ウィントラストファイナンシャルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 21, 2025

WINTRUST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Illinois

001-35077

36-3873352

(State or other jurisdiction of Incorporation)

(Commission File Number)

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

9700 W. Higgins Road, Suite 800

Rosemont

Illinois

60018

(Address of principal executive offices)

(Zip Code)

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

Not Applicable

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

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


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


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


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


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


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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition

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

On January 21, 2025, Wintrust Financial Corporation (the “Company”) announced earnings for the fourth quarter of 2024 and posted on its website the Fourth 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 35 through 37 of Exhibit 99.1 and pages 28 through 30 of Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


Exhibit
99.1			Fourth Quarter 2024 Earnings Release dated January 21, 20 25
99.2			Fourth Quarter 2024 Earnings Release Presentation dated Jan uary 21, 202 5

Signature

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



						WINTRUST FINANCIAL CORPORATION (Registrant)

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

Date: January 21, 2025

INDEX TO EXHIBITS



Exhibit
99.1			Fourth Quarter 2024 Earnings Release dated January 21, 2025
99.2			Fourth Quarter 2024 Earnings Release Presentation dated January 21, 2025

EX-99.1 2 q42024exhibit991.htm EX-99.1 Document

Exhibit 99.1

Wintrust Financial Corporation

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

News Release



FOR IMMEDIATE RELEASE						January 21, 2025

FOR MORE INFORMATION CONTACT:

Timothy S. Crane, President & Chief Executive Officer

David A. Dykstra, Vice Chairman & Chief Operating Officer

(847) 939-9000

Web site address: www.wintrust.com

Wintrust Financial Corporation Reports Record Full Year Net Income

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $695.0 million or $10.31 per diluted common share for the year ended December 31, 2024 compared to net income of $622.6 million or $9.58 per diluted common share for the same period of 2023. Pre-tax, pre-provision income (non-GAAP) for the year ended December 31, 2024 totaled a record $1.0 billion, compared to $959.5 million for the same period of 2023.

The Company recorded quarterly net income of $185.4 million or $2.63 per diluted common share for the fourth quarter of 2024 compared to net income of $170.0 million or $2.47 per diluted common share for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled $270.1 million as compared to $255.0 million for the third quarter of 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are very pleased with our 2024 results, including record net income for the full year 2024. The Company exhibited consistently strong organic loan and deposit growth throughout 2024 and expanded our geographic footprint into the west Michigan market through the acquisition of Macatawa Bank Corporation (“Macatawa”). We enter 2025 with great momentum in our efforts to further expand the franchise.”

Additionally, Mr. Crane emphasized, “Net interest margin in the fourth quarter was unchanged compared to the third quarter of 2024. Our relative neutral sensitivity to further interest rate changes should allow our net interest margin to remain in the 3.50% range as we move forward into 2025 given the current market consensus outlook. Stable net interest margin coupled with continued balance sheet growth should result in further net interest income growth in 2025. Focusing on building long term franchise value, growth of net interest income, disciplined expense control and maintaining our consistent credit standards remain our priorities in 2025.”

Highlights of the fourth quarter of 2024:

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

•Total loans increased by approximately $1.0 billion, or 8% annualized.

•Total deposits increased by approximately $1.1 billion, or 9% annualized.

•Total assets increased by $1.1 billion, or 7% annualized.

•Net interest income increased to $525.1 million in the fourth quarter of 2024 compared to $502.6 million in the third quarter of 2024, primarily due to average earning asset growth.

◦Net interest margin remained at 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2024.

•Non-interest income was impacted by the following:

◦Mortgage banking revenue included a net negative fair value mark of $1.5 million in the fourth quarter of 2024, compared to a net negative fair value mark of $6.9 million in the third quarter of 2024. See Table 16 for details.

◦Net losses on investment securities totaling $2.8 million in the fourth quarter of 2024 related primarily to changes in the value of equity securities as compared to net gains of $3.2 million in the third quarter of 2024.

•Non-interest expense was impacted by the following:

◦The Macatawa Bank acquisition added approximately $15.8 million of total operating expenses, including $4.8 million of core deposit intangible asset amortization in the fourth quarter of 2024 compared to approximately $10.1 million of total operating expenses, including $3.0 million of core deposit intangible asset amortization in the third quarter of 2024.

The additional expense is attributable to one additional month of recognized expenses for Macatawa in the fourth quarter of 2024 as compared to the third quarter of 2024.

◦Incurred acquisition related costs of $1.8 million in the fourth quarter of 2024 as compared to $1.6 million in the third quarter of 2024.

•Provision for credit losses totaled $17.0 million in the fourth quarter of 2024 as compared to a provision for credit losses of $22.3 million in the third quarter of 2024 which included a one-time Macatawa acquisition-related Day 1 provision of approximately $15.5 million.

•Net charge-offs totaled $15.9 million or 13 basis points of average total loans on an annualized basis in the fourth quarter of 2024 compared to $26.7 million or 23 basis points of average total loans on an annualized basis in the third quarter of 2024.

Mr. Crane noted, “A stable net interest margin coupled with earning asset growth resulted in record net interest income in the fourth quarter of 2024 as we grew our net interest income by $22.6 million as compared to the third quarter of 2024. The company continued its consistent, strong loan growth as loans increased by $1.0 billion, or 8% on an annualized basis in the fourth quarter of 2024. Loan pipelines are strong and we remain prudent in our review of credit prospects, ensuring our loan growth adheres to our conservative credit standards. Deposit growth of $1.1 billion, or 9% on an annualized basis, in the fourth quarter of 2024 outpaced loan growth which resulted in our loans to deposits ratio ending the quarter at 91.5%. Non-interest bearing deposits increased $670.9 million compared to the third quarter of 2024 and comprised 22% of total deposits at the end of the fourth 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, “Credit metrics improved for the second consecutive quarter, ending 2024 with overall stable credit quality. Net charge-offs as a percentage of average total loans on an annualized basis improved, with the fourth quarter of 2024 being the low point for the year. Prudent credit management and disciplined underwriting standards continue to support low losses in the portfolios. Non-performing loans also improved in the second half of 2024, with the fourth quarter of 2024 non-performing loans being 0.36% of total loans. Improvement has been experienced in our commercial real estate portfolio, where consistent in-depth reviews of the portfolio have led to positive outcomes by proactively identifying and resolving problem credits. Total non-performing assets, at 0.30% of total assets at year-end, remained consistent with the same level at the end of the third quarter. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe that the Company’s reserves are appropriate and we remain diligent in our review of credit.”

In summary, Mr. Crane noted, “We are proud of our results in 2024 and believe we are well-positioned to continue our momentum into the new year. We have successfully reduced our asset sensitivity, leaving us well positioned to deliver improved results independent of interest rate changes. We remain focused on winning new business, expanding our franchise and improving our position in the markets we serve.”

* * *

The graphs shown on pages 3-8 illustrate certain financial highlights of the fourth 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 $1.1 billion in the fourth quarter of 2024 as compared to the third quarter of 2024. Total loans increased by $1.0 billion as compared to the third quarter of 2024. The increase in loans was diversified across nearly all loan portfolios.

Total liabilities increased by $1.1 billion in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a $1.1 billion increase in total deposits. Strong organic deposit growth in the fourth quarter of 2024 enabled the Company to reduce brokered funding reliance by $482 million as compared to the third quarter of 2024. Non-interest bearing deposits increased $671 million in the fourth quarter of 2024 as compared to the third quarter of 2024. Non-interest bearing deposits as a percentage of total deposits increased to 22% at December 31, 2024, compared to 21% as of September 30, 2024. The Company's loans to deposits ratio was 91.5% on December 31, 2024 as compared to 91.6% as of September 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 fourth quarter of 2024, net interest income totaled $525.1 million, an increase of $22.6 million as compared to the third quarter of 2024. The $22.6 million increase in net interest income in the fourth quarter of 2024 compared to the third quarter of 2024 was primarily due to a $2.6 billion increase in average earning assets.

Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2024, unchanged compared to the third quarter of 2024. The yield on earning assets declined 24 basis points during the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a 22 basis point decrease in loan yields. The net free funds contribution declined seven basis points compared to the third quarter of 2024 due to a reduced rate paid on interest-bearing liabilities. These declines were offset by a 31 basis point decrease in rate paid on interest-bearing liabilities. The 31 basis point decrease in rate paid on interest-bearing liabilities in the fourth quarter of 2024 as compared to the third quarter of 2024 was primarily due to a 33 basis point decline 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 $437.1 million as of December 31, 2024, relatively unchanged compared to $436.2 million as of September 30, 2024. A provision for credit losses totaling $17.0 million was recorded for the fourth quarter of 2024 as compared to $22.3 million recorded in the third quarter of 2024. The lower provision for credit losses recognized in the fourth quarter of 2024 as compared to the third quarter of 2024 is primarily attributable to the Day 1 provision for credit losses of approximately $15.5 million related to the Macatawa acquisition recognized in the third quarter of 2024. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of December 31, 2024, September 30, 2024, and June 30, 2024 is shown on Table 12 of this report.

Net charge-offs totaled $15.9 million in the fourth quarter of 2024, a decrease of $10.8 million as compared to $26.7 million of net charge-offs in the third quarter of 2024. Net charge-offs as a percentage of average total loans were 13 basis points in the fourth quarter of 2024 on an annualized basis compared to 23 basis points on an annualized basis in the third 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 $193.9 million and comprised 0.30% of total assets as of December 31, 2024, as compared to $193.4 million, or 0.30% of total assets, as of September 30, 2024. Non-performing loans totaled $170.8 million and comprised 0.36% of total loans at December 31, 2024, as compared to $179.7 million and 0.38% of total loans at September 30, 2024. The decrease in non-performing loans in the fourth quarter of 2024 was primarily attributable to a decline in commercial real estate nonaccrual loans.

For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $1.6 million in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to increased trust and asset management fees from higher assets under management during the period. Approximately $0.6 million of additional wealth management revenue recognized in the fourth quarter of 2024 compared to the third quarter of 2024 relates to one additional month of Macatawa results included in the current quarter. 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 increased by $4.5 million in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a change in net fair value marks, a $5.5 million impact. Partially offsetting the positive fair value impact was a decrease in operational mortgage banking revenue of $1.0 million in the fourth quarter of 2024 compared to the third quarter of 2024. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized $18.9 million in service charges on deposits accounts in the fourth quarter of 2024 as compared to $16.4 million in the third quarter of 2024. The $2.4 million increase in the fourth quarter of 2024 was primarily the result of increased commercial account analysis fees.

The Company incurred $2.8 million in net losses on investment securities in the fourth quarter of 2024 as compared to $3.2 million in net gains in the third quarter of 2024. The net losses in the fourth quarter of 2024 were primarily the result of unrealized losses on the Company’s equity investment securities with a readily determinable fair value.

Fees from covered call options increased by $1.3 million in the fourth quarter of 2024 as compared to the third 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 $3.5 million in the fourth quarter of 2024 compared to the third quarter of 2024 due to unfavorable foreign currency remeasurement adjustments of $1.4 million and a variety of other smaller miscellaneous revenue declines.

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

NON-INTEREST EXPENSE

Non-interest expenses totaled $368.5 million in the fourth quarter of 2024, increasing $7.9 million as compared to $360.7 million in the third quarter of 2024. The additional expense is attributable to one additional month of recognized expenses for Macatawa in the fourth quarter of 2024 as compared to the third quarter of 2024. The Macatawa acquisition accounted for approximately $5.7 million of the increase, which included $1.8 million in additional amortization of other acquisition-related intangible assets in the fourth quarter of 2024 as compared to the third quarter of 2024.

Salaries and employee benefits expense increased by $872,000 in the fourth quarter of 2024 as compared to the third quarter of 2024. The $872,000 increase is primarily related to increased salaries expense due to the Macatawa acquisition impacting the fourth quarter of 2024 for three months as compared to two months in the third quarter of 2024 as well as increased employee insurance costs in the current quarter. These increases were partially offset by lower incentive compensation expense in the fourth quarter of 2024.

Software and equipment expense increased $2.7 million in the fourth quarter of 2024 as compared to the third 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 fourth quarter of 2024 totaled $13.1 million, which is a $5.1 million decrease as compared to the third quarter of 2024 primarily due to a decrease in sports sponsorships. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors.

Generally, these expenses are elevated in the second and third quarters of each year.

Professional fees expense totaled $11.3 million in the fourth quarter of 2024, an increase of $1.6 million as compared to the third quarter of 2024. The increase in the current quarter relates primarily to increased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

The Company recorded net OREO expense of $397,000 in the fourth quarter of 2024, compared to net OREO income of $938,000 in the third quarter of 2024. The net OREO income in the third quarter of 2024 was primarily the result of realized gains on sales of OREO. Net OREO expenses also include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.

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

INCOME TAXES

The Company recorded income tax expense of $67.7 million in the fourth quarter compared to $62.7 million in the third quarter of 2024. The effective tax rates were 26.76% in the fourth quarter of 2024 compared to 26.95% in the third quarter of 2024.

BUSINESS UNIT SUMMARY

Community Banking

Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the fourth quarter of 2024, the community banking unit increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $20.5 million for the fourth quarter of 2024, an increase of $4.5 million as compared to the third quarter of 2024, primarily due to a change in net fair value marks, a $5.5 million impact. Partially offsetting the positive fair value impact was a decrease in operational mortgage banking revenue of $1.0 million in the fourth quarter of 2024 compared to the third quarter of 2024. See Table 16 for more detail. Service charges on deposit accounts totaled $18.9 million in the fourth quarter of 2024 as compared to $16.4 million in the third quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of December 31, 2024 indicating momentum for expected continued loan growth in the first quarter of 2025.

