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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): October 21, 2024

WINTRUST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Illinois

001-35077

36-3873352

(State or other jurisdiction of Incorporation)

(Commission File Number)

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

9700 W. Higgins Road, Suite 800

Rosemont

Illinois

60018

(Address of principal executive offices)

(Zip Code)

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

Not Applicable

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

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


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


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


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


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


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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition

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

On October 21, 2024, Wintrust Financial Corporation (the “Company”) announced earnings for the third quarter of 2024 and posted on its website the Third Quarter 2024 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 33 through 34 of Exhibit 99.1 and pages 31 through 33 of Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


Exhibit
99.1			Third Quarter 2024 Earnings Release dated October 21, 2024
99.2			Third Quarter 2024 Earnings Release Presentation dated October 21, 2024

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: October 21, 2024

INDEX TO EXHIBITS



Exhibit
99.1			Third Quarter 2024 Earnings Release dated October 21, 2024
99.2			Third Quarter 2024 Earnings Release Presentation dated October 21, 2024

EX-99.1 2 q32024exhibit991.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						October 21, 2024

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 Third Quarter and Year-to-Date Results

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $509.7 million or $7.67 per diluted common share for the first nine months of 2024 compared to net income of $499.1 million or $7.71 per diluted common share for the same period of 2023. Pre-tax, pre-provision income (non-GAAP) for the first nine months of 2024 totaled a record $778.1 million, compared to $751.3 million in the first nine months of 2023.

The Company recorded quarterly net income of $170.0 million or $2.47 per diluted common share for the third quarter of 2024 compared to net income of $152.4 million or $2.32 per diluted common share for the second quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled $255.0 million as compared to $251.4 million for the second quarter of 2024.

Results of operations include those of Macatawa Bank Corporation (“Macatawa”), since the acquisition date of August 1, 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “Our net income for both the third quarter and year-to-date 2024 were driven by robust organic loan and deposit growth as well as a stable net interest margin. We believe we are well-positioned for strong financial performance as we continue our momentum in the fourth quarter of 2024 and into 2025.”

Additionally, Mr. Crane emphasized, “Net interest margin in the third quarter remained stable, decreasing one basis point as compared to the second quarter of 2024. We expect net interest margin to remain in the 3.50% range in the fourth quarter of 2024 and into 2025. Stable net interest margin coupled with continued balance sheet growth should result in net interest income growth. Focusing on growth of net interest income, disciplined expense control and maintaining our consistent credit standards should drive strong financial performance.”

Mr. Crane continued, “I want to recognize the efforts of our new Macatawa teammates and committed Wintrust team members on the seamless transaction and a solid beginning to integration activities. Macatawa offers a unique opportunity for Wintrust to expand into the desirable west Michigan market with a compatible management team and reputable brand. The quality core deposit franchise, excess liquidity and pristine credit quality coupled with aligned values make the acquisition an ideal fit for the Company. We are thrilled to bring our product offerings to Michigan and continue Macatawa’s commitment to customer service and community involvement.”

Highlights of the third quarter of 2024:

Comparative information to the second quarter of 2024, unless otherwise noted

•Total loans increased by approximately $2.4 billion, which includes approximately $1.3 billion of acquired balances relating to Macatawa. Excluding Macatawa, total loans increased $1.1 billion or 10% annualized.

•Total deposits increased by approximately $3.4 billion, which includes approximately $2.3 billion of acquired balances relating to Macatawa. Excluding Macatawa, total deposits increased $1.1 billion or 9% annualized.

•Total assets increased by $4.0 billion, which includes approximately $2.9 billion of acquired assets relating to Macatawa. Excluding Macatawa, total assets increased $1.1 billion or 8% annualized.

•Net interest income increased to $502.6 million in the third quarter of 2024 compared to $470.6 million in the second quarter of 2024, primarily due to average earning asset growth and the addition of Macatawa for the last two months of the third quarter.

◦Net interest margin decreased by one basis point to 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2024.

•Non-interest income was impacted by the following:

◦Net gains on investment securities totaling $3.2 million in the third quarter of 2024 related to changes in the value of equity securities as compared to net losses of $4.3 million in the second quarter of 2024.

◦Unfavorable mortgage servicing rights ("MSRs") related revenue totaled $11.4 million in the third quarter of 2024 compared to favorable MSRs related revenue of $2.8 million in the second quarter of 2024.

•Non-interest expense was impacted by the following:

◦Macatawa added approximately $10.1 million of total operating expenses, including $3.0 million of core deposit intangible asset amortization.

◦Incurred acquisition related costs of $1.6 million in the third quarter of 2024 as compared to $542,000 in the second quarter of 2024.

•Provision for credit losses totaled $22.3 million in the third quarter of 2024, including a one-time acquisition-related Day 1 provision of approximately $15.5 million, as compared to a provision for credit losses of $40.1 million in the second quarter of 2024.

•Tangible book value per common share (non-GAAP) increased to $76.15 as of September 30, 2024 as compared to $72.01 as of June 30, 2024. See Table 18 for reconciliation of non-GAAP measures.

Mr. Crane noted, “We are very pleased with our organic loan and deposit growth rates. Excess liquidity acquired in the Macatawa transaction was deployed by funding quality loan growth and reducing exposure to wholesale and brokered funding sources. Non-interest bearing deposits remained at 21% of total deposits at the end of the third quarter of 2024 and increased $708 million compared to the second quarter of 2024. We continue to leverage our customer relationships and market positioning to generate deposits, grow loans and build long term franchise value.”

Commenting on credit quality, Mr. Crane stated, “Our credit metrics were stable. Net charge-offs totaled $26.7 million, or 23 basis points of average total loans on an annualized basis, in the third quarter of 2024 and were spread primarily across the commercial and property and casualty premium finance receivables portfolios. This compared to net charge-offs totaling $30.0 million, or 28 basis points of average total loans on an annualized basis, in the second quarter of 2024. Approximately $18.3 million of charge-offs in the current quarter were previously reserved for in the second quarter of 2024. Non-performing loans totaled $179.7 million, or 0.38% of total loans, at the end of the third quarter of 2024 compared to $174.3 million, or 0.39% of total loans, at the end of the second quarter of 2024. Total non-performing assets comprised 0.30% of total assets as of September 30, 2024, a two basis point decline compared to June 30, 2024. We continue to be conservative and proactive in reviewing credit and maintaining our consistently strong credit standards. We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit.”

In summary, Mr. Crane noted, “Our record year continued as we built upon our strong momentum with the acquisition of Macatawa. Substantial loan growth in the third quarter and inclusion of Macatawa for all three months in the fourth quarter create positive revenue momentum. We have reduced our asset sensitivity to interest rates and therefore we believe that we are well positioned for the current interest rate environment and consensus forecast for additional interest rate cuts by the Federal Reserve. Steadfast commitment to credit quality, growing net interest income and increasing our long term franchise value remain our priority.

The graphs below illustrate certain financial highlights of the third quarter of 2024 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $4.0 billion in the third quarter of 2024 as compared to the second quarter of 2024. Total loans increased by $2.4 billion as compared to the second quarter of 2024. The increase in total loans included approximately $1.3 billion of loans related to the Macatawa acquisition. The increase in loans was diversified across nearly all loan portfolios.

Total liabilities increased by $3.1 billion in the third quarter of 2024 as compared to the second quarter of 2024 primarily due to a $3.4 billion increase in total deposits. The increase in total deposits included approximately $2.3 billion related to the Macatawa acquisition. Excess liquidity acquired in the Macatawa transaction enabled the Company to reduce brokered funding reliance by $858 million. Non-interest bearing deposits increased $708 million in the third quarter of 2024 as compared to the second quarter of 2024. Non-interest bearing deposits as a percentage of total deposits was 21% at September 30, 2024, June 30, 2024 and March 31, 2024. The Company's loans to deposits ratio was 91.6% on September 30, 2024 as compared to 93.0% as of June 30, 2024.

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

NET INTEREST INCOME

For the third quarter of 2024, net interest income totaled $502.6 million, an increase of $32.0 million as compared to the second quarter of 2024. The $32.0 million increase in net interest income in the third quarter of 2024 compared to the second quarter of 2024 was primarily due to a $3.1 billion increase in average earning assets, which included the addition of Macatawa in the third quarter. These benefits were partially offset by a one basis point decrease in the net interest margin.

Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2024 compared to 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2024. The net interest margin decrease as compared to the second quarter of 2024 was primarily due to a one basis point decrease in the yield on earning assets and one basis point decrease in the net free funds contribution. These declines were partially offset by a one basis point decrease in rate paid on interest-bearing liabilities. The one basis point decrease in yield on earnings assets in the third quarter of 2024 as compared to the second quarter of 2024 was primarily due to an increase in average interest-bearing cash as a percentage of average quarterly earning assets associated with the Macatawa acquisition. The one basis point decrease in the rate paid on interest-bearing liabilities in the third quarter of 2024 as compared to the second quarter of 2024 was primarily due to a one basis point decrease in rate paid on interest-bearing deposits.

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

ASSET QUALITY

The allowance for credit losses totaled $436.2 million as of September 30, 2024, relatively unchanged compared to $437.6 million as of June 30, 2024. A provision for credit losses totaling $22.3 million was recorded for the third quarter of 2024 as compared to $40.1 million recorded in the second quarter of 2024. Provision for credit losses in the third quarter of 2024 included Day 1 provision for credit losses of approximately $15.5 million related to the Macatawa acquisition. The lower provision for credit losses recognized in the third quarter of 2024 compared to the second quarter of 2024 was primarily attributable to lower required specific reserves on nonaccrual loans, improved forecasted macroeconomic conditions, and, to a lesser extent, portfolio changes related to improved risk rating mix and shorter life of loan. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses 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 September 30, 2024, June 30, 2024, and March 31, 2024 is shown on Table 12 of this report.

Net charge-offs totaled $26.7 million in the third quarter of 2024, a decrease of $3.3 million as compared to $30.0 million of net charge-offs in the second quarter of 2024. Approximately $18.3 million of charge-offs in the current quarter were previously reserved for in the second quarter of 2024. Net charge-offs as a percentage of average total loans were 23 basis points in the third quarter of 2024 on an annualized basis compared to 28 basis points on an annualized basis in the second quarter of 2024.

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 $193.4 million and comprised 0.30% of total assets as of September 30, 2024, as compared to $194.0 million, or 0.32% of total assets, as of June 30, 2024. Non-performing loans totaled $179.7 million and comprised 0.38% of total loans at September 30, 2024, as compared to $174.3 million and 0.39% of total loans at June 30, 2024. The increase in the third quarter of 2024 was primarily due to an increase in certain credits within the commercial portfolios becoming nonaccrual. For more information regarding non-performing assets, see Table 14 in this report.

Credit metrics remained stable and at relatively low levels in the third quarter of 2024.

NON-INTEREST INCOME

Wealth management revenue increased by $1.8 million in the third quarter of 2024 as compared to the second quarter of 2024 primarily due to the Macatawa acquisition and increased asset management fees from higher assets under management during the period. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue decreased by $13.2 million in the third quarter of 2024 as compared to the second quarter of 2024 primarily due to $11.4 million unfavorable MSR related revenues, net of servicing hedge, in the third quarter of 2024 compared to $2.8 million favorable MSRs related revenue in the second quarter of 2024 and slightly decreased production revenue due to reduced production margin. This was partially offset by a favorable adjustment to 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, of $3.5 million in the third quarter of 2024 compared to a $642,000 favorable adjustment in the second quarter of 2024. The Company monitors the relationship of these assets and seeks to minimize the earnings impact of fair value changes. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized $3.2 million in net gains on investment securities in the third quarter of 2024 as compared to $4.3 million in net losses in the second quarter of 2024. The net gains in the third quarter of 2024 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

Fees from covered call options decreased by $1.1 million in the third quarter of 2024 as compared to the second quarter of 2024. 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.

Other income decreased by $5.1 million in the third quarter of 2024 compared to the second quarter of 2024 primarily due to a gain recognized in the second quarter of 2024 associated with our property and casualty insurance premium finance receivable loan sale transaction.

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

NON-INTEREST EXPENSE

Non-interest expenses totaled $360.7 million in the third quarter of 2024, increasing $20.3 million as compared to $340.4 million in the second quarter of 2024. The Macatawa acquisition impacted this increase by approximately $10.1 million of non-interest expense associated with Macatawa, which included $3.0 million in amortization of other acquisition-related intangible assets in the third quarter of 2024.

Salaries and employee benefits expense increased by $12.7 million in the third quarter of 2024 as compared to the second quarter of 2024. The $12.7 million increase is primarily related to higher incentive compensation expense due to elevated bonus accruals in the third quarter of 2024 as well as increased salaries expense due to the Macatawa acquisition and additional staffing to support the Company’s growth.

Software and equipment expense increased $2.3 million in the third quarter of 2024 as compared to the second quarter of 2024

primarily due to software expense relating to upgrading and maintenance of information technology and security infrastructure as well as the Macatawa acquisition.

Advertising and marketing expenses in the third quarter of 2024 totaled $18.2 million, which is a $803,000 increase as compared to the second quarter of 2024. 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.

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

INCOME TAXES

The Company recorded income tax expense of $62.7 million in the third quarter compared to $59.0 million in the second quarter of 2024. The effective tax rates were 26.95% in the third quarter of 2024 compared to 27.90% in the second quarter of 2024. The effective tax rates were impacted by an overall lower level of provision for state income tax expense in the comparable periods.

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 third quarter of 2024, the community banking unit expanded its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $16.0 million for the third quarter of 2024, a decrease of $13.2 million as compared to the second quarter of 2024, primarily due to $11.4 million unfavorable MSR related revenues, net of servicing hedge, in the third quarter of 2024 compared to $2.8 million favorable MSRs related revenue in the second quarter of 2024 and slightly decreased production revenue due to reduced production margin. This was partially offset by a favorable adjustment to 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, of $3.5 million in the third quarter of 2024 compared to a $642,000 favorable adjustment in the second quarter of 2024. Service charges on deposit accounts totaled $16.4 million in the third quarter of 2024, which was relatively stable compared to the second quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of September 30, 2024 indicating momentum for expected continued loan growth in the fourth quarter of 2024.

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 portfolios were $4.8 billion during the third quarter of 2024. Average balances increased by $259.8 million, as compared to the second quarter of 2024. The Company’s leasing portfolio balance remained stable in the third quarter of 2024, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.7 billion as of September 30, 2024 and June 30, 2024. Revenues from the Company’s out-sourced administrative services business were $1.5 million in the third quarter of 2024, which was relatively stable compared to the second quarter of 2024.

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, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $37.2 million in the third quarter of 2024, relatively stable as compared to the second quarter of 2024. At September 30, 2024, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.0 billion of assets owned by the Company and its subsidiary banks.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. The Company preliminarily recorded goodwill of approximately $144.6 million on the purchase.

Division Sale

In the first quarter of 2024, the Company sold its RBA division and recorded a gain of approximately $20.0 million in other non-interest income from the sale.

