Wintrust Financial Corporation Reports Record Net Income

Q: What did Wintrust (WTFC) report for net income in the first nine months of 2025?

Wintrust reported $600.8M net income for the first nine months of 2025, or $8.25 per diluted common share.

Q: How much did Wintrust (WTFC) earn in Q3 2025 and what was EPS?

Q3 2025 net income was $216.3M and reported diluted EPS was $2.78 .

Q: What were Wintrust's Q3 2025 loan and deposit growth figures?

Loans increased by $1.0B and deposits grew by $894.6M in Q3 2025.

Q: What was Wintrust's net interest margin (NIM) and net interest income in Q3 2025?

NIM was 3.48% (3.50% FTE) and net interest income totaled $567.0M in Q3 2025.

Q: How did Wintrust's credit quality metrics look at September 30, 2025?

Allowance for credit losses was $454.6M , net charge-offs were $24.6M (19 bps annualized), and non-performing loans were $162.6M (0.31%).

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Insights

Wintrust reported record earnings and strong balance-sheet growth with stable margins and improving credit metrics through 3Q25.

Wintrust Financial delivered record net income of $600.8 million for the first nine months of 2025 and record quarterly net income of $216.3 million. Core drivers include a record pre-tax, pre-provision income of $884.1 million year‑to‑date, net interest income of $567.0 million in 3Q25, and average earning asset growth of 15% (annualized) which supported margin stability at approximately 3.50%.

Credit and funding show constructive trends: loans rose by $1.0 billion (8% annualized), deposits grew $894.6 million (6% annualized), loans‑to‑deposits ended at 91.8%, non‑performing loans improved to $162.6 million (0.31% of loans), and the allowance for credit losses remains near 1.34%. Net charge‑offs ticked higher to 19 bps annualized in the quarter, so credit remains a watch item.

Dependencies and near‑term monitors: sustained loan pipelines, deposit retention, and the company’s guidance that net interest margin will remain relatively stable into the fourth quarter are key to momentum. Watch the company’s stated expectation of mid‑to‑high single‑digit loan growth for the remainder of the year, the impact of one‑time preferred stock costs on reported EPS, quarterly net charge‑offs versus provision trends, and any change in reserve levels or NPL ratios over the next quarter.

10/20/2025 - 04:50 PM

ROSEMONT, Ill., Oct. 20, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $600.8 million, or $8.25 per diluted common share, for the first nine months of 2025, compared to net income of $509.7 million, or $7.67 per diluted common share for the same period of 2024. Pre-tax, pre-provision income (non-GAAP) for the first nine months of the year totaled a record $884.1 million, compared to $778.1 million for the first nine months of 2024.

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

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

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

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

Total loans increased by $1.0 billion, or 8% annualized.
Total deposits increased by $894.6 million, or 6% annualized.
Total assets increased by $646.3 million, or 4% annualized.
Earnings per diluted common share of $2.78 in the third quarter of 2025 was impacted by one-time recognition of prior issuance costs related to Preferred Stock Series D and Preferred Stock Series E ($14.0 million, or $0.21 per diluted common share) as well as the excess dividend amount related to one-time extended first dividend period on Preferred Stock Series F ($4.9 million, or $0.07 per diluted common share).
- The Preferred Stock Series D and E were redeemed on July 15, 2025.
Net interest income increased to $567.0 million in the third quarter of 2025, up $20.3 million from $546.7 million in the second quarter of 2025, driven by strong average earning asset growth.
- Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2025 was in line with our guidance.
Non-interest income was impacted by the following:
- Net gains on investment securities totaled $3.0 million in the third quarter of 2025, compared to net gains of approximately $650,000 in the second quarter of 2025.
Provision for credit losses totaled $21.8 million in the third quarter of 2025, compared to a provision for credit losses of $22.2 million in the second quarter of 2025.
Net charge-offs totaled $24.6 million, or 19 basis points of average total loans on an annualized basis, in the third quarter of 2025 compared to $13.3 million, or 11 basis points of average total loans on an annualized basis, in the second quarter of 2025.
Non-performing loans improved in the third quarter of 2025 and totaled $162.6 million and comprised 0.31% of total loans at September 30, 2025, as compared to $188.8 million and 0.37% of total loans at June 30, 2025.

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

Commenting on credit quality, Mr. Crane stated, “Disciplined credit management, supported by thorough portfolio reviews, has driven consistent positive outcomes through early identification and resolution of problem credits. We continue to be conservative and disciplined in our underwriting to maintain our strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to sustaining high credit quality as evidenced by our low levels of net charge-offs and non-performing loans as well as our core loan allowance for credit losses of 1.34%.”

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

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

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/fee7ebe8-f6a9-4456-b3fb-d35e4c81f520

SUMMARY OF RESULTS:

BALANCE SHEET

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

Total liabilities increased by $826.3 million in the third quarter of 2025 compared to the second quarter of 2025, driven by a $894.6 million increase in total deposits. Strong organic deposit growth in the third quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.8%.

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

NET INTEREST INCOME

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

Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2025, down four basis points compared to the second quarter of 2025. The yield on earning assets declined three basis points during the third quarter of 2025 primarily due to a four basis point decrease in loan yields. Funding cost on interest-bearing deposits increased by one basis point compared to the second quarter of 2025. The net free funds contribution in the third quarter of 2025 remained unchanged compared to the second quarter of 2025.

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

ASSET QUALITY

The allowance for credit losses totaled $454.6 million as of September 30, 2025, a slight decrease from $457.5 million as of June 30, 2025. A provision for credit losses totaling $21.8 million was recorded for the third quarter of 2025 compared to $22.2 million recorded in the second quarter of 2025. The provision for credit losses recognized in the third quarter of 2025 reflects stable credit quality and an improved macroeconomic forecast. However, given future economic performance remains uncertain, qualitative additions were made to the provision related to credit spreads. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

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

Net charge-offs totaled $24.6 million in the third quarter of 2025, an increase of $11.3 million compared to $13.3 million of net charge-offs in the second quarter of 2025. Net charge-offs as a percentage of average total loans were 19 basis points in the third quarter of 2025 on an annualized basis compared to 11 basis points on an annualized basis in the second quarter of 2025. For more information regarding net charge-offs, see Table 10 in this report.

