EX-99.1 2 q12025exhibit991.htm EX-99.1 Document


Exhibit 99.1
Wintrust Financial Corporation
9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018
News Release
FOR IMMEDIATE RELEASE  April 21, 2025
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

Wintrust Financial Corporation Reports Record First Quarter 2025 Net Income

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”

Highlights of the first quarter of 2025:
Comparative information to the fourth quarter of 2024, unless otherwise noted

•Total loans increased by $653 million, or 6% annualized.
•Total deposits increased by approximately $1.1 billion, or 8% annualized.
•Total assets increased by $1.0 billion, or 6% annualized.
•Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.    
◦Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.
•Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:
◦Net gains on investment securities totaled $3.2 million.
◦Macatawa Bank acquisition-related costs were $2.7 million.
•Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.
•Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.

Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”



Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”

In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”


* * *









































The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.
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chart-d1a67480bec0413a933a.jpgchart-632a5209f01b49d38fda.jpg*The first quarter of 2024 includes FDIC special assessment of $5.2 million and net gain on sale of RBA of $19.3 million
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SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.

Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company's loans-to-deposits ratio ended the quarter at 90.9%.

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 first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.

Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 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 March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.

Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.

The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total
8

loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.

Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. 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 totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.

The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 14 in this report.

NON-INTEREST EXPENSE

Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.

Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.

Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.

Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.

The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.

For more information regarding non-interest expense, see Table 16 in this report.

9

INCOME TAXES

The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

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

Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. 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 $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks.

10

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

Division Sale

In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).




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WINTRUST FINANCIAL CORPORATION
Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:
% or (1)
basis point  (bp) change from
4th Quarter
2024
% or
basis point  (bp) change from
1st Quarter
2024
  
Three Months Ended
(Dollars in thousands, except per share data)Mar 31, 2025Dec 31, 2024Mar 31, 2024
Net income$189,039 $185,362 $187,294 2 % 1 % 
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)
277,018 270,060 271,629 3 2 
Net income per common share – Diluted2.69 2.63 2.89 2 (7)
Cash dividends declared per common share0.50 0.45 0.45 11 11 
Net revenue (3)
643,108 638,599 604,774 1 6 
Net interest income526,474 525,148 464,194 0 13 
Net interest margin3.54 %3.49 %3.57 %5 bps(3)bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)
3.56 3.51 3.59 5 (3)
Net overhead ratio (4)
1.58 1.60 1.39 (2)19 
Return on average assets1.20 1.16 1.35 4 (15)
Return on average common equity12.21 11.82 14.42 39 (221)
Return on average tangible common equity (non-GAAP) (2)
14.72 14.29 16.75 43 (203)
At end of period
Total assets$65,870,066$64,879,668$57,576,9336 % 14 % 
Total loans (5)
48,708,39048,055,03743,230,7066 13 
Total deposits53,570,03852,512,34946,448,8588 15 
Total shareholders’ equity6,600,5376,344,2975,436,40016 21 
(1)Period-end balance sheet percentage changes are annualized.
(2)See Table 17: 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.”

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WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights
 Three Months Ended
(Dollars in thousands, except per share data)Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Selected Financial Condition Data (at end of period):
Total assets$65,870,066$64,879,668$63,788,424$59,781,516$57,576,933
Total loans (1)
48,708,39048,055,03747,067,44744,675,53143,230,706
Total deposits53,570,03852,512,34951,404,96648,049,02646,448,858
Total shareholders’ equity6,600,5376,344,2976,399,7145,536,6285,436,400
Selected Statements of Income Data:
Net interest income$526,474 $525,148 $502,583 $470,610 $464,194 
Net revenue (2)
643,108 638,599 615,730 591,757 604,774 
Net income189,039 185,362 170,001 152,388 187,294 
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)
277,018 270,060 255,043 251,404 271,629 
Net income per common share – Basic2.73 2.68 2.51 2.35 2.93 
Net income per common share – Diluted2.69 2.63 2.47 2.32 2.89 
Cash dividends declared per common share0.50 0.45 0.45 0.45 0.45 
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin 3.54 %3.49 %3.49 %3.50 %3.57 %
Net interest margin – fully taxable-equivalent (non-GAAP) (3)
3.56 3.51 3.51 3.52 3.59 
Non-interest income to average assets0.74 0.71 0.74 0.85 1.02 
Non-interest expense to average assets2.32 2.31 2.36 2.38 2.41 
Net overhead ratio (4)
1.58 1.60 1.62 1.53 1.39 
Return on average assets1.20 1.16 1.11 1.07 1.35 
Return on average common equity12.21 11.82 11.63 11.61 14.42 
Return on average tangible common equity (non-GAAP) (3)
14.72 14.29 13.92 13.49 16.75 
Average total assets$64,107,042 $63,594,105 $60,915,283 $57,493,184 $55,602,695 
Average total shareholders’ equity6,460,941 6,418,403 5,990,429 5,450,173 5,440,457 
Average loans to average deposits ratio 92.3 %91.9 %93.8 %95.1 %94.5 %
Period-end loans to deposits ratio 90.9 91.5 91.6 93.0 93.1 
Common Share Data at end of period:
Market price per common share$112.46 $124.71 $108.53 $98.56 $104.39 
Book value per common share92.47 89.21 90.06 82.97 81.38 
Tangible book value per common share (non-GAAP) (3)
78.83 75.39 76.15 72.01 70.40 
Common shares outstanding66,919,32566,495,22766,481,54361,760,13961,736,715
Other Data at end of period:
Common equity to assets ratio9.4 %9.1 %9.4 %8.6 %8.7 %
Tangible common equity ratio (non-GAAP) (3)
8.1 7.8 8.1 7.5 7.6 
Tier 1 leverage ratio (5)
9.6 9.4 9.6 9.3 9.4 
Risk-based capital ratios:
Tier 1 capital ratio (5)
10.8 10.7 10.6 10.3 10.3 
Common equity tier 1 capital ratio (5)
10.1 9.9 9.8 9.5 9.5 
Total capital ratio (5)
12.5 12.3 12.2 12.1 12.2 
Allowance for credit losses (6)
$448,387 $437,060 $436,193 $437,560 $427,504 
Allowance for loan and unfunded lending-related commitment losses to total loans0.92 %0.91 %0.93 %0.98 %0.99 %
Number of:
Bank subsidiaries16 16 16 15 15 
Banking offices208 205 203 177 176 
(1)Excludes mortgage loans held-for-sale.
(2)Net revenue is net interest income plus non-interest income.
(3)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)Capital ratios for current quarter-end are estimated.
(6)The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.
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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
 
