ウィントラストファイナンシャルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 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 April 21, 2025, Wintrust Financial Corporation (the “Company”) announced earnings for the first quarter of 2025 and posted on its website the First Quarter 2025 Earnings Release Presentation. Copies of the press release relating to the Company’s earnings results and the related presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. Certain supplemental information relating to non-GAAP financial measures reported in the attached press release and presentation is included on pages 32 through 33 of Exhibit 99.1 and pages 28 through 30 of Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


Exhibit
99.1			First Quarter 2025 Earnings Release dated April 21, 2025
99.2			First Quarter 2025 Earnings Release Presentation dated April 21, 2025

Signature

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



						WINTRUST FINANCIAL CORPORATION (Registrant)

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

Date: April 21, 2025

INDEX TO EXHIBITS



Exhibit
99.1			First Quarter 2025 Earnings Release dated April 21, 2025
99.2			First Quarter 2025 Earnings Release Presentation dated April 21, 2025

EX-99.1 2 q12025exhibit991.htm EX-99.1 Document

Exhibit 99.1

Wintrust Financial Corporation

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

News Release



FOR IMMEDIATE RELEASE						April 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 First Quarter 2025 Net Income

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”

Highlights of the first quarter of 2025:

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

•Total loans increased by $653 million, or 6% annualized.

•Total deposits increased by approximately $1.1 billion, or 8% annualized.

•Total assets increased by $1.0 billion, or 6% annualized.

•Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.

◦Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.

•Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:

◦Net gains on investment securities totaled $3.2 million.

◦Macatawa Bank acquisition-related costs were $2.7 million.

•Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.

•Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.

Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”

Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”

In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”

* * *

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

*The first quarter of 2024 includes FDIC special assessment of $5.2 million and net gain on sale of RBA of $19.3 million

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.

Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company's loans-to-deposits ratio ended the quarter at 90.9%.

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

NET INTEREST INCOME

For the first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.

Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The 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 March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.

Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.

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

Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024.

For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.

Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. 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 totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.

The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 14 in this report.

NON-INTEREST EXPENSE

Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.

Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.

Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.

Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.

The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.

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

INCOME TAXES

The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.

Wealth Management

Through wealth management, 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 $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 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 fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

Division Sale

In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:


										% or (1) basis point (bp) change from 4th Quarter 2024		% or basis point (bp) change from 1st Quarter 2024
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Net income	$	189,039		$	185,362		$	187,294		2	%	1	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	277,018			270,060			271,629			3		2

Net income per common share – Diluted	2.69			2.63			2.89			2		(7)
Cash dividends declared per common share	0.50			0.45			0.45			11		11
Net revenue (3)	643,108			638,599			604,774			1		6
Net interest income	526,474			525,148			464,194			0		13
Net interest margin	3.54		%	3.49		%	3.57		%	5	bps	(3)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.56			3.51			3.59			5		(3)
Net overhead ratio (4)	1.58			1.60			1.39			(2)		19

Return on average assets	1.20			1.16			1.35			4		(15)
Return on average common equity	12.21			11.82			14.42			39		(221)
Return on average tangible common equity (non-GAAP) (2)	14.72			14.29			16.75			43		(203)
At end of period
Total assets	$	65,870,066		$	64,879,668		$	57,576,933		6	%	14	%
Total loans (5)	48,708,390			48,055,037			43,230,706			6		13

Total deposits	53,570,038			52,512,349			46,448,858			8		15
Total shareholders’ equity	6,600,537			6,344,297			5,436,400			16		21

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

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

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

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

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

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

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights


	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Selected Financial Condition Data (at end of period):
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Total loans (1)	48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Total deposits	53,570,038			52,512,349			51,404,966			48,049,026			46,448,858

Total shareholders’ equity	6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Selected Statements of Income Data:
Net interest income	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
Net revenue (2)	643,108			638,599			615,730			591,757			604,774
Net income	189,039			185,362			170,001			152,388			187,294
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	277,018			270,060			255,043			251,404			271,629

Net income per common share – Basic	2.73			2.68			2.51			2.35			2.93
Net income per common share – Diluted	2.69			2.63			2.47			2.32			2.89
Cash dividends declared per common share	0.50			0.45			0.45			0.45			0.45
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.54		%	3.49		%	3.49		%	3.50		%	3.57		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.56			3.51			3.51			3.52			3.59
Non-interest income to average assets	0.74			0.71			0.74			0.85			1.02
Non-interest expense to average assets	2.32			2.31			2.36			2.38			2.41
Net overhead ratio (4)	1.58			1.60			1.62			1.53			1.39

Return on average assets	1.20			1.16			1.11			1.07			1.35
Return on average common equity	12.21			11.82			11.63			11.61			14.42
Return on average tangible common equity (non-GAAP) (3)	14.72			14.29			13.92			13.49			16.75
Average total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695
Average total shareholders’ equity	6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Average loans to average deposits ratio	92.3		%	91.9		%	93.8		%	95.1		%	94.5		%
Period-end loans to deposits ratio	90.9			91.5			91.6			93.0			93.1
Common Share Data at end of period:
Market price per common share	$	112.46		$	124.71		$	108.53		$	98.56		$	104.39
Book value per common share	92.47			89.21			90.06			82.97			81.38
Tangible book value per common share (non-GAAP) (3)	78.83			75.39			76.15			72.01			70.40
Common shares outstanding	66,919,325			66,495,227			66,481,543			61,760,139			61,736,715
Other Data at end of period:
Common equity to assets ratio	9.4		%	9.1		%	9.4		%	8.6		%	8.7		%
Tangible common equity ratio (non-GAAP) (3)	8.1			7.8			8.1			7.5			7.6
Tier 1 leverage ratio (5)	9.6			9.4			9.6			9.3			9.4
Risk-based capital ratios:
Tier 1 capital ratio (5)	10.8			10.7			10.6			10.3			10.3
Common equity tier 1 capital ratio (5)	10.1			9.9			9.8			9.5			9.5
Total capital ratio (5)	12.5			12.3			12.2			12.1			12.2


Allowance for credit losses (6)	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

Allowance for loan and unfunded lending-related commitment losses to total loans	0.92		%	0.91		%	0.93		%	0.98		%	0.99		%

Number of:
Bank subsidiaries	16			16			16			15			15
Banking offices	208			205			203			177			176

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

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

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

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

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

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION


	(Unaudited)				(Unaudited)		(Unaudited)		(Unaudited)
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2025		2024		2024		2024		2024
Assets
Cash and due from banks	$	616,216	$	452,017	$	725,465	$	415,462	$	379,825
Federal funds sold and securities purchased under resale agreements	63		6,519		5,663		62		61
Interest-bearing deposits with banks	4,238,237		4,409,753		3,648,117		2,824,314		2,131,077
Available-for-sale securities, at fair value	4,220,305		4,141,482		3,912,232		4,329,957		4,387,598
Held-to-maturity securities, at amortized cost	3,564,490		3,613,263		3,677,420		3,755,924		3,810,015
Trading account securities	—		4,072		3,472		4,134		2,184
Equity securities with readily determinable fair value	270,442		215,412		125,310		112,173		119,777
Federal Home Loan Bank and Federal Reserve Bank stock	281,893		281,407		266,908		256,495		224,657
Brokerage customer receivables	—		18,102		16,662		13,682		13,382


Mortgage loans held-for-sale, at fair value	316,804		331,261		461,067		411,851		339,884


Loans, net of unearned income	48,708,390		48,055,037		47,067,447		44,675,531		43,230,706



Allowance for loan losses	(378,207)		(364,017)		(360,279)		(363,719)		(348,612)
Net loans	48,330,183		47,691,020		46,707,168		44,311,812		42,882,094
Premises, software and equipment, net	776,679		779,130		772,002		722,295		744,769
Lease investments, net	280,472		278,264		270,171		275,459		283,557


Accrued interest receivable and other assets	1,598,255		1,739,334		1,721,090		1,671,334		1,580,142
Trade date securities receivable	463,023		—		551,031		—		—

Goodwill	796,932		796,942		800,780		655,955		656,181
Other acquisition-related intangible assets	116,072		121,690		123,866		20,607		21,730
Total assets	$	65,870,066	$	64,879,668	$	63,788,424	$	59,781,516	$	57,576,933
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,201,859	$	11,410,018	$	10,739,132	$	10,031,440	$	9,908,183
Interest-bearing	42,368,179		41,102,331		40,665,834		38,017,586		36,540,675
Total deposits	53,570,038		52,512,349		51,404,966		48,049,026		46,448,858


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

Other borrowings	529,269		534,803		647,043		606,579		575,408

Subordinated notes	298,360		298,283		298,188		298,113		437,965
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566

Accrued interest payable and other liabilities	1,466,987		1,785,061		1,613,638		1,861,295		1,747,985



Total liabilities	59,269,529		58,535,371		57,388,710		54,244,888		52,140,533
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	67,007		66,560		66,546		61,825		61,798
Surplus	2,494,347		2,482,561		2,470,228		1,964,645		1,954,532
Treasury stock	(9,156)		(6,153)		(6,098)		(5,760)		(5,757)
Retained earnings	4,045,854		3,897,164		3,748,715		3,615,616		3,498,475
Accumulated other comprehensive loss	(410,015)		(508,335)		(292,177)		(512,198)		(485,148)
Total shareholders’ equity	6,600,537		6,344,297		6,399,714		5,536,628		5,436,400
Total liabilities and shareholders’ equity	$	65,870,066	$	64,879,668	$	63,788,424	$	59,781,516	$	57,576,933

