--- title: "Wintrust Financial Corporation Reports Record Net Income | WTFC Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/249463676.md" description: "Wintrust Financial Corporation reported record net income of $384.6 million for the first half of 2025, up from $339.7 million in 2024. The second quarter net income reached $195.5 million, reflecting strong balance sheet growth and a stable net interest margin of 3.54%. Total loans and deposits increased significantly, with loans up by $2.3 billion and deposits by $2.2 billion. The company anticipates continued growth in net interest income and loan portfolios, maintaining conservative credit standards." datetime: "2025-07-21T20:35:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/249463676.md) - [en](https://longbridge.com/en/news/249463676.md) - [zh-HK](https://longbridge.com/zh-HK/news/249463676.md) generator: "portal-rs" --- # Wintrust Financial Corporation Reports Record Net Income | WTFC Stock News 07/21/2025 - 04:35 PM ROSEMONT, Ill., July 21, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $384.6 million, or $5.47 per diluted common share, for the first six months of 2025, compared to net income of $339.7 million, or $5.21 per diluted common share for the same period of 2024. Pre-tax, pre-provision income (non-GAAP) for the first six months of the year totaled a record $566.3 million, compared to $523.0 million for the first six months of 2024. The Company recorded record quarterly net income of $195.5 million, or $2.78 per diluted common share, for the second quarter of 2025, compared to net income of $189.0 million, or $2.69 per diluted common share for the first quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2025 totaled a record $289.3 million, as compared to $277.0 million for the first quarter of 2025. Timothy S. Crane, President and Chief Executive Officer, commented, “Building on the momentum of a strong first quarter, we are pleased to deliver record results again this quarter, reflecting the underlying strength and momentum of our business. A combination of balance sheet growth and a stable net interest margin drove our record results in the second quarter of 2025.” Additionally, Mr. Crane noted, “Net interest margin in the second quarter remained within our expected range at 3.54% and we generated record net interest income driven by average earning asset growth. We expect a relatively stable net interest margin coupled with continued balance sheet growth to drive net interest income higher in the third quarter.” **Highlights of the second quarter of 2025:** *Comparative information to the first quarter of 2025, unless otherwise noted* - Total loans increased by $2.3 billion, or 19% annualized. - Total deposits increased by approximately $2.2 billion, or 17% annualized. - Total assets increased by $3.1 billion, or 19% annualized. - Net interest income increased to $546.7 million in the second quarter of 2025, compared to $526.5 million in the first quarter of 2025, driven by strong average earning asset growth. - Net interest margin was 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2025. - Non-interest income was impacted by the following: - Wealth management revenue totaled $36.8 million in the second quarter of 2025, compared to $34.0 million in the first quarter of 2025. - Mortgage banking revenue totaled $23.2 million in the second quarter of 2025, compared to $20.5 million in the first quarter of 2025. An unfavorable fair value mark of $1.4 million was offset by an increase in operational revenue of $4.1 million driven by higher origination volumes and improved production margin.For more information regarding mortgage banking revenue, see Table 16 in this report. - Net gains on investment securities totaled approximately $650,000 in the second quarter of 2025, compared to net gains of $3.2 million in the first quarter of 2025. - Non-interest expense was impacted by the following: - Advertising and Marketing increased by $6.5 million and totaled $18.8 million in the second quarter of 2025. The increase in the quarter was related toplanned and primarily seasonal expenses in various sports sponsorships and other summer community sponsorship events. - Macatawa Bank acquisition-related costs were $2.9 million in the second quarter of 2025, compared to $2.7 million in the first quarter of 2025. - Provision for credit losses totaled $22.2 million in the second quarter of 2025, compared to a provision for credit losses of $24.0 million in the first quarter of 2025. - Net charge-offs totaled $13.3 million, or 11 basis points of average total loans on an annualized basis, in the second quarter of 2025 compared to $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025. Mr. Crane noted, “Solid loan growth in the second quarter totaled $2.3 billion, or 19% on an annualized basis. We are pleased with our diversified loan growth across all major loan portfolios and strong seasonal growth in our property & casualty insurance premium finance business. Loan pipelines remain strong and we expect loan growth in the mid-to-high single digits in the second half of the year. We continue to be prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth totaled $2.2 billion, or 17% on an annualized basis, in the second quarter of 2025. Our loan growth was funded by our deposit growth in the second quarter of 2025 resulting in our loans-to-deposits ratio ending the quarter at 91.4%. We continue to benefit from our customer relationships and unique market positioning to generate deposits, grow loans and enhance our long-term franchise value.” Commenting on credit quality, Mr. Crane stated, “Disciplined credit management, supported by thorough portfolio reviews, has driven consistent positive outcomes by enabling early identification and resolution of problem credits. We continue to be conservative and diversified in regard to maintaining our strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to sustaining high credit quality as evidenced by our low levels of net charge-offs and non-performing loans as well as our core loan allowance for credit losses of 1.37%.” In summary, Mr. Crane concluded, “We are proud of our second quarter performance and record results year to date. We expect our strong momentum to continue into the third quarter as our loan growth in the second quarter provides positive revenue momentum. The balance sheet growth in the second quarter highlights our enviable core deposit franchise and multifaceted business model. Our commitment to growing net interest income, disciplined expense control and conservative credit standards should lead to increasing our franchise value.” The graphs shown on pages 3-7 illustrate certain financial highlights of the second quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios. Graphs available at the following link:http://ml.globenewswire.com/Resource/Download/bd030502-a094-4ebe-b02a-3c9bb828b393 **SUMMARY OF RESULTS:** **BALANCE SHEET** Total assets increased $3.1 billion in the second quarter of 2025 compared to the first quarter of 2025. Total loans increased by $2.3 billion compared to the first quarter of 2025. The increase in loans was driven by growth across all major loan portfolios, including seasonally higher Premium Finance Receivables - Property and Casualty portfolio. Total liabilities increased by $2.5 billion in the second quarter of 2025 compared to the first quarter of 2025, driven by a $2.2 billion increase in total deposits. Robust organic deposit growth in the second quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.4%. On May 22, 2025, the Company completed the issuance of $425 million of Series F Preferred Stock. The issuance was in contemplation of redeeming $412.5 million of Series D and Series E preferred stock that was expected to reprice at rates higher than existing market rates. The Series D and Series E Preferred Stock were redeemed on July 15, 2025. The Tier 1 capital ratio, Total capital ratio, and Tier 1 leverage ratio noted in the “Selected Financial Highlights” would have been 10.8%, 12.3%, and 9.6%, respectively, if the Series D and Series E Preferred Stock had been redeemed as of June 30, 2025. For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table1 through Table3 in this report. **NET INTEREST INCOME** For the second quarter of 2025, net interest income totaled $546.7 million, an increase of $20.2 million compared to the first quarter of 2025. The $20.2 million increase in net interest income in the second quarter of 2025 was primarily due to average earning asset growth of $1.9 billion, or 12% annualized. Net interest margin was largely stable at 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2025, down two basis points compared to the first quarter of 2025. The yield on earning assets declined two basis points during the second quarter of 2025 primarily due to a five basis point decrease in loan yields. The net free funds contribution declined two basis points compared to the first quarter of 2025. These declines were partially offset by a two basis point reduction in funding cost on interest-bearing deposits, compared to the first quarter of 2025. For more information regarding net interest income, see Table4 through Table8 in this report. **ASSET QUALITY** The allowance for credit losses totaled $457.5 million as of June30, 2025, an increase from $448.4 million as of March31, 2025. A provision for credit losses totaling $22.2 million was recorded for the second quarter of 2025 compared to $24.0 million recorded in the first quarter of 2025. The lower provision for credit losses recognized in the second quarter of 2025 is primarily attributable to the macroeconomic outlook, partially offset by portfolio growth. While future economic performance remains uncertain, lower volatility in equity markets at the end of the second quarter reduced the provision related to macroeconomic uncertainty. This reduction was partially offset by qualitative additions to the provision that reflect widening credit spreads. For more information regarding the allowance for credit losses and provision for credit losses, see Table11 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 June30, 2025, March31, 2025, and December31, 2024 is shown on Table12 of this report. Net charge-offs totaled $13.3 million in the second quarter of 2025, an increase of $0.7 million compared to $12.6 million of net charge-offs in the first quarter of 2025. Net charge-offs as a percentage of average total loans were 11 basis points in both the first and second quarter of 2025 on an annualized basis. For more information regarding net charge-offs, see Table10 in this report. The Company’s loan portfolio delinquency rates remain low and manageable. For more information regarding past due loans, see Table13 in this report. Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $212.5 million and comprised 0.31% of total assets as of June30, 2025, as compared to $195.0 million, or 0.30% of total assets, as of March31, 2025. Non-performing loans totaled $188.8 million and comprised 0.37% of total loans at June30, 2025, as compared to $172.4 million and 0.35% of total loans at March31, 2025. For more information regarding non-performing assets, see Table14 in this report. **NON-INTEREST INCOME** Non-interest income totaled $124.1 million in the second quarter of 2025, increasing $7.5 million, compared to $116.6 million in the first quarter of 2025. Wealth management revenue increased by $2.8 million in the second quarter of 2025, compared to the first quarter of 2025. The increase in the second quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in activity following the transition of systems and support for brokerage and certain private client business to a new third party that occurred in the first quarter of 2025. 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 totaled $23.2 million in the second quarter of 2025, compared to $20.5 million in the first quarter of 2025. The increase in the second quarter of 2025 was primarily attributed to higher production revenue due to higher origination volumes and improved production margin. For more information regarding mortgage banking revenue, see Table16 in this report. Fees from covered call options increased by $2.2 million in the second quarter of 2025 compared to the first quarter of 2025. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance. The Company recognized approximately $650,000 in net gains on investment securities in the second quarter of 2025 compared to $3.2 million in net gains in the first quarter of 2025. The net gains in the second 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 Table15 in this report. **NON-INTEREST EXPENSE** Non-interest expense totaled $381.5 million in the second quarter of 2025, increasing $15.4 million, compared to $366.1 million in the first quarter of 2025. Non-interest expense, as a percent of average assets, remained stable in the second quarter of 2025 at 2.32%. Salaries and employee benefits expense increased by $8.0 million in the second quarter of 2025 as compared to the first quarter of 2025. This was primarily driven by an increased level of health insurance claims as well as higher mortgage and wealth management commissions expense attributable to an increase in mortgage originations and wealth management revenue in the quarter. Advertising and marketing expenses in the second quarter of 2025 totaled $18.8 million, which was a $6.5 million increase compared to the first quarter of 2025. The increase in the second quarter was primarily driven by summer sports sponsorships and other summer community sponsorship events. Advertising and marketing expense are typically higher in the second and third quarters of the year. The Macatawa Bank acquisition-related costs were $2.9 million in the second quarter of 2025, compared to $2.7 million in the first quarter of 2025. For more information regarding non-interest expense, see Table17 in this report. **INCOME TAXES** The Company recorded income tax expense of $71.6 million in the second quarter of 2025 compared to $64.0 million in the first quarter of 2025. The effective tax rates were 26.79% in the second quarter of 2025 compared to 25.30% in the first quarter of 2025. 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 $80,000 in the second quarter of 2025, compared to net excess tax benefits of $3.7 million in the first quarter of 2025 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 second quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios. Mortgage banking revenue was $23.2 million for the second quarter of 2025, an increase of $2.6 million compared to the first quarter of 2025. See Table16 for more detail. Service charges on deposit accounts totaled $19.5 million in the second quarter of 2025 as compared to $19.4 million in the first quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of June30, 2025 indicating momentum for expected continued loan growth in the third 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 $6.1 billion during the second quarter of 2025. Average balances increased by $776.6 million, as compared to the first quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the second quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.8 billion, $1.2 billion, and $289.8 million as of June30, 2025, respectively, compared to $2.7 billion, $1.1 billion, and $280.5 million as of March31, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the second quarter of 2025, which was relatively stable compared to the first quarter of 2025. *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. Wealth management revenue totaled $36.8 million in the second quarter of 2025, an increase as compared to the first quarter of 2025. At June30, 2025, the Company’s wealth management subsidiaries had approximately $53.2 billion of assets under administration, which included $8.9 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 June30, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase. **WINTRUST FINANCIAL CORPORATION** **Key Operating Measures** Wintrust’s key operating measures and growth rates for the second quarter of 2025, as comparedto the first quarter of 2025 (sequential quarter) and second quarter of 2024 (linked quarter), are shown in the table below: **% or** **(1)** **basis point (bp) change from** **1st Quarter** **2025** **% or** **basis point (bp) change from** **2nd Quarter** **2024** **Three Months Ended** (Dollars in thousands, except per share data) **Jun 30, 2025** Mar 31, 2025 Jun 30, 2024 Net income **$** **195,527** $ 189,039 $ 152,388 3 % 28 % Pre-tax income, excluding provision for credit losses (non-GAAP) (2) **289,322** 277,018 251,404 4 15 Net income per common share – Diluted **2.78** 2.69 2.32 3 20 Cash dividends declared per common share **0.50** 0.50 0.45 — 11 Net revenue (3) **670,783** 643,108 591,757 4 13 Net interest income **546,694** 526,474 470,610 4 16 Net interest margin **3.52** **%** 3.54 % 3.50 % (2 ) bps 2 bps Net interest margin – fully taxable-equivalent (non-GAAP) (2) **3.54** 3.56 3.52 (2 ) 2 Net overhead ratio (4) **1.57** 1.58 1.53 (1 ) 4 Return on average assets **1.19** 1.20 1.07 (1 ) 12 Return on average common equity **12.07** 12.21 11.61 (14 ) 46 Return on average tangible common equity (non-GAAP) (2) **14.44** 14.72 13.49 (28 ) 95 **At end of period** Total assets **$** **68,983,318** $ 65,870,066 $ 59,781,516 19 % 15 % Total loans (5) **51,041,679** 48,708,390 44,675,531 19 14 Total deposits **55,816,811** 53,570,038 48,049,026 17 16 Total shareholders’ equity **7,225,696** 6,600,537 5,536,628 38 31 *(1) Period-end balance sheet percentage changes are annualized. (2)* *See Table18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.* *(3) Net revenue is net interest income plus non-interest income.* *(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.* *(5) Excludes mortgage loans held-for-sale.* Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.” **WINTRUST FINANCIAL CORPORATION** **Selected Financial Highlights** **Three Months Ended** **Six Months Ended** (Dollars in thousands, except per share data) **Jun 30, 2025** Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 **Jun 30, 2025** Jun 30, 2024 **Selected Financial Condition Data (at end of period):** Total assets **$** **68,983,318** $ 65,870,066 $ 64,879,668 $ 63,788,424 $ 59,781,516 Total loans (1) **51,041,679** 48,708,390 48,055,037 47,067,447 44,675,531 Total deposits **55,816,811** 53,570,038 52,512,349 51,404,966 48,049,026 Total shareholders’ equity **7,225,696** 6,600,537 6,344,297 6,399,714 5,536,628 **Selected Statements of Income Data:** Net interest income **$** **546,694** $ 526,474 $ 525,148 $ 502,583 $ 470,610 **$** **1,073,168** $ 934,804 Net revenue (2) **670,783** 643,108 638,599 615,730 591,757 **1,313,891** 1,196,531 Net income **195,527** 189,039 185,362 170,001 152,388 **384,566** 339,682 Pre-tax income, excluding provision for credit losses (non-GAAP) (3) **289,322** 277,018 270,060 255,043 251,404 **566,340** 523,033 Net income per common share – Basic **2.82** 2.73 2.68 2.51 2.35 **5.55** 5.28 Net income per common share – Diluted **2.78** 2.69 2.63 2.47 2.32 **5.47** 5.21 Cash dividends declared per common share **0.50** 0.50 0.45 0.45 0.45 **1.00** 0.90 **Selected Financial Ratios and Other Data:** *Performance Ratios:* Net interest margin **3.52** **%** 3.54 % 3.49 % 3.49 % 3.50 % **3.53** **%** 3.53 % Net interest margin – fully taxable-equivalent (non-GAAP) (3) **3.54** 3.56 3.51 3.51 3.52 **3.55** 3.56 Non-interest income to average assets **0.76** 0.74 0.71 0.74 0.85 **0.75** 0.93 Non-interest expense to average assets **2.32** 2.32 2.31 2.36 2.38 **2.32** 2.40 Net overhead ratio (4) **1.57** 1.58 1.60 1.62 1.53 **1.57** 1.46 Return on average assets **1.19** 1.20 1.16 1.11 1.07 **1.19** 1.21 Return on average common equity **12.07** 12.21 11.82 11.63 11.61 **12.14** 13.01 Return on average tangible common equity (non-GAAP) (3) **14.44** 14.72 14.29 13.92 13.49 **14.57** 15.12 Average total assets **$** **65,840,345** $ 64,107,042 $ 63,594,105 $ 60,915,283 $ 57,493,184 **$** **64,978,481** $ 56,547,939 Average total shareholders’ equity **6,862,040** 6,460,941 6,418,403 5,990,429 5,450,173 **6,662,598** 5,445,315 Average loans to average deposits ratio **93.0** **%** 92.3 % 91.9 % 93.8 % 95.1 % **92.7** **%** 94.8 % Period-end loans to deposits ratio **91.4** 90.9 91.5 91.6 93.0 *Common Share Data at end of period:* Market price per common share **$** **123.98** $ 112.46 $ 124.71 $ 108.53 $ 98.56 Book value per common share **95.43** 92.47 89.21 90.06 82.97 Tangible book value per common share (non-GAAP) (3) **81.86** 78.83 75.39 76.15 72.01 Common shares outstanding **66,937,732** 66,919,325 66,495,227 66,481,543 61,760,139 *Other Data at end of period:* Common equity to assets ratio **9.3** **%** 9.4 % 9.1 % 9.4 % 8.6 % Tangible common equity ratio (non-GAAP) (3) **8.0** 8.1 7.8 8.1 7.5 Tier 1 leverage ratio (5) **10.2** 9.6 9.4 9.6 9.3 Risk-based capital ratios: Tier 1 capital ratio (5) **11.4** 10.8 10.7 10.6 10.3 Common equity tier 1 capital ratio (5) **10.0** 10.1 9.9 9.8 9.5 Total capital ratio (5) **12.9** 12.5 12.3 12.2 12.1 Allowance for credit losses (6) **$** **457,461** $ 448,387 $ 437,060 $ 436,193 $ 437,560 Allowance for loan and unfunded lending-related commitment losses to total loans **0.90** **%** 0.92 % 0.91 % 0.93 % 0.98 % Number of: Bank subsidiaries **16** 16 16 16 15 Banking offices **208** 208 205 203 177 *(1) Excludes mortgage loans held-for-sale.