Illinois | 36-3873352 | |
(State of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large Accelerated Filer x | Accelerated Filer o | Non-Accelerated Filer o | Smaller Reporting Company o | |||
(Do not check if a smaller reporting company) |
Page | ||||||||
PART I. FINANCIAL INFORMATION
|
||||||||
|
||||||||
Financial Statements | 1-24 | |||||||
|
||||||||
Managements Discussion and Analysis of Financial Condition and Results of Operations | 25-55 | |||||||
|
||||||||
Quantitative and Qualitative Disclosures About Market Risk | 56-58 | |||||||
|
||||||||
Controls and Procedures | 59 | |||||||
|
||||||||
PART II. OTHER INFORMATION
|
||||||||
|
||||||||
ITEM 1.
|
Legal Proceedings | NA | ||||||
|
||||||||
Risk Factors | 60 | |||||||
|
||||||||
Unregistered Sales of Equity Securities and Use of Proceeds | 60 | |||||||
|
||||||||
ITEM 3.
|
Defaults Upon Senior Securities | NA | ||||||
|
||||||||
Submission of Matters to a Vote of Security Holders | 61 | |||||||
|
||||||||
ITEM 5.
|
Other Information | NA | ||||||
|
||||||||
Exhibits | 62 | |||||||
|
||||||||
|
Signatures | 63 | ||||||
EXHIBIT 10.2 | ||||||||
EXHIBIT 10.3 | ||||||||
EXHIBIT 10.4 | ||||||||
EXHIBIT 31.1 | ||||||||
EXHIBIT 31.2 | ||||||||
EXHIBIT 32.1 |
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
CONSOLIDATED STATEMENTS OF CONDITION
(Unaudited)
(Unaudited)
June 30,
December 31,
June 30,
(In thousands)
2008
2007
2007
$
166,857
$
170,190
$
153,209
73,311
90,964
15,092
6,438
10,410
14,308
1,590,648
1,303,837
1,515,223
1,877
1,571
919
19,661
24,206
23,842
114,739
3,640
109,552
135,543
7,153,603
6,801,602
6,720,960
57,633
50,389
47,392
7,095,970
6,751,213
6,673,568
348,881
339,297
329,498
208,574
273,678
198,609
276,311
276,204
268,983
16,170
17,737
19,666
$
9,923,077
$
9,368,859
$
9,348,460
$
688,512
$
664,264
$
655,074
7,072,855
6,807,177
6,894,488
7,761,367
7,471,441
7,549,562
41,975
60,700
50,550
438,983
415,183
403,203
383,009
254,434
231,783
75,000
75,000
75,000
249,579
249,662
249,745
224,139
102,884
67,989
9,174,052
8,629,304
8,627,832
26,478
26,281
26,012
547,333
539,127
528,916
(122,258
)
(122,196
)
(84,559
)
459
459
649
325,314
309,556
287,741
(28,301
)
(13,672
)
(38,131
)
749,025
739,555
720,628
$
9,923,077
$
9,368,859
$
9,348,460
Table of Contents
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands, except per share data)
2008
2007
2008
2007
$
108,803
$
131,279
$
227,756
$
259,144
68
223
188
488
472
435
1,106
3,261
16,553
20,434
32,634
41,319
15
11
46
18
249
506
606
965
126,160
152,888
262,336
305,195
53,862
73,735
115,292
149,625
4,557
4,400
9,113
8,529
2,900
3,562
5,670
5,290
843
1,273
1,930
2,568
4,598
4,663
9,189
9,258
66,760
87,633
141,194
175,270
59,400
65,255
121,142
129,925
10,301
2,490
18,856
4,297
49,099
62,765
102,286
125,628
7,771
7,771
15,636
15,390
7,536
6,754
13,632
12,217
2,565
2,071
4,938
3,959
566
175
1,707
444
755
1,048
1,468
2,061
(140
)
192
(1,473
)
239
13,955
2,839
21,656
6,273
33,008
20,850
57,564
40,583
36,976
35,060
73,648
70,977
4,048
3,829
7,974
7,419
5,438
5,347
11,305
10,782
2,918
2,578
5,716
5,054
1,368
1,513
2,367
2,591
2,227
1,685
4,295
3,288
779
964
1,567
1,933
10,831
9,162
20,546
17,838
64,585
60,138
127,418
119,882
17,522
23,477
32,432
46,329
6,246
8,067
11,451
16,238
$
11,276
$
15,410
$
20,981
$
30,091
$
0.48
$
0.64
$
0.89
$
1.22
$
0.47
$
0.62
$
0.87
$
1.18
$
$
$
0.18
$
0.16
23,608
24,154
23,563
24,589
531
806
555
810
24,139
24,960
24,118
25,399
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED)
Accumulated
Other
Compre-
Common
Compre-
Total
hensive
Common
Treasury
Stock
Retained
hensive
Shareholders
(In thousands)
Income
Stock
Surplus
Stock
Warrants
Earnings
Income (Loss)
Equity
$
25,802
$
519,233
$
(16,343
)
$
681
$
261,734
$
(17,761
)
$
773,346
$
30,091
30,091
30,091
(22,411
)
(22,411
)
(22,411
)
2,041
2,041
2,041
$
9,721
(4,084
)
(4,084
)
(68,216
)
(68,216
)
5,688
5,688
89
2,449
2,538
84
(84
)
19
824
843
2
90
(32
)
60
16
716
732
$
26,012
$
528,916
$
(84,559
)
$
649
$
287,741
$
(38,131
)
$
720,628
$
26,281
$
539,127
$
(122,196
)
$
459
$
309,556
$
(13,672
)
$
739,555
$
20,981
20,981
20,981
(15,188
)
(15,188
)
(15,188
)
559
559
559
$
6,352
(4,231
)
(4,231
)
(62
)
(62
)
4,942
4,942
(992
)
(992
)
73
1,871
1,944
71
(532
)
(461
)
23
795
818
30
1,130
1,160
$
26,478