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(In thousands)20252024202420242024
Assets
Cash and due from banks$616,216 $452,017 $725,465 $415,462 $379,825 
Federal funds sold and securities purchased under resale agreements63 6,519 5,663 62 61 
Interest-bearing deposits with banks4,238,237 4,409,753 3,648,117 2,824,314 2,131,077 
Available-for-sale securities, at fair value4,220,305 4,141,482 3,912,232 4,329,957 4,387,598 
Held-to-maturity securities, at amortized cost3,564,490 3,613,263 3,677,420 3,755,924 3,810,015 
Trading account securities— 4,072 3,472 4,134 2,184 
Equity securities with readily determinable fair value270,442 215,412 125,310 112,173 119,777 
Federal Home Loan Bank and Federal Reserve Bank stock281,893 281,407 266,908 256,495 224,657 
Brokerage customer receivables— 18,102 16,662 13,682 13,382 
Mortgage loans held-for-sale, at fair value316,804 331,261 461,067 411,851 339,884 
Loans, net of unearned income48,708,390 48,055,037 47,067,447 44,675,531 43,230,706 
Allowance for loan losses(378,207)(364,017)(360,279)(363,719)(348,612)
Net loans48,330,183 47,691,020 46,707,168 44,311,812 42,882,094 
Premises, software and equipment, net776,679 779,130 772,002 722,295 744,769 
Lease investments, net280,472 278,264 270,171 275,459 283,557 
Accrued interest receivable and other assets1,598,255 1,739,334 1,721,090 1,671,334 1,580,142 
Trade date securities receivable463,023 — 551,031 — — 
Goodwill796,932 796,942 800,780 655,955 656,181 
Other acquisition-related intangible assets116,072 121,690 123,866 20,607 21,730 
Total assets$65,870,066 $64,879,668 $63,788,424 $59,781,516 $57,576,933 
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing$11,201,859 $11,410,018 $10,739,132 $10,031,440 $9,908,183 
Interest-bearing42,368,179 41,102,331 40,665,834 38,017,586 36,540,675 
Total deposits53,570,038 52,512,349 51,404,966 48,049,026 46,448,858 
Federal Home Loan Bank advances3,151,309 3,151,309 3,171,309 3,176,309 2,676,751 
Other borrowings529,269 534,803 647,043 606,579 575,408 
Subordinated notes298,360 298,283 298,188 298,113 437,965 
Junior subordinated debentures253,566 253,566 253,566 253,566 253,566 
Accrued interest payable and other liabilities1,466,987 1,785,061 1,613,638 1,861,295 1,747,985 
Total liabilities59,269,529 58,535,371 57,388,710 54,244,888 52,140,533 
Shareholders’ Equity:
Preferred stock412,500 412,500 412,500 412,500 412,500 
Common stock67,007 66,560 66,546 61,825 61,798 
Surplus2,494,347 2,482,561 2,470,228 1,964,645 1,954,532 
Treasury stock(9,156)(6,153)(6,098)(5,760)(5,757)
Retained earnings4,045,854 3,897,164 3,748,715 3,615,616 3,498,475 
Accumulated other comprehensive loss(410,015)(508,335)(292,177)(512,198)(485,148)
Total shareholders’ equity6,600,537 6,344,297 6,399,714 5,536,628 5,436,400 
Total liabilities and shareholders’ equity$65,870,066 $64,879,668 $63,788,424 $59,781,516 $57,576,933 

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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
(Dollars in thousands, except per share data)Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024
Interest income
Interest and fees on loans$768,362 $789,038 $794,163 $749,812 $710,341 
Mortgage loans held-for-sale4,246 5,623 6,233 5,434 4,146 
Interest-bearing deposits with banks36,766 46,256 32,608 19,731 16,658 
Federal funds sold and securities purchased under resale agreements179 53 277 17 19 
Investment securities72,016 67,066 69,592 69,779 69,678 
Trading account securities11 6 11 13 18 
Federal Home Loan Bank and Federal Reserve Bank stock5,307 5,157 5,451 4,974 4,478 
Brokerage customer receivables78 302 269 219 175 
Total interest income886,965 913,501 908,604 849,979 805,513 
Interest expense
Interest on deposits320,233 346,388 362,019 335,703 299,532 
Interest on Federal Home Loan Bank advances25,441 26,050 26,254 24,797 22,048 
Interest on other borrowings6,792 7,519 9,013 8,700 9,248 
Interest on subordinated notes3,714 3,733 3,712 5,185 5,487 
Interest on junior subordinated debentures4,311 4,663 5,023 4,984 5,004 
Total interest expense360,491 388,353 406,021 379,369 341,319 
Net interest income526,474 525,148 502,583 470,610 464,194 
Provision for credit losses23,963 16,979 22,334 40,061 21,673 
Net interest income after provision for credit losses502,511 508,169 480,249 430,549 442,521 
Non-interest income
Wealth management34,042 38,775 37,224 35,413 34,815 
Mortgage banking20,529 20,452 15,974 29,124 27,663 
Service charges on deposit accounts19,362 18,864 16,430 15,546 14,811 
Gains (losses) on investment securities, net3,196 (2,835)3,189 (4,282)1,326 
Fees from covered call options3,446 2,305 988 2,056 4,847 
Trading (losses) gains, net(64)(113)(130)70 677 
Operating lease income, net15,287 15,327 15,335 13,938 14,110 
Other20,836 20,676 24,137 29,282 42,331 
Total non-interest income116,634 113,451 113,147 121,147 140,580 
Non-interest expense
Salaries and employee benefits211,526 212,133 211,261 198,541 195,173 
Software and equipment34,717 34,258 31,574 29,231 27,731 
Operating lease equipment10,471 10,263 10,518 10,834 10,683 
Occupancy, net20,778 20,597 19,945 19,585 19,086 
Data processing11,274 10,957 9,984 9,503 9,292 
Advertising and marketing12,272 13,097 18,239 17,436 13,040 
Professional fees9,044 11,334 9,783 9,967 9,553 
Amortization of other acquisition-related intangible assets5,618 5,773 4,042 1,122 1,158 
FDIC insurance10,926 10,640 10,512 10,429 14,537 
OREO expenses, net643 397 (938)(259)392 
Other38,821 39,090 35,767 33,964 32,500 
Total non-interest expense366,090 368,539 360,687 340,353 333,145 
Income before taxes253,055 253,081 232,709 211,343 249,956 
Income tax expense64,016 67,719 62,708 58,955 62,662 
Net income$189,039 $185,362 $170,001 $152,388 $187,294 
Preferred stock dividends6,991 6,991 6,991 6,991 6,991 
Net income applicable to common shares$182,048 $178,371 $163,010 $145,397 $180,303 
Net income per common share - Basic$2.73 $2.68 $2.51 $2.35 $2.93 
Net income per common share - Diluted$2.69 $2.63 $2.47 $2.32 $2.89 
Cash dividends declared per common share$0.50 $0.45 $0.45 $0.45 $0.45 
Weighted average common shares outstanding66,72666,49164,88861,83961,481
Dilutive potential common shares923 1,233 1,053 926 928 
Average common shares and dilutive common shares67,649 67,724 65,941 62,765 62,409 
15