* *(2) Net revenue is net interest income plus non-interest income.* *(3) See Table18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.* *(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) Capital ratios for current quarter-end are estimated.* *(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.* **WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES** **CONSOLIDATED STATEMENTS OF CONDITION** (Unaudited) (Unaudited) (Unaudited) (Unaudited) **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, (In thousands) **2025** 2025 2024 2024 2024 **Assets** Cash and due from banks **$** **695,501** $ 616,216 $ 452,017 $ 725,465 $ 415,462 Federal funds sold and securities purchased under resale agreements **63** 63 6,519 5,663 62 Interest-bearing deposits with banks **4,569,618** 4,238,237 4,409,753 3,648,117 2,824,314 Available-for-sale securities, at fair value **4,885,715** 4,220,305 4,141,482 3,912,232 4,329,957 Held-to-maturity securities, at amortized cost **3,502,186** 3,564,490 3,613,263 3,677,420 3,755,924 Trading account securities **—** — 4,072 3,472 4,134 Equity securities with readily determinable fair value **273,722** 270,442 215,412 125,310 112,173 Federal Home Loan Bank and Federal Reserve Bank stock **282,087** 281,893 281,407 266,908 256,495 Brokerage customer receivables **—** — 18,102 16,662 13,682 Mortgage loans held-for-sale, at fair value **299,606** 316,804 331,261 461,067 411,851 Loans, net of unearned income **51,041,679** 48,708,390 48,055,037 47,067,447 44,675,531 Allowance for loan losses **(391,654** **)** (378,207 ) (364,017 ) (360,279 ) (363,719 ) Net loans **50,650,025** 48,330,183 47,691,020 46,707,168 44,311,812 Premises, software and equipment, net **776,324** 776,679 779,130 772,002 722,295 Lease investments, net **289,768** 280,472 278,264 270,171 275,459 Accrued interest receivable and other assets **1,610,025** 1,598,255 1,739,334 1,721,090 1,671,334 Receivable on unsettled securities sales **240,039** 463,023 — 551,031 — Goodwill **798,144** 796,932 796,942 800,780 655,955 Other acquisition-related intangible assets **110,495** 116,072 121,690 123,866 20,607 **Total assets** **$** **68,983,318** $ 65,870,066 $ 64,879,668 $ 63,788,424 $ 59,781,516 **Liabilities and Shareholders’ Equity** Deposits: Non-interest-bearing **$** **10,877,166** $ 11,201,859 $ 11,410,018 $ 10,739,132 $ 10,031,440 Interest-bearing **44,939,645** 42,368,179 41,102,331 40,665,834 38,017,586 Total deposits **55,816,811** 53,570,038 52,512,349 51,404,966 48,049,026 Federal Home Loan Bank advances **3,151,309** 3,151,309 3,151,309 3,171,309 3,176,309 Other borrowings **625,392** 529,269 534,803 647,043 606,579 Subordinated notes **298,458** 298,360 298,283 298,188 298,113 Junior subordinated debentures **253,566** 253,566 253,566 253,566 253,566 Payable on unsettled securities sales **39,105** — — — — Accrued interest payable and other liabilities **1,572,981** 1,466,987 1,785,061 1,613,638 1,861,295 Total liabilities **61,757,622** 59,269,529 58,535,371 57,388,710 54,244,888 Shareholders’ Equity: Preferred stock **837,500** 412,500 412,500 412,500 412,500 Common stock **67,025** 67,007 66,560 66,546 61,825 Surplus **2,495,637** 2,494,347 2,482,561 2,470,228 1,964,645 Treasury stock **(9,156** **)** (9,156 ) (6,153 ) (6,098 ) (5,760 ) Retained earnings **4,200,923** 4,045,854 3,897,164 3,748,715 3,615,616 Accumulated other comprehensive loss **(366,233** **)** (410,015 ) (508,335 ) (292,177 ) (512,198 ) Total shareholders’ equity **7,225,696** 6,600,537 6,344,297 6,399,714 5,536,628 **Total liabilities and shareholders’ equity** **$** **68,983,318** $ 65,870,066 $ 64,879,668 $ 63,788,424 $ 59,781,516 **WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES** **CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** **Three Months Ended** **Six Months Ended** (Dollars in thousands, except per share data) **Jun 30,** **2025** Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 **Jun 30, 2025** Jun 30, 2024 **Interest income** Interest and fees on loans **$** **797,997** $ 768,362 $ 789,038 $ 794,163 $ 749,812 **$** **1,566,359** $ 1,460,153 Mortgage loans held-for-sale **4,872** 4,246 5,623 6,233 5,434 **9,118** 9,580 Interest-bearing deposits with banks **34,317** 36,766 46,256 32,608 19,731 **71,083** 36,389 Federal funds sold and securities purchased under resale agreements **276** 179 53 277 17 **455** 36 Investment securities **78,053** 72,016 67,066 69,592 69,779 **150,069** 139,457 Trading account securities **—** 11 6 11 13 **11** 31 Federal Home Loan Bank and Federal Reserve Bank stock **5,393** 5,307 5,157 5,451 4,974 **10,700** 9,452 Brokerage customer receivables **—** 78 302 269 219 **78** 394 Total interest income **920,908** 886,965 913,501 908,604 849,979 **1,807,873** 1,655,492 **Interest expense** Interest on deposits **333,470** 320,233 346,388 362,019 335,703 **653,703** 635,235 Interest on Federal Home Loan Bank advances **25,724** 25,441 26,050 26,254 24,797 **51,165** 46,845 Interest on other borrowings **6,957** 6,792 7,519 9,013 8,700 **13,749** 17,948 Interest on subordinated notes **3,735** 3,714 3,733 3,712 5,185 **7,449** 10,672 Interest on junior subordinated debentures **4,328** 4,311 4,663 5,023 4,984 **8,639** 9,988 Total interest expense **374,214** 360,491 388,353 406,021 379,369 **734,705** 720,688 **Net interest income** **546,694** 526,474 525,148 502,583 470,610 **1,073,168** 934,804 Provision for credit losses **22,234** 23,963 16,979 22,334 40,061 **46,197** 61,734 Net interest income after provision for credit losses **524,460** 502,511 508,169 480,249 430,549 **1,026,971** 873,070 **Non-interest income** Wealth management **36,821** 34,042 38,775 37,224 35,413 **70,863** 70,228 Mortgage banking **23,170** 20,529 20,452 15,974 29,124 **43,699** 56,787 Service charges on deposit accounts **19,502** 19,362 18,864 16,430 15,546 **38,864** 30,357 Gains (losses) on investment securities, net **650** 3,196 (2,835 ) 3,189 (4,282 ) **3,846** (2,956 ) Fees from covered call options **5,624** 3,446 2,305 988 2,056 **9,070** 6,903 Trading gains (losses), net **151** (64 ) (113 ) (130 ) 70 **87** 747 Operating lease income, net **15,166** 15,287 15,327 15,335 13,938 **30,453** 28,048 Other **23,005** 20,836 20,676 24,137 29,282 **43,841** 71,613 Total non-interest income **124,089** 116,634 113,451 113,147 121,147 **240,723** 261,727 **Non-interest expense** Salaries and employee benefits **219,541** 211,526 212,133 211,261 198,541 **431,067** 393,714 Software and equipment **36,522** 34,717 34,258 31,574 29,231 **71,239** 56,962 Operating lease equipment **10,757** 10,471 10,263 10,518 10,834 **21,228** 21,517 Occupancy, net **20,228** 20,778 20,597 19,945 19,585 **41,006** 38,671 Data processing **12,110** 11,274 10,957 9,984 9,503 **23,384** 18,795 Advertising and marketing **18,761** 12,272 13,097 18,239 17,436 **31,033** 30,476 Professional fees **9,243** 9,044 11,334 9,783 9,967 **18,287** 19,520 Amortization of other acquisition-related intangible assets **5,580** 5,618 5,773 4,042 1,122 **11,198** 2,280 FDIC insurance **10,971** 10,926 10,640 10,512 10,429 **21,897** 24,966 Other real estate owned (“OREO”) expenses, net **505** 643 397 (938 ) (259 ) **1,148** 133 Other **37,243** 38,821 39,090 35,767 33,964 **76,064** 66,464 Total non-interest expense **381,461** 366,090 368,539 360,687 340,353 **747,551** 673,498 Income before taxes **267,088** 253,055 253,081 232,709 211,343 **520,143** 461,299 Income tax expense **71,561** 64,016 67,719 62,708 58,955 **135,577** 121,617 **Net income** **$** **195,527** $ 189,039 $ 185,362 $ 170,001 $ 152,388 **$** **384,566** $ 339,682 Preferred stock dividends **6,991** 6,991 6,991 6,991 6,991 **13,982** 13,982 **Net income applicable to common shares** **$** **188,536** $ 182,048 $ 178,371 $ 163,010 $ 145,397 **$** **370,584** $ 325,700 **Net income per common share - Basic** **$** **2.82** $ 2.73 $ 2.68 $ 2.51 $ 2.35 **$** **5.55** $ 5.28 **Net income per common share - Diluted** **$** **2.78** $ 2.69 $ 2.63 $ 2.47 $ 2.32 **$** **5.47** $ 5.21 **Cash dividends declared per common share** **$** **0.50** $ 0.50 $ 0.45 $ 0.45 $ 0.45 **$** **1.00** $ 0.90 Weighted average common shares outstanding **66,931** 66,726 66,491 64,888 61,839 **66,829** 61,660 Dilutive potential common shares **888** 923 1,233 1,053 926 **903** 901 Average common shares and dilutive common shares **67,819** 67,649 67,724 65,941 62,765 **67,732** 62,561 **TABLE1: LOAN PORTFOLIO MIX AND GROWTH RATES** % Growth From (1) (Dollars in thousands) **Jun 30, 2025** Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar31, 2025 (2) Jun 30, 2024 **Balance:** Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies **$** **192,633** $ 181,580 $ 189,774 $ 314,693 $ 281,103 24 % (31 )% Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies **106,973** 135,224 141,487 146,374 130,748 (84 ) (18 ) Total mortgage loans held-for-sale **$** **299,606** $ 316,804 $ 331,261 $ 461,067 $ 411,851 (22 )% (27 )% **Core loans:** Commercial Commercial and industrial **$** **7,028,247** $ 6,871,206 $ 6,867,422 $ 6,774,683 $ 6,236,290 9 % 13 % Asset-based lending **1,663,693** 1,701,962 1,611,001 1,709,685 1,465,867 (9 ) 13 Municipal **771,785** 798,646 826,653 827,125 747,357 (13 ) 3 Leases **2,757,331** 2,680,943 2,537,325 2,443,721 2,439,128 11 13 Commercial real estate Residential construction **59,027** 55,849 48,617 73,088 55,019 23 7 Commercial construction **2,165,263** 2,086,797 2,065,775 1,984,240 1,866,701 15 16 Land **304,827** 306,235 319,689 346,362 338,831 (2 ) (10 ) Office **1,601,208** 1,641,555 1,656,109 1,675,286 1,585,312 (10 ) 1 Industrial **2,824,889** 2,677,555 2,628,576 2,527,932 2,307,455 22 22 Retail **1,452,351** 