wintrust financial corp (WTFC) Key Developments
Wintrust Financial Corporation Establishes $75 Million Revolving Credit Facility and $75 Million Term Facility
Dec 19 14
On December 15, 2014, Wintrust Financial Corporation established a $75 million revolving credit facility (the Revolving Credit Facility) and a $75 million term facility (the Term Facility), the terms of which are set forth in a Credit Agreement dated as of December 15, 2014 (the Credit Agreement) among Wintrust, the lenders named therein, and Wells Fargo Bank, National Association, as administrative agent. The Credit Agreement replaces Wintrust's existing credit agreement with Bank of America, N.A. All borrowings under the Revolving Credit Facility must be repaid by December 14, 2015. Wintrust is required to borrow the entire amount of the Term Facility no later than June 15, 2015 and failure to do so will result in an event of default under the Credit Agreement. All borrowings under the Term Facility must be repaid by June 15, 2020. Borrowings under the Revolving Credit Facility and under the Term Facility may be repaid in whole or in part, subject to customary provisions regarding the notice and size of prepayments. Beginning September 30, 2015 and at the end of each fiscal quarter ending thereafter, Wintrust will be required to make straight line quarterly amortization payments in respect of amounts outstanding under the Term Facility. As of the date hereof, Wintrust has no outstanding balance under the Revolving Credit Facility or under the Term Facility. Borrowings under the Credit Agreement are available for general corporate purposes and are secured by pledges of and first priority perfected security interests in Wintrust's equity interest in certain of its bank subsidiaries.
Wintrust Financial Corporation Presents at Sandler O'Neill + Partners, L.P. 2014 East Coast Financial Services Conference, Nov-13-2014
Oct 29 14
Wintrust Financial Corporation Presents at Sandler O'Neill + Partners, L.P. 2014 East Coast Financial Services Conference, Nov-13-2014 . Venue: Naples, Florida, United States.
Wintrust Financial Corporation Enters into Eighth Amendment Agreement to Amended and Restated Credit Agreement
Oct 27 14
On October 27, 2014, Wintrust Financial Corporation entered into an eighth amendment agreement to the amended and restated credit agreement dated as of October 30, 2009 among Wintrust, the lenders named therein, and Bank of America, N.A., as administrative agent. Pursuant to the amendment, the parties agreed to extend the maturity date of the credit agreement to December 15, 2014 while the form of an amendment to the credit agreement is being finalized.
Wintrust Financial Corporation Approves Quarterly Cash Dividend, Payable on November 20, 2014
Oct 23 14
Wintrust Financial Corporation announced that the company's Board of Directors approved a quarterly cash dividend of $0.10 per share of outstanding common stock. The dividend is payable on November 20, 2014 to shareholders of record as of November 6, 2014. As previously announced, subject to ongoing Board of Director approval, future dividend payments will be made on a quarterly basis rather than the Company's practice prior to 2014 of paying dividends on a semi-annual basis. On an annualized basis, this quarterly dividend payment represents an increase of 122% over the 2013 annual dividend rate of $0.18 per share.
Wintrust Financial Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Net Charge Offs for the Third Quarter of 2014
Oct 16 14
Wintrust Financial Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net interest income was $151,670,000 against $141,782,000 a year ago. Income before taxes was $65,258,000 against $58,082,000 a year ago. Net income applicable to common shares was $38,643,000 or $0.79 per diluted share against $33,982,000 or $0.71 per diluted share a year ago. Return on average assets was 0.83% against 0.81% a year ago. Return on average common equity was 8.09% against 7.85% a year ago. Return on average tangible common equity was 10.59% against 10.27% a year ago. Book value per common share was $40.74 against $38.09 a year ago. Tangible common book value per share was $31.60 against $29.89 a year ago. Net interest income increased $9.9 million in the third quarter of 2014 compared to the third quarter of 2013, due to: Average loans, excluding covered loans, for the third quarter of 2014 increased by $1.2 billion compared to the third quarter of 2013.
For the nine months, the company reported net interest income was $444,856,000 against $408,319,000 a year ago. Income before taxes was $184,629,000 against $166,618,000 a year ago. Net income applicable to common shares was $108,522,000 or $2.23 per diluted share against $95,108,000 or $2.05 per diluted share a year ago. Return on average assets was 0.82% against 0.79% a year ago. Return on average common equity was 7.86% against 7.57% a year ago. Return on average tangible common equity was 10.25% against 9.93% a year ago. Net interest income increased $36.5 million in the first nine months of 2014 compared to the first nine months of 2013, due to: Average earning assets for the first nine months of 2014 increased by $1.1 billion compared to the first nine months of 2013.
Net charge-offs totaled $7.0 million in the third quarter of 2014, a slight increase compared to $6.6 million in the second quarter of 2014. Compared to the third quarter of 2013, net charge-offs decreased $4.3 million from $11.3 million primarily as a result of a $2.5 million and $2.0 million decrease in net charge-offs within the commercial real-estate and commercial loan portfolios, respectively.