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Interest income
Interest and fees on loans	$	768,362	$	789,038	$	794,163	$	749,812	$	710,341
Mortgage loans held-for-sale	4,246		5,623		6,233		5,434		4,146
Interest-bearing deposits with banks	36,766		46,256		32,608		19,731		16,658
Federal funds sold and securities purchased under resale agreements	179		53		277		17		19
Investment securities	72,016		67,066		69,592		69,779		69,678
Trading account securities	11		6		11		13		18
Federal Home Loan Bank and Federal Reserve Bank stock	5,307		5,157		5,451		4,974		4,478
Brokerage customer receivables	78		302		269		219		175
Total interest income	886,965		913,501		908,604		849,979		805,513
Interest expense
Interest on deposits	320,233		346,388		362,019		335,703		299,532
Interest on Federal Home Loan Bank advances	25,441		26,050		26,254		24,797		22,048
Interest on other borrowings	6,792		7,519		9,013		8,700		9,248
Interest on subordinated notes	3,714		3,733		3,712		5,185		5,487
Interest on junior subordinated debentures	4,311		4,663		5,023		4,984		5,004
Total interest expense	360,491		388,353		406,021		379,369		341,319
Net interest income	526,474		525,148		502,583		470,610		464,194
Provision for credit losses	23,963		16,979		22,334		40,061		21,673
Net interest income after provision for credit losses	502,511		508,169		480,249		430,549		442,521
Non-interest income
Wealth management	34,042		38,775		37,224		35,413		34,815
Mortgage banking	20,529		20,452		15,974		29,124		27,663
Service charges on deposit accounts	19,362		18,864		16,430		15,546		14,811
Gains (losses) on investment securities, net	3,196		(2,835)		3,189		(4,282)		1,326
Fees from covered call options	3,446		2,305		988		2,056		4,847
Trading (losses) gains, net	(64)		(113)		(130)		70		677
Operating lease income, net	15,287		15,327		15,335		13,938		14,110
Other	20,836		20,676		24,137		29,282		42,331
Total non-interest income	116,634		113,451		113,147		121,147		140,580
Non-interest expense
Salaries and employee benefits	211,526		212,133		211,261		198,541		195,173
Software and equipment	34,717		34,258		31,574		29,231		27,731
Operating lease equipment	10,471		10,263		10,518		10,834		10,683
Occupancy, net	20,778		20,597		19,945		19,585		19,086
Data processing	11,274		10,957		9,984		9,503		9,292
Advertising and marketing	12,272		13,097		18,239		17,436		13,040
Professional fees	9,044		11,334		9,783		9,967		9,553
Amortization of other acquisition-related intangible assets	5,618		5,773		4,042		1,122		1,158
FDIC insurance	10,926		10,640		10,512		10,429		14,537
OREO expenses, net	643		397		(938)		(259)		392
Other	38,821		39,090		35,767		33,964		32,500
Total non-interest expense	366,090		368,539		360,687		340,353		333,145
Income before taxes	253,055		253,081		232,709		211,343		249,956
Income tax expense	64,016		67,719		62,708		58,955		62,662
Net income	$	189,039	$	185,362	$	170,001	$	152,388	$	187,294
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991
Net income applicable to common shares	$	182,048	$	178,371	$	163,010	$	145,397	$	180,303
Net income per common share - Basic	$	2.73	$	2.68	$	2.51	$	2.35	$	2.93
Net income per common share - Diluted	$	2.69	$	2.63	$	2.47	$	2.32	$	2.89
Cash dividends declared per common share	$	0.50	$	0.45	$	0.45	$	0.45	$	0.45
Weighted average common shares outstanding	66,726		66,491		64,888		61,839		61,481
Dilutive potential common shares	923		1,233		1,053		926		928
Average common shares and dilutive common shares	67,649		67,724		65,941		62,765		62,409

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2024 (1)		Mar 31, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	181,580	$	189,774	$	314,693	$	281,103	$	193,064	(18)	%	(6)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	135,224		141,487		146,374		130,748		146,820		(18)		(8)
Total mortgage loans held-for-sale	$	316,804	$	331,261	$	461,067	$	411,851	$	339,884	(18)	%	(7)	%

Core loans:
Commercial
Commercial and industrial	$	6,871,206	$	6,867,422	$	6,774,683	$	6,236,290	$	6,117,004	0	%	12	%
Asset-based lending	1,701,962		1,611,001		1,709,685		1,465,867		1,355,255		23		26
Municipal	798,646		826,653		827,125		747,357		721,526		(14)		11
Leases	2,680,943		2,537,325		2,443,721		2,439,128		2,344,295		23		14

Commercial real estate
Residential construction	55,849		48,617		73,088		55,019		57,558		60		(3)
Commercial construction	2,086,797		2,065,775		1,984,240		1,866,701		1,748,607		4		19
Land	306,235		319,689		346,362		338,831		344,149		(17)		(11)
Office	1,641,555		1,656,109		1,675,286		1,585,312		1,566,748		(4)		5
Industrial	2,677,555		2,628,576		2,527,932		2,307,455		2,190,200		8		22
Retail	1,402,837		1,374,655		1,404,586		1,365,753		1,366,415		8		3
Multi-family	3,091,314		3,125,505		3,193,339		2,988,940		2,922,432		(4)		6
Mixed use and other	1,652,759		1,685,018		1,588,584		1,439,186		1,437,328		(8)		15
Home equity	455,683		445,028		427,043		356,313		340,349		10		34
Residential real estate
Residential real estate loans for investment	3,561,417		3,456,009		3,252,649		2,933,157		2,746,916		12		30
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	86,952		114,985		92,355		88,503		90,911		(99)		(4)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	36,790		41,771		43,034		45,675		52,439		(48)		(30)
Total core loans	$	29,108,500	$	28,804,138	$	28,363,712	$	26,259,487	$	25,402,132	4	%	15	%

Niche loans:
Commercial
Franchise	$	1,262,555	$	1,268,521	$	1,191,686	$	1,150,460	$	1,122,302	(2)	%	12	%
Mortgage warehouse lines of credit	1,019,543		893,854		750,462		593,519		403,245		57		NM
Community Advantage - homeowners association	525,492		525,446		501,645		491,722		475,832		0		10
Insurance agency lending	1,070,979		1,044,329		1,048,686		1,030,119		964,022		10		11
Premium Finance receivables
U.S. property & casualty insurance	6,486,663		6,447,625		6,253,271		6,142,654		6,113,993		2		6
Canada property & casualty insurance	753,199		824,417		878,410		958,099		826,026		(35)		(9)
Life insurance	8,365,140		8,147,145		7,996,899		7,962,115		7,872,033		11		6
Consumer and other	116,319		99,562		82,676		87,356		51,121		68		NM
Total niche loans	$	19,599,890	$	19,250,899	$	18,703,735	$	18,416,044	$	17,828,574	7	%	10	%






Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	6	%	13	%

(1)Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2024 (1)		Mar 31, 2024
Balance:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183		(7)	%	13	%
NOW and interest-bearing demand deposits	6,340,168			5,865,546			5,466,932			5,053,909			5,720,947			33		11
Wealth management deposits (2)	1,408,790			1,469,064			1,303,354			1,490,711			1,347,817			(17)		5
Money market	18,074,733			17,975,191			17,713,726			16,320,017			15,617,717			2		16
Savings	6,576,251			6,372,499			6,183,249			5,882,179			5,959,774			13		10
Time certificates of deposit	9,968,237			9,420,031			9,998,573			9,270,770			7,894,420			24		26
Total deposits	$	53,570,038		$	52,512,349		$	51,404,966		$	48,049,026		$	46,448,858		8	%	15	%
Mix:
Non-interest-bearing	21		%	22		%	21		%	21		%	21		%
NOW and interest-bearing demand deposits	12			11			11			11			12
Wealth management deposits (2)	3			3			3			3			3
Money market	34			34			34			34			34
Savings	12			12			12			12			13
Time certificates of deposit	18			18			19			19			17
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 March 31, 2025


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,845,120	4.34	%
4-6 months	2,345,184		3.81
7-9 months	2,694,739		3.72
10-12 months	711,206		3.62
13-18 months	210,063		3.03
19-24 months	87,336		2.72
24+ months	74,589		2.47
Total	$	9,968,237	3.94	%

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2025		2024		2024		2024		2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,520,048	$	3,934,016	$	2,413,728	$	1,485,481	$	1,254,332
Investment securities (2)	8,409,735		8,090,271		8,276,576		8,203,764		8,349,796
FHLB and FRB stock	281,702		271,825		263,707		253,614		230,648
Liquidity management assets (3)	$	12,211,485	$	12,296,112	$	10,954,011	$	9,942,859	$	9,834,776
Other earning assets (3)(4)	13,140		20,528		17,542		15,257		15,081
Mortgage loans held-for-sale	286,710		378,707		376,251		347,236		290,275
Loans, net of unearned income (3)(5)	47,833,380		47,153,014		45,920,586		43,819,354		42,129,893
Total earning assets (3)	$	60,344,715	$	59,848,361	$	57,268,390	$	54,124,706	$	52,270,025
Allowance for loan and investment security losses	(375,371)		(367,238)		(383,736)		(360,504)		(361,734)
Cash and due from banks	476,423		470,033		467,333		434,916		450,267
Other assets	3,661,275		3,642,949		3,563,296		3,294,066		3,244,137
Total assets	$	64,107,042	$	63,594,105	$	60,915,283	$	57,493,184	$	55,602,695

NOW and interest-bearing demand deposits	$	6,046,189	$	5,601,672	$	5,174,673	$	4,985,306	$	5,680,265
Wealth management deposits	1,574,480		1,430,163		1,362,747		1,531,865		1,510,203
Money market accounts	17,581,141		17,579,395		16,436,111		15,272,126		14,474,492
Savings accounts	6,479,444		6,288,727		6,096,746		5,878,844		5,792,118
Time deposits	9,406,126		9,702,948		9,598,109		8,546,172		7,148,456
Interest-bearing deposits	$	41,087,380	$	40,602,905	$	38,668,386	$	36,214,313	$	34,605,534
Federal Home Loan Bank advances	3,151,309		3,160,658		3,178,973		3,096,920		2,728,849
Other borrowings	582,139		577,786		622,792		587,262		627,711
Subordinated notes	298,306		298,225		298,135		410,331		437,893
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	$	45,372,700	$	44,893,140	$	43,021,852	$	40,562,392	$	38,653,553
Non-interest-bearing deposits	10,732,156		10,718,738		10,271,613		9,879,134		9,972,646
Other liabilities	1,541,245		1,563,824		1,631,389		1,601,485		1,536,039
Equity	6,460,941		6,418,403		5,990,429		5,450,173		5,440,457
Total liabilities and shareholders’ equity	$	64,107,042	$	63,594,105	$	60,915,283	$	57,493,184	$	55,602,695

Net free funds/contribution (6)	$	14,972,015	$	14,955,221	$	14,246,538	$	13,562,314	$	13,616,472

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

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

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

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

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

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

TABLE 5: QUARTERLY NET INTEREST INCOME


	Net Interest Income for three months ended,
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2025		2024		2024		2024		2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	36,945	$	46,308	$	32,885	$	19,748	$	16,677
Investment securities	72,706		67,783		70,260		70,346		70,228
FHLB and FRB stock	5,307		5,157		5,451		4,974		4,478
Liquidity management assets (1)	$	114,958	$	119,248	$	108,596	$	95,068	$	91,383
Other earning assets (1)	92		310		282		235		198
Mortgage loans held-for-sale	4,246		5,623		6,233		5,434		4,146
Loans, net of unearned income (1)	770,568		791,390		796,637		752,117		712,587


