,494 | ||||||||||||||
| Service charges on deposit accounts | 15,283 | 14,734 | 14,149 | 13,249 | 12,036 | ||||||||||||||
| (Losses) gains on investment securities, net | (2,782 | ) | (1,067 | ) | (2,431 | ) | 1,285 | 1,154 | |||||||||||
| Fees from covered call options | 3,742 | 1,128 | 1,157 | 1,388 | — | ||||||||||||||
| Trading gains (losses), net | 3,889 | 206 | 58 | (438 | ) | 419 | |||||||||||||
| Operating lease income, net | 15,475 | 14,204 | 12,807 | 12,240 | 14,440 | ||||||||||||||
| Other | 18,558 | 18,935 | 23,409 | 20,375 | 15,654 | ||||||||||||||
| Total non-interest income | 162,790 | 133,767 | 136,474 | 129,373 | 186,506 | ||||||||||||||
| Non-interest expense | |||||||||||||||||||
| Salaries and employee benefits | 172,355 | 167,131 | 170,912 | 172,817 | 180,809 | ||||||||||||||
| Software and equipment | 22,810 | 23,708 | 22,029 | 20,866 | 20,912 | ||||||||||||||
| Operating lease equipment depreciation | 9,708 | 10,147 | 10,013 | 9,949 | 10,771 | ||||||||||||||
| Occupancy, net | 17,824 | 18,343 | 18,158 | 17,687 | 19,996 | ||||||||||||||
| Data processing | 7,505 | 7,207 | 7,104 | 6,920 | 6,048 | ||||||||||||||
| Advertising and marketing | 11,924 | 13,981 | 13,443 | 11,305 | 8,546 | ||||||||||||||
| Professional fees | 8,401 | 7,551 | 7,052 | 7,304 | 7,587 | ||||||||||||||
| Amortization of other acquisition-related intangible assets | 1,609 | 1,811 | 1,877 | 2,039 | 2,007 | ||||||||||||||
| FDIC insurance | 7,729 | 7,317 | 6,750 | 6,405 | 6,558 | ||||||||||||||
| OREO expense, net | (1,032 | ) | (641 | ) | (1,531 | ) | 769 | (251 | ) | ||||||||||
| Other | 25,465 | 26,844 | 26,337 | 24,051 | 23,906 | ||||||||||||||
| Total non-interest expense | 284,298 | 283,399 | 282,144 | 280,112 | 286,889 | ||||||||||||||
| Income before taxes | 173,680 | 137,045 | 149,742 | 144,150 | 206,859 | ||||||||||||||
| Income tax expense | 46,289 | 38,288 | 40,605 | 39,041 | 53,711 | ||||||||||||||
| Net income | $ | 127,391 | $ | 98,757 | $ | 109,137 | $ | 105,109 | $ | 153,148 | |||||||||
| Preferred stock dividends | 6,991 | 6,991 | 6,991 | 6,991 | 6,991 | ||||||||||||||
| Net income applicable to common shares | $ | 120,400 | $ | 91,766 | $ | 102,146 | $ | 98,118 | $ | 146,157 | |||||||||
| Net income per common share - Basic | $ | 2.11 | $ | 1.61 | $ | 1.79 | $ | 1.72 | $ | 2.57 | |||||||||
| Net income per common share - Diluted | $ | 2.07 | $ | 1.58 | $ | 1.77 | $ | 1.70 | $ | 2.54 | |||||||||
| Cash dividends declared per common share | $ | 0.34 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | |||||||||
| Weighted average common shares outstanding | 57,196 | 57,022 | 57,000 | 57,049 | 56,904 | ||||||||||||||
| Dilutive potential common shares | 862 | 976 | 753 | 726 | 681 | ||||||||||||||
| Average common shares and dilutive common shares | 58,058 | 57,998 | 57,753 | 57,775 | 57,585 | ||||||||||||||
таблица 1: структура и темпы роста кредитного портфеля
| % Growth From(2) | |||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2021(1) | Mar 31, 2021 | ||||||||||||
| Balance: | |||||||||||||||||||
| Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies | $ | 296,548 | $ | 473,102 | $ | 570,663 | $ | 633,006 | $ | 890,749 | NM | (67 | )% | ||||||
| Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies | 309,997 | 344,810 | 354,649 | 351,988 | 369,444 | (41 | ) | (16 | ) | ||||||||||
| Total mortgage loans held-for-sale | $ | 606,545 | $ | 817,912 | $ | 925,312 | $ | 984,994 | $ | 1,260,193 | NM | (52 | )% | ||||||
| Core loans: | |||||||||||||||||||
| Commercial | |||||||||||||||||||
| Commercial and industrial | $ | 5,348,266 | $ | 5,346,084 | $ | 4,953,769 | $ | 4,650,607 | $ | 4,630,795 | 0 | % | 15 | % | |||||
| Asset-based lending | 1,365,297 | 1,299,869 | 1,066,376 | 892,109 | 720,772 | 20 | 89 | ||||||||||||
| Municipal | 533,357 | 536,498 | 524,192 | 511,094 | 493,417 | (2 | ) | 8 | |||||||||||
| Leases | 1,481,368 | 1,454,099 | 1,365,281 | 1,357,036 | 1,290,778 | 8 | 15 | ||||||||||||
| Commercial real estate | |||||||||||||||||||
| Residential construction | 57,037 | 51,464 | 49,754 | 55,735 | 72,058 | 44 | (21 | ) | |||||||||||
| Commercial construction | 1,055,972 | 1,034,988 | 1,038,034 | 1,090,447 | 1,040,631 | 8 | 1 | ||||||||||||
| Land | 283,397 | 269,752 | 255,927 | 239,067 | 240,635 | 21 | 18 | ||||||||||||
| Office(3) | 1,273,705 | 1,285,686 | 1,269,746 | 1,220,658 | 1,131,472 | (4 | ) | 13 | |||||||||||
| Industrial(3) | 1,668,516 | 1,585,808 | 1,490,358 | 1,434,377 | 1,152,522 | 21 | 45 | ||||||||||||
| Retail(3) | 1,395,021 | 1,429,567 | 1,462,101 | 1,455,638 | 1,198,025 | (10 | ) | 16 | |||||||||||
| Multi-family(3) | 2,175,875 | 2,043,754 | 2,038,526 | 1,984,582 | 1,739,521 | 26 | 25 | ||||||||||||
| Mixed use and other(3) | 1,325,551 | 1,289,267 | 1,281,268 | 1,197,865 | 1,969,915 | 11 | (33 | ) | |||||||||||
| Home equity | 321,435 | 335,155 | 347,662 | 369,806 | 390,253 | (17 | ) | (18 | ) | ||||||||||
| Residential real estate | |||||||||||||||||||
| Residential real estate loans for investment | 1,749,889 | 1,606,271 | 1,520,750 | 1,479,507 | 1,370,132 | 36 | 28 | ||||||||||||
| Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies | 13,520 | 22,707 | 18,847 | 44,333 | 45,508 | NM | (70 | ) | |||||||||||
| Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. Government Agencies | 36,576 | 8,121 | 8,139 | 6,445 | 6,333 | NM | NM | ||||||||||||
| Total core loans | $ | 20,084,782 | $ | 19,599,090 | $ | 18,690,730 | $ | 17,989,306 | $ | 17,492,767 | 10 | % | 15 | % | |||||
| Niche loans: | |||||||||||||||||||
| Commercial | |||||||||||||||||||
| Franchise | $ | 1,181,761 | $ | 1,227,234 | $ | 1,176,569 | $ | 1,060,468 | $ | 1,128,493 | (15 | )% | 5 | % | |||||
| Mortgage warehouse lines of credit | 261,847 | 359,818 | 468,162 | 529,867 | 587,868 | NM | (55 | ) | |||||||||||
| Community Advantage - homeowners association | 324,383 | 308,286 | 291,153 | 287,689 | 272,222 | 21 | 19 | ||||||||||||
| Insurance agency lending | 833,720 | 813,897 | 260,482 | 273,999 | 290,880 | 10 | NM | ||||||||||||
| Premium Finance receivables | |||||||||||||||||||
| U.S. property & casualty insurance | 4,271,828 | 4,178,474 | 3,921,289 | 3,805,504 | 3,342,730 | 9 | 28 | ||||||||||||
| Canada property & casualty insurance | 665,580 | 677,013 | 695,688 | 716,367 | 615,813 | (7 | ) | 8 | |||||||||||
| Life insurance | 7,354,163 | 7,042,810 | 6,655,453 | 6,359,556 | 6,111,495 | 18 | 20 | ||||||||||||
| Consumer and other | 48,519 | 24,199 | 22,529 | 9,024 | 35,983 | NM | 35 | ||||||||||||
| Total niche loans | $ | 14,941,801 | $ | 14,631,731 | $ | 13,491,325 | $ | 13,042,474 | $ | 12,385,484 | 9 | % | 21 | % | |||||
| Commercial PPP loans: | |||||||||||||||||||
| Originated in 2020 | $ | 40,016 | $ | 74,412 | $ | 172,849 | $ | 656,502 | $ | 2,049,342 | NM | (98 | )% | ||||||
| Originated in 2021 | 213,948 | 483,871 | 909,139 | 1,222,905 | 1,243,640 | NM | (83 | ) | |||||||||||
| Total commercial PPP loans | $ | 253,964 | $ | 558,283 | $ | 1,081,988 | $ | 1,879,407 | $ | 3,292,982 | NM | (92 | )% | ||||||
| Total loans, net of unearned income | $ | 35,280,547 | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | 6 | % | 6 | % | |||||
(1) В годовом исчислении. (2) NM - Не имеет значения.(3) В результате анализа состава заемщиков в рамках смешанного использования и других кредитных портфелей Компания выявила определенные кредиты, которые более точно можно было бы отнести к отдельному классу коммерческой недвижимости, не связанной со строительством. Это изменение в классификации было основано на соответствующем обеспечении и источнике погашения основного кредита. Остатки по таким категориям также были обновлены по состоянию на 30 сентября 2021 года и 30 июня 2021 года в таблице выше для целей сравнения.
