Document

EX-99.1 2 q2-2025exhibit991.htm EX-99.1 Document

Exhibit 99.1

Wintrust Financial Corporation

9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018

News Release



FOR IMMEDIATE RELEASE						July 21, 2025

FOR MORE INFORMATION CONTACT:

David A. Dykstra, Vice Chairman & Chief Operating Officer

(847) 939-9000

Amy Yuhn, Executive Vice President, Communications

(847) 939-9591

Web site address: www.wintrust.com

Wintrust Financial Corporation Reports Record Net Income

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $384.6 million, or $5.47 per diluted common share, for the first six months of 2025, compared to net income of $339.7 million, or $5.21 per diluted common share for the same period of 2024. Pre-tax, pre-provision income (non-GAAP) for the first six months of the year totaled a record $566.3 million, compared to $523.0 million for the first six months of 2024.

The Company recorded record quarterly net income of $195.5 million, or $2.78 per diluted common share, for the second quarter of 2025, compared to net income of $189.0 million, or $2.69 per diluted common share for the first quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2025 totaled a record $289.3 million, as compared to $277.0 million for the first quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “Building on the momentum of a strong first quarter, we are pleased to deliver record results again this quarter, reflecting the underlying strength and momentum of our business. A combination of balance sheet growth and a stable net interest margin drove our record results in the second quarter of 2025.”

Additionally, Mr. Crane noted, “Net interest margin in the second quarter remained within our expected range at 3.54% and we generated record net interest income driven by average earning asset growth. We expect a relatively stable net interest margin coupled with continued balance sheet growth to drive net interest income higher in the third quarter.”

Highlights of the second quarter of 2025:

Comparative information to the first quarter of 2025, unless otherwise noted

•Total loans increased by $2.3 billion, or 19% annualized.

•Total deposits increased by approximately $2.2 billion, or 17% annualized.

•Total assets increased by $3.1 billion, or 19% annualized.

•Net interest income increased to $546.7 million in the second quarter of 2025, compared to $526.5 million in the first quarter of 2025, driven by strong average earning asset growth.

◦Net interest margin was 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2025.

•Non-interest income was impacted by the following:

◦Wealth management revenue totaled $36.8 million in the second quarter of 2025, compared to $34.0 million in the first quarter of 2025.

◦Mortgage banking revenue totaled $23.2 million in the second quarter of 2025, compared to $20.5 million in the first quarter of 2025. An unfavorable fair value mark of $1.4 million was offset by an increase in operational revenue of $4.1 million driven by higher origination volumes and improved production margin. For more information regarding mortgage banking revenue, see Table 16 in this report.

◦Net gains on investment securities totaled approximately $650,000 in the second quarter of 2025, compared to net gains of $3.2 million in the first quarter of 2025.

•Non-interest expense was impacted by the following:

◦Advertising and Marketing increased by $6.5 million and totaled $18.8 million in the second quarter of 2025. The increase in the quarter was related to planned and primarily seasonal expenses in various sports sponsorships and other summer community sponsorship events.

◦Macatawa Bank acquisition-related costs were $2.9 million in the second quarter of 2025, compared to $2.7 million in the first quarter of 2025.

•Provision for credit losses totaled $22.2 million in the second quarter of 2025, compared to a provision for credit losses of $24.0 million in the first quarter of 2025.

•Net charge-offs totaled $13.3 million, or 11 basis points of average total loans on an annualized basis, in the second quarter of 2025 compared to $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025.

Mr. Crane noted, “Solid loan growth in the second quarter totaled $2.3 billion, or 19% on an annualized basis. We are pleased with our diversified loan growth across all major loan portfolios and strong seasonal growth in our property & casualty insurance premium finance business. Loan pipelines remain strong and we expect loan growth in the mid-to-high single digits in the second half of the year. We continue to be prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth totaled $2.2 billion, or 17% on an annualized basis, in the second quarter of 2025. Our loan growth was funded by our deposit growth in the second quarter of 2025 resulting in our loans-to-deposits ratio ending the quarter at 91.4%. We continue to benefit from our customer relationships and unique market positioning to generate deposits, grow loans and enhance our long-term franchise value.”

Commenting on credit quality, Mr. Crane stated, “Disciplined credit management, supported by thorough portfolio reviews, has driven consistent positive outcomes by enabling early identification and resolution of problem credits. We continue to be conservative and diversified in regard to maintaining our strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to sustaining high credit quality as evidenced by our low levels of net charge-offs and non-performing loans as well as our core loan allowance for credit losses of 1.37%.”

In summary, Mr. Crane concluded, “We are proud of our second quarter performance and record results year to date. We expect our strong momentum to continue into the third quarter as our loan growth in the second quarter provides positive revenue momentum. The balance sheet growth in the second quarter highlights our enviable core deposit franchise and multifaceted business model. Our commitment to growing net interest income, disciplined expense control and conservative credit standards should lead to increasing our franchise value.”

* * *

The graphs shown on pages 3-7 illustrate certain financial highlights of the second quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $3.1 billion in the second quarter of 2025 compared to the first quarter of 2025. Total loans increased by $2.3 billion compared to the first quarter of 2025. The increase in loans was driven by growth across all major loan portfolios, including seasonally higher Premium Finance Receivables - Property and Casualty portfolio.

Total liabilities increased by $2.5 billion in the second quarter of 2025 compared to the first quarter of 2025, driven by a $2.2 billion increase in total deposits. Robust organic deposit growth in the second quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.4%.

On May 22, 2025, the Company completed the issuance of $425 million of Series F Preferred Stock. The issuance was in contemplation of redeeming $412.5 million of Series D and Series E preferred stock that was expected to reprice at rates higher than existing market rates. The Series D and Series E Preferred Stock were redeemed on July 15, 2025. The Tier 1 capital ratio, Total capital ratio, and Tier 1 leverage ratio noted in the “Selected Financial Highlights” would have been 10.8%, 12.3%, and 9.6%, respectively, if the Series D and Series E Preferred Stock had been redeemed as of June 30, 2025.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the second quarter of 2025, net interest income totaled $546.7 million, an increase of $20.2 million compared to the first quarter of 2025. The $20.2 million increase in net interest income in the second quarter of 2025 was primarily due to average earning asset growth of $1.9 billion, or 12% annualized.

Net interest margin was largely stable at 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2025, down two basis points compared to the first quarter of 2025. The yield on earning assets declined two basis points during the second quarter of 2025 primarily due to a five basis point decrease in loan yields. The net free funds contribution declined two basis points compared to the first quarter of 2025. These declines were partially offset by a two basis point reduction in funding cost on interest-bearing deposits, compared to the first quarter of 2025.

For more information regarding net interest income, see Table 4 through Table 8 in this report.

ASSET QUALITY

The allowance for credit losses totaled $457.5 million as of June 30, 2025, an increase from $448.4 million as of March 31, 2025. A provision for credit losses totaling $22.2 million was recorded for the second quarter of 2025 compared to $24.0 million recorded in the first quarter of 2025. The lower provision for credit losses recognized in the second quarter of 2025 is primarily attributable to the macroeconomic outlook, partially offset by portfolio growth. While future economic performance remains uncertain, lower volatility in equity markets at the end of the second quarter reduced the provision related to macroeconomic uncertainty. This reduction was partially offset by qualitative additions to the provision that reflect widening credit spreads. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of June 30, 2025, March 31, 2025, and December 31, 2024 is shown on Table 12 of this report.

Net charge-offs totaled $13.3 million in the second quarter of 2025, an increase of $0.7 million compared to $12.6 million of net charge-offs in the first quarter of 2025. Net charge-offs as a percentage of average total loans were 11 basis points in both the first and second quarter of 2025 on an annualized basis. For more information regarding net charge-offs, see Table 10 in this report.

The Company’s loan portfolio delinquency rates remain low and manageable. For more information regarding past due loans, see Table 13 in this report.

Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $212.5 million and comprised 0.31% of total assets as of June 30, 2025, as compared to $195.0 million, or 0.30% of total assets, as of March 31, 2025. Non-performing loans totaled $188.8 million and comprised 0.37% of total loans at June 30, 2025, as compared to $172.4 million and 0.35% of total loans at March 31, 2025. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Non-interest income totaled $124.1 million in the second quarter of 2025, increasing $7.5 million, compared to $116.6 million in the first quarter of 2025.

Wealth management revenue increased by $2.8 million in the second quarter of 2025, compared to the first quarter of 2025. The increase in the second quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in activity following the transition of systems and support for brokerage and certain private client business to a new third party that occurred in the first quarter of 2025. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $23.2 million in the second quarter of 2025, compared to $20.5 million in the first quarter of 2025. The increase in the second quarter of 2025 was primarily attributed to higher production revenue due to higher origination volumes and improved production margin. For more information regarding mortgage banking revenue, see Table 16 in this report.

Fees from covered call options increased by $2.2 million in the second quarter of 2025 compared to the first quarter of 2025. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.

The Company recognized approximately $650,000 in net gains on investment securities in the second quarter of 2025 compared to $3.2 million in net gains in the first quarter of 2025. The net gains in the second quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 15 in this report.

NON-INTEREST EXPENSE

Non-interest expense totaled $381.5 million in the second quarter of 2025, increasing $15.4 million, compared to $366.1 million in the first quarter of 2025. Non-interest expense, as a percent of average assets, remained stable in the second quarter of 2025 at 2.32%.

Salaries and employee benefits expense increased by $8.0 million in the second quarter of 2025 as compared to the first quarter of 2025. This was primarily driven by an increased level of health insurance claims as well as higher mortgage and wealth management commissions expense attributable to an increase in mortgage originations and wealth management revenue in the quarter.

Advertising and marketing expenses in the second quarter of 2025 totaled $18.8 million, which was a $6.5 million increase compared to the first quarter of 2025. The increase in the second quarter was primarily driven by summer sports sponsorships and other summer community sponsorship events. Advertising and marketing expense are typically higher in the second and third quarters of the year.

