EX-99.1 2 q3-2025exhibit991.htm EX-99.1

Exhibit 99.1

Wintrust Financial Corporation

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

News Release

FOR IMMEDIATE RELEASE						October 20, 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 $600.8 million, or $8.25 per diluted common share, for the first nine months of 2025, compared to net income of $509.7 million, or $7.67 per diluted common share for the same period of 2024. Pre-tax, pre-provision income (non-GAAP) for the first nine months of the year totaled a record $884.1 million, compared to $778.1 million for the first nine months of 2024.

The Company recorded record quarterly net income of $216.3 million, or $2.78 per diluted common share, for the third quarter of 2025, compared to net income of $195.5 million, or $2.78 per diluted common share for the second quarter of 2025. Excluding the one-time Preferred Stock impact discussed below, the earnings per diluted common share (non-GAAP) was $3.06 for the third quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the third quarter of 2025 totaled a record $317.8 million, as compared to $289.3 million for the second quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “We continued to build on the momentum established in our record first half of the year with record net income, net interest income, strong balance sheet growth and prudent management of net interest margin.”

Additionally, Mr. Crane noted, “Net interest margin in the third quarter remained within our expected range at 3.50% and we recognized record net interest income driven by strong average earning asset growth. We anticipate that a relatively stable net interest margin and continued balance sheet growth will contribute to net interest income expansion in the fourth quarter.”

Highlights of the third quarter of 2025:

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

•Total loans increased by $1.0 billion, or 8% annualized.

•Total deposits increased by $894.6 million, or 6% annualized.

•Total assets increased by $646.3 million, or 4% annualized.

•Earnings per diluted common share of $2.78 in the third quarter of 2025 was impacted by one-time recognition of prior issuance costs related to Preferred Stock Series D and Preferred Stock Series E ($14.0 million, or $0.21 per diluted common share) as well as the excess dividend amount related to one-time extended first dividend period on Preferred Stock Series F ($4.9 million, or $0.07 per diluted common share).

◦The Preferred Stock Series D and E were redeemed on July 15, 2025.

•Net interest income increased to $567.0 million in the third quarter of 2025, up $20.3 million from $546.7 million in the second quarter of 2025, driven by strong average earning asset growth.    

◦Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2025 was in line with our guidance.

•Non-interest income was impacted by the following:

◦Net gains on investment securities totaled $3.0 million in the third quarter of 2025, compared to net gains of approximately $650,000 in the second quarter of 2025.

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•Provision for credit losses totaled $21.8 million in the third quarter of 2025, compared to a provision for credit losses of $22.2 million in the second quarter of 2025.

•Net charge-offs totaled $24.6 million, or 19 basis points of average total loans on an annualized basis, in the third quarter of 2025 compared to $13.3 million, or 11 basis points of average total loans on an annualized basis, in the second quarter of 2025.

•Non-performing loans improved in the third quarter of 2025 and totaled $162.6 million and comprised 0.31% of total loans at September 30, 2025, as compared to $188.8 million and 0.37% of total loans at June 30, 2025.

Mr. Crane noted, “Strong loan growth in the third quarter totaled $1.0 billion, or 8% on an annualized basis. We are pleased with the diversified nature of our loan growth across all major loan portfolios. Loan pipelines remain strong and we continue to expect loan growth in the mid-to-high single digits for the remainder of the year. We remain disciplined in our evaluation of credit opportunities, ensuring that loan growth aligns with our conservative credit standards. Strong deposit growth totaled $894.6 million, or 6% on an annualized basis, in the third quarter of 2025. Our loan growth was funded by our deposit growth in the third quarter of 2025 resulting in our loans-to-deposits ratio ending the quarter at 91.8%.”

Commenting on credit quality, Mr. Crane stated, “Disciplined credit management, supported by thorough portfolio reviews, has driven consistent positive outcomes through early identification and resolution of problem credits. We continue to be conservative and disciplined in our underwriting to maintain 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 1.34%.”

In summary, Mr. Crane concluded, “We are proud of our third quarter performance and record results year to date. Building on the strong loan growth achieved in the third quarter, we are well positioned to sustain momentum and deliver continued revenue expansion as we close out 2025. We continue to leverage our strong customer relationships and differentiated market positioning to enhance our long-term franchise value as evidenced by deposit market share gains across our major markets, including moving into the third position in total deposit market share in Illinois and solid gains in Wisconsin and west Michigan. We remain focused on delivering our differentiated customer experience to drive better results for our customers and value for our shareholders.”

* * *

The graphs shown on pages 3-7 illustrate certain financial highlights of the third 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.

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*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.

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SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $646.3 million in the third quarter of 2025 compared to the second quarter of 2025. Total loans increased by $1.0 billion compared to the second quarter of 2025. The increase in loans was driven by growth across all major loan portfolios.

Total liabilities increased by $826.3 million in the third quarter of 2025 compared to the second quarter of 2025, driven by a $894.6 million increase in total deposits. Strong organic deposit growth in the third 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 91.8%.

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 third quarter of 2025, net interest income totaled $567.0 million, an increase of $20.3 million compared to the second quarter of 2025. The $20.3 million increase in net interest income in the third quarter of 2025 was primarily due to average earning asset growth of $2.4 billion, or 15% annualized.

Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2025, down four basis points compared to the second quarter of 2025. The yield on earning assets declined three basis points during the third quarter of 2025 primarily due to a four basis point decrease in loan yields. Funding cost on interest-bearing deposits increased by one basis point compared to the second quarter of 2025. The net free funds contribution in the third quarter of 2025 remained unchanged compared to the second 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 $454.6 million as of September 30, 2025, a slight decrease from $457.5 million as of June 30, 2025. A provision for credit losses totaling $21.8 million was recorded for the third quarter of 2025 compared to $22.2 million recorded in the second quarter of 2025. The provision for credit losses recognized in the third quarter of 2025 reflects stable credit quality and an improved macroeconomic forecast. However, given future economic performance remains uncertain, qualitative additions were made to the provision related to 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 September 30, 2025, June 30, 2025, and March 31, 2025 is shown on Table 12 of this report.

Net charge-offs totaled $24.6 million in the third quarter of 2025, an increase of $11.3 million compared to $13.3 million of net charge-offs in the second quarter of 2025. Net charge-offs as a percentage of average total loans were 19 basis points in the third quarter of 2025 on an annualized basis compared to 11 basis points on an annualized basis in the second quarter of 2025. 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 improved compared to prior quarters. Non-performing assets totaled $187.5 million and comprised 0.27% of total assets as of September 30, 2025, as compared to $212.5 million, or 0.31% of total assets, as of June 30, 2025. Non-performing loans totaled $162.6 million and comprised 0.31% of total loans at September 30, 2025, as compared to $188.8 million and 0.37% of total loans at June 30, 2025. For more information regarding non-performing assets, see Table 14 in this report.

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NON-INTEREST INCOME

Non-interest income totaled $130.8 million in the third quarter of 2025, increasing $6.7 million, compared to $124.1 million in the second quarter of 2025.

Wealth management revenue increased by approximately $367,000 in the third quarter of 2025, compared to the second quarter of 2025. The increase in the third quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in brokerage revenue related to higher transactional business. 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 $24.5 million in the third quarter of 2025, compared to $23.2 million in the second quarter of 2025. The increase in the third quarter of 2025 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized approximately $3.0 million in net gains on investment securities in the third quarter of 2025 compared to approximately $650,000 in net gains in the second quarter of 2025. The net gains in the third 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 $380.0 million in the third quarter of 2025, decreasing $1.5 million, compared to $381.5 million in the second quarter of 2025. Non-interest expense, as a percent of average assets, decreased in the third quarter of 2025 to 2.21%.

Professional fees expense totaled $7.5 million in the third quarter of 2025, resulting in a decrease of $1.8 million as compared to the second quarter of 2025. The decrease in the current quarter relates primarily to lower consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangement and normal regulatory exam assessments.

The Macatawa Bank acquisition-related costs were approximately $471,000 in the third quarter of 2025, compared to $2.9 million in the second 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 $79.8 million in the third quarter of 2025 compared to $71.6 million in the second quarter of 2025. The effective tax rates were 27.0% in the third quarter of 2025 compared to 26.8% in the second quarter of 2025.

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 third quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $24.5 million for the third quarter of 2025, an increase of $1.3 million compared to the second quarter of 2025. See Table 16 for more detail. Service charges on deposit accounts totaled $19.8 million in the third quarter of 2025 as compared to $19.5 million in the second quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of September 30, 2025 indicating momentum for expected continued loan growth in the fourth quarter of 2025.

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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 $5.5 billion during the third quarter of 2025. Average balances increased by $945.4 million, as compared to the second quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the third quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.8 billion, $1.2 billion, and $301.0 million as of September 30, 2025, respectively, compared to $2.8 billion, $1.2 billion, and $289.8 million as of June 30, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.2 million in the third quarter of 2025, which was relatively stable compared to the second 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 $37.2 million in the third quarter of 2025, an increase as compared to the second quarter of 2025. At September 30, 2025, the Company’s wealth management subsidiaries had approximately $55.1 billion of assets under administration, which included $8.8 billion of assets owned by the Company and its subsidiary banks.

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WINTRUST FINANCIAL CORPORATION

Key Operating Measures

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

																					% or (1) basis point  (bp) change from 2nd Quarter 2025									% or basis point  (bp) change from 3rd Quarter 2024
						Three Months Ended
(Dollars in thousands, except per share data)						Sep 30, 2025						Jun 30, 2025						Sep 30, 2024
Net income						$	216,254					$	195,527					$	170,001		11			%						27			%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)						317,809						289,322						255,043			10									25
Net income per common share – Diluted						2.78						2.78						2.47			—									13
Cash dividends declared per common share						0.50						0.50						0.45			—									11
Net revenue (3)						697,837						670,783						615,730			4									13
Net interest income						567,010						546,694						502,583			4									13
Net interest margin						3.48		%				3.52		%				3.49		%	(4)			bps						(1)			bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)						3.50						3.54						3.51			(4)									(1)
Net overhead ratio (4)						1.45						1.57						1.62			(12)									(17)
Return on average assets						1.26						1.19						1.11			7									15
Return on average common equity						11.58						12.07						11.63			(49)									(5)
Return on average tangible common equity (non-GAAP) (2)						13.74						14.44						13.92			(70)									(18)
At end of period
Total assets						$	69,629,638					$	68,983,318					$	63,788,424		4			%						9			%
Total loans (5)						52,063,482						51,041,679						47,067,447			8									11
Total deposits						56,711,381						55,816,811						51,404,966			6									10
Total shareholders’ equity						7,045,757						7,225,696						6,399,714			(10)									10

(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.