таблица 2: структура депозитного портфеля и темпы роста
| % Growth From | ||||||||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2021(1) | Mar 31, 2021 | |||||||||||||||||
| Balance: | ||||||||||||||||||||||||
| Non-interest-bearing | $ | 13,748,918 | $ | 14,179,980 | $ | 13,255,417 | $ | 12,796,110 | $ | 12,297,337 | (12 | )% | 12 | % | ||||||||||
| NOW and interest-bearing demand deposits | 4,571,484 | 4,158,871 | 3,769,825 | 3,625,538 | 3,562,312 | 40 | 28 | |||||||||||||||||
| Wealth management deposits(2) | 5,402,271 | 4,491,795 | 4,177,820 | 4,399,303 | 4,274,527 | 82 | 26 | |||||||||||||||||
| Money market | 10,671,424 | 11,449,469 | 10,757,654 | 9,843,390 | 9,236,434 | (28 | ) | 16 | ||||||||||||||||
| Savings | 4,089,230 | 3,846,681 | 3,861,296 | 3,776,400 | 3,690,892 | 26 | 11 | |||||||||||||||||
| Time certificates of deposit | 3,735,995 | 3,968,789 | 4,130,546 | 4,363,875 | 4,811,150 | (24 | ) | (22 | ) | |||||||||||||||
| Total deposits | $ | 42,219,322 | $ | 42,095,585 | $ | 39,952,558 | $ | 38,804,616 | $ | 37,872,652 | 1 | % | 11 | % | ||||||||||
| Mix: | ||||||||||||||||||||||||
| Non-interest-bearing | 32 | % | 34 | % | 33 | % | 33 | % | 32 | % | ||||||||||||||
| NOW and interest-bearing demand deposits | 11 | 10 | 9 | 9 | 9 | |||||||||||||||||||
| Wealth management deposits(2) | 13 | 11 | 11 | 11 | 11 | |||||||||||||||||||
| Money market | 25 | 27 | 27 | 25 | 25 | |||||||||||||||||||
| Savings | 10 | 9 | 10 | 10 | 10 | |||||||||||||||||||
| Time certificates of deposit | 9 | 9 | 10 | 12 | 13 | |||||||||||||||||||
| Total deposits | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||
(1) В годовом исчислении. (2) Представляет депозитные остатки дочерних банков Компании от брокерских клиентов Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), клиентов Компании по доверительному управлению и управлению активами и брокерских клиентов из неаффилированных компаний, которые были размещены на депозитных счетах.
ТАБЛИЦА 3: СРОЧНЫЕ ДЕПОЗИТНЫЕ СЕРТИФИКАТЫ СО СРОКОМ ПОГАШЕНИЯ/АНАЛИЗ ПЕРЕОЦЕНКИ по состоянию на 31 марта 2022 года
| (Dollars in thousands) | Total Time Certificates of Deposit | Weighted-Average Rate of Maturing Time Certificates of Deposit(1) | ||||
| 1-3 months | $ | 777,783 | 0.35 | % | ||
| 4-6 months | 730,262 | 0.38 | ||||
| 7-9 months | 686,898 | 0.39 | ||||
| 10-12 months | 564,328 | 0.40 | ||||
| 13-18 months | 521,500 | 0.38 | ||||
| 19-24 months | 297,563 | 0.48 | ||||
| 24+ months | 157,661 | 0.53 | ||||
| Total | $ | 3,735,995 | 0.39 | % | ||
(1) Средневзвешенная ставка исключает влияние корректировок справедливой стоимости при учете покупки.
таблица 4: среднеквартальные остатки
| Average Balance for three months ended, | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1) | $ | 4,563,726 | $ | 6,148,165 | $ | 5,112,720 | $ | 3,844,355 | $ | 4,230,886 | ||||||||||
| Investment securities(2) | 6,378,022 | 5,317,351 | 5,065,593 | 4,771,403 | 3,944,676 | |||||||||||||||
| FHLB and FRB stock | 135,912 | 135,414 | 136,001 | 136,324 | 135,758 | |||||||||||||||
| Liquidity management assets(3) | 11,077,660 | 11,600,930 | 10,314,314 | 8,752,082 | 8,311,320 | |||||||||||||||
| Other earning assets(3)(4) | 25,192 | 28,298 | 28,238 | 23,354 | 20,370 | |||||||||||||||
| Mortgage loans held-for-sale | 664,019 | 827,672 | 871,824 | 991,011 | 1,151,848 | |||||||||||||||
| Loans, net of unearned income(3)(5) | 34,830,520 | 33,677,777 | 32,985,445 | 33,085,174 | 32,442,927 | |||||||||||||||
| Total earning assets(3) | 46,597,391 | 46,134,677 | 44,199,821 | 42,851,621 | 41,926,465 | |||||||||||||||
| Allowance for loan and investment security losses | (253,080 | ) | (254,874 | ) | (269,963 | ) | (285,686 | ) | (327,080 | ) | ||||||||||
| Cash and due from banks | 481,634 | 468,331 | 425,000 | 470,566 | 366,413 | |||||||||||||||
| Other assets | 2,675,899 | 2,770,643 | 2,837,652 | 2,910,250 | 3,022,935 | |||||||||||||||
| Total assets | $ | 49,501,844 | $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | ||||||||||
| NOW and interest-bearing demand deposits | $ | 4,287,228 | $ | 3,962,739 | $ | 3,757,677 | $ | 3,626,424 | $ | 3,493,451 | ||||||||||
| Wealth management deposits | 4,427,301 | 4,514,319 | 4,672,402 | 4,369,998 | 4,156,398 | |||||||||||||||
| Money market accounts | 11,353,348 | 11,274,230 | 10,027,424 | 9,547,167 | 9,335,920 | |||||||||||||||
| Savings accounts | 3,904,299 | 3,766,037 | 3,851,523 | 3,728,271 | 3,587,566 | |||||||||||||||
| Time deposits | 3,861,371 | 4,058,282 | 4,236,317 | 4,632,796 | 4,875,392 | |||||||||||||||
| Interest-bearing deposits | 27,833,547 | 27,575,607 | 26,545,343 | 25,904,656 | 25,448,727 | |||||||||||||||
| Federal Home Loan Bank advances | 1,241,071 | 1,241,073 | 1,241,073 | 1,235,142 | 1,228,433 | |||||||||||||||
| Other borrowings | 494,267 | 501,933 | 512,785 | 525,924 | 518,188 | |||||||||||||||
| Subordinated notes | 436,966 | 436,861 | 436,746 | 436,644 | 436,532 | |||||||||||||||
| Junior subordinated debentures | 253,566 | 253,566 | 253,566 | 253,566 | 253,566 | |||||||||||||||
| Total interest-bearing liabilities | 30,259,417 | 30,009,040 | 28,989,513 | 28,355,932 | 27,885,446 | |||||||||||||||
| Non-interest-bearing deposits | 13,734,064 | 13,640,270 | 12,834,084 | 12,246,274 | 11,811,194 | |||||||||||||||
| Other liabilities | 1,007,903 | 1,035,514 | 1,024,998 | 1,087,767 | 1,127,203 | |||||||||||||||
| Equity | 4,500,460 | 4,433,953 | 4,343,915 | 4,256,778 | 4,164,890 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 49,501,844 | $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | ||||||||||
| Net free funds/contribution(6) | $ | 16,337,974 | $ | 16,125,637 | $ | 15,210,308 | $ | 14,495,689 | $ | 14,041,019 | ||||||||||
(1) Включает процентные депозиты в банках и ценные бумаги, приобретенные по договорам перепродажи с первоначальным сроком погашения более трех месяцев. Эквиваленты денежных средств включают проданные федеральные фонды и ценные бумаги, приобретенные по договорам перепродажи с первоначальным сроком погашения не более трех месяцев. (2) Инвестиционные ценные бумаги включают инвестиционные ценные бумаги, классифицированные как имеющиеся в наличии для продажи и удерживаемые до погашения, а также долевые ценные бумаги с легко определяемой справедливой стоимостью. Долевые ценные бумаги, справедливую стоимость которых трудно определить, включаются в состав прочих активов. (3) Дополнительную информацию об этом показателе/коэффициенте эффективности см. в разделе “Дополнительные финансовые показатели/коэффициенты, не относящиеся к GAAP” в Таблице 17. (4) Другие доходные активы включают дебиторскую задолженность клиентов брокерских компаний и ценные бумаги на торговых счетах.(5) Кредиты, за вычетом незаработанного дохода, включают кредиты без начисления.(6) Чистые свободные средства представляют собой разницу между совокупными средними доходными активами и совокупными средними процентными обязательствами. Предполагаемый вклад в чистую процентную маржу от чистых свободных средств рассчитывается с использованием ставки, уплаченной по общим процентным обязательствам.
таблица 5: квартальный чистый процентный доход
| Net Interest Income for three months ended, | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Interest income: | ||||||||||||||||||||
| Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents | $ | 2,118 | $ | 2,427 | $ | 2,000 | $ | 1,153 | $ | 1,199 | ||||||||||
| Investment securities | 32,863 | 27,696 | 25,681 | 24,117 | 19,764 | |||||||||||||||
| FHLB and FRB stock | 1,772 | 1,776 | 1,777 | 1,769 | 1,745 | |||||||||||||||
| Liquidity management assets(1) | 36,753 | 31,899 | 29,458 | 27,039 | 22,708 | |||||||||||||||
| Other earning assets(1) | 181 | 194 | 188 | 150 | 125 | |||||||||||||||
| Mortgage loans held-for-sale | 6,087 | 7,234 | 7,716 | 8,183 | 9,036 | |||||||||||||||
| Loans, net of unearned income(1) | 286,125 | 289,557 | 285,998 | 285,116 | 274,484 | |||||||||||||||
| Total interest income | $ | 329,146 | $ | 328,884 | $ | 323,360 | $ | 320,488 | $ | 306,353 | ||||||||||
| Interest expense: | ||||||||||||||||||||
| NOW and interest-bearing demand deposits | $ | 849 | $ | 774 | $ | 767 | $ | 736 | $ | 901 | ||||||||||
| Wealth management deposits | 7,098 | 7,595 | 7,888 | 7,686 | 7,351 | |||||||||||||||
| Money market accounts | 2,609 | 2,604 | 2,342 | 2,795 | 2,865 | |||||||||||||||
| Savings accounts | 336 | 345 | 406 | 402 | 430 | |||||||||||||||
| Time deposits | 3,962 | 5,254 | 7,902 | 12,679 | 16,397 | |||||||||||||||
| Interest-bearing deposits | 14,854 | 16,572 | 19,305 | 24,298 | 27,944 | |||||||||||||||
| Federal Home Loan Bank advances | 4,816 | 4,923 | 4,931 | 4,887 | 4,840 | |||||||||||||||
| Other borrowings | 2,239 | 2,250 | 2,501 | 2,568 | 2,609 | |||||||||||||||
| Subordinated notes | 5,482 | 5,514 | 5,480 | 5,512 | 5,477 | |||||||||||||||
| Junior subordinated debentures | 1,567 | 2,744 | 2,744 | 2,724 | 2,704 | |||||||||||||||
| Total interest expense | $ | 28,958 | $ | 32,003 | $ | 34,961 | $ | 39,989 | $ | 43,574 | ||||||||||
| Less: Fully taxable-equivalent adjustment | (894 | ) | (905 | ) | (903 | ) | (909 | ) | (884 | ) | ||||||||||
| Net interest income (GAAP)(2) | 299,294 | 295,976 | 287,496 | 279,590 | 261,895 | |||||||||||||||
| Fully taxable-equivalent adjustment | 894 | 905 | 903 | 909 | 884 | |||||||||||||||
| Net interest income, fully taxable-equivalent (non-GAAP)(2) | $ | 300,188 | $ | 296,881 | $ | 288,399 | $ | 280,499 | $ | 262,779 | ||||||||||
(1) Процентный доход по льготным кредитам, торговым ценным бумагам и инвестиционным ценным бумагам отражает корректировку, эквивалентную налогооблагаемой, основанную на предельной ставке федерального корпоративного налога, действующей на соответствующий период. (2) Дополнительную информацию об этом показателе/коэффициенте эффективности см. в разделе “Дополнительные финансовые показатели/коэффициенты, не относящиеся к GAAP” в таблице 17.