$
547,333
$
(122,258
)
$
459
$
325,314
$
(28,301
)
$
749,025
Six Months Ended June 30,
2008
2007
$
(26,451
)
$
(35,808
)
909
3,298
(1,473
)
239
(9,440
)
(12,379
)
$
(14,629
)
$
(20,370
)
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
(In thousands)
2008
2007
$
20,981
$
30,091
18,856
4,297
10,138
10,000
4,942
5,688
395
968
(464
)
(721
)
(859
)
(28
)
668
65
(946,621
)
(1,073,413
)
945,415
1,093,489
(1,464
)
(1,799
)
(1,707
)
(444
)
(306
)
1,405
4,545
198
(7,621
)
(7,288
)
1,473
(239
)
79
2
(687
)
2,872
24,085
(37,019
)
71,848
28,124
587,493
539,703
609,498
70,348
(1,319,858
)
(321,319
)
184,255
3,972
4,951
(561,137
)
(228,565
)
(18,657
)
(26,591
)
(514,434
)
38,527
289,873
(319,746
)
128,575
69,711
(18,725
)
37,800
23,801
77,698
464
721
1,905
2,474
(62
)
(68,216
)
(4,231
)
(4,084
)
421,600
(203,642
)
(20,986
)
(136,991
)
261,154
305,292
$
240,168
$
168,301
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
June 30, 2008
December 31, 2007
June 30, 2007
Amortized
Fair
Amortized
Fair
Amortized
Fair
(Dollars in thousands)
Cost
Value
Cost
Value
Cost
Value
$
$
$
33,161
$
33,109
$
33,193
$
30,699
337,983
337,144
321,548
322,043
469,631
454,266
55,172
55,309
49,376
49,127
49,659
48,678
41,718
38,780
45,920
42,802
59,798
58,043
1,078,582
1,044,710
699,166
688,846
830,882
785,147
115,097
114,705
167,591
167,910
134,589
138,390
$
1,628,552
$
1,590,648
$
1,316,762
$
1,303,837
$
1,577,752
$
1,515,223
June 30,
December 31,
June 30,
(Dollars in thousands)
2008
2007
2007
$
4,610,550
$
4,408,661
$
4,186,308
770,748
678,298
638,941
243,400
226,686
222,312
1,145,986
1,078,185
1,306,321
221,511
241,393
248,788
22,676
27,719
34,177
138,732
140,660
84,113
$
7,153,603
$
6,801,602
$
6,720,960
65
%
65
%
62
%
11
10
10
3
3
3
16
16
19
3
3
4
1
1
2
2
1
100
%
100
%
100
%
Table of Contents
June 30,
December 31,
June 30,
(Dollars in thousands)
2008
2007
2007
$
688,512
$
664,264
$
655,074
1,064,792
1,014,780
964,714
599,451
599,426
515,223
900,482
701,972
704,534
326,869
297,586
302,000
4,181,261
4,193,413
4,408,017
$
7,761,367
$
7,471,441
$
7,549,562
9
%
9
%
9
%
14
14
13
8
8
7
12
9
9
4
4
4
53
56
58
100
%
100
%
100
%
Table of Contents
June 30,
December 31,
June 30,
(Dollars in thousands)
2008
2007
2007
$
41,975
$
60,700
$
50,550
438,983
415,183
403,203
4,223
10,085
381,151
248,334
219,814
1,858
1,877
1,884
383,009
254,434
231,783
75,000
75,000
75,000
$
938,967
$
805,317
$
760,536
Table of Contents
Trust
Junior
Earliest
Preferred
Subordinated
Rate
Rate at
Issue
Maturity
Redemption
(Dollars in thousands)
Securities
Debentures
Structure
6/30/08
Date
Date
Date
$
25,000
$
25,774
L+3.25
5.96
%
04/2003
04/2033
04/2008
20,000
20,619
L+2.80
5.60
%
12/2003
12/2033
12/2008
40,000
41,238
L+2.60
5.40
%
05/2004
05/2034
06/2009
50,000
51,550
L+1.95
4.73
%
12/2004
03/2035
03/2010
40,000
41,238
L+1.45
4.25
%
08/2005
09/2035
09/2010
50,000
51,547
Fixed
6.84
%
09/2006
09/2036
09/2011
6,000
6,203
L+3.00
5.87
%
08/2003
11/2033
08/2008
6,000
6,207
L+3.00
5.87
%
08/2003
11/2033
08/2008
5,000
5,203
L+3.00
5.80
%
05/2004
05/2034
05/2009
$
249,579
5.47
%
Table of Contents
Table of Contents
Three Months Ended
June 30,
$ Change in
% Change in
(Dollars in thousands)
2008
2007
Contribution
Contribution
$
57,964
$
65,003
$
(7,039
)
(11)
%
16,273
14,478
1,795
12
863
959
(96
)
(10
)
4,484
3,261
1,223
38
(20,184
)
(18,446
)
(1,738
)
(9
)
$
59,400
$
65,255
$
(5,855
)
(9)
%
$
23,853
$
11,393
$
12,460
N/M
%
566
175
391
N/M
755
1,048
(293
)
(28
)
10,077
9,729
348
4
(2,243
)
(1,495
)
(748
)
(50
)
$
33,008
$
20,850
$
12,158
58
%
$
14,948
$
18,202
$
(3,254
)
(18
)%
7,883
3,958
3,925
99
206
353
(147
)
(42
)
2,876
1,818
1,058
58
(14,637
)
(8,921
)
(5,716
)
(64
)
$
11,276
$
15,410
$
(4,134
)
(27)
%
$
9,791,254
$
9,153,583
$
637,671
7
%
1,202,152
1,344,899
(142,747
)
(11
)
37,344
45,836
(8,492
)
(19
)
57,881
58,923
(1,042
)
(2
)
(1,165,554
)
(1,254,781
)
89,227
7
$
9,923,077
$
9,348,460
$
574,617
6
%
Table of Contents
Six Months Ended
June 30,
$ Change in
% Change in
(Dollars in thousands)
2008
2008
Contribution
Contribution
$
118,648
$
128,592
$
(9,944
)
(8)
%
32,960
29,394
3,566
12
1,719
1,912
(193
)
(10
)
9,290
6,259
3,031
48
(41,475
)
(36,232
)
(5,243
)
(14
)
$
121,142
$
129,925
$
(8,783
)
(7)
%
$
41,117
$
21,455
$
19,662
92
%
1,707
444
1,263
N/M
1,469
2,061