Total interest income	$	889,864	$	916,571	$	911,748	$	852,854	$	808,314

Interest expense:
NOW and interest-bearing demand deposits	$	33,600	$	31,695	$	30,971	$	32,719	$	34,896
Wealth management deposits	8,606		9,412		10,158		10,294		10,461
Money market accounts	146,374		159,945		167,382		155,100		137,984
Savings accounts	35,923		38,402		42,892		41,063		39,071
Time deposits	95,730		106,934		110,616		96,527		77,120
Interest-bearing deposits	$	320,233	$	346,388	$	362,019	$	335,703	$	299,532
Federal Home Loan Bank advances	25,441		26,050		26,254		24,797		22,048
Other borrowings	6,792		7,519		9,013		8,700		9,248
Subordinated notes	3,714		3,733		3,712		5,185		5,487
Junior subordinated debentures	4,311		4,663		5,023		4,984		5,004
Total interest expense	$	360,491	$	388,353	$	406,021	$	379,369	$	341,319

Less: Fully taxable-equivalent adjustment	(2,899)		(3,070)		(3,144)		(2,875)		(2,801)
Net interest income (GAAP) (2)	526,474		525,148		502,583		470,610		464,194
Fully taxable-equivalent adjustment	2,899		3,070		3,144		2,875		2,801
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	529,373	$	528,218	$	505,727	$	473,485	$	466,995

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

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

TABLE 6: QUARTERLY NET INTEREST MARGIN


	Net Interest Margin for three months ended,
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.26	%	4.68	%	5.42	%	5.35	%	5.35	%
Investment securities	3.51		3.33		3.38		3.45		3.38
FHLB and FRB stock	7.64		7.55		8.22		7.89		7.81

Liquidity management assets	3.82	%	3.86	%	3.94	%	3.85	%	3.74	%
Other earning assets	2.84		6.01		6.38		6.23		5.25
Mortgage loans held-for-sale	6.01		5.91		6.59		6.29		5.74
Loans, net of unearned income	6.53		6.68		6.90		6.90		6.80

Total earning assets	5.98	%	6.09	%	6.33	%	6.34	%	6.22	%

Rate paid on:
NOW and interest-bearing demand deposits	2.25	%	2.25	%	2.38	%	2.64	%	2.47	%
Wealth management deposits	2.22		2.62		2.97		2.70		2.79
Money market accounts	3.38		3.62		4.05		4.08		3.83
Savings accounts	2.25		2.43		2.80		2.81		2.71
Time deposits	4.13		4.38		4.58		4.54		4.34
Interest-bearing deposits	3.16	%	3.39	%	3.72	%	3.73	%	3.48	%
Federal Home Loan Bank advances	3.27		3.28		3.29		3.22		3.25
Other borrowings	4.73		5.18		5.76		5.96		5.92
Subordinated notes	5.05		4.98		4.95		5.08		5.04
Junior subordinated debentures	6.90		7.32		7.88		7.91		7.94
Total interest-bearing liabilities	3.22	%	3.44	%	3.75	%	3.76	%	3.55	%

Interest rate spread (1)(2)	2.76	%	2.65	%	2.58	%	2.58	%	2.67	%
Less: Fully taxable-equivalent adjustment	(0.02)		(0.02)		(0.02)		(0.02)		(0.02)
Net free funds/contribution (3)	0.80		0.86		0.93		0.94		0.92
Net interest margin (GAAP) (2)	3.54	%	3.49	%	3.49	%	3.50	%	3.57	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	3.56	%	3.51	%	3.51	%	3.52	%	3.59	%

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

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

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

TABLE 7: 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
Mar 31, 2025	(1.8)	%	(0.6)	%	(0.2)	%	(1.2)	%
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


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	0.2	%	0.2	%	(0.1)	%	(0.5)	%
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

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 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or contractual maturity period
As of March 31, 2025	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	405,736	$	3,600,171	$	2,122,563	$	20,444	$	6,148,914

Variable rate	9,781,709		703		—		—		9,782,412
Total commercial	$	10,187,445	$	3,600,874	$	2,122,563	$	20,444	$	15,931,326
Commercial real estate
Fixed rate	$	658,413	$	2,762,221	$	365,181	$	63,593	$	3,849,408
Variable rate	9,054,583		10,843		67		—		9,065,493
Total commercial real estate	$	9,712,996	$	2,773,064	$	365,248	$	63,593	$	12,914,901
Home equity
Fixed rate	$	8,881	$	838	$	—	$	17	$	9,736
Variable rate	445,947		—		—		—		445,947
Total home equity	$	454,828	$	838	$	—	$	17	$	455,683
Residential real estate
Fixed rate	$	13,336	$	4,473	$	74,883	$	1,055,143	$	1,147,835
Variable rate	97,815		623,879		1,815,630		—		2,537,324
Total residential real estate	$	111,151	$	628,352	$	1,890,513	$	1,055,143	$	3,685,159
Premium finance receivables - property & casualty
Fixed rate	$	7,135,963	$	103,899	$	—	$	—	$	7,239,862
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	7,135,963	$	103,899	$	—	$	—	$	7,239,862
Premium finance receivables - life insurance
Fixed rate	$	350,802	$	207,832	$	4,000	$	4,248	$	566,882
Variable rate	7,798,258		—		—		—		7,798,258
Total premium finance receivables - life insurance	$	8,149,060	$	207,832	$	4,000	$	4,248	$	8,365,140
Consumer and other
Fixed rate	$	44,731	$	7,937	$	883	$	914	$	54,465
Variable rate	61,854		—		—		—		61,854
Total consumer and other	$	106,585	$	7,937	$	883	$	914	$	116,319

Total per category
Fixed rate	$	8,617,862	$	6,687,371	$	2,567,510	$	1,144,359	$	19,017,102

Variable rate	27,240,166		635,425		1,815,697		—		29,691,288
Total loans, net of unearned income	$	35,858,028	$	7,322,796	$	4,383,207	$	1,144,359	$	48,708,390
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	$	29,158,028

Variable Rate Loan Pricing by Index:
SOFR tenors (2)									$	18,328,835
12- month CMT (3)									6,722,305
Prime									3,420,624
Fed Funds									819,437



Other U.S. Treasury tenors									190,187
Other									209,900
Total variable rate									$	29,691,288

(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 $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:


	Basis Point (bp) Change in
	1-month SOFR		12- month CMT		Prime
First Quarter 2025	(1)	bps	(13)	bps	0	bps
Fourth Quarter 2024	(52)		18		(50)
Third Quarter 2024	(49)		(111)		(50)
Second Quarter 2024	1		6		0
First Quarter 2024	(2)		24		0

TABLE 9: ALLOWANCE FOR CREDIT LOSSES


	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)	2025			2024			2024			2024			2024
Allowance for credit losses at beginning of period	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612

Provision for credit losses - Other	23,963			16,979			6,787			40,061			21,673
Provision for credit losses - Day 1 on non-PCD assets acquired during the period	—			—			15,547			—			—
Initial allowance for credit losses recognized on PCD assets acquired during the period	—			—			3,004			—			—
Other adjustments	4			(187)			30			(19)			(31)
Charge-offs:
Commercial	9,722			5,090			22,975			9,584			11,215
Commercial real estate	454			1,037			95			15,526			5,469
Home equity	—			—			—			—			74
Residential real estate	—			114			—			23			38

Premium finance receivables - property & casualty	7,114			13,301			7,790			9,486			6,938
Premium finance receivables - life insurance	12			—			4			—			—
Consumer and other	147			189			154			137			107

Total charge-offs	17,449			19,731			31,018			34,756			23,841
Recoveries:
Commercial	929			775			649			950			479
Commercial real estate	12			172			30			90			31
Home equity	216			194			101			35			29
Residential real estate	136			0			5			8			2

Premium finance receivables - property & casualty	3,487			2,646			3,436			3,658			1,519
Premium finance receivables - life insurance	—			—			41			5			8
Consumer and other	29			19			21			24			23

Total recoveries	4,809			3,806			4,283			4,770			2,091
Net charge-offs	(12,640)			(15,925)			(26,735)			(29,986)			(21,750)
Allowance for credit losses at period end	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.23		%	0.11		%	0.61		%	0.25		%	0.33		%
Commercial real estate	0.01			0.03			0.00			0.53			0.19
Home equity	(0.20)			(0.18)			(0.10)			(0.04)			0.05
Residential real estate	(0.02)			0.01			0.00			0.00			0.01

Premium finance receivables - property & casualty	0.20			0.59			0.24			0.33			0.32
Premium finance receivables - life insurance	0.00			—			(0.00)			(0.00)			(0.00)
Consumer and other	0.45			0.63			0.63			0.56			0.42

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


Loans at period end	$	48,708,390		$	48,055,037		$	47,067,447		$	44,675,531		$	43,230,706
Allowance for loan losses as a percentage of loans at period end	0.78		%	0.76		%	0.77		%	0.81		%	0.81		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.92			0.91			0.93			0.98			0.99

PCD - Purchase Credit Deteriorated

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT


	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2025		2024		2024		2024		2024
Provision for loan losses - Other	$	26,826	$	19,852	$	6,782	$	45,111	$	26,159
Provision for credit losses - Day 1 on non-PCD assets acquired during the period	—		—		15,547		—		—
Provision for unfunded lending-related commitments losses - Other	(2,852)		(2,851)		17		(5,212)		(4,468)
Provision for held-to-maturity securities losses	(11)		(22)		(12)		162		(18)
Provision for credit losses	$	23,963	$	16,979	$	22,334	$	40,061	$	21,673

Allowance for loan losses	$	378,207	$	364,017	$	360,279	$	363,719	$	348,612
Allowance for unfunded lending-related commitments losses	69,734		72,586		75,435		73,350		78,563
Allowance for loan losses and unfunded lending-related commitments losses	447,941		436,603		435,714		437,069		427,175
Allowance for held-to-maturity securities losses	446		457		479		491		329
Allowance for credit losses	$	448,387	$	437,060	$	436,193	$	437,560	$	427,504

PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2025, December 31, 2024 and September 30, 2024.