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 $5.1 billion during the fourth quarter of 2024. Average balances increased by $11.6 million, as compared to the third quarter of 2024. The Company’s leasing portfolio balance increased in the fourth quarter of 2024, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.9 billion as of December 31, 2024 as compared to $3.7 billion as of September 30, 2024. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the fourth quarter of 2024, which was relatively stable compared to the third 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 $38.8 million in the fourth quarter of 2024, up slightly as compared to the third quarter of 2024. At December 31, 2024, the Company’s wealth management subsidiaries had approximately $51.2 billion of assets under administration, which included $8.5 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 carrying values of approximately $2.7 billion in assets, $2.3 billion in deposits and $1.4 billion in loans. As of December 31, 2024, the Company recorded preliminary goodwill of approximately $142.1 million on the purchase. The initial purchase accounting for the acquisition, in accordance with GAAP, for this business combination is not finalized and is therefore subject to change.

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 fourth quarter of 2024, as compared to the third quarter of 2024 (sequential quarter) and fourth quarter of 2023 (linked quarter), are shown in the table below:


										% or (1) basis point (bp) change from 3rd Quarter 2024		% or basis point (bp) change from 4th Quarter 2023
	Three Months Ended
(Dollars in thousands, except per share data)	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023
Net income	$	185,362		$	170,001		$	123,480		9	%	50	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	270,060			255,043			208,151			6		30

Net income per common share – Diluted	2.63			2.47			1.87			6		41
Cash dividends declared per common share	0.45			0.45			0.40			—		13
Net revenue (3)	638,599			615,730			570,803			4		12
Net interest income	525,148			502,583			469,974			4		12
Net interest margin	3.49		%	3.49		%	3.62		%	—	bps	(13)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.51			3.51			3.64			—		(13)
Net overhead ratio (4)	1.60			1.62			1.89			(2)		(29)

Return on average assets	1.16			1.11			0.89			5		27
Return on average common equity	11.82			11.63			9.93			19		189
Return on average tangible common equity (non-GAAP) (2)	14.29			13.92			11.73			37		256
At end of period
Total assets	$	64,879,668		$	63,788,424		$	56,259,934		7	%	15	%
Total loans (5)	48,055,037			47,067,447			42,131,831			8		14

Total deposits	52,512,349			51,404,966			45,397,170			9		16
Total shareholders’ equity	6,344,297			6,399,714			5,399,526			(3)		17

(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															Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Selected Financial Condition Data (at end of period):
Total assets	$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933		$	56,259,934
Total loans (1)	48,055,037			47,067,447			44,675,531			43,230,706			42,131,831
Total deposits	52,512,349			51,404,966			48,049,026			46,448,858			45,397,170

Total shareholders’ equity	6,344,297			6,399,714			5,536,628			5,436,400			5,399,526
Selected Statements of Income Data:
Net interest income	$	525,148		$	502,583		$	470,610		$	464,194		$	469,974		$	1,962,535		$	1,837,864
Net revenue (2)	638,599			615,730			591,757			604,774			570,803			2,450,860			2,271,970
Net income	185,362			170,001			152,388			187,294			123,480			695,045			622,626
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	270,060			255,043			251,404			271,629			208,151			1,048,136			959,471

Net income per common share – Basic	2.68			2.51			2.35			2.93			1.90			10.47			9.72
Net income per common share – Diluted	2.63			2.47			2.32			2.89			1.87			10.31			9.58
Cash dividends declared per common share	0.45			0.45			0.45			0.45			0.40			1.80			1.60
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.49		%	3.49		%	3.50		%	3.57		%	3.62		%	3.51		%	3.66		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.51			3.51			3.52			3.59			3.64			3.53			3.68
Non-interest income to average assets	0.71			0.74			0.85			1.02			0.73			0.82			0.81
Non-interest expense to average assets	2.31			2.36			2.38			2.41			2.62			2.36			2.45
Net overhead ratio (4)	1.60			1.62			1.53			1.39			1.89			1.54			1.64

Return on average assets	1.16			1.11			1.07			1.35			0.89			1.17			1.16
Return on average common equity	11.82			11.63			11.61			14.42			9.93			12.32			12.90
Return on average tangible common equity (non-GAAP) (3)	14.29			13.92			13.49			16.75			11.73			14.58			15.23
Average total assets	$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695		$	55,017,075		$	59,416,909		$	53,529,506
Average total shareholders’ equity	6,418,403			5,990,429			5,450,173			5,440,457			5,066,196			5,826,940			5,023,153
Average loans to average deposits ratio	91.9		%	93.8		%	95.1		%	94.5		%	92.9		%	93.8		%	93.1		%
Period-end loans to deposits ratio	91.5			91.6			93.0			93.1			92.8
Common Share Data at end of period:
Market price per common share	$	124.71		$	108.53		$	98.56		$	104.39		$	92.75
Book value per common share	89.21			90.06			82.97			81.38			81.43
Tangible book value per common share (non-GAAP) (3)	75.39			76.15			72.01			70.40			70.33
Common shares outstanding	66,495,227			66,481,543			61,760,139			61,736,715			61,243,626
Other Data at end of period:
Common equity to assets ratio	9.1		%	9.4		%	8.6		%	8.7		%	8.9		%
Tangible common equity ratio (non-GAAP)(3)	7.8			8.1			7.5			7.6			7.7
Tier 1 leverage ratio (5)	9.4			9.6			9.3			9.4			9.3
Risk-based capital ratios:
Tier 1 capital ratio (5)	10.6			10.6			10.3			10.3			10.3
Common equity tier 1 capital ratio (5)	9.9			9.8			9.5			9.5			9.4
Total capital ratio (5)	12.2			12.2			12.1			12.2			12.1


Allowance for credit losses (6)	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612

Allowance for loan and unfunded lending-related commitment losses to total loans	0.91		%	0.93		%	0.98		%	0.99		%	1.01		%

Number of:
Bank subsidiaries	16			16			15			15			15
Banking offices	205			203			177			176			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)
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2024		2024		2024		2024		2023
Assets
Cash and due from banks	$	452,017	$	725,465	$	415,462	$	379,825	$	423,404
Federal funds sold and securities purchased under resale agreements	6,519		5,663		62		61		60
Interest-bearing deposits with banks	4,409,753		3,648,117		2,824,314		2,131,077		2,084,323
Available-for-sale securities, at fair value	4,141,482		3,912,232		4,329,957		4,387,598		3,502,915
Held-to-maturity securities, at amortized cost	3,613,263		3,677,420		3,755,924		3,810,015		3,856,916
Trading account securities	4,072		3,472		4,134		2,184		4,707
Equity securities with readily determinable fair value	215,412		125,310		112,173		119,777		139,268
Federal Home Loan Bank and Federal Reserve Bank stock	281,407		266,908		256,495		224,657		205,003
Brokerage customer receivables	18,102		16,662		13,682		13,382		10,592


Mortgage loans held-for-sale, at fair value	331,261		461,067		411,851		339,884		292,722


Loans, net of unearned income	48,055,037		47,067,447		44,675,531		43,230,706		42,131,831



Allowance for loan losses	(364,017)		(360,279)		(363,719)		(348,612)		(344,235)
Net loans	47,691,020		46,707,168		44,311,812		42,882,094		41,787,596
Premises, software and equipment, net	779,130		772,002		722,295		744,769		748,966
Lease investments, net	278,264		270,171		275,459		283,557		281,280


Accrued interest receivable and other assets	1,739,334		1,721,090		1,671,334		1,580,142		1,551,899
Trade date securities receivable	—		551,031		—		—		690,722

Goodwill	796,942		800,780		655,955		656,181		656,672
Other acquisition-related intangible assets	121,690		123,866		20,607		21,730		22,889
Total assets	$	64,879,668	$	63,788,424	$	59,781,516	$	57,576,933	$	56,259,934
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,410,018	$	10,739,132	$	10,031,440	$	9,908,183	$	10,420,401
Interest-bearing	41,102,331		40,665,834		38,017,586		36,540,675		34,976,769
Total deposits	52,512,349		51,404,966		48,049,026		46,448,858		45,397,170


Federal Home Loan Bank advances	3,151,309		3,171,309		3,176,309		2,676,751		2,326,071

Other borrowings	534,803		647,043		606,579		575,408		645,813

Subordinated notes	298,283		298,188		298,113		437,965		437,866
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566

Accrued interest payable and other liabilities	1,785,061		1,613,638		1,861,295		1,747,985		1,799,922



Total liabilities	58,535,371		57,388,710		54,244,888		52,140,533		50,860,408
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	66,560		66,546		61,825		61,798		61,269
Surplus	2,482,561		2,470,228		1,964,645		1,954,532		1,943,806
Treasury stock	(6,153)		(6,098)		(5,760)		(5,757)		(2,217)
Retained earnings	3,897,164		3,748,715		3,615,616		3,498,475		3,345,399
Accumulated other comprehensive loss	(508,335)		(292,177)		(512,198)		(485,148)		(361,231)
Total shareholders’ equity	6,344,297		6,399,714		5,536,628		5,436,400		5,399,526
Total liabilities and shareholders’ equity	$	64,879,668	$	63,788,424	$	59,781,516	$	57,576,933	$	56,259,934

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended										Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Interest income
Interest and fees on loans	$	789,038	$	794,163	$	749,812	$	710,341	$	694,943	$	3,043,354	$	2,540,952
Mortgage loans held-for-sale	5,623		6,233		5,434		4,146		4,318		21,436		16,791
Interest-bearing deposits with banks	46,256		32,608		19,731		16,658		21,762		115,253		78,978
Federal funds sold and securities purchased under resale agreements	53		277		17		19		578		366		1,806
Investment securities	67,066		69,592		69,779		69,678		68,237		276,115		238,587
Trading account securities	6		11		13		18		15		48		41
Federal Home Loan Bank and Federal Reserve Bank stock	5,157		5,451		4,974		4,478		3,792		20,060		14,912
Brokerage customer receivables	302		269		219		175		203		965		1,047
Total interest income	913,501		908,604		849,979		805,513		793,848		3,477,597		2,893,114
Interest expense
Interest on deposits	346,388		362,019		335,703		299,532		285,390		1,343,642		906,470
Interest on Federal Home Loan Bank advances	26,050		26,254		24,797		22,048		18,316		99,149		72,286
Interest on other borrowings	7,519		9,013		8,700		9,248		9,557		34,480		35,280
Interest on subordinated notes	3,733		3,712		5,185		5,487		5,522		18,117		22,024
Interest on junior subordinated debentures	4,663		5,023		4,984		5,004		5,089		19,674		19,190
Total interest expense	388,353		406,021		379,369		341,319		323,874		1,515,062		1,055,250
Net interest income	525,148		502,583		470,610		464,194		469,974		1,962,535		1,837,864
Provision for credit losses	16,979		22,334		40,061		21,673		42,908		101,047		114,390
Net interest income after provision for credit losses	508,169		480,249		430,549		442,521		427,066		1,861,488		1,723,474
Non-interest income
Wealth management	38,775		37,224		35,413		34,815		33,275		146,227		130,607
Mortgage banking	20,452		15,974		29,124		27,663		7,433		93,213		83,073
Service charges on deposit accounts	18,864		16,430		15,546		14,811		14,522		65,651		55,250
(Losses) gains on investment securities, net	(2,835)		3,189		(4,282)		1,326		2,484		(2,602)		1,525
Fees from covered call options	2,305		988		2,056		4,847		4,679		10,196		21,863
Trading (losses) gains, net	(113)		(130)		70		677		(505)		504		1,142
Operating lease income, net	15,327		15,335		13,938		14,110		14,162		58,710		53,298
Other	20,676		24,137		29,282		42,331		24,779		116,426		87,348
Total non-interest income	113,451		113,147		121,147		140,580		100,829		488,325		434,106
Non-interest expense
Salaries and employee benefits	212,133		211,261		198,541		195,173		193,971		817,108		748,013
Software and equipment	34,258		31,574		29,231		27,731		27,779		122,794		104,632
Operating lease equipment	10,263		10,518		10,834		10,683		10,694		42,298		42,363
Occupancy, net	20,597		19,945		19,585		19,086		18,102		79,213		77,068
Data processing	10,957		9,984		9,503		9,292		8,892		39,736		38,800
Advertising and marketing	13,097		18,239		17,436		13,040		17,166		61,812		65,075
Professional fees	11,334		9,783		9,967		9,553		8,768		40,637		34,758
Amortization of other acquisition-related intangible assets	5,773		4,042		1,122		1,158		1,356		12,095		5,498
FDIC insurance	10,640		10,512		10,429		14,537		43,677		46,118		71,102
OREO expenses, net	397		(938)		(259)		392		(1,559)		(408)		(1,528)
Other	39,090		35,767		33,964		32,500		33,806		141,321		126,718
Total non-interest expense	368,539		360,687		340,353		333,145		362,652		1,402,724		1,312,499
Income before taxes	253,081		232,709		211,343		249,956		165,243		947,089		845,081
Income tax expense	67,719		62,708		58,955		62,662		41,763		252,044		222,455
Net income	$	185,362	$	170,001	$	152,388	$	187,294	$	123,480	$	695,045	$	622,626
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991		27,964		27,964
Net income applicable to common shares	$	178,371	$	163,010	$	145,397	$	180,303	$	116,489	$	667,081	$	594,662
Net income per common share - Basic	$	2.68	$	2.51	$	2.35	$	2.93	$	1.90	$	10.47	$	9.72
Net income per common share - Diluted	$	2.63	$	2.47	$	2.32	$	2.89	$	1.87	$	10.31	$	9.58
Cash dividends declared per common share	$	0.45	$	0.45	$	0.45	$	0.45	$	0.40	$	1.80	$	1.60
Weighted average common shares outstanding	66,491		64,888		61,839		61,481		61,236		63,685		61,149
Dilutive potential common shares	1,233		1,053		926		928		1,166		1,016		938
Average common shares and dilutive common shares	67,724		65,941		62,765		62,409		62,402		64,701		62,087

