ウィントラストファイナンシャルの適時開示・重要契約・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): July 17, 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 1.01. Entry into a Material Definitive Agreement

On July 17, 2023, Wintrust Financial Corporation (the “Company”) entered into an amendment (the “Amendment”) to its existing $200.0 million term loan facility and $100.0 million revolving credit facility evidenced by that certain Amended and Restated Credit Agreement dated as of December 12, 2022 (the “Amended and Restated Credit Agreement”), among the Company and the unaffiliated banks named therein as lenders and agents. The Amendment designates 450 Northbrook Trust, a subsidiary of the Company, as a “Specified Subsidiary” under the Amended and Restated Credit Agreement, which excludes it from the scope of certain provisions of the burdensome agreements covenant in the Amended and Restated Credit Agreement. All other provisions of the Amended and Restated Credit Agreement remain the same.

The above summary does not purport to be a complete description of the Amendment and it is qualified in its entirety by reference to the Amendment filed as Exhibit 10.1 hereto.

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 July 19, 2023, the Company announced earnings for the second quarter of 2023 and posted on its website the Second 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 32 through 33 of Exhibit 99.1 and pages 26 through 28 of Exhibit 99.2.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


Exhibit
10.1			First Amendment, dated as of July 17, 2023, to the Credit Agreement dated December 12, 2022, as amended and restated , among Wintrust Financial Corporation, the lenders named therein, and Wells Fargo Bank, National Association, as administrative agent.
99.1			Second Quarter 2023 Earnings Release dated July 19, 2023
99.2			Second Quarter 2023 Earnings Release Presentation dated July 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: July 19, 2023

INDEX TO EXHIBITS



Exhibit
10.1			First Amendment, dated as of July 17, 2023, to the Credit Agreement dated December 12, 2022, as amended and restated , among Wintrust Financial Corporation, the lenders named therein, and Wells Fargo Bank, National Association, as administrative agent.
99.1			Second Quarter 2023 Earnings Release dated July 19, 2023
99.2			Second Quarter 2023 Earnings Release Presentation dated July 19, 2023

EX-10.1 2 exhibit101.htm EX-10.1 Document

EXECUTION VERSION

First Amendment

Amended and Restated Credit Agreement

This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of July 17, 2023 (effective as provided herein), is among WINTRUST FINANCIAL CORPORATION, an Illinois corporation (“Borrower”), each Lender a party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (“Administrative Agent”).

RECITALS:

Borrower, Lenders and Administrative Agent have previously entered into the Amended and Restated Credit Agreement dated as of December 12, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

Borrower has requested that part (b) to Schedule 8.9 of the Credit Agreement be supplemented to include an additional Specified Subsidiary, and Lenders have agreed, subject to the terms and conditions of this Amendment, to supplement part (b) to Schedule 8.9 of the Credit Agreement as provided in this Amendment.

AGREEMENT:

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

ARTICLE I

Definitions

1.1 Definitions. Capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Credit Agreement.

1.2 Other Definitional Provisions. The words “hereby”, “herein”, “hereinafter”, “hereof”, “hereto” and “hereunder” when used in this Amendment shall refer to this Amendment as a whole and not to any particular Article, Section, subsection or provision of this Amendment. Section, subsection and Schedule references herein are to such Sections, subsections and Schedules to this Amendment unless otherwise specified. All titles or headings to Articles, Sections, subsections or other divisions of this Amendment or the schedules hereto, if any, are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the other content of such Articles, Sections, subsections, other divisions or schedules, such other content being controlling as the agreement among the parties hereto. Whenever the context requires, reference herein made to the single number shall be understood to include the plural; and likewise, the plural shall be understood to include the singular. Words denoting gender shall be construed to include the masculine, feminine and neuter, when such construction is appropriate; and specific enumeration shall not exclude the general but shall be construed as cumulative. Definitions of terms defined in the singular or plural shall be equally applicable to the plural or singular, as the case may be, unless otherwise indicated.

1.3 Incorporation by Reference. The Recitals to this Amendment are incorporated herein by reference and made a part hereof for all purposes as though set forth in this Amendment verbatim.

ARTICLE II

Amendment to Credit Agreement

2.1 Part (b) to Schedule 8.9 to the Credit Agreement is hereby amended to add the following at the end thereto:

“450 Northbrook Trust”

ARTICLE III

Conditions Precedent; Effectiveness

3.1 Conditions. The effectiveness of this Amendment is subject to the satisfaction of the following condition precedent:

(a) Documents. Administrative Agent shall have received this Amendment executed by Borrower and each Lender.

(b) Fees. The Administrative Agent shall have received payment of the Administrative Agent's reasonable out-of-pocket expenses (including reasonable out-of-pocket fees and expenses of counsel for the Administrative Agent) in connection with this Amendment.

3.2 Effectiveness. Upon satisfaction of the condition precedent in Section 3.1, this Amendment shall be effective as of the date first set forth above.

ARTICLE IV

Ratification

4.1 Ratification. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Borrower agrees that the Credit Agreement, as amended hereby, and the other Loan Documents to which it is a party or subject shall continue to be legal, valid, binding and enforceable in accordance with their respective terms.

ARTICLE V

Representations and Warranties

5.1 Loan Documents. Borrower hereby represents and warrants to each Lender and Administrative Agent that (a) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all requisite action on the part of Borrower and will not (i) violate any organizational or governance document of Borrower or (ii) violate any applicable law in any material respect, (b) the representations and warranties contained in the Credit Agreement, as amended hereby, and each other Loan Document are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof (except to the extent such representation or warranty is already qualified as to materiality, Material Adverse Effect, or similar language, in which case it shall be true and correct in all respects) on and as of the date hereof with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations

and warranties shall be shall be true and correct in all material respects (except to the extent such representations and warranties are already qualified as to materiality, Material Adverse Effect, or similar language, in which case they shall be true and correct in all respects) as of such earlier date), and (c) no Default or Event of Default shall exist immediately before or immediately after giving effect to this Amendment.

ARTICLE VI

Miscellaneous

6.1 Reference to Credit Agreement. Each of the Loan Documents, including the Credit Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

6.2 Severability. Any provision of this Amendment or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.

6.3 Counterparts. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed signature page of this Amendment by facsimile transmission or PDF attachment to email shall be effective as delivery of an original executed counterpart thereof.

6.4 Governing Law; Jurisdiction, Etc.

(a) Governing Law. This Amendment and the other Loan Documents executed in connection herewith, unless expressly set forth therein, shall be governed by, construed and enforced in accordance with, the law of the State of Illinois, without reference to the conflicts or choice of law principles thereof.

(b) Submission to Jurisdiction. Each of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of Illinois sitting in Cook County and of the United States District Court of the Northern District of Illinois, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Illinois state court or, to the fullest extent permitted by applicable Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Amendment or in any other Loan Document shall affect any right that Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Amendment or any other Loan Document against Borrower or its properties in the courts of any jurisdiction.

(c) Waiver of Venue. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent permitted by applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Amendment or any other Loan Document executed in connection herewith in any court referred to in Section 6.4(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

(d) Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 11.1 of the Credit Agreement. Nothing in this Amendment will affect the right of any party hereto to serve process in any other manner permitted by applicable Law.

6.5 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

6.6 FINAL AGREEMENT. THIS AMENDMENT, TOGETHER WITH THE CREDIT AGREEMENT, AS AMENDED HEREBY, AND THE OTHER LOAN DOCUMENTS, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

6.7 Expenses of Administrative Agent. To the extent provided in the Credit Agreement, Borrower shall pay all invoiced reasonable costs and expenses incurred by Administrative Agent in connection with the preparation, negotiation, and execution of this Amendment and the other Loan Documents executed pursuant hereto, including without limitation the reasonable fees and expenses of Administrative Agent's legal counsel promptly following Borrower's receipt of invoices therefor.

6.8 Loan Document. This Amendment is a Loan Document.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers, all as of the day and year first written above.

BORROWER:

WINTRUST FINANCIAL CORPORATION

By: /s/David L. Stoehr

David L. Stoehr

Executive Vice President & Chief Financial Officer WELLS FARGO BANK, N.A., as Administrative Agent By: /s/Linda Sampson

First Amendment to Amended and Restated Credit Agreement – Signature Page

Name: Linda Sampson

Title: Vice President

WELLS FARGO BANK, N.A.,

as a Lender

By: /s/Linda Sampson

Name: Linda Sampson

Title: Vice President

First Amendment to Amended and Restated Credit Agreement – Signature Page

ROYAL BANK OF CANADA, as a Lender By: /s/Joseph Simoneau U.S. BANK NATIONAL ASSOCIATION as a Lender By: /s/Callen M. Strunk

Name: Joseph Simoneau

Title: Authorized Signatory

First Amendment to Amended and Restated Credit Agreement – Signature Page

Name: Callen M. Strunk

Title: Vice President

First Amendment to Amended and Restated Credit Agreement – Signature Page

EX-99.1 3 q22023exhibit991.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						July 19, 2023

FOR MORE INFORMATION CONTACT:

Timothy S. Crane, President & Chief Executive Officer

David A. Dykstra, Vice Chairman & Chief Operating Officer

(847) 939-9000

Web site address: www.wintrust.com

Wintrust Financial Corporation Reports Record Year-to-Date Net Income

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $334.9 million or $5.18 per diluted common share for the first six months of 2023 compared to net income of $221.9 million or $3.56 per diluted common share for the same period of 2022, an increase in diluted earnings per common share of 46%. Pre-tax, pre-provision income (non-GAAP) for the first six months of 2023 totaled $506.5 million as compared to $329.9 million in the first six months of 2022, an increase in pre-tax, pre-provision income of 54%.

The Company recorded quarterly net income of $154.8 million or $2.38 per diluted common share for the second quarter of 2023, a decrease in diluted earnings per common share of 15% compared to the first quarter of 2023. Pre-tax, pre-provision income (non-GAAP) totaled $239.9 million as compared to $266.6 million for the first quarter of 2023.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are very pleased with our record net income for the first half of 2023. Our margin stabilized in the second quarter of 2023 and we continue to believe that maintaining such level will allow for strong financial performance in the coming quarters. Specifically, the repricing of our premium finance receivables portfolios in the second quarter helped offset increases in deposit pricing. Strong and balanced deposit growth as well as prudent liquidity management provided stability in our balance sheet through this period of volatility. Credit performance within the portfolio remained strong.”

Highlights of the second quarter of 2023:

Comparative information to the first quarter of 2023, unless otherwise noted

•Total deposits grew by $1.3 billion, or 12.4% annualized.

•Non-deposit borrowings decreased by $208.2 million.

•Total loans increased by $1.5 billion, or 14.8% annualized.

•Net interest margin decreased to 3.64% (3.66% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2023 due to higher deposit costs. Importantly, however, net interest margin remained relatively stable throughout the second quarter of 2023.

•Provision for credit losses totaled $28.5 million in the second quarter of 2023 as compared to a provision for credit losses of $23.0 million in the first quarter of 2023.

•Net charge-offs totaled $17.0 million or 17 basis points of average total loans on an annualized basis in the second quarter of 2023 as compared to $5.5 million or six basis points of average total loans on an annualized basis in the first quarter of 2023.

•Non-performing assets remained at a low level and represent 0.22% of total assets.

Mr. Crane noted, “By effectively leveraging our strong customer relationships, unique market position, diversified products and competitive rates, Wintrust experienced significant deposit growth, with increased deposits of approximately $1.3 billion, or 12% on an annualized basis. This included outstanding balances of our MaxSafe® products increasing approximately $1.7 billion since the end of the first quarter of 2023. Deposit growth provided enhanced liquidity and reduced our reliance on other borrowings such as FHLB advances. Non-deposit borrowings decreased approximately $208.2 million during the quarter. Growth in deposits helped fund approximately $1.5 billion of loan growth during the quarter. This growth came primarily from approximately $1.0 billion in the commercial premium finance receivables portfolio and approximately $370 million largely from draws on existing commercial real estate loan facilities.

We remain prudent in our review of credit prospects ensuring our loan growth stays within our conservative credit standards.”

Mr. Crane commented, “As noted in our first quarter earnings release, our net interest margin was approximately 3.70% at the end of March of 2023. Despite continued acceleration in deposit pricing and the impact of hedging activity, our net interest margin remained relatively stable throughout the second quarter of 2023. Due to our relatively short-term and asset sensitive balance sheet, we believe that we can maintain the net interest margin between 3.60% and 3.70% for the remainder of the year as we expect further upward repricing primarily in our premium finance receivable portfolios to mitigate higher deposit costs as deposit pricing stabilizes. Net interest income decreased by $10.5 million in the second quarter of 2023, however, we expect net interest income to increase in the third quarter given the aforementioned strong balance sheet growth paired with a stable net interest margin.”

Commenting on credit quality, Mr. Crane stated, “Credit metrics remained strong. The Company has a well-diversified commercial real estate portfolio with exposures primarily consisting of stabilized, income-producing properties. Additionally, the commercial real estate office portfolio represents a small portion of our loan portfolio. In the second quarter of 2023, we took a proactive approach to exit certain credits we considered to be vulnerable to existing market conditions. The resolution of these credits through a sale to external parties resulted in approximately $8.0 million in charge-offs. Net charge-offs totaled $17.0 million or 17 basis points of average total loans on an annualized basis in the second quarter of 2023 as compared to $5.5 million or six basis points of average total loans on an annualized basis in the first quarter of 2023. The allowance for credit losses on our core loan portfolio as of June 30, 2023 was approximately 1.50% of the outstanding balance (see Table 12 for additional information). We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit.”

Mr. Crane concluded, “Our second quarter of 2023 results continued to demonstrate the benefits of the diversified, multi-faceted nature of our business model. Net income for the quarter was the second highest in our history, behind only net income from the first quarter of 2023. We remain focused on continuing to grow deposits to enhance liquidity and support future asset growth while remaining well positioned for higher interest rates. Total loans as of June 30, 2023 were $917 million higher than average total loans in the second quarter of 2023, which is expected to benefit the third quarter. We are pleased by our position in the markets we serve to continue to grow deposit and loan relationships and believe we are situated well to expand our net revenues and earnings in the coming quarters.”

The graphs below illustrate certain financial highlights of the second quarter of 2023 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.4 billion in the second quarter of 2023 as compared to the first quarter of 2023. Total loans increased by $1.5 billion as compared to the first quarter of 2023 primarily due to growth in the property and casualty insurance premium finance receivables and commercial real estate loan portfolios. The growth in the commercial real estate portfolio was largely driven by draws on previously-established credit facilities. Additionally, in the second quarter of 2023, the Company received settlement proceeds related to securities called and previously recognized as a trade date receivable of $940 million as of March 31, 2023. Proceeds received increased interest bearing cash on the balance sheet in the second quarter of 2023.

