Wintrust Financial Corporation Reports Record Full Year Net Income

ROSEMONT, Ill., Jan. 21, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $695.0 million or $10.31 per diluted common share for the year ended December 31, 2024 compared to net income of $622.6 million or $9.58 per diluted common share for the same period of 2023. Pre-tax, pre-provision income (non-GAAP) for the year ended December 31, 2024 totaled a record $1.0 billion, compared to $959.5 million for the same period of 2023.

The Company recorded quarterly net income of $185.4 million or $2.63 per diluted common share for the fourth quarter of 2024 compared to net income of $170.0 million or $2.47 per diluted common share for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled $270.1 million as compared to $255.0 million for the third quarter of 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are very pleased with our 2024 results, including record net income for the full year 2024. The Company exhibited consistently strong organic loan and deposit growth throughout 2024 and expanded our geographic footprint into the west Michigan market through the acquisition of Macatawa Bank Corporation (“Macatawa”). We enter 2025 with great momentum in our efforts to further expand the franchise.”

Additionally, Mr. Crane emphasized, “Net interest margin in the fourth quarter was unchanged compared to the third quarter of 2024. Our relative neutral sensitivity to further interest rate changes should allow our net interest margin to remain in the 3.50% range as we move forward into 2025 given the current market consensus outlook. Stable net interest margin coupled with continued balance sheet growth should result in further net interest income growth in 2025. Focusing on building long term franchise value, growth of net interest income, disciplined expense control and maintaining our consistent credit standards remain our priorities in 2025.”

Highlights of the fourth quarter of 2024:

Comparative information to the
third quarter of 2024
, unless otherwise noted

Total loans increased by approximately $1.0 billion, or 8% annualized.
Total deposits increased by approximately $1.1 billion, or 9% annualized.
Total assets increased by $1.1 billion, or 7% annualized.
Net interest income increased to $525.1 million in the fourth quarter of 2024 compared to $502.6 million in the third quarter of 2024, primarily due to average earning asset growth.
- Net interest margin remained at 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2024.
Non-interest income was impacted by the following:
- Mortgage banking revenue included a net negative fair value mark of $1.5 million in the fourth quarter of 2024, compared to a net negative fair value mark of $6.9 million in the third quarter of 2024. See Table 16 for details.
- Net losses on investment securities totaling $2.8 million in the fourth quarter of 2024 related primarily to changes in the value of equity securities as compared to net gains of $3.2 million in the third quarter of 2024.
Non-interest expense was impacted by the following:
- The Macatawa Bank acquisition added approximately $15.8 million of total operating expenses, including $4.8 million of core deposit intangible asset amortization in the fourth quarter of 2024 compared to approximately $10.1 million of total operating expenses, including $3.0 million of core deposit intangible asset amortization in the third quarter of 2024. The additional expense is attributable to one additional month of recognized expenses for Macatawa in the fourth quarter of 2024 as compared to the third quarter of 2024.
- Incurred acquisition related costs of $1.8 million in the fourth quarter of 2024 as compared to $1.6 million in the third quarter of 2024.
Provision for credit losses totaled $17.0 million in the fourth quarter of 2024 as compared to a provision for credit losses of $22.3 million in the third quarter of 2024 which included a one-time Macatawa acquisition-related Day 1 provision of approximately $15.5 million.
Net charge-offs totaled $15.9 million or 13 basis points of average total loans on an annualized basis in the fourth quarter of 2024 compared to $26.7 million or 23 basis points of average total loans on an annualized basis in the third quarter of 2024.

Mr. Crane noted, “A stable net interest margin coupled with earning asset growth resulted in record net interest income in the fourth quarter of 2024 as we grew our net interest income by $22.6 million as compared to the third quarter of 2024. The company continued its consistent, strong loan growth as loans increased by $1.0 billion, or 8% on an annualized basis in the fourth quarter of 2024. Loan pipelines are strong and we remain prudent in our review of credit prospects, ensuring our loan growth adheres to our conservative credit standards. Deposit growth of $1.1 billion, or 9% on an annualized basis, in the fourth quarter of 2024 outpaced loan growth which resulted in our loans to deposits ratio ending the quarter at 91.5%. Non-interest bearing deposits increased $670.9 million compared to the third quarter of 2024 and comprised 22% of total deposits at the end of the fourth quarter of 2024. We continue to leverage our customer relationships and market positioning to generate deposits, grow loans and build long-term franchise value.”

Commenting on credit quality, Mr. Crane stated, “Credit metrics improved for the second consecutive quarter, ending 2024 with overall stable credit quality. Net charge-offs as a percentage of average total loans on an annualized basis improved, with the fourth quarter of 2024 being the low point for the year. Prudent credit management and disciplined underwriting standards continue to support low losses in the portfolios. Non-performing loans also improved in the second half of 2024, with the fourth quarter of 2024 non-performing loans being 0.36% of total loans. Improvement has been experienced in our commercial real estate portfolio, where consistent in-depth reviews of the portfolio have led to positive outcomes by proactively identifying and resolving problem credits. Total non-performing assets, at 0.30% of total assets at year-end, remained consistent with the same level at the end of the third quarter. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe that the Company’s reserves are appropriate and we remain diligent in our review of credit.”

In summary, Mr. Crane noted, “We are proud of our results in 2024 and believe we are well-positioned to continue our momentum into the new year. We have successfully reduced our asset sensitivity, leaving us well positioned to deliver improved results independent of interest rate changes. We remain focused on winning new business, expanding our franchise and improving our position in the markets we serve.”

The graphs shown on pages 3-8 illustrate certain financial highlights of the fourth quarter of 2024 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.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/4c23147f-25a8-47d1-b395-94398cec535c

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.1 billion in the fourth quarter of 2024 as compared to the third quarter of 2024. Total loans increased by $1.0 billion as compared to the third quarter of 2024. The increase in loans was diversified across nearly all loan portfolios.

Total liabilities increased by $1.1 billion in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a $1.1 billion increase in total deposits. Strong organic deposit growth in the fourth quarter of 2024 enabled the Company to reduce brokered funding reliance by $482 million as compared to the third quarter of 2024. Non-interest bearing deposits increased $671 million in the fourth quarter of 2024 as compared to the third quarter of 2024. Non-interest bearing deposits as a percentage of total deposits increased to 22% at December 31, 2024, compared to 21% as of September 30, 2024. The Company’s loans to deposits ratio was 91.5% on December 31, 2024 as compared to 91.6% as of September 30, 2024.

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 fourth quarter of 2024, net interest income totaled $525.1 million, an increase of $22.6 million as compared to the third quarter of 2024. The $22.6 million increase in net interest income in the fourth quarter of 2024 compared to the third quarter of 2024 was primarily due to a $2.6 billion increase in average earning assets.

Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2024, unchanged compared to the third quarter of 2024. The yield on earning assets declined 24 basis points during the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a 22 basis point decrease in loan yields. The net free funds contribution declined seven basis points compared to the third quarter of 2024 due to a reduced rate paid on interest-bearing liabilities. These declines were offset by a 31 basis point decrease in rate paid on interest-bearing liabilities. The 31 basis point decrease in rate paid on interest-bearing liabilities in the fourth quarter of 2024 as compared to the third quarter of 2024 was primarily due to a 33 basis point decline in rate paid on interest-bearing deposits.

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

ASSET QUALITY

The allowance for credit losses totaled $437.1 million as of December 31, 2024, relatively unchanged compared to $436.2 million as of September 30, 2024. A provision for credit losses totaling $17.0 million was recorded for the fourth quarter of 2024 as compared to $22.3 million recorded in the third quarter of 2024. The lower provision for credit losses recognized in the fourth quarter of 2024 as compared to the third quarter of 2024 is primarily attributable to the Day 1 provision for credit losses of approximately $15.5 million related to the Macatawa acquisition recognized in the third quarter of 2024. 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 December 31, 2024, September 30, 2024, and June 30, 2024 is shown on Table 12 of this report.

Net charge-offs totaled $15.9 million in the fourth quarter of 2024, a decrease of $10.8 million as compared to $26.7 million of net charge-offs in the third quarter of 2024. Net charge-offs as a percentage of average total loans were 13 basis points in the fourth quarter of 2024 on an annualized basis compared to 23 basis points on an annualized basis in the third quarter of 2024. For more information regarding net charge-offs, see Table 10 in this report.

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

Non-performing assets totaled $193.9 million and comprised 0.30% of total assets as of December 31, 2024, as compared to $193.4 million, or 0.30% of total assets, as of September 30, 2024. Non-performing loans totaled $170.8 million and comprised 0.36% of total loans at December 31, 2024, as compared to $179.7 million and 0.38% of total loans at September 30, 2024. The decrease in non-performing loans in the fourth quarter of 2024 was primarily attributable to a decline in commercial real estate nonaccrual loans. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $1.6 million in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to increased trust and asset management fees from higher assets under management during the period. Approximately $0.6 million of additional wealth management revenue recognized in the fourth quarter of 2024 compared to the third quarter of 2024 relates to one additional month of Macatawa results included in the current quarter. 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 increased by $4.5 million in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a change in net fair value marks, a $5.5 million impact. Partially offsetting the positive fair value impact was a decrease in operational mortgage banking revenue of $1.0 million in the fourth quarter of 2024 compared to the third quarter of 2024. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized $18.9 million in service charges on deposits accounts in the fourth quarter of 2024 as compared to $16.4 million in the third quarter of 2024. The $2.4 million increase in the fourth quarter of 2024 was primarily the result of increased commercial account analysis fees.

The Company incurred $2.8 million in net losses on investment securities in the fourth quarter of 2024 as compared to $3.2 million in net gains in the third quarter of 2024. The net losses in the fourth quarter of 2024 were primarily the result of unrealized losses on the Company’s equity investment securities with a readily determinable fair value.

Fees from covered call options increased by $1.3 million in the fourth quarter of 2024 as compared to the third quarter of 2024. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.

Other income decreased by $3.5 million in the fourth quarter of 2024 compared to the third quarter of 2024 due to unfavorable foreign currency remeasurement adjustments of $1.4 million and a variety of other smaller miscellaneous revenue declines.

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

NON-INTEREST EXPENSE

Non-interest expenses totaled $368.5 million in the fourth quarter of 2024, increasing $7.9 million as compared to $360.7 million in the third quarter of 2024. The additional expense is attributable to one additional month of recognized expenses for Macatawa in the fourth quarter of 2024 as compared to the third quarter of 2024. The Macatawa acquisition accounted for approximately $5.7 million of the increase, which included $1.8 million in additional amortization of other acquisition-related intangible assets in the fourth quarter of 2024 as compared to the third quarter of 2024.