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From
(Dollars in thousands)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2024 (1)		Dec 31, 2023
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	189,774	$	314,693	$	281,103	$	193,064	$	155,529	(158)	%	22	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	141,487		146,374		130,748		146,820		137,193		(13)		3
Total mortgage loans held-for-sale	$	331,261	$	461,067	$	411,851	$	339,884	$	292,722	(112)	%	13	%

Core loans:
Commercial
Commercial and industrial	$	6,861,735	$	6,768,382	$	6,226,336	$	6,105,968	$	5,804,629	5	%	18	%
Asset-based lending	1,611,001		1,709,685		1,465,867		1,355,255		1,433,250		(23)		12
Municipal	826,653		827,125		747,357		721,526		677,143		0		22
Leases	2,537,325		2,443,721		2,439,128		2,344,295		2,208,368		15		15
PPP loans	5,687		6,301		9,954		11,036		11,533		(39)		(51)
Commercial real estate
Residential construction	48,617		73,088		55,019		57,558		58,642		(133)		(17)
Commercial construction	2,065,775		1,984,240		1,866,701		1,748,607		1,729,937		16		19
Land	319,689		346,362		338,831		344,149		295,462		(31)		8
Office	1,656,109		1,675,286		1,585,312		1,566,748		1,455,417		(5)		14
Industrial	2,628,576		2,527,932		2,307,455		2,190,200		2,135,876		16		23
Retail	1,374,655		1,404,586		1,365,753		1,366,415		1,337,517		(8)		3
Multi-family	3,125,505		3,193,339		2,988,940		2,922,432		2,815,911		(8)		11
Mixed use and other	1,685,018		1,588,584		1,439,186		1,437,328		1,515,402		24		11
Home equity	445,028		427,043		356,313		340,349		343,976		17		29
Residential real estate
Residential real estate loans for investment	3,456,009		3,252,649		2,933,157		2,746,916		2,619,083		25		32
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	114,985		92,355		88,503		90,911		92,780		97		24
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	41,771		43,034		45,675		52,439		57,803		(12)		(28)
Total core loans	$	28,804,138	$	28,363,712	$	26,259,487	$	25,402,132	$	24,592,729	6	%	17	%

Niche loans:
Commercial
Franchise	$	1,268,521	$	1,191,686	$	1,150,460	$	1,122,302	$	1,092,532	26	%	16	%
Mortgage warehouse lines of credit	893,854		750,462		593,519		403,245		230,211		76		288
Community Advantage - homeowners association	525,446		501,645		491,722		475,832		452,734		19		16
Insurance agency lending	1,044,329		1,048,686		1,030,119		964,022		921,653		(2)		13
Premium Finance receivables
U.S. property & casualty insurance	6,447,625		6,253,271		6,142,654		6,113,993		5,983,103		12		8
Canada property & casualty insurance	824,417		878,410		958,099		826,026		920,426		(24)		(10)
Life insurance	8,147,145		7,996,899		7,962,115		7,872,033		7,877,943		7		3
Consumer and other	99,562		82,676		87,356		51,121		60,500		81		65
Total niche loans	$	19,250,899	$	18,703,735	$	18,416,044	$	17,828,574	$	17,539,102	12	%	10	%






Total loans, net of unearned income	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	$	42,131,831	8	%	14	%

(1)Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2024 (1)		Dec 31, 2023
Balance:
Non-interest-bearing	$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183		$	10,420,401		25	%	9	%
NOW and interest-bearing demand deposits	5,865,546			5,466,932			5,053,909			5,720,947			5,797,649			29		1
Wealth management deposits (2)	1,469,064			1,303,354			1,490,711			1,347,817			1,614,499			51		(9)
Money market	17,975,191			17,713,726			16,320,017			15,617,717			15,149,215			6		19
Savings	6,372,499			6,183,249			5,882,179			5,959,774			5,790,334			12		10
Time certificates of deposit	9,420,031			9,998,573			9,270,770			7,894,420			6,625,072			(23)		42
Total deposits	$	52,512,349		$	51,404,966		$	48,049,026		$	46,448,858		$	45,397,170		9	%	16	%
Mix:
Non-interest-bearing	22		%	21		%	21		%	21		%	23		%
NOW and interest-bearing demand deposits	11			11			11			12			13
Wealth management deposits (2)	3			3			3			3			4
Money market	34			34			34			34			33
Savings	12			12			12			13			13
Time certificates of deposit	18			19			19			17			14
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 December 31, 2024


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,301,111	4.52	%
4-6 months	3,743,113		4.31
7-9 months	1,422,013		3.87
10-12 months	595,058		3.48
13-18 months	129,136		2.93
19-24 months	55,456		2.52
24+ months	174,144		2.56
Total	$	9,420,031	4.20	%

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2024		2024		2024		2024		2023
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,934,016	$	2,413,728	$	1,485,481	$	1,254,332	$	1,682,176
Investment securities (2)	8,090,271		8,276,576		8,203,764		8,349,796		7,971,068
FHLB and FRB stock	271,825		263,707		253,614		230,648		204,593

Liquidity management assets (3)	$	12,296,112	$	10,954,011	$	9,942,859	$	9,834,776	$	9,857,837
Other earning assets (3)(4)	20,528		17,542		15,257		15,081		14,821
Mortgage loans held-for-sale	378,707		376,251		347,236		290,275		279,569
Loans, net of unearned income (3)(5)	47,153,014		45,920,586		43,819,354		42,129,893		41,361,952
Total earning assets (3)	$	59,848,361	$	57,268,390	$	54,124,706	$	52,270,025	$	51,514,179
Allowance for loan and investment security losses	(367,238)		(383,736)		(360,504)		(361,734)		(329,441)
Cash and due from banks	470,033		467,333		434,916		450,267		443,989
Other assets	3,642,949		3,563,296		3,294,066		3,244,137		3,388,348
Total assets	$	63,594,105	$	60,915,283	$	57,493,184	$	55,602,695	$	55,017,075

NOW and interest-bearing demand deposits	$	5,601,672	$	5,174,673	$	4,985,306	$	5,680,265	$	5,868,976
Wealth management deposits	1,430,163		1,362,747		1,531,865		1,510,203		1,704,099
Money market accounts	17,579,395		16,436,111		15,272,126		14,474,492		14,212,320
Savings accounts	6,288,727		6,096,746		5,878,844		5,792,118		5,676,155
Time deposits	9,702,948		9,598,109		8,546,172		7,148,456		6,645,980
Interest-bearing deposits	$	40,602,905	$	38,668,386	$	36,214,313	$	34,605,534	$	34,107,530
Federal Home Loan Bank advances	3,160,658		3,178,973		3,096,920		2,728,849		2,326,073
Other borrowings	577,786		622,792		587,262		627,711		633,673
Subordinated notes	298,225		298,135		410,331		437,893		437,785
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	$	44,893,140	$	43,021,852	$	40,562,392	$	38,653,553	$	37,758,627
Non-interest-bearing deposits	10,718,738		10,271,613		9,879,134		9,972,646		10,406,585
Other liabilities	1,563,824		1,631,389		1,601,485		1,536,039		1,785,667
Equity	6,418,403		5,990,429		5,450,173		5,440,457		5,066,196
Total liabilities and shareholders’ equity	$	63,594,105	$	60,915,283	$	57,493,184	$	55,602,695	$	55,017,075

Net free funds/contribution (6)	$	14,955,221	$	14,246,538	$	13,562,314	$	13,616,472	$	13,755,552

(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,
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2024		2024		2024		2024		2023
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	46,308	$	32,885	$	19,748	$	16,677	$	22,340
Investment securities	67,783		70,260		70,346		70,228		68,812
FHLB and FRB stock	5,157		5,451		4,974		4,478		3,792

Liquidity management assets (1)	$	119,248	$	108,596	$	95,068	$	91,383	$	94,944
Other earning assets (1)	310		282		235		198		222
Mortgage loans held-for-sale	5,623		6,233		5,434		4,146		4,318
Loans, net of unearned income (1)	791,390		796,637		752,117		712,587		697,093


Total interest income	$	916,571	$	911,748	$	852,854	$	808,314	$	796,577

Interest expense:
NOW and interest-bearing demand deposits	$	31,695	$	30,971	$	32,719	$	34,896	$	38,124
Wealth management deposits	9,412		10,158		10,294		10,461		12,076
Money market accounts	159,945		167,382		155,100		137,984		130,252
Savings accounts	38,402		42,892		41,063		39,071		36,463
Time deposits	106,934		110,616		96,527		77,120		68,475
Interest-bearing deposits	$	346,388	$	362,019	$	335,703	$	299,532	$	285,390
Federal Home Loan Bank advances	26,050		26,254		24,797		22,048		18,316
Other borrowings	7,519		9,013		8,700		9,248		9,557
Subordinated notes	3,733		3,712		5,185		5,487		5,522
Junior subordinated debentures	4,663		5,023		4,984		5,004		5,089
Total interest expense	$	388,353	$	406,021	$	379,369	$	341,319	$	323,874

Less: Fully taxable-equivalent adjustment	(3,070)		(3,144)		(2,875)		(2,801)		(2,729)
Net interest income (GAAP) (2)	525,148		502,583		470,610		464,194		469,974
Fully taxable-equivalent adjustment	3,070		3,144		2,875		2,801		2,729
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	528,218	$	505,727	$	473,485	$	466,995	$	472,703

(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,
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.68	%	5.42	%	5.35	%	5.35	%	5.27	%
Investment securities	3.33		3.38		3.45		3.38		3.42
FHLB and FRB stock	7.55		8.22		7.89		7.81		7.35

Liquidity management assets	3.86	%	3.94	%	3.85	%	3.74	%	3.82	%
Other earning assets	6.01		6.38		6.23		5.25		5.92
Mortgage loans held-for-sale	5.91		6.59		6.29		5.74		6.13
Loans, net of unearned income	6.68		6.90		6.90		6.80		6.69

Total earning assets	6.09	%	6.33	%	6.34	%	6.22	%	6.13	%

Rate paid on:
NOW and interest-bearing demand deposits	2.25	%	2.38	%	2.64	%	2.47	%	2.58	%
Wealth management deposits	2.62		2.97		2.70		2.79		2.81
Money market accounts	3.62		4.05		4.08		3.83		3.64
Savings accounts	2.43		2.80		2.81		2.71		2.55
Time deposits	4.38		4.58		4.54		4.34		4.09
Interest-bearing deposits	3.39	%	3.72	%	3.73	%	3.48	%	3.32	%
Federal Home Loan Bank advances	3.28		3.29		3.22		3.25		3.12
Other borrowings	5.18		5.76		5.96		5.92		5.98
Subordinated notes	4.98		4.95		5.08		5.04		5.00
Junior subordinated debentures	7.32		7.88		7.91		7.94		7.96
Total interest-bearing liabilities	3.44	%	3.75	%	3.76	%	3.55	%	3.40	%

Interest rate spread (1)(2)	2.65	%	2.58	%	2.58	%	2.67	%	2.73	%
Less: Fully taxable-equivalent adjustment	(0.02)		(0.02)		(0.02)		(0.02)		(0.02)
Net free funds/contribution (3)	0.86		0.93		0.94		0.92		0.91
Net interest margin (GAAP) (2)	3.49	%	3.49	%	3.50	%	3.57	%	3.62	%
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	%	3.51	%	3.52	%	3.59	%	3.64	%

(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 twelve months ended,				Interest for twelve months ended,				Yield/Rate for twelve months ended,
(Dollars in thousands)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	2,276,818	$	1,608,835	$	115,618	$	80,783	5.08	%	5.02	%
Investment securities (2)	8,229,846		7,721,661		278,617		240,837		3.39		3.12
FHLB and FRB stock	255,018		215,699		20,060		14,912		7.87		6.91

Liquidity management assets (3)(4)	$	10,761,682	$	9,546,195	$	414,295	$	336,532	3.85	%	3.53	%
Other earning assets (3)(4)(5)	17,113		17,129		1,025		1,098		5.99		6.41
Mortgage loans held-for-sale	348,278		294,421		21,436		16,791		6.15		5.70
Loans, net of unearned income (3)(4)(6)	44,765,445		40,324,472		3,052,731		2,548,779		6.82		6.32


Total earning assets (4)	$	55,892,518	$	50,182,217	$	3,489,487	$	2,903,200	6.24	%	5.79	%
Allowance for loan and investment security losses	(368,342)		(308,724)
Cash and due from banks	455,708		468,298
Other assets	3,437,025		3,187,715
Total assets	$	59,416,909	$	53,529,506

NOW and interest-bearing demand deposits	$	5,360,630	$	5,626,277	$	130,281	$	122,074	2.43	%	2.17	%
Wealth management deposits	1,458,404		1,730,523		40,324		42,782		2.76		2.47
Money market accounts	15,946,363		13,665,248		620,411		429,900		3.89		3.15
Savings accounts	6,015,085		5,299,205		161,429		109,666		2.68		2.07
Time deposits	8,753,848		5,952,537		391,197		202,048		4.47		3.39
Interest-bearing deposits	$	37,534,330	$	32,273,790	$	1,343,642	$	906,470	3.58	%	2.81	%
Federal Home Loan Bank advances	3,042,052		2,316,722		99,149		72,287		3.26		3.12
Other borrowings	603,868		630,115		34,480		35,280		5.71		5.60
Subordinated notes	360,802		437,604		18,117		22,023		5.02		5.03
Junior subordinated debentures	253,566		253,566		19,674		19,190		7.76		7.57
Total interest-bearing liabilities	$	41,794,618	$	35,911,797	$	1,515,062	$	1,055,250	3.63	%	2.94	%
Non-interest-bearing deposits	10,212,088		11,018,596
Other liabilities	1,583,263		1,575,960
Equity	5,826,940		5,023,153
Total liabilities and shareholders’ equity	$	59,416,909	$	53,529,506
Interest rate spread (4)(7)									2.61	%	2.85	%
Less: Fully taxable-equivalent adjustment					(11,890)		(10,086)		(0.02)		(0.02)
Net free funds/contribution (8)	$	14,097,900	$	14,270,420					0.92		0.83
Net interest income/margin (GAAP) (4)					$	1,962,535	$	1,837,864	3.51	%	3.66	%
Fully taxable-equivalent adjustment					11,890		10,086		0.02		0.02
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	1,974,425	$	1,847,950	3.53	%	3.68	%

