Middle East Business Channel
SEE OTHER BRANDS

Following business and economy news from the Middle East

Wintrust Financial Corporation Reports Record Net Income

ROSEMONT, Ill., Oct. 20, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $600.8 million, or $8.25 per diluted common share, for the first nine months of 2025, compared to net income of $509.7 million, or $7.67 per diluted common share for the same period of 2024. Pre-tax, pre-provision income (non-GAAP) for the first nine months of the year totaled a record $884.1 million, compared to $778.1 million for the first nine months of 2024.

The Company recorded record quarterly net income of $216.3 million, or $2.78 per diluted common share, for the third quarter of 2025, compared to net income of $195.5 million, or $2.78 per diluted common share for the second quarter of 2025. Excluding the one-time Preferred Stock impact discussed below, the earnings per diluted common share (non-GAAP) was $3.06 for the third quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the third quarter of 2025 totaled a record $317.8 million, as compared to $289.3 million for the second quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “We continued to build on the momentum established in our record first half of the year with record net income, net interest income, strong balance sheet growth and prudent management of net interest margin.”

Additionally, Mr. Crane noted, “Net interest margin in the third quarter remained within our expected range at 3.50% and we recognized record net interest income driven by strong average earning asset growth. We anticipate that a relatively stable net interest margin and continued balance sheet growth will contribute to net interest income expansion in the fourth quarter.”

Highlights of the third quarter of 2025:
Comparative information to the second quarter of 2025, unless otherwise noted

  • Total loans increased by $1.0 billion, or 8% annualized.
  • Total deposits increased by $894.6 million, or 6% annualized.
  • Total assets increased by $646.3 million, or 4% annualized.
  • Earnings per diluted common share of $2.78 in the third quarter of 2025 was impacted by one-time recognition of prior issuance costs related to Preferred Stock Series D and Preferred Stock Series E ($14.0 million, or $0.21 per diluted common share) as well as the excess dividend amount related to one-time extended first dividend period on Preferred Stock Series F ($4.9 million, or $0.07 per diluted common share).
    • The Preferred Stock Series D and E were redeemed on July 15, 2025.
  • Net interest income increased to $567.0 million in the third quarter of 2025, up $20.3 million from $546.7 million in the second quarter of 2025, driven by strong average earning asset growth.        
    • Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2025 was in line with our guidance.
  • Non-interest income was impacted by the following:
    • Net gains on investment securities totaled $3.0 million in the third quarter of 2025, compared to net gains of approximately $650,000 in the second quarter of 2025.
  • Provision for credit losses totaled $21.8 million in the third quarter of 2025, compared to a provision for credit losses of $22.2 million in the second quarter of 2025.
  • Net charge-offs totaled $24.6 million, or 19 basis points of average total loans on an annualized basis, in the third quarter of 2025 compared to $13.3 million, or 11 basis points of average total loans on an annualized basis, in the second quarter of 2025.
  • Non-performing loans improved in the third quarter of 2025 and totaled $162.6 million and comprised 0.31% of total loans at September 30, 2025, as compared to $188.8 million and 0.37% of total loans at June 30, 2025.

Mr. Crane noted, “Strong loan growth in the third quarter totaled $1.0 billion, or 8% on an annualized basis. We are pleased with the diversified nature of our loan growth across all major loan portfolios. Loan pipelines remain strong and we continue to expect loan growth in the mid-to-high single digits for the remainder of the year. We remain disciplined in our evaluation of credit opportunities, ensuring that loan growth aligns with our conservative credit standards. Strong deposit growth totaled $894.6 million, or 6% on an annualized basis, in the third quarter of 2025. Our loan growth was funded by our deposit growth in the third quarter of 2025 resulting in our loans-to-deposits ratio ending the quarter at 91.8%.”

Commenting on credit quality, Mr. Crane stated, “Disciplined credit management, supported by thorough portfolio reviews, has driven consistent positive outcomes through early identification and resolution of problem credits. We continue to be conservative and disciplined in our underwriting to maintain 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 1.34%.”

In summary, Mr. Crane concluded, “We are proud of our third quarter performance and record results year to date. Building on the strong loan growth achieved in the third quarter, we are well positioned to sustain momentum and deliver continued revenue expansion as we close out 2025. We continue to leverage our strong customer relationships and differentiated market positioning to enhance our long-term franchise value as evidenced by deposit market share gains across our major markets, including moving into the third position in total deposit market share in Illinois and solid gains in Wisconsin and west Michigan. We remain focused on delivering our differentiated customer experience to drive better results for our customers and value for our shareholders.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the third quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/fee7ebe8-f6a9-4456-b3fb-d35e4c81f520

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $646.3 million in the third quarter of 2025 compared to the second quarter of 2025. Total loans increased by $1.0 billion compared to the second quarter of 2025. The increase in loans was driven by growth across all major loan portfolios.