The Macatawa Bank acquisition-related costs were $2.9 million in the second quarter of 2025, compared to $2.7 million in the first quarter of 2025.

For more information regarding non-interest expense, see Table 17 in this report.

INCOME TAXES

The Company recorded income tax expense of $71.6 million in the second quarter of 2025 compared to $64.0 million in the first quarter of 2025. The effective tax rates were 26.79% in the second quarter of 2025 compared to 25.30% in the first quarter of 2025. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $80,000 in the second quarter of 2025, compared to net excess tax benefits of $3.7 million in the first quarter of 2025 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the second quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $23.2 million for the second quarter of 2025, an increase of $2.6 million compared to the first quarter of 2025. See Table 16 for more detail. Service charges on deposit accounts totaled $19.5 million in the second quarter of 2025 as compared to $19.4 million in the first quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of June 30, 2025 indicating momentum for expected continued loan growth in the third quarter of 2025.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $6.1 billion during the second quarter of 2025. Average balances increased by $776.6 million, as compared to the first quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the second quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.8 billion, $1.2 billion, and $289.8 million as of June 30, 2025, respectively, compared to $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the second quarter of 2025, which was relatively stable compared to the first quarter of 2025.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $36.8 million in the second quarter of 2025, an increase as compared to the first quarter of 2025. At June 30, 2025, the Company’s wealth management subsidiaries had approximately $53.2 billion of assets under administration, which included $8.9 billion of assets owned by the Company and its subsidiary banks.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of June 30, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the second quarter of 2025, as compared to the first quarter of 2025 (sequential quarter) and second quarter of 2024 (linked quarter), are shown in the table below:


										% or (1) basis point (bp) change from 1st Quarter 2025		% or basis point (bp) change from 2nd Quarter 2024
	Three Months Ended
(Dollars in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025			Jun 30, 2024
Net income	$	195,527		$	189,039		$	152,388		3	%	28	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	289,322			277,018			251,404			4		15

Net income per common share – Diluted	2.78			2.69			2.32			3		20
Cash dividends declared per common share	0.50			0.50			0.45			—		11
Net revenue (3)	670,783			643,108			591,757			4		13
Net interest income	546,694			526,474			470,610			4		16
Net interest margin	3.52		%	3.54		%	3.50		%	(2)	bps	2	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.54			3.56			3.52			(2)		2
Net overhead ratio (4)	1.57			1.58			1.53			(1)		4

Return on average assets	1.19			1.20			1.07			(1)		12
Return on average common equity	12.07			12.21			11.61			(14)		46
Return on average tangible common equity (non-GAAP) (2)	14.44			14.72			13.49			(28)		95
At end of period
Total assets	$	68,983,318		$	65,870,066		$	59,781,516		19	%	15	%
Total loans (5)	51,041,679			48,708,390			44,675,531			19		14

Total deposits	55,816,811			53,570,038			48,049,026			17		16
Total shareholders’ equity	7,225,696			6,600,537			5,536,628			38		31

(1)Period-end balance sheet percentage changes are annualized.

(2)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(3)Net revenue is net interest income plus non-interest income.

(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.

(5)Excludes mortgage loans held-for-sale.

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights


	Three Months Ended															Six Months Ended
(Dollars in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
Selected Financial Condition Data (at end of period):
Total assets	$	68,983,318		$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516
Total loans (1)	51,041,679			48,708,390			48,055,037			47,067,447			44,675,531
Total deposits	55,816,811			53,570,038			52,512,349			51,404,966			48,049,026

Total shareholders’ equity	7,225,696			6,600,537			6,344,297			6,399,714			5,536,628
Selected Statements of Income Data:
Net interest income	$	546,694		$	526,474		$	525,148		$	502,583		$	470,610		$	1,073,168		$	934,804
Net revenue (2)	670,783			643,108			638,599			615,730			591,757			1,313,891			1,196,531
Net income	195,527			189,039			185,362			170,001			152,388			384,566			339,682
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	289,322			277,018			270,060			255,043			251,404			566,340			523,033

Net income per common share – Basic	2.82			2.73			2.68			2.51			2.35			5.55			5.28
Net income per common share – Diluted	2.78			2.69			2.63			2.47			2.32			5.47			5.21
Cash dividends declared per common share	0.50			0.50			0.45			0.45			0.45			1.00			0.90
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.52		%	3.54		%	3.49		%	3.49		%	3.50		%	3.53		%	3.53		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.54			3.56			3.51			3.51			3.52			3.55			3.56
Non-interest income to average assets	0.76			0.74			0.71			0.74			0.85			0.75			0.93
Non-interest expense to average assets	2.32			2.32			2.31			2.36			2.38			2.32			2.40
Net overhead ratio (4)	1.57			1.58			1.60			1.62			1.53			1.57			1.46

Return on average assets	1.19			1.20			1.16			1.11			1.07			1.19			1.21
Return on average common equity	12.07			12.21			11.82			11.63			11.61			12.14			13.01
Return on average tangible common equity (non-GAAP) (3)	14.44			14.72			14.29			13.92			13.49			14.57			15.12
Average total assets	$	65,840,345		$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	64,978,481		$	56,547,939
Average total shareholders’ equity	6,862,040			6,460,941			6,418,403			5,990,429			5,450,173			6,662,598			5,445,315
Average loans to average deposits ratio	93.0		%	92.3		%	91.9		%	93.8		%	95.1		%	92.7		%	94.8		%
Period-end loans to deposits ratio	91.4			90.9			91.5			91.6			93.0
Common Share Data at end of period:
Market price per common share	$	123.98		$	112.46		$	124.71		$	108.53		$	98.56
Book value per common share	95.43			92.47			89.21			90.06			82.97
Tangible book value per common share (non-GAAP) (3)	81.86			78.83			75.39			76.15			72.01
Common shares outstanding	66,937,732			66,919,325			66,495,227			66,481,543			61,760,139
Other Data at end of period:
Common equity to assets ratio	9.3		%	9.4		%	9.1		%	9.4		%	8.6		%
Tangible common equity ratio (non-GAAP) (3)	8.0			8.1			7.8			8.1			7.5
Tier 1 leverage ratio (5)	10.2			9.6			9.4			9.6			9.3
Risk-based capital ratios:
Tier 1 capital ratio (5)	11.4			10.8			10.7			10.6			10.3
Common equity tier 1 capital ratio (5)	10.0			10.1			9.9			9.8			9.5
Total capital ratio (5)	12.9			12.5			12.3			12.2			12.1


Allowance for credit losses (6)	$	457,461		$	448,387		$	437,060		$	436,193		$	437,560

Allowance for loan and unfunded lending-related commitment losses to total loans	0.90		%	0.92		%	0.91		%	0.93		%	0.98		%

Number of:
Bank subsidiaries	16			16			16			16			15
Banking offices	208			208			205			203			177

(1)Excludes mortgage loans held-for-sale.

(2)Net revenue is net interest income plus non-interest income.

(3)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(5)Capital ratios for current quarter-end are estimated.

(6)The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION


	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(In thousands)	2025		2025		2024		2024		2024
Assets
Cash and due from banks	$	695,501	$	616,216	$	452,017	$	725,465	$	415,462
Federal funds sold and securities purchased under resale agreements	63		63		6,519		5,663		62
Interest-bearing deposits with banks	4,569,618		4,238,237		4,409,753		3,648,117		2,824,314
Available-for-sale securities, at fair value	4,885,715		4,220,305		4,141,482		3,912,232		4,329,957
Held-to-maturity securities, at amortized cost	3,502,186		3,564,490		3,613,263		3,677,420		3,755,924
Trading account securities	—		—		4,072		3,472		4,134
Equity securities with readily determinable fair value	273,722		270,442		215,412		125,310		112,173
Federal Home Loan Bank and Federal Reserve Bank stock	282,087		281,893		281,407		266,908		256,495
Brokerage customer receivables	—		—		18,102		16,662		13,682


Mortgage loans held-for-sale, at fair value	299,606		316,804		331,261		461,067		411,851


Loans, net of unearned income	51,041,679		48,708,390		48,055,037		47,067,447		44,675,531



Allowance for loan losses	(391,654)		(378,207)		(364,017)		(360,279)		(363,719)
Net loans	50,650,025		48,330,183		47,691,020		46,707,168		44,311,812
Premises, software and equipment, net	776,324		776,679		779,130		772,002		722,295
Lease investments, net	289,768		280,472		278,264		270,171		275,459


Accrued interest receivable and other assets	1,610,025		1,598,255		1,739,334		1,721,090		1,671,334
Receivable on unsettled securities sales	240,039		463,023		—		551,031		—

Goodwill	798,144		796,932		796,942		800,780		655,955
Other acquisition-related intangible assets	110,495		116,072		121,690		123,866		20,607
Total assets	$	68,983,318	$	65,870,066	$	64,879,668	$	63,788,424	$	59,781,516
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	10,877,166	$	11,201,859	$	11,410,018	$	10,739,132	$	10,031,440
Interest-bearing	44,939,645		42,368,179		41,102,331		40,665,834		38,017,586
Total deposits	55,816,811		53,570,038		52,512,349		51,404,966		48,049,026


Federal Home Loan Bank advances	3,151,309		3,151,309		3,151,309		3,171,309		3,176,309

Other borrowings	625,392		529,269		534,803		647,043		606,579

Subordinated notes	298,458		298,360		298,283		298,188		298,113
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Payable on unsettled securities sales	39,105		—		—		—		—
Accrued interest payable and other liabilities	1,572,981		1,466,987		1,785,061		1,613,638		1,861,295



Total liabilities	61,757,622		59,269,529		58,535,371		57,388,710		54,244,888
Shareholders’ Equity:
Preferred stock	837,500		412,500		412,500		412,500		412,500