Salaries and employee benefits expense increased by $872,000 in the fourth quarter of 2024 as compared to the third quarter of 2024. The $872,000 increase is primarily related to increased salaries expense due to the Macatawa acquisition impacting the fourth quarter of 2024 for three months as compared to two months in the third quarter of 2024 as well as increased employee insurance costs in the current quarter. These increases were partially offset by lower incentive compensation expense in the fourth quarter of 2024.

Software and equipment expense increased $2.7 million in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to software expense relating to upgrading and maintenance of information technology and security infrastructure as well as the Macatawa acquisition.

Advertising and marketing expenses in the fourth quarter of 2024 totaled $13.1 million, which is a $5.1 million decrease as compared to the third quarter of 2024 primarily due to a decrease in sports sponsorships. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

Professional fees expense totaled $11.3 million in the fourth quarter of 2024, an increase of $1.6 million as compared to the third quarter of 2024. The increase in the current quarter relates primarily to increased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

The Company recorded net OREO expense of $397,000 in the fourth quarter of 2024, compared to net OREO income of $938,000 in the third quarter of 2024. The net OREO income in the third quarter of 2024 was primarily the result of realized gains on sales of OREO. Net OREO expenses also include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.

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

INCOME TAXES

The Company recorded income tax expense of $67.7 million in the fourth quarter compared to $62.7 million in the third quarter of 2024. The effective tax rates were 26.76% in the fourth quarter of 2024 compared to 26.95% in the third quarter of 2024.

BUSINESS UNIT SUMMARY

Community Banking

Through its community banking unit, 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 fourth quarter of 2024, the community banking unit increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $20.5 million for the fourth quarter of 2024, an increase of $4.5 million as compared to the third quarter of 2024, primarily due to a change in net fair value marks, a $5.5 million impact. Partially offsetting the positive fair value impact was a decrease in operational mortgage banking revenue of $1.0 million in the fourth quarter of 2024 compared to the third quarter of 2024. See Table 16 for more detail. Service charges on deposit accounts totaled $18.9 million in the fourth quarter of 2024 as compared to $16.4 million in the third quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of December 31, 2024 indicating momentum for expected continued loan growth in the first quarter of 2025.

Specialty Finance

Through its specialty finance unit, 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 $5.1 billion during the fourth quarter of 2024. Average balances increased by $11.6 million, as compared to the third quarter of 2024. The Company’s leasing portfolio balance increased in the fourth quarter of 2024, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.9 billion as of December 31, 2024 as compared to $3.7 billion as of September 30, 2024. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the fourth quarter of 2024, which was relatively stable compared to the third quarter of 2024.

Wealth Management

Through four separate subsidiaries within its wealth management unit, 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. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $38.8 million in the fourth quarter of 2024, up slightly as compared to the third quarter of 2024. At December 31, 2024, the Company’s wealth management subsidiaries had approximately $51.2 billion of assets under administration, which included $8.5 billion of assets owned by the Company and its subsidiary banks.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had carrying values of approximately $2.7 billion in assets, $2.3 billion in deposits and $1.4 billion in loans. As of December 31, 2024, the Company recorded preliminary goodwill of approximately $142.1 million on the purchase. The initial purchase accounting for the acquisition, in accordance with GAAP, for this business combination is not finalized and is therefore subject to change.

Division Sale

In the first quarter of 2024, the Company sold its RBA division and recorded a gain of approximately $20.0 million in other non-interest income from the sale.

Business Combination

On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the fourth quarter of 2024, as compared to the third quarter of 2024 (sequential quarter) and fourth quarter of 2023 (linked quarter), are shown in the table below:

										% or ⁽¹⁾ basis point (bp) change from 3rd Quarter 2024			% or basis point (bp) change from 4th Quarter 2023
	Three Months Ended
(Dollars in thousands, except per share data)	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023
Net income	$	185,362		$	170,001		$	123,480		9		%	50		%
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽²⁾		270,060			255,043			208,151		6			30
Net income per common share – Diluted		2.63			2.47			1.87		6			41
Cash dividends declared per common share		0.45			0.45			0.40		—			13
Net revenue ⁽³⁾		638,599			615,730			570,803		4			12
Net interest income		525,148			502,583			469,974		4			12
Net interest margin		3.49	%		3.49	%		3.62	%	—		bps	(13	)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽²⁾		3.51			3.51			3.64		—			(13	)
Net overhead ratio ⁽⁴⁾		1.60			1.62			1.89		(2	)		(29	)
Return on average assets		1.16			1.11			0.89		5			27
Return on average common equity		11.82			11.63			9.93		19			189
Return on average tangible common equity (non-GAAP) ⁽²⁾		14.29			13.92			11.73		37			256
At end of period
Total assets	$	64,879,668		$	63,788,424		$	56,259,934		7		%	15		%
Total loans ⁽⁵⁾		48,055,037			47,067,447			42,131,831		8			14
Total deposits		52,512,349			51,404,966			45,397,170		9			16
Total shareholders’ equity		6,344,297			6,399,714			5,399,526		(3	)		17

_{(1)

Period-end balance sheet percentage changes are annualized.

(2)

See

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

(3)

Net revenue is net interest income plus non-interest income.

(4)

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

(5)

Excludes mortgage loans held-for-sale.}

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

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights

	Three Months Ended															Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Selected Financial Condition Data (at end of period):
Total assets	$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933		$	56,259,934
Total loans ⁽¹⁾		48,055,037			47,067,447			44,675,531			43,230,706			42,131,831
Total deposits		52,512,349			51,404,966			48,049,026			46,448,858			45,397,170
Total shareholders’ equity		6,344,297			6,399,714			5,536,628			5,436,400			5,399,526
Selected Statements of Income Data:
Net interest income	$	525,148		$	502,583		$	470,610		$	464,194		$	469,974		$	1,962,535		$	1,837,864
Net revenue ⁽²⁾		638,599			615,730			591,757			604,774			570,803			2,450,860			2,271,970
Net income		185,362			170,001			152,388			187,294			123,480			695,045			622,626
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽³⁾		270,060			255,043			251,404			271,629			208,151			1,048,136			959,471
Net income per common share – Basic		2.68			2.51			2.35			2.93			1.90			10.47			9.72
Net income per common share – Diluted		2.63			2.47			2.32			2.89			1.87			10.31			9.58
Cash dividends declared per common share		0.45			0.45			0.45			0.45			0.40			1.80			1.60
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		3.49	%		3.49	%		3.50	%		3.57	%		3.62	%		3.51	%		3.66	%
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽³⁾		3.51			3.51			3.52			3.59			3.64			3.53			3.68
Non-interest income to average assets		0.71			0.74			0.85			1.02			0.73			0.82			0.81
Non-interest expense to average assets		2.31			2.36			2.38			2.41			2.62			2.36			2.45
Net overhead ratio ⁽⁴⁾		1.60			1.62			1.53			1.39			1.89			1.54			1.64
Return on average assets		1.16			1.11			1.07			1.35			0.89			1.17			1.16
Return on average common equity		11.82			11.63			11.61			14.42			9.93			12.32			12.90
Return on average tangible common equity (non-GAAP) ⁽³⁾		14.29			13.92			13.49			16.75			11.73			14.58			15.23
Average total assets	$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695		$	55,017,075		$	59,416,909		$	53,529,506
Average total shareholders’ equity		6,418,403			5,990,429			5,450,173			5,440,457			5,066,196			5,826,940			5,023,153
Average loans to average deposits ratio		91.9	%		93.8	%		95.1	%		94.5	%		92.9	%		93.8	%		93.1	%
Period-end loans to deposits ratio		91.5			91.6			93.0			93.1			92.8
Common Share Data at end of period:
Market price per common share	$	124.71		$	108.53		$	98.56		$	104.39		$	92.75
Book value per common share		89.21			90.06			82.97			81.38			81.43
Tangible book value per common share (non-GAAP) ⁽³⁾		75.39			76.15			72.01			70.40			70.33
Common shares outstanding		66,495,227			66,481,543			61,760,139			61,736,715			61,243,626
Other Data at end of period:
Common equity to assets ratio		9.1	%		9.4	%		8.6	%		8.7	%		8.9	%
Tangible common equity ratio (non-GAAP)⁽³⁾		7.8			8.1			7.5			7.6			7.7
Tier 1 leverage ratio ⁽⁵⁾		9.4			9.6			9.3			9.4			9.3
Risk-based capital ratios:
Tier 1 capital ratio ⁽⁵⁾		10.6			10.6			10.3			10.3			10.3
Common equity tier 1 capital ratio ⁽⁵⁾		9.9			9.8			9.5			9.5			9.4
Total capital ratio ⁽⁵⁾		12.2			12.2			12.1			12.2			12.1
Allowance for credit losses ⁽⁶⁾	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612
Allowance for loan and unfunded lending-related commitment losses to total loans		0.91	%		0.93	%		0.98	%		0.99	%		1.01	%
Number of:
Bank subsidiaries		16			16			15			15			15
Banking offices		205			203			177			176			174

_{(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.}

WINTRUST FINANCIAL
CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands)		2024			2024			2024			2024			2023
Assets
Cash and due from banks	$	452,017		$	725,465		$	415,462		$	379,825		$	423,404
Federal funds sold and securities purchased under resale agreements		6,519			5,663			62			61			60
Interest-bearing deposits with banks		4,409,753			3,648,117			2,824,314			2,131,077			2,084,323
Available-for-sale securities, at fair value		4,141,482			3,912,232			4,329,957			4,387,598			3,502,915
Held-to-maturity securities, at amortized cost		3,613,263			3,677,420			3,755,924			3,810,015			3,856,916
Trading account securities		4,072			3,472			4,134			2,184			4,707
Equity securities with readily determinable fair value		215,412			125,310			112,173			119,777			139,268
Federal Home Loan Bank and Federal Reserve Bank stock		281,407			266,908			256,495			224,657			205,003
Brokerage customer receivables		18,102			16,662			13,682			13,382			10,592
Mortgage loans held-for-sale, at fair value		331,261			461,067			411,851			339,884			292,722
Loans, net of unearned income		48,055,037			47,067,447			44,675,531			43,230,706			42,131,831
Allowance for loan losses		(364,017	)		(360,279	)		(363,719	)		(348,612	)		(344,235	)
Net loans		47,691,020			46,707,168			44,311,812			42,882,094			41,787,596
Premises, software and equipment, net		779,130			772,002			722,295			744,769			748,966
Lease investments, net		278,264			270,171			275,459			283,557			281,280
Accrued interest receivable and other assets		1,739,334			1,721,090			1,671,334			1,580,142			1,551,899
Trade date securities receivable		—			551,031			—			—			690,722
Goodwill		796,942			800,780			655,955			656,181			656,672
Other acquisition-related intangible assets		121,690			123,866			20,607			21,730			22,889
Total assets	$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933		$	56,259,934
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183		$	10,420,401
Interest-bearing		41,102,331			40,665,834			38,017,586			36,540,675			34,976,769
Total deposits		52,512,349			51,404,966			48,049,026			46,448,858			45,397,170
Federal Home Loan Bank advances		3,151,309			3,171,309			3,176,309			2,676,751			2,326,071
Other borrowings		534,803			647,043			606,579			575,408			645,813
Subordinated notes		298,283			298,188			298,113			437,965			437,866
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Accrued interest payable and other liabilities		1,785,061			1,613,638			1,861,295			1,747,985			1,799,922
Total liabilities		58,535,371			57,388,710			54,244,888			52,140,533			50,860,408
Shareholders’ Equity:
Preferred stock		412,500			412,500			412,500			412,500			412,500
Common stock		66,560			66,546			61,825			61,798			61,269
Surplus		2,482,561			2,470,228			1,964,645			1,954,532			1,943,806
Treasury stock		(6,153	)		(6,098	)		(5,760	)		(5,757	)		(2,217	)
Retained earnings		3,897,164			3,748,715			3,615,616			3,498,475			3,345,399
Accumulated other comprehensive loss		(508,335	)		(292,177	)		(512,198	)		(485,148	)		(361,231	)
Total shareholders’ equity		6,344,297			6,399,714			5,536,628			5,436,400			5,399,526
Total liabilities and shareholders’ equity	$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933		$	56,259,934

