Wintrust Financial Corporation Reports Fourth Quarter 2010 Net Income Of $14.2 Million And Full Year 2010 Net Income Of $63.3 Million

LAKE FOREST, Ill., Jan. 24, 2011 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust" or "the Company") (Nasdaq:WTFC) announced net income of $14.2 million or $(0.06) per diluted common share for the quarter ended December 31, 2010, and $63.3 million or $1.02 per diluted common share for the full year of 2010. The fourth quarter of 2010 and full year 2010 results include a non-cash deemed preferred stock dividend of $11.4 million. Fourth quarter 2010 net income per diluted common share was reduced by $0.33 as a result, while full year 2010 net income per diluted common share was reduced by $0.36. This was recorded as a result of the Company's full repurchase of its TARP Capital Purchase Program preferred stock ("TARP") (see "Capital" section later in this document) on December 22, 2010.

The Company's total assets of $14.0 billion at December 31, 2010 increased $1.8 billion from December 31, 2009. Total deposits as of December 31, 2010 were $10.8 billion, an increase of $886.6 million from December 31, 2009. Noninterest bearing deposits increased by $336.9 million or 39% since December 31, 2009, while NOW, money market and savings deposits increased $553.5 million or 16% during the same time period. Total loans, including loans held for sale and excluding covered loans, were $10.0 billion as of December 31, 2010, an increase of $1.3 billion over December 31, 2009. Commercial real-estate loans as a percentage of total loans declined to 34% at December 31, 2010, down from 39% at December 31, 2009.

Edward J. Wehmer, President and Chief Executive Officer, commented, "We are pleased to report net income of $14.2 million for the fourth quarter of 2010 and $63.3 million for the full year 2010. Core pre-tax earnings increased 60% in 2010, to $196.5 million from $122.8 million in 2009. The annualized run rate of core pre-tax earnings, based on fourth quarter results, improved to $232.7 million.