Total liabilities increased by $1.4 billion in the second quarter of 2023 as compared to the first quarter of 2023 primarily due to a $1.3 billion increase in total deposits. In the second quarter of 2023, the deposit mix shift continued as non-interest bearing deposits made up 24% of total deposits at June 30, 2023 compared to 26% at March 31, 2023. This included growth of $1.7 billion in the Company’s unique MaxSafe® product balances. The majority of the Company’s deposits are insured as approximately 74% of the total deposit balance is either fully FDIC-insured or fully collateralized as of June 30, 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 second quarter of 2023, net interest income totaled $447.5 million, a decrease of $10.5 million as compared to the first quarter of 2023. The $10.5 million decrease in net interest income in the second quarter of 2023 compared to the first quarter of 2023 was primarily due to net interest margin compression driven by an increase in deposit costs and the impact from hedges of our loan portfolio established to protect against the impact of lower rates.

Net interest margin was 3.64% (3.66% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2023 compared to 3.81% (3.83% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2023. The net interest margin decrease as compared to the first quarter of 2023 was due to a 66 basis point increase in the rate paid on interest-bearing liabilities. This decrease was partially offset by a 34 basis point increase in yield on earning assets and a 15 basis point increase in the net free funds contribution. The 66 basis point increase on the rate paid on interest-bearing liabilities in the second quarter of 2023 as compared to the first quarter of 2023 was primarily due to a 74 basis point increase in the rate paid on interest-bearing deposits primarily related to the increasing rate environment. The 34 basis point increase in the yield on earning assets in the second quarter of 2023 as compared to the first quarter of 2023 was primarily due to a 42 basis point expansion on loan yields, which included an unfavorable eight basis point impact from the Company’s existing hedging positions.

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

ASSET QUALITY

The allowance for credit losses totaled $387.8 million as of June 30, 2023, an increase of $11.5 million as compared to $376.3 million as of March 31, 2023. A provision for credit losses totaling $28.5 million was recorded for the second quarter of 2023 as compared to $23.0 million recorded in the first quarter of 2023. For more information regarding the provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses (“CECL”) accounting standard requires the Company to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of June 30, 2023, March 31, 2023, and December 31, 2022 is shown on Table 12 of this report.

Net charge-offs totaled $17.0 million in the second quarter of 2023, as compared to $5.5 million of net charge-offs in the first quarter of 2023. The increase in net charge-offs during the second quarter of 2023 was partially the result of the sale to external parties of certain credits within the commercial real estate portfolio, which resulted in approximately $8.0 million in charge-offs. Net charge-offs as a percentage of average total loans were reported as 17 basis points in the second quarter of 2023 on an annualized basis compared to six basis points on an annualized basis in the first quarter of 2023. For more information regarding net charge-offs, see Table 10 in this report.

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

Non-performing assets totaled $120 million and comprised only 0.22% of total assets as of June 30, 2023, as compared to $110 million as of March 31, 2023. Non-performing loans were slightly higher totaling $109 million, or 0.26% of total loans, at June 30, 2023. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $3.9 million in the second quarter of 2023 as compared to the first quarter of 2023 primarily due to increased asset management fees from the acquisition of two asset management businesses at the beginning of the second quarter, offset by 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 $11.7 million in the second quarter of 2023 as compared to the first quarter of 2023 primarily due to increased loan volume and favorable adjustments to the fair value of certain mortgage assets. The Company recorded net positive fair value adjustments of $1.2 million in the second quarter of 2023 related to fair value changes in certain mortgage assets. This included a $2.0 million favorable adjustment in the value of mortgage servicing rights related to changes in fair value model assumptions, net of economic hedges, offset by a $739,000 unfavorable adjustment on the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies which are held at fair value. The Company intends to monitor the relationship of these assets and will seek to minimize the earnings impact of fair value changes in future quarters.

The Company recognized nominal net gains on investment securities in the second quarter of 2023 as compared to net gains of $1.4 million in the first quarter of 2023 related to changes in the value of equity securities.

Fees from covered call options decreased by $7.8 million in the second quarter of 2023 as compared to the first quarter of 2023. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.

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

NON-INTEREST EXPENSE

Salaries and employee benefits expense increased by $8.1 million in the second quarter of 2023 as compared to the first quarter of 2023. The $8.1 million increase is primarily related to higher incentive compensation expense due to elevated commissions and bonus accruals in the second quarter of 2023 and increased employee insurance costs.

Advertising and marketing expenses in the second quarter of 2023 totaled $17.8 million, which is a $5.8 million increase as compared to the first quarter of 2023 primarily due to an increase in seasonal media advertising and sponsorship costs. 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, increased by $4.8 million as compared to the first quarter of 2023 primarily due to increased loan originations in the second quarter of 2023.

Miscellaneous expense in the second quarter of 2023 decreased by $2.3 million as compared to the first quarter of 2023. Miscellaneous expense includes ATM expenses, correspondent bank charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs.

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

INCOME TAXES

The Company recorded income tax expense of $56.7 million in the second quarter of 2023 compared to $63.4 million in the first quarter of 2023. The effective tax rates were 26.81% in the second quarter of 2023 compared to 26.01% in the first quarter of 2023. The effective tax rates were partially impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $12,000 in the second quarter of 2023, compared to net excess tax benefits of $2.8 million in the first quarter of 2023 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 second quarter of 2023, this unit expanded its commercial real estate and residential real estate loan portfolios and grew consumer deposits.

Mortgage banking revenue was $30.0 million for the second quarter of 2023, an increase of $11.7 million as compared to the first quarter of 2023, primarily due to higher production volume. Service charges on deposit accounts totaled $13.6 million in the second quarter of 2023, an increase of $705,000 as compared to the first quarter of 2023, primarily due to higher fees associated with commercial account activity. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of June 30, 2023 indicating momentum for expected continued loan growth in the third 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 $5.0 billion during the second quarter of 2023 and average balances increased by $370.0 million as compared to the first quarter of 2023. The Company’s leasing portfolio balance remained steady in the second quarter of 2023, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.1 billion as of June 30, 2023 as compared to $3.1 billion as of March 31, 2023. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the second quarter of 2023, a decrease of $296,000 from the first quarter of 2023.

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 $33.9 million in the second quarter of 2023, an increase of $3.9 million compared to the first quarter of 2023. The increase in wealth management revenue in the second quarter of 2023 was primarily related to higher asset management fees from the acquisition of two asset management businesses at the beginning of the second quarter, offset by lower fees associated with our tax-deferred like-kind exchange business. At June 30, 2023, the Company’s wealth management subsidiaries had approximately $44.5 billion of assets under administration, which included $7.6 billion of assets owned by the Company and its subsidiary banks, representing an increase from the $35.2 billion of assets under administration at March 31, 2023. The increase in assets under administration was primarily the result of the acquisition of two asset management businesses in the second quarter of 2023.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. As of the acquisition date, the Company acquired approximately $12.6 million in assets. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase.

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 second quarter of 2023, as compared to the first quarter of 2023 (sequential quarter) and second quarter of 2022 (linked quarter), are shown in the table below:


										% or (1) basis point (bp) change from 1st Quarter 2023		% or basis point (bp) change from 2nd Quarter 2022
	Three Months Ended
(Dollars in thousands, except per share data)	Jun 30, 2023			Mar 31, 2023			Jun 30, 2022
Net income	$	154,750		$	180,198		$	94,513		(14)	%	64	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	239,944			266,595			152,078			(10)		58

Net income per common share – diluted	2.38			2.80			1.49			(15)		60
Cash dividends declared per common share	0.40			0.40			0.34			0		18
Net revenue (3)	560,567			565,764			440,746			(1)		27
Net interest income	447,537			457,995			337,804			(2)		32
Net interest margin	3.64		%	3.81		%	2.92		%	(17)	bps	72	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.66			3.83			2.93			(17)		73
Net overhead ratio (4)	1.58			1.49			1.51			9		7

Return on average assets	1.18			1.40			0.77			(22)		41
Return on average common equity	12.79			15.67			8.53			(288)		426
Return on average tangible common equity (non-GAAP) (2)	15.12			18.55			10.36			(343)		476
At end of period
Total assets	$	54,286,176		$	52,873,511		$	50,969,332		11	%	7	%
Total loans (5)	41,023,408			39,565,471			37,053,103			15		11

Total deposits	44,038,707			42,718,211			42,593,326			12		3
Total shareholders’ equity	5,041,912			5,015,506			4,727,623			2		7

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

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

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

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

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

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

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights


	Three Months Ended															Six Months Ended
(Dollars in thousands, except per share data)	Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Jun 30, 2023			Jun 30, 2022
Selected Financial Condition Data (at end of period):
Total assets	$	54,286,176		$	52,873,511		$	52,949,649		$	52,382,939		$	50,969,332
Total loans (1)	41,023,408			39,565,471			39,196,485			38,167,613			37,053,103
Total deposits	44,038,707			42,718,211			42,902,544			42,797,191			42,593,326

Total shareholders’ equity	5,041,912			5,015,506			4,796,838			4,637,980			4,727,623
Selected Statements of Income Data:
Net interest income	$	447,537		$	457,995		$	456,816		$	401,448		$	337,804		$	905,532		$	637,098
Net revenue (2)	560,567			565,764			550,655			502,930			440,746			1,126,331			902,830
Net income	154,750			180,198			144,817			142,961			94,513			334,948			221,904
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	239,944			266,595			242,819			206,461			152,078			506,539			329,864

Net income per common share – Basic	2.41			2.84			2.27			2.24			1.51			5.26			3.61
Net income per common share – Diluted	2.38			2.80			2.23			2.21			1.49			5.18			3.56
Cash dividends declared per common share	0.40			0.40			0.34			0.34			0.34			0.80			0.68
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.64		%	3.81		%	3.71		%	3.34		%	2.92		%	3.72		%	2.76		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.66			3.83			3.73			3.35			2.93			3.74			2.77
Non-interest income to average assets	0.86			0.84			0.71			0.79			0.84			0.85			1.08
Non-interest expense to average assets	2.44			2.33			2.34			2.32			2.35			2.39			2.34
Net overhead ratio (4)	1.58			1.49			1.63			1.53			1.51			1.54			1.25

Return on average assets	1.18			1.40			1.10			1.12			0.77			1.29			0.91
Return on average common equity	12.79			15.67			12.72			12.31			8.53			14.20			10.22
Return on average tangible common equity (non-GAAP) (3)	15.12			18.55			15.21			14.68			10.36			16.79			12.40
Average total assets	$	52,601,953		$	52,075,318		$	52,087,618		$	50,722,694		$	49,353,426		$	52,340,090		$	49,427,225
Average total shareholders’ equity	5,044,718			4,895,271			4,710,856			4,795,387			4,526,110			4,970,407			4,513,356
Average loans to average deposits ratio	94.3		%	93.0		%	90.5		%	88.8		%	86.8		%	93.7		%	85.3		%
Period-end loans to deposits ratio	93.2			92.6			91.4			89.2			87.0
Common Share Data at end of period:
Market price per common share	$	72.62		$	72.95		$	84.52		$	81.55		$	80.15
Book value per common share	75.65			75.24			72.12			69.56			71.06
Tangible book value per common share (non-GAAP) (3)	64.50			64.22			61.00			58.42			59.87
Common shares outstanding	61,197,676			61,176,415			60,794,008			60,743,335			60,721,889
Other Data at end of period:
Tier 1 leverage ratio (5)	9.3		%	9.1		%	8.8		%	8.8		%	8.8		%
Risk-based capital ratios:
Tier 1 capital ratio (5)	10.1			10.1			10.0			9.9			9.9
Common equity tier 1 capital ratio (5)	9.2			9.2			9.1			9.0			9.0
Total capital ratio (5)	11.9			12.1			11.9			11.8			11.9


Allowance for credit losses (6)	$	387,786		$	376,261		$	357,936		$	315,338		$	312,192

Allowance for loan and unfunded lending-related commitment losses to total loans	0.94		%	0.95		%	0.91		%	0.83		%	0.84		%

Number of:
Bank subsidiaries	15			15			15			15			15
Banking offices	175			174			174			174			173

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

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

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

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

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

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION


	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(In thousands)	2023		2023		2022		2022		2022
Assets
Cash and due from banks	$	513,858	$	445,928	$	490,908	$	489,590	$	498,891
Federal funds sold and securities purchased under resale agreements	59		58		58		57		475,056
Interest-bearing deposits with banks	2,163,708		1,563,578		1,988,719		3,968,605		3,266,541
Available-for-sale securities, at fair value	3,492,481		3,259,845		3,243,017		2,923,653		2,970,121
Held-to-maturity securities, at amortized cost	3,564,473		3,606,391		3,640,567		3,389,842		3,413,469
Trading account securities	3,027		102		1,127		179		1,010
Equity securities with readily determinable fair value	116,275		111,943		110,365		114,012		93,295
Federal Home Loan Bank and Federal Reserve Bank stock	195,117		244,957		224,759		178,156		136,138
Brokerage customer receivables	15,722		16,042		16,387		20,327		21,527


Mortgage loans held-for-sale, at fair value	338,728		302,493		299,935		376,160		513,232


Loans, net of unearned income	41,023,408		39,565,471		39,196,485		38,167,613		37,053,103



Allowance for loan losses	(302,499)		(287,972)		(270,173)		(246,110)		(251,769)
Net loans	40,720,909		39,277,499		38,926,312		37,921,503		36,801,334
Premises, software and equipment, net	749,393		760,283		764,798		763,029		762,381
Lease investments, net	274,351		256,301		253,928		244,822		223,813


Accrued interest receivable and other assets	1,455,748		1,413,795		1,391,342		1,316,305		1,112,697
Trade date securities receivable	—		939,758		921,717		—		—

Goodwill	656,674		653,587		653,524		653,079		654,709
Other acquisition-related intangible assets	25,653		20,951		22,186		23,620		25,118
Total assets	$	54,286,176	$	52,873,511	$	52,949,649	$	52,382,939	$	50,969,332
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	10,604,915	$	11,236,083	$	12,668,160	$	13,529,277	$	13,855,844
Interest-bearing	33,433,792		31,482,128		30,234,384		29,267,914		28,737,482
Total deposits	44,038,707		42,718,211		42,902,544		42,797,191		42,593,326


Federal Home Loan Bank advances	2,026,071		2,316,071		2,316,071		2,316,071		1,166,071

Other borrowings	665,219		583,548		596,614		447,215		482,787

Subordinated notes	437,628		437,493		437,392		437,260		437,162
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566

Accrued interest payable and other liabilities	1,823,073		1,549,116		1,646,624		1,493,656		1,308,797