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

Non-performing assets and non-performing loans have improved compared to prior quarters. Non-performing assets totaled $187.5 million and comprised 0.27% of total assets as of September 30, 2025, as compared to $212.5 million, or 0.31% of total assets, as of June 30, 2025. Non-performing loans totaled $162.6 million and comprised 0.31% of total loans at September 30, 2025, as compared to $188.8 million and 0.37% of total loans at June 30, 2025. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

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

Wealth management revenue increased by approximately $367,000 in the third quarter of 2025, compared to the second quarter of 2025. The increase in the third quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in brokerage revenue related to higher transactional business. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $24.5 million in the third quarter of 2025, compared to $23.2 million in the second quarter of 2025. The increase in the third quarter of 2025 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized approximately $3.0 million in net gains on investment securities in the third quarter of 2025 compared to approximately $650,000 in net gains in the second quarter of 2025. The net gains in the third quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

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

NON-INTEREST EXPENSE

Non-interest expense totaled $380.0 million in the third quarter of 2025, decreasing $1.5 million, compared to $381.5 million in the second quarter of 2025. Non-interest expense, as a percent of average assets, decreased in the third quarter of 2025 to 2.21%.

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

The Macatawa Bank acquisition-related costs were approximately $471,000 in the third quarter of 2025, compared to $2.9 million in the second quarter of 2025.

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

INCOME TAXES

The Company recorded income tax expense of $79.8 million in the third quarter of 2025 compared to $71.6 million in the second quarter of 2025. The effective tax rates were 27.0% in the third quarter of 2025 compared to 26.8% in the second quarter of 2025.

BUSINESS SUMMARY

Community Banking

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

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

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.5 billion during the third quarter of 2025. Average balances increased by $945.4 million, as compared to the second quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the third quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.8 billion, $1.2 billion, and $301.0 million as of September 30, 2025, respectively, compared to $2.8 billion, $1.2 billion, and $289.8 million as of June 30, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.2 million in the third quarter of 2025, which was relatively stable compared to the second quarter of 2025.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $37.2 million in the third quarter of 2025, an increase as compared to the second quarter of 2025. At September 30, 2025, the Company’s wealth management subsidiaries had approximately $55.1 billion of assets under administration, which included $8.8 billion of assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION
Key Operating Measures

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

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

^{(1)   Period-end balance sheet percentage changes are annualized.
(2)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(3)   Net revenue is net interest income plus non-interest income.}
^{(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.}
^{(5)   Excludes mortgage loans held-for-sale.}

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate.

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

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

^{(1)   Excludes mortgage loans held-for-sale.}
^{(2)   Net revenue is net interest income plus non-interest income.}
^{(3)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.}
^{(5)   Capital ratios for current quarter-end are estimated.}
^{(6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.}

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(In thousands)		2025			2025			2025			2024			2024
Assets
Cash and due from banks	$	565,406		$	695,501		$	616,216		$	452,017		$	725,465
Federal funds sold and securities purchased under resale agreements		63			63			63			6,519			5,663
Interest-bearing deposits with banks		3,422,452			4,569,618			4,238,237			4,409,753			3,648,117
Available-for-sale securities, at fair value		5,274,124			4,885,715			4,220,305			4,141,482			3,912,232
Held-to-maturity securities, at amortized cost		3,438,406			3,502,186			3,564,490			3,613,263			3,677,420
Trading account securities		—			—			—			4,072			3,472
Equity securities with readily determinable fair value		63,445			273,722			270,442			215,412			125,310
Federal Home Loan Bank and Federal Reserve Bank stock		282,755			282,087			281,893			281,407			266,908
Brokerage customer receivables		—			—			—			18,102			16,662
Mortgage loans held-for-sale, at fair value		333,883			299,606			316,804			331,261			461,067
Loans, net of unearned income		52,063,482			51,041,679			48,708,390			48,055,037			47,067,447
Allowance for loan losses		(386,622	)		(391,654	)		(378,207	)		(364,017	)		(360,279	)
Net loans		51,676,860			50,650,025			48,330,183			47,691,020			46,707,168
Premises, software and equipment, net		775,425			776,324			776,679			779,130			772,002
Lease investments, net		301,000			289,768			280,472			278,264			270,171
Accrued interest receivable and other assets		1,614,674			1,610,025			1,598,255			1,739,334			1,721,090
Receivable on unsettled securities sales		978,209			240,039			463,023			—			551,031
Goodwill		797,639			798,144			796,932			796,942			800,780
Other acquisition-related intangible assets		105,297			110,495			116,072			121,690			123,866
Total assets	$	69,629,638		$	68,983,318		$	65,870,066		$	64,879,668		$	63,788,424
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	10,952,146		$	10,877,166		$	11,201,859		$	11,410,018		$	10,739,132
Interest-bearing		45,759,235			44,939,645			42,368,179			41,102,331			40,665,834
Total deposits		56,711,381			55,816,811			53,570,038			52,512,349			51,404,966
Federal Home Loan Bank advances		3,151,309			3,151,309			3,151,309			3,151,309			3,171,309
Other borrowings		579,328			625,392			529,269			534,803			647,043
Subordinated notes		298,536			298,458			298,360			298,283			298,188
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Payable on unsettled securities sales		—			39,105			—			—			—
Accrued interest payable and other liabilities		1,589,761			1,572,981			1,466,987			1,785,061			1,613,638
Total liabilities		62,583,881			61,757,622			59,269,529			58,535,371			57,388,710
Shareholders’ Equity:
Preferred stock		425,000			837,500			412,500			412,500			412,500
Common stock		67,042			67,025			67,007			66,560			66,546
Surplus		2,521,306			2,495,637			2,494,347			2,482,561			2,470,228
Treasury stock		(9,150	)		(9,156	)		(9,156	)		(6,153	)		(6,098	)
Retained earnings		4,356,367			4,200,923			4,045,854			3,897,164			3,748,715
Accumulated other comprehensive loss		(314,808	)		(366,233	)		(410,015	)		(508,335	)		(292,177	)
Total shareholders’ equity		7,045,757			7,225,696			6,600,537			6,344,297			6,399,714
Total liabilities and shareholders’ equity	$	69,629,638		$	68,983,318		$	65,870,066		$	64,879,668		$	63,788,424