(592
)
(29
)
19,762
19,148
614
3
(6,491
)
(2,525
)
(3,966
)
N/M
$
57,564
$
40,583
$
16,981
42
%
$
29,505
$
34,500
$
(4,995
)
(14
)%
16,273
11,374
4,899
43
348
660
(312
)
(47
)
5,645
3,360
2,285
68
(30,790
)
(19,803
)
(10,987
)
(55
)
$
20,981
$
30,091
$
(9,110
)
(30)
%
Table of Contents
June 30, 2008
Notional
Fair Value
Receive Rate
Pay Rate
Type of Hedging
Maturity Date
Amount
Gain (Loss)
(LIBOR)
(Fixed)
Relationship
$
20,000
$
(842
)
2.80
%
5.25
%
Cash Flow
40,000
(1,680
)
2.80
%
5.25
%
Cash Flow
25,000
(1,061
)
2.71
%
5.26
%
Cash Flow
50,000
(2,543
)
2.78
%
5.30
%
Cash Flow
40,000
(2,032
)
2.80
%
5.30
%
Cash Flow
$
175,000
$
(8,158
)
December 31, 2007
Notional
Fair Value
Receive Rate
Pay Rate
Type of Hedging
Maturity Date
Amount
Gain (Loss)
(LIBOR)
(Fixed)
Relationship
$
20,000
$
(922
)
4.83
%
5.25
%
Cash Flow
40,000
(1,847
)
4.83
%
5.25
%
Cash Flow
25,000
(1,165
)
5.24
%
5.26
%
Cash Flow
50,000
(2,852
)
4.99
%
5.30
%
Cash Flow
40,000
(2,281
)
4.83
%
5.30
%
Cash Flow
$
175,000
$
(9,067
)
Table of Contents
The Companys mortgage banking derivatives have not been designated in SFAS 133 hedge
relationships. These derivatives include commitments to fund certain mortgage loans (interest rate
locks) to be sold into the secondary market and forward commitments for the future delivery of
residential mortgage loans. It is the Companys practice to enter into forward commitments for the
future delivery of residential mortgage loans when interest rate lock commitments are entered into
in order to economically hedge the effect of changes in interest rates on its commitments to fund
the loans as well as on its portfolio of mortgage loans held-for-sale. At June 30, 2008, the
Company had approximately $122.7 million of interest rate lock commitments and $237.9 million of
forward commitments for the future delivery of residential mortgage loans. The estimated fair
values of these mortgage banking derivatives are reflected by a derivative asset of $769,000 and a
derivative liability of $306,000. The fair values were estimated based on changes in mortgage rates
from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives
are included in mortgage banking revenue.
Periodically, the Company will sell options to a bank or dealer for the right to purchase certain
securities held within the Banks investment portfolios (covered call options). These option
transactions are designed primarily to increase the total return associated with the investment
securities portfolio. These options do not qualify as hedges pursuant to SFAS 133, and,
accordingly, changes in fair value of these contracts are recognized as other non-interest income.
The Company recognized premium income from these call option transactions of $12.1 million and
$443,000 in the second quarters of 2008 and 2007, respectively. There were no covered call options
outstanding as of June 30, 2008, December 31, 2007 or June 30, 2007.
Table of Contents
Table of Contents
(1)
Available-
Mortgage
for-sale
servicing
Retained
(Dollars in thousands)
securities
rights
Interests
$
195,349
$
4,371
$
5,703
525
1,898
107,307
(2,337
)
(153,468
)
$
149,188
$
4,896
$
5,264
$
95,514
$
4,730
$
4,480
166
4,853
210,714
(4,069
)
(157,040
)
$
149,188
$
4,896
$
5,264
(1)
Table of Contents
Six Months
Ended
June 30, 2008
June 30, 2008
Fair Value
(Dollars in thousands)
Total
Level 1
Level 2
Level 3
Losses Recognized
$
155
$
$
$
155
$
508
37,064
37,064
5,128
$
37,219
$
$
$
37,219
$
5,636
Table of Contents
January 1,
Goodwill
Impairment
June 30,
(Dollars in thousands)
2008
Acquired
Losses
2008
$
245,696
$
190
$
$
245,886
7,221
(83
)
7,138
8,958
8,958
14,329
14,329
$
276,204
$
107
$
$
276,311
June 30,
December 31,
June 30,
2008
2007
2007
$
3,252
3,252
3,252
(2,942
)
(2,800
)
(2,634
)
310
452
618
27,918
27,918
27,918
(12,058
)
(10,633
)
(8,870
)
15,860
17,285
19,048
$
16,170
17,737
19,666
ddd
Estimated amortization
$
1,567
1,562
2,717
2,381
2,253
2,251
Table of Contents
For the Six Months Ended
June 30, 2008
June 30, 2007
1.1
%
0.7
%
32.4
%
25.5
%
3.3
%
5.0
%
6.7
6.9
Table of Contents
Weighted
Remaining
Intrinsic
Common
Average
Contractual
Value
(2)
Stock Options
Shares
Strike Price
Term
(1)
($000)
2,505,181
$
34.76
57,450
31.83
(73,408
)
14.81
(16,100
)
47.29
2,473,123
$
35.19
4.9
$