1,402,837 1,374,655 1,404,586 1,365,753 14 6 Multi-family **3,200,578** 3,091,314 3,125,505 3,193,339 2,988,940 14 7 Mixed use and other **1,683,867** 1,652,759 1,685,018 1,588,584 1,439,186 8 17 Home equity **466,815** 455,683 445,028 427,043 356,313 10 31 Residential real estate Residential real estate loans for investment **3,814,715** 3,561,417 3,456,009 3,252,649 2,933,157 29 30 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies **80,800** 86,952 114,985 92,355 88,503 (28 ) (9 ) Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies **53,267** 36,790 41,771 43,034 45,675 NM 17 **Total core loans** **$** **29,928,663** $ 29,108,500 $ 28,804,138 $ 28,363,712 $ 26,259,487 11 % 14 % **Niche loans:** Commercial Franchise **$** **1,286,265** $ 1,262,555 $ 1,268,521 $ 1,191,686 $ 1,150,460 8 % 12 % Mortgage warehouse lines of credit **1,232,530** 1,019,543 893,854 750,462 593,519 84 NM Community Advantage - homeowners association **526,595** 525,492 525,446 501,645 491,722 1 7 Insurance agency lending **1,120,985** 1,070,979 1,044,329 1,048,686 1,030,119 19 9 Premium Finance receivables U.S. property & casualty insurance **7,378,340** 6,486,663 6,447,625 6,253,271 6,142,654 55 20 Canada property & casualty insurance **944,836** 753,199 824,417 878,410 958,099 NM (1 ) Life insurance **8,506,960** 8,365,140 8,147,145 7,996,899 7,962,115 7 7 Consumer and other **116,505** 116,319 99,562 82,676 87,356 1 33 **Total niche loans** **$** **21,113,016** $ 19,599,890 $ 19,250,899 $ 18,703,735 $ 18,416,044 31 % 15 % **Total loans, net of unearned income** **$** **51,041,679** $ 48,708,390 $ 48,055,037 $ 47,067,447 $ 44,675,531 19 % 14 % *(1) NM - Not Meaningful.* *(2) Annualized.* **TABLE2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES** % Growth From (Dollars in thousands) **Jun 30,** **2025** Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar31, 2025 (1) Jun 30, 2024 **Balance:** Non-interest-bearing **$** **10,877,166** $ 11,201,859 $ 11,410,018 $ 10,739,132 $ 10,031,440 (12 )% 8 % NOW and interest-bearing demand deposits **6,795,725** 6,340,168 5,865,546 5,466,932 5,053,909 29 34 Wealth management deposits (2) **1,595,764** 1,408,790 1,469,064 1,303,354 1,490,711 53 7 Money market **19,556,041** 18,074,733 17,975,191 17,713,726 16,320,017 33 20 Savings **6,659,419** 6,576,251 6,372,499 6,183,249 5,882,179 5 13 Time certificates of deposit **10,332,696** 9,968,237 9,420,031 9,998,573 9,270,770 15 11 Total deposits **$** **55,816,811** $ 53,570,038 $ 52,512,349 $ 51,404,966 $ 48,049,026 17 % 16 % **Mix:** Non-interest-bearing **19** **%** 21 % 22 % 21 % 21 % NOW and interest-bearing demand deposits **12** 12 11 11 11 Wealth management deposits (2) **3** 3 3 3 3 Money market **35** 34 34 34 34 Savings **12** 12 12 12 12 Time certificates of deposit **19** 18 18 19 19 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.* **TABLE3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS** **As of June30, 2025** (Dollars in thousands) **Total Time** **Certificatesof** **Deposit** **Weighted-Average** **Rate of Maturing** **Time Certificates** **of Deposit** 1-3 months **$** **2,486,694** **3.92** **%** 4-6 months **4,464,126** **3.80** 7-9 months **2,187,365** **3.74** 10-12 months **771,114** **3.64** 13-18 months **262,094** **3.41** 19-24 months **99,689** **2.92** 24+ months **61,614** **2.36** Total **$** **10,332,696** **3.78** **%** **TABLE4: QUARTERLY AVERAGE BALANCES** **Average Balance for three months ended,** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, (In thousands) **2025** 2025 2024 2024 2024 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) **$** **3,308,199** $ 3,520,048 $ 3,934,016 $ 2,413,728 $ 1,485,481 Investment securities (2) **8,801,560** 8,409,735 8,090,271 8,276,576 8,203,764 FHLB and FRB stock (3) **282,001** 281,702 271,825 263,707 253,614 Liquidity management assets (4) **$** **12,391,760** $ 12,211,485 $ 12,296,112 $ 10,954,011 $ 9,942,859 Other earning assets (4) (5) **—** 13,140 20,528 17,542 15,257 Mortgage loans held-for-sale **310,534** 286,710 378,707 376,251 347,236 Loans, net of unearned income (4) (6) **49,517,635** 47,833,380 47,153,014 45,920,586 43,819,354 Total earning assets (4) **$** **62,219,929** $ 60,344,715 $ 59,848,361 $ 57,268,390 $ 54,124,706 Allowance for loan and investment security losses **(398,685** **)** (375,371 ) (367,238 ) (383,736 ) (360,504 ) Cash and due from banks **478,707** 476,423 470,033 467,333 434,916 Other assets **3,540,394** 3,661,275 3,642,949 3,563,296 3,294,066 Total assets **$** **65,840,345** $ 64,107,042 $ 63,594,105 $ 60,915,283 $ 57,493,184 NOW and interest-bearing demand deposits **$** **6,423,050** $ 6,046,189 $ 5,601,672 $ 5,174,673 $ 4,985,306 Wealth management deposits **1,552,989** 1,574,480 1,430,163 1,362,747 1,531,865 Money market accounts **18,184,754** 17,581,141 17,579,395 16,436,111 15,272,126 Savings accounts **6,578,698** 6,479,444 6,288,727 6,096,746 5,878,844 Time deposits **9,841,702** 9,406,126 9,702,948 9,598,109 8,546,172 Interest-bearing deposits **$** **42,581,193** $ 41,087,380 $ 40,602,905 $ 38,668,386 $ 36,214,313 FHLB advances (3) **3,151,310** 3,151,309 3,160,658 3,178,973 3,096,920 Other borrowings **593,657** 582,139 577,786 622,792 587,262 Subordinated notes **298,398** 298,306 298,225 298,135 410,331 Junior subordinated debentures **253,566** 253,566 253,566 253,566 253,566 Total interest-bearing liabilities **$** **46,878,124** $ 45,372,700 $ 44,893,140 $ 43,021,852 $ 40,562,392 Non-interest-bearing deposits **10,643,798** 10,732,156 10,718,738 10,271,613 9,879,134 Other liabilities **1,456,383** 1,541,245 1,563,824 1,631,389 1,601,485 Equity **6,862,040** 6,460,941 6,418,403 5,990,429 5,450,173 Total liabilities and shareholders’ equity **$** **65,840,345** $ 64,107,042 $ 63,594,105 $ 60,915,283 $ 57,493,184 Net free funds/contribution (6) **$** **15,341,805** $ 14,972,015 $ 14,955,221 $ 14,246,538 $ 13,562,314 *(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) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)* *(4) See Table18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.* *(5) Other earning assets include brokerage customer receivables and trading account securities.* *(6) Loans, net of unearned income, include non-accrual loans.* *(7) 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.* **TABLE5: QUARTERLY NET INTEREST INCOME** **Net Interest Income for three months ended,** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, (In thousands) **2025** 2025 2024 2024 2024 **Interest income:** Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents **$** **34,593** $ 36,945 $ 46,308 $ 32,885 $ 19,748 Investment securities **78,733** 72,706 67,783 70,260 70,346 FHLB and FRB stock (1) **5,393** 5,307 5,157 5,451 4,974 Liquidity management assets (2) **$** **118,719** $ 114,958 $ 119,248 $ 108,596 $ 95,068 Other earning assets (2) **—** 92 310 282 235 Mortgage loans held-for-sale **4,872** 4,246 5,623 6,233 5,434 Loans, net of unearned income (2) **800,197** 770,568 791,390 796,637 752,117 Total interest income **$** **923,788** $ 889,864 $ 916,571 $ 911,748 $ 852,854 **Interest expense:** NOW and interest-bearing demand deposits **$** **37,517** $ 33,600 $ 31,695 $ 30,971 $ 32,719 Wealth management deposits **8,182** 8,606 9,412 10,158 10,294 Money market accounts **155,890** 146,374 159,945 167,382 155,100 Savings accounts **37,637** 35,923 38,402 42,892 41,063 Time deposits **94,244** 95,730 106,934 110,616 96,527 Interest-bearing deposits **$** **333,470** $ 320,233 $ 346,388 $ 362,019 $ 335,703 FHLB advances (1) **25,724** 25,441 26,050 26,254 24,797 Other borrowings **6,957** 6,792 7,519 9,013 8,700 Subordinated notes **3,735** 3,714 3,733 3,712 5,185 Junior subordinated debentures **4,328** 4,311 4,663 5,023 4,984 Total interest expense **$** **374,214** $ 360,491 $ 388,353 $ 406,021 $ 379,369 Less: Fully taxable-equivalent adjustment **(2,880** **)** (2,899 ) (3,070 ) (3,144 ) (2,875 ) Net interest income (GAAP) (3) **546,694** 526,474 525,148 502,583 470,610 Fully taxable-equivalent adjustment **2,880** 2,899 3,070 3,144 2,875 Net interest income, fully taxable-equivalent (non-GAAP) (3) **$** **549,574** $ 529,373 $ 528,218 $ 505,727 $ 473,485 *(1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)* *(2) 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.* *(3) See Table18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.* **TABLE6: QUARTERLY NET INTEREST MARGIN** **Net Interest Margin for three months ended,** **Jun 30, 2025** Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 **Yield earned on:** Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents **4.19** **%** 4.26 % 4.68 % 5.42 % 5.35 % Investment securities **3.59** 3.51 3.33 3.38 3.45 FHLB and FRB stock (1) **7.67** 7.64 7.55 8.22 7.89 Liquidity management assets **3.84** **%** 3.82 % 3.86 % 3.94 % 3.85 % Other earning assets **—** 2.84 6.01 6.38 6.23 Mortgage loans held-for-sale **6.29** 6.01 5.91 6.59 6.29 Loans, net of unearned income **6.48** 6.53 6.68 6.90 6.90 Total earning assets **5.96** **%** 5.98 % 6.09 % 6.33 % 6.34 % **Rate paid on:** NOW and interest-bearing demand deposits **2.34** **%** 2.25 % 2.25 % 2.38 % 2.64 % Wealth management deposits **2.11** 2.22 2.62 2.97 2.70 Money market accounts **3.44** 3.38 3.62 4.05 4.08 Savings accounts **2.29** 2.25 2.43 2.80 2.81 Time deposits **3.84** 4.13 4.38 4.58 4.54 Interest-bearing deposits **3.14** **%** 3.16 % 3.39 % 3.72 % 3.73 % FHLB advances **3.27** 3.27 3.28 3.29 3.22 Other borrowings **4.70** 4.73 5.18 5.76 5.96 Subordinated notes **5.02** 5.05 4.98 4.95 5.08 Junior subordinated debentures **6.85** 6.90 7.32 7.88 7.91 Total interest-bearing liabilities **3.20** **%** 3.22 % 3.44 % 3.75 % 3.76 % Interest rate spread (2) (3) **2.76** **%** 2.76 % 2.65 % 2.58 % 2.58 % Less: Fully taxable-equivalent adjustment **(0.02** **)** (0.02 ) (0.02 ) (0.02 ) (0.02 ) Net free funds/contribution (4) **0.78** 0.80 0.86 0.93 0.94 Net interest margin (GAAP) (3) **3.52** **%** 3.54 % 3.49 % 3.49 % 3.50 % Fully taxable-equivalent adjustment **0.02** 0.02 0.02 0.02 0.02 Net interest margin, fully taxable-equivalent (non-GAAP) (3) **3.54** **%** 3.56 % 3.51 % 3.51 % 3.52 % *(1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)* *(2) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.* *(3) See Table18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.* *(4) 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.