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From ⁽¹⁾
(Dollars in thousands)	Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2025⁽²⁾		Sep 30, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	211,360	$	192,633	$	181,580	$	189,774	$	314,693	39	%	(33	)%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies		122,523		106,973		135,224		141,487		146,374	58		(16	)
Total mortgage loans held-for-sale	$	333,883	$	299,606	$	316,804	$	331,261	$	461,067	45	%	(28	)%

Core loans:
Commercial
Commercial and industrial	$	7,135,083	$	7,028,247	$	6,871,206	$	6,867,422	$	6,774,683	6	%	5	%
Asset-based lending		1,588,522		1,663,693		1,701,962		1,611,001		1,709,685	(18	)	(7	)
Municipal		804,986		771,785		798,646		826,653		827,125	17		(3	)
Leases		2,834,563		2,757,331		2,680,943		2,537,325		2,443,721	11		16
Commercial real estate
Residential construction		60,923		59,027		55,849		48,617		73,088	13		(17	)
Commercial construction		2,273,545		2,165,263		2,086,797		2,065,775		1,984,240	20		15
Land		323,685		304,827		306,235		319,689		346,362	25		(7	)
Office		1,578,208		1,601,208		1,641,555		1,656,109		1,675,286	(6	)	(6	)
Industrial		2,912,547		2,824,889		2,677,555		2,628,576		2,527,932	12		15
Retail		1,478,861		1,452,351		1,402,837		1,374,655		1,404,586	7		5
Multi-family		3,306,597		3,200,578		3,091,314		3,125,505		3,193,339	13		4
Mixed use and other		1,684,841		1,683,867		1,652,759		1,685,018		1,588,584	0		6
Home equity		484,202		466,815		455,683		445,028		427,043	15		13
Residential real estate
Residential real estate loans for investment		4,019,046		3,814,715		3,561,417		3,456,009		3,252,649	21		24
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies		75,088		80,800		86,952		114,985		92,355	(28	)	(19	)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies		49,736		53,267		36,790		41,771		43,034	(26	)	16
Total core loans	$	30,610,433	$	29,928,663	$	29,108,500	$	28,804,138	$	28,363,712	9	%	8	%

Niche loans:
Commercial
Franchise	$	1,298,140	$	1,286,265	$	1,262,555	$	1,268,521	$	1,191,686	4	%	9	%
Mortgage warehouse lines of credit		1,204,661		1,232,530		1,019,543		893,854		750,462	(9	)	61
Community Advantage - homeowners association		537,696		526,595		525,492		525,446		501,645	8		7
Insurance agency lending		1,140,691		1,120,985		1,070,979		1,044,329		1,048,686	7		9
Premium Finance receivables
U.S. property & casualty insurance		7,502,901		7,378,340		6,486,663		6,447,625		6,253,271	7		20
Canada property & casualty insurance		863,391		944,836		753,199		824,417		878,410	(34	)	(2	)
Life insurance		8,758,553		8,506,960		8,365,140		8,147,145		7,996,899	12		10
Consumer and other		147,016		116,505		116,319		99,562		82,676	104		78
Total niche loans	$	21,453,049	$	21,113,016	$	19,599,890	$	19,250,899	$	18,703,735	6	%	15	%

Total loans, net of unearned income	$	52,063,482	$	51,041,679	$	48,708,390	$	48,055,037	$	47,067,447	8	%	11	%

^{(1) NM - Not Meaningful.}
^{(2) Annualized.}

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																% Growth From
(Dollars in thousands)	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2025⁽¹⁾		Sep 30, 2024
Balance:
Non-interest-bearing	$	10,952,146		$	10,877,166		$	11,201,859		$	11,410,018		$	10,739,132		3	%	2	%
NOW and interest-bearing demand deposits		6,710,919			6,795,725			6,340,168			5,865,546			5,466,932		(5	)	23
Wealth management deposits ⁽²⁾		1,600,735			1,595,764			1,408,790			1,469,064			1,303,354		1		23
Money market		20,270,382			19,556,041			18,074,733			17,975,191			17,713,726		14		14
Savings		6,758,743			6,659,419			6,576,251			6,372,499			6,183,249		6		9
Time certificates of deposit		10,418,456			10,332,696			9,968,237			9,420,031			9,998,573		3		4
Total deposits	$	56,711,381		$	55,816,811		$	53,570,038		$	52,512,349		$	51,404,966		6	%	10	%
Mix:
Non-interest-bearing		19	%		19	%		21	%		22	%		21	%
NOW and interest-bearing demand deposits		12			12			12			11			11
Wealth management deposits ⁽²⁾		3			3			3			3			3
Money market		36			35			34			34			34
Savings		12			12			12			12			12
Time certificates of deposit		18			19			18			18			19
Total deposits		100	%		100	%		100	%		100	%		100	%

