ウィントラストファイナンシャルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 18, 2023

WINTRUST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Illinois

001-35077

36-3873352

(State or other jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer
Identification No.)

9700 W. Higgins Road, Suite 800

Rosemont

Illinois

60018

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (847) 939-9000

Not Applicable

(Former name or former address, if changed since last year)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of Each Class	Ticker Symbol	Name of Each Exchange on Which Registered
Common Stock, no par value	WTFC	The NASDAQ Global Select Market
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value	WTFCM	The NASDAQ Global Select Market
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of	WTFCP	The NASDAQ Global Select Market
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

On January 18, 2023, Wintrust Financial Corporation (the “Company”) announced earnings for the fourth quarter of 2022 and posted on its website the Fourth Quarter 2022 Earnings Release Presentation. Copies of the press release relating to the Company’s earnings results and the related presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. Certain supplemental information relating to non-GAAP financial measures reported in the attached press release and presentation is included on pages 34 through 37 of Exhibit 99.1 and pages 23 through 24 of Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


Exhibit
99.1			Fourth Quarter 2022 Earnings Release dated January 18, 2023
99.2			Fourth Quarter 2022 Earnings Release Presentation dated January 18, 2023

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



						WINTRUST FINANCIAL CORPORATION (Registrant)

			By:			/s/ David L. Stoehr
						David L. Stoehr Executive Vice President and Chief Financial Officer

Date: January 18, 2023

INDEX TO EXHIBITS



Exhibit
99.1			Fourth Quarter 2022 Earnings Release dated January 18, 2023
99.2			Fourth Quarter 2022 Earnings Release Presentation dated January 18, 2023

EX-99.1 2 q42022exhibit991.htm EX-99.1 Document

Exhibit 99.1

Wintrust Financial Corporation

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

News Release



FOR IMMEDIATE RELEASE						January 18, 2023

FOR MORE INFORMATION CONTACT:

Edward J. Wehmer, Founder & Chief Executive Officer

David A. Dykstra, Vice Chairman & Chief Operating Officer

(847) 939-9000

Web site address: www.wintrust.com

Wintrust Financial Corporation Reports Fourth Quarter and Full Year 2022 Results

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $144.8 million or $2.23 per diluted common share for the fourth quarter of 2022, an increase in diluted earnings per common share of 1% compared to the third quarter of 2022. The Company had record annual net income of $509.7 million or $8.02 per diluted common share for the year ended December 31, 2022 as compared to net income of $466.2 million or $7.58 per diluted common share for the same period of 2021. Pre-tax, pre-provision income (non-GAAP) totaled a record $779.1 million for the year ended December 31, 2022, up 35% as compared to $578.5 million for the same period of 2021.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, “Wintrust finished the year with great momentum as our fourth quarter results were highlighted by strong net income and record quarterly pre-tax, pre-provision income. Net interest income and net interest margin expanded meaningfully and our loan portfolio continued to grow while exhibiting low levels of net charge-offs. The fourth quarter caps an extraordinary year for Wintrust, and we believe that we are well-positioned to reach even higher levels of financial performance in 2023."

Highlights of the fourth quarter of 2022:

Comparative information to the third quarter of 2022, unless otherwise noted

•Net interest income increased by $55.4 million or 14% as compared to the third quarter of 2022 primarily due to improvement in net interest margin and loan growth.

◦Net interest margin, on a GAAP basis, increased by 37 basis points to 3.71% for the fourth quarter of 2022 as the upward repricing of earning assets outpaced increases in deposit costs. Net interest margin, on a fully taxable equivalent basis (non-GAAP) increased by 38 basis points to 3.73%.

•Total loans increased by $1.0 billion, or 11% on an annualized basis. In addition, total loans as of December 31, 2022 were $630 million higher than average total loans in the fourth quarter of 2022 which is expected to benefit future quarters.

•Total assets increased by $567 million totaling $52.9 billion as of December 31, 2022 and total deposits increased by $105 million.

•Recorded a provision for credit losses of $47.6 million in the fourth quarter of 2022 primarily related to a moderate deterioration in macroeconomic factors coupled with strong loan growth. This compares to a provision for credit losses of $6.4 million in the third quarter of 2022.

•Net charge-offs totaled $5.1 million or five basis points of average total loans on an annualized basis in the fourth quarter of 2022 as compared to $3.2 million or three basis points of average total loans on an annualized basis in the third quarter of 2022.

•Non-performing loans were essentially unchanged at 0.26% of total loans, as of December 31, 2022. See “Asset Quality” section for more information.

•Book value per common share increased by $2.56 to $72.12 as of December 31, 2022. Tangible book value per common share (non-GAAP) increased to $61.00 as of December 31, 2022 as compared to $58.42 as of September 30, 2022.

Other items of note from the fourth quarter of 2022

•Net losses on investment securities totaled $6.7 million in the fourth quarter of 2022 related to changes in the value of equity securities as compared to net losses of $3.1 million in the third quarter of 2022.

•The effective tax rate decreased as the Company recorded an approximately $1.7 million benefit to income tax expense related to earnings at its Canadian subsidiary. See “Income Taxes” section for more information.

•Recorded $838,000 in occupancy expense related to an unrealized loss associated with the anticipated sale of a branch facility.

•Recorded $846,000 in operating lease equipment expense related to the impairment of an operating lease asset.

•The Company recorded net negative fair value adjustments of $702,000 in the fourth quarter of 2022 related to fair value changes in certain mortgage assets, see “Non-Interest Income” section for more information.

Mr. Wehmer continued, "The Company experienced robust loan growth as loans increased by $1.0 billion, or 11% on an annualized basis, in the fourth quarter of 2022. The loan growth was spread across all of our material loan portfolios as we experienced growth in commercial, commercial real estate, commercial insurance premium finance receivables and life insurance premium finance receivables. We remain prudent in our review of credit prospects ensuring our loan growth stays within our conservative credit standards. Loan growth in the fourth quarter of 2022 outpaced deposit growth which resulted in our loans to deposits ratio ending the quarter at 91.4%. Strategically growing deposits is among our most important objectives in 2023 and we believe we are well positioned to accomplish that without compromising our net interest margin guidance."

Mr. Wehmer commented, "Net interest income increased by $55.4 million in the fourth quarter of 2022 primarily due to improvement in net interest margin as well as an increase in earning assets. Net interest margin, on a fully taxable equivalent basis (non-GAAP), increased by 38 basis points as the upward repricing of earning assets outpaced deposit rate changes. We expect that trend to continue and believe, subject to no material change in the consensus projection of interest rates as of this release date, that our net interest margin should approach 4.00% during the first quarter of 2023. While Wintrust benefited significantly from being asset sensitive to interest rates in 2022, we acknowledge the uncertainty in projected interest rates and are repositioning our balance sheet to reduce our interest rate sensitivity. We expect to continue this strategy, including the use of derivative instruments, in order to mitigate potential negative impacts to our net interest margin in a declining interest rate environment.”

Commenting on credit quality, Mr. Wehmer stated, "The allowance for credit losses totaled $357.9 million as of December 31, 2022, an increase of $42.6 million as compared to $315.3 million as of September 30, 2022. The $42.6 million increase in reserves consisted of a $32.2 million increase related to a moderate deterioration in macroeconomic factors and a $10.4 million increase related to portfolio changes in the fourth quarter of 2022. Meanwhile, credit metrics related to current loan performance remained relatively stable. Non-performing loans totaled $100.7 million and comprised only 0.26% of total loans as of December 31, 2022, essentially unchanged from levels as of September 30, 2022. Net charge-offs totaled $5.1 million or five basis points of average total loans on an annualized basis in the fourth quarter of 2022 as compared to $3.2 million or three basis points of average total loans on an annualized basis in the third quarter of 2022. The allowance for credit losses on our core loan portfolio as of December 31, 2022 is approximately 1.42% of the outstanding balance. We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit."

Mr. Wehmer concluded, “Our fourth quarter of 2022 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. We remain an asset driven organization, focused on prudently growing our loan portfolio. We are confident we can raise funding to support asset growth and drive further net interest income expansion. We are closely watching our expenses and believe our efficiency ratio will continue to improve. We are opportunistically evaluating the acquisition market for both banks and business lines of various sizes and are excited about our recently announced and pending wealth management acquisition. Of course, we remain diligent in our consideration of acquisition targets and intend to be prudent in our decision making, always seeking to minimize tangible book value dilution. We are very proud that Wintrust’s tangible book value per common share has increased every year since we became a public company in 1996 and you can be assured of our best efforts to maintain that trend in 2023 and beyond.”

The graphs below illustrate certain financial highlights of the fourth quarter of 2022 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

SUMMARY OF RESULTS:

BALANCE SHEET

Total loans increased by $1.0 billion as core loans increased by $794 million and niche loans increased by $250 million as compared to the third quarter of 2022. See Table 1 for more information. During the fourth quarter of 2022, the Company increased its investment portfolio by approximately $1.5 billion. However, certain securities were called by option holders on December 31, 2022 which resulted in the recognition of a trade date receivable of $922 million as of December 31, 2022. In January 2023, the Company reinvested the trade date receivable proceeds by purchasing a similar amount of investment securities.

Total liabilities increased $408 million in the fourth quarter of 2022 as compared to the third quarter of 2022 resulting primarily from a $136 million increase in notes payable and a $105 million increase in total deposits. The Company's loans to deposits ratio ended the quarter at 91.4%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources on a limited basis to manage its liquidity position as well as for interest rate risk management purposes.

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

NET INTEREST INCOME

For the fourth quarter of 2022, net interest income totaled $456.8 million, an increase of $55.4 million as compared to the third quarter of 2022. The $55.4 million increase in net interest income in the fourth quarter of 2022 compared to the third quarter of 2022 was primarily due to robust loan growth and continued expansion of net interest margin.

Net interest margin was 3.71% (3.73% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2022 compared to 3.34% (3.35% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2022. The net interest margin increase as compared to the third quarter of 2022 was due to an 84 basis point increase in yield on earning assets and a 22 basis point increase in the net free funds contribution. These improvements were partially offset by a 68 basis point increase in the rate paid on interest-bearing liabilities. The 84 basis point increase in the yield on earning assets in the fourth quarter of 2022 as compared to the third quarter of 2022 was primarily due to an 87 basis point expansion on loan yields and a higher liquidity management asset yield as the Company earned higher yields on interest-bearing deposits with banks and added investment securities at higher current market rates. The 68 basis point increase in the rate paid on interest-bearing liabilities in the fourth quarter of 2022 as compared to the third quarter of 2022 is primarily due to a 66 basis point increase in the rate paid on interest-bearing deposits primarily related to the increasing rate environment.

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

ASSET QUALITY

The allowance for credit losses totaled $357.9 million as of December 31, 2022, an increase of $42.6 million as compared to $315.3 million as of September 30, 2022. The $42.6 million increase in reserves consisted of a $32.2 million increase related to a moderate deterioration in macroeconomic factors and a $10.4 million increase related to portfolio changes in the fourth quarter of 2022. A provision for credit losses totaling $47.6 million was recorded for the fourth quarter of 2022 as compared to $6.4 million recorded in the third quarter of 2022. For more information regarding the 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 Current Expected Credit Losses (“CECL”) accounting standard requires the Company to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of December 31, 2022, September 30, 2022, and June 30, 2022 is shown on Table 12 of this report.

Net charge-offs totaled $5.1 million in the fourth quarter of 2022, as compared to $3.2 million of net charge-offs in the third quarter of 2022. Net charge-offs as a percentage of average total loans were reported as five basis points in the fourth quarter of 2022 on an annualized basis compared to three basis points on an annualized basis in the third quarter of 2022. For more information regarding net charge-offs, see Table 10 in this report.

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

The ratio of non-performing assets to total assets was 0.21% as of December 31, 2022, compared to 0.20% at September 30, 2022. Non-performing assets totaled $110.6 million at December 31, 2022, compared to $104.3 million at September 30, 2022. Non-performing loans remained relatively flat totaling $100.7 million, or 0.26% of total loans, at December 31, 2022 compared to $97.6 million, or 0.26% of total loans, at September 30, 2022. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue decreased $2.4 million in the fourth quarter of 2022 as compared to the third quarter of 2022 primarily related to lower fees associated with our tax-deferred like-kind exchange business. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago 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 decreased by $9.8 million in the fourth quarter of 2022 as compared to the third quarter of 2022 primarily due to lower production revenue as a result of declining mortgage origination volume in the recent rising rate environment as well as lower production margins. The Company recorded net negative fair value adjustments of $702,000 in the fourth quarter of 2022 related to fair value changes in certain mortgage assets. This included a $2.1 million decrease in the value of mortgage servicing rights related to changes in fair value model assumptions net of economic hedges and a positive $1.4 million valuation related adjustment on the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies which are held at fair value. The Company intends to monitor the relationship of these assets and will seek to minimize the earnings impact of fair value changes in future quarters.

Net losses on investment securities totaled $6.7 million in the fourth quarter of 2022 related to changes in the value of equity securities as compared to net losses of $3.1 million in the third quarter of 2022.

Fees from covered call options increased $6.6 million in the fourth quarter of 2022 as compared to the third quarter of 2022. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.

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

NON-INTEREST EXPENSE

Salaries and employee benefits expense increased by $4.2 million in the fourth quarter of 2022 as compared to the third quarter of 2022. The $4.2 million increase is primarily related to higher incentive compensation expense related to the Company's strong 2022 financial performance, increased employee insurance costs and higher levels of deferred compensation expense, partially offset by lower commissions expense primarily related to lower mortgage production volume.

Advertising and marketing expenses in the fourth quarter of 2022 totaled $14.3 million, which is a $2.3 million decrease as compared to the third quarter of 2022 primarily due to a decrease in sports sponsorships. Marketing costs are incurred to promote the Company's brand, commercial banking capabilities and the Company's various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company's non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors.

Miscellaneous expense increased by $4.8 million in the fourth quarter of 2022 as compared to the third quarter of 2022 which includes a $1.1 million increase in charitable donations. In addition, miscellaneous expense includes ATM expenses, correspondent bank charges, directors fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs.

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

INCOME TAXES

The Company recorded income tax expense of $50.4 million in the fourth quarter of 2022 compared to $57.1 million in the third quarter of 2022. The effective tax rates were 25.80% in the fourth quarter of 2022 compared to 28.53% in the third quarter of 2022. Primarily as a result of fluctuations in currency rates, in the fourth quarter of 2022, the Company reversed approximately $1.7 million of the $2.0 million of tax expense related to GILTI (“Global Intangible Low-taxed Income”) recorded in the third quarter of 2022. The GILTI tax is a U.S. minimum tax on global profits.

BUSINESS UNIT SUMMARY

Community Banking

Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the fourth quarter of 2022, this unit expanded its loan portfolio. The segment’s net interest income increased in the fourth quarter of 2022 as compared to the third quarter of 2022 due to loan growth and an increased net interest margin.

Mortgage banking revenue was $17.4 million for the fourth quarter of 2022, a decrease of $9.8 million as compared to the third quarter of 2022, primarily due to lower production revenue as a result of declining mortgage origination volume in the current rising rate environment as well as lower production margins. Service charges on deposit accounts totaled $13.1 million in the fourth quarter of 2022, a decrease of $1.3 million as compared to the third quarter of 2022 primarily due to lower fees associated with commercial account activity. The Company’s gross commercial and commercial real estate loan pipelines remained robust as of December 31, 2022 indicating momentum for expected continued loan growth in the first quarter of 2023.

Specialty Finance

Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolio were $4.0 billion during the fourth quarter of 2022 and average balances increased by $396.1 million as compared to the third quarter of 2022. The Company’s leasing portfolio balance increased in the fourth quarter of 2022, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.0 billion as of December 31, 2022 as compared to $2.7 billion as of September 30, 2022. Revenues from the Company’s out-sourced administrative services business were $1.7 million in the fourth quarter of 2022, an increase of $203,000 from the third quarter of 2022.

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $30.7 million in the fourth quarter of 2022, a decrease of $2.4 million compared to the third quarter of 2022. The decline in wealth management revenue in the fourth quarter of 2022 was primarily related to lower fees associated with our tax-deferred like-kind exchange business. At December 31, 2022, the Company’s wealth management subsidiaries had approximately $34.4 billion of assets under administration, which included $7.4 billion of assets owned by the Company and its subsidiary banks, representing an increase from the $32.8 billion of assets under administration at September 30, 2022.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Common Stock Offering

In June 2022, the Company sold through a public offering a total of 3,450,000 shares of its common stock. Net proceeds to the Company totaled approximately $285.7 million, net of estimated issuance costs.