Total liabilities	49,244,264		47,858,005		48,152,811		47,744,959		46,241,709
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	61,219		61,198		60,797		60,743		60,722
Surplus	1,923,623		1,913,947		1,902,474		1,891,621		1,880,913
Treasury stock	(1,966)		(1,966)		(304)		—		—
Retained earnings	3,120,626		2,997,263		2,849,007		2,731,844		2,616,525
Accumulated other comprehensive loss	(474,090)		(367,436)		(427,636)		(458,728)		(243,037)
Total shareholders’ equity	5,041,912		5,015,506		4,796,838		4,637,980		4,727,623
Total liabilities and shareholders’ equity	$	54,286,176	$	52,873,511	$	52,949,649	$	52,382,939	$	50,969,332

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended										Six Months Ended
(In thousands, except per share data)	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Jun 30, 2023		Jun 30, 2022
Interest income
Interest and fees on loans	$	621,057	$	558,692	$	498,838	$	402,689	$	320,501	$	1,179,749	$	606,199
Mortgage loans held-for-sale	4,178		3,528		3,997		5,371		5,740		7,706		11,827
Interest-bearing deposits with banks	16,882		13,468		20,349		15,621		5,790		30,350		7,477
Federal funds sold and securities purchased under resale agreements	1		70		1,263		1,845		1,364		71		1,795
Investment securities	51,243		59,943		53,092		38,569		36,541		111,186		68,939
Trading account securities	6		14		6		7		4		20		9
Federal Home Loan Bank and Federal Reserve Bank stock	3,544		3,680		2,918		2,109		1,823		7,224		3,595
Brokerage customer receivables	265		295		282		267		205		560		379
Total interest income	697,176		639,690		580,745		466,478		371,968		1,336,866		700,220
Interest expense
Interest on deposits	213,495		144,802		95,447		45,916		18,985		358,297		33,839
Interest on Federal Home Loan Bank advances	17,399		19,135		13,823		6,812		4,878		36,534		9,694
Interest on other borrowings	8,485		7,854		5,313		4,008		2,734		16,339		4,973
Interest on subordinated notes	5,523		5,488		5,520		5,485		5,517		11,011		10,999
Interest on junior subordinated debentures	4,737		4,416		3,826		2,809		2,050		9,153		3,617
Total interest expense	249,639		181,695		123,929		65,030		34,164		431,334		63,122
Net interest income	447,537		457,995		456,816		401,448		337,804		905,532		637,098
Provision for credit losses	28,514		23,045		47,646		6,420		20,417		51,559		24,523
Net interest income after provision for credit losses	419,023		434,950		409,170		395,028		317,387		853,973		612,575
Non-interest income
Wealth management	33,858		29,945		30,727		33,124		31,369		63,803		62,763
Mortgage banking	29,981		18,264		17,407		27,221		33,314		48,245		110,545
Service charges on deposit accounts	13,608		12,903		13,054		14,349		15,888		26,511		31,171
Gains (losses) on investment securities, net	0		1,398		(6,745)		(3,103)		(7,797)		1,398		(10,579)
Fees from covered call options	2,578		10,391		7,956		1,366		1,069		12,969		4,811
Trading gains (losses), net	106		813		(306)		(7)		176		919		4,065
Operating lease income, net	12,227		13,046		12,384		12,644		15,007		25,273		30,482
Other	20,672		21,009		19,362		15,888		13,916		41,681		32,474
Total non-interest income	113,030		107,769		93,839		101,482		102,942		220,799		265,732
Non-interest expense
Salaries and employee benefits	184,923		176,781		180,331		176,095		167,326		361,704		339,681
Software and equipment	26,205		24,697		24,699		24,126		24,250		50,902		47,060
Operating lease equipment	9,816		9,833		10,078		9,448		8,774		19,649		18,482
Occupancy, net	19,176		18,486		17,763		17,727		17,651		37,662		35,475
Data processing	9,726		9,409		7,927		7,767		8,010		19,135		15,515
Advertising and marketing	17,794		11,946		14,279		16,600		16,615		29,740		28,539
Professional fees	8,940		8,163		9,267		7,544		7,876		17,103		16,277
Amortization of other acquisition-related intangible assets	1,499		1,235		1,436		1,492		1,579		2,734		3,188
FDIC insurance	9,008		8,669		6,775		7,186		6,949		17,677		14,678
OREO expenses, net	118		(207)		369		229		294		(89)		(738)
Other	33,418		30,157		34,912		28,255		29,344		63,575		54,809
Total non-interest expense	320,623		299,169		307,836		296,469		288,668		619,792		572,966
Income before taxes	211,430		243,550		195,173		200,041		131,661		454,980		305,341
Income tax expense	56,680		63,352		50,356		57,080		37,148		120,032		83,437
Net income	$	154,750	$	180,198	$	144,817	$	142,961	$	94,513	$	334,948	$	221,904
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991		13,982		13,982
Net income applicable to common shares	$	147,759	$	173,207	$	137,826	$	135,970	$	87,522	$	320,966	$	207,922
Net income per common share - Basic	$	2.41	$	2.84	$	2.27	$	2.24	$	1.51	$	5.26	$	3.61
Net income per common share - Diluted	$	2.38	$	2.80	$	2.23	$	2.21	$	1.49	$	5.18	$	3.56
Cash dividends declared per common share	$	0.40	$	0.40	$	0.34	$	0.34	$	0.34	$	0.80	$	0.68
Weighted average common shares outstanding	61,192		60,950		60,769		60,738		58,063		61,072		57,632
Dilutive potential common shares	902		873		1,096		837		775		933		823
Average common shares and dilutive common shares	62,094		61,823		61,865		61,575		58,838		62,005		58,455

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From (1)
(Dollars in thousands)	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Dec 31, 2022 (2)		Jun 30, 2022
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	235,570	$	155,687	$	156,297	$	216,062	$	294,688	NM		(20)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	103,158		146,806		143,638		160,098		218,544		(57)		(53)
Total mortgage loans held-for-sale	$	338,728	$	302,493	$	299,935	$	376,160	$	513,232	26	%	(34)	%

Core loans:
Commercial
Commercial and industrial	$	5,737,633	$	5,855,035	$	5,852,166	$	5,818,959	$	5,502,584	(4)	%	4	%
Asset-based lending	1,465,848		1,482,071		1,473,344		1,545,038		1,552,033		(1)		(6)
Municipal	653,117		655,301		668,235		608,234		535,586		(5)		22
Leases	1,925,767		1,904,137		1,840,928		1,582,359		1,592,329		9		21
PPP loans	15,337		17,195		28,923		43,658		82,089		(95)		(81)
Commercial real estate
Residential construction	51,689		69,998		76,877		66,957		55,941		(66)		(8)
Commercial construction	1,409,751		1,234,762		1,102,098		1,176,407		1,145,602		56		23
Land	298,996		292,293		307,955		282,147		304,775		(6)		(2)
Office	1,404,422		1,392,040		1,337,176		1,269,729		1,321,745		10		6
Industrial	2,002,740		1,858,088		1,836,276		1,777,658		1,746,280		18		15
Retail	1,304,083		1,309,680		1,304,444		1,331,316		1,331,059		0		(2)
Multi-family	2,696,478		2,635,411		2,560,709		2,305,433		2,171,583		11		24
Mixed use and other	1,440,652		1,446,806		1,425,412		1,368,537		1,330,220		2		8
Home equity	336,974		337,016		332,698		328,822		325,826		3		3
Residential real estate
Residential real estate loans for investment	2,455,392		2,309,393		2,207,595		2,086,795		1,965,051		23		25
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	117,024		119,301		80,701		57,161		34,764		91		NM
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	70,824		76,851		84,087		91,503		79,092		(32)		(10)
Total core loans	$	23,386,727	$	22,995,378	$	22,519,624	$	21,740,713	$	21,076,559	8	%	11	%

Niche loans:
Commercial
Franchise	$	1,091,164	$	1,131,913	$	1,169,623	$	1,118,478	$	1,136,929	(14)	%	(4)	%
Mortgage warehouse lines of credit	381,043		235,684		237,392		297,374		398,085		NM		(4)
Community Advantage - homeowners association	405,042		389,922		380,875		365,967		341,095		13		19
Insurance agency lending	925,520		905,727		897,678		879,183		906,375		6		2
Premium Finance receivables
U.S. property & casualty insurance	5,900,228		5,043,486		5,103,820		4,983,795		4,781,042		31		23
Canada property & casualty insurance	862,470		695,394		745,639		729,545		760,405		32		13
Life insurance	8,039,273		8,125,802		8,090,998		8,004,856		7,608,433		(1)		6
Consumer and other	31,941		42,165		50,836		47,702		44,180		(75)		(28)
Total niche loans	$	17,636,681	$	16,570,093	$	16,676,861	$	16,426,900	$	15,976,544	12	%	10	%






Total loans, net of unearned income	$	41,023,408	$	39,565,471	$	39,196,485	$	38,167,613	$	37,053,103	9	%	11	%

(1)NM - Not meaningful.

(2)Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2023 (1)		Jun 30, 2022
Balance:
Non-interest-bearing	$	10,604,915		$	11,236,083		$	12,668,160		$	13,529,277		$	13,855,844		(23)	%	(23)	%
NOW and interest-bearing demand deposits	5,814,836			5,576,558			5,591,986			5,676,122			5,918,908			17		(2)
Wealth management deposits (2)	1,417,984			1,809,933			2,463,833			2,988,195			3,182,407			(87)		(55)
Money market	14,523,124			13,552,277			12,886,795			12,538,489			12,273,350			29		18
Savings	5,321,578			5,192,108			4,556,635			3,988,790			3,686,596			10		44
Time certificates of deposit	6,356,270			5,351,252			4,735,135			4,076,318			3,676,221			75		73
Total deposits	$	44,038,707		$	42,718,211		$	42,902,544		$	42,797,191		$	42,593,326		12	%	3	%
Mix:
Non-interest-bearing	24		%	26		%	30		%	32		%	33		%
NOW and interest-bearing demand deposits	13			13			13			13			13
Wealth management deposits (2)	3			4			5			7			7
Money market	33			32			30			29			29
Savings	12			12			11			9			9
Time certificates of deposit	15			13			11			10			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 June 30, 2023


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit (1)
1-3 months	$	1,407,470	3.15	%
4-6 months	1,323,183		2.93
7-9 months	1,148,928		3.53
10-12 months	1,543,622		4.39
13-18 months	595,056		3.25
19-24 months	250,020		2.87
24+ months	87,991		1.99
Total	$	6,356,270	3.46	%

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

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(In thousands)	2023		2023		2022		2022		2022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	1,454,057	$	1,235,748	$	2,449,889	$	3,039,907	$	3,265,607
Investment securities (2)	7,252,582		7,956,722		7,310,383		6,655,215		6,589,947
FHLB and FRB stock	223,813		233,615		185,290		142,304		136,930

Liquidity management assets (3)	8,930,452		9,426,085		9,945,562		9,837,426		9,992,484
Other earning assets (3)(4)	17,401		18,445		18,585		21,805		24,059
Mortgage loans held-for-sale	307,683		270,966		308,639		455,342		560,707
Loans, net of unearned income (3)(5)	40,106,393		39,093,368		38,566,871		37,431,126		35,860,329


Total earning assets (3)	49,361,929		48,808,864		48,839,657		47,745,699		46,437,579
Allowance for loan and investment security losses	(302,627)		(282,704)		(252,827)		(260,270)		(260,547)
Cash and due from banks	481,510		488,457		475,691		458,263		476,741
Other assets	3,061,141		3,060,701		3,025,097		2,779,002		2,699,653
Total assets	$	52,601,953	$	52,075,318	$	52,087,618	$	50,722,694	$	49,353,426

NOW and interest-bearing demand deposits	$	5,540,597	$	5,271,740	$	5,598,291	$	5,789,368	$	5,230,702
Wealth management deposits	1,545,626		2,167,081		2,883,247		3,078,764		2,835,267
Money market accounts	13,735,924		12,533,468		12,319,842		12,037,412		11,892,948
Savings accounts	5,206,609		4,830,322		4,403,113		3,862,579		3,882,856
Time deposits	5,603,024		5,041,638		4,023,232		3,675,930		3,687,778
Interest-bearing deposits	31,631,780		29,844,249		29,227,725		28,444,053		27,529,551
Federal Home Loan Bank advances	2,227,106		2,474,882		2,088,201		1,403,573		1,197,390
Other borrowings	625,757		602,937		480,553		478,909		489,779
Subordinated notes	437,545		437,422		437,312		437,191		437,084
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	35,175,754		33,613,056		32,487,357		31,017,292		29,907,370
Non-interest-bearing deposits	10,908,022		12,171,631		13,404,036		13,731,219		13,805,128
Other liabilities	1,473,459		1,395,360		1,485,369		1,178,796		1,114,818
Equity	5,044,718		4,895,271		4,710,856		4,795,387		4,526,110
Total liabilities and shareholders’ equity	$	52,601,953	$	52,075,318	$	52,087,618	$	50,722,694	$	49,353,426

Net free funds/contribution (6)	$	14,186,175	$	15,195,808	$	16,352,300	$	16,728,407	$	16,530,209

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

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

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

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

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

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

TABLE 5: QUARTERLY NET INTEREST INCOME


	Net Interest Income for three months ended,
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(In thousands)	2023		2023		2022		2022		2022
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	16,882	$	13,538	$	21,612	$	17,466	$	7,154
Investment securities	51,795		60,494		53,630		39,071		37,013
FHLB and FRB stock	3,544		3,680		2,918		2,109		1,823

Liquidity management assets (1)	72,221		77,712		78,160		58,646		45,990
Other earning assets (1)	272		313		289		275		210
Mortgage loans held-for-sale	4,178		3,528		3,997		5,371		5,740
Loans, net of unearned income (1)	622,939		560,564		500,432		403,719		321,069


Total interest income	$	699,610	$	642,117	$	582,878	$	468,011	$	373,009

Interest expense:
NOW and interest-bearing demand deposits	$	29,178	$	18,772	$	14,982	$	8,041	$	2,553
Wealth management deposits	9,097		12,258		14,079		11,068		3,685
Money market accounts	106,630		68,276		45,468		18,916		8,559
Savings accounts	25,603		15,816		8,421		2,130		347
Time deposits	42,987		29,680		12,497		5,761		3,841
Interest-bearing deposits	213,495		144,802		95,447		45,916		18,985
Federal Home Loan Bank advances	17,399		19,135		13,823		6,812		4,878
Other borrowings	8,485		7,854		5,313		4,008		2,734
Subordinated notes	5,523		5,488		5,520		5,485		5,517
Junior subordinated debentures	4,737		4,416		3,826		2,809		2,050
Total interest expense	$	249,639	$	181,695	$	123,929	$	65,030	$	34,164

Less: Fully taxable-equivalent adjustment	(2,434)		(2,427)		(2,133)		(1,533)		(1,041)
Net interest income (GAAP) (2)	447,537		457,995		456,816		401,448		337,804
Fully taxable-equivalent adjustment	2,434		2,427		2,133		1,533		1,041
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	449,971	$	460,422	$	458,949	$	402,981	$	338,845