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WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights

						Three Months Ended																											Nine Months Ended
(Dollars in thousands, except per share data)						Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024			Sep 30, 2025						Sep 30, 2024
Selected Financial Condition Data (at end of period):
Total assets						$	69,629,638					$	68,983,318					$	65,870,066					$	64,879,668					$	63,788,424
Total loans (1)						52,063,482						51,041,679						48,708,390						48,055,037						47,067,447
Total deposits						56,711,381						55,816,811						53,570,038						52,512,349						51,404,966
Total shareholders’ equity						7,045,757						7,225,696						6,600,537						6,344,297						6,399,714
Selected Statements of Income Data:
Net interest income						$	567,010					$	546,694					$	526,474					$	525,148					$	502,583		$	1,640,178					$	1,437,387
Net revenue (2)						697,837						670,783						643,108						638,599						615,730			2,011,728						1,812,261
Net income						216,254						195,527						189,039						185,362						170,001			600,820						509,683
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)						317,809						289,322						277,018						270,060						255,043			884,149						778,076
Net income per common share – Basic						2.82						2.82						2.73						2.68						2.51			8.37						7.79
Net income per common share – Diluted						2.78						2.78						2.69						2.63						2.47			8.25						7.67
Cash dividends declared per common share						0.50						0.50						0.50						0.45						0.45			1.50						1.35
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin						3.48		%				3.52		%				3.54		%				3.49		%				3.49		%	3.51		%				3.52		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)						3.50						3.54						3.56						3.51						3.51			3.53						3.54
Non-interest income to average assets						0.76						0.76						0.74						0.71						0.74			0.75						0.86
Non-interest expense to average assets						2.21						2.32						2.32						2.31						2.36			2.28						2.38
Net overhead ratio (4)						1.45						1.57						1.58						1.60						1.62			1.53						1.52
Return on average assets						1.26						1.19						1.20						1.16						1.11			1.22						1.17
Return on average common equity						11.58						12.07						12.21						11.82						11.63			11.94						12.52
Return on average tangible common equity (non-GAAP) (3)						13.74						14.44						14.72						14.29						13.92			14.28						14.69
Average total assets						$	68,303,036					$	65,840,345					$	64,107,042					$	63,594,105					$	60,915,283		$	66,098,845					$	58,014,347
Average total shareholders’ equity						6,955,543						6,862,040						6,460,941						6,418,403						5,990,429			6,761,319						5,628,346
Average loans to average deposits ratio						92.5		%				93.0		%				92.3		%				91.9		%				93.8		%	92.6		%				94.5		%
Period-end loans to deposits ratio						91.8						91.4						90.9						91.5						91.6
Common Share Data at end of period:
Market price per common share						$	132.44					$	123.98					$	112.46					$	124.71					$	108.53
Book value per common share						98.87						95.43						92.47						89.21						90.06
Tangible book value per common share (non-GAAP) (3)						85.39						81.86						78.83						75.39						76.15
Common shares outstanding						66,961,209						66,937,732						66,919,325						66,495,227						66,481,543
Other Data at end of period:
Common equity to assets ratio						9.5		%				9.3		%				9.4		%				9.1		%				9.4		%
Tangible common equity ratio (non-GAAP) (3)						8.3						8.0						8.1						7.8						8.1
Tier 1 leverage ratio (5)						9.5						10.2						9.6						9.4						9.6
Risk-based capital ratios:
Tier 1 capital ratio (5)						10.9						11.5						10.8						10.7						10.6
Common equity tier 1 capital ratio (5)						10.2						10.0						10.1						9.9						9.8
Total capital ratio (5)						12.4						13.0						12.5						12.3						12.2
Allowance for credit losses (6)						$	454,586					$	457,461					$	448,387					$	437,060					$	436,193
Allowance for loan and unfunded lending-related commitment losses to total loans						0.87		%				0.90		%				0.92		%				0.91		%				0.93		%
Number of:
Bank subsidiaries						16						16						16						16						16
Banking offices						208						208						208						205						203

(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.

(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)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.

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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

 

						(Unaudited)						(Unaudited)						(Unaudited)												(Unaudited)
						Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,
(In thousands)						2025						2025						2025						2024						2024
Assets
Cash and due from banks						$	565,406					$	695,501					$	616,216					$	452,017					$	725,465
Federal funds sold and securities purchased under resale agreements						63						63						63						6,519						5,663
Interest-bearing deposits with banks						3,422,452						4,569,618						4,238,237						4,409,753						3,648,117
Available-for-sale securities, at fair value						5,274,124						4,885,715						4,220,305						4,141,482						3,912,232
Held-to-maturity securities, at amortized cost						3,438,406						3,502,186						3,564,490						3,613,263						3,677,420
Trading account securities						—						—						—						4,072						3,472
Equity securities with readily determinable fair value						63,445						273,722						270,442						215,412						125,310
Federal Home Loan Bank and Federal Reserve Bank stock						282,755						282,087						281,893						281,407						266,908
Brokerage customer receivables						—						—						—						18,102						16,662
Mortgage loans held-for-sale, at fair value						333,883						299,606						316,804						331,261						461,067
Loans, net of unearned income						52,063,482						51,041,679						48,708,390						48,055,037						47,067,447
Allowance for loan losses						(386,622)						(391,654)						(378,207)						(364,017)						(360,279)
Net loans						51,676,860						50,650,025						48,330,183						47,691,020						46,707,168
Premises, software and equipment, net						775,425						776,324						776,679						779,130						772,002
Lease investments, net						301,000						289,768						280,472						278,264						270,171
Accrued interest receivable and other assets						1,614,674						1,610,025						1,598,255						1,739,334						1,721,090
Receivable on unsettled securities sales						978,209						240,039						463,023						—						551,031
Goodwill						797,639						798,144						796,932						796,942						800,780
Other acquisition-related intangible assets						105,297						110,495						116,072						121,690						123,866
Total assets						$	69,629,638					$	68,983,318					$	65,870,066					$	64,879,668					$	63,788,424
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing						$	10,952,146					$	10,877,166					$	11,201,859					$	11,410,018					$	10,739,132
Interest-bearing						45,759,235						44,939,645						42,368,179						41,102,331						40,665,834
Total deposits						56,711,381						55,816,811						53,570,038						52,512,349						51,404,966
Federal Home Loan Bank advances						3,151,309						3,151,309						3,151,309						3,151,309						3,171,309
Other borrowings						579,328						625,392						529,269						534,803						647,043
Subordinated notes						298,536						298,458						298,360						298,283						298,188
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						1,589,761						1,572,981						1,466,987						1,785,061						1,613,638
Total liabilities						62,583,881						61,757,622						59,269,529						58,535,371						57,388,710
Shareholders’ Equity:
Preferred stock						425,000						837,500						412,500						412,500						412,500
Common stock						67,042						67,025						67,007						66,560						66,546
Surplus						2,521,306						2,495,637						2,494,347						2,482,561						2,470,228
Treasury stock						(9,150)						(9,156)						(9,156)						(6,153)						(6,098)
Retained earnings						4,356,367						4,200,923						4,045,854						3,897,164						3,748,715
Accumulated other comprehensive loss						(314,808)						(366,233)						(410,015)						(508,335)						(292,177)
Total shareholders’ equity						7,045,757						7,225,696						6,600,537						6,344,297						6,399,714
Total liabilities and shareholders’ equity						$	69,629,638					$	68,983,318					$	65,870,066					$	64,879,668					$	63,788,424

13

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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