	As of Mar 31, 2025						As of Dec 31, 2024						As of Sep 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	$	15,931,326	$	201,183	1.26	%	$	15,574,551	$	175,837	1.13	%	$	15,247,693	$	171,598	1.13	%

Commercial real estate:
Construction and development	2,448,881		71,388		2.92		2,434,081		87,236		3.58		2,403,690		97,949		4.07
Non-construction	10,466,020		138,622		1.32		10,469,863		135,620		1.30		10,389,727		133,195		1.28
Total commercial real estate	$	12,914,901	$	210,010	1.63	%	$	12,903,944	$	222,856	1.73	%	$	12,793,417	$	231,144	1.81	%
Total commercial and commercial real estate	$	28,846,227	$	411,193	1.43	%	$	28,478,495	$	398,693	1.40	%	$	28,041,110	$	402,742	1.44	%
Home equity	455,683		9,139		2.01		445,028		8,943		2.01		427,043		8,823		2.07
Residential real estate	3,685,159		10,652		0.29		3,612,765		10,335		0.29		3,388,038		9,745		0.29
Premium finance receivables
Property and casualty insurance	7,239,862		15,310		0.21		7,272,042		17,111		0.24		7,131,681		13,045		0.18
Life insurance	8,365,140		729		0.01		8,147,145		709		0.01		7,996,899		698		0.01
Consumer and other	116,319		918		0.79		99,562		812		0.82		82,676		661		0.80
Total loans, net of unearned income	$	48,708,390	$	447,941	0.92	%	$	48,055,037	$	436,603	0.91	%	$	47,067,447	$	435,714	0.93	%


Total core loans (1)	$	29,108,500	$	397,664	1.37	%	$	28,804,138	$	392,319	1.36	%	$	28,363,712	$	396,394	1.40	%
Total niche loans (1)	19,599,890		50,277		0.26		19,250,899		44,284		0.23		18,703,735		39,320		0.21

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

TABLE 12: LOAN PORTFOLIO AGING


(In thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Loan Balances:
Commercial
Nonaccrual	$	70,560	$	73,490	$	63,826	$	51,087	$	31,740
90+ days and still accruing	46		104		20		304		27
60-89 days past due	15,243		54,844		32,560		16,485		30,248
30-59 days past due	97,397		92,551		46,057		36,358		77,715
Current	15,748,080		15,353,562		15,105,230		14,050,228		13,363,751
Total commercial	$	15,931,326	$	15,574,551	$	15,247,693	$	14,154,462	$	13,503,481
Commercial real estate
Nonaccrual	$	26,187	$	21,042	$	42,071	$	48,289	$	39,262
90+ days and still accruing	—		—		225		—		—
60-89 days past due	6,995		10,521		13,439		6,555		16,713
30-59 days past due	83,653		30,766		48,346		38,065		32,998
Current	12,798,066		12,841,615		12,689,336		11,854,288		11,544,464
Total commercial real estate	$	12,914,901	$	12,903,944	$	12,793,417	$	11,947,197	$	11,633,437
Home equity
Nonaccrual	$	2,070	$	1,117	$	1,122	$	1,100	$	838
90+ days and still accruing	—		—		—		—		—
60-89 days past due	984		1,233		1,035		275		212
30-59 days past due	3,403		2,148		2,580		1,229		1,617
Current	449,226		440,530		422,306		353,709		337,682
Total home equity	$	455,683	$	445,028	$	427,043	$	356,313	$	340,349
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual	22,522		23,762		17,959		18,198		17,901
90+ days and still accruing	—		—		—		—		—
60-89 days past due	1,351		5,708		6,364		1,977		—
30-59 days past due	38,943		18,917		2,160		130		24,523
Current	3,498,601		3,407,622		3,226,166		2,912,852		2,704,492
Total residential real estate	$	3,685,159	$	3,612,765	$	3,388,038	$	3,067,335	$	2,890,266







Premium finance receivables - property & casualty
Nonaccrual	$	29,846	$	28,797	$	36,079	$	32,722	$	32,648
90+ days and still accruing	18,081		16,031		18,235		22,427		25,877
60-89 days past due	19,717		19,042		18,740		29,925		15,274
30-59 days past due	39,459		68,219		30,204		45,927		59,729
Current	7,132,759		7,139,953		7,028,423		6,969,752		6,806,491
Total Premium finance receivables - property & casualty	$	7,239,862	$	7,272,042	$	7,131,681	$	7,100,753	$	6,940,019
Premium finance receivables - life insurance
Nonaccrual	$	—	$	6,431	$	—	$	—	$	—
90+ days and still accruing	2,962		—		—		—		—
60-89 days past due	10,587		72,963		10,902		4,118		32,482
30-59 days past due	29,924		36,405		74,432		17,693		100,137
Current	8,321,667		8,031,346		7,911,565		7,940,304		7,739,414
Total Premium finance receivables - life insurance	$	8,365,140	$	8,147,145	$	7,996,899	$	7,962,115	$	7,872,033
Consumer and other
Nonaccrual	$	18	$	2	$	2	$	3	$	19
90+ days and still accruing	98		47		148		121		47
60-89 days past due	162		59		22		81		16
30-59 days past due	542		882		264		366		210
Current	115,499		98,572		82,240		86,785		50,829
Total consumer and other	$	116,319	$	99,562	$	82,676	$	87,356	$	51,121
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual	151,203		154,641		161,059		151,399		122,408
90+ days and still accruing	21,187		16,182		18,628		22,852		25,951
60-89 days past due	55,039		164,370		83,062		59,416		94,945
30-59 days past due	293,321		249,888		204,043		139,768		296,929
Current	48,063,898		47,313,200		46,465,266		44,167,918		42,547,123
Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706

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

TABLE 13: NON-PERFORMING ASSETS(1)


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)	2025			2024			2024			2024			2024
Loans past due greater than 90 days and still accruing:
Commercial	$	46		$	104		$	20		$	304		$	27
Commercial real estate	—			—			225			—			—
Home equity	—			—			—			—			—
Residential real estate	—			—			—			—			—
Premium finance receivables - property & casualty	18,081			16,031			18,235			22,427			25,877
Premium finance receivables - life insurance	2,962			—			—			—			—
Consumer and other	98			47			148			121			47
Total loans past due greater than 90 days and still accruing	21,187			16,182			18,628			22,852			25,951
Non-accrual loans:
Commercial	70,560			73,490			63,826			51,087			31,740
Commercial real estate	26,187			21,042			42,071			48,289			39,262
Home equity	2,070			1,117			1,122			1,100			838
Residential real estate	22,522			23,762			17,959			18,198			17,901
Premium finance receivables - property & casualty	29,846			28,797			36,079			32,722			32,648
Premium finance receivables - life insurance	—			6,431			—			—			—
Consumer and other	18			2			2			3			19
Total non-accrual loans	151,203			154,641			161,059			151,399			122,408
Total non-performing loans:
Commercial	70,606			73,594			63,846			51,391			31,767
Commercial real estate	26,187			21,042			42,296			48,289			39,262
Home equity	2,070			1,117			1,122			1,100			838
Residential real estate	22,522			23,762			17,959			18,198			17,901
Premium finance receivables - property & casualty	47,927			44,828			54,314			55,149			58,525
Premium finance receivables - life insurance	2,962			6,431			—			—			—
Consumer and other	116			49			150			124			66
Total non-performing loans	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359
Other real estate owned	22,625			23,116			13,682			19,731			14,538


Total non-performing assets	$	195,015		$	193,939		$	193,369		$	193,982		$	162,897

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.44		%	0.47		%	0.42		%	0.36		%	0.24		%
Commercial real estate	0.20			0.16			0.33			0.40			0.34
Home equity	0.45			0.25			0.26			0.31			0.25
Residential real estate	0.61			0.66			0.53			0.59			0.62
Premium finance receivables - property & casualty	0.66			0.62			0.76			0.78			0.84
Premium finance receivables - life insurance	0.04			0.08			—			—			—
Consumer and other	0.10			0.05			0.18			0.14			0.13
Total loans, net of unearned income	0.35		%	0.36		%	0.38		%	0.39		%	0.34		%
Total non-performing assets as a percentage of total assets	0.30		%	0.30		%	0.30		%	0.32		%	0.28		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	296.25		%	282.33		%	270.53		%	288.69		%	348.98		%

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

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


	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,			Jun 30,			Mar 31,
(In thousands)	2025		2024		2024			2024			2024

Balance at beginning of period	$	170,823	$	179,687		$	174,251		$	148,359		$	139,030
Additions from becoming non-performing in the respective period	27,721		30,931			42,335			54,376			23,142
Additions from assets acquired in the respective period	—		—			189			—			—
Return to performing status	(1,207)		(1,108)			(362)			(912)			(490)
Payments received	(15,965)		(12,219)			(10,894)			(9,611)			(8,336)
Transfer to OREO and other repossessed assets	—		(17,897)			(3,680)			(6,945)			(1,381)
Charge-offs, net	(8,600)		(5,612)			(21,211)			(7,673)			(14,810)
Net change for premium finance receivables	(382)		(2,959)			(941)			(3,343)			11,204
Balance at end of period	$	172,390	$	170,823		$	179,687		$	174,251		$	148,359

Other Real Estate Owned


	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2025		2024		2024		2024		2024
Balance at beginning of period	$	23,116	$	13,682	$	19,731	$	14,538	$	13,309
Disposals/resolved	—		(8,545)		(9,729)		(1,752)		—
Transfers in at fair value, less costs to sell	—		17,979		3,680		6,945		1,436

Fair value adjustments	(491)		—		—		—		(207)
Balance at end of period	$	22,625	$	23,116	$	13,682	$	19,731	$	14,538

	Period End
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
Balance by Property Type:	2025		2024		2024		2024		2024
Residential real estate	$	—	$	—	$	—	$	161	$	1,146

Commercial real estate	22,625		23,116		13,682		19,570		13,392
Total	$	22,625	$	23,116	$	13,682	$	19,731	$	14,538

TABLE 14: NON-INTEREST INCOME


	Three Months Ended										Q1 2025 compared to Q4 2024				Q1 2025 compared to Q1 2024
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)	2025		2024		2024		2024		2024		$ Change		% Change		$ Change		% Change
Brokerage	$	4,757	$	5,328	$	6,139	$	5,588	$	5,556	$	(571)	(11)	%	$	(799)	(14)	%
Trust and asset management	29,285		33,447		31,085		29,825		29,259		(4,162)		(12)		26		0
Total wealth management	34,042		38,775		37,224		35,413		34,815		(4,733)		(12)		(773)		(2)
Mortgage banking	20,529		20,452		15,974		29,124		27,663		77		0		(7,134)		(26)
Service charges on deposit accounts	19,362		18,864		16,430		15,546		14,811		498		3		4,551		31
Gains (losses) on investment securities, net	3,196		(2,835)		3,189		(4,282)		1,326		6,031		NM		1,870		NM
Fees from covered call options	3,446		2,305		988		2,056		4,847		1,141		50		(1,401)		(29)
Trading (losses) gains, net	(64)		(113)		(130)		70		677		49		(43)		(741)		NM
Operating lease income, net	15,287		15,327		15,335		13,938		14,110		(40)		(0)		1,177		8
Other:
Interest rate swap fees	2,269		3,360		2,914		3,392		2,828		(1,091)		(32)		(559)		(20)
BOLI	796		1,236		1,517		1,351		1,651		(440)		(36)		(855)		(52)
Administrative services	1,393		1,347		1,450		1,322		1,217		46		3		176		14
Foreign currency remeasurement (losses) gains	(183)		(682)		696		(145)		(1,171)		499		(73)		988		(84)
Changes in fair value on EBOs and loans held-for-investment	383		129		518		604		(439)		254		NM		822		NM
Early pay-offs of capital leases	768		514		532		393		430		254		49		338		79
Miscellaneous	15,410		14,772		16,510		22,365		37,815		638		4		(22,405)		(59)
Total Other	20,836		20,676		24,137		29,282		42,331		160		1		(21,495)		(51)
Total Non-Interest Income	$	116,634	$	113,451	$	113,147	$	121,147	$	140,580	$	3,183	3	%	$	(23,946)	(17)	%

NM - Not meaningful.