7,062
1,835,402
$
30.97
4.3
$
7,062
2,786,064
$
33.02
28,000
45.20
(89,896
)
17.47
(12,845
)
40.72
2,711,323
$
33.62
5.4
$
37,299
1,879,627
$
26.18
4.4
$
36,765
(1)
(2)
Six Months Ended
Six Months Ended
June 30, 2008
June 30, 2007
Weighted
Weighted
Average
Average
Common
Grant-Date
Common
Grant-Date
Restricted Shares
Shares
Fair Value
Shares
Fair Value
308,627
$
48.16
335,904
$
51.78
50,120
30.58
36,018
45.35
(70,357
)
49.94
(85,058
)
52.33
(3,955
)
38.58
(5,263
)
47.81
284,435
$
44.66
281,601
$
50.86
Table of Contents
For the Three Months
For the Six Months
Ended June 30,
Ended June 30,
(In thousands, except per share data)
2008
2007
2008
2007
(A
)
$
11,276
$
15,410
$
20,981
$
30,091
(B
)
23,608
24,154
23,563
24,589
531
806
555
810
(C
)
24,139
24,960
24,118
25,399
(A/B
)
$
0.48
$
0.64
$
0.89
$
1.22
(A/C
)
$
0.47
$
0.62
$
0.87
$
1.18
Table of Contents
CONDITION AND RESULTS OF OPERATIONS
As of June 30, 2008, the Companys community banking franchise consisted of 15 community banks (the
Banks) with 79 locations. The Company developed its banking franchise through the
de novo
organization of nine banks (55 locations) and the purchase of seven banks, one of which was merged
into another of our banks, with 24 locations. Wintrusts first bank was organized in December
1991, as a highly personal service-oriented community bank. Each of the banks organized or
acquired since then share that same commitment to community banking. The historical financial
performance of the Company has been affected by costs associated with growing market share in
deposits and loans, establishing and acquiring banks, opening new branch facilities and building an
experienced management team. The Companys financial performance generally reflects the improved
profitability of its banking subsidiaries as they mature, offset by the costs of establishing and
acquiring banks and opening new branch facilities. From the Companys experience, it generally
takes 13 to 24 months for new banks to achieve operational profitability depending on the number
and timing of branch facilities added.
De novo
/ Acquired
Date
De novo
December, 1991
De novo
October, 1993
De novo
September, 1994
De novo
October, 1995
De novo
December, 1996
De novo
December, 1997
De novo
November, 2000
Acquired
October, 2003
Acquired
December, 2003
De novo
April, 2004
Acquired
September, 2004
Acquired
October, 2004
Acquired
January, 2005
Acquired
March, 2005
De novo
March, 2006
Acquired
May, 2006
Table of Contents
Ø
Ø
First Insurance Funding Corporation (FIFC) is the Companys most significant specialized earning
asset niche. FIFC makes loans to businesses to finance the insurance premiums they pay on their
commercial insurance policies. The insurance premiums financed are primarily for commercial
customers purchases of liability, property and casualty and other commercial insurance. This
lending involves relatively rapid turnover of the loan portfolio and high volume of loan
originations. Because of the indirect nature of this lending and because the borrowers are located
nationwide, this segment may be more susceptible to third party fraud than relationship lending;
however, management established various control procedures to mitigate the risks associated with
this lending. The majority of these loans are purchased by the Banks in order to more fully
utilize their lending capacity as these loans generally provide the Banks with higher yields than
alternative investments. However, excess FIFC originations over the capacity to retain such loans
within the Banks loan portfolios may be sold to unrelated third parties with servicing retained.
Table of Contents
Wayne Hummer Investments LLC (WHI), a registered broker-dealer, provides a full-range of
investment products and services tailored to meet the specific needs of individual and
institutional investors throughout the country, primarily in the Midwest. In addition, WHI
provides a full range of investment services to clients through a network of relationships with
unaffiliated community-based financial institutions located primarily in Illinois. Although
headquartered in Chicago, WHI also operates an office in Appleton, Wisconsin and has branch
locations in a majority of the Companys Banks.
Table of Contents
June 30,