			Three Months Ended																											Nine Months Ended
(Dollars in thousands, except per share data)			Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024			Sep 30, 2025						Sep 30, 2024
Interest income
Interest and fees on loans			$	832,140					$	797,997					$	768,362					$	789,038					$	794,163		$	2,398,499					$	2,254,316
Mortgage loans held-for-sale			4,757						4,872						4,246						5,623						6,233			13,875						15,813
Interest-bearing deposits with banks			34,992						34,317						36,766						46,256						32,608			106,075						68,997
Federal funds sold and securities purchased under resale agreements			75						276						179						53						277			530						313
Investment securities			86,426						78,053						72,016						67,066						69,592			236,495						209,049
Trading account securities			—						—						11						6						11			11						42
Federal Home Loan Bank and Federal Reserve Bank stock			5,444						5,393						5,307						5,157						5,451			16,144						14,903
Brokerage customer receivables			—						—						78						302						269			78						663
Total interest income			963,834						920,908						886,965						913,501						908,604			2,771,707						2,564,096
Interest expense
Interest on deposits			355,846						333,470						320,233						346,388						362,019			1,009,549						997,254
Interest on Federal Home Loan Bank advances			26,007						25,724						25,441						26,050						26,254			77,172						73,099
Interest on other borrowings			6,887						6,957						6,792						7,519						9,013			20,636						26,961
Interest on subordinated notes			3,717						3,735						3,714						3,733						3,712			11,166						14,384
Interest on junior subordinated debentures			4,367						4,328						4,311						4,663						5,023			13,006						15,011
Total interest expense			396,824						374,214						360,491						388,353						406,021			1,131,529						1,126,709
Net interest income			567,010						546,694						526,474						525,148						502,583			1,640,178						1,437,387
Provision for credit losses			21,768						22,234						23,963						16,979						22,334			67,965						84,068
Net interest income after provision for credit losses			545,242						524,460						502,511						508,169						480,249			1,572,213						1,353,319
Non-interest income
Wealth management			37,188						36,821						34,042						38,775						37,224			108,051						107,452
Mortgage banking			24,451						23,170						20,529						20,452						15,974			68,150						72,761
Service charges on deposit accounts			19,825						19,502						19,362						18,864						16,430			58,689						46,787
Gains (losses) on investment securities, net			2,972						650						3,196						(2,835)						3,189			6,818						233
Fees from covered call options			5,619						5,624						3,446						2,305						988			14,689						7,891
Trading gains (losses), net			172						151						(64)						(113)						(130)			259						617
Operating lease income, net			15,466						15,166						15,287						15,327						15,335			45,919						43,383
Other			25,134						23,005						20,836						20,676						24,137			68,975						95,750
Total non-interest income			130,827						124,089						116,634						113,451						113,147			371,550						374,874
Non-interest expense
Salaries and employee benefits			219,668						219,541						211,526						212,133						211,261			650,735						604,975
Software and equipment			35,027						36,522						34,717						34,258						31,574			106,266						88,536
Operating lease equipment			10,409						10,757						10,471						10,263						10,518			31,637						32,035
Occupancy, net			20,809						20,228						20,778						20,597						19,945			61,815						58,616
Data processing			11,329						12,110						11,274						10,957						9,984			34,713						28,779
Advertising and marketing			19,027						18,761						12,272						13,097						18,239			50,060						48,715
Professional fees			7,465						9,243						9,044						11,334						9,783			25,752						29,303
Amortization of other acquisition-related intangible assets			5,196						5,580						5,618						5,773						4,042			16,394						6,322
FDIC insurance			11,418						10,971						10,926						10,640						10,512			33,315						35,478
Other real estate owned (“OREO”) expenses, net			262						505						643						397						(938)			1,410						(805)
Other			39,418						37,243						38,821						39,090						35,767			115,482						102,231
Total non-interest expense			380,028						381,461						366,090						368,539						360,687			1,127,579						1,034,185
Income before taxes			296,041						267,088						253,055						253,081						232,709			816,184						694,008
Income tax expense			79,787						71,561						64,016						67,719						62,708			215,364						184,325
Net income			$	216,254					$	195,527					$	189,039					$	185,362					$	170,001		$	600,820					$	509,683
Preferred stock dividends			13,295						6,991						6,991						6,991						6,991			27,277						20,973
Preferred stock redemption			14,046						—						—						—						—			14,046						—
Net income applicable to common shares			$	188,913					$	188,536					$	182,048					$	178,371					$	163,010		$	559,497					$	488,710
Net income per common share - Basic			$	2.82					$	2.82					$	2.73					$	2.68					$	2.51		$	8.37					$	7.79
Net income per common share - Diluted			$	2.78					$	2.78					$	2.69					$	2.63					$	2.47		$	8.25					$	7.67
Cash dividends declared per common share			$	0.50					$	0.50					$	0.50					$	0.45					$	0.45		$	1.50					$	1.35
Weighted average common shares outstanding			66,952						66,931						66,726						66,491						64,888			66,871						62,743
Dilutive potential common shares			1,028						888						923						1,233						1,053			945						934
Average common shares and dilutive common shares			67,980						67,819						67,649						67,724						65,941			67,816						63,677

14

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TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

																																				% Growth From (1)
(Dollars in thousands)			Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024									Jun 30, 2025 (2)			Sep 30, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies			$	211,360					$	192,633					$	181,580					$	189,774					$	314,693								39		%	(33)		%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies			122,523						106,973						135,224						141,487						146,374									58			(16)
Total mortgage loans held-for-sale			$	333,883					$	299,606					$	316,804					$	331,261					$	461,067								45		%	(28)		%
Core loans:
Commercial
Commercial and industrial			$	7,135,083					$	7,028,247					$	6,871,206					$	6,867,422					$	6,774,683								6		%	5		%
Asset-based lending			1,588,522						1,663,693						1,701,962						1,611,001						1,709,685									(18)			(7)
Municipal			804,986						771,785						798,646						826,653						827,125									17			(3)
Leases			2,834,563						2,757,331						2,680,943						2,537,325						2,443,721									11			16
Commercial real estate
Residential construction			60,923						59,027						55,849						48,617						73,088									13			(17)
Commercial construction			2,273,545						2,165,263						2,086,797						2,065,775						1,984,240									20			15
Land			323,685						304,827						306,235						319,689						346,362									25			(7)
Office			1,578,208						1,601,208						1,641,555						1,656,109						1,675,286									(6)			(6)
Industrial			2,912,547						2,824,889						2,677,555						2,628,576						2,527,932									12			15
Retail			1,478,861						1,452,351						1,402,837						1,374,655						1,404,586									7			5
Multi-family			3,306,597						3,200,578						3,091,314						3,125,505						3,193,339									13			4
Mixed use and other			1,684,841						1,683,867						1,652,759						1,685,018						1,588,584									0			6
Home equity			484,202						466,815						455,683						445,028						427,043									15			13
Residential real estate
Residential real estate loans for investment			4,019,046						3,814,715						3,561,417						3,456,009						3,252,649									21			24
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies			75,088						80,800						86,952						114,985						92,355									(28)			(19)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies			49,736						53,267						36,790						41,771						43,034									(26)			16
Total core loans			$	30,610,433					$	29,928,663					$	29,108,500					$	28,804,138					$	28,363,712								9		%	8		%
Niche loans:
Commercial
Franchise			$	1,298,140					$	1,286,265					$	1,262,555					$	1,268,521					$	1,191,686								4		%	9		%
Mortgage warehouse lines of credit			1,204,661						1,232,530						1,019,543						893,854						750,462									(9)			61
Community Advantage - homeowners association			537,696						526,595						525,492						525,446						501,645									8			7
Insurance agency lending			1,140,691						1,120,985						1,070,979						1,044,329						1,048,686									7			9
Premium Finance receivables
U.S. property & casualty insurance			7,502,901						7,378,340						6,486,663						6,447,625						6,253,271									7			20
Canada property & casualty insurance			863,391						944,836						753,199						824,417						878,410									(34)			(2)
Life insurance			8,758,553						8,506,960						8,365,140						8,147,145						7,996,899									12			10
Consumer and other			147,016						116,505						116,319						99,562						82,676									104			78
Total niche loans			$	21,453,049					$	21,113,016					$	19,599,890					$	19,250,899					$	18,703,735								6		%	15		%
Total loans, net of unearned income			$	52,063,482					$	51,041,679					$	48,708,390					$	48,055,037					$	47,067,447								8		%	11		%

(1)NM - Not Meaningful.

(2)Annualized.

15

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TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																														% Growth From
(Dollars in thousands)			Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024			Jun 30, 2025 (1)						Sep 30, 2024
Balance:
Non-interest-bearing			$	10,952,146					$	10,877,166					$	11,201,859					$	11,410,018					$	10,739,132		3		%				2		%
NOW and interest-bearing demand deposits			6,710,919						6,795,725						6,340,168						5,865,546						5,466,932			(5)						23
Wealth management deposits (2)			1,600,735						1,595,764						1,408,790						1,469,064						1,303,354			1						23
Money market			20,270,382						19,556,041						18,074,733						17,975,191						17,713,726			14						14
Savings			6,758,743						6,659,419						6,576,251						6,372,499						6,183,249			6						9
Time certificates of deposit			10,418,456						10,332,696						9,968,237						9,420,031						9,998,573			3						4
Total deposits			$	56,711,381					$	55,816,811					$	53,570,038					$	52,512,349					$	51,404,966		6		%				10		%
Mix:
Non-interest-bearing			19		%				19		%				21		%				22		%				21		%
NOW and interest-bearing demand deposits			12						12						12						11						11
Wealth management deposits (2)			3						3						3						3						3
Money market			36						35						34						34						34
Savings			12						12						12						12						12
Time certificates of deposit			18						19						18						18						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 September 30, 2025

(Dollars in thousands)																											Total Time Certificates of Deposit						Weighted-Average Rate of Maturing Time Certificates     of Deposit
1-3 months																											$	4,450,481					3.83		%
4-6 months																											3,165,121						3.72
7-9 months																											1,489,181						3.64
10-12 months																											973,156						3.79
13-18 months																											196,146						3.13
19-24 months																											79,669						3.00
24+ months																											64,702						3.00
Total																											$	10,418,456					3.74		%

16

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TABLE 4: QUARTERLY AVERAGE BALANCES

						Average Balance for three months ended,
						Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,
(In thousands)						2025						2025						2025						2024						2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)						$	3,276,683					$	3,308,199					$	3,520,048					$	3,934,016					$	2,413,728
Investment securities (2)						9,377,930						8,801,560						8,409,735						8,090,271						8,276,576
FHLB and FRB stock (3)						282,338						282,001						281,702						271,825						263,707
Liquidity management assets (4)						$	12,936,951					$	12,391,760					$	12,211,485					$	12,296,112					$	10,954,011
Other earning assets (4) (5)						—						—						13,140						20,528						17,542
Mortgage loans held-for-sale						295,365						310,534						286,710						378,707						376,251
Loans, net of unearned income (4) (6)						51,403,566						49,517,635						47,833,380						47,153,014						45,920,586
Total earning assets (4)						$	64,635,882					$	62,219,929					$	60,344,715					$	59,848,361					$	57,268,390
Allowance for loan and investment security losses						(410,681)						(398,685)						(375,371)						(367,238)						(383,736)
Cash and due from banks						495,292						478,707						476,423						470,033						467,333
Other assets						3,582,543						3,540,394						3,661,275						3,642,949						3,563,296
Total assets						$	68,303,036					$	65,840,345					$	64,107,042					$	63,594,105					$	60,915,283
NOW and interest-bearing demand deposits						$	6,687,292					$	6,423,050					$	6,046,189					$	5,601,672					$	5,174,673
Wealth management deposits						1,604,142						1,552,989						1,574,480						1,430,163						1,362,747
Money market accounts						19,431,021						18,184,754						17,581,141						17,579,395						16,436,111
Savings accounts						6,723,325						6,578,698						6,479,444						6,288,727						6,096,746
Time deposits						10,319,719						9,841,702						9,406,126						9,702,948						9,598,109
Interest-bearing deposits						$	44,765,499					$	42,581,193					$	41,087,380					$	40,602,905					$	38,668,386
FHLB advances (3)						3,151,310						3,151,310						3,151,309						3,160,658						3,178,973
Other borrowings						614,892						593,657						582,139						577,786						622,792
Subordinated notes						298,481						298,398						298,306						298,225						298,135
Junior subordinated debentures						253,566						253,566						253,566						253,566						253,566
Total interest-bearing liabilities						$	49,083,748					$	46,878,124					$	45,372,700					$	44,893,140					$	43,021,852
Non-interest-bearing deposits						10,791,709						10,643,798						10,732,156						10,718,738						10,271,613
Other liabilities						1,472,036						1,456,383						1,541,245						1,563,824						1,631,389
Equity						6,955,543						6,862,040						6,460,941						6,418,403						5,990,429
Total liabilities and shareholders’ equity						$	68,303,036					$	65,840,345					$	64,107,042					$	63,594,105					$	60,915,283
Net free funds/contribution (7)						$	15,552,134					$	15,341,805					$	14,972,015					$	14,955,221					$	14,246,538

(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.