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

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

TABLE 6: QUARTERLY NET INTEREST MARGIN


	Net Interest Margin for three months ended,
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.66	%	4.44	%	3.50	%	2.28	%	0.88	%
Investment securities	2.86		3.08		2.91		2.33		2.25
FHLB and FRB stock	6.35		6.39		6.25		5.88		5.34

Liquidity management assets	3.24		3.34		3.12		2.37		1.85
Other earning assets	6.27		6.87		6.17		5.01		3.49
Mortgage loans held-for-sale	5.45		5.28		5.14		4.68		4.11
Loans, net of unearned income	6.23		5.82		5.15		4.28		3.59

Total earning assets	5.68	%	5.34	%	4.73	%	3.89	%	3.22	%

Rate paid on:
NOW and interest-bearing demand deposits	2.11	%	1.44	%	1.06	%	0.55	%	0.20	%
Wealth management deposits	2.36		2.29		1.94		1.43		0.52
Money market accounts	3.11		2.21		1.46		0.62		0.29
Savings accounts	1.97		1.33		0.76		0.22		0.04
Time deposits	3.08		2.39		1.23		0.62		0.42
Interest-bearing deposits	2.71		1.97		1.30		0.64		0.28
Federal Home Loan Bank advances	3.13		3.14		2.63		1.93		1.63
Other borrowings	5.44		5.28		4.39		3.32		2.24
Subordinated notes	5.06		5.02		5.05		5.02		5.05
Junior subordinated debentures	7.49		6.97		5.90		4.33		3.20
Total interest-bearing liabilities	2.85	%	2.19	%	1.51	%	0.83	%	0.46	%

Interest rate spread (1)(2)	2.83	%	3.15	%	3.22	%	3.06	%	2.76	%
Less: Fully taxable-equivalent adjustment	(0.02)		(0.02)		(0.02)		(0.01)		(0.01)
Net free funds/contribution (3)	0.83		0.68		0.51		0.29		0.17
Net interest margin (GAAP) (2)	3.64	%	3.81	%	3.71	%	3.34	%	2.92	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.01		0.01
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	3.66	%	3.83	%	3.73	%	3.35	%	2.93	%

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

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

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

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


	Average Balance for six months ended,				Interest for six months ended,				Yield/Rate for six months ended,
(Dollars in thousands)	Jun 30, 2023		Jun 30, 2022		Jun 30, 2023		Jun 30, 2022		Jun 30, 2023		Jun 30, 2022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	1,345,506	$	3,911,080	$	30,421	$	9,272	4.56	%	0.48	%
Investment securities (2)	7,602,707		6,484,570		112,288		69,876		2.98		2.17
FHLB and FRB stock	228,687		136,424		7,224		3,595		6.37		5.31

Liquidity management assets (3)(4)	$	9,176,900	$	10,532,074	$	149,933	$	82,743	3.29	%	1.58	%
Other earning assets (3)(4)(5)	17,920		24,622		585		391		6.58		3.20
Mortgage loans held-for-sale	289,426		612,078		7,706		11,827		5.37		3.90
Loans, net of unearned income (3)(4)(6)	39,602,672		35,348,269		1,183,503		607,194		6.03		3.46


Total earning assets (4)	$	49,086,918	$	46,517,043	$	1,341,727	$	702,155	5.51	%	3.04	%
Allowance for loan and investment security losses	(292,721)		(256,834)
Cash and due from banks	484,964		479,174
Other assets	3,060,929		2,687,842
Total assets	$	52,340,090	$	49,427,225

NOW and interest-bearing demand deposits	$	5,406,911	$	5,010,709	$	47,949	$	4,543	1.79	%	0.18	%
Wealth management deposits	1,854,637		2,671,444		21,355		4,603		2.32		0.35
Money market accounts	13,138,018		12,330,943		174,907		16,207		2.68		0.27
Savings accounts	5,019,505		3,893,519		41,419		683		1.66		0.04
Time deposits	5,323,882		3,774,095		72,667		7,803		2.75		0.42
Interest-bearing deposits	$	30,742,953	$	27,680,710	$	358,297	$	33,839	2.35	%	0.25	%
Federal Home Loan Bank advances	2,350,309		1,219,110		36,534		9,694		3.13		1.60
Other borrowings	614,410		492,011		16,338		4,973		5.36		2.04
Subordinated notes	437,484		437,025		11,011		10,999		5.08		5.03
Junior subordinated debentures	253,566		253,566		9,154		3,617		7.28		2.84
Total interest-bearing liabilities	$	34,398,722	$	30,082,422	$	431,334	$	63,122	2.53	%	0.42	%
Non-interest-bearing deposits	11,536,336		13,769,792
Other liabilities	1,434,625		1,061,655
Equity	4,970,407		4,513,356
Total liabilities and shareholders’ equity	$	52,340,090	$	49,427,225
Interest rate spread (4)(7)									2.98	%	2.62	%
Less: Fully taxable-equivalent adjustment					(4,861)		(1,935)		(0.02)		(0.01)
Net free funds/contribution (8)	$	14,688,196	$	16,434,621					0.76		0.15
Net interest income/margin (GAAP) (4)					$	905,532	$	637,098	3.72	%	2.76	%
Fully taxable-equivalent adjustment					4,861		1,935		0.02		0.01
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	910,393	$	639,033	3.74	%	2.77	%

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

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

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

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

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

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

TABLE 8: INTEREST RATE SENSITIVITY

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

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


Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Jun 30, 2023	5.7	%	2.9	%	(2.9)	%	(7.9)	%
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)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Jun 30, 2023	2.9	%	1.8	%	(0.9)	%	(3.4)	%
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)

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

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or maturity period
As of June 30, 2023	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	491,950	$	2,588,577	$	1,707,423	$	11,360	$	4,799,310

Variable rate	7,799,656		1,505		—		—		7,801,161
Total commercial	$	8,291,606	$	2,590,082	$	1,707,423	$	11,360	$	12,600,471
Commercial real estate
Fixed rate	580,938		2,884,383		573,579		51,683		4,090,583
Variable rate	6,509,558		8,631		39		—		6,518,228
Total commercial real estate	$	7,090,496	$	2,893,014	$	573,618	$	51,683	$	10,608,811
Home equity
Fixed rate	11,132		2,682		—		31		13,845
Variable rate	323,129		—		—		—		323,129
Total home equity	$	334,261	$	2,682	$	—	$	31	$	336,974
Residential real estate
Fixed rate	16,724		3,824		30,511		1,072,690		1,123,749
Variable rate	73,672		263,888		1,181,931		—		1,519,491
Total residential real estate	$	90,396	$	267,712	$	1,212,442	$	1,072,690	$	2,643,240
Premium finance receivables - property & casualty
Fixed rate	6,657,042		105,656		—		—		6,762,698
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	6,657,042	$	105,656	$	—	$	—	$	6,762,698
Premium finance receivables - life insurance
Fixed rate	121,092		547,337		22,242		—		690,671
Variable rate	7,348,602		—		—		—		7,348,602
Total premium finance receivables - life insurance	$	7,469,694	$	547,337	$	22,242	$	—	$	8,039,273
Consumer and other
Fixed rate	4,420		3,912		60		301		8,693
Variable rate	23,248		—		—		—		23,248
Total consumer and other	$	27,668	$	3,912	$	60	$	301	$	31,941

Total per category
Fixed rate	7,883,298		6,136,371		2,333,815		1,136,065		17,489,549

Variable rate	22,077,865		274,024		1,181,970		—		23,533,859
Total loans, net of unearned income	$	29,961,163	$	6,410,395	$	3,515,785	$	1,136,065	$	41,023,408

Variable Rate Loan Pricing by Index:
SOFR tenors									$	10,407,621
One- year CMT									5,819,451
One- month LIBOR									1,707,349
Three- month LIBOR									10,276
Twelve- month LIBOR									1,028,904
Prime									3,932,654
Ameribor tenors									356,300
Other U.S. Treasury tenors									46,387
BSBY tenors									49,436
Other									175,481
Total variable rate									$	23,533,859

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, $5.8 billion tied to one-year CMT and $1.7 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
Second Quarter 2023	34	bps	76	bps	36	bps	25	bps
First Quarter 2023	44		-9		47		50
Fourth Quarter 2022	132		68		125		125
Third Quarter 2022	135		125		135		150
Second Quarter 2022	139		117		134		125

TABLE 10: ALLOWANCE FOR CREDIT LOSSES


	Three Months Ended															Six Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30,			Jun 30,
(Dollars in thousands)	2023			2023			2022			2022			2022			2023			2022
Allowance for credit losses at beginning of period	$	376,261		$	357,936		$	315,338		$	312,192		$	301,327		$	357,936		$	299,731
Cumulative effect adjustment from the adoption of ASU 2022-02	—			741			—			—			—			741			—
Provision for credit losses	28,514			23,045			47,646			6,420			20,417			51,559			24,523

Other adjustments	41			4			31			(105)			(56)			45			(34)
Charge-offs:
Commercial	5,629			2,543			3,019			780			8,928			8,172			10,342
Commercial real estate	8,124			5			538			24			40			8,129			817
Home equity	—			—			—			43			192			—			389
Residential real estate	—			—			—			5			—			—			466

Premium finance receivables - property & casualty	4,519			4,629			3,629			6,037			2,903			9,148			4,574
Premium finance receivables - life insurance	134			21			28			—			—			155			7
Consumer and other	110			153			—			635			253			263			446

Total charge-offs	18,516			7,351			7,214			7,524			12,316			25,867			17,041
Recoveries:
Commercial	505			392			691			2,523			996			897			1,534
Commercial real estate	25			100			61			55			553			125			585
Home equity	37			35			65			38			123			72			216
Residential real estate	6			4			6			60			6			10			11

Premium finance receivables - property & casualty	890			1,314			1,279			1,648			1,119			2,204			2,595
Premium finance receivables - life insurance	—			9			—			—			—			9			—
Consumer and other	23			32			33			31			23			55			72

Total recoveries	1,486			1,886			2,135			4,355			2,820			3,372			5,013
Net charge-offs	(17,030)			(5,465)			(5,079)			(3,169)			(9,496)			(22,495)			(12,028)
Allowance for credit losses at period end	$	387,786		$	376,261		$	357,936		$	315,338		$	312,192		$	387,786		$	312,192

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.16		%	0.07		%	0.08		%	(0.06)		%	0.27		%	0.12		%	0.15		%
Commercial real estate	0.31			0.00			0.02			0.00			(0.02)			0.16			0.01
Home equity	(0.04)			(0.04)			(0.08)			0.01			0.09			(0.04)			0.11
Residential real estate	0.00			0.00			0.00			(0.01)			0.00			0.00			0.05

Premium finance receivables - property & casualty	0.24			0.23			0.16			0.30			0.14			0.24			0.02
Premium finance receivables - life insurance	0.01			0.00			0.00			—			—			0.00			0.00
Consumer and other	0.45			0.74			(0.16)			4.02			1.31			0.58			1.26

Total loans, net of unearned income	0.17		%	0.06		%	0.05		%	0.03		%	0.11		%	0.11		%	0.07		%


Loans at period end	$	41,023,408		$	39,565,471		$	39,196,485		$	38,167,613		$	37,053,103
Allowance for loan losses as a percentage of loans at period end	0.74		%	0.73		%	0.69		%	0.64		%	0.68		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.94			0.95			0.91			0.83			0.84

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT


	Three Months Ended										Six Months Ended
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Jun 30,		Jun 30,
(In thousands)	2023		2023		2022		2022		2022		2023		2022
Provision for loan losses	$	31,516	$	22,520	$	29,110	$	(2,385)	$	10,782	$	54,036	$	15,996
Provision for unfunded lending-related commitments losses	(2,945)		550		18,358		8,578		9,711		(2,395)		8,522
Provision for held-to-maturity securities losses	(57)		(25)		178		227		(76)		(82)		5
Provision for credit losses	$	28,514	$	23,045	$	47,646	$	6,420	$	20,417	$	51,559	$	24,523

Allowance for loan losses	$	302,499	$	287,972	$	270,173	$	246,110	$	251,769
Allowance for unfunded lending-related commitments losses	84,881		87,826		87,275		68,918		60,340
Allowance for loan losses and unfunded lending-related commitments losses	387,380		375,798		357,448		315,028		312,109
Allowance for held-to-maturity securities losses	406		463		488		310		83
Allowance for credit losses	$	387,786	$	376,261	$	357,936	$	315,338	$	312,192

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

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


	As of Jun 30, 2023						As of Mar 31, 2023						As of Dec 31, 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	$	12,600,471	$	143,142	1.14	%	$	12,576,985	$	149,501	1.19	%	$	12,549,164	$	142,769	1.14	%

Commercial real estate:
Construction and development	1,760,436		86,725		4.93		1,597,053		75,069		4.70		1,486,930		75,907		5.10
Non-construction	8,848,375		128,971		1.46		8,642,025		119,711		1.39		8,464,017		108,445		1.28
Home equity	336,974		6,967		2.07		337,016		7,728		2.29		332,698		7,573		2.28
Residential real estate	2,643,240		12,252		0.46		2,505,545		11,434		0.46		2,372,383		11,585		0.49
Premium finance receivables
Commercial insurance loans	6,762,698		8,347		0.12		5,738,880		11,248		0.20		5,849,459		9,967		0.17
Life insurance loans	8,039,273		699		0.01		8,125,802		707		0.01		8,090,998		704		0.01
Consumer and other	31,941		277		0.87		42,165		400		0.95		50,836		498		0.98
Total loans, net of unearned income	$	41,023,408	$	387,380	0.94	%	$	39,565,471	$	375,798	0.95	%	$	39,196,485	$	357,448	0.91	%


Total core loans (1)	$	23,386,727	$	350,930	1.50	%	$	22,995,378	$	334,910	1.46	%	$	22,519,624	$	320,403	1.42	%
Total niche loans (1)	17,636,681		36,450		0.21		16,570,093		40,888		0.25		16,676,861		37,045		0.22

