Really, one less day was offset by $925 million in average earning asset growth. Net interest income was essentially flat. And 1 basis point difference between the 12 basis point drop in earning asset yield, 11 basis point drop in liabilities.
Cre 8900 adjustment points free#
The 5 basis point margin decrease was due to really a 4 basis point drop in the free funds ratios you would expect as the overall rate environment goes down. We still have room to grow there as indicated on page 18 of the press release. Net interest margin held up pretty well as we were able to drop our deposit costs rapidly. It's pretty darn good in terms of core earnings, and that's before really any recognition of the probably close to $100 million we'll have in PPP income, which will act as a reserve for us, a cushion for us, we believe, for any eventuality that may come along. You take our pre-tax, pre-provision, pre-MSR valuation income, it's over $150 million, which is almost a record for us. As you can see, we made close to $63 million, down 27% from the fourth quarter, but for obvious reasons. He would get involved and he could scrub other banks' messes so quickly, it was unbelievable.Īnd now, on to our first quarter earnings. One guy they call the wolf after - he was our Pulp Fiction. One point in time we had a need for more quality control people. I couldn't be prouder of the team that's been able to do this. So, we know we're taking care of all of our customers across the board. The applications, again, are in the lower area - in the lower-end area. We already have close to 2,000 applications and another $9 million in fees in there.
We estimate fees to Wintrust before round two of approximately $85 million. That put us in the top 15 of banks in the country in terms of total volume.
The two weeks thereafter, with our working from remote locations and processed 8,900 applications for $3.3 billion. We opened the portal - one of the only ones open on the evening of April 3, first day available, and it actually worked flawlessly. Our technology crew has done a wonderful job.Īlso, in seven days, we stood up for a front-end portal for PPP from scratch. Also being able to grow the bank and take care of our clients. Our crew has moved seamlessly to remote locations. Case in point - a couple of cases in point. Back to me for summary and comments and thoughts about the future, and we'll have time for questions.īefore I get into the details, I'd like to do a heartfelt shoutout to what I believe is the absolute best crew in the banking business. Dave Dykstra will provide a more detailed analysis of other income, other expenses and taxes. I'm going to give some general comments regarding our results. The company's forward-looking assumptions that could cause actual results to differ materially from the information discussed during the call are detailed in our earnings press release and in the company's most recent Form 10-K and any subsequent filings on file with the SEC. Actual results could differ materially from the results anticipated or projected in any such forward-looking statements. Following a review of the results by Edward Wehmer, Founder and Chief Executive Officer, and David Dykstra, Vice Chairman and Chief Operating Officer, there will be a formal question-and-answer session.ĭuring the course of today's call, Wintrust management may make statements that constitute projections, expectations, beliefs or similar forward-looking statements. Welcome to Wintrust Financial Corporation's First Quarter 2020 Earnings Conference Call. Wintrust Financial Corp ( NASDAQ:WTFC) Q1 2020 Earnings Call Apr 22, 2020, 11:00 a.m.