Common stock	67,025		67,007		66,560		66,546		61,825
Surplus	2,495,637		2,494,347		2,482,561		2,470,228		1,964,645
Treasury stock	(9,156)		(9,156)		(6,153)		(6,098)		(5,760)
Retained earnings	4,200,923		4,045,854		3,897,164		3,748,715		3,615,616
Accumulated other comprehensive loss	(366,233)		(410,015)		(508,335)		(292,177)		(512,198)
Total shareholders’ equity	7,225,696		6,600,537		6,344,297		6,399,714		5,536,628
Total liabilities and shareholders’ equity	$	68,983,318	$	65,870,066	$	64,879,668	$	63,788,424	$	59,781,516

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended										Six Months Ended
(Dollars in thousands, except per share data)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Interest income
Interest and fees on loans	$	797,997	$	768,362	$	789,038	$	794,163	$	749,812	$	1,566,359	$	1,460,153
Mortgage loans held-for-sale	4,872		4,246		5,623		6,233		5,434		9,118		9,580
Interest-bearing deposits with banks	34,317		36,766		46,256		32,608		19,731		71,083		36,389
Federal funds sold and securities purchased under resale agreements	276		179		53		277		17		455		36
Investment securities	78,053		72,016		67,066		69,592		69,779		150,069		139,457
Trading account securities	—		11		6		11		13		11		31
Federal Home Loan Bank and Federal Reserve Bank stock	5,393		5,307		5,157		5,451		4,974		10,700		9,452
Brokerage customer receivables	—		78		302		269		219		78		394
Total interest income	920,908		886,965		913,501		908,604		849,979		1,807,873		1,655,492
Interest expense
Interest on deposits	333,470		320,233		346,388		362,019		335,703		653,703		635,235
Interest on Federal Home Loan Bank advances	25,724		25,441		26,050		26,254		24,797		51,165		46,845
Interest on other borrowings	6,957		6,792		7,519		9,013		8,700		13,749		17,948
Interest on subordinated notes	3,735		3,714		3,733		3,712		5,185		7,449		10,672
Interest on junior subordinated debentures	4,328		4,311		4,663		5,023		4,984		8,639		9,988
Total interest expense	374,214		360,491		388,353		406,021		379,369		734,705		720,688
Net interest income	546,694		526,474		525,148		502,583		470,610		1,073,168		934,804
Provision for credit losses	22,234		23,963		16,979		22,334		40,061		46,197		61,734
Net interest income after provision for credit losses	524,460		502,511		508,169		480,249		430,549		1,026,971		873,070
Non-interest income
Wealth management	36,821		34,042		38,775		37,224		35,413		70,863		70,228
Mortgage banking	23,170		20,529		20,452		15,974		29,124		43,699		56,787
Service charges on deposit accounts	19,502		19,362		18,864		16,430		15,546		38,864		30,357
Gains (losses) on investment securities, net	650		3,196		(2,835)		3,189		(4,282)		3,846		(2,956)
Fees from covered call options	5,624		3,446		2,305		988		2,056		9,070		6,903
Trading gains (losses), net	151		(64)		(113)		(130)		70		87		747
Operating lease income, net	15,166		15,287		15,327		15,335		13,938		30,453		28,048
Other	23,005		20,836		20,676		24,137		29,282		43,841		71,613
Total non-interest income	124,089		116,634		113,451		113,147		121,147		240,723		261,727
Non-interest expense
Salaries and employee benefits	219,541		211,526		212,133		211,261		198,541		431,067		393,714
Software and equipment	36,522		34,717		34,258		31,574		29,231		71,239		56,962
Operating lease equipment	10,757		10,471		10,263		10,518		10,834		21,228		21,517
Occupancy, net	20,228		20,778		20,597		19,945		19,585		41,006		38,671
Data processing	12,110		11,274		10,957		9,984		9,503		23,384		18,795
Advertising and marketing	18,761		12,272		13,097		18,239		17,436		31,033		30,476
Professional fees	9,243		9,044		11,334		9,783		9,967		18,287		19,520
Amortization of other acquisition-related intangible assets	5,580		5,618		5,773		4,042		1,122		11,198		2,280
FDIC insurance	10,971		10,926		10,640		10,512		10,429		21,897		24,966
Other real estate owned (“OREO”) expenses, net	505		643		397		(938)		(259)		1,148		133
Other	37,243		38,821		39,090		35,767		33,964		76,064		66,464
Total non-interest expense	381,461		366,090		368,539		360,687		340,353		747,551		673,498
Income before taxes	267,088		253,055		253,081		232,709		211,343		520,143		461,299
Income tax expense	71,561		64,016		67,719		62,708		58,955		135,577		121,617
Net income	$	195,527	$	189,039	$	185,362	$	170,001	$	152,388	$	384,566	$	339,682
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991		13,982		13,982
Net income applicable to common shares	$	188,536	$	182,048	$	178,371	$	163,010	$	145,397	$	370,584	$	325,700
Net income per common share - Basic	$	2.82	$	2.73	$	2.68	$	2.51	$	2.35	$	5.55	$	5.28
Net income per common share - Diluted	$	2.78	$	2.69	$	2.63	$	2.47	$	2.32	$	5.47	$	5.21
Cash dividends declared per common share	$	0.50	$	0.50	$	0.45	$	0.45	$	0.45	$	1.00	$	0.90
Weighted average common shares outstanding	66,931		66,726		66,491		64,888		61,839		66,829		61,660
Dilutive potential common shares	888		923		1,233		1,053		926		903		901
Average common shares and dilutive common shares	67,819		67,649		67,724		65,941		62,765		67,732		62,561

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From (1)
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2025 (2)		Jun 30, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	192,633	$	181,580	$	189,774	$	314,693	$	281,103	24	%	(31)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	106,973		135,224		141,487		146,374		130,748		(84)		(18)
Total mortgage loans held-for-sale	$	299,606	$	316,804	$	331,261	$	461,067	$	411,851	(22)	%	(27)	%

Core loans:
Commercial
Commercial and industrial	$	7,028,247	$	6,871,206	$	6,867,422	$	6,774,683	$	6,236,290	9	%	13	%
Asset-based lending	1,663,693		1,701,962		1,611,001		1,709,685		1,465,867		(9)		13
Municipal	771,785		798,646		826,653		827,125		747,357		(13)		3
Leases	2,757,331		2,680,943		2,537,325		2,443,721		2,439,128		11		13

Commercial real estate
Residential construction	59,027		55,849		48,617		73,088		55,019		23		7
Commercial construction	2,165,263		2,086,797		2,065,775		1,984,240		1,866,701		15		16
Land	304,827		306,235		319,689		346,362		338,831		(2)		(10)
Office	1,601,208		1,641,555		1,656,109		1,675,286		1,585,312		(10)		1
Industrial	2,824,889		2,677,555		2,628,576		2,527,932		2,307,455		22		22
Retail	1,452,351		1,402,837		1,374,655		1,404,586		1,365,753		14		6
Multi-family	3,200,578		3,091,314		3,125,505		3,193,339		2,988,940		14		7
Mixed use and other	1,683,867		1,652,759		1,685,018		1,588,584		1,439,186		8		17
Home equity	466,815		455,683		445,028		427,043		356,313		10		31
Residential real estate
Residential real estate loans for investment	3,814,715		3,561,417		3,456,009		3,252,649		2,933,157		29		30
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	80,800		86,952		114,985		92,355		88,503		(28)		(9)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	53,267		36,790		41,771		43,034		45,675		NM		17
Total core loans	$	29,928,663	$	29,108,500	$	28,804,138	$	28,363,712	$	26,259,487	11	%	14	%

Niche loans:
Commercial
Franchise	$	1,286,265	$	1,262,555	$	1,268,521	$	1,191,686	$	1,150,460	8	%	12	%
Mortgage warehouse lines of credit	1,232,530		1,019,543		893,854		750,462		593,519		84		NM
Community Advantage - homeowners association	526,595		525,492		525,446		501,645		491,722		1		7
Insurance agency lending	1,120,985		1,070,979		1,044,329		1,048,686		1,030,119		19		9
Premium Finance receivables
U.S. property & casualty insurance	7,378,340		6,486,663		6,447,625		6,253,271		6,142,654		55		20
Canada property & casualty insurance	944,836		753,199		824,417		878,410		958,099		NM		(1)
Life insurance	8,506,960		8,365,140		8,147,145		7,996,899		7,962,115		7		7
Consumer and other	116,505		116,319		99,562		82,676		87,356		1		33
Total niche loans	$	21,113,016	$	19,599,890	$	19,250,899	$	18,703,735	$	18,416,044	31	%	15	%






Total loans, net of unearned income	$	51,041,679	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	19	%	14	%

(1)NM - Not Meaningful.

(2)Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2025 (1)		Jun 30, 2024
Balance:
Non-interest-bearing	$	10,877,166		$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		(12)	%	8	%
NOW and interest-bearing demand deposits	6,795,725			6,340,168			5,865,546			5,466,932			5,053,909			29		34
Wealth management deposits (2)	1,595,764			1,408,790			1,469,064			1,303,354			1,490,711			53		7
Money market	19,556,041			18,074,733			17,975,191			17,713,726			16,320,017			33		20
Savings	6,659,419			6,576,251			6,372,499			6,183,249			5,882,179			5		13
Time certificates of deposit	10,332,696			9,968,237			9,420,031			9,998,573			9,270,770			15		11
Total deposits	$	55,816,811		$	53,570,038		$	52,512,349		$	51,404,966		$	48,049,026		17	%	16	%
Mix:
Non-interest-bearing	19		%	21		%	22		%	21		%	21		%
NOW and interest-bearing demand deposits	12			12			11			11			11
Wealth management deposits (2)	3			3			3			3			3
Money market	35			34			34			34			34
Savings	12			12			12			12			12
Time certificates of deposit	19			18			18			19			19
Total deposits	100		%	100		%	100		%	100		%	100		%

(1)Annualized.