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 the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the third quarter of 2024, as compared to the second quarter of 2024 (sequential quarter) and third quarter of 2023 (linked quarter), are shown in the table below:


										% or (1) basis point (bp) change from 2nd Quarter 2024		% or basis point (bp) change from 3rd Quarter 2023
	Three Months Ended
(Dollars in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024			Sep 30, 2023
Net income	$	170,001		$	152,388		$	164,198		12	%	4	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	255,043			251,404			244,781			1		4

Net income per common share – Diluted	2.47			2.32			2.53			6		(2)
Cash dividends declared per common share	0.45			0.45			0.40			—		13
Net revenue (3)	615,730			591,757			574,836			4		7
Net interest income	502,583			470,610			462,358			7		9
Net interest margin	3.49		%	3.50		%	3.60		%	(1)	bps	(11)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.51			3.52			3.62			(1)		(11)
Net overhead ratio (4)	1.62			1.53			1.59			9		3

Return on average assets	1.11			1.07			1.20			4		(9)
Return on average common equity	11.63			11.61			13.35			2		(172)
Return on average tangible common equity (non-GAAP) (2)	13.92			13.49			15.73			43		(181)
At end of period
Total assets	$	63,788,424		$	59,781,516		$	55,555,246		27	%	15	%
Total loans (5)	47,067,447			44,675,531			41,446,032			21		14

Total deposits	51,404,966			48,049,026			44,992,686			28		14
Total shareholders’ equity	6,399,714			5,536,628			5,015,613			62		28

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

(2)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

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

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. 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															Nine Months Ended
(Dollars in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
Selected Financial Condition Data (at end of period):
Total assets	$	63,788,424		$	59,781,516		$	57,576,933		$	56,259,934		$	55,555,246
Total loans (1)	47,067,447			44,675,531			43,230,706			42,131,831			41,446,032
Total deposits	51,404,966			48,049,026			46,448,858			45,397,170			44,992,686

Total shareholders’ equity	6,399,714			5,536,628			5,436,400			5,399,526			5,015,613
Selected Statements of Income Data:
Net interest income	$	502,583		$	470,610		$	464,194		$	469,974		$	462,358		$	1,437,387		$	1,367,890
Net revenue (2)	615,730			591,757			604,774			570,803			574,836			1,812,261			1,701,167
Net income	170,001			152,388			187,294			123,480			164,198			509,683			499,146
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	255,043			251,404			271,629			208,151			244,781			778,076			751,320

Net income per common share – Basic	2.51			2.35			2.93			1.90			2.57			7.79			7.82
Net income per common share – Diluted	2.47			2.32			2.89			1.87			2.53			7.67			7.71
Cash dividends declared per common share	0.45			0.45			0.45			0.40			0.40			1.35			1.20
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.49		%	3.50		%	3.57		%	3.62		%	3.60		%	3.52		%	3.68		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.51			3.52			3.59			3.64			3.62			3.54			3.70
Non-interest income to average assets	0.74			0.85			1.02			0.73			0.82			0.86			0.84
Non-interest expense to average assets	2.36			2.38			2.41			2.62			2.41			2.38			2.39
Net overhead ratio (4)	1.62			1.53			1.39			1.89			1.59			1.52			1.55

Return on average assets	1.11			1.07			1.35			0.89			1.20			1.17			1.26
Return on average common equity	11.63			11.61			14.42			9.93			13.35			12.52			13.91
Return on average tangible common equity (non-GAAP) (3)	13.92			13.49			16.75			11.73			15.73			14.69			16.43
Average total assets	$	60,915,283		$	57,493,184		$	55,602,695		$	55,017,075		$	54,381,981		$	58,014,347		$	53,028,199
Average total shareholders’ equity	5,990,429			5,450,173			5,440,457			5,066,196			5,083,883			5,628,346			5,008,648
Average loans to average deposits ratio	93.8		%	95.1		%	94.5		%	92.9		%	92.4		%	94.5		%	93.2		%
Period-end loans to deposits ratio	91.6			93.0			93.1			92.8			92.1
Common Share Data at end of period:
Market price per common share	$	108.53		$	98.56		$	104.39		$	92.75		$	75.50
Book value per common share	90.06			82.97			81.38			81.43			75.19
Tangible book value per common share (non-GAAP) (3)	76.15			72.01			70.40			70.33			64.07
Common shares outstanding	66,481,543			61,760,139			61,736,715			61,243,626			61,222,058
Other Data at end of period:
Common equity to assets ratio	9.4		%	8.6		%	8.7		%	8.9		%	8.3		%
Tangible common equity ratio (non-GAAP)(3)	8.1			7.5			7.6			7.7			7.1
Tier 1 leverage ratio (5)	9.4			9.3			9.4			9.3			9.2
Risk-based capital ratios:
Tier 1 capital ratio (5)	10.5			10.3			10.3			10.3			10.2
Common equity tier 1 capital ratio (5)	9.8			9.5			9.5			9.4			9.3
Total capital ratio (5)	12.2			12.1			12.2			12.1			12.0


Allowance for credit losses (6)	$	436,193		$	437,560		$	427,504		$	427,612		$	399,531

Allowance for loan and unfunded lending-related commitment losses to total loans	0.93		%	0.98		%	0.99		%	1.01		%	0.96		%

Number of:
Bank subsidiaries	16			15			15			15			15
Banking offices	203			177			176			174			174

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

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

(3)See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION


	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2024		2024		2024		2023		2023
Assets
Cash and due from banks	$	725,465	$	415,462	$	379,825	$	423,404	$	418,088
Federal funds sold and securities purchased under resale agreements	5,663		62		61		60		60
Interest-bearing deposits with banks	3,648,117		2,824,314		2,131,077		2,084,323		2,448,570
Available-for-sale securities, at fair value	3,912,232		4,329,957		4,387,598		3,502,915		3,611,835
Held-to-maturity securities, at amortized cost	3,677,420		3,755,924		3,810,015		3,856,916		3,909,150
Trading account securities	3,472		4,134		2,184		4,707		1,663
Equity securities with readily determinable fair value	125,310		112,173		119,777		139,268		134,310
Federal Home Loan Bank and Federal Reserve Bank stock	266,908		256,495		224,657		205,003		204,040
Brokerage customer receivables	16,662		13,682		13,382		10,592		14,042


Mortgage loans held-for-sale, at fair value	461,067		411,851		339,884		292,722		304,808


Loans, net of unearned income	47,067,447		44,675,531		43,230,706		42,131,831		41,446,032



Allowance for loan losses	(360,279)		(363,719)		(348,612)		(344,235)		(315,039)
Net loans	46,707,168		44,311,812		42,882,094		41,787,596		41,130,993
Premises, software and equipment, net	772,002		722,295		744,769		748,966		747,501
Lease investments, net	270,171		275,459		283,557		281,280		275,152


Accrued interest receivable and other assets	1,721,090		1,671,334		1,580,142		1,551,899		1,674,681
Trade date securities receivable	551,031		—		—		690,722		—

Goodwill	800,780		655,955		656,181		656,672		656,109
Other acquisition-related intangible assets	123,866		20,607		21,730		22,889		24,244
Total assets	$	63,788,424	$	59,781,516	$	57,576,933	$	56,259,934	$	55,555,246
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	10,739,132	$	10,031,440	$	9,908,183	$	10,420,401	$	10,347,006
Interest-bearing	40,665,834		38,017,586		36,540,675		34,976,769		34,645,680
Total deposits	51,404,966		48,049,026		46,448,858		45,397,170		44,992,686


Federal Home Loan Bank advances	3,171,309		3,176,309		2,676,751		2,326,071		2,326,071

Other borrowings	647,043		606,579		575,408		645,813		643,999

Subordinated notes	298,188		298,113		437,965		437,866		437,731
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566

Accrued interest payable and other liabilities	1,613,638		1,861,295		1,747,985		1,799,922		1,885,580



Total liabilities	57,388,710		54,244,888		52,140,533		50,860,408		50,539,633
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	66,546		61,825		61,798		61,269		61,244
Surplus	2,470,228		1,964,645		1,954,532		1,943,806		1,933,226
Treasury stock	(6,098)		(5,760)		(5,757)		(2,217)		(1,966)
Retained earnings	3,748,715		3,615,616		3,498,475		3,345,399		3,253,332
Accumulated other comprehensive loss	(292,177)		(512,198)		(485,148)		(361,231)		(642,723)
Total shareholders’ equity	6,399,714		5,536,628		5,436,400		5,399,526		5,015,613
Total liabilities and shareholders’ equity	$	63,788,424	$	59,781,516	$	57,576,933	$	56,259,934	$	55,555,246

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended										Nine Months Ended
(Dollars in thousands, except per share data)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Interest income
Interest and fees on loans	$	794,163	$	749,812	$	710,341	$	694,943	$	666,260	$	2,254,316	$	1,846,009
Mortgage loans held-for-sale	6,233		5,434		4,146		4,318		4,767		15,813		12,473
Interest-bearing deposits with banks	32,608		19,731		16,658		21,762		26,866		68,997		57,216
Federal funds sold and securities purchased under resale agreements	277		17		19		578		1,157		313		1,228
Investment securities	69,592		69,779		69,678		68,237		59,164		209,049		170,350
Trading account securities	11		13		18		15		6		42		26
Federal Home Loan Bank and Federal Reserve Bank stock	5,451		4,974		4,478		3,792		3,896		14,903		11,120
Brokerage customer receivables	269		219		175		203		284		663		844
Total interest income	908,604		849,979		805,513		793,848		762,400		2,564,096		2,099,266
Interest expense
Interest on deposits	362,019		335,703		299,532		285,390		262,783		997,254		621,080
Interest on Federal Home Loan Bank advances	26,254		24,797		22,048		18,316		17,436		73,099		53,970
Interest on other borrowings	9,013		8,700		9,248		9,557		9,384		26,961		25,723
Interest on subordinated notes	3,712		5,185		5,487		5,522		5,491		14,384		16,502
Interest on junior subordinated debentures	5,023		4,984		5,004		5,089		4,948		15,011		14,101
Total interest expense	406,021		379,369		341,319		323,874		300,042		1,126,709		731,376
Net interest income	502,583		470,610		464,194		469,974		462,358		1,437,387		1,367,890
Provision for credit losses	22,334		40,061		21,673		42,908		19,923		84,068		71,482
Net interest income after provision for credit losses	480,249		430,549		442,521		427,066		442,435		1,353,319		1,296,408
Non-interest income
Wealth management	37,224		35,413		34,815		33,275		33,529		107,452		97,332
Mortgage banking	15,974		29,124		27,663		7,433		27,395		72,761		75,640
Service charges on deposit accounts	16,430		15,546		14,811		14,522		14,217		46,787		40,728
Gains (losses) on investment securities, net	3,189		(4,282)		1,326		2,484		(2,357)		233		(959)
Fees from covered call options	988		2,056		4,847		4,679		4,215		7,891		17,184
Trading (losses) gains, net	(130)		70		677		(505)		728		617		1,647
Operating lease income, net	15,335		13,938		14,110		14,162		13,863		43,383		39,136
Other	24,137		29,282		42,331		24,779		20,888		95,750		62,569
Total non-interest income	113,147		121,147		140,580		100,829		112,478		374,874		333,277
Non-interest expense
Salaries and employee benefits	211,261		198,541		195,173		193,971		192,338		604,975		554,042
Software and equipment	31,574		29,231		27,731		27,779		25,951		88,536		76,853
Operating lease equipment	10,518		10,834		10,683		10,694		12,020		32,035		31,669
Occupancy, net	19,945		19,585		19,086		18,102		21,304		58,616		58,966
Data processing	9,984		9,503		9,292		8,892		10,773		28,779		29,908
Advertising and marketing	18,239		17,436		13,040		17,166		18,169		48,715		47,909
Professional fees	9,783		9,967		9,553		8,768		8,887		29,303		25,990
Amortization of other acquisition-related intangible assets	4,042		1,122		1,158		1,356		1,408		6,322		4,142
FDIC insurance	10,512		10,429		14,537		43,677		9,748		35,478		27,425
OREO expenses, net	(938)		(259)		392		(1,559)		120		(805)		31
Other	35,767		33,964		32,500		33,806		29,337		102,231		92,912
Total non-interest expense	360,687		340,353		333,145		362,652		330,055		1,034,185		949,847
Income before taxes	232,709		211,343		249,956		165,243		224,858		694,008		679,838
Income tax expense	62,708		58,955		62,662		41,763		60,660		184,325		180,692
Net income	$	170,001	$	152,388	$	187,294	$	123,480	$	164,198	$	509,683	$	499,146
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991		20,973		20,973
Net income applicable to common shares	$	163,010	$	145,397	$	180,303	$	116,489	$	157,207	$	488,710	$	478,173
Net income per common share - Basic	$	2.51	$	2.35	$	2.93	$	1.90	$	2.57	$	7.79	$	7.82
Net income per common share - Diluted	$	2.47	$	2.32	$	2.89	$	1.87	$	2.53	$	7.67	$	7.71
Cash dividends declared per common share	$	0.45	$	0.45	$	0.45	$	0.40	$	0.40	$	1.35	$	1.20
Weighted average common shares outstanding	64,888		61,839		61,481		61,236		61,213		62,743		61,119
Dilutive potential common shares	1,053		926		928		1,166		964		934		888
Average common shares and dilutive common shares	65,941		62,765		62,409		62,402		62,177		63,677		62,007

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Dec 31, 2023 (1)		Sep 30, 2023
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	314,693	$	281,103	$	193,064	$	155,529	$	190,511	NM		65	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	146,374		130,748		146,820		137,193		114,297		9		28
Total mortgage loans held-for-sale	$	461,067	$	411,851	$	339,884	$	292,722	$	304,808	77	%	51	%

Core loans:
Commercial
Commercial and industrial	$	6,768,382	$	6,226,336	$	6,105,968	$	5,804,629	$	5,894,732	22	%	15	%
Asset-based lending	1,709,685		1,465,867		1,355,255		1,433,250		1,396,591		26		22
Municipal	827,125		747,357		721,526		677,143		676,915		30		22
Leases	2,443,721		2,439,128		2,344,295		2,208,368		2,109,628		14		16
PPP loans	6,301		9,954		11,036		11,533		13,744		(61)		(54)
Commercial real estate
Residential construction	73,088		55,019		57,558		58,642		51,550		33		42
Commercial construction	1,984,240		1,866,701		1,748,607		1,729,937		1,547,322		20		28
Land	346,362		338,831		344,149		295,462		294,901		23		17
Office	1,675,286		1,585,312		1,566,748		1,455,417		1,422,748		20		18
Industrial	2,527,932		2,307,455		2,190,200		2,135,876		2,057,957		25		23
Retail	1,404,586		1,365,753		1,366,415		1,337,517		1,341,451		7		5
Multi-family	3,193,339		2,988,940		2,922,432		2,815,911		2,710,829		18		18
Mixed use and other	1,588,584		1,439,186		1,437,328		1,515,402		1,519,422		6		5
Home equity	427,043		356,313		340,349		343,976		343,258		32		24
Residential real estate
Residential real estate loans for investment	3,252,649		2,933,157		2,746,916		2,619,083		2,538,630		32		28
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	92,355		88,503		90,911		92,780		97,911		(1)		(6)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	43,034		45,675		52,439		57,803		71,062		(34)		(39)
Total core loans	$	28,363,712	$	26,259,487	$	25,402,132	$	24,592,729	$	24,088,651	20	%	18	%

Niche loans:
Commercial
Franchise	$	1,191,686	$	1,150,460	$	1,122,302	$	1,092,532	$	1,074,162	12	%	11	%
Mortgage warehouse lines of credit	750,462		593,519		403,245		230,211		245,450		302		206
Community Advantage - homeowners association	501,645		491,722		475,832		452,734		424,054		14		18
Insurance agency lending	1,048,686		1,030,119		964,022		921,653		890,197		18		18
Premium Finance receivables
U.S. property & casualty insurance	6,253,271		6,142,654		6,113,993		5,983,103		5,815,346		6		8
Canada property & casualty insurance	878,410		958,099		826,026		920,426		907,401		(6)		(3)
Life insurance	7,996,899		7,962,115		7,872,033		7,877,943		7,931,808		2		1
Consumer and other	82,676		87,356		51,121		60,500		68,963		49		20
Total niche loans	$	18,703,735	$	18,416,044	$	17,828,574	$	17,539,102	$	17,357,381	9	%	8	%






Total loans, net of unearned income	$	47,067,447	$	44,675,531	$	43,230,706	$	42,131,831	$	41,446,032	16	%	14	%

(1)Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2024 (1)		Sep 30, 2023
Balance:
Non-interest-bearing	$	10,739,132		$	10,031,440		$	9,908,183		$	10,420,401		$	10,347,006		28	%	4	%
NOW and interest-bearing demand deposits	5,466,932			5,053,909			5,720,947			5,797,649			6,006,114			33		(9)
Wealth management deposits (2)	1,303,354			1,490,711			1,347,817			1,614,499			1,788,099			(50)		(27)
Money market	17,713,726			16,320,017			15,617,717			15,149,215			14,478,504			34		22
Savings	6,183,249			5,882,179			5,959,774			5,790,334			5,584,294			20		11
Time certificates of deposit	9,998,573			9,270,770			7,894,420			6,625,072			6,788,669			31		47
Total deposits	$	51,404,966		$	48,049,026		$	46,448,858		$	45,397,170		$	44,992,686		28	%	14	%
Mix:
Non-interest-bearing	21		%	21		%	21		%	23		%	23		%
NOW and interest-bearing demand deposits	11			11			12			13			13
Wealth management deposits (2)	3			3			3			4			4
Money market	34			34			34			33			32
Savings	12			12			13			13			13
Time certificates of deposit	19			19			17			14			15
Total deposits	100		%	100		%	100		%	100		%	100		%

(1)Annualized.