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


Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2024	(1.6)	%	(0.6)	%	(0.3)	%	(1.5)	%
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)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2024	(0.2)	%	0.0	%	0.0	%	(0.3)	%
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)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars 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 December 31, 2024	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	419,733	$	3,452,609	$	2,001,276	$	26,914	$	5,900,532

Variable rate	9,673,183		836		—		—		9,674,019
Total commercial	$	10,092,916	$	3,453,445	$	2,001,276	$	26,914	$	15,574,551
Commercial real estate
Fixed rate	$	611,473	$	2,842,450	$	389,550	$	60,813	$	3,904,286
Variable rate	8,987,087		12,504		67		—		8,999,658
Total commercial real estate	$	9,598,560	$	2,854,954	$	389,617	$	60,813	$	12,903,944
Home equity
Fixed rate	$	9,106	$	1,138	$	—	$	20	$	10,264
Variable rate	434,764		—		—		—		434,764
Total home equity	$	443,870	$	1,138	$	—	$	20	$	445,028
Residential real estate
Fixed rate	$	12,157	$	4,594	$	76,321	$	1,093,139	$	1,186,211
Variable rate	90,855		584,092		1,751,607		—		2,426,554
Total residential real estate	$	103,012	$	588,686	$	1,827,928	$	1,093,139	$	3,612,765
Premium finance receivables - property & casualty
Fixed rate	$	7,179,672	$	92,370	$	—	$	—	$	7,272,042
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	7,179,672	$	92,370	$	—	$	—	$	7,272,042
Premium finance receivables - life insurance
Fixed rate	$	271,528	$	318,470	$	4,000	$	4,451	$	598,449
Variable rate	7,548,696		—		—		—		7,548,696
Total premium finance receivables - life insurance	$	7,820,224	$	318,470	$	4,000	$	4,451	$	8,147,145
Consumer and other
Fixed rate	$	32,507	$	7,587	$	927	$	920	$	41,941
Variable rate	57,621		—		—		—		57,621
Total consumer and other	$	90,128	$	7,587	$	927	$	920	$	99,562

Total per category
Fixed rate	$	8,536,176	$	6,719,218	$	2,472,074	$	1,186,257	$	18,913,725

Variable rate	26,792,206		597,432		1,751,674		—		29,141,312
Total loans, net of unearned income	$	35,328,382	$	7,316,650	$	4,223,748	$	1,186,257	$	48,055,037
Less: Existing cash flow hedging derivatives (1)	(6,700,000)

Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	28,628,382

Variable Rate Loan Pricing by Index:
SOFR tenors (2)									$	18,029,528
12- month CMT (3)									6,355,203
Prime									3,388,920
Fed Funds									886,812



Other U.S. Treasury tenors									190,576
Other									290,273
Total variable rate									$	29,141,312

(1)Excludes cash flow hedges with future effective starting dates.

(2)SOFR - Secured Overnight Financing Rate.

(3)CMT - Constant Maturity Treasury 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 $14.9 billion tied to one-month SOFR and $6.4 billion tied to twelve-month CMT. The above chart shows:


	Basis Point (bp) Change in
	1-month SOFR		12- month CMT		Prime
Fourth Quarter 2024	(52)	bps	18	bps	(50)	bps
Third Quarter 2024	(49)		(111)		(50)
Second Quarter 2024	1		6		0
First Quarter 2024	(2)		24		0
Fourth Quarter 2023	3		(67)		0

TABLE 10: ALLOWANCE FOR CREDIT LOSSES


	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars in thousands)	2024			2024			2024			2024			2023			2024			2023
Allowance for credit losses at beginning of period	$	436,193		$	437,560		$	427,504		$	427,612		$	399,531		$	427,612		$	357,936
Cumulative effect adjustment from the adoption of ASU 2022-02	—			—			—			—			—			—			741
Provision for credit losses - Other	16,979			6,787			40,061			21,673			42,908			85,500			114,390
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	(187)			30			(19)			(31)			62			(207)			47
Charge-offs:
Commercial	5,090			22,975			9,584			11,215			5,114			48,864			15,713
Commercial real estate	1,037			95			15,526			5,469			5,386			22,127			15,228
Home equity	—			—			—			74			—			74			227
Residential real estate	114			—			23			38			114			175			192

Premium finance receivables - property & casualty	13,301			7,790			9,486			6,938			6,706			37,515			21,684
Premium finance receivables - life insurance	—			4			—			—			—			4			173
Consumer and other	189			154			137			107			148			587			595

Total charge-offs	19,731			31,018			34,756			23,841			17,468			109,346			53,812
Recoveries:
Commercial	775			649			950			479			592			2,853			2,651
Commercial real estate	172			30			90			31			92			323			460
Home equity	194			101			35			29			34			359			139
Residential real estate	0			5			8			2			10			15			21

Premium finance receivables - property & casualty	2,646			3,436			3,658			1,519			1,820			11,259			4,930
Premium finance receivables - life insurance	—			41			5			8			7			54			16
Consumer and other	19			21			24			23			24			87			93

Total recoveries	3,806			4,283			4,770			2,091			2,579			14,950			8,310
Net charge-offs	(15,925)			(26,735)			(29,986)			(21,750)			(14,889)			(94,396)			(45,502)
Allowance for credit losses at period end	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612		$	437,060		$	427,612

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.11		%	0.61		%	0.25		%	0.33		%	0.14		%	0.33		%	0.10		%
Commercial real estate	0.03			0.00			0.53			0.19			0.19			0.18			0.14
Home equity	(0.18)			(0.10)			(0.04)			0.05			(0.04)			(0.07)			0.03
Residential real estate	0.01			0.00			0.00			0.01			0.02			0.01			0.01

Premium finance receivables - property & casualty	0.59			0.24			0.33			0.32			0.29			0.37			0.27
Premium finance receivables - life insurance	—			(0.00)			(0.00)			(0.00)			(0.00)			(0.00)			0.00
Consumer and other	0.63			0.63			0.56			0.42			0.58			0.57			0.60

Total loans, net of unearned income	0.13		%	0.23		%	0.28		%	0.21		%	0.14		%	0.21			0.11		%


Loans at period end	$	48,055,037		$	47,067,447		$	44,675,531		$	43,230,706		$	42,131,831
Allowance for loan losses as a percentage of loans at period end	0.76		%	0.77		%	0.81		%	0.81		%	0.82		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.91			0.93			0.98			0.99			1.01

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT


	Three Months Ended										Years Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Dec 31,		Dec 31,
(In thousands)	2024		2024		2024		2024		2023		2024		2023
Provision for loan losses - Other	$	19,852	$	6,782	$	45,111	$	26,159	$	44,023	$	97,904	$	118,776
Provision for credit losses - Day 1 on non-PCD assets acquired during the period	—		15,547		—		—		—		15,547		—
Provision for unfunded lending-related commitments losses - Other	(2,851)		17		(5,212)		(4,468)		(1,081)		(12,514)		(4,245)
Provision for held-to-maturity securities losses	(22)		(12)		162		(18)		(34)		110		(141)
Provision for credit losses	$	16,979	$	22,334	$	40,061	$	21,673	$	42,908	$	101,047	$	114,390

Allowance for loan losses	$	364,017	$	360,279	$	363,719	$	348,612	$	344,235
Allowance for unfunded lending-related commitments losses	72,586		75,435		73,350		78,563		83,030
Allowance for loan losses and unfunded lending-related commitments losses	436,603		435,714		437,069		427,175		427,265
Allowance for held-to-maturity securities losses	457		479		491		329		347
Allowance for credit losses	$	437,060	$	436,193	$	437,560	$	427,504	$	427,612

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

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


	As of Dec 31, 2024						As of Sep 30, 2024						As of Jun 30, 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	$	15,574,551	$	175,837	1.13	%	$	15,247,693	$	171,598	1.13	%	$	14,154,462	$	181,991	1.29	%

Commercial real estate:
Construction and development	2,434,081		87,236		3.58		2,403,690		97,949		4.07		2,260,551		93,154		4.12
Non-construction	10,469,863		135,620		1.30		10,389,727		133,195		1.28		9,686,646		130,574		1.35
Home equity	445,028		8,943		2.01		427,043		8,823		2.07		356,313		7,242		2.03
Residential real estate	3,612,765		10,335		0.29		3,388,038		9,745		0.29		3,067,335		8,773		0.29
Premium finance receivables
Property and casualty insurance	7,272,042		17,111		0.24		7,131,681		13,045		0.18		7,100,753		14,053		0.20
Life insurance	8,147,145		709		0.01		7,996,899		698		0.01		7,962,115		693		0.01
Consumer and other	99,562		812		0.82		82,676		661		0.80		87,356		589		0.67
Total loans, net of unearned income	$	48,055,037	$	436,603	0.91	%	$	47,067,447	$	435,714	0.93	%	$	44,675,531	$	437,069	0.98	%


Total core loans (1)	$	28,804,138	$	392,319	1.36	%	$	28,363,712	$	396,394	1.40	%	$	26,259,487	$	398,494	1.52	%
Total niche loans (1)	19,250,899		44,284		0.23		18,703,735		39,320		0.21		18,416,044		38,575		0.21

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

TABLE 13: LOAN PORTFOLIO AGING


(In thousands)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Loan Balances:
Commercial
Nonaccrual	$	73,490	$	63,826	$	51,087	$	31,740	$	38,940
90+ days and still accruing	104		20		304		27		98
60-89 days past due	54,844		32,560		16,485		30,248		19,488
30-59 days past due	92,551		46,057		36,358		77,715		85,743
Current	15,353,562		15,105,230		14,050,228		13,363,751		12,687,784
Total commercial	$	15,574,551	$	15,247,693	$	14,154,462	$	13,503,481	$	12,832,053
Commercial real estate
Nonaccrual	$	21,042	$	42,071	$	48,289	$	39,262	$	35,459
90+ days and still accruing	—		225		—		—		—
60-89 days past due	10,521		13,439		6,555		16,713		8,515
30-59 days past due	30,766		48,346		38,065		32,998		20,634
Current	12,841,615		12,689,336		11,854,288		11,544,464		11,279,556
Total commercial real estate	$	12,903,944	$	12,793,417	$	11,947,197	$	11,633,437	$	11,344,164
Home equity
Nonaccrual	$	1,117	$	1,122	$	1,100	$	838	$	1,341
90+ days and still accruing	—		—		—		—		—
60-89 days past due	1,233		1,035		275		212		62
30-59 days past due	2,148		2,580		1,229		1,617		2,263
Current	440,530		422,306		353,709		337,682		340,310
Total home equity	$	445,028	$	427,043	$	356,313	$	340,349	$	343,976
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	156,756	$	135,389	$	134,178	$	143,350	$	150,583
Nonaccrual	23,762		17,959		18,198		17,901		15,391
90+ days and still accruing	—		—		—		—		—
60-89 days past due	5,708		6,364		1,977		—		2,325
30-59 days past due	18,917		2,160		130		24,523		22,942
Current	3,407,622		3,226,166		2,912,852		2,704,492		2,578,425
Total residential real estate	$	3,612,765	$	3,388,038	$	3,067,335	$	2,890,266	$	2,769,666







Premium finance receivables - property & casualty
Nonaccrual	$	28,797	$	36,079	$	32,722	$	32,648	$	27,590
90+ days and still accruing	16,031		18,235		22,427		25,877		20,135
60-89 days past due	19,042		18,740		29,925		15,274		23,236
30-59 days past due	68,219		30,204		45,927		59,729		50,437
Current	7,139,953		7,028,423		6,969,752		6,806,491		6,782,131
Total Premium finance receivables - property & casualty	$	7,272,042	$	7,131,681	$	7,100,753	$	6,940,019	$	6,903,529
Premium finance receivables - life insurance
Nonaccrual	$	6,431	$	—	$	—	$	—	$	—
90+ days and still accruing	—		—		—		—		—
60-89 days past due	72,963		10,902		4,118		32,482		16,206
30-59 days past due	36,405		74,432		17,693		100,137		45,464
Current	8,031,346		7,911,565		7,940,304		7,739,414		7,816,273
Total Premium finance receivables - life insurance	$	8,147,145	$	7,996,899	$	7,962,115	$	7,872,033	$	7,877,943
Consumer and other
Nonaccrual	$	2	$	2	$	3	$	19	$	22
90+ days and still accruing	47		148		121		47		54
60-89 days past due	59		22		81		16		25
30-59 days past due	882		264		366		210		165
Current	98,572		82,240		86,785		50,829		60,234
Total consumer and other	$	99,562	$	82,676	$	87,356	$	51,121	$	60,500
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	156,756	$	135,389	$	134,178	$	143,350	$	150,583
Nonaccrual	154,641		161,059		151,399		122,408		118,743
90+ days and still accruing	16,182		18,628		22,852		25,951		20,287
60-89 days past due	164,370		83,062		59,416		94,945		69,857
30-59 days past due	249,888		204,043		139,768		296,929		227,648
Current	47,313,200		46,465,266		44,167,918		42,547,123		41,544,713
Total loans, net of unearned income	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	$	42,131,831

(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)