(2)Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS

As of June 30, 2025


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	2,486,694	3.92	%
4-6 months	4,464,126		3.80
7-9 months	2,187,365		3.74
10-12 months	771,114		3.64
13-18 months	262,094		3.41
19-24 months	99,689		2.92
24+ months	61,614		2.36
Total	$	10,332,696	3.78	%

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(In thousands)	2025		2025		2024		2024		2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,308,199	$	3,520,048	$	3,934,016	$	2,413,728	$	1,485,481
Investment securities (2)	8,801,560		8,409,735		8,090,271		8,276,576		8,203,764
FHLB and FRB stock (3)	282,001		281,702		271,825		263,707		253,614
Liquidity management assets (4)	$	12,391,760	$	12,211,485	$	12,296,112	$	10,954,011	$	9,942,859
Other earning assets (4) (5)	—		13,140		20,528		17,542		15,257
Mortgage loans held-for-sale	310,534		286,710		378,707		376,251		347,236
Loans, net of unearned income (4) (6)	49,517,635		47,833,380		47,153,014		45,920,586		43,819,354
Total earning assets (4)	$	62,219,929	$	60,344,715	$	59,848,361	$	57,268,390	$	54,124,706
Allowance for loan and investment security losses	(398,685)		(375,371)		(367,238)		(383,736)		(360,504)
Cash and due from banks	478,707		476,423		470,033		467,333		434,916
Other assets	3,540,394		3,661,275		3,642,949		3,563,296		3,294,066
Total assets	$	65,840,345	$	64,107,042	$	63,594,105	$	60,915,283	$	57,493,184

NOW and interest-bearing demand deposits	$	6,423,050	$	6,046,189	$	5,601,672	$	5,174,673	$	4,985,306
Wealth management deposits	1,552,989		1,574,480		1,430,163		1,362,747		1,531,865
Money market accounts	18,184,754		17,581,141		17,579,395		16,436,111		15,272,126
Savings accounts	6,578,698		6,479,444		6,288,727		6,096,746		5,878,844
Time deposits	9,841,702		9,406,126		9,702,948		9,598,109		8,546,172
Interest-bearing deposits	$	42,581,193	$	41,087,380	$	40,602,905	$	38,668,386	$	36,214,313
FHLB advances (3)	3,151,310		3,151,309		3,160,658		3,178,973		3,096,920
Other borrowings	593,657		582,139		577,786		622,792		587,262
Subordinated notes	298,398		298,306		298,225		298,135		410,331
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	$	46,878,124	$	45,372,700	$	44,893,140	$	43,021,852	$	40,562,392
Non-interest-bearing deposits	10,643,798		10,732,156		10,718,738		10,271,613		9,879,134
Other liabilities	1,456,383		1,541,245		1,563,824		1,631,389		1,601,485
Equity	6,862,040		6,460,941		6,418,403		5,990,429		5,450,173
Total liabilities and shareholders’ equity	$	65,840,345	$	64,107,042	$	63,594,105	$	60,915,283	$	57,493,184

Net free funds/contribution (6)	$	15,341,805	$	14,972,015	$	14,955,221	$	14,246,538	$	13,562,314

(1)Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.

(2)Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.

(3)Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)

(4)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(5)Other earning assets include brokerage customer receivables and trading account securities.

(6)Loans, net of unearned income, include non-accrual loans.

(7)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 5: QUARTERLY NET INTEREST INCOME


	Net Interest Income for three months ended,
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(In thousands)	2025		2025		2024		2024		2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	34,593	$	36,945	$	46,308	$	32,885	$	19,748
Investment securities	78,733		72,706		67,783		70,260		70,346
FHLB and FRB stock (1)	5,393		5,307		5,157		5,451		4,974
Liquidity management assets (2)	$	118,719	$	114,958	$	119,248	$	108,596	$	95,068
Other earning assets (2)	—		92		310		282		235
Mortgage loans held-for-sale	4,872		4,246		5,623		6,233		5,434
Loans, net of unearned income (2)	800,197		770,568		791,390		796,637		752,117


Total interest income	$	923,788	$	889,864	$	916,571	$	911,748	$	852,854

Interest expense:
NOW and interest-bearing demand deposits	$	37,517	$	33,600	$	31,695	$	30,971	$	32,719
Wealth management deposits	8,182		8,606		9,412		10,158		10,294
Money market accounts	155,890		146,374		159,945		167,382		155,100
Savings accounts	37,637		35,923		38,402		42,892		41,063
Time deposits	94,244		95,730		106,934		110,616		96,527
Interest-bearing deposits	$	333,470	$	320,233	$	346,388	$	362,019	$	335,703
FHLB advances (1)	25,724		25,441		26,050		26,254		24,797
Other borrowings	6,957		6,792		7,519		9,013		8,700
Subordinated notes	3,735		3,714		3,733		3,712		5,185
Junior subordinated debentures	4,328		4,311		4,663		5,023		4,984
Total interest expense	$	374,214	$	360,491	$	388,353	$	406,021	$	379,369

Less: Fully taxable-equivalent adjustment	(2,880)		(2,899)		(3,070)		(3,144)		(2,875)
Net interest income (GAAP) (3)	546,694		526,474		525,148		502,583		470,610
Fully taxable-equivalent adjustment	2,880		2,899		3,070		3,144		2,875
Net interest income, fully taxable-equivalent (non-GAAP) (3)	$	549,574	$	529,373	$	528,218	$	505,727	$	473,485

(1)Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)

(2)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.

(3)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN


	Net Interest Margin for three months ended,
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.19	%	4.26	%	4.68	%	5.42	%	5.35	%
Investment securities	3.59		3.51		3.33		3.38		3.45
FHLB and FRB stock (1)	7.67		7.64		7.55		8.22		7.89

Liquidity management assets	3.84	%	3.82	%	3.86	%	3.94	%	3.85	%
Other earning assets	—		2.84		6.01		6.38		6.23
Mortgage loans held-for-sale	6.29		6.01		5.91		6.59		6.29
Loans, net of unearned income	6.48		6.53		6.68		6.90		6.90

Total earning assets	5.96	%	5.98	%	6.09	%	6.33	%	6.34	%

Rate paid on:
NOW and interest-bearing demand deposits	2.34	%	2.25	%	2.25	%	2.38	%	2.64	%
Wealth management deposits	2.11		2.22		2.62		2.97		2.70
Money market accounts	3.44		3.38		3.62		4.05		4.08
Savings accounts	2.29		2.25		2.43		2.80		2.81
Time deposits	3.84		4.13		4.38		4.58		4.54
Interest-bearing deposits	3.14	%	3.16	%	3.39	%	3.72	%	3.73	%
FHLB advances	3.27		3.27		3.28		3.29		3.22
Other borrowings	4.70		4.73		5.18		5.76		5.96
Subordinated notes	5.02		5.05		4.98		4.95		5.08
Junior subordinated debentures	6.85		6.90		7.32		7.88		7.91
Total interest-bearing liabilities	3.20	%	3.22	%	3.44	%	3.75	%	3.76	%

Interest rate spread (2) (3)	2.76	%	2.76	%	2.65	%	2.58	%	2.58	%
Less: Fully taxable-equivalent adjustment	(0.02)		(0.02)		(0.02)		(0.02)		(0.02)
Net free funds/contribution (4)	0.78		0.80		0.86		0.93		0.94
Net interest margin (GAAP) (3)	3.52	%	3.54	%	3.49	%	3.49	%	3.50	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP) (3)	3.54	%	3.56	%	3.51	%	3.51	%	3.52	%

(1)Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)

(2)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.

(3)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(4)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN


	Average Balance for six months ended,				Interest for six months ended,				Yield/Rate for six months ended,
(Dollars in thousands)	Jun 30, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,413,538	$	1,369,906	$	71,538	$	36,425	4.23	%	5.35	%
Investment securities (2)	8,606,730		8,276,780		151,439		140,574		3.55		3.42
FHLB and FRB stock (3)	281,853		242,131		10,700		9,452		7.66		7.85

Liquidity management assets (4) (5)	$	12,302,121	$	9,888,817	$	233,677	$	186,451	3.83	%	3.79	%
Other earning assets (4) (5) (6)	6,533		15,169		92		433		2.84		5.74
Mortgage loans held-for-sale	298,688		318,756		9,118		9,580		6.16		6.04
Loans, net of unearned income (4) (5) (7)	48,680,160		42,974,623		1,570,765		1,464,704		6.51		6.85


Total earning assets (5)	$	61,287,502	$	53,197,365	$	1,813,652	$	1,661,168	5.97	%	6.28	%
Allowance for loan and investment security losses	(387,092)		(361,119)
Cash and due from banks	477,571		442,591
Other assets	3,600,500		3,269,102
Total assets	$	64,978,481	$	56,547,939

NOW and interest-bearing demand deposits	$	6,235,661	$	5,332,786	$	71,117	$	67,615	2.30	%	2.55	%
Wealth management deposits	1,563,675		1,521,034		16,788		20,755		2.17		2.74
Money market accounts	17,884,615		14,873,309		302,264		293,084		3.41		3.96
Savings accounts	6,529,345		5,835,481		73,560		80,134		2.27		2.76
Time deposits	9,625,117		7,847,314		189,974		173,647		3.98		4.45
Interest-bearing deposits	$	41,838,413	$	35,409,924	$	653,703	$	635,235	3.15	%	3.61	%
Federal Home Loan Bank advances	3,151,310		2,912,884		51,165		46,845		3.27		3.23
Other borrowings	587,930		607,487		13,749		17,948		4.72		5.94
Subordinated notes	298,353		424,112		7,449		10,672		5.04		5.06
Junior subordinated debentures	253,566		253,566		8,639		9,988		6.87		7.92
Total interest-bearing liabilities	$	46,129,572	$	39,607,973	$	734,705	$	720,688	3.21	%	3.66	%
Non-interest-bearing deposits	10,687,733		9,925,890
Other liabilities	1,498,578		1,568,761
Equity	6,662,598		5,445,315
Total liabilities and shareholders’ equity	$	64,978,481	$	56,547,939
Interest rate spread (5) (8)									2.76	%	2.62	%
Less: Fully taxable-equivalent adjustment					(5,779)		(5,676)		(0.02)		(0.03)
Net free funds/contribution (9)	$	15,157,930	$	13,589,392					0.79		0.94
Net interest income/margin (GAAP) (5)					$	1,073,168	$	934,804	3.53	%	3.53	%
Fully taxable-equivalent adjustment					5,779		5,676		0.02		0.03
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	1,078,947	$	940,480	3.55	%	3.56	%

(3)Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)

(4)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.

