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): April 19, 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 April 19, 2023, Wintrust Financial Corporation (the “Company”) announced earnings for the first quarter of 2023 and posted on its website the First Quarter 2023 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 31 through 32 of Exhibit 99.1 and pages 25 through 27 of Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


Exhibit
99.1			First Quarter 2023 Earnings Release dated April 19, 2023
99.2			First Quarter 2023 Earnings Release Presentation dated April 19, 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: April 19, 2023

INDEX TO EXHIBITS



Exhibit
99.1			First Quarter 2023 Earnings Release dated April 19, 2023
99.2			First Quarter 2023 Earnings Release Presentation dated April 19, 2023

EX-99.1 2 q12023exhibit991.htm EX-99.1 Document

Exhibit 99.1

Wintrust Financial Corporation

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

News Release



FOR IMMEDIATE RELEASE						April 19, 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 Record First Quarter 2023 Net Income

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $180.2 million or $2.80 per diluted common share for the first quarter of 2023, an increase in diluted earnings per common share of 26% compared to the fourth quarter of 2022. Pre-tax, pre-provision income (non-GAAP) totaled a record $266.6 million as compared to $242.8 million for the fourth quarter of 2022.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, “Wintrust successfully navigated the first quarter with limited disruption thanks to our strong deposit franchise and balanced business model. Total deposits remained stable in the first quarter as the diversity of our deposit base showed its resilience in a volatile market. Credit metrics remained very strong with non-performing assets unchanged from the prior quarter, remaining at historic lows. Finally, the Company’s net interest margin increased during the quarter contributing to record quarterly net income.”

Highlights of the first quarter of 2023:

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

•Total deposits remained relatively stable decreasing by $184 million or 0.4%.

•Total loans increased by $369 million. In addition, total loans as of March 31, 2023 were $472 million higher than average total loans in the first quarter of 2023 which is expected to benefit future quarters.

•Total assets were relatively unchanged declining by $76 million.

•Net interest income increased by $1.2 million as compared to the fourth quarter of 2022 primarily due to improvement in net interest margin, partially offset by the impact of two fewer days in the quarter.

◦Net interest margin increased by 10 basis points to 3.81% (3.83% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2023 as the upward repricing of earnings assets outpaced increases in total funding cost.

•Recorded a provision for credit losses of $23.0 million in the first quarter of 2023 as compared to a provision for credit losses of $47.6 million in the fourth quarter of 2022.

•The allowance for credit losses on our core loan portfolio as of March 31, 2023 is approximately 1.46% of the outstanding balance. See Table 11 for more information.

•Net charge-offs totaled $5.5 million or six basis points of average total loans on an annualized basis in the first quarter of 2023 as compared to $5.1 million or five basis points of average total loans on an annualized basis in the fourth quarter of 2022.

•Non-performing assets were unchanged at 0.21% of total assets.

•The Company recorded a net negative fair value adjustment of $3.0 million in the first quarter of 2023 as compared to a $702,000 net negative fair value adjustment in the fourth quarter of 2022 related to fair value changes in certain mortgage assets, see “Non-Interest Income” section for more information.

•The total risk-based capital ratio improved to 12.1% as of March 31, 2023 as compared to 11.9% as of December 31, 2022 due to strong earnings.

•Book value per common share increased by $3.12 to $75.24 as of March 31, 2023. Tangible book value per common share (non-GAAP) increased to $64.22 as of March 31, 2023 as compared to $61.00 as of December 31, 2022.

Mr. Wehmer continued, “Our well-established position as Chicago’s and Wisconsin’s bank proved its value as our deposit base was steady in the first quarter of 2023. Wintrust has a granular consumer and business deposit portfolio and does not have any material, at-risk deposit concentrations. In addition, we experienced growth in consumer deposits in the first quarter of 2023. Expanding our retail deposit market share and footprint remains among our top objectives. We expect to leverage our distinguished customer service, competitive rate offerings and diversified products including MaxSafe® to grow deposits in future quarters.”

Mr. Wehmer noted, “Maintaining sufficient liquidity is a fundamental part of our operation and we plan to continue to operate prudently. During the lower interest rate environment, Wintrust was measured in deploying excess liquidity into investment securities opting to both maintain interest rate sensitivity and ensure adequate liquidity for potential loan growth. As a result, if either a regulatory rule change caused Wintrust to recognize unrealized losses on our available-for-sale and held-to-maturity portfolios as a reduction to regulatory capital or if we fully liquidated our investment portfolio, our regulatory capital ratios would still be expected to exceed the well-capitalized thresholds.”

Mr. Wehmer commented, “Net interest margin increased by 10 basis points in the first quarter of 2023 as compared to the fourth quarter of 2022. The Company continued its efforts to moderate its interest rate sensitivity in the first quarter of 2023 by hedging its variable rate loan portfolio with receive-fixed interest rate swap derivatives. Due to prevailing interest rates and the inversion of the yield curve, hedging activities had a seven basis point negative impact on the first quarter net interest margin. However, these derivatives will benefit the Company if interest rates fall materially. Our net interest margin finished lower at quarter end and was approximately 3.70% due to an acceleration in deposit pricing, an unfavorable shift in deposit mix and the impact of hedging activity. We believe that we can hold the net interest margin around this level for the next two quarters as we expect further upward repricing in our premium finance receivables to generally offset additional deposit pricing pressure.”

Commenting on credit quality, Mr. Wehmer stated, “Credit metrics remain strong as non-performing assets totaled $110 million and comprised only 0.21% of total assets as of March 31, 2023, essentially unchanged from levels as of December 31, 2022. Net charge-offs totaled $5.5 million or six basis points of average total loans on an annualized basis in the first quarter of 2023 as compared to $5.1 million or five basis points of average total loans on an annualized basis in the fourth quarter of 2022. The allowance for credit losses totaled $376.3 million as of March 31, 2023, an increase of $18.4 million as compared to $357.9 million as of December 31, 2022. The allowance for credit losses on our core loan portfolio as of March 31, 2023 is approximately 1.46% 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 first quarter of 2023 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. We remain focused on growing deposits to support future asset growth. We are closely watching our expenses, striving to grow without a commensurate increase in expense. We are opportunistically evaluating the acquisition market for both banks and business lines of various sizes and are excited about our recent wealth management acquisition that closed in early April 2023. 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.”

The graphs below illustrate certain financial highlights of the first quarter of 2023 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 16 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 assets remained relatively unchanged from December 31, 2022 to March 31, 2023. Total loans increased by $369 million as compared to the fourth quarter of 2022 primarily due to growth in the commercial and residential real estate loan portfolios. Certain securities were called by option holders on March 31, 2023 which resulted in the recognition of a trade date receivable of $940 million as of March 31, 2023. In April 2023, the Company received proceeds related to the called securities which increased interest bearing cash on the balance sheet.

Total liabilities decreased by $295 million in the first quarter of 2023 as compared to the fourth quarter of 2022 primarily due to a $184 million decrease in total deposits. During the quarter, the Company experienced a change in the mix of deposits as non-interest bearing deposits migrated to interest bearing products. This included a notable migration to products offering enhanced FDIC insurance coverage such as the Company’s MaxSafe® product balances which increased by $1.1 billion as well as fully-insured reciprocal products which increased by $258 million. The majority of the Company’s deposits are insured as approximately 70% of the total deposit balance is either fully FDIC-insured or fully collateralized as of March 31, 2023.

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

NET INTEREST INCOME

For the first quarter of 2023, net interest income totaled $458.0 million, an increase of $1.2 million as compared to the fourth quarter of 2022. The $1.2 million increase in net interest income in the first quarter of 2023 compared to the fourth quarter of 2022 was primarily due to net interest margin improvement partially offset by the impact of having two fewer days in the quarter.

Net interest margin was 3.81% (3.83% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2023 compared to 3.71% (3.73% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2022. The net interest margin increase as compared to the fourth quarter of 2022 was due to a 61 basis point increase in yield on earning assets and a 17 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 61 basis point increase in the yield on earning assets in the first quarter of 2023 as compared to the fourth quarter of 2022 was primarily due to a 67 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. The 68 basis point increase in the rate paid on interest-bearing liabilities in the first quarter of 2023 as compared to the fourth quarter of 2022 is primarily due to a 67 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 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $376.3 million as of March 31, 2023, an increase of $18.4 million as compared to $357.9 million as of December 31, 2022. A provision for credit losses totaling $23.0 million was recorded for the first quarter of 2023 as compared to $47.6 million recorded in the fourth quarter of 2022. For more information regarding the provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The 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 March 31, 2023, December 31, 2022, and September 30, 2022 is shown on Table 11 of this report.

Net charge-offs totaled $5.5 million in the first quarter of 2023, as compared to $5.1 million of net charge-offs in the fourth quarter of 2022. Net charge-offs as a percentage of average total loans were reported as six basis points in the first quarter of 2023 on an annualized basis compared to five basis points on an annualized basis in the fourth quarter of 2022. For more information regarding net charge-offs, see Table 9 in this report.

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

Non-performing assets totaled $110 million and comprised only 0.21% of total assets as of March 31, 2023, essentially unchanged from levels as of December 31, 2022. Non-performing loans also remained flat totaling $101 million, or 0.25% of total loans, at March 31, 2023. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Wealth management revenue decreased $782,000 in the first quarter of 2023 as compared to the fourth 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 increased by $857,000 in the first quarter of 2023 as compared to the fourth quarter of 2022 primarily due to higher production margins. The Company recorded net negative fair value adjustments of $3.0 million in the first quarter of 2023 related to fair value changes in certain mortgage assets. This included a $6.0 million decrease in the value of mortgage servicing rights related to changes in fair value model assumptions net of economic hedges and a positive $2.4 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. In addition, in miscellaneous non-interest income, the Company recorded a positive $545,000 valuation related adjustment on the Company’s held-for-investment 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 gain on investment securities totaled $1.4 million in the first quarter of 2023 related to changes in the value of equity securities as compared to net losses of $6.7 million in the fourth quarter of 2022.

Fees from covered call options increased $2.4 million in the first quarter of 2023 as compared to the fourth 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 14 in this report.

NON-INTEREST EXPENSE

Salaries and employee benefits expense decreased by $3.6 million in the first quarter of 2023 as compared to the fourth quarter of 2022. The $3.6 million decrease is primarily related to lower incentive compensation expense due to elevated bonus accruals in the fourth quarter of 2022. This was partially offset by increased base salaries primarily related to annual merit increases as well as approximately $1.0 million of severance expense primarily related to mortgage staffing reductions.

Advertising and marketing expenses in the first quarter of 2023 totaled $11.9 million, which is a $2.3 million decrease as compared to the fourth quarter of 2022 primarily due to a decrease in radio, digital advertising, and sport sponsorships. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

Lending expenses, net of deferred origination costs decreased by $3.2 million as compared to the fourth quarter of 2022 primarily due to decreased loan originations in the first quarter of 2023.

FDIC insurance expense increased by $1.9 million in the first quarter of 2023 as compared to the fourth quarter of 2022 due to an increase in the assessment rate that was effective January 1, 2023.

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

INCOME TAXES

The Company recorded income tax expense of $63.4 million in the first quarter of 2023 compared to $50.4 million in the fourth quarter of 2022. The effective tax rates were 26.01% in the first quarter of 2023 compared to 25.80% in the fourth quarter of 2022. Primarily as a result of fluctuations in currency rates in the fourth quarter of 2022, the Company’s effective tax rate was impacted by a $1.7 million tax benefit related to a reduction in the Global Intangible Low-taxed Income tax. The effective tax rates were also partially impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded excess tax benefits of $2.8 million in the first quarter of 2023, compared to excess tax benefits of $437,000 in the fourth quarter of 2022 related to share-based compensation.

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 first quarter of 2023, this unit expanded its commercial real estate and residential real estate loan portfolios and grew consumer deposits.

Mortgage banking revenue was $18.3 million for the first quarter of 2023, an increase of $857,000 as compared to the fourth quarter of 2022, primarily due to higher production margins. Service charges on deposit accounts totaled $12.9 million in the first quarter of 2023, a decrease of $151,000 as compared to the fourth quarter of 2022, primarily due to a reduction in overdraft fees. The Company’s gross commercial and commercial real estate loan pipelines remained robust as of March 31, 2023 indicating momentum for expected continued loan growth in the second 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 $3.8 billion during the first quarter of 2023 and average balances decreased by $39.1 million as compared to the fourth quarter of 2022. The Company’s leasing portfolio balance increased in the first quarter of 2023, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.1 billion as of March 31, 2023 as compared to $3.0 billion as of December 31, 2022. Revenues from the Company’s out-sourced administrative services business were $1.6 million in the first quarter of 2023, a decrease of $121,000 from the fourth 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 $29.9 million in the first quarter of 2023, a decrease of $782,000 compared to the fourth quarter of 2022. The decline in wealth management revenue in the first quarter of 2023 was primarily related to lower fees associated with our tax-deferred like-kind exchange business. At March 31, 2023, the Company’s wealth management subsidiaries had approximately $35.2 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 $34.4 billion of assets under administration at December 31, 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.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2023, as compared to the fourth quarter of 2022 (sequential quarter) and first quarter of 2022 (linked quarter), are shown in the table below:


										% or (1) basis point (bp) change from 4th Quarter 2022		% or basis point (bp) change from 1st Quarter 2022
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2023			Dec 31, 2022			Mar 31, 2022
Net income	$	180,198		$	144,817		$	127,391		24	%	41	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	266,595			242,819			177,786			10		50

Net income per common share – diluted	2.80			2.23			2.07			26		35
Cash dividends declared per common share	0.40			0.34			0.34			18		18
Net revenue (3)	565,764			550,655			462,084			3		22
Net interest income	457,995			456,816			299,294			0		53
Net interest margin	3.81		%	3.71		%	2.60		%	10	bps	121	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.83			3.73			2.61			10		122
Net overhead ratio (4)	1.49			1.63			1.00			(14)		49