BOLI- Bank-owned life insurance.

EBO- Early buy-out.

TABLE 15: MORTGAGE BANKING


	Three Months Ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Originations:
Retail originations	$	348,468		$	483,424		$	527,408		$	544,394		$	331,504

Veterans First originations	111,985			176,914			239,369			177,792			144,109
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Originations for investment	217,177			355,119			218,984			275,331			169,246
Total originations	$	677,630		$	1,015,457		$	985,761		$	997,517		$	644,859
As a percentage of originations for sale:
Retail originations	76		%	73		%	69		%	75		%	70		%
Veterans First originations	24			27			31			25			30

Purchases	77		%	65		%	72		%	83		%	75		%
Refinances	23			35			28			17			25



Production Margin:


Production revenue (B) (1)	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435



Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)	197,297			103,946			272,072			222,738			207,775
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)	103,946			272,072			222,738			207,775			119,624
Total mortgage production volume (C)	$	553,804		$	492,212		$	816,111		$	737,149		$	563,764
Production margin (B / C)	1.80		%	1.42		%	1.61		%	2.03		%	2.38		%

Mortgage Servicing:
Loans serviced for others (D)	$	12,402,352		$	12,400,913		$	12,253,361		$	12,211,027		$	12,051,392
Mortgage Servicing Rights (“MSR”), at fair value (E)	196,307			203,788			186,308			204,610			201,044
Percentage of MSRs to loans serviced for others (E / D)	1.58		%	1.64		%	1.52		%	1.68		%	1.67		%
Servicing income	$	10,611		$	10,731		$	10,809		$	10,586		$	10,498
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period	$	203,788		$	186,308		$	204,610		$	201,044		$	192,456

MSR - current period capitalization	4,669			10,010			6,357			8,223			5,379
MSR - collection of expected cash flows - paydowns	(1,590)			(1,463)			(1,598)			(1,504)			(1,444)
MSR - collection of expected cash flows - payoffs and repurchases	(3,046)			(4,315)			(5,730)			(4,030)			(2,942)
MSR - changes in fair value model assumptions	(7,514)			13,248			(17,331)			877			7,595
MSR Fair Value at end of period	$	196,307		$	203,788		$	186,308		$	204,610		$	201,044
Summary of Mortgage Banking Revenue:
Operational:
Production revenue (1)	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
MSR - Current period capitalization	4,669			10,010			6,357			8,223			5,379
MSR - Collection of expected cash flows - paydowns	(1,590)			(1,463)			(1,598)			(1,504)			(1,444)
MSR - Collection of expected cash flows - pay offs	(3,046)			(4,315)			(5,730)			(4,030)			(2,942)
Servicing Income	10,611			10,731			10,809			10,586			10,498
Other Revenue	(172)			(51)			(67)			112			(91)
Total operational mortgage banking revenue	$	20,413		$	21,905		$	22,884		$	28,377		$	24,835
Fair Value:
MSR - changes in fair value model assumptions	$	(7,514)		$	13,248		$	(17,331)		$	877		$	7,595
Gain (loss) on derivative contract held as an economic hedge, net	4,897			(11,452)			6,892			(772)			(2,577)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)	2,733			(3,249)			3,529			642			(2,190)
Total fair value mortgage banking revenue	$	116		$	(1,453)		$	(6,910)		$	747		$	2,828
Total mortgage banking revenue	$	20,529		$	20,452		$	15,974		$	29,124		$	27,663

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

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

TABLE 16: NON-INTEREST EXPENSE


	Three Months Ended										Q1 2025 compared to Q4 2024				Q1 2025 compared to Q1 2024
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)	2025		2024		2024		2024		2024		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	123,917	$	120,969	$	118,971	$	113,860	$	112,172	$	2,948	2	%	$	11,745	10	%
Commissions and incentive compensation	52,536		54,792		57,575		52,151		51,001		(2,256)		(4)		1,535		3
Benefits	35,073		36,372		34,715		32,530		32,000		(1,299)		(4)		3,073		10
Total salaries and employee benefits	211,526		212,133		211,261		198,541		195,173		(607)		(0)		16,353		8
Software and equipment	34,717		34,258		31,574		29,231		27,731		459		1		6,986		25
Operating lease equipment	10,471		10,263		10,518		10,834		10,683		208		2		(212)		(2)
Occupancy, net	20,778		20,597		19,945		19,585		19,086		181		1		1,692		9
Data processing	11,274		10,957		9,984		9,503		9,292		317		3		1,982		21
Advertising and marketing	12,272		13,097		18,239		17,436		13,040		(825)		(6)		(768)		(6)
Professional fees	9,044		11,334		9,783		9,967		9,553		(2,290)		(20)		(509)		(5)
Amortization of other acquisition-related intangible assets	5,618		5,773		4,042		1,122		1,158		(155)		(3)		4,460		NM
FDIC insurance	10,926		10,640		10,512		10,429		9,381		286		3		1,545		16
FDIC insurance - special assessment	—		—		—		—		5,156		—		—		(5,156)		(100)
OREO expense, net	643		397		(938)		(259)		392		246		62		251		64
Other:
Lending expenses, net of deferred origination costs	5,866		6,448		4,995		5,335		5,078		(582)		(9)		788		16
Travel and entertainment	5,270		8,140		5,364		5,340		4,597		(2,870)		(35)		673		15
Miscellaneous	27,685		24,502		25,408		23,289		22,825		3,183		13		4,860		21
Total other	38,821		39,090		35,767		33,964		32,500		(269)		(1)		6,321		19
Total Non-Interest Expense	$	366,090	$	368,539	$	360,687	$	340,353	$	333,145	$	(2,449)	(1)	%	$	32,945	10	%

NM - Not meaningful.

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). 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 FTE 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
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	886,965		$	913,501		$	908,604		$	849,979		$	805,513
Taxable-equivalent adjustment:
- Loans	2,206			2,352			2,474			2,305			2,246
- Liquidity Management Assets	690			716			668			567			550
- Other Earning Assets	3			2			2			3			5
(B) Interest Income (non-GAAP)	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314
(C) Interest Expense (GAAP)	360,491			388,353			406,021			379,369			341,319
(D) Net Interest Income (GAAP) (A minus C)	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
(E) Net Interest Income (non-GAAP) (B minus C)	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995
Net interest margin (GAAP)	3.54		%	3.49		%	3.49		%	3.50		%	3.57		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.56			3.51			3.51			3.52			3.59
(F) Non-interest income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580
(G) Gains (losses) on investment securities, net	3,196			(2,835)			3,189			(4,282)			1,326
(H) Non-interest expense	366,090			368,539			360,687			340,353			333,145
Efficiency ratio (H/(D+F-G))	57.21		%	57.46		%	58.88		%	57.10		%	55.21		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	56.95			57.18			58.58			56.83			54.95


	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(913,004)			(918,632)			(924,646)			(676,562)			(677,911)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,275,033		$	5,013,165		$	5,062,568		$	4,447,566		$	4,345,989
(J) Total assets (GAAP)	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Less: Intangible assets (GAAP)	(913,004)			(918,632)			(924,646)			(676,562)			(677,911)
(K) Total tangible assets (non-GAAP)	$	64,957,062		$	63,961,036		$	62,863,778		$	59,104,954		$	56,899,022
Common equity to assets ratio (GAAP) (L/J)	9.4		%	9.1		%	9.4		%	8.6		%	8.7		%
Tangible common equity ratio (non-GAAP) (I/K)	8.1			7.8			8.1			7.5			7.6


Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	6,188,037		$	5,931,797		$	5,987,214		$	5,124,128		$	5,023,900
(M) Actual common shares outstanding	66,919			66,495			66,482			61,760			61,737
Book value per common share (L/M)	$	92.47		$	89.21		$	90.06		$	82.97		$	81.38
Tangible book value per common share (non-GAAP) (I/M)	78.83			75.39			76.15			72.01			70.40

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Add: Intangible asset amortization	5,618			5,773			4,042			1,122			1,158
Less: Tax effect of intangible asset amortization	(1,421)			(1,547)			(1,087)			(311)			(291)
After-tax intangible asset amortization	$	4,197		$	4,226		$	2,955		$	811		$	867
(O) Tangible net income applicable to common shares (non-GAAP)	$	186,245		$	182,597		$	165,965		$	146,208		$	181,170
Total average shareholders’ equity	$	6,460,941		$	6,418,403		$	5,990,429		$	5,450,173		$	5,440,457
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	6,048,441		$	6,005,903		$	5,577,929		$	5,037,673		$	5,027,957
Less: Average intangible assets	(916,069)			(921,438)			(833,574)			(677,207)			(678,731)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,132,372		$	5,084,465		$	4,744,355		$	4,360,466		$	4,349,226
Return on average common equity, annualized (N/P)	12.21		%	11.82		%	11.63		%	11.61		%	14.42		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	14.72			14.29			13.92			13.49			16.75

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	253,055		$	253,081		$	232,709		$	211,343		$	249,956
Add: Provision for credit losses	23,963			16,979			22,334			40,061			21,673
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	277,018		$	270,060		$	255,043		$	251,404		$	271,629

WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

•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 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on 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. or international trade policies;

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

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

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

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

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

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

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

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

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

•failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;

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

•harm to the Company’s reputation;

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

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

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

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

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

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

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

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

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

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

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

•environmental liability risk associated with lending activities;

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

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

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

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

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

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

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

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

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

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

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

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

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

•a lowering of our credit rating;

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

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

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

•the impact of heightened capital requirements;

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

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

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

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

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

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

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 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 March 31, 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 first quarter 2025 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 q12025earningsrelease.htm EX-99.2 q12025earningsrelease