(5)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(6)Other earning assets include brokerage customer receivables and trading account securities.

(7)Loans, net of unearned income, include non-accrual loans.

(8)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.

(9)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 8: INTEREST RATE SENSITIVITY

As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:


Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Jun 30, 2025	(1.5)	%	(0.4)	%	(0.2)	%	(1.2)	%
Mar 31, 2025	(1.8)		(0.6)		(0.2)		(1.2)
Dec 31, 2024	(1.6)		(0.6)		(0.3)		(1.5)
Sep 30, 2024	1.2		1.1		0.4		(0.9)
Jun 30, 2024	1.5		1.0		0.6		(0.0)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Jun 30, 2025	0.0	%	0.0	%	(0.1)	%	(0.4)	%
Mar 31, 2025	0.2		0.2		(0.1)		(0.5)
Dec 31, 2024	(0.2)		(0.0)		0.0		(0.3)
Sep 30, 2024	1.6		1.2		0.7		0.5
Jun 30, 2024	1.2		1.0		0.9		1.0

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or contractual maturity period
As of June 30, 2025	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	429,173	$	3,756,650	$	2,117,493	$	14,925	$	6,318,241

Variable rate	10,068,079		1,111		—		—		10,069,190
Total commercial	$	10,497,252	$	3,757,761	$	2,117,493	$	14,925	$	16,387,431
Commercial real estate
Fixed rate	$	712,348	$	2,732,428	$	369,615	$	70,471	$	3,884,862
Variable rate	9,396,306		10,775		67		—		9,407,148
Total commercial real estate	$	10,108,654	$	2,743,203	$	369,682	$	70,471	$	13,292,010
Home equity
Fixed rate	$	9,626	$	773	$	—	$	15	$	10,414
Variable rate	456,401		—		—		—		456,401
Total home equity	$	466,027	$	773	$	—	$	15	$	466,815
Residential real estate
Fixed rate	$	15,271	$	4,318	$	72,630	$	1,056,508	$	1,148,727
Variable rate	108,431		699,875		1,991,749		—		2,800,055
Total residential real estate	$	123,702	$	704,193	$	2,064,379	$	1,056,508	$	3,948,782
Premium finance receivables - property & casualty
Fixed rate	$	8,220,850	$	102,326	$	—	$	—	$	8,323,176
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	8,220,850	$	102,326	$	—	$	—	$	8,323,176
Premium finance receivables - life insurance
Fixed rate	$	319,732	$	169,958	$	4,000	$	—	$	493,690
Variable rate	8,013,270		—		—		—		8,013,270
Total premium finance receivables - life insurance	$	8,333,002	$	169,958	$	4,000	$	—	$	8,506,960
Consumer and other
Fixed rate	$	36,771	$	8,483	$	1,070	$	859	$	47,183
Variable rate	69,322		—		—		—		69,322
Total consumer and other	$	106,093	$	8,483	$	1,070	$	859	$	116,505

Total per category
Fixed rate	$	9,743,771	$	6,774,936	$	2,564,808	$	1,142,778	$	20,226,293

Variable rate	28,111,809		711,761		1,991,816		—		30,815,386
Total loans, net of unearned income	$	37,855,580	$	7,486,697	$	4,556,624	$	1,142,778	$	51,041,679
Less: Existing cash flow hedging derivatives (1)	(6,700,000)

Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	31,155,580

Variable Rate Loan Pricing by Index:
SOFR tenors (2)									$	19,459,501
12- month CMT (3)									6,906,397
Prime									3,243,035
Fed Funds									786,924



Other U.S. Treasury tenors									187,736
Other									231,793
Total variable rate									$	30,815,386

(1)Excludes cash flow hedges with future effective starting dates.

(2)SOFR - Secured Overnight Financing Rate.

(3)CMT - Constant Maturity Treasury Rate.

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $16.7 billion tied to one-month SOFR and $6.9 billion tied to twelve-month CMT. The above chart shows:


	Basis Point (bp) Change in
	1-month SOFR		12- month CMT		Prime
Second Quarter 2025	—	bps	(7)	bps	—	bps
First Quarter 2025	(1)		(13)		—
Fourth Quarter 2024	(52)		18		(50)
third quarter 2024	(49)		(111)		(50)
Second Quarter 2024	1		6		—

TABLE 10: ALLOWANCE FOR CREDIT LOSSES


	Three Months Ended															Six Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30,			Jun 30,
(Dollars in thousands)	2025			2025			2024			2024			2024			2025			2024
Allowance for credit losses at beginning of period	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504		$	437,060		$	427,612

Provision for credit losses - Other	22,234			23,963			16,979			6,787			40,061			46,197			61,734
Provision for credit losses - Day 1 on non-PCD assets acquired during the period	—			—			—			15,547			—			—			—
Initial allowance for credit losses recognized on PCD assets acquired during the period	—			—			—			3,004			—			—			—
Other adjustments	180			4			(187)			30			(19)			184			(50)
Charge-offs:
Commercial	6,148			9,722			5,090			22,975			9,584			15,870			20,799
Commercial real estate	5,711			454			1,037			95			15,526			6,165			20,995
Home equity	111			—			—			—			—			111			74
Residential real estate	—			—			114			—			23			—			61

Premium finance receivables - property & casualty	6,346			7,114			13,301			7,790			9,486			13,460			16,424
Premium finance receivables - life insurance	—			12			—			4			—			12			—
Consumer and other	179			147			189			154			137			326			244

Total charge-offs	18,495			17,449			19,731			31,018			34,756			35,944			58,597
Recoveries:
Commercial	1,746			929			775			649			950			2,675			1,429
Commercial real estate	10			12			172			30			90			22			121
Home equity	30			216			194			101			35			246			64
Residential real estate	2			136			0			5			8			138			10

Premium finance receivables - property & casualty	3,335			3,487			2,646			3,436			3,658			6,822			5,177
Premium finance receivables - life insurance	—			—			—			41			5			—			13
Consumer and other	32			29			19			21			24			61			47

Total recoveries	5,155			4,809			3,806			4,283			4,770			9,964			6,861
Net charge-offs	(13,340)			(12,640)			(15,925)			(26,735)			(29,986)			(25,980)			(51,736)
Allowance for credit losses at period end	$	457,461		$	448,387		$	437,060		$	436,193		$	437,560		$	457,461		$	437,560

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.11		%	0.23		%	0.11		%	0.61		%	0.25		%	0.17		%	0.29		%
Commercial real estate	0.17			0.01			0.03			0.00			0.53			0.10			0.36
Home equity	0.07			(0.20)			(0.18)			(0.10)			(0.04)			(0.06)			0.01
Residential real estate	(0.00)			(0.02)			0.01			0.00			0.00			(0.01)			0.00

Premium finance receivables - property & casualty	0.16			0.20			0.59			0.24			0.33			0.18			0.33
Premium finance receivables - life insurance	—			0.00			—			(0.00)			(0.00)			0.00			(0.00)
Consumer and other	0.44			0.45			0.63			0.63			0.56			0.44			0.49

Total loans, net of unearned income	0.11		%	0.11		%	0.13		%	0.23		%	0.28		%	0.11			0.24		%


Loans at period end	$	51,041,679		$	48,708,390		$	48,055,037		$	47,067,447		$	44,675,531
Allowance for loan losses as a percentage of loans at period end	0.77		%	0.78		%	0.76		%	0.77		%	0.81		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.90			0.92			0.91			0.93			0.98

PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT


	Three Months Ended										Six Months Ended
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Jun 30,		Jun 30,
(In thousands)	2025		2025		2024		2024		2024		2025		2024
Provision for loan losses - Other	$	26,607	$	26,826	$	19,852	$	6,782	$	45,111	$	53,433	$	71,270
Provision for credit losses - Day 1 on non-PCD assets acquired during the period	—		—		—		15,547		—		—		—
Provision for unfunded lending-related commitments losses - Other	(4,325)		(2,852)		(2,851)		17		(5,212)		(7,177)		(9,680)
Provision for held-to-maturity securities losses	(48)		(11)		(22)		(12)		162		(59)		144
Provision for credit losses	$	22,234	$	23,963	$	16,979	$	22,334	$	40,061	$	46,197	$	61,734

Allowance for loan losses	$	391,654	$	378,207	$	364,017	$	360,279	$	363,719
Allowance for unfunded lending-related commitments losses	65,409		69,734		72,586		75,435		73,350
Allowance for loan losses and unfunded lending-related commitments losses	457,063		447,941		436,603		435,714		437,069
Allowance for held-to-maturity securities losses	398		446		457		479		491
Allowance for credit losses	$	457,461	$	448,387	$	437,060	$	436,193	$	437,560

PCD - Purchase Credit Deteriorated

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of June 30, 2025, March 31, 2025 and December 31, 2024.


	As of Jun 30, 2025						As of Mar 31, 2025						As of Dec 31, 2024
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial	$	16,387,431	$	194,568	1.19	%	$	15,931,326	$	201,183	1.26	%	$	15,574,551	$	175,837	1.13	%

Commercial real estate:
Construction and development	2,529,117		75,936		3.00		2,448,881		71,388		2.92		2,434,081		87,236		3.58
Non-construction	10,762,893		148,422		1.38		10,466,020		138,622		1.32		10,469,863		135,620		1.30
Total commercial real estate	$	13,292,010	$	224,358	1.69	%	$	12,914,901	$	210,010	1.63	%	$	12,903,944	$	222,856	1.73	%
Total commercial and commercial real estate	$	29,679,441	$	418,926	1.41	%	$	28,846,227	$	411,193	1.43	%	$	28,478,495	$	398,693	1.40	%
Home equity	466,815		9,221		1.98		455,683		9,139		2.01		445,028		8,943		2.01
Residential real estate	3,948,782		11,455		0.29		3,685,159		10,652		0.29		3,612,765		10,335		0.29
Premium finance receivables
Property and casualty insurance	8,323,176		15,872		0.19		7,239,862		15,310		0.21		7,272,042		17,111		0.24
Life insurance	8,506,960		740		0.01		8,365,140		729		0.01		8,147,145		709		0.01
Consumer and other	116,505		849		0.73		116,319		918		0.79		99,562		812		0.82
Total loans, net of unearned income	$	51,041,679	$	457,063	0.90	%	$	48,708,390	$	447,941	0.92	%	$	48,055,037	$	436,603	0.91	%


Total core loans (1)	$	29,928,663	$	409,826	1.37	%	$	29,108,500	$	397,664	1.37	%	$	28,804,138	$	392,319	1.36	%
Total niche loans (1)	21,113,016		47,237		0.22		19,599,890		50,277		0.26		19,250,899		44,284		0.23

(1)See Table 1 for additional detail on core and niche loans.