17

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TABLE 5: QUARTERLY NET INTEREST INCOME

						Net Interest Income for three months ended,
						Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,
(In thousands)						2025						2025						2025						2024						2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents						$	35,067					$	34,593					$	36,945					$	46,308					$	32,885
Investment securities						87,101						78,733						72,706						67,783						70,260
FHLB and FRB stock (1)						5,444						5,393						5,307						5,157						5,451
Liquidity management assets (2)						$	127,612					$	118,719					$	114,958					$	119,248					$	108,596
Other earning assets (2)						—						—						92						310						282
Mortgage loans held-for-sale						4,757						4,872						4,246						5,623						6,233
Loans, net of unearned income (2)						834,294						800,197						770,568						791,390						796,637
Total interest income						$	966,663					$	923,788					$	889,864					$	916,571					$	911,748
Interest expense:
NOW and interest-bearing demand deposits						$	40,448					$	37,517					$	33,600					$	31,695					$	30,971
Wealth management deposits						8,415						8,182						8,606						9,412						10,158
Money market accounts						169,831						155,890						146,374						159,945						167,382
Savings accounts						38,844						37,637						35,923						38,402						42,892
Time deposits						98,308						94,244						95,730						106,934						110,616
Interest-bearing deposits						$	355,846					$	333,470					$	320,233					$	346,388					$	362,019
FHLB advances (1)						26,007						25,724						25,441						26,050						26,254
Other borrowings						6,887						6,957						6,792						7,519						9,013
Subordinated notes						3,717						3,735						3,714						3,733						3,712
Junior subordinated debentures						4,367						4,328						4,311						4,663						5,023
Total interest expense						$	396,824					$	374,214					$	360,491					$	388,353					$	406,021
Less: Fully taxable-equivalent adjustment						(2,829)						(2,880)						(2,899)						(3,070)						(3,144)
Net interest income (GAAP) (3)						567,010						546,694						526,474						525,148						502,583
Fully taxable-equivalent adjustment						2,829						2,880						2,899						3,070						3,144
Net interest income, fully taxable-equivalent (non-GAAP) (3)						$	569,839					$	549,574					$	529,373					$	528,218					$	505,727

(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.

18

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TABLE 6: QUARTERLY NET INTEREST MARGIN

						Net Interest Margin for three months ended,
						Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents						4.25		%				4.19		%				4.26		%				4.68		%				5.42		%
Investment securities						3.68						3.59						3.51						3.33						3.38
FHLB and FRB stock (1)						7.65						7.67						7.64						7.55						8.22
Liquidity management assets						3.91		%				3.84		%				3.82		%				3.86		%				3.94		%
Other earning assets						—						—						2.84						6.01						6.38
Mortgage loans held-for-sale						6.39						6.29						6.01						5.91						6.59
Loans, net of unearned income						6.44						6.48						6.53						6.68						6.90
Total earning assets						5.93		%				5.96		%				5.98		%				6.09		%				6.33		%
Rate paid on:
NOW and interest-bearing demand deposits						2.40		%				2.34		%				2.25		%				2.25		%				2.38		%
Wealth management deposits						2.08						2.11						2.22						2.62						2.97
Money market accounts						3.47						3.44						3.38						3.62						4.05
Savings accounts						2.29						2.29						2.25						2.43						2.80
Time deposits						3.78						3.84						4.13						4.38						4.58
Interest-bearing deposits						3.15		%				3.14		%				3.16		%				3.39		%				3.72		%
FHLB advances						3.27						3.27						3.27						3.28						3.29
Other borrowings						4.44						4.70						4.73						5.18						5.76
Subordinated notes						4.94						5.02						5.05						4.98						4.95
Junior subordinated debentures						6.83						6.85						6.90						7.32						7.88
Total interest-bearing liabilities						3.21		%				3.20		%				3.22		%				3.44		%				3.75		%
Interest rate spread (2) (3)						2.72		%				2.76		%				2.76		%				2.65		%				2.58		%
Less: Fully taxable-equivalent adjustment						(0.02)						(0.02)						(0.02)						(0.02)						(0.02)
Net free funds/contribution (4)						0.78						0.78						0.80						0.86						0.93
Net interest margin (GAAP) (3)						3.48		%				3.52		%				3.54		%				3.49		%				3.49		%
Fully taxable-equivalent adjustment						0.02						0.02						0.02						0.02						0.02
Net interest margin, fully taxable-equivalent (non-GAAP) (3)						3.50		%				3.54		%				3.56		%				3.51		%				3.51		%

(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.

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

			Average Balance for nine months ended,									Interest for nine months ended,									Yield/Rate for nine months ended,
(Dollars in thousands)			Sep 30, 2025						Sep 30, 2024			Sep 30, 2025						Sep 30, 2024			Sep 30, 2025						Sep 30, 2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)			$	3,367,419					$	1,720,387		$	106,605					$	69,310		4.23		%				5.38		%
Investment securities (2)			8,866,621						8,276,711			238,540						210,834			3.60						3.40
FHLB and FRB stock (3)			282,016						249,375			16,144						14,903			7.65						7.98
Liquidity management assets (4) (5)			$	12,516,056					$	10,246,473		$	361,289					$	295,047		3.86		%				3.85		%
Other earning assets (4) (5) (6)			4,332						15,966			92						715			2.84						5.98
Mortgage loans held-for-sale			297,568						338,061			13,875						15,813			6.23						6.25
Loans, net of unearned income (4) (5) (7)			49,597,938						43,963,779			2,405,059						2,261,341			6.48						6.87
Total earning assets (5)			$	62,415,894					$	54,564,279		$	2,780,315					$	2,572,916		5.96		%				6.30		%
Allowance for loan and investment security losses			(395,041)						(368,713)
Cash and due from banks			483,543						450,899
Other assets			3,594,449						3,367,882
Total assets			$	66,098,845					$	58,014,347
NOW and interest-bearing demand deposits			$	6,387,859					$	5,279,697		$	111,565					$	98,586		2.34		%				2.49		%
Wealth management deposits			1,577,312						1,467,886			25,203						30,913			2.14						2.81
Money market accounts			18,405,748						15,398,045			472,095						460,466			3.43						3.99
Savings accounts			6,594,716						5,923,205			112,404						123,026			2.28						2.77
Time deposits			9,859,196						8,435,172			288,282						284,263			3.91						4.50
Interest-bearing deposits			$	42,824,831					$	36,504,005		$	1,009,549					$	997,254		3.15		%				3.65		%
Federal Home Loan Bank advances			3,151,310						3,002,228			77,172						73,099			3.27						3.25
Other borrowings			597,016						612,627			20,636						26,961			4.62						5.88
Subordinated notes			298,396						381,813			11,166						14,384			5.00						5.03
Junior subordinated debentures			253,566						253,566			13,006						15,011			6.86						7.91
Total interest-bearing liabilities			$	47,125,119					$	40,754,239		$	1,131,529					$	1,126,709		3.21		%				3.69		%
Non-interest-bearing deposits			10,722,772						10,041,972
Other liabilities			1,489,635						1,589,790
Equity			6,761,319						5,628,346
Total liabilities and shareholders’ equity			$	66,098,845					$	58,014,347
Interest rate spread (5) (8)																					2.75		%				2.61		%
Less: Fully taxable-equivalent adjustment												(8,608)						(8,820)			(0.02)						(0.02)
Net free funds/contribution (9)			$	15,290,775					$	13,810,040											0.78						0.93
Net interest income/margin (GAAP) (5)												$	1,640,178					$	1,437,387		3.51		%				3.52		%
Fully taxable-equivalent adjustment												8,608						8,820			0.02						0.02
Net interest income/margin, fully taxable-equivalent (non-GAAP) (5)												$	1,648,786					$	1,446,207		3.53		%				3.54		%

(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)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.

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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
Sep 30, 2025						(2.3)		%				(0.8)		%				0.0		%				(0.4)		%
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)

Ramp Scenario			+200 Basis Points						+100 Basis Points						-100 Basis Points						-200 Basis Points
Sep 30, 2025			(0.2)		%				(0.1)		%				0.1		%				(0.1)		%
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

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, floors 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.