Insurance Agency Loan Portfolio

On November 15, 2021, the Company completed its acquisition of certain assets from The Allstate Corporation (“Allstate”). Through this business combination, the Company acquired approximately $581.6 million of loans, net of allowance for credit losses measured on the acquisition date. The loan portfolio was comprised of approximately 1,800 loans to Allstate agents nationally. In addition to acquiring the loans, the Company became the national preferred provider of loans to Allstate agents. In connection with the loan acquisition, a team of Allstate agency lending specialists joined the Company, to augment and expand Wintrust’s existing insurance agency finance business. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $9.3 million on the purchase.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the fourth quarter of 2022, as compared to the third quarter of 2022 (sequential quarter) and fourth quarter of 2021 (linked quarter), are shown in the table below:


										% or (1) basis point (bp) change from 3rd Quarter 2022		% or basis point (bp) change from 4th Quarter 2021
	Three Months Ended
(Dollars in thousands, except per share data)	Dec 31, 2022			Sep 30, 2022			Dec 31, 2021
Net income	$	144,817		$	142,961		$	98,757		1	%	47	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	242,819			206,461			146,344			18		66

Net income per common share – diluted	2.23			2.21			1.58			1		41
Cash dividends declared per common share	0.34			0.34			0.31			—		10
Net revenue (3)	550,655			502,930			429,743			9		28
Net interest income	456,816			401,448			295,976			14		54
Net interest margin	3.71		%	3.34		%	2.54		%	37	bps	117	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.73			3.35			2.55			38		118
Net overhead ratio (4)	1.63			1.53			1.21			10		42

Return on average assets	1.10			1.12			0.80			(2)		30
Return on average common equity	12.72			12.31			9.05			41		367
Return on average tangible common equity (non-GAAP) (2)	15.21			14.68			11.04			53		417
At end of period
Total assets	$	52,949,649		$	52,382,939		$	50,142,143		4	%	6	%
Total loans (5)	39,196,485			38,167,613			34,789,104			11		13

Total deposits	42,902,544			42,797,191			42,095,585			1		2
Total shareholders’ equity	4,796,838			4,637,980			4,498,688			14		7

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

(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

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

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

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights


	Three Months Ended															Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Dec 31, 2022			Dec 31, 2021
Selected Financial Condition Data (at end of period):
Total assets	$	52,949,649		$	52,382,939		$	50,969,332		$	50,250,661		$	50,142,143
Total loans (1)	39,196,485			38,167,613			37,053,103			35,280,547			34,789,104
Total deposits	42,902,544			42,797,191			42,593,326			42,219,322			42,095,585

Total shareholders’ equity	4,796,838			4,637,980			4,727,623			4,492,256			4,498,688
Selected Statements of Income Data:
Net interest income	$	456,816		$	401,448		$	337,804		$	299,294		$	295,976		$	1,495,362		$	1,124,957
Net revenue (2)	550,655			502,930			440,746			462,084			429,743			1,956,415			1,711,077
Net income	144,817			142,961			94,513			127,391			98,757			509,682			466,151
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	242,819			206,461			152,078			177,786			146,344			779,144			578,533

Net income per common share – Basic	2.27			2.24			1.51			2.11			1.61			8.14			7.69
Net income per common share – Diluted	2.23			2.21			1.49			2.07			1.58			8.02			7.58
Cash dividends declared per common share	0.34			0.34			0.34			0.34			0.31			1.36			1.24
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.71		%	3.34		%	2.92		%	2.60		%	2.54		%	3.15		%	2.57		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.73			3.35			2.93			2.61			2.55			3.17			2.58
Non-interest income to average assets	0.71			0.79			0.84			1.33			1.08			0.91			1.25
Non-interest expense to average assets	2.34			2.32			2.35			2.33			2.29			2.33			2.42
Net overhead ratio (4)	1.63			1.53			1.51			1.00			1.21			1.42			1.17

Return on average assets	1.10			1.12			0.77			1.04			0.80			1.01			1.00
Return on average common equity	12.72			12.31			8.53			11.94			9.05			11.41			11.27
Return on average tangible common equity (non-GAAP) (3)	15.21			14.68			10.36			14.48			11.04			13.73			13.83
Average total assets	$	52,087,618		$	50,722,694		$	49,353,426		$	49,501,844		$	49,118,777		$	50,424,319		$	46,824,051
Average total shareholders’ equity	4,710,856			4,795,387			4,526,110			4,500,460			4,433,953			4,634,224			4,300,742
Average loans to average deposits ratio	90.5		%	88.8		%	86.8		%	83.8		%	81.7		%	87.5		%	84.7		%
Period-end loans to deposits ratio	91.4			89.2			87.0			83.6			82.6
Common Share Data at end of period:
Market price per common share	$	84.52		$	81.55		$	80.15		$	92.93		$	90.82
Book value per common share	72.12			69.56			71.06			71.26			71.62
Tangible book value per common share (non-GAAP) (3)	61.00			58.42			59.87			59.34			59.64
Common shares outstanding	60,794,008			60,743,335			60,721,889			57,253,214			57,054,091
Other Data at end of period:
Tier 1 leverage ratio (5)	8.8		%	8.8		%	8.8		%	8.1		%	8.0		%
Risk-based capital ratios:
Tier 1 capital ratio (5)	10.0			9.9			9.9			9.6			9.6
Common equity tier 1 capital ratio (5)	9.1			9.0			9.0			8.6			8.6
Total capital ratio (5)	11.9			11.8			11.9			11.6			11.6


Allowance for credit losses (6)	$	357,936		$	315,338		$	312,192		$	301,327		$	299,731

Allowance for loan and unfunded lending-related commitment losses to total loans	0.91		%	0.83		%	0.84		%	0.85		%	0.86		%

Number of:
Bank subsidiaries	15			15			15			15			15
Banking offices	174			174			173			174			173

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

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

(3)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION


	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2022		2022		2022		2022		2021
Assets
Cash and due from banks	$	490,908	$	489,590	$	498,891	$	462,516	$	411,150
Federal funds sold and securities purchased under resale agreements	58		57		475,056		700,056		700,055
Interest-bearing deposits with banks	1,988,719		3,968,605		3,266,541		4,013,597		5,372,603
Available-for-sale securities, at fair value	3,243,017		2,923,653		2,970,121		2,998,898		2,327,793
Held-to-maturity securities, at amortized cost	3,640,567		3,389,842		3,413,469		3,435,729		2,942,285
Trading account securities	1,127		179		1,010		852		1,061
Equity securities with readily determinable fair value	110,365		114,012		93,295		92,689		90,511
Federal Home Loan Bank and Federal Reserve Bank stock	224,759		178,156		136,138		136,163		135,378
Brokerage customer receivables	16,387		20,327		21,527		22,888		26,068


Mortgage loans held-for-sale	299,935		376,160		513,232		606,545		817,912


Loans, net of unearned income	39,196,485		38,167,613		37,053,103		35,280,547		34,789,104



Allowance for loan losses	(270,173)		(246,110)		(251,769)		(250,539)		(247,835)
Net loans	38,926,312		37,921,503		36,801,334		35,030,008		34,541,269
Premises, software and equipment, net	764,798		763,029		762,381		761,213		766,405
Lease investments, net	253,928		244,822		223,813		240,656		242,082


Accrued interest receivable and other assets	1,391,342		1,316,305		1,112,697		1,066,750		1,084,115
Trade date securities receivable	921,717		—		—		—		—

Goodwill	653,524		653,079		654,709		655,402		655,149
Other acquisition-related intangible assets	22,186		23,620		25,118		26,699		28,307
Total assets	$	52,949,649	$	52,382,939	$	50,969,332	$	50,250,661	$	50,142,143
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	12,668,160	$	13,529,277	$	13,855,844	$	13,748,918	$	14,179,980
Interest-bearing	30,234,384		29,267,914		28,737,482		28,470,404		27,915,605
Total deposits	42,902,544		42,797,191		42,593,326		42,219,322		42,095,585


Federal Home Loan Bank advances	2,316,071		2,316,071		1,166,071		1,241,071		1,241,071

Other borrowings	596,614		447,215		482,787		482,516		494,136

Subordinated notes	437,392		437,260		437,162		437,033		436,938
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Trade date securities payable	—		—		—		437		—
Accrued interest payable and other liabilities	1,646,624		1,493,656		1,308,797		1,124,460		1,122,159



Total liabilities	48,152,811		47,744,959		46,241,709		45,758,405		45,643,455
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	60,797		60,743		60,722		59,091		58,892
Surplus	1,902,474		1,891,621		1,880,913		1,698,093		1,685,572
Treasury stock	(304)		—		—		(109,903)		(109,903)
Retained earnings	2,849,007		2,731,844		2,616,525		2,548,474		2,447,535
Accumulated other comprehensive (loss) income	(427,636)		(458,728)		(243,037)		(115,999)		4,092
Total shareholders’ equity	4,796,838		4,637,980		4,727,623		4,492,256		4,498,688
Total liabilities and shareholders’ equity	$	52,949,649	$	52,382,939	$	50,969,332	$	50,250,661	$	50,142,143

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended										Years Ended
(In thousands, except per share data)	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Dec 31, 2022		Dec 31, 2021
Interest income
Interest and fees on loans	$	498,838	$	402,689	$	320,501	$	285,698	$	289,140	$	1,507,726	$	1,133,528
Mortgage loans held-for-sale	3,997		5,371		5,740		6,087		7,234		21,195		32,169
Interest-bearing deposits with banks	20,349		15,621		5,790		1,687		2,254		43,447		6,606
Federal funds sold and securities purchased under resale agreements	1,263		1,845		1,364		431		173		4,903		173
Investment securities	53,092		38,569		36,541		32,398		27,210		160,600		95,286
Trading account securities	6		7		4		5		4		22		10
Federal Home Loan Bank and Federal Reserve Bank stock	2,918		2,109		1,823		1,772		1,776		8,622		7,067
Brokerage customer receivables	282		267		205		174		188		928		645
Total interest income	580,745		466,478		371,968		328,252		327,979		1,747,443		1,275,484
Interest expense
Interest on deposits	95,447		45,916		18,985		14,854		16,572		175,202		88,119
Interest on Federal Home Loan Bank advances	13,823		6,812		4,878		4,816		4,923		30,329		19,581
Interest on other borrowings	5,313		4,008		2,734		2,239		2,250		14,294		9,928
Interest on subordinated notes	5,520		5,485		5,517		5,482		5,514		22,004		21,983
Interest on junior subordinated debentures	3,826		2,809		2,050		1,567		2,744		10,252		10,916
Total interest expense	123,929		65,030		34,164		28,958		32,003		252,081		150,527
Net interest income	456,816		401,448		337,804		299,294		295,976		1,495,362		1,124,957
Provision for credit losses	47,646		6,420		20,417		4,106		9,299		78,589		(59,263)
Net interest income after provision for credit losses	409,170		395,028		317,387		295,188		286,677		1,416,773		1,184,220
Non-interest income
Wealth management	30,727		33,124		31,369		31,394		32,489		126,614		124,019
Mortgage banking	17,407		27,221		33,314		77,231		53,138		155,173		273,010
Service charges on deposit accounts	13,054		14,349		15,888		15,283		14,734		58,574		54,168
Losses on investment securities, net	(6,745)		(3,103)		(7,797)		(2,782)		(1,067)		(20,427)		(1,059)
Fees from covered call options	7,956		1,366		1,069		3,742		1,128		14,133		3,673
Trading (losses) gains, net	(306)		(7)		176		3,889		206		3,752		245
Operating lease income, net	12,384		12,644		15,007		15,475		14,204		55,510		53,691
Other	19,362		15,888		13,916		18,558		18,935		67,724		78,373
Total non-interest income	93,839		101,482		102,942		162,790		133,767		461,053		586,120
Non-interest expense
Salaries and employee benefits	180,331		176,095		167,326		172,355		167,131		696,107		691,669
Software and equipment	24,699		24,126		24,250		22,810		23,708		95,885		87,515
Operating lease equipment	10,078		9,448		8,774		9,708		10,147		38,008		40,880
Occupancy, net	17,763		17,727		17,651		17,824		18,343		70,965		74,184
Data processing	7,927		7,767		8,010		7,505		7,207		31,209		27,279
Advertising and marketing	14,279		16,600		16,615		11,924		13,981		59,418		47,275
Professional fees	9,267		7,544		7,876		8,401		7,551		33,088		29,494
Amortization of other acquisition-related intangible assets	1,436		1,492		1,579		1,609		1,811		6,116		7,734
FDIC insurance	6,775		7,186		6,949		7,729		7,317		28,639		27,030
OREO expense, net	369		229		294		(1,032)		(641)		(140)		(1,654)
Other	34,912		28,255		29,344		25,465		26,844		117,976		101,138
Total non-interest expense	307,836		296,469		288,668		284,298		283,399		1,177,271		1,132,544
Income before taxes	195,173		200,041		131,661		173,680		137,045		700,555		637,796
Income tax expense	50,356		57,080		37,148		46,289		38,288		190,873		171,645
Net income	$	144,817	$	142,961	$	94,513	$	127,391	$	98,757	$	509,682	$	466,151
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991		27,964		27,964
Net income applicable to common shares	$	137,826	$	135,970	$	87,522	$	120,400	$	91,766	$	481,718	$	438,187
Net income per common share - Basic	$	2.27	$	2.24	$	1.51	$	2.11	$	1.61	$	8.14	$	7.69
Net income per common share - Diluted	$	2.23	$	2.21	$	1.49	$	2.07	$	1.58	$	8.02	$	7.58
Cash dividends declared per common share	$	0.34	$	0.34	$	0.34	$	0.34	$	0.31	$	1.36	$	1.24
Weighted average common shares outstanding	60,769		60,738		58,063		57,196		57,022		59,205		56,994
Dilutive potential common shares	1,096		837		775		862		976		886		792
Average common shares and dilutive common shares	61,865		61,575		58,838		58,058		57,998		60,091		57,786

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From (1)
(Dollars in thousands)	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2022 (2)		Dec 31, 2021
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	156,297	$	216,062	$	294,688	$	296,548	$	473,102	NM		(67)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	143,638		160,098		218,544		309,997		344,810		(41)		(58)
Total mortgage loans held-for-sale	$	299,935	$	376,160	$	513,232	$	606,545	$	817,912	(80)	%	(63)	%

Core loans:
Commercial
Commercial and industrial	$	5,852,166	$	5,818,959	$	5,502,584	$	5,348,266	$	5,346,084	2	%	9	%
Asset-based lending	1,473,344		1,545,038		1,552,033		1,365,297		1,299,869		(18)		13
Municipal	668,235		608,234		535,586		533,357		536,498		39		25
Leases	1,840,928		1,582,359		1,592,329		1,481,368		1,454,099		65		27
Commercial real estate
Residential construction	76,877		66,957		55,941		57,037		51,464		59		49
Commercial construction	1,102,098		1,176,407		1,145,602		1,055,972		1,034,988		(25)		6
Land	307,955		282,147		304,775		283,397		269,752		36		14
Office	1,337,176		1,269,729		1,321,745		1,273,705		1,285,686		21		4
Industrial	1,836,276		1,777,658		1,746,280		1,668,516		1,585,808		13		16
Retail	1,304,444		1,331,316		1,331,059		1,395,021		1,429,567		(8)		(9)
Multi-family	2,560,709		2,305,433		2,171,583		2,175,875		2,043,754		44		25
Mixed use and other	1,425,412		1,368,537		1,330,220		1,325,551		1,289,267		16		11
Home equity	332,698		328,822		325,826		321,435		335,155		5		(1)
Residential real estate
Residential real estate loans for investment	2,207,595		2,086,795		1,965,051		1,749,889		1,606,271		23		37
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	80,701		57,161		34,764		13,520		22,707		NM		NM
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	84,087		91,503		79,092		36,576		8,121		(32)		NM
Total core loans	$	22,490,701	$	21,697,055	$	20,994,470	$	20,084,782	$	19,599,090	15	%	15	%

Niche loans:
Commercial
Franchise	$	1,169,623	$	1,118,478	$	1,136,929	$	1,181,761	$	1,227,234	18	%	(5)	%
Mortgage warehouse lines of credit	237,392		297,374		398,085		261,847		359,818		(80)		(34)
Community Advantage - homeowners association	380,875		365,967		341,095		324,383		308,286		16		24
Insurance agency lending	897,678		879,183		906,375		833,720		813,897		8		10
Premium Finance receivables
U.S. property & casualty insurance	5,103,820		4,983,795		4,781,042		4,271,828		4,178,474		10		22
Canada property & casualty insurance	745,639		729,545		760,405		665,580		677,013		9		10
Life insurance	8,090,998		8,004,856		7,608,433		7,354,163		7,042,810		4		15
Consumer and other	50,836		47,702		44,180		48,519		24,199		26		NM
Total niche loans	$	16,676,861	$	16,426,900	$	15,976,544	$	14,941,801	$	14,631,731	6	%	14	%

Commercial PPP loans:
Originated in 2020	$	7,898	$	8,724	$	18,547	$	40,016	$	74,412	(38)	%	(89)	%
Originated in 2021	21,025		34,934		63,542		213,948		483,871		NM		(96)
Total commercial PPP loans	$	28,923	$	43,658	$	82,089	$	253,964	$	558,283	NM		(95)	%

Total loans, net of unearned income	$	39,196,485	$	38,167,613	$	37,053,103	$	35,280,547	$	34,789,104	11	%	13	%

(1)NM - Not meaningful.