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

   % Growth From
(Dollars in thousands)Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30,
2024		Mar 31, 2024
Dec 31, 2024 (1)
Mar 31, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$181,580 $189,774 $314,693 $281,103 $193,064 (18)%(6)%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies135,224 141,487 146,374 130,748 146,820 (18)(8)
Total mortgage loans held-for-sale$316,804 $331,261 $461,067 $411,851 $339,884 (18)%(7)%
Core loans:
Commercial
Commercial and industrial$6,871,206 $6,867,422 $6,774,683 $6,236,290 $6,117,004 0 %12 %
Asset-based lending1,701,962 1,611,001 1,709,685 1,465,867 1,355,255 23 26 
Municipal798,646 826,653 827,125 747,357 721,526 (14)11 
Leases2,680,943 2,537,325 2,443,721 2,439,128 2,344,295 23 14 
Commercial real estate
Residential construction55,849 48,617 73,088 55,019 57,558 60 (3)
Commercial construction2,086,797 2,065,775 1,984,240 1,866,701 1,748,607 4 19 
Land306,235 319,689 346,362 338,831 344,149 (17)(11)
Office1,641,555 1,656,109 1,675,286 1,585,312 1,566,748 (4)5 
Industrial2,677,555 2,628,576 2,527,932 2,307,455 2,190,200 8 22 
Retail1,402,837 1,374,655 1,404,586 1,365,753 1,366,415 8 3 
Multi-family3,091,314 3,125,505 3,193,339 2,988,940 2,922,432 (4)6 
Mixed use and other1,652,759 1,685,018 1,588,584 1,439,186 1,437,328 (8)15 
Home equity455,683 445,028 427,043 356,313 340,349 10 34 
Residential real estate
Residential real estate loans for investment3,561,417 3,456,009 3,252,649 2,933,157 2,746,916 12 30 
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies86,952 114,985 92,355 88,503 90,911 (99)(4)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies36,790 41,771 43,034 45,675 52,439 (48)(30)
Total core loans$29,108,500 $28,804,138 $28,363,712 $26,259,487 $25,402,132 4 %15 %
Niche loans:
Commercial
Franchise$1,262,555 $1,268,521 $1,191,686 $1,150,460 $1,122,302 (2)%12 %
Mortgage warehouse lines of credit1,019,543 893,854 750,462 593,519 403,245 57 NM
Community Advantage - homeowners association525,492 525,446 501,645 491,722 475,832 0 10 
Insurance agency lending1,070,979 1,044,329 1,048,686 1,030,119 964,022 10 11 
Premium Finance receivables
U.S. property & casualty insurance6,486,663 6,447,625 6,253,271 6,142,654 6,113,993 2 6 
Canada property & casualty insurance753,199 824,417 878,410 958,099 826,026 (35)(9)
Life insurance8,365,140 8,147,145 7,996,899 7,962,115 7,872,033 11 6 
Consumer and other116,319 99,562 82,676 87,356 51,121 68 NM
Total niche loans$19,599,890 $19,250,899 $18,703,735 $18,416,044 $17,828,574 7 %10 %
Total loans, net of unearned income$48,708,390 $48,055,037 $47,067,447 $44,675,531 $43,230,706 6 %13 %
(1)Annualized.

16

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

    % Growth From
(Dollars in thousands)Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024
Dec 31,
2024 (1)
Mar 31, 2024
Balance:
Non-interest-bearing$11,201,859$11,410,018$10,739,132$10,031,440$9,908,183(7)%13 %
NOW and interest-bearing demand deposits6,340,1685,865,5465,466,9325,053,9095,720,94733 11 
Wealth management deposits (2)
1,408,7901,469,0641,303,3541,490,7111,347,817(17)5 
Money market18,074,73317,975,19117,713,72616,320,01715,617,7172 16 
Savings6,576,2516,372,4996,183,2495,882,1795,959,77413 10 
Time certificates of deposit9,968,2379,420,0319,998,5739,270,7707,894,42024 26 
Total deposits $53,570,038$52,512,349$51,404,966$48,049,026$46,448,8588 %15 %
Mix:
Non-interest-bearing21 %22 %21 %21 %21 %
NOW and interest-bearing demand deposits12 11 11 11 12 
Wealth management deposits (2)
3 3 3 3 3 
Money market34 34 34 34 34 
Savings12 12 12 12 13 
Time certificates of deposit18 18 19 19 17 
Total deposits100 %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 March 31, 2025
(Dollars in thousands)Total Time
Certificates of
Deposit		Weighted-Average
Rate of Maturing
Time Certificates
    of Deposit
1-3 months$3,845,120 4.34 %
4-6 months2,345,184 3.81 
7-9 months2,694,739 3.72 
10-12 months711,206 3.62 
13-18 months210,063 3.03 
19-24 months87,336 2.72 
24+ months74,589 2.47 
Total$9,968,237 3.94 %


17

TABLE 4: QUARTERLY AVERAGE BALANCES

 Average Balance for three months ended,
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(In thousands)20252024202420242024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
$3,520,048 $3,934,016 $2,413,728 $1,485,481 $1,254,332 
Investment securities (2)
8,409,735 8,090,271 8,276,576 8,203,764 8,349,796 
FHLB and FRB stock281,702 271,825 263,707 253,614 230,648 
Liquidity management assets (3)
$12,211,485 $12,296,112 $10,954,011 $9,942,859 $9,834,776 
Other earning assets (3)(4)
13,140 20,528 17,542 15,257 15,081 
Mortgage loans held-for-sale286,710 378,707 376,251 347,236 290,275 
Loans, net of unearned income (3)(5)
47,833,380 47,153,014 45,920,586 43,819,354 42,129,893 
Total earning assets (3)
$60,344,715 $59,848,361 $57,268,390 $54,124,706 $52,270,025 
Allowance for loan and investment security losses(375,371)(367,238)(383,736)(360,504)(361,734)
Cash and due from banks476,423 470,033 467,333 434,916 450,267 
Other assets3,661,275 3,642,949 3,563,296 3,294,066 3,244,137 
Total assets
$64,107,042 $63,594,105 $60,915,283 $57,493,184 $55,602,695 
NOW and interest-bearing demand deposits$6,046,189 $5,601,672 $5,174,673 $4,985,306 $5,680,265 
Wealth management deposits1,574,480 1,430,163 1,362,747 1,531,865 1,510,203 
Money market accounts17,581,141 17,579,395 16,436,111 15,272,126 14,474,492 
Savings accounts6,479,444 6,288,727 6,096,746 5,878,844 5,792,118 
Time deposits9,406,126 9,702,948 9,598,109 8,546,172 7,148,456 
Interest-bearing deposits$41,087,380 $40,602,905 $38,668,386 $36,214,313 $34,605,534 
Federal Home Loan Bank advances3,151,309 3,160,658 3,178,973 3,096,920 2,728,849 
Other borrowings582,139 577,786 622,792 587,262 627,711 
Subordinated notes298,306 298,225 298,135 410,331 437,893 
Junior subordinated debentures253,566 253,566 253,566 253,566 253,566 
Total interest-bearing liabilities
$45,372,700 $44,893,140 $43,021,852 $40,562,392 $38,653,553 
Non-interest-bearing deposits10,732,156 10,718,738 10,271,613 9,879,134 9,972,646 
Other liabilities1,541,245 1,563,824 1,631,389 1,601,485 1,536,039 
Equity6,460,941 6,418,403 5,990,429 5,450,173 5,440,457 
Total liabilities and shareholders’ equity
$64,107,042 $63,594,105 $60,915,283 $57,493,184 $55,602,695 
Net free funds/contribution (6)
$14,972,015 $14,955,221 $14,246,538 $13,562,314 $13,616,472 
(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 17: 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.