Return on average assets	1.40			1.10			1.04			30		36
Return on average common equity	15.67			12.72			11.94			295		373
Return on average tangible common equity (non-GAAP) (2)	18.55			15.21			14.48			334		407
At end of period
Total assets	$	52,873,511		$	52,949,649		$	50,250,661		(1)	%	5	%
Total loans (5)	39,565,471			39,196,485			35,280,547			4		12

Total deposits	42,718,211			42,902,544			42,219,322			(2)		1
Total shareholders’ equity	5,015,506			4,796,838			4,492,256			18		12

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

(2)See Table 16: 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
(Dollars in thousands, except per share data)	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022
Selected Financial Condition Data (at end of period):
Total assets	$	52,873,511		$	52,949,649		$	52,382,939		$	50,969,332		$	50,250,661
Total loans (1)	39,565,471			39,196,485			38,167,613			37,053,103			35,280,547
Total deposits	42,718,211			42,902,544			42,797,191			42,593,326			42,219,322

Total shareholders’ equity	5,015,506			4,796,838			4,637,980			4,727,623			4,492,256
Selected Statements of Income Data:
Net interest income	$	457,995		$	456,816		$	401,448		$	337,804		$	299,294
Net revenue (2)	565,764			550,655			502,930			440,746			462,084
Net income	180,198			144,817			142,961			94,513			127,391
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	266,595			242,819			206,461			152,078			177,786

Net income per common share – Basic	2.84			2.27			2.24			1.51			2.11
Net income per common share – Diluted	2.80			2.23			2.21			1.49			2.07
Cash dividends declared per common share	0.40			0.34			0.34			0.34			0.34
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.81		%	3.71		%	3.34		%	2.92		%	2.60		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.83			3.73			3.35			2.93			2.61
Non-interest income to average assets	0.84			0.71			0.79			0.84			1.33
Non-interest expense to average assets	2.33			2.34			2.32			2.35			2.33
Net overhead ratio (4)	1.49			1.63			1.53			1.51			1.00

Return on average assets	1.40			1.10			1.12			0.77			1.04
Return on average common equity	15.67			12.72			12.31			8.53			11.94
Return on average tangible common equity (non-GAAP) (3)	18.55			15.21			14.68			10.36			14.48
Average total assets	$	52,075,318		$	52,087,618		$	50,722,694		$	49,353,426		$	49,501,844
Average total shareholders’ equity	4,895,271			4,710,856			4,795,387			4,526,110			4,500,460
Average loans to average deposits ratio	93.0		%	90.5		%	88.8		%	86.8		%	83.8		%
Period-end loans to deposits ratio	92.6			91.4			89.2			87.0			83.6
Common Share Data at end of period:
Market price per common share	$	72.95		$	84.52		$	81.55		$	80.15		$	92.93
Book value per common share	75.24			72.12			69.56			71.06			71.26
Tangible book value per common share (non-GAAP) (3)	64.22			61.00			58.42			59.87			59.34
Common shares outstanding	61,176,415			60,794,008			60,743,335			60,721,889			57,253,214
Other Data at end of period:
Tier 1 leverage ratio (5)	9.1		%	8.8		%	8.8		%	8.8		%	8.1		%
Risk-based capital ratios:
Tier 1 capital ratio (5)	10.1			10.0			9.9			9.9			9.6
Common equity tier 1 capital ratio (5)	9.2			9.1			9.0			9.0			8.6
Total capital ratio (5)	12.1			11.9			11.8			11.9			11.6


Allowance for credit losses (6)	$	376,261		$	357,936		$	315,338		$	312,192		$	301,327

Allowance for loan and unfunded lending-related commitment losses to total loans	0.95		%	0.91		%	0.83		%	0.84		%	0.85		%

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

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

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

(3)See Table 16: 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)
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2023		2022		2022		2022		2022
Assets
Cash and due from banks	$	445,928	$	490,908	$	489,590	$	498,891	$	462,516
Federal funds sold and securities purchased under resale agreements	58		58		57		475,056		700,056
Interest-bearing deposits with banks	1,563,578		1,988,719		3,968,605		3,266,541		4,013,597
Available-for-sale securities, at fair value	3,259,845		3,243,017		2,923,653		2,970,121		2,998,898
Held-to-maturity securities, at amortized cost	3,606,391		3,640,567		3,389,842		3,413,469		3,435,729
Trading account securities	102		1,127		179		1,010		852
Equity securities with readily determinable fair value	111,943		110,365		114,012		93,295		92,689
Federal Home Loan Bank and Federal Reserve Bank stock	244,957		224,759		178,156		136,138		136,163
Brokerage customer receivables	16,042		16,387		20,327		21,527		22,888


Mortgage loans held-for-sale, at fair value	302,493		299,935		376,160		513,232		606,545


Loans, net of unearned income	39,565,471		39,196,485		38,167,613		37,053,103		35,280,547



Allowance for loan losses	(287,972)		(270,173)		(246,110)		(251,769)		(250,539)
Net loans	39,277,499		38,926,312		37,921,503		36,801,334		35,030,008
Premises, software and equipment, net	760,283		764,798		763,029		762,381		761,213
Lease investments, net	256,301		253,928		244,822		223,813		240,656


Accrued interest receivable and other assets	1,413,795		1,391,342		1,316,305		1,112,697		1,066,750
Trade date securities receivable	939,758		921,717		—		—		—

Goodwill	653,587		653,524		653,079		654,709		655,402
Other acquisition-related intangible assets	20,951		22,186		23,620		25,118		26,699
Total assets	$	52,873,511	$	52,949,649	$	52,382,939	$	50,969,332	$	50,250,661
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,236,083	$	12,668,160	$	13,529,277	$	13,855,844	$	13,748,918
Interest-bearing	31,482,128		30,234,384		29,267,914		28,737,482		28,470,404
Total deposits	42,718,211		42,902,544		42,797,191		42,593,326		42,219,322


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

Other borrowings	583,548		596,614		447,215		482,787		482,516

Subordinated notes	437,493		437,392		437,260		437,162		437,033
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Trade date securities payable	—		—		—		—		437
Accrued interest payable and other liabilities	1,549,116		1,646,624		1,493,656		1,308,797		1,124,460



Total liabilities	47,858,005		48,152,811		47,744,959		46,241,709		45,758,405
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	61,198		60,797		60,743		60,722		59,091
Surplus	1,913,947		1,902,474		1,891,621		1,880,913		1,698,093
Treasury stock	(1,966)		(304)		—		—		(109,903)
Retained earnings	2,997,263		2,849,007		2,731,844		2,616,525		2,548,474
Accumulated other comprehensive loss	(367,436)		(427,636)		(458,728)		(243,037)		(115,999)
Total shareholders’ equity	5,015,506		4,796,838		4,637,980		4,727,623		4,492,256
Total liabilities and shareholders’ equity	$	52,873,511	$	52,949,649	$	52,382,939	$	50,969,332	$	50,250,661

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended
(In thousands, except per share data)	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Interest income
Interest and fees on loans	$	558,692	$	498,838	$	402,689	$	320,501	$	285,698
Mortgage loans held-for-sale	3,528		3,997		5,371		5,740		6,087
Interest-bearing deposits with banks	13,468		20,349		15,621		5,790		1,687
Federal funds sold and securities purchased under resale agreements	70		1,263		1,845		1,364		431
Investment securities	59,943		53,092		38,569		36,541		32,398
Trading account securities	14		6		7		4		5
Federal Home Loan Bank and Federal Reserve Bank stock	3,680		2,918		2,109		1,823		1,772
Brokerage customer receivables	295		282		267		205		174
Total interest income	639,690		580,745		466,478		371,968		328,252
Interest expense
Interest on deposits	144,802		95,447		45,916		18,985		14,854
Interest on Federal Home Loan Bank advances	19,135		13,823		6,812		4,878		4,816
Interest on other borrowings	7,854		5,313		4,008		2,734		2,239
Interest on subordinated notes	5,488		5,520		5,485		5,517		5,482
Interest on junior subordinated debentures	4,416		3,826		2,809		2,050		1,567
Total interest expense	181,695		123,929		65,030		34,164		28,958
Net interest income	457,995		456,816		401,448		337,804		299,294
Provision for credit losses	23,045		47,646		6,420		20,417		4,106
Net interest income after provision for credit losses	434,950		409,170		395,028		317,387		295,188
Non-interest income
Wealth management	29,945		30,727		33,124		31,369		31,394
Mortgage banking	18,264		17,407		27,221		33,314		77,231
Service charges on deposit accounts	12,903		13,054		14,349		15,888		15,283
Gains (losses) on investment securities, net	1,398		(6,745)		(3,103)		(7,797)		(2,782)
Fees from covered call options	10,391		7,956		1,366		1,069		3,742
Trading gains (losses), net	813		(306)		(7)		176		3,889
Operating lease income, net	13,046		12,384		12,644		15,007		15,475
Other	21,009		19,362		15,888		13,916		18,558
Total non-interest income	107,769		93,839		101,482		102,942		162,790
Non-interest expense
Salaries and employee benefits	176,781		180,331		176,095		167,326		172,355
Software and equipment	24,697		24,699		24,126		24,250		22,810
Operating lease equipment	9,833		10,078		9,448		8,774		9,708
Occupancy, net	18,486		17,763		17,727		17,651		17,824
Data processing	9,409		7,927		7,767		8,010		7,505
Advertising and marketing	11,946		14,279		16,600		16,615		11,924
Professional fees	8,163		9,267		7,544		7,876		8,401
Amortization of other acquisition-related intangible assets	1,235		1,436		1,492		1,579		1,609
FDIC insurance	8,669		6,775		7,186		6,949		7,729
OREO expenses, net	(207)		369		229		294		(1,032)
Other	30,157		34,912		28,255		29,344		25,465
Total non-interest expense	299,169		307,836		296,469		288,668		284,298
Income before taxes	243,550		195,173		200,041		131,661		173,680
Income tax expense	63,352		50,356		57,080		37,148		46,289
Net income	$	180,198	$	144,817	$	142,961	$	94,513	$	127,391
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991
Net income applicable to common shares	$	173,207	$	137,826	$	135,970	$	87,522	$	120,400
Net income per common share - Basic	$	2.84	$	2.27	$	2.24	$	1.51	$	2.11
Net income per common share - Diluted	$	2.80	$	2.23	$	2.21	$	1.49	$	2.07
Cash dividends declared per common share	$	0.40	$	0.34	$	0.34	$	0.34	$	0.34
Weighted average common shares outstanding	60,950		60,769		60,738		58,063		57,196
Dilutive potential common shares	873		1,096		837		775		862
Average common shares and dilutive common shares	61,823		61,865		61,575		58,838		58,058

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From (1)
(Dollars in thousands)	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2022 (2)		Mar 31, 2022
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	155,687	$	156,297	$	216,062	$	294,688	$	296,548	(2)	%	(48)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	146,806		143,638		160,098		218,544		309,997		9		(53)
Total mortgage loans held-for-sale	$	302,493	$	299,935	$	376,160	$	513,232	$	606,545	3	%	(50)	%

Core loans:
Commercial
Commercial and industrial	$	5,855,035	$	5,852,166	$	5,818,959	$	5,502,584	$	5,348,266	0	%	9	%
Asset-based lending	1,482,071		1,473,344		1,545,038		1,552,033		1,365,297		2		9
Municipal	655,301		668,235		608,234		535,586		533,357		(8)		23
Leases	1,904,137		1,840,928		1,582,359		1,592,329		1,481,368		14		29
Commercial real estate
Residential construction	69,998		76,877		66,957		55,941		57,037		(36)		23
Commercial construction	1,234,762		1,102,098		1,176,407		1,145,602		1,055,972		49		17
Land	292,293		307,955		282,147		304,775		283,397		(21)		3
Office	1,392,040		1,337,176		1,269,729		1,321,745		1,273,705		17		9
Industrial	1,858,088		1,836,276		1,777,658		1,746,280		1,668,516		5		11
Retail	1,309,680		1,304,444		1,331,316		1,331,059		1,395,021		2		(6)
Multi-family	2,635,411		2,560,709		2,305,433		2,171,583		2,175,875		12		21
Mixed use and other	1,446,806		1,425,412		1,368,537		1,330,220		1,325,551		6		9
Home equity	337,016		332,698		328,822		325,826		321,435		5		5
Residential real estate
Residential real estate loans for investment	2,309,393		2,207,595		2,086,795		1,965,051		1,749,889		19		32
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	119,301		80,701		57,161		34,764		13,520		NM		NM
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	76,851		84,087		91,503		79,092		36,576		(35)		NM
Total core loans	$	22,978,183	$	22,490,701	$	21,697,055	$	20,994,470	$	20,084,782	9	%	14	%

Niche loans:
Commercial
Franchise	$	1,131,913	$	1,169,623	$	1,118,478	$	1,136,929	$	1,181,761	(13)	%	(4)	%
Mortgage warehouse lines of credit	235,684		237,392		297,374		398,085		261,847		(3)		(10)
Community Advantage - homeowners association	389,922		380,875		365,967		341,095		324,383		10		20
Insurance agency lending	905,727		897,678		879,183		906,375		833,720		4		9
Premium Finance receivables
U.S. property & casualty insurance	5,043,486		5,103,820		4,983,795		4,781,042		4,271,828		(5)		18
Canada property & casualty insurance	695,394		745,639		729,545		760,405		665,580		(27)		4
Life insurance	8,125,802		8,090,998		8,004,856		7,608,433		7,354,163		2		10
Consumer and other	42,165		50,836		47,702		44,180		48,519		(69)		(13)
Total niche loans	$	16,570,093	$	16,676,861	$	16,426,900	$	15,976,544	$	14,941,801	(3)	%	11	%

Commercial PPP loans:
Originated in 2020	$	7,429	$	7,898	$	8,724	$	18,547	$	40,016	(24)	%	(81)	%
Originated in 2021	9,766		21,025		34,934		63,542		213,948		NM		(95)
Total commercial PPP loans	$	17,195	$	28,923	$	43,658	$	82,089	$	253,964	NM		(93)	%

Total loans, net of unearned income	$	39,565,471	$	39,196,485	$	38,167,613	$	37,053,103	$	35,280,547	4	%	12	%

(1)NM - Not meaningful.