(2)Annualized

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2022 (1)		Dec 31, 2021
Balance:
Non-interest-bearing	$	12,668,160		$	13,529,277		$	13,855,844		$	13,748,918		$	14,179,980		(25)	%	(11)	%
NOW and interest-bearing demand deposits	5,591,986			5,676,122			5,918,908			5,089,724			4,646,944			(6)		20
Wealth management deposits (2)	2,463,833			2,988,195			3,182,407			2,542,995			2,612,759			(70)		(6)
Money market	12,886,795			12,538,489			12,273,350			13,012,460			12,840,432			11		—
Savings	4,556,635			3,988,790			3,686,596			4,089,230			3,846,681			56		18
Time certificates of deposit	4,735,135			4,076,318			3,676,221			3,735,995			3,968,789			64		19
Total deposits	$	42,902,544		$	42,797,191		$	42,593,326		$	42,219,322		$	42,095,585		1	%	2	%
Mix:
Non-interest-bearing	30		%	32		%	33		%	32		%	34		%
NOW and interest-bearing demand deposits	13			13			13			12			11
Wealth management deposits (2)	5			7			7			6			6
Money market	30			29			29			31			31
Savings	11			9			9			10			9
Time certificates of deposit	11			10			9			9			9
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”), trust and asset management customers of the Company.

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

As of December 31, 2022


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit (1)
1-3 months	$	988,118	2.04	%
4-6 months	929,448		1.89
7-9 months	815,885		1.56
10-12 months	894,365		2.06
13-18 months	654,059		2.32
19-24 months	233,827		2.03
24+ months	219,433		2.20
Total	$	4,735,135	1.98	%

(1)Weighted-average rate excludes the impact of purchase accounting fair value adjustments.

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2022		2022		2022		2022		2021
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	2,449,889	$	3,039,907	$	3,265,607	$	4,563,726	$	6,148,165
Investment securities (2)	7,310,383		6,655,215		6,589,947		6,378,022		5,317,351
FHLB and FRB stock	185,290		142,304		136,930		135,912		135,414

Liquidity management assets (3)	9,945,562		9,837,426		9,992,484		11,077,660		11,600,930
Other earning assets (3)(4)	18,585		21,805		24,059		25,192		28,298
Mortgage loans held-for-sale	308,639		455,342		560,707		664,019		827,672
Loans, net of unearned income (3)(5)	38,566,871		37,431,126		35,860,329		34,830,520		33,677,777


Total earning assets (3)	48,839,657		47,745,699		46,437,579		46,597,391		46,134,677
Allowance for loan and investment security losses	(252,827)		(260,270)		(260,547)		(253,080)		(254,874)
Cash and due from banks	475,691		458,263		476,741		481,634		468,331
Other assets	3,025,097		2,779,002		2,699,653		2,675,899		2,770,643
Total assets	$	52,087,618	$	50,722,694	$	49,353,426	$	49,501,844	$	49,118,777

NOW and interest-bearing demand deposits	$	5,598,291	$	5,789,368	$	5,230,702	$	4,788,272	$	4,439,242
Wealth management deposits	2,883,247		3,078,764		2,835,267		2,505,800		2,646,879
Money market accounts	12,319,842		12,037,412		11,892,948		12,773,805		12,665,167
Savings accounts	4,403,113		3,862,579		3,882,856		3,904,299		3,766,037
Time deposits	4,023,232		3,675,930		3,687,778		3,861,371		4,058,282
Interest-bearing deposits	29,227,725		28,444,053		27,529,551		27,833,547		27,575,607
Federal Home Loan Bank advances	2,088,201		1,403,573		1,197,390		1,241,071		1,241,073
Other borrowings	480,553		478,909		489,779		494,267		501,933
Subordinated notes	437,312		437,191		437,084		436,966		436,861
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	32,487,357		31,017,292		29,907,370		30,259,417		30,009,040
Non-interest-bearing deposits	13,404,036		13,731,219		13,805,128		13,734,064		13,640,270
Other liabilities	1,485,369		1,178,796		1,114,818		1,007,903		1,035,514
Equity	4,710,856		4,795,387		4,526,110		4,500,460		4,433,953
Total liabilities and shareholders’ equity	$	52,087,618	$	50,722,694	$	49,353,426	$	49,501,844	$	49,118,777

Net free funds/contribution (6)	$	16,352,300	$	16,728,407	$	16,530,209	$	16,337,974	$	16,125,637

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

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

(3)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

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

TABLE 5: QUARTERLY NET INTEREST INCOME


	Net Interest Income for three months ended,
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2022		2022		2022		2022		2021
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	21,612	$	17,466	$	7,154	$	2,118	$	2,427
Investment securities	53,630		39,071		37,013		32,863		27,696
FHLB and FRB stock	2,918		2,109		1,823		1,772		1,776

Liquidity management assets (1)	78,160		58,646		45,990		36,753		31,899
Other earning assets (1)	289		275		210		181		194
Mortgage loans held-for-sale	3,997		5,371		5,740		6,087		7,234
Loans, net of unearned income (1)	500,432		403,719		321,069		286,125		289,557


Total interest income	$	582,878	$	468,011	$	373,009	$	329,146	$	328,884

Interest expense:
NOW and interest-bearing demand deposits	$	14,982	$	8,041	$	2,553	$	1,990	$	1,913
Wealth management deposits	14,079		11,068		3,685		918		1,402
Money market accounts	45,468		18,916		8,559		7,648		7,658
Savings accounts	8,421		2,130		347		336		345
Time deposits	12,497		5,761		3,841		3,962		5,254
Interest-bearing deposits	95,447		45,916		18,985		14,854		16,572
Federal Home Loan Bank advances	13,823		6,812		4,878		4,816		4,923
Other borrowings	5,313		4,008		2,734		2,239		2,250
Subordinated notes	5,520		5,485		5,517		5,482		5,514
Junior subordinated debentures	3,826		2,809		2,050		1,567		2,744
Total interest expense	$	123,929	$	65,030	$	34,164	$	28,958	$	32,003

Less: Fully taxable-equivalent adjustment	(2,133)		(1,533)		(1,041)		(894)		(905)
Net interest income (GAAP) (2)	456,816		401,448		337,804		299,294		295,976
Fully taxable-equivalent adjustment	2,133		1,533		1,041		894		905
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	458,949	$	402,981	$	338,845	$	300,188	$	296,881

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

(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN


	Net Interest Margin for three months ended,
	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	3.50	%	2.28	%	0.88	%	0.19	%	0.16	%
Investment securities	2.91		2.33		2.25		2.09		2.07
FHLB and FRB stock	6.25		5.88		5.34		5.29		5.20

Liquidity management assets	3.12		2.37		1.85		1.35		1.09
Other earning assets	6.17		5.01		3.49		2.91		2.71
Mortgage loans held-for-sale	5.14		4.68		4.11		3.72		3.47
Loans, net of unearned income	5.15		4.28		3.59		3.33		3.41

Total earning assets	4.73	%	3.89	%	3.22	%	2.86	%	2.83	%

Rate paid on:
NOW and interest-bearing demand deposits	1.06	%	0.55	%	0.20	%	0.17	%	0.17	%
Wealth management deposits	1.94		1.43		0.52		0.15		0.21
Money market accounts	1.46		0.62		0.29		0.24		0.24
Savings accounts	0.76		0.22		0.04		0.03		0.04
Time deposits	1.23		0.62		0.42		0.42		0.51
Interest-bearing deposits	1.30		0.64		0.28		0.22		0.24
Federal Home Loan Bank advances	2.63		1.93		1.63		1.57		1.57
Other borrowings	4.39		3.32		2.24		1.84		1.78
Subordinated notes	5.05		5.02		5.05		5.02		5.05
Junior subordinated debentures	5.90		4.33		3.20		2.47		4.23
Total interest-bearing liabilities	1.51	%	0.83	%	0.46	%	0.39	%	0.42	%

Interest rate spread (1)(2)	3.22	%	3.06	%	2.76	%	2.47	%	2.41	%
Less: Fully taxable-equivalent adjustment	(0.02)		(0.01)		(0.01)		(0.01)		(0.01)
Net free funds/contribution (3)	0.51		0.29		0.17		0.14		0.14
Net interest margin (GAAP) (2)	3.71	%	3.34	%	2.92	%	2.60	%	2.54	%
Fully taxable-equivalent adjustment	0.02		0.01		0.01		0.01		0.01
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	3.73	%	3.35	%	2.93	%	2.61	%	2.55	%

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

(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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


	Average Balance for twelve months ended,				Interest for twelve months ended,				Yield/Rate for twelve months ended,
(Dollars in thousands)	Dec 31, 2022		Dec 31, 2021		Dec 31, 2022		Dec 31, 2021		Dec 31, 2022		Dec 31, 2021
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,323,196	$	4,840,048	$	48,350	$	6,779	1.45	%	0.14	%
Investment securities (2)	6,735,732		4,779,313		162,577		97,258		2.41		2.03
FHLB and FRB stock	150,223		135,873		8,622		7,067		5.74		5.20

Liquidity management assets (3)(4)	$	10,209,151	$	9,755,234	$	219,549	$	111,104	2.15	%	1.14	%
Other earning assets (3)(4)(5)	22,391		25,096		955		657		4.27		2.62
Mortgage loans held-for-sale	496,088		959,457		21,195		32,169		4.27		3.35
Loans, net of unearned income (3)(4)(6)	36,684,528		33,051,043		1,511,345		1,135,155		4.12		3.43


Total earning assets (4)	$	47,412,158	$	43,790,830	$	1,753,044	$	1,279,085	3.70	%	2.92	%
Allowance for loan and investment security losses	(256,690)		(284,163)
Cash and due from banks	473,025		432,836
Other assets	2,795,826		2,884,548
Total assets	$	50,424,319	$	46,824,051

NOW and interest-bearing demand deposits	$	5,355,077	$	4,029,662	$	27,566	$	7,739	0.51	%	0.19	%
Wealth management deposits	2,827,497		2,361,412		29,750		4,534		1.05		0.19
Money market accounts	12,254,159		11,801,788		80,591		32,031		0.66		0.27
Savings accounts	4,014,166		3,734,162		11,234		1,583		0.28		0.04
Time deposits	3,812,148		4,447,871		26,061		42,232		0.68		0.95
Interest-bearing deposits	$	28,263,047	$	26,374,895	$	175,202	$	88,119	0.62	%	0.33	%
Federal Home Loan Bank advances	1,484,663		1,236,478		30,329		19,581		2.04		1.58
Other borrowings	485,820		514,657		14,294		9,928		2.94		1.93
Subordinated notes	437,139		436,697		22,004		21,983		5.03		5.03
Junior subordinated debentures	253,566		253,566		10,252		10,916		4.10		4.25
Total interest-bearing liabilities	$	30,924,235	$	28,816,293	$	252,081	$	150,527	0.81	%	0.52	%
Non-interest-bearing deposits	13,667,879		12,638,518
Other liabilities	1,197,981		1,068,498
Equity	4,634,224		4,300,742
Total liabilities and shareholders’ equity	$	50,424,319	$	46,824,051
Interest rate spread (4)(7)									2.89	%	2.40	%
Less: Fully taxable-equivalent adjustment					(5,601)		(3,601)		(0.02)		(0.01)
Net free funds/contribution (8)	$	16,487,923	$	14,974,537					0.28		0.18
Net interest income/margin (GAAP) (4)					$	1,495,362	$	1,124,957	3.15	%	2.57	%
Fully taxable-equivalent adjustment					5,601		3,601		0.02		0.01
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	1,500,963	$	1,128,558	3.17	%	2.58	%

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

(4)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

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

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

TABLE 8: INTEREST RATE SENSITIVITY

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

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


Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2022	7.2	%	3.8	%	(5.0)	%	(12.1)	%
Sep 30, 2022	12.9		7.1		(8.7)		(18.9)
Jun 30, 2022	17.0		9.0		(12.6)		(23.8)
Mar 31, 2022	21.4		11.0		(11.3)		(18.7)
Dec 31, 2021	25.3		12.4		(8.5)		(15.8)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2022	5.6	%	3.0	%	(2.9)	%	(6.8)	%
Sep 30, 2022	6.5		3.6		(3.9)		(8.6)
Jun 30, 2022	10.2		5.3		(6.9)		(14.3)
Mar 31, 2022	11.2		5.8		(7.1)		(12.4)
Dec 31, 2021	13.9		6.9		(5.6)		(10.8)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to diminish. Given the recent unprecedented rise in interest rates, the Company has made a conscious effort to reposition its exposure to changing interest rates given the uncertainty of the future interest rate environment. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer term fixed rate loans. The Company will continue to monitor current and projected interest rates and expects to execute additional derivatives to mitigate potential fluctuations in the net interest margin in future years.

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or maturity period
As of December 31, 2022	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	555,594	$	2,534,527	$	1,592,024	$	12,925	$	4,695,070

Variable rate	7,852,693		1,352		49		—		7,854,094
Total commercial	$	8,408,287	$	2,535,879	$	1,592,073	$	12,925	$	12,549,164
Commercial real estate
Fixed rate	430,152		2,744,033		607,770		46,352		3,828,307
Variable rate	6,102,383		20,257		—		—		6,122,640
Total commercial real estate	$	6,532,535	$	2,764,290	$	607,770	$	46,352	$	9,950,947
Home equity
Fixed rate	11,960		3,185		—		144		15,289
Variable rate	317,409		—		—		—		317,409
Total home equity	$	329,369	$	3,185	$	—	$	144	$	332,698
Residential real estate
Fixed rate	20,048		3,960		30,245		1,032,018		1,086,271
Variable rate	63,242		238,405		984,465		—		1,286,112
Total residential real estate	$	83,290	$	242,365	$	1,014,710	$	1,032,018	$	2,372,383
Premium finance receivables - property & casualty
Fixed rate	5,695,585		153,874		—		—		5,849,459
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	5,695,585	$	153,874	$	—	$	—	$	5,849,459
Premium finance receivables - life insurance
Fixed rate	91,363		470,117		22,185		—		583,665
Variable rate	7,507,333		—		—		—		7,507,333
Total premium finance receivables - life insurance	$	7,598,696	$	470,117	$	22,185	$	—	$	8,090,998
Consumer and other
Fixed rate	12,335		5,032		11		482		17,860
Variable rate	32,976		—		—		—		32,976
Total consumer and other	$	45,311	$	5,032	$	11	$	482	$	50,836

Total per category
Fixed rate	6,817,037		5,914,728		2,252,235		1,091,921		16,075,921

Variable rate	21,876,036		260,014		984,514		—		23,120,564
Total loans, net of unearned income	$	28,693,073	$	6,174,742	$	3,236,749	$	1,091,921	$	39,196,485

Variable Rate Loan Pricing by Index:
Prime									$	3,850,970
One- month LIBOR									3,349,999
Three- month LIBOR									122,551
Twelve- month LIBOR									3,582,952
One- year CMT									3,812,549
Other U.S. Treasury tenors									84,837
SOFR tenors									7,670,959
Ameribor tenors									336,618
BSBY tenors									39,185
Other									269,944
Total variable rate									$	23,120,564

LIBOR - London Interbank Offered Rate.

CMT - Constant Maturity Treasury Rate.

SOFR - Secured Overnight Financing Rate.

Ameribor - American Interbank Offered Rate.

BSBY - Bloomberg Short Term Bank Yield Index.