TABLE 13: LOAN PORTFOLIO AGING


(In thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
Loan Balances:
Commercial
Nonaccrual	$	80,877	$	70,560	$	73,490	$	63,826	$	51,087
90+ days and still accruing	—		46		104		20		304
60-89 days past due	34,855		15,243		54,844		32,560		16,485
30-59 days past due	45,103		97,397		92,551		46,057		36,358
Current	16,226,596		15,748,080		15,353,562		15,105,230		14,050,228
Total commercial	$	16,387,431	$	15,931,326	$	15,574,551	$	15,247,693	$	14,154,462
Commercial real estate
Nonaccrual	$	32,828	$	26,187	$	21,042	$	42,071	$	48,289
90+ days and still accruing	—		—		—		225		—
60-89 days past due	11,257		6,995		10,521		13,439		6,555
30-59 days past due	51,173		83,653		30,766		48,346		38,065
Current	13,196,752		12,798,066		12,841,615		12,689,336		11,854,288
Total commercial real estate	$	13,292,010	$	12,914,901	$	12,903,944	$	12,793,417	$	11,947,197
Home equity
Nonaccrual	$	1,780	$	2,070	$	1,117	$	1,122	$	1,100
90+ days and still accruing	—		—		—		—		—
60-89 days past due	138		984		1,233		1,035		275
30-59 days past due	2,971		3,403		2,148		2,580		1,229
Current	461,926		449,226		440,530		422,306		353,709
Total home equity	$	466,815	$	455,683	$	445,028	$	427,043	$	356,313
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	134,067	$	123,742	$	156,756	$	135,389	$	134,178
Nonaccrual	28,047		22,522		23,762		17,959		18,198
90+ days and still accruing	—		—		—		—		—
60-89 days past due	8,954		1,351		5,708		6,364		1,977
30-59 days past due	38		38,943		18,917		2,160		130
Current	3,777,676		3,498,601		3,407,622		3,226,166		2,912,852
Total residential real estate	$	3,948,782	$	3,685,159	$	3,612,765	$	3,388,038	$	3,067,335







Premium finance receivables - property & casualty
Nonaccrual	$	30,404	$	29,846	$	28,797	$	36,079	$	32,722
90+ days and still accruing	14,350		18,081		16,031		18,235		22,427
60-89 days past due	25,641		19,717		19,042		18,740		29,925
30-59 days past due	29,460		39,459		68,219		30,204		45,927
Current	8,223,321		7,132,759		7,139,953		7,028,423		6,969,752
Total Premium finance receivables - property & casualty	$	8,323,176	$	7,239,862	$	7,272,042	$	7,131,681	$	7,100,753
Premium finance receivables - life insurance
Nonaccrual	$	—	$	—	$	6,431	$	—	$	—
90+ days and still accruing	327		2,962		—		—		—
60-89 days past due	11,202		10,587		72,963		10,902		4,118
30-59 days past due	34,403		29,924		36,405		74,432		17,693
Current	8,461,028		8,321,667		8,031,346		7,911,565		7,940,304
Total Premium finance receivables - life insurance	$	8,506,960	$	8,365,140	$	8,147,145	$	7,996,899	$	7,962,115
Consumer and other
Nonaccrual	$	41	$	18	$	2	$	2	$	3
90+ days and still accruing	184		98		47		148		121
60-89 days past due	61		162		59		22		81
30-59 days past due	175		542		882		264		366
Current	116,044		115,499		98,572		82,240		86,785
Total consumer and other	$	116,505	$	116,319	$	99,562	$	82,676	$	87,356
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	134,067	$	123,742	$	156,756	$	135,389	$	134,178
Nonaccrual	173,977		151,203		154,641		161,059		151,399
90+ days and still accruing	14,861		21,187		16,182		18,628		22,852
60-89 days past due	92,108		55,039		164,370		83,062		59,416
30-59 days past due	163,323		293,321		249,888		204,043		139,768
Current	50,463,343		48,063,898		47,313,200		46,465,266		44,167,918
Total loans, net of unearned income	$	51,041,679	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531

(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

TABLE 14: NON-PERFORMING ASSETS (1)


	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
(Dollars in thousands)	2025			2025			2024			2024			2024
Loans past due greater than 90 days and still accruing:
Commercial	$	—		$	46		$	104		$	20		$	304
Commercial real estate	—			—			—			225			—
Home equity	—			—			—			—			—
Residential real estate	—			—			—			—			—
Premium finance receivables - property & casualty	14,350			18,081			16,031			18,235			22,427
Premium finance receivables - life insurance	327			2,962			—			—			—
Consumer and other	184			98			47			148			121
Total loans past due greater than 90 days and still accruing	14,861			21,187			16,182			18,628			22,852
Non-accrual loans:
Commercial	80,877			70,560			73,490			63,826			51,087
Commercial real estate	32,828			26,187			21,042			42,071			48,289
Home equity	1,780			2,070			1,117			1,122			1,100
Residential real estate	28,047			22,522			23,762			17,959			18,198
Premium finance receivables - property & casualty	30,404			29,846			28,797			36,079			32,722
Premium finance receivables - life insurance	—			—			6,431			—			—
Consumer and other	41			18			2			2			3
Total non-accrual loans	173,977			151,203			154,641			161,059			151,399
Total non-performing loans:
Commercial	80,877			70,606			73,594			63,846			51,391
Commercial real estate	32,828			26,187			21,042			42,296			48,289
Home equity	1,780			2,070			1,117			1,122			1,100
Residential real estate	28,047			22,522			23,762			17,959			18,198
Premium finance receivables - property & casualty	44,754			47,927			44,828			54,314			55,149
Premium finance receivables - life insurance	327			2,962			6,431			—			—
Consumer and other	225			116			49			150			124
Total non-performing loans	$	188,838		$	172,390		$	170,823		$	179,687		$	174,251
Other real estate owned	23,615			22,625			23,116			13,682			19,731


Total non-performing assets	$	212,453		$	195,015		$	193,939		$	193,369		$	193,982

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.49		%	0.44		%	0.47		%	0.42		%	0.36		%
Commercial real estate	0.25			0.20			0.16			0.33			0.40
Home equity	0.38			0.45			0.25			0.26			0.31
Residential real estate	0.71			0.61			0.66			0.53			0.59
Premium finance receivables - property & casualty	0.54			0.66			0.62			0.76			0.78
Premium finance receivables - life insurance	0.00			0.04			0.08			—			—
Consumer and other	0.19			0.10			0.05			0.18			0.14
Total loans, net of unearned income	0.37		%	0.35		%	0.36		%	0.38		%	0.39		%
Total non-performing assets as a percentage of total assets	0.31		%	0.30		%	0.30		%	0.30		%	0.32		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	262.71		%	296.25		%	282.33		%	270.53		%	288.69		%

(1)Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies


	Three Months Ended										Six Months Ended
	Jun 30,		Mar 31,		Dec 31,			Sep 30,			Jun 30,	Jun 30,				Jun 30,
(In thousands)	2025		2025		2024			2024			2024	2025				2024

Balance at beginning of period	$	172,390	$	170,823		$	179,687		$	174,251		$	148,359	$	170,823		$	139,030
Additions from becoming non-performing in the respective period	48,651		27,721			30,931			42,335			54,376		76,372			77,518
Additions from assets acquired in the respective period	—		—			—			189			—		—			—
Return to performing status	(6,896)		(1,207)			(1,108)			(362)			(912)		(8,103)			(1,402)
Payments received	(5,602)		(15,965)			(12,219)			(10,894)			(9,611)		(21,567)			(17,947)
Transfer to OREO and other repossessed assets	(1,315)		—			(17,897)			(3,680)			(6,945)		(1,315)			(8,326)
Charge-offs, net	(11,734)		(8,600)			(5,612)			(21,211)			(7,673)		(20,334)			(22,483)
Net change for premium finance receivables	(6,656)		(382)			(2,959)			(941)			(3,343)		(7,038)			7,861
Balance at end of period	$	188,838	$	172,390		$	170,823		$	179,687		$	174,251	$	188,838		$	174,251

Other Real Estate Owned


	Three Months Ended
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(In thousands)	2025		2025		2024		2024		2024
Balance at beginning of period	$	22,625	$	23,116	$	13,682	$	19,731	$	14,538
Disposals/resolved	—		—		(8,545)		(9,729)		(1,752)
Transfers in at fair value, less costs to sell	1,315		—		17,979		3,680		6,945

Fair value adjustments	(325)		(491)		—		—		—
Balance at end of period	$	23,615	$	22,625	$	23,116	$	13,682	$	19,731

	Period End
(In thousands)	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
Balance by Property Type:	2025		2025		2024		2024		2024
Residential real estate	$	—	$	—	$	—	$	—	$	161

Commercial real estate	23,615		22,625		23,116		13,682		19,570
Total	$	23,615	$	22,625	$	23,116	$	13,682	$	19,731