Total liabilities increased by $826.3 million in the third quarter of 2025 compared to the second quarter of 2025, driven by a $894.6 million increase in total deposits. Strong organic deposit growth in the third 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 91.8%.

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

NET INTEREST INCOME

For the third quarter of 2025, net interest income totaled $567.0 million, an increase of $20.3 million compared to the second quarter of 2025. The $20.3 million increase in net interest income in the third quarter of 2025 was primarily due to average earning asset growth of $2.4 billion, or 15% annualized.

Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2025, down four basis points compared to the second quarter of 2025. The yield on earning assets declined three basis points during the third quarter of 2025 primarily due to a four basis point decrease in loan yields. Funding cost on interest-bearing deposits increased by one basis point compared to the second quarter of 2025. The net free funds contribution in the third quarter of 2025 remained unchanged compared to the second quarter of 2025.

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

ASSET QUALITY

The allowance for credit losses totaled $454.6 million as of September 30, 2025, a slight decrease from $457.5 million as of June 30, 2025. A provision for credit losses totaling $21.8 million was recorded for the third quarter of 2025 compared to $22.2 million recorded in the second quarter of 2025. The provision for credit losses recognized in the third quarter of 2025 reflects stable credit quality and an improved macroeconomic forecast. However, given future economic performance remains uncertain, qualitative additions were made to the provision related to credit spreads. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of September 30, 2025, June 30, 2025, and March 31, 2025 is shown on Table 12 of this report.

Net charge-offs totaled $24.6 million in the third quarter of 2025, an increase of $11.3 million compared to $13.3 million of net charge-offs in the second quarter of 2025. Net charge-offs as a percentage of average total loans were 19 basis points in the third quarter of 2025 on an annualized basis compared to 11 basis points on an annualized basis in the second quarter of 2025. For more information regarding net charge-offs, see Table 10 in this report.

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

Non-performing assets and non-performing loans have improved compared to prior quarters. Non-performing assets totaled $187.5 million and comprised 0.27% of total assets as of September 30, 2025, as compared to $212.5 million, or 0.31% of total assets, as of June 30, 2025. Non-performing loans totaled $162.6 million and comprised 0.31% of total loans at September 30, 2025, as compared to $188.8 million and 0.37% of total loans at June 30, 2025. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Non-interest income totaled $130.8 million in the third quarter of 2025, increasing $6.7 million, compared to $124.1 million in the second quarter of 2025.

Wealth management revenue increased by approximately $367,000 in the third quarter of 2025, compared to the second quarter of 2025. The increase in the third quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in brokerage revenue related to higher transactional business. 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 $24.5 million in the third quarter of 2025, compared to $23.2 million in the second quarter of 2025. The increase in the third quarter of 2025 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized approximately $3.0 million in net gains on investment securities in the third quarter of 2025 compared to approximately $650,000 in net gains in the second quarter of 2025. The net gains in the third quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

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

NON-INTEREST EXPENSE

Non-interest expense totaled $380.0 million in the third quarter of 2025, decreasing $1.5 million, compared to $381.5 million in the second quarter of 2025. Non-interest expense, as a percent of average assets, decreased in the third quarter of 2025 to 2.21%.

Professional fees expense totaled $7.5 million in the third quarter of 2025, resulting in a decrease of $1.8 million as compared to the second quarter of 2025. The decrease in the current quarter relates primarily to lower consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangement and normal regulatory exam assessments.

The Macatawa Bank acquisition-related costs were approximately $471,000 in the third quarter of 2025, compared to $2.9 million in the second quarter of 2025.

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

INCOME TAXES

The Company recorded income tax expense of $79.8 million in the third quarter of 2025 compared to $71.6 million in the second quarter of 2025. The effective tax rates were 27.0% in the third quarter of 2025 compared to 26.8% in the second quarter of 2025.

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 third quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $24.5 million for the third quarter of 2025, an increase of $1.3 million compared to the second quarter of 2025. See Table 16 for more detail. Service charges on deposit accounts totaled $19.8 million in the third quarter of 2025 as compared to $19.5 million in the second quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of September 30, 2025 indicating momentum for expected continued loan growth in the fourth 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 $5.5 billion during the third quarter of 2025. Average balances increased by $945.4 million, as compared to the second quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the third quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.8 billion, $1.2 billion, and $301.0 million as of September 30, 2025, respectively, compared to $2.8 billion, $1.2 billion, and $289.8 million as of June 30, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.2 million in the third quarter of 2025, which was relatively stable compared to the second 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 $37.2 million in the third quarter of 2025, an increase as compared to the second quarter of 2025. At September 30, 2025, the Company’s wealth management subsidiaries had approximately $55.1 billion of assets under administration, which included $8.8 billion of assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION
Key Operating Measures