December 31,
June 30,
(Dollars in thousands)
2008
2007
2007
$
989,028
$
1,009,587
$
882,743
430,864
522,893
554,184
10,927
18,015
24,382
5,100,000
5,600,000
5,500,000
(1)
Table of Contents
Three Months
Three Months
Percentage (%) or
Ended
Ended
Basis Point (bp)
(Dollars in thousands, except per share data)
June 30, 2008
June 30, 2007
Change
$
11,276
$
15,410
(27
)%
0.47
0.62
(24
)
92,408
86,105
7
59,400
65,255
(9
)
2.77
%
3.13
%
(36
)bp
3.02
3.40
(38
)
1.31
1.68
(37
)
69.34
69.29
5
0.47
0.66
(19
)
5.97
8.52
(255
)
Six Months
Six Months
Percentage (%) or
Ended
Ended
Basis Point (bp)
June 30, 2008
June 30, 2007
Change
$
20,981
$
30,091
(30
)%
0.87
1.18
(26
)
178,706
170,508
5
121,142
129,925
(7
)
2.88
%
3.11
%
(23
)bp
3.14
3.37
(23
)
1.47
1.70
(23
)
70.20
69.79
41
0.44
0.64
(20
)
5.61
8.23
(262
)
$
9,923,077
$
9,348,460
6
%
7,153,603
6,720,960
6
7,761,367
7,549,562
3
249,579
249,745
749,025
720,628
4
31.70
29.82
6
23.85
43.85
(46
)
0.81
%
0.71
%
10
bp
0.97
0.39
58
(1)
(2)
(3)
(4)
(5)
(6)
Table of Contents
Three Months Ended
Six Months Ended
June 30,
June 30,
(Dollars in thousands)
2008
2007
2008
2007
$
126,160
$
152,888
$
262,336
$
305,195
158
273
357
403
428
607
939
1,100
6
4
19
5
$
126,752
$
153,772
$
263,651
$
306,703
66,760
87,633
141,194
175,270
$
59,992
$
66,139
$
122,457
$
131,433
$
59,400
$
65,255
$
121,142
$
129,925
$
59,992
$
66,139
$
122,457
$
131,433
5,470
5,821
11,283
10,908
$
65,462
$
71,960
$
133,740
$
142,341
2.74
%
3.08
%
2.84
%
3.07
%
2.77
%
3.13
%
2.88
%
3.11
%
3.02
%
3.40
%
3.14
%
3.37
%
69.79
%
70.00
%
70.72
%
70.41
%
69.34
%
69.29
%
70.20
%
69.79
%
(1)
(2)
Table of Contents
Table of Contents
For the Three Months Ended
For the Three Months Ended
June 30, 2008
June 30, 2007
(Dollars in thousands)
Average
Interest
Rate
Average
Interest
Rate
$
1,543,795
$
17,521
4.56
%
$
1,686,596
$
21,699
5.16
%
22,519
270
4.83
25,791
521
8.10
7,158,317
108,961
6.12
6,772,512
131,552
7.79
$
8,724,631
$
126,752
5.84
%
$
8,484,899
$
153,772
7.27
%
(53,798
)
(47,982
)
125,806
132,216
885,815
826,399
$
9,682,454
$
9,395,532
$
6,906,437
$
53,862
3.14
%
$
6,896,118
$
73,735
4.29
%
437,642
4,557
4.19
400,918
4,400
4.40
439,130
2,900
2.66
322,811
3,562
4.42
75,000
843
4.45
75,000
1,273
6.72
249,594
4,598
7.29
249,760
4,663
7.39
$
8,107,803
$
66,760
3.31
%
$
7,944,607
$
87,633
4.42
%
663,526
646,278
150,872
79,182
760,253
725,465
$
9,682,454
$
9,395,532
2.53
%
2.85
%
$
616,828
0.24
$
540,292
0.28
$
59,992
2.77
%
$
66,139
3.13
%
3.02
%
3.40
%
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Table of Contents
Table of Contents
For the Three Months Ended
For the Three Months Ended
June 30, 2008
March 31, 2008
(Dollars in thousands)
Average
Interest
Rate
Average
Interest
Rate
$
1,543,795
$
17,521
4.56
%
$
1,391,400
$
17,346
5.01
%
22,519
270
4.83
26,403
401
6.10
7,158,317
108,961
6.12
7,012,642
119,153
6.83
$
8,724,631
$
126,752
5.84
%
$
8,430,445
$
136,900
6.53
%
(53,798
)
(51,364
)
125,806
124,745
885,815
869,713
$
9,682,454
$
9,373,539
$
6,906,437
$
53,862
3.14
%
$
6,747,980
$
61,430
3.66
%
437,642
4,557
4.19
426,911
4,556
4.29
439,130
2,900
2.66
332,019
2,770
3.36
75,000
843
4.45
75,000
1,087
5.73
249,594
4,598
7.29
249,635
4,591
7.28
$
8,107,803
$
66,760
3.31
%
$
7,831,545
$
74,434
3.82
%
663,526
642,917
150,872
155,080
760,253
743,997
$
9,682,454
$
9,373,539
2.53
%
2.71
%
$
616,828
0.24
$
598,900
0.27
$
59,992
2.77
%
$
62,466
2.98
%
3.02
%
3.26
%
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Table of Contents
Table of Contents
For the Six Months Ended
For the Six Months Ended
June 30, 2008
June 30, 2007
(Dollars in thousands)
Average
Interest
Rate
Average
Interest
Rate
$
1,467,768
$
34,867
4.78
%
$
1,799,433
$
46,168
5.17
%
24,461
671
5.51
25,593
988
7.79
7,084,189
228,113
6.48
6,696,689
259,547
7.82
$
8,576,418
$
263,651
6.18
%
$
8,521,715
$
306,703
7.26
%
(52,605
)
(47,729
)
125,274
131,834
877,745
818,155
$
9,526,832
$
9,423,975
$
6,827,209
$
115,292
3.40
%
$
6,987,838
$
149,625
4.32
%
432,276
9,113
4.24
393,453
8,529
4.37
385,319
5,670
2.96
253,944
5,290
4.20
75,000
1,930
5.09
75,000
2,568
6.81
249,615
9,189
7.28
249,781
9,258
7.37
$
7,969,419
$
141,194
3.56
%
$
7,960,016
$
175,270
4.44
%
653,232
645,206
152,077
81,263
752,104
737,490
$
9,526,832
$
9,423,975
2.62
%
2.82
%
$
606,999