TABLE 15: NON-INTEREST INCOME


	Three Months Ended										Q2 2025 compared to Q1 2025				Q2 2025 compared to Q2 2024
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(Dollars in thousands)	2025		2025		2024		2024		2024		$ Change		% Change		$ Change		% Change
Brokerage	$	4,212	$	4,757	$	5,328	$	6,139	$	5,588	$	(545)	(11)	%	$	(1,376)	(25)	%
Trust and asset management	32,609		29,285		33,447		31,085		29,825		3,324		11		2,784		9
Total wealth management	36,821		34,042		38,775		37,224		35,413		2,779		8		1,408		4
Mortgage banking	23,170		20,529		20,452		15,974		29,124		2,641		13		(5,954)		(20)
Service charges on deposit accounts	19,502		19,362		18,864		16,430		15,546		140		1		3,956		25
Gains (losses) on investment securities, net	650		3,196		(2,835)		3,189		(4,282)		(2,546)		(80)		4,932		NM
Fees from covered call options	5,624		3,446		2,305		988		2,056		2,178		63		3,568		NM
Trading gains (losses), net	151		(64)		(113)		(130)		70		215		NM		81		NM
Operating lease income, net	15,166		15,287		15,327		15,335		13,938		(121)		(1)		1,228		9
Other:
Interest rate swap fees	3,010		2,269		3,360		2,914		3,392		741		33		(382)		(11)
BOLI	2,257		796		1,236		1,517		1,351		1,461		NM		906		67
Administrative services	1,315		1,393		1,347		1,450		1,322		(78)		(6)		(7)		(1)
Foreign currency remeasurement gains (losses)	658		(183)		(682)		696		(145)		841		NM		803		NM
Changes in fair value on EBOs and loans held-for-investment	172		383		129		518		604		(211)		(55)		(432)		(72)
Early pay-offs of capital leases	400		768		514		532		393		(368)		(48)		7		2
Miscellaneous	15,193		15,410		14,772		16,510		22,365		(217)		(1)		(7,172)		(32)
Total Other	23,005		20,836		20,676		24,137		29,282		2,169		10		(6,277)		(21)
Total Non-Interest Income	$	124,089	$	116,634	$	113,451	$	113,147	$	121,147	$	7,455	6	%	$	2,942	2	%


	Six Months Ended				Q2 2025 compared to Q2 2024
	Jun 30,		Jun 30,
(Dollars in thousands)	2025		2024		$ Change		% Change
Brokerage	$	8,969	$	11,144	$	(2,175)	(20)	%
Trust and asset management	61,894		59,084		2,810		5
Total wealth management	70,863		70,228		635		1
Mortgage banking	43,699		56,787		(13,088)		(23)
Service charges on deposit accounts	38,864		30,357		8,507		28
Gains (losses) on investment securities, net	3,846		(2,956)		6,802		NM
Fees from covered call options	9,070		6,903		2,167		31
Trading gains, net	87		747		(660)		(88)
Operating lease income, net	30,453		28,048		2,405		9
Other:
Interest rate swap fees	5,279		6,220		(941)		(15)
BOLI	3,053		3,002		51		2
Administrative services	2,708		2,539		169		7
Foreign currency remeasurement gains (losses)	475		(1,316)		1,791		NM
Changes in fair value on EBOs and loans held-for-investment	555		165		390		NM
Early pay-offs of capital leases	1,168		823		345		42
Miscellaneous	30,603		60,180		(29,577)		(49)
Total Other	43,841		71,613		(27,772)		(39)
Total Non-Interest Income	$	240,723	$	261,727	$	(21,004)	(8)	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

EBO - Early buy-out.

TABLE 16: MORTGAGE BANKING


	Three Months Ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Originations:
Retail originations	$	523,759		$	348,468		$	483,424		$	527,408		$	544,394

Veterans First originations	157,787			111,985			176,914			239,369			177,792
Total originations for sale (A)	$	681,546		$	460,453		$	660,338		$	766,777		$	722,186
Originations for investment	422,926			217,177			355,119			218,984			275,331
Total originations	$	1,104,472		$	677,630		$	1,015,457		$	985,761		$	997,517
As a percentage of originations for sale:
Retail originations	77		%	76		%	73		%	69		%	75		%
Veterans First originations	23			24			27			31			25

Purchases	74		%	77		%	65		%	72		%	83		%
Refinances	26			23			35			28			17



Production Margin:


Production revenue (B) (1)	$	13,380		$	9,941		$	6,993		$	13,113		$	14,990



Total originations for sale (A)	$	681,546		$	460,453		$	660,338		$	766,777		$	722,186
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)	163,664			197,297			103,946			272,072			222,738
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)	197,297			103,946			272,072			222,738			207,775
Total mortgage production volume (C)	$	647,913		$	553,804		$	492,212		$	816,111		$	737,149
Production margin (B / C)	2.07		%	1.80		%	1.42		%	1.61		%	2.03		%

Mortgage Servicing:
Loans serviced for others (D)	$	12,470,924		$	12,402,352		$	12,400,913		$	12,253,361		$	12,211,027
Mortgage Servicing Rights (“MSR”), at fair value (E)	193,061			196,307			203,788			186,308			204,610
Percentage of MSRs to loans serviced for others (E / D)	1.55		%	1.58		%	1.64		%	1.52		%	1.68		%
Servicing income	$	10,520		$	10,611		$	10,731		$	10,809		$	10,586
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period	$	196,307		$	203,788		$	186,308		$	204,610		$	201,044

MSR - current period capitalization	6,336			4,669			10,010			6,357			8,223
MSR - collection of expected cash flows - paydowns	(1,516)			(1,590)			(1,463)			(1,598)			(1,504)
MSR - collection of expected cash flows - payoffs and repurchases	(4,100)			(3,046)			(4,315)			(5,730)			(4,030)
MSR - changes in fair value model assumptions	(3,966)			(7,514)			13,248			(17,331)			877
MSR Fair Value at end of period	$	193,061		$	196,307		$	203,788		$	186,308		$	204,610
Summary of Mortgage Banking Revenue:
Operational:
Production revenue (1)	$	13,380		$	9,941		$	6,993		$	13,113		$	14,990
MSR - Current period capitalization	6,336			4,669			10,010			6,357			8,223
MSR - Collection of expected cash flows - paydowns	(1,516)			(1,590)			(1,463)			(1,598)			(1,504)
MSR - Collection of expected cash flows - pay offs	(4,100)			(3,046)			(4,315)			(5,730)			(4,030)
Servicing Income	10,520			10,611			10,731			10,809			10,586
Other Revenue	(79)			(172)			(51)			(67)			112
Total operational mortgage banking revenue	$	24,541		$	20,413		$	21,905		$	22,884		$	28,377
Fair Value:
MSR - changes in fair value model assumptions	$	(3,966)		$	(7,514)		$	13,248		$	(17,331)		$	877
Gain (loss) on derivative contract held as an economic hedge, net	2,535			4,897			(11,452)			6,892			(772)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)	60			2,733			(3,249)			3,529			642
Total fair value mortgage banking revenue	$	(1,371)		$	116		$	(1,453)		$	(6,910)		$	747
Total mortgage banking revenue	$	23,170		$	20,529		$	20,452		$	15,974		$	29,124

(1)Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.

(2)Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.


	Six Months Ended
(Dollars in thousands)		Jun 30, 2025			Jun 30, 2024
Originations:
Retail originations		$	872,227		$	875,898

Veterans First originations		269,772			321,901
Total originations for sale (A)		$	1,141,999		$	1,197,799
Originations for investment		640,103			444,577
Total originations		$	1,782,102		$	1,642,376
As a percentage of originations for sale:
Retail originations		76		%	73		%
Veterans First originations		24			27

Purchases		75		%	80		%
Refinances		25			20



Production Margin:


Production revenue (B) (1)		$	23,321		$	28,425



Total originations for sale (A)		$	1,141,999		$	1,197,799
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)		163,664			222,738
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)		103,946			119,624
Total mortgage production volume (C)		$	1,201,717		$	1,300,913
Production margin (B / C)		1.94		%	2.19		%

Mortgage Servicing:
Loans serviced for others (D)		$	12,470,924		$	12,211,027
MSRs, at fair value (E)		193,061			204,610
Percentage of MSRs to loans serviced for others (E / D)		1.55		%	1.68		%
Servicing income		$	21,131		$	21,084
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period		$	203,788		$	192,456

MSR - current period capitalization		11,005			13,602
MSR - collection of expected cash flows - paydowns		(3,106)			(2,948)
MSR - collection of expected cash flows - payoffs and repurchases		(7,146)			(6,972)
MSR - changes in fair value model assumptions		(11,480)			8,472
MSR Fair Value at end of period		$	193,061		$	204,610
Summary of Mortgage Banking Revenue:
Operational:
Production revenue (1)		$	23,321		$	28,425
MSR - Current period capitalization		11,005			13,602
MSR - Collection of expected cash flows - paydowns		(3,106)			(2,948)
MSR - Collection of expected cash flows - pay offs		(7,146)			(6,972)
Servicing Income		21,131			21,084
Other Revenue		(251)			21
Total operational mortgage banking revenue		$	44,954		$	53,212
Fair Value:
MSR - changes in fair value model assumptions		$	(11,480)		$	8,472
Gain (loss) on derivative contract held as an economic hedge, net		7,432			(3,349)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)		2,793			(1,548)
Total fair value mortgage banking revenue		$	(1,255)		$	3,575
Total mortgage banking revenue		$	43,699		$	56,787

(2)Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.