18

TABLE 5: QUARTERLY NET INTEREST INCOME

 Net Interest Income for three months ended,
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(In thousands)20252024202420242024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents$36,945 $46,308 $32,885 $19,748 $16,677 
Investment securities72,706 67,783 70,260 70,346 70,228 
FHLB and FRB stock5,307 5,157 5,451 4,974 4,478 
Liquidity management assets (1)
$114,958 $119,248 $108,596 $95,068 $91,383 
Other earning assets (1)
92 310 282 235 198 
Mortgage loans held-for-sale4,246 5,623 6,233 5,434 4,146 
Loans, net of unearned income (1)
770,568 791,390 796,637 752,117 712,587 
Total interest income$889,864 $916,571 $911,748 $852,854 $808,314 
Interest expense:
NOW and interest-bearing demand deposits$33,600 $31,695 $30,971 $32,719 $34,896 
Wealth management deposits8,606 9,412 10,158 10,294 10,461 
Money market accounts146,374 159,945 167,382 155,100 137,984 
Savings accounts35,923 38,402 42,892 41,063 39,071 
Time deposits95,730 106,934 110,616 96,527 77,120 
Interest-bearing deposits$320,233 $346,388 $362,019 $335,703 $299,532 
Federal Home Loan Bank advances25,441 26,050 26,254 24,797 22,048 
Other borrowings6,792 7,519 9,013 8,700 9,248 
Subordinated notes3,714 3,733 3,712 5,185 5,487 
Junior subordinated debentures4,311 4,663 5,023 4,984 5,004 
Total interest expense$360,491 $388,353 $406,021 $379,369 $341,319 
Less: Fully taxable-equivalent adjustment(2,899)(3,070)(3,144)(2,875)(2,801)
Net interest income (GAAP) (2)
526,474 525,148 502,583 470,610 464,194 
Fully taxable-equivalent adjustment2,899 3,070 3,144 2,875 2,801 
Net interest income, fully taxable-equivalent (non-GAAP) (2)
$529,373 $528,218 $505,727 $473,485 $466,995 
(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 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

19

TABLE 6: QUARTERLY NET INTEREST MARGIN

 Net Interest Margin for three months ended,
Mar 31, 2025Dec 31, 2024Sep 30,
2024		Jun 30, 2024Mar 31,
2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents4.26 %4.68 %5.42 %5.35 %5.35 %
Investment securities3.51 3.33 3.38 3.45 3.38 
FHLB and FRB stock7.64 7.55 8.22 7.89 7.81 
Liquidity management assets3.82 %3.86 %3.94 %3.85 %3.74 %
Other earning assets2.84 6.01 6.38 6.23 5.25 
Mortgage loans held-for-sale6.01 5.91 6.59 6.29 5.74 
Loans, net of unearned income6.53 6.68 6.90 6.90 6.80 
Total earning assets5.98 %6.09 %6.33 %6.34 %6.22 %
Rate paid on:
NOW and interest-bearing demand deposits2.25 %2.25 %2.38 %2.64 %2.47 %
Wealth management deposits2.22 2.62 2.97 2.70 2.79 
Money market accounts3.38 3.62 4.05 4.08 3.83 
Savings accounts2.25 2.43 2.80 2.81 2.71 
Time deposits4.13 4.38 4.58 4.54 4.34 
Interest-bearing deposits3.16 %3.39 %3.72 %3.73 %3.48 %
Federal Home Loan Bank advances3.27 3.28 3.29 3.22 3.25 
Other borrowings4.73 5.18 5.76 5.96 5.92 
Subordinated notes5.05 4.98 4.95 5.08 5.04 
Junior subordinated debentures6.90 7.32 7.88 7.91 7.94 
Total interest-bearing liabilities3.22 %3.44 %3.75 %3.76 %3.55 %
Interest rate spread (1)(2)
2.76 %2.65 %2.58 %2.58 %2.67 %
Less: Fully taxable-equivalent adjustment(0.02)(0.02)(0.02)(0.02)(0.02)
Net free funds/contribution (3)
0.80 0.86 0.93 0.94 0.92 
Net interest margin (GAAP) (2)
3.54 %3.49 %3.49 %3.50 %3.57 %
Fully taxable-equivalent adjustment0.02 0.02 0.02 0.02 0.02 
Net interest margin, fully taxable-equivalent (non-GAAP) (2)
3.56 %3.51 %3.51 %3.52 %3.59 %
(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 17: 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.




20

TABLE 7: 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
Mar 31, 2025(1.8)%(0.6)%(0.2)%(1.2)%
Dec 31, 2024(1.6)(0.6)(0.3)(1.5)
Sep 30, 20241.2 1.1 0.4 (0.9)
Jun 30, 20241.5 1.0 0.6 (0.0)
Mar 31, 20241.9 1.4 1.5 1.6 

Ramp Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Mar 31, 20250.2 %0.2 %(0.1)%(0.5)%
Dec 31, 2024(0.2)(0.0)0.0 (0.3)
Sep 30, 20241.6 1.2 0.7 0.5 
Jun 30, 20241.2 1.0 0.9 1.0 
Mar 31, 20240.8 0.6 1.3 2.0 

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


21

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or contractual maturity period
As of March 31, 2025One year or
less		From one to
five years		From five to fifteen yearsAfter fifteen yearsTotal
(In thousands)
Commercial
Fixed rate$405,736 $3,600,171 $2,122,563 $20,444 $6,148,914 
Variable rate9,781,709 703 — — 9,782,412 
Total commercial$10,187,445 $3,600,874 $2,122,563 $20,444 $15,931,326 
Commercial real estate
Fixed rate$658,413 $2,762,221 $365,181 $63,593 $3,849,408 
Variable rate9,054,583 10,843 67 — 9,065,493 
Total commercial real estate$9,712,996 $2,773,064 $365,248 $63,593 $12,914,901 
Home equity
Fixed rate$8,881 $838 $— $17 $9,736 
Variable rate445,947 — — — 445,947 
Total home equity$454,828 $838 $— $17 $455,683 
Residential real estate
Fixed rate$13,336 $4,473 $74,883 $1,055,143 $1,147,835 
Variable rate97,815 623,879 1,815,630 — 2,537,324 
Total residential real estate$111,151 $628,352 $1,890,513 $1,055,143 $3,685,159 
Premium finance receivables - property & casualty
Fixed rate$7,135,963 $103,899 $— $— $7,239,862 
Variable rate— — — — — 
Total premium finance receivables - property & casualty$7,135,963 $103,899 $— $— $7,239,862 
Premium finance receivables - life insurance
Fixed rate$350,802 $207,832 $4,000 $4,248 $566,882 
Variable rate7,798,258 — — — 7,798,258 
Total premium finance receivables - life insurance$8,149,060 $207,832 $4,000 $4,248 $8,365,140 
Consumer and other
Fixed rate$44,731 $7,937 $883 $914 $54,465 
Variable rate61,854 — — — 61,854 
Total consumer and other$106,585 $7,937 $883 $914 $116,319 
Total per category
Fixed rate$8,617,862 $6,687,371 $2,567,510 $1,144,359 $19,017,102 
Variable rate27,240,166 635,425 1,815,697 — 29,691,288 
Total loans, net of unearned income$35,858,028 $7,322,796 $4,383,207 $1,144,359 $48,708,390 
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$29,158,028 
Variable Rate Loan Pricing by Index:
SOFR tenors (2)
$18,328,835 
12- month CMT (3)
6,722,305 
Prime3,420,624 
Fed Funds819,437 
Other U.S. Treasury tenors190,187 
Other209,900 
Total variable rate$29,691,288 
(1)Excludes cash flow hedges with future effective starting dates.
(2)SOFR - Secured Overnight Financing Rate.
(3)CMT - Constant Maturity Treasury Rate.