	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(Dollars in thousands)	2024			2024			2024			2024			2023
Loans past due greater than 90 days and still accruing:
Commercial	$	104		$	20		$	304		$	27		$	98
Commercial real estate	—			225			—			—			—
Home equity	—			—			—			—			—
Residential real estate	—			—			—			—			—
Premium finance receivables - property & casualty	16,031			18,235			22,427			25,877			20,135
Premium finance receivables - life insurance	—			—			—			—			—
Consumer and other	47			148			121			47			54
Total loans past due greater than 90 days and still accruing	16,182			18,628			22,852			25,951			20,287
Non-accrual loans:
Commercial	73,490			63,826			51,087			31,740			38,940
Commercial real estate	21,042			42,071			48,289			39,262			35,459
Home equity	1,117			1,122			1,100			838			1,341
Residential real estate	23,762			17,959			18,198			17,901			15,391
Premium finance receivables - property & casualty	28,797			36,079			32,722			32,648			27,590
Premium finance receivables - life insurance	6,431			—			—			—			—
Consumer and other	2			2			3			19			22
Total non-accrual loans	154,641			161,059			151,399			122,408			118,743
Total non-performing loans:
Commercial	73,594			63,846			51,391			31,767			39,038
Commercial real estate	21,042			42,296			48,289			39,262			35,459
Home equity	1,117			1,122			1,100			838			1,341
Residential real estate	23,762			17,959			18,198			17,901			15,391
Premium finance receivables - property & casualty	44,828			54,314			55,149			58,525			47,725
Premium finance receivables - life insurance	6,431			—			—			—			—
Consumer and other	49			150			124			66			76
Total non-performing loans	$	170,823		$	179,687		$	174,251		$	148,359		$	139,030
Other real estate owned	23,116			13,682			19,731			14,538			13,309


Total non-performing assets	$	193,939		$	193,369		$	193,982		$	162,897		$	152,339

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.47		%	0.42		%	0.36		%	0.24		%	0.30		%
Commercial real estate	0.16			0.33			0.40			0.34			0.31
Home equity	0.25			0.26			0.31			0.25			0.39
Residential real estate	0.66			0.53			0.59			0.62			0.56
Premium finance receivables - property & casualty	0.62			0.76			0.78			0.84			0.69
Premium finance receivables - life insurance	0.08			—			—			—			—
Consumer and other	0.05			0.18			0.14			0.13			0.13
Total loans, net of unearned income	0.36		%	0.38		%	0.39		%	0.34		%	0.33		%
Total non-performing assets as a percentage of total assets	0.30		%	0.30		%	0.32		%	0.28		%	0.27		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	282.33		%	270.53		%	288.69		%	348.98		%	359.82		%

(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										Years Ended
	Dec 31,		Sep 30,		Jun 30,			Mar 31,			Dec 31,	Dec 31,				Dec 31,
(In thousands)	2024		2024		2024			2024			2023	2024				2023

Balance at beginning of period	$	179,687	$	174,251		$	148,359		$	139,030		$	133,101	$	139,030		$	100,697
Additions from becoming non-performing in the respective period	30,931		42,335			54,376			23,142			59,010		150,784			123,377
Additions from assets acquired in the respective period	—		189			—			—			—		189			—
Return to performing status	(1,108)		(362)			(912)			(490)			(24,469)		(2,872)			(27,011)
Payments received	(12,219)		(10,894)			(9,611)			(8,336)			(10,000)		(41,060)			(34,063)
Transfer to OREO and other repossessed assets	(17,897)		(3,680)			(6,945)			(1,381)			(2,623)		(29,903)			(8,252)
Charge-offs, net	(5,612)		(21,211)			(7,673)			(14,810)			(9,480)		(49,306)			(16,346)
Net change for premium finance receivables	(2,959)		(941)			(3,343)			11,204			(6,509)		3,961			628
Balance at end of period	$	170,823	$	179,687		$	174,251		$	148,359		$	139,030	$	170,823		$	139,030

Other Real Estate Owned


	Three Months Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2024		2024		2024		2024		2023
Balance at beginning of period	$	13,682	$	19,731	$	14,538	$	13,309	$	14,060
Disposals/resolved	(8,545)		(9,729)		(1,752)		—		(3,416)
Transfers in at fair value, less costs to sell	17,979		3,680		6,945		1,436		2,665

Fair value adjustments	—		—		—		(207)		—
Balance at end of period	$	23,116	$	13,682	$	19,731	$	14,538	$	13,309

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

Commercial real estate	23,116		13,682		19,570		13,392		12,589
Total	$	23,116	$	13,682	$	19,731	$	14,538	$	13,309

TABLE 15: NON-INTEREST INCOME


	Three Months Ended										Q4 2024 compared to Q3 2024				Q4 2024 compared to Q4 2023
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2024		2024		2024		2024		2023		$ Change		% Change		$ Change		% Change
Brokerage	$	5,328	$	6,139	$	5,588	$	5,556	$	5,349	$	(811)	(13)	%	$	(21)	—	%
Trust and asset management	33,447		31,085		29,825		29,259		27,926		2,362		8		5,521		20
Total wealth management	38,775		37,224		35,413		34,815		33,275		1,551		4		5,500		17
Mortgage banking	20,452		15,974		29,124		27,663		7,433		4,478		28		13,019		175
Service charges on deposit accounts	18,864		16,430		15,546		14,811		14,522		2,434		15		4,342		30
(Losses) gains on investment securities, net	(2,835)		3,189		(4,282)		1,326		2,484		(6,024)		NM		(5,319)		NM
Fees from covered call options	2,305		988		2,056		4,847		4,679		1,317		NM		(2,374)		(51)
Trading (losses) gains, net	(113)		(130)		70		677		(505)		17		(13)		392		(78)
Operating lease income, net	15,327		15,335		13,938		14,110		14,162		(8)		(0)		1,165		8
Other:
Interest rate swap fees	3,360		2,914		3,392		2,828		4,021		446		15		(661)		(16)
BOLI	1,236		1,517		1,351		1,651		1,747		(281)		(19)		(511)		(29)
Administrative services	1,347		1,450		1,322		1,217		1,329		(103)		(7)		18		1
Foreign currency remeasurement (losses) gains	(682)		696		(145)		(1,171)		1,150		(1,378)		NM		(1,832)		NM
Changes in fair value on EBOs and loans held-for-investment	129		518		604		(439)		1,556		(389)		(75)		(1,427)		(92)
Early pay-offs of capital leases	514		532		393		430		157		(18)		(3)		357		NM
Miscellaneous	14,772		16,510		22,365		37,815		14,819		(1,738)		(11)		(47)		(0)
Total Other	20,676		24,137		29,282		42,331		24,779		(3,461)		(14)		(4,103)		(17)
Total Non-Interest Income	$	113,451	$	113,147	$	121,147	$	140,580	$	100,829	$	304	0	%	$	12,622	13	%


	Years Ended
	Dec 31,		Dec 31,		$		%
(Dollars in thousands)	2024		2023		Change		Change
Brokerage	$	22,611	$	18,645	$	3,966	21	%
Trust and asset management	123,616		111,962		11,654		10
Total wealth management	146,227		130,607		15,620		12
Mortgage banking	93,213		83,073		10,140		12
Service charges on deposit accounts	65,651		55,250		10,401		19
(Losses) gains on investment securities, net	(2,602)		1,525		(4,127)		NM
Fees from covered call options	10,196		21,863		(11,667)		(53)
Trading gains, net	504		1,142		(638)		(56)
Operating lease income, net	58,710		53,298		5,412		10
Other:
Interest rate swap fees	12,494		12,251		243		2
BOLI	5,755		5,149		606		12
Administrative services	5,336		5,599		(263)		(5)
Foreign currency remeasurement (losses) gains	(1,302)		1,059		(2,361)		NM
Changes in fair value on EBOs and loans held-for-investment	812		1,521		(709)		(47)
Early pay-offs of capital leases	1,869		1,184		685		58
Miscellaneous	91,462		60,585		30,877		51
Total Other	116,426		87,348		29,078		33
Total Non-Interest Income	$	488,325	$	434,106	$	54,219	12	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

TABLE 16: MORTGAGE BANKING


	Three Months Ended
(Dollars in thousands)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Originations:
Retail originations	$	483,424		$	527,408		$	544,394		$	331,504		$	315,637

Veterans First originations	176,914			239,369			177,792			144,109			123,564
Total originations for sale (A)	$	660,338		$	766,777		$	722,186		$	475,613		$	439,201
Originations for investment	355,119			218,984			275,331			169,246			124,974
Total originations	$	1,015,457		$	985,761		$	997,517		$	644,859		$	564,175
As a percentage of originations for sale:
Retail originations	73		%	69		%	75		%	70		%	72		%
Veterans First originations	27			31			25			30			28

Purchases	65		%	72		%	83		%	75		%	85		%
Refinances	35			28			17			25			15



Production Margin:


Production revenue (B) (1)	$	6,993		$	13,113		$	14,990		$	13,435		$	6,798



Total originations for sale (A)	$	660,338		$	766,777		$	722,186		$	475,613		$	439,201
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)	103,946			272,072			222,738			207,775			119,624
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)	272,072			222,738			207,775			119,624			150,713
Total mortgage production volume (C)	$	492,212		$	816,111		$	737,149		$	563,764		$	408,112
Production margin (B / C)	1.42		%	1.61		%	2.03		%	2.38		%	1.67		%

Mortgage Servicing:
Loans serviced for others (D)	$	12,400,913		$	12,253,361		$	12,211,027		$	12,051,392		$	12,007,165
MSRs, at fair value (E)	203,788			186,308			204,610			201,044			192,456
Percentage of MSRs to loans serviced for others (E / D)	1.64		%	1.52		%	1.68		%	1.67		%	1.60		%
Servicing income	$	10,731		$	10,809		$	10,586		$	10,498		$	10,286
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period	$	186,308		$	204,610		$	201,044		$	192,456		$	210,524
MSR - current period rights sold	—			—			—			—			—
MSR - current period capitalization	10,010			6,357			8,223			5,379			5,077
MSR - collection of expected cash flows - paydowns	(1,463)			(1,598)			(1,504)			(1,444)			(1,572)
MSR - collection of expected cash flows - payoffs and repurchases	(4,315)			(5,730)			(4,030)			(2,942)			(1,939)
MSR - changes in fair value model assumptions	13,248			(17,331)			877			7,595			(19,634)
MSR Fair Value at end of period	$	203,788		$	186,308		$	204,610		$	201,044		$	192,456
Summary of Mortgage Banking Revenue Operational:
Production revenue (1)	$	6,993		$	13,113		$	14,990		$	13,435		$	6,798
MSR - Current period capitalization	10,010			6,357			8,223			5,379			5,077
MSR - Collection of expected cash flows - paydowns	(1,463)			(1,598)			(1,504)			(1,444)			(1,572)
MSR - Collection of expected cash flows - pay offs	(4,315)			(5,730)			(4,030)			(2,942)			(1,939)
Servicing Income	10,731			10,809			10,586			10,498			10,286
Other Revenue	(51)			(67)			112			(91)			20
Total operational mortgage banking revenue	$	21,905		$	22,884		$	28,377		$	24,835		$	18,670
Fair Value:
MSR - changes in fair value model assumptions	$	13,248		$	(17,331)		$	877		$	7,595		$	(19,634)
Gain (loss) on derivative contract held as an economic hedge, net	(11,452)			6,892			(772)			(2,577)			3,541
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)	(3,249)			3,529			642			(2,190)			4,856
Total fair value mortgage banking revenue	$	(1,453)		$	(6,910)		$	747		$	2,828		$	(11,237)
Total mortgage banking revenue	$	20,452		$	15,974		$	29,124		$	27,663		$	7,433

(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.


	Years Ended
(Dollars in thousands)		Dec 31, 2024			Dec 31, 2023
Originations:
Retail originations		$	1,886,730		$	1,387,423

Veterans First originations		738,184			574,782
Total originations for sale (A)		$	2,624,914		$	1,962,205
Originations for investment		1,018,680			578,571
Total originations		$	3,643,594		$	2,540,776
As a percentage of originations for sale:
Retail originations		72		%	71		%
Veterans First originations		28			29

Purchases		75		%	83		%
Refinances		25			17



Production Margin:


Production revenue (B) (1)		$	48,531		$	41,031



Total originations for sale (A)		$	2,624,914		$	1,962,205
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)		103,946			119,624
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)		119,624			113,303
Total mortgage production volume (C)		$	2,609,236		$	1,968,526
Production margin (B / C)		1.86		%	2.08		%

Mortgage Servicing:
Loans serviced for others (D)		$	12,400,913		$	12,007,165
MSRs, at fair value (E)		203,788			192,456
Percentage of MSRs to loans serviced for others (E / D)		1.64		%	1.60		%
Servicing income		$	42,624		$	43,563
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period		$	192,456		$	230,225
MSR - current period rights sold		—			(30,170)
MSR - current period capitalization		29,969			28,610
MSR - collection of expected cash flows - paydowns		(6,009)			(6,284)
MSR - collection of expected cash flows - payoffs and repurchases		(17,017)			(10,776)
MSR - changes in fair value model assumptions		4,389			(19,149)
MSR Fair Value at end of period		$	203,788		$	192,456
Summary of Mortgage Banking Revenue: Operational
Production revenue (1)		$	48,531		$	41,031
MSR - Current period capitalization		29,969			28,610
MSR - Collection of expected cash flows - paydowns		(6,009)			(6,284)
MSR - Collection of expected cash flows - pay offs		(17,017)			(10,776)
Servicing Income		42,624			43,563
Other Revenue		(97)			384
Total operational mortgage banking revenue		$	98,001		$	96,528
Fair Value:
MSR - changes in fair value model assumptions		$	4,389		$	(19,149)
Gain (loss) on derivative contract held as an economic hedge, net		(7,909)			1,280
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)		(1,268)			4,414
Total fair value mortgage banking revenue		$	(4,788)		$	(13,455)
Total mortgage banking revenue		$	93,213		$	83,073