* **TABLE7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN** **Average Balance** **for six months ended,** **Interest** **for six months ended,** **Yield/Rate** **for six months ended,** (Dollars in thousands) **Jun 30, 2025** Jun 30, 2024 **Jun 30, 2025** Jun 30, 2024 **Jun 30, 2025** Jun 30, 2024 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) **$** **3,413,538** $ 1,369,906 **$** **71,538** $ 36,425 **4.23** **%** 5.35 % Investment securities (2) **8,606,730** 8,276,780 **151,439** 140,574 **3.55** 3.42 FHLB and FRB stock (3) **281,853** 242,131 **10,700** 9,452 **7.66** 7.85 Liquidity management assets (4) (5) **$** **12,302,121** $ 9,888,817 **$** **233,677** $ 186,451 **3.83** **%** 3.79 % Other earning assets (4) (5) (6) **6,533** 15,169 **92** 433 **2.84** 5.74 Mortgage loans held-for-sale **298,688** 318,756 **9,118** 9,580 **6.16** 6.04 Loans, net of unearned income (4) (5) (7) **48,680,160** 42,974,623 **1,570,765** 1,464,704 **6.51** 6.85 Total earning assets (5) **$** **61,287,502** $ 53,197,365 **$** **1,813,652** $ 1,661,168 **5.97** **%** 6.28 % Allowance for loan and investment security losses **(387,092** **)** (361,119 ) Cash and due from banks **477,571** 442,591 Other assets **3,600,500** 3,269,102 Total assets **$** **64,978,481** $ 56,547,939 NOW and interest-bearing demand deposits **$** **6,235,661** $ 5,332,786 **$** **71,117** $ 67,615 **2.30** **%** 2.55 % Wealth management deposits **1,563,675** 1,521,034 **16,788** 20,755 **2.17** 2.74 Money market accounts **17,884,615** 14,873,309 **302,264** 293,084 **3.41** 3.96 Savings accounts **6,529,345** 5,835,481 **73,560** 80,134 **2.27** 2.76 Time deposits **9,625,117** 7,847,314 **189,974** 173,647 **3.98** 4.45 Interest-bearing deposits **$** **41,838,413** $ 35,409,924 **$** **653,703** $ 635,235 **3.15** **%** 3.61 % Federal Home Loan Bank advances **3,151,310** 2,912,884 **51,165** 46,845 **3.27** 3.23 Other borrowings **587,930** 607,487 **13,749** 17,948 **4.72** 5.94 Subordinated notes **298,353** 424,112 **7,449** 10,672 **5.04** 5.06 Junior subordinated debentures **253,566** 253,566 **8,639** 9,988 **6.87** 7.92 Total interest-bearing liabilities **$** **46,129,572** $ 39,607,973 **$** **734,705** $ 720,688 **3.21** **%** 3.66 % Non-interest-bearing deposits **10,687,733** 9,925,890 Other liabilities **1,498,578** 1,568,761 Equity **6,662,598** 5,445,315 Total liabilities and shareholders’ equity **$** **64,978,481** $ 56,547,939 Interest rate spread (5) (8) **2.76** **%** 2.62 % Less: Fully taxable-equivalent adjustment **(5,779** **)** (5,676 ) **(0.02** **)** (0.03 ) Net free funds/contribution (9) **$** **15,157,930** $ 13,589,392 **0.79** 0.94 Net interest income/margin (GAAP) (5) **$** **1,073,168** $ 934,804 **3.53** **%** 3.53 % Fully taxable-equivalent adjustment **5,779** 5,676 **0.02** 0.03 Net interest income/margin, fully taxable-equivalent (non-GAAP) (4) **$** **1,078,947** $ 940,480 **3.55** **%** 3.56 % *(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) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)* *(4) 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.* *(5) See Table18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.* *(6) Other earning assets include brokerage customer receivables and trading account securities.* *(7) Loans, net of unearned income, include non-accrual loans.* *(8) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.* *(9) 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.* **TABLE8****: 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** **Jun 30, 2025** **(1.5** **)%** **(0.4** **)%** **(0.2** **)%** **(1.2** **)%** 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 ) Ramp Scenario **+200 Basis Points** **+100 Basis Points** **-100 Basis Points** **-200 Basis Points** **Jun 30, 2025** **0.0** **%** **0.0** **%** **(0.1** **)%** **(0.4** **)%** 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 As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods. **TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES** **Loans repricing or contractual maturity period** **As of June 30, 2025** **One year or** **less** **From one to** **five years** **From five to fifteen years** **After fifteen years** **Total** (In thousands) Commercial Fixed rate **$** **429,173** **$** **3,756,650** **$** **2,117,493** **$** **14,925** **$** **6,318,241** Variable rate **10,068,079** **1,111** **—** **—** **10,069,190** Total commercial **$** **10,497,252** **$** **3,757,761** **$** **2,117,493** **$** **14,925** **$** **16,387,431** Commercial real estate Fixed rate **$** **712,348** **$** **2,732,428** **$** **369,615** **$** **70,471** **$** **3,884,862** Variable rate **9,396,306** **10,775** **67** **—** **9,407,148** Total commercial real estate **$** **10,108,654** **$** **2,743,203** **$** **369,682** **$** **70,471** **$** **13,292,010** Home equity Fixed rate **$** **9,626** **$** **773** **$** **—** **$** **15** **$** **10,414** Variable rate **456,401** **—** **—** **—** **456,401** Total home equity **$** **466,027** **$** **773** **$** **—** **$** **15** **$** **466,815** Residential real estate Fixed rate **$** **15,271** **$** **4,318** **$** **72,630** **$** **1,056,508** **$** **1,148,727** Variable rate **108,431** **699,875** **1,991,749** **—** **2,800,055** Total residential real estate **$** **123,702** **$** **704,193** **$** **2,064,379** **$** **1,056,508** **$** **3,948,782** Premium finance receivables - property & casualty Fixed rate **$** **8,220,850** **$** **102,326** **$** **—** **$** **—** **$** **8,323,176** Variable rate **—** **—** **—** **—** **—** Total premium finance receivables - property & casualty **$** **8,220,850** **$** **102,326** **$** **—** **$** **—** **$** **8,323,176** Premium finance receivables - life insurance Fixed rate **$** **319,732** **$** **169,958** **$** **4,000** **$** **—** **$** **493,690** Variable rate **8,013,270** **—** **—** **—** **8,013,270** Total premium finance receivables - life insurance **$** **8,333,002** **$** **169,958** **$** **4,000** **$** **—** **$** **8,506,960** Consumer and other Fixed rate **$** **36,771** **$** **8,483** **$** **1,070** **$** **859** **$** **47,183** Variable rate **69,322** **—** **—** **—** **69,322** Total consumer and other **$** **106,093** **$** **8,483** **$** **1,070** **$** **859** **$** **116,505** Total per category Fixed rate **$** **9,743,771** **$** **6,774,936** **$** **2,564,808** **$** **1,142,778** **$** **20,226,293** Variable rate **28,111,809** **711,761** **1,991,816** **—** **30,815,386** Total loans, net of unearned income **$** **37,855,580** **$** **7,486,697** **$** **4,556,624** **$** **1,142,778** **$** **51,041,679** 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 **$** **31,155,580** **Variable Rate Loan Pricing by Index:** SOFR tenors (2) **$** **19,459,501** 12- month CMT (3) **6,906,397** Prime **3,243,035** Fed Funds **786,924** Other U.S. Treasury tenors **187,736** Other **231,793** Total variable rate **$** **30,815,386** *(1) Excludes cash flow hedges with future effective starting dates.* *(2) SOFR - Secured Overnight Financing Rate.* *(3) CMT - Constant Maturity Treasury Rate.* Graph available at the following link:http://ml.globenewswire.com/Resource/Download/cf816bf1-1915-431d-8262-97011dc0227d 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 $16.7 billion tied to one-month SOFR and $6.9 billion tied to twelve-month CMT. The above chart shows: **Basis Point (bp) Change in** **1-month** **SOFR** **12- month CMT** **Prime** **Second Quarter 2025** **—** **bps** **(7** **)** **bps** **—** **bps** First Quarter 2025 (1 ) (13 ) — Fourth Quarter 2024 (52 ) 18 (50 ) third quarter 2024 (49 ) (111 ) (50 ) Second Quarter 2024 1 6 — **TABLE10: ALLOWANCE FOR CREDIT LOSSES** **Three Months Ended** **Six Months Ended** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, **Jun 30,** Jun 30, (Dollars in thousands) **2025** 2025 2024 2024 2024 **2025** 2024 **Allowance for credit losses at beginning of period** **$** **448,387** $ 437,060 $ 436,193 $ 437,560 $ 427,504 **$** **437,060** $ 427,612 **Provision for credit losses - Other** **22,234** 23,963 16,979 6,787 40,061 **46,197** 61,734 **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** **180** 4 (187 ) 30 (19 ) **184** (50 ) **Charge-offs:** Commercial **6,148** 9,722 5,090 22,975 9,584 **15,870** 20,799 Commercial real estate **5,711** 454 1,037 95 15,526 **6,165** 20,995 Home equity **111** — — — — **111** 74 Residential real estate **—** — 114 — 23 **—** 61 Premium finance receivables - property & casualty **6,346** 7,114 13,301 7,790 9,486 **13,460** 16,424 Premium finance receivables - life insurance **—** 12 — 4 — **12** — Consumer and other **179** 147 189 154 137 **326** 244 Total charge-offs **18,495** 17,449 19,731 31,018 34,756 **35,944** 58,597 **Recoveries:** Commercial **1,746** 929 775 649 950 **2,675** 1,429 Commercial real estate **10** 12 172 30 90 **22** 121 Home equity **30** 216 194 101 35 **246** 64 Residential real estate **2** 136 0 5 8 **138** 10 Premium finance receivables - property & casualty **3,335** 3,487 2,646 3,436 3,658 **6,822** 5,177 Premium finance receivables - life insurance **—** — — 41 5 **—** 13 Consumer and other **32** 29 19 21 24 **61** 47 Total recoveries **5,155** 4,809 3,806 4,283 4,770 **9,964** 6,861 **Net charge-offs** **(13,340** **)** (12,640 ) (15,925 ) (26,735 ) (29,986 ) **(25,980** **)** (51,736 ) **Allowance for credit losses at period end** **$** **457,461** $ 448,387 $ 437,060 $ 436,193 $ 437,560 **$** **457,461** $ 437,560 **Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’saverage:** Commercial **0.11** **%** 0.23 % 0.11 % 0.61 % 0.25 % **0.17** **%** 0.29 % Commercial real estate **0.17** 0.01 0.03 0.00 0.53 **0.10** 0.36 Home equity **0.07** (0.20 ) (0.18 ) (0.10 ) (0.04 ) **(0.06** **)** 0.01 Residential real estate **(0.00** **)** (0.02 ) 0.01 0.00 0.00 **(0.01** **)** 0.00 Premium finance receivables - property & casualty **0.16** 0.20 0.59 0.24 0.33 **0.18** 0.33 Premium finance receivables - life insurance **—** 0.00 — (0.00 ) (0.00 ) **0.00** (0.00 ) Consumer and other **0.44** 0.45 0.63 0.63 0.56 **0.44** 0.49 Total loans, net of unearned income **0.11** **%** 0.11 % 0.13 % 0.23 % 0.28 % **0.11** 0.24 % **Loans at period end** **$** **51,041,679** $ 48,708,390 $ 48,055,037 $ 47,067,447 $ 44,675,531 **Allowance for loan losses as a