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

TABLE 13: LOAN PORTFOLIO AGING


(In thousands)	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
Loan Balances:
Commercial
Nonaccrual	$	40,460	$	47,950	$	35,579	$	44,293	$	32,436
90+ days and still accruing	573		—		462		237		—
60-89 days past due	22,808		10,755		21,128		24,641		16,789
30-59 days past due	48,970		95,593		56,696		34,917		14,120
Current	12,487,660		12,422,687		12,435,299		12,155,162		11,983,760
Total commercial	$	12,600,471	$	12,576,985	$	12,549,164	$	12,259,250	$	12,047,105
Commercial real estate
Nonaccrual	$	18,483	$	11,196	$	6,387	$	10,477	$	10,718
90+ days and still accruing	—		—		—		—		—
60-89 days past due	1,054		20,539		2,244		6,041		6,771
30-59 days past due	14,218		72,680		30,675		29,971		34,220
Current	10,575,056		10,134,663		9,911,641		9,531,695		9,355,496
Total commercial real estate	$	10,608,811	$	10,239,078	$	9,950,947	$	9,578,184	$	9,407,205
Home equity
Nonaccrual	$	1,361	$	1,190	$	1,487	$	1,320	$	1,084
90+ days and still accruing	110		—		—		—		—
60-89 days past due	316		116		—		125		154
30-59 days past due	601		1,118		2,152		848		930
Current	334,586		334,592		329,059		326,529		323,658
Total home equity	$	336,974	$	337,016	$	332,698	$	328,822	$	325,826
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	187,848	$	196,152	$	164,788	$	148,664	$	113,856
Nonaccrual	13,652		11,333		10,171		9,787		8,330
90+ days and still accruing	—		104		—		—		—
60-89 days past due	7,243		74		4,364		2,149		534
30-59 days past due	872		19,183		9,982		15		147
Current	2,433,625		2,278,699		2,183,078		2,074,844		1,956,040
Total residential real estate	$	2,643,240	$	2,505,545	$	2,372,383	$	2,235,459	$	2,078,907







Premium finance receivables - property & casualty
Nonaccrual	$	19,583	$	18,543	$	13,470	$	13,026	$	13,303
90+ days and still accruing	12,785		9,215		15,841		16,624		6,447
60-89 days past due	22,670		14,287		14,926		15,301		15,299
30-59 days past due	32,751		32,545		40,557		21,128		23,313
Current	6,674,909		5,664,290		5,764,665		5,647,261		5,483,085
Total Premium finance receivables - property & casualty	$	6,762,698	$	5,738,880	$	5,849,459	$	5,713,340	$	5,541,447
Premium finance receivables - life insurance
Nonaccrual	$	6	$	—	$	—	$	—	$	—
90+ days and still accruing	1,667		1,066		17,245		1,831		—
60-89 days past due	3,729		21,552		5,260		13,628		1,796
30-59 days past due	90,117		52,975		68,725		44,954		65,155
Current	7,943,754		8,050,209		7,999,768		7,944,443		7,541,482
Total Premium finance receivables - life insurance	$	8,039,273	$	8,125,802	$	8,090,998	$	8,004,856	$	7,608,433
Consumer and other
Nonaccrual	$	4	$	6	$	6	$	7	$	8
90+ days and still accruing	28		87		49		31		25
60-89 days past due	51		10		18		26		8
30-59 days past due	146		379		224		343		119
Current	31,712		41,683		50,539		47,295		44,020
Total consumer and other	$	31,941	$	42,165	$	50,836	$	47,702	$	44,180
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	187,848	$	196,152	$	164,788	$	148,664	$	113,856
Nonaccrual	93,549		90,218		67,100		78,910		65,879
90+ days and still accruing	15,163		10,472		33,597		18,723		6,472
60-89 days past due	57,871		67,333		47,940		61,911		41,351
30-59 days past due	187,675		274,473		209,011		132,176		138,004
Current	40,481,302		38,926,823		38,674,049		37,727,229		36,687,541
Total loans, net of unearned income	$	41,023,408	$	39,565,471	$	39,196,485	$	38,167,613	$	37,053,103

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

TABLE 14: NON-PERFORMING ASSETS(1)


	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
(Dollars in thousands)	2023			2023			2022			2022			2022
Loans past due greater than 90 days and still accruing:
Commercial	$	573		$	—		$	462		$	237		$	—
Commercial real estate	—			—			—			—			—
Home equity	110			—			—			—			—
Residential real estate	—			104			—			—			—
Premium finance receivables - property & casualty	12,785			9,215			15,841			16,624			6,447
Premium finance receivables - life insurance	1,667			1,066			17,245			1,831			—
Consumer and other	28			87			49			31			25
Total loans past due greater than 90 days and still accruing	15,163			10,472			33,597			18,723			6,472
Non-accrual loans:
Commercial	40,460			47,950			35,579			44,293			32,436
Commercial real estate	18,483			11,196			6,387			10,477			10,718
Home equity	1,361			1,190			1,487			1,320			1,084
Residential real estate	13,652			11,333			10,171			9,787			8,330
Premium finance receivables - property & casualty	19,583			18,543			13,470			13,026			13,303
Premium finance receivables - life insurance	6			—			—			—			—
Consumer and other	4			6			6			7			8
Total non-accrual loans	93,549			90,218			67,100			78,910			65,879
Total non-performing loans:
Commercial	41,033			47,950			36,041			44,530			32,436
Commercial real estate	18,483			11,196			6,387			10,477			10,718
Home equity	1,471			1,190			1,487			1,320			1,084
Residential real estate	13,652			11,437			10,171			9,787			8,330
Premium finance receivables - property & casualty	32,368			27,758			29,311			29,650			19,750
Premium finance receivables - life insurance	1,673			1,066			17,245			1,831			—
Consumer and other	32			93			55			38			33
Total non-performing loans	$	108,712		$	100,690		$	100,697		$	97,633		$	72,351
Other real estate owned	10,275			8,050			8,589			5,376			5,574
Other real estate owned - from acquisitions	1,311			1,311			1,311			1,311			1,265
Other repossessed assets	—			—			—			—			—
Total non-performing assets	$	120,298		$	110,051		$	110,597		$	104,320		$	79,190

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.33		%	0.38		%	0.29		%	0.36		%	0.27		%
Commercial real estate	0.17			0.11			0.06			0.11			0.11
Home equity	0.44			0.35			0.45			0.40			0.33
Residential real estate	0.52			0.46			0.43			0.44			0.40
Premium finance receivables - property & casualty	0.48			0.48			0.50			0.52			0.36
Premium finance receivables - life insurance	0.02			0.01			0.21			0.02			—
Consumer and other	0.10			0.22			0.11			0.08			0.07
Total loans, net of unearned income	0.26		%	0.25		%	0.26		%	0.26		%	0.20		%
Total non-performing assets as a percentage of total assets	0.22		%	0.21		%	0.21		%	0.20		%	0.16		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	414.09		%	416.54		%	532.71		%	399.22		%	473.76		%

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

Balance at beginning of period	$	100,690	$	100,697		$	97,633		$	72,351		$	57,305	$	100,697		$	74,438
Additions from becoming non-performing in the respective period	21,246		24,455			10,027			35,234			22,841		45,701			26,982

Return to performing status	(360)		(480)			(1,167)			(154)			(1,000)		(840)			(1,729)
Payments received	(12,314)		(5,261)			(16,351)			(20,417)			(4,029)		(17,575)			(24,168)
Transfer to OREO and other repossessed assets	(2,958)		—			(3,365)			(185)			(1,611)		(2,958)			(5,988)
Charge-offs, net	(2,696)		(1,159)			(1,363)			(341)			(1,969)		(3,855)			(4,323)
Net change for niche loans (1)	5,104		(17,562)			15,283			11,145			814		(12,458)			7,139
Balance at end of period	$	108,712	$	100,690		$	100,697		$	97,633		$	72,351	$	108,712		$	72,351

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

Other Real Estate Owned


	Three Months Ended
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(In thousands)	2023		2023		2022		2022		2022
Balance at beginning of period	$	9,361	$	9,900	$	6,687	$	6,839	$	6,203
Disposals/resolved	(733)		(435)		(152)		(133)		(1,172)
Transfers in at fair value, less costs to sell	2,958		—		3,365		134		2,090

Fair value adjustments	—		(104)		—		(153)		(282)
Balance at end of period	$	11,586	$	9,361	$	9,900	$	6,687	$	6,839

	Period End
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
Balance by Property Type:	2023		2023		2022		2022		2022
Residential real estate	$	318	$	1,051	$	1,585	$	1,585	$	1,630
Residential real estate development	—		—		—		—		133
Commercial real estate	11,268		8,310		8,315		5,102		5,076
Total	$	11,586	$	9,361	$	9,900	$	6,687	$	6,839

TABLE 15: NON-INTEREST INCOME


	Three Months Ended										Q2 2023 compared to Q1 2023				Q2 2023 compared to Q2 2022
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(Dollars in thousands)	2023		2023		2022		2022		2022		$ Change		% Change		$ Change		% Change
Brokerage	$	4,404	$	4,533	$	4,177	$	4,587	$	4,272	$	(129)	(3)	%	$	132	3	%
Trust and asset management	29,454		25,412		26,550		28,537		27,097		4,042		16		2,357		9
Total wealth management	33,858		29,945		30,727		33,124		31,369		3,913		13		2,489		8
Mortgage banking	29,981		18,264		17,407		27,221		33,314		11,717		64		(3,333)		(10)
Service charges on deposit accounts	13,608		12,903		13,054		14,349		15,888		705		5		(2,280)		(14)
Gains (losses) on investment securities, net	0		1,398		(6,745)		(3,103)		(7,797)		(1,398)		(100)		7,797		(100)
Fees from covered call options	2,578		10,391		7,956		1,366		1,069		(7,813)		(75)		1,509		NM
Trading gains (losses), net	106		813		(306)		(7)		176		(707)		(87)		(70)		(40)
Operating lease income, net	12,227		13,046		12,384		12,644		15,007		(819)		(6)		(2,780)		(19)
Other:
Interest rate swap fees	2,711		2,606		2,319		1,997		3,300		105		4		(589)		(18)
BOLI	1,322		1,351		1,394		248		(884)		(29)		(2)		2,206		NM
Administrative services	1,319		1,615		1,736		1,533		1,591		(296)		(18)		(272)		(17)
Foreign currency remeasurement gains (losses)	543		(188)		277		(93)		97		731		NM		446		NM
Early pay-offs of capital leases	201		365		131		138		160		(164)		(45)		41		26
Miscellaneous	14,576		15,260		13,505		12,065		9,652		(684)		(4)		4,924		51
Total Other	20,672		21,009		19,362		15,888		13,916		(337)		(2)		6,756		49
Total Non-Interest Income	$	113,030	$	107,769	$	93,839	$	101,482	$	102,942	$	5,261	5	%	$	10,088	10	%


	Six Months Ended
	Jun 30,		Jun 30,		$		%
(Dollars in thousands)	2023		2022		Change		Change
Brokerage	$	8,937	$	8,904	$	33	0	%
Trust and asset management	54,866		53,859		1,007		2
Total wealth management	63,803		62,763		1,040		2
Mortgage banking	48,245		110,545		(62,300)		(56)
Service charges on deposit accounts	26,511		31,171		(4,660)		(15)
Gains (losses) on investment securities, net	1,398		(10,579)		11,977		NM
Fees from covered call options	12,969		4,811		8,158		NM
Trading gains, net	919		4,065		(3,146)		(77)
Operating lease income, net	25,273		30,482		(5,209)		(17)
Other:
Interest rate swap fees	5,317		7,869		(2,552)		(32)
BOLI	2,673		(836)		3,509		NM
Administrative services	2,934		3,444		(510)		(15)
Foreign currency remeasurement gains	355		108		247		NM
Early pay-offs of leases	566		425		141		33
Miscellaneous	29,836		21,464		8,372		39
Total Other	41,681		32,474		9,207		28
Total Non-Interest Income	$	220,799	$	265,732	$	(44,933)	(17)	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

TABLE 16: NON-INTEREST EXPENSE


	Three Months Ended										Q2 2023 compared to Q1 2023				Q2 2023 compared to Q2 2022
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
(Dollars in thousands)	2023		2023		2022		2022		2022		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	107,671	$	108,354	$	100,232	$	97,419	$	92,414	$	(683)	(1)	%	$	15,257	17	%
Commissions and incentive compensation	44,511		39,799		49,546		50,403		46,131		4,712		12		(1,620)		(4)
Benefits	32,741		28,628		30,553		28,273		28,781		4,113		14		3,960		14
Total salaries and employee benefits	184,923		176,781		180,331		176,095		167,326		8,142		5		17,597		11
Software and equipment	26,205		24,697		24,699		24,126		24,250		1,508		6		1,955		8
Operating lease equipment	9,816		9,833		10,078		9,448		8,774		(17)		0		1,042		12
Occupancy, net	19,176		18,486		17,763		17,727		17,651		690		4		1,525		9
Data processing	9,726		9,409		7,927		7,767		8,010		317		3		1,716		21
Advertising and marketing	17,794		11,946		14,279		16,600		16,615		5,848		49		1,179		7
Professional fees	8,940		8,163		9,267		7,544		7,876		777		10		1,064		14
Amortization of other acquisition-related intangible assets	1,499		1,235		1,436		1,492		1,579		264		21		(80)		(5)
FDIC insurance	9,008		8,669		6,775		7,186		6,949		339		4		2,059		30
OREO expense, net	118		(207)		369		229		294		325		NM		(176)		(60)
Other:
Lending expenses, net of deferred origination costs	7,890		3,099		4,952		4,533		4,270		4,791		NM		3,620		85
Travel and entertainment	5,401		4,590		5,681		4,252		3,897		811		18		1,504		39
Miscellaneous	20,127		22,468		24,279		19,470		21,177		(2,341)		(10)		(1,050)		(5)
Total other	33,418		30,157		34,912		28,255		29,344		3,261		11		4,074		14
Total Non-Interest Expense	$	320,623	$	299,169	$	307,836	$	296,469	$	288,668	$	21,454	7	%	$	31,955	11	%


	Six Months Ended
	Jun 30,		Jun 30,		$		%
(Dollars in thousands)	2023		2022		Change		Change
Salaries and employee benefits:
Salaries	$	216,025	$	184,530	$	31,495	17	%
Commissions and incentive compensation	84,310		97,924		(13,614)		(14)
Benefits	61,369		57,227		4,142		7
Total salaries and employee benefits	361,704		339,681		22,023		6
Software and equipment	50,902		47,060		3,842		8
Operating lease equipment	19,649		18,482		1,167		6
Occupancy, net	37,662		35,475		2,187		6
Data processing	19,135		15,515		3,620		23
Advertising and marketing	29,740		28,539		1,201		4
Professional fees	17,103		16,277		826		5
Amortization of other acquisition-related intangible assets	2,734		3,188		(454)		(14)
FDIC insurance	17,677		14,678		2,999		20
OREO expense, net	(89)		(738)		649		(88)
Other:
Lending expenses, net of deferred origination costs	10,989		11,091		(102)		(1)
Travel and entertainment	9,991		6,573		3,418		52
Miscellaneous	42,595		37,145		5,450		15
Total other	63,575		54,809		8,766		16
Total Non-Interest Expense	$	619,792	$	572,966	$	46,826	8	%

NM - Not meaningful.