(2)Annualized

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2022 (1)		Mar 31, 2022
Balance:
Non-interest-bearing	$	11,236,083		$	12,668,160		$	13,529,277		$	13,855,844		$	13,748,918		(46)	%	(18)	%
NOW and interest-bearing demand deposits	5,576,558			5,591,986			5,676,122			5,918,908			5,089,724			(1)		10
Wealth management deposits (2)	1,809,933			2,463,833			2,988,195			3,182,407			2,542,995			(108)		(29)
Money market	13,552,277			12,886,795			12,538,489			12,273,350			13,012,460			21		4
Savings	5,192,108			4,556,635			3,988,790			3,686,596			4,089,230			57		27
Time certificates of deposit	5,351,252			4,735,135			4,076,318			3,676,221			3,735,995			53		43
Total deposits	$	42,718,211		$	42,902,544		$	42,797,191		$	42,593,326		$	42,219,322		(2)	%	1	%
Mix:
Non-interest-bearing	26		%	30		%	32		%	33		%	32		%
NOW and interest-bearing demand deposits	13			13			13			13			12
Wealth management deposits (2)	4			5			7			7			6
Money market	32			30			29			29			31
Savings	12			11			9			9			10
Time certificates of deposit	13			11			10			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 March 31, 2023


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit (1)
1-3 months	$	1,318,052	2.93	%
4-6 months	1,081,367		2.42
7-9 months	922,367		2.24
10-12 months	885,299		3.11
13-18 months	655,805		3.12
19-24 months	348,591		2.77
24+ months	139,771		2.14
Total	$	5,351,252	2.73	%

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

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2023		2022		2022		2022		2022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	1,235,748	$	2,449,889	$	3,039,907	$	3,265,607	$	4,563,726
Investment securities (2)	7,956,722		7,310,383		6,655,215		6,589,947		6,378,022
FHLB and FRB stock	233,615		185,290		142,304		136,930		135,912

Liquidity management assets (3)	9,426,085		9,945,562		9,837,426		9,992,484		11,077,660
Other earning assets (3)(4)	18,445		18,585		21,805		24,059		25,192
Mortgage loans held-for-sale	270,966		308,639		455,342		560,707		664,019
Loans, net of unearned income (3)(5)	39,093,368		38,566,871		37,431,126		35,860,329		34,830,520


Total earning assets (3)	48,808,864		48,839,657		47,745,699		46,437,579		46,597,391
Allowance for loan and investment security losses	(282,704)		(252,827)		(260,270)		(260,547)		(253,080)
Cash and due from banks	488,457		475,691		458,263		476,741		481,634
Other assets	3,060,701		3,025,097		2,779,002		2,699,653		2,675,899
Total assets	$	52,075,318	$	52,087,618	$	50,722,694	$	49,353,426	$	49,501,844

NOW and interest-bearing demand deposits	$	5,271,740	$	5,598,291	$	5,789,368	$	5,230,702	$	4,788,272
Wealth management deposits	2,167,081		2,883,247		3,078,764		2,835,267		2,505,800
Money market accounts	12,533,468		12,319,842		12,037,412		11,892,948		12,773,805
Savings accounts	4,830,322		4,403,113		3,862,579		3,882,856		3,904,299
Time deposits	5,041,638		4,023,232		3,675,930		3,687,778		3,861,371
Interest-bearing deposits	29,844,249		29,227,725		28,444,053		27,529,551		27,833,547
Federal Home Loan Bank advances	2,474,882		2,088,201		1,403,573		1,197,390		1,241,071
Other borrowings	602,937		480,553		478,909		489,779		494,267
Subordinated notes	437,422		437,312		437,191		437,084		436,966
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	33,613,056		32,487,357		31,017,292		29,907,370		30,259,417
Non-interest-bearing deposits	12,171,631		13,404,036		13,731,219		13,805,128		13,734,064
Other liabilities	1,395,360		1,485,369		1,178,796		1,114,818		1,007,903
Equity	4,895,271		4,710,856		4,795,387		4,526,110		4,500,460
Total liabilities and shareholders’ equity	$	52,075,318	$	52,087,618	$	50,722,694	$	49,353,426	$	49,501,844

Net free funds/contribution (6)	$	15,195,808	$	16,352,300	$	16,728,407	$	16,530,209	$	16,337,974

(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 16: 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,
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2023		2022		2022		2022		2022
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	13,538	$	21,612	$	17,466	$	7,154	$	2,118
Investment securities	60,494		53,630		39,071		37,013		32,863
FHLB and FRB stock	3,680		2,918		2,109		1,823		1,772

Liquidity management assets (1)	77,712		78,160		58,646		45,990		36,753
Other earning assets (1)	313		289		275		210		181
Mortgage loans held-for-sale	3,528		3,997		5,371		5,740		6,087
Loans, net of unearned income (1)	560,564		500,432		403,719		321,069		286,125


Total interest income	$	642,117	$	582,878	$	468,011	$	373,009	$	329,146

Interest expense:
NOW and interest-bearing demand deposits	$	18,772	$	14,982	$	8,041	$	2,553	$	1,990
Wealth management deposits	12,258		14,079		11,068		3,685		918
Money market accounts	68,276		45,468		18,916		8,559		7,648
Savings accounts	15,816		8,421		2,130		347		336
Time deposits	29,680		12,497		5,761		3,841		3,962
Interest-bearing deposits	144,802		95,447		45,916		18,985		14,854
Federal Home Loan Bank advances	19,135		13,823		6,812		4,878		4,816
Other borrowings	7,854		5,313		4,008		2,734		2,239
Subordinated notes	5,488		5,520		5,485		5,517		5,482
Junior subordinated debentures	4,416		3,826		2,809		2,050		1,567
Total interest expense	$	181,695	$	123,929	$	65,030	$	34,164	$	28,958

Less: Fully taxable-equivalent adjustment	(2,427)		(2,133)		(1,533)		(1,041)		(894)
Net interest income (GAAP) (2)	457,995		456,816		401,448		337,804		299,294
Fully taxable-equivalent adjustment	2,427		2,133		1,533		1,041		894
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	460,422	$	458,949	$	402,981	$	338,845	$	300,188

(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 16: 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,
	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.44	%	3.50	%	2.28	%	0.88	%	0.19	%
Investment securities	3.08		2.91		2.33		2.25		2.09
FHLB and FRB stock	6.39		6.25		5.88		5.34		5.29

Liquidity management assets	3.34		3.12		2.37		1.85		1.35
Other earning assets	6.87		6.17		5.01		3.49		2.91
Mortgage loans held-for-sale	5.28		5.14		4.68		4.11		3.72
Loans, net of unearned income	5.82		5.15		4.28		3.59		3.33

Total earning assets	5.34	%	4.73	%	3.89	%	3.22	%	2.86	%

Rate paid on:
NOW and interest-bearing demand deposits	1.44	%	1.06	%	0.55	%	0.20	%	0.17	%
Wealth management deposits	2.29		1.94		1.43		0.52		0.15
Money market accounts	2.21		1.46		0.62		0.29		0.24
Savings accounts	1.33		0.76		0.22		0.04		0.03
Time deposits	2.39		1.23		0.62		0.42		0.42
Interest-bearing deposits	1.97		1.30		0.64		0.28		0.22
Federal Home Loan Bank advances	3.14		2.63		1.93		1.63		1.57
Other borrowings	5.28		4.39		3.32		2.24		1.84
Subordinated notes	5.02		5.05		5.02		5.05		5.02
Junior subordinated debentures	6.97		5.90		4.33		3.20		2.47
Total interest-bearing liabilities	2.19	%	1.51	%	0.83	%	0.46	%	0.39	%

Interest rate spread (1)(2)	3.15	%	3.22	%	3.06	%	2.76	%	2.47	%
Less: Fully taxable-equivalent adjustment	(0.02)		(0.02)		(0.01)		(0.01)		(0.01)
Net free funds/contribution (3)	0.68		0.51		0.29		0.17		0.14
Net interest margin (GAAP) (2)	3.81	%	3.71	%	3.34	%	2.92	%	2.60	%
Fully taxable-equivalent adjustment	0.02		0.02		0.01		0.01		0.01
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	3.83	%	3.73	%	3.35	%	2.93	%	2.61	%

(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 16: 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: 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
Mar 31, 2023	4.2	%	2.4	%	(2.4)	%	(7.3)	%
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)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2023	3.0	%	1.7	%	(1.3)	%	(3.4)	%
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)

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 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or maturity period
As of March 31, 2023	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	499,853	$	2,594,118	$	1,608,735	$	14,047	$	4,716,753

Variable rate	7,858,277		1,955		—		—		7,860,232
Total commercial	$	8,358,130	$	2,596,073	$	1,608,735	$	14,047	$	12,576,985
Commercial real estate
Fixed rate	534,274		2,777,288		616,509		52,951		3,981,022
Variable rate	6,249,717		8,299		40		—		6,258,056
Total commercial real estate	$	6,783,991	$	2,785,587	$	616,549	$	52,951	$	10,239,078
Home equity
Fixed rate	11,913		2,931		—		33		14,877
Variable rate	322,138		—		1		—		322,139
Total home equity	$	334,051	$	2,931	$	1	$	33	$	337,016
Residential real estate
Fixed rate	16,639		3,889		30,584		1,078,608		1,129,720
Variable rate	69,098		245,174		1,061,553		—		1,375,825
Total residential real estate	$	85,737	$	249,063	$	1,092,137	$	1,078,608	$	2,505,545
Premium finance receivables - property & casualty
Fixed rate	5,619,254		119,626		—		—		5,738,880
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	5,619,254	$	119,626	$	—	$	—	$	5,738,880
Premium finance receivables - life insurance
Fixed rate	106,992		534,387		22,836		—		664,215
Variable rate	7,461,587		—		—		—		7,461,587
Total premium finance receivables - life insurance	$	7,568,579	$	534,387	$	22,836	$	—	$	8,125,802
Consumer and other
Fixed rate	5,507		5,263		51		477		11,298
Variable rate	30,867		—		—		—		30,867
Total consumer and other	$	36,374	$	5,263	$	51	$	477	$	42,165

Total per category
Fixed rate	6,794,432		6,037,502		2,278,715		1,146,116		16,256,765

Variable rate	21,991,684		255,428		1,061,594		—		23,308,706
Total loans, net of unearned income	$	28,786,116	$	6,292,930	$	3,340,309	$	1,146,116	$	39,565,471

Variable Rate Loan Pricing by Index:
SOFR tenors									$	9,065,867
One- year CMT									5,008,849
One- month LIBOR									2,490,152
Three- month LIBOR									80,560
Twelve- month LIBOR									2,342,910
Prime									3,640,088
Ameribor tenors									341,332
Other U.S. Treasury tenors									74,865
BSBY tenors									52,235
Other									211,848
Total variable rate									$	23,308,706

SOFR - Secured Overnight Financing Rate.

CMT - Constant Maturity Treasury Rate.

LIBOR - London Interbank Offered 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 SOFR, CMT and LIBOR 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 $7.8 billion tied to one-month SOFR, $5.0 billion tied to one-year CMT and $2.5 billion tied to one-month LIBOR. The above chart shows:


	Basis Point (bp) Change in
	1-month SOFR		1-year CMT		1-month LIBOR		Prime
First Quarter 2023	44	bps	(9)	bps	47	bps	50	bps
Fourth Quarter 2022	132		68		125		125
Third Quarter 2022	135		125		135		150
Second Quarter 2022	139		117		134		125
First Quarter 2022	25		124		35		25

TABLE 9: ALLOWANCE FOR CREDIT LOSSES


	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)	2023			2022			2022			2022			2022
Allowance for credit losses at beginning of period	$	357,936		$	315,338		$	312,192		$	301,327		$	299,731
Cumulative effect adjustment from the adoption of ASU 2022-02	741			—			—			—			—
Provision for credit losses	23,045			47,646			6,420			20,417			4,106

Other adjustments	4			31			(105)			(56)			22
Charge-offs:
Commercial	2,543			3,019			780			8,928			1,414
Commercial real estate	5			538			24			40			777
Home equity	—			—			43			192			197
Residential real estate	—			—			5			—			466

Premium finance receivables - property & casualty	4,629			3,629			6,037			2,903			1,671
Premium finance receivables - life insurance	21			28			—			—			7
Consumer and other	153			—			635			253			193

Total charge-offs	7,351			7,214			7,524			12,316			4,725
Recoveries:
Commercial	392			691			2,523			996			538
Commercial real estate	100			61			55			553			32
Home equity	35			65			38			123			93
Residential real estate	4			6			60			6			5

Premium finance receivables - property & casualty	1,314			1,279			1,648			1,119			1,476
Premium finance receivables - life insurance	9			—			—			—			—
Consumer and other	32			33			31			23			49

Total recoveries	1,886			2,135			4,355			2,820			2,193
Net charge-offs	(5,465)			(5,079)			(3,169)			(9,496)			(2,532)
Allowance for credit losses at period end	$	376,261		$	357,936		$	315,338		$	312,192		$	301,327

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.07		%	0.08		%	(0.06)		%	0.27		%	0.03		%
Commercial real estate	0.00			0.02			0.00			(0.02)			0.03
Home equity	(0.04)			(0.08)			0.01			0.09			0.13
Residential real estate	0.00			0.00			(0.01)			0.00			0.11

Premium finance receivables - property & casualty	0.23			0.16			0.30			0.14			0.02
Premium finance receivables - life insurance	0.00			0.00			—			—			0.00
Consumer and other	0.74			(0.16)			4.02			1.31			1.19

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


Loans at period end	$	39,565,471		$	39,196,485		$	38,167,613		$	37,053,103		$	35,280,547
Allowance for loan losses as a percentage of loans at period end	0.73		%	0.69		%	0.64		%	0.68		%	0.71		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.95			0.91			0.83			0.84			0.85

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT


	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2023		2022		2022		2022		2022
Provision for loan losses	$	22,520	$	29,110	$	(2,385)	$	10,782	$	5,214
Provision for unfunded lending-related commitments losses	550		18,358		8,578		9,711		(1,189)
Provision for held-to-maturity securities losses	(25)		178		227		(76)		81
Provision for credit losses	$	23,045	$	47,646	$	6,420	$	20,417	$	4,106

Allowance for loan losses	$	287,972	$	270,173	$	246,110	$	251,769	$	250,539
Allowance for unfunded lending-related commitments losses	87,826		87,275		68,918		60,340		50,629
Allowance for loan losses and unfunded lending-related commitments losses	375,798		357,448		315,028		312,109		301,168
Allowance for held-to-maturity securities losses	463		488		310		83		159
Allowance for credit losses	$	376,261	$	357,936	$	315,338	$	312,192	$	301,327

TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2023, December 31, 2022 and September 30, 2022.