22



liborerq12025a.jpg
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 $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:

Basis Point (bp) Change in
1-month
SOFR		12- month CMTPrime
First Quarter 2025(1)bps(13)bps0bps
Fourth Quarter 2024(52)18 (50)
Third Quarter 2024(49)(111)(50)
Second Quarter 2024160
First Quarter 2024(2)240


23

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

Three Months Ended
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands)20252024202420242024
Allowance for credit losses at beginning of period$437,060 $436,193 $437,560 $427,504 $427,612 
Provision for credit losses - Other23,963 16,979 6,787 40,061 21,673 
Provision for credit losses - Day 1 on non-PCD assets acquired during the period— — 15,547 — — 
Initial allowance for credit losses recognized on PCD assets acquired during the period— — 3,004 — — 
Other adjustments4 (187)30 (19)(31)
Charge-offs:
Commercial9,722 5,090 22,975 9,584 11,215 
Commercial real estate454 1,037 95 15,526 5,469 
Home equity— — — — 74 
Residential real estate— 114 — 23 38 
Premium finance receivables - property & casualty7,114 13,301 7,790 9,486 6,938 
Premium finance receivables - life insurance12 — 4 — — 
Consumer and other147 189 154 137 107 
Total charge-offs17,449 19,731 31,018 34,756 23,841 
Recoveries:
Commercial929 775 649 950 479 
Commercial real estate12 172 30 90 31 
Home equity216 194 101 35 29 
Residential real estate136 0 5 8 2 
Premium finance receivables - property & casualty3,487 2,646 3,436 3,658 1,519 
Premium finance receivables - life insurance— — 41 5 8 
Consumer and other29 19 21 24 23 
Total recoveries4,809 3,806 4,283 4,770 2,091 
Net charge-offs(12,640)(15,925)(26,735)(29,986)(21,750)
Allowance for credit losses at period end$448,387 $437,060 $436,193 $437,560 $427,504 
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial0.23 %0.11 %0.61 %0.25 %0.33 %
Commercial real estate0.01 0.03 0.00 0.53 0.19 
Home equity(0.20)(0.18)(0.10)(0.04)0.05 
Residential real estate(0.02)0.01 0.00 0.00 0.01 
Premium finance receivables - property & casualty0.20 0.59 0.24 0.33 0.32 
Premium finance receivables - life insurance0.00 — (0.00)(0.00)(0.00)
Consumer and other0.45 0.63 0.63 0.56 0.42 
Total loans, net of unearned income0.11 %0.13 %0.23 %0.28 %0.21 %
Loans at period end$48,708,390 $48,055,037 $47,067,447 $44,675,531 $43,230,706 
Allowance for loan losses as a percentage of loans at period end0.78 %0.76 %0.77 %0.81 %0.81 %
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end0.92 0.91 0.93 0.98 0.99 
PCD - Purchase Credit Deteriorated

24

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

Three Months Ended
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(In thousands)20252024202420242024
Provision for loan losses - Other$26,826 $19,852 $6,782 $45,111 $26,159 
Provision for credit losses - Day 1 on non-PCD assets acquired during the period— — 15,547 — — 
Provision for unfunded lending-related commitments losses - Other(2,852)(2,851)17 (5,212)(4,468)
Provision for held-to-maturity securities losses(11)(22)(12)162 (18)
Provision for credit losses$23,963 $16,979 $22,334 $40,061 $21,673 
Allowance for loan losses$378,207 $364,017 $360,279 $363,719 $348,612 
Allowance for unfunded lending-related commitments losses69,734 72,586 75,435 73,350 78,563 
Allowance for loan losses and unfunded lending-related commitments losses447,941 436,603 435,714 437,069 427,175 
Allowance for held-to-maturity securities losses446 457 479 491 329 
Allowance for credit losses$448,387 $437,060 $436,193 $437,560 $427,504 
PCD - Purchase Credit Deteriorated    

TABLE 11: 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 March 31, 2025, December 31, 2024 and September 30, 2024.
 As of Mar 31, 2025As of Dec 31, 2024As of Sep 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$15,931,326 $201,183 1.26 %$15,574,551 $175,837 1.13 %$15,247,693 $171,598 1.13 %
Commercial real estate:
Construction and development2,448,881 71,388 2.92 2,434,081 87,236 3.58 2,403,690 97,949 4.07 
Non-construction10,466,020 138,622 1.32 10,469,863 135,620 1.30 10,389,727 133,195 1.28 
Total commercial real estate$12,914,901 $210,010 1.63 %$12,903,944 $222,856 1.73 %$12,793,417 $231,144 1.81 %
Total commercial and commercial real estate$28,846,227 $411,193 1.43 %$28,478,495 $398,693 1.40 %$28,041,110 $402,742 1.44 %
Home equity455,683 9,139 2.01 445,028 8,943 2.01 427,043 8,823 2.07 
Residential real estate3,685,159 10,652 0.29 3,612,765 10,335 0.29 3,388,038 9,745 0.29 
Premium finance receivables
Property and casualty insurance7,239,862 15,310 0.21 7,272,042 17,111 0.24 7,131,681 13,045 0.18 
Life insurance8,365,140 729 0.01 8,147,145 709 0.01 7,996,899 698 0.01 
Consumer and other116,319 918 0.79 99,562 812 0.82 82,676 661 0.80 
Total loans, net of unearned income$48,708,390 $447,941 0.92 %$48,055,037 $436,603 0.91 %$47,067,447 $435,714 0.93 %
Total core loans (1)
$29,108,500 $397,664 1.37 %$28,804,138 $392,319 1.36 %$28,363,712 $396,394 1.40 %
Total niche loans (1)
19,599,890 50,277 0.26 19,250,899 44,284 0.23 18,703,735 39,320 0.21 
(1)See Table 1 for additional detail on core and niche loans.