WINTRU
ST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended														Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024		Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Interest income
Interest and fees on loans	$	789,038		$	794,163		$	749,812		$	710,341	$	694,943		$	3,043,354		$	2,540,952
Mortgage loans held-for-sale		5,623			6,233			5,434			4,146		4,318			21,436			16,791
Interest-bearing deposits with banks		46,256			32,608			19,731			16,658		21,762			115,253			78,978
Federal funds sold and securities purchased under resale agreements		53			277			17			19		578			366			1,806
Investment securities		67,066			69,592			69,779			69,678		68,237			276,115			238,587
Trading account securities		6			11			13			18		15			48			41
Federal Home Loan Bank and Federal Reserve Bank stock		5,157			5,451			4,974			4,478		3,792			20,060			14,912
Brokerage customer receivables		302			269			219			175		203			965			1,047
Total interest income		913,501			908,604			849,979			805,513		793,848			3,477,597			2,893,114
Interest expense
Interest on deposits		346,388			362,019			335,703			299,532		285,390			1,343,642			906,470
Interest on Federal Home Loan Bank advances		26,050			26,254			24,797			22,048		18,316			99,149			72,286
Interest on other borrowings		7,519			9,013			8,700			9,248		9,557			34,480			35,280
Interest on subordinated notes		3,733			3,712			5,185			5,487		5,522			18,117			22,024
Interest on junior subordinated debentures		4,663			5,023			4,984			5,004		5,089			19,674			19,190
Total interest expense		388,353			406,021			379,369			341,319		323,874			1,515,062			1,055,250
Net interest income		525,148			502,583			470,610			464,194		469,974			1,962,535			1,837,864
Provision for credit losses		16,979			22,334			40,061			21,673		42,908			101,047			114,390
Net interest income after provision for credit losses		508,169			480,249			430,549			442,521		427,066			1,861,488			1,723,474
Non-interest income
Wealth management		38,775			37,224			35,413			34,815		33,275			146,227			130,607
Mortgage banking		20,452			15,974			29,124			27,663		7,433			93,213			83,073
Service charges on deposit accounts		18,864			16,430			15,546			14,811		14,522			65,651			55,250
(Losses) gains on investment securities, net		(2,835	)		3,189			(4,282	)		1,326		2,484			(2,602	)		1,525
Fees from covered call options		2,305			988			2,056			4,847		4,679			10,196			21,863
Trading (losses) gains, net		(113	)		(130	)		70			677		(505	)		504			1,142
Operating lease income, net		15,327			15,335			13,938			14,110		14,162			58,710			53,298
Other		20,676			24,137			29,282			42,331		24,779			116,426			87,348
Total non-interest income		113,451			113,147			121,147			140,580		100,829			488,325			434,106
Non-interest expense
Salaries and employee benefits		212,133			211,261			198,541			195,173		193,971			817,108			748,013
Software and equipment		34,258			31,574			29,231			27,731		27,779			122,794			104,632
Operating lease equipment		10,263			10,518			10,834			10,683		10,694			42,298			42,363
Occupancy, net		20,597			19,945			19,585			19,086		18,102			79,213			77,068
Data processing		10,957			9,984			9,503			9,292		8,892			39,736			38,800
Advertising and marketing		13,097			18,239			17,436			13,040		17,166			61,812			65,075
Professional fees		11,334			9,783			9,967			9,553		8,768			40,637			34,758
Amortization of other acquisition-related intangible assets		5,773			4,042			1,122			1,158		1,356			12,095			5,498
FDIC insurance		10,640			10,512			10,429			14,537		43,677			46,118			71,102
OREO expenses, net		397			(938	)		(259	)		392		(1,559	)		(408	)		(1,528	)
Other		39,090			35,767			33,964			32,500		33,806			141,321			126,718
Total non-interest expense		368,539			360,687			340,353			333,145		362,652			1,402,724			1,312,499
Income before taxes		253,081			232,709			211,343			249,956		165,243			947,089			845,081
Income tax expense		67,719			62,708			58,955			62,662		41,763			252,044			222,455
Net income	$	185,362		$	170,001		$	152,388		$	187,294	$	123,480		$	695,045		$	622,626
Preferred stock dividends		6,991			6,991			6,991			6,991		6,991			27,964			27,964
Net income applicable to common shares	$	178,371		$	163,010		$	145,397		$	180,303	$	116,489		$	667,081		$	594,662
Net income per common share – Basic	$	2.68		$	2.51		$	2.35		$	2.93	$	1.90		$	10.47		$	9.72
Net income per common share – Diluted	$	2.63		$	2.47		$	2.32		$	2.89	$	1.87		$	10.31		$	9.58
Cash dividends declared per common share	$	0.45		$	0.45		$	0.45		$	0.45	$	0.40		$	1.80		$	1.60
Weighted average common shares outstanding		66,491			64,888			61,839			61,481		61,236			63,685			61,149
Dilutive potential common shares		1,233			1,053			926			928		1,166			1,016			938
Average common shares and dilutive common shares		67,724			65,941			62,765			62,409		62,402			64,701			62,087

TABLE 1
:
LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From
(Dollars in thousands)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2024 ⁽¹⁾		Dec 31, 2023
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	189,774	$	314,693	$	281,103	$	193,064	$	155,529	(158	)%	22	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies		141,487		146,374		130,748		146,820		137,193	(13	)	3
Total mortgage loans held-for-sale	$	331,261	$	461,067	$	411,851	$	339,884	$	292,722	(112	)%	13	%

Core loans:
Commercial
Commercial and industrial	$	6,861,735	$	6,768,382	$	6,226,336	$	6,105,968	$	5,804,629	5	%	18	%
Asset-based lending		1,611,001		1,709,685		1,465,867		1,355,255		1,433,250	(23	)	12
Municipal		826,653		827,125		747,357		721,526		677,143	0		22
Leases		2,537,325		2,443,721		2,439,128		2,344,295		2,208,368	15		15
PPP loans		5,687		6,301		9,954		11,036		11,533	(39	)	(51	)
Commercial real estate
Residential construction		48,617		73,088		55,019		57,558		58,642	(133	)	(17	)
Commercial construction		2,065,775		1,984,240		1,866,701		1,748,607		1,729,937	16		19
Land		319,689		346,362		338,831		344,149		295,462	(31	)	8
Office		1,656,109		1,675,286		1,585,312		1,566,748		1,455,417	(5	)	14
Industrial		2,628,576		2,527,932		2,307,455		2,190,200		2,135,876	16		23
Retail		1,374,655		1,404,586		1,365,753		1,366,415		1,337,517	(8	)	3
Multi-family		3,125,505		3,193,339		2,988,940		2,922,432		2,815,911	(8	)	11
Mixed use and other		1,685,018		1,588,584		1,439,186		1,437,328		1,515,402	24		11
Home equity		445,028		427,043		356,313		340,349		343,976	17		29
Residential real estate
Residential real estate loans for investment		3,456,009		3,252,649		2,933,157		2,746,916		2,619,083	25		32
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies		114,985		92,355		88,503		90,911		92,780	97		24
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies		41,771		43,034		45,675		52,439		57,803	(12	)	(28	)
Total core loans	$	28,804,138	$	28,363,712	$	26,259,487	$	25,402,132	$	24,592,729	6	%	17	%

Niche loans:
Commercial
Franchise	$	1,268,521	$	1,191,686	$	1,150,460	$	1,122,302	$	1,092,532	26	%	16	%
Mortgage warehouse lines of credit		893,854		750,462		593,519		403,245		230,211	76		288
Community Advantage – homeowners association		525,446		501,645		491,722		475,832		452,734	19		16
Insurance agency lending		1,044,329		1,048,686		1,030,119		964,022		921,653	(2	)	13
Premium Finance receivables
U.S. property & casualty insurance		6,447,625		6,253,271		6,142,654		6,113,993		5,983,103	12		8
Canada property & casualty insurance		824,417		878,410		958,099		826,026		920,426	(24	)	(10	)
Life insurance		8,147,145		7,996,899		7,962,115		7,872,033		7,877,943	7		3
Consumer and other		99,562		82,676		87,356		51,121		60,500	81		65
Total niche loans	$	19,250,899	$	18,703,735	$	18,416,044	$	17,828,574	$	17,539,102	12	%	10	%

Total loans, net of unearned income	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	$	42,131,831	8	%	14	%

_{(1)

Annualized.}

TABLE 2
:
DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																% Growth From
(Dollars in thousands)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2024⁽¹⁾		Dec 31, 2023
Balance:
Non-interest-bearing	$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183		$	10,420,401		25	%	9	%
NOW and interest-bearing demand deposits		5,865,546			5,466,932			5,053,909			5,720,947			5,797,649		29		1
Wealth management deposits ⁽²⁾		1,469,064			1,303,354			1,490,711			1,347,817			1,614,499		51		(9	)
Money market		17,975,191			17,713,726			16,320,017			15,617,717			15,149,215		6		19
Savings		6,372,499			6,183,249			5,882,179			5,959,774			5,790,334		12		10
Time certificates of deposit		9,420,031			9,998,573			9,270,770			7,894,420			6,625,072		(23	)	42
Total deposits	$	52,512,349		$	51,404,966		$	48,049,026		$	46,448,858		$	45,397,170		9	%	16	%
Mix:
Non-interest-bearing		22	%		21	%		21	%		21	%		23	%
NOW and interest-bearing demand deposits		11			11			11			12			13
Wealth management deposits ⁽²⁾		3			3			3			3			4
Money market		34			34			34			34			33
Savings		12			12			12			13			13
Time certificates of deposit		18			19			19			17			14
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
December 31, 2024