	As of Mar 31, 2023						As of Dec 31, 2022						As of Sep 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	$	12,559,790	$	149,501	1.19	%	$	12,520,241	$	142,769	1.14	%	$	12,215,592	$	135,315	1.11	%
Commercial PPP loans	17,195		—		—		28,923		—		—		43,658		1		0.00
Commercial real estate:
Construction and development	1,597,053		75,069		4.70		1,486,930		75,907		5.10		1,525,511		51,389		3.37
Non-construction	8,642,025		119,711		1.39		8,464,017		108,445		1.28		8,052,673		99,329		1.23
Home equity	337,016		7,728		2.29		332,698		7,573		2.28		328,822		7,055		2.15
Residential real estate	2,505,545		11,434		0.46		2,372,383		11,585		0.49		2,235,459		11,023		0.49
Premium finance receivables
Commercial insurance loans	5,738,880		11,248		0.20		5,849,459		9,967		0.17		5,713,340		9,736		0.17
Life insurance loans	8,125,802		707		0.01		8,090,998		704		0.01		8,004,856		696		0.01
Consumer and other	42,165		400		0.95		50,836		498		0.98		47,702		484		1.01
Total loans, net of unearned income	$	39,565,471	$	375,798	0.95	%	$	39,196,485	$	357,448	0.91	%	$	38,167,613	$	315,028	0.83	%
Total loans, net of unearned income, excluding PPP loans	$	39,548,276	$	375,798	0.95	%	$	39,167,562	$	357,448	0.91	%	$	38,123,955	$	315,027	0.83	%

Total core loans (1)	$	22,978,183	$	334,910	1.46	%	$	22,490,701	$	320,403	1.42	%	$	21,697,055	$	273,947	1.26	%
Total niche loans (1)	16,570,093		40,888		0.25		16,676,861		37,045		0.22		16,426,900		41,080		0.25
Total PPP loans	17,195		—		—		28,923		—		—		43,658		1		0.00

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

TABLE 12: LOAN PORTFOLIO AGING


(In thousands)	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Loan Balances:
Commercial
Nonaccrual	$	47,950	$	35,579	$	44,293	$	32,436	$	16,878
90+ days and still accruing	—		462		237		—		—
60-89 days past due	10,755		21,128		24,641		16,789		1,294
30-59 days past due	95,593		56,696		34,917		14,120		31,889
Current	12,422,687		12,435,299		12,155,162		11,983,760		11,533,902
Total commercial	$	12,576,985	$	12,549,164	$	12,259,250	$	12,047,105	$	11,583,963
Commercial real estate
Nonaccrual	$	11,196	$	6,387	$	10,477	$	10,718	$	12,301
90+ days and still accruing	—		—		—		—		—
60-89 days past due	20,539		2,244		6,041		6,771		2,648
30-59 days past due	72,680		30,675		29,971		34,220		30,141
Current	10,134,663		9,911,641		9,531,695		9,355,496		9,189,984
Total commercial real estate	$	10,239,078	$	9,950,947	$	9,578,184	$	9,407,205	$	9,235,074
Home equity
Nonaccrual	$	1,190	$	1,487	$	1,320	$	1,084	$	1,747
90+ days and still accruing	—		—		—		—		—
60-89 days past due	116		—		125		154		199
30-59 days past due	1,118		2,152		848		930		545
Current	334,592		329,059		326,529		323,658		318,944
Total home equity	$	337,016	$	332,698	$	328,822	$	325,826	$	321,435
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	196,152	$	164,788	$	148,664	$	113,856	$	50,096
Nonaccrual	11,333		10,171		9,787		8,330		7,262
90+ days and still accruing	104		—		—		—		—
60-89 days past due	74		4,364		2,149		534		293
30-59 days past due	19,183		9,982		15		147		18,808
Current	2,278,699		2,183,078		2,074,844		1,956,040		1,723,526
Total residential real estate	$	2,505,545	$	2,372,383	$	2,235,459	$	2,078,907	$	1,799,985







Premium finance receivables - property & casualty
Nonaccrual	$	18,543	$	13,470	$	13,026	$	13,303	$	6,707
90+ days and still accruing	9,215		15,841		16,624		6,447		12,363
60-89 days past due	14,287		14,926		15,301		15,299		8,890
30-59 days past due	32,545		40,557		21,128		23,313		21,278
Current	5,664,290		5,764,665		5,647,261		5,483,085		4,888,170
Total Premium finance receivables - property & casualty	$	5,738,880	$	5,849,459	$	5,713,340	$	5,541,447	$	4,937,408
Premium finance receivables - life insurance
Nonaccrual	$	—	$	—	$	—	$	—	$	—
90+ days and still accruing	1,066		17,245		1,831		—		—
60-89 days past due	21,552		5,260		13,628		1,796		22,401
30-59 days past due	52,975		68,725		44,954		65,155		15,522
Current	8,050,209		7,999,768		7,944,443		7,541,482		7,316,240
Total Premium finance receivables - life insurance	$	8,125,802	$	8,090,998	$	8,004,856	$	7,608,433	$	7,354,163
Consumer and other
Nonaccrual	$	6	$	6	$	7	$	8	$	4
90+ days and still accruing	87		49		31		25		43
60-89 days past due	10		18		26		8		5
30-59 days past due	379		224		343		119		221
Current	41,683		50,539		47,295		44,020		48,246
Total consumer and other	$	42,165	$	50,836	$	47,702	$	44,180	$	48,519
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	196,152	$	164,788	$	148,664	$	113,856	$	50,096
Nonaccrual	90,218		67,100		78,910		65,879		44,899
90+ days and still accruing	10,472		33,597		18,723		6,472		12,406
60-89 days past due	67,333		47,940		61,911		41,351		35,730
30-59 days past due	274,473		209,011		132,176		138,004		118,404
Current	38,926,823		38,674,049		37,727,229		36,687,541		35,019,012
Total loans, net of unearned income	$	39,565,471	$	39,196,485	$	38,167,613	$	37,053,103	$	35,280,547

(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 13: NON-PERFORMING ASSETS(1)


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)	2023			2022			2022			2022			2022
Loans past due greater than 90 days and still accruing:
Commercial	$	—		$	462		$	237		$	—		$	—
Commercial real estate	—			—			—			—			—
Home equity	—			—			—			—			—
Residential real estate	104			—			—			—			—
Premium finance receivables - property & casualty	9,215			15,841			16,624			6,447			12,363
Premium finance receivables - life insurance	1,066			17,245			1,831			—			—
Consumer and other	87			49			31			25			43
Total loans past due greater than 90 days and still accruing	10,472			33,597			18,723			6,472			12,406
Non-accrual loans:
Commercial	47,950			35,579			44,293			32,436			16,878
Commercial real estate	11,196			6,387			10,477			10,718			12,301
Home equity	1,190			1,487			1,320			1,084			1,747
Residential real estate	11,333			10,171			9,787			8,330			7,262
Premium finance receivables - property & casualty	18,543			13,470			13,026			13,303			6,707
Premium finance receivables - life insurance	—			—			—			—			—
Consumer and other	6			6			7			8			4
Total non-accrual loans	90,218			67,100			78,910			65,879			44,899
Total non-performing loans:
Commercial	47,950			36,041			44,530			32,436			16,878
Commercial real estate	11,196			6,387			10,477			10,718			12,301
Home equity	1,190			1,487			1,320			1,084			1,747
Residential real estate	11,437			10,171			9,787			8,330			7,262
Premium finance receivables - property & casualty	27,758			29,311			29,650			19,750			19,070
Premium finance receivables - life insurance	1,066			17,245			1,831			—			—
Consumer and other	93			55			38			33			47
Total non-performing loans	$	100,690		$	100,697		$	97,633		$	72,351		$	57,305
Other real estate owned	8,050			8,589			5,376			5,574			4,978
Other real estate owned - from acquisitions	1,311			1,311			1,311			1,265			1,225
Other repossessed assets	—			—			—			—			—
Total non-performing assets	$	110,051		$	110,597		$	104,320		$	79,190		$	63,508

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.38		%	0.29		%	0.36		%	0.27		%	0.15		%
Commercial real estate	0.11			0.06			0.11			0.11			0.13
Home equity	0.35			0.45			0.40			0.33			0.54
Residential real estate	0.46			0.43			0.44			0.40			0.40
Premium finance receivables - property & casualty	0.48			0.50			0.52			0.36			0.39
Premium finance receivables - life insurance	0.01			0.21			0.02			—			—
Consumer and other	0.22			0.11			0.08			0.07			0.10
Total loans, net of unearned income	0.25		%	0.26		%	0.26		%	0.20		%	0.16		%
Total non-performing assets as a percentage of total assets	0.21		%	0.21		%	0.20		%	0.16		%	0.13		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	416.54		%	532.71		%	399.22		%	473.76		%	670.77		%

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

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


	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,			Jun 30,			Mar 31,
(In thousands)	2023		2022		2022			2022			2022

Balance at beginning of period	$	100,697	$	97,633		$	72,351		$	57,305		$	74,438
Additions from becoming non-performing in the respective period	24,455		10,027			35,234			22,841			4,141

Return to performing status	(480)		(1,167)			(154)			(1,000)			(729)
Payments received	(5,261)		(16,351)			(20,417)			(4,029)			(20,139)
Transfer to OREO and other repossessed assets	—		(3,365)			(185)			(1,611)			(4,377)
Charge-offs, net	(1,159)		(1,363)			(341)			(1,969)			(2,354)
Net change for niche loans (1)	(17,562)		15,283			11,145			814			6,325
Balance at end of period	$	100,690	$	100,697		$	97,633		$	72,351		$	57,305

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

Other Real Estate Owned


	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2023		2022		2022		2022		2022
Balance at beginning of period	$	9,900	$	6,687	$	6,839	$	6,203	$	4,271
Disposals/resolved	(435)		(152)		(133)		(1,172)		(2,497)
Transfers in at fair value, less costs to sell	—		3,365		134		2,090		4,429

Fair value adjustments	(104)		—		(153)		(282)		—
Balance at end of period	$	9,361	$	9,900	$	6,687	$	6,839	$	6,203

	Period End
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
Balance by Property Type:	2023		2022		2022		2022		2022
Residential real estate	$	1,051	$	1,585	$	1,585	$	1,630	$	1,127
Residential real estate development	—		—		—		133		—
Commercial real estate	8,310		8,315		5,102		5,076		5,076
Total	$	9,361	$	9,900	$	6,687	$	6,839	$	6,203

TABLE 14: NON-INTEREST INCOME


	Three Months Ended										Q1 2023 compared to Q4 2022				Q1 2023 compared to Q1 2022
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)	2023		2022		2022		2022		2022		$ Change		% Change		$ Change		% Change
Brokerage	$	4,533	$	4,177	$	4,587	$	4,272	$	4,632	$	356	9	%	$	(99)	(2)	%
Trust and asset management	25,412		26,550		28,537		27,097		26,762		(1,138)		(4)		(1,350)		(5)
Total wealth management	29,945		30,727		33,124		31,369		31,394		(782)		(3)		(1,449)		(5)
Mortgage banking	18,264		17,407		27,221		33,314		77,231		857		5		(58,967)		(76)
Service charges on deposit accounts	12,903		13,054		14,349		15,888		15,283		(151)		(1)		(2,380)		(16)
Gains (losses) on investment securities, net	1,398		(6,745)		(3,103)		(7,797)		(2,782)		8,143		NM		4,180		NM
Fees from covered call options	10,391		7,956		1,366		1,069		3,742		2,435		31		6,649		NM
Trading gains (losses), net	813		(306)		(7)		176		3,889		1,119		NM		(3,076)		(79)
Operating lease income, net	13,046		12,384		12,644		15,007		15,475		662		5		(2,429)		(16)
Other:
Interest rate swap fees	2,606		2,319		1,997		3,300		4,569		287		12		(1,963)		(43)
BOLI	1,351		1,394		248		(884)		48		(43)		(3)		1,303		NM
Administrative services	1,615		1,736		1,533		1,591		1,853		(121)		(7)		(238)		(13)
Foreign currency remeasurement (losses) gains	(188)		277		(93)		97		11		(465)		NM		(199)		NM
Early pay-offs of capital leases	365		131		138		160		265		234		NM		100		38
Miscellaneous	15,260		13,505		12,065		9,652		11,812		1,755		13		3,448		29
Total Other	21,009		19,362		15,888		13,916		18,558		1,647		9		2,451		13
Total Non-Interest Income	$	107,769	$	93,839	$	101,482	$	102,942	$	162,790	$	13,930	15	%	$	(55,021)	(34)	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

TABLE 15: NON-INTEREST EXPENSE


	Three Months Ended										Q1 2023 compared to Q4 2022				Q1 2023 compared to Q1 2022
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)	2023		2022		2022		2022		2022		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	108,354	$	100,232	$	97,419	$	92,414	$	92,116	$	8,122	8	%	$	16,238	18	%
Commissions and incentive compensation	39,799		49,546		50,403		46,131		51,793		(9,747)		(20)		(11,994)		(23)
Benefits	28,628		30,553		28,273		28,781		28,446		(1,925)		(6)		182		1
Total salaries and employee benefits	176,781		180,331		176,095		167,326		172,355		(3,550)		(2)		4,426		3
Software and equipment	24,697		24,699		24,126		24,250		22,810		(2)		0		1,887		8
Operating lease equipment	9,833		10,078		9,448		8,774		9,708		(245)		(2)		125		1
Occupancy, net	18,486		17,763		17,727		17,651		17,824		723		4		662		4
Data processing	9,409		7,927		7,767		8,010		7,505		1,482		19		1,904		25
Advertising and marketing	11,946		14,279		16,600		16,615		11,924		(2,333)		(16)		22		0
Professional fees	8,163		9,267		7,544		7,876		8,401		(1,104)		(12)		(238)		(3)
Amortization of other acquisition-related intangible assets	1,235		1,436		1,492		1,579		1,609		(201)		(14)		(374)		(23)
FDIC insurance	8,669		6,775		7,186		6,949		7,729		1,894		28		940		12
OREO expense, net	(207)		369		229		294		(1,032)		(576)		NM		825		(80)
Other:
Lending expenses, net of deferred origination costs	1,764		4,951		4,533		4,270		6,821		(3,187)		(64)		(5,057)		(74)
Travel and entertainment	4,590		5,681		4,252		3,897		2,676		(1,091)		(19)		1,914		72
Miscellaneous	23,803		24,280		19,470		21,177		15,968		(477)		(2)		7,835		49
Total other	30,157		34,912		28,255		29,344		25,465		(4,755)		(14)		4,692		18
Total Non-Interest Expense	$	299,169	$	307,836	$	296,469	$	288,668	$	284,298	$	(8,667)	(3)	%	$	14,871	5	%

NM - Not meaningful.