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to LIBOR and SOFR 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 $3.3 billion tied to one-month LIBOR, $3.6 billion tied to twelve-month LIBOR and $6.6 billion tied to one-month SOFR. The above chart shows:


	Basis Point (bp) Change in
	Prime		1-month LIBOR		12-month LIBOR		1-month SOFR
Fourth Quarter 2022	125	bps	125	bps	70	bps	132	bps
Third Quarter 2022	150		135		116		135
Second Quarter 2022	125		134		152		139
First Quarter 2022	25		35		152		25
Fourth Quarter 2021	0		2		34		-1

TABLE 10: ALLOWANCE FOR CREDIT LOSSES


	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars in thousands)	2022			2022			2022			2022			2021			2022			2021
Allowance for credit losses at beginning of period	$	315,338		$	312,192		$	301,327		$	299,731		$	296,138		$	299,731		$	379,969

Provision for credit losses	47,646			6,420			20,417			4,106			9,299			78,589			(59,263)
Initial allowance for credit losses recognized on PCD assets acquired during the period (1)	—			—			—			—			470			—			470
Other adjustments	31			(105)			(56)			22			5			(108)			5
Charge-offs:
Commercial	3,019			780			8,928			1,414			4,431			14,141			20,801
Commercial real estate	538			24			40			777			495			1,379			3,293
Home equity	—			43			192			197			135			432			336
Residential real estate	—			5			—			466			1,067			471			1,082

Premium finance receivables - property & casualty	3,629			6,037			2,903			1,671			2,314			14,240			9,020
Premium finance receivables - life insurance	28			—			—			7			—			35			—
Consumer and other	—			635			253			193			157			1,081			487

Total charge-offs	7,214			7,524			12,316			4,725			8,599			31,779			35,019
Recoveries:
Commercial	691			2,523			996			538			389			4,748			2,559
Commercial real estate	61			55			553			32			217			701			1,304
Home equity	65			38			123			93			461			319			1,203
Residential real estate	6			60			6			5			85			77			330

Premium finance receivables - property & casualty	1,279			1,648			1,119			1,476			1,240			5,522			7,989
Premium finance receivables - life insurance	—			—			—			—			—			—			—
Consumer and other	33			31			23			49			26			136			184

Total recoveries	2,135			4,355			2,820			2,193			2,418			11,503			13,569
Net charge-offs	(5,079)			(3,169)			(9,496)			(2,532)			(6,181)			(20,276)			(21,450)
Allowance for credit losses at period end	$	357,936		$	315,338		$	312,192		$	301,327		$	299,731		$	357,936		$	299,731

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.08		%	(0.06)		%	0.27		%	0.03		%	0.14		%	0.08		%	0.16		%
Commercial real estate	0.02			0.00			(0.02)			0.03			0.01			0.01			0.02
Home equity	(0.08)			0.01			0.09			0.13			(0.38)			0.03			(0.23)
Residential real estate	0.00			(0.01)			0.00			0.11			0.25			0.02			0.05

Premium finance receivables - property & casualty	0.16			0.30			0.14			0.02			0.09			0.16			0.02
Premium finance receivables - life insurance	0.00			—			—			0.00			—			0.00			—
Consumer and other	(0.16)			4.02			1.31			1.19			0.95			1.22			0.66

Total loans, net of unearned income	0.05		%	0.03		%	0.11		%	0.03		%	0.07		%	0.06		%	0.06		%


Loans at period end	$	39,196,485		$	38,167,613		$	37,053,103		$	35,280,547		$	34,789,104
Allowance for loan losses as a percentage of loans at period end	0.69		%	0.64		%	0.68		%	0.71		%	0.71		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.91			0.83			0.84			0.85			0.86

(1)The initial allowance for credit losses on purchased credit deteriorated (“PCD”) loans acquired during the period measured approximately $2.8 million, of which approximately $2.3 million was charged-off related to PCD loans that met the Company’s charge-off policy at the time of acquisition. After considering these loans that were immediately charged-off, the net impact of PCD allowance for credit losses at the acquisition date was approximately $470,000.

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT


	Three Months Ended										Years Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Dec 31,		Dec 31,
(In thousands)	2022		2022		2022		2022		2021		2022		2021
Provision for loan losses	$	29,110	$	(2,385)	$	10,782	$	5,214	$	4,929	$	42,721	$	(50,563)
Provision for unfunded lending-related commitments losses	18,358		8,578		9,711		(1,189)		4,375		35,458		(8,717)
Provision for held-to-maturity securities losses	178		227		(76)		81		(5)		410		17
Provision for credit losses	$	47,646	$	6,420	$	20,417	$	4,106	$	9,299	$	78,589	$	(59,263)

Allowance for loan losses	$	270,173	$	246,110	$	251,769	$	250,539	$	247,835
Allowance for unfunded lending-related commitments losses	87,275		68,918		60,340		50,629		51,818
Allowance for loan losses and unfunded lending-related commitments losses	357,448		315,028		312,109		301,168		299,653
Allowance for held-to-maturity securities losses	488		310		83		159		78
Allowance for credit losses	$	357,936	$	315,338	$	312,192	$	301,327	$	299,731

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of December 31, 2022, September 30, 2022 and June 30, 2022.


	As of Dec 31, 2022						As of Sep 30, 2022						As of Jun 30, 2022
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other, excluding PPP loans	$	12,520,241	$	142,769	1.14	%	$	12,215,592	$	135,315	1.11	%	$	11,965,016	$	142,916	1.19	%
Commercial PPP loans	28,923		0		0.00		43,658		1		0.00		82,089		3		0.00
Commercial real estate:
Construction and development	1,486,930		75,907		5.10		1,525,511		51,389		3.37		1,506,318		45,522		3.02
Non-construction	8,464,017		108,445		1.28		8,052,673		99,329		1.23		7,900,887		98,210		1.24
Home equity	332,698		7,573		2.28		328,822		7,055		2.15		325,826		6,990		2.15
Residential real estate	2,372,383		11,585		0.49		2,235,459		11,023		0.49		2,078,907		10,479		0.50
Premium finance receivables
Commercial insurance loans	5,849,459		9,967		0.17		5,713,340		9,736		0.17		5,541,447		6,840		0.12
Life insurance loans	8,090,998		704		0.01		8,004,856		696		0.01		7,608,433		662		0.01
Consumer and other	50,836		498		0.98		47,702		484		1.01		44,180		487		1.10
Total loans, net of unearned income	$	39,196,485	$	357,448	0.91	%	$	38,167,613	$	315,028	0.83	%	$	37,053,103	$	312,109	0.84	%
Total loans, net of unearned income, excluding PPP loans	$	39,167,562	$	357,448	0.91	%	$	38,123,955	$	315,027	0.83	%	$	36,971,014	$	312,106	0.84	%

Total core loans (1)	$	22,490,701	$	320,403	1.42	%	$	21,697,055	$	273,947	1.26	%	$	20,994,470	$	275,188	1.31	%
Total niche loans (1)	16,676,861		37,045		0.22		16,426,900		41,080		0.25		15,976,544		36,918		0.23
Total PPP loans	28,923		0		0.00		43,658		1		0.00		82,089		3		0.00

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

TABLE 13: LOAN PORTFOLIO AGING


(In thousands)	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Loan Balances:
Commercial
Nonaccrual	$	35,579	$	44,293	$	32,436	$	16,878	$	20,399
90+ days and still accruing	462		237		—		—		15
60-89 days past due	21,128		24,641		16,789		1,294		24,262
30-59 days past due	56,696		34,917		14,120		31,889		43,861
Current	12,435,299		12,155,162		11,983,760		11,533,902		11,815,531
Total commercial	$	12,549,164	$	12,259,250	$	12,047,105	$	11,583,963	$	11,904,068
Commercial real estate
Nonaccrual	$	6,387	$	10,477	$	10,718	$	12,301	$	21,746
90+ days and still accruing	—		—		—		—		—
60-89 days past due	2,244		6,041		6,771		2,648		284
30-59 days past due	30,675		29,971		34,220		30,141		40,443
Current	9,911,641		9,531,695		9,355,496		9,189,984		8,927,813
Total commercial real estate	$	9,950,947	$	9,578,184	$	9,407,205	$	9,235,074	$	8,990,286
Home equity
Nonaccrual	$	1,487	$	1,320	$	1,084	$	1,747	$	2,574
90+ days and still accruing	—		—		—		—		—
60-89 days past due	—		125		154		199		—
30-59 days past due	2,152		848		930		545		1,120
Current	329,059		326,529		323,658		318,944		331,461
Total home equity	$	332,698	$	328,822	$	325,826	$	321,435	$	335,155
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	164,788	$	148,664	113,856		$	50,096	$	30,828
Nonaccrual	10,171		9,787		8,330		7,262		16,440
90+ days and still accruing	—		—		—		—		—
60-89 days past due	4,364		2,149		534		293		982
30-59 days past due	9,982		15		147		18,808		12,145
Current	2,183,078		2,074,844		1,956,040		1,723,526		1,576,704
Total residential real estate	$	2,372,383	$	2,235,459	$	2,078,907	$	1,799,985	$	1,637,099







Premium finance receivables - property & casualty
Nonaccrual	$	13,470	$	13,026	$	13,303	$	6,707	$	5,433
90+ days and still accruing	15,841		16,624		6,447		12,363		7,210
60-89 days past due	14,926		15,301		15,299		8,890		15,490
30-59 days past due	40,557		21,128		23,313		21,278		22,419
Current	5,764,665		5,647,261		5,483,085		4,888,170		4,804,935
Total Premium finance receivables - property & casualty	$	5,849,459	$	5,713,340	$	5,541,447	$	4,937,408	$	4,855,487
Premium finance receivables - life insurance
Nonaccrual	$	—	$	—	$	—	$	—	$	—
90+ days and still accruing	17,245		1,831		—		—		7
60-89 days past due	5,260		13,628		1,796		22,401		12,614
30-59 days past due	68,725		44,954		65,155		15,522		66,651
Current	7,999,768		7,944,443		7,541,482		7,316,240		6,963,538
Total Premium finance receivables - life insurance	$	8,090,998	$	8,004,856	$	7,608,433	$	7,354,163	$	7,042,810
Consumer and other
Nonaccrual	$	6	$	7	$	8	$	4	$	477
90+ days and still accruing	49		31		25		43		137
60-89 days past due	18		26		8		5		34
30-59 days past due	224		343		119		221		509
Current	50,539		47,295		44,020		48,246		23,042
Total consumer and other	$	50,836	$	47,702	$	44,180	$	48,519	$	24,199
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	164,788	$	148,664	$	113,856	$	50,096	$	30,828
Nonaccrual	67,100		78,910		65,879		44,899		67,069
90+ days and still accruing	33,597		18,723		6,472		12,406		7,369
60-89 days past due	47,940		61,911		41,351		35,730		53,666
30-59 days past due	209,011		132,176		138,004		118,404		187,148
Current	38,674,049		37,727,229		36,687,541		35,019,012		34,443,024
Total loans, net of unearned income	$	39,196,485	$	38,167,613	$	37,053,103	$	35,280,547	$	34,789,104

(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) AND TROUBLED DEBT RESTRUCTURINGS (“TDRs”)


	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(Dollars in thousands)	2022			2022			2022			2022			2021
Loans past due greater than 90 days and still accruing (2):
Commercial	$	462		$	237		$	—		$	—		$	15
Commercial real estate	—			—			—			—			—
Home equity	—			—			—			—			—
Residential real estate	—			—			—			—			—

Premium finance receivables - property & casualty	15,841			16,624			6,447			12,363			7,210
Premium finance receivables - life insurance	17,245			1,831			—			—			7
Consumer and other	49			31			25			43			137
Total loans past due greater than 90 days and still accruing	33,597			18,723			6,472			12,406			7,369
Non-accrual loans:
Commercial	35,579			44,293			32,436			16,878			20,399
Commercial real estate	6,387			10,477			10,718			12,301			21,746
Home equity	1,487			1,320			1,084			1,747			2,574
Residential real estate	10,171			9,787			8,330			7,262			16,440

Premium finance receivables - property & casualty	13,470			13,026			13,303			6,707			5,433
Premium finance receivables - life insurance	—			—			—			—			—
Consumer and other	6			7			8			4			477
Total non-accrual loans	67,100			78,910			65,879			44,899			67,069
Total non-performing loans:
Commercial	36,041			44,530			32,436			16,878			20,414
Commercial real estate	6,387			10,477			10,718			12,301			21,746
Home equity	1,487			1,320			1,084			1,747			2,574
Residential real estate	10,171			9,787			8,330			7,262			16,440

Premium finance receivables - property & casualty	29,311			29,650			19,750			19,070			12,643
Premium finance receivables - life insurance	17,245			1,831			—			—			7
Consumer and other	55			38			33			47			614
Total non-performing loans	$	100,697		$	97,633		$	72,351		$	57,305		$	74,438
Other real estate owned	8,589			5,376			5,574			4,978			1,959
Other real estate owned - from acquisitions	1,311			1,311			1,265			1,225			2,312
Other repossessed assets	—			—			—			—			—
Total non-performing assets	$	110,597		$	104,320		$	79,190		$	63,508		$	78,709

Accruing TDRs not included within non-performing assets	$	36,620		$	34,238		$	36,184		$	35,922		$	37,486

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.29		%	0.36		%	0.27		%	0.15		%	0.17		%
Commercial real estate	0.06			0.11			0.11			0.13			0.24
Home equity	0.45			0.40			0.33			0.54			0.77
Residential real estate	0.43			0.44			0.40			0.40			1.00

Premium finance receivables - property & casualty	0.50			0.52			0.36			0.39			0.26
Premium finance receivables - life insurance	0.21			0.02			—			—			0.00
Consumer and other	0.11			0.08			0.07			0.10			2.54
Total loans, net of unearned income	0.26		%	0.26		%	0.20		%	0.16		%	0.21		%
Total non-performing assets as a percentage of total assets	0.21		%	0.20		%	0.16		%	0.13		%	0.16		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	532.71		%	399.22		%	473.76		%	670.77		%	446.78		%

(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.

(2)As of December 31, 2022, no TDRs were past due greater than 90 days and still accruing. As of September 30, 2022, June 30, 2022, March 31, 2022, and December 31, 2021, approximately $1.1 million,$541,000, $320,000 and $320,000, respectively, of TDRs were past due greater than 90 days and still accruing interest.

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


	Three Months Ended										Years Ended
	Dec 31,		Sep 30,		Jun 30,			Mar 31,			Dec 31,	Dec 31,				Dec 31,
(In thousands)	2022		2022		2022			2022			2021	2022				2021

Balance at beginning of period	$	97,633	$	72,351		$	57,305		$	74,438		$	90,041	$	74,438		$	127,513
Additions from becoming non-performing in the respective period	10,027		35,234			22,841			4,141			6,851		72,243			38,848

Return to performing status	(1,167)		(154)			(1,000)			(729)			(6,616)		(3,050)			(10,592)
Payments received	(16,351)		(20,417)			(4,029)			(20,139)			(13,212)		(60,936)			(53,823)
Transfer to OREO and other repossessed assets	(3,365)		(185)			(1,611)			(4,377)			(275)		(9,538)			(6,027)
Charge-offs, net	(1,363)		(341)			(1,969)			(2,354)			(5,167)		(6,027)			(13,351)
Net change for niche loans (1)	15,283		11,145			814			6,325			2,816		33,567			(8,130)
Balance at end of period	$	100,697	$	97,633		$	72,351		$	57,305		$	74,438	$	100,697		$	74,438

(1)Includes activity for premium finance receivables and indirect consumer loans.

TDRs


	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2022		2022		2022		2022		2021
Accruing TDRs:
Commercial	$	2,462	$	2,254	$	2,456	$	2,773	$	4,131
Commercial real estate	15,048		8,967		9,659		10,068		8,421
Residential real estate and other	19,110		23,017		24,069		23,081		24,934
Total accrual	$	36,620	$	34,238	$	36,184	$	35,922	$	37,486
Non-accrual TDRs: (1)
Commercial	$	345	$	4,599	$	4,786	$	4,935	$	6,746
Commercial real estate	1,823		1,880		1,955		2,050		2,050
Residential real estate and other	2,311		2,516		2,453		1,964		3,027
Total non-accrual	$	4,479	$	8,995	$	9,194	$	8,949	$	11,823
Total TDRs:
Commercial	$	2,807	$	6,853	$	7,242	$	7,708	$	10,877
Commercial real estate	16,871		10,847		11,614		12,118		10,471
Residential real estate and other	21,421		25,533		26,522		25,045		27,961
Total TDRs	$	41,099	$	43,233	$	45,378	$	44,871	$	49,309

(1)Included in total non-performing loans.

Other Real Estate Owned


	Three Months Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2022		2022		2022		2022		2021
Balance at beginning of period	$	6,687	$	6,839	$	6,203	$	4,271	$	13,845
Disposals/resolved	(152)		(133)		(1,172)		(2,497)		(9,664)
Transfers in at fair value, less costs to sell	3,365		134		2,090		4,429		275

Fair value adjustments	—		(153)		(282)		—		(185)
Balance at end of period	$	9,900	$	6,687	$	6,839	$	6,203	$	4,271

	Period End
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
Balance by Property Type:	2022		2022		2022		2022		2021
Residential real estate	$	1,585	$	1,585	$	1,630	$	1,127	$	1,310
Residential real estate development	—		—		133		—		—
Commercial real estate	8,315		5,102		5,076		5,076		2,961
Total	$	9,900	$	6,687	$	6,839	$	6,203	$	4,271

TABLE 15: NON-INTEREST INCOME


	Three Months Ended										Q4 2022 compared to Q3 2022				Q4 2022 compared to Q4 2021
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2022		2022		2022		2022		2021		$ Change		% Change		$ Change		% Change
Brokerage	$	4,177	$	4,587	$	4,272	$	4,632	$	5,292	$	(410)	(9)	%	$	(1,115)	(21)	%
Trust and asset management	26,550		28,537		27,097		26,762		27,197		(1,987)		(7)		(647)		(2)
Total wealth management	30,727		33,124		31,369		31,394		32,489		(2,397)		(7)		(1,762)		(5)
Mortgage banking	17,407		27,221		33,314		77,231		53,138		(9,814)		(36)		(35,731)		(67)
Service charges on deposit accounts	13,054		14,349		15,888		15,283		14,734		(1,295)		(9)		(1,680)		(11)
Losses on investment securities, net	(6,745)		(3,103)		(7,797)		(2,782)		(1,067)		(3,642)		NM		(5,678)		NM
Fees from covered call options	7,956		1,366		1,069		3,742		1,128		6,590		NM		6,828		NM
Trading (losses) gains, net	(306)		(7)		176		3,889		206		(299)		NM		(512)		NM
Operating lease income, net	12,384		12,644		15,007		15,475		14,204		(260)		(2)		(1,820)		(13)
Other:
Interest rate swap fees	2,319		1,997		3,300		4,569		3,526		322		16		(1,207)		(34)
BOLI	1,394		248		(884)		48		1,192		1,146		NM		202		17
Administrative services	1,736		1,533		1,591		1,853		1,846		203		13		(110)		(6)
Foreign currency remeasurement gains (losses)	277		(93)		97		11		111		370		NM		166		NM
Early pay-offs of capital leases	131		138		160		265		249		(7)		(5)		(118)		(47)
Miscellaneous	13,505		12,065		9,652		11,812		12,011		1,440		12		1,494		12
Total Other	19,362		15,888		13,916		18,558		18,935		3,474		22		427		2
Total Non-Interest Income	$	93,839	$	101,482	$	102,942	$	162,790	$	133,767	$	(7,643)	(8)	%	$	(39,928)	(30)	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.