(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,301,111	4.52	%
4-6 months		3,743,113	4.31
7-9 months		1,422,013	3.87
10-12 months		595,058	3.48
13-18 months		129,136	2.93
19-24 months		55,456	2.52
24+ months		174,144	2.56
Total	$	9,420,031	4.20	%

TABLE 4
:
QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands)		2024			2024			2024			2024			2023
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents ⁽¹⁾	$	3,934,016		$	2,413,728		$	1,485,481		$	1,254,332		$	1,682,176
Investment securities ⁽²⁾		8,090,271			8,276,576			8,203,764			8,349,796			7,971,068
FHLB and FRB stock		271,825			263,707			253,614			230,648			204,593
Liquidity management assets ⁽³⁾	$	12,296,112		$	10,954,011		$	9,942,859		$	9,834,776		$	9,857,837
Other earning assets ⁽³⁾⁽⁴⁾		20,528			17,542			15,257			15,081			14,821
Mortgage loans held-for-sale		378,707			376,251			347,236			290,275			279,569
Loans, net of unearned income ⁽³⁾⁽⁵⁾		47,153,014			45,920,586			43,819,354			42,129,893			41,361,952
Total earning assets ⁽³⁾	$	59,848,361		$	57,268,390		$	54,124,706		$	52,270,025		$	51,514,179
Allowance for loan and investment security losses		(367,238	)		(383,736	)		(360,504	)		(361,734	)		(329,441	)
Cash and due from banks		470,033			467,333			434,916			450,267			443,989
Other assets		3,642,949			3,563,296			3,294,066			3,244,137			3,388,348
Total assets	$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695		$	55,017,075

NOW and interest-bearing demand deposits	$	5,601,672		$	5,174,673		$	4,985,306		$	5,680,265		$	5,868,976
Wealth management deposits		1,430,163			1,362,747			1,531,865			1,510,203			1,704,099
Money market accounts		17,579,395			16,436,111			15,272,126			14,474,492			14,212,320
Savings accounts		6,288,727			6,096,746			5,878,844			5,792,118			5,676,155
Time deposits		9,702,948			9,598,109			8,546,172			7,148,456			6,645,980
Interest-bearing deposits	$	40,602,905		$	38,668,386		$	36,214,313		$	34,605,534		$	34,107,530
Federal Home Loan Bank advances		3,160,658			3,178,973			3,096,920			2,728,849			2,326,073
Other borrowings		577,786			622,792			587,262			627,711			633,673
Subordinated notes		298,225			298,135			410,331			437,893			437,785
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Total interest-bearing liabilities	$	44,893,140		$	43,021,852		$	40,562,392		$	38,653,553		$	37,758,627
Non-interest-bearing deposits		10,718,738			10,271,613			9,879,134			9,972,646			10,406,585
Other liabilities		1,563,824			1,631,389			1,601,485			1,536,039			1,785,667
Equity		6,418,403			5,990,429			5,450,173			5,440,457			5,066,196
Total liabilities and shareholders’ equity	$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695		$	55,017,075

Net free funds/contribution ⁽⁶⁾	$	14,955,221		$	14,246,538		$	13,562,314		$	13,616,472		$	13,755,552

_{(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)

See

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

_{(4)

Other earning assets include brokerage customer receivables and trading account securities.}

_{(5)

Loans, net of unearned income, include non-accrual loans.}

_{(6)

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

TABLE 5
:
QUARTERLY NET INTEREST INCOME

	Net Interest Income for three months ended,
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands)		2024			2024			2024			2024			2023
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	46,308		$	32,885		$	19,748		$	16,677		$	22,340
Investment securities		67,783			70,260			70,346			70,228			68,812
FHLB and FRB stock		5,157			5,451			4,974			4,478			3,792
Liquidity management assets ⁽¹⁾	$	119,248		$	108,596		$	95,068		$	91,383		$	94,944
Other earning assets ⁽¹⁾		310			282			235			198			222
Mortgage loans held-for-sale		5,623			6,233			5,434			4,146			4,318
Loans, net of unearned income ⁽¹⁾		791,390			796,637			752,117			712,587			697,093
Total interest income	$	916,571		$	911,748		$	852,854		$	808,314		$	796,577

Interest expense:
NOW and interest-bearing demand deposits	$	31,695		$	30,971		$	32,719		$	34,896		$	38,124
Wealth management deposits		9,412			10,158			10,294			10,461			12,076
Money market accounts		159,945			167,382			155,100			137,984			130,252
Savings accounts		38,402			42,892			41,063			39,071			36,463
Time deposits		106,934			110,616			96,527			77,120			68,475
Interest-bearing deposits	$	346,388		$	362,019		$	335,703		$	299,532		$	285,390
Federal Home Loan Bank advances		26,050			26,254			24,797			22,048			18,316
Other borrowings		7,519			9,013			8,700			9,248			9,557
Subordinated notes		3,733			3,712			5,185			5,487			5,522
Junior subordinated debentures		4,663			5,023			4,984			5,004			5,089
Total interest expense	$	388,353		$	406,021		$	379,369		$	341,319		$	323,874

Less: Fully taxable-equivalent adjustment		(3,070	)		(3,144	)		(2,875	)		(2,801	)		(2,729	)
Net interest income (GAAP) ⁽²⁾		525,148			502,583			470,610			464,194			469,974
Fully taxable-equivalent adjustment		3,070			3,144			2,875			2,801			2,729
Net interest income, fully taxable-equivalent (non-GAAP) ⁽²⁾	$	528,218		$	505,727		$	473,485		$	466,995		$	472,703

_{(1)

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.}

_{(2)

See

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

TABLE 6
:
QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.68	%	5.42	%	5.35	%	5.35	%	5.27	%
Investment securities	3.33		3.38		3.45		3.38		3.42
FHLB and FRB stock	7.55		8.22		7.89		7.81		7.35
Liquidity management assets	3.86	%	3.94	%	3.85	%	3.74	%	3.82	%
Other earning assets	6.01		6.38		6.23		5.25		5.92
Mortgage loans held-for-sale	5.91		6.59		6.29		5.74		6.13
Loans, net of unearned income	6.68		6.90		6.90		6.80		6.69
Total earning assets	6.09	%	6.33	%	6.34	%	6.22	%	6.13	%

Rate paid on:
NOW and interest-bearing demand deposits	2.25	%	2.38	%	2.64	%	2.47	%	2.58	%
Wealth management deposits	2.62		2.97		2.70		2.79		2.81
Money market accounts	3.62		4.05		4.08		3.83		3.64
Savings accounts	2.43		2.80		2.81		2.71		2.55
Time deposits	4.38		4.58		4.54		4.34		4.09
Interest-bearing deposits	3.39	%	3.72	%	3.73	%	3.48	%	3.32	%
Federal Home Loan Bank advances	3.28		3.29		3.22		3.25		3.12
Other borrowings	5.18		5.76		5.96		5.92		5.98
Subordinated notes	4.98		4.95		5.08		5.04		5.00
Junior subordinated debentures	7.32		7.88		7.91		7.94		7.96
Total interest-bearing liabilities	3.44	%	3.75	%	3.76	%	3.55	%	3.40	%

Interest rate spread⁽¹⁾⁽²⁾	2.65	%	2.58	%	2.58	%	2.67	%	2.73	%
Less: Fully taxable-equivalent adjustment	(0.02	)	(0.02	)	(0.02	)	(0.02	)	(0.02	)
Net free funds/contribution⁽³⁾	0.86		0.93		0.94		0.92		0.91
Net interest margin (GAAP)⁽²⁾	3.49	%	3.49	%	3.50	%	3.57	%	3.62	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP)⁽²⁾	3.51	%	3.51	%	3.52	%	3.59	%	3.64	%

_{(1)

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

_{(2)

See

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

_{(3)

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

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

	Average Balance for twelve months ended ,						Interest for twelve months ended ,						Yield/Rate for twelve months ended ,
(Dollars in thousands)	Dec 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023			Dec 31, 2024		Dec 31, 2023
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents ⁽¹⁾	$	2,276,818		$	1,608,835		$	115,618		$	80,783		5.08	%	5.02	%
Investment securities ⁽²⁾		8,229,846			7,721,661			278,617			240,837		3.39		3.12
FHLB and FRB stock		255,018			215,699			20,060			14,912		7.87		6.91
Liquidity management assets ⁽³⁾⁽⁴⁾	$	10,761,682		$	9,546,195		$	414,295		$	336,532		3.85	%	3.53	%
Other earning assets ^(3)(4)(5)		17,113			17,129			1,025			1,098		5.99		6.41
Mortgage loans held-for-sale		348,278			294,421			21,436			16,791		6.15		5.70
Loans, net of unearned income ^(3)(4)(6)		44,765,445			40,324,472			3,052,731			2,548,779		6.82		6.32
Total earning assets ⁽⁴⁾	$	55,892,518		$	50,182,217		$	3,489,487		$	2,903,200		6.24	%	5.79	%
Allowance for loan and investment security losses		(368,342	)		(308,724	)
Cash and due from banks		455,708			468,298
Other assets		3,437,025			3,187,715
Total assets	$	59,416,909		$	53,529,506

NOW and interest-bearing demand deposits	$	5,360,630		$	5,626,277		$	130,281		$	122,074		2.43	%	2.17	%
Wealth management deposits		1,458,404			1,730,523			40,324			42,782		2.76		2.47
Money market accounts		15,946,363			13,665,248			620,411			429,900		3.89		3.15
Savings accounts		6,015,085			5,299,205			161,429			109,666		2.68		2.07
Time deposits		8,753,848			5,952,537			391,197			202,048		4.47		3.39
Interest-bearing deposits	$	37,534,330		$	32,273,790		$	1,343,642		$	906,470		3.58	%	2.81	%
Federal Home Loan Bank advances		3,042,052			2,316,722			99,149			72,287		3.26		3.12
Other borrowings		603,868			630,115			34,480			35,280		5.71		5.60
Subordinated notes		360,802			437,604			18,117			22,023		5.02		5.03
Junior subordinated debentures		253,566			253,566			19,674			19,190		7.76		7.57
Total interest-bearing liabilities	$	41,794,618		$	35,911,797		$	1,515,062		$	1,055,250		3.63	%	2.94	%
Non-interest-bearing deposits		10,212,088			11,018,596
Other liabilities		1,583,263			1,575,960
Equity		5,826,940			5,023,153
Total liabilities and shareholders’ equity	$	59,416,909		$	53,529,506
Interest rate spread ⁽⁴⁾⁽⁷⁾													2.61	%	2.85	%
Less: Fully taxable-equivalent adjustment								(11,890	)		(10,086	)	(0.02	)	(0.02	)
Net free funds/contribution ⁽⁸⁾	$	14,097,900		$	14,270,420								0.92		0.83
Net interest income/margin (GAAP)⁽⁴⁾							$	1,962,535		$	1,837,864		3.51	%	3.66	%
Fully taxable-equivalent adjustment								11,890			10,086		0.02		0.02
Net interest income/margin, fully taxable-equivalent (non-GAAP) ⁽⁴⁾							$	1,974,425		$	1,847,950		3.53	%	3.68	%