Earnings Release Presentation Q1 2025 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 2024 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. or international 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); 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; and • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services. Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward- looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release and this presentation. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases and presentations. Forward Looking Statements

44 • Record quarterly net income of $189.0 million • Q1 2025 net interest margin (non-GAAP) of 3.56% which was five basis points higher than the prior quarter. We expect to maintain a relatively stable net interest margin in 2025 given the current market consensus outlook Q1 2025 Highlights (Comparative to Q4 2024) • Total loans increased by approximately $653 million, or 6% annualized, and was attributed to growth in Commercial and PFR - Life Insurance portfolios • Total deposits increased by approximately $1.1 billion, or 8% annualized, and was driven by our diversified product offerings Pre-Tax, Pre-Provision1 Diversified Balance Sheet Total DepositsTotal Assets Total Loans Net Income $65.9 billion +$1.0 billion $48.7 billion +$0.7 billion $53.6 billion +$1.1 billion $189.0 million +$3.7 million Strong Credit Quality • Non-performing loans totaled $172 million and comprised 0.35% of total loans at March 31, 2025, as compared to $171 million and 0.36% of total loans at December 31, 2024 • Allowance for credit losses on total core loans was 1.37% at March 31, 2025 • Net charge-offs decreased to 11 basis points in the first quarter of 2025 compared to 13 basis points in the fourth quarter of 2024 Efficiency RatioReturn on Assets ROE / ROTCE 1.20% +4 bps (GAAP) 57.21% -25 bps $277.0 million +$7.0 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 $2.69 +$0.06 Current EPS Prior EPS $ 2.69 2.63 $ 0.06 PPNI Prior PPNI $ 277.0 270.1 $6.96 6900000 277,018 270,060 Stable Margin Supports Earnings Net Overhead Ratio 1.58% -2 bps (non-GAAP) 56.95% -23 bps Efficiency GAAP Prior Q 57.21% 58.59% $ (138.00) 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 57.21 % 57.46 % 56.95 % 57.18 % % Change File does not have calc for GAAP numbers (22.9999999999997) Check -25.00 -23.00 (GAAP) 12.21% +39 bps (non-GAAP) 14.72% +43 bps Current ROE Prior ROE Current ROTCE Prior ROTCE 12.21 % 11.82 % 14.72 % 14.29 % 39 43 PENDING 2 Shares issued for the acquisition of Macatawa increased average dilutive shares by 3,118,000 shares

55 Diluted EPS Quarterly Trend Record Quarterly Pre-Tax Income, Excluding Provision for Credit Losses Strong Earnings Momentum Continues into 2025 with Record Quarterly Net Income $187.3 $152.4 $170.0 $185.4 $189.0 1.35% 1.07% 1.11% 1.16% 1.20% Net Income ROA Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $2.89 $2.32 $2.47 $2.63 $2.69 Diluted EPS Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $271.6 $251.4 $255.0 $270.1 $277.0 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ($ in Millions) ($ in Millions) 1 See non-GAAP reconciliation in Appendix Q1 2025 Highlights Earnings Summary Differentiated, highly diversified and sustainable business model Manual Input - Highlights May Change QoQ • Q1 2025 pre-tax income, excluding provision for credit losses (non- GAAP) totaled $277.0 million as compared to $270.1 million in the fourth quarter of 2024, a record for the Company • Record quarterly net interest income of $526.5 million supported by strong loan and deposit growth and a relatively stable net interest margin 1The first quarter of 2024 includes FDIC special assessment of $5.2 million and net gain on sale of RBA of $19.3 million 1 1 1

66 33% 26% 15% 17% 8% 1% Commercial Commercial Real Estate PFR - Property and Casualty Insurance PFR - Life Insurance Residential Real Estate All Other Loans $48,055 $357 $11 $72 $218 $(5) $48,708 12/31/2024 Commercial Commercial Real Estate Residential Real Estate PFR - Life Insurance All Other Loans 3/31/2025 $43.2 $48.1 $48.7 6.80% 6.68% 6.53% Total Loans Average Total Loan Yield 3/31/2024 12/31/2024 3/31/2025 Year-over-Year Change $5.6B or 13% in Total Loans Loan Portfolio Diversified loan portfolio Loan Growth Driven by Commercial and PFR - Life Insurance in the First Quarter of 2025 ($ in Millions) Diversified Loan Mix (as of 3/31/2025) Consistent Loan Growth Despite Market Headwinds ($ in Billions) • Loan growth during the first quarter totaled $653 million, or 6% on an annualized basis • Strong loan growth despite seasonally slower PFR Property & Casualty Insurance originations • Year-over-year loan growth of $5.5 billion or 13% driven by robust organic growth and Macatawa Bank acquisition Highlights

77 • Robust first quarter deposit growth totaling $1.1 billion or 8% annualized • Year-over-year deposit growth of $7.1 billion, or 15%, was supported by strong organic growth coupled with the Macatawa Bank acquisition • Non-interest bearing deposits have remained stable in recent quarters at 21% of total deposits $52,512 $(208) $548 $475 $204 $39 $53,570 12/31/2024 Non-Interest- Bearing CDs NOW Savings Other Interest- Bearing 3/31/2025 $46.5 $52.5 $53.6 3.48% 3.39% 3.16% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 3/31/2024 12/31/2024 3/31/2025 1 1Includes: Money Market, Interest-bearing Demand Deposits, and deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), trust and asset management customers of the Company Deposit Portfolio Enviable core deposit franchise in Chicago, Milwaukee and Grand Rapids market areas Strong Quarterly Growth Across Majority of Diverse Product Offerings ($ in Millions) Deposit Growth Supported by Strong Core Franchise ($ in Billions) Highlights 1 Manual Input - Highlights May Change QoQ

88 9.5% 9.5% 9.8% 9.9% 10.1% 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Manual Input- Investment Duration comes from Scott Capital/Liquidity Current capital levels are well in excess of regulatory thresholds $4.2 $3.6 $0.3 Available-for-Sale Held-to-Maturity Other 12.3% 0.3% (0.3)% 12.3% 12/31/2024 Retained Earnings and Other Equity Changes Change in RWA 3/31/2025 1 Ratios for Q1 2025 are estimated 9.5% 9.9% 10.1%10.3% 10.7% 10.8% 12.2% 12.3% 12.5% 9.4% 9.4% 9.6% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 3/31/2024 12/31/2024 3/31/2025 CET1 Ratio 1 Steady CET1 Growth Capital Levels Improvement Driven by Record Net Income Strategically Balanced Investment Portfolio (as of 3/31/2025) ($ 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 March 31, 2025 Q1 2025 Highlights 1 Total Investment Portfolio Yield (Q1 '25): 3.51% Duration: 6.1 Years $8.1 Manual Input - Highlights May Change QoQ Manual Input - CET1 calculation comes from Mark Expect Q4 2025 CET1 +10.0% 9.5% 9.5% 9.8% 9.9% 9.7% 10.0% 0.3% Wintrust Macatawa Impact Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q3 2024 Q4 2025 Pending

99 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 $78.83 as of March 31, 2025 $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 $78.83 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 3/3 1/2 02 5 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

1010 Total Shareholder Return Wintrust's commitment to growing shareholder value is exemplified by generally outperforming the KBW Nasdaq Regional Banking Total Return Index (KRXTR) Total Shareholder Return of WTFC Compared to KRXTR (1-Year) 100.00% 109.00% 114.00% WTFC KRXTR 03 /31 /24 03 /31 /25 80.00% 100.00% 120.00% 140.00% 160.00% Total Shareholder Return of WTFC Compared to KRXTR (3-Year) 100.00% 80.00% 116.00% 126.00% 78.00% 89.00% 101.00% WTFC KRXTR 03 /31 /22 03 /31 /23 03 /31 /24 03 /31 /25 60.00% 80.00% 100.00% 120.00% 140.00% Total Shareholder Return of WTFC Compared to KRXTR (5-Year) 100.00% 234.00% 290.00% 233.00% 334.00% 364.00% 199.00% 205.00% 160.00% 183.00% 207.00% WTFC KRXTR 03 /31 /20 03 /31 /21 03 /31 /22 03 /31 /23 03 /31 /24 03 /31 /25 0.00% 100.00% 200.00% 300.00% 400.00% Total Shareholder Return of WTFC Compared to KRXTR (10-Year) 100.00% 94.00% 147.00% 184.00% 146.00% 76.00% 168.00% 207.00% 168.00% 237.00% 258.00% 99.00% 140.00% 150.00% 133.00% 90.00% 179.00% 184.00% 144.00% 164.00% 187.00% WTFC KRXTR 03 /31 /15 03 /31 /16 03 /31 /17 03 /31 /18 03 /31 /19 03 /31 /20 03 /31 /21 03 /31 /22 03 /31 /23 03 /31 /24 03 /31 /25 50.00% 100.00% 150.00% 200.00% 250.00% 300.00% Manual Input - S&P File *Data Source: S&P Capital IQ

1111 • We believe we are well-positioned for strong financial performance as we expect the combination of a stable net interest margin and balance sheet growth to result in continued net interest income growth in 2025 • Our hedging program has reduced our interest rate sensitivity. As a result, we anticipate that the repricing of variable rate loans and cash is offset by the impact of hedges and deposit rate changes • 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 $6.70 $6.70 $5.45 $6.20 $5.45 $3.70 $3.70 $3.70 $4.45 $3.70 $3.00 $3.00 $1.75 $1.75 $1.75 Received Fixed Swaps Costless Collars 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 $464.2 $470.6 $502.6 $525.1 $526.5 3.59% 3.52% 3.51% 3.51% 3.56% Net Interest Income NIM, fully taxable-equivalent (non-GAAP) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 3.51% (0.11)% 0.22% (0.06)% 3.56% 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 (non-GAAP) improved; strong earning asset growth drove net interest income higher Derivatives Held by the Company as of March 31, 2025 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 $525.1MM Q2 '24 NII $526.5MMNIM Linking Chart 3/31/2025 12/31/2024 Variance Total earning assets (7) 5.98 % 6.09 % (0.11) % Total interest-bearing liabilities 3.22 % 3.44 0.22 % Net free funds/contribution (6)/ Net interest income/Net interest margin 0.80 % 0.86 -0.06 NIM 3.56 % 3.51 Manual Input - Data Comes from Joel Pending Expect sustained NII growth and Stable NIM through 2025 Q1 2025 Record NII Boosted By Strong Organic Growth and Stable NIM Q1 2025 Highlights As of March 31, 2025 Collars Weighted Average Cap Rate: 3.72% Collars Weighted Average Floor Rate: 2.23% Receive Fixed Swaps Weighted Average Rate: 3.86% 1 Balances shown represent the notional amount of cash flow hedging derivatives that are effective as of the dates presented. Reference the Appendix slide 24 for the complete derivative schedule. ($ in Billions) ($ in Millions) • Expect sustained NII growth and Stable NIM through 2025 Highlights Q1 2025