TABLE 16: 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
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2023			2022			2022			2022			2022
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	639,690		$	580,745		$	466,478		$	371,968		$	328,252
Taxable-equivalent adjustment:
- Loans	1,872			1,594			1,030			568			427
- Liquidity Management Assets	551			538			502			472			465
- Other Earning Assets	4			1			1			1			2
(B) Interest Income (non-GAAP)	$	642,117		$	582,878		$	468,011		$	373,009		$	329,146
(C) Interest Expense (GAAP)	181,695			123,929			65,030			34,164			28,958
(D) Net Interest Income (GAAP) (A minus C)	$	457,995		$	456,816		$	401,448		$	337,804		$	299,294
(E) Net Interest Income (non-GAAP) (B minus C)	$	460,422		$	458,949		$	402,981		$	338,845		$	300,188
Net interest margin (GAAP)	3.81		%	3.71		%	3.34		%	2.92		%	2.60		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.83			3.73			3.35			2.93			2.61
(F) Non-interest income	$	107,769		$	93,839		$	101,482		$	102,942		$	162,790
(G) Gains (losses) on investment securities, net	1,398			(6,745)			(3,103)			(7,797)			(2,782)
(H) Non-interest expense	299,169			307,836			296,469			288,668			284,298
Efficiency ratio (H/(D+F-G))	53.01		%	55.23		%	58.59		%	64.36		%	61.16		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	52.78			55.02			58.41			64.21			61.04


	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2023			2022			2022			2022			2022
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	5,015,506		$	4,796,838		$	4,637,980		$	4,727,623		$	4,492,256

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(674,538)			(675,710)			(676,699)			(679,827)			(682,101)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,928,468		$	3,708,628		$	3,548,781		$	3,635,296		$	3,397,655
(J) Total assets (GAAP)	$	52,873,511		$	52,949,649		$	52,382,939		$	50,969,332		$	50,250,661
Less: Intangible assets (GAAP)	(674,538)			(675,710)			(676,699)			(679,827)			(682,101)
(K) Total tangible assets (non-GAAP)	$	52,198,973		$	52,273,939		$	51,706,240		$	50,289,505		$	49,568,560
Common equity to assets ratio (GAAP) (L/J)	8.7		%	8.3		%	8.1		%	8.5		%	8.1		%
Tangible common equity ratio (non-GAAP) (I/K)	7.5			7.1			6.9			7.2			6.9






Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	5,015,506		$	4,796,838		$	4,637,980		$	4,727,623		$	4,492,256
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	4,603,006		$	4,384,338		$	4,225,480		$	4,315,123		$	4,079,756
(M) Actual common shares outstanding	61,176			60,794			60,743			60,722			57,253
Book value per common share (L/M)	$	75.24		$	72.12		$	69.56		$	71.06		$	71.26
Tangible book value per common share (non-GAAP) (I/M)	64.22			61.00			58.42			59.87			59.34

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	173,207		$	137,826		$	135,970		$	87,522		$	120,400
Add: Intangible asset amortization	1,235			1,436			1,492			1,579			1,609
Less: Tax effect of intangible asset amortization	(321)			(370)			(425)			(445)			(430)
After-tax intangible asset amortization	$	914		$	1,066		$	1,067		$	1,134		$	1,179
(O) Tangible net income applicable to common shares (non-GAAP)	$	174,121		$	138,892		$	137,037		$	88,656		$	121,579
Total average shareholders’ equity	$	4,895,271		$	4,710,856		$	4,795,387		$	4,526,110		$	4,500,460
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	4,482,771		$	4,298,356		$	4,382,887		$	4,113,610		$	4,087,960
Less: Average intangible assets	(675,247)			(676,371)			(678,953)			(681,091)			(682,603)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	3,807,524		$	3,621,985		$	3,703,934		$	3,432,519		$	3,405,357
Return on average common equity, annualized (N/P)	15.67		%	12.72		%	12.31		%	8.53		%	11.94		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	18.55			15.21			14.68			10.36			14.48

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	$	243,550		$	195,173		$	200,041		$	131,661		$	173,680
Add: Provision for credit losses	23,045			47,646			6,420			20,417			4,106
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	266,595		$	242,819		$	206,461		$	152,078		$	177,786
Changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies	3,047			702			2,472			(445)			(43,365)
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)	$	269,642		$	243,521		$	208,933		$	151,633		$	134,421

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, Countryside, Crete, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Grayslake, Gurnee, Hanover Park, 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, Norridge, Northfield, 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, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2022 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, 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, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

•economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;

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

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

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

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

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

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

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

•changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;

•the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;

•competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;

•failure to identify and complete favorable acquisitions in the future or unexpected 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 and similar events 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, and ability of the Company to effectively manage the planned transition of the chief executive officer role;

•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 benchmark rate for current and future transactions;

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

•legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;

•changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;

•a lowering of our credit rating;

•changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;

•regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;

•increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;

•the impact of heightened capital requirements;

•increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;

•delinquencies or fraud with respect to the Company’s premium finance business;

•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;

•the Company’s ability to comply with covenants under its credit facility;

•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation;

•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; and

•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.

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, April 20, 2023 at 10:00 a.m. (CDT) regarding first quarter 2023 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 March 31, 2023 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2023 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 q12023earningsreleasepre.htm EX-99.2 q12023earningsreleasepre

Earnings Release Presentation Q1 2023 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, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2022 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,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, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company's financial condition and results of operations from expected developments or events. Actual results could differ materially from those addressed in the forward- looking statements as a result of numerous factors, including the following: • economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates; • negative effects suffered by us or our customers resulting from changes in U.S. trade policies; • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses; • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period; • the financial success and economic viability of the borrowers of our commercial loans; • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses; • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; • changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities; • the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability; • competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products; • failure to identify and complete favorable acquisitions in the future or unexpected 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 and similar events or data corruption attempts and identity theft; • adverse effects on our information technology systems resulting from failures, human error or cyberattacks (including ransomware); Forward-Looking Statements PENDING

3 • 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, and ability of the Company to effectively manage the planned transition of the chief executive officer role; • 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 benchmark rate for current and future transactions; • a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise; • legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies; • changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity; • a lowering of our credit rating; • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise; • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business; • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment; • the impact of heightened capital requirements; • increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC; • delinquencies or fraud with respect to the Company’s premium finance business; • credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans; • the Company’s ability to comply with covenants under its credit facility; • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; • 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; and • 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. 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 successfully navigated the first quarter with limited disruption thanks to our strong deposit franchise and balanced business model. Total deposits remained stable in the first quarter as the diversity of our deposit base showed its resilience in a volatile market. Credit metrics remained very strong with non-performing assets unchanged from the prior quarter, remaining at historic lows. Finally, the Company’s net interest margin increased during the quarter contributing to record quarterly net income." Q1 2023 Summary Edward J. Wehmer Founder and Chief Executive Officer

5 Pre-Tax, Pre-Provision1 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 Q1 2023 Highlights (Comparative to Q4 2022) Third consecutive record earnings quarter supported by balanced business model Total DepositsTotal Assets Total Loans Net Income $52.9 billion $39.6 billion +$0.4 billion $42.7 billion -$0.2 billion $180.2 million +$35.4 million Exceptional Credit Quality Awards/Non- Recurring Items • Net interest income increased to $458.0 million driven by net interest margin improvement, partially offset by the impact of two fewer days in Q1 2023 • Net interest margin increased by 10 basis points as the upward repricing of earning assets outpaced increases in total funding cost • Low and stable NPLs at $100.7 million or 0.25% of total loans • Increased allowance coverage as reserves on core loans are 1.46% of total core loans • Continued low levels of net-charge offs of $5.5 million or 6 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 ROE / ROTCE 1.40% +30 bps 15.67% +295 bps (GAAP) 53.01% -222 bps $266.6 million +$23.8 million • Total Deposits remain stable, down $184 million or 0.4% • Loan growth of $369 million driven primarily by Commercial Real Estate and Residential Real Estate 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix Diluted EPS $2.80 +$0.57 Current EPS Prior EPS $ 2.80 2.23 $ 0.57 PPNI Prior PPNI $ 266.6 242.8 $23.78 23800000 266,595 242,819 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 1.49% -14 bps (non-GAAP) 52.78% -224 bps Efficiency GAAP Prior Q 53.01% 58.59% $ (558.00) Efficiency Non GAAP Prior Q PENDING Efficiency Ratio (GAAP) Q1-23 Efficiency Ratio (GAAP) Q4-22 Efficiency Ratio (Non- GAAP) Q1-23 Efficiency Ratio (Non- GAAP) Q4-22 53.01 % 55.23 % 52.78 % 55.02 % % Change File does not have calc for GAAP numbers (224) Check -222 -224 Link was removed ----> will need to relink (GAAP) 15.67% +295 bps (non-GAAP) 18.55% +334 bps

6 • Net losses on investment securities totaled $1.4 million in the first quarter of 2023 related to changes in the value of equity securities as compared to net losses of $6.7 million in the fourth quarter of 2022. • SAME CHANGE AS Q1 PG "INCREASED SHAREHOLDER VALUE" CHANGE • Net interest income increased to $458.0 million driven by expansion of net interest margin partially offset by two fewer days. Net interest margin increased 10 basis points largely due to continued upward repricing of earning asset yields that outpaced increases in total funding cost • Reported third consecutive record pre-tax, pre- provision quarterly income (non-GAAP) of $266.6 million Earnings Summary Differentiated, highly diversified and sustainable business model Record Net Income Key Observations Condensed Income Statement Current Q Difference vs.Current Q $127.4 $94.5 $143.0 $144.8 $180.2 1.04% 0.77% 1.12% 1.10% 1.40% Net Income ROA Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $2.07 $1.49 $2.21 $2.23 $2.80 Diluted EPS Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $177.8 $152.1 $206.5 $242.8 $266.6 $134.4 $151.6 $208.9 $243.5 $269.6 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs and Early Buy-out Loans Guaranteed by U.S. government agencies (non-GAAP) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 1 EBO: Early Buy-out Loans Guaranteed by U.S. government agencies 2 See Non-GAAP reconciliation in the Appendix Thousands ($) 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) Consecutive Record Quarterly PTPP as Net Interest Margin Expansion Drives Net Interest Income Growth $299.29 $337.80 $401.45 $456.82 $458.00 $162.79 $102.94 $101.48 $93.84 107,769 $284.30 $288.67 $296.47 $307.84 299,169 Net Interest Income Non-Interest Income Non- Interest Expense Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $— $200.00 $400.00 $600.00 Q1 '23 Financial Highlights1Driving Shareholder Value Through EPS Expansion • Net losses on investment securities totaled $1.4 million in the first quarter of 2023 related to changes in the value of equity securities as compared to net losses of $6.7 million in the fourth 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 $0.0 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 $2.2 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

7 32% 26% 14% 21% 6% 1% Commercial Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance Residential Real Estate All Other Loans 32% 0% 26% 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 $1.5 billion to $1.7 billion at March 31, 2023, as compared to $1.2 billion to $1.4 billion at December 31, 2022. When adjusted for the probability of closing, the pipelines were estimated to be approximately $990 million to $1,094 million at March 31, 2023, as compared to $754 million to $0.8 billion at December 31, 2022. • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $2.0 billion, as compared to December 31, 2022, • Total period end loans as of March 31, 2023 were $1.1 billion higher than average total loans in the first quarter of 2023. $39,196 $28 $288 $133 $(111) $35 $(4) $39,565 12/31/2022 Commercial Commercial Real Estate Residential Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 3/31/2023 Loan Portfolio Balanced loan portfolio of approximately 1/3 Commercial, 1/3 Commercial Real Estate and 1/3 Specialty Finance Measured Loan Growth Coupled with Expanded Loan Yield QoQ Growth Lead by Commercial & Acquired Loan Portfolio $35.3 $39.2 $39.6 3.33% 5.15% 5.82% Total Loans Average Total Loan Yield 3/31/2022 12/31/2022 3/31/2023 Year-over-Year Change $4.3B or 12% in Total Loans Balanced Loan Mix (as of 3/31/2023) ($ 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 $39.6 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) $39,196 $39,546 12/31/2022 Commercial PPP All Other Commercial Loans Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 3/31/2023 Draft waterfall below 1 1 1 RELINK TEXT BOX TOT LOANS Loan Growth Across Majority of Loan Portfolios Pending from Mark B. Pending $4.4B or 12% in Total Loans, $5.0B or 15% in Total Loans excl. PPP