	Years Ended
	Dec 31,		Dec 31,		$		%
(Dollars in thousands)	2022		2021		Change		Change
Brokerage	$	17,668	$	20,710	$	(3,042)	(15)	%
Trust and asset management	108,946		103,309		5,637		5
Total wealth management	126,614		124,019		2,595		2
Mortgage banking	155,173		273,010		(117,837)		(43)
Service charges on deposit accounts	58,574		54,168		4,406		8
Losses on investment securities, net	(20,427)		(1,059)		(19,368)		NM
Fees from covered call options	14,133		3,673		10,460		NM
Trading gains, net	3,752		245		3,507		NM
Operating lease income, net	55,510		53,691		1,819		3
Other:
Interest rate swap fees	12,185		13,702		(1,517)		(11)
BOLI	806		5,812		(5,006)		(86)
Administrative services	6,713		5,689		1,024		18
Foreign currency remeasurement gains (losses)	292		(495)		787		NM
Early pay-offs of leases	694		601		93		15
Miscellaneous	47,034		53,064		(6,030)		(11)
Total Other	67,724		78,373		(10,649)		(14)
Total Non-Interest Income	$	461,053	$	586,120	$	(125,067)	(21)	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

TABLE 16: NON-INTEREST EXPENSE


	Three Months Ended										Q4 2022 compared to Q3 2022				Q4 2022 compared to Q4 2021
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2022		2022		2022		2022		2021		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	100,232	$	97,419	$	92,414	$	92,116	$	91,612	$	2,813	3	%	$	8,620	9	%
Commissions and incentive compensation	49,546		50,403		46,131		51,793		49,923		(857)		(2)		(377)		(1)
Benefits	30,553		28,273		28,781		28,446		25,596		2,280		8		4,957		19
Total salaries and employee benefits	180,331		176,095		167,326		172,355		167,131		4,236		2		13,200		8
Software and equipment	24,699		24,126		24,250		22,810		23,708		573		2		991		4
Operating lease equipment	10,078		9,448		8,774		9,708		10,147		630		7		(69)		(1)
Occupancy, net	17,763		17,727		17,651		17,824		18,343		36		0		(580)		(3)
Data processing	7,927		7,767		8,010		7,505		7,207		160		2		720		10
Advertising and marketing	14,279		16,600		16,615		11,924		13,981		(2,321)		(14)		298		2
Professional fees	9,267		7,544		7,876		8,401		7,551		1,723		23		1,716		23
Amortization of other acquisition-related intangible assets	1,436		1,492		1,579		1,609		1,811		(56)		(4)		(375)		(21)
FDIC insurance	6,775		7,186		6,949		7,729		7,317		(411)		(6)		(542)		(7)
OREO expense, net	369		229		294		(1,032)		(641)		140		61		1,010		NM
Other:
Lending expenses, net of deferred origination costs	4,951		4,533		4,270		6,821		5,525		418		9		(574)		(10)
Travel and entertainment	5,681		4,252		3,897		2,676		3,782		1,429		34		1,899		50
Miscellaneous	24,280		19,470		21,177		15,968		17,537		4,810		25		6,743		38
Total other	34,912		28,255		29,344		25,465		26,844		6,657		24		8,068		30
Total Non-Interest Expense	$	307,836	$	296,469	$	288,668	$	284,298	$	283,399	$	11,367	4	%	$	24,437	9	%

NM - Not meaningful.


	Years Ended
	Dec 31,		Dec 31,		$		%
(Dollars in thousands)	2022		2021		Change		Change
Salaries and employee benefits:
Salaries	$	382,181	$	361,915	$	20,266	6	%
Commissions and incentive compensation	197,873		222,067		(24,194)		(11)
Benefits	116,053		107,687		8,366		8
Total salaries and employee benefits	696,107		691,669		4,438		1
Software and equipment	95,885		87,515		8,370		10
Operating lease equipment	38,008		40,880		(2,872)		(7)
Occupancy, net	70,965		74,184		(3,219)		(4)
Data processing	31,209		27,279		3,930		14
Advertising and marketing	59,418		47,275		12,143		26
Professional fees	33,088		29,494		3,594		12
Amortization of other acquisition-related intangible assets	6,116		7,734		(1,618)		(21)
FDIC insurance	28,639		27,030		1,609		6
OREO expense, net	(140)		(1,654)		1,514		(92)
Other:
Lending expenses, net of deferred origination costs	20,575		22,794		(2,219)		(10)
Travel and entertainment	16,506		10,048		6,458		64
Miscellaneous	80,895		68,296		12,599		18
Total other	117,976		101,138		16,838		17
Total Non-Interest Expense	$	1,177,271	$	1,132,544	$	44,727	4	%

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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


	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)	2022			2022			2022			2022			2021			2022			2021
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	580,745		$	466,478		$	371,968		$	328,252		$	327,979		$	1,747,443		$	1,275,484
Taxable-equivalent adjustment:
- Loans	1,594			1,030			568			427			417			3,619			1,627
- Liquidity Management Assets	538			502			472			465			486			1,977			1,972
- Other Earning Assets	1			1			1			2			2			5			2
(B) Interest Income (non-GAAP)	$	582,878		$	468,011		$	373,009		$	329,146		$	328,884		$	1,753,044		$	1,279,085
(C) Interest Expense (GAAP)	123,929			65,030			34,164			28,958			32,003			252,081			150,527
(D) Net Interest Income (GAAP) (A minus C)	$	456,816		$	401,448		$	337,804		$	299,294		$	295,976		$	1,495,362		$	1,124,957
(E) Net Interest Income (non-GAAP) (B minus C)	$	458,949		$	402,981		$	338,845		$	300,188		$	296,881		$	1,500,963		$	1,128,558
Net interest margin (GAAP)	3.71		%	3.34		%	2.92		%	2.60		%	2.54		%	3.15		%	2.57		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.73			3.35			2.93			2.61			2.55			3.17			2.58
(F) Non-interest income	$	93,839		$	101,482		$	102,942		$	162,790		$	133,767		$	461,053		$	586,120
(G) Losses on investment securities, net	(6,745)			(3,103)			(7,797)			(2,782)			(1,067)			(20,427)			(1,059)
(H) Non-interest expense	307,836			296,469			288,668			284,298			283,399			1,177,271			1,132,544
Efficiency ratio (H/(D+F-G))	55.23		%	58.59		%	64.36		%	61.16		%	65.78		%	59.55		%	66.15		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	55.02			58.41			64.21			61.04			65.64			59.38			66.01

Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	4,796,838		$	4,637,980		$	4,727,623		$	4,492,256		$	4,498,688

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(675,710)			(676,699)			(679,827)			(682,101)			(683,456)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,708,628		$	3,548,781		$	3,635,296		$	3,397,655		$	3,402,732
(J) Total assets (GAAP)	$	52,949,649		$	52,382,939		$	50,969,332		$	50,250,661		$	50,142,143
Less: Intangible assets (GAAP)	(675,710)			(676,699)			(679,827)			(682,101)			(683,456)
(K) Total tangible assets (non-GAAP)	$	52,273,939		$	51,706,240		$	50,289,505		$	49,568,560		$	49,458,687
Common equity to assets ratio (GAAP) (L/J)	8.3		%	8.1		%	8.5		%	8.1		%	8.1		%
Tangible common equity ratio (non-GAAP) (I/K)	7.1			6.9			7.2			6.9			6.9


	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)	2022			2022			2022			2022			2021			2022			2021
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,796,838		$	4,637,980		$	4,727,623		$	4,492,256		$	4,498,688
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	4,384,338		$	4,225,480		$	4,315,123		$	4,079,756		$	4,086,188
(M) Actual common shares outstanding	60,794			60,743			60,722			57,253			57,054
Book value per common share (L/M)	$	72.12		$	69.56		$	71.06		$	71.26		$	71.62
Tangible book value per common share (non-GAAP) (I/M)	61.00			58.42			59.87			59.34			59.64

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	137,826		$	135,970		$	87,522		$	120,400		$	91,766		$	481,718		$	438,187
Add: Intangible asset amortization	1,436			1,492			1,579			1,609			1,811			6,116			7,734
Less: Tax effect of intangible asset amortization	(370)			(425)			(445)			(430)			(505)			(1,664)			(2,080)
After-tax intangible asset amortization	$	1,066		$	1,067		$	1,134		$	1,179		$	1,306		$	4,452		$	5,654
(O) Tangible net income applicable to common shares (non-GAAP)	$	138,892		$	137,037		$	88,656		$	121,579		$	93,072		$	486,170		$	443,841
Total average shareholders’ equity	$	4,710,856		$	4,795,387		$	4,526,110		$	4,500,460		$	4,433,953		$	4,634,224		$	4,300,742
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	4,298,356		$	4,382,887		$	4,113,610		$	4,087,960		$	4,021,453		$	4,221,724		$	3,888,242
Less: Average intangible assets	(676,371)			(678,953)			(681,091)			(682,603)			(677,470)			(679,735)			(678,739)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	3,621,985		$	3,703,934		$	3,432,519		$	3,405,357		$	3,343,983		$	3,541,989		$	3,209,503
Return on average common equity, annualized (N/P)	12.72		%	12.31		%	8.53		%	11.94		%	9.05		%	11.41		%	11.27		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	15.21			14.68			10.36			14.48			11.04			13.73			13.83

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs, net of economic hedge and Early Buy-out Loans Guaranteed by U.S. Government Agencies:
Income before taxes	$	195,173		$	200,041		$	131,661		$	173,680		$	137,045		$	700,555		$	637,796
Add: Provision for credit losses	47,646			6,420			20,417			4,106			9,299			78,589			(59,263)
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	242,819		$	206,461		$	152,078		$	177,786		$	146,344		$	779,144		$	578,533
Less: Changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies	702			2,472			(445)			(43,365)			(6,656)			(40,636)			(18,273)
Pre-tax income, excluding provision for credit losses, adjusted for changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies (non-GAAP)	$	243,521		$	208,933		$	151,633		$	134,421		$	139,688		$	738,508		$	560,260


	Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,
	2020		2019		2018		2017		2016		2015		2014		2013		2012
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,115,995	$	3,691,250	$	3,267,570	$	2,976,939	$	2,695,617	$	2,352,274	$	2,069,822	$	1,900,589	$	1,804,705
Less: Non-convertible preferred stock (GAAP)	(412,500)		(125,000)		(125,000)		(125,000)		(251,257)		(251,287)		(126,467)		(126,477)		(176,406)
(R) Less: Intangible assets (GAAP)	(681,747)		(692,277)		(622,565)		(519,505)		(520,438)		(495,970)		(424,445)		(393,760)		(366,348)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,021,748	$	2,873,973	$	2,520,005	$	2,332,434	$	1,923,922	$	1,605,017	$	1,518,910	$	1,380,352	$	1,261,951
Actual common shares outstanding	56,770		57,822		56,408		55,965		51,881		48,383		46,805		46,117		36,858
Add: Tangible equity unit conversion shares	—		—		—		—		—		—		—		—		6,241
(M) Common shares used for book value calculation	56,770		57,822		56,408		55,965		51,881		48,383		46,805		46,117		43,099
Book value per common share ((I-R)/M)	$	65.24	$	61.68	$	55.71	$	50.96	$	47.11	$	43.42	$	41.52	$	38.47	$	37.78
Tangible book value per common share (non-GAAP) (I/M)	53.23		49.70		44.67		41.68		37.08		33.17		32.45		29.93		29.28

WINTRUST SUBSIDIARIES AND LOCATIONS

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 15 community bank subsidiaries are: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., in Chicago, Libertyville Bank & Trust Company, N.A., Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, N.A., Schaumburg Bank & Trust Company, N.A., Village Bank & Trust, N.A., in Arlington Heights, Beverly Bank & Trust Company, N.A. in Chicago, Wheaton Bank & Trust Company, N.A., State Bank of The Lakes, N.A., in Antioch, Old Plank Trail Community Bank, N.A., in New Lenox, St. Charles Bank & Trust Company, N.A. and Town Bank, N.A., in Hartland, Wisconsin.

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

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

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

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

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

•Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.

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

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

•The Chicago 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, such as the impacts of the COVID-19 pandemic (including the continued emergence of variant strains), and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2021 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 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:

•the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses;

•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, particularly in the markets in which it operates;

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

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

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

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

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

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

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

•changes in the level and volatility of interest rates, the capital markets and other market indices (including developments and volatility arising from or related to the COVID-19 pandemic) 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 difficulties or developments related to the integration of 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 or data corruption attempts and identity theft;

•adverse effects on our information technology systems 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;

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

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

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

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

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

•the ability of the Company to successfully discontinue use of LIBOR and transition to an alternative rate for current and future transactions;

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

•legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those changes that are in response to the COVID-19 pandemic, including without limitation the Coronavirus Aid, Relief, and Economic Security Act, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the rules and regulations that may be promulgated thereunder;

•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 the COVID-19 pandemic, 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 could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services.

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 Thursday, January 19, 2023 at 10:00 a.m. (CST) regarding fourth quarter and full year 2022 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 link included within the Company’s press release dated December 22, 2022 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the fourth quarter and full year 2022 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.

EX-99.2 3 q42022992q42022earningsp.htm EX-99.2 q42022992q42022earningsp

Earnings Release Presentation Q4 2022 Wintrust Financial Corporation

2 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, such as the impacts of the COVID-19 pandemic (including the continued emergence of variant strains), and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2021 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 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: • the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses; • 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, particularly in the markets in which it operates; • negative effects suffered by us or our customers resulting from changes in U.S. trade policies; • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses; • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period; • the financial success and economic viability of the borrowers of our commercial loans; • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses; • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; • changes in the level and volatility of interest rates, the capital markets and other market indices (including developments and volatility arising from or related to the COVID-19 pandemic) 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 difficulties or developments related to the integration of 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; Forward-Looking Statements PENDING

3 • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft; • adverse effects on our information technology systems 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; • the expenses and delayed returns inherent in opening new branches and de novo banks; • liabilities, potential customer loss or reputational harm related to closings of existing branches; • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; • changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements; • the ability of the Company to receive dividends from its subsidiaries; • uncertainty about the discontinued use of LIBOR and transition to an alternative rate; • 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, including those changes that are in response to the COVID-19 pandemic, including without limitation the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the rules and regulations that may be promulgated thereunder; • 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 the COVID-19 pandemic, 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 could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services. 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 and this presentation. 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 and presentations. Forward-Looking Statements PENDING

4 "Wintrust finished the year with great momentum as our fourth quarter results were highlighted by strong net income and record quarterly pre-tax, pre-provision income. Net interest income and net interest margin expanded meaningfully and our loan portfolio continued to grow while exhibiting low levels of net charge-offs. The fourth quarter caps an extraordinary year for Wintrust, and we believe that we are well-positioned to reach even higher levels of financial performance in 2023." Q4 2022 Summary Edward J. Wehmer Founder and Chief Executive Officer