^{(1) Annualized.
(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.}

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of September 30, 2025

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

TABLE 4: QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(In thousands)		2025			2025			2025			2024			2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents ⁽¹⁾	$	3,276,683		$	3,308,199		$	3,520,048		$	3,934,016		$	2,413,728
Investment securities ⁽²⁾		9,377,930			8,801,560			8,409,735			8,090,271			8,276,576
FHLB and FRB stock ⁽³⁾		282,338			282,001			281,702			271,825			263,707
Liquidity management assets ⁽⁴⁾	$	12,936,951		$	12,391,760		$	12,211,485		$	12,296,112		$	10,954,011
Other earning assets ^{(4) (5)}		—			—			13,140			20,528			17,542
Mortgage loans held-for-sale		295,365			310,534			286,710			378,707			376,251
Loans, net of unearned income ^{(4) (6)}		51,403,566			49,517,635			47,833,380			47,153,014			45,920,586
Total earning assets ⁽⁴⁾	$	64,635,882		$	62,219,929		$	60,344,715		$	59,848,361		$	57,268,390
Allowance for loan and investment security losses		(410,681	)		(398,685	)		(375,371	)		(367,238	)		(383,736	)
Cash and due from banks		495,292			478,707			476,423			470,033			467,333
Other assets		3,582,543			3,540,394			3,661,275			3,642,949			3,563,296
Total assets	$	68,303,036		$	65,840,345		$	64,107,042		$	63,594,105		$	60,915,283

NOW and interest-bearing demand deposits	$	6,687,292		$	6,423,050		$	6,046,189		$	5,601,672		$	5,174,673
Wealth management deposits		1,604,142			1,552,989			1,574,480			1,430,163			1,362,747
Money market accounts		19,431,021			18,184,754			17,581,141			17,579,395			16,436,111
Savings accounts		6,723,325			6,578,698			6,479,444			6,288,727			6,096,746
Time deposits		10,319,719			9,841,702			9,406,126			9,702,948			9,598,109
Interest-bearing deposits	$	44,765,499		$	42,581,193		$	41,087,380		$	40,602,905		$	38,668,386
FHLB advances ⁽³⁾		3,151,310			3,151,310			3,151,309			3,160,658			3,178,973
Other borrowings		614,892			593,657			582,139			577,786			622,792
Subordinated notes		298,481			298,398			298,306			298,225			298,135
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Total interest-bearing liabilities	$	49,083,748		$	46,878,124		$	45,372,700		$	44,893,140		$	43,021,852
Non-interest-bearing deposits		10,791,709			10,643,798			10,732,156			10,718,738			10,271,613
Other liabilities		1,472,036			1,456,383			1,541,245			1,563,824			1,631,389
Equity		6,955,543			6,862,040			6,460,941			6,418,403			5,990,429
Total liabilities and shareholders’ equity	$	68,303,036		$	65,840,345		$	64,107,042		$	63,594,105		$	60,915,283

Net free funds/contribution ⁽⁷⁾	$	15,552,134		$	15,341,805		$	14,972,015		$	14,955,221		$	14,246,538

^{(1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.}
^{(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.}
^{(3)   Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)}
^{(4)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(5)   Other earning assets include brokerage customer receivables and trading account securities.}
^{(6)   Loans, net of unearned income, include non-accrual loans.}
^{(7)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 5: QUARTERLY NET INTEREST INCOME

	Net Interest Income for three months ended,
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(In thousands)		2025			2025			2025			2024			2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	35,067		$	34,593		$	36,945		$	46,308		$	32,885
Investment securities		87,101			78,733			72,706			67,783			70,260
FHLB and FRB stock ⁽¹⁾		5,444			5,393			5,307			5,157			5,451
Liquidity management assets ⁽²⁾	$	127,612		$	118,719		$	114,958		$	119,248		$	108,596
Other earning assets ⁽²⁾		—			—			92			310			282
Mortgage loans held-for-sale		4,757			4,872			4,246			5,623			6,233
Loans, net of unearned income ⁽²⁾		834,294			800,197			770,568			791,390			796,637
Total interest income	$	966,663		$	923,788		$	889,864		$	916,571		$	911,748

Interest expense:
NOW and interest-bearing demand deposits	$	40,448		$	37,517		$	33,600		$	31,695		$	30,971
Wealth management deposits		8,415			8,182			8,606			9,412			10,158
Money market accounts		169,831			155,890			146,374			159,945			167,382
Savings accounts		38,844			37,637			35,923			38,402			42,892
Time deposits		98,308			94,244			95,730			106,934			110,616
Interest-bearing deposits	$	355,846		$	333,470		$	320,233		$	346,388		$	362,019
FHLB advances ⁽¹⁾		26,007			25,724			25,441			26,050			26,254
Other borrowings		6,887			6,957			6,792			7,519			9,013
Subordinated notes		3,717			3,735			3,714			3,733			3,712
Junior subordinated debentures		4,367			4,328			4,311			4,663			5,023
Total interest expense	$	396,824		$	374,214		$	360,491		$	388,353		$	406,021

Less: Fully taxable-equivalent adjustment		(2,829	)		(2,880	)		(2,899	)		(3,070	)		(3,144	)
Net interest income (GAAP) ⁽³⁾		567,010			546,694			526,474			525,148			502,583
Fully taxable-equivalent adjustment		2,829			2,880			2,899			3,070			3,144
Net interest income, fully taxable-equivalent (non-GAAP) ⁽³⁾	$	569,839		$	549,574		$	529,373		$	528,218		$	505,727

^{(1)   Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)}
^{(2)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.}
^{(3)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

TABLE 6: QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.25	%	4.19	%	4.26	%	4.68	%	5.42	%
Investment securities	3.68		3.59		3.51		3.33		3.38
FHLB and FRB stock ⁽¹⁾	7.65		7.67		7.64		7.55		8.22
Liquidity management assets	3.91	%	3.84	%	3.82	%	3.86	%	3.94	%
Other earning assets	—		—		2.84		6.01		6.38
Mortgage loans held-for-sale	6.39		6.29		6.01		5.91		6.59
Loans, net of unearned income	6.44		6.48		6.53		6.68		6.90
Total earning assets	5.93	%	5.96	%	5.98	%	6.09	%	6.33	%