1212 $140.6 $121.1 $113.1 $113.5 $116.6 $34.8 $35.4 $37.2 $38.8 $34.0 $14.1 $13.9 $15.3 $15.3 $15.3 $14.8 $15.5 $16.4 $18.9 $19.4 $49.2 $27.2 $28.2 $20.0 $27.4 $27.7 $29.1 $16.0 $20.5 $20.5 Wealth Management Operating Lease Income, net Service Charges on Deposits Other ; incl. Call Option Income Mortgage Banking Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $475.6 $722.2 $766.8 $660.3 $460.5 $331.5 $544.4 $527.4 $483.4 $348.5 $144.1 $177.8 $239.4 $176.9 $112.0 Retail Originations Veterans First Originations Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Mortgage Originations For Sale Seasonally in Line with Q1 2024 MSRs Effectively Hedged to Moderate Impact to Fair Value Wealth Management Impacted by Systems and Support Outsourcing To a New Third Party and Lower Client Asset Values Non-Interest Income Increased Primarily Due to Net Gains on Investment Securities, Partially Offset by Lower Wealth Management Revenue 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 $34.8 $35.4 $37.2 $38.8 $34.0 $48.7 $48.2 $51.1 $51.2 $51.1 Total Wealth Management Revenue Assets Under Administration ($ in billions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ($ in Millions) ($ in Millions) % of MSRs to Loans Serviced for Others Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1.67% 1.68% 1.52% 1.64% 1.58% $201.1 $204.6 $186.3 $203.8 $196.3 $12,051 $12,211 $12,253 $12,401 $12,402 MSRs, at fair value Loans Serviced for Others Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ($ 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

1313 $195.2 $198.5 $211.3 $212.1 $211.5 $112.2 $113.9 $119.0 $121.0 $123.9 $51.0 $52.1 $57.6 $54.8 $52.5 $32.0 $32.5 $34.7 $36.3 $35.1 Salaries Commissions and Incentive Compensation Benefits Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $31.2 $36.6 $45.1 $50.1 $52.9 $56.3 $64.9 $65.9 2.85% 2.79% 2.51% 2.42% 2.33% 2.45% 2.36% 2.32% Total Assets Non-Interest Expense as a % of Average Assets FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YTD 2025 Efficiency Ratio Decreased as Income Outpaced Expense Growth 54.95% 56.83% 58.58% 57.18% 56.95% Efficiency Ratio (non-GAAP) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Non-Interest Expense Advertising and Marketing FDIC Special Assessment Salaries and Benefits Occupancy Expense All Other Expenses Q2 2024 Non-Interest Expense Non-Interest Expense We continue to manage our expenses and believe they are in line with Company growth ($ in Millions) Strong Asset Growth Coupled With Prudent Expense Management ($ in Billions) 1 Q1 2024 Includes FDIC Special Assessment of $5.2 million and Net Gain on Sale of RBA of $19.3 million 1 Total Salaries and Benefits Salaries Expense Reflects Merit Increases While Commissions Lower From Mortgage Production And Wealth Management Revenue Total Salaries and Benefits Expense Relatively Stable Quarter over Quarter as Q1 2025 Impacted

1414 $437.1 $3.8 $(28.4) $35.9 $448.4 12/31/2024 Portfolio Changes Baseline Economic Factors Macroeconomic Uncertainty Factors 3/31/2025 $21.8 $30.0 $26.7 $15.9 $12.6 $21.7 $40.1 $22.3 $17.0 $24.0 0.21% 0.28% 0.23% 0.13% 0.11% NCOs Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $148.4 $174.3 $179.7 $170.8 $172.4 $89.9 $119.1 $125.4 $119.6 $121.5 $0.0 $0.0 $0.0 $6.4 $3.0$58.5 $55.2 $54.3 $44.8 $47.9 0.34% 0.39% 0.38% 0.36% 0.35% NPLs as a % of Total Loans PFR - Commercial NPLs PFR - Life NPLs Commercial, CRE and Other NPLs 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 $(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 $46,811 $47,243 Q4 2024 Q1 2025 $665 $824 Q4 2024 Q1 2025 $579 $641 Q4 2024 Q1 2025 Pass and Loans Guaranteed1 Special Mention Substandard2 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful 97% 97% 2% 2% 1% 1% Credit Quality Diversified business lines and strong credit management support stable credit quality Low and Consistent Levels of Non-Performing Loans ($ in Millions) ($ in Millions) Special Mention and Substandard Percentages Remained Stable Quarter over Quarter $21.8 $30.0 $26.7 $15.9 $12.6 $21.7 $40.1 $22.3 $17.0 $24.0 0.21% 0.28% 0.23% 0.13% 0.11% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Provision Increase Driven by Expanded Allowance Coverage Offset by Lower Charge-offs ($ 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 $6.8 Increased Allowance Coverage Due to Growth and Macroeconomic Uncertainty Factors ($ 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

1515 0.25% 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% 0.30% NPA/TA 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 3/3 1/2 02 5 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

1616 • Increase in allowance for credit losses driven by impacts related to macroeconomic conditions and to a lesser extent portfolio changes • Coverage across all portfolios remains strong to protect against future economic performance • Downside risks to the baseline forecast, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision • 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 $47.1 $48.1 $48.7 0.93% 0.91% 0.92% Total Loan Period End Balance Allowance as a % of Total Loans 9/30/2024 12/31/2024 3/31/2025 $28.4 $28.8 $29.1 1.40% 1.36% 1.37% Core Loan Period End Balance Allowance as a % of Category 9/30/2024 12/31/2024 3/31/2025 $18.7 $19.3 $19.6 0.21% 0.23% 0.26% Niche Loan Period End Balance Allowance as a % of Category 9/30/2024 12/31/2024 3/31/2025 Credit Quality - Allowance for Credit Losses The Company remains well-reserved Consistently Well-Reserved Across Our Core1 Loan PortfolioAppropriate Allowance Coverage on Total Loan Portfolio ($ in Billions) ($ in Billions) Allowance Provides Appropriate Coverage Due To Minimal Historic Losses in Niche1 Portfolio ($ in Billions) Q1 2025 Highlights Manual Input - All Data comes from Mike Reiser 1Niche Loans consists of: Franchise, Mortgage warehouse lines of credit, Community Advantage - homeowners association, Insurance agency lending, Premium Finance receivables, and Consumer and other. All other loans are considered Core. 1 1

1717 $166.5 $182.0 $171.6 $175.8 $201.2 1.23% 1.29% 1.13% 1.13% 1.26% Calculated Allowance Allowance as a % of Category 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 $31.8 $51.4 $63.8 $73.6 $70.6 0.24% 0.36% 0.42% 0.47% 0.44% NPLs NPL as a % of Category 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 $13,503 $14,154 $15,248 $15,575 $15,931 0.33% 0.25% 0.61% 0.11% 0.23% Period End Balance Net Charge-Off Ratio (Annualized) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 43% 11%5% 17% 8% 6% 3% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - HOA Insurance agency lending Credit Quality - Commercial Loans Diversified portfolio with low net charge-offs Improving Levels of Non-Performing Commercial LoansStrong Loan Growth With Low Charge-off Levels ($ in Millions) ($ in Millions) Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 3/31/2025) ($ in Millions)

1818 $11,633 $11,947 $12,793 $12,904 $12,915 0.19% 0.53% 0.00% 0.03% 0.01% Period End Balance Net Charge-Off Ratio (Annualized) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 $39.3 $48.3 $42.3 $21.0 $26.2 0.34% 0.40% 0.33% 0.16% 0.20% NPLs NPL as a % of Category 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 215.7 215.7 231.1 222.9 210.0 1.85% 1.81% 1.81% 1.73% 1.63% Calculated Allowance Allowance as a % of Category 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 13% 21% 11% 24% 13% 16% 2% Office Industrial Retail Multi-family Mixed use and other Commercial and Residential construction Land Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties Continued Low Levels of NPLs in Q1 2025 Steady Growth in Portfolio With Low Levels of Net Charge-offs ($ in Millions) ($ in Millions) Ample Allowance Levels to Protect Against Potential Future Market Pressure Commercial Real Estate Loan Composition (as of 3/31/2025) ($ in Millions)

1919 Medical Non Owner- Occupied, 27% Medical Owner Occupied, 3% Non-Medical Owner- Occupied, 15% Non-Medical Non Owner-Occupied, 55% $398.8 $315.4 $217.2 $225.9 $268.3 $216.0 $155.6 $153.4 $157.3 $150.4 $170.0 $122.3 Total CRE Office Non-Medical Non Owner-Occupied <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Chicago CBD, 10% Other CBD, 13% Suburban, 77% 1Chicago CBD includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 1 2 $1,269.5 $202.5$169.6 $909.0 ### $246.6 $444.2 280926 97 48 31 22 19 13 16 10 8 5 Number of Loans Per Category CRE Office Portfolio (as of 3/31/2025) CRE office represents a minimal percentage of the total loan portfolio CRE Office Portfolio Geography ($ 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 >=$20M # of Loans CRE 926 97 31 19 16 8 Non Med 280 48 22 13 10 5 Portfolio Characteristics As of 12/31/2024 As of 3/31/2025 Balance ($ in Millions) $1,656 $1,642 CRE office as a % to Total CRE 12.83% 12.71% CRE office as a % to Total Loans 3.45% 3.37% Average Size of Loan ($ in Millions) $1.5 $1.5 Non-Performing Loan (NPL) Ratio 0.43% 0.41% Loans Still Accruing that are 30-89 Days Past Due Ratio 0.26% 0.60% Owner Occupied or Medical % 44% 45% $41.8 Manual Input - Data Comes from Mario's Team Medical $ 444.2 Medical Owner Occupied $ 41.8 Non-Medical Owner-Occupied $ 246.6 Non-Medical Non Owner- Occupied $ 909.0 Chicago CBD $ 169.6 Other CBD $ 202.5 Suburban $ 1,269.5 Total $ 1,641.6 PENDING