_{(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)

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.}

_{(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)

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

_{(8)

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

TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2024	(1.6	)%	(0.6	)%	(0.3	)%	(1.5	)%
Sep 30, 2024	1.2		1.1		0.4		(0.9	)
Jun 30, 2024	1.5		1.0		0.6		(0.0	)
Mar 31, 2024	1.9		1.4		1.5		1.6
Dec 31, 2023	2.6		1.8		0.4		(0.7	)

Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2024	(0.2	)%	0.0	%	0.0	%	(0.3	)%
Sep 30, 2024	1.6		1.2		0.7		0.5
Jun 30, 2024	1.2		1.0		0.9		1.0
Mar 31, 2024	0.8		0.6		1.3		2.0
Dec 31, 2023	1.6		1.2		(0.3	)	(1.5	)

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 and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer term fixed rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 9
:
MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of December 31, 2024	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
Commercial
Fixed rate	$	419,733		$	3,452,609	$	2,001,276	$	26,914	$	5,900,532
Variable rate		9,673,183			836		—		—		9,674,019
Total commercial	$	10,092,916		$	3,453,445	$	2,001,276	$	26,914	$	15,574,551
Commercial real estate
Fixed rate	$	611,473		$	2,842,450	$	389,550	$	60,813	$	3,904,286
Variable rate		8,987,087			12,504		67		—		8,999,658
Total commercial real estate	$	9,598,560		$	2,854,954	$	389,617	$	60,813	$	12,903,944
Home equity
Fixed rate	$	9,106		$	1,138	$	—	$	20	$	10,264
Variable rate		434,764			—		—		—		434,764
Total home equity	$	443,870		$	1,138	$	—	$	20	$	445,028
Residential real estate
Fixed rate	$	12,157		$	4,594	$	76,321	$	1,093,139	$	1,186,211
Variable rate		90,855			584,092		1,751,607		—		2,426,554
Total residential real estate	$	103,012		$	588,686	$	1,827,928	$	1,093,139	$	3,612,765
Premium finance receivables – property & casualty
Fixed rate	$	7,179,672		$	92,370	$	—	$	—	$	7,272,042
Variable rate		—			—		—		—		—
Total premium finance receivables – property & casualty	$	7,179,672		$	92,370	$	—	$	—	$	7,272,042
Premium finance receivables – life insurance
Fixed rate	$	271,528		$	318,470	$	4,000	$	4,451	$	598,449
Variable rate		7,548,696			—		—		—		7,548,696
Total premium finance receivables – life insurance	$	7,820,224		$	318,470	$	4,000	$	4,451	$	8,147,145
Consumer and other
Fixed rate	$	32,507		$	7,587	$	927	$	920	$	41,941
Variable rate		57,621			—		—		—		57,621
Total consumer and other	$	90,128		$	7,587	$	927	$	920	$	99,562

Total per category
Fixed rate	$	8,536,176		$	6,719,218	$	2,472,074	$	1,186,257	$	18,913,725
Variable rate		26,792,206			597,432		1,751,674		—		29,141,312
Total loans, net of unearned income	$	35,328,382		$	7,316,650	$	4,223,748	$	1,186,257	$	48,055,037
Less: Existing cash flow hedging derivatives ⁽¹⁾		(6,700,000	)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	28,628,382

Variable Rate Loan Pricing by Index:
SOFR tenors (2)										$	18,029,528
12- month CMT (3)											6,355,203
Prime											3,388,920
Fed Funds											886,812
Other U.S. Treasury tenors											190,576
Other											290,273
Total variable rate										$	29,141,312

_{(1)

Excludes cash flow hedges with future effective starting dates.}

_{(2)

SOFR – Secured Overnight Financing Rate.}

_{(3)

CMT – Constant Maturity Treasury Rate.}

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/4c8a617f-4b3c-41ee-9940-f8da8b036110

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 $14.9 billion tied to one-month SOFR and $6.4 billion tied to twelve-month CMT. The above chart shows:

	Basis Point (bp) Change in
	1-month SOFR			12- month CMT			Prime
Fourth Quarter 2024	(52	)	bps	18		bps	(50	)	bps
Third Quarter 2024	(49	)		(111	)		(50	)
Second Quarter 2024	1			6			0
First Quarter 2024	(2	)		24			0
Fourth Quarter 2023	3			(67	)		0

TABLE 10
:
ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars in thousands)		2024			2024			2024			2024			2023			2024			2023
Allowance for credit losses at beginning of period	$	436,193		$	437,560		$	427,504		$	427,612		$	399,531		$	427,612		$	357,936
Cumulative effect adjustment from the adoption of ASU 2022-02		—			—			—			—			—			—			741
Provision for credit losses – Other		16,979			6,787			40,061			21,673			42,908			85,500			114,390
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		(187	)		30			(19	)		(31	)		62			(207	)		47
Charge-offs:
Commercial		5,090			22,975			9,584			11,215			5,114			48,864			15,713
Commercial real estate		1,037			95			15,526			5,469			5,386			22,127			15,228
Home equity		—			—			—			74			—			74			227
Residential real estate		114			—			23			38			114			175			192
Premium finance receivables – property & casualty		13,301			7,790			9,486			6,938			6,706			37,515			21,684
Premium finance receivables – life insurance		—			4			—			—			—			4			173
Consumer and other		189			154			137			107			148			587			595
Total charge-offs		19,731			31,018			34,756			23,841			17,468			109,346			53,812
Recoveries:
Commercial		775			649			950			479			592			2,853			2,651
Commercial real estate		172			30			90			31			92			323			460
Home equity		194			101			35			29			34			359			139
Residential real estate		0			5			8			2			10			15			21
Premium finance receivables – property & casualty		2,646			3,436			3,658			1,519			1,820			11,259			4,930
Premium finance receivables – life insurance		—			41			5			8			7			54			16
Consumer and other		19			21			24			23			24			87			93
Total recoveries		3,806			4,283			4,770			2,091			2,579			14,950			8,310
Net charge-offs		(15,925	)		(26,735	)		(29,986	)		(21,750	)		(14,889	)		(94,396	)		(45,502	)
Allowance for credit losses at period end	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612		$	437,060		$	427,612

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial		0.11	%		0.61	%		0.25	%		0.33	%		0.14	%		0.33	%		0.10	%
Commercial real estate		0.03			0.00			0.53			0.19			0.19			0.18			0.14
Home equity		(0.18	)		(0.10	)		(0.04	)		0.05			(0.04	)		(0.07	)		0.03
Residential real estate		0.01			0.00			0.00			0.01			0.02			0.01			0.01
Premium finance receivables – property & casualty		0.59			0.24			0.33			0.32			0.29			0.37			0.27
Premium finance receivables – life insurance		—			(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		0.00
Consumer and other		0.63			0.63			0.56			0.42			0.58			0.57			0.60
Total loans, net of unearned income		0.13	%		0.23	%		0.28	%		0.21	%		0.14	%		0.21			0.11	%

Loans at period end	$	48,055,037		$	47,067,447		$	44,675,531		$	43,230,706		$	42,131,831
Allowance for loan losses as a percentage of loans at period end		0.76	%		0.77	%		0.81	%		0.81	%		0.82	%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end		0.91			0.93			0.98			0.99			1.01

TABLE 11
:
ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(In thousands)		2024			2024			2024			2024			2023			2024			2023
Provision for loan losses – Other	$	19,852		$	6,782		$	45,111		$	26,159		$	44,023		$	97,904		$	118,776
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		(2,851	)		17			(5,212	)		(4,468	)		(1,081	)		(12,514	)		(4,245	)
Provision for held-to-maturity securities losses		(22	)		(12	)		162			(18	)		(34	)		110			(141	)
Provision for credit losses	$	16,979		$	22,334		$	40,061		$	21,673		$	42,908		$	101,047		$	114,390

Allowance for loan losses	$	364,017		$	360,279		$	363,719		$	348,612		$	344,235
Allowance for unfunded lending-related commitments losses		72,586			75,435			73,350			78,563			83,030
Allowance for loan losses and unfunded lending-related commitments losses		436,603			435,714			437,069			427,175			427,265
Allowance for held-to-maturity securities losses		457			479			491			329			347
Allowance for credit losses	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612

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 December 31, 2024, September 30, 2024 and June 30, 2024.

	As of Dec 31, 2024						As of Sep 30, 2024						As of Jun 30, 2024
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other	$	15,574,551	$	175,837	1.13	%	$	15,247,693	$	171,598	1.13	%	$	14,154,462	$	181,991	1.29	%
Commercial real estate:
Construction and development		2,434,081		87,236	3.58			2,403,690		97,949	4.07			2,260,551		93,154	4.12
Non-construction		10,469,863		135,620	1.30			10,389,727		133,195	1.28			9,686,646		130,574	1.35
Home equity		445,028		8,943	2.01			427,043		8,823	2.07			356,313		7,242	2.03
Residential real estate		3,612,765		10,335	0.29			3,388,038		9,745	0.29			3,067,335		8,773	0.29
Premium finance receivables
Property and casualty insurance		7,272,042		17,111	0.24			7,131,681		13,045	0.18			7,100,753		14,053	0.20
Life insurance		8,147,145		709	0.01			7,996,899		698	0.01			7,962,115		693	0.01
Consumer and other		99,562		812	0.82			82,676		661	0.80			87,356		589	0.67
Total loans, net of unearned income	$	48,055,037	$	436,603	0.91	%	$	47,067,447	$	435,714	0.93	%	$	44,675,531	$	437,069	0.98	%

Total core loans ⁽¹⁾	$	28,804,138	$	392,319	1.36	%	$	28,363,712	$	396,394	1.40	%	$	26,259,487	$	398,494	1.52	%
Total niche loans ⁽¹⁾		19,250,899		44,284	0.23			18,703,735		39,320	0.21			18,416,044		38,575	0.21

_{(1)