0.26
$
561,699
0.29
$
122,457
2.88
%
$
131,433
3.11
%
3.14
%
3.37
%
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Table of Contents
Second Quarter
First Six Months
Second Quarter
of 2008
of 2008
of 2008
Compared to
Compared to
Compared to
First Quarter
First Six Months
Second Quarter
(Dollars in thousands)
of 2008
Of 2007
of 2007
$
62,466
$
131,433
$
66,139
interest-bearing liabilities (volume)
1,458
5,363
3,328
(3,932
)
(15,061
)
(9,475
)
722
ended June 30, 2008
$
59,992
$
122,457
$
59,992
Table of Contents
Three Months Ended
June 30,
$
%
(Dollars in thousands)
2008
2007
Change
Change
$
4,948
$
5,084
$
(136
)
(3
)%
2,823
2,687
136
5
7,771
7,771
7,536
6,754
782
12
2,565
2,071
494
24
566
175
391
N/M
755
1,048
(293
)
(28
)
(140
)
192
(332
)
N/M
12,083
443
11,640
N/M
851
992
(141
)
(14
)
1,021
1,404
(383
)
(27
)
13,955
2,839
11,116
N/M
$
33,008
$
20,850
$
12,158
58
%
Six Months Ended
June 30,
$
%
(Dollars in thousands)
2008
2007
Change
Change
$
9,986
$
10,155
$
(169
)
(2
)%
5,650
5,235
415
8
15,636
15,390
246
2
13,632
12,217
1,415
12
4,938
3,959
979
25
1,707
444
1,263
N/M
1,468
2,061
(593
)
(29
)
(1,473
)
239
(1,712
)
N/M
18,863
879
17,984
N/M
1,464
1,801
(337
)
(19
)
1,329
3,593
(2,264
)
(63
)
21,656
6,273
15,383
N/M
$
57,564
$
40,583
$
16,981
42
%
Table of Contents
Table of Contents
Table of Contents
Three Months Ended
June 30,
June 30,
$
%
(Dollars in thousands)
2008
2007
Change
Change
$
36,976
$
35,060
$
1,916
5
%
4,048
3,829
219
6
5,438
5,347
91
2
2,918
2,578
340
13
1,368
1,513
(145
)
(10
)
2,227
1,685
542
32
779
964
(185
)
(19
)
997
999
(2
)
1,055
974
81
8
756
798
(42
)
(5
)
1,289
786
503
64
6,734
5,605
1,129
20
10,831
9,162
1,669
18
$
64,585
$
60,138
$
4,447
7
%
Six Months Ended
June 30,
June 30,
$
%
(Dollars in thousands)
2008
2007
Change
Change
$
73,648
$
70,977
$
2,671
4
%
7,974
7,419
555
7
11,305
10,782
523
5
5,716
5,054
662
13
2,367
2,591
(224
)
(9
)
4,295
3,288
1,007
31
1,567
1,933
(366
)
(19
)
1,982
2,025
(43
)
(2
)
2,041
1,819
222
12
1,498
1,569
(71
)
(5
)
2,575
1,390
1,185
85
12,450
11,035
1,415
13
20,546
17,838
2,708
15
$
127,418
$
119,882
$
7,536
6
%
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Three Months Ended
June 30, 2008
March 31, 2008
June 30, 2007
(Dollars in thousands)
Balance
Percent
Balance
Percent
Balance
Percent
$
4,549,505
52
%
$
4,469,377
53
%
$
4,140,605
49
%
732,218
8
686,681
8
645,852
8
357,480
4
329,220
4
360,650
4
1,131,107
13
1,127,110
13
1,256,560
15
224,538
3
237,519
3
247,598
3
25,247
24,749
33,710
138,222
2
137,986
2
87,537
1
$
7,158,317
82
%
$
7,012,642
83
%
$
6,772,512
80
%
1,543,795
18
1,391,400
17
1,686,596
20
22,519
26,403
25,791
$
8,724,631
100
%
$
8,430,445
100
%
$
8,484,899
100
%
$
9,682,454
$
9,373,539
$
9,395,532
90
%
90
%
90
%
(1)
(2)
(3)
Table of Contents
Average Balances for the
Six Months Ended
June 30, 2008
June 30, 2007
(Dollars in thousands)
Balance
Percent
Balance
Percent
$
4,509,441
53
%
$
4,099,593
48
%
709,449
8
650,783
8
343,380
4
340,924
4
1,127,792
13
1,230,876
14
231,029
3
247,499
3
24,998
35,570
1
138,100
2
91,444
1
7,084,189
83
6,696,689
79
1,467,768
17
1,799,433
21
24,461
25,593
$
8,576,418
100
%
$
8,521,715
100
%
$
9,526,832
$
9,423,975
90
%
90
%
(1)
(2)
(3)
Table of Contents
Three Months Ended
June 30, 2008
March 31, 2008
June 30, 2007
(Dollars in thousands)
Balance
Percent
Balance
Percent
Balance
Percent
$
663,526
9
%
$
642,917
9
%
$
646,278
9
%
1,043,670
14
977,905
13
933,386
12
623,805
8
642,126
9
530,630
7
843,724
11
753,399
10
703,819
9
326,630
4
307,091
4
308,321
4
4,068,608
54
4,067,459
55
4,419,962
59
$
7,569,963
100
%
$
7,390,897
100
%
$
7,542,396
100
%
Table of Contents
Three Months Ended
June 30,
March 31,
June 30,
(Dollars in thousands)
2008
2008
2007
$
63,468
$
63,155
$
52,480
437,642
426,911
400,918
15,767
7,994
45,371
359,895
260,870
224,960
375,662
268,864
270,331
75,000
75,000
75,000
249,594
249,635
249,760
$
1,201,366
$
1,083,565
$
1,048,489
Table of Contents
June 30,
March 31,
June 30,
2008
2008
2007
7.8
%
7.9
%
7.9
%
8.7
8.9
9.2
10.2
10.4
10.8
7.9
7.9
7.7
*
based on quarterly average balances
Minimum
Capital
Adequately
Well
Requirements
Capitalized
Capitalized
4.0
%
4.0
%
5.0
%
4.0
4.0
6.0
8.0
8.0
10.0
Table of Contents
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
(Dollars in thousands)