(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										Q4 2024 compared to Q3 2024				Q4 2024 compared to Q4 2023
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2024		2024		2024		2024		2023		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	120,969	$	118,971	$	113,860	$	112,172	$	111,484	$	1,998	2	%	$	9,485	9	%
Commissions and incentive compensation	54,792		57,575		52,151		51,001		48,974		(2,783)		(5)		5,818		12
Benefits	36,372		34,715		32,530		32,000		33,513		1,657		5		2,859		9
Total salaries and employee benefits	212,133		211,261		198,541		195,173		193,971		872		0		18,162		9
Software and equipment	34,258		31,574		29,231		27,731		27,779		2,684		9		6,479		23
Operating lease equipment	10,263		10,518		10,834		10,683		10,694		(255)		(2)		(431)		(4)
Occupancy, net	20,597		19,945		19,585		19,086		18,102		652		3		2,495		14
Data processing	10,957		9,984		9,503		9,292		8,892		973		10		2,065		23
Advertising and marketing	13,097		18,239		17,436		13,040		17,166		(5,142)		(28)		(4,069)		(24)
Professional fees	11,334		9,783		9,967		9,553		8,768		1,551		16		2,566		29
Amortization of other acquisition-related intangible assets	5,773		4,042		1,122		1,158		1,356		1,731		43		4,417		NM
FDIC insurance	10,640		10,512		10,429		9,381		9,303		128		1		1,337		14
FDIC insurance - special assessment	—		—		—		5,156		34,374		—		—		(34,374)		NM
OREO expense, net	397		(938)		(259)		392		(1,559)		1,335		NM		1,956		NM
Other:
Lending expenses, net of deferred origination costs	6,448		4,995		5,335		5,078		5,330		1,453		29		1,118		21
Travel and entertainment	8,140		5,364		5,340		4,597		5,754		2,776		52		2,386		41
Miscellaneous	24,502		25,408		23,289		22,825		22,722		(906)		(4)		1,780		8
Total other	39,090		35,767		33,964		32,500		33,806		3,323		9		5,284		16
Total Non-Interest Expense	$	368,539	$	360,687	$	340,353	$	333,145	$	362,652	$	7,852	2	%	$	5,887	2	%


	Years Ended
	Dec 31,		Dec 31,		$		%
(Dollars in thousands)	2024		2023		Change		Change
Salaries and employee benefits:
Salaries	$	465,972	$	438,812	$	27,160	6	%
Commissions and incentive compensation	215,519		182,101		33,418		18
Benefits	135,617		127,100		8,517		7
Total salaries and employee benefits	817,108		748,013		69,095		9
Software and equipment	122,794		104,632		18,162		17
Operating lease equipment	42,298		42,363		(65)		0
Occupancy, net	79,213		77,068		2,145		3
Data processing	39,736		38,800		936		2
Advertising and marketing	61,812		65,075		(3,263)		(5)
Professional fees	40,637		34,758		5,879		17
Amortization of other acquisition-related intangible assets	12,095		5,498		6,597		NM
FDIC insurance	40,962		36,728		4,234		12
FDIC insurance - special assessment	5,156		34,374		(29,218)		(85)
OREO expense, net	(408)		(1,528)		1,120		(73)
Other:
Lending expenses, net of deferred origination costs	21,856		21,096		760		4
Travel and entertainment	23,441		21,194		2,247		11
Miscellaneous	96,024		84,428		11,596		14
Total other	141,321		126,718		14,603		12
Total Non-Interest Expense	$	1,402,724	$	1,312,499	$	90,225	7	%

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															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)	2024			2024			2024			2024			2023			2024			2023
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	913,501		$	908,604		$	849,979		$	805,513		$	793,848		$	3,477,597		$	2,893,114
Taxable-equivalent adjustment:
- Loans	2,352			2,474			2,305			2,246			2,150			9,377			7,827
- Liquidity Management Assets	716			668			567			550			575			2,501			2,249
- Other Earning Assets	2			2			3			5			4			12			10
(B) Interest Income (non-GAAP)	$	916,571		$	911,748		$	852,854		$	808,314		$	796,577		$	3,489,487		$	2,903,200
(C) Interest Expense (GAAP)	388,353			406,021			379,369			341,319			323,874			1,515,062			1,055,250
(D) Net Interest Income (GAAP) (A minus C)	$	525,148		$	502,583		$	470,610		$	464,194		$	469,974		$	1,962,535		$	1,837,864
(E) Net Interest Income (non-GAAP) (B minus C)	$	528,218		$	505,727		$	473,485		$	466,995		$	472,703		$	1,974,425		$	1,847,950
Net interest margin (GAAP)	3.49		%	3.49		%	3.50		%	3.57		%	3.62		%	3.51		%	3.66		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.51			3.51			3.52			3.59			3.64			3.53			3.68
(F) Non-interest income	$	113,451		$	113,147		$	121,147		$	140,580		$	100,829		$	488,325		$	434,106
(G) (Losses) gains on investment securities, net	(2,835)			3,189			(4,282)			1,326			2,484			(2,602)			1,525
(H) Non-interest expense	368,539			360,687			340,353			333,145			362,652			1,402,724			1,312,499
Efficiency ratio (H/(D+F-G))	57.46		%	58.88		%	57.10		%	55.21		%	63.81		%	57.17		%	57.81		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	57.18			58.58			56.83			54.95			63.51			56.90			57.55


	Three Months Ended															Year Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,	Dec 31,
(Dollars and shares in thousands)	2024			2024			2024			2024			2023			2024	2023
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400		$	5,399,526

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(918,632)			(924,646)			(676,562)			(677,911)			(679,561)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,013,165		$	5,062,568		$	4,447,566		$	4,345,989		$	4,307,465
(J) Total assets (GAAP)	$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933		$	56,259,934
Less: Intangible assets (GAAP)	(918,632)			(924,646)			(676,562)			(677,911)			(679,561)
(K) Total tangible assets (non-GAAP)	$	63,961,036		$	62,863,778		$	59,104,954		$	56,899,022		$	55,580,373
Common equity to assets ratio (GAAP) (L/J)	9.1		%	9.4		%	8.6		%	8.7		%	8.9		%
Tangible common equity ratio (non-GAAP) (I/K)	7.8			8.1			7.5			7.6			7.7


Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400		$	5,399,526
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	5,931,797		$	5,987,214		$	5,124,128		$	5,023,900		$	4,987,026
(M) Actual common shares outstanding	66,495			66,482			61,760			61,737			61,244
Book value per common share (L/M)	$	89.21		$	90.06		$	82.97		$	81.38		$	81.43
Tangible book value per common share (non-GAAP) (I/M)	75.39			76.15			72.01			70.40			70.33

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	178,371		$	163,010		$	145,397		$	180,303		$	116,489		$	667,081		$	594,662
Add: Intangible asset amortization	5,773			4,042			1,122			1,158			1,356			12,095			5,498
Less: Tax effect of intangible asset amortization	(1,547)			(1,087)			(311)			(291)			(343)			(3,217)			(1,446)
After-tax intangible asset amortization	$	4,226		$	2,955		$	811		$	867		$	1,013		$	8,878		$	4,052
(O) Tangible net income applicable to common shares (non-GAAP)	$	182,597		$	165,965		$	146,208		$	181,170		$	117,502		$	675,959		$	598,714
Total average shareholders’ equity	$	6,418,403		$	5,990,429		$	5,450,173		$	5,440,457		$	5,066,196		$	5,826,940		$	5,023,153
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	6,005,903		$	5,577,929		$	5,037,673		$	5,027,957		$	4,653,696		$	5,414,440		$	4,610,653
Less: Average intangible assets	(921,438)			(833,574)			(677,207)			(678,731)			(679,812)			(778,283)			(679,802)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,084,465		$	4,744,355		$	4,360,466		$	4,349,226		$	3,973,884		$	4,636,157		$	3,930,851
Return on average common equity, annualized (N/P)	11.82		%	11.63		%	11.61		%	14.42		%	9.93		%	12.32		%	12.90		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	14.29			13.92			13.49			16.75			11.73			14.58			15.23

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	253,081		$	232,709		$	211,343		$	249,956		$	165,243		$	947,089		$	845,081
Add: Provision for credit losses	16,979			22,334			40,061			21,673			42,908			101,047			114,390
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	270,060		$	255,043		$	251,404		$	271,629		$	208,151		$	1,048,136		$	959,471


	Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,
	2022		2021		2020		2019		2018		2017		2016		2015		2014
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,796,838	$	4,498,688	$	4,115,995	$	3,691,250	$	3,267,570	$	2,976,939	$	2,695,617	$	2,352,274	$	2,069,822
Less: Non-convertible preferred stock (GAAP)	(412,500)		(412,500)		(412,500)		(125,000)		(125,000)		(125,000)		(251,257)		(251,287)		(126,467)
(R) Less: Intangible assets (GAAP)	(675,710)		(683,456)		(681,747)		(692,277)		(622,565)		(519,505)		(520,438)		(495,970)		(424,445)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,708,628	$	3,402,732	$	3,021,748	$	2,873,973	$	2,520,005	$	2,332,434	$	1,923,922	$	1,605,017	$	1,518,910


(M) Common shares used for book value calculation	60,794		57,054		56,770		57,822		56,408		55,965		51,881		48,383		46,805
Book value per common share ((I-R)/M)	$	72.12	$	71.62	$	65.24	$	61.68	$	55.71	$	50.96	$	47.11	$	43.42	$	41.52
Tangible book value per common share (non-GAAP) (I/M)	61.00		59.64		53.23		49.70		44.67		41.68		37.08		33.17		32.45

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, N.A., 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, Machesney Park, 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, Wheeling, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Mequon, 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 Spring, Cape Coral, 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 Wednesday, January 22, 2025 at 9:00 a.m. (CST) regarding fourth quarter and full year 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 January 2, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the fourth quarter and full year 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 q42024earningsrelease992.htm EX-99.2 q42024earningsrelease992

Earnings Release Presentation Q4 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 Full Year 2024 Highlights (Comparative to Full Year 2023) Total DepositsTotal Assets Total Loans Net Income $64.9 billion +$8.6 billion or 15% $48.1 billion +$5.9 billion or 14% $52.5 billion +$7.1 billion or 16% $695.0 million +$72 million or 12% Update Format second box BV / TBV Net Interest Income Net Interest Margin $2.0 billion +$125 million or 7% (non-GAAP) $75.39 +$5.06 $1.0 billion +$89 million or 9% Diluted EPS $10.31 +$0.73 or 8% Current EPS Prior EPS $ 2.63 2.47 $ 0.16 PPNI Prior PPNI $ 270.1 255.0 $15.02 15100000 270,060 255,043 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Metric FY 23 FY 22 Difference % Change Net Income $ 695,045 $ 622,626 $ 72,419 12 % Pre-Tax, Pre- Provision 1,048,136 959,471 $ 88,665 9 % Diluted EPS $ 10.31 $ 9.58 $ 0.73 8 % Net Interest Income 1,962,535 1,837,864 $ 124,671 7 % NIM 3.51 % 3.66 % (0.1500) % 58 TBV 75.39 70.33 $ 5.06 7 % Total Assets 64,879,668 56,259,934 $ 8,619,734 15 % Total Loans 48,055,037 42,131,831 $ 5,923,206 14 % Total Deposits 52,512,349 45,397,170 $ 7,115,179 16 % 2024 Full Year Takeaways • Record full year net income of $695.0 million or $10.31 per diluted common share was $72 million or 12% higher than our record annual net income in 2023 • Record full year net interest income of $2.0 billion was driven by strong earning asset growth. The Company's relative interest rate neutrality should allow the net interest margin to remain relatively stable in 2025 • Wintrust's tangible book value per common share (non-GAAP) increased in 2024 to $75.39 as of December 31, 2024. Tangible book value per common share (non-GAAP) has increased every year since Wintrust became a public company in 1996 • The Company's capital expansion was driven by record full year earnings in 2024 and capital ratios remain well above the regulatory thresholds • Wintrust exhibited robust organic loan and deposit growth in 2024. The strategic acquisition of Macatawa Bank Corporation (“Macatawa”) augmented Wintrust's strong growth in 2024 and expanded the Company's geographic footprint into the west Michigan markets 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix (GAAP) $89.21 +$7.78 (non-GAAP) 3.53% -15 bps (GAAP) 3.51% -15 bps NIM FY GAAP NIM PY GAAP Change 3.51% 3.66% -15.00 NIM FY Non- GAAP NIM PY Non- GAAP Change 3.53% 3.68% -15.00 BV FY BV PY Change $ 89.21 $ 81.43 $ 7.77999999999999 TBV TBV PY Change 75.39 70.33 5.06

55 • Recorded net income of $185.4 million for the fourth quarter of 2024 • Q4 2024 net interest margin (non-GAAP) of 3.51% was unchanged from the prior quarter. We expect to maintain a relatively stable net interest margin in 2025 given the current market consensus outlook Q4 2024 Highlights (Comparative to Q3 2024) • Total loans increased by approximately $1.0 billion, or 8% annualized, and was attributed to growth in all major loan portfolios • Total deposits increased by approximately $1.1 billion, or 9% annualized, and was driven by our diversified product offerings Pre-Tax, Pre-Provision1 Diversified Balance Sheet Total DepositsTotal Assets Total Loans Net Income $64.9 billion +$1.1 billion $48.1 billion +$1.0 billion $52.5 billion +$1.1 billion $185.4 million +$15.4 million Strong Credit Quality • Non-performing loans totaled $170.8 million and comprised 0.36% of total loans at December 31, 2024, as compared to $179.7 million and 0.38% of total loans at September 30, 2024 • Allowance for credit losses on total core loans was 1.36% at December 31, 2024 • Net charge-offs decreased to 13 basis points in the fourth quarter of 2024 compared to 23 basis points in the third quarter of 2024 Efficiency RatioReturn on Assets ROE / ROTCE 1.16% +5 bps (GAAP) 57.46% -142 bps $270.1 million +$15.0 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 $2.63 +$0.16 Current EPS Prior EPS $ 2.63 2.47 $ 0.16 PPNI Prior PPNI $ 270.1 255.0 $15.02 15100000 270,060 255,043 Stable Margin Supports Earnings Net Overhead Ratio 1.60% -2 bps (non-GAAP) 57.18% -140 bps Efficiency GAAP Prior Q 57.46% 58.59% $ (113.00) 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 57.46 % 58.88 % 57.18 % 58.58 % % Change File does not have calc for GAAP numbers (140) Check -142.00 -140.00 (GAAP) 11.82% +19 bps (non-GAAP) 14.29% +37 bps Current ROE Prior ROE Current ROTCE Prior ROTCE 11.82 % 11.63 % 14.29 % 13.92 % 19 37.0000000000001 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 Full Year 2024 $123.5 $187.3 $152.4 $170.0 $185.4 0.89% 1.35% 1.07% 1.11% 1.16% Net Income ROA Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $1.87 $2.89 $2.32 $2.47 $2.63 Diluted EPS Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $208.2 $271.6 $251.4 $255.0 $270.1 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 ($ in Millions) ($ in Millions) 1 See non-GAAP reconciliation in Appendix Q4 2024 Highlights Earnings Summary Differentiated, highly diversified and sustainable business model Manual Input - Highlights May Change QoQ • Q4 2024 pre-tax income, excluding provision for credit losses totaled $270.1 million as compared to $255.0 million in the third quarter of 2024 • Record quarterly net interest income of $525.1 million supported by strong loan and deposit growth and a relatively stable net interest margin