See

Table 1

for additional detail on core and niche loans.}

TABLE 13
:
LOAN PORTFOLIO AGING

(In thousands)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Loan Balances:
Commercial
Nonaccrual	$	73,490	$	63,826	$	51,087	$	31,740	$	38,940
90+ days and still accruing		104		20		304		27		98
60-89 days past due		54,844		32,560		16,485		30,248		19,488
30-59 days past due		92,551		46,057		36,358		77,715		85,743
Current		15,353,562		15,105,230		14,050,228		13,363,751		12,687,784
Total commercial	$	15,574,551	$	15,247,693	$	14,154,462	$	13,503,481	$	12,832,053
Commercial real estate
Nonaccrual	$	21,042	$	42,071	$	48,289	$	39,262	$	35,459
90+ days and still accruing		—		225		—		—		—
60-89 days past due		10,521		13,439		6,555		16,713		8,515
30-59 days past due		30,766		48,346		38,065		32,998		20,634
Current		12,841,615		12,689,336		11,854,288		11,544,464		11,279,556
Total commercial real estate	$	12,903,944	$	12,793,417	$	11,947,197	$	11,633,437	$	11,344,164
Home equity
Nonaccrual	$	1,117	$	1,122	$	1,100	$	838	$	1,341
90+ days and still accruing		—		—		—		—		—
60-89 days past due		1,233		1,035		275		212		62
30-59 days past due		2,148		2,580		1,229		1,617		2,263
Current		440,530		422,306		353,709		337,682		340,310
Total home equity	$	445,028	$	427,043	$	356,313	$	340,349	$	343,976
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	156,756	$	135,389	$	134,178	$	143,350	$	150,583
Nonaccrual		23,762		17,959		18,198		17,901		15,391
90+ days and still accruing		—		—		—		—		—
60-89 days past due		5,708		6,364		1,977		—		2,325
30-59 days past due		18,917		2,160		130		24,523		22,942
Current		3,407,622		3,226,166		2,912,852		2,704,492		2,578,425
Total residential real estate	$	3,612,765	$	3,388,038	$	3,067,335	$	2,890,266	$	2,769,666
Premium finance receivables – property & casualty
Nonaccrual	$	28,797	$	36,079	$	32,722	$	32,648	$	27,590
90+ days and still accruing		16,031		18,235		22,427		25,877		20,135
60-89 days past due		19,042		18,740		29,925		15,274		23,236
30-59 days past due		68,219		30,204		45,927		59,729		50,437
Current		7,139,953		7,028,423		6,969,752		6,806,491		6,782,131
Total Premium finance receivables – property & casualty	$	7,272,042	$	7,131,681	$	7,100,753	$	6,940,019	$	6,903,529
Premium finance receivables – life insurance
Nonaccrual	$	6,431	$	—	$	—	$	—	$	—
90+ days and still accruing		—		—		—		—		—
60-89 days past due		72,963		10,902		4,118		32,482		16,206
30-59 days past due		36,405		74,432		17,693		100,137		45,464
Current		8,031,346		7,911,565		7,940,304		7,739,414		7,816,273
Total Premium finance receivables – life insurance	$	8,147,145	$	7,996,899	$	7,962,115	$	7,872,033	$	7,877,943
Consumer and other
Nonaccrual	$	2	$	2	$	3	$	19	$	22
90+ days and still accruing		47		148		121		47		54
60-89 days past due		59		22		81		16		25
30-59 days past due		882		264		366		210		165
Current		98,572		82,240		86,785		50,829		60,234
Total consumer and other	$	99,562	$	82,676	$	87,356	$	51,121	$	60,500
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	156,756	$	135,389	$	134,178	$	143,350	$	150,583
Nonaccrual		154,641		161,059		151,399		122,408		118,743
90+ days and still accruing		16,182		18,628		22,852		25,951		20,287
60-89 days past due		164,370		83,062		59,416		94,945		69,857
30-59 days past due		249,888		204,043		139,768		296,929		227,648
Current		47,313,200		46,465,266		44,167,918		42,547,123		41,544,713
Total loans, net of unearned income	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	$	42,131,831

_{(1)

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

TABLE 14
:
NON-PERFORMING ASSETS
⁽¹⁾

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(Dollars in thousands)		2024			2024			2024			2024			2023
Loans past due greater than 90 days and still accruing:
Commercial	$	104		$	20		$	304		$	27		$	98
Commercial real estate		—			225			—			—			—
Home equity		—			—			—			—			—
Residential real estate		—			—			—			—			—
Premium finance receivables – property & casualty		16,031			18,235			22,427			25,877			20,135
Premium finance receivables – life insurance		—			—			—			—			—
Consumer and other		47			148			121			47			54
Total loans past due greater than 90 days and still accruing		16,182			18,628			22,852			25,951			20,287
Non-accrual loans:
Commercial		73,490			63,826			51,087			31,740			38,940
Commercial real estate		21,042			42,071			48,289			39,262			35,459
Home equity		1,117			1,122			1,100			838			1,341
Residential real estate		23,762			17,959			18,198			17,901			15,391
Premium finance receivables – property & casualty		28,797			36,079			32,722			32,648			27,590
Premium finance receivables – life insurance		6,431			—			—			—			—
Consumer and other		2			2			3			19			22
Total non-accrual loans		154,641			161,059			151,399			122,408			118,743
Total non-performing loans:
Commercial		73,594			63,846			51,391			31,767			39,038
Commercial real estate		21,042			42,296			48,289			39,262			35,459
Home equity		1,117			1,122			1,100			838			1,341
Residential real estate		23,762			17,959			18,198			17,901			15,391
Premium finance receivables – property & casualty		44,828			54,314			55,149			58,525			47,725
Premium finance receivables – life insurance		6,431			—			—			—			—
Consumer and other		49			150			124			66			76
Total non-performing loans	$	170,823		$	179,687		$	174,251		$	148,359		$	139,030
Other real estate owned		23,116			13,682			19,731			14,538			13,309
Total non-performing assets	$	193,939		$	193,369		$	193,982		$	162,897		$	152,339
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial		0.47	%		0.42	%		0.36	%		0.24	%		0.30	%
Commercial real estate		0.16			0.33			0.40			0.34			0.31
Home equity		0.25			0.26			0.31			0.25			0.39
Residential real estate		0.66			0.53			0.59			0.62			0.56
Premium finance receivables – property & casualty		0.62			0.76			0.78			0.84			0.69
Premium finance receivables – life insurance		0.08			—			—			—			—
Consumer and other		0.05			0.18			0.14			0.13			0.13
Total loans, net of unearned income		0.36	%		0.38	%		0.39	%		0.34	%		0.33	%
Total non-performing assets as a percentage of total assets		0.30	%		0.30	%		0.32	%		0.28	%		0.27	%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans		282.33	%		270.53	%		288.69	%		348.98	%		359.82	%

_{(1)

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

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

	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(In thousands)		2024			2024			2024			2024			2023			2024			2023

Balance at beginning of period	$	179,687		$	174,251		$	148,359		$	139,030		$	133,101		$	139,030		$	100,697
Additions from becoming non-performing in the respective period		30,931			42,335			54,376			23,142			59,010			150,784			123,377
Additions from assets acquired in the respective period		—			189			—			—			—			189			—
Return to performing status		(1,108	)		(362	)		(912	)		(490	)		(24,469	)		(2,872	)		(27,011	)
Payments received		(12,219	)		(10,894	)		(9,611	)		(8,336	)		(10,000	)		(41,060	)		(34,063	)
Transfer to OREO and other repossessed assets		(17,897	)		(3,680	)		(6,945	)		(1,381	)		(2,623	)		(29,903	)		(8,252	)
Charge-offs, net		(5,612	)		(21,211	)		(7,673	)		(14,810	)		(9,480	)		(49,306	)		(16,346	)
Net change for premium finance receivables		(2,959	)		(941	)		(3,343	)		11,204			(6,509	)		3,961			628
Balance at end of period	$	170,823		$	179,687		$	174,251		$	148,359		$	139,030		$	170,823		$	139,030

Other Real Estate Owned

	Three Months Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands)		2024			2024			2024			2024			2023
Balance at beginning of period	$	13,682		$	19,731		$	14,538		$	13,309		$	14,060
Disposals/resolved		(8,545	)		(9,729	)		(1,752	)		—			(3,416	)
Transfers in at fair value, less costs to sell		17,979			3,680			6,945			1,436			2,665
Fair value adjustments		—			—			—			(207	)		—
Balance at end of period	$	23,116		$	13,682		$	19,731		$	14,538		$	13,309

	Period End
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
Balance by Property Type:		2024			2024			2024			2024			2023
Residential real estate	$	—		$	—		$	161		$	1,146		$	720
Commercial real estate		23,116			13,682			19,570			13,392			12,589
Total	$	23,116		$	13,682		$	19,731		$	14,538		$	13,309

TABLE 15
:
NON-INTEREST INCOME

	Three Months Ended															Q4 2024 compared to Q3 2024					Q4 2024 compared to Q4 2023
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Q4 2024 compared to Q3 2024					Q4 2024 compared to Q4 2023
(Dollars in thousands)		2024			2024			2024			2024			2023		$ Change			% Change		$ Change			% Change
Brokerage	$	5,328		$	6,139		$	5,588		$	5,556		$	5,349		$	(811	)	(13	)%	$	(21	)	—	%
Trust and asset management		33,447			31,085			29,825			29,259			27,926			2,362		8			5,521		20
Total wealth management		38,775			37,224			35,413			34,815			33,275			1,551		4			5,500		17
Mortgage banking		20,452			15,974			29,124			27,663			7,433			4,478		28			13,019		175
Service charges on deposit accounts		18,864			16,430			15,546			14,811			14,522			2,434		15			4,342		30
(Losses) gains on investment securities, net		(2,835	)		3,189			(4,282	)		1,326			2,484			(6,024	)	NM			(5,319	)	NM
Fees from covered call options		2,305			988			2,056			4,847			4,679			1,317		NM			(2,374	)	(51	)
Trading (losses) gains, net		(113	)		(130	)		70			677			(505	)		17		(13	)		392		(78	)
Operating lease income, net		15,327			15,335			13,938			14,110			14,162			(8	)	(0	)		1,165		8
Other:
Interest rate swap fees		3,360			2,914			3,392			2,828			4,021			446		15			(661	)	(16	)
BOLI		1,236			1,517			1,351			1,651			1,747			(281	)	(19	)		(511	)	(29	)
Administrative services		1,347			1,450			1,322			1,217			1,329			(103	)	(7	)		18		1
Foreign currency remeasurement (losses) gains		(682	)		696			(145	)		(1,171	)		1,150			(1,378	)	NM			(1,832	)	NM
Changes in fair value on EBOs and loans held-for-investment		129			518			604			(439	)		1,556			(389	)	(75	)		(1,427	)	(92	)
Early pay-offs of capital leases		514			532			393			430			157			(18	)	(3	)		357		NM
Miscellaneous		14,772			16,510			22,365			37,815			14,819			(1,738	)	(11	)		(47	)	(0	)
Total Other		20,676			24,137			29,282			42,331			24,779			(3,461	)	(14	)		(4,103	)	(17	)
Total Non-Interest Income	$	113,451		$	113,147		$	121,147		$	140,580		$	100,829		$	304		0	%	$	12,622		13	%