percentage of loans at period end** **0.77** **%** 0.78 % 0.76 % 0.77 % 0.81 % **Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end** **0.90** 0.92 0.91 0.93 0.98 *PCD - Purchase Credit Deteriorated* **TABLE11****: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT** **Three Months Ended** **Six Months Ended** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, **Jun 30,** Jun 30, (In thousands) **2025** 2025 2024 2024 2024 **2025** 2024 Provision for loan losses - Other **$** **26,607** $ 26,826 $ 19,852 $ 6,782 $ 45,111 **$** **53,433** $ 71,270 Provision for credit losses - Day 1 on non-PCD assets acquired during the period **—** — — 15,547 — **—** — Provision for unfunded lending-related commitments losses - Other **(4,325** **)** (2,852 ) (2,851 ) 17 (5,212 ) **(7,177** **)** (9,680 ) Provision for held-to-maturity securities losses **(48** **)** (11 ) (22 ) (12 ) 162 **(59** **)** 144 **Provision for credit losses** **$** **22,234** $ 23,963 $ 16,979 $ 22,334 $ 40,061 **$** **46,197** $ 61,734 Allowance for loan losses **$** **391,654** $ 378,207 $ 364,017 $ 360,279 $ 363,719 Allowance for unfunded lending-related commitments losses **65,409** 69,734 72,586 75,435 73,350 Allowance for loan losses and unfunded lending-related commitments losses **457,063** 447,941 436,603 435,714 437,069 Allowance for held-to-maturity securities losses **398** 446 457 479 491 **Allowance for credit losses** **$** **457,461** $ 448,387 $ 437,060 $ 436,193 $ 437,560 *PCD - Purchase Credit Deteriorated* **TABLE12****: 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 June30, 2025, March31, 2025 and December31, 2024. **As of Jun 30, 2025** As of Mar 31, 2025 As of Dec 31, 2024 (Dollars in thousands) **Recorded** **Investment** **Calculated** **Allowance** **% ofits** **category’s balance** Recorded Investment Calculated Allowance % ofits category’s balance Recorded Investment Calculated Allowance % ofits category’s balance Commercial **$** **16,387,431** **$** **194,568** **1.19** **%** $ 15,931,326 $ 201,183 1.26 % $ 15,574,551 $ 175,837 1.13 % Commercial real estate: Construction and development **2,529,117** **75,936** **3.00** 2,448,881 71,388 2.92 2,434,081 87,236 3.58 Non-construction **10,762,893** **148,422** **1.38** 10,466,020 138,622 1.32 10,469,863 135,620 1.30 Total commercial real estate **$** **13,292,010** **$** **224,358** **1.69** **%** $ 12,914,901 $ 210,010 1.63 % $ 12,903,944 $ 222,856 1.73 % Total commercial and commercial real estate **$** **29,679,441** **$** **418,926** **1.41** **%** $ 28,846,227 $ 411,193 1.43 % $ 28,478,495 $ 398,693 1.40 % Home equity **466,815** **9,221** **1.98** 455,683 9,139 2.01 445,028 8,943 2.01 Residential real estate **3,948,782** **11,455** **0.29** 3,685,159 10,652 0.29 3,612,765 10,335 0.29 Premium finance receivables Property and casualty insurance **8,323,176** **15,872** **0.19** 7,239,862 15,310 0.21 7,272,042 17,111 0.24 Life insurance **8,506,960** **740** **0.01** 8,365,140 729 0.01 8,147,145 709 0.01 Consumer and other **116,505** **849** **0.73** 116,319 918 0.79 99,562 812 0.82 **Total loans, net of unearned income** **$** **51,041,679** **$** **457,063** **0.90** **%** $ 48,708,390 $ 447,941 0.92 % $ 48,055,037 $ 436,603 0.91 % Total core loans (1) **$** **29,928,663** **$** **409,826** **1.37** **%** $ 29,108,500 $ 397,664 1.37 % $ 28,804,138 $ 392,319 1.36 % Total niche loans (1) **21,113,016** **47,237** **0.22** 19,599,890 50,277 0.26 19,250,899 44,284 0.23 *(1) See Table1 for additional detail on core and niche loans.* **TABLE13****: LOAN PORTFOLIO AGING** (In thousands) **Jun 30, 2025** Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 **Loan Balances:** Commercial Nonaccrual **$** **80,877** $ 70,560 $ 73,490 $ 63,826 $ 51,087 90+ days and still accruing **—** 46 104 20 304 60-89 days past due **34,855** 15,243 54,844 32,560 16,485 30-59 days past due **45,103** 97,397 92,551 46,057 36,358 Current **16,226,596** 15,748,080 15,353,562 15,105,230 14,050,228 Total commercial **$** **16,387,431** $ 15,931,326 $ 15,574,551 $ 15,247,693 $ 14,154,462 Commercial real estate Nonaccrual **$** **32,828** $ 26,187 $ 21,042 $ 42,071 $ 48,289 90+ days and still accruing **—** — — 225 — 60-89 days past due **11,257** 6,995 10,521 13,439 6,555 30-59 days past due **51,173** 83,653 30,766 48,346 38,065 Current **13,196,752** 12,798,066 12,841,615 12,689,336 11,854,288 Total commercial real estate **$** **13,292,010** $ 12,914,901 $ 12,903,944 $ 12,793,417 $ 11,947,197 Home equity Nonaccrual **$** **1,780** $ 2,070 $ 1,117 $ 1,122 $ 1,100 90+ days and still accruing **—** — — — — 60-89 days past due **138** 984 1,233 1,035 275 30-59 days past due **2,971** 3,403 2,148 2,580 1,229 Current **461,926** 449,226 440,530 422,306 353,709 Total home equity **$** **466,815** $ 455,683 $ 445,028 $ 427,043 $ 356,313 Residential real estate Early buy-out loans guaranteed by U.S. government agencies (1) **$** **134,067** $ 123,742 $ 156,756 $ 135,389 $ 134,178 Nonaccrual **28,047** 22,522 23,762 17,959 18,198 90+ days and still accruing **—** — — — — 60-89 days past due **8,954** 1,351 5,708 6,364 1,977 30-59 days past due **38** 38,943 18,917 2,160 130 Current **3,777,676** 3,498,601 3,407,622 3,226,166 2,912,852 Total residential real estate **$** **3,948,782** $ 3,685,159 $ 3,612,765 $ 3,388,038 $ 3,067,335 Premium finance receivables - property & casualty Nonaccrual **$** **30,404** $ 29,846 $ 28,797 $ 36,079 $ 32,722 90+ days and still accruing **14,350** 18,081 16,031 18,235 22,427 60-89 days past due **25,641** 19,717 19,042 18,740 29,925 30-59 days past due **29,460** 39,459 68,219 30,204 45,927 Current **8,223,321** 7,132,759 7,139,953 7,028,423 6,969,752 Total Premium finance receivables - property & casualty **$** **8,323,176** $ 7,239,862 $ 7,272,042 $ 7,131,681 $ 7,100,753 Premium finance receivables - life insurance Nonaccrual **$** **—** $ — $ 6,431 $ — $ — 90+ days and still accruing **327** 2,962 — — — 60-89 days past due **11,202** 10,587 72,963 10,902 4,118 30-59 days past due **34,403** 29,924 36,405 74,432 17,693 Current **8,461,028** 8,321,667 8,031,346 7,911,565 7,940,304 Total Premium finance receivables - life insurance **$** **8,506,960** $ 8,365,140 $ 8,147,145 $ 7,996,899 $ 7,962,115 Consumer and other Nonaccrual **$** **41** $ 18 $ 2 $ 2 $ 3 90+ days and still accruing **184** 98 47 148 121 60-89 days past due **61** 162 59 22 81 30-59 days past due **175** 542 882 264 366 Current **116,044** 115,499 98,572 82,240 86,785 Total consumer and other **$** **116,505** $ 116,319 $ 99,562 $ 82,676 $ 87,356 Total loans, net of unearned income Early buy-out loans guaranteed by U.S. government agencies (1) **$** **134,067** $ 123,742 $ 156,756 $ 135,389 $ 134,178 Nonaccrual **173,977** 151,203 154,641 161,059 151,399 90+ days and still accruing **14,861** 21,187 16,182 18,628 22,852 60-89 days past due **92,108** 55,039 164,370 83,062 59,416 30-59 days past due **163,323** 293,321 249,888 204,043 139,768 Current **50,463,343** 48,063,898 47,313,200 46,465,266 44,167,918 Total loans, net of unearned income **$** **51,041,679** $ 48,708,390 $ 48,055,037 $ 47,067,447 $ 44,675,531 *(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.* **TABLE14: NON-PERFORMING ASSETS** **(1)** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, (Dollars in thousands) **2025** 2025 2024 2024 2024 **Loans past due greater than 90 days and still accruing:** Commercial **$** **—** $ 46 $ 104 $ 20 $ 304 Commercial real estate **—** — — 225 — Home equity **—** — — — — Residential real estate **—** — — — — Premium finance receivables - property & casualty **14,350** 18,081 16,031 18,235 22,427 Premium finance receivables - life insurance **327** 2,962 — — — Consumer and other **184** 98 47 148 121 Total loans past due greater than 90 days and still accruing **14,861** 21,187 16,182 18,628 22,852 **Non-accrual loans:** Commercial **80,877** 70,560 73,490 63,826 51,087 Commercial real estate **32,828** 26,187 21,042 42,071 48,289 Home equity **1,780** 2,070 1,117 1,122 1,100 Residential real estate **28,047** 22,522 23,762 17,959 18,198 Premium finance receivables - property & casualty **30,404** 29,846 28,797 36,079 32,722 Premium finance receivables - life insurance **—** — 6,431 — — Consumer and other **41** 18 2 2 3 Total non-accrual loans **173,977** 151,203 154,641 161,059 151,399 **Total non-performing loans:** Commercial **80,877** 70,606 73,594 63,846 51,391 Commercial real estate **32,828** 26,187 21,042 42,296 48,289 Home equity **1,780** 2,070 1,117 1,122 1,100 Residential real estate **28,047** 22,522 23,762 17,959 18,198 Premium finance receivables - property & casualty **44,754** 47,927 44,828 54,314 55,149 Premium finance receivables - life insurance **327** 2,962 6,431 — — Consumer and other **225** 116 49 150 124 Total non-performing loans **$** **188,838** $ 172,390 $ 170,823 $ 179,687 $ 174,251 Other real estate owned **23,615** 22,625 23,116 13,682 19,731 Total non-performing assets **$** **212,453** $ 195,015 $ 193,939 $ 193,369 $ 193,982 **Total non-performing loans by category as a percent of its own respective category’s period-end balance:** Commercial **0.49** **%** 0.44 % 0.47 % 0.42 % 0.36 % Commercial real estate **0.25** 0.20 0.16 0.33 0.40 Home equity **0.38** 0.45 0.25 0.26 0.31 Residential real estate **0.71** 0.61 0.66 0.53 0.59 Premium finance receivables - property & casualty **0.54** 0.66 0.62 0.76 0.78 Premium finance receivables - life insurance **0.00** 0.04 0.08 — — Consumer and other **0.19** 0.10 0.05 0.18 0.14 Total loans, net of unearned income **0.37** **%** 0.35 % 0.36 % 0.38 % 0.39 % **Total non-performing assets as a percentage of total assets** **0.31** **%** 0.30 % 0.30 % 0.30 % 0.32 % **Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans** **262.71** **%** 296.25 % 282.33 % 270.53 % 288.69 % *(1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.