2008
2007
2008
2007
$
53,758
$
46,526
$
50,389
$
46,055
10,301
2,490
18,856
4,297
5,430
1,743
9,387
2,690
25
82
25
133
147
219
147
150
165
219
398
913
610
1,796
1,135
271
181
529
280
52
25
77
50
6,841
2,953
12,252
4,833
29
1,073
69
1,416
42
60
52
34
64
63
273
133
400
251
61
44
107
80
3
3
415
1,329
640
1,873
(6,426
)
(1,624
)
(11,612
)
(2,960
)
$
57,633
$
47,392
$
57,633
$
47,392
at period-end
$
493
$
457
$
493
$
457
$
58,126
$
47,849
$
58,126
$
47,849
percentage of its own respective categorys
average:
0.48
%
0.07
%
0.42
%
0.06
%
0.01
0.02
0.01
0.02
0.16
0.13
0.09
0.29
0.60
0.23
0.74
0.23
0.15
0.25
0.14
0.38
0.22
0.37
0.16
0.82
0.27
0.62
0.27
0.36
%
0.10
%
0.33
%
0.09
%
provision for credit losses
62.38
%
65.25
%
61.58
%
68.91
%
$
7,153,603
$
6,720,960
0.81
0.71
%
0.81
0.71
%
Table of Contents
Table of Contents
June 30,
March 31,
December 31,
June 30,
(Dollars in thousands)
2008
2008
2007
2007
$
200
$
387
$
51
$
755
2,259
8,557
14,742
279
5,180
8,133
8,703
5,162
471
635
517
176
8,110
17,712
24,013
6,372
3,384
3,655
3,215
5,712
61,878
51,184
33,267
12,558
13,005
13,542
10,725
9,406
389
399
560
500
40
49
74
274
78,696
68,829
47,841
28,450
3,584
4,042
3,266
6,467
64,137
59,741
48,009
12,837
18,185
21,675
19,428
14,568
860
1,034
1,077
676
40
49
74
274
86,806
86,541
71,854
34,822
9,233
4,873
3,858
1,504
$
96,039
$
91,414
$
75,712
$
36,326
own respective categorys period end balance:
0.35
%
0.44
%
0.36
%
0.75
%
1.35
1.28
1.06
0.30
1.59
2.13
1.80
1.12
0.39
0.45
0.45
0.27
0.18
0.21
0.27
0.80
1.21
%
1.26
%
1.06
%
0.52
%
0.97
%
0.94
%
0.81
%
0.39
%
non-performing loans
66.39
%
62.12
%
70.13
%
136.10
%
(1)
Table of Contents
June 30,
March 31,
December 31,
June 30,
(Dollars in thousands)
2008
2008
2007
2007
$
18,185
$
21,675
$
19,428
$
14,568
1.59
%
2.13
%
1.80
%
1.12
%
$
640
$
755
$
517
$
477
0.23
%
0.27
%
0.16
%
0.15
%
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Time to Maturity or Repricing
0-90
91-365
1-5
Over 5
(Dollars in thousands)
Days
Days
Years
Years
Total
resale agreements
$
73,311
73,311
6,438
6,438
322,285
195,900
387,626
684,837
1,590,648
402,034
195,900
387,626
684,837
1,670,397
4,148,807
1,534,733
1,416,725
171,717
7,271,982
21,538
21,538
4,572,379
1,730,633
1,804,351
856,554
8,963,917
959,160
959,160
$
4,572,379
1,730,633
1,804,351
1,815,714
9,923,077
$
4,278,464
1,855,012
937,711
1,668
7,072,855
80,983
113,000
245,000
438,983
424,984
424,984
75,000
75,000
198,032
51,547
249,579
5,057,463
1,968,012
1,234,258
1,668
8,261,401
688,512
688,512
224,139
224,139
749,025
749,025
(175,000
)
85,000
90,000
$
4,882,463
1,968,012
1,319,258
1,753,344
9,923,077
$
(310,084
)
(237,379
)
485,093
62,370
$
(310,084
)
(547,463
)
(62,370
)
94
%
92
%
99
%
46
%
64
%
82
%
49
%
69
%
82
%
(3
)%
(6
)%
(1
)%
(7
)%
(9
)%
(1
)%
(1)
(2)
(3)
Table of Contents
+ 200
+ 100
- 100
- 200
Basis
Basis
Basis
Basis
Points
Points
Points
Points
ramped 100 and 200
basis point shift
in the yield curve:
5.8
%
2.9
%
(2.7
)%
(5.5
)%
6.1
%
3.1
%
(2.9
)%
(6.3
)%
4.9
%
2.4
%
(2.5
)%
(5.2
)%
Table of Contents
CONTROLS AND PROCEDURES
Table of Contents
60
61
62
(a)
(b)
(c)
(d)
Total Number of
Maximum Number
Total
Shares Purchased
of Shares that May
Number of
Average
as Part of Publicly
Yet Be Purchased
Shares
Price Paid
Announced Plans
Under the Plans
Period
Purchased
per Share
or Programs
or Programs
$
1,000,000
1,000,000
180
32.74
1,000,000
180
$
32.74
1,000,000
Table of Contents
(a)
The Annual Meeting of Shareholders was held on May 22, 2008.
(b)
At the Annual Meeting of Shareholders, the following matters were submitted to a vote of the
shareholders:
1.
To elect thirteen Directors to hold office until the 2009 Annual Meeting of
Shareholders:
Votes
Withheld
Director Nominees
For
Authority
18,937,500
2,624,382
18,777,478
2,784,404
12,266,193
9,295,689
12,059,810
9,502,072
19,004,140
2,557,742
21,198,486
363,396
21,282,827
279,055
21,224,036
337,846
18,728,014
2,833,868
18,953,180
2,608,702
18,723,436
2,838,446
18,956,163
2,605,719
18,968,884
2,592,998
2.
To consider a proposal to increase the number of shares of common stock available
under the Wintrust Financial Corporation Directors Deferred Fee and Stock Plan by
200,000 shares:
Votes For
Votes Against
Abstentions
Broker Non-Votes
18,498,568
743,641
59,172
2,260,503
3.