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TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

			Loans repricing or contractual maturity period
As of September 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			$	465,635					$	3,851,843					$	2,154,642					$	17,113					$	6,489,233
Variable rate			10,054,366						743						—						—						10,055,109
Total commercial			$	10,520,001					$	3,852,586					$	2,154,642					$	17,113					$	16,544,342
Commercial real estate
Fixed rate			$	771,993					$	2,629,379					$	358,703					$	68,729					$	3,828,804
Variable rate			9,779,638						10,700						65						—						9,790,403
Total commercial real estate			$	10,551,631					$	2,640,079					$	358,768					$	68,729					$	13,619,207
Home equity
Fixed rate			$	9,470					$	464					$	—					$	13					$	9,947
Variable rate			474,255						—						—						—						474,255
Total home equity			$	483,725					$	464					$	—					$	13					$	484,202
Residential real estate
Fixed rate			$	17,018					$	4,563					$	70,142					$	1,040,869					$	1,132,592
Variable rate			117,542						736,051						2,157,685						—						3,011,278
Total residential real estate			$	134,560					$	740,614					$	2,227,827					$	1,040,869					$	4,143,870
Premium finance receivables - property & casualty
Fixed rate			$	8,275,798					$	90,494					$	—					$	—					$	8,366,292
Variable rate			—						—						—						—						—
Total premium finance receivables - property & casualty			$	8,275,798					$	90,494					$	—					$	—					$	8,366,292
Premium finance receivables - life insurance
Fixed rate			$	255,894					$	140,954					$	4,000					$	—					$	400,848
Variable rate			8,357,705						—						—						—						8,357,705
Total premium finance receivables - life insurance			$	8,613,599					$	140,954					$	4,000					$	—					$	8,758,553
Consumer and other
Fixed rate			$	65,657					$	8,660					$	1,045					$	853					$	76,215
Variable rate			70,801						—						—						—						70,801
Total consumer and other			$	136,458					$	8,660					$	1,045					$	853					$	147,016
Total per category
Fixed rate			$	9,861,465					$	6,726,357					$	2,588,532					$	1,127,577					$	20,303,931
Variable rate			28,854,307						747,494						2,157,750						—						31,759,551
Total loans, net of unearned income			$	38,715,772					$	7,473,851					$	4,746,282					$	1,127,577					$	52,063,482
Less: Existing cash flow hedging derivatives (1)			(5,650,000)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity			$	33,065,772
Variable Rate Loan Pricing by Index:
SOFR tenors (2)																											$	20,295,819
12- month CMT (3)																											7,284,381
Prime																											3,083,193
Fed Funds																											768,000
Other U.S. Treasury tenors																											191,629
Other																											136,529
Total variable rate																											$	31,759,551

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

(2)SOFR - Secured Overnight Financing Rate.

(3)CMT - Constant Maturity Treasury Rate.

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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 $17.5 billion tied to one-month SOFR and $7.3 billion tied to twelve-month CMT. The above chart shows:

						Basis Point (bp) Change in
						1-month SOFR						12- month CMT												Prime
Third Quarter 2025						(19)			bps			(28)			bps									(25)			bps
Second Quarter 2025						—						(7)												—
First Quarter 2025						(1)						(13)												—
fourth quarter 2024						(52)						18												(50)
Third Quarter 2024						(49)						(111)												(50)

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TABLE 10: ALLOWANCE FOR CREDIT LOSSES

						Three Months Ended																											Nine Months Ended
						Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,			Sep 30,						Sep 30,
(Dollars in thousands)						2025						2025						2025						2024						2024			2025						2024
Allowance for credit losses at beginning of period						$	457,461					$	448,387					$	437,060					$	436,193					$	437,560		$	437,060					$	427,612
Provision for credit losses - Other						21,768						22,234						23,963						16,979						6,787			67,965						68,521
Provision for credit losses - Day 1 on non-PCD assets acquired during the period						—						—						—						—						15,547			—						15,547
Initial allowance for credit losses recognized on PCD assets acquired during the period						—						—						—						—						3,004			—						3,004
Other adjustments						(88)						180						4						(187)						30			96						(20)
Charge-offs:
Commercial						21,597						6,148						9,722						5,090						22,975			37,467						43,774
Commercial real estate						144						5,711						454						1,037						95			6,309						21,090
Home equity						27						111						—						—						—			138						74
Residential real estate						26						—						—						114						—			26						61
Premium finance receivables - property & casualty						6,860						6,346						7,114						13,301						7,790			20,320						24,214
Premium finance receivables - life insurance						18						—						12						—						4			30						4
Consumer and other						174						179						147						189						154			500						398
Total charge-offs						28,846						18,495						17,449						19,731						31,018			64,790						89,615
Recoveries:
Commercial						1,449						1,746						929						775						649			4,124						2,078
Commercial real estate						241						10						12						172						30			263						151
Home equity						104						30						216						194						101			350						165
Residential real estate						1						2						136						0						5			139						15
Premium finance receivables - property & casualty						2,459						3,335						3,487						2,646						3,436			9,281						8,613
Premium finance receivables - life insurance						—						—						—						—						41			—						54
Consumer and other						37						32						29						19						21			98						68
Total recoveries						4,291						5,155						4,809						3,806						4,283			14,255						11,144
Net charge-offs						(24,555)						(13,340)						(12,640)						(15,925)						(26,735)			(50,535)						(78,471)
Allowance for credit losses at period end						$	454,586					$	457,461					$	448,387					$	437,060					$	436,193		$	454,586					$	436,193
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial						0.49		%				0.11		%				0.23		%				0.11		%				0.61		%	0.28		%				0.41		%
Commercial real estate						(0.00)						0.17						0.01						0.03						0.00			0.06						0.23
Home equity						(0.06)						0.07						(0.20)						(0.18)						(0.10)			(0.06)						(0.03)
Residential real estate						0.00						(0.00)						(0.02)						0.01						0.00			(0.00)						0.00
Premium finance receivables - property & casualty						0.20						0.16						0.20						0.59						0.24			0.19						0.30
Premium finance receivables - life insurance						0.00						—						0.00						—						0.00			0.00						(0.00)
Consumer and other						0.40						0.44						0.45						0.63						0.63			0.43						0.54
Total loans, net of unearned income						0.19		%				0.11		%				0.11		%				0.13		%				0.23		%	0.14						0.24		%
Loans at period end						$	52,063,482					$	51,041,679					$	48,708,390					$	48,055,037					$	47,067,447
Allowance for loan losses as a percentage of loans at period end						0.74		%				0.77		%				0.78		%				0.76		%				0.77		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end						0.87						0.90						0.92						0.91						0.93

PCD - Purchase Credit Deteriorated

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TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

						Three Months Ended																											Nine Months Ended
						Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,			Sep 30,						Sep 30,
(In thousands)						2025						2025						2025						2024						2024			2025						2024
Provision for loan losses - Other						$	19,610					$	26,607					$	26,826					$	19,852					$	6,782		$	73,043					$	78,052
Provision for credit losses - Day 1 on non-PCD assets acquired during the period						—						—						—						—						15,547			—						15,547
Provision for unfunded lending-related commitments losses - Other						2,160						(4,325)						(2,852)						(2,851)						17			(5,017)						(9,663)
Provision for held-to-maturity securities losses						(2)						(48)						(11)						(22)						(12)			(61)						132
Provision for credit losses						$	21,768					$	22,234					$	23,963					$	16,979					$	22,334		$	67,965					$	84,068
Allowance for loan losses						$	386,622					$	391,654					$	378,207					$	364,017					$	360,279
Allowance for unfunded lending-related commitments losses						67,569						65,409						69,734						72,586						75,435
Allowance for loan losses and unfunded lending-related commitments losses						454,191						457,063						447,941						436,603						435,714
Allowance for held-to-maturity securities losses						395						398						446						457						479
Allowance for credit losses						$	454,586					$	457,461					$	448,387					$	437,060					$	436,193

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 September 30, 2025, June 30, 2025 and March 31, 2025.

			As of Sep 30, 2025															As of Jun 30, 2025																		As of Mar 31, 2025
(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			$	16,544,342					$	189,476					1.15		%	$	16,387,431					$	194,568					1.19		%				$	15,931,326					$	201,183					1.26		%
Commercial real estate:
Construction and development			2,658,153						78,765						2.96			2,529,117						75,936						3.00						2,448,881						71,388						2.92
Non-construction			10,961,054						151,712						1.38			10,762,893						148,422						1.38						10,466,020						138,622						1.32
Total commercial real estate			$	13,619,207					$	230,477					1.69		%	$	13,292,010					$	224,358					1.69		%				$	12,914,901					$	210,010					1.63		%
Total commercial and commercial real estate			$	30,163,549					$	419,953					1.39		%	$	29,679,441					$	418,926					1.41		%				$	28,846,227					$	411,193					1.43		%
Home equity			484,202						9,229						1.91			466,815						9,221						1.98						455,683						9,139						2.01
Residential real estate			4,143,870						12,013						0.29			3,948,782						11,455						0.29						3,685,159						10,652						0.29
Premium finance receivables
Property and casualty insurance			8,366,292						11,187						0.13			8,323,176						15,872						0.19						7,239,862						15,310						0.21
Life insurance			8,758,553						762						0.01			8,506,960						740						0.01						8,365,140						729						0.01
Consumer and other			147,016						1,047						0.71			116,505						849						0.73						116,319						918						0.79
Total loans, net of unearned income			$	52,063,482					$	454,191					0.87		%	$	51,041,679					$	457,063					0.90		%				$	48,708,390					$	447,941					0.92		%
Total core loans (1)			$	30,610,433					$	408,780					1.34		%	$	29,928,663					$	409,826					1.37		%				$	29,108,500					$	397,664					1.37		%
Total niche loans (1)			21,453,049						45,411						0.21			21,113,016						47,237						0.22						19,599,890						50,277						0.26

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

25

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TABLE 13: LOAN PORTFOLIO AGING