5 Pre-Tax, Pre-Provision1 Growing and Diversified Balance Sheet Future Outlook • Wintrust continues to monitor the interest rate environment to reduce the asset sensitivity of its balance sheet given the recent increase in rates. • Pressure on net interest margin is expected in upcoming quarter. • Growing low cost deposits in our market area remains a significant focus of the Company, which we believe will be the key to mitigating net interest margin compression. Strong Balance Sheet Total Loans +$2.2B / 9.7% Mid to High Single Digit Growth Average Loan to Deposit Ratio 93.7% 85% - 90% Total Deposits +$2.9B / 12.6% High Single Digit Growth Income Net Income +$85.5MM 10% - 15% Growth NIM Net Interest Margin +17 bps 3.60% - 3.70% NII Non-Interest Income +$36.6MM PENDING NIE Non-Interest Expense +$94.3MM 1.50% - 1.60% Net Overhead Ratio Credit & Capital Net Charge-Off Ratio +2 bps Diligently Monitoring to Maintain Pristine Credit Quality Total Risk-Based Capital Ratio -39 bps May Consider Capital Increase Pending Acquisition Pipeline Q4 2022 Highlights (Comparative to Q3 2022) Robust loan growth coupled with higher earning asset yields drive net income expansion Total DepositsTotal Assets Total Loans Net Income $52.9 billion +$0.6 billion $39.2 billion +$1.0 billion $42.9 billion +$0.1 billion $144.8 million +$1.9 million Exceptional Credit Quality Awards/Non- Recurring Items • Net interest income increased to $456.8 million driven by robust loan growth and higher earning asset yields • Net interest margin, on a GAAP basis, increased by 37 basis points to 3.71% for the fourth quarter of 2022 as the upward repricing of earning assets outpaced increases in deposit costs. Net interest margin, on a fully taxable equivalent basis (non-GAAP) increased by 38 basis points to 3.73% • Low and manageable NPLs at $100.7 million or 0.26% of total loans • Building reserves to maintain sufficient allowance coverage • Recorded low levels of net-charge offs of $5.1 million or 5 basis points of average total loans on an annualized basis • Ranked Top Workplace in Chicago 2021 • Swap Sale expected in 2022 Update Format second box Efficiency RatioReturn on Assets Return on Equity 1.10% -2 bps 12.72% +41 bps (GAAP) 55.23% -336 bps $242.8 million +$36.4 million • Continued strong loan growth of $1.0 billion, 11% annualized, driven by all material loan portfolios • Balanced deposit base while managing cost of funds through current rate cycle 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix Diluted EPS $2.23 +$0.02 Current EPS Prior EPS $ 2.23 2.21 $ 0.02 PPNI Prior PPNI $ 242.8 206.5 $36.36 36300000 242,819 206,461 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Commitment to Increasing Shareholder Value Net Overhead Ratio 1.63% +10 bps (non-GAAP) 55.02% -339 bps Efficiency GAAP Prior Q 55.23% 58.59% $ (336.00) Efficiency Non GAAP Prior Q

6 Pre-Tax, Pre-Provision1 Future Outlook • Wintrust continues to monitor the interest rate environment to reduce the asset sensitivity of its balance sheet given the recent increase in rates. • Pressure on net interest margin is expected in upcoming quarter. • Growing low cost deposits in our market area remains a significant focus of the Company, which we believe will be the key to mitigating net interest margin compression. Strong Balance Sheet Total Loans +$2.2B / 9.7% Mid to High Single Digit Growth Average Loan to Deposit Ratio 93.7% 85% - 90% Total Deposits +$2.9B / 12.6% High Single Digit Growth Income Net Income +$85.5MM 10% - 15% Growth NIM Net Interest Margin +17 bps 3.60% - 3.70% NII Non-Interest Income +$36.6MM PENDING NIE Non-Interest Expense +$94.3MM 1.50% - 1.60% Net Overhead Ratio Credit & Capital Net Charge-Off Ratio +2 bps Diligently Monitoring to Maintain Pristine Credit Quality Total Risk-Based Capital Ratio -39 bps May Consider Capital Increase Pending Acquisition Pipeline Full Year 2022 Highlights (Comparative to FY 2021) Wintrust reported exceptional financial results in 2022 and is well-positioned to reach higher levels in 2023 Total DepositsTotal Assets Total Loans Net Income $52.9 billion +$2.8 billion or 6% $39.2 billion +$4.4 billion or 13% $42.9 billion +$0.8 billion or 2% $509.7 million +$44 million or 9% • Ranked Top Workplace in Chicago 2021 • Swap Sale expected in 2022 Update Format second box BV / TBV Net Interest Income Net Interest Margin $1.5 billion +$0.4 billion or 33% 3.15% +58 bps (non-GAAP) $61.00 +$1.36 $779.1 million +$201 million or 35% Diluted EPS $8.02 +$0.44 or 6% Current EPS Prior EPS $ 2.23 2.21 $ 0.02 PPNI Prior PPNI $ 242.8 206.5 $36.36 36300000 242,819 206,461 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Metric FY 22 FY 21 Difference % Change Net Income $ 509,682 $ 466,151 $ 43,531 9 % Pre-Tax, Pre- Provision 779,144 578,533 $ 200,611 35 % Diluted EPS $ 8.02 $ 7.58 $ 0.44 6 % Net Interest Income 1,495,362 1,124,957 $ 370,405 33 % NIM 3.15 % 2.57 % 0.5800 % 58 Metric Pending 61.00 59.64 $ 1.36 2 % Total Assets 52,949,649 50,142,143 $ 2,807,506 6 % Total Loans 39,196,485 34,789,104 $ 4,407,381 13 % Total Deposits 42,902,544 42,095,585 $ 806,959 2 % 2022 Full Year Takeaways • Record full year net income of $509.7 million or $8.02 per diluted common share highlighted robust loan growth coupled with higher earning asset yields. Wintrust’s tangible book value per common share increased in 2022 to $61.00 as of December 31, 2022. Tangible book value per common share has increased every year since Wintrust became a public company in 1996. • Reported full year net interest income of $1.5 billion largely driven by net interest margin expansion and robust loan growth. Upward repricing of earning assets significantly outpaced increasing deposit costs driving net interest margin higher. • Wintrust significantly benefited from an asset sensitive interest rate position in 2022. Management is prudently looking ahead to reposition our balance sheet in 2023 in order to mitigate interest rate risk amid uncertainty.Net Income $509.7 million +$44 million Pre-Tax, Pre-Provision1 Total DepositsTotal Assets Total Loans Net Income $52.9 billion +$2.8 billion $39.2 billion +$4.4 billion $42.9 billion +$0.8 billion $509.7 million +$44 million TBVNet Interest Income Net Interest Margin $1.5 billion +$0.4 billion 3.15% +58 bps $61.00 +$1.36 $700.6 million +$201 million Diluted EPS $8.02 +$0.44 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix (GAAP) $72.12 +$0.50 (non-GAAP) 3.17% +59 bps (GAAP) 3.15% +58 bps NIM FY GAAP NIM PY GAAP Change 3.15% 2.57% 58.00 NIM FY Non- GAAP NIM PY Non- GAAP Change 3.17% 2.58% 59.00 BV FY BV PY Change $ 72.12 $ 71.62 $ 0.5 TBV TBV PY Change 61.00 59.64 1.36

7 • Net losses on investment securities totaled $6.7 million in the fourth quarter of 2022 related to changes in the value of equity securities as compared to net losses of $3.1 million in the third quarter of 2022. • SAME CHANGE AS Q1 PG "INCREASED SHAREHOLDER VALUE" CHANGE • Net interest income increased by $55.4 million driven by strong loan growth and continued expansion of net interest margin. Net interest margin, on a fully taxable equivalent basis (non-GAAP) increased 38 basis points largely due to continued upward repricing of earning asset yields significantly outpacing increased deposit costs. • Reported consecutive record quarterly pre-tax, pre-provision income (non-GAAP) of $242.8 million. • We believe, subject to no material change in the consensus projection of interest rates as of this release date, that our net interest margin will continue to expand and should approach 4.00% during the first quarter of 2023. Earnings Summary Differentiated, highly diversified and sustainable business model Strong Net Income Highlights Asset Sensitive Position and Robust Loan Growth Key Observations Condensed Income Statement Current Q Difference vs.Current Q $98.8 $127.4 $94.5 $143.0 $144.8 0.80% 1.04% 0.77% 1.12% 1.10% Net Income ROA Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $1.58 $2.07 $1.49 $2.21 $2.23 Diluted EPS Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $146.3 $177.8 $152.1 $206.5 $242.8 $139.7 $134.4 $151.6 $208.9 $243.5 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs and Early Buy-out Loans Guaranteed by U.S. government agencies (non-GAAP) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 1 EBO: Early Buy-out Loans Guaranteed by U.S. government agencies 2 See Non-GAAP reconciliation in the Appendix Thousands ($) Q4 2021 Q3 2021 Q4 2020 Net Interest Income $295,976 $8,480 $36,579 Non-Interest Income $133,767 $(2,707) $(24,594) Net Revenue $429,743 $5,773 $11,985 Non-Interest Expense $283,399 $1,255 $1,532 Pre-Provision Net Revenue $146,344 $4,518 $10,453 Provision For Credit Losses $9,299 $17,215 $8,119 Income Before Taxes $137,045 $(12,697) $2,334 Income Tax Expense $38,288 $(2,317) $4,781 Net Income $98,757 $(10,380) $(2,447) Preferred Stock Dividends $6,991 $— $— Net Income Available to Common Shares $91,766 $(10,380) $(2,447) Diluted EPS $1.58 $(0.19) $(0.05) ROA 0.80% -12 bps -12 bps ROE 9.05% -126 bps -125 bps 2 ### ($ in Millions) ($ in Millions) Record Quarterly PTPP Expected to Continue Higher as Net Interest Margin Expands $295.98 $299.29 $337.80 $401.45 $456.82 $133.77 $162.79 $102.94 $101.48 93,839 $283.40 $284.30 $288.67 $296.47 307,836 Net Interest Income Non-Interest Income Non- Interest Expense Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $— $200.00 $400.00 $600.00 Q4 Financial Highlights and Outlook1Driving Shareholder Value Through Income Expansion • Net losses on investment securities totaled $6.7 million in the fourth quarter of 2022 related to changes in the value of equity securities as compared to net losses of $3.1 million in the third quarter of 2022. • Recorded a net benefit of $445,000 related to essentially offsetting changes in the value of two mortgage assets in the second quarter of 2022. This consisted of a $2.1 million increase in the value of mortgage servicing rights (“MSR”) related to changes in fair value model assumptions and a negative $8.7 million valuation related adjustment on the Company’s portfolio of early buy-out exercised loans guaranteed by U.S. government agencies which are held at fair value. The change in value recorded in the first quarter of 2022 related to these two mortgage assets was a $9.8 million increase in value. • Recorded $2.5 million of losses in other non-interest income related to sale of a property no longer considered for future expansion and the anticipated sale of a former data processing facility. • Net interest income increased by $63.6 million largely due to strong loan growth and improved net interest margin . Net interest margin increased 42 basis points driven by rising earning asset yields significantly outpacing increased deposit costs. • We believe, subject to a material change in the consensus projection of interest rates as of this release date, that our net interest margin will continue to expand in the third and fourth quarters of 2022 and could approach 3.50% by the end of 2022. • Completed a common stock offering of 3,450,000 shares generating net proceeds of $285.7 million. 1 See non-GAAP reconciliation in Appendix 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix

8 32% 0% 25% 1% 6% 15% 21% Commercial excl. PPP Commercial PPP Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables - Commercial Premium Finance Receivables - Life Insurance • Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.2 billion to $1.4 billion at December 31, 2022, as compared to $1.3 billion to $1.4 billion at September 30, 2022. When adjusted for the probability of closing, the pipelines were estimated to be approximately $754 million to $834 million at December 31, 2022, as compared to $878 million to $1.0 billion at September 30, 2022. • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $2.0 billion, as compared to September 30, 2022, • Total period end loans as of December 31, 2022 were $1.1 billion higher than average total loans in the fourth quarter of 2022. $38,168 $259 $137 $31 $373 $136 $86 $6 $39,196 9/30/2022 Leasing Residential Real Estate Commercial excl. Leasing Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 12/31/2022 Loan Portfolio Balanced loan portfolio of approximately 1/3 Commercial, 1/3 Commercial Real Estate and 1/3 Specialty Finance Continued Strong Loan Growth Alongside Increasing Loan Yields QoQ Growth Lead by Commercial & Acquired Loan Portfolio $34.8 $35.3 $37.1 $38.2 $39.2 3.41% 3.33% 3.59% 4.28% 5.15% Total Loans Average Total Loan Yield 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Year-over-Year Change $4.4B or 13% in Total Loans Balanced Loan Mix (as of 12/31/2022) Total Commercial $12.5 Commercial Real Estate $10.0 Premium Finance Receivables - Commercial Insurance $5.8 Premium Finance Receivables - Life Insurance $8.1 Residential Real Estate $2.4 All Other Loans $0.4 ($ in Billions) ($ in Millions) Key Observations Benefit from Current and Future Anticipated Rate Increases 51.0% 28.0% 6.0% 11.0% 5.0% Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-12 months 1-2 Years 2-5 Years > 5 Years $39.2 DONE Commercial excl. PPP $11.7 PPP $0.3 Commercial Real Estate $9.2 Premium Finance Receivables - Commercial Insurance $4.9 Premium Finance Receivables - Life Insurance $7.2 All Other Loans $3.2 Presentation draft doughnut chart left ($ in Billions) $38,168 $38,518 9/30/2022 Commercial PPP All Other Commercial Loans Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 12/31/2022 Draft waterfall below 1 1 1 RELINK TEXT BOX TOT LOANS Loan Growth Across All Loan Portfolios Pending from Mark B. Pending $4.4B or 13% in Total Loans, $5.0B or 15% in Total Loans excl. PPP

9 1 "Prior Fed Cycle" defined as Q3 2015 to Q2 2019 and "Current Fed Cycle" begins in Q3 2019 to present Current Deposit Betas Through December Remain Relatively Low During Rising Rate Environment • Total deposits increased by $0.1 billion from the prior quarter end. • Non-interest bearing deposits comprise 30% of total deposits as of December 31, 2022. • Rate paid on average interest-bearing deposits increased 66 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 91.4% as compared to 89.2% at prior quarter end. $42,797 $(861) $(84) $(524) $348 $568 $659 $42,903 9/30/2022 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 12/31/2022 Deposit Portfolio Enviable core deposit franchise in Chicago and Milwaukee market areas Increased Funding Costs Considerably Outpaced by Higher Loan Yields Diversified Deposit Mix (as of 12/31/2022) Focused on low-cost deposit mix to drive margin expansion $42.1 $42.2 $42.6 $42.8 $42.9 0.24% 0.22% 0.28% 0.64% 1.30% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 30% 13% 5% 30% 11% 11% Non-Interest-Bearing NOW and Interest-Bearing DDA Wealth Management Deposits Money Market Savings Time Certificates of Deposit Year-over-Year Change $0.8B or 2% Non-Interest-Bearing $12.7 NOW and Interest- Bearing DDA $5.6 Wealth Management Deposits $2.5 Money Market $12.8 Savings $4.6 Time Certificates of Deposit $4.7 ($ in Billions) ($ in Billions) $42.9 53% 44% Q3 2019 to Q4 2021 (–225 bps) Q3 2015 to Q2 2019 (+225 bps) Historical Interest-Bearing Deposit Betas Through Previous Fed Cycles Non Interest Bearing $12.6 NOW and Interest- Bearing DDA $19.9 Wealth Management Deposits $3.5 Money Market $2.1 Savings $2.5 Time Certificate of Deposits $2.2 Draft graph to left $42,797 $150 $(75) $100 $(50) $43,172 9/30/2022 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 12/31/2022 Draft waterfall below 1 55.6% 61.9% 20.0% 8.6% 24.4% 29.6% Non-Interest-Bearing Time Certificates of Deposit ("CD's") Interest-Bearing excl. CD's Q2 2019 Q4 2022 Deposit Growth Coupled with Decreasing Funding Costs 0.25% 3.25% 0.22% 1.30% 0.83% 1.51% Fed Target Total Interest-Bearing Deposit Costs Total Deposit Costs 12/31/21 09/30/22 Total Interest-Bearing Beta 5% Total Deposit Beta 4% Fed Target up 300 bps Historical Interest-Bearing Beta1 44% 1Historical Deposit Beta reflects previous rising rate fed cycle Q3 2015 to Q2 2019 Fed Target up 425 bps 0.25% 4.50% 12/31/21 12/31/22 Total Interest-Bearing Deposit Beta 25% 0.24% 1.30% 12/31/21 12/31/22 Total Deposit Beta 17% 0.16% 0.89% 12/31/21 12/31/22 Fed Target Upper Bound Total Interest-Bearing Deposit Costs Historical Beta1 44% Total Deposit Costs Historical Beta1 33% $42.9

10 $5.3 $6.7 $7.3 $5.4 $6.4 $7.9 2.07% 2.33% 2.91% Investment Securities Average Balance Investment Securities and Trade Date Securities Receivable End of Period Balance Yield on Investment Securities Q4 2021 Q3 2022 Q4 2022 $6.1 $3.0 $2.4 $6.1 $4.0 $2.0 0.16% 2.28% 3.50% 13.3% 6.4% 5.0% Interest-Bearing Cash Average Balance Interest-Bearing Cash End of Period Balance Yield on Average Interest-Bearing Cash Total Average Interest-Bearing Cash as a % of Total Average Earning Assets Q4 2021 Q3 2022 Q4 2022 $3.2 $3.7 $0.9$0.1 Available-for-Sale Held-to-Maturity Trade Date Securities Receivable Other Liquidity Utilized to Fund Loan Growth Q1 21; Q4 21 ; Q1 22- remove 2020 period (All three graphics) Liquidity Deployed liquidity to finance earning asset growth coupled with strategic management of investment portfolio • We continue to maintain excess liquidity and believe that deploying such liquidity could potentially increase our net interest margin and net interest income. • We remain well positioned to benefit from a higher rate environment and are monitoring the available market returns on investments. We intend to be prudent in our decision making. Strategically Balanced Investment Portfolio1 (as of 12/31/2022) $2.2 $6.1 $2.4 $— $6.1 $2.0 1.68% 0.16% Average Balance End of Period Balance Yield Q1 2020 Q4 2021 Q4 2022 Duration of Investment Portfolio1 and Liquidity $32.7 $46.1 $2.2 $6.1 $2.4 6.7% 13.2% 4.9% Total Average Earning Assets Total Average Interest-Bearing Cash Total Average Interest-Bearing Cash as a % of Total Average Earning... Q1 2020 Q4 2021 Q4 2022 Expanded Investment Portfolio1 in Fourth Quarter Given Available Market Returns 1 Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents 1 1 ($ in Billions) ($ in Billions) ($ in Billions) Liquidity Focused on taking advantage of market opportunities to prudently deploy excess liquidity ($ in Billions) $7.9 44.23% 55.77% Available for Sale Held-to-Maturity Sustained Earning Asset Growth while Maintaining adequate levels of Interest-Bearing Cash1 Interest-Bearing Cash1 Intentionally Maintained to Limit Locking in Low Interest Rates 6.28 7.12 6.77 3.15 4.53 5.96 Investment Portfolio Duration Investment Portfolio, Securities Purchased under Resale Agreements and Liquidity Duration Q4 2021 Q3 2022 Q4 2022 (in Years) subnotes look weird but print ok Focused on taking advantage of market opportunities to prudently deploy excess liquidity $5.3 $6.7 $7.3 $5.4 $6.4 $7.9 $— $— $0.9 Investment Securities Average Balance Investment Securities and Trade Date Securities Receivable End of Period Balance Trade Date Securities Receivables Yield on Investment Securities Q4 2021 Q3 2022 Q4 2022 1 Includes securities held as a trade date securities receivable as of 12/31/22. In January 2023, the Company reinvested the trade date receivable proceeds to purchase a similar amount of investment securities.