таблица 6: квартальная чистая процентная маржа
| Net Interest Margin for three months ended, | |||||||||||||||
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||||||
| Yield earned on: | |||||||||||||||
| Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents | 0.19 | % | 0.16 | % | 0.16 | % | 0.12 | % | 0.11 | % | |||||
| Investment securities | 2.09 | 2.07 | 2.01 | 2.03 | 2.03 | ||||||||||
| FHLB and FRB stock | 5.29 | 5.20 | 5.18 | 5.20 | 5.21 | ||||||||||
| Liquidity management assets | 1.35 | 1.09 | 1.13 | 1.24 | 1.11 | ||||||||||
| Other earning assets | 2.91 | 2.71 | 2.64 | 2.59 | 2.50 | ||||||||||
| Mortgage loans held-for-sale | 3.72 | 3.47 | 3.51 | 3.31 | 3.18 | ||||||||||
| Loans, net of unearned income | 3.33 | 3.41 | 3.44 | 3.46 | 3.43 | ||||||||||
| Total earning assets | 2.86 | % | 2.83 | % | 2.90 | % | 3.00 | % | 2.96 | % | |||||
| Rate paid on: | |||||||||||||||
| NOW and interest-bearing demand deposits | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.10 | % | |||||
| Wealth management deposits | 0.65 | 0.67 | 0.67 | 0.71 | 0.72 | ||||||||||
| Money market accounts | 0.09 | 0.09 | 0.09 | 0.12 | 0.12 | ||||||||||
| Savings accounts | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | ||||||||||
| Time deposits | 0.42 | 0.51 | 0.74 | 1.10 | 1.36 | ||||||||||
| Interest-bearing deposits | 0.22 | 0.24 | 0.29 | 0.38 | 0.45 | ||||||||||
| Federal Home Loan Bank advances | 1.57 | 1.57 | 1.58 | 1.59 | 1.60 | ||||||||||
| Other borrowings | 1.84 | 1.78 | 1.94 | 1.96 | 2.04 | ||||||||||
| Subordinated notes | 5.02 | 5.05 | 5.02 | 5.05 | 5.02 | ||||||||||
| Junior subordinated debentures | 2.47 | 4.23 | 4.23 | 4.25 | 4.27 | ||||||||||
| Total interest-bearing liabilities | 0.39 | % | 0.42 | % | 0.48 | % | 0.56 | % | 0.63 | % | |||||
| Interest rate spread(1)(2) | 2.47 | % | 2.41 | % | 2.42 | % | 2.44 | % | 2.33 | % | |||||
| Less: Fully taxable-equivalent adjustment | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | |||||
| Net free funds/contribution(3) | 0.14 | 0.14 | 0.17 | 0.19 | 0.21 | ||||||||||
| Net interest margin (GAAP)(2) | 2.60 | % | 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | |||||
| Fully taxable-equivalent adjustment | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||||
| Net interest margin, fully taxable-equivalent (non-GAAP)(2) | 2.61 | % | 2.55 | % | 2.59 | % | 2.63 | % | 2.54 | % | |||||
(1) Спред процентных ставок - это разница между доходностью, полученной по доходным активам, и ставкой, выплачиваемой по процентным обязательствам.(2) Дополнительную информацию об этом показателе/коэффициенте эффективности см. в разделе “Дополнительные финансовые показатели/коэффициенты, не относящиеся к GAAP” в таблице 17. (3) Чистые свободные средства представляют собой разницу между совокупными средними доходными активами и совокупными средними процентными обязательствами. Предполагаемый вклад в чистую процентную маржу от чистых свободных средств рассчитывается с использованием ставки, уплаченной по общим процентным обязательствам.
таблица 7: чувствительность к процентным ставкам
В качестве постоянной части своей финансовой стратегии Компания пытается управлять влиянием колебаний рыночных процентных ставок на чистый процентный доход. Руководство оценивает свою подверженность изменениям процентных ставок путем моделирования множества различных сценариев изменения процентных ставок.
Следующие сценарии процентных ставок отображают процентное изменение чистого процентного дохода за однолетний период времени при условии увеличения на 100 и 200 базисных пунктов и уменьшения на 100 базисных пунктов. Результаты сценария Статического шока включают фактические денежные потоки и характеристики переоценки балансовых инструментов после мгновенного параллельного изменения рыночных ставок на основе статического (т.е. без роста или постоянного) баланса. И наоборот, результаты сценария наращивания включают прогнозы руководства относительно будущих объемов и цен на каждую из продуктовых линеек после постепенного параллельного изменения рыночных ставок в течение двенадцати месяцев. Фактические результаты могут отличаться от этих смоделированных результатов из-за сроков, величины и частоты изменений процентных ставок, а также изменений рыночных условий и стратегий управления. Чувствительность процентной ставки как для сценария Статического шока, так и для сценария роста выглядит следующим образом:
| Static Shock Scenario | +200 Basis Points | +100 Basis Points | -100 Basis Points | ||||||
| Mar 31, 2022 | 21.4 | % | 11.0 | % | (11.3 | )% | |||
| Dec 31, 2021 | 25.3 | 12.4 | (8.5 | ) | |||||
| Sep 30, 2021 | 24.3 | 11.5 | (7.8 | ) | |||||
| Jun 30, 2021 | 24.6 | 11.7 | (6.9 | ) | |||||
| Mar 31, 2021 | 22.0 | 10.2 | (7.2 | ) | |||||
| Ramp Scenario | +200 Basis Points | +100 Basis Points | -100 Basis Points | |||||
| Mar 31, 2022 | 11.2 | % | 5.8 | % | (7.1 | )% | ||
| Dec 31, 2021 | 13.9 | 6.9 | (5.6 | ) | ||||
| Sep 30, 2021 | 10.8 | 5.4 | (3.8 | ) | ||||
| Jun 30, 2021 | 11.4 | 5.8 | (3.3 | ) | ||||
| Mar 31, 2021 | 10.7 | 5.4 | (3.6 | ) | ||||
таблица 8: сроки погашения и чувствительность к изменениям процентных ставок
| Loans repricing or maturity period | ||||||||||||||
| As of March 31, 2022 | One year or less | From one to five years | From five to fifteen years | After fifteen years | Total | |||||||||
| (In thousands) | ||||||||||||||
| Commercial | ||||||||||||||
| Fixed rate | $ | 459,243 | $ | 2,128,103 | $ | 1,317,788 | $ | 11,690 | $ | 3,916,824 | ||||
| Fixed rate - PPP | 14,053 | 239,911 | — | — | 253,964 | |||||||||
| Variable rate | 7,410,135 | 2,985 | 55 | — | 7,413,175 | |||||||||
| Total commercial | $ | 7,883,431 | $ | 2,370,999 | $ | 1,317,843 | $ | 11,690 | $ | 11,583,963 | ||||
| Commercial real estate | ||||||||||||||
| Fixed rate | 445,996 | 2,464,523 | 528,599 | 38,784 | 3,477,902 | |||||||||
| Variable rate | 5,740,276 | 16,896 | — | — | 5,757,172 | |||||||||
| Total commercial real estate | $ | 6,186,272 | $ | 2,481,419 | $ | 528,599 | $ | 38,784 | $ | 9,235,074 | ||||
| Home equity | ||||||||||||||
| Fixed rate | 13,341 | 3,596 | 7 | 40 | 16,984 | |||||||||
| Variable rate | 304,451 | — | — | — | 304,451 | |||||||||
| Total home equity | $ | 317,792 | $ | 3,596 | $ | 7 | $ | 40 | $ | 321,435 | ||||
| Residential real estate | ||||||||||||||
| Fixed rate | 15,634 | 5,566 | 29,696 | 925,814 | 976,710 | |||||||||
| Variable rate | 61,274 | 215,288 | 546,713 | — | 823,275 | |||||||||
| Total residential real estate | $ | 76,908 | $ | 220,854 | $ | 576,409 | $ | 925,814 | $ | 1,799,985 | ||||
| Premium finance receivables - property & casualty | ||||||||||||||
| Fixed rate | 4,794,729 | 142,679 | — | — | 4,937,408 | |||||||||
| Variable rate | — | — | — | — | — | |||||||||
| Total premium finance receivables - property & casualty | $ | 4,794,729 | $ | 142,679 | $ | — | $ | — | $ | 4,937,408 | ||||
| Premium finance receivables - life insurance | ||||||||||||||
| Fixed rate | 8,668 | 486,604 | 21,756 | — | 517,028 | |||||||||
| Variable rate | 6,837,135 | — | — | — | 6,837,135 | |||||||||
| Total premium finance receivables - life insurance | $ | 6,845,803 | $ | 486,604 | $ | 21,756 | $ | — | $ | 7,354,163 | ||||
| Consumer and other | ||||||||||||||
| Fixed rate | 19,937 | 5,204 | 90 | 494 | 25,725 | |||||||||
| Variable rate | 22,794 | — | — | — | 22,794 | |||||||||
| Total consumer and other | $ | 42,731 | $ | 5,204 | $ | 90 | $ | 494 | $ | 48,519 | ||||
| Total per category | ||||||||||||||
| Fixed rate | 5,757,548 | 5,236,275 | 1,897,936 | 976,822 | 13,868,581 | |||||||||
| Fixed rate - PPP | 14,053 | 239,911 | — | — | 253,964 | |||||||||
| Variable rate | 20,376,065 | 235,169 | 546,768 | — | 21,158,002 | |||||||||
| Total loans, net of unearned income | $ | 26,147,666 | $ | 5,711,355 | $ | 2,444,704 | $ | 976,822 | $ | 35,280,547 | ||||
| Variable Rate Loan Pricing by Index: | ||||||||||||||
| Prime | $ | 3,399,089 | ||||||||||||
| One- month LIBOR | 7,944,718 | |||||||||||||
| Three- month LIBOR | 299,324 | |||||||||||||
| Twelve- month LIBOR | 6,803,367 | |||||||||||||
| U.S. Treasury tenors | 115,188 | |||||||||||||
| SOFR tenors | 1,758,787 | |||||||||||||
| Ameribor tenors | 221,689 | |||||||||||||
| One-month BSBY | 7,360 | |||||||||||||
| Other | 608,480 | |||||||||||||
| Total variable rate | $ | 21,158,002 | ||||||||||||
LIBOR - Лондонская Межбанковская Предлагаемая Ставка.SOFR - Обеспеченная Ставка Финансирования Овернайт.Ameribor - Американская Межбанковская Предлагаемая Ставка.BSBY - Индекс Краткосрочной Банковской доходности Bloomberg.