Rate paid on:
NOW and interest-bearing demand deposits	2.40	%	2.34	%	2.25	%	2.25	%	2.38	%
Wealth management deposits	2.08		2.11		2.22		2.62		2.97
Money market accounts	3.47		3.44		3.38		3.62		4.05
Savings accounts	2.29		2.29		2.25		2.43		2.80
Time deposits	3.78		3.84		4.13		4.38		4.58
Interest-bearing deposits	3.15	%	3.14	%	3.16	%	3.39	%	3.72	%
FHLB advances	3.27		3.27		3.27		3.28		3.29
Other borrowings	4.44		4.70		4.73		5.18		5.76
Subordinated notes	4.94		5.02		5.05		4.98		4.95
Junior subordinated debentures	6.83		6.85		6.90		7.32		7.88
Total interest-bearing liabilities	3.21	%	3.20	%	3.22	%	3.44	%	3.75	%

Interest rate spread^{(2) (3)}	2.72	%	2.76	%	2.76	%	2.65	%	2.58	%
Less: Fully taxable-equivalent adjustment	(0.02	)	(0.02	)	(0.02	)	(0.02	)	(0.02	)
Net free funds/contribution⁽⁴⁾	0.78		0.78		0.80		0.86		0.93
Net interest margin (GAAP)⁽³⁾	3.48	%	3.52	%	3.54	%	3.49	%	3.49	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP)⁽³⁾	3.50	%	3.54	%	3.56	%	3.51	%	3.51	%

^{(1)   Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)}
^{(2)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.}
^{(3)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

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

	Average Balance for nine months ended,						Interest for nine months ended,						Yield/Rate for nine months ended,
(Dollars in thousands)	Sep 30, 2025			Sep 30, 2024			Sep 30, 2025			Sep 30, 2024			Sep 30, 2025		Sep 30, 2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents ⁽¹⁾	$	3,367,419		$	1,720,387		$	106,605		$	69,310		4.23	%	5.38	%
Investment securities ⁽²⁾		8,866,621			8,276,711			238,540			210,834		3.60		3.40
FHLB and FRB stock ⁽³⁾		282,016			249,375			16,144			14,903		7.65		7.98
Liquidity management assets ^{(4) (5)}	$	12,516,056		$	10,246,473		$	361,289		$	295,047		3.86	%	3.85	%
Other earning assets ^{(4) (5) (6)}		4,332			15,966			92			715		2.84		5.98
Mortgage loans held-for-sale		297,568			338,061			13,875			15,813		6.23		6.25
Loans, net of unearned income ^{(4) (5) (7)}		49,597,938			43,963,779			2,405,059			2,261,341		6.48		6.87
Total earning assets ⁽⁵⁾	$	62,415,894		$	54,564,279		$	2,780,315		$	2,572,916		5.96	%	6.30	%
Allowance for loan and investment security losses		(395,041	)		(368,713	)
Cash and due from banks		483,543			450,899
Other assets		3,594,449			3,367,882
Total assets	$	66,098,845		$	58,014,347

NOW and interest-bearing demand deposits	$	6,387,859		$	5,279,697		$	111,565		$	98,586		2.34	%	2.49	%
Wealth management deposits		1,577,312			1,467,886			25,203			30,913		2.14		2.81
Money market accounts		18,405,748			15,398,045			472,095			460,466		3.43		3.99
Savings accounts		6,594,716			5,923,205			112,404			123,026		2.28		2.77
Time deposits		9,859,196			8,435,172			288,282			284,263		3.91		4.50
Interest-bearing deposits	$	42,824,831		$	36,504,005		$	1,009,549		$	997,254		3.15	%	3.65	%
Federal Home Loan Bank advances		3,151,310			3,002,228			77,172			73,099		3.27		3.25
Other borrowings		597,016			612,627			20,636			26,961		4.62		5.88
Subordinated notes		298,396			381,813			11,166			14,384		5.00		5.03
Junior subordinated debentures		253,566			253,566			13,006			15,011		6.86		7.91
Total interest-bearing liabilities	$	47,125,119		$	40,754,239		$	1,131,529		$	1,126,709		3.21	%	3.69	%
Non-interest-bearing deposits		10,722,772			10,041,972
Other liabilities		1,489,635			1,589,790
Equity		6,761,319			5,628,346
Total liabilities and shareholders’ equity	$	66,098,845		$	58,014,347
Interest rate spread ^{(5) (8)}													2.75	%	2.61	%
Less: Fully taxable-equivalent adjustment								(8,608	)		(8,820	)	(0.02	)	(0.02	)
Net free funds/contribution ⁽⁹⁾	$	15,290,775		$	13,810,040								0.78		0.93
Net interest income/margin (GAAP)⁽⁵⁾							$	1,640,178		$	1,437,387		3.51	%	3.52	%
Fully taxable-equivalent adjustment								8,608			8,820		0.02		0.02
Net interest income/margin, fully taxable-equivalent (non-GAAP) ⁽⁵⁾							$	1,648,786		$	1,446,207		3.53	%	3.54	%

^{(1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.}
^{(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.}
^{(3)   Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)}
^{(4)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.}
^{(5)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(6)   Other earning assets include brokerage customer receivables and trading account securities.}
^{(7)   Loans, net of unearned income, include non-accrual loans.}
^{(8)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.}
^{(9)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Sep 30, 2025	(2.3	)%	(0.8	)%	0.0	%	(0.4	)%
Jun 30, 2025	(1.5	)	(0.4	)	(0.2	)	(1.2	)
Mar 31, 2025	(1.8	)	(0.6	)	(0.2	)	(1.2	)
Dec 31, 2024	(1.6	)	(0.6	)	(0.3	)	(1.5	)
Sep 30, 2024	1.2		1.1		0.4		(0.9	)