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

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

As of September 30, 2024


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,125,473	4.71	%
4-6 months	3,238,465		4.55
7-9 months	2,624,913		4.39
10-12 months	619,340		4.05
13-18 months	239,018		3.48
19-24 months	89,361		2.82
24+ months	62,003		2.29
Total	$	9,998,573	4.47	%

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2024		2024		2024		2023		2023
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	2,413,728	$	1,485,481	$	1,254,332	$	1,682,176	$	2,053,568
Investment securities (2)	8,276,576		8,203,764		8,349,796		7,971,068		7,706,285
FHLB and FRB stock	263,707		253,614		230,648		204,593		201,252

Liquidity management assets (3)	$	10,954,011	$	9,942,859	$	9,834,776	$	9,857,837	$	9,961,105
Other earning assets (3)(4)	17,542		15,257		15,081		14,821		17,879
Mortgage loans held-for-sale	376,251		347,236		290,275		279,569		319,099
Loans, net of unearned income (3)(5)	45,920,586		43,819,354		42,129,893		41,361,952		40,707,042
Total earning assets (3)	$	57,268,390	$	54,124,706	$	52,270,025	$	51,514,179	$	51,005,125
Allowance for loan and investment security losses	(383,736)		(360,504)		(361,734)		(329,441)		(319,491)
Cash and due from banks	467,333		434,916		450,267		443,989		459,819
Other assets	3,563,296		3,294,066		3,244,137		3,388,348		3,236,528
Total assets	$	60,915,283	$	57,493,184	$	55,602,695	$	55,017,075	$	54,381,981

NOW and interest-bearing demand deposits	$	5,174,673	$	4,985,306	$	5,680,265	$	5,868,976	$	5,815,155
Wealth management deposits	1,362,747		1,531,865		1,510,203		1,704,099		1,512,765
Money market accounts	16,436,111		15,272,126		14,474,492		14,212,320		14,155,446
Savings accounts	6,096,746		5,878,844		5,792,118		5,676,155		5,472,535
Time deposits	9,598,109		8,546,172		7,148,456		6,645,980		6,495,906
Interest-bearing deposits	$	38,668,386	$	36,214,313	$	34,605,534	$	34,107,530	$	33,451,807
Federal Home Loan Bank advances	3,178,973		3,096,920		2,728,849		2,326,073		2,241,292
Other borrowings	622,792		587,262		627,711		633,673		657,454
Subordinated notes	298,135		410,331		437,893		437,785		437,658
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	$	43,021,852	$	40,562,392	$	38,653,553	$	37,758,627	$	37,041,777
Non-interest-bearing deposits	10,271,613		9,879,134		9,972,646		10,406,585		10,612,009
Other liabilities	1,631,389		1,601,485		1,536,039		1,785,667		1,644,312
Equity	5,990,429		5,450,173		5,440,457		5,066,196		5,083,883
Total liabilities and shareholders’ equity	$	60,915,283	$	57,493,184	$	55,602,695	$	55,017,075	$	54,381,981

Net free funds/contribution (6)	$	14,246,538	$	13,562,314	$	13,616,472	$	13,755,552	$	13,963,348

(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 18: 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,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2024		2024		2024		2023		2023
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	32,885	$	19,748	$	16,677	$	22,340	$	28,022
Investment securities	70,260		70,346		70,228		68,812		59,737
FHLB and FRB stock	5,451		4,974		4,478		3,792		3,896

Liquidity management assets (1)	$	108,596	$	95,068	$	91,383	$	94,944	$	91,655
Other earning assets (1)	282		235		198		222		291
Mortgage loans held-for-sale	6,233		5,434		4,146		4,318		4,767
Loans, net of unearned income (1)	796,637		752,117		712,587		697,093		668,183


Total interest income	$	911,748	$	852,854	$	808,314	$	796,577	$	764,896

Interest expense:
NOW and interest-bearing demand deposits	$	30,971	$	32,719	$	34,896	$	38,124	$	36,001
Wealth management deposits	10,158		10,294		10,461		12,076		9,350
Money market accounts	167,382		155,100		137,984		130,252		124,742
Savings accounts	42,892		41,063		39,071		36,463		31,784
Time deposits	110,616		96,527		77,120		68,475		60,906
Interest-bearing deposits	$	362,019	$	335,703	$	299,532	$	285,390	$	262,783
Federal Home Loan Bank advances	26,254		24,797		22,048		18,316		17,436
Other borrowings	9,013		8,700		9,248		9,557		9,384
Subordinated notes	3,712		5,185		5,487		5,522		5,491
Junior subordinated debentures	5,023		4,984		5,004		5,089		4,948
Total interest expense	$	406,021	$	379,369	$	341,319	$	323,874	$	300,042

Less: Fully taxable-equivalent adjustment	(3,144)		(2,875)		(2,801)		(2,729)		(2,496)
Net interest income (GAAP) (2)	502,583		470,610		464,194		469,974		462,358
Fully taxable-equivalent adjustment	3,144		2,875		2,801		2,729		2,496
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	505,727	$	473,485	$	466,995	$	472,703	$	464,854

(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 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN


	Net Interest Margin for three months ended,
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	5.42	%	5.35	%	5.35	%	5.27	%	5.41	%
Investment securities	3.38		3.45		3.38		3.42		3.08
FHLB and FRB stock	8.22		7.89		7.81		7.35		7.68

Liquidity management assets	3.94	%	3.85	%	3.74	%	3.82	%	3.65	%
Other earning assets	6.38		6.23		5.25		5.92		6.47
Mortgage loans held-for-sale	6.59		6.29		5.74		6.13		5.93
Loans, net of unearned income	6.90		6.90		6.80		6.69		6.51

Total earning assets	6.33	%	6.34	%	6.22	%	6.13	%	5.95	%

Rate paid on:
NOW and interest-bearing demand deposits	2.38	%	2.64	%	2.47	%	2.58	%	2.46	%
Wealth management deposits	2.97		2.70		2.79		2.81		2.45
Money market accounts	4.05		4.08		3.83		3.64		3.50
Savings accounts	2.80		2.81		2.71		2.55		2.30
Time deposits	4.58		4.54		4.34		4.09		3.72
Interest-bearing deposits	3.72	%	3.73	%	3.48	%	3.32	%	3.12	%
Federal Home Loan Bank advances	3.29		3.22		3.25		3.12		3.09
Other borrowings	5.76		5.96		5.92		5.98		5.66
Subordinated notes	4.95		5.08		5.04		5.00		4.98
Junior subordinated debentures	7.88		7.91		7.94		7.96		7.74
Total interest-bearing liabilities	3.75	%	3.76	%	3.55	%	3.40	%	3.21	%

Interest rate spread (1)(2)	2.58	%	2.58	%	2.67	%	2.73	%	2.74	%
Less: Fully taxable-equivalent adjustment	(0.02)		(0.02)		(0.02)		(0.02)		(0.02)
Net free funds/contribution (3)	0.93		0.94		0.92		0.91		0.88
Net interest margin (GAAP) (2)	3.49	%	3.50	%	3.57	%	3.62	%	3.60	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	3.51	%	3.52	%	3.59	%	3.64	%	3.62	%

(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 18: 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 nine months ended,				Interest for nine months ended,				Yield/Rate for nine months ended,
(Dollars in thousands)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	1,720,387	$	1,584,120	$	69,310	$	58,443	5.38	%	4.93	%
Investment securities (2)	8,276,711		7,637,612		210,834		172,025		3.40		3.01
FHLB and FRB stock	249,375		219,442		14,903		11,120		7.98		6.77

Liquidity management assets (3)(4)	$	10,246,473	$	9,441,174	$	295,047	$	241,588	3.85	%	3.42	%
Other earning assets (3)(4)(5)	15,966		17,906		715		876		5.98		6.54
Mortgage loans held-for-sale	338,061		299,426		15,813		12,473		6.25		5.57
Loans, net of unearned income (3)(4)(6)	43,963,779		39,974,840		2,261,341		1,851,686		6.87		6.19


Total earning assets (4)	$	54,564,279	$	49,733,346	$	2,572,916	$	2,106,623	6.30	%	5.66	%
Allowance for loan and investment security losses	(368,713)		(301,742)
Cash and due from banks	450,899		476,490
Other assets	3,367,882		3,120,105
Total assets	$	58,014,347	$	53,028,199

NOW and interest-bearing demand deposits	$	5,279,697	$	5,544,488	$	98,586	$	83,949	2.49	%	2.02	%
Wealth management deposits	1,467,886		1,739,427		30,913		30,705		2.81		2.36
Money market accounts	15,398,045		13,480,887		460,466		299,649		3.99		2.97
Savings accounts	5,923,205		5,172,174		123,026		73,203		2.77		1.89
Time deposits	8,435,172		5,718,850		284,263		133,574		4.50		3.12
Interest-bearing deposits	$	36,504,005	$	31,655,826	$	997,254	$	621,080	3.65	%	2.62	%
Federal Home Loan Bank advances	3,002,228		2,313,571		73,099		53,970		3.25		3.12
Other borrowings	612,627		628,915		26,961		25,723		5.88		5.47
Subordinated notes	381,813		437,543		14,384		16,502		5.03		5.04
Junior subordinated debentures	253,566		253,566		15,011		14,101		7.91		7.44
Total interest-bearing liabilities	$	40,754,239	$	35,289,421	$	1,126,709	$	731,376	3.69	%	2.77	%
Non-interest-bearing deposits	10,041,972		11,224,841
Other liabilities	1,589,790		1,505,289
Equity	5,628,346		5,008,648
Total liabilities and shareholders’ equity	$	58,014,347	$	53,028,199
Interest rate spread (4)(7)									2.61	%	2.89	%
Less: Fully taxable-equivalent adjustment					(8,820)		(7,357)		(0.02)		(0.02)
Net free funds/contribution (8)	$	13,810,040	$	14,443,925					0.93		0.81
Net interest income/margin (GAAP) (4)					$	1,437,387	$	1,367,890	3.52	%	3.68	%
Fully taxable-equivalent adjustment					8,820		7,357		0.02		0.02
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	1,446,207	$	1,375,247	3.54	%	3.70	%

(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 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

(7)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
Sep 30, 2024	1.2	%	1.1	%	0.4	%	(0.9)	%
Jun 30, 2024	1.5		1.0		0.6		(0.0)
Mar 31, 2024	1.9		1.4		1.5		1.6
Dec 31, 2023	2.6		1.8		0.4		(0.7)
Sep 30, 2023	3.3		1.9		(2.0)		(5.2)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Sep 30, 2024	1.6	%	1.2	%	0.7	%	0.5	%
Jun 30, 2024	1.2		1.0		0.9		1.0
Mar 31, 2024	0.8		0.6		1.3		2.0
Dec 31, 2023	1.6		1.2		(0.3)		(1.5)
Sep 30, 2023	1.7		1.2		(0.5)		(2.4)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. 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 may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or contractual maturity period
As of September 30, 2024	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	442,214	$	3,352,273	$	1,914,643	$	23,532	$	5,732,662

Variable rate	9,513,446		1,585		—		—		9,515,031
Total commercial	$	9,955,660	$	3,353,858	$	1,914,643	$	23,532	$	15,247,693
Commercial real estate
Fixed rate	$	570,054	$	2,866,473	$	420,951	$	55,521	$	3,912,999
Variable rate	8,868,451		11,899		68		—		8,880,418
Total commercial real estate	$	9,438,505	$	2,878,372	$	421,019	$	55,521	$	12,793,417
Home equity
Fixed rate	$	8,588	$	1,593	$	—	$	22	$	10,203
Variable rate	416,840		—		—		—		416,840
Total home equity	$	425,428	$	1,593	$	—	$	22	$	427,043
Residential real estate
Fixed rate	$	7,088	$	5,468	$	75,934	$	1,086,008	$	1,174,498
Variable rate	92,075		512,374		1,609,091		—		2,213,540
Total residential real estate	$	99,163	$	517,842	$	1,685,025	$	1,086,008	$	3,388,038
Premium finance receivables - property & casualty
Fixed rate	$	7,049,022	$	82,659	$	—	$	—	$	7,131,681
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	7,049,022	$	82,659	$	—	$	—	$	7,131,681
Premium finance receivables - life insurance
Fixed rate	$	160,090	$	444,534	$	4,000	$	4,654	$	613,278
Variable rate	7,383,621		—		—		—		7,383,621
Total premium finance receivables - life insurance	$	7,543,711	$	444,534	$	4,000	$	4,654	$	7,996,899
Consumer and other
Fixed rate	$	17,226	$	7,218	$	841	$	998	$	26,283
Variable rate	56,393		—		—		—		56,393
Total consumer and other	$	73,619	$	7,218	$	841	$	998	$	82,676

Total per category
Fixed rate	$	8,254,282	$	6,760,218	$	2,416,369	$	1,170,735	$	18,601,604

Variable rate	26,330,826		525,858		1,609,159		—		28,465,843
Total loans, net of unearned income	$	34,585,108	$	7,286,076	$	4,025,528	$	1,170,735	$	47,067,447
Less: Existing cash flow hedging derivatives	(6,000,000)
Less: Cash flow hedging derivatives effective in Q4 2024	(700,000)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	27,885,108

Variable Rate Loan Pricing by Index:
SOFR tenors									$	17,155,288
12- month CMT									6,242,461
Prime									3,545,047
Fed Funds									951,119
Ameribor tenors									237,486


Other U.S. Treasury tenors									196,990
Other									137,452
Total variable rate									$	28,465,843

SOFR - Secured Overnight Financing Rate.

CMT - Constant Maturity Treasury Rate.

Ameribor - American Interbank Offered Rate.