График доступен по следующей ссылке: http://ml.globenewswire.com/Resource/Download/6f805a0f-1ab3-41bc-b7e4-bb73be6c86b3
Источник: Bloomberg
Как отмечено в таблице на предыдущей странице, большая часть портфеля Компании привязана к индексам LIBOR, которые, как показано в таблице выше, не отражают те же изменения, что и Базовая ставка, которая исторически менялась, когда Федеральная резервная система повышала или понижала процентные ставки. В частности, у Компании есть кредиты с переменной процентной ставкой на сумму 7,9 миллиарда долларов, привязанные к одномесячной ставке LIBOR, и кредиты с переменной процентной ставкой на сумму 6,8 миллиарда долларов, привязанные к двенадцатимесячной ставке LIBOR. Приведенная выше диаграмма показывает:
| Basis Point (bp) Change in | |||||||
| Prime | 1-month LIBOR | 12-month LIBOR | |||||
| First Quarter 2022 | 25 | bps | 35 | bps | 152 | bps | |
| Fourth Quarter 2021 | 0 | 2 | 34 | ||||
| Third Quarter 2021 | 0 | -2 | -1 | ||||
| Second Quarter 2021 | 0 | -1 | -3 | ||||
| First Quarter 2021 | 0 | -3 | -6 | ||||
таблица 9: резерв на возможные потери по кредитам
| Three Months Ended | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Allowance for credit losses at beginning of period | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | $ | 379,969 | ||||||||||
| Provision for credit losses | 4,106 | 9,299 | (7,916 | ) | (15,299 | ) | (45,347 | ) | ||||||||||||
| Initial allowance for credit losses recognized on PCD assets acquired during the period(1) | — | 470 | — | — | — | |||||||||||||||
| Other adjustments | 22 | 5 | (65 | ) | 34 | 31 | ||||||||||||||
| Charge-offs: | ||||||||||||||||||||
| Commercial | 1,414 | 4,431 | 1,352 | 3,237 | 11,781 | |||||||||||||||
| Commercial real estate | 777 | 495 | 406 | 1,412 | 980 | |||||||||||||||
| Home equity | 197 | 135 | 59 | 142 | — | |||||||||||||||
| Residential real estate | 466 | 1,067 | 10 | 3 | 2 | |||||||||||||||
| Premium finance receivables | 1,678 | 2,314 | 1,390 | 2,077 | 3,239 | |||||||||||||||
| Consumer and other | 193 | 157 | 112 | 104 | 114 | |||||||||||||||
| Total charge-offs | 4,725 | 8,599 | 3,329 | 6,975 | 16,116 | |||||||||||||||
| Recoveries: | ||||||||||||||||||||
| Commercial | 538 | 389 | 816 | 902 | 452 | |||||||||||||||
| Commercial real estate | 32 | 217 | 373 | 514 | 200 | |||||||||||||||
| Home equity | 93 | 461 | 313 | 328 | 101 | |||||||||||||||
| Residential real estate | 5 | 85 | 5 | 36 | 204 | |||||||||||||||
| Premium finance receivables | 1,476 | 1,240 | 1,728 | 3,239 | 1,782 | |||||||||||||||
| Consumer and other | 49 | 26 | 92 | 34 | 32 | |||||||||||||||
| Total recoveries | 2,193 | 2,418 | 3,327 | 5,053 | 2,771 | |||||||||||||||
| Net charge-offs | (2,532 | ) | (6,181 | ) | (2 | ) | (1,922 | ) | (13,345 | ) | ||||||||||
| Allowance for credit losses at period end | $ | 301,327 | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | ||||||||||
| Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average: | ||||||||||||||||||||
| Commercial | 0.03 | % | 0.14 | % | 0.02 | % | 0.08 | % | 0.37 | % | ||||||||||
| Commercial real estate | 0.03 | 0.01 | 0.00 | 0.04 | 0.04 | |||||||||||||||
| Home equity | 0.13 | (0.38 | ) | (0.28 | ) | (0.20 | ) | (0.10 | ) | |||||||||||
| Residential real estate | 0.11 | 0.25 | 0.00 | (0.01 | ) | (0.06 | ) | |||||||||||||
| Premium finance receivables | 0.01 | 0.04 | (0.01 | ) | (0.04 | ) | 0.06 | |||||||||||||
| Consumer and other | 1.19 | 0.95 | 0.26 | 0.69 | 0.57 | |||||||||||||||
| Total loans, net of unearned income | 0.03 | % | 0.07 | % | 0.00 | % | 0.02 | % | 0.17 | % | ||||||||||
| Loans at period end | $ | 35,280,547 | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | ||||||||||
| Allowance for loan losses as a percentage of loans at period end | 0.71 | % | 0.71 | % | 0.75 | % | 0.79 | % | 0.84 | % | ||||||||||
| Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end | 0.85 | 0.86 | 0.89 | 0.92 | 0.97 | |||||||||||||||
| Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans | 0.86 | 0.88 | 0.92 | 0.98 | 1.08 | |||||||||||||||
(1) Первоначальный резерв на покрытие кредитных убытков по приобретенным кредитам с ухудшением качества (“PCD”), приобретенным в течение периода, составил приблизительно 2,8 млн. долларов США, из которых примерно 2,3 млн. долларов США были списаны в связи с кредитами PCD, которые соответствовали политике списания средств Компании на момент приобретения. После рассмотрения этих кредитов, которые были немедленно списаны, чистое влияние резерва PCD на потери по кредитам на дату приобретения составило приблизительно 470 000 долл. США.
таблица 10: резервы и резервы на возможные потери по кредитам в разбивке по компонентам
| Three Months Ended | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Provision for loan losses | $ | 5,214 | $ | 4,929 | $ | (12,410 | ) | $ | (14,731 | ) | $ | (28,351 | ) | |||||||
| Provision for unfunded lending-related commitments losses | (1,189 | ) | 4,375 | 4,501 | (558 | ) | (17,035 | ) | ||||||||||||
| Provision for held-to-maturity securities losses | 81 | (5 | ) | (7 | ) | (10 | ) | 39 | ||||||||||||
| Provision for credit losses | $ | 4,106 | $ | 9,299 | $ | (7,916 | ) | $ | (15,299 | ) | $ | (45,347 | ) | |||||||
| Allowance for loan losses | $ | 250,539 | $ | 247,835 | $ | 248,612 | $ | 261,089 | $ | 277,709 | ||||||||||
| Allowance for unfunded lending-related commitments losses | 50,629 | 51,818 | 47,443 | 42,942 | 43,500 | |||||||||||||||
| Allowance for loan losses and unfunded lending-related commitments losses | 301,168 | 299,653 | 296,055 | 304,031 | 321,209 | |||||||||||||||
| Allowance for held-to-maturity securities losses | 159 | 78 | 83 | 90 | 99 | |||||||||||||||
| Allowance for credit losses | $ | 301,327 | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | ||||||||||
таблица 11: резерв по кредитному портфелю
В таблице ниже представлен расчет резерва на возможные потери по ссудам и резерва на потери по обязательствам, связанным с необеспеченным кредитованием, для кредитных портфелей Компании, а также основных и нишевых портфелей по состоянию на 31 марта 2022 года, 31 декабря 2021 года и 30 сентября 2021 года.
| As of Mar 31, 2022 | As of Dec 31, 2021 | As of Sep 30, 2021 | ||||||||||||||||||||||
| (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, excluding PPP loans | $ | 11,329,999 | $ | 120,910 | 1.07 | % | $ | 11,345,785 | $ | 119,305 | 1.05 | % | $ | 10,105,984 | $ | 109,780 | 1.09 | % | ||||||
| Commercial PPP loans | 253,964 | 1 | 0.00 | 558,283 | 2 | 0.00 | 1,081,988 | 2 | 0.00 | |||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||||
| Construction and development | 1,396,406 | 34,206 | 2.45 | 1,356,204 | 35,206 | 2.60 | 1,343,715 | 34,101 | 2.54 | |||||||||||||||
| Non-construction | 7,838,668 | 110,700 | 1.41 | 7,634,082 | 109,377 | 1.43 | 7,541,999 | 105,934 | 1.40 | |||||||||||||||
| Home equity | 321,435 | 10,566 | 3.29 | 335,155 | 10,699 | 3.19 | 347,662 | 10,939 | 3.15 | |||||||||||||||
| Residential real estate | 1,799,985 | 9,429 | 0.52 | 1,637,099 | 8,782 | 0.54 | 1,547,736 | 16,272 | 1.05 | |||||||||||||||
| Premium finance receivables | ||||||||||||||||||||||||
| Commercial insurance loans | 4,937,408 | 14,082 | 0.29 | 4,855,487 | 15,246 | 0.31 | 4,616,977 | 17,996 | 0.39 | |||||||||||||||
| Life insurance loans | 7,354,163 | 640 | 0.01 | 7,042,810 | 613 | 0.01 | 6,655,453 | 579 | 0.01 | |||||||||||||||
| Consumer and other | 48,519 | 634 | 1.31 | 24,199 | 423 | 1.75 | 22,529 | 452 | 2.01 | |||||||||||||||
| Total loans, net of unearned income | $ | 35,280,547 | $ | 301,168 | 0.85 | % | $ | 34,789,104 | $ | 299,653 | 0.86 | % | $ | 33,264,043 | $ | 296,055 | 0.89 | % | ||||||
| Total loans, net of unearned income, excluding PPP loans | $ | 35,026,583 | $ | 301,167 | 0.86 | % | $ | 34,230,821 | $ | 299,651 | 0.88 | % | $ | 32,182,055 | $ | 296,053 | 0.92 | % | ||||||
| Total core loans(1) | $ | 20,084,782 | $ | 262,447 | 1.31 | % | $ | 19,599,090 | $ | 260,511 | 1.33 | % | $ | 18,690,730 | $ | 257,788 | 1.38 | % | ||||||
| Total niche loans(1) | 14,941,801 | 38,720 | 0.26 | 14,631,731 | 39,140 | 0.27 | 13,491,325 | 38,265 | 0.28 | |||||||||||||||
| Total PPP loans | 253,964 | 1 | 0.00 | 558,283 | 2 | 0.00 | 1,081,988 | 2 | 0.00 | |||||||||||||||
(1) Дополнительную информацию об основных и нишевых займах см. в таблице 1.