11 9.0% 0.4% (0.3)% 9.1% 9/30/2022 Retained Earnings and other equity changes Change in RWA 12/31/2022 No. 3 footnote prints correctly as is 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 9.1% 10.0% 11.9% Minimum Requirement Capital Conservation Buffer WTFC 11.8% 0.4% (0.3)% 11.9% 9/30/2022 Retained Earnings and other equity changes Change in RWA 12/31/2022 Capital Adequate and appropriate capital levels given the Company's risk profile Q4 2022 Key Observations Adequate Capital Levels • Common Equity Tier 1 Capital and Total Capital ratios decreased primarily due to risk-weighted asset growth in Q4 2021. • Q4 2022 dividend of $0.31 per common share increased 11% from Q4 2021. • Tangible book value per common share increased $2.58 from the prior quarter-end and increased $1.36 or 2.3% from Q4 2021. Capital Levels Remaining Constant Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Common equity tier 1 capital ratio1 8.6% 8.6% 9.0% 9.0% 9.1% Tier 1 capital ratio1 9.6% 9.6% 9.9% 9.9% 10.0% Total capital ratio1 11.6% 11.6% 11.9% 11.8% 11.9% Tier 1 leverage ratio1 8.0% 8.1% 8.8% 8.8% 8.8% Tangible book value per common share (Non-GAAP2) $59.64 $59.34 $59.87 $58.42 $61.00 Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $943 $667 $626 1 Ratios for Q4 2022 are estimated 8.6% 8.6% 9.0% 9.0% 9.1% 9.6% 9.6% 9.9% 9.9% 10.0% 11.6% 11.6% 11.9% 11.8% 11.9% 8.0% 8.1% 8.8% 8.8% 8.8% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Quarterly Earnings Supported Loan Growth Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Tangible book value per common share (Non-GAAP2) $59.64 $59.34 $59.87 $58.42 $61.00 1 5 5 RWA: Risk-Weighted Assets $59.64 $59.34 $59.87 $58.42 $61.00 6.9% 6.9% 7.2% 6.9% 7.1% Tangible Book Value Per Share (Non-GAAP ) Tangible Common Equity Ratio (Non-GAAP ) 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Continued TBV Improvement 5 TCE: Tangible Common Equity (Non-GAAP) 6 See Non-GAAP reconciliation on pg. 26 6 63 TBV: Tangible Book Value per Common Share (Non-GAAP) – See Non-GAAP reconciliation in the Appendix 4 RWA: Risk-Weighted Assets Linked chart below Capital Risk-Weighted Assets are inflated by Premium Finance Life portfolio; 100% risk rated with no historical losses $59.34 $1.65 $(2.01) $(0.46) $1.35 $59.87 9/30/2022 Earnings Change in OCI Dividends Stock Issuance & Other 12/31/2022 4 Add "Total Risk Based Capital" CET1 Ratio $44.67 $49.70 $53.23 $59.64 $61.00 $55.71 $61.68 $65.24 $71.62 $72.12 Book Value Per Common Share Tangible Book Value Per Common Share (non-GAAP) 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/20221

12 3.35% 0.84% (0.68)% 0.22% 3.73% NIM (non- GAAP) Q3 2022 Earning Asset Yield Interest-Bearing Liability Rate Net Free Funds NIM (non- GAAP) Q4 2022 $23.1 $6.8 $9.3 Variable Rate Fixed Rate maturing under 1 year Fixed Rate maturing over 1 year 11.6% 12.4% 3.8% 5.7% 6.9% 3.0% Static Ramp 12/31/2020 12/31/2021 12/31/2022 2.54% 2.60% 2.92% 3.34% 3.71%2.55% 2.61% 2.93% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Net Interest Income/Margin Net interest margin benefiting from higher earning asset yields and prudent deployment of liquidity to fund loan growth Increased Earning Asset Yield Outpaces Funding Costs Net Interest Margin and Loan Growth Drive Significant Net Interest Income Expansion Net Interest Margin (Quarterly Trends) 3.35% 3.73% Q3 2022 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q4 2022 • Q4 2022 net interest income totaled $456.8 million. ◦ A decrease of $55.4 million as compared to Q3 2022 and a decrease of $160.8 million as compared to Q4 2021. • Net interest margin (Non-GAAP1) increased by 38 bps from the prior quarter: ◦ Earning assets yield up 84 bps. ◦ Interest bearing liability rate up 68 bps. ◦ Net free funds up 22 bps. • Net interest income increased by $55.4 million###### • Net interest margin, on a fully taxable equivalent basis (non-GAAP) increased by 38 basis points to 3.73% ###. ◦ The rate on interest bearing deposits declined by five basis points which more than offset a three basis point decline in loan yields. • As of December 31, 2021, the Company had approximately $12.7 million of net PPP loan fees that have yet to be recognized in income. $295.98 $299.29 $337.80 $401.45 $456.82 2.54% 2.60% 2.92% 3.34% Net Interest Income Net Interest Margin (GAAP) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Repositioning Our Balance Sheet to Reduce Our Interest Rate Sensitivity $296.0 $299.3 $337.8 $401.5 $274.8 $285.1 $330.4 $396.6 $456.2 $21.2 $14.2 $7.4 2.54% 2.60% 2.92% 3.34% 3.71% Net Interest Income excl. PPP PPP Interest Income Net Interest Margin (GAAP) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Linked graph left 2.54% 2.60% 2.92% 3.34% 2.56% 2.55% 2.61% 2.93% 2.57% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 3.35% 3.40% Q3 2022 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q4 2022 Trending floating of variable, or snapshot of where we are today NEW CHART pie var vs fixed Donut prints weird middle needs to be higher 1 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 2 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 1 2 Loan Mix Supports Interest Rate Sensitivity (as of 12/31/2022) Use Table 9 for doughnut to link $38.2B ($ in Millions) ($ in Billions) (Rising Rates Scenario + 100 Basis Points ) footnotes print correct as is Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points Based on Contractual Reprice or Maturity Date 1 See Non-GAAP reconciliation in the Appendix $0.6 $4.9 $296.0 $299.3 $337.8 $401.4 $456.8 2.54% 2.60% 2.92% 3.34% 3.71% Net Interest Income Net Interest Margin (GAAP) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 (7.9)% (8.5)% (5.0)% (3.3)% (5.6)% (2.9)% Static Ramp 12/31/2020 12/31/2021 12/31/2022 Repositioning the Balance Sheet to Mitigate Interest Rate Risk 1 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 2 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 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Falling Rates Scenario - 100 Basis Points

13 $133.8 $162.8 $102.9 $101.5 $93.8 $32.5 $31.4 $31.4 $33.1 $30.7 $14.2 $15.5 $15.0 $12.6 $12.4 $14.7 $15.3 $15.9 $14.3 $13.1 $19.3 $23.4 $7.3 $14.3 $20.2 $53.1 $77.2 $33.3 $27.2 $17.4 Wealth Management Operating Lease Income, net Service Charges on Deposits Other Mortgage Banking Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Declining Mortgage Originations for Sale due to Rising Mortgage Rates Fee Businesses Contribution Lower in Rising Rate Environment Growing Wealth Management Business • Non-interest income totaled $93.8 million. ◦ A decrease of $7.6 million as compared to Q3 2022 and a decrease of $39.9 million as compared to Q4 2021. • Mortgage banking revenue decreased by $9.8 million in Q4 2022 as compared to Q3 2022. See detail on Slide 13. • Wealth management income decreased $2,397,000 as compared to Q3 2022. 1 Other - includes Interest Rate Swap Fees, BOLI, Administrative Services, FX Remeasurement Gains/ (Losses), Early Pay-Offs of Capital Leases, Gains/(losses) on investment securities, net, Fees from covered call options, Trading gains/(losses), net and Miscellaneous. 1 $32.5 $31.4 $31.4 $33.1 $30.7 $27.2 $26.8 $27.1 $28.5 $26.5 $5.3 $4.6 $4.3 $4.6 $4.2 $35.5 $35.8 $32.9 $32.8 $34.4 Trust and Asset Management Revenue Brokerage Revenue Assets Under Administration ($ in Billions) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Operating Lease Portfolio Contributes Meaningful Fee Income $14.2 $15.5 $15.0 $12.6 $12.4 $242.1 $240.7 $223.8 $244.8 $253.9 Operating Lease Income, Net Lease Investments, Net (Period-End Balance) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 • primarily due to decreased trust and asset management fees and brokerage commissions Confirm AUM correct for all periods. Non-Interest Income Diversified fee business supports non-interest income levels despite challenging mortgage environment ($ in Millions) ($ in Millions) ($ in Millions) $14.7 $15.3 $15.9 $14.3 $13.1 $13.5 $13.8 $14.2 $12.7 $11.4 $1.2 $1.5 $1.7 $1.6 $1.7 Commercial Service Charges on Deposits Consumer Service Charges on Deposits Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Year-over-Year Change $(1.8)M or (13)% ($ in Millions) Split into business and consumer? Wealth Management Business Remains Healthy Despite Market Volatility Hedging Efforts Helped Reduce MSR Volatility % of MSRs to Loans Serviced for Others Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 1.12% 1.48% 1.56% 1.65% 1.64% $147.6 $199.1 $212.7 $229.7 $230.2 $13,126 $13,427 $13,644 $13,926 $14,053 MSRs, at fair value Loans Serviced for Others Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 ($ in Millions) $1,299 $896 $821 $661 $422$981 $648 $596 $449 $287 $318 $248 $225 $212 $135 Retail Originations Veterans First Originations Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 ($ in Millions)

14 $167.1 $172.4 $167.3 $176.1 $180.3 $91.6 $92.2 $92.4 $97.4 $100.2 $49.9 $51.8 $46.1 $50.4 $49.5 $25.6 $28.4 $28.8 $28.3 $30.6 Salaries Commissions and Incentive Compensation Employee Benefits Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 65.64% 61.04% 64.21% 58.41% 55.02% Efficiency Ratio (non-GAAP) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Non-Interest Expense Conservative and consistent operating philosophy Managing Staffing Expenses within Economic Wage Pressure Environment Items Impacting Quarterly Comparability • The company recorded $838,000 in Occupancy expense related to the anticipated sale of a branch facility • Recorded $846,000 in Software and Equipment expense related to the impairment of an operating lease asset 1 Other NIE - includes Professional Fees, Data Processing, amortization of other intangible assets, FDIC insurance, OREO expense, net, Commissions (3rd Party Brokers), Postage and Miscellaneous $288.7 $4.2 Q2 2022 Non-Interest Expense Salaries and Employee Benefits All Other Expenses Q3 2022 Non-Interest Expense 1 1 Net Overhead Ratio - 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. 2 See Non-GAAP reconciliation in the Appendix Salaries and employee benefits expense decreased by $1.9 million in the third quarter of 2021 as compared to the second quarter of the year. The $1.9 million decline is primarily related to $6.3 million of lower compensation expense associated with the mortgage banking operation offset somewhat by higher incentive compensation expense for annual bonus and long-term incentive compensation plans during the third quarter relative to the second quarter. ($ in Millions) $286.9 $286.9 $280.1 $282.1 $0.0 $180.8 $180.8 $172.8 $170.9 $— $20.9 $20.9 $20.9 $22.0 $20.0 $20.0 $17.7 $18.2 $8.5 $8.5 $11.3 $13.4 $10.8 $10.8 $9.9 $10.0 $45.9 $45.9 $47.5 $47.6 Salaries and Employee Benefits Software and Equipment Occupancy, net Advertising and Marketing Operating Lease Equipment Other Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $68.5 $87.5 $95.9 Software and Equipment Expense FY 2020 FY 2021 FY 2022 Increasing Investment in Digital Infrastructure ($ in Millions) 1 FTE - Full-Time Equivalent Employees 1 ($ in Millions) Update title Increase Primarily Driven by Higher Incentive Compensation Related to Strong 2022 Performance and Increased Employee Insurance Costs Continued Steady Improvement of Efficiency Ratio $296.5 $4.2 $1.7 $(2.3) $1.4 $6.3 $307.8 Q3 2022 Non- Interest Expense Salaries and Employee Benefits Professional Fees Advertising and Marketing Travel and Entertainment All Other Expenses Q4 2022 Non- Interest Expense 1 Extraordinary Items - TBD 1 PENDING ($ in Millions)

15 Canada Market: Loan Portfolio - Geographic Diversification1 as of 12/31/2022 Total Loan Portfolio Primary Geographic Region Commercial: Commercial, industrial and other Illinois/Wisconsin Leasing Nationwide Franchise Lending Multi-State Commercial real estate Construction and development Illinois/Wisconsin Non-construction Illinois/Wisconsin Home equity Illinois/Wisconsin Residential Real Estate Illinois/Wisconsin Premium finance receivables Commercial insurance loans Nationwide and Canada Life insurance loans Nationwide Consumer and other Illinois/Wisconsin 1Geographic Diversification: relevant business location utilized, which can mean the following locations: collateral location, customer business location, customer home address and customer billing address. Key Observations • Primarily focused in the Midwest with a presence in Western and Southern U.S. markets. • National niche lending businesses create a diversified loan portfolio. States/Jurisdictions that individually comprise less than 1% of the Total Loan Portfolio1 2% 9% 6% 36% 2% 2% 5% 2% 5% NP - Puerto Rico NP - Virgin Islands 2% 1% 1% 2% 2% 2% 5% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Loan Portfolio Highly diversified portfolio across U.S. • With the recent tragic events of Hurricane Ian we are closely monitoring our loan portfolios with exposure in Florida. During our risk assessment we focused on counties that FEMA identified as critically impacted. Our exposure in counties classified as severely impacted by the damage of Hurricane Ian is approximately 1% of our total loans. • As of this release date, delinquencies and deferrals remain stable. We will continue to monitor the developing situation in Florida. We believe that a portion of any potential losses will be mitigated by Insurance, Federal, State, and County Relief Programs. • P&C Premium Finance loans in the State of Florida made prior to 9/28/22 are subject to an Emergency Order which impacts the ability to act on collateral as needed for 45 days. This is not anticipated to impact results given our experience through similar such orders and events (Irma, Katrina, Sandy, etc.). • With the recent tragic events of Hurricane Ian we are closely monitoring our loan portfolios with exposure in Florida. During our risk assessment we focused on counties that FEMA identified as critically impacted. Our Exposure in counties classified as severely impacted by the damage of Hurricane Ian are as follows: ◦ Residential: 56% of Total Florida Mortgage Loans ◦ Specialty Finance Portfolio: 40% of Total Florida Equipment Leases • As of this release date, delinquencies and deferrals remain stable. We will continue to monitor the developing situation in Florida.We believe that a portion of any potential losses will be offset by Insurance, Federal, State, and County Relief Programs. PENDING