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $13.7 billion tied to one-month SOFR and $6.2 billion tied to twelve-month CMT. The above chart shows:


	Basis Point (bp) Change in
	1-month SOFR		12- month CMT		Prime
Third Quarter 2024	(49)	bps	(111)	bps	(50)	bps
Second Quarter 2024	1		6		0
First Quarter 2024	(2)		24		0
Fourth Quarter 2023	3		(67)		0
Third Quarter 2023	18		6		25

TABLE 10: ALLOWANCE FOR CREDIT LOSSES


	Three Months Ended															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(Dollars in thousands)	2024			2024			2024			2023			2023			2024			2023
Allowance for credit losses at beginning of period	$	437,560		$	427,504		$	427,612		$	399,531		$	387,786		$	427,612		$	357,936
Cumulative effect adjustment from the adoption of ASU 2022-02	—			—			—			—			—			—			741
Provision for credit losses - Other	6,787			40,061			21,673			42,908			19,923			68,521			71,482
Provision for credit losses - Day 1 on non-PCD assets acquired during the period	15,547			—			—			—			—			15,547			—
Initial allowance for credit losses recognized on PCD assets acquired during the period	3,004			—			—			—			—			3,004			—
Other adjustments	30			(19)			(31)			62			(60)			(20)			(15)
Charge-offs:
Commercial	22,975			9,584			11,215			5,114			2,427			43,774			10,599
Commercial real estate	95			15,526			5,469			5,386			1,713			21,090			9,842
Home equity	—			—			74			—			227			74			227
Residential real estate	—			23			38			114			78			61			78

Premium finance receivables - property & casualty	7,790			9,486			6,938			6,706			5,830			24,214			14,978
Premium finance receivables - life insurance	4			—			—			—			18			4			173
Consumer and other	154			137			107			148			184			398			447

Total charge-offs	31,018			34,756			23,841			17,468			10,477			89,615			36,344
Recoveries:
Commercial	649			950			479			592			1,162			2,078			2,059
Commercial real estate	30			90			31			92			243			151			368
Home equity	101			35			29			34			33			165			105
Residential real estate	5			8			2			10			1			15			11

Premium finance receivables - property & casualty	3,436			3,658			1,519			1,820			906			8,613			3,110
Premium finance receivables - life insurance	41			5			8			7			—			54			9
Consumer and other	21			24			23			24			14			68			69

Total recoveries	4,283			4,770			2,091			2,579			2,359			11,144			5,731
Net charge-offs	(26,735)			(29,986)			(21,750)			(14,889)			(8,118)			(78,471)			(30,613)
Allowance for credit losses at period end	$	436,193		$	437,560		$	427,504		$	427,612		$	399,531		$	436,193		$	399,531

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.61		%	0.25		%	0.33		%	0.14		%	0.04		%	0.41		%	0.09		%
Commercial real estate	0.00			0.53			0.19			0.19			0.05			0.23			0.12
Home equity	(0.10)			(0.04)			0.05			(0.04)			0.23			(0.03)			0.05
Residential real estate	0.00			0.00			0.01			0.02			0.01			0.00			0.00

Premium finance receivables - property & casualty	0.24			0.33			0.32			0.29			0.29			0.30			0.26
Premium finance receivables - life insurance	0.00			(0.00)			(0.00)			(0.00)			0.00			(0.00)			0.00
Consumer and other	0.63			0.56			0.42			0.58			0.65			0.54			0.60

Total loans, net of unearned income	0.23		%	0.28		%	0.21		%	0.14		%	0.08		%	0.24			0.10		%


Loans at period end	$	47,067,447		$	44,675,531		$	43,230,706		$	42,131,831		$	41,446,032
Allowance for loan losses as a percentage of loans at period end	0.77		%	0.81		%	0.81		%	0.82		%	0.76		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.93			0.98			0.99			1.01			0.96

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT


	Three Months Ended										Nine Months Ended
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Sep 30,		Sep 30,
(In thousands)	2024		2024		2024		2023		2023		2024		2023
Provision for loan losses - Other	$	6,782	$	45,111	$	26,159	$	44,023	$	20,717	$	78,052	$	74,753
Provision for credit losses - Day 1 on non-PCD assets acquired during the period	15,547		—		—		—		—		15,547		—
Provision for unfunded lending-related commitments losses - Other	17		(5,212)		(4,468)		(1,081)		(769)		(9,663)		(3,164)
Provision for held-to-maturity securities losses	(12)		162		(18)		(34)		(25)		132		(107)
Provision for credit losses	$	22,334	$	40,061	$	21,673	$	42,908	$	19,923	$	84,068	$	71,482

Allowance for loan losses	$	360,279	$	363,719	$	348,612	$	344,235	$	315,039
Allowance for unfunded lending-related commitments losses	75,435		73,350		78,563		83,030		84,111
Allowance for loan losses and unfunded lending-related commitments losses	435,714		437,069		427,175		427,265		399,150
Allowance for held-to-maturity securities losses	479		491		329		347		381
Allowance for credit losses	$	436,193	$	437,560	$	427,504	$	427,612	$	399,531

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of September 30, 2024, June 30, 2024 and March 31, 2024.


	As of Sep 30, 2024						As of Jun 30, 2024						As of Mar 31, 2024
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other	$	15,247,693	$	171,598	1.13	%	$	14,154,462	$	181,991	1.29	%	$	13,503,481	$	166,518	1.23	%

Commercial real estate:
Construction and development	2,403,690		97,949		4.07		2,260,551		93,154		4.12		2,150,314		96,052		4.47
Non-construction	10,389,727		133,195		1.28		9,686,646		130,574		1.35		9,483,123		130,000		1.37
Home equity	427,043		8,823		2.07		356,313		7,242		2.03		340,349		7,191		2.11
Residential real estate	3,388,038		9,745		0.29		3,067,335		8,773		0.29		2,890,266		13,701		0.47
Premium finance receivables
Property and casualty insurance	7,131,681		13,045		0.18		7,100,753		14,053		0.20		6,940,019		12,645		0.18
Life insurance	7,996,899		698		0.01		7,962,115		693		0.01		7,872,033		685		0.01
Consumer and other	82,676		661		0.80		87,356		589		0.67		51,121		383		0.75
Total loans, net of unearned income	$	47,067,447	$	435,714	0.93	%	$	44,675,531	$	437,069	0.98	%	$	43,230,706	$	427,175	0.99	%


Total core loans (1)	$	28,363,712	$	396,394	1.40	%	$	26,259,487	$	398,494	1.52	%	$	25,402,132	$	382,372	1.51	%
Total niche loans (1)	18,703,735		39,320		0.21		18,416,044		38,575		0.21		17,828,574		44,803		0.25

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

TABLE 13: LOAN PORTFOLIO AGING


(In thousands)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Loan Balances:
Commercial
Nonaccrual	$	63,826	$	51,087	$	31,740	$	38,940	$	43,569
90+ days and still accruing	20		304		27		98		200
60-89 days past due	32,560		16,485		30,248		19,488		22,889
30-59 days past due	46,057		36,358		77,715		85,743		35,681
Current	15,105,230		14,050,228		13,363,751		12,687,784		12,623,134
Total commercial	$	15,247,693	$	14,154,462	$	13,503,481	$	12,832,053	$	12,725,473
Commercial real estate
Nonaccrual	$	42,071	$	48,289	$	39,262	$	35,459	$	17,043
90+ days and still accruing	225		—		—		—		1,092
60-89 days past due	13,439		6,555		16,713		8,515		7,395
30-59 days past due	48,346		38,065		32,998		20,634		60,984
Current	12,689,336		11,854,288		11,544,464		11,279,556		10,859,666
Total commercial real estate	$	12,793,417	$	11,947,197	$	11,633,437	$	11,344,164	$	10,946,180
Home equity
Nonaccrual	$	1,122	$	1,100	$	838	$	1,341	$	1,363
90+ days and still accruing	—		—		—		—		—
60-89 days past due	1,035		275		212		62		219
30-59 days past due	2,580		1,229		1,617		2,263		1,668
Current	422,306		353,709		337,682		340,310		340,008
Total home equity	$	427,043	$	356,313	$	340,349	$	343,976	$	343,258
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	135,389	$	134,178	$	143,350	$	150,583	$	168,973
Nonaccrual	17,959		18,198		17,901		15,391		16,103
90+ days and still accruing	—		—		—		—		—
60-89 days past due	6,364		1,977		—		2,325		1,145
30-59 days past due	2,160		130		24,523		22,942		904
Current	3,226,166		2,912,852		2,704,492		2,578,425		2,520,478
Total residential real estate	$	3,388,038	$	3,067,335	$	2,890,266	$	2,769,666	$	2,707,603







Premium finance receivables - property & casualty
Nonaccrual	$	36,079	$	32,722	$	32,648	$	27,590	$	26,756
90+ days and still accruing	18,235		22,427		25,877		20,135		16,253
60-89 days past due	18,740		29,925		15,274		23,236		16,552
30-59 days past due	30,204		45,927		59,729		50,437		31,919
Current	7,028,423		6,969,752		6,806,491		6,782,131		6,631,267
Total Premium finance receivables - property & casualty	$	7,131,681	$	7,100,753	$	6,940,019	$	6,903,529	$	6,722,747
Premium finance receivables - life insurance
Nonaccrual	$	—	$	—	$	—	$	—	$	—
90+ days and still accruing	—		—		—		—		10,679
60-89 days past due	10,902		4,118		32,482		16,206		41,894
30-59 days past due	74,432		17,693		100,137		45,464		14,972
Current	7,911,565		7,940,304		7,739,414		7,816,273		7,864,263
Total Premium finance receivables - life insurance	$	7,996,899	$	7,962,115	$	7,872,033	$	7,877,943	$	7,931,808
Consumer and other
Nonaccrual	$	2	$	3	$	19	$	22	$	16
90+ days and still accruing	148		121		47		54		27
60-89 days past due	22		81		16		25		196
30-59 days past due	264		366		210		165		519
Current	82,240		86,785		50,829		60,234		68,205
Total consumer and other	$	82,676	$	87,356	$	51,121	$	60,500	$	68,963
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	135,389	$	134,178	$	143,350	$	150,583	$	168,973
Nonaccrual	161,059		151,399		122,408		118,743		104,850
90+ days and still accruing	18,628		22,852		25,951		20,287		28,251
60-89 days past due	83,062		59,416		94,945		69,857		90,290
30-59 days past due	204,043		139,768		296,929		227,648		146,647
Current	46,465,266		44,167,918		42,547,123		41,544,713		40,907,021
Total loans, net of unearned income	$	47,067,447	$	44,675,531	$	43,230,706	$	42,131,831	$	41,446,032

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

TABLE 14: NON-PERFORMING ASSETS(1)


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(Dollars in thousands)	2024			2024			2024			2023			2023
Loans past due greater than 90 days and still accruing:
Commercial	$	20		$	304		$	27		$	98		$	200
Commercial real estate	225			—			—			—			1,092
Home equity	—			—			—			—			—
Residential real estate	—			—			—			—			—
Premium finance receivables - property & casualty	18,235			22,427			25,877			20,135			16,253
Premium finance receivables - life insurance	—			—			—			—			10,679
Consumer and other	148			121			47			54			27
Total loans past due greater than 90 days and still accruing	18,628			22,852			25,951			20,287			28,251
Non-accrual loans:
Commercial	63,826			51,087			31,740			38,940			43,569
Commercial real estate	42,071			48,289			39,262			35,459			17,043
Home equity	1,122			1,100			838			1,341			1,363
Residential real estate	17,959			18,198			17,901			15,391			16,103
Premium finance receivables - property & casualty	36,079			32,722			32,648			27,590			26,756
Premium finance receivables - life insurance	—			—			—			—			—
Consumer and other	2			3			19			22			16
Total non-accrual loans	161,059			151,399			122,408			118,743			104,850
Total non-performing loans:
Commercial	63,846			51,391			31,767			39,038			43,769
Commercial real estate	42,296			48,289			39,262			35,459			18,135
Home equity	1,122			1,100			838			1,341			1,363
Residential real estate	17,959			18,198			17,901			15,391			16,103
Premium finance receivables - property & casualty	54,314			55,149			58,525			47,725			43,009
Premium finance receivables - life insurance	—			—			—			—			10,679
Consumer and other	150			124			66			76			43
Total non-performing loans	$	179,687		$	174,251		$	148,359		$	139,030		$	133,101
Other real estate owned	13,682			19,731			14,538			13,309			14,060


Total non-performing assets	$	193,369		$	193,982		$	162,897		$	152,339		$	147,161

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.42		%	0.36		%	0.24		%	0.30		%	0.34		%
Commercial real estate	0.33			0.40			0.34			0.31			0.17
Home equity	0.26			0.31			0.25			0.39			0.40
Residential real estate	0.53			0.59			0.62			0.56			0.59
Premium finance receivables - property & casualty	0.76			0.78			0.84			0.69			0.64
Premium finance receivables - life insurance	—			—			—			—			0.13
Consumer and other	0.18			0.14			0.13			0.13			0.06
Total loans, net of unearned income	0.38		%	0.39		%	0.34		%	0.33		%	0.32		%
Total non-performing assets as a percentage of total assets	0.30		%	0.32		%	0.28		%	0.27		%	0.26		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	270.53		%	288.69		%	348.98		%	359.82		%	380.69		%

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

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


	Three Months Ended										Nine Months Ended
	Sep 30,		Jun 30,		Mar 31,			Dec 31,			Sep 30,	Sep 30,				Sep 30,
(In thousands)	2024		2024		2024			2023			2023	2024				2023

Balance at beginning of period	$	174,251	$	148,359		$	139,030		$	133,101		$	108,712	$	139,030		$	100,697
Additions from becoming non-performing in the respective period	42,335		54,376			23,142			59,010			18,666		96,711			64,367
Additions from assets acquired in the respective period	189		—			—			—			—		189			—
Return to performing status	(362)		(912)			(490)			(24,469)			(1,702)		(1,274)			(2,542)
Payments received	(10,894)		(9,611)			(8,336)			(10,000)			(6,488)		(20,505)			(24,063)
Transfer to OREO and other repossessed assets	(3,680)		(6,945)			(1,381)			(2,623)			(2,671)		(10,625)			(5,629)
Charge-offs, net	(21,211)		(7,673)			(14,810)			(9,480)			(3,011)		(28,884)			(6,866)
Net change for premium finance receivables	(941)		(3,343)			11,204			(6,509)			19,595		(4,284)			7,137
Balance at end of period	$	179,687	$	174,251		$	148,359		$	139,030		$	133,101	$	170,358		$	133,101

Other Real Estate Owned


	Three Months Ended
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2024		2024		2024		2023		2023
Balance at beginning of period	$	19,731	$	14,538	$	13,309	$	14,060	$	11,586
Disposals/resolved	(9,729)		(1,752)		—		(3,416)		(467)
Transfers in at fair value, less costs to sell	3,680		6,945		1,436		2,665		2,941

Fair value adjustments	—		—		(207)		—		—
Balance at end of period	$	13,682	$	19,731	$	14,538	$	13,309	$	14,060

	Period End
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
Balance by Property Type:	2024		2024		2024		2023		2023
Residential real estate	$	—	$	161	$	1,146	$	720	$	441

Commercial real estate	13,682		19,570		13,392		12,589		13,619
Total	$	13,682	$	19,731	$	14,538	$	13,309	$	14,060

TABLE 15: NON-INTEREST INCOME


	Three Months Ended										Q3 2024 compared to Q2 2024				Q3 2024 compared to Q3 2023
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(Dollars in thousands)	2024		2024		2024		2023		2023		$ Change		% Change		$ Change		% Change
Brokerage	$	6,139	$	5,588	$	5,556	$	5,349	$	4,359	$	551	10	%	$	1,780	41	%
Trust and asset management	31,085		29,825		29,259		27,926		29,170		1,260		4		1,915		7
Total wealth management	37,224		35,413		34,815		33,275		33,529		1,811		5		3,695		11
Mortgage banking	15,974		29,124		27,663		7,433		27,395		(13,150)		(45)		(11,421)		(42)
Service charges on deposit accounts	16,430		15,546		14,811		14,522		14,217		884		6		2,213		16
Gains (losses) on investment securities, net	3,189		(4,282)		1,326		2,484		(2,357)		7,471		NM		5,546		NM
Fees from covered call options	988		2,056		4,847		4,679		4,215		(1,068)		(52)		(3,227)		(77)
Trading (losses) gains, net	(130)		70		677		(505)		728		(200)		NM		(858)		NM
Operating lease income, net	15,335		13,938		14,110		14,162		13,863		1,397		10		1,472		11
Other:
Interest rate swap fees	2,914		3,392		2,828		4,021		2,913		(478)		(14)		1		—
BOLI	1,517		1,351		1,651		1,747		729		166		12		788		NM
Administrative services	1,450		1,322		1,217		1,329		1,336		128		10		114		9
Foreign currency remeasurement gains (losses)	696		(145)		(1,171)		1,150		(446)		841		NM		1,142		NM
Changes in fair value on EBOs and loans held-for-investment	518		604		(439)		1,556		(338)		(86)		(14)		856		NM
Early pay-offs of capital leases	532		393		430		157		461		139		35		71		15
Miscellaneous	16,510		22,365		37,815		14,819		16,233		(5,855)		(26)		277		2
Total Other	24,137		29,282		42,331		24,779		20,888		(5,145)		(18)		3,249		16
Total Non-Interest Income	$	113,147	$	121,147	$	140,580	$	100,829	$	112,478	$	(8,000)	(7)	%	$	669	1	%