25

TABLE 12: LOAN PORTFOLIO AGING

(In thousands)Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Loan Balances:
Commercial
Nonaccrual$70,560 $73,490 $63,826 $51,087 $31,740 
90+ days and still accruing46 104 20 304 27 
60-89 days past due15,243 54,844 32,560 16,485 30,248 
30-59 days past due97,397 92,551 46,057 36,358 77,715 
Current15,748,080 15,353,562 15,105,230 14,050,228 13,363,751 
Total commercial$15,931,326 $15,574,551 $15,247,693 $14,154,462 $13,503,481 
Commercial real estate
Nonaccrual$26,187 $21,042 $42,071 $48,289 $39,262 
90+ days and still accruing— — 225 — — 
60-89 days past due6,995 10,521 13,439 6,555 16,713 
30-59 days past due83,653 30,766 48,346 38,065 32,998 
Current12,798,066 12,841,615 12,689,336 11,854,288 11,544,464 
Total commercial real estate$12,914,901 $12,903,944 $12,793,417 $11,947,197 $11,633,437 
Home equity
Nonaccrual$2,070 $1,117 $1,122 $1,100 $838 
90+ days and still accruing— — — — — 
60-89 days past due984 1,233 1,035 275 212 
30-59 days past due3,403 2,148 2,580 1,229 1,617 
Current449,226 440,530 422,306 353,709 337,682 
Total home equity$455,683 $445,028 $427,043 $356,313 $340,349 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)
$123,742 $156,756 $135,389 $134,178 $143,350 
Nonaccrual22,522 23,762 17,959 18,198 17,901 
90+ days and still accruing— — — — — 
60-89 days past due1,351 5,708 6,364 1,977 — 
30-59 days past due38,943 18,917 2,160 130 24,523 
Current3,498,601 3,407,622 3,226,166 2,912,852 2,704,492 
Total residential real estate$3,685,159 $3,612,765 $3,388,038 $3,067,335 $2,890,266 
Premium finance receivables - property & casualty
Nonaccrual$29,846 $28,797 $36,079 $32,722 $32,648 
90+ days and still accruing18,081 16,031 18,235 22,427 25,877 
60-89 days past due19,717 19,042 18,740 29,925 15,274 
30-59 days past due39,459 68,219 30,204 45,927 59,729 
Current7,132,759 7,139,953 7,028,423 6,969,752 6,806,491 
Total Premium finance receivables - property & casualty$7,239,862 $7,272,042 $7,131,681 $7,100,753 $6,940,019 
Premium finance receivables - life insurance
Nonaccrual$— $6,431 $— $— $— 
90+ days and still accruing2,962 — — — — 
60-89 days past due10,587 72,963 10,902 4,118 32,482 
30-59 days past due29,924 36,405 74,432 17,693 100,137 
Current8,321,667 8,031,346 7,911,565 7,940,304 7,739,414 
Total Premium finance receivables - life insurance$8,365,140 $8,147,145 $7,996,899 $7,962,115 $7,872,033 
Consumer and other
Nonaccrual$18 $2 $2 $3 $19 
90+ days and still accruing98 47 148 121 47 
60-89 days past due162 59 22 81 16 
30-59 days past due542 882 264 366 210 
Current115,499 98,572 82,240 86,785 50,829 
Total consumer and other$116,319 $99,562 $82,676 $87,356 $51,121 
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)
$123,742 $156,756 $135,389 $134,178 $143,350 
Nonaccrual151,203 154,641 161,059 151,399 122,408 
90+ days and still accruing21,187 16,182 18,628 22,852 25,951 
60-89 days past due55,039 164,370 83,062 59,416 94,945 
30-59 days past due293,321 249,888 204,043 139,768 296,929 
Current48,063,898 47,313,200 46,465,266 44,167,918 42,547,123 
Total loans, net of unearned income$48,708,390 $48,055,037 $47,067,447 $44,675,531 $43,230,706 
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
26

TABLE 13: NON-PERFORMING ASSETS(1)
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands)20252024202420242024
Loans past due greater than 90 days and still accruing:
Commercial$46 $104 $20 $304 $27 
Commercial real estate— — 225 — — 
Home equity— — — — — 
Residential real estate— — — — — 
Premium finance receivables - property & casualty18,081 16,031 18,235 22,427 25,877 
Premium finance receivables - life insurance2,962 — — — — 
Consumer and other98 47 148 121 47 
Total loans past due greater than 90 days and still accruing21,187 16,182 18,628 22,852 25,951 
Non-accrual loans:
Commercial70,560 73,490 63,826 51,087 31,740 
Commercial real estate26,187 21,042 42,071 48,289 39,262 
Home equity2,070 1,117 1,122 1,100 838 
Residential real estate22,522 23,762 17,959 18,198 17,901 
Premium finance receivables - property & casualty29,846 28,797 36,079 32,722 32,648 
Premium finance receivables - life insurance— 6,431 — — — 
Consumer and other18 2 2 3 19 
Total non-accrual loans151,203 154,641 161,059 151,399 122,408 
Total non-performing loans:
Commercial70,606 73,594 63,846 51,391 31,767 
Commercial real estate26,187 21,042 42,296 48,289 39,262 
Home equity2,070 1,117 1,122 1,100 838 
Residential real estate22,522 23,762 17,959 18,198 17,901 
Premium finance receivables - property & casualty47,927 44,828 54,314 55,149 58,525 
Premium finance receivables - life insurance2,962 6,431 — — — 
Consumer and other116 49 150 124 66 
Total non-performing loans$172,390 $170,823 $179,687 $174,251 $148,359 
Other real estate owned22,625 23,116 13,682 19,731 14,538 
Total non-performing assets$195,015 $193,939 $193,369 $193,982 $162,897 
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial0.44 %0.47 %0.42 %0.36 %0.24 %
Commercial real estate0.20 0.16 0.33 0.40 0.34 
Home equity0.45 0.25 0.26 0.31 0.25 
Residential real estate0.61 0.66 0.53 0.59 0.62 
Premium finance receivables - property & casualty0.66 0.62 0.76 0.78 0.84 
Premium finance receivables - life insurance0.04 0.08 — — — 
Consumer and other0.10 0.05 0.18 0.14 0.13 
Total loans, net of unearned income0.35 %0.36 %0.38 %0.39 %0.34 %
Total non-performing assets as a percentage of total assets0.30 %0.30 %0.30 %0.32 %0.28 %
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans296.25 %282.33 %270.53 %288.69 %348.98 %
(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.