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

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

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of September 30, 2025	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
Commercial
Fixed rate	$	465,635		$	3,851,843	$	2,154,642	$	17,113	$	6,489,233
Variable rate		10,054,366			743		—		—		10,055,109
Total commercial	$	10,520,001		$	3,852,586	$	2,154,642	$	17,113	$	16,544,342
Commercial real estate
Fixed rate	$	771,993		$	2,629,379	$	358,703	$	68,729	$	3,828,804
Variable rate		9,779,638			10,700		65		—		9,790,403
Total commercial real estate	$	10,551,631		$	2,640,079	$	358,768	$	68,729	$	13,619,207
Home equity
Fixed rate	$	9,470		$	464	$	—	$	13	$	9,947
Variable rate		474,255			—		—		—		474,255
Total home equity	$	483,725		$	464	$	—	$	13	$	484,202
Residential real estate
Fixed rate	$	17,018		$	4,563	$	70,142	$	1,040,869	$	1,132,592
Variable rate		117,542			736,051		2,157,685		—		3,011,278
Total residential real estate	$	134,560		$	740,614	$	2,227,827	$	1,040,869	$	4,143,870
Premium finance receivables - property & casualty
Fixed rate	$	8,275,798		$	90,494	$	—	$	—	$	8,366,292
Variable rate		—			—		—		—		—
Total premium finance receivables - property & casualty	$	8,275,798		$	90,494	$	—	$	—	$	8,366,292
Premium finance receivables - life insurance
Fixed rate	$	255,894		$	140,954	$	4,000	$	—	$	400,848
Variable rate		8,357,705			—		—		—		8,357,705
Total premium finance receivables - life insurance	$	8,613,599		$	140,954	$	4,000	$	—	$	8,758,553
Consumer and other
Fixed rate	$	65,657		$	8,660	$	1,045	$	853	$	76,215
Variable rate		70,801			—		—		—		70,801
Total consumer and other	$	136,458		$	8,660	$	1,045	$	853	$	147,016

Total per category
Fixed rate	$	9,861,465		$	6,726,357	$	2,588,532	$	1,127,577	$	20,303,931
Variable rate		28,854,307			747,494		2,157,750		—		31,759,551
Total loans, net of unearned income	$	38,715,772		$	7,473,851	$	4,746,282	$	1,127,577	$	52,063,482
Less: Existing cash flow hedging derivatives ⁽¹⁾		(5,650,000	)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	33,065,772

Variable Rate Loan Pricing by Index:
SOFR tenors ⁽²⁾										$	20,295,819
12- month CMT ⁽³⁾											7,284,381
Prime											3,083,193
Fed Funds											768,000
Other U.S. Treasury tenors											191,629
Other											136,529
Total variable rate										$	31,759,551

^{(1)   Excludes cash flow hedges with future effective starting dates.}
^{(2)   SOFR - Secured Overnight Financing Rate.}
^{(3)   CMT - Constant Maturity Treasury Rate.}

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/0a0dfa31-b8af-4032-bcab-ba07bcc7557c

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $17.5 billion tied to one-month SOFR and $7.3 billion tied to twelve-month CMT. The above chart shows:

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

TABLE 10: ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(Dollars in thousands)		2025			2025			2025			2024			2024			2025			2024
Allowance for credit losses at beginning of period	$	457,461		$	448,387		$	437,060		$	436,193		$	437,560		$	437,060		$	427,612
Provision for credit losses - Other		21,768			22,234			23,963			16,979			6,787			67,965			68,521
Provision for credit losses - Day 1 on non-PCD assets acquired during the period		—			—			—			—			15,547			—			15,547
Initial allowance for credit losses recognized on PCD assets acquired during the period		—			—			—			—			3,004			—			3,004
Other adjustments		(88	)		180			4			(187	)		30			96			(20	)
Charge-offs:
Commercial		21,597			6,148			9,722			5,090			22,975			37,467			43,774
Commercial real estate		144			5,711			454			1,037			95			6,309			21,090
Home equity		27			111			—			—			—			138			74
Residential real estate		26			—			—			114			—			26			61
Premium finance receivables - property & casualty		6,860			6,346			7,114			13,301			7,790			20,320			24,214
Premium finance receivables - life insurance		18			—			12			—			4			30			4
Consumer and other		174			179			147			189			154			500			398
Total charge-offs		28,846			18,495			17,449			19,731			31,018			64,790			89,615
Recoveries:
Commercial		1,449			1,746			929			775			649			4,124			2,078
Commercial real estate		241			10			12			172			30			263			151
Home equity		104			30			216			194			101			350			165
Residential real estate		1			2			136			0			5			139			15
Premium finance receivables - property & casualty		2,459			3,335			3,487			2,646			3,436			9,281			8,613
Premium finance receivables - life insurance		—			—			—			—			41			—			54
Consumer and other		37			32			29			19			21			98			68
Total recoveries		4,291			5,155			4,809			3,806			4,283			14,255			11,144
Net charge-offs		(24,555	)		(13,340	)		(12,640	)		(15,925	)		(26,735	)		(50,535	)		(78,471	)
Allowance for credit losses at period end	$	454,586		$	457,461		$	448,387		$	437,060		$	436,193		$	454,586		$	436,193

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial		0.49	%		0.11	%		0.23	%		0.11	%		0.61	%		0.28	%		0.41	%
Commercial real estate		(0.00	)		0.17			0.01			0.03			0.00			0.06			0.23
Home equity		(0.06	)		0.07			(0.20	)		(0.18	)		(0.10	)		(0.06	)		(0.03	)
Residential real estate		0.00			(0.00	)		(0.02	)		0.01			0.00			(0.00	)		0.00
Premium finance receivables - property & casualty		0.20			0.16			0.20			0.59			0.24			0.19			0.30
Premium finance receivables - life insurance		0.00			—			0.00			—			0.00			0.00			(0.00	)
Consumer and other		0.40			0.44			0.45			0.63			0.63			0.43			0.54
Total loans, net of unearned income		0.19	%		0.11	%		0.11	%		0.13	%		0.23	%		0.14			0.24	%