77 32% 27% 15% 17% 8% 1% Commercial Commercial Real Estate PFR - Property and Casualty Insurance PFR - Life Insurance Residential Real Estate All Other Loans $47,067 $327 $111 $225 $325 $48,055 9/30/2024 Commercial Commercial Real Estate Residential Real Estate All Other Loans 12/31/2024 $42.1 $47.1 $48.1 6.69% 6.90% 6.68% Total Loans Average Total Loan Yield 12/31/2023 9/30/2024 12/31/2024 Year-over-Year Change $5.6B or 14% in Total Loans Loan Portfolio Diversified loan portfolio Loan Growth Across All Major Portfolios in the Fourth Quarter of 2024 ($ in Millions) Diversified Loan Mix (as of 12/31/2024) Consistent Loan Growth Supported by Strong Loan Pipelines to Continue Momentum in 2025 ($ in Billions) • Strong loan growth during the fourth quarter totaled $1.0 billion, or 8% on an annualized basis • Year-over-year loan growth of $5.9 billion or 14% driven by organic growth and Macatawa acquisition Highlights

88 • Robust fourth quarter deposit growth totaling $1.1 billion or 9% annualized • Year-over-year deposit growth of $7.1 billion, or 16%, was supported by strong organic growth coupled with the Macatawa acquisition • Non-Interest bearing deposits have remained stable in recent quarters and actually increased to 22% of total deposits as year end customer activity drove higher balances as of December 31, 2024 $51,405 $671 $261 $(579) $754 $52,512 9/30/2024 Non-Interest-Bearing Money Market CDs Other Interest- Bearing 12/31/2024 $45.4 $51.4 $52.5 3.32% 3.72% 3.39% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 12/31/2023 9/30/2024 12/31/2024 1 1Includes: NOW, Interest-bearing Demand Deposits, Savings and deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), trust and asset management customers of the Company Deposit Portfolio Enviable core deposit franchise in Chicago, Milwaukee and Grand Rapids market areas Strong Quarterly Growth Across Majority of Diverse Product Offerings ($ in Millions) Deposit Growth Supported by Strong Core Franchise ($ in Billions) Highlights 1 Manual Input - Highlights May Change QoQ

99 9.4% 9.5% 9.5% 9.8% 9.9% 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Manual Input- Investment Duration comes from Scott Capital/Liquidity Current capital levels are well in excess of regulatory thresholds $4.1 $3.6 $0.3 Available-for-Sale Held-to-Maturity Other 12.2% 0.3% (0.3)% 12.2% 9/30/2024 Retained Earnings and Other Equity Changes Change in RWA 12/31/2024 1 Ratios for Q4 2024 are estimated 9.4% 9.8% 9.9% 10.3% 10.6% 10.6% 12.1% 12.2% 12.2% 9.3% 9.6% 9.4% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 12/31/2023 9/30/2024 12/31/2024 CET1 Ratio 1 Steady CET1 Growth in 2024 Expected to Continue in 2025 Capital Levels Remained Stable Supporting Strong Growth Strategically Balanced Investment Portfolio (as of 12/31/2024) ($ 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 December 31, 2024 Q4 2024 Highlights 1 Total Investment Portfolio Yield (Q4 '24): 3.33% Duration: 6.3 Years $8.0 Manual Input - Highlights May Change QoQ Manual Input - CET1 calculation comes from Mark Expect Q4 2025 CET1 +10.0% 9.4% 9.5% 9.5% 9.8% 9.7% 10.0% 0.3% Wintrust Macatawa Impact Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2024 Q4 2025 Pending

1010 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 $75.39 as of December 31, 2024 $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 $75.39 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 20 24 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

1111 Total Shareholder Return Wintrust's commitment to growing shareholder value is exemplified by outperforming the KBW Nasdaq 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% 136.35% 113.20% WTFC KRXTR 12 /31 /23 12 /31 /24 80.00% 100.00% 120.00% 140.00% 160.00% Total Shareholder Return of WTFC Compared to KRXTR (3-Year) 100.00% 94.53% 105.29% 142.40% 93.07% 92.70% 104.93% WTFC KRXTR 12 /31 /21 12 /31 /22 12 /31 /23 12 /31 /24 75.00% 100.00% 125.00% 150.00% Total Shareholder Return of WTFC Compared to KRXTR (5-Year) 100.00% 87.70% 131.34% 124.33% 138.11% 185.66% 91.29% 124.74% 116.10% 115.63% 130.90% WTFC KRXTR 12 /31 /19 12 /31 /20 12 /31 /21 12 /31 /22 12 /31 /20 23 12 /31 /24 75.00% 100.00% 125.00% 150.00% 175.00% 200.00% Total Shareholder Return of WTFC Compared to KRXTR (10-Year) 100.00% 104.68% 157.12% 179.23% 146.79% 158.23% 139.59% 205.75% 195.12% 216.02% 288.11% 105.92% 147.23% 149.82% 123.60% 153.04% 139.71% 190.90% 177.67% 176.96% 200.32% WTFC KRXTR 12 /31 /14 12 /31 /15 12 /31 /16 12 /31 /17 12 /31 /18 12 /31 /19 12 /31 /20 12 /31 /21 12 /31 /22 12 /31 /23 12 /31 /24 100.00% 150.00% 200.00% 250.00% 300.00% Manual Input - S&P File *Data Source: S&P Capital IQ

1212 • We believe we are well-positioned for strong financial performance as we continue our momentum into 2025 • Relatively neutral balance sheet sensitivity to further interest rate changes should allow our net interest margin to remain in the 3.50% range as we move forward into 2025 • Expect the combination of a stable net interest margin and balance sheet growth to result in continued net interest income growth in 2025 • 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 $6.7 $6.7 $6.7 $5.5 $6.2 $3.7 $3.7 $3.7 $3.7 $4.5 $3.0 $3.0 $3.0 $1.8 $1.7 Received Fixed Swaps Costless Collars 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 $470.0 $464.2 $470.6 $502.6 $525.1 3.64% 3.59% 3.52% 3.51% 3.51% Net Interest Income Net Interest Margin (non-GAAP) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3.51% (0.24)% 0.31% (0.07)% 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 remained within guidance range; strong earning asset growth drove net interest income higher Derivatives Held by the Company as of December 31, 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 $502.6MM Q2 '24 NII $525.1MMNIM Linking Chart 12/31/2024 9/30/2024 Variance Total earning assets (7) 6.09 % 6.33 % (0.24) % Total interest-bearing liabilities 3.44 % 3.75 0.31 % Net free funds/contribution (6)/ Net interest income/Net interest margin 0.86 % 0.93 -0.07 NIM 3.51 % 3.51 Manual Input - Data Comes from Joel Pending Expect sustained NII growth and Stable NIM through 2025 Q4 2024 NII Boosted By Solid Organic Growth and Stable NIM Q4 2024 Highlights As of December 31, 2024 Collars Weighted Average Cap Rate: 3.72% Collars Weighted Average Floor Rate: 2.23% Receive Fixed Swaps Weighted Average Rate: 3.86% 1 Balances shown represent the notional amount of cash flow hedging derivatives that are effective as of the dates presented. Reference the Appendix slide 24 for the complete derivative schedule. ($ in Billions) ($ in Millions) • Expect sustained NII growth and Stable NIM through 2025 Highlights Q4 2024

1313 $100.8 $140.6 $121.1 $113.1 $113.5 $33.3 $34.8 $35.4 $37.2 $38.8 $14.2 $14.1 $13.9 $15.3 $15.3$14.5 $14.8 $15.5 $16.4 $18.9 $31.4 $49.2 $27.2 $28.2 $20.0 $7.4 $27.7 $29.1 $16.0 $20.5 Wealth Management Operating Lease Income, net Service Charges on Deposits Other ; incl. Call Option Income Mortgage Banking Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $439.2 $475.6 $722.2 $766.8 $660.3 $315.6 $331.5 $544.4 $527.4 $483.4 $123.6 $144.1 $177.8 $239.4 $176.9 Retail Originations Veterans First Originations Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Mortgage Originations for Sale Decreased in Q4 2024 but are 50% Higher Than Q4 2023 MSRs Increased Due to Higher Mortgage Rates Continued Strong Wealth Management Business Non-Interest Income Increased Primarily Due to MSR Valuation Adjustment Offset by Net Losses on Investment Securities 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 $33.3 $34.8 $35.4 $37.2 $38.8 $47.1 $48.7 $48.2 $51.1 $51.2 Total Wealth Management Revenue Assets Under Administration ($ in Billions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 ($ in Millions) ($ in Millions) % of MSRs to Loans Serviced for Others Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 1.60% 1.67% 1.68% 1.52% 1.64% $192.5 $201.1 $204.6 $186.3 $203.8 $12,007 $12,051 $12,211 $12,253 $12,401 MSRs, at fair value Loans Serviced for Others Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 ($ in Millions) ($ in Millions) Non-Interest Income Diversified fee businesses supported non-interest income levels despite challenging mortgage environment Manual Input - Data Comes from Mortgage Team Pending AUM Pending

1414 $194.0 $195.2 $198.5 $211.3 $212.1 $111.5 $112.2 $113.9 $119.0 $121.0 $49.0 $51.0 $52.1 $57.6 $54.8 $33.5 $32.0 $32.5 $34.7 $36.3 Salaries Commissions and Incentive Compensation Benefits Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $31.2 $36.6 $45.1 $50.1 $52.9 $56.3 $64.9 2.85% 2.79% 2.51% 2.42% 2.33% 2.45% 2.36% Total Assets Non-Interest Expense as a % of Average Assets FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Efficiency Ratio Decreased as Income Outpaced Expense Growth 63.51% 54.95% 56.83% 58.58% 57.18% Efficiency Ratio (non-GAAP) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2024 Non-Interest Expense Advertising and Marketing FDIC Special Assessment Salaries and Benefits Occupancy Expense All Other Expenses Q2 2024 Non-Interest Expense Non-Interest Expense Continue to manage our expenses and believe they are in line with Company growth ($ in Millions) Strong 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 Total Salaries and Benefits Expense Relatively Stable Quarter over Quarter as Q4 2024 Impacted by Three Months of Macatawa Expenses

1515 $436.2 $2.2 $(1.3) $437.1 9/30/2024 Portfolio Changes Economic Factors 12/31/2024 $14.9 $21.8 $30.0 $26.7 $15.9 $42.9 $21.7 $40.1 $22.3 $17.0 0.14% 0.21% 0.28% 0.23% 0.13% NCOs Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $139.0 $148.4 $174.3 $179.7 $170.8 $91.3 $89.9 $119.1 $125.4 $119.6 $0.0 $0.0 $0.0 $0.0 $6.4$47.7 $58.5 $55.2 $54.3 $44.8 0.33% 0.34% 0.39% 0.38% 0.36% NPLs as a % of Total Loans PFR - Commercial NPLs PFR - Life NPLs Commercial, CRE and Other NPLs 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 $(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 $45,715 $46,811 Q3 2024 Q4 2024 $729 $665 Q3 2024 Q4 2024 $623 $579 Q3 2024 Q4 2024 Pass and Loans Guaranteed1 Special Mention Substandard2 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful 97% 97% 2% 2% 1% 1% Credit Quality Diversified business lines and strong credit management support stable credit quality Macatawa's Historical NPLs Highlight Pristine Asset Quality Manageable Levels of Non-Performing Loans ($ 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 $14.9 $21.8 $30.0 $26.7 $15.9 $42.9 $21.7 $40.1 $22.3 $17.0 0.14% 0.21% 0.28% 0.23% 0.13% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Provision Decrease Driven by Lower Charge-offs, Improved Credit Quality & CECL Economic Outlook Offset by Growth in the Portfolio ($ 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 $6.8 Adequate Allowance Coverage ($ 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

1616 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 20 24 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

1717 • Slight increase in allowance for credit losses driven by portfolio changes, mainly loan growth, which was offset by an improved macroeconomic scenario • Coverage across all portfolios remains strong to protect against downside risks to future economic performance • 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 $44.7 $47.1 $48.1 0.98% 0.93% 0.91% Total Loan Period End Balance Allowance as a % of Total Loans 6/30/2024 9/30/2024 12/31/2024 $26.3 $28.4 $28.8 1.52% 1.40% 1.36% Core Loan Period End Balance Allowance as a % of Category 6/30/2024 9/30/2024 12/31/2024 $18.4 $18.7 $19.3 0.21% 0.21% 0.23% Niche Loan Period End Balance Allowance as a % of Category 6/30/2024 9/30/2024 12/31/2024 Credit Quality - Allowance for Loan Losses The Company remains well-reserved Consistently Well-Reserved Across Our Core Loan PortfolioSufficient Allowance Coverage on Total Loan Portfolio ($ in Billions) ($ in Billions) Allowance Provides Appropriate Coverage Given Minimal Historic Losses in Niche Portfolio ($ in Billions) Q4 2024 Highlights Manual Input - All Data comes from Mike Reiser