* *Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies* **Three Months Ended** **Six Months Ended** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, **Jun 30,** Jun 30, (In thousands) **2025** 2025 2024 2024 2024 **2025** 2024 Balance at beginning of period **$** **172,390** $ 170,823 $ 179,687 $ 174,251 $ 148,359 **$** **170,823** $ 139,030 Additions from becoming non-performing in the respective period **48,651** 27,721 30,931 42,335 54,376 **76,372** 77,518 Additions from assets acquired in the respective period **—** — — 189 — **—** — Return to performing status **(6,896** **)** (1,207 ) (1,108 ) (362 ) (912 ) **(8,103** **)** (1,402 ) Payments received **(5,602** **)** (15,965 ) (12,219 ) (10,894 ) (9,611 ) **(21,567** **)** (17,947 ) Transfer to OREO and other repossessed assets **(1,315** **)** — (17,897 ) (3,680 ) (6,945 ) **(1,315** **)** (8,326 ) Charge-offs, net **(11,734** **)** (8,600 ) (5,612 ) (21,211 ) (7,673 ) **(20,334** **)** (22,483 ) Net change for premium finance receivables **(6,656** **)** (382 ) (2,959 ) (941 ) (3,343 ) **(7,038** **)** 7,861 **Balance at end of period** **$** **188,838** $ 172,390 $ 170,823 $ 179,687 $ 174,251 **$** **188,838** $ 174,251 *Other Real Estate Owned* **Three Months Ended** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, (In thousands) **2025** 2025 2024 2024 2024 Balance at beginning of period **$** **22,625** $ 23,116 $ 13,682 $ 19,731 $ 14,538 Disposals/resolved **—** — (8,545 ) (9,729 ) (1,752 ) Transfers in at fair value, less costs to sell **1,315** — 17,979 3,680 6,945 Fair value adjustments **(325** **)** (491 ) — — — **Balance at end of period** **$** **23,615** $ 22,625 $ 23,116 $ 13,682 $ 19,731 **Period End** (In thousands) **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, **Balance by Property Type:** **2025** 2025 2024 2024 2024 Residential real estate **$** **—** $ — $ — $ — $ 161 Commercial real estate **23,615** 22,625 23,116 13,682 19,570 **Total** **$** **23,615** $ 22,625 $ 23,116 $ 13,682 $ 19,731 **TABLE15: NON-INTEREST INCOME** **Three Months Ended** Q2 2025 compared to Q1 2025 Q2 2025 compared to Q2 2024 **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, (Dollars in thousands) **2025** 2025 2024 2024 2024 $ Change % Change $ Change % Change Brokerage **$** **4,212** $ 4,757 $ 5,328 $ 6,139 $ 5,588 $ (545 ) (11 )% $ (1,376 ) (25 )% Trust and asset management **32,609** 29,285 33,447 31,085 29,825 3,324 11 2,784 9 Total wealth management **36,821** 34,042 38,775 37,224 35,413 2,779 8 1,408 4 Mortgage banking **23,170** 20,529 20,452 15,974 29,124 2,641 13 (5,954 ) (20 ) Service charges on deposit accounts **19,502** 19,362 18,864 16,430 15,546 140 1 3,956 25 Gains (losses) on investment securities, net **650** 3,196 (2,835 ) 3,189 (4,282 ) (2,546 ) (80 ) 4,932 NM Fees from covered call options **5,624** 3,446 2,305 988 2,056 2,178 63 3,568 NM Trading gains (losses), net **151** (64 ) (113 ) (130 ) 70 215 NM 81 NM Operating lease income, net **15,166** 15,287 15,327 15,335 13,938 (121 ) (1 ) 1,228 9 Other: Interest rate swap fees **3,010** 2,269 3,360 2,914 3,392 741 33 (382 ) (11 ) BOLI **2,257** 796 1,236 1,517 1,351 1,461 NM 906 67 Administrative services **1,315** 1,393 1,347 1,450 1,322 (78 ) (6 ) (7 ) (1 ) Foreign currency remeasurement gains (losses) **658** (183 ) (682 ) 696 (145 ) 841 NM 803 NM Changes in fair value on EBOs and loans held-for-investment **172** 383 129 518 604 (211 ) (55 ) (432 ) (72 ) Early pay-offs of capital leases **400** 768 514 532 393 (368 ) (48 ) 7 2 Miscellaneous **15,193** 15,410 14,772 16,510 22,365 (217 ) (1 ) (7,172 ) (32 ) Total Other **23,005** 20,836 20,676 24,137 29,282 2,169 10 (6,277 ) (21 ) Total Non-Interest Income **$** **124,089** $ 116,634 $ 113,451 $ 113,147 $ 121,147 $ 7,455 6 % $ 2,942 2 % **Six Months Ended** Q2 2025 compared to Q2 2024 **Jun 30,** Jun 30, (Dollars in thousands) **2025** 2024 $ Change % Change Brokerage **$** **8,969** $ 11,144 $ (2,175 ) (20 )% Trust and asset management **61,894** 59,084 2,810 5 Total wealth management **70,863** 70,228 635 1 Mortgage banking **43,699** 56,787 (13,088 ) (23 ) Service charges on deposit accounts **38,864** 30,357 8,507 28 Gains (losses) on investment securities, net **3,846** (2,956 ) 6,802 NM Fees from covered call options **9,070** 6,903 2,167 31 Trading gains, net **87** 747 (660 ) (88 ) Operating lease income, net **30,453** 28,048 2,405 9 Other: Interest rate swap fees **5,279** 6,220 (941 ) (15 ) BOLI **3,053** 3,002 51 2 Administrative services **2,708** 2,539 169 7 Foreign currency remeasurement gains (losses) **475** (1,316 ) 1,791 NM Changes in fair value on EBOs and loans held-for-investment **555** 165 390 NM Early pay-offs of capital leases **1,168** 823 345 42 Miscellaneous **30,603** 60,180 (29,577 ) (49 ) Total Other **43,841** 71,613 (27,772 ) (39 ) Total Non-Interest Income **$** **240,723** $ 261,727 $ (21,004 ) (8 )% *NM - Not meaningful.* *BOLI - Bank-owned life insurance.* *EBO - Early buy-out.* **TABLE16: MORTGAGE BANKING** **Three Months Ended** (Dollars in thousands) **Jun 30,** **2025** Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 **Originations:** Retail originations **$** **523,759** $ 348,468 $ 483,424 $ 527,408 $ 544,394 Veterans First originations **157,787** 111,985 176,914 239,369 177,792 Total originations for sale (A) **$** **681,546** $ 460,453 $ 660,338 $ 766,777 $ 722,186 Originations for investment **422,926** 217,177 355,119 218,984 275,331 Total originations **$** **1,104,472** $ 677,630 $ 1,015,457 $ 985,761 $ 997,517 **As a percentage of originations for sale:** Retail originations **77** **%** 76 % 73 % 69 % 75 % Veterans First originations **23** 24 27 31 25 Purchases **74** **%** 77 % 65 % 72 % 83 % Refinances **26** 23 35 28 17 **Production Margin:** Production revenue (B) (1) **$** **13,380** $ 9,941 $ 6,993 $ 13,113 $ 14,990 Total originations for sale (A) **$** **681,546** $ 460,453 $ 660,338 $ 766,777 $ 722,186 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) **163,664** 197,297 103,946 272,072 222,738 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) **197,297** 103,946 272,072 222,738 207,775 Total mortgage production volume (C) **$** **647,913** $ 553,804 $ 492,212 $ 816,111 $ 737,149 Production margin (B / C) **2.07** **%** 1.80 % 1.42 % 1.61 % 2.03 % **Mortgage Servicing:** Loans serviced for others (D) **$** **12,470,924** $ 12,402,352 $ 12,400,913 $ 12,253,361 $ 12,211,027 Mortgage Servicing Rights (“MSR”), at fair value (E) **193,061** 196,307 203,788 186,308 204,610 Percentage of MSRs to loans serviced for others (E / D) **1.55** **%** 1.58 % 1.64 % 1.52 % 1.68 % Servicing income **$** **10,520** $ 10,611 $ 10,731 $ 10,809 $ 10,586 **MSR Fair Value Asset Activity** MSR - FV at Beginning of Period **$** **196,307** $ 203,788 $ 186,308 $ 204,610 $ 201,044 MSR - current period capitalization **6,336** 4,669 10,010 6,357 8,223 MSR - collection of expected cash flows - paydowns **(1,516** **)** (1,590 ) (1,463 ) (1,598 ) (1,504 ) MSR - collection of expected cash flows - payoffs and repurchases **(4,100** **)** (3,046 ) (4,315 ) (5,730 ) (4,030 ) MSR - changes in fair value model assumptions **(3,966** **)** (7,514 ) 13,248 (17,331 ) 877 MSR Fair Value at end of period **$** **193,061** $ 196,307 $ 203,788 $ 186,308 $ 204,610 **Summary of Mortgage Banking Revenue:** **Operational:** Production revenue (1) **$** **13,380** $ 9,941 $ 6,993 $ 13,113 $ 14,990 MSR - Current period capitalization **6,336** 4,669 10,010 6,357 8,223 MSR - Collection of expected cash flows - paydowns **(1,516** **)** (1,590 ) (1,463 ) (1,598 ) (1,504 ) MSR - Collection of expected cash flows - pay offs **(4,100** **)** (3,046 ) (4,315 ) (5,730 ) (4,030 ) Servicing Income **10,520** 10,611 10,731 10,809 10,586 Other Revenue **(79** **)** (172 ) (51 ) (67 ) 112 Total operational mortgage banking revenue **$** **24,541** $ 20,413 $ 21,905 $ 22,884 $ 28,377 **Fair Value:** MSR - changes in fair value model assumptions **$** **(3,966** **)** $ (7,514 ) $ 13,248 $ (17,331 ) $ 877 Gain (loss) on derivative contract held as an economic hedge, net **2,535** 4,897 (11,452 ) 6,892 (772 ) Changes in FV on early buy-out loans guaranteed by US Govt (HFS) **60** 2,733 (3,249 ) 3,529 642 Total fair value mortgage banking revenue **$** **(1,371** **)** $ 116 $ (1,453 ) $ (6,910 ) $ 747 Total mortgage banking revenue **$** **23,170** $ 20,529 $ 20,452 $ 15,974 $ 29,124 *(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.* **Six Months Ended** (Dollars in thousands) **Jun 30,** **2025** Jun 30, 2024 **Originations:** Retail originations **$** **872,227** $ 875,898 Veterans First originations **269,772** 321,901 Total originations for sale (A) **$** **1,141,999** $ 1,197,799 Originations for investment **640,103** 444,577 Total originations **$** **1,782,102** $ 1,642,376 **As a percentage of originations for sale:** Retail originations **76** **%** 73 % Veterans First originations **24** 27 Purchases **75** **%** 80 % Refinances **25** 20 **Production Margin:** Production revenue (B) (1) **$** **23,321** $ 28,425 Total originations for sale (A) **$** **1,141,999** $ 1,197,799 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) **163,664** 222,738 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) **103,946** 119,624 Total mortgage production volume (C) **$** **1,201,717** $ 1,300,913 Production margin (B / C) **1.94** **%** 2.19 % **Mortgage Servicing:** Loans serviced for others (D) **$** **12,470,924** $ 12,211,027 MSRs, at fair value (E) **193,061** 204,610 Percentage of MSRs to loans serviced for others (E / D) **1.55** **%** 1.68 % Servicing income **$** **21,131** $ 21,084 **MSR Fair Value Asset Activity** MSR - FV at Beginning of Period **$** **203,788** $ 192,456 MSR - current period capitalization **11,005** 13,602 MSR - collection of expected cash flows - paydowns **(3,106** **)** (2,948 ) MSR - collection of expected cash flows - payoffs and repurchases **(7,146** **)** (6,972 ) MSR - changes in fair value model assumptions **(11,480** **)** 8,472 MSR Fair Value at end of period **$** **193,061** $ 204,610 **Summary of Mortgage Banking Revenue:** **Operational:** Production revenue (1) **$** **23,321** $ 28,425 MSR - Current period capitalization **11,005** 13,602 MSR - Collection of expected cash flows - paydowns **(3,106** **)** (2,948 ) MSR - Collection of expected cash flows - pay offs **(7,146** **)** (6,972 ) Servicing Income **21,131** 21,084 Other Revenue **(251** **)** 21 Total operational mortgage banking revenue **$** **44,954** $ 53,212 **Fair Value:** MSR - changes in fair value model assumptions **$** **(11,480** **)** $ 8,472 Gain (loss) on derivative contract held as an economic hedge, net **7,432** (3,349 ) Changes in FV on early buy-out loans guaranteed by US Govt (HFS) **2,793** (1,548 ) Total fair value mortgage banking revenue **$** **(1,255** **)** $ 3,575 Total mortgage banking revenue **$** **43,699** $ 56,787 *(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.