Loans at period end	$	52,063,482		$	51,041,679		$	48,708,390		$	48,055,037		$	47,067,447
Allowance for loan losses as a percentage of loans at period end		0.74	%		0.77	%		0.78	%		0.76	%		0.77	%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end		0.87			0.90			0.92			0.91			0.93

^{PCD - Purchase Credit Deteriorated}

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(In thousands)		2025			2025			2025			2024			2024			2025			2024
Provision for loan losses - Other	$	19,610		$	26,607		$	26,826		$	19,852		$	6,782		$	73,043		$	78,052
Provision for credit losses - Day 1 on non-PCD assets acquired during the period		—			—			—			—			15,547			—			15,547
Provision for unfunded lending-related commitments losses - Other		2,160			(4,325	)		(2,852	)		(2,851	)		17			(5,017	)		(9,663	)
Provision for held-to-maturity securities losses		(2	)		(48	)		(11	)		(22	)		(12	)		(61	)		132
Provision for credit losses	$	21,768		$	22,234		$	23,963		$	16,979		$	22,334		$	67,965		$	84,068

Allowance for loan losses	$	386,622		$	391,654		$	378,207		$	364,017		$	360,279
Allowance for unfunded lending-related commitments losses		67,569			65,409			69,734			72,586			75,435
Allowance for loan losses and unfunded lending-related commitments losses		454,191			457,063			447,941			436,603			435,714
Allowance for held-to-maturity securities losses		395			398			446			457			479
Allowance for credit losses	$	454,586		$	457,461		$	448,387		$	437,060		$	436,193

^{PCD - Purchase Credit Deteriorated}

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

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

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

Total core loans ⁽¹⁾	$	30,610,433	$	408,780	1.34	%	$	29,928,663	$	409,826	1.37	%	$	29,108,500	$	397,664	1.37	%
Total niche loans ⁽¹⁾		21,453,049		45,411	0.21			21,113,016		47,237	0.22			19,599,890		50,277	0.26

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

TABLE 13: LOAN PORTFOLIO AGING

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

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

TABLE 14: NON-PERFORMING ASSETS ⁽¹⁾

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

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

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

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

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

Other Real Estate Owned

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

	Period End
(In thousands)	Sep 30,		Jun 30,			Mar 31,			Dec 31,			Sep 30,
Balance by Property Type:		2025		2025			2025			2024			2024
Residential real estate	$	—	$	—		$	—		$	—		$	—
Commercial real estate		24,832		23,615			22,625			23,116			13,682
Total	$	24,832	$	23,615		$	22,625		$	23,116		$	13,682

TABLE 15: NON-INTEREST INCOME

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

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

^{NM - Not meaningful.
BOLI - Bank-owned life insurance.
EBO - Early buy-out.}

TABLE 16: MORTGAGE BANKING

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

^{(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.}
^{(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.}

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

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

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

^{NM - Not meaningful.}

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

	Three Months Ended															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(Dollars and shares in thousands)		2025			2025			2025			2024			2024			2025			2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	963,834		$	920,908		$	886,965		$	913,501		$	908,604		$	2,771,707		$	2,564,096
Taxable-equivalent adjustment:
- Loans		2,154			2,200			2,206			2,352			2,474			6,560			7,025
- Liquidity Management Assets		675			680			690			716			668			2,045			1,785
- Other Earning Assets		—			—			3			2			2			3			10
(B) Interest Income (non-GAAP)	$	966,663		$	923,788		$	889,864		$	916,571		$	911,748		$	2,780,315		$	2,572,916
(C) Interest Expense (GAAP)		396,824			374,214			360,491			388,353			406,021			1,131,529			1,126,709
(D) Net Interest Income (GAAP) (A minus C)		567,010			546,694			526,474			525,148			502,583			1,640,178			1,437,387
(E) Net Interest Income (non-GAAP) (B minus C)		569,839			549,574			529,373			528,218			505,727			1,648,786			1,446,207
Net interest margin (GAAP)		3.48	%		3.52	%		3.54	%		3.49	%		3.49	%		3.51	%		3.52	%
Net interest margin, fully taxable-equivalent (non-GAAP)		3.50			3.54			3.56			3.51			3.51			3.53			3.54
(F) Non-interest income	$	130,827		$	124,089		$	116,634		$	113,451		$	113,147		$	371,550		$	374,874
(G) Gains (losses) on investment securities, net		2,972			650			3,196			(2,835	)		3,189			6,818			233
(H) Non-interest expense		380,028			381,461			366,090			368,539			360,687			1,127,579			1,034,185
Efficiency ratio (H/(D+F-G))		54.69	%		56.92	%		57.21	%		57.46	%		58.88	%		56.24	%		57.07	%
Efficiency ratio (non-GAAP) (H/(E+F-G))		54.47			56.68			56.95			57.18			58.58			56.00			56.80
	Three Months Ended															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(Dollars and shares in thousands)		2025			2025			2025			2024			2024			2025			2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	7,045,757		$	7,225,696		$	6,600,537		$	6,344,297		$	6,399,714
Less: Non-convertible preferred stock (GAAP)		(425,000	)		(837,500	)		(412,500	)		(412,500	)		(412,500	)
Less: Acquisition-related intangible assets (GAAP)		(902,936	)		(908,639	)		(913,004	)		(918,632	)		(924,646	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,717,821		$	5,479,557		$	5,275,033		$	5,013,165		$	5,062,568
(J) Total assets (GAAP)	$	69,629,638		$	68,983,318		$	65,870,066		$	64,879,668		$	63,788,424
Less: Intangible assets (GAAP)		(902,936	)		(908,639	)		(913,004	)		(918,632	)		(924,646	)
(K) Total tangible assets (non-GAAP)	$	68,726,702		$	68,074,679		$	64,957,062		$	63,961,036		$	62,863,778
Common equity to assets ratio (GAAP) (L/J)		9.5	%		9.3	%		9.4	%		9.1	%		9.4	%
Tangible common equity ratio (non-GAAP) (I/K)		8.3			8.0			8.1			7.8			8.1