	Nine Months Ended
	Sep 30,		Sep 30,		$		%
(Dollars in thousands)	2024		2023		Change		Change
Brokerage	$	17,283	$	13,296	$	3,987	30	%
Trust and asset management	90,169		84,036		6,133		7
Total wealth management	107,452		97,332		10,120		10
Mortgage banking	72,761		75,640		(2,879)		(4)
Service charges on deposit accounts	46,787		40,728		6,059		15
Gains (losses) on investment securities, net	233		(959)		1,192		NM
Fees from covered call options	7,891		17,184		(9,293)		(54)
Trading gains, net	617		1,647		(1,030)		(63)
Operating lease income, net	43,383		39,136		4,247		11
Other:
Interest rate swap fees	9,134		8,230		904		11
BOLI	4,519		3,402		1,117		33
Administrative services	3,989		4,270		(281)		(7)
Foreign currency remeasurement losses	(620)		(91)		(529)		NM
Changes in fair value on EBOs and loans held-for-investment	683		(35)		718		NM
Early pay-offs of capital leases	1,355		1,027		328		32
Miscellaneous	76,690		45,766		30,924		68
Total Other	95,750		62,569		33,181		53
Total Non-Interest Income	$	374,874	$	333,277	$	41,597	12	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

TABLE 16: MORTGAGE BANKING


	Three Months Ended															Nine Months Ended
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
Originations:
Retail originations	$	527,408		$	544,394		$	331,504		$	315,637		$	408,761		$	1,403,306		$	1,071,786

Veterans First originations	239,369			177,792			144,109			123,564			163,856			561,270			451,218
Total originations for sale (A)	$	766,777		$	722,186		$	475,613		$	439,201		$	572,617		$	1,964,576		$	1,523,004
Originations for investment	218,984			275,331			169,246			124,974			137,622			663,561			453,597
Total originations	$	985,761		$	997,517		$	644,859		$	564,175		$	710,239		$	2,628,137		$	1,976,601
As a percentage of originations for sale:
Retail originations	69		%	75		%	70		%	72		%	71		%	71		%	70		%
Veterans First originations	31			25			30			28			29			29			30

Purchases	72		%	83		%	75		%	85		%	84		%	78		%	83		%
Refinances	28			17			25			15			16			22			17



Production Margin:


Production revenue (B) (1)	$	13,113		$	14,990		$	13,435		$	6,798		$	13,766		$	41,538		$	34,233



Total originations for sale (A)	$	766,777		$	722,186		$	475,613		$	439,201		$	572,617		$	1,964,576		$	1,523,004
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)	272,072			222,738			207,775			119,624			150,713			272,072			150,713
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)	222,738			207,775			119,624			150,713			196,246			119,624			113,303
Total mortgage production volume (C)	$	816,111		$	737,149		$	563,764		$	408,112		$	527,084		$	2,117,024		$	1,560,414
Production margin (B / C)	1.61		%	2.03		%	2.38		%	1.67		%	2.61		%	1.96		%	2.19		%

Mortgage Servicing:
Loans serviced for others (D)	$	12,253,361		$	12,211,027		$	12,051,392		$	12,007,165		$	11,885,531
MSRs, at fair value (E)	186,308			204,610			201,044			192,456			210,524
Percentage of MSRs to loans serviced for others (E / D)	1.52		%	1.68		%	1.67		%	1.60		%	1.77		%
Servicing income	$	10,809		$	10,586		$	10,498		$	10,286		$	10,191		$	31,893		$	33,277
Components of MSR:
MSR - changes in fair value model assumptions	$	(17,331)		$	877		$	7,595		$	(19,634)		$	4,723		$	(8,859)		$	485
Changes in fair value of derivative contract held as an economic hedge, net	6,892			(772)			(2,577)			3,541			(2,481)			3,543			(2,261)

MSR - current period capitalization	6,357			8,223			5,379			5,077			9,706			19,959			23,533
MSR - collection of expected cash flows - paydowns	(1,598)			(1,504)			(1,444)			(1,572)			(1,492)			(4,546)			(4,712)
MSR - collection of expected cash flows - payoffs and repurchases	(5,730)			(4,030)			(2,942)			(1,939)			(3,105)			(12,702)			(8,837)
MSR Activity	$	(11,410)		$	2,794		$	6,011		$	(14,527)		$	7,351		$	(2,605)		$	8,208
Summary of Mortgage Banking Revenue:
Production revenue (1)	$	13,113		$	14,990		$	13,435		$	6,798		$	13,766		$	41,538		$	34,233
Servicing income	10,809			10,586			10,498			10,286			10,191			31,893			33,277
MSR activity	(11,410)			2,794			6,011			(14,527)			7,351			(2,605)			8,208
Changes in fair value of early buy-out loans guaranteed by U.S. government agencies (HFS)	3,529			642			(2,190)			4,856			(4,245)			1,981			(440)
Other revenue	(67)			112			(91)			20			332			(46)			362
Total mortgage banking revenue	$	15,974		$	29,124		$	27,663		$	7,433		$	27,395		$	72,761		$	75,640
Changes in fair value on early buy-out loans guaranteed by U.S. government agencies (HFI)	$	518		$	604		$	(439)		$	1,556		$	(338)		$	683		$	(35)

(1)Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.

(2)Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.

TABLE 17: NON-INTEREST EXPENSE


	Three Months Ended										Q3 2024 compared to Q2 2024				Q3 2024 compared to Q3 2023
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(Dollars in thousands)	2024		2024		2024		2023		2023		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	118,971	$	113,860	$	112,172	$	111,484	$	111,303	$	5,111	4	%	$	7,668	7	%
Commissions and incentive compensation	57,575		52,151		51,001		48,974		48,817		5,424		10		8,758		18
Benefits	34,715		32,530		32,000		33,513		32,218		2,185		7		2,497		8
Total salaries and employee benefits	211,261		198,541		195,173		193,971		192,338		12,720		6		18,923		10
Software and equipment	31,574		29,231		27,731		27,779		25,951		2,343		8		5,623		22
Operating lease equipment	10,518		10,834		10,683		10,694		12,020		(316)		(3)		(1,502)		(12)
Occupancy, net	19,945		19,585		19,086		18,102		21,304		360		2		(1,359)		(6)
Data processing	9,984		9,503		9,292		8,892		10,773		481		5		(789)		(7)
Advertising and marketing	18,239		17,436		13,040		17,166		18,169		803		5		70		0
Professional fees	9,783		9,967		9,553		8,768		8,887		(184)		(2)		896		10
Amortization of other acquisition-related intangible assets	4,042		1,122		1,158		1,356		1,408		2,920		NM		2,634		NM
FDIC insurance	10,512		10,429		9,381		9,303		9,748		83		1		764		8
FDIC insurance - special assessment	—		—		5,156		34,374		—		—		NM		—		NM
OREO expense, net	(938)		(259)		392		(1,559)		120		(679)		NM		(1,058)		NM
Other:
Lending expenses, net of deferred origination costs	4,995		5,335		5,078		5,330		4,777		(340)		(6)		218		5
Travel and entertainment	5,364		5,340		4,597		5,754		5,449		24		—		(85)		(2)
Miscellaneous	25,408		23,289		22,825		22,722		19,111		2,119		9		6,297		33
Total other	35,767		33,964		32,500		33,806		29,337		1,803		5		6,430		22
Total Non-Interest Expense	$	360,687	$	340,353	$	333,145	$	362,652	$	330,055	$	20,334	6	%	$	30,632	9	%


	Nine Months Ended
	Sep 30,		Sep 30,		$		%
(Dollars in thousands)	2024		2023		Change		Change
Salaries and employee benefits:
Salaries	$	345,003	$	327,328	$	17,675	5	%
Commissions and incentive compensation	160,727		133,127		27,600		21
Benefits	99,245		93,587		5,658		6
Total salaries and employee benefits	604,975		554,042		50,933		9
Software and equipment	88,536		76,853		11,683		15
Operating lease equipment	32,035		31,669		366		1
Occupancy, net	58,616		58,966		(350)		(1)
Data processing	28,779		29,908		(1,129)		(4)
Advertising and marketing	48,715		47,909		806		2
Professional fees	29,303		25,990		3,313		13
Amortization of other acquisition-related intangible assets	6,322		4,142		2,180		53
FDIC insurance	30,322		27,425		2,897		11
FDIC insurance - special assessment	5,156		—		5,156		NM
OREO expense, net	(805)		31		(836)		NM
Other:
Lending expenses, net of deferred origination costs	15,408		15,766		(358)		(2)
Travel and entertainment	15,301		15,440		(139)		(1)
Miscellaneous	71,522		61,706		9,816		16
Total other	102,231		92,912		9,319		10
Total Non-Interest Expense	$	1,034,185	$	949,847	$	84,338	9	%

NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis. 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															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(Dollars and shares in thousands)	2024			2024			2024			2023			2023			2024			2023
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	908,604		$	849,979		$	805,513		$	793,848		$	762,400		$	2,564,096		$	2,099,266
Taxable-equivalent adjustment:
- Loans	2,474			2,305			2,246			2,150			1,923			7,025			5,677
- Liquidity Management Assets	668			567			550			575			572			1,785			1,674
- Other Earning Assets	2			3			5			4			1			10			6
(B) Interest Income (non-GAAP)	$	911,748		$	852,854		$	808,314		$	796,577		$	764,896		$	2,572,916		$	2,106,623
(C) Interest Expense (GAAP)	406,021			379,369			341,319			323,874			300,042			1,126,709			731,376
(D) Net Interest Income (GAAP) (A minus C)	$	502,583		$	470,610		$	464,194		$	469,974		$	462,358		$	1,437,387		$	1,367,890
(E) Net Interest Income (non-GAAP) (B minus C)	$	505,727		$	473,485		$	466,995		$	472,703		$	464,854		$	1,446,207		$	1,375,247
Net interest margin (GAAP)	3.49		%	3.50		%	3.57		%	3.62		%	3.60		%	3.52		%	3.68		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.51			3.52			3.59			3.64			3.62			3.54			3.70
(F) Non-interest income	$	113,147		$	121,147		$	140,580		$	100,829		$	112,478		$	374,874		$	333,277
(G) (Losses) gains on investment securities, net	3,189			(4,282)			1,326			2,484			(2,357)			233			(959)
(H) Non-interest expense	360,687			340,353			333,145			362,652			330,055			1,034,185			949,847
Efficiency ratio (H/(D+F-G))	58.88		%	57.10		%	55.21		%	63.81		%	57.18		%	57.07		%	55.80		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	58.58			56.83			54.95			63.51			56.94			56.80			55.56


	Three Months Ended															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,	Sep 30,
(Dollars and shares in thousands)	2024			2024			2024			2023			2023			2024	2023
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	6,399,714		$	5,536,628		$	5,436,400		$	5,399,526		$	5,015,613

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(924,646)			(676,562)			(677,911)			(679,561)			(680,353)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,062,568		$	4,447,566		$	4,345,989		$	4,307,465		$	3,922,760
(J) Total assets (GAAP)	$	63,788,424		$	59,781,516		$	57,576,933		$	56,259,934		$	55,555,246
Less: Intangible assets (GAAP)	(924,646)			(676,562)			(677,911)			(679,561)			(680,353)
(K) Total tangible assets (non-GAAP)	$	62,863,778		$	59,104,954		$	56,899,022		$	55,580,373		$	54,874,893
Common equity to assets ratio (GAAP) (L/J)	9.4		%	8.6		%	8.7		%	8.9		%	8.3		%
Tangible common equity ratio (non-GAAP) (I/K)	8.1			7.5			7.6			7.7			7.1


Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	6,399,714		$	5,536,628		$	5,436,400		$	5,399,526		$	5,015,613
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	5,987,214		$	5,124,128		$	5,023,900		$	4,987,026		$	4,603,113
(M) Actual common shares outstanding	66,482			61,760			61,737			61,244			61,222
Book value per common share (L/M)	$	90.06		$	82.97		$	81.38		$	81.43		$	75.19
Tangible book value per common share (non-GAAP) (I/M)	76.15			72.01			70.40			70.33			64.07

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	163,010		$	145,397		$	180,303		$	116,489		$	157,207		$	488,710		$	478,173
Add: Intangible asset amortization	4,042			1,122			1,158			1,356			1,408			6,322			4,142
Less: Tax effect of intangible asset amortization	(1,087)			(311)			(291)			(343)			(380)			(1,682)			(1,102)
After-tax intangible asset amortization	$	2,955		$	811		$	867		$	1,013		$	1,028		$	4,640		$	3,040
(O) Tangible net income applicable to common shares (non-GAAP)	$	165,965		$	146,208		$	181,170		$	117,502		$	158,235		$	493,350		$	481,213
Total average shareholders’ equity	$	5,990,429		$	5,450,173		$	5,440,457		$	5,066,196		$	5,083,883		$	5,628,346		$	5,008,648
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	5,577,929		$	5,037,673		$	5,027,957		$	4,653,696		$	4,671,383		$	5,215,846		$	4,596,148
Less: Average intangible assets	(833,574)			(677,207)			(678,731)			(679,812)			(681,520)			(730,216)			(679,799)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	4,744,355		$	4,360,466		$	4,349,226		$	3,973,884		$	3,989,863		$	4,485,630		$	3,916,349
Return on average common equity, annualized (N/P)	11.63		%	11.61		%	14.42		%	9.93		%	13.35		%	12.52		%	13.91		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	13.92			13.49			16.75			11.73			15.73			14.69			16.43

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	232,709		$	211,343		$	249,956		$	165,243		$	224,858		$	694,008		$	679,838
Add: Provision for credit losses	22,334			40,061			21,673			42,908			19,923			84,068			71,482
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	255,043		$	251,404		$	271,629		$	208,151		$	244,781		$	778,076		$	751,320

WINTRUST SUBSIDIARIES AND LOCATIONS

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 16 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., Town Bank, N.A., in Hartland, Wisconsin and Macatawa Bank in Holland, Michigan.

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, Hawthorn Woods, 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, 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 Michigan in Allendale, Byron Center, Douglas, Grand Haven, Grand Rapids, Grandville, Hamilton, Hudsonville, Jenison, Rockford, Walker, Wyoming, and Zeeland, and in Florida in Bonita Springs and Naples, and in Indiana in Crown Point and Dyer.

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.

•Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.

•Wintrust Asset Finance offers direct leasing opportunities.

•CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2023 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, 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, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices.

Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

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

•negative effects suffered by us or our customers resulting from changes in U.S. 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 losses, difficulties or developments related to the Company’s recent or future acquisitions;

•unexpected difficulties and losses related to FDIC-assisted acquisitions;

•harm to the Company’s reputation;

•any negative perception of the Company’s financial strength;

•ability of the Company to raise additional capital on acceptable terms when needed;

•disruption in capital markets, which may lower fair values for the Company’s investment portfolio;

•ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;

•failure or breaches of our security systems or infrastructure, or those of third parties;

•security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;

•adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);

•adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;

•increased costs as a result of protecting our customers from the impact of stolen debit card information;

•accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;

•ability of the Company to attract and retain senior management experienced in the banking and financial services industries;

•environmental liability risk associated with lending activities;

•the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;

•losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;

•the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;

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

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

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

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

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

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

•the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;

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

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

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

•a lowering of our credit rating;

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

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

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

•the impact of heightened capital requirements;

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

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

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

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

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

•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, October 22, 2024 at 10:00 a.m. (CDT) regarding third quarter and year-to-date 2024 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated September 30, 2024 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the third quarter and year-to-date 2024 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

EX-99.2 3 q3-2024earningsrelease.htm EX-99.2 q3-2024earningsrelease

Earnings Release Presentation Q3 2024 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 2023 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 losses, difficulties or developments related to the Company’s recent or future acquisitions; • unexpected difficulties and losses related to FDIC-assisted acquisitions; • harm to the Company’s reputation; • any negative perception of the Company’s financial strength; • ability of the Company to raise additional capital on acceptable terms when needed; • disruption in capital markets, which may lower fair values for the Company’s investment portfolio; • ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith; • failure or breaches of our security systems or infrastructure, or those of third parties; • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft; • adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware); PENDING - LEGAL 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; • environmental liability risk associated with lending activities; • the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation; • losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith; • the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank; • the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns; • the expenses and delayed returns inherent in opening new branches and de novo banks; • liabilities, potential customer loss or reputational harm related to closings of existing branches; • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; • changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements; • the ability of the Company to receive dividends from its subsidiaries; • the impact of the Company's transition from LIBOR to an alternative benchmark rate for current and future transactions; • a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise; • legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies; • changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity; • a lowering of our credit rating; • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise; • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business; • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment; • the impact of heightened capital requirements; • 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 - LEGAL Forward Looking Statements

44 Pre-Tax, Pre-Provision1 September 2024 Year-to-Date Highlights (Comparative to September 2023 Year-to-Date) Total DepositsTotal Assets Total Loans Net Income $63.8 billion +$8.2 billion or 15% $47.1 billion +$5.6 billion or 14% $51.4 billion +$6.4 billion or 14% $509.7 million +$11 million or 2% Update Format second box BV / TBV Net Interest Income Net Interest Margin $1.4 billion +$69 million or 5% (non-GAAP) $76.15 +$12.08 $778.1 million +$27 million or 4% Diluted EPS $7.67 -$0.04 or -1% Current EPS Prior EPS $ 2.47 2.32 $ 0.15 PPNI Prior PPNI $ 255.0 251.4 $3.64 3600000 255,043 251,404 Metric 9/30/2024 9/30/2023 Difference % Change Net Income $ 509,683 $ 499,146 $ 10,537 2 % Pre-Tax, Pre- Provision 778,076 751,320 $ 26,756 4 % Diluted EPS $ 7.67 $ 7.71 $ (0.04) (1) % Net Interest Income 1,437,387 1,367,890 $ 69,497 5 % NIM 3.52 % 3.68 % (0.1600) % 58 TBV 76.15 64.07 $ 12.08 19 % Total Assets 63,788,424 55,555,246 $ 8,233,178 15 % Total Loans 47,067,447 41,446,032 $ 5,621,415 14 % Total Deposits 51,404,966 44,992,686 $ 6,412,280 14 % September 2024 Year-to-Date Takeaways 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix (GAAP) $90.06 +$14.87 (non-GAAP) 3.54% -16 bps (GAAP) 3.52% -16 bps NIM FY GAAP NIM PY GAAP Change 3.52% 3.68% -16.00 NIM FY Non- GAAP NIM PY Non- GAAP Change 3.54% 3.70% -16.00 BV FY BV PY Change $ 90.06 $ 75.19 $ 14.87 TBV TBV PY Change 76.15 64.07 12.08 • Record full year net income of $622.6 million or $9.58 per diluted common share was 22% higher than our annual record net income in 2022 • Record full year net interest income of $1.8 billion driven by net interest margin expansion along with strong earning asset growth • Credit metrics remain strong and at historically low levels with net charge-offs of 11 bps of average total loans for full year 2023 • The Company's capital expansion was driven by record full year earnings in 2023 and remain well above the regulatory thresholds • Wintrust's tangible book value per common share (non-GAAP) increased in 2023 to $70.33 as of December 31, 2023. Tangible book value per common share (non-GAAP) has increased every year since Wintrust became a public company in 1996 • Record year-to-date net income of $509.7 million or $7.67 per diluted common share was $11 million higher than our net income for the same time period in 2023 • Record year-to-date net interest income of $1.4 billion driven by strong earning asset growth • Wintrust's tangible book value per common share (non-GAAP) increased to $76.15 as of September 30, 2024. Tangible book value per common share (non-GAAP) has increased every year since Wintrust became a public company in 1996 • Wintrust Financial Corporation and Macatawa Bank Corporation ("Macatawa") completed their previously announced merger on August 1, 2024 whereby Wintrust acquired Macatawa in an all-stock transaction 9/30/2024 9/30/2023 September September 2024 2023 September 2024 September 2023

55 Q3 2024 Highlights (Comparative to Q2 2024) • Total loans increased by approximately $2.4 billion, which includes approximately $1.3 billion of acquired balances relating to Macatawa. Excluding Macatawa, total loans increased $1.1 billion or 10% annualized • Total deposits increased by approximately $3.4 billion, which includes approximately $2.3 billion of acquired balances relating to Macatawa. Excluding Macatawa, total deposits increased $1.1 billion or 9% annualized • Recorded net income of $170.0 million for the third quarter of 2024 • Q3 2024 net interest margin (non-GAAP) of 3.51% remained stable, decreasing by one basis point from the prior quarter Pre-Tax, Pre-Provision1 Diversified Balance Sheet Total DepositsTotal Assets Total Loans Net Income $63.8 billion +$4.0 billion $47.1 billion +$2.4 billion $51.4 billion +$3.4 billion $170.0 million +$17.6 million Stable Credit Quality • Non-performing loans totaled $179.7 million and comprised 0.38% of total loans at September 30, 2024, as compared to $174.3 million and 0.39% of total loans at June 30, 2024 • Allowance for credit losses on total core loans was 1.40% • Net charge-offs decreased to 23 basis points in the third quarter of 2024 compared to 28 basis points in the second quarter of 2024 Efficiency RatioReturn on Assets ROE / ROTCE 1.11% +4 bps (GAAP) 58.88% +178 bps $255.0 million +$3.6 million 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix for all metrics denoted as non-GAAP Diluted EPS $2.47 +$0.15 Current EPS Prior EPS $ 2.47 2.32 $ 0.15 PPNI Prior PPNI $ 255.0 251.4 $3.64 3600000 255,043 251,404 Stable Margin Supports Earnings Net Overhead Ratio 1.62% +9 bps (non-GAAP) 58.58% +175 bps Efficiency GAAP Prior Q 58.88% 58.59% $ 29.00 Efficiency Non GAAP Prior Q Efficiency Ratio (GAAP) Q1-23 Efficiency Ratio (GAAP) Q4-22 Efficiency Ratio (Non- GAAP) Q1-23 Efficiency Ratio (Non- GAAP) Q4-22 58.88 % 57.10 % 58.58 % 56.83 % % Change File does not have calc for GAAP numbers 175 Check 178.00 175.00 (GAAP) 11.63% +2 bps (non-GAAP) 13.92% +43 bps Current ROE Prior ROE Current ROTCE Prior ROTCE 11.63 % 11.61 % 13.92 % 13.49 % 2 43 PENDING 2 Shares issued for the acquisition of Macatawa increased average dilutive shares by 3,118,000 shares

66 Diluted EPS Quarterly Trend Quarterly Pre-Tax Income, Excluding Provision for Credit Losses Record Net Income for the First Nine Months of the Year $164.2 $123.5 $187.3 $152.4 $170.0 1.20% 0.89% 1.35% 1.07% 1.11% Net Income ROA Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $2.53 $1.87 $2.89 $2.32 $2.47 Diluted EPS Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $244.8 $208.2 $271.6 $251.4 $255.0 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 ($ in Millions) ($ in Millions) 1 See non-GAAP reconciliation in Appendix Q3 2024 Highlights Earnings Summary Differentiated, highly diversified and sustainable business model Manual Input - Highlights May Change QoQ • Q3 2024 pre-tax income, excluding provision for credit losses totaled $255.0 million as compared to $251.4 million in the second quarter of 2024 • Record quarterly net interest income of $502.6 million supported by strong loan and deposit growth and a relatively stable net interest margin

77 38% 42% 16% 4% Non-interest bearing $ 0.6 NOW and Interest Bearing DDAs $ 0.6 $ 2.3 Wealth management deposits $ — Money market $ 0.6 Savings $ 0.2 Total Certificate of Deposits $ 0.3 27% 25% 28% 7% 13% 33% 27% 15% 17% 7% 1% Commercial Commercial Real Estate PFR - Property and Casualty Insurance PFR - Life Insurance Residential Real Estate All Other Loans 21% 11% 3% 34% 12% 19% Non-interest bearing NOW Wealth management deposits Money market Savings Time certificates of deposit Loan Portfolio ($ in Billions) X Combined Company Deposit Portfolio ($ in Billions) $1.3 $51.4$2.3 Loan and Deposit Portfolio WTFC & Macatawa Macatawa Bank provides loan portfolio with pristine credit quality paired with attractive low cost deposits as of 8/1/2024 $47.1 as of 9/30/2024

88 33% 27% 15% 17% 7% 1% Commercial Commercial Real Estate PFR - Property and Casualty Insurance PFR - Life Insurance Residential Real Estate All Other Loans $44,676 $1,093 $846 $321 $131 $47,067 6/30/2024 Commercial Commercial Real Estate Residential Real Estate All Other Loans 9/30/2024 $41.4 $44.7 $47.1 6.51% 6.90% 6.90% Total Loans Average Total Loan Yield 9/30/2023 6/30/2024 9/30/2024 Year-over-Year Change $5.6B or 14% in Total Loans Loan Portfolio Diversified loan portfolio All Major Portfolios Experienced Strong Loan Growth in the Third Quarter of 2024 ($ in Millions) Diversified Loan Mix (as of 9/30/2024) Robust Loan Growth Enhanced by Macatawa Acquisition ($ in Billions) • Net loan growth during the third quarter totaled $2.4 billion, or 21% on an annualized basis • Excluding loans acquired in the Macatawa transaction, total loans increased approximately 10% on an annualized basis • Year-over-year loan growth of $5.6 billion or 14% Q3 2024 Highlights

99 • Robust third quarter deposit growth totaling $3.4 billion which included approximately $2.3 billion of deposits acquired from Macatawa • Year-over-year deposit growth of $6.4 billion or 14% • Non-interest-bearing deposits increased approximately $708 million and remain 21% of total deposits in the third quarter of 2024 • Excess liquidity acquired in the Macatawa transaction was deployed by reducing exposure to wholesale and brokered funding sources $48,049 $708 $1,394 $728 $526 $51,405 6/30/2024 Non-Interest-Bearing Money Market CDs Other Interest- Bearing 9/30/2024 $45.0 $48.0 $51.4 3.12% 3.73% 3.72% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 9/30/2023 6/30/2024 9/30/2024 1 1Includes: NOW, Interest-bearing Demand Deposits, Savings and deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), trust and asset management customers of the Company Deposit Portfolio Enviable core deposit franchise in Chicago, Milwaukee and Grand Rapids market areas Strong Quarterly Growth Across Diverse Product Offerings ($ in Millions) Deposit Growth Supported by Strong Core Franchise and Expansion into Grand Rapids Due to Macatawa Acqusition ($ in Billions) Q3 2024 Highlights 1 Manual Input - Highlights May Change QoQ

1010 Chicago MSA (Sorted by 2024 Market Share Data) 2024 Deposit Market Share 2023 Deposit Market Share 2022 Deposit Market Share 2021 Deposit Market Share JPMorgan Chase Bank 20.0% 22.3% 23.3% 23.1% BMO Bank 18.3% 16.7% 14.3% 15.1% Bank of America 8.0% 8.8% 10.1% 8.5% Wintrust Financial Corporation 7.7% 7.3% 6.8% 6.5% CIBC Bank USA 7.0% 6.6% 5.9% 5.7% The Northern Trust Company 5.8% 4.7% 6.4% 6.8% Fifth Third Bank 4.9% 4.9% 5.0% 5.1% PNC Bank 3.1% 3.0% 3.0% 3.1% Old National Bank1 2.8% 2.8% 2.5% 2.7% Citibank 2.5% 3.3% 3.6% 3.5% *Data Source: Federal Deposit Insurance Corporation as of June 30th of each year Deposit Market Share and WTFC Midwest Branch Locations Milwaukee, Kenosha, Racine MSAs (Sorted by 2024 Market Share Data) 2024 Deposit Market Share 2023 Deposit Market Share 2022 Deposit Market Share 2021 Deposit Market Share U.S. Bank 29.3% 33.4% 37.9% 36.6% BMO Harris Bank 14.9% 13.7% 12.9% 14.4% JPMorgan Chase 11.0% 11.4% 11.8% 11.2% Associated Bank 9.6% 8.8% 7.3% 7.0% Wintrust Financial Corporation 3.8% 3.2% 2.7% 2.4% Wells Fargo Bank 2.4% 2.4% 2.3% 4.3% Bank Five Nine 2.1% 1.7% 1.3% 1.3% PNC Bank 2.1% 2.0% 2.0% 2.5% Old National Bank1 1.7% 1.5% 1.3% 0.2% North Shore Bank 2.0% 1.9% 1.8% 1.7% Grand Rapids MSA (Sorted by 2024 Market Share Data) 2024 Deposit Market Share 2023 Deposit Market Share 2022 Deposit Market Share 2021 Deposit Market Share Huntington 18.9% 18.9% 20.0% 19.5% Fifth Third Bank 18.7% 18.7% 19.7% 21.7% Northpointe Bank 10.9% 10.2% 7.7% 7.0% JPMorgan Chase 9.6% 9.9% 10.3% 10.2% Macatawa Bank 7.2% 7.3% 7.5% 8.2% Mercantile Bank 7.2% 6.9% 6.5% 6.4% Independent Bank 4.3% 4.6% 5.4% 5.1% West Michigan Community Bank 2.8% 2.6% 2.3% 2.2% Bank of America 2.7% 3.2% 4.1% 3.6% ChoiceOne Bank 2.5% 2.5% 2.5% 2.2% *Map Source: S&P Capital IQ 1 Includes First Midwest Market share, Old National acquired First Midwest in a merger that was completed on February 16, 2022

1111 9.3% 9.4% 9.5% 9.5% 9.8% 0.2% Wintrust Macatawa Impact 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Manual Input- Investment Duration comes from Scott Capital/Liquidity Current capital levels are well in excess of regulatory thresholds and benefited from Macatawa's excess capital and liquidity $3.9 $3.7 $0.1 Available-for-Sale Held-to-Maturity Other 12.1% 0.3% (0.4)% (0.1)% 11.9% 6/30/2024 Retained Earnings and Other Equity Changes Change in RWA Change in Subordinated Debt 9/30/2024 1 Ratios for Q3 2024 are estimated 9.3% 9.5% 9.8% 10.2% 10.3% 10.5% 12.0% 12.1% 12.2% 9.2% 9.3% 9.4% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 9/30/2023 6/30/2024 9/30/2024 CET1 Ratio 1 Sufficient CET1 Ratio For Company Risk Profile Boosted by Macatawa Acqusition Capital Level Expansion Supported by Earnings and Macatawa Strategically Balanced Investment Portfolio (as of 9/30/2024) ($ in Billions) • The Company's capital levels are well in excess of regulatory thresholds and it is expected that the Company would remain well capitalized in the event the Company were to liquidate its entire investment portfolio • Investment portfolio at 12% of total assets as of September 30, 2024 Q3 2024 Highlights 1 Total Investment Portfolio Yield (Q3 '24): 3.38% Duration: 5.9 Years $7.7 Manual Input - Highlights May Change QoQ Manual Input - CET1 calculation comes from Mark Expect Q4 2025 CET1 +10.0% 9.3% 9.4% 9.5% 9.5% 9.7% 10.0% 0.3% Wintrust Macatawa Impact Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2025