1818 $169.6 $166.5 $182.0 $171.6 $175.8 1.32% 1.23% 1.29% 1.13% 1.13% Calculated Allowance Allowance as a % of Category 12/31/2024 3/31/2024 6/30/2024 9/30/2024 12/31/2024 $39.0 $31.8 $51.4 $63.8 $73.6 0.30% 0.24% 0.36% 0.42% 0.47% NPLs NPL as a % of Category 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 $12,832 $13,503 $14,154 $15,248 $15,575 0.14% 0.33% 0.25% 0.61% 0.11% Period End Balance Net Charge-Off Ratio 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 44% 10%5% 16% 8% 6% 4% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - HOA Insurance agency lending Credit Quality - Commercial Loans Diversified portfolio with low net charge-offs Manageable Levels of Non-Performing Commercial LoansStrong Loan Growth With Low Charge-off Levels ($ in Millions) ($ in Millions) Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 12/31/2024) ($ in Millions)

1919 $11,344 $11,633 $11,947 $12,793 $12,904 0.19% 0.19% 0.53% 0.00% 0.03% Period End Balance Net Charge-Off Ratio 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 $35.5 $39.3 $48.3 $42.3 $21.0 0.31% 0.34% 0.40% 0.33% 0.16% NPLs NPL as a % of Category 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 215.7 215.7 223.7 231.1 222.9 1.90% 1.85% 1.87% 1.81% 1.73% Calculated Allowance Allowance as a % of Category 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 13% 21% 11% 24% 13% 16% 2% Office Industrial Retail Multi-family Mixed use and other Commercial and Residential construction Land Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties NPLs Show Continued Improvement Steady Growth in Portfolio While Maintaining Sound Credit Standards ($ in Millions) ($ in Millions) Ample Allowance Levels to Protect Against Potential Future Market Pressure Commercial Real Estate Loan Composition (as of 12/31/2024) ($ in Millions)

2020 Medical Non Owner- Occupied, 27% Medical Owner Occupied, 3% Non-Medical Owner- Occupied, 14% Non-Medical Non Owner-Occupied, 56% $403.5 $322.3 $212.1 $216.9 $285.7 $215.6 $158.5 $159.6 $152.8 $141.0 $187.3 $122.6 Total CRE Office Non-Medical Non Owner-Occupied <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Chicago CBD, 10% Other CBD, 12% Suburban, 78% 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 $1,286.7 $202.3$167.1 $921.8 ### $242.5 $448.2 284937 99 50 30 21 18 12 17 11 8 5 Number of Loans Per Category CRE Office Portfolio (as of 12/31/2024) CRE office represents a minimal percentage of the total loan portfolio CRE Office Portfolio Geography ($ 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 >=$20M # of Loans CRE 937 99 30 18 17 8 Non Med 284 50 21 12 11 5 Portfolio Characteristics As of 9/30/2024 As of 12/31/2024 Balance ($ in Millions) $1,675 $1,656 CRE office as a % to Total CRE 13.09% 12.83% CRE office as a % to Total Loans 3.56% 3.45% Average Size of Loan ($ in Millions) $1.5 $1.5 Non-Performing Loan (NPL) Ratio 1.57% 0.43% Loans Still Accruing that are 30-89 Days Past Due Ratio 1.66% 0.26% Owner Occupied or Medical % 44% 44% $43.6 Manual Input - Data Comes from Mario's Team Medical $ 448.2 Medical Owner Occupied $ 43.6 Non-Medical Owner-Occupied $ 242.5 Non-Medical Non Owner- Occupied $ 921.8 Chicago CBD $ 167.1 Other CBD $ 202.3 Suburban $ 1,286.7 Total $ 1,658.5 PENDING

2121 Manual Input - Data comes from Dominic Sarro $0.0 $0.0 $0.0 $0.0 $6.4 0.00% 0.00% 0.00% 0.00% 0.08% NPLs NPL as a % of Category 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 $8,449 $1,845 Cash Surrender Value Other $7,878 $7,872 $7,962 $7,997 $8,147 0.00% 0.00% 0.00% 0.00% 0.00% Period End Balance Net Charge-Off Ratio 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 1 Loan Collateral reported at actual values versus credit advance rate 2 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance 4% 71% 7% 18% Annuity Brokerage Account Certificate of Deposit Letters of Credit OtherCollateral Coverage2 of 126% Credit Quality Premium Finance Receivables - Life Insurance Life insurance portfolio remains steady and has continued to demonstrate exceptional credit quality Non-Performing Loans Increase Driven by a Single Relationship and Overall Portfolio NPLs Remain LowQ4 2024 Balances Remained Consistent with Strong Credit Quality ($ in Millions) ($ in Millions) Total Loan Collateral1 by Type (as of 12/31/2024) "Other" Loan Collateral1 by Type (as of 12/31/2024) ($ in Millions) Pending

2222 Steady Levels of Non-Performing LoansConsistent Loan Growth $6,904 $6,940 $7,101 $7,132 $7,272 0.29% 0.32% 0.33% 0.24% 0.59% Period End Balance Net Charge-Off Ratio 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 $4,140 $4,209 $5,080 $4,499 $4,565 Originations Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $47.7 $58.5 $55.1 $54.3 $44.8 0.69% 0.84% 0.78% 0.76% 0.62% NPLs NPL as a % of Category 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 $3,600 $2,331 $1,110 $231 Current Premium Finance Receivables - Property and Casualty Insurance Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 7-9 Months > 9 months Premium Finance Receivables - Property and Casualty Insurance ($ in Millions) ($ in Millions) Projected Repayments Strong Origination Volume Continued in the Fourth Quarter ($ in Millions) ($ in Millions) Manual Input - Data comes from Mark B Manual Input - Data comes from Thanos Polyzois and Matt for Canada Pending

2323 Appendix

2424 Hedging activities had a 10 basis point unfavorable impact to our Q4 2024 NIM as compared to a 17 basis point unfavorable impact to our Q3 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% Receive Fixed Swap 11/1/2025 $0.25B 11/1/2029 N/A N/A 3.30% Receive Fixed Swap 11/1/2025 $0.25B 11/1/2030 N/A N/A 3.55% Receive Fixed Swap 11/1/2025 $0.25B 11/1/2030 N/A N/A 3.82% Receive Fixed Swap 2/1/2026 $0.25B 2/1/2031 N/A N/A 3.95% Below are the details of the derivatives entered by the Company as of December 31, 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

2525 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 12/31/2024) 33% 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% 1.4% 1.5% 4% 2%

2626 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

2727 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 NPA Non-Performing Asset NPL Non-Performing Loan 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

2828 Three Months Ended Years Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2024 2024 2024 2024 2023 2024 2023 (A) Interest Income (GAAP) $913,501 $908,604 $849,979 $805,513 $793,848 $ 3,477,597 $ 2,893,114 Taxable-equivalent adjustment: - Loans 2,352 2,474 2,305 2,246 2,150 9,377 7,827 - Liquidity Management Assets 716 668 567 550 575 2,501 2,249 - Other Earning Assets 2 2 3 5 4 12 10 (B) Interest Income (non-GAAP) $916,571 $911,748 $852,854 $808,314 $796,577 $3,489,487 $2,903,200 (C) Interest Expense (GAAP) $388,353 $406,021 $379,369 $341,319 $323,874 $1,515,062 $1,055,250 (D) Net Interest Income (GAAP) (A minus C) $525,148 $502,583 $470,610 $464,194 $469,974 $1,962,535 $1,837,864 (E) Net Interest Income (non-GAAP) (B minus C) $528,218 $505,727 $473,485 $466,995 $472,703 $1,974,425 $1,847,950 Net interest margin (GAAP) 3.49 % 3.49 % 3.50 % 3.57 % 3.62 % 3.51 % 3.66 % Net interest margin, fully taxable-equivalent (non-GAAP) 3.51 % 3.51 % 3.52 % 3.59 % 3.64 % 3.53 % 3.68 % (F) Non-interest income $113,451 $113,147 $121,147 $140,580 $100,829 $488,325 $434,106 (G) (Losses) gains on investment securities, net (2,835) 3,189 (4,282) 1,326 2,484 (2,602) 1,525 (H) Non-interest expense 368,539 360,687 340,353 333,145 362,652 1,402,724 1,312,499 Efficiency ratio (H/(D+F-G)) 57.46 % 58.88 % 57.10 % 55.21 % 63.81 % 57.17 % 57.81 % Efficiency ratio (non-GAAP) (H/(E+F-G)) 57.18 % 58.58 % 56.83 % 54.95 % 63.51 % 56.90 % 57.55 % The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $253,081 $232,709 $211,343 $249,956 $165,243 $947,089 $845,081 Add: Provision for credit losses 16,979 22,334 40,061 21,673 42,908 $101,047 $114,390 Pre-tax income, excluding provision for credit losses (non-GAAP) $270,060 $255,043 $251,404 $271,629 $208,151 $1,048,136 $959,471 Non-GAAP Reconciliation

2929 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 253,081 $ 232,709 $ 211,343 $ 249,956 $ 165,243 $ 947,089 $ 845,081 Add: Provision for credit losses 16,979 22,334 40,061 21,673 42,908 101,047 114,390 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 270,060 $ 255,043 $ 251,404 $ 271,629 $ 208,151 $ 1,048,136 $ 959,471 Three Months Ended Years Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2024 2024 2024 2024 2023 2024 2023 (N) Net income applicable to common shares $178,371 $163,010 $145,397 $180,303 $116,489 $667,081 $594,662 Add: Intangible asset amortization 5,773 4,042 1,122 1,158 1,356 12,095 5,498 Less: Tax effect of intangible asset amortization (1,547) (1,087) (311) (291) (343) (3,217) (1,446) After-tax intangible asset amortization $ 4,226 $ 2,955 $ 811 $ 867 $ 1,013 $ 8,878 $ 4,052 (O) Tangible net income applicable to common shares (non-GAAP) $182,597 $165,965 $146,208 $181,170 $117,502 675,959 598,714 Total average shareholders’ equity $6,418,403 $5,990,429 $5,450,173 $5,440,457 $5,066,196 $5,826,940 $5,023,153 Less: Average preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (412,500) $(412,500) (P) Total average common shareholders’ equity $6,005,903 $5,577,929 $5,037,673 $5,027,957 $4,653,696 $5,414,440 $ 4,610,653 Less: Average intangible assets (921,438) (833,574) (677,207) (678,731) (679,812) (778,283) $ (679,802) (Q) Total average tangible common shareholders’ equity (non-GAAP) $5,084,465 $4,744,355 $4,360,466 $4,349,226 $3,973,884 $ 4,636,157 $ 3,930,851 Return on average common equity, annualized (N/P) 11.82 % 11.63 % 11.61 % 14.42 % 9.93 % 12.32 % 12.90 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.29 13.92 13.49 16.75 11.73 14.58 15.23 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

3030 Three Months Ended Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): December 31, September 30, June 30, March 31, December 31, 2024 2024 2024 2024 2023 Total shareholders’ equity (GAAP) $6,344,297 $6,399,714 $5,536,628 $5,436,400 $5,399,526 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (918,632) (924,646) (676,562) (677,911) (679,561) (I) Total tangible common shareholders’ equity (non-GAAP) $5,013,165 $5,062,568 $4,447,566 $4,345,989 $4,307,465 (J) Total assets (GAAP) 64,879,668 63,788,424 59,781,516 57,576,933 56,259,934 Less: Intangible assets (GAAP) (918,632) (924,646) (676,562) (677,911) (679,561) (K) Total tangible assets (non-GAAP) $63,961,036 $62,863,778 $59,104,954 $56,899,022 $55,580,373 Common equity to assets ratio (GAAP) (L/J) 9.1 % 9.4 % 8.6 % 8.7 % 8.9 % Tangible common equity ratio (non-GAAP) (I/K) 7.8 % 8.1 % 7.5 % 7.6 % 7.7 % Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $6,344,297 $6,399,714 $5,536,628 $5,436,400 $5,399,526 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $5,931,797 $5,987,214 $5,124,128 $5,023,900 $4,987,026 (M) Actual common shares outstanding 66,495 66,482 61,760 61,737 61,244 Book value per common share (L/M) $89.21 $90.06 $82.97 $81.38 $81.43 Tangible book value per common share (non-GAAP) (I/M) $75.39 $76.15 $72.01 $70.40 $70.33 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: ($'s and Shares in Thousands): December 31, September 30, June 30, March 31, December 31, 2024 2024 2024 2024 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): December 31, September 30, June 30, March 31, December 31, 2024 2024 2024 2024 2023 (N) Net income applicable to common shares $ 178,371 $ 163,010 $ 145,397 $ 180,303 $ 116,489 Add: Intangible asset amortization $ 5,773 $ 4,042 $ 1,122 $ 1,158 1356000 Less: Tax effect of intangible asset amortization $ (1,547) $ (1,087) $ (311) $ (291) (343) After-tax intangible asset amortization $ 4,226 $ 2,955 $ 811 $ 867 1,013 (O) Tangible net income applicable to common shares (non-GAAP) $ 182,597 $ 165,965 $ 146,208 $ 181,170 117,502 Total average shareholders’ equity $ 6,418,403 $ 5,990,429 $ 5,450,173 $ 5,440,457 $ 5,066,196 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 6,005,903 $ 5,577,929 $ 5,037,673 $ 5,027,957 $ 4,653,696 Less: Average intangible assets $ (921,438) $ (833,574) $ (677,207) $ (678,731) $ (679,812) (Q) Total average tangible common shareholders’ equity (non-GAAP) $5,084,465 $4,744,355 $4,360,466 $4,349,226 $3,973,884 Return on average common equity, annualized (N/P) 11.82% 11.63% 11.61% 14.42% 9.93% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.29 13.92 13.49 16.75 11.73 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.