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	7,045,757		$	7,225,696		$	6,600,537		$	6,344,297		$	6,399,714
Less: Preferred stock		(425,000	)		(837,500	)		(412,500	)		(412,500	)		(412,500	)
(L) Total common equity	$	6,620,757		$	6,388,196		$	6,188,037		$	5,931,797		$	5,987,214
(M) Actual common shares outstanding		66,961			66,938			66,919			66,495			66,482
Book value per common share (L/M)	$	98.87		$	95.43		$	92.47		$	89.21		$	90.06
Tangible book value per common share (non-GAAP) (I/M)		85.39			81.86			78.83			75.39			76.15

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	188,913		$	188,536		$	182,048		$	178,371		$	163,010		$	559,497		$	488,710
Add: Acquisition-related intangible asset amortization		5,196			5,580			5,618			5,773			4,042			16,394			6,322
Less: Tax effect of acquisition-related intangible asset amortization		(1,403	)		(1,495	)		(1,421	)		(1,547	)		(1,087	)		(4,328	)		(1,682	)
After-tax Acquisition-related intangible asset amortization	$	3,793		$	4,085		$	4,197		$	4,226		$	2,955		$	12,066		$	4,640
(O) Tangible net income applicable to common shares (non-GAAP)	$	192,706		$	192,621		$	186,245		$	182,597		$	165,965		$	571,563		$	493,350
Total average shareholders’ equity	$	6,955,543		$	6,862,040		$	6,460,941		$	6,418,403		$	5,990,429		$	6,761,319		$	5,628,346
Less: Average preferred stock		(483,288	)		(599,313	)		(412,500	)		(412,500	)		(412,500	)		(498,626	)		(412,500	)
(P) Total average common shareholders’ equity	$	6,472,255		$	6,262,727		$	6,048,441		$	6,005,903		$	5,577,929		$	6,262,693		$	5,215,846
Less: Average acquisition-related intangible assets		(906,032	)		(910,924	)		(916,069	)		(921,438	)		(833,574	)		(910,972	)		(730,216	)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,566,223		$	5,351,803		$	5,132,372		$	5,084,465		$	4,744,355		$	5,351,721		$	4,485,630
Return on average common equity, annualized (N/P)		11.58	%		12.07	%		12.21	%		11.82	%		11.63	%		11.94	%		12.52	%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)		13.74			14.44			14.72			14.29			13.92			14.28			14.69

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	296,041		$	267,088		$	253,055		$	253,081		$	232,709		$	816,184		$	694,008
Add: Provision for credit losses		21,768			22,234			23,963			16,979			22,334			67,965			84,068
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	317,809		$	289,322		$	277,018		$	270,060		$	255,043		$	884,149		$	778,076

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

WINTRUST SUBSIDIARIES

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

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States.
Wintrust Investments, LLC provides a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
Wintrust Asset Finance offers direct leasing opportunities.
CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

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

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

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, October 21, 2025 at 10:00 a.m. (CDT) regarding third quarter and year-to-date 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated September 19, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the third quarter and year-to-date 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Web site address: www.wintrust.com

FAQ

What did Wintrust (WTFC) report for net income in the first nine months of 2025?

Wintrust reported $600.8M net income for the first nine months of 2025, or $8.25 per diluted common share.

How much did Wintrust (WTFC) earn in Q3 2025 and what was EPS?

Q3 2025 net income was $216.3M and reported diluted EPS was $2.78.

What were Wintrust's Q3 2025 loan and deposit growth figures?

Loans increased by $1.0B and deposits grew by $894.6M in Q3 2025.

What was Wintrust's net interest margin (NIM) and net interest income in Q3 2025?

NIM was 3.48% (3.50% FTE) and net interest income totaled $567.0M in Q3 2025.

Did one-time items affect Wintrust's Q3 2025 EPS (WTFC)?

Yes; one-time preferred stock issuance and extended dividend costs totaled about $18.9M, reducing EPS by roughly $0.28.

How did Wintrust's credit quality metrics look at September 30, 2025?

Allowance for credit losses was $454.6M, net charge-offs were $24.6M (19 bps annualized), and non-performing loans were $162.6M (0.31%).

Wintrust Financial Corporation Reports Record Net Income

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FAQ

What did Wintrust (WTFC) report for net income in the first nine months of 2025?

How much did Wintrust (WTFC) earn in Q3 2025 and what was EPS?

What were Wintrust's Q3 2025 loan and deposit growth figures?

What was Wintrust's net interest margin (NIM) and net interest income in Q3 2025?

Did one-time items affect Wintrust's Q3 2025 EPS (WTFC)?

How did Wintrust's credit quality metrics look at September 30, 2025?

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Wintrust Financial Corporation Reports Record Net Income

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Senior Bank Financial Analyst positive

FAQ

What did Wintrust (WTFC) report for net income in the first nine months of 2025?

How much did Wintrust (WTFC) earn in Q3 2025 and what was EPS?

What were Wintrust's Q3 2025 loan and deposit growth figures?

What was Wintrust's net interest margin (NIM) and net interest income in Q3 2025?

Did one-time items affect Wintrust's Q3 2025 EPS (WTFC)?

How did Wintrust's credit quality metrics look at September 30, 2025?

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