таблица 12: старение кредитного портфеля
| (Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||||||
| Loan Balances: | |||||||||||||||
| Commercial | |||||||||||||||
| Nonaccrual | $ | 16,878 | $ | 20,399 | $ | 26,468 | $ | 23,232 | $ | 22,459 | |||||
| 90+ days and still accruing | — | 15 | — | 1,244 | — | ||||||||||
| 60-89 days past due | 1,294 | 24,262 | 9,768 | 5,204 | 13,292 | ||||||||||
| 30-59 days past due | 31,889 | 43,861 | 25,224 | 18,478 | 35,541 | ||||||||||
| Current | 11,533,902 | 11,815,531 | 11,126,512 | 11,394,118 | 12,636,915 | ||||||||||
| Total commercial | $ | 11,583,963 | $ | 11,904,068 | $ | 11,187,972 | $ | 11,442,276 | $ | 12,708,207 | |||||
| Commercial real estate | |||||||||||||||
| Nonaccrual | $ | 12,301 | $ | 21,746 | $ | 23,706 | $ | 26,035 | $ | 34,380 | |||||
| 90+ days and still accruing | — | — | — | — | — | ||||||||||
| 60-89 days past due | 2,648 | 284 | 5,395 | 4,382 | 8,156 | ||||||||||
| 30-59 days past due | 30,141 | 40,443 | 79,818 | 19,698 | 70,168 | ||||||||||
| Current | 9,189,984 | 8,927,813 | 8,776,795 | 8,628,254 | 8,432,075 | ||||||||||
| Total commercial real estate | $ | 9,235,074 | $ | 8,990,286 | $ | 8,885,714 | $ | 8,678,369 | $ | 8,544,779 | |||||
| Home equity | |||||||||||||||
| Nonaccrual | $ | 1,747 | $ | 2,574 | $ | 3,449 | $ | 3,478 | $ | 5,536 | |||||
| 90+ days and still accruing | — | — | 164 | — | — | ||||||||||
| 60-89 days past due | 199 | — | 340 | 301 | 492 | ||||||||||
| 30-59 days past due | 545 | 1,120 | 867 | 777 | 780 | ||||||||||
| Current | 318,944 | 331,461 | 342,842 | 365,250 | 383,445 | ||||||||||
| Total home equity | $ | 321,435 | $ | 335,155 | $ | 347,662 | $ | 369,806 | $ | 390,253 | |||||
| Residential real estate | |||||||||||||||
| Early buy-out loans guaranteed by U.S. government agencies(1) | $ | 50,096 | $ | 30,828 | $ | 26,986 | $ | 50,778 | $ | 51,841 | |||||
| Nonaccrual | 7,262 | 16,440 | 22,633 | 23,050 | 21,553 | ||||||||||
| 90+ days and still accruing | — | — | — | — | — | ||||||||||
| 60-89 days past due | 293 | 982 | 1,540 | 1,584 | 944 | ||||||||||
| 30-59 days past due | 18,808 | 12,145 | 1,076 | 2,139 | 13,768 | ||||||||||
| Current | 1,723,526 | 1,576,704 | 1,495,501 | 1,452,734 | 1,333,867 | ||||||||||
| Total residential real estate | $ | 1,799,985 | $ | 1,637,099 | $ | 1,547,736 | $ | 1,530,285 | $ | 1,421,973 | |||||
| Premium finance receivables | |||||||||||||||
| Nonaccrual | $ | 6,707 | $ | 5,433 | $ | 7,300 | $ | 6,418 | $ | 9,690 | |||||
| 90+ days and still accruing | 12,363 | 7,217 | 5,811 | 3,570 | 4,783 | ||||||||||
| 60-89 days past due | 31,291 | 28,104 | 15,804 | 7,759 | 5,113 | ||||||||||
| 30-59 days past due | 36,800 | 89,070 | 21,654 | 32,758 | 31,373 | ||||||||||
| Current | 12,204,410 | 11,768,473 | 11,221,861 | 10,830,922 | 10,019,079 | ||||||||||
| Total premium finance receivables | $ | 12,291,571 | $ | 11,898,297 | $ | 11,272,430 | $ | 10,881,427 | $ | 10,070,038 | |||||
| Consumer and other | |||||||||||||||
| Nonaccrual | $ | 4 | $ | 477 | $ | 384 | $ | 485 | $ | 497 | |||||
| 90+ days and still accruing | 43 | 137 | 126 | 178 | 161 | ||||||||||
| 60-89 days past due | 5 | 34 | 16 | 22 | 8 | ||||||||||
| 30-59 days past due | 221 | 509 | 125 | 75 | 74 | ||||||||||
| Current | 48,246 | 23,042 | 21,878 | 8,264 | 35,243 | ||||||||||
| Total consumer and other | $ | 48,519 | $ | 24,199 | $ | 22,529 | $ | 9,024 | $ | 35,983 | |||||
| Total loans, net of unearned income | |||||||||||||||
| Early buy-out loans guaranteed by U.S. government agencies(1) | $ | 50,096 | $ | 30,828 | $ | 26,986 | $ | 50,778 | $ | 51,841 | |||||
| Nonaccrual | 44,899 | 67,069 | 83,940 | 82,698 | 94,115 | ||||||||||
| 90+ days and still accruing | 12,406 | 7,369 | 6,101 | 4,992 | 4,944 | ||||||||||
| 60-89 days past due | 35,730 | 53,666 | 32,863 | 19,252 | 28,005 | ||||||||||
| 30-59 days past due | 118,404 | 187,148 | 128,764 | 73,925 | 151,704 | ||||||||||
| Current | 35,019,012 | 34,443,024 | 32,985,389 | 32,679,542 | 32,840,624 | ||||||||||
| Total loans, net of unearned income | $ | 35,280,547 | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | |||||
(1) Кредиты на досрочный выкуп застрахованы или гарантированы FHA или Министерством по делам ветеранов США с учетом компенсаций и страховых лимитов для определенных кредитов.
ТАБЛИЦА 13: НЕРАБОТАЮЩИЕ АКТИВЫ(1) И РЕСТРУКТУРИЗАЦИЯ ПРОБЛЕМНЫХ ДОЛГОВ (“TDRs”)
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Loans past due greater than 90 days and still accruing(2): | |||||||||||||||||||
| Commercial | $ | — | $ | 15 | $ | — | $ | 1,244 | $ | — | |||||||||
| Commercial real estate | — | — | — | — | — | ||||||||||||||
| Home equity | — | — | 164 | — | — | ||||||||||||||
| Residential real estate | — | — | — | — | — | ||||||||||||||
| Premium finance receivables | 12,363 | 7,217 | 5,811 | 3,570 | 4,783 | ||||||||||||||
| Consumer and other | 43 | 137 | 126 | 178 | 161 | ||||||||||||||
| Total loans past due greater than 90 days and still accruing | 12,406 | 7,369 | 6,101 | 4,992 | 4,944 | ||||||||||||||
| Non-accrual loans: | |||||||||||||||||||
| Commercial | 16,878 | 20,399 | 26,468 | 23,232 | 22,459 | ||||||||||||||
| Commercial real estate | 12,301 | 21,746 | 23,706 | 26,035 | 34,380 | ||||||||||||||
| Home equity | 1,747 | 2,574 | 3,449 | 3,478 | 5,536 | ||||||||||||||
| Residential real estate | 7,262 | 16,440 | 22,633 | 23,050 | 21,553 | ||||||||||||||
| Premium finance receivables | 6,707 | 5,433 | 7,300 | 6,418 | 9,690 | ||||||||||||||
| Consumer and other | 4 | 477 | 384 | 485 | 497 | ||||||||||||||
| Total non-accrual loans | 44,899 | 67,069 | 83,940 | 82,698 | 94,115 | ||||||||||||||
| Total non-performing loans: | |||||||||||||||||||
| Commercial | 16,878 | 20,414 | 26,468 | 24,476 | 22,459 | ||||||||||||||
| Commercial real estate | 12,301 | 21,746 | 23,706 | 26,035 | 34,380 | ||||||||||||||
| Home equity | 1,747 | 2,574 | 3,613 | 3,478 | 5,536 | ||||||||||||||
| Residential real estate | 7,262 | 16,440 | 22,633 | 23,050 | 21,553 | ||||||||||||||
| Premium finance receivables | 19,070 | 12,650 | 13,111 | 9,988 | 14,473 | ||||||||||||||
| Consumer and other | 47 | 614 | 510 | 663 | 658 | ||||||||||||||
| Total non-performing loans | $ | 57,305 | $ | 74,438 | $ | 90,041 | $ | 87,690 | $ | 99,059 | |||||||||
| Other real estate owned | 4,978 | 1,959 | 9,934 | 10,510 | 8,679 | ||||||||||||||
| Other real estate owned - from acquisitions | 1,225 | 2,312 | 3,911 | 5,062 | 7,134 | ||||||||||||||
| Other repossessed assets | — | — | — | — | — | ||||||||||||||
| Total non-performing assets | $ | 63,508 | $ | 78,709 | $ | 103,886 | $ | 103,262 | $ | 114,872 | |||||||||
| Accruing TDRs not included within non-performing assets | $ | 35,922 | $ | 37,486 | $ | 38,468 | $ | 44,019 | $ | 46,151 | |||||||||
| Total non-performing loans by category as a percent of its own respective category’s period-end balance: | |||||||||||||||||||
| Commercial | 0.15 | % | 0.17 | % | 0.24 | % | 0.21 | % | 0.18 | % | |||||||||
| Commercial real estate | 0.13 | 0.24 | 0.27 | 0.30 | 0.40 | ||||||||||||||
| Home equity | 0.54 | 0.77 | 1.04 | 0.94 | 1.42 | ||||||||||||||
| Residential real estate | 0.40 | 1.00 | 1.46 | 1.51 | 1.52 | ||||||||||||||
| Premium finance receivables | 0.16 | 0.11 | 0.12 | 0.09 | 0.14 | ||||||||||||||
| Consumer and other | 0.10 | 2.54 | 2.26 | 7.35 | 1.83 | ||||||||||||||
| Total loans, net of unearned income | 0.16 | % | 0.21 | % | 0.27 | % | 0.27 | % | 0.30 | % | |||||||||
| Total non-performing assets as a percentage of total assets | 0.13 | % | 0.16 | % | 0.22 | % | 0.22 | % | 0.25 | % | |||||||||
| Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans | 670.77 | % | 446.78 | % | 352.70 | % | 367.64 | % | 341.29 | % | |||||||||
(1) Исключает кредиты на досрочный выкуп, гарантированные правительственными учреждениями США. Кредиты на досрочный выкуп застрахованы или гарантированы FHA или Министерством по делам ветеранов США с учетом компенсаций и страховых лимитов для определенных кредитов. (2) По состоянию на 31 марта 2022 года, 31 декабря 2021 года, 30 сентября 2021 года и июнь 2021 года примерно 320 000, 320 000, 445 000 и 320 000 долларов США, соответственно, были просрочены более чем на 90 дней, и проценты по ним все еще начислялись. Ни один СПЗ по состоянию на 31 марта 2021 года не был просрочен более чем на 90 дней и по нему все еще начислялись проценты.