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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


	Three Months Ended															Six Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30,			Jun 30,
(Dollars and shares in thousands)	2023			2023			2022			2022			2022			2023			2022
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	697,176		$	639,690		$	580,745		$	466,478		$	371,968		$	1,336,866		$	700,220
Taxable-equivalent adjustment:
- Loans	1,882			1,872			1,594			1,030			568			3,754			995
- Liquidity Management Assets	551			551			538			502			472			1,102			937
- Other Earning Assets	1			4			1			1			1			5			3
(B) Interest Income (non-GAAP)	$	699,610		$	642,117		$	582,878		$	468,011		$	373,009		$	1,341,727		$	702,155
(C) Interest Expense (GAAP)	249,639			181,695			123,929			65,030			34,164			431,334			63,122
(D) Net Interest Income (GAAP) (A minus C)	$	447,537		$	457,995		$	456,816		$	401,448		$	337,804		$	905,532		$	637,098
(E) Net Interest Income (non-GAAP) (B minus C)	$	449,971		$	460,422		$	458,949		$	402,981		$	338,845		$	910,393		$	639,033
Net interest margin (GAAP)	3.64		%	3.81		%	3.71		%	3.34		%	2.92		%	3.72		%	2.76		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.66			3.83			3.73			3.35			2.93			3.74			2.77
(F) Non-interest income	$	113,030		$	107,769		$	93,839		$	101,482		$	102,942		$	220,799		$	265,732
(G) Gains (losses) on investment securities, net	0			1,398			(6,745)			(3,103)			(7,797)			1,398			(10,579)
(H) Non-interest expense	320,623			299,169			307,836			296,469			288,668			619,792			572,966
Efficiency ratio (H/(D+F-G))	57.20		%	53.01		%	55.23		%	58.59		%	64.36		%	55.10		%	62.73		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	56.95			52.78			55.02			58.41			64.21			54.86			62.60


	Three Months Ended															Six Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30,	Jun 30,
(Dollars and shares in thousands)	2023			2023			2022			2022			2022			2023	2022
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	5,041,912		$	5,015,506		$	4,796,838		$	4,637,980		$	4,727,623

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(682,327)			(674,538)			(675,710)			(676,699)			(679,827)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,947,085		$	3,928,468		$	3,708,628		$	3,548,781		$	3,635,296
(J) Total assets (GAAP)	$	54,286,176		$	52,873,511		$	52,949,649		$	52,382,939		$	50,969,332
Less: Intangible assets (GAAP)	(682,327)			(674,538)			(675,710)			(676,699)			(679,827)
(K) Total tangible assets (non-GAAP)	$	53,603,849		$	52,198,973		$	52,273,939		$	51,706,240		$	50,289,505
Common equity to assets ratio (GAAP) (L/J)	8.5		%	8.7		%	8.3		%	8.1		%	8.5		%
Tangible common equity ratio (non-GAAP) (I/K)	7.4			7.5			7.1			6.9			7.2


Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	5,041,912		$	5,015,506		$	4,796,838		$	4,637,980		$	4,727,623
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	4,629,412		$	4,603,006		$	4,384,338		$	4,225,480		$	4,315,123
(M) Actual common shares outstanding	61,198			61,176			60,794			60,743			60,722
Book value per common share (L/M)	$	75.65		$	75.24		$	72.12		$	69.56		$	71.06
Tangible book value per common share (non-GAAP) (I/M)	64.50			64.22			61.00			58.42			59.87

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	147,759		$	173,207		$	137,826		$	135,970		$	87,522		$	320,966		$	207,922
Add: Intangible asset amortization	1,499			1,235			1,436			1,492			1,579			2,734			3,188
Less: Tax effect of intangible asset amortization	(402)			(321)			(370)			(425)			(445)			(722)			(870)
After-tax intangible asset amortization	$	1,097		$	914		$	1,066		$	1,067		$	1,134		$	2,012		$	2,318
(O) Tangible net income applicable to common shares (non-GAAP)	$	148,856		$	174,121		$	138,892		$	137,037		$	88,656		$	322,978		$	210,240
Total average shareholders’ equity	$	5,044,718		$	4,895,271		$	4,710,856		$	4,795,387		$	4,526,110		$	4,970,407		$	4,513,356
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	4,632,218		$	4,482,771		$	4,298,356		$	4,382,887		$	4,113,610		$	4,557,907		$	4,100,856
Less: Average intangible assets	(682,561)			(675,247)			(676,371)			(678,953)			(681,091)			(678,924)			(681,843)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	3,949,657		$	3,807,524		$	3,621,985		$	3,703,934		$	3,432,519		$	3,878,983		$	3,419,013
Return on average common equity, annualized (N/P)	12.79		%	15.67		%	12.72		%	12.31		%	8.53		%	14.20		%	10.22		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	15.12			18.55			15.21			14.68			10.36			16.79			12.40

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	211,430		$	243,550		$	195,173		$	200,041		$	131,661		$	454,980		$	305,341
Add: Provision for credit losses	28,514			23,045			47,646			6,420			20,417			51,559			24,523
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	239,944		$	266,595		$	242,819		$	206,461		$	152,078		$	506,539		$	329,864

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 Florida in Bonita Springs and Naples, and in Dyer, Indiana.

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 and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;

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

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

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

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

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

•the 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, July 20, 2023 at 9:00 a.m. (CDT) regarding second quarter and year-to-date 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 July 6, 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 second quarter and year-to-date 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 4 a3q2023992earningsreleas.htm EX-99.2 a3q2023992earningsreleas

Earnings Release Presentation Q2 2023 Wintrust Financial Corporation

22 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); PENDING Forward Looking Statements

33 • 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 and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns; • the expenses and delayed returns inherent in opening new branches and de novo banks; • liabilities, potential customer loss or reputational harm related to closings of existing branches; • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; • changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements; • the ability of the Company to receive dividends from its subsidiaries; • the 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. PENDING Forward Looking Statements

44 • Second most profitable quarter in the Company's history with net income of $154.8 million • Net interest margin remained relatively stable throughout the second quarter of 2023 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 Total DepositsTotal Assets Total Loans Net Income $54.3 billion +$1.4 billion $41.0 billion +$1.5 billion $44.0 billion +$1.3 billion $154.8 million -$25.4 million Exceptional Credit Quality Awards/Non- Recurring Items • Low and stable NPLs at $108.7 million or 0.26% of total loans • Increased allowance coverage as reserves on core loans are 1.50% of total core loans • Continued low levels of net-charge offs at 17 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 1.18% -22 bps 12.79% -288 bps (GAAP) 57.20% +419 bps $239.9 million -$26.7 million • Total deposits grew $1.3 billion, or 12.4% annualized, primarily due to growth in our MaxSafe® products • Loan growth of $1.5 billion driven primarily by commercial premium finance receivables 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix Diluted EPS $2.38 -$0.42 Current EPS Prior EPS $ 2.38 2.80 $ (0.42) PPNI Prior PPNI $ 239.9 266.6 $-26.65 -26700000 239,944 266,595 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Stable Margin Supports Earnings Net Overhead Ratio 1.58% +9 bps (non-GAAP) 56.95% +417 bps Efficiency GAAP Prior Q 57.20% 58.59% $ (139.00) 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 57.20 % 53.01 % 56.95 % 52.78 % % Change File does not have calc for GAAP numbers 417 Check 418.999999999999 417 Link was removed ----> will need to relink (GAAP) 12.79% -288 bps (non-GAAP) 15.12% -343 bps Q2 2023 Highlights (comparative to Q1 2023) PENDING

55 Diluted EPS Quarterly Trend Lower Quarterly PTPP due to Net Interest Margin CompressionStrong Quarterly Net Income Earnings Summary Differentiated, highly diversified and sustainable business model $94.5 $143.0 $144.8 $180.2 $154.8 0.77% 1.12% 1.10% 1.40% 1.18% Net Income ROA Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $1.49 $2.21 $2.23 $2.80 $2.38 Diluted EPS Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $152.1 $206.5 $242.8 $266.6 $239.9 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 2 ### ($ in Millions) ($ in Millions) 1 See non-GAAP reconciliation in Appendix • Net interest income of $447.5 million supported by loan growth and net interest margin stabilization in Q2 2023. • The Company reported record year-to-date net income of $334.9 million through the first six months of 2023 Q2 2023 Highlights Earnings Summary Differentiated, highly diversified and sustainable business model

66 31% 26% 16% 20% 6% 1% Commercial Commercial Real Estate PFR - Commercial Insurance PFR - Life Insurance Residential Real Estate All Other Loans 32% 0% 26% 1% 6% 16% 19% 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 $1.1 billion to $1.3 billion at June 30, 2023, as compared to $1.5 billion to $1.7 billion at March 31, 2023. When adjusted for the probability of closing, the pipelines were estimated to be approximately $730 million to $807 million at June 30, 2023, as compared to $990 million to $1.1 billion at March 31, 2023. • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $2.0 billion, as compared to March 31, 2023, • Total period end loans as of June 30, 2023 were $1.1 billion higher than average total loans in the second quarter of 2023.$39,565 $23 $370 $138 $1,024 $(87) $(10) $41,023 3/31/2023 Commercial Commercial Real Estate Residential Real Estate PFR - Commercial Insurance PFR - Life Insurance All Other Loans 6/30/2023 Measured Loan Growth Coupled with Expanded Loan Yield QoQ Growth Lead by Commercial & Acquired Loan Portfolio $37.1 $39.6 $41.0 3.59% 5.82% 6.23% Total Loans Average Total Loan Yield 6/30/2022 3/31/2023 6/30/2023 Year-over-Year Change $3.9B or 11% in Total Loans Balanced Loan Mix (as of 6/30/2023) ($ 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 $41.1 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) $39,565 $39,915 3/31/2023 Commercial PPP All Other Commercial Loans Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 6/30/2023 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 11% in Total Loans, $5.0B or 15% in Total Loans excl. PPP Loan Portfolio Diversified loan portfolio Loan Growth Primarily Driven by Specialty Finance and CRE ($ in Millions) Diversified Loan Mix (as of 6/30/2023) Strong Loan Growth Coupled with Expanded Loan Yield ($ in Billions) PENDING Q2 Q1 Total Loans 41,023,408 39,565,471 YoY change 4 %

77 $42,718 $(778) $1,656 $(392) $835 $44,039 3/31/2023 Non-Interest-Bearing MaxSafe® Wealth Management All Other Interest- Bearing 6/30/2023 Deposit Franchise Remained Solid Q1 '23 Commentary $42.6 $42.7 $44.0 0.28% 1.97% 2.71% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 6/30/2022 3/31/2023 6/30/2023 Year-over-Year Change $1.4B or 3% Non-Interest-Bearing $10.6 NOW and Interest- Bearing DDA $5.8 Wealth Management Deposits $1.4 Money Market $14.5 Savings $5.3 Time Certificates of Deposit $6.4 ($ in Billions) ($ in Billions) Draft graph to left $44.0 PENDING UPDATES 1 1Includes CDEC deposit balances 2 Includes: Cash on hand, Federal Reserve Discount Window availability and FHLB unused borrowing capacity Deposit Portfolio Enviable core deposit franchise in Chicago and Milwaukee market areas Continued Deposit Mix Shift Into Insured Deposits and Interest-Bearing ($ in Billions) Deposit Growth Supported by Strong Franchise ($ in Billions) • Total Loan Growth expected... • Total Deposit Growth anticipated... • Average Loans to Deposit Target Ratio... • Net Income... • Net Interest Margin • Non-Interest Income... • Net Overhead Ratio... • Net Charge-Off Ratio... • Total RBC Ratio... Outlook Commentary PENDING • Deposit base and liquidity remains strong despite a volatile market. We remain highly competitive in the Chicagoland and Milwaukee/ Wisconsin 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 74% of total deposits • Our immediate liquidity sources2 cover 127% of uninsured/ uncollateralized deposits • Wintrust’s unique MaxSafe® product offers clients the opportunity to receive $3.75 million in FDIC insurance per person • Deposit mix shift continued in Q2 2023 primarily driven by higher MaxSafe® and other interest-bearing partially offset by lower non- interest-bearing and wealth management

88 26% 24% 13% 13% 4% 3% 32% 33% 12% 12% 13% 15% Time Certificates of Deposit Savings Money Market Wealth Management Deposits NOW and Interest-Bearing Demand Deposits Non-Interest-Bearing Q1 2023 Q2 2023 Total Interest-Bearing Deposit Costs 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 increased by $1.3 billion from the prior quarter end. • Non-interest bearing deposits comprise 24% of total deposits as of June 30, 2023. • Rate paid on average interest-bearing deposits increased 74 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 93.2% as compared to 92.6% at prior quarter end. $42,718 $(631) $238 $(392) $971 $129 $44,039 3/31/2023 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 6/30/2023 Increased Funding Costs Considerably Outpaced by Higher Loan Yields Q1 '23 Commentary Focused on low-cost deposit mix to drive margin expansion $42.6 $42.7 $44.0 0.28% 1.97% 2.71% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 6/30/2022 3/31/2023 6/30/2023 Year-over-Year Change $1.4B or 3% Non-Interest-Bearing $10.6 NOW and Interest- Bearing DDA $5.8 Wealth Management Deposits $1.4 Money Market $14.5 Savings $5.3 Time Certificates of Deposit $6.4 ($ 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 $42,718 $150 $(75) $100 $(50) $150 $43,093 3/31/2023 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 6/30/2023 Draft waterfall below 1 0.25% 3.25% 0.64% 2.71% 2.19% 2.85% 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 Funds Upper Target up 500 bps 0.25% 5.25% 12/31/21 6/30/2023 Total Interest-Bearing Deposit Beta 49% 0.24% 2.71% 12/31/21 6/30/2023 Total Deposit Beta 38% 0.16% 2.04% 12/31/21 6/30/2023 Fed Target Total Deposit Costs $44.0 • 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 $1.1 billion increase in MaxSafe® • No material deposit concentrations ($ in Billions) $42.7 Deposit Portfolio Reversion of deposit mix to pre-pandemic levels while deposit beta increases with market pressures • Total cycle-to-date Interest-Bearing Deposit Beta stands at 47% as of Q2 2023, which is in-line with our guidance and we believe deposit beta may now approach 55% • Continued to benefit from MaxSafe® product that provides our customers additional FDIC protection ◦ MaxSafe® deposit balances increased $1.7 billion from 3/31/23 • No material deposit concentrations Q2 2023 Highlights Deposit Beta Approaching Our Guidance Range Deposit Mix Shift Into Interest-Bearing ($ in Billions) $44.0 PENDING • Total cycle-to-date interest-bearing deposit beta ended at 49% as of Q2 2023, which is in-line with our guidance and we believe deposit beta may now approach 55% • Continued to benefit from MaxSafe® product that provides our customers additional FDIC protection ◦ MaxSafe® deposit balances increased $1.7 billion from 3/31/23 • No material deposit concentrations