1212 Tangible Book Value Per Share (non-GAAP) Wintrust has grown TBV Per Share every year since going public in 1996, and increased TBV Per Share to $76.15 as of 9/30/2024, which is the highest in Company history $4.11 $5.50 $6.03 $6.19 $7.08 $9.03 $11.65 $14.84 $16.07 $17.28 $18.97 $19.02 $20.78 $23.22 $25.80 $26.72 $29.28 $29.93 $32.45 $33.17 $37.08 $41.68 $44.67 $49.70 $53.23 $59.64 $61.00 $70.33 $76.15 Tangible Book Value Per Share (non-GAAP) 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 9/3 0/2 02 4 1 1Q2 2024 is a Preliminary Number Tangible book value per common share (non-GAAP) increased to $72.01 which is the highest in Company history Manual Input - S&P File

1313 Total Shareholder Return Wintrust's commitment to growing shareholder value is exemplified by outperforming the KBW's Regional Banking Total Return Index (KRXTR) for each of the 1-year, 3-year, 5-year, and 10-year time periods Total Shareholder Return of WTFC Compared to KRXTR (1 Year) 100.00% 146.00% 133.39% WTFC KRXTR 09 /30 /23 09 /30 /24 80.00% 100.00% 120.00% 140.00% 160.00% Total Shareholder Return of WTFC Compared to KRXTR (3 Year) 100.00% 103.09% 97.40% 140.61% 92.65% 76.29% 101.77% WTFC KRXTR 09 /30 /21 09 /30 /22 09 /30 /23 09 /30 /24 50.00% 75.00% 100.00% 125.00% 150.00% Total Shareholder Return of WTFC Compared to KRXTR (5 Year) 100.00% 63.61% 127.82% 131.66% 124.59% 178.32% 67.24% 132.16% 122.45% 100.83% 134.50% WTFC KRXTR 09 /30 /19 09 /30 /20 09 /30 /21 09 /30 /22 9/3 0/2 02 4 09 /30 /24 50.00% 75.00% 100.00% 125.00% 150.00% 175.00% 200.00% Total Shareholder return of WTFC Compared to KRXTR (10 Year) 100.00% 120.55% 126.37% 178.44% 194.76% 151.26% 98.61% 191.52% 197.07% 186.84% 264.58% 114.39% 124.96% 160.82% 166.73% 153.06% 102.93% 202.29% 187.42% 154.34% 205.87% WTFC KRXTR 09 /30 /14 09 /30 /15 09 /30 /16 09 /30 /17 09 /30 /18 09 /30 /19 09 /30 /20 09 /30 /21 09 /30 /22 09 /30 /23 09 /30 /24 50.00% 100.00% 150.00% 200.00% 250.00% 300.00% Manual Input - S&P File *Data Source: S&P Capital IQ

1414 • Well-positioned for strong financial performance as we continue our momentum into the remainder of the year and 2025 • Expect the combination of a stable net interest margin and balance sheet growth to result in continued net interest income growth over the next few quarters • Hedging program to protect both net interest margin and capital during the new lower rate fed cycle $6.0 $6.7 $6.7 $6.7 $5.5 $5.5 $3.0 $3.7 $3.7 $3.7 $3.7 $3.7 $3.0 $3.0 $3.0 $3.0 $1.8 $1.8 Received Fixed Swaps Costless Collars Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $462.4 $470.0 $464.2 $470.6 $502.6 3.62% 3.64% 3.59% 3.52% 3.51% Net Interest Income Net Interest Margin (non-GAAP) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 3.52% (0.01)% 0.01% (0.01)% 3.51% NIM (non-GAAP) Q1 2024 Earning Asset Yield Interest-Bearing Liability Rate Net Free Funds NIM (non-GAAP) Q2 2024 Net Interest Margin/Income Net interest margin within guidance range; coupled with earning asset growth produced strong net interest income Derivatives Held by the Company as of 9/30/2024 That Hedge the Cash Flows of Variable Rate Loans1 2.9% 1.0% 1.8% 1.0% Static Ramp 6/30/2023 6/30/2024 Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points (2.9)% 0.6% (0.9)% 0.9% Static Ramp 6/30/2023 6/30/2024 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 '24 NII $470.6MM Q2 '24 NII $502.6MMNIM Linking Chart 9/30/2024 6/30/2024 Variance Total earning assets (7) 6.33 % 6.34 % (0.01) % Total interest-bearing liabilities 3.75 % 3.76 0.01 % Net free funds/contribution (6)/ Net interest income/Net interest margin 0.93 % 0.94 -0.01 NIM 3.51 % 3.52 Manual Input - Data Comes from Joel Pending Expect sustained NII growth and Stable NIM through 2025 Q3 2024 NII Boosted By Macatawa and Stable NIM Q3 2024 Highlights Collars Weighted Average Cap Rate: 3.72% Collars Weighted Average Floor Rate: 2.23% Receive Fixed Swaps Weighted Average Rate: 3.86% 1 Dates represent derivative maturity dates. Reference the Appendix slide 28 for the complete derivative schedule ($ in Billions) ($ in Millions) • Expect sustained NII growth and Stable NIM through 2025 Q3 2024 Highlights • Well-positioned for strong financial performance as we continue our momentum into the remainder of the year and into 2025 • Expect the combination of a stable net interest margin and balance sheet growth to result in continued net interest income growth • Hedging program to protect both net interest margin and capital in a declining rate environment

1515 $340.4 $10.1 $8.8 $1.6 $1.1 $(1.3) $360.7 Q2 2024 Non- Interest Expense Macatawa Non- Interest Expense Salaries and Benefits* Software and Equipment* Acquisition Costs All Other Expenses* Q3 2024 Non- Interest Expense Non-Interest Income & Non-Interest Expense Continue to manage our expenses and believe Macatawa acquisition will provide valuable synergies ($ in Millions) $121.1 $2.9 $7.6 $1.4 $(13.2) $(5.3) $(1.4) $113.1 Q2 2024 Non- Interest Income Macatawa Non- Interest Income Investment Gains/Losses* Lease Income Mortgage Banking Gain on Sale of Premium Finance Loans in Q2 All Other Income* Q3 2024 Non- Interest Income Macatawa Acquisition Enhances Existing Diversified Fee Businesses ($ in Millions) Wintrust's Proven Acquisition Expertise Will Support Efficient Integration of Macatawa *Net of Macatawa

1616 $112.5 $100.8 $140.6 $121.1 $113.1 $33.5 $33.3 $34.8 $35.4 $37.2 $13.9 $14.2 $14.1 $13.9 $15.3 $14.2 $14.5 $14.8 $15.5 $16.4 $23.5 $31.4 $49.2 $27.2 $28.2 $27.4 $7.4 $27.7 $29.1 $16.0 Wealth Management Operating Lease Income, net Service Charges on Deposits Other ; incl. Call Option Income Mortgage Banking Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $572.6 $439.2 $475.6 $722.2 $766.8 $408.7 $315.6 $331.5 $544.4 $527.4 $163.9 $123.6 $144.1 $177.8 $239.4 Retail Originations Veterans First Originations Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Mortgage Originations for Sale Increased in Q3 2024 and are 34% Higher Than Q3 2023 MSRs Decreased Due to Lower Mortgage Rates Continued Strong Wealth Management BusinessNon-Interest Income Decreased Primarily Due to MSR Activity 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 $33.5 $33.3 $34.8 $35.4 $37.2 $44.7 $47.1 $48.7 $48.2 $51.1 Total Wealth Management Revenue Assets Under Administration ($ in Billions) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 ($ in Millions) ($ in Millions) % of MSRs to Loans Serviced for Others Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 1.77% 1.60% 1.67% 1.68% 1.52% $210.5 $192.5 $201.1 $204.6 $186.3 $11,886 $12,007 $12,051 $12,211 $12,253 MSRs, at fair value Loans Serviced for Others Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 ($ in Millions) ($ in Millions) Non-Interest Income Diversified fee businesses support non-interest income levels despite challenging mortgage environment Manual Input - Data Comes from Mortgage Team Pending

1717 $192.3 $194.0 $195.2 $198.5 $211.3 $111.3 $111.5 $112.2 $113.9 $119.0 $48.8 $49.0 $51.0 $52.1 $57.6 $32.2 $33.5 $32.0 $32.5 $34.7 Salaries Commissions and Incentive Compensation Benefits Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $31.2 $36.6 $45.1 $50.1 $52.9 $56.3 $63.8 2.85% 2.79% 2.51% 2.42% 2.33% 2.45% 2.38% Total Assets Non-Interest Expense as a % of Average Assets FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 YTD 2024 Efficiency Ratio Increased Slightly on Lower MSR Related Revenues 56.94% 63.51% 54.95% 56.83% 58.58% Efficiency Ratio (non-GAAP) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $340.4 $0.8 $— Q1 2024 Non-Interest Expense Advertising and Marketing FDIC Special Assessment Salaries and Benefits Occupancy Expense All Other Expenses Q2 2024 Non-Interest Expense Non-Interest Expense Continue to manage our expenses and believe they are in line with Company growth ($ in Millions) Consistent Asset Growth Coupled With Prudent Expense Management ($ in Billions) 1 Q4 2023 Includes FDIC Special Assessment of $34.4MM 2 Q1 2024 Includes FDIC Special Assessment of $5.2MM & Net Gain on Sale of RBA of $19.3MM 1 2 Total Salaries and Benefits Increase Primarily Driven by the Addition of Macatawa Employees and Incentive Compensation

1818 $437.6 $(3.7) $(6.5) $(9.7) $15.5 $3.0 $436.2 6/30/2024 Portfolio Changes Economic Factors Specific Reserve Macatawa Day 1 Non-PCD Macatawa Day 1 PCD 9/30/2024 $8.1 $14.9 $21.8 $30.0 $26.7 $19.9 $42.9 $21.7 $40.1 $22.3 0.08% 0.14% 0.21% 0.28% 0.23% NCOs Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $133.1 $139.0 $148.4 $174.3 $179.7 $79.4 $91.3 $89.9 $119.1 $125.4 $10.7 $0.0 $0.0 $0.0 $0.0$43.0 $47.7 $58.5 $55.2 $54.3 0.32% 0.33% 0.34% 0.39% 0.38% NPLs as a % of Total Loans PFR - Commercial NPLs PFR - Life NPLs Commercial, CRE and Other NPLs 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $(33) $(15) $(42) $(41) $2 (0.01)% 0.00% (0.01)% (0.01)% 0.00% NCOs Annualized NCOs as a % of Average Total Loans Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 $43,350 $45,715 Q2 2024 Q3 2024 $735 $729 Q2 2024 Q3 2024 $591 $623 Q2 2024 Q3 2024 Pass and Loans Guaranteed1 Special Mention Substandard2 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful 97% 97% 2% 2% 1% 1% Credit Quality Diversified Business Lines and Strong Credit Management Support Stable Credit Quality Macatawa's Historical NPLs Highlight Pristine Asset Quality Manageable Levels of Non-Performing Loans ($ in Millions) ($ in Millions) Special Mention and Substandard Percentages Remained Stable Quarter over Quarter Manual Input - All Data comes from Mike Reiser Q1 & Q2 Commercial, CRE, and Other NPL are hard coded due to rounding issues $8.1 $14.9 $21.8 $30.0 $26.7 $19.9 $42.9 $21.7 $40.1 $22.3 0.08% 0.14% 0.21% 0.28% 0.23% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Provision Increase driven by Macatawa Day 1 Impact Partially Offset by CECL Economic Outlook ($ in Millions) $75 $72 $1 $1 $1 0.01% 0.01% 0.00% 0.00% 0.00% NPLs Annualized NPLs as a % of Average Total Loans Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 $15.5 Day 1 Macatawa Provision for Credit Losses $6.8 Change in Allowance Driven by Improved Economic Outlook and Macatawa Day 1 Impact ($ in Millions) 3Portfolio Changes: Includes new volume and run- off, changes in credit quality, aging of existing portfolio, shifts in segmentation mix and changes in net charge-offs 3 Manual Input - All Data comes from Mike Reiser Manual Input - All Data comes from Mike Reiser $15.5

1919 0.40% 0.45% 0.41% 0.46% 0.48% 0.34% 0.51% 0.29% 0.34% 0.39% 0.81% 1.58% 1.74% 1.52% 1.30% 1.03% 0.85% 0.62% 0.56% 0.50% 0.47% 0.44% 0.36% 0.32% 0.16% 0.21% 0.27% 0.30% NPA/TA 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 9/3 0/2 02 4 1Q2 2024 is a Preliminary Number Non-Performing Assets to Total Assets NPAs continue to normalize though still remain historically low Historical Data are manual input from S&P File. Current quarter is linked

2020 • Decrease in allowance for credit losses driven by an improved macroeconomic scenario coupled with changes in credit quality within specific segments of the portfolio, offset by net loan growth including the acquisition of Macatawa • Coverage across all portfolios remains strong to endure potential future economic stress • Increase in allowance driven by net loan growth across most segments coupled with changes in credit quality within specific products of the portfolio • Strong coverage across all portfolios designed to protect against potential future economic downturn $43.2 $44.7 $47.1 0.99% 0.98% 0.93% Total Loan Period End Balance Allowance as a % of Total Loans 3/31/2024 6/30/2024 9/30/2024 $25.4 $26.3 $28.4 1.51% 1.52% 1.40% Core Loan Period End Balance Allowance as a % of Category 3/31/2024 6/30/2024 9/30/2024 $17.8 $18.4 $18.7 0.25% 0.21% 0.21% Niche Loan Period End Balance Allowance as a % of Category 3/31/2024 6/30/2024 9/30/2024 Credit Quality - Allowance for Loan Losses The Company remains well-reserved Consistently Well-Reserved Across Our Core Loan PortfolioAmple Allowance Coverage on Total Loan Portfolio ($ in Billions) ($ in Billions) Allowance Provides Appropriate Coverage Given Minimal Historic Losses in Niche Portfolio ($ in Billions) Q3 2024 Highlights Manual Input - All Data comes from Mike Reiser

2121 $151.5 $169.6 $166.5 $182.0 $171.6 1.19% 1.32% 1.23% 1.29% 1.13% Calculated Allowance Allowance as a % of Category 9/30/2023 12/31/2024 3/31/2024 6/30/2024 9/30/2024 $43.8 $39.0 $31.8 $51.4 $63.8 0.34% 0.30% 0.24% 0.36% 0.42% NPLs NPL as a % of Category 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $12,725 $12,832 $13,503 $14,154 $15,248 0.04% 0.14% 0.33% 0.25% 0.61% Period End Balance Net Charge-Off Ratio 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 44% 11%6% 16% 8% 5% 3% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - HOA Insurance agency lending Credit Quality - Commercial Loans Diversified portfolio with low net charge-offs Manageable Levels of Non-Performing Commercial Loans Strong Loan Growth With the Majority of Charge-offs Related to One Relationship Previously Reserved for in Prior Quarters ($ in Millions) ($ in Millions) Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 9/30/2024) ($ in Millions)