Просроченные кредиты, за исключением кредитов с досрочным выкупом, гарантированных государственными учреждениями США
| Three Months Ended | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Balance at beginning of period | $ | 74,438 | $ | 90,041 | $ | 87,690 | $ | 99,059 | $ | 127,513 | |||||||||
| Additions from becoming non-performing in the respective period | 4,141 | 6,851 | 9,341 | 12,762 | 9,894 | ||||||||||||||
| Return to performing status | (729 | ) | (6,616 | ) | (3,322 | ) | — | (654 | ) | ||||||||||
| Payments received | (20,139 | ) | (13,212 | ) | (5,568 | ) | (12,312 | ) | (22,731 | ) | |||||||||
| Transfer to OREO and other repossessed assets | (4,377 | ) | (275 | ) | (720 | ) | (3,660 | ) | (1,372 | ) | |||||||||
| Charge-offs, net | (2,354 | ) | (5,167 | ) | (548 | ) | (4,684 | ) | (2,952 | ) | |||||||||
| Net change for niche loans(1) | 6,325 | 2,816 | 3,168 | (3,475 | ) | (10,639 | ) | ||||||||||||
| Balance at end of period | $ | 57,305 | $ | 74,438 | $ | 90,041 | $ | 87,690 | $ | 99,059 | |||||||||
(1) Это включает в себя деятельность по премиальной финансовой дебиторской задолженности и косвенным потребительским кредитам.
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||
| Accruing TDRs: | ||||||||||||||
| Commercial | $ | 2,773 | $ | 4,131 | $ | 4,532 | $ | 6,911 | $ | 7,536 | ||||
| Commercial real estate | 10,068 | 8,421 | 8,385 | 9,659 | 9,478 | |||||||||
| Residential real estate and other | 23,081 | 24,934 | 25,551 | 27,449 | 29,137 | |||||||||
| Total accrual | $ | 35,922 | $ | 37,486 | $ | 38,468 | $ | 44,019 | $ | 46,151 | ||||
| Non-accrual TDRs:(1) | ||||||||||||||
| Commercial | $ | 4,935 | $ | 6,746 | $ | 3,079 | $ | 4,104 | $ | 5,583 | ||||
| Commercial real estate | 2,050 | 2,050 | 3,239 | 3,434 | 1,309 | |||||||||
| Residential real estate and other | 1,964 | 3,027 | 3,685 | 4,190 | 3,540 | |||||||||
| Total non-accrual | $ | 8,949 | $ | 11,823 | $ | 10,003 | $ | 11,728 | $ | 10,432 | ||||
| Total TDRs: | ||||||||||||||
| Commercial | $ | 7,708 | $ | 10,877 | $ | 7,611 | $ | 11,015 | $ | 13,119 | ||||
| Commercial real estate | 12,118 | 10,471 | 11,624 | 13,093 | 10,787 | |||||||||
| Residential real estate and other | 25,045 | 27,961 | 29,236 | 31,639 | 32,677 | |||||||||
| Total TDRs | $ | 44,871 | $ | 49,309 | $ | 48,471 | $ | 55,747 | $ | 56,583 | ||||
(1) Включено в общую сумму безнадежных кредитов.
Другая Недвижимость, Находящаяся В Собственности
| Three Months Ended | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Balance at beginning of period | $ | 4,271 | $ | 13,845 | $ | 15,572 | $ | 15,813 | $ | 16,558 | |||||||||
| Disposals/resolved | (2,497 | ) | (9,664 | ) | (1,949 | ) | (3,152 | ) | (2,162 | ) | |||||||||
| Transfers in at fair value, less costs to sell | 4,429 | 275 | 315 | 3,660 | 1,587 | ||||||||||||||
| Fair value adjustments | — | (185 | ) | (93 | ) | (749 | ) | (170 | ) | ||||||||||
| Balance at end of period | $ | 6,203 | $ | 4,271 | $ | 13,845 | $ | 15,572 | $ | 15,813 | |||||||||
| Period End | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| Balance by Property Type: | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Residential real estate | $ | 1,127 | $ | 1,310 | $ | 1,592 | $ | 1,952 | $ | 2,713 | |||||||||
| Residential real estate development | — | — | 934 | 1,030 | 1,287 | ||||||||||||||
| Commercial real estate | 5,076 | 2,961 | 11,319 | 12,590 | 11,813 | ||||||||||||||
| Total | $ | 6,203 | $ | 4,271 | $ | 13,845 | $ | 15,572 | $ | 15,813 | |||||||||
таблица 14: непроцентные доходы
| Three Months Ended | Q1 2022 compared to Q4 2021 | Q1 2022 compared to Q1 2021 | |||||||||||||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||
| Brokerage | $ | 4,632 | $ | 5,292 | $ | 5,230 | $ | 5,148 | $ | 5,040 | $ | (660 | ) | (12 | )% | $ | (408 | ) | (8 | )% | |||||||||||||
| Trust and asset management | 26,762 | 27,197 | 26,301 | 25,542 | 24,269 | (435 | ) | (2 | ) | 2,493 | 10 | ||||||||||||||||||||||
| Total wealth management | 31,394 | 32,489 | 31,531 | 30,690 | 29,309 | (1,095 | ) | (3 | ) | 2,085 | 7 | ||||||||||||||||||||||
| Mortgage banking | 77,231 | 53,138 | 55,794 | 50,584 | 113,494 | 24,093 | 45 | (36,263 | ) | (32 | ) | ||||||||||||||||||||||
| Service charges on deposit accounts | 15,283 | 14,734 | 14,149 | 13,249 | 12,036 | 549 | 4 | 3,247 | 27 | ||||||||||||||||||||||||
| (Losses) gains on investment securities, net | (2,782 | ) | (1,067 | ) | (2,431 | ) | 1,285 | 1,154 | (1,715 | ) | NM | (3,936 | ) | NM | |||||||||||||||||||
| Fees from covered call options | 3,742 | 1,128 | 1,157 | 1,388 | — | 2,614 | NM | 3,742 | NM | ||||||||||||||||||||||||
| Trading gains (losses), net | 3,889 | 206 | 58 | (438 | ) | 419 | 3,683 | NM | 3,470 | NM | |||||||||||||||||||||||
| Operating lease income, net | 15,475 | 14,204 | 12,807 | 12,240 | 14,440 | 1,271 | 9 | 1,035 | 7 | ||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||||||
| Interest rate swap fees | 4,569 | 3,526 | 4,868 | 2,820 | 2,488 | 1,043 | 30 | 2,081 | 84 | ||||||||||||||||||||||||
| BOLI | 48 | 1,192 | 2,154 | 1,342 | 1,124 | (1,144 | ) | (96 | ) | (1,076 | ) | (96 | ) | ||||||||||||||||||||
| Administrative services | 1,853 | 1,846 | 1,359 | 1,228 | 1,256 | 7 | — | 597 | 48 | ||||||||||||||||||||||||
| Foreign currency remeasurement gains (losses) | 11 | 111 | 77 | (782 | ) | 99 | (100 | ) | (90 | ) | (88 | ) | (89 | ) | |||||||||||||||||||
| Early pay-offs of capital leases | 265 | 249 | 209 | 195 | (52 | ) | 16 | 6 | 317 | NM | |||||||||||||||||||||||
| Miscellaneous | 11,812 | 12,011 | 14,742 | 15,572 | 10,739 | (199 | ) | (2 | ) | 1,073 | 10 | ||||||||||||||||||||||
| Total Other | 18,558 | 18,935 | 23,409 | 20,375 | 15,654 | (377 | ) | (2 | ) | 2,904 | 19 | ||||||||||||||||||||||
| Total Non-Interest Income | $ | 162,790 | $ | 133,767 | $ | 136,474 | $ | 129,373 | $ | 186,506 | $ | 29,023 | 22 | % | $ | (23,716 | ) | (13 | )% | ||||||||||||||
НМ - Не имеет смысла.
таблица 15: ипотечное банковское обслуживание
| Three Months Ended | |||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||||||||||
| Originations: | |||||||||||||||||||
| Retail originations | $ | 647,785 | $ | 980,627 | $ | 1,153,265 | $ | 1,328,721 | $ | 1,641,664 | |||||||||
| Veterans First originations | 247,738 | 318,244 | 405,663 | 395,290 | 580,303 | ||||||||||||||
| Total originations for sale (A) | $ | 895,523 | $ | 1,298,871 | $ | 1,558,928 | $ | 1,724,011 | $ | 2,221,967 | |||||||||
| Originations for investment | 274,628 | 177,676 | 181,886 | 249,749 | 321,858 | ||||||||||||||
| Total originations | $ | 1,170,151 | $ | 1,476,547 | $ | 1,740,814 | $ | 1,973,760 | $ | 2,543,825 | |||||||||
| Retail originations as percentage of originations for sale | 72 | % | 75 | % | 74 | % | 77 | % | 74 | % | |||||||||
| Veterans First originations as a percentage of originations for sale | 28 | 25 | 26 | 23 | 26 | ||||||||||||||
| Purchases as a percentage of originations for sale | 53 | % | 52 | % | 56 | % | 53 | % | 27 | % | |||||||||
| Refinances as a percentage of originations for sale | 47 | 48 | 44 | 47 | 73 | ||||||||||||||
| Production Margin: | |||||||||||||||||||
| Production revenue (B)(1) | $ | 14,585 | $ | 28,182 | $ | 39,247 | $ | 37,531 | $ | 71,282 | |||||||||
| Total originations for sale (A) | $ | 895,523 | $ | 1,298,871 | $ | 1,558,928 | $ | 1,724,011 | $ | 2,221,967 | |||||||||
| Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2) | 330,196 | 353,509 | 510,982 | 605,400 | 798,534 | ||||||||||||||
| Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2) | 353,509 | 510,982 | 605,400 | 798,534 | 1,072,717 | ||||||||||||||
| Total mortgage production volume (C) | $ | 872,210 | $ | 1,141,398 | $ | 1,464,510 | $ | 1,530,877 | $ | 1,947,784 | |||||||||
| Production margin (B / C) | 1.67 | % | 2.47 | % | 2.68 | % | 2.45 | % | 3.66 | % | |||||||||
| Mortgage Servicing: | |||||||||||||||||||
| Loans serviced for others (D) | $ | 13,426,535 | $ | 13,126,254 | $ | 12,720,126 | $ | 12,307,337 | $ | 11,530,676 | |||||||||
| MSRs, at fair value (E) | 199,146 | 147,571 | 133,552 | 127,604 | 124,316 | ||||||||||||||
| Percentage of MSRs to loans serviced for others (E / D) | 1.48 | % | 1.12 | % | 1.05 | % | 1.04 | % | 1.08 | % | |||||||||
| Servicing income | $ | 10,851 | $ | 10,766 | $ | 10,454 | $ | 9,830 | $ | 9,636 | |||||||||
| Components of MSR: | |||||||||||||||||||
| MSR - current period capitalization | $ | 14,401 | $ | 15,080 | $ | 15,546 | $ | 17,512 | $ | 24,616 | |||||||||
| MSR - collection of expected cash flows - paydowns | (1,215 | ) | (1,101 | ) | (1,036 | ) | (991 | ) | (728 | ) | |||||||||
| MSR - collection of expected cash flows - payoffs | (4,801 | ) | (6,385 | ) | (7,558 | ) | (7,549 | ) | (9,440 | ) | |||||||||
| MSR - changes in fair value model assumptions | 43,365 | 6,656 | (888 | ) | (5,540 | ) | 18,045 | ||||||||||||
| Summary of Mortgage Banking Revenue: | |||||||||||||||||||
| Production revenue(1) | $ | 14,585 | $ | 28,182 | $ | 39,247 | $ | 37,531 | $ | 71,282 | |||||||||
| Servicing income | 10,851 | 10,766 | 10,454 | 9,830 | 9,636 | ||||||||||||||
| MSR activity | 51,750 | 14,250 | 6,064 | 3,432 | 32,493 | ||||||||||||||
| Other | 45 | (60 | ) | 29 | (209 | ) | 83 | ||||||||||||
| Total mortgage banking revenue | $ | 77,231 | $ | 53,138 | $ | 55,794 | $ | 50,584 | $ | 113,494 | |||||||||
(1) Выручка от производства представляет собой выручку, полученную от предоставления и последующей продажи ипотечных кредитов, включая прибыль от проданных кредитов и комиссионные за предоставление, изменения в других соответствующих финансовых инструментах, учитываемых по справедливой стоимости, обработку и другие связанные с этим виды деятельности, и исключает плату за обслуживание, изменения справедливой стоимости прав на обслуживание и изменения в обязательство по регрессу по ипотеке и другие непроизводственные доходы.(2) Определенный объем, скорректированный с учетом предполагаемой ставки возврата кредита, которая представляет собой наилучшую оценку Компанией вероятности того, что выделенный кредит в конечном итоге будет профинансирован.