(In thousands)						Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024
Loan Balances:
Commercial
Nonaccrual						$	66,577					$	80,877					$	70,560					$	73,490					$	63,826
90+ days and still accruing						—						—						46						104						20
60-89 days past due						12,190						34,855						15,243						54,844						32,560
30-59 days past due						36,136						45,103						97,397						92,551						46,057
Current						16,429,439						16,226,596						15,748,080						15,353,562						15,105,230
Total commercial						$	16,544,342					$	16,387,431					$	15,931,326					$	15,574,551					$	15,247,693
Commercial real estate
Nonaccrual						$	28,202					$	32,828					$	26,187					$	21,042					$	42,071
90+ days and still accruing						—						—						—						—						225
60-89 days past due						14,119						11,257						6,995						10,521						13,439
30-59 days past due						83,055						51,173						83,653						30,766						48,346
Current						13,493,831						13,196,752						12,798,066						12,841,615						12,689,336
Total commercial real estate						$	13,619,207					$	13,292,010					$	12,914,901					$	12,903,944					$	12,793,417
Home equity
Nonaccrual						$	1,295					$	1,780					$	2,070					$	1,117					$	1,122
90+ days and still accruing						—						—						—						—						—
60-89 days past due						246						138						984						1,233						1,035
30-59 days past due						2,294						2,971						3,403						2,148						2,580
Current						480,367						461,926						449,226						440,530						422,306
Total home equity						$	484,202					$	466,815					$	455,683					$	445,028					$	427,043
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)						$	124,824					$	134,067					$	123,742					$	156,756					$	135,389
Nonaccrual						28,942						28,047						22,522						23,762						17,959
90+ days and still accruing						—						—						—						—						—
60-89 days past due						8,829						8,954						1,351						5,708						6,364
30-59 days past due						95						38						38,943						18,917						2,160
Current						3,981,180						3,777,676						3,498,601						3,407,622						3,226,166
Total residential real estate						$	4,143,870					$	3,948,782					$	3,685,159					$	3,612,765					$	3,388,038
Premium finance receivables - property & casualty
Nonaccrual						$	24,512					$	30,404					$	29,846					$	28,797					$	36,079
90+ days and still accruing						13,006						14,350						18,081						16,031						18,235
60-89 days past due						23,527						25,641						19,717						19,042						18,740
30-59 days past due						38,133						29,460						39,459						68,219						30,204
Current						8,267,114						8,223,321						7,132,759						7,139,953						7,028,423
Total Premium finance receivables - property & casualty						$	8,366,292					$	8,323,176					$	7,239,862					$	7,272,042					$	7,131,681
Premium finance receivables - life insurance
Nonaccrual						$	—					$	—					$	—					$	6,431					$	—
90+ days and still accruing						—						327						2,962						—						—
60-89 days past due						34,016						11,202						10,587						72,963						10,902
30-59 days past due						34,506						34,403						29,924						36,405						74,432
Current						8,690,031						8,461,028						8,321,667						8,031,346						7,911,565
Total Premium finance receivables - life insurance						$	8,758,553					$	8,506,960					$	8,365,140					$	8,147,145					$	7,996,899
Consumer and other
Nonaccrual						$	38					$	41					$	18					$	2					$	2
90+ days and still accruing						60						184						98						47						148
60-89 days past due						49						61						162						59						22
30-59 days past due						159						175						542						882						264
Current						146,710						116,044						115,499						98,572						82,240
Total consumer and other						$	147,016					$	116,505					$	116,319					$	99,562					$	82,676
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)						$	124,824					$	134,067					$	123,742					$	156,756					$	135,389
Nonaccrual						149,566						173,977						151,203						154,641						161,059
90+ days and still accruing						13,066						14,861						21,187						16,182						18,628
60-89 days past due						92,976						92,108						55,039						164,370						83,062
30-59 days past due						194,378						163,323						293,321						249,888						204,043
Current						51,488,672						50,463,343						48,063,898						47,313,200						46,465,266
Total loans, net of unearned income						$	52,063,482					$	51,041,679					$	48,708,390					$	48,055,037					$	47,067,447

(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.

26

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TABLE 14: NON-PERFORMING ASSETS (1)

			Sep 30,												Jun 30,															Mar 31,						Dec 31,						Sep 30,
(Dollars in thousands)			2025												2025															2025						2024						2024
Loans past due greater than 90 days and still accruing:
Commercial			$	—											$	—														$	46					$	104					$	20
Commercial real estate			—												—															—						—						225
Home equity			—												—															—						—						—
Residential real estate			—												—															—						—						—
Premium finance receivables - property & casualty			13,006												14,350															18,081						16,031						18,235
Premium finance receivables - life insurance			—												327															2,962						—						—
Consumer and other			60												184															98						47						148
Total loans past due greater than 90 days and still accruing			13,066												14,861															21,187						16,182						18,628
Non-accrual loans:
Commercial			66,577												80,877															70,560						73,490						63,826
Commercial real estate			28,202												32,828															26,187						21,042						42,071
Home equity			1,295												1,780															2,070						1,117						1,122
Residential real estate			28,942												28,047															22,522						23,762						17,959
Premium finance receivables - property & casualty			24,512												30,404															29,846						28,797						36,079
Premium finance receivables - life insurance			—												—															—						6,431						—
Consumer and other			38												41															18						2						2
Total non-accrual loans			149,566												173,977															151,203						154,641						161,059
Total non-performing loans:
Commercial			66,577												80,877															70,606						73,594						63,846
Commercial real estate			28,202												32,828															26,187						21,042						42,296
Home equity			1,295												1,780															2,070						1,117						1,122
Residential real estate			28,942												28,047															22,522						23,762						17,959
Premium finance receivables - property & casualty			37,518												44,754															47,927						44,828						54,314
Premium finance receivables - life insurance			—												327															2,962						6,431						—
Consumer and other			98												225															116						49						150
Total non-performing loans			$	162,632											$	188,838														$	172,390					$	170,823					$	179,687
Other real estate owned			24,832												23,615															22,625						23,116						13,682
Total non-performing assets			$	187,464											$	212,453														$	195,015					$	193,939					$	193,369
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial			0.40		%										0.49		%													0.44		%				0.47		%				0.42		%
Commercial real estate			0.21												0.25															0.20						0.16						0.33
Home equity			0.27												0.38															0.45						0.25						0.26
Residential real estate			0.70												0.71															0.61						0.66						0.53
Premium finance receivables - property & casualty			0.45												0.54															0.66						0.62						0.76
Premium finance receivables - life insurance			—												0.00															0.04						0.08						—
Consumer and other			0.07												0.19															0.10						0.05						0.18
Total loans, net of unearned income			0.31		%										0.37		%													0.35		%				0.36		%				0.38		%
Total non-performing assets as a percentage of total assets			0.27		%										0.31		%													0.30		%				0.30		%				0.30		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans			303.67		%										262.71		%													296.25		%				282.33		%				270.53		%

(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.

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

			Three Months Ended																											Nine Months Ended
			Sep 30,						Jun 30,									Mar 31,						Dec 31,						Sep 30,			Sep 30,						Sep 30,
(In thousands)			2025						2025									2025						2024						2024			2025						2024
Balance at beginning of period			$	188,838					$	172,390											$	170,823					$	179,687					$	174,251		$	170,823					$	139,030
Additions from becoming non-performing in the respective period			34,805						48,651												27,721						30,931						42,335			111,177						119,853
Additions from assets acquired in the respective period			—						—												—						—						189			—						189
Return to performing status			(3,399)						(6,896)												(1,207)						(1,108)						(362)			(11,502)						(1,764)
Payments received			(28,052)						(5,602)												(15,965)						(12,219)						(10,894)			(49,619)						(28,841)
Transfer to OREO or other assets			(348)						(2,247)												—						(17,897)						(3,680)			(2,595)						(12,006)
Charge-offs, net			(21,526)						(11,734)												(8,600)						(5,612)						(21,211)			(41,860)						(43,694)
Net change for premium finance receivables			(7,686)						(5,724)												(382)						(2,959)						(941)			(13,792)						6,920
Balance at end of period			$	162,632					$	188,838											$	172,390					$	170,823					$	179,687		$	162,632					$	179,687

Other Real Estate Owned

			Three Months Ended
			Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,
(In thousands)			2025						2025						2025						2024						2024
Balance at beginning of period			$	23,615					$	22,625					$	23,116					$	13,682					$	19,731
Disposals/resolved			—						—						—						(8,545)						(9,729)
Transfers in at fair value, less costs to sell			1,217						1,315						—						17,979						3,680
Fair value adjustments			—						(325)						(491)						—						—
Balance at end of period			$	24,832					$	23,615					$	22,625					$	23,116					$	13,682
			Period End
(In thousands)			Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,
Balance by Property Type:			2025						2025						2025						2024						2024
Residential real estate			$	—					$	—					$	—					$	—					$	—
Commercial real estate			24,832						23,615						22,625						23,116						13,682
Total			$	24,832					$	23,615					$	22,625					$	23,116					$	13,682

    

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TABLE 15: NON-INTEREST INCOME

			Three Months Ended																											Q3 2025 compared to Q2 2025									Q3 2025 compared to Q3 2024
			Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,
(Dollars in thousands)			2025						2025						2025						2024						2024			$ Change						% Change			$ Change						% Change
Brokerage			$	4,426					$	4,212					$	4,757					$	5,328					$	6,139		$	214					5		%	$	(1,713)					(28)		%
Trust and asset management			32,762						32,609						29,285						33,447						31,085			153						0			1,677						5
Total wealth management			37,188						36,821						34,042						38,775						37,224			367						1			(36)						0
Mortgage banking			24,451						23,170						20,529						20,452						15,974			1,281						6			8,477						53
Service charges on deposit accounts			19,825						19,502						19,362						18,864						16,430			323						2			3,395						21
Gains (losses) on investment securities, net			2,972						650						3,196						(2,835)						3,189			2,322						NM			(217)						(7)
Fees from covered call options			5,619						5,624						3,446						2,305						988			(5)						0			4,631						NM
Trading gains (losses), net			172						151						(64)						(113)						(130)			21						14			302						NM
Operating lease income, net			15,466						15,166						15,287						15,327						15,335			300						2			131						1
Other:
Interest rate swap fees			3,909						3,010						2,269						3,360						2,914			899						30			995						34
BOLI			1,591						2,257						796						1,236						1,517			(666)						(30)			74						5
Administrative services			1,240						1,315						1,393						1,347						1,450			(75)						(6)			(210)						(14)
Foreign currency remeasurement (losses) gains			(416)						658						(183)						(682)						696			(1,074)						NM			(1,112)						NM
Changes in fair value on EBOs and loans held-for-investment			1,452						172						383						129						518			1,280						NM			934						NM
Early pay-offs of capital leases			519						400						768						514						532			119						30			(13)						(2)
Miscellaneous			16,839						15,193						15,410						14,772						16,510			1,646						11			329						2
Total Other			25,134						23,005						20,836						20,676						24,137			2,129						9			997						4
Total Non-Interest Income			$	130,827					$	124,089					$	116,634					$	113,451					$	113,147		$	6,738					5		%	$	17,680					16		%