* **TABLE17: NON-INTEREST EXPENSE** **Three Months Ended** Q2 2025 compared to Q1 2025 Q2 2025 compared to Q2 2024 **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, (Dollars in thousands) **2025** 2025 2024 2024 2024 $ Change % Change $ Change % Change Salaries and employee benefits: Salaries **$** **123,174** $ 123,917 $ 120,969 $ 118,971 $ 113,860 $ (743 ) (1 )% $ 9,314 8 % Commissions and incentive compensation **55,871** 52,536 54,792 57,575 52,151 3,335 6 3,720 7 Benefits **40,496** 35,073 36,372 34,715 32,530 5,423 15 7,966 24 Total salaries and employee benefits **219,541** 211,526 212,133 211,261 198,541 8,015 4 21,000 11 Software and equipment **36,522** 34,717 34,258 31,574 29,231 1,805 5 7,291 25 Operating lease equipment **10,757** 10,471 10,263 10,518 10,834 286 3 (77 ) (1 ) Occupancy, net **20,228** 20,778 20,597 19,945 19,585 (550 ) (3 ) 643 3 Data processing **12,110** 11,274 10,957 9,984 9,503 836 7 2,607 27 Advertising and marketing **18,761** 12,272 13,097 18,239 17,436 6,489 53 1,325 8 Professional fees **9,243** 9,044 11,334 9,783 9,967 199 2 (724 ) (7 ) Amortization of other acquisition-related intangible assets **5,580** 5,618 5,773 4,042 1,122 (38 ) (1 ) 4,458 NM FDIC insurance **10,971** 10,926 10,640 10,512 10,429 45 0 542 5 OREO expense, net **505** 643 397 (938 ) (259 ) (138 ) (21 ) 764 NM Other: Lending expenses, net of deferred origination costs **4,869** 5,866 6,448 4,995 5,335 (997 ) (17 ) (466 ) (9 ) Travel and entertainment **6,026** 5,270 8,140 5,364 5,340 756 14 686 13 Miscellaneous **26,348** 27,685 24,502 25,408 23,289 (1,337 ) (5 ) 3,059 13 Total other **37,243** 38,821 39,090 35,767 33,964 (1,578 ) (4 ) 3,279 10 **Total Non-Interest Expense** **$** **381,461** $ 366,090 $ 368,539 $ 360,687 $ 340,353 $ 15,371 4 % $ 41,108 12 % **Six Months Ended** Q2 2025 compared to Q2 2024 **Jun 30,** Jun 30, (Dollars in thousands) **2025** 2024 $ Change % Change Salaries and employee benefits: Salaries **$** **247,091** $ 226,032 $ 21,059 9 % Commissions and incentive compensation **108,407** 103,152 5,255 5 Benefits **75,569** 64,530 11,039 17 Total salaries and employee benefits **431,067** 393,714 37,353 9 Software and equipment **71,239** 56,962 14,277 25 Operating lease equipment **21,228** 21,517 (289 ) (1 ) Occupancy, net **41,006** 38,671 2,335 6 Data processing **23,384** 18,795 4,589 24 Advertising and marketing **31,033** 30,476 557 2 Professional fees **18,287** 19,520 (1,233 ) (6 ) Amortization of other acquisition-related intangible assets **11,198** 2,280 8,918 NM FDIC insurance **21,897** 19,810 2,087 11 FDIC insurance - special assessment **—** 5,156 (5,156 ) (100 ) OREO expense, net **1,148** 133 1,015 NM Other: Lending expenses, net of deferred origination costs **10,735** 10,413 322 3 Travel and entertainment **11,296** 9,937 1,359 14 Miscellaneous **54,033** 46,114 7,919 17 Total other **76,064** 66,464 9,600 14 **Total Non-Interest Expense** **$** **747,551** $ 673,498 $ 74,053 11 % *NM - Not meaningful.* **TABLE18****: 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** **Six Months Ended** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, **Jun 30,** Jun 30, (Dollars and shares in thousands) **2025** 2025 2024 2024 2024 **2025** 2024 **Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:** **(A) Interest Income (GAAP)** **$** **920,908** $ 886,965 $ 913,501 $ 908,604 $ 849,979 **$** **1,807,873** $ 1,655,492 Taxable-equivalent adjustment: \- Loans **2,200** 2,206 2,352 2,474 2,305 **4,406** 4,551 \- Liquidity Management Assets **680** 690 716 668 567 **1,370** 1,117 \- Other Earning Assets **—** 3 2 2 3 **3** 8 **(B) Interest Income (non-GAAP)** **$** **923,788** $ 889,864 $ 916,571 $ 911,748 $ 852,854 **$** **1,813,652** $ 1,661,168 **(C) Interest Expense (GAAP)** **374,214** 360,491 388,353 406,021 379,369 **734,705** 720,688 **(D) Net Interest Income (GAAP) (A minus C)** **546,694** 526,474 525,148 502,583 470,610 **1,073,168** 934,804 **(E) Net Interest Income (non-GAAP) (B minus C)** **549,574** 529,373 528,218 505,727 473,485 **1,078,947** 940,480 **Net interest margin (GAAP)** **3.52** **%** 3.54 % 3.49 % 3.49 % 3.50 % **3.53** **%** 3.53 % **Net interest margin, fully taxable-equivalent (non-GAAP)** **3.54** 3.56 3.51 3.51 3.52 **3.55** 3.56 (F) Non-interest income **$** **124,089** $ 116,634 $ 113,451 $ 113,147 $ 121,147 **$** **240,723** $ 261,727 (G) Gains (losses) on investment securities, net **650** 3,196 (2,835 ) 3,189 (4,282 ) **3,846** (2,956 ) (H) Non-interest expense **381,461** 366,090 368,539 360,687 340,353 **747,551** 673,498 **Efficiency ratio (H/(D+F-G))** **56.92** **%** 57.21 % 57.46 % 58.88 % 57.10 % **57.06** **%** 56.15 % **Efficiency ratio (non-GAAP) (H/(E+F-G))** **56.68** 56.95 57.18 58.58 56.83 **56.81** 55.88 **Three Months Ended** **Six Months Ended** **Jun 30,** Mar 31, Dec 31, Sep 30, Jun 30, **Jun 30,** Jun 30, (Dollars and shares in thousands) **2025** 2025 2024 2024 2024 **2025** 2024 **Reconciliation of Non-GAAP Tangible Common Equity Ratio:** Total shareholders’ equity (GAAP) **$** **7,225,696** $ 6,600,537 $ 6,344,297 $ 6,399,714 $ 5,536,628 Less: Non-convertible preferred stock (GAAP) **(837,500** **)** (412,500 ) (412,500 ) (412,500 ) (412,500 ) Less: Acquisition-related intangible assets (GAAP) **(908,639** **)** (913,004 ) (918,632 ) (924,646 ) (676,562 ) (I) Total tangible common shareholders’ equity (non-GAAP) **$** **5,479,557** $ 5,275,033 $ 5,013,165 $ 5,062,568 $ 4,447,566 (J) Total assets (GAAP) **$** **68,983,318** $ 65,870,066 $ 64,879,668 $ 63,788,424 $ 59,781,516 Less: Intangible assets (GAAP) **(908,639** **)** (913,004 ) (918,632 ) (924,646 ) (676,562 ) (K) Total tangible assets (non-GAAP) **$** **68,074,679** $ 64,957,062 $ 63,961,036 $ 62,863,778 $ 59,104,954 **Common equity to assets ratio (GAAP) (L/J)** **9.3** **%** 9.4 % 9.1 % 9.4 % 8.6 % **Tangible common equity ratio (non-GAAP) (I/K)** **8.0** 8.1 7.8 8.1 7.5 **Reconciliation of Non-GAAP Tangible Book Value per Common Share:** Total shareholders’ equity **$** **7,225,696** $ 6,600,537 $ 6,344,297 $ 6,399,714 $ 5,536,628 Less: Preferred stock **(837,500** **)** (412,500 ) (412,500 ) (412,500 ) (412,500 ) (L) Total common equity **$** **6,388,196** $ 6,188,037 $ 5,931,797 $ 5,987,214 $ 5,124,128 (M) Actual common shares outstanding **66,938** 66,919 66,495 66,482 61,760 **Book value per common share (L/M)** **$** **95.43** $ 92.47 $ 89.21 $ 90.06 $ 82.97 **Tangible book value per common share (non-GAAP) (I/M)** **81.86** 78.83 75.39 76.15 72.01 **Reconciliation of Non-GAAP Return on Average Tangible Common Equity:** (N) Net income applicable to common shares **$** **188,536** $ 182,048 $ 178,371 $ 163,010 $ 145,397 **$** **370,584** $ 325,700 Add: Acquisition-related intangible asset amortization **5,580** 5,618 5,773 4,042 1,122 **11,198** 2,280 Less: Tax effect of acquisition-related intangible asset amortization **(1,495** **)** (1,421 ) (1,547 ) (1,087 ) (311 ) **(2,923** **)** (602 ) After-tax Acquisition-related intangible asset amortization **$** **4,085** $ 4,197 $ 4,226 $ 2,955 $ 811 **$** **8,275** $ 1,678 (O) Tangible net income applicable to common shares (non-GAAP) **$** **192,621** $ 186,245 $ 182,597 $ 165,965 $ 146,208 **$** **378,859** $ 327,378 Total average shareholders’ equity **$** **6,862,040** $ 6,460,941 $ 6,418,403 $ 5,990,429 $ 5,450,173 **$** **6,662,598** $ 5,445,315 Less: Average preferred stock **(599,313** **)** (412,500 ) (412,500 ) (412,500 ) (412,500 ) **(506,423** **)** (412,500 ) (P) Total average common shareholders’ equity **$** **6,262,727** $ 6,048,441 $ 6,005,903 $ 5,577,929 $ 5,037,673 **$** **6,156,175** $ 5,032,815 Less: Average acquisition-related intangible assets **(910,924** **)** (916,069 ) (921,438 ) (833,574 ) (677,207 ) **(913,483** **)** (677,969 ) (Q) Total average tangible common shareholders’ equity (non-GAAP) **$** **5,351,803** $ 5,132,372 $ 5,084,465 $ 4,744,355 $ 4,360,466 **$** **5,242,692** $ 4,354,846 **Return on average common equity, annualized (N/P)** **12.07** **%** 12.21 % 11.82 % 11.63 % 11.61 % **12.14** **%** 13.01 % **Return on average tangible common equity, annualized (non-GAAP) (O/Q)** **14.44** 14.72 14.29 13.92 13.49 **14.57** 15.12 **Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:** Income before taxes **$** **267,088** $ 253,055 $ 253,081 $ 232,709 $ 211,343 **$** **520,143** $ 461,299 Add: Provision for credit losses **22,234** 23,963 16,979 22,334 40,061 **46,197** 61,734 **Pre-tax income, excluding provision for credit losses (non-GAAP)** **$** **289,322** $ 277,018 $ 270,060 $ 255,043 $ 251,404 **$** **566,340** $ 523,033 **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. - Wintrust Investments, LLC provides 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 Item1A 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, southern Wisconsin and west Michigan; - 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 legislation; - 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; - 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, July22, 2025 at 10:00 a.m. (CDT) regarding second quarter and year-to-date 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 June 20, 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 second quarter and year-to-date 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. **FOR MORE INFORMATION CONTACT:** David A. Dykstra, Vice Chairman &Chief Operating Officer (847) 939-9000 Amy Yuhn, Executive Vice President, Communications (847) 939-9591 Web site address: www.wintrust.com ### Related Stocks - [WTFCM.US](https://longbridge.com/en/quote/WTFCM.US.md) - [WTFC.US](https://longbridge.com/en/quote/WTFC.US.md) ## Related News & Research - [Wintrust Financial (WTFC) Could Be 35% Below Fair Value On A Recent Pullback](https://longbridge.com/en/news/297827143.md) - [Westell extends $5 million credit line with St. Charles Bank & Trust to August 2027](https://longbridge.com/en/news/298069144.md) - [Wintrust Financial Vice Chairman, COO David Dykstra sells 13,515 shares for $2.2 million](https://longbridge.com/en/news/295842847.md) - [6,534 Shares in Wintrust Financial Corporation $WTFC Purchased by Illinois Municipal Retirement Fund](https://longbridge.com/en/news/293726962.md) - [Wintrust Financial Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call](https://longbridge.com/en/news/292996790.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**