Wintrust Financial Corp (WTFC) Misses Q4 EPS by 2c

Wintrust Financial Corp (NASDAQ: WTFC) reported Q4 EPS of $0.75, $0.02 worse than the analyst estimate of $0.77.

Highlights compared with the Third Quarter of 2014:

• Total loans, excluding covered loans and mortgage loans held-for-sale, increased by $357 million, or 10% on annualized basis, to $14.4 billion
• Total assets increased by 17% on an annualized basis to $20 billion
• Total deposits increased by $217 million, or 5% on an annualized basis, to $16.3 billion
• Net interest income increased by $2.0 million to $153.7 million, while net interest margin, on a fully-taxable equivalent basis was unchanged at 3.46%
• Wealth management revenue increased by $1.0 million to $18.6 million
• Recorded various nonrecurring pre-tax charges including:
• $1.3 million of costs incurred upon entering into a sublease agreement on an existing property
• $615,000 loss related to a bank branch sale as a result of consolidating two branches
• Non-performing loans as a percent of total loans, excluding covered loans, decreased to 0.55% from 0.58% and the allowance for loan losses as a percentage of total non-performing loans increased to 117% from 112%
• Capital ratios remain strong with a tangible common equity ratio, assuming full conversion of preferred stock, of 8.4%
• Completed a secured borrowing transaction of C$150 million at Canadian premium finance subsidiary
• Expanded and restructured the existing $100 million credit facility into a $150 million facility including a $75 million revolving credit facility and a $75 million term credit facility

For earnings history and earnings-related data on Wintrust Financial Corp (WTFC) click here.

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