8 1 "Prior Fed Cycle" defined as Q3 2015 to Q2 2019 and "Current Fed Cycle" begins in Q3 2019 to present Strong Consumer Driven Deposit Base Provides Support as Deposits Shift to MaxSafe® and Interest-Bearing Products • Total deposits decreased by $-0.2 billion from the prior quarter end. • Non-interest bearing deposits comprise 26% of total deposits as of March 31, 2023. • Rate paid on average interest-bearing deposits increased 67 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 92.6% as compared to 91.4% at prior quarter end. $42,903 $(1,578) $1,095 $(654) $952 $42,718 12/31/2022 Non-Interest-B earing MaxSafe® Wealth Management All O ther Interest-B earing 3/31/2023 Deposit Portfolio Enviable core deposit franchise in Chicago and Milwaukee market areas Deposit Franchise Remained Solid Q1 '23 Commentary Focused on low-cost deposit mix to drive margin expansion $42.2 $42.9 $42.7 0.22% 1.30% 1.97% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 3/31/2022 12/31/2022 3/31/2023 Year-over-Year Change $0.5B or 1% Non-Interest-Bearing $11.2 NOW and Interest- Bearing DDA $5.6 Wealth Management Deposits $1.8 Money Market $13.5 Savings $5.2 Time Certificates of Deposit $5.4 ($ in Billions) ($ in Billions) Draft graph to left $42,903 $43,278 12/31/2022 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 3/31/2023 Draft waterfall below 1 55.6% 65.1% 20.0% 8.6% 24.4% 26.2% Non-Interest-Bearing Time Certificates of Deposit ("CD's") Interest-Bearing excl. CD's Q2 2019 Q1 2023 $42.7• Deposit base remained stable and liquidity remains strong during a volatile market. We remain highly competitive in the Chicagoland market and continue to grow our customer/retail base • No direct crypto exposure or material deposit concentrations • FDIC Insured and fully collateralized deposits comprise approximately 70% of total deposits • Average customer deposit under $70,000 • Wintrust’s unique MaxSafe® product offers clients the opportunity to receive $3.75 million in FDIC insurance per person: ◦ MaxSafe® product balances increased $1.1 billion from 12/31/2022 • Wealth Management deposits decreased by $654 million, primarily a result of: ◦ Customers migrated some deposits to Money Market Funds and Treasuries ◦ CDEC related deposits declined $342 million from 12/31/22 due to lower real estate transactions • PENDING UPDATES ($ in Millions) $42,903 $(1,565) $(50) $1,038 $(654) $(168) $635 $580 $42,718 12/31/2022 Non-Interest B earing NOW and Interest-B earing DDA Maxsafe Wealth Management Money Market Savings CDs 3/31/2023 1 1Includes CDEC deposit balances

9 30% 26% 13% 13% 5% 4% 30% 32% 11% 12% 11% 13% Time Certificates of Deposit Savings Money Market Wealth Management Deposits NOW and Interest-Bearing Demand Deposits Non-Interest-Bearing Q4 2022 Q1 2023 Total Interest-Bearing Deposit Costs Historical Beta1 44% 1 "Prior Fed Cycle" defined as Q3 2015 to Q2 2019 and "Current Fed Cycle" begins in Q3 2019 to present Deposit Beta Accelerated in Q1 2023 Anticipated to Surpass Previous Cycle Betas • Total deposits decreased by $-0.2 billion from the prior quarter end. • Non-interest bearing deposits comprise 26% of total deposits as of March 31, 2023. • Rate paid on average interest-bearing deposits increased 67 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 92.6% as compared to 91.4% at prior quarter end. $42,903 $(1,432) $(15) $(654) $665 $635 $616 $42,718 12/31/2022 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 3/31/2023 Deposit Portfolio Reversion of deposit mix to pre-pandemic levels while deposit beta increases with market pressures Increased Funding Costs Considerably Outpaced by Higher Loan Yields Q1 '23 Commentary Focused on low-cost deposit mix to drive margin expansion $42.2 $42.9 $42.7 0.22% 1.30% 1.97% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 3/31/2022 12/31/2022 3/31/2023 Year-over-Year Change $0.5B or 1% Non-Interest- Bearing $11.2 NOW and Interest- Bearing DDA $5.6 Wealth Management Deposits $1.8 Money Market $13.5 Savings $5.2 Time Certificates of Deposit $5.4 ($ in Billions) ($ in Billions) 53% 44% Q3 2019 to Q4 2021 (–225 bps) Q3 2015 to Q2 2019 (+225 bps) Deposit Mix Shift Into Interest-bearing and Insured Deposits Draft graph to left $42,903 $43,278 12/31/2022 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 3/31/2023 Draft waterfall below 1 0.25% 3.25% 0.28% 1.97% 1.51% 2.19% Fed Target Total Interest-Bearing Deposit Costs Total Deposit Costs 12/31/21 09/30/22 Total Interest-Bearing Beta 5% Total D posit 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 475 bps 0.25% 5.00% 12/31/21 3/31/2023 Total Interest-Bearing Deposit Beta 36% 0.24% 1.97% 12/31/21 3/31/2023 Total Deposit Beta 26% 0.16% 1.40% 12/31/21 3/31/2023 Fed Target Upper Bound Total Deposit Costs Historical Beta1 33% $42.7 • Total cycle-to-date Interest-Bearing Deposit Beta stands at 36% as of Q1 2023 but with market pressures current cycle beta likely to outpace Historical Beta and may approach 50% • Experienced a shift from Non-Interest-Bearing deposits to Interest-Bearing products • Benefited from MaxSafe® and reciprocal products that provide our customers additional FDIC protection ◦ These deposits increased $1.3 billion from 12/31/22 primarily driven by a $1.1 billion increase in MaxSafe® • No material deposit concentrations PENDING UPDATES ($ in Billions) $42.7$42.9

10 $3,604 $3,591 Total Non-Deposit Borrowings 12/31/2022 3/31/2023 $3,740 $(480) $3,260 AFS Amortized Cost Pre-Tax Unrealized Losses AFS Fair Value $3,606 $(630) $2,976 HTM Amortized Cost Pre-Tax Unrealized Losses HTM Fair Value $3.3 $3.6 $0.1 Available-for-Sale Held-to-Maturity Other $6,866 $112 $940 $7,918 Q1 23 HTM and AFS Securities Trading Securities and Equity Securities Trade Date Securities Receivables Q1 23 Total Investment Portfolio $6.5 $7.9 $7.9 $18.0 $19.0 36% 42% Investment Portfolio End of Period Balance Uninsured Deposits Investment Portfolio as a % to Uninsured Deposits Q1 2022 Q4 2022 Q1 2023 $3.3 $3.7 $0.9$0.1 Available-for-Sale Held-to-Maturity Trade Date Securities Receivable Other Enhanced Loan to Deposit Ratio - (Loans + HTM Sec. / Total Deposits) Liquidity Prudently managing investment portfolio, while maintaining adequate liquidity Strategically Balanced Investment Portfolio1 (as of 3/31/2023) Investment Portfolio Snapshot (as of 3/31/2023) Investment Portfolio Compared to Uninsured Deposits 1 1 ($ in Billions) ($ in Billions) ($ in Billions) ($ in Billions) $7.9 (in Billions) 1 Includes securities held as a trade date securities receivable as of 3/31/23. In April 2023, the Company trade date securities receivables will be converted to cash. $2,942 $3,436 $3,641 2,901 3,146 2,950 41 290 691 Total Securities HTM Fair Value Unrealized Loss 12/31/21 03/31/22 12/31/22 03/31/23 $3,436 $3,641 $3,146 $2,950 Total Securities HTM Book Value Total Securities HTM Fair Value Q1 2022 Q4 2022 Q1 2023 $3.4 $3.6 $3.6 $35.3 $39.2 $39.4$42.2 $42.9 $42.7 91.7% 99.8% 100.7% Held-to-Maturity Total Loans Total Deposits Total Loans + HTM Securities as a % to Total Deposits Q1 2022 Q4 2022 Q1 2023 Held-to-Maturity Total Loans Total Deposits Total Loans + HTM Securities as a % to Total Deposits Q1 2022 Q4 2022 Q1 2023 $— $25.0 $50.0 $75.0 $100.0 03/31/2023 End of Period Balance Unrealized Losses Yield Duration (Years) Total AFS Portfolio $3.3 Total HTM Portfolio $3.6 Grand Total $6.9 $3,243 4Q22 AFS Fair Value $6,209 4Q22 Total Investment Portfolio Held-to-Maturity Yield (Q1 '23): 2.41% Duration: 7.6 Years Available for Sale Yield (Q1 '23): 3.65% Duration: 6.5 Years Total Investment Portfolio Yield (Q1 '23): 3.08% Duration: 7.0 Years AOCI Losses $6,900 As of (Dollars in Millions) 3/31/2023 Liquidity Sources : Cash on Hand $ 2,009 FHLB Capacity 4,788 Discount Window 361 Total Alternative Liquidity Sources $ 7,158 Strategically Balanced Investment Portfolio (as of 3/31/2023) Q1 '23 Commentary $3,604 $3,591 Total Non-Deposit Borrowings 12/31/2022 3/31/2023 • FHLB advances remained unchanged quarter over quarter • Registered for the Bank Term Funding Program (BTFP) but did not borrow and have no intent to do so • Other than for periodic testing, Wintrust has never borrowed from the Federal Discount Window • $940 million trade date securities receivable as of 3/31/2023 was converted to cash on 4/13/2023 to bolster cash position • Investment Portfolio size has remained relatively unchanged from 12/31/2022 and is only 13% of Total Assets ($ in Billions) 2 1 3 3 3 3 ($ in Billions) PENDING DATA PENDING DATA $7.0 Wintrust Did Not Increase Reliance on Non-Deposit Borrowings in Q1' 23 ($ in Millions) ($ in Millions) 1 Includes: Federal Home Loan Bank advances, Other borrowings, Subordinated notes, and Junior subordinated debentures

11 9.1% 0.3% (0.2)% 9.2% 12/31/2022 Retained Earnings and other equity changes Change in RWA 3/31/2023 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 9.3% 10.2% 12.1% Minimum Requirement Capital Conservation Buffer WTFC 11.9% 0.4% (0.3)% 12.1% 12/31/2022 Retained Earnings and other equity changes Change in RWA 3/31/2023 Capital Current capital levels are well in excess of regulatory thresholds with the Company recording record earnings TBV Growth along with TCE Improvement Record Earnings Drove Capital Expansion Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $1,058 $782 $736 1 Ratios for Q1 2023 are estimated 8.6% 9.1% 9.2% 9.6% 10.0% 10.1% 11.6% 11.9% 12.1% 8.1% 8.8% 9.1% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 3/31/2022 12/31/2022 3/31/2023 Quarterly Earnings Supported CET1 Improvement 1 6.9% 7.1% 7.5%7.1% 7.9% Tangible Common Equity Ratio (non-GAAP) Tangible Common Equity Ratio excl. AOCI (non-GAAP) 3/31/2022 12/31/2022 3/31/2023 Capital Ratios Adjusted for AOCI not Included in Capital Ratios & HTM Unrealized Losses (net of tax) Linked chart below 4 CET1 Ratio $0.13 $0.16 $59.64 $64.22 $71.26 $75.24 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 3/31/2023 1 7.9% 7.1% 8.9% 8.0% 10.9% 10.0% 6.7% 6.3% Adjusted CET1 Ratio Adjusted Tier 1 Capital Ratio Adjusted Total Capital Ratio Adjusted Tier 1 Leverage Ratio 3/31/2022 12/31/2022 3/31/2023 1 8.6% 9.1% 9.3% 7.0% 7.0% 7.0% CET1 Ratio Minimum Requirement + Capital Conservation Buffer 03/31/22 12/31/22 03/31/23 Q1 '23 Commentary • The Company's current capital levels are well in excess of regulatory thresholds and it is expected that the Company would remain well capitalized in the event either: • Regulatory changes require banks to report unrealized AFS and HTM losses as a reduction to regulatory capital, or • If the Company were to liquidate our entire investment portfolio • Strong profits resulted in improved capital levels $59.34 $61.00 $64.22 6.9% 7.1% 7.5% Tangible Book Value Per Share (non-GAAP) Tangible Common Equity Ratio (non-GAAP) 3/31/2022 12/31/2022 3/31/2023 PENDING Do not move superscript