TABLE 17: NON-INTEREST EXPENSE


	Three Months Ended										Q2 2025 compared to Q1 2025				Q2 2025 compared to Q2 2024
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(Dollars in thousands)	2025		2025		2024		2024		2024		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	123,174	$	123,917	$	120,969	$	118,971	$	113,860	$	(743)	(1)	%	$	9,314	8	%
Commissions and incentive compensation	55,871		52,536		54,792		57,575		52,151		3,335		6		3,720		7
Benefits	40,496		35,073		36,372		34,715		32,530		5,423		15		7,966		24
Total salaries and employee benefits	219,541		211,526		212,133		211,261		198,541		8,015		4		21,000		11
Software and equipment	36,522		34,717		34,258		31,574		29,231		1,805		5		7,291		25
Operating lease equipment	10,757		10,471		10,263		10,518		10,834		286		3		(77)		(1)
Occupancy, net	20,228		20,778		20,597		19,945		19,585		(550)		(3)		643		3
Data processing	12,110		11,274		10,957		9,984		9,503		836		7		2,607		27
Advertising and marketing	18,761		12,272		13,097		18,239		17,436		6,489		53		1,325		8
Professional fees	9,243		9,044		11,334		9,783		9,967		199		2		(724)		(7)
Amortization of other acquisition-related intangible assets	5,580		5,618		5,773		4,042		1,122		(38)		(1)		4,458		NM
FDIC insurance	10,971		10,926		10,640		10,512		10,429		45		0		542		5

OREO expense, net	505		643		397		(938)		(259)		(138)		(21)		764		NM
Other:
Lending expenses, net of deferred origination costs	4,869		5,866		6,448		4,995		5,335		(997)		(17)		(466)		(9)
Travel and entertainment	6,026		5,270		8,140		5,364		5,340		756		14		686		13
Miscellaneous	26,348		27,685		24,502		25,408		23,289		(1,337)		(5)		3,059		13
Total other	37,243		38,821		39,090		35,767		33,964		(1,578)		(4)		3,279		10
Total Non-Interest Expense	$	381,461	$	366,090	$	368,539	$	360,687	$	340,353	$	15,371	4	%	$	41,108	12	%


	Six Months Ended				Q2 2025 compared to Q2 2024
	Jun 30,		Jun 30,
(Dollars in thousands)	2025		2024		$ Change		% Change
Salaries and employee benefits:
Salaries	$	247,091	$	226,032	$	21,059	9	%
Commissions and incentive compensation	108,407		103,152		5,255		5
Benefits	75,569		64,530		11,039		17
Total salaries and employee benefits	431,067		393,714		37,353		9
Software and equipment	71,239		56,962		14,277		25
Operating lease equipment	21,228		21,517		(289)		(1)
Occupancy, net	41,006		38,671		2,335		6
Data processing	23,384		18,795		4,589		24
Advertising and marketing	31,033		30,476		557		2
Professional fees	18,287		19,520		(1,233)		(6)
Amortization of other acquisition-related intangible assets	11,198		2,280		8,918		NM
FDIC insurance	21,897		19,810		2,087		11
FDIC insurance - special assessment	—		5,156		(5,156)		(100)
OREO expense, net	1,148		133		1,015		NM
Other:
Lending expenses, net of deferred origination costs	10,735		10,413		322		3
Travel and entertainment	11,296		9,937		1,359		14
Miscellaneous	54,033		46,114		7,919		17
Total other	76,064		66,464		9,600		14
Total Non-Interest Expense	$	747,551	$	673,498	$	74,053	11	%

NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.


	Three Months Ended															Six Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30,			Jun 30,
(Dollars and shares in thousands)	2025			2025			2024			2024			2024			2025			2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	920,908		$	886,965		$	913,501		$	908,604		$	849,979		$	1,807,873		$	1,655,492
Taxable-equivalent adjustment:
- Loans	2,200			2,206			2,352			2,474			2,305			4,406			4,551
- Liquidity Management Assets	680			690			716			668			567			1,370			1,117
- Other Earning Assets	—			3			2			2			3			3			8
(B) Interest Income (non-GAAP)	$	923,788		$	889,864		$	916,571		$	911,748		$	852,854		$	1,813,652		$	1,661,168
(C) Interest Expense (GAAP)	374,214			360,491			388,353			406,021			379,369			734,705			720,688
(D) Net Interest Income (GAAP) (A minus C)	546,694			526,474			525,148			502,583			470,610			1,073,168			934,804
(E) Net Interest Income (non-GAAP) (B minus C)	549,574			529,373			528,218			505,727			473,485			1,078,947			940,480
Net interest margin (GAAP)	3.52		%	3.54		%	3.49		%	3.49		%	3.50		%	3.53		%	3.53		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.54			3.56			3.51			3.51			3.52			3.55			3.56
(F) Non-interest income	$	124,089		$	116,634		$	113,451		$	113,147		$	121,147		$	240,723		$	261,727
(G) Gains (losses) on investment securities, net	650			3,196			(2,835)			3,189			(4,282)			3,846			(2,956)
(H) Non-interest expense	381,461			366,090			368,539			360,687			340,353			747,551			673,498
Efficiency ratio (H/(D+F-G))	56.92		%	57.21		%	57.46		%	58.88		%	57.10		%	57.06		%	56.15		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	56.68			56.95			57.18			58.58			56.83			56.81			55.88


	Three Months Ended															Six Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30,	Jun 30,
(Dollars and shares in thousands)	2025			2025			2024			2024			2024			2025	2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	7,225,696		$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628

Less: Non-convertible preferred stock (GAAP)	(837,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Acquisition-related intangible assets (GAAP)	(908,639)			(913,004)			(918,632)			(924,646)			(676,562)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,479,557		$	5,275,033		$	5,013,165		$	5,062,568		$	4,447,566
(J) Total assets (GAAP)	$	68,983,318		$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516
Less: Intangible assets (GAAP)	(908,639)			(913,004)			(918,632)			(924,646)			(676,562)
(K) Total tangible assets (non-GAAP)	$	68,074,679		$	64,957,062		$	63,961,036		$	62,863,778		$	59,104,954
Common equity to assets ratio (GAAP) (L/J)	9.3		%	9.4		%	9.1		%	9.4		%	8.6		%
Tangible common equity ratio (non-GAAP) (I/K)	8.0			8.1			7.8			8.1			7.5


Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	7,225,696		$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628
Less: Preferred stock	(837,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	6,388,196		$	6,188,037		$	5,931,797		$	5,987,214		$	5,124,128
(M) Actual common shares outstanding	66,938			66,919			66,495			66,482			61,760
Book value per common share (L/M)	$	95.43		$	92.47		$	89.21		$	90.06		$	82.97
Tangible book value per common share (non-GAAP) (I/M)	81.86			78.83			75.39			76.15			72.01

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	188,536		$	182,048		$	178,371		$	163,010		$	145,397		$	370,584		$	325,700
Add: Acquisition-related intangible asset amortization	5,580			5,618			5,773			4,042			1,122			11,198			2,280
Less: Tax effect of acquisition-related intangible asset amortization	(1,495)			(1,421)			(1,547)			(1,087)			(311)			(2,923)			(602)
After-tax Acquisition-related intangible asset amortization	$	4,085		$	4,197		$	4,226		$	2,955		$	811		$	8,275		$	1,678
(O) Tangible net income applicable to common shares (non-GAAP)	$	192,621		$	186,245		$	182,597		$	165,965		$	146,208		$	378,859		$	327,378
Total average shareholders’ equity	$	6,862,040		$	6,460,941		$	6,418,403		$	5,990,429		$	5,450,173		$	6,662,598		$	5,445,315
Less: Average preferred stock	(599,313)			(412,500)			(412,500)			(412,500)			(412,500)			(506,423)			(412,500)
(P) Total average common shareholders’ equity	$	6,262,727		$	6,048,441		$	6,005,903		$	5,577,929		$	5,037,673		$	6,156,175		$	5,032,815
Less: Average acquisition-related intangible assets	(910,924)			(916,069)			(921,438)			(833,574)			(677,207)			(913,483)			(677,969)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,351,803		$	5,132,372		$	5,084,465		$	4,744,355		$	4,360,466		$	5,242,692		$	4,354,846
Return on average common equity, annualized (N/P)	12.07		%	12.21		%	11.82		%	11.63		%	11.61		%	12.14		%	13.01		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	14.44			14.72			14.29			13.92			13.49			14.57			15.12

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	267,088		$	253,055		$	253,081		$	232,709		$	211,343		$	520,143		$	461,299
Add: Provision for credit losses	22,234			23,963			16,979			22,334			40,061			46,197			61,734
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	289,322		$	277,018		$	270,060		$	255,043		$	251,404		$	566,340		$	523,033

WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

•FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.

•First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.

•Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.

•Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States.

•Wintrust Investments, LLC provides a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.

•Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.

•Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.

•Wintrust Asset Finance offers direct leasing opportunities.

•CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

•economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;

•negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;

•the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;

•estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;

•the financial success and economic viability of the borrowers of our commercial loans;

•commercial real estate market conditions in the Chicago metropolitan area, southern Wisconsin and west Michigan;

•the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;

•inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;

•changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;

•the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;

•competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;

•failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;

•unexpected difficulties and losses related to FDIC-assisted acquisitions;

•harm to the Company’s reputation;

•any negative perception of the Company’s financial strength;

•ability of the Company to raise additional capital on acceptable terms when needed;

•disruption in capital markets, which may lower fair values for the Company’s investment portfolio;

•ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;

•failure or breaches of our security systems or infrastructure, or those of third parties;

•security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;

•adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);

•adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;

•increased costs as a result of protecting our customers from the impact of stolen debit card information;

•accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;

•ability of the Company to attract and retain senior management experienced in the banking and financial services industries;

•environmental liability risk associated with lending activities;

•the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;

•losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;

•the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;

•the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;

•the expenses and delayed returns inherent in opening new branches and de novo banks;

•liabilities, potential customer loss or reputational harm related to closings of existing branches;

•examinations and challenges by tax authorities, and any unanticipated impact of the tax legislation;

•changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;

•the ability of the Company to receive dividends from its subsidiaries;

•a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;

•legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;

•changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;

•a lowering of our credit rating;

•changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;

•regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;

•increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;

•the impact of heightened capital requirements;

•increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;

•delinquencies or fraud with respect to the Company’s premium finance business;

•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;

•the Company’s ability to comply with covenants under its credit facility;

•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and

•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, July 22, 2025 at 10:00 a.m. (CDT) regarding second quarter and year-to-date 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated June 20, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the second quarter and year-to-date 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.