таблица 16: непроцентные расходы
| Three Months Ended | Q1 2022 compared to Q4 2021 | Q1 2022 compared to Q1 2021 | ||||||||||||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||||||
| Salaries and employee benefits: | ||||||||||||||||||||||||||||||||
| Salaries | $ | 92,116 | $ | 91,612 | $ | 88,161 | $ | 91,089 | $ | 91,053 | $ | 504 | 1 | % | $ | 1,063 | 1 | % | ||||||||||||||
| Commissions and incentive compensation | 51,793 | 49,923 | 57,026 | 53,751 | 61,367 | 1,870 | 4 | (9,574 | ) | (16 | ) | |||||||||||||||||||||
| Benefits | 28,446 | 25,596 | 25,725 | 27,977 | 28,389 | 2,850 | 11 | 57 | — | |||||||||||||||||||||||
| Total salaries and employee benefits | 172,355 | 167,131 | 170,912 | 172,817 | 180,809 | 5,224 | 3 | (8,454 | ) | (5 | ) | |||||||||||||||||||||
| Software and equipment | 22,810 | 23,708 | 22,029 | 20,866 | 20,912 | (898 | ) | (4 | ) | 1,898 | 9 | |||||||||||||||||||||
| Operating lease equipment depreciation | 9,708 | 10,147 | 10,013 | 9,949 | 10,771 | (439 | ) | (4 | ) | (1,063 | ) | (10 | ) | |||||||||||||||||||
| Occupancy, net | 17,824 | 18,343 | 18,158 | 17,687 | 19,996 | (519 | ) | (3 | ) | (2,172 | ) | (11 | ) | |||||||||||||||||||
| Data processing | 7,505 | 7,207 | 7,104 | 6,920 | 6,048 | 298 | 4 | 1,457 | 24 | |||||||||||||||||||||||
| Advertising and marketing | 11,924 | 13,981 | 13,443 | 11,305 | 8,546 | (2,057 | ) | (15 | ) | 3,378 | 40 | |||||||||||||||||||||
| Professional fees | 8,401 | 7,551 | 7,052 | 7,304 | 7,587 | 850 | 11 | 814 | 11 | |||||||||||||||||||||||
| Amortization of other acquisition-related intangible assets | 1,609 | 1,811 | 1,877 | 2,039 | 2,007 | (202 | ) | (11 | ) | (398 | ) | (20 | ) | |||||||||||||||||||
| FDIC insurance | 7,729 | 7,317 | 6,750 | 6,405 | 6,558 | 412 | 6 | 1,171 | 18 | |||||||||||||||||||||||
| OREO expense, net | (1,032 | ) | (641 | ) | (1,531 | ) | 769 | (251 | ) | (391 | ) | 61 | (781 | ) | NM | |||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||
| Commissions - 3rd party brokers | 917 | 861 | 884 | 889 | 846 | 56 | 7 | 71 | 8 | |||||||||||||||||||||||
| Postage | 1,416 | 1,684 | 2,018 | 1,900 | 1,743 | (268 | ) | (16 | ) | (327 | ) | (19 | ) | |||||||||||||||||||
| Miscellaneous | 23,132 | 24,299 | 23,435 | 21,262 | 21,317 | (1,167 | ) | (5 | ) | 1,815 | 9 | |||||||||||||||||||||
| Total other | 25,465 | 26,844 | 26,337 | 24,051 | 23,906 | (1,379 | ) | (5 | ) | 1,559 | 7 | |||||||||||||||||||||
| Total Non-Interest Expense | $ | 284,298 | $ | 283,399 | $ | 282,144 | $ | 280,112 | $ | 286,889 | $ | 899 | 0 | % | $ | (2,591 | ) | (1 | )% | |||||||||||||
НМ - Не имеет смысла.
таблица 17: дополнительные финансовые показатели/коэффициенты, не относящиеся к ОПБУ
Политика Wintrust в области бухгалтерского учета и отчетности соответствует общепринятым принципам бухгалтерского учета (“GAAP”) в Соединенных Штатах и преобладающей практике в банковской отрасли. Однако некоторые показатели и коэффициенты, не относящиеся к GAAP, используются руководством для оценки и измерения результатов деятельности Компании. К ним относятся чистый процентный доход, эквивалентный налогооблагаемому доходу (включая его отдельные компоненты), чистая процентная маржа, эквивалентная налогооблагаемому доходу (включая ее отдельные компоненты), коэффициент эффективности, эквивалентный налогооблагаемому, коэффициент реального обыкновенного капитала, реальная балансовая стоимость на одну обыкновенную акцию, средняя доходность на осязаемый обыкновенный капитал и доход до налогообложения, без учета резерва на возможные потери по кредитам. Руководство считает, что эти показатели и коэффициенты дают пользователям финансовой информации Компании более достоверное представление об эффективности активов и обязательств Компании, приносящих процентный доход, а также об операционной эффективности Компании. Другие финансовые холдинговые компании могут определять или рассчитывать эти показатели и коэффициенты по-разному.
Руководство оценивает доходность по определенным категориям активов и чистую процентную маржу Компании и ее банковских дочерних компаний на полностью налогооблагаемой эквивалентной основе. В данной презентации, не относящейся к ОПБУ, чистый процентный доход скорректирован для отражения освобожденного от налогообложения процентного дохода на эквивалентной основе до налогообложения с использованием налоговых ставок, действующих на конец периода. Эта мера обеспечивает сопоставимость чистого процентного дохода, получаемого как из налогооблагаемых, так и из не облагаемых налогом источников. Чистый процентный доход на полностью налогооблагаемой эквивалентной основе также используется при расчете коэффициента эффективности Компании. Коэффициент эффективности, который рассчитывается путем деления непроцентных расходов на общий налогооблагаемый эквивалент чистого дохода (за вычетом прибылей или убытков по ценным бумагам), измеряет, сколько стоит получение одного доллара дохода. Прибыли или убытки по ценным бумагам исключаются из этого расчета, чтобы лучше сопоставить доходы от ежедневных операций с операционными расходами. Руководство рассматривает материальный коэффициент обыкновенного капитала и материальную балансовую стоимость на одну обыкновенную акцию в качестве полезных показателей собственного капитала Компании. Компания ссылается на среднюю доходность осязаемого обыкновенного капитала в качестве показателя прибыльности. Руководство рассматривает доход до налогообложения, за исключением резерва на возможные потери по кредитам, в качестве полезной оценки основной чистой прибыли Компании.