2020 Manual Input - Data comes from Dominic Sarro $0.0 $0.0 $0.0 $6.4 $3.0 0.00% 0.00% 0.00% 0.08% 0.04% NPLs NPL as a % of Category 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 $8,659 $1,927 Cash Surrender Value Other $7,872 $7,962 $7,997 $8,147 $8,365 0.00% 0.00% 0.00% 0.00% 0.00% Period End Balance Net Charge-Off Ratio (Annualized) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 1 Loan Collateral reported at actual values versus credit advance rate 2 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance 4% 71% 7% 18% Annuity Brokerage Account Certificate of Deposit Letters of Credit OtherCollateral Coverage2 of 127% Credit Quality Premium Finance Receivables - Life Insurance Life insurance portfolio remains steady and has continued to demonstrate exceptional credit quality Non-Performing Loans Remain LowStrong Growth with Pristine Credit Quality ($ in Millions) ($ in Millions) Total Loan Collateral1 by Type (as of 3/31/2025) "Other" Loan Collateral1 by Type (as of 3/31/2025) ($ in Millions) Pending

2121 Steady Levels of Non-Performing LoansStable Balances for Q1 2025 with Robust Growth Expected in Q2 2025 $6,940 $7,101 $7,132 $7,272 $7,240 0.32% 0.33% 0.24% 0.59% 0.20% Period End Balance Net Charge-Off Ratio (Annualized) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 $4,209 $5,080 $4,499 $4,565 $4,392 Originations Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $58.5 $55.1 $54.3 $44.8 $47.9 0.84% 0.78% 0.76% 0.62% 0.66% NPLs NPL as a % of Category 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 $3,546 $2,351 $1,093 $250 Current Premium Finance Receivables - Property and Casualty Insurance Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 7-9 Months > 9 months Premium Finance Receivables - Property and Casualty Insurance ($ in Millions) ($ in Millions) Projected Repayments Consistent Origination Volume Continued in the First Quarter ($ in Millions) ($ in Millions) Manual Input - Data comes from Mark B Manual Input - Data comes from Thanos Polyzois and Matt for Canada Pending

2222 Appendix

2323 Wintrust Awards Q1 2025 - Wintrust Awards Year-to-Date Wintrust continues to be recognized for its Different Approach to banking. J.D. Power ranked Wintrust Community Banks #1 in Illinois for Retail banking Customer Satisfaction • Scored highest by customers as Most trusted Retail Bank in Illinois for four straight years • Customers also rated Wintrust Community Banks #1 for convenience, value, and account offerings 14 Coalition Greenwich Best Bank Awards for Middle Market • 10th consecutive year of recognition • Wintrust also received the Best Bank - Overall Satisfaction Award in National and Regional markets • These awards demonstrate Wintrust's strong client relationships and commitment to excellence For J.D. Power 2025 award information, visit jdpower.com/awards

2424 Hedging activities had a six basis point unfavorable impact to our Q1 2025 NIM as compared to a 10 basis point unfavorable impact to our Q4 2024 NIM. These derivatives moderate our interest rate sensitivity and serve the purpose of stabilizing net interest income performance across various interest rate scenarios. 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% Receive Fixed Swap 2/1/2026 $0.25B 2/1/2031 N/A N/A 4.25% Below are the details of the derivatives entered by the Company as of March 31, 2025. 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: primary 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 3/31/2025) 33% 8% 6% 7% 5% 4% 3% 2% 2% 2% 3% 2%Canada: Total Loan Portfolio Primary Geographic Region Commercial: Commercial, industrial and other Midwest Leasing Nationwide Franchise Lending Nationwide Commercial real estate Construction and development Midwest Non-construction Midwest Home equity Midwest Residential Real Estate Midwest Premium finance receivables Commercial insurance loans Nationwide and Canada Life insurance loans Nationwide Consumer and other Midwest 2% 1.4% 1.5% 4% 2% Pending 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 Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 (A) Interest Income (GAAP) $886,965 $913,501 $908,604 $849,979 $805,513 Taxable-equivalent adjustment: - Loans 2,206 2,352 2,474 2,305 2,246 - Liquidity Management Assets 690 716 668 567 550 - Other Earning Assets 3 2 2 3 5 (B) Interest Income (non-GAAP) $889,864 $916,571 $911,748 $852,854 $808,314 (C) Interest Expense (GAAP) $360,491 $388,353 $406,021 $379,369 $341,319 (D) Net Interest Income (GAAP) (A minus C) $526,474 $525,148 $502,583 $470,610 $464,194 (E) Net Interest Income (non-GAAP) (B minus C) $529,373 $528,218 $505,727 $473,485 $466,995 Net interest margin (GAAP) 3.54 % 3.49 % 3.49 % 3.50 % 3.57 % Net interest margin, fully taxable-equivalent (non-GAAP) 3.56 % 3.51 % 3.51 % 3.52 % 3.59 % (F) Non-interest income $116,634 $113,451 $113,147 $121,147 $140,580 (G) Gains (losses) on investment securities, net 3,196 (2,835) 3,189 (4,282) 1,326 (H) Non-interest expense 366,090 368,539 360,687 340,353 333,145 Efficiency ratio (H/(D+F-G)) 57.21 % 57.46 % 58.88 % 57.10 % 55.21 % Efficiency ratio (non-GAAP) (H/(E+F-G)) 56.95 % 57.18 % 58.58 % 56.83 % 54.95 % The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $253,055 $253,081 $232,709 $211,343 $249,956 Add: Provision for credit losses 23,963 16,979 22,334 40,061 21,673 Pre-tax income, excluding provision for credit losses (non-GAAP) $277,018 $270,060 $255,043 $251,404 $271,629 Non-GAAP Reconciliation

2929 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 253,055 $ 253,081 $ 232,709 $ 211,343 $ 249,956 $ 253,055 $ 249,956 Add: Provision for credit losses 23,963 16,979 22,334 40,061 21,673 23,963 21,673 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 277,018 $ 270,060 $ 255,043 $ 251,404 $ 271,629 $ 277,018 $ 271,629 Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 (N) Net income applicable to common shares $182,048 $178,371 $163,010 $145,397 $180,303 Add: Intangible asset amortization 5,618 5,773 4,042 1,122 1,158 Less: Tax effect of intangible asset amortization (1,421) (1,547) (1,087) (311) (291) After-tax intangible asset amortization $ 4,197 $ 4,226 $ 2,955 $ 811 $ 867 (O) Tangible net income applicable to common shares (non-GAAP) $186,245 $182,597 $165,965 $146,208 $181,170 Total average shareholders’ equity $6,460,941 $6,418,403 $5,990,429 $5,450,173 $5,440,457 Less: Average preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (P) Total average common shareholders’ equity $6,048,441 $6,005,903 $5,577,929 $5,037,673 $5,027,957 Less: Average intangible assets (916,069) (921,438) (833,574) (677,207) (678,731) (Q) Total average tangible common shareholders’ equity (non-GAAP) $5,132,372 $5,084,465 $4,744,355 $4,360,466 $4,349,226 Return on average common equity, annualized (N/P) 12.21 % 11.82 % 11.63 % 11.61 % 14.42 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.72 14.29 13.92 13.49 16.75 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): March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Total shareholders’ equity (GAAP) $6,600,537 $6,344,297 $6,399,714 $5,536,628 $5,436,400 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (913,004) (918,632) (924,646) (676,562) (677,911) (I) Total tangible common shareholders’ equity (non-GAAP) $5,275,033 $5,013,165 $5,062,568 $4,447,566 $4,345,989 (J) Total assets (GAAP) 65,870,066 64,879,668 63,788,424 59,781,516 57,576,933 Less: Intangible assets (GAAP) (913,004) (918,632) (924,646) (676,562) (677,911) (K) Total tangible assets (non-GAAP) $64,957,062 $63,961,036 $62,863,778 $59,104,954 $56,899,022 Common equity to assets ratio (GAAP) (L/J) 9.4 % 9.1 % 9.4 % 8.6 % 8.7 % Tangible common equity ratio (non-GAAP) (I/K) 8.1 % 7.8 % 8.1 % 7.5 % 7.6 % Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $6,600,537 $6,344,297 $6,399,714 $5,536,628 $5,436,400 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $6,188,037 $5,931,797 $5,987,214 $5,124,128 $5,023,900 (M) Actual common shares outstanding 66,919 66,495 66,482 61,760 61,737 Book value per common share (L/M) $92.47 $89.21 $90.06 $82.97 $81.38 Tangible book value per common share (non-GAAP) (I/M) $78.83 $75.39 $76.15 $72.01 $70.40 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: ($'s and Shares in Thousands): March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 (N) Net income applicable to common shares $ 173,207 $ 137,826 $ 1,492 $ 1,579 $ 120,400 Add: Intangible asset amortization 1,235 1,436 $ (425) $ (445) 1,609 Less: Tax effect of intangible asset amortization (321) (370) 1067000 1,134 (430) After-tax intangible asset amortization $ 914 $ 1,066 137,037 88,656 $ 1,179 (O) Tangible net income applicable to common shares (non-GAAP) $ 174,121 $ 138,892 $ 4,795,387 $ 4,526,110 $ 121,579 Total average shareholders’ equity $ 4,895,271 $ 4,710,856 $ (412,500) $ (412,500) $ 4,500,460 Less: Average preferred stock (412,500) (412,500) 4,382,887 4,113,610 (412,500) (P) Total average common shareholders’ equity $ 4,482,771 $ 4,298,356 $ (678,953) $ (681,091) $ 4,087,960 Less: Average intangible assets (675,247) (676,371) 3,703,934 3,432,519 (682,603) (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 3,807,524 $ 3,621,985 $0.12 $0.09 $ 3,405,357 Return on average common equity, annualized (N/P) 15.67 % 12.72 % 11.94 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 0.1854636737388 63 Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 (N) Net income applicable to common shares $ 182,048 $ 178,371 $ 163,010 $ 145,397 $ 180,303 Add: Intangible asset amortization $ 5,618 $ 5,773 $ 4,042 $ 1,122 1158000 Less: Tax effect of intangible asset amortization $ (1,421) $ (1,547) $ (1,087) $ (311) (291) After-tax intangible asset amortization $ 4,197 $ 4,226 $ 2,955 $ 811 867 (O) Tangible net income applicable to common shares (non-GAAP) $ 186,245 $ 182,597 $ 165,965 $ 146,208 181,170 Total average shareholders’ equity $ 6,460,941 $ 6,418,403 $ 5,990,429 $ 5,450,173 $ 5,440,457 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 6,048,441 $ 6,005,903 $ 5,577,929 $ 5,037,673 $ 5,027,957 Less: Average intangible assets $ (916,069) $ (921,438) $ (833,574) $ (677,207) $ (678,730.526) (Q) Total average tangible common shareholders’ equity (non-GAAP) $5,132,372 $5,084,465 $4,744,355 $4,360,466 $4,349,226 Return on average common equity, annualized (N/P) 12.21% 11.82% 11.63% 11.61% 14.42% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.72 14.29 13.92 13.49 16.75 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.