			Nine Months Ended									Q3 2025 compared to Q3 2024
			Sep 30,						Sep 30,
(Dollars in thousands)			2025						2024			$ Change						% Change
Brokerage			$	13,395					$	17,283		$	(3,888)					(22)		%
Trust and asset management			94,656						90,169			4,487						5
Total wealth management			108,051						107,452			599						1
Mortgage banking			68,150						72,761			(4,611)						(6)
Service charges on deposit accounts			58,689						46,787			11,902						25
Gains on investment securities, net			6,818						233			6,585						NM
Fees from covered call options			14,689						7,891			6,798						86
Trading gains, net			259						617			(358)						(58)
Operating lease income, net			45,919						43,383			2,536						6
Other:
Interest rate swap fees			9,188						9,134			54						1
BOLI			4,644						4,519			125						3
Administrative services			3,948						3,989			(41)						(1)
Foreign currency remeasurement gains (losses)			59						(620)			679						NM
Changes in fair value on EBOs and loans held-for-investment			2,007						683			1,324						NM
Early pay-offs of capital leases			1,687						1,355			332						25
Miscellaneous			47,442						76,690			(29,248)						(38)
Total Other			68,975						95,750			(26,775)						(28)
Total Non-Interest Income			$	371,550					$	374,874		$	(3,324)					(1)		%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

EBO - Early buy-out.

29

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TABLE 16: MORTGAGE BANKING

			Three Months Ended
(Dollars in thousands)			Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024
Originations:
Retail originations			$	505,793					$	523,759					$	348,468					$	483,424					$	527,408
Veterans First originations			137,600						157,787						111,985						176,914						239,369
Total originations for sale (A)			$	643,393					$	681,546					$	460,453					$	660,338					$	766,777
Originations for investment			351,012						422,926						217,177						355,119						218,984
Total originations			$	994,405					$	1,104,472					$	677,630					$	1,015,457					$	985,761
As a percentage of originations for sale:
Retail originations			79		%				77		%				76		%				73		%				69		%
Veterans First originations			21						23						24						27						31
Purchases			77		%				74		%				77		%				65		%				72		%
Refinances			23						26						23						35						28
Production Margin:
Production revenue (B) (1)			$	15,388					$	13,380					$	9,941					$	6,993					$	13,113
Total originations for sale (A)			$	643,393					$	681,546					$	460,453					$	660,338					$	766,777
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)			307,932						163,664						197,297						103,946						272,072
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)			163,664						197,297						103,946						272,072						222,738
Total mortgage production volume (C)			$	787,661					$	647,913					$	553,804					$	492,212					$	816,111
Production margin (B / C)			1.95		%				2.07		%				1.80		%				1.42		%				1.61		%
Mortgage Servicing:
Loans serviced for others (D)			$	12,524,131					$	12,470,924					$	12,402,352					$	12,400,913					$	12,253,361
Mortgage Servicing Rights (“MSR”), at fair value (E)			190,938						193,061						196,307						203,788						186,308
Percentage of MSRs to loans serviced for others (E / D)			1.52		%				1.55		%				1.58		%				1.64		%				1.52		%
Servicing income			$	10,112					$	10,520					$	10,611					$	10,731					$	10,809
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period			$	193,061					$	196,307					$	203,788					$	186,308					$	204,610
MSR - current period capitalization			5,829						6,336						4,669						10,010						6,357
MSR - collection of expected cash flows - paydowns			(1,554)						(1,516)						(1,590)						(1,463)						(1,598)
MSR - collection of expected cash flows - payoffs and repurchases			(4,050)						(4,100)						(3,046)						(4,315)						(5,730)
MSR - changes in fair value model assumptions			(2,348)						(3,966)						(7,514)						13,248						(17,331)
MSR Fair Value at end of period			$	190,938					$	193,061					$	196,307					$	203,788					$	186,308
Summary of Mortgage Banking Revenue:
Operational:
Production revenue (1)			$	15,388					$	13,380					$	9,941					$	6,993					$	13,113
MSR - Current period capitalization			5,829						6,336						4,669						10,010						6,357
MSR - Collection of expected cash flows - paydowns			(1,554)						(1,516)						(1,590)						(1,463)						(1,598)
MSR - Collection of expected cash flows - pay offs			(4,050)						(4,100)						(3,046)						(4,315)						(5,730)
Servicing Income			10,112						10,520						10,611						10,731						10,809
Other Revenue			(345)						(79)						(172)						(51)						(67)
Total operational mortgage banking revenue			$	25,380					$	24,541					$	20,413					$	21,905					$	22,884
Fair Value:
MSR - changes in fair value model assumptions			$	(2,348)					$	(3,966)					$	(7,514)					$	13,248					$	(17,331)
Gain (loss) on derivative contract held as an economic hedge, net			265						2,535						4,897						(11,452)						6,892
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)			1,154						60						2,733						(3,249)						3,529
Total fair value mortgage banking revenue			$	(929)					$	(1,371)					$	116					$	(1,453)					$	(6,910)
Total mortgage banking revenue			$	24,451					$	23,170					$	20,529					$	20,452					$	15,974

(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.

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						Nine Months Ended
(Dollars in thousands)																														Sep 30, 2025						Sep 30, 2024
Originations:
Retail originations																														$	1,378,020					$	1,403,306
Veterans First originations																														407,372						561,270
Total originations for sale (A)																														$	1,785,392					$	1,964,576
Originations for investment																														991,115						663,561
Total originations																														$	2,776,507					$	2,628,137
As a percentage of originations for sale:
Retail originations																														77		%				71		%
Veterans First originations																														23						29
Purchases																														76		%				78		%
Refinances																														24						22
Production Margin:
Production revenue (B) (1)																														$	38,709					$	41,538
Total originations for sale (A)																														$	1,785,392					$	1,964,576
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)																														307,932						272,072
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)																														103,946						119,624
Total mortgage production volume (C)																														$	1,989,378					$	2,117,024
Production margin (B / C)																														1.95		%				1.96		%
Mortgage Servicing:
Loans serviced for others (D)																														$	12,524,131					$	12,253,361
MSRs, at fair value (E)																														190,938						186,308
Percentage of MSRs to loans serviced for others (E / D)																														1.52		%				1.52		%
Servicing income																														$	31,243					$	31,893
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period																														$	203,788					$	192,456
MSR - current period capitalization																														16,834						19,959
MSR - collection of expected cash flows - paydowns																														(4,660)						(4,546)
MSR - collection of expected cash flows - payoffs and repurchases																														(11,196)						(12,702)
MSR - changes in fair value model assumptions																														(13,828)						(8,859)
MSR Fair Value at end of period																														$	190,938					$	186,308
Summary of Mortgage Banking Revenue:
Operational:
Production revenue (1)																														$	38,709					$	41,538
MSR - Current period capitalization																														16,834						19,959
MSR - Collection of expected cash flows - paydowns																														(4,660)						(4,546)
MSR - Collection of expected cash flows - pay offs																														(11,196)						(12,702)
Servicing Income																														31,243						31,893
Other Revenue																														(596)						(46)
Total operational mortgage banking revenue																														$	70,334					$	76,096
Fair Value:
MSR - changes in fair value model assumptions																														$	(13,828)					$	(8,859)
Gain on derivative contract held as an economic hedge, net																														7,697						3,543
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)																														3,947						1,981
Total fair value mortgage banking revenue																														$	(2,184)					$	(3,335)
Total mortgage banking revenue																														$	68,150					$	72,761

(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.

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TABLE 17: NON-INTEREST EXPENSE

			Three Months Ended																											Q3 2025 compared to Q2 2025									Q3 2025 compared to Q3 2024
			Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,
(Dollars in thousands)			2025						2025						2025						2024						2024			$ Change						% Change			$ Change						% Change
Salaries and employee benefits:
Salaries			$	124,623					$	123,174					$	123,917					$	120,969					$	118,971		$	1,449					1		%	$	5,652					5		%
Commissions and incentive compensation			56,244						55,871						52,536						54,792						57,575			373						1			(1,331)						(2)
Benefits			38,801						40,496						35,073						36,372						34,715			(1,695)						(4)			4,086						12
Total salaries and employee benefits			219,668						219,541						211,526						212,133						211,261			127						0			8,407						4
Software and equipment			35,027						36,522						34,717						34,258						31,574			(1,495)						(4)			3,453						11
Operating lease equipment			10,409						10,757						10,471						10,263						10,518			(348)						(3)			(109)						(1)
Occupancy, net			20,809						20,228						20,778						20,597						19,945			581						3			864						4
Data processing			11,329						12,110						11,274						10,957						9,984			(781)						(6)			1,345						13
Advertising and marketing			19,027						18,761						12,272						13,097						18,239			266						1			788						4
Professional fees			7,465						9,243						9,044						11,334						9,783			(1,778)						(19)			(2,318)						(24)
Amortization of other acquisition-related intangible assets			5,196						5,580						5,618						5,773						4,042			(384)						(7)			1,154						29
FDIC insurance			11,418						10,971						10,926						10,640						10,512			447						4			906						9
OREO expense, net			262						505						643						397						(938)			(243)						(48)			1,200						NM
Other:
Lending expenses, net of deferred origination costs			6,169						4,869						5,866						6,448						4,995			1,300						27			1,174						24
Travel and entertainment			6,029						6,026						5,270						8,140						5,364			3						0			665						12
Miscellaneous			27,220						26,348						27,685						24,502						25,408			872						3			1,812						7
Total other			39,418						37,243						38,821						39,090						35,767			2,175						6			3,651						10
Total Non-Interest Expense			$	380,028					$	381,461					$	366,090					$	368,539					$	360,687		$	(1,433)					0		%	$	19,341					5		%