27

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies
 Three Months Ended
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(In thousands)20252024202420242024
Balance at beginning of period$170,823 $179,687 $174,251 $148,359 $139,030 
Additions from becoming non-performing in the respective period27,721 30,931 42,335 54,376 23,142 
Additions from assets acquired in the respective period— — 189 — — 
Return to performing status(1,207)(1,108)(362)(912)(490)
Payments received(15,965)(12,219)(10,894)(9,611)(8,336)
Transfer to OREO and other repossessed assets— (17,897)(3,680)(6,945)(1,381)
Charge-offs, net(8,600)(5,612)(21,211)(7,673)(14,810)
Net change for premium finance receivables(382)(2,959)(941)(3,343)11,204 
Balance at end of period$172,390 $170,823 $179,687 $174,251 $148,359 


Other Real Estate Owned
 Three Months Ended
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(In thousands)20252024202420242024
Balance at beginning of period$23,116 $13,682 $19,731 $14,538 $13,309 
Disposals/resolved— (8,545)(9,729)(1,752)— 
Transfers in at fair value, less costs to sell— 17,979 3,680 6,945 1,436 
Fair value adjustments(491)— — — (207)
Balance at end of period$22,625 $23,116 $13,682 $19,731 $14,538 
 Period End
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
Balance by Property Type:20252024202420242024
Residential real estate$— $— $— $161 $1,146 
Commercial real estate22,625 23,116 13,682 19,570 13,392 
Total$22,625 $23,116 $13,682 $19,731 $14,538 
28

TABLE 14: NON-INTEREST INCOME

Three Months Ended
Q1 2025 compared to
Q4 2024
Q1 2025 compared to
Q1 2024
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands)20252024202420242024$ Change% Change$ Change% Change
Brokerage$4,757 $5,328 $6,139 $5,588 $5,556 $(571)(11)%$(799)(14)%
Trust and asset management29,285 33,447 31,085 29,825 29,259 (4,162)(12)26 0 
Total wealth management34,042 38,775 37,224 35,413 34,815 (4,733)(12)(773)(2)
Mortgage banking20,529 20,452 15,974 29,124 27,663 77 0 (7,134)(26)
Service charges on deposit accounts19,362 18,864 16,430 15,546 14,811 498 3 4,551 31 
Gains (losses) on investment securities, net3,196 (2,835)3,189 (4,282)1,326 6,031 NM1,870 NM
Fees from covered call options3,446 2,305 988 2,056 4,847 1,141 50 (1,401)(29)
Trading (losses) gains, net(64)(113)(130)70 677 49 (43)(741)NM
Operating lease income, net15,287 15,327 15,335 13,938 14,110 (40)(0)1,177 8 
Other:
Interest rate swap fees2,269 3,360 2,914 3,392 2,828 (1,091)(32)(559)(20)
BOLI796 1,236 1,517 1,351 1,651 (440)(36)(855)(52)
Administrative services1,393 1,347 1,450 1,322 1,217 46 3 176 14 
Foreign currency remeasurement (losses) gains(183)(682)696 (145)(1,171)499 (73)988 (84)
Changes in fair value on EBOs and loans held-for-investment383 129 518 604 (439)254 NM822 NM
Early pay-offs of capital leases768 514 532 393 430 254 49 338 79 
Miscellaneous15,410 14,772 16,510 22,365 37,815 638 4 (22,405)(59)
Total Other20,836 20,676 24,137 29,282 42,331 160 1 (21,495)(51)
Total Non-Interest Income$116,634 $113,451 $113,147 $121,147 $140,580 $3,183 3 %$(23,946)(17)%
NM - Not meaningful.
BOLI- Bank-owned life insurance.
EBO- Early buy-out.


29

TABLE 15: MORTGAGE BANKING

Three Months Ended
(Dollars in thousands)Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024
Originations:
Retail originations$348,468 $483,424 $527,408 $544,394 $331,504 
Veterans First originations111,985 176,914 239,369 177,792 144,109 
Total originations for sale (A)$460,453 $660,338 $766,777 $722,186 $475,613 
Originations for investment217,177 355,119 218,984 275,331 169,246 
Total originations$677,630 $1,015,457 $985,761 $997,517 $644,859 
As a percentage of originations for sale:
Retail originations76 %73 %69 %75 %70 %
Veterans First originations24 27 31 25 30 
Purchases77 %65 %72 %83 %75 %
Refinances23 35 28 17 25 
Production Margin:
Production revenue (B) (1)
$9,941 $6,993 $13,113 $14,990 $13,435 
Total originations for sale (A)$460,453 $660,338 $766,777 $722,186 $475,613 
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)
197,297 103,946 272,072 222,738 207,775 
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)
103,946 272,072 222,738 207,775 119,624 
Total mortgage production volume (C)$553,804 $492,212 $816,111 $737,149 $563,764 
Production margin (B / C)1.80 %1.42 %1.61 %2.03 %2.38 %
Mortgage Servicing:
Loans serviced for others (D)$12,402,352$12,400,913$12,253,361$12,211,027$12,051,392
Mortgage Servicing Rights (“MSR”), at fair value (E)196,307203,788186,308204,610201,044
Percentage of MSRs to loans serviced for others (E / D)1.58 %1.64 %1.52 %1.68 %1.67 %
Servicing income$10,611 $10,731 $10,809 $10,586 $10,498 
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period$203,788 $186,308 $204,610 $201,044 $192,456 
MSR - current period capitalization4,669 10,010 6,357 8,223 5,379 
MSR - collection of expected cash flows - paydowns(1,590)(1,463)(1,598)(1,504)(1,444)
MSR - collection of expected cash flows - payoffs and repurchases(3,046)(4,315)(5,730)(4,030)(2,942)
MSR - changes in fair value model assumptions(7,514)13,248 (17,331)877 7,595 
MSR Fair Value at end of period$196,307 $203,788 $186,308 $204,610 $201,044 
Summary of Mortgage Banking Revenue:
Operational:
Production revenue (1)
$9,941 $6,993 $13,113 $14,990 $13,435 
MSR - Current period capitalization4,669 10,010 6,357 8,223 5,379 
MSR - Collection of expected cash flows - paydowns(1,590)(1,463)(1,598)(1,504)(1,444)
MSR - Collection of expected cash flows - pay offs(3,046)(4,315)(5,730)(4,030)(2,942)
Servicing Income10,611 10,731 10,809 10,586 10,498 
Other Revenue(172)(51)(67)112 (91)
Total operational mortgage banking revenue$20,413 $21,905 $22,884 $28,377 $24,835 
Fair Value:
MSR - changes in fair value model assumptions$(7,514)$13,248 $(17,331)$877 $7,595 
Gain (loss) on derivative contract held as an economic hedge, net4,897 (11,452)6,892 (772)(2,577)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)2,733 (3,249)3,529 642 (2,190)
     Total fair value mortgage banking revenue$116 $(1,453)$(6,910)$747 $2,828 
Total mortgage banking revenue$20,529 $20,452 $15,974 $29,124 $27,663 
(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.


