Wintrust Financial Corporation (NASDAQ:WTFC.W) Q2 2016 Earnings Conference Call - Preliminary Transcript

Jul 20, 2016 • 02:00 pm ET


Wintrust Financial Corporation (NASDAQ:WTFC.W) Q2 2016 Earnings Conference Call - Preliminary Transcript


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Welcome to Wintrust Financial Corporation's 2016 Second Quarter and Year-to-date Earnings Conference Call. At this time all participants are in listen-only mode. [Operator Instructions] Following a review of the results by Edward Wehmer, Chief Executive Officer and President; and David Dykstra, Senior Executive Vice President and Chief Operating Officer, there will be a formal question-and-answer session.

During the course of today's call, Wintrust management may make statements that constitute projections, expectations, beliefs or similar forward-looking statements. Actual results could differ materially from the results anticipated or projected in any such forward-looking statements. The company's forward-looking assumptions that could cause the actual results to differ materially from the information discussed during this call are detailed in the second quarter and year-to-date earnings press release in the company's most recent Form 10-K and any subsequent filings on file with the SEC. As a reminder, this conference call is being recorded.

I will now turn the conference call over to Mr. Edward Wehmer.

Edward Wehmer

Thank you. Good afternoon everybody and welcome to our second quarter 2016 earnings call. As said with me as always is Dave Dykstra, our Chief Operating Officer; Dave Stoehr, our Chief Financial Officer; and Kate Boege, our General Counsel, who is here to make sure that I don't go off script and talk like Donald Trump about the huge quarter and how all the analyst love us. But with that we are going to have our usual format, I am going to give you some general comments on the quarter, Dave will get into some good detail on other income and other expense. I'll follow up with some summary thoughts and thoughts about the future and then we will have time for questions.

On with it, all-in-all we had a very positive quarter on all fronts with good momentum for the rest of the year. Net income for the quarter was $50 million or $0.90 a share, up from $43.8 million last and $0.85 a share or 14% and 6% respectively in terms of earnings growth. Year-to-date, we almost hit a $100 million, $99.2 million or $1.80 a share, up from $82.9 million last year or $1.61 a share that's 20% and 12% respectively. These strong earnings were driven by first of all our balance sheet growth. Assets grew $932 million or 16% over this first quarter of the year and 3.6 billion or 17.5% over same period last year.

Loans for the quarter grew almost $700 million, currently 16% over the first quarter and 2.6 billion and 16% over the last year. Loan growth, it was a balanced loan growth and all categories showed good expansion. Important to note that the earnings assets lagged total assets by about $622 million as did loans by $523 million, so that is our average assets were less than lending assets by $523 million or loans less than by $523 million which bodes well for the third quarter and beyond. Our loan pipelines are at an all-time high, consistently strong, pull through rates have