			Nine Months Ended									Q3 2025 compared to Q3 2024
			Sep 30,						Sep 30,
(Dollars in thousands)			2025						2024			$ Change						% Change
Salaries and employee benefits:
Salaries			$	371,714					$	345,003		$	26,711					8		%
Commissions and incentive compensation			164,651						160,727			3,924						2
Benefits			114,370						99,245			15,125						15
Total salaries and employee benefits			650,735						604,975			45,760						8
Software and equipment			106,266						88,536			17,730						20
Operating lease equipment			31,637						32,035			(398)						(1)
Occupancy, net			61,815						58,616			3,199						5
Data processing			34,713						28,779			5,934						21
Advertising and marketing			50,060						48,715			1,345						3
Professional fees			25,752						29,303			(3,551)						(12)
Amortization of other acquisition-related intangible assets			16,394						6,322			10,072						NM
FDIC insurance			33,315						30,322			2,993						10
FDIC insurance - special assessment			—						5,156			(5,156)						(100)
OREO expense, net			1,410						(805)			2,215						NM
Other:
Lending expenses, net of deferred origination costs			16,904						15,408			1,496						10
Travel and entertainment			17,325						15,301			2,024						13
Miscellaneous			81,253						71,522			9,731						14
Total other			115,482						102,231			13,251						13
Total Non-Interest Expense			$	1,127,579					$	1,034,185		$	93,394					9		%

NM - Not meaningful.

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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																											Nine Months Ended
			Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,			Sep 30,						Sep 30,
(Dollars and shares in thousands)			2025						2025						2025						2024						2024			2025						2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)			$	963,834					$	920,908					$	886,965					$	913,501					$	908,604		$	2,771,707					$	2,564,096
Taxable-equivalent adjustment:
- Loans			2,154						2,200						2,206						2,352						2,474			6,560						7,025
- Liquidity Management Assets			675						680						690						716						668			2,045						1,785
- Other Earning Assets			—						—						3						2						2			3						10
(B) Interest Income (non-GAAP)			$	966,663					$	923,788					$	889,864					$	916,571					$	911,748		$	2,780,315					$	2,572,916
(C) Interest Expense (GAAP)			396,824						374,214						360,491						388,353						406,021			1,131,529						1,126,709
(D) Net Interest Income (GAAP) (A minus C)			567,010						546,694						526,474						525,148						502,583			1,640,178						1,437,387
(E) Net Interest Income (non-GAAP) (B minus C)			569,839						549,574						529,373						528,218						505,727			1,648,786						1,446,207
Net interest margin (GAAP)			3.48		%				3.52		%				3.54		%				3.49		%				3.49		%	3.51		%				3.52		%
Net interest margin, fully taxable-equivalent (non-GAAP)			3.50						3.54						3.56						3.51						3.51			3.53						3.54
(F) Non-interest income			$	130,827					$	124,089					$	116,634					$	113,451					$	113,147		$	371,550					$	374,874
(G) Gains (losses) on investment securities, net			2,972						650						3,196						(2,835)						3,189			6,818						233
(H) Non-interest expense			380,028						381,461						366,090						368,539						360,687			1,127,579						1,034,185
Efficiency ratio (H/(D+F-G))			54.69		%				56.92		%				57.21		%				57.46		%				58.88		%	56.24		%				57.07		%
Efficiency ratio (non-GAAP) (H/(E+F-G))			54.47						56.68						56.95						57.18						58.58			56.00						56.80

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			Three Months Ended																											Nine Months Ended
			Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,			Sep 30,						Sep 30,
(Dollars and shares in thousands)			2025						2025						2025						2024						2024			2025						2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)			$	7,045,757					$	7,225,696					$	6,600,537					$	6,344,297					$	6,399,714
Less: Non-convertible preferred stock (GAAP)			(425,000)						(837,500)						(412,500)						(412,500)						(412,500)
Less: Acquisition-related intangible assets (GAAP)			(902,936)						(908,639)						(913,004)						(918,632)						(924,646)
(I) Total tangible common shareholders’ equity (non-GAAP)			$	5,717,821					$	5,479,557					$	5,275,033					$	5,013,165					$	5,062,568
(J) Total assets (GAAP)			$	69,629,638					$	68,983,318					$	65,870,066					$	64,879,668					$	63,788,424
Less: Intangible assets (GAAP)			(902,936)						(908,639)						(913,004)						(918,632)						(924,646)
(K) Total tangible assets (non-GAAP)			$	68,726,702					$	68,074,679					$	64,957,062					$	63,961,036					$	62,863,778
Common equity to assets ratio (GAAP) (L/J)			9.5		%				9.3		%				9.4		%				9.1		%				9.4		%
Tangible common equity ratio (non-GAAP) (I/K)			8.3						8.0						8.1						7.8						8.1

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity			$	7,045,757					$	7,225,696					$	6,600,537					$	6,344,297					$	6,399,714
Less: Preferred stock			(425,000)						(837,500)						(412,500)						(412,500)						(412,500)
(L) Total common equity			$	6,620,757					$	6,388,196					$	6,188,037					$	5,931,797					$	5,987,214
(M) Actual common shares outstanding			66,961						66,938						66,919						66,495						66,482
Book value per common share (L/M)			$	98.87					$	95.43					$	92.47					$	89.21					$	90.06
Tangible book value per common share (non-GAAP) (I/M)			85.39						81.86						78.83						75.39						76.15
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares			$	188,913					$	188,536					$	182,048					$	178,371					$	163,010		$	559,497					$	488,710
Add: Acquisition-related intangible asset amortization			5,196						5,580						5,618						5,773						4,042			16,394						6,322
Less: Tax effect of acquisition-related intangible asset amortization			(1,403)						(1,495)						(1,421)						(1,547)						(1,087)			(4,328)						(1,682)
After-tax Acquisition-related intangible asset amortization			$	3,793					$	4,085					$	4,197					$	4,226					$	2,955		$	12,066					$	4,640
(O) Tangible net income applicable to common shares (non-GAAP)			$	192,706					$	192,621					$	186,245					$	182,597					$	165,965		$	571,563					$	493,350
Total average shareholders’ equity			$	6,955,543					$	6,862,040					$	6,460,941					$	6,418,403					$	5,990,429		$	6,761,319					$	5,628,346
Less: Average preferred stock			(483,288)						(599,313)						(412,500)						(412,500)						(412,500)			(498,626)						(412,500)
(P) Total average common shareholders’ equity			$	6,472,255					$	6,262,727					$	6,048,441					$	6,005,903					$	5,577,929		$	6,262,693					$	5,215,846
Less: Average acquisition-related intangible assets			(906,032)						(910,924)						(916,069)						(921,438)						(833,574)			(910,972)						(730,216)
(Q) Total average tangible common shareholders’ equity (non-GAAP)			$	5,566,223					$	5,351,803					$	5,132,372					$	5,084,465					$	4,744,355		$	5,351,721					$	4,485,630
Return on average common equity, annualized (N/P)			11.58		%				12.07		%				12.21		%				11.82		%				11.63		%	11.94		%				12.52		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)			13.74						14.44						14.72						14.29						13.92			14.28						14.69
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes			$	296,041					$	267,088					$	253,055					$	253,081					$	232,709		$	816,184					$	694,008
Add: Provision for credit losses			21,768						22,234						23,963						16,979						22,334			67,965						84,068
Pre-tax income, excluding provision for credit losses (non-GAAP)			$	317,809					$	289,322					$	277,018					$	270,060					$	255,043		$	884,149					$	778,076

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			Three Months Ended																											Nine Months Ended
			Sep 30,						Jun 30,						Mar 31,						Dec 31,						Sep 30,			Sep 30,						Sep 30,
(Dollars and shares in thousands, except per share data)			2025						2025						2025						2024						2024			2025						2024
Reconciliation of Non-GAAP Net Income per Common Share:
Net income			$	216,254					$	195,527					$	189,039					$	185,362					$	170,001		$	600,820					$	509,683
Preferred stock dividends			13,295						6,991						6,991						6,991						6,991			27,277						20,973
Preferred stock redemption			14,046						—						—						—						—			14,046						—
(R) Net income applicable to common shares			$	188,913					$	188,536					$	182,048					$	178,371					$	163,010		$	559,497					$	488,710
(S) Weighted average common shares outstanding			66,952						66,931						66,726						66,491						64,888			66,871						62,743
Dilutive potential common shares			1,028						888						923						1,233						1,053			945						934
(T) Average common shares and dilutive common shares			67,980						67,819						67,649						67,724						65,941			67,816						63,677
Net income per common share - Basic (R/S)			$	2.82					$	2.82					$	2.73					$	2.68					$	2.51		$	8.37					$	7.79
Net income per common share - Diluted (R/T)			$	2.78					$	2.78					$	2.69					$	2.63					$	2.47		$	8.25					$	7.67
Preferred stock series F excess one-time extended first dividend			$	4,927					$	—					$	—					$	—					$	—		$	4,927					$	—
Preferred stock redemption			14,046						—						—						—						—			14,046						—
(U) Total non-recurring preferred stock offering impact (non-GAAP)			$	18,973					$	—					$	—					$	—					$	—		$	18,973					$	—
Net income per common share - Basic (non-GAAP) (R+U)/S			$	3.11					$	2.82					$	2.73					$	2.68					$	2.51		$	8.65					$	7.79
Net income per common share - Diluted (non-GAAP) (R+U)/T			$	3.06					$	2.78					$	2.69					$	2.63					$	2.47		$	8.53					$	7.67

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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 shutdown, 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;

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•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 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;

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•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, October 21, 2025 at 10:00 a.m. (CDT) regarding third 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 September 19, 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 third 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.

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