99 Held-to-Maturity Yield (Q2 '23): 2.38% Duration: 7.7 Years $3,591 $3,382 Total Non-Deposit Borrowings 3/31/2023 6/30/2023 $4,019 $(527) $3,492 AFS Amortized Cost Pre-Tax Unrealized Losses AFS Fair Value $3,564 $(676) $2,888 HTM Amortized Cost Pre-Tax Unrealized Losses HTM Fair Value $3.5 $3.6 $0.1 Available-for-Sale Held-to-Maturity Other $3.5 $3.7 $— $0.1 Available-for-Sale Held-to-Maturity Trade Date Securities Receivable Other Strategically Balanced Investment Portfolio1 (as of 6/30/2023) Investment Portfolio Snapshot (as of 6/30/2023) ($ in Billions) $7.2 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. 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 Held-to-Maturity Yield (Q2 '23): 2.38% Duration: 7.7 Years Available for Sale Yield (Q1 '23): 3.34% Duration: 6.5 Years Total Investment Portfolio Yield (Q2 '23): 2.86% Duration: 7.0 Years 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 6/30/2023) Q1 '23 Commentary $3,604 $3,591 Total Non-Deposit Borrowings 3/31/2023 6/30/2023 • 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) 1 PENDING DATA $7.2 Wintrust Did Not Increase Reliance on Non-Deposit Borrowings in Q1' 23 ($ in Millions) ($ in Millions) 1 Includes: Federal Home Loan Bank advances, Other borrowings, Subordinated notes and Junior subordinated debentures Liquidity Prudently managing investment portfolio, while maintaining adequate liquidity Strategically Balanced Investment Portfolio (as of 6/30/2023)Investment Portfolio Snapshot (as of 6/30/2023) ($ in Millions) Reduced Non-Deposit Borrowings in Q2 '23 • FHLB advances decreased quarter over quarter • Registered for the Bank Term Funding Program but have not utilized and have no intent to do so • Other than for periodic testing, Wintrust has never borrowed from the Federal Reserve Discount Window • Investment Portfolio size has remained relatively unchanged from 3/31/2023 and at 13% of Total Assets Q2 2023 Highlights Available for Sale Yield (Q2 '23): 3.34% Duration: 6.5 Years Total Investment Portfolio Yield (Q2 '23): 2.86% Duration: 7.0 Years • FHLB advances decreased quarter over quarter • Registered for the Bank Term Funding Program but have not utilized and have no intent to do so • Other than for periodic testing, Wintrust has never borrowed from the Federal Reserve Discount Window • Investment portfolio size has remained relatively unchanged from 3/31/2023 at 13% of total assets

1010 $59.87 $64.22 $64.50 7.2% 7.5% 7.4% Tangible Book Value Per Share (non-GAAP) Tangible Common Equity Ratio (non-GAAP) 6/30/2022 3/31/2023 6/30/2023 9.2% 0.3% (0.3)% 9.2% 3/31/2023 Retained Earnings and other equity changes Change in RWA 6/30/2023 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 9.3% 10.2% 12.1% Minimum Requirement Capital Conservation Buffer WTFC 12.1% 0.4% (0.3)% 11.9% 3/31/2023 Retained Earnings and other equity changes Change in RWA 6/30/2023 TBV Growth along with TCE Improvement Record Earnings Drove Capital Expansion Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $1,058 $782 $736 1 Ratios for Q2 2023 are estimated 9.0% 9.2% 9.2% 9.9% 10.1% 10.1% 11.9% 12.1% 11.9% 8.8% 9.1% 9.3% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 6/30/2022 3/31/2023 6/30/2023 Quarterly Earnings Supported CET1 Improvement 7.2% 7.5% 7.4%7.1% 7.9% Tangible Common Equity Ratio (non-GAAP) Tangible Common Equity Ratio excl. AOCI (non-GAAP) 6/30/2022 3/31/2023 6/30/2023 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 $64.50 $71.06 $75.65 Book Value Per Common Share Tangible Book Value Per Common Share (non-GAAP) 12/31/2018 12/31/2019 12/31/2020 12/31/2021 6/30/2023 1 7.9% 7.1% 8.9% 8.0% 10.9% 10.0% 6.7% 6.3% Adjusted CET1 Ratio Adjusted Tier 1 Capital Ratio Adjusted Total Capital Ratio Adjusted Tier 1 Leverage Ratio 6/30/2022 3/31/2023 6/30/2023 1 8.6% 9.1% 9.3% 7.0% 7.0% 7.0% CET1 Ratio Minimum Requirement + Capital Conservation Buffer 03/31/22 12/31/22 03/31/23 Q1 '23 Commentary • The Company's current capital levels are well in excess of regulatory thresholds and it is expected that the Company would remain well capitalized in the event either: • Regulatory changes require banks to report unrealized AFS and HTM losses as a reduction to regulatory capital, or • If the Company were to liquidate our entire investment portfolio • Strong profits resulted in improved capital levels PENDING Do not move superscript Capital Current capital levels are well in excess of regulatory thresholds with the Company recording strong earnings CET1 Flat Quarter over QuarterCapital Levels Remained Stable Supporting Strong Growth ($ in Millions) Steady TBV Growth ($ in Millions) • 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 • The Company were to liquidate its entire investment portfolio Q2 2023 Highlights 1

1111 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 Q2 2023 1Historical Deposit Beta reflects previous rising rate Fed cycle Q3 2015 to Q2 2019 $42.7$42.9 Net Interest Margin/Income Net interest margin negatively impacted by hedging activity which is expected to benefit the Company if interest rates fall materially • 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 $1.1 billion increase in MaxSafe® • No material deposit concentrations Q1 2023 Highlights Q2 2023 NIM Down But Remained Relatively Stable Throughout the Quarter Deposit Mix Shift Into Interest-bearing and Insured Deposits ($ in Billions) 3.83% 0.42% (0.08)% (0.66)% 0.15% 3.66% NIM (non-GAAP) Q1 2023 Earning Asset Yield excl. Hedge Impact Hedge Impact Interest-Bearing Liability Rate Net Free Funds NIM (non-GAAP) Q2 2023 Q2 2023 Net Interest Income: $448.0MM Sequential Quarter Growth: ($10.0MM) or -2% Linked Quarter Growth: $110.2MM or 33% Repositioning the Balance Sheet to Mitigate Interest Rate Risk 9.0% 2.9% 5.3% 1.8% Static Ramp 6/30/2022 6/30/2023 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points (12.6)% (2.9)% (6.9)% (0.9)% Static Ramp 6/30/2022 6/30/2023 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Falling Rates Scenario - 100 Basis Points 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 Q1 '23 NII $458.0MM Q2 '23 NII $447.5MM PENDING

1212 $102.9 $101.5 $93.8 $107.8 $113.0 $31.4 $33.1 $30.7 $29.9 $33.9 $15.0 $12.6 $12.4 $13.0 $12.2 $15.9 $14.3 $13.1 $12.9 $13.6 $7.3 $14.3 $20.2 $33.7 $23.3 $33.3 $27.2 $17.4 $18.3 $30.0 Wealth Management Operating Lease Income, net Service Charges on Deposits Other Mortgage Banking Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $821.0 $660.7 $422.4 $372.3 $578.0 $595.6 $448.8 $287.0 $256.1 $406.9 $225.4 $211.9 $135.4 $116.2 $171.2 Retail Originations Veterans First Originations Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Mortgage Originations Rose Due to Seasonality Decline in Loans Serviced Related to MSR Sale in Q2 2023 Wealth Management Acquisition Drove Increased RevenueFee Businesses Stable Amidst Rising Rate Environment Declining Mortgage Originations for Sale due to Rising Mortgage Rates Fee Businesses Stable Amidst Rising Rate Environment 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 $33.1 $30.7 $29.9 $33.9 $27.1 $28.5 $26.5 $25.4 $29.5 $4.3 $4.6 $4.2 $4.5 $4.4 $32.9 $32.8 $34.4 $35.2 $44.5 Trust and Asset Management Revenue Brokerage Revenue Assets Under Administration ($ in Billions) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 ($ in Millions) ($ in Millions) ($ in Millions) Wealth Management Business Remains Healthy Despite Market Volatility Hedging Efforts Helped Reduce MSR Volatility % of MSRs to Loans Serviced for Others Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 1.56% 1.65% 1.64% 1.60% 1.71% $212.7 $229.7 $230.2 $225.8 $200.7 $13,644 $13,926 $14,053 $14,080 $11,752 MSRs, at fair value Loans Serviced for Others Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 ($ in Millions) ($ in Millions) PENDING Non-Interest Income Diversified fee businesses support non-interest income levels despite challenging mortgage environment

1313 Efficiency Ratio Impacted by Competitive Deposit Pricing and Seasonal Advertising Expenses $167.3 $176.1 $180.3 $176.8 $184.9 $92.4 $97.4 $100.2 $108.4 $107.7 $46.1 $50.4 $49.5 $39.8 $44.5 $28.8 $28.3 $30.6 $28.6 $32.7 Salaries Commissions and Incentive Compensation Employee Benefits Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 64.21% 58.41% 55.02% 52.78% 56.95% Efficiency Ratio (non-GAAP) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 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 $8.1 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 $4.3 $3.1 $7.9 Lending expenses, net of deferred originations costs Q1 2022 Q4 2022 Q1 2023 Strategic Cost Reductions in the Mortgage Business ($ 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 $299.2 $8.1 $4.8 $5.8 $1.5 $1.2 $320.6 Q1 2023 Non-Interest Expense Salaries and Employee Benefits Lending Expenses, net of deferred originations costs Advertising and Marketing Software and Equipment All Other Expenses Q2 2023 Non-Interest Expense 1 Extraordinary Items - TBD 1 PENDING ($ in Millions) ($ in Millions) Non-Interest Expense Continue to monitor our expenses and believe they are in line with current Company growth Higher Incentive Expense Driven By Loan Growth and Mortgage Business ($ in Millions) Increase Primarily Driven by Incentive Compensation, Employee Insurance, Higher Loan Originations and Seasonal Increase in Marketing ($ in Millions)

1414 $158.5 $205.9 0.59% 0.77% 0.94% 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) 6/30/2023 • 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 $72.4 $97.6 $100.7 $100.7 $108.7 0.20% 0.26% 0.26% 0.25% 0.26% NPLs NPLs as a % of Total Loans 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 $9.5 $3.2 $5.1 $5.5 $17.0$20.4 $6.4 $47.6 $23.0 $28.5 0.11% 0.03% 0.05% 0.06% 0.17% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $20.4 $6.4 $47.6 $23.0 $28.546.51% 49.36% 10.66% 23.71% 59.73% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 $7.8 $53 $135.1 $0 $0 $— $— $— $— $—$7.8 $53.0 $135.1 46.5% 49.4% 10.7% 23.7% 59.7% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Incurred Loss Method CECL Incurred Loss Method CECL Q2 2023 Q1 2023 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 Q2 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 $38,555 $39,955 Q1 2023 Q2 2023 $630 $629 Q1 2023 Q2 2023 $380 $439 Q1 2023 Q2 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 $312.2 $387.8 0.59% 0.77% 0.84% 0.94% 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) 6/30/2022 6/30/2023 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 and net charge-offs $376.3 $(41.4) $53.0 $387.8 3/31/2023 Portfolio Changes Economic Factors 6/30/2023 ($ in Thousands) Macro-economic conditions Model imprecision Volume Credit Quality Aging Mix Net Charge- offs 3 97% 97% 2% 2% 1% 1% Credit Quality Exceptional credit quality supported by a diversified loan portfolio Low Levels of Net Charge-Offs Levels of Non-Performing Loans Remained Stable ($ in Millions) ($ in Millions) Increased Allowance Primarily Due to Economic Factors Special Mention and Substandard Loan Category Percentages Remained Unchanged Quarter over Quarter ($ in Millions) ($ in Millions) Linked but Prelim number not entered Pending - Manual Entries

1515 $39.2 $39.6 $41.0 0.91% 0.95% 0.94% Total Loan Period End Balance Allowance as a % of Category 12/31/2022 3/31/2023 6/30/2023 $1,487 $1,597 $1,760 $8,464 $8,642 $8,848 5.10% 4.70% 4.93% 1.28% 1.39% 1.46% Construction and development Non-construction Allowance as a % of Category (Construction) Allowance as a % of Category (Non-Construction) 12/31/2022 3/31/2023 6/30/2023 13% 19% 12% 25% 15% 13% 0% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $22.5 $23.0 $23.4 1.42% 1.46% 1.50% Core Loan Period End Balance Allowance as a % of Category 12/31/2022 3/31/2023 6/30/2023 Measured Growth with Low Charge-Offs NPLs Remain at Low Levels $16.7 $16.6 $17.6 0.22% 0.25% 0.21% Niche Loan Period End Balance Allowance as a % of Category 12/31/2022 3/31/2023 6/30/2023 Q2 2023 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 16% 22% 15% 30% 17% Office Industrial Retail Multi-family Mixed use and other 77% 4% 18% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 6/30/2023) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ 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 ($ in Thousands) 7% 9% 6%13% 7% 7% 0% 1% 50% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land Credit Quality - Allowance for Loan Losses The Company remains well reserved Well Reserved Across Our Core Loan PortfolioSufficient Allowance Coverage of Total Loan Portfolio ($ in Billions) ($ in Billions) $9,950,947 $10,239,078 $1,487 $1,597 $1,760 $8,464 $8,642 $8,848 5.10% 4.70% 4.93% 1.28% 1.39% 1.46% Construction and development Non-construction Allowance as a % of Category (Construction) Allowance as a % of Category (Non-Construction) 12/31/2022 3/31/2023 6/30/2023 $1,487 $1,597 $1,760 5.10% 4.70% 4.93% Construction and Development Allowance as a % of Category 12/31/2022 3/31/2023 6/30/2023 $8,464 $8,642 $8,848 1.28% 1.39% 1.46% Non-Construction Allowance as a % of Category 12/31/2022 3/31/2023 6/30/2023 Allowance Provides Appropriate Coverage Given Minimal Historic Losses in Niche Portfolio ($ in Billions) • Increase in allowance driven by a deteriorating macroeconomic forecast, offset by portfolio changes • Strong coverage to protect against any potential future economic downturn Q2 2023 Highlights