	Years Ended
	Dec 31,			Dec 31,		$			%
(Dollars in thousands)		2024		2023		Change			Change
Brokerage	$	22,611		$	18,645	$	3,966		21	%
Trust and asset management		123,616			111,962		11,654		10
Total wealth management		146,227			130,607		15,620		12
Mortgage banking		93,213			83,073		10,140		12
Service charges on deposit accounts		65,651			55,250		10,401		19
(Losses) gains on investment securities, net		(2,602	)		1,525		(4,127	)	NM
Fees from covered call options		10,196			21,863		(11,667	)	(53	)
Trading gains, net		504			1,142		(638	)	(56	)
Operating lease income, net		58,710			53,298		5,412		10
Other:
Interest rate swap fees		12,494			12,251		243		2
BOLI		5,755			5,149		606		12
Administrative services		5,336			5,599		(263	)	(5	)
Foreign currency remeasurement (losses) gains		(1,302	)		1,059		(2,361	)	NM
Changes in fair value on EBOs and loans held-for-investment		812			1,521		(709	)	(47	)
Early pay-offs of capital leases		1,869			1,184		685		58
Miscellaneous		91,462			60,585		30,877		51
Total Other		116,426			87,348		29,078		33
Total Non-Interest Income	$	488,325		$	434,106	$	54,219		12	%

_{NM – Not meaningful.

BOLI – Bank-owned life insurance.}

TABLE 16: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Originations:
Retail originations	$	483,424		$	527,408		$	544,394		$	331,504		$	315,637
Veterans First originations		176,914			239,369			177,792			144,109			123,564
Total originations for sale (A)	$	660,338		$	766,777		$	722,186		$	475,613		$	439,201
Originations for investment		355,119			218,984			275,331			169,246			124,974
Total originations	$	1,015,457		$	985,761		$	997,517		$	644,859		$	564,175
As a percentage of originations for sale:
Retail originations		73	%		69	%		75	%		70	%		72	%
Veterans First originations		27			31			25			30			28
Purchases		65	%		72	%		83	%		75	%		85	%
Refinances		35			28			17			25			15
Production Margin:
Production revenue (B) ⁽¹⁾	$	6,993		$	13,113		$	14,990		$	13,435		$	6,798
Total originations for sale (A)	$	660,338		$	766,777		$	722,186		$	475,613		$	439,201
Add: Current period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		103,946			272,072			222,738			207,775			119,624
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		272,072			222,738			207,775			119,624			150,713
Total mortgage production volume (C)	$	492,212		$	816,111		$	737,149		$	563,764		$	408,112
Production margin (B / C)		1.42	%		1.61	%		2.03	%		2.38	%		1.67	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,400,913		$	12,253,361		$	12,211,027		$	12,051,392		$	12,007,165
MSRs, at fair value (E)		203,788			186,308			204,610			201,044			192,456
Percentage of MSRs to loans serviced for others (E / D)		1.64	%		1.52	%		1.68	%		1.67	%		1.60	%
Servicing income	$	10,731		$	10,809		$	10,586		$	10,498		$	10,286
MSR Fair Value Asset Activity
MSR – FV at Beginning of Period	$	186,308		$	204,610		$	201,044		$	192,456		$	210,524
MSR – current period rights sold		—			—			—			—			—
MSR – current period capitalization		10,010			6,357			8,223			5,379			5,077
MSR – collection of expected cash flows – paydowns		(1,463	)		(1,598	)		(1,504	)		(1,444	)		(1,572	)
MSR – collection of expected cash flows – payoffs and repurchases		(4,315	)		(5,730	)		(4,030	)		(2,942	)		(1,939	)
MSR – changes in fair value model assumptions		13,248			(17,331	)		877			7,595			(19,634	)
MSR Fair Value at end of period	$	203,788		$	186,308		$	204,610		$	201,044		$	192,456
Summary of Mortgage Banking Revenue Operational:
Production revenue ⁽¹⁾	$	6,993		$	13,113		$	14,990		$	13,435		$	6,798
MSR – Current period capitalization		10,010			6,357			8,223			5,379			5,077
MSR – Collection of expected cash flows – paydowns		(1,463	)		(1,598	)		(1,504	)		(1,444	)		(1,572	)
MSR – Collection of expected cash flows – pay offs		(4,315	)		(5,730	)		(4,030	)		(2,942	)		(1,939	)
Servicing Income		10,731			10,809			10,586			10,498			10,286
Other Revenue		(51	)		(67	)		112			(91	)		20
Total operational mortgage banking revenue	$	21,905		$	22,884		$	28,377		$	24,835		$	18,670
Fair Value:
MSR – changes in fair value model assumptions	$	13,248		$	(17,331	)	$	877		$	7,595		$	(19,634	)
Gain (loss) on derivative contract held as an economic hedge, net		(11,452	)		6,892			(772	)		(2,577	)		3,541
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)		(3,249	)		3,529			642			(2,190	)		4,856
Total fair value mortgage banking revenue	$	(1,453	)	$	(6,910	)	$	747		$	2,828		$	(11,237	)
Total mortgage banking revenue	$	20,452		$	15,974		$	29,124		$	27,663		$	7,433

_{(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.}

	Years Ended
(Dollars in thousands)	Dec 31, 2024			Dec 31, 2023
Originations:
Retail originations	$	1,886,730		$	1,387,423
Veterans First originations		738,184			574,782
Total originations for sale (A)	$	2,624,914		$	1,962,205
Originations for investment		1,018,680			578,571
Total originations	$	3,643,594		$	2,540,776
As a percentage of originations for sale:
Retail originations		72	%		71	%
Veterans First originations		28			29
Purchases		75	%		83	%
Refinances		25			17
Production Margin:
Production revenue (B) ⁽¹⁾	$	48,531		$	41,031
Total originations for sale (A)	$	2,624,914		$	1,962,205
Add: Current period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		103,946			119,624
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		119,624			113,303
Total mortgage production volume (C)	$	2,609,236		$	1,968,526
Production margin (B / C)		1.86	%		2.08	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,400,913		$	12,007,165
MSRs, at fair value (E)		203,788			192,456
Percentage of MSRs to loans serviced for others (E / D)		1.64	%		1.60	%
Servicing income	$	42,624		$	43,563
MSR Fair Value Asset Activity
MSR – FV at Beginning of Period	$	192,456		$	230,225
MSR – current period rights sold		—			(30,170	)
MSR – current period capitalization		29,969			28,610
MSR – collection of expected cash flows – paydowns		(6,009	)		(6,284	)
MSR – collection of expected cash flows – payoffs and repurchases		(17,017	)		(10,776	)
MSR – changes in fair value model assumptions		4,389			(19,149	)
MSR Fair Value at end of period	$	203,788		$	192,456
Summary of Mortgage Banking Revenue: Operational
Production revenue ⁽¹⁾	$	48,531		$	41,031
MSR – Current period capitalization		29,969			28,610
MSR – Collection of expected cash flows – paydowns		(6,009	)		(6,284	)
MSR – Collection of expected cash flows – pay offs		(17,017	)		(10,776	)
Servicing Income		42,624			43,563
Other Revenue		(97	)		384
Total operational mortgage banking revenue	$	98,001		$	96,528
Fair Value:
MSR – changes in fair value model assumptions	$	4,389		$	(19,149	)
Gain (loss) on derivative contract held as an economic hedge, net		(7,909	)		1,280
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)		(1,268	)		4,414
Total fair value mortgage banking revenue	$	(4,788	)	$	(13,455	)
Total mortgage banking revenue	$	93,213		$	83,073

TABLE 17
:
NON-INTEREST EXPENSE

	Three Months Ended													Q4 2024 compared to Q3 2024					Q4 2024 compared to Q4 2023
	Dec 31,		Sep 30,			Jun 30,			Mar 31,		Dec 31,			Q4 2024 compared to Q3 2024					Q4 2024 compared to Q4 2023
(Dollars in thousands)		2024		2024			2024			2024		2023		$ Change			% Change		$ Change			% Change
Salaries and employee benefits:
Salaries	$	120,969	$	118,971		$	113,860		$	112,172	$	111,484		$	1,998		2	%	$	9,485		9	%
Commissions and incentive compensation		54,792		57,575			52,151			51,001		48,974			(2,783	)	(5	)		5,818		12
Benefits		36,372		34,715			32,530			32,000		33,513			1,657		5			2,859		9
Total salaries and employee benefits		212,133		211,261			198,541			195,173		193,971			872		0			18,162		9
Software and equipment		34,258		31,574			29,231			27,731		27,779			2,684		9			6,479		23
Operating lease equipment		10,263		10,518			10,834			10,683		10,694			(255	)	(2	)		(431	)	(4	)
Occupancy, net		20,597		19,945			19,585			19,086		18,102			652		3			2,495		14
Data processing		10,957		9,984			9,503			9,292		8,892			973		10			2,065		23
Advertising and marketing		13,097		18,239			17,436			13,040		17,166			(5,142	)	(28	)		(4,069	)	(24	)
Professional fees		11,334		9,783			9,967			9,553		8,768			1,551		16			2,566		29
Amortization of other acquisition-related intangible assets		5,773		4,042			1,122			1,158		1,356			1,731		43			4,417		NM
FDIC insurance		10,640		10,512			10,429			9,381		9,303			128		1			1,337		14
FDIC insurance – special assessment		—		—			—			5,156		34,374			—		—			(34,374	)	NM
OREO expense, net		397		(938	)		(259	)		392		(1,559	)		1,335		NM			1,956		NM
Other:
Lending expenses, net of deferred origination costs		6,448		4,995			5,335			5,078		5,330			1,453		29			1,118		21
Travel and entertainment		8,140		5,364			5,340			4,597		5,754			2,776		52			2,386		41
Miscellaneous		24,502		25,408			23,289			22,825		22,722			(906	)	(4	)		1,780		8
Total other		39,090		35,767			33,964			32,500		33,806			3,323		9			5,284		16
Total Non-Interest Expense	$	368,539	$	360,687		$	340,353		$	333,145	$	362,652		$	7,852		2	%	$	5,887		2	%