12 3.73% 0.61% (0.68)% 0.17% 3.83% NIM (non- GAAP) Q4 2022 Earning Asset Yield Interest-Bearing Liability Rate Net Free Funds NIM (non- GAAP) Q1 2023 $23.3 $6.8 $9.5 Variable Rate Fixed Rate maturing under 1 year Fixed Rate maturing over 1 year 11.0% 2.4% 5.8% 1.7% Static Ramp 3/31/2022 3/31/2023 2.60% 2.92% 3.34% 3.71% 3.81%2.61% 2.93% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net Interest Income/Margin Net interest margin benefiting from higher earning asset yields and drives higher net interest income Higher Earning Asset Yields and Net Free Funds Contribution Net Interest Margin Improvement Lifts Net Interest Income Net Interest Margin (Quarterly Trends) 3.73% 3.83% Q4 2022 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q1 2023 • Q1 2023 net interest income totaled $458.0 million. ◦ A decrease of $1.2 million as compared to Q4 2022 and a decrease of $158.7 million as compared to Q1 2022. • Net interest margin (Non-GAAP1) increased by 10 bps from the prior quarter: ◦ Earning assets yield up 61 bps. ◦ Interest bearing liability rate up 68 bps. ◦ Net free funds up 17 bps. • Net interest income increased by $1.2 million###### • Net interest margin, on a fully taxable equivalent basis (non-GAAP) increased by ten basis points to 3.83% ###. ◦ 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. $299.29 $337.80 $401.45 $456.82 $458.00 2.60% 2.92% 3.34% Net Interest Income Net Interest Margin (GAAP) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Repositioning Our Balance Sheet to Reduce Our Interest Rate Sensitivity $299.3 $337.8 $401.4 $278.1 $323.6 $394.0 $451.9 $457.4 $21.2 $14.2 $7.4 2.60% 2.92% 3.34% 3.71% 3.81% Net Interest Income excl. PPP PPP Interest Income Net Interest Margin (GAAP) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Linked graph left 2.60% 2.92% 3.34% 3.71% 2.56% 2.61% 2.93% 2.57% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 3.73% 3.78% Q4 2022 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q1 2023 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 3/31/2023) 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 $299.3 $337.8 $401.4 $456.8 $458.0 2.60% 2.92% 3.34% 3.71% 3.81% 2.61% 2.93% 3.35% 3.73% 3.83% Net Interest Income NIM (GAAP) NIM, Fully Taxable-Equivalent (non-GAAP) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 (11.3)% (2.4)% (7.1)% (1.3)% Static Ramp 3/31/2022 3/31/2023 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 $162.8 $102.9 $101.5 $93.8 $107.8 $31.4 $31.4 $33.1 $30.7 $29.9 $15.5 $15.0 $12.6 $12.4 $13.0 $15.3 $15.9 $14.3 $13.1 $12.9 $23.4 $7.3 $14.3 $20.2 $33.7 $77.2 $33.3 $27.2 $17.4 $18.3 Wealth Management Operating Lease Income, net Service Charges on Deposits Other Mortgage Banking Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Declining Mortgage Originations for Sale due to Rising Mortgage Rates Fee Businesses Stable Amidst Rising Rate Environment Growing Wealth Management Business • Non-interest income totaled $107.8 million. ◦ A decrease of $13.9 million as compared to Q4 2022 and a decrease of $55.0 million as compared to Q1 2022. • Mortgage banking revenue increased by $0.9 million in Q1 2023 as compared to Q4 2022. See detail on Slide 13. • Wealth management income decreased $782,000 as compared to Q4 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 $31.4 $31.4 $33.1 $30.7 $29.9 $26.8 $27.1 $28.5 $26.5 $25.4 $4.6 $4.3 $4.6 $4.2 $4.5 $35.8 $32.9 $32.8 $34.4 $35.2 Trust and Asset Management Revenue Brokerage Revenue Assets Under Administration ($ in Billions) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Operating Lease Portfolio Contributes Meaningful Fee Income $15.5 $15.0 $12.6 $12.4 $13.0 $240.7 $223.8 $244.8 $253.9 $256.3 Operating Lease Income, Net Lease Investments, Net (Period-End Balance) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 • primarily due to decreased trust and asset management fees and brokerage commissions Confirm AUM correct for all periods. Non-Interest Income Diversified fee business supports non-interest income levels despite challenging mortgage environment ($ in Millions) ($ in Millions) ($ in Millions) $15.3 $15.9 $14.3 $13.1 $12.9$14.1 $14.4 $12.6 $11.5 $11.2 $1.2 $1.5 $1.7 $1.6 $1.7 Commercial Service Charges on Deposits Consumer Service Charges on Deposits Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Year-over-Year Change $(2.5)M or (16)% ($ 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 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 1.48% 1.56% 1.65% 1.64% 1.60% $199.1 $212.7 $229.7 $230.2 $225.8 $13,427 $13,644 $13,926 $14,053 $14,080 MSRs, at fair value Loans Serviced for Others Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 ($ in Millions) $896 $821 $661 $422 $372 $648 $596 $449 $287 $256 $248 $225 $212 $135 $116 Retail Originations Veterans First Originations Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 ($ in Millions) PENDING

14 $172.4 $167.3 $176.1 $180.3 $176.8 $92.2 $92.4 $97.4 $100.2 $108.4 $51.8 $46.1 $50.4 $49.5 $39.8 $28.4 $28.8 $28.3 $30.6 $28.6 Salaries Commissions and Incentive Compensation Employee Benefits Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 61.04% 64.21% 58.41% 55.02% 52.78% Efficiency Ratio (non-GAAP) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Non-Interest Expense Conservative and consistent operating philosophy Lower Incentive Expense Partially Offset by Annual Merit Increase 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 $(3.6) $14.1 $299.2 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. $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 $6.8 $5.0 $1.8 Lending expenses, net of deferred originations costs Q1 2022 Q4 2022 Q1 2023 Strategic Cost Reductions in the Mortgage Business ($ in Millions) 1 FTE - Full-Time Equivalent Employees 1 ($ in Millions) Update title Decrease Primarily Driven by Incentive Compensation, Lower Loan Origination, and Seasonal Decline in Marketing Efficiency Ratio Improvement Driven by Increased NIM and Lower Expenses $307.8 $(3.6) $(3.2) $(2.3) $1.9 $(1.4) $299.2 Q4 2022 Non-Interest Expense Salaries and Employee Benefits Lending Expenses, net of deferred originations costs Advertising and Marketing FDIC Insurance All Other Expenses Q1 2023 Non-Interest Expense 1 Extraordinary Items - TBD 1 PENDING ($ in Millions) ($ in Millions)

15 $158.5 $205.9 0.59% 0.77% 0.95% 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) 3/31/2023 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 Stable Levels of Non-Performing Loans Extended Low Levels of Net Charge-Offs $57.3 $72.4 $97.6 $100.7 $100.7 0.16% 0.20% 0.26% 0.26% 0.25% NPLs NPLs as a % of Total Loans 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 $2.5 $9.5 $3.2 $5.1 $5.5$4.1 $20.4 $6.4 $47.6 $23.00.03% 0.11% 0.03% 0.05% 0.06% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $4.1 $20.4 $6.4 $47.6 $23.061.67% 46.51% 49.36% 10.66% 23.71% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 $7.8 $53 $135.1 $0 $0 $— $— $— $— $—$7.8 $53.0 $135.1 61.7% 46.5% 49.4% 10.7% 23.7% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Incurred Loss Method CECL Incurred Loss Method CECL Q1 2023 Q4 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 Q1 2023 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 $38,321 $38,555 Q4 2022 Q1 2023 $541 $630 Q4 2022 Q1 2023 $334 $380 Q4 2022 Q1 2023 $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 $301.3 $376.3 0.59% 0.77% 0.85% 0.95% 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) 3/31/2022 3/31/2023 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 $357,936 $27,566 $(9,241) $376,261 12/31/2022 Portfolio Changes Economic Factors 3/31/2023 ($ in Thousands) Macro-economic conditions Model imprecision Volume Credit Quality Aging Mix Net Charge- offs 3 98% 97% 1% 2% 1% 1%

16 $6,481 $7,049 $7,178 $7,340 $7,430 41.0% 40.7% 41.3% 40.5% 39.9% Unused Line of Credit Balance (excl. Mortgage Warehouse and Leases) Line Utilization % of Total Commercial Loans (excl. Mortgage Warehouse and Leases) 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 $5,348.3 $5,502.6 $5,819.0 $5,852.2 $5,855.0 $11,330 $11,965 $12,216 $12,520 $12,560 0.03% 0.27% (0.06)% 0.08% 0.07% Commercial and industrial Total Commercial Loans Asset-based lending Municipal Leases 1/3 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Credit Quality - Commercial Loans1 Diversified portfolio with low net charge-offs Sustained Portfolio Growth Paired with a Low Net Charge-Off Ratio Non-Performing Loans 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) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 $16.9 $32.4 $44.5 $36.0 $48.0 0.15% 0.27% 0.36% 0.29% 0.38% NPLs NPL as a % of Category 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Q1 2023 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 Commercial Loan Composition (as of 3/31/2023) ($ in Millions) 45.5% 37.7% 40.5% 40.5% Total Commercial (excl. Mortgage Warehouse and Leases) 12/31/2019 3/31/2021 3/31/2022 3/31/2023 $4,687 $4,384 $6,236 $7,260 Unused Line of Credit Balance 12/31/2019 3/31/2021 3/31/2022 3/31/2023 $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 3/31/2021 3/31/2022 3/31/2023 1 Commercial Loans excludes PPP loans $120,910 $142,916 $135,315 $142,769 $149,501 1.07% 1.19% 1.11% 1.14% 1.19% Calculated Allowance Allowance as a % of Category 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 ($ in Thousands) $11,330 $11,965 $12,216 $12,520 $12,560 0.03% 0.27% (0.06)% 0.08% 0.07% Period End Balance Net Charge-Off Ratio 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 ($ in Millions) 47% 12%5% 15% 9% 2% 3% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - homeowners association Insurance agency lending

17 14% 18% 13% 26% 13% 12% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $9,235 $9,407 $9,578 $9,951 $10,239 0.03% (0.02)% 0.00% 0.02% 0.00% Period End Balance Net Charge-Off Ratio 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties Measured Growth with Low Charge-Offs NPLs Remain at Low Levels $12.3 $10.7 $10.5 $6.4 $11.2 0.13% 0.11% 0.11% 0.06% 0.11% NPLs NPL as a % of Category 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Q1 2023 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 16% 22% 15% 30% 17% Office Industrial Retail Multi-family Mixed use and other 74% 5% 21% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 3/31/2023) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ 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 Well Reserved Amidst Macroeconomic Uncertainty $144,906 $143,732 $150,718 $184,352 $194,780 1.57% 1.53% 1.57% 1.85% 1.90% Calculated Allowance Allowance as a % of Category 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 ($ in Thousands) 7% 9% 6%13% 7% 6% 0% 1% 50% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land 14% 18% 13% 25% 14% 12% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land

18 $393.7 $285.8 $184.0 $199.9 $219.4 $109.2 $160.7 $156.4 $159.2 $145.6 $156.1 $66.6 CRE Office Non-Medical Non Owner-Occupied <$2MM $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Chicago CBD, 13% Other CBD, 13% Suburban, 74% $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500k $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M Portfolio Characteristics as of March 31, 2023 Office Balance ($ in Millions) $1,392 CRE Office as a % to Total CRE 13.59% CRE Office as a % to Total Loans 3.51% Average Size of Loan ($ in Millions) $1.3 Non-Performing Loan (NPL) Ratio 0.01% Net Charge-off Ratio3 0.00% 30+ Days Past Due Ratio 0.41% 90+ Days Past Due Ratio 0.00% Owner Occupied or Medical % 39% Office Portfolio Geography 1Chicago CBD includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 3Net Charge-Off Ratio annualized utilizing charge-offs in the first quarter of 2023 1 Office Portfolio Composition Granularity of Office Portfolio ($ in Millions) ($ in Millions) 2 Medical, 19% Medical Owner Occupied, 3% Non-Medical Owner- Occupied, 17% Non-Medical Non Owner-Occupied, 61% CRE Office Portfolio (as of 3/31/2023) CRE Office represents a minimal percentage of the Total Loan Portfolio $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500K $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M $1,034.2 $173.1$184.8 $844.6 $268.0 $239.0 $40.5 ($ in Millions) 286910 89 50 29 25 16 12 13 9 5 3 Number of Loans Per Category PENDING $135.0 $125.5 $158.5 $366.9 $296.5 $309.7 $34.9 $58.8 $78.6 $214.1 $228.9 $229.3 CRE Office Non-Medical Non Owner-Occupied $1-$500K $500K- $1M $1M-$2M $2M-$5M $5M- $10M >=$10M Range $1-$500 K $500k-$1 M $1M-$2 M $2M-$5 M $5M-$10 M >=$10 M CRE Office 671 178 111 116 46 22 Non- Medical, Non- Owner 181 78 54 70 35 16 Number of Loans DO NOT TOUCH FOOTNOTE SUPERSCRIPT $130.8 $115.9 $147.0 $295.8 $174.0 $528.6 $34.2 $55.4 $73.0 $154.4 $169.4 $358.1 CRE Office Non-Medical Non Owner-Occupied <$500K $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M ($ in Millions) 286 910 89 50 29 25 16 12 13 9 5 3 Number of Loans Per Category UPDATE COUNT IF GO BACK

19 $4,938 $5,541 $5,714 $5,850 $5,739 0.02% 0.14% 0.30% 0.16% 0.23% Period End Balance Net Charge-Off Ratio 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Credit Quality - Premium Finance Receivables Commercial Net charge-off levels remain low while outstanding balances remain stable Steady Origination Volume Driven by Market Conditions Average Balances & Quarterly Yields ($ 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 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2023 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 $2,984 $3,556 $3,515 $3,550 $3,460 Originations Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 NPLs Remain Below Historic Norms $19.1 $19.8 $29.7 $29.3 $27.8 0.39% 0.36% 0.52% 0.50% 0.48% NPLs NPL as a % of Category 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 ($ 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 03/31/22 06/30/22 09/30/22 12/31/22 03/31/23 $2,802 $1,837 $870 $230 Current Premium Finance Receivables Commercial Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 6-9 Months > 9 months Yet to Realize Full Benefit of Prior Rate Increases Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows Seasonal Portfolio Decline ($ in Millions)

20 $8,357 $1,290 Cash Surrender Value Other $7,354 $7,608 $8,005 $8,091 $8,126 0.00% 0.00% 0.00% 0.00% 0.00% Period End Balance Net Charge-Off Ratio 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Credit Quality - Premium Finance Receivables Life Life Insurance portfolio remains extremely robust and has continued to demonstrate exceptional credit quality Healthy Portfolio with Low Levels of Non-Performing LoansModest Q1 '23 Growth with Exceptional Credit Quality Average Balances & Quarterly Yields ($ 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 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2023 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 Q1 2023. 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 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Total Loan Collateral1 by Type (as of 3/31/2023) $1.8 $17.2 $1.1 0.02% 0.21% 0.01% NPLs NPL as a % of Category 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 3% 64% 4% 1% 19% 9% Annuity Brokerage Account Certificate of Deposit Bank Cash/Cash Equivalent Letters of Credit Money Market "Other" Loan Collateral1 by Type (as of 3/31/2023) Other ($ in Millions) ($ in Millions) Period-End Balances & Annualized Net Charge-off Ratio1 ($ in Millions) Collateral Coverage2 of 119% No material charge-offs have occurred in the periods presented below.