2222 $10,946 $11,344 $11,633 $11,947 $12,793 0.05% 0.19% 0.19% 0.53% 0.00% Period End Balance Net Charge-Off Ratio 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $18.1 $35.5 $39.3 $48.3 $42.3 0.17% 0.31% 0.34% 0.40% 0.33% NPLs NPL as a % of Category 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $215.7 $215.7 $226.1 $223.7 $231.1 1.97% 1.90% 1.94% 1.87% 1.81% Calculated Allowance Allowance as a % of Category 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 13% 20% 11% 25% 12% 15% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties NPLs and Credit Quality Remains Relatively StableProactive Credit Management ($ in Millions) ($ in Millions) Ample Allowance Levels to Protect Against Potential Future Market Pressure Commercial Real Estate Loan Composition (as of 9/30/2024) ($ in Millions)

2323 Medical, 27% Medical Owner Occupied, 2% Non-Medical Owner- Occupied, 15% Non-Medical Non Owner-Occupied, 56% $403.1 $320.9 $242.8 $206.6 $286.2 $215.7 $160.3 $150.2 $189.7 $130.3 $187.8 $122.8 Total CRE Office Non-Medical Non Owner-Occupied <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Chicago CBD, 11% Other CBD, 12% Suburban, 77% 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 2 $1,298.0 $197.7$179.6 $941.1 ### $244.4 $447.3 288937 100 49 34 26 17 11 17 11 8 5 Number of Loans Per Category CRE Office Portfolio (as of 9/30/2024) CRE office represents a minimal percentage of the total loan portfolio CRE Office Portfolio Geography ($ in Millions) CRE Office Portfolio Composition Granularity of CRE Office Portfolio by Loan Size ($ in Millions) ($ in Millions) <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M # of Loans CRE 937 100 34 17 17 8 Non Med 288 49 26 11 11 5 Portfolio Characteristics As of 6/30/2024 As of 9/30/2024 Balance ($ in Millions) $1,585 $1,675 CRE office as a % to Total CRE 13.27% 13.09% CRE office as a % to Total Loans 3.55% 3.56% Average Size of Loan ($ in Millions) $1.5 $1.5 Non-Performing Loan (NPL) Ratio 2.05% 1.57% Loans Still Accruing that are 30-89 Days Past Due Ratio 0.07% 1.66% Owner Occupied or Medical % 42% 44% $42.5 Manual Input - Data Comes from Mario's Team Medical $ 447.3 Medical Owner Occupied $ 42.5 Non-Medical Owner-Occupied $ 244.4 Non-Medical Non Owner- Occupied $ 941.1 Chicago CBD $ 179.6 Other CBD $ 197.7 Suburban $ 1,298.0 Total $ 1,675.3

2424 Manual Input - Data comes from Dominic Sarro $10.7 $0.0 $0.0 $0.0 $0.0 0.13% 0.00% 0.00% 0.00% 0.00% NPLs NPL as a % of Category 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $8,353 $1,947 Cash Surrender Value Other $7,932 $7,878 $7,872 $7,962 $7,997 0.00% 0.00% 0.00% 0.00% 0.00% Period End Balance Net Charge-Off Ratio 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 1 Loan Collateral reported at actual values versus credit advance rate 2 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance 4% 72% 6% 18% Annuity Brokerage Account Certificate of Deposit Letters of Credit OtherCollateral Coverage2 of 129% Credit Quality Premium Finance Receivables - Life Insurance Life Insurance portfolio remains steady and has continued to demonstrate exceptional credit quality Continued Low Levels of Non-Performing LoansQ3 2024 Balances Remained Consistent with Strong Credit Quality ($ in Millions) ($ in Millions) Total Loan Collateral1 by Type (as of 9/30/2024) "Other" Loan Collateral1 by Type (as of 9/30/2024) ($ in Millions) Pending

2525 Steady Levels of Non-Performing LoansConsistent Loan Growth $6,723 $6,904 $6,940 $7,101 $7,132 0.29% 0.29% 0.32% 0.33% 0.24% Period End Balance Net Charge-Off Ratio 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $4,212 $4,140 $4,209 $5,080 $4,499 Originations Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $43.0 $47.7 $58.5 $55.1 $54.3 0.64% 0.69% 0.84% 0.78% 0.76% NPLs NPL as a % of Category 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $3,531 $2,358 $1,050 $193 Current Premium Finance Receivables - Property and Casualty Insurance Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 7-9 Months > 9 months Premium Finance Receivables - Property and Casualty Insurance ($ in Millions) ($ in Millions) Projected Repayments Stable Origination Volume Despite Seasonality of Portfolio ($ in Millions) ($ in Millions) Manual Input - Data comes from Mark B Manual Input - Data comes from Thanos Polyzois and Matt for Canada Pending

2626 Appendix

2727 ($ in Thousands) Purchased Loans Unaccreted Purchase Accounting Carrying Value WA Remaining Life ( Months) 8/1/24-9/30/24 Accretion Commercial & Industrial $508,045 $5,080 $513,125 36 $141 Commercial Real Estate $604,060 $6,041 $610,101 59 $102 Consumer & Other $3,848 $38 $3,886 48 $1 Home Equity $58,693 $587 $59,280 86 $7 Residential Real Estate $211,382 $2,114 $213,496 86 $25 Total Loans $1,386,028 $13,860 $1,399,888 56 $276 Macatawa Bank - Purchase Accounting Wintrust's proven acquisition expertise will support efficient integration of Macatawa Additional Information • Macatawa acquisition completed on August 1st, 2024 • Purchase price totaled $499.3MM. The company issued 4.7MM shares of WTFC common stock • Preliminarily recorded goodwill of approximately $144.6 million on the purchase ($ in Millions) 3Q 24 Impact Estimated 4Q 24 Impact Commentary Items accreting through interest income: Record loans at fair value $(53.7) $3.2 $3.7 Accreted into interest and fees on loans using methods that approximate the effective interest method, which accretes the discounts over the life of the loans Record securities at fair value (securities sold) $(32.1) $0.0 $0.0 The company sold $527.6 of the securities after the closing of the acquisition, with the discount absorbing $32.1 in losses realized on the sale Record securities at fair value (securities retained) $(1.4) $0.2 $0.3 The remaining $1.4 of discount on $82.3 securities not sold will be accreted into investment securities using methods that approximate the effective interest method, which accretes the discount over the life of the securities Items amortizing through non-interest expense: Record buildings at fair value $6.2 $0.1 $0.1 Amortized to occupancy expense over 39 years using the straight-line method Record core deposit intangible $99.3 $3.0 $4.5 Amortized through other acquisition-related intangible assets expense over 10 years using the sum-of-the-years-digits method Pre-tax impact $0.3 $(0.6) ($ in Millions) PENDING

2828 Hedging activities had a 17 basis point unfavorable impact to our Q3 2024 NIM as compared to a 18 basis point unfavorable impact to our Q2 2024 NIM. These derivatives are expected to benefit the Company as one-month term SOFR rates fall. 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% Receive Fixed Swap 10/1/2024 $0.35B 10/1/2029 N/A N/A 3.99% Receive Fixed Swap 11/1/2024 $0.35B 11/1/2029 N/A N/A 4.25% Below are the details of the derivatives entered by the Company as of September 30, 2024. These derivatives hedge the cash flows of variable rate loans that reprice monthly based on one-month term SOFR. Hedging Strategy Update Use of Hedges to Mitigate Negative Impacts of Falling Rates Manual Input - To Confirm with Joel

2929 1Geographic Diversification: relevant business location utilized to estimate geographic diversification, which can mean the following locations types were used: 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 Loan Portfolio Highly diversified portfolio across U.S Loan Portfolio - Geographic Diversification1 (as of 9/30/2024) 34% 8% 7% 6% 5% 4% 3% 2% 2% 2% 2% 2%Canada: 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 2% 1.2% 1.4% 1.4% 1.5% 4%

3030 Abbreviation Definition BOLI Bank Owned Life Insurance BP Basis Point BV Book Value per Common Share CBD Central Business District CET1 Ratio Common Equity Tier 1 Capital Ratio CRE Commercial Real Estate Diluted EPS Net Income per Common Share - Diluted FDIC Federal Deposit Insurance Corporation GAAP Generally Accepted Accounting Principles HOA Homeowners Association Interest Bearing Cash Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents MSA Metropolitan Statistical Area 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 NPA Non-Performing Asset NPL Non-Performing Loan PCD Purchased Credit Deteriorated PFR Premium Finance Receivables PTPP Pre-Tax, Pre-Provision Income RBA Retirement Benefits Advisors 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 TA Total Assets TBV Tangible Book Value TBVPS Tangible Book Value Per Share Glossary

3131 Three Months Ended Nine Months Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2024 2024 2024 2023 2023 2024 2023 (A) Interest Income (GAAP) $908,604 $849,979 $805,513 $793,848 $762,400 $ 2,564,096 $ 2,099,266 Taxable-equivalent adjustment: - Loans 2,474 2,305 2,246 2,150 1,923 7,025 5,677 - Liquidity Management Assets 668 567 550 575 572 1,785 1,674 - Other Earning Assets 2 3 5 4 1 10 6 (B) Interest Income (non-GAAP) $911,748 $852,854 $808,314 $796,577 $764,896 $2,572,916 $2,106,623 (C) Interest Expense (GAAP) $406,021 $379,369 $341,319 $323,874 $300,042 $1,126,709 $731,376 (D) Net Interest Income (GAAP) (A minus C) $502,583 $470,610 $464,194 $469,974 $462,358 $1,437,387 $1,367,890 (E) Net Interest Income (non-GAAP) (B minus C) $505,727 $473,485 $466,995 $472,703 $464,854 $1,446,207 $1,375,247 Net interest margin (GAAP) 3.49 % 3.50 % 3.57 % 3.62 % 3.60 % 3.52 % 3.68 % Net interest margin, fully taxable-equivalent (non-GAAP) 3.51 % 3.52 % 3.59 % 3.64 % 3.62 % 3.54 % 3.70 % (F) Non-interest income $113,147 $121,147 $140,580 $100,829 $112,478 $374,874 $333,277 (G) (Losses) gains on investment securities, net 3,189 (4,282) 1,326 2,484 (2,357) 233 (959) (H) Non-interest expense 360,687 340,353 333,145 362,652 330,055 1,034,185 949,847 Efficiency ratio (H/(D+F-G)) 58.88 % 57.10 % 55.21 % 63.81 % 57.18 % 57.07 % 55.80 % Efficiency ratio (non-GAAP) (H/(E+F-G)) 58.58 % 56.83 % 54.95 % 63.51 % 56.94 % 56.80 % 55.56 % The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $232,709 $211,343 $249,956 $165,243 $224,858 $694,008 $679,838 Add: Provision for credit losses 22,334 40,061 21,673 42,908 19,923 $84,068 $71,482 Pre-tax income, excluding provision for credit losses (non-GAAP) $255,043 $251,404 $271,629 $208,151 $244,781 $778,076 $751,320 Non-GAAP Reconciliation

3232 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 232,709 $ 211,343 $ 249,956 $ 165,243 $ 224,858 $ 694,008 $ 679,838 Add: Provision for credit losses 22,334 40,061 21,673 42,908 19,923 84,068 71,482 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 255,043 $ 251,404 $ 271,629 $ 208,151 $ 244,781 $ 778,076 $ 751,320 Three Months Ended Nine Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2024 2024 2024 2023 2023 2024 2023 (N) Net income applicable to common shares $163,010 $145,397 $180,303 $116,489 $157,207 $488,710 $478,173 Add: Intangible asset amortization 4,042 1,122 1,158 1,356 1,408 6,322 4,142 Less: Tax effect of intangible asset amortization (1,087) (311) (291) (343) (380) (1,682) (1,102) After-tax intangible asset amortization $ 2,955 $ 811 $ 867 $ 1,013 $ 1,028 $ 4,640 $ 3,040 (O) Tangible net income applicable to common shares (non-GAAP) $165,965 $146,208 $181,170 $117,502 $158,235 493,350 481,213 Total average shareholders’ equity $5,990,429 $5,450,173 $5,440,457 $5,066,196 $5,083,883 $5,628,346 $5,008,648 Less: Average preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (412,500) $(412,500) (P) Total average common shareholders’ equity $5,577,929 $5,037,673 $5,027,957 $4,653,696 $4,671,383 $5,215,846 $ 4,596,148 Less: Average intangible assets (833,574) (677,207) (678,731) (679,812) (681,520) (730,216) $ (679,799) (Q) Total average tangible common shareholders’ equity (non-GAAP) $4,744,355 $4,360,466 $4,349,226 $3,973,884 $3,989,863 $ 4,485,630 $ 3,916,349 Return on average common equity, annualized (N/P) 11.63 % 11.61 % 14.42 % 9.93 % 13.35 % 12.52 % 13.91 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 13.92 13.49 16.75 11.73 15.73 14.69 16.43 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

3333 Three Months Ended Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): September 30, June 30, March 31, December 31, September 30, 2024 2024 2024 2023 2023 Total shareholders’ equity (GAAP) $6,399,714 $5,536,628 $5,436,400 $5,399,526 $5,015,613 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (924,646) (676,562) (677,911) (679,561) (680,353) (I) Total tangible common shareholders’ equity (non-GAAP) $5,062,568 $4,447,566 $4,345,989 $4,307,465 $3,922,760 (J) Total assets (GAAP) 63,788,424 59,781,516 57,576,933 56,259,934 55,555,246 Less: Intangible assets (GAAP) (924,646) (676,562) (677,911) (679,561) (680,353) (K) Total tangible assets (non-GAAP) $62,863,778 $59,104,954 $56,899,022 $55,580,373 $54,874,893 Common equity to assets ratio (GAAP) (L/J) 9.4 % 8.6 % 8.7 % 8.9 % 8.3 % Tangible common equity ratio (non-GAAP) (I/K) 8.1 % 7.5 % 7.6 % 7.7 % 7.1 % Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $6,399,714 $5,536,628 $5,436,400 $5,399,526 $5,015,613 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $5,987,214 $5,124,128 $5,023,900 $4,987,026 $4,603,113 (M) Actual common shares outstanding 66,482 61,760 61,737 61,244 61,222 Book value per common share (L/M) $90.06 $82.97 $81.38 $81.43 $75.19 Tangible book value per common share (non-GAAP) (I/M) $76.15 $72.01 $70.40 $70.33 $64.07 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: ($'s and Shares in Thousands): September 30, June 30, March 31, December 31, September 30, 2024 2024 2024 2023 2023 (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): September 30, June 30, March 31, December 31, September 30, 2024 2024 2024 2023 2023 (N) Net income applicable to common shares $ 163,010 $ 145,397 $ 180,303 $ 116,489 $ 157,207 Add: Intangible asset amortization $ 4,042 $ 1,122 $ 1,158 $ 1,356 1408000 Less: Tax effect of intangible asset amortization $ (1,087) $ (311) $ (291) $ (343) (380) After-tax intangible asset amortization $ 2,955 $ 811 $ 867 $ 1,013 1,028 (O) Tangible net income applicable to common shares (non-GAAP) $ 165,965 $ 146,208 $ 181,170 $ 117,502 158,235 Total average shareholders’ equity $ 5,990,429 $ 5,450,173 $ 5,440,457 $ 5,066,196 $ 5,083,883 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 5,577,929 $ 5,037,673 $ 5,027,957 $ 4,653,696 $ 4,671,383 Less: Average intangible assets $ (833,574) $ (677,207) $ (678,731) $ (679,812) $ (681,520) (Q) Total average tangible common shareholders’ equity (non-GAAP) $4,744,355 $4,360,466 $4,349,226 $3,973,884 $3,989,863 Return on average common equity, annualized (N/P) 11.63% 11.61% 14.42% 9.93% 13.35% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 13.92 13.49 16.75 11.73 15.73 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.