	Years Ended
	Dec 31,			Dec 31,			$			%
(Dollars in thousands)		2024			2023		Change			Change
Salaries and employee benefits:
Salaries	$	465,972		$	438,812		$	27,160		6	%
Commissions and incentive compensation		215,519			182,101			33,418		18
Benefits		135,617			127,100			8,517		7
Total salaries and employee benefits		817,108			748,013			69,095		9
Software and equipment		122,794			104,632			18,162		17
Operating lease equipment		42,298			42,363			(65	)	0
Occupancy, net		79,213			77,068			2,145		3
Data processing		39,736			38,800			936		2
Advertising and marketing		61,812			65,075			(3,263	)	(5	)
Professional fees		40,637			34,758			5,879		17
Amortization of other acquisition-related intangible assets		12,095			5,498			6,597		NM
FDIC insurance		40,962			36,728			4,234		12
FDIC insurance – special assessment		5,156			34,374			(29,218	)	(85	)
OREO expense, net		(408	)		(1,528	)		1,120		(73	)
Other:
Lending expenses, net of deferred origination costs		21,856			21,096			760		4
Travel and entertainment		23,441			21,194			2,247		11
Miscellaneous		96,024			84,428			11,596		14
Total other		141,321			126,718			14,603		12
Total Non-Interest Expense	$	1,402,724		$	1,312,499		$	90,225		7	%

_{NM – Not meaningful.}

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis. 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 fully taxable-equivalent 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															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)		2024			2024			2024			2024			2023			2024			2023
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	913,501		$	908,604		$	849,979		$	805,513		$	793,848		$	3,477,597		$	2,893,114
Taxable-equivalent adjustment:
– Loans		2,352			2,474			2,305			2,246			2,150			9,377			7,827
– Liquidity Management Assets		716			668			567			550			575			2,501			2,249
– Other Earning Assets		2			2			3			5			4			12			10
(B) Interest Income (non-GAAP)	$	916,571		$	911,748		$	852,854		$	808,314		$	796,577		$	3,489,487		$	2,903,200
(C) Interest Expense (GAAP)		388,353			406,021			379,369			341,319			323,874			1,515,062			1,055,250
(D) Net Interest Income (GAAP) (A minus C)	$	525,148		$	502,583		$	470,610		$	464,194		$	469,974		$	1,962,535		$	1,837,864
(E) Net Interest Income (non-GAAP) (B minus C)	$	528,218		$	505,727		$	473,485		$	466,995		$	472,703		$	1,974,425		$	1,847,950
Net interest margin (GAAP)		3.49	%		3.49	%		3.50	%		3.57	%		3.62	%		3.51	%		3.66	%
Net interest margin, fully taxable-equivalent (non-GAAP)		3.51			3.51			3.52			3.59			3.64			3.53			3.68
(F) Non-interest income	$	113,451		$	113,147		$	121,147		$	140,580		$	100,829		$	488,325		$	434,106
(G) (Losses) gains on investment securities, net		(2,835	)		3,189			(4,282	)		1,326			2,484			(2,602	)		1,525
(H) Non-interest expense		368,539			360,687			340,353			333,145			362,652			1,402,724			1,312,499
Efficiency ratio (H/(D+F-G))		57.46	%		58.88	%		57.10	%		55.21	%		63.81	%		57.17	%		57.81	%
Efficiency ratio (non-GAAP) (H/(E+F-G))		57.18			58.58			56.83			54.95			63.51			56.90			57.55
	Three Months Ended															Year Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)		2024			2024			2024			2024			2023			2024			2023
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400		$	5,399,526
Less: Non-convertible preferred stock (GAAP)		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
Less: Intangible assets (GAAP)		(918,632	)		(924,646	)		(676,562	)		(677,911	)		(679,561	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,013,165		$	5,062,568		$	4,447,566		$	4,345,989		$	4,307,465
(J) Total assets (GAAP)	$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933		$	56,259,934
Less: Intangible assets (GAAP)		(918,632	)		(924,646	)		(676,562	)		(677,911	)		(679,561	)
(K) Total tangible assets (non-GAAP)	$	63,961,036		$	62,863,778		$	59,104,954		$	56,899,022		$	55,580,373
Common equity to assets ratio (GAAP) (L/J)		9.1	%		9.4	%		8.6	%		8.7	%		8.9	%
Tangible common equity ratio (non-GAAP) (I/K)		7.8			8.1			7.5			7.6			7.7

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400		$	5,399,526
Less: Preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(L) Total common equity	$	5,931,797		$	5,987,214		$	5,124,128		$	5,023,900		$	4,987,026
(M) Actual common shares outstanding		66,495			66,482			61,760			61,737			61,244
Book value per common share (L/M)	$	89.21		$	90.06		$	82.97		$	81.38		$	81.43
Tangible book value per common share (non-GAAP) (I/M)		75.39			76.15			72.01			70.40			70.33

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	178,371		$	163,010		$	145,397		$	180,303		$	116,489		$	667,081		$	594,662
Add: Intangible asset amortization		5,773			4,042			1,122			1,158			1,356			12,095			5,498
Less: Tax effect of intangible asset amortization		(1,547	)		(1,087	)		(311	)		(291	)		(343	)		(3,217	)		(1,446	)
After-tax intangible asset amortization	$	4,226		$	2,955		$	811		$	867		$	1,013		$	8,878		$	4,052
(O) Tangible net income applicable to common shares (non-GAAP)	$	182,597		$	165,965		$	146,208		$	181,170		$	117,502		$	675,959		$	598,714
Total average shareholders’ equity	$	6,418,403		$	5,990,429		$	5,450,173		$	5,440,457		$	5,066,196		$	5,826,940		$	5,023,153
Less: Average preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(P) Total average common shareholders’ equity	$	6,005,903		$	5,577,929		$	5,037,673		$	5,027,957		$	4,653,696		$	5,414,440		$	4,610,653
Less: Average intangible assets		(921,438	)		(833,574	)		(677,207	)		(678,731	)		(679,812	)		(778,283	)		(679,802	)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,084,465		$	4,744,355		$	4,360,466		$	4,349,226		$	3,973,884		$	4,636,157		$	3,930,851
Return on average common equity, annualized (N/P)		11.82	%		11.63	%		11.61	%		14.42	%		9.93	%		12.32	%		12.90	%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)		14.29			13.92			13.49			16.75			11.73			14.58			15.23

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	253,081		$	232,709		$	211,343		$	249,956		$	165,243		$	947,089		$	845,081
Add: Provision for credit losses		16,979			22,334			40,061			21,673			42,908			101,047			114,390
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	270,060		$	255,043		$	251,404		$	271,629		$	208,151		$	1,048,136		$	959,471

	Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,
		2022			2021			2020			2019			2018			2017			2016			2015			2014
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,796,838		$	4,498,688		$	4,115,995		$	3,691,250		$	3,267,570		$	2,976,939		$	2,695,617		$	2,352,274		$	2,069,822
Less: Non-convertible preferred stock (GAAP)		(412,500	)		(412,500	)		(412,500	)		(125,000	)		(125,000	)		(125,000	)		(251,257	)		(251,287	)		(126,467	)
(R) Less: Intangible assets (GAAP)		(675,710	)		(683,456	)		(681,747	)		(692,277	)		(622,565	)		(519,505	)		(520,438	)		(495,970	)		(424,445	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,708,628		$	3,402,732		$	3,021,748		$	2,873,973		$	2,520,005		$	2,332,434		$	1,923,922		$	1,605,017		$	1,518,910
(M) Common shares used for book value calculation		60,794			57,054			56,770			57,822			56,408			55,965			51,881			48,383			46,805
Book value per common share ((I-R)/M)	$	72.12		$	71.62		$	65.24		$	61.68		$	55.71		$	50.96		$	47.11		$	43.42		$	41.52
Tangible book value per common share (non-GAAP) (I/M)		61.00			59.64			53.23			49.70			44.67			41.68			37.08			33.17			32.45

WINTRUST SUBSIDIARIES AND LOCATIONS

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 16 community bank subsidiaries are: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., in Chicago, Libertyville Bank & Trust Company, N.A., Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, N.A., Schaumburg Bank & Trust Company, N.A., Village Bank & Trust, N.A., in Arlington Heights, Beverly Bank & Trust Company, N.A. in Chicago, Wheaton Bank & Trust Company, N.A., State Bank of The Lakes, N.A., in Antioch, Old Plank Trail Community Bank, N.A., in New Lenox, St. Charles Bank & Trust Company, N.A., Town Bank, N.A., in Hartland, Wisconsin and Macatawa Bank, N.A., in Holland, Michigan.

In addition to the locations noted above, the banks also operate facilities in Illinois in Addison, Algonquin, Aurora, Bloomingdale, Bolingbrook, Buffalo Grove, Burbank, Cary, Clarendon Hills, Countryside, Crete, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Grayslake, Gurnee, Hanover Park, Hawthorn Woods, Highland Park, Highwood, Hoffman Estates, Homer Glen, Itasca, Joliet, Lake Bluff, Lake Villa, Lansing, Lemont, Lindenhurst, Lombard, Lynwood, Machesney Park, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, Norridge, Northfield, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rockford, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Wheeling, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Mequon, Milwaukee, Pewaukee, Racine, Wales, Walworth, Whitefish Bay and Wind Lake, and in Michigan in Allendale, Byron Center, Douglas, Grand Haven, Grand Rapids, Grandville, Hamilton, Hudsonville, Jenison, Rockford, Walker, Wyoming, and Zeeland, and in Florida in Bonita Spring, Cape Coral, and Naples, and in Indiana in Crown Point and Dyer.

Additionally, the Company operates various non-bank business units:

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. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
Wintrust Investments, LLC is a broker-dealer providing 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 2023 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, plans to form additional de novo banks or branch offices, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
negative effects suffered by us or our customers resulting from changes in U.S. trade policies;
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
the financial success and economic viability of the borrowers of our commercial loans;
commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
unexpected difficulties and losses related to FDIC-assisted acquisitions;
harm to the Company’s reputation;
any negative perception of the Company’s financial strength;
ability of the Company to raise additional capital on acceptable terms when needed;
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
failure or breaches of our security systems or infrastructure, or those of third parties;
security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
increased costs as a result of protecting our customers from the impact of stolen debit card information;
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
environmental liability risk associated with lending activities;
the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
the expenses and delayed returns inherent in opening new branches and de novo banks;
liabilities, potential customer loss or reputational harm related to closings of existing branches;
examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
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;
the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
a lowering of our credit rating;
changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
the impact of heightened capital requirements;
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
delinquencies or fraud with respect to the Company’s premium finance business;
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
the Company’s ability to comply with covenants under its credit facility;
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Wednesday, January 22, 2025 at 9:00 a.m. (CST) regarding fourth quarter and full year 2024 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 January 2, 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 fourth quarter and full year 2024 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.

FOR MORE INFORMATION CONTACT:

Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com