30

TABLE 16: NON-INTEREST EXPENSE

Three Months Ended
Q1 2025 compared to
Q4 2024
Q1 2025 compared to
Q1 2024
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands)20252024202420242024$ Change% Change$ Change% Change
Salaries and employee benefits:
Salaries$123,917 $120,969 $118,971 $113,860 $112,172 $2,948 2 %$11,745 10 %
Commissions and incentive compensation52,536 54,792 57,575 52,151 51,001 (2,256)(4)1,535 3 
Benefits35,073 36,372 34,715 32,530 32,000 (1,299)(4)3,073 10 
Total salaries and employee benefits211,526 212,133 211,261 198,541 195,173 (607)(0)16,353 8 
Software and equipment34,717 34,258 31,574 29,231 27,731 459 1 6,986 25 
Operating lease equipment10,471 10,263 10,518 10,834 10,683 208 2 (212)(2)
Occupancy, net20,778 20,597 19,945 19,585 19,086 181 1 1,692 9 
Data processing11,274 10,957 9,984 9,503 9,292 317 3 1,982 21 
Advertising and marketing12,272 13,097 18,239 17,436 13,040 (825)(6)(768)(6)
Professional fees9,044 11,334 9,783 9,967 9,553 (2,290)(20)(509)(5)
Amortization of other acquisition-related intangible assets5,618 5,773 4,042 1,122 1,158 (155)(3)4,460 NM
FDIC insurance10,926 10,640 10,512 10,429 9,381 286 3 1,545 16 
FDIC insurance - special assessment— — — — 5,156 — — (5,156)(100)
OREO expense, net643 397 (938)(259)392 246 62 251 64 
Other:
Lending expenses, net of deferred origination costs5,866 6,448 4,995 5,335 5,078 (582)(9)788 16 
Travel and entertainment5,270 8,140 5,364 5,340 4,597 (2,870)(35)673 15 
Miscellaneous27,685 24,502 25,408 23,289 22,825 3,183 13 4,860 21 
Total other38,821 39,090 35,767 33,964 32,500 (269)(1)6,321 19 
Total Non-Interest Expense$366,090 $368,539 $360,687 $340,353 $333,145 $(2,449)(1)%$32,945 10 %
NM - Not meaningful.

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TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.
Three Months Ended
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars and shares in thousands)20252024202420242024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)$886,965 $913,501 $908,604 $849,979 $805,513 
Taxable-equivalent adjustment:
 - Loans
2,206 2,352 2,474 2,305 2,246 
 - Liquidity Management Assets690 716 668 567 550 
 - Other Earning Assets3 2 2 3 5 
(B) Interest Income (non-GAAP)$889,864 $916,571 $911,748 $852,854 $808,314 
(C) Interest Expense (GAAP)360,491 388,353 406,021 379,369 341,319 
(D) Net Interest Income (GAAP) (A minus C)$526,474 $525,148 $502,583 $470,610 $464,194 
(E) Net Interest Income (non-GAAP) (B minus C)$529,373 $528,218 $505,727 $473,485 $466,995 
Net interest margin (GAAP)3.54 %3.49 %3.49 %3.50 %3.57 %
Net interest margin, fully taxable-equivalent (non-GAAP)3.56 3.51 3.51 3.52 3.59 
(F) Non-interest income$116,634 $113,451 $113,147 $121,147 $140,580 
(G) Gains (losses) on investment securities, net3,196 (2,835)3,189 (4,282)1,326 
(H) Non-interest expense366,090 368,539 360,687 340,353 333,145 
Efficiency ratio (H/(D+F-G))57.21 %57.46 %58.88 %57.10 %55.21 %
Efficiency ratio (non-GAAP) (H/(E+F-G))56.95 57.18 58.58 56.83 54.95 
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Three Months Ended
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars and shares in thousands)20252024202420242024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)$6,600,537$6,344,297$6,399,714$5,536,628$5,436,400
Less: Non-convertible preferred stock (GAAP)(412,500)(412,500)(412,500)(412,500)(412,500)
Less: Intangible assets (GAAP)(913,004)(918,632)(924,646)(676,562)(677,911)
(I) Total tangible common shareholders’ equity (non-GAAP)$5,275,033$5,013,165$5,062,568$4,447,566$4,345,989
(J) Total assets (GAAP)$65,870,066$64,879,668$63,788,424$59,781,516$57,576,933
Less: Intangible assets (GAAP)(913,004)(918,632)(924,646)(676,562)(677,911)
(K) Total tangible assets (non-GAAP)$64,957,062$63,961,036$62,863,778$59,104,954$56,899,022
Common equity to assets ratio (GAAP) (L/J)9.4 %9.1 %9.4 %8.6 %8.7 %
Tangible common equity ratio (non-GAAP) (I/K)8.1 7.8 8.1 7.5 7.6 
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity$6,600,537 $6,344,297 $6,399,714 $5,536,628 $5,436,400 
Less: Preferred stock(412,500)(412,500)(412,500)(412,500)(412,500)
(L) Total common equity$6,188,037 $5,931,797 $5,987,214 $5,124,128 $5,023,900 
(M) Actual common shares outstanding66,919 66,495 66,482 61,760 61,737 
Book value per common share (L/M)$92.47 $89.21 $90.06 $82.97 $81.38 
Tangible book value per common share (non-GAAP) (I/M)78.83 75.39 76.15 72.01 70.40 
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares$182,048 $178,371 $163,010 $145,397 $180,303 
Add: Intangible asset amortization 5,618 5,773 4,042 1,122 1,158 
Less: Tax effect of intangible asset amortization(1,421)(1,547)(1,087)(311)(291)
After-tax intangible asset amortization $4,197 $4,226 $2,955 $811 $867 
(O) Tangible net income applicable to common shares (non-GAAP)$186,245 $182,597 $165,965 $146,208 $181,170 
Total average shareholders’ equity$6,460,941 $6,418,403 $5,990,429 $5,450,173 $5,440,457 
Less: Average preferred stock(412,500)(412,500)(412,500)(412,500)(412,500)
(P) Total average common shareholders’ equity$6,048,441 $6,005,903 $5,577,929 $5,037,673 $5,027,957 
Less: Average intangible assets(916,069)(921,438)(833,574)(677,207)(678,731)
(Q) Total average tangible common shareholders’ equity (non-GAAP)$5,132,372 $5,084,465 $4,744,355 $4,360,466 $4,349,226 
Return on average common equity, annualized (N/P)12.21 %11.82 %11.63 %11.61 %14.42 %
Return on average tangible common equity, annualized (non-GAAP) (O/Q)14.72 14.29 13.92 13.49 16.75 
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes$253,055 $253,081 $232,709 $211,343 $249,956 
Add: Provision for credit losses23,963 16,979 22,334 40,061 21,673 
Pre-tax income, excluding provision for credit losses (non-GAAP)$277,018 $270,060 $255,043 $251,404 $271,629 
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WINTRUST SUBSIDIARIES

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

Additionally, the Company operates various non-bank businesses:
•FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
•First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
•Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
•Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. 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 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

•economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
•negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
•the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
•estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
•the financial success and economic viability of the borrowers of our commercial loans;
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•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;
35

•increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
•delinquencies or fraud with respect to the Company’s premium finance business;
•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
•the Company’s ability to comply with covenants under its credit facility;
•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.


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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 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 first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

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