16 $158.5 $205.9 $357.9 0.59% 0.77% 0.91% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 12/31/2022 Credit Quality Exceptional credit quality driven by a diversified loan portfolio • The Company estimates an increase to the allowance for credit losses of approximately 30% to 50% at adoption related to its loan portfolios and related lending commitments. Approximately 80% of the estimated increase is related to: ◦ Additions to existing reserves for unfunded lending-related commitments due to the consideration under CECL of expected utilization by the Company's borrowers over the life of such commitments. ◦ Establishment of reserves for acquired loans which previously considered credit discounts. The Company estimates an insignificant impact at adoption of measuring an allowance for credit losses for other in-scope assets (e.g. held-to-maturity debt securities). Continued Relatively Stable Levels of Non-Performing Loans Extended Low Levels of Net Charge-Offs $74.4 $57.3 $72.4 $97.6 $100.7 0.21% 0.16% 0.20% 0.26% 0.26% NPLs NPLs as a % of Total Loans 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 $6.2 $2.5 $9.5 $3.2 $5.1$9.3 $4.1 $20.4 $6.4 $47.6 0.07% 0.03% 0.11% 0.03% 0.05% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $9.3 $4.1 $20.4 $6.4 $47.6 63.27% 61.67% 46.51% 49.36% 10.66% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 $7.77 $53 $135.1 $0 $0 $0.5 $— $— $— $—$7.3 $53.0 $135.1 63.3% 61.7% 46.5% 49.4% 10.7% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Incurred Loss Method CECL Incurred Loss Method CECL Q4 2022 Q3 2022 Increase/ (Decrease) Pass $ 33,700,724 $ 32,045,349 $ 1,655,375 Special Mention 755,859 794,238 (38,379) Substandard Accrual 265,452 340,516 (75,064) Substandard Nonaccrual/Doubtful 67,069 83,940 (16,871) Total Loans $ 34,789,104 $ 33,264,043 $ 1,525,061 Q4 2022 Key Observations During the fourth quarter of 2021, we continued our practice of pursuing the resolution of non-performing credits and executed a loan sale that reduced non-performing loans by approximately $10 million resulting in $1.8 million of net charge-offs. The key drivers of the shift in credit quality mix include: • Risk rating upgrades as a result of improved credit performance. • Increase in pass rated credits was driven by commercial loan growth and higher utilization on existing lines partially offset by decline in PPP Loans. ($ in Millions) ($ in Millions) ($ in Millions) Increased Allowance Coverage Driven by Macroeconomic Factors $37,256 $38,321 Q3 2022 Q4 2022 $572 $541 Q3 2022 Q4 2022 $340 $334 Q3 2022 Q4 2022 $83.94 $67.07 Q4 2021 Q1 2022 Q4 2021 Pass Special Mention Substandard Accrual Substandard nonaccrual Q1 2022 $340.52 $265.45 Q4 2021 Q1 2022 Pass and Loans Guaranteed1 ($ in Millions) Special Mention Substandard2 $158.5 $205.9 $299.7 $357.9 0.59% 0.77% 0.86% 0.91% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 12/31/2021 12/31/2022 Modest Levels of Special Mention and Substandard Loans 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful 3Portfolio Changes: Includes new volume and run-off, changes in credit quality, aging of existing portfolio, shifts in segmentation mix, changes in specific reserves, net charge-offs $315,338 $10,446 $32,152 $357,936 9/30/2022 Portfolio Changes Economic Factors 12/31/2022 ($ in Thousands) Macro-economic conditions Model imprecision Volume Credit Quality Aging Mix Net Charge- offs 3

17 $4,443 $5,761 $6,469 $7,338 45.5% 37.7% 40.5% 40.5% Unused Line of Credit Balance (excl. Mortgage Warehouse and Leases) Line Utilization % of Total Commercial Loans (excl. Mortgage Warehouse and Leases) 12/31/2019 12/31/2020 12/31/2021 12/31/2022 $11,346 $11,330 $11,965 $12,216 $12,520 0.14% 0.03% 0.27% (0.06)% 0.08% Total Commercial Loans Net Charge-Off Ratio 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Credit Quality - Commercial Loans1 Low net charge-off levels with growth upside as line utilization remains below pre-pandemic levels Continued Portfolio Growth Paired with a Low Net Charge-Off Ratio Non-Performing Loans Stabilized and Remain Low $4,384 $5,513 $5,583 $6,141 $6,236 $6,489 $6,832 $7,243 46.1% 50.8% 41.4% 43.0% 39.7% 38.9% 38.4% 39.3% 39.6%45.5% 50.6% 40.6% 41.5% 37.7% 36.7% 37.0% 39.0% 40.5% Unused Line of Credit Balance Total Commercial (excl. PPP and Leases) Total Commercial (excl. PPP, Mortgage Warehouse and Leases) 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 $20.4 $16.9 $32.4 $44.5 $36.0 0.17% 0.15% 0.27% 0.36% 0.29% NPLs NPL as a % of Category 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Q4 2022 Key Observations • Significant loan growth in Q4 2021 of $1.2 billion of which $578 million is attributed to acquired loans. • Net charge-offs in Q4 2021 were consistent with historical levels. • The proportion of Commercial non-performing loans remains relatively low as pandemic-driven circumstances continue to improve. • Line utilization increased slightly in Q4 2021 but remains historically low as a result of factors such as excess liquidity in the market as well as suspension of capital expenditures and other non- working capital payments. 1 Commercial Loans excludes PPP loans 2 Net Charge-Off Ratio is calculated as a percentage of average loans ($ in Millions) ($ in Millions) Line Utilization as a % of Commercial Loans remains low due to excess liquidity in the market and suspension of capital expenditures Allowance Provides Appropriate Coverage Unused Line of Credit Balance Continues to Rise ($ in Millions) 45.5% 37.7% 40.5% 40.5% Total Commercial (excl. Mortgage Warehouse and Leases) 12/31/2019 12/31/2020 12/31/2021 12/31/2022 $4,687 $4,384 $6,236 $7,260 Unused Line of Credit Balance 12/31/2019 12/31/2020 12/31/2021 12/31/2022 $4,687 $4,384 $6,236 $7,260 $4,443 $4,105 $5,837 $6,481 $244 $278 $398 $779 Unused Line of Credit Balance excluding Mortgage Warehouse Mortgage Warehouse 12/31/2019 12/31/2020 12/31/2021 12/31/2022 1 Commercial Loans excludes PPP loans $119,305 $120,910 $142,916 $135,315 $142,769 1.05% 1.07% 1.19% 1.11% 1.14% Calculated Allowance Allowance as a % of Category 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 ($ in Thousands) $11,346 $11,330 $11,965 $12,216 $12,520 0.14% 0.03% 0.27% (0.06)% 0.08% Period End Balance Net Charge-Off Ratio 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 ($ in Millions)

18 13% 18% 13% 26% 15% 11% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $8,990 $9,235 $9,407 $9,578 $9,951 0.01% 0.03% (0.02)% 0.00% 0.02% Period End Balance Net Charge-Off Ratio 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties Continued Strong Growth with Low Charge-Offs NPLs Continue to Decline $21.7 $12.3 $10.7 $10.5 $6.4 0.24% 0.13% 0.11% 0.11% 0.06% NPLs NPL as a % of Category 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Q4 2022 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 16% 22% 17% 29% 17% Office Industrial Retail Multi-family Mixed use and other 77% 4% 18% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 12/31/2022) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ in Millions) 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan 1 Net Charge-Off Ratio is calculated as a percentage of average loans Allowance Reflects Current Macroeconomic Trends $144,583 $144,906 $143,732 $150,718 $184,352 1.61% 1.57% 1.53% 1.57% 1.85% Calculated Allowance Allowance as a % of Category 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 ($ in Thousands) 7% 9% 7%13% 7% 6% 0% 2% 50% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land 14% 18% 13% 26% 14% 11% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land

19 $4,855 $4,938 $5,541 $5,714 $5,850 0.09% 0.02% 0.14% 0.30% 0.16% Period End Balance Net Charge-Off Ratio 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Credit Quality - Premium Finance Receivables Commercial Net charge-off levels remain low while outstanding balances grow Steady Origination Volume Driven by Market Conditions Average Balances & Quarterly Yields ($ in Millions) $3,724.6 $4,134.0 $4,010.5 $3,952.9 5.05% 4.60% 4.60% 4.42% Average Balance Yield Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q4 2022 Key Observations • At the beginning of the pandemic, Premium Finance Receivables ("PFR") - Commercial experienced an increase in NPLs as a result of borrower delinquency, which was exacerbated by state emergency orders delaying cancellation of insurance policies which generate return premiums, the collateral for this portfolio. This caused NPLs to be elevated in 2020 and has subsequently returned to normalized levels in 2021. • Despite the pandemic and state emergency orders, net charge-off levels remained low and characteristic of the low loss levels expected of this portfolio, with the portfolio experiencing net recoveries in Q2 2021 and Q3 2021. • Strong origination volumes in 2021 a result of businesses seeking financing opportunities during the pandemic, hardening insurance markets, additions of new relationships and a low rate environment. 1 Net Charge-Off Ratio is calculated as a percentage of average loans $3,065 $2,984 $3,556 $3,515 $3,550 Originations 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 NPLs Remain Below Historic Norms $12.6 $19.1 $19.8 $29.7 $29.3 0.26% 0.39% 0.36% 0.52% 0.50% NPLs NPL as a % of Category 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 ($ in Millions) ($ in Millions) ($ in Millions) $9,478 $10,182 $10,588 $11,231 $28 $38 $39 $48 Risk Rating 1-5 Risk Rating 6-10 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 Continued Benefit From a Rising Rate Environment 49% 31% 15% 5% Current Premium Finance Receivables Commercial Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 6-9 Months > 9 months Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows Significant Loan Growth

20 $8,256 $1,271 Cash Surrender Value Other $7,043 $7,354 $7,608 $8,005 $8,091 0.00% 0.00% 0.00% 0.00% 0.00% Period End Balance Net Charge-Off Ratio 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Credit Quality - Premium Finance Receivables Life Life Insurance portfolio remains extremely robust and has continued to demonstrate exceptional credit quality Immaterial Amount of Non-Performing LoansReliably Strong Growth With Pristine Credit Quality Average Balances & Quarterly Yields ($ in Millions) $5,290.1 $5,462.8 $5,636.3 $5,957.5 3.71% 3.38% 3.74% 2.89% Average Balance Yield Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q4 2022 Key Observations • Throughout the pandemic, the Premium Finance Receivables ("PFR") - Life Insurance portfolio has remained extremely resilient and has continued to demonstrate exceptional credit quality, as shown by the characteristically low net charge-off and NPL levels. • Origination levels have remained strong. Some of the primary drivers of growth in 2021 include: ◦ increased mortality awareness in response to the pandemic. ◦ realized or anticipated changes in tax laws including changes to allowable maximum premium amounts relative to death benefit. ◦ low interest rate environment has made leveraging insurance products attractive to consumers. • Collateral as a percentage of outstanding balance is 117% as of Q4 2022. 1 Loan Collateral reported at actual values versus credit advance rate 2 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance $315.4 $442.7 $330.3 $360.0 $371.9 Originations 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Total Loan Collateral1 by Type (as of 12/31/2022) $1.8 $17.20.02% 0.21% NPLs NPL as a % of Category 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 2.9% 64.4% 4.0% 1.1% 18.1% 9.5% Annuity Brokerage Account Certificate of Deposit Bank Cash/Cash Equivalent Letters of Credit Money Market "Other" Loan Collateral1 by Type (as of 12/31/2022) Other ($ in Millions) ($ in Millions) Period-End Balances & Annualized Net Charge-off Ratio1 ($ in Millions) Collateral Coverage2 of 118% No material charge-offs have occurred in the periods presented below.

21 Appendix

22 Glossary Abbreviation Definition AFS Available For Sale BP Basis Point BV Book Value per Common Share CECL Current Expected Credit Losses CET1 Ratio Common Equity Tier 1 Capital Ratio CRE Commercial Real Estate DDA Demand Deposit Account Diluted EPS Net Income per Common Share - Diluted FY Full Year GAAP Generally Accepted Accounting Principles Interest Bearing Cash Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents MSR Mortgage Servicing Right NCO Net Charge Off Net Overhead Ratio 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. NII Net Interest Income NIM Net Interest Margin Non-GAAP For non-GAAP metrics, see the reconciliation in the Appendix NP Not Pictured NPL Non-Performing Loan PPP Paycheck Protection Program PTPP Pre-Tax, Pre-Provision Income ROA Return on Assets RWA Risk-Weighted Asset TBV Tangible Book Value per Common Share

23 Three Months Ended Years Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2022 2022 2022 2022 2021 2022 2021 (A) Interest Income (GAAP) $ 580,745 $ 466,478 $ 371,968 $ 328,252 $ 327,979 $ 1,747,443 $ 1,275,484 Taxable-equivalent adjustment: - Loans 1,594 1,030 568 427 417 3,619 1,627 - Liquidity Management Assets 538 502 472 465 486 1,977 1,972 - Other Earning Assets 1 1 1 2 2 5 2 (B) Interest Income (non-GAAP) $ 582,878 $ 468,011 $ 373,009 $ 329,146 $ 328,884 $ 1,753,044 $ 1,279,085 (C) Interest Expense (GAAP) $ 123,929 $ 65,030 $ 34,164 $ 28,958 $ 32,003 $ 252,081 $ 150,527 (D) Net Interest Income (GAAP) (A minus C) $ 456,816 $ 401,448 $ 337,804 $ 299,294 $ 295,976 $ 1,495,362 $ 1,124,957 (E) Net Interest Income (non-GAAP) (B minus C) $ 458,949 $ 402,981 $ 338,845 $ 300,188 $ 296,881 $ 1,500,963 $ 1,128,558 Net interest margin (GAAP) 3.71% 3.34% 2.92% 2.60% 2.54% 3.15% 2.57% Net interest margin, fully taxable-equivalent (non-GAAP) 3.73% 3.35% 2.93% 2.61% 2.55% 3.17% 2.58% (F) Non-interest income $ 93,839 $ 101,482 $ 102,942 $ 162,790 $ 133,767 $ 461,053 $ 586,120 (G) Losses on investment securities, net (6,745) (3,103) (7,797) (2,782) (1,067) (20,427) (1,059) (H) Non-interest expense 307,836 296,469 288,668 284,298 283,399 1,177,271 1,132,544 Efficiency ratio (H/(D+F-G)) 55.23% 58.59% 64.36% 61.16% 65.78% 59.55% 66.15% Efficiency ratio (non-GAAP) (H/(E+F-G)) 55.02% 58.41% 64.21% 61.04% 65.64% 59.38% 66.01% Non-GAAP Reconciliation 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. 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. Reconciliation of non-GAAP Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs, net of economic hedge and Early Buy-out Loans Guaranteed by U.S. government agencies: ($ in Thousands): Income before taxes $ 195,173 $ 200,041 $ 131,661 $ 173,680 $ 137,045 $ 700,555 $ 637,796 Add: Provision for credit losses $ 47,646 $ 6,420 $ 20,417 $ 4,106 $ 9,299 $ 78,589 $ (59,263) Pre-tax income, excluding provision for credit losses (non-GAAP) $ 242,819 $ 206,461 $ 152,078 $ 177,786 $ 146,344 $ 779,144 $ 578,533 Less: Changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies $ 702 $ 2,472 $ (445) $ (43,365) $ (6,656) $ (40,636) $ (18,273) Pre-tax income, excluding provision for credit losses, adjusted for changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies (non- GAAP) $ 243,521 $ 208,933 $ 151,633 $ 134,421 $ 139,688 $ 738,508 $ 560,260

24 Three Months Ended Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): December 31, September 30, June 30, March 31, December 31, 2022 2022 2022 2022 2021 Total shareholders’ equity (GAAP) $ 4,796,838 $ 4,637,980 $ 4,727,623 $ 4,492,256 $ 4,498,688 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (675,710) (676,699) (679,827) (682,101) (683,456) (I) Total tangible common shareholders’ equity (non-GAAP) $ 3,708,628 $ 3,548,781 $ 3,635,296 $ 3,397,655 $ 3,402,732 Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 4,796,838 $ 4,637,980 $ 4,727,623 $ 4,492,256 $ 4,498,688 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $ 4,384,338 $ 4,225,480 $ 4,315,123 $ 4,079,756 $ 4,086,188 (M) Actual common shares outstanding 60,794 60,743 60,722 57,253 57,054 Book value per common share (L/M) $72.12 $69.56 $71.06 $71.26 $71.62 Tangible book value per common share (non-GAAP) (I/M) $61.00 $58.42 $59.87 $59.34 $59.64 Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 195,173 $ 200,041 $ 131,661 $ 173,680 $ 137,045 $ 700,555 $ 637,796 Add: Provision for credit losses 47,646 6,420 20,417 4,106 9,299 78,589 (59,263) Pre-tax income, excluding provision for credit losses (non-GAAP) $ 242,819 $ 206,461 $ 152,078 $ 177,786 $ 146,344 $ 779,144 $ 578,533 Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): Dec 31, Dec 31, Dec 31, 2020 2019 2018 Total shareholders’ equity (GAAP) $ 4,115,995 $ 3,691,250 $ 3,267,570 Less: Non-convertible preferred stock (GAAP) (412,500) (125,000) (125,000) Less: Intangible assets (GAAP) (681,747) (692,277) (622,565) (I) Total tangible common shareholders’ equity (non-GAAP) $ 3,021,748 $ 2,873,973 $ 2,520,005 Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 4,115,995 $ 3,691,250 $ 3,267,570 Less: Preferred stock (412,500) (125,000) (125,000) (L) Total common equity $ 3,703,495 $ 3,566,250 $ 3,142,570 (M) Actual common shares outstanding 56,770 57,822 56,408 Book value per common share (L/M) $65.24 $61.68 $55.71 Tangible book value per common share (non-GAAP) (I/M) $53.23 $49.70 $44.67