| Three Months Ended | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (Dollars and shares in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: | |||||||||||||||||||
| (A) Interest Income (GAAP) | $ | 328,252 | $ | 327,979 | $ | 322,457 | $ | 319,579 | $ | 305,469 | |||||||||
| Taxable-equivalent adjustment: | |||||||||||||||||||
| - Loans | 427 | 417 | 411 | 415 | 384 | ||||||||||||||
| - Liquidity Management Assets | 465 | 486 | 492 | 494 | 500 | ||||||||||||||
| - Other Earning Assets | 2 | 2 | — | — | — | ||||||||||||||
| (B) Interest Income (non-GAAP) | $ | 329,146 | $ | 328,884 | $ | 323,360 | $ | 320,488 | $ | 306,353 | |||||||||
| (C) Interest Expense (GAAP) | 28,958 | 32,003 | 34,961 | 39,989 | 43,574 | ||||||||||||||
| (D) Net Interest Income (GAAP) (A minus C) | $ | 299,294 | $ | 295,976 | $ | 287,496 | $ | 279,590 | $ | 261,895 | |||||||||
| (E) Net Interest Income (non-GAAP) (B minus C) | $ | 300,188 | $ | 296,881 | $ | 288,399 | $ | 280,499 | $ | 262,779 | |||||||||
| Net interest margin (GAAP) | 2.60 | % | 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | |||||||||
| Net interest margin, fully taxable-equivalent (non-GAAP) | 2.61 | 2.55 | 2.59 | 2.63 | 2.54 | ||||||||||||||
| (F) Non-interest income | $ | 162,790 | $ | 133,767 | $ | 136,474 | $ | 129,373 | $ | 186,506 | |||||||||
| (G) (Losses) gains on investment securities, net | (2,782 | ) | (1,067 | ) | (2,431 | ) | 1,285 | 1,154 | |||||||||||
| (H) Non-interest expense | 284,298 | 283,399 | 282,144 | 280,112 | 286,889 | ||||||||||||||
| Efficiency ratio (H/(D+F-G)) | 61.16 | % | 65.78 | % | 66.17 | % | 68.71 | % | 64.15 | % | |||||||||
| Efficiency ratio (non-GAAP) (H/(E+F-G)) | 61.04 | 65.64 | 66.03 | 68.56 | 64.02 | ||||||||||||||
| Reconciliation of Non-GAAP Tangible Common Equity Ratio: | |||||||||||||||||||
| Total shareholders’ equity (GAAP) | $ | 4,492,256 | $ | 4,498,688 | $ | 4,410,317 | $ | 4,339,011 | $ | 4,252,511 | |||||||||
| Less: Non-convertible preferred stock (GAAP) | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | |||||||||
| Less: Intangible assets (GAAP) | (682,101 | ) | (683,456 | ) | (675,910 | ) | (678,333 | ) | (680,052 | ) | |||||||||
| (I) Total tangible common shareholders’ equity (non-GAAP) | $ | 3,397,655 | $ | 3,402,732 | $ | 3,321,907 | $ | 3,248,178 | $ | 3,159,959 | |||||||||
| (J) Total assets (GAAP) | $ | 50,250,661 | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | |||||||||
| Less: Intangible assets (GAAP) | (682,101 | ) | (683,456 | ) | (675,910 | ) | (678,333 | ) | (680,052 | ) | |||||||||
| (K) Total tangible assets (non-GAAP) | $ | 49,568,560 | $ | 49,458,687 | $ | 47,156,361 | $ | 46,060,117 | $ | 45,002,150 | |||||||||
| Common equity to assets ratio (GAAP) (L/J) | 8.1 | % | 8.1 | % | 8.4 | % | 8.4 | % | 8.4 | % | |||||||||
| Tangible common equity ratio (non-GAAP) (I/K) | 6.9 | 6.9 | 7.0 | 7.1 | 7.0 | ||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
| (Dollars and shares in thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||
| Reconciliation of Non-GAAP Tangible Book Value per Common Share: | |||||||||||||||||||
| Total shareholders’ equity | $ | 4,492,256 | $ | 4,498,688 | $ | 4,410,317 | $ | 4,339,011 | $ | 4,252,511 | |||||||||
| Less: Preferred stock | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | |||||||||
| (L) Total common equity | $ | 4,079,756 | $ | 4,086,188 | $ | 3,997,817 | $ | 3,926,511 | $ | 3,840,011 | |||||||||
| (M) Actual common shares outstanding | 57,253 | 57,054 | 56,956 | 57,067 | 57,023 | ||||||||||||||
| Book value per common share (L/M) | $ | 71.26 | $ | 71.62 | $ | 70.19 | $ | 68.81 | $ | 67.34 | |||||||||
| Tangible book value per common share (non-GAAP) (I/M) | 59.34 | 59.64 | 58.32 | 56.92 | 55.42 | ||||||||||||||
| Reconciliation of Non-GAAP Return on Average Tangible Common Equity: | |||||||||||||||||||
| (N) Net income applicable to common shares | $ | 120,400 | $ | 91,766 | $ | 102,146 | $ | 98,118 | $ | 146,157 | |||||||||
| Add: Intangible asset amortization | 1,609 | 1,811 | 1,877 | 2,039 | 2,007 | ||||||||||||||
| Less: Tax effect of intangible asset amortization | (430 | ) | (505 | ) | (509 | ) | (553 | ) | (522 | ) | |||||||||
| After-tax intangible asset amortization | $ | 1,179 | $ | 1,306 | $ | 1,368 | $ | 1,486 | $ | 1,485 | |||||||||
| (O) Tangible net income applicable to common shares (non-GAAP) | $ | 121,579 | $ | 93,072 | $ | 103,514 | $ | 99,604 | $ | 147,642 | |||||||||
| Total average shareholders’ equity | $ | 4,500,460 | $ | 4,433,953 | $ | 4,343,915 | $ | 4,256,778 | $ | 4,164,890 | |||||||||
| Less: Average preferred stock | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | (412,500 | ) | |||||||||
| (P) Total average common shareholders’ equity | $ | 4,087,960 | $ | 4,021,453 | $ | 3,931,415 | $ | 3,844,278 | $ | 3,752,390 | |||||||||
| Less: Average intangible assets | (682,603 | ) | (677,470 | ) | (677,201 | ) | (679,535 | ) | (680,805 | ) | |||||||||
| (Q) Total average tangible common shareholders’ equity (non-GAAP) | $ | 3,405,357 | $ | 3,343,983 | $ | 3,254,214 | $ | 3,164,743 | $ | 3,071,585 | |||||||||
| Return on average common equity, annualized (N/P) | 11.94 | % | 9.05 | % | 10.31 | % | 10.24 | % | 15.80 | % | |||||||||
| Return on average tangible common equity, annualized (non-GAAP) (O/Q) | 14.48 | 11.04 | 12.62 | 12.62 | 19.49 | ||||||||||||||
| Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: | |||||||||||||||||||
| Income before taxes | $ | 173,680 | $ | 137,045 | $ | 149,742 | $ | 144,150 | $ | 206,859 | |||||||||
| Add: Provision for credit losses | 4,106 | 9,299 | (7,916 | ) | (15,299 | ) | (45,347 | ) | |||||||||||
| Pre-tax income, excluding provision for credit losses (non-GAAP) | $ | 177,786 | $ | 146,344 | $ | 141,826 | $ | 128,851 | $ | 161,512 | |||||||||
дочерние компании и филиалы wintrust
Wintrust - финансовая холдинговая компания, чьи обыкновенные акции торгуются на Nasdaq Global Select Market (Nasdaq: WTFC). Его 15 дочерних компаний Community bank: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., в Чикаго, 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., в Арлингтон-Хайтс, Beverly Bank & Trust Company, N.A. в Чикаго, Wheaton Bank & Trust Company, N.A., Государственный банк озер, N.A.A., в Антиохии, Общественный банк Old Plank Trail, Нью-Йорк, в Нью-Леноксе, St. Charles Bank & Trust Company, Нью-Йорк и Town Bank, Нью-Йорк, в Хартленде, штат Висконсин.
В дополнение к местам, указанным выше, банки также имеют отделения в Иллинойсе в Аддисоне, Алгонкине, Авроре, Блумингдейле, Болингбруке, Буффало-Гроув, Бербанке, Кэри, Кларендон-Хиллз, Крите, Кантристоуне, Дарьене, Дирфилде, Де-Плейнс, Даунерс-Гроув, Элджин, Элк-Гроув-Виллидж, Элмхерст, Эванстон, Эвергрин-парк, Франкфурт, Женева, Глен-Эллин, Гленко, Гленвью, Гурни, Грейслейк, Ганновер-парк, Хайленд-Парк, Хайвуд, Хоффман Эстейтс, Гомер-Глен, Итаска, Джолиет, Лейк-Блафф, Лейк-Вилла, Лансинг, Лемонт, Линденхерст, Линвуд, Маркхэм, Мэйвуд, Макгенри, Мокена, Маунт-Проспект, Манделейн, Нейпервилл, Нортфилд, Норридж, Оук-Лоун, Оук-Парк, Орланд-Парк, Палатин, Парк-Ридж, Проспект-Хайтс, Риверсайд, Рокфорд, Роллинг-Мидоуз, Раунд-Лейк-Бич, Шорвуд, Скоки, Южная Голландия, Спринг-Гроув, Стеджер, Стоун-Парк, Вернон-Хиллз, Уоконда, Уокиган, Вестерн Спрингс, Уиллоубрук, Уилметт, Виннетка и Вуд-Дейл, а также в Висконсине в Берлингтоне, Клинтоне, Делафилде, Делаване, Элм-Гроув, Дженоа-Сити, Кеноше, Лейк-Дженева, Мэдисоне, Меномони-Фоллс, Милуоки, Пьюоки, Расин, Уэльс, Уолворт, Уайтфиш-Бей и Уинд-Лейк, а также в Дайере, штат Индиана и в Нейплсе, штат Флорида.
Кроме того, Компания управляет различными небанковскими бизнес-подразделениями:
прогнозные заявления
Этот документ содержит прогнозные заявления по смыслу федеральных законов о ценных бумагах. Прогнозная информация может быть идентифицирована с помощью таких слов, как “намереваться”, “планировать”, “проектировать”, “ожидать”, “предвидеть”, “верить”, “оценивать”, “обдумывать”, “возможно”, “будет”, “может”, “должен, ” “хотел бы” и “мог бы”. Прогнозные заявления и информация не являются историческими фактами, основаны на многих факторах и допущениях и отражают только ожидания, оценки и прогнозы руководства относительно будущих событий. Аналогичным образом, эти заявления не являются гарантией будущих результатов и связаны с определенными рисками и неопределенностями, которые трудно предсказать, такими как последствия пандемии COVID-19 (включая появление различных штаммов), и которые могут включать, но не ограничиваются перечисленными ниже и обсуждаемыми факторами риска в соответствии с пунктом 1A Годового отчета Компании за 2021 год по форме 10-K и в любой из последующих заявок SEC Компании. Компания намерена, чтобы такие прогнозные заявления подпадали под действие положений о безопасной гавани для прогнозных заявлений, содержащихся в Законе о реформе судебных разбирательств по частным ценным бумагам 1995 года, и включает это заявление в целях применения этих положений о безопасной гавани. Такие прогнозные заявления могут рассматриваться как включающие, среди прочего, заявления, касающиеся будущих финансовых показателей Компании, показателей ее кредитного портфеля, ожидаемой суммы будущих кредитных резервов и списаний, тенденций просрочки платежей, планов роста, изменений в законодательстве, ценных бумаг, которые Компания может предложить от время от времени и долгосрочные цели руководства, а также заявления, касающиеся ожидаемого влияния на финансовое состояние и результаты деятельности ожидаемых событий или событий, бизнес-стратегии и стратегии роста Компании, включая будущие приобретения банков, специализированных финансовых компаний или компаний по управлению капиталом, внутренний рост и планы для создания дополнительных новых банков или филиалов. Фактические результаты могут существенно отличаться от тех, которые указаны в прогнозных заявлениях, в результате многочисленных факторов, включая следующие:
Следовательно, не может быть никаких гарантий в том, что будущие фактические результаты будут соответствовать этим прогнозным заявлениям. Читателя предостерегают от чрезмерного доверия к каким-либо прогнозным заявлениям, сделанным Компанией. Любое такое заявление относится только к дате, на которую было сделано заявление, или к такой дате, на которую можно сослаться в заявлении. Компания не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, чтобы отразить влияние обстоятельств или событий после даты пресс-релиза. Лицам рекомендуется, однако, ознакомиться с дополнительной информацией, которую руководство раскрывает по соответствующим вопросам в своих отчетах, представляемых в Комиссию по ценным бумагам и биржам, и в своих пресс-релизах.
конференц-связь, веб-трансляция и воспроизведение
Компания проведет селекторное совещание в среду, 20 апреля 2022 года, в 11:00 утра (по Центральному времени) относительно результатов первого квартала 2022 года. Лица, заинтересованные в прослушивании, должны позвонить по телефону (877) 363-5049 и ввести идентификатор конференции #6069787. Одновременная веб-трансляция только в аудио-формате и воспроизведение конференц-звонка, а также сопровождающая слайд-презентация могут быть доступны через веб-сайт Компании по адресу https://www.wintrust.com , Связи с инвесторами, Новости и события для инвесторов, Презентации и Конференц-звонки. Текст пресс-релиза о доходах за первый квартал 2022 года будет доступен на домашней странице веб-сайта Компании по адресу https://www.wintrust.com и в разделе "Отношения с инвесторами", "Новости и события для инвесторов", ссылка на пресс-релизы на его веб-сайте.
ЗА ДОПОЛНИТЕЛЬНОЙ ИНФОРМАЦИЕЙ ОБРАЩАЙТЕСЬ: Эдвард Дж. Вемер, Основатель и Главный исполнительный директор Дэвид А. Дикстра, Заместитель Председателя и Главный операционный директор (847) 939-9000 Адрес веб-сайта: www.wintrust.com
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