21 Appendix

22 $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500k $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M Use of Hedges to Mitigate Negative Impacts of Falling Rates Chicago CBD, $187.0, 14% Other CBD, $171.7, 13% Suburban, $978.5, 73% Chicago CBD Other CBD Suburban 1Chicago CBD (Central Business District) includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 3Net Charge-Off Ratio annualized utilizing charge-offs in the fourth quarter of 2022 1 Office Portfolio Makeup as of 12/31/2022 Office Composition by Balance as of 12/31/2022 ($ in Millions) ($ in Millions) 2 Medical, 21% Non-Medical Owner- Occupied, 19% Non-Medical Non Owner-Occupied, 60% Medical Non-Medical Owner-Occupied Non-Medical Non Owner-Occupied Weighted Avg Rate (Receive Fixed Rate vs Term SOFR) Hedge Rate: 2023: 3.76% 2024: 3.76% 2025: 3.76% 2026: 3.65% 2027: 3.55% Forward Rate: 2023: 4.51% 2024: 3.68% 2025: 3.23% 2026: 2.95% 2027: 2.82% Gain/(Loss): 2023($32MM) 2024 $5MM 2025 $29MM 2026 $25MM 2027 $11MM Hedging activities had a 7 bp detriment to our Q1 2023 NIM. However, these derivatives will benefit the Company if interest rates fall materially. Weighted Average Rate (Receive Fixed Rated vs Term SOFR) Hedge Rate 2023 2024 2025 2026 2027 3.76 % 3.76 % 3.76 % 3.65 % 3.55 % Forward Rate 2023 2024 2025 2026 2027 4.51 % 3.68 % 3.23 % 2.95 % 2.82 % Gains/(Losses) 2023 2024 2025 2026 2027 $ (32) MM $ 5 MM $ 29 MM $ 25 MM $ 11 MM As of As of Increase/ Deposit Composition as of 3/31/2023 Deposit Composition as of 3/9/20233/31/2023 3/9/2023 (Decrease) Deposits: Retail / Business Non-Interest Bearing Deposits $ 9,824,253.109 $ 10,847,472.262 $ (1,023,219) #REF! #REF! Retail / Business Interest Bearing Deposits 19,108,943.386 19,216,379.959 (107,437) #REF! #REF! Maxsafe 4,952,632.102 3,996,247.422 956,385 #REF! #REF! Internal Wealth Mgmt 921,287.04 1,012,564.517 (91,277) #REF! #REF! Other Niche $ 1,218,872.425 $ 1,589,795.093 $ (370,923) #REF! #REF! CDEC 888,646.221 923,903.995 (35,258) #REF! #REF! Wholesale - Brokered 4,059,575.872 2,721,370.888 1,338,205 #REF! #REF! Wholesale - Non-Brokered 1,743,982 1,538,108 205,874 #REF! #REF! Total Niche/Wholesale Deposits $ 7,911,076,518 $ 6,773,177,976 $ 1,137,899 #REF! #REF! Total Deposits #REF! #REF! #REF! #REF! #REF! Hedge Type Effective Date Notional Maturity Date Cap Rate Floor Rate Swap Rate Costless Collar 9/1/2022 $1.25B 9/1/2025 3.74% 2.25% N/A Costless Collar 9/1/2022 $1.25B 9/1/2027 3.45% 2.00% N/A Costless Collar 10/1/2022 $0.5B 10/1/2026 4.32% 2.75% N/A Receive Fixed Swap 1/31/2023 $0.5B 12/31/2025 N/A N/A 3.75% Receive Fixed Swap 1/31/2023 $0.5B 12/31/2026 N/A N/A 3.51% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2026 N/A N/A 3.68% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2027 N/A N/A 3.45% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 3.92% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.53% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 4.18% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.75% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2026 N/A N/A 4.45% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2027 N/A N/A 4.15% Hedging Strategy Update Below are the details of the derivatives entered by the Company as of 3/31/2023. These derivatives hedge the cash flows of variable rate loans that reprice monthly based on one-month term SOFR. Pending Data

23 Canada Market: Loan Portfolio - Geographic Diversification1 as of 3/31/2023 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 1% 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 ide tified 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 Total Loan Portfolio Primary Geographic Region Commercial: Commercial, industrial and other Illinois/Wisconsin Leasing Nationwide Franchise Lending Nationwide 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 1%

24 Glossary Abbreviation Definition AFS Available For Sale BOLI Bank Owned Life Insurance BP Basis Point BV Book Value per Common Share CBD Central Business District CDEC Chicago Deferred Exchange Company 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 FDIC Federal Deposit Insurance Corporation FY Full Year FHLB Federal Home Loan Bank GAAP Generally Accepted Accounting Principles HTM Held to Maturity 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 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 ROE Return on Average Common Equity ROTCE Return on Average Tangible Common Equity RWA Risk-Weighted Asset SOFR Secured Overnight Financing Rate TBV Tangible Book Value per Common Share

25 Three Months Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): March 31, December 31, September 30, June 30, March 31, 2023 2022 2022 2022 2022 (A) Interest Income (GAAP) $ 639,690 $ 580,745 $ 466,478 $ 371,968 $ 328,252 Taxable-equivalent adjustment: - Loans 1,872 1,594 1,030 568 427 - Liquidity Management Assets 551 538 502 472 465 - Other Earning Assets 4 1 1 1 2 (B) Interest Income (non-GAAP) $ 642,117 $ 582,878 $ 468,011 $ 373,009 $ 329,146 (C) Interest Expense (GAAP) $ 181,695 $ 123,929 $ 65,030 $ 34,164 $ 28,958 (D) Net Interest Income (GAAP) (A minus C) $ 457,995 $ 456,816 $ 401,448 $ 337,804 $ 299,294 (E) Net Interest Income (non-GAAP) (B minus C) $ 460,422 $ 458,949 $ 402,981 $ 338,845 $ 300,188 Net interest margin (GAAP) 3.81% 3.71% 3.34% 2.92% 2.60% Net interest margin, fully taxable-equivalent (non-GAAP) 3.83% 3.73% 3.35% 2.93% 2.61% (F) Non-interest income $ 107,769 $ 93,839 $ 101,482 $ 102,942 $ 162,790 (G) Gains (losses) on investment securities, net 1,398 (6,745) (3,103) (7,797) (2,782) (H) Non-interest expense 299,169 307,836 296,469 288,668 284,298 Efficiency ratio (H/(D+F-G)) 53.01% 55.23% 58.59% 64.36% 61.16% Efficiency ratio (non-GAAP) (H/(E+F-G)) 52.78% 55.02% 58.41% 64.21% 61.04% 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 $ 243,550 $ 195,173 $ 200,041 $ 131,661 $ 173,680 Add: Provision for credit losses $ 23,045 $ 47,646 $ 6,420 $ 20,417 $ 4,106 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 266,595 $ 242,819 $ 206,461 $ 152,078 $ 177,786 Less: Changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies $ 3,047 $ 702 $ 2,472 $ (445) $ (43,365) 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) $ 269,642 $ 243,521 $ 208,933 $ 151,633 $ 134,421

26 Three Months Ended Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): March 31, December 31, September 30, June 30, March 31, 2023 2022 2022 2022 2022 Total shareholders’ equity (GAAP) $ 5,015,506 $ 4,796,838 $ 4,637,980 $ 4,727,623 $ 4,492,256 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (674,538) (675,710) (676,699) (679,827) (682,101) (I) Total tangible common shareholders’ equity (non-GAAP) $ 3,928,468 $ 3,708,628 $ 3,548,781 $ 3,635,296 $ 3,397,655 (J) Total assets (GAAP) 52,873,511 52,949,649 52,382,939 50,969,332 50,250,661 Less: Intangible assets (GAAP) (674,538) (675,710) (676,699) (679,827) (682,101) (K) Total tangible assets (non-GAAP) $ 52,198,973 $ 52,273,939 $ 51,706,240 $ 50,289,505 $ 49,568,560 Common equity to assets ratio (GAAP) (L/J) 8.7 % 8.3 % 8.1 % 8.5 % 8.1 % Tangible common equity ratio (non-GAAP) (I/K) 7.5 % 7.1 % 6.9 % 7.2 % 6.9 % Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 5,015,506 $ 4,796,838 $ 4,637,980 $ 4,727,623 $ 4,492,256 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $ 4,603,006 $ 4,384,338 $ 4,225,480 $ 4,315,123 $ 4,079,756 (M) Actual common shares outstanding 61,176 60,794 60,743 60,722 57,253 Book value per common share (L/M) $75.24 $72.12 $69.56 $71.06 $71.26 Tangible book value per common share (non-GAAP) (I/M) $64.22 $61.00 $58.42 $59.87 $59.34 Non-GAAP Reconciliation Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 243,550 $ 195,173 $ 200,041 $ 131,661 $ 173,680 $ 243,550 $ 173,680 Add: Provision for credit losses 23,045 47,646 6,420 20,417 4,106 23,045 4,106 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 266,595 $ 242,819 $ 206,461 $ 152,078 $ 177,786 $ 266,595 $ 177,786 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: ($'s and Shares in Thousands): March 31, December 31, September 30, June 30, March 31, 2023 2022 2022 2022 2022 (N) Net income applicable to common shares $ 173,207 $ 137,826 $ 1,492 $ 1,579 $ 120,400 Add: Intangible asset amortization 1,235 1,436 $ (425) $ (445) 1,609 Less: Tax effect of intangible asset amortization (321) (370) 1067000 1,134 (430) After-tax intangible asset amortization $ 914 $ 1,066 137,037 88,656 $ 1,179 (O) Tangible net income applicable to common shares (non-GAAP) $ 174,121 $ 138,892 $ 4,795,387 $ 4,526,110 $ 121,579 Total average shareholders’ equity $ 4,895,271 $ 4,710,856 $ (412,500) $ (412,500) $ 4,500,460 Less: Average preferred stock (412,500) (412,500) 4,382,887 4,113,610 (412,500) (P) Total average common shareholders’ equity $ 4,482,771 $ 4,298,356 $ (678,953) $ (681,091) $ 4,087,960 Less: Average intangible assets (675,247) (676,371) 3,703,934 3,432,519 (682,603) (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 3,807,524 $ 3,621,985 $0.12 $0.09 $ 3,405,357 Return on average common equity, annualized (N/P) 15.67 % 12.72 % 11.94 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 0.1854636737388 63 Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): March 31, December 31, September 30, June 30, March 31, 2023 2022 2022 2022 2022 (N) Net income applicable to common shares $ 173,207 $ 137,826 $ 135,970 $ 87,522 $ 120,400 Add: Intangible asset amortization $ 1,235 $ 1,436 $ 1,492 $ 1,579 1609000 Less: Tax effect of intangible asset amortization $ (321) $ (370) $ (425) $ (445) (430) After-tax intangible asset amortization $ 914 $ 1,066 $ 1,067 $ 1,134 1,179 (O) Tangible net income applicable to common shares (non-GAAP) $ 174,121 $ 138,892 $ 137,037 $ 88,656 121,579 Total average shareholders’ equity $ 4,895,271 $ 4,710,856 $ 4,795,387 $ 4,526,110 $ 4,500,460 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 4,482,771 $ 4,298,356 $ 4,382,887 $ 4,113,610 $ 4,087,960 Less: Average intangible assets $ (675,247) $ (676,371) $ (678,953) $ (681,091) $ (682,603) (Q) Total average tangible common shareholders’ equity (non-GAAP) $3,807,524 $3,621,985 $3,703,934 $3,432,519 $3,405,357 Return on average common equity, annualized (N/P) 15.67% 12.72% 12.31% 8.53% 11.94% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 18.55 15.21 14.68 10.36 14.48 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.

27 Non-GAAP Reconciliation Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 243,550 $ 195,173 $ 200,041 $ 131,661 $ 173,680 $ 243,550 $ 173,680 Add: Provision for credit losses 23,045 47,646 6,420 20,417 4,106 23,045 4,106 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 266,595 $ 242,819 $ 206,461 $ 152,078 $ 177,786 $ 266,595 $ 177,786 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. Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): March 31, December 31, September 30, June 30, March 31, 2023 2022 2022 2022 2022 (N) Net income applicable to common shares $ 173,207 $ 137,826 $ 135,970 $ 87,522 $ 120,400 Add: Intangible asset amortization $ 1,235 $ 1,436 $ 1,492 $ 1,579 1609000 Less: Tax effect of intangible asset amortization $ (321) $ (370) $ (425) $ (445) (430) After-tax intangible asset amortization $ 914 $ 1,066 $ 1,067 $ 1,134 1,179 (O) Tangible net income applicable to common shares (non-GAAP) $ 174,121 $ 138,892 $ 137,037 $ 88,656 $ 121,579 Total average shareholders’ equity $ 4,895,271 $ 4,710,856 $ 4,795,387 $ 4,526,110 $ 4,500,460 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 4,482,771 $ 4,298,356 $ 4,382,887 $ 4,113,610 $ 4,087,960 Less: Average intangible assets $ (675,247) $ (676,371) $ (678,953) $ (681,091) $ (682,603) (Q) Total average tangible common shareholders’ equity (non-GAAP) $3,807,524 $3,621,985 $3,703,934 $3,432,519 $3,405,357 Return on average common equity, annualized (N/P) 15.67% 12.72% 12.31% 8.53% 11.94% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 18.55 15.21 14.68 10.36 14.48