1616 $142.9 $135.3 $142.8 $149.5 $143.1 1.19% 1.11% 1.14% 1.19% 1.14% Calculated Allowance Allowance as a % of Category 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 $32.4 $44.5 $36.0 $48.0 $41.0 0.27% 0.36% 0.29% 0.38% 0.33% NPLs NPL as a % of Category 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 $12,047 $12,259 $12,549 $12,577 $12,600 0.27% (0.06)% 0.08% 0.07% 0.16% Period End Balance Net Charge-Off Ratio 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 $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 $5,502.6 $5,819.0 $5,852.2 $5,855.0 $5,737.6 $11,965 $12,216 $12,520 $12,560 $12,585 0.27% (0.06)% 0.08% 0.07% 0.16% Commercial and industrial Total Commercial Loans Asset-based lending Municipal Leases 1/3 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 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) 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Q2 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 6/30/2023) ($ in Millions) 45.5% 37.7% 40.5% 40.5% Total Commercial (excl. Mortgage Warehouse and Leases) 12/31/2019 6/30/2021 6/30/2022 6/30/2023 $4,687 $4,384 $6,236 $7,260 Unused Line of Credit Balance 12/31/2019 6/30/2021 6/30/2022 6/30/2023 $4,687 $4,384 $6,236 $7,260 $4,443 $4,105 $5,837 $6,481 $244 $278 $398 $779 Unused Line of Credit Balance excluding Mortgage Warehouse Mortgage Warehouse 12/31/2019 6/30/2021 6/30/2022 6/30/2023 1 Commercial Loan Composition includes PPP loans which are less than 1% of total portfolio ($ in Thousands) ($ in Millions) 46% 12%5% 15% 9% 3% 3% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - homeowners association Insurance agency lending Credit Quality - Commercial Loans Diversified portfolio with low net charge-offs Low Levels of Non-Performing Commercial LoansSustained Portfolio Growth Paired with a Low Net Charge-Off Ratio ($ in Millions) ($ in Millions) Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 6/30/2023) ($ in Millions) Pending

1717 13% 19% 12% 25% 15% 13% 0% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $9,407 $9,578 $9,951 $10,239 $10,609 (0.02)% 0.00% 0.02% 0.00% 0.31% Period End Balance Net Charge-Off Ratio 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Measured Growth with Low Charge-Offs NPLs Remain at Low Levels $10.7 $10.5 $6.4 $11.2 $18.5 0.11% 0.11% 0.06% 0.11% 0.17% NPLs NPL as a % of Category 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Q2 2023 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 16% 22% 15% 30% 17% Office Industrial Retail Multi-family Mixed use and other 77% 4% 18% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 6/30/2023) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ 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 $143.7 $150.7 $184.4 $194.8 $215.7 1.53% 1.57% 1.85% 1.90% 2.03% Calculated Allowance Allowance as a % of Category 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 ($ in Thousands) 7% 9% 6%13% 7% 7% 0% 1% 50% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land 13% 19% 12% 25% 14% 13% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties Low Levels of Non-Performing Commercial Real Estate Loans Increase in Net Charge-offs Driven by Proactive Sale of CRE Credits Identified as Particularly Vulnerable ($ in Millions) ($ in Millions) Well Reserved Amidst Macroeconomic Uncertainty Commercial Real Estate Loan Composition (as of 6/30/2023) ($ in Millions) Pending

1818 Medical, 22% Medical Owner Occupied, 3% Non-Medical Owner- Occupied, 16% Non-Medical Non Owner-Occupied, 59% $388.6 $291.0 $172.3 $208.9 $234.5 $109.1 $157.1 $151.6 $157.6 $120.2 $171.2 $66.3 CRE Office Non-Medical Non Owner-Occupied <$2MM $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Chicago CBD, 13% Other CBD, 12% Suburban, 75% $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500k $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M Office Portfolio Geography 1Chicago CBD includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 1 Office Portfolio Composition Granularity of Office Portfolio ($ in Millions) ($ in Millions) 2 Medical, 22% Medical Owner Occupied 3% Non-Medical Owner- Occupied, 16% Non-Medical Non Owner-Occupied, 59% 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 $1,054.9 $170.7$178.8 $824.0 $235.3 $304.4 ($ in Millions) 283904 90 48 27 24 17 10 14 10 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) 296 909 91 48 26 22 18 11 13 10 5 3 Number of Loans Per Category UPDATE COUNT IF GO BACK CRE Office Portfolio (as of 06/30/2023) CRE office represents a minimal percentage of the total loan portfolio CRE Office Portfolio Geography ($ in Millions) CRE Office Portfolio Composition Granularity of CRE Office Portfolio by Loan Size ($ in Millions) ($ in Millions) <$2MM $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M # of Loans CRE 904 90 27 17 14 5 Non Med 283 48 24 10 10 3 Pending Data Portfolio Characteristics As of 6/30/2023 As of 3/31/2023 Balance ($ in Millions) $1,404 $1,392 CRE office as a % to Total CRE 13.24% 13.59% CRE office as a % to Total Loans 3.42% 3.51% Average Size of Loan ($ in Millions) $1.3 $1.3 Non-Performing Loan (NPL) Ratio 0.12% 0.01% 30+ Days Past Due Ratio 0.12% 0.41% 90+ Days Past Due Ratio 0.00% 0.00% Owner Occupied or Medical % 41% 39% $40.8

1919 $8,200 $1,355 Cash Surrender Value Other $7,608 $8,005 $8,091 $8,126 $8,039 0.00% 0.00% 0.00% 0.00% 0.01% Period End Balance Net Charge-Off Ratio 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Credit Quality - Premium Finance Receivables Life Life Insurance portfolio remains extremely robust and has continued to demonstrate exceptional credit quality Average Balances & Quarterly Yields ($ 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 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q2 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 Q2 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 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 $1.8 $17.2 $1.1 $1.7 0.02% 0.21% 0.01% 0.02% NPLs NPL as a % of Category 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 4% 64% 6% 19% 7% Annuity Brokerage Account Certificate of Deposit Letters of Credit Money Market Other Period-End Balances & Annualized Net Charge-off Ratio1 Collateral Coverage2 of 119% No material charge-offs have occurred in the periods presented below Credit Quality Premium Finance Receivables Life Life Insurance portfolio remains steady and has continued to demonstrate exceptional credit quality Healthy Portfolio with Low Levels of Non-Performing LoansQ2 Balances Remained Stable with Exceptional Credit Quality ($ in Millions) ($ in Millions) Total Loan Collateral1 by Type (as of 6/30/2023) "Other" Loan Collateral1 by Type (as of 6/30/2023) ($ in Millions)

2020 Low Levels of Non-Performing LoansExceptional Portfolio Growth in the Second Quarter $5,541 $5,714 $5,850 $5,739 $6,763 0.14% 0.30% 0.16% 0.23% 0.24% Period End Balance Net Charge-Off Ratio 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Steady Origination Volume Driven by Market Conditions Average Balances & Quarterly Yields ($ 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 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q2 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 $3,556 $3,515 $3,550 $3,460 $4,583 Originations Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 NPLs Remain Below Historic Norms $19.8 $29.7 $29.3 $27.8 $32.4 0.36% 0.52% 0.50% 0.48% 0.48% NPLs NPL as a % of Category 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 $9,478 $10,182 $10,588 $11,231 $28 $38 $39 $48 Risk Rating 1-5 Risk Rating 6-10 06/30/22 09/30/22 12/31/22 03/31/23 06/30/23 $3,051 $2,232 $1,235 $245 Current Premium Finance Receivables Commercial Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 7-9 Months > 9 months Yet to Realize Full Benefit of Prior Rate Increases Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows Seasonal Portfolio Decline Premium Finance Receivables Commercial ($ in Millions) ($ in Millions) Yet to Realize Full Benefit of Prior Rate Increases Increased Origination Volume Driven by Seasonality and Favorable Market Conditions ($ in Millions) ($ in Millions) PENDING

2121 Appendix

2222 $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 15 bp detriment to our Q2 2023 NIM as compared to 7 bps in Q1 2023. However, these derivatives are expected to 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 6/30/2023. These derivatives hedge the cash flows of variable rate loans that reprice monthly based on one-month term SOFR. Pending Data Hedging Strategy Update Use of Hedges to Mitigate Negative Impacts of Falling Rates

2323 Canada Market: 1Geographic Diversification: relevant business location utilized, which can mean the following locations: collateral location, customer business location, customer home address and customer billing address States/Jurisdictions that individually comprise 1% or less of the Total Loan Portfolio shaded light blue 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 Loan Portfolio - Geographic Diversification1 (as of 6/30/2023) 36% 9% 7% 6% 5% 5% 2% 2% 2% 2% 2% 2% 2%Canada Market: 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

2424 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 PFR Premium Finance Receivables 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 Glossary

2525 Three Months Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): June 30, March 31, December 31, September 30, June 30, 2023 2023 2022 2022 2022 (A) Interest Income (GAAP) $ 697,176 $ 639,690 $ 580,745 $ 466,478 $ 371,968 Taxable-equivalent adjustment: - Loans 1,882 1,872 1,594 1,030 568 - Liquidity Management Assets 551 551 538 502 472 - Other Earning Assets 1 4 1 1 1 (B) Interest Income (non-GAAP) $ 699,610 $ 642,117 $ 582,878 $ 468,011 $ 373,009 (C) Interest Expense (GAAP) $ 249,639 $ 181,695 $ 123,929 $ 65,030 $ 34,164 (D) Net Interest Income (GAAP) (A minus C) $ 447,537 $ 457,995 $ 456,816 $ 401,448 $ 337,804 (E) Net Interest Income (non-GAAP) (B minus C) $ 449,971 $ 460,422 $ 458,949 $ 402,981 $ 338,845 Net interest margin (GAAP) 3.64% 3.81% 3.71% 3.34% 2.92% Net interest margin, fully taxable-equivalent (non-GAAP) 3.66% 3.83% 3.73% 3.35% 2.93% (F) Non-interest income $ 113,030 $ 107,769 $ 93,839 $ 101,482 $ 102,942 (G) Gains (losses) on investment securities, net — 1,398 (6,745) (3,103) (7,797) (H) Non-interest expense 320,623 299,169 307,836 296,469 288,668 Efficiency ratio (H/(D+F-G)) 57.20% 53.01% 55.23% 58.59% 64.36% Efficiency ratio (non-GAAP) (H/(E+F-G)) 56.95% 52.78% 55.02% 58.41% 64.21% 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 $ 211,430 $ 243,550 $ 195,173 $ 200,041 $ 131,661 Add: Provision for credit losses $ 28,514 $ 23,045 $ 47,646 $ 6,420 $ 20,417 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 239,944 $ 266,595 $ 242,819 $ 206,461 $ 152,078 Non-GAAP Reconciliation

2626 Three Months Ended Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): June 30, March 31, December 31, September 30, June 30, 2023 2023 2022 2022 2022 Total shareholders’ equity (GAAP) $ 5,041,912 $ 5,015,506 $ 4,796,838 $ 4,637,980 $ 4,727,623 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (682,327) (674,538) (675,710) (676,699) (679,827) (I) Total tangible common shareholders’ equity (non-GAAP) $ 3,947,085 $ 3,928,468 $ 3,708,628 $ 3,548,781 $ 3,635,296 (J) Total assets (GAAP) 54,286,176 52,873,511 52,949,649 52,382,939 50,969,332 Less: Intangible assets (GAAP) (682,327) (674,538) (675,710) (676,699) (679,827) (K) Total tangible assets (non-GAAP) $ 53,603,849 $ 52,198,973 $ 52,273,939 $ 51,706,240 $ 50,289,505 Common equity to assets ratio (GAAP) (L/J) 8.5 % 8.7 % 8.3 % 8.1 % 8.5 % Tangible common equity ratio (non-GAAP) (I/K) 7.4 % 7.5 % 7.1 % 6.9 % 7.2 % Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 5,041,912 $ 5,015,506 $ 4,796,838 $ 4,637,980 $ 4,727,623 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $ 4,629,412 $ 4,603,006 $ 4,384,338 $ 4,225,480 $ 4,315,123 (M) Actual common shares outstanding 61,198 61,176 60,794 60,743 60,722 Book value per common share (L/M) $75.65 $75.24 $72.12 $69.56 $71.06 Tangible book value per common share (non-GAAP) (I/M) $64.50 $64.22 $61.00 $58.42 $59.87 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 211,430 $ 243,550 $ 195,173 $ 200,041 $ 131,661 $ 454,980 $ 305,341 Add: Provision for credit losses 28,514 23,045 47,646 6,420 20,417 51,559 24,523 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 239,944 $ 266,595 $ 242,819 $ 206,461 $ 152,078 $ 506,539 $ 329,864 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: ($'s and Shares in Thousands): June 30, March 31, December 31, September 30, June 30, 2023 2023 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): June 30, March 31, December 31, September 30, June 30, 2023 2023 2022 2022 2022 (N) Net income applicable to common shares $ 147,759 $ 173,207 $ 137,826 $ 135,970 $ 87,522 Add: Intangible asset amortization $ 1,499 $ 1,235 $ 1,436 $ 1,492 1579000 Less: Tax effect of intangible asset amortization $ (402) $ (321) $ (370) $ (425) (445) After-tax intangible asset amortization $ 1,097 $ 914 $ 1,066 $ 1,067 1,134 (O) Tangible net income applicable to common shares (non-GAAP) $ 148,856 $ 174,121 $ 138,892 $ 137,037 88,656 Total average shareholders’ equity $ 5,044,718 $ 4,895,271 $ 4,710,856 $ 4,795,387 $ 4,526,110 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 4,632,218 $ 4,482,771 $ 4,298,356 $ 4,382,887 $ 4,113,610 Less: Average intangible assets $ (682,561) $ (675,247) $ (676,371) $ (678,953) $ (681,091) (Q) Total average tangible common shareholders’ equity (non-GAAP) $3,949,657 $3,807,524 $3,621,985 $3,703,934 $3,432,519 Return on average common equity, annualized (N/P) 12.79% 15.67% 12.72% 12.31% 8.53% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 15.12 18.55 15.21 14.68 10.36 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.

2727 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 211,430 $ 243,550 $ 195,173 $ 200,041 $ 131,661 $ 454,980 $ 305,341 Add: Provision for credit losses 28,514 23,045 47,646 6,420 20,417 51,559 24,523 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 239,944 $ 266,595 $ 242,819 $ 206,461 $ 152,078 $ 506,539 $ 329,864 Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): June 30, March 31, December 31, September 30, June 30, 2023 2023 2022 2022 2022 (N) Net income applicable to common shares $ 147,759 $ 173,207 $ 137,826 $ 135,970 $ 87,522 Add: Intangible asset amortization $ 1,499 $ 1,235 $ 1,436 $ 1,492 $ 1,579 Less: Tax effect of intangible asset amortization $ (402) $ (321) $ (370) $ (425) (445) After-tax intangible asset amortization $ 1,097 $ 914 $ 1,066 $ 1,067 1,134 (O) Tangible net income applicable to common shares (non-GAAP) $ 148,856 $ 174,121 $ 138,892 $ 137,037 $ 88,656 Total average shareholders’ equity $ 5,044,718 $ 4,895,271 $ 4,710,856 $ 4,795,387 $ 4,526,110 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 4,632,218 $ 4,482,771 $ 4,298,356 $ 4,382,887 $ 4,113,610 Less: Average intangible assets $ (682,561) $ (675,247) $ (676,371) $ (678,953) $ (681,091) (Q) Total average tangible common shareholders’ equity (non-GAAP) $3,949,657 $3,807,524 $3,621,985 $3,703,934 $3,432,519 Return on average common equity, annualized (N/P) 12.79% 15.67% 12.72% 12.31% 8.53% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 15.12 18.55 15.21 14.68 10.36 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. Non-GAAP Reconciliation