To consider ratification of the appointment of Ernst & Young LLP to serve as the
independent registered public accounting firm for the year 2008:
Votes For
Votes Against
Abstentions
Broker Non-Votes
21,180,056
323,551
58,277
0
Table of Contents
Table of Contents
63
(Registrant)
Date: August 11, 2008
/s/ DAVID L. STOEHR
David L. Stoehr
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
(a) | This Amendment duly executed by the Borrower; | ||
(b) | The execution of a Term A Revolving Note in favor of LaSalle Bank National Association in the amount of $100,000,000; and | ||
(c) | Such other documents and instruments as the Bank reasonably requests. |
$100,000,000 | Dated as of June 1, 2008 |
WINTRUST FINANCIAL CORPORATION | ||||||
|
||||||
|
By: | |||||
|
Its: |
|
||||
|
|
(a) Participant : | |||
|
|
|||
|
(b) Target CIR Award : | $ | ||
|
||||
|
(c) Performance Measure : | Earnings per share (EPS) |
1
2
3
4
Wintrust Financial Corporation | ||||||
|
||||||
|
By: | |||||
|
|
|||||
|
||||||
|
||||||
|
Participant |
5
Compound Annual | ||||
Growth Rate | Multiple of Target | |||
Range | Cumulative EPS 1 | CIR Award | ||
20.0% or greater | $20.00 or greater | 240% | ||
17.5% 19.99% | $18.65 $19.99 | 210% | ||
15.0% 17.49% | $17.37 $18.64 | 180% | ||
12.5% 14.99% | $16.17 $17.36 | 140% | ||
10.0% 12.49% | $15.04 $16.16 | 110% | ||
<10.0% | <$15.04 | RC% |
1 | This column reflects the cumulative EPS for the five years, assuming a CAGR equal to the amount set forth in the left hand column and a starting point equal to 2007 EPS of $2.24. |
6
Termination | Termination | Termination | Termination | Termination | ||||||
Occurs in | Occurs in | Occurs in | Occurs in | Occurs in | ||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||
Vested Percentage | 0% | 20% | 40% | 60% | 80% |
7
(i) |
misappropriation of any funds or property of the Corporation or its subsidiaries; or
|
||
(ii) |
attempting to obtain any personal profit from any transaction in which the Key
Employee has a personal financial interest, unless the Key Employee shall have
first obtained the consent of the Board of Directors; or
|
||
(iii) |
material neglect or refusal to perform the duties reasonably assigned to the Key
Employee given the Key Employees current job description; or
|
||
(iv) |
participating in a course of conduct which is injurious to the Corporation or its
subsidiaries, as interpreted by the Board of Directors; or
|
||
(v) |
being convicted of a felony; or
|
||
(vi) |
being adjudicated a bankrupt; or
|
||
(vii) |
suspension due to the direction of any
authorized bank regulatory agency.
|
8
9
|
(a) Participant : | |||
|
|
|||
|
||||
|
(b) Target CIR Award : | $ | ||
|
||||
|
(c) Performance Measure : | Earnings per share (EPS) |
1
2
3
4
Wintrust Financial Corporation | ||||||
|
||||||
|
By: | |||||
|
|
|||||
|
||||||
|
||||||
|
Participant |
5
Compound Annual | ||||
Growth Rate | Multiple of Target | |||
Range | Cumulative EPS 1 | CIR Award | ||
20.0% or greater | $20.00 or greater | 300% | ||
17.5% 19.99% | $18.65 $19.99 | 260% | ||
15.0% 17.49% | $17.37 $18.64 | 220% | ||
12.5% 14.99% | $16.17 $17.36 | 180% | ||
10.0% 12.49% | $15.04 $16.16 | 140% | ||
7.5% 9.99% | $13.99 $15.03 | 110% | ||
5.0% 7.49% | $13.00 $13.98 | 70% | ||
<5.0% | <$13.00 | 0% |
1 | This column reflects the cumulative EPS for the five years, assuming a CAGR equal to the amount set forth in the left hand column and a starting point equal to 2007 EPS of $2.24. |
6
Termination | Termination | Termination | Termination | Termination | ||||||
Occurs in | Occurs in | Occurs in | Occurs in | Occurs in | ||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||
Vested Percentage | 0% | 20% | 40% | 60% | 80% |
7
(i) |
misappropriation of any funds or
property of the Corporation or its subsidiaries; or
|
||
(ii) |
attempting to obtain any personal profit from any transaction in which the Key
Employee has a personal financial interest, unless the Key Employee shall have
first obtained the consent of the Board of Directors; or
|
||
(iii) |
material neglect or refusal to perform the duties reasonably assigned to the Key
Employee given the Key Employees current job description;
or
|
||
(iv) |
participating in a course of conduct which is injurious to the Corporation or its
subsidiaries, as interpreted by the Board of Directors; or
|
||
(v) | being convicted of a felony; or | ||
(vi) | being adjudicated a bankrupt; or | ||
(vii) | suspension due to the direction of any authorized bank regulatory agency. |
8
9
1. | I have reviewed this quarterly report on Form 10-Q of Wintrust Financial Corporation; | |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;
|
|
4. |
The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in
which this report is being prepared;
|
||
b) |
Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounted principles;
|
||
c) |
Evaluated the effectiveness of the registrants disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures as of the end of the period covered by this report
based on such evaluation; and
|
||
d) |
Disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting; and
|
5. |
The registrants other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and
the audit committee of registrants board of directors (or persons performing the equivalent
functions):
|
a) |
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the registrants ability to record, process, summarize and report financial
information; and
|
||
b) |
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrants internal control over financial
reporting.
|
/s/ EDWARD J. WEHMER | ||||
Name: | Edward J. Wehmer | |||
Title: | President and Chief Executive Officer | |||
1. |
I have reviewed this quarterly report on Form 10-Q of Wintrust Financial Corporation;
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;
|
|
4. |
The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in
which this report is being prepared;
|
||
b) |
Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounted principles;
|
||
c) |
Evaluated the effectiveness of the registrants disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures as of the end of the period covered by this report
based on such evaluation; and
|
||
d) |
Disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting; and
|
5. |
The registrants other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and
the audit committee of registrants board of directors (or persons performing the equivalent
functions):
|
a) |
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the registrants ability to record, process, summarize and report financial
information; and
|
||
b) |
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrants internal control over financial
reporting.
|
/s/ DAVID L. STOEHR | ||||
Name: | David L. Stoehr | |||
Title: |
Executive Vice President and
Chief Financial Officer |
|||
(1) |
The Quarterly Report of the Company on Form 10-Q for the period ended June 30,
as filed with the Securities and Exchange Commission on August 11, 2008, (the
Report) fully complies with the requirements of Section 13(a) or 15(d), as
applicable, of the Securities Exchange Act of 1934, as amended; and
|
||
(2) |
The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.
|
/s/ EDWARD J. WEHMER | ||||
Name: Edward J. Wehmer | ||||
Title: President and Chief Executive Officer | ||||
Date: August 11, 2008 | ||||
/s/ DAVID L. STOEHR | ||||
Name: David L. Stoehr | ||||
Title:
Executive Vice President and
Chief Financial Officer |
||||
Date: August 11, 2008 | ||||