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

              % or (1)
basis point (bp)
change from

2nd Quarter
2025
  % or
basis point  (bp)
change from

3rd Quarter
2024
     Three Months Ended  
(Dollars in thousands, except per share data)   Sep 30, 2025   Jun 30, 2025   Sep 30, 2024  
Net income   $ 216,254     $ 195,527     $ 170,001   11   %   27   %
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)     317,809       289,322       255,043   10       25    
Net income per common share – Diluted     2.78       2.78       2.47         13    
Cash dividends declared per common share     0.50       0.50       0.45         11    
Net revenue (3)     697,837       670,783       615,730   4       13    
Net interest income     567,010       546,694       502,583   4       13    
Net interest margin     3.48 %     3.52 %     3.49 % (4 ) bps   (1 ) bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)     3.50       3.54       3.51   (4 )     (1 )  
Net overhead ratio (4)     1.45       1.57       1.62   (12 )     (17 )  
Return on average assets     1.26       1.19       1.11   7       15    
Return on average common equity     11.58       12.07       11.63   (49 )     (5 )  
Return on average tangible common equity (non-GAAP) (2)     13.74       14.44       13.92   (70 )     (18 )  
At end of period                      
Total assets   $ 69,629,638     $ 68,983,318     $ 63,788,424   4   %   9   %
Total loans (5)     52,063,482       51,041,679       47,067,447   8       11    
Total deposits     56,711,381       55,816,811       51,404,966   6       10    
Total shareholders’ equity     7,045,757       7,225,696       6,399,714   (10 )     10    

(1)   Period-end balance sheet percentage changes are annualized.
(2)   
See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(3)   Net revenue is net interest income plus non-interest income.
(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)   Excludes mortgage loans held-for-sale.

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate.

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

    Three Months Ended Nine Months Ended
(Dollars in thousands, except per share data)   Sep 30,
2025
  Jun 30,
2025
  Mar 31,
2025
  Dec 31,
2024
  Sep 30,
2024
Sep 30,
2025
  Sep 30,
2024
Selected Financial Condition Data (at end of period):      
Total assets   $ 69,629,638     $ 68,983,318     $ 65,870,066     $ 64,879,668     $ 63,788,424        
Total loans (1)     52,063,482       51,041,679       48,708,390       48,055,037       47,067,447        
Total deposits     56,711,381       55,816,811       53,570,038       52,512,349       51,404,966        
Total shareholders’ equity     7,045,757       7,225,696       6,600,537       6,344,297       6,399,714        
Selected Statements of Income Data:                          
Net interest income   $ 567,010     $ 546,694     $ 526,474     $ 525,148     $ 502,583   $ 1,640,178     $ 1,437,387  
Net revenue (2)     697,837       670,783       643,108       638,599       615,730     2,011,728       1,812,261  
Net income     216,254       195,527       189,039       185,362       170,001     600,820       509,683  
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)     317,809       289,322       277,018       270,060       255,043     884,149       778,076  
Net income per common share – Basic     2.82       2.82       2.73       2.68       2.51     8.37       7.79  
Net income per common share – Diluted     2.78       2.78       2.69       2.63       2.47     8.25       7.67  
Cash dividends declared per common share     0.50       0.50       0.50       0.45       0.45     1.50       1.35  
Selected Financial Ratios and Other Data:                          
Performance Ratios:                          
Net interest margin     3.48 %     3.52 %     3.54 %     3.49 %     3.49 %   3.51 %     3.52 %
Net interest margin – fully taxable-equivalent (non-GAAP) (3)     3.50       3.54       3.56       3.51       3.51     3.53       3.54  
Non-interest income to average assets     0.76       0.76       0.74       0.71       0.74     0.75       0.86  
Non-interest expense to average assets     2.21       2.32       2.32       2.31       2.36     2.28       2.38  
Net overhead ratio (4)     1.45       1.57       1.58       1.60       1.62     1.53       1.52  
Return on average assets     1.26       1.19       1.20       1.16       1.11     1.22       1.17  
Return on average common equity     11.58       12.07       12.21       11.82       11.63     11.94       12.52  
Return on average tangible common equity (non-GAAP) (3)     13.74       14.44       14.72       14.29       13.92     14.28       14.69  
Average total assets   $ 68,303,036     $ 65,840,345     $ 64,107,042     $ 63,594,105     $ 60,915,283   $ 66,098,845     $ 58,014,347  
Average total shareholders’ equity     6,955,543       6,862,040       6,460,941       6,418,403       5,990,429     6,761,319       5,628,346  
Average loans to average deposits ratio     92.5 %     93.0 %     92.3 %     91.9 %     93.8 %   92.6 %     94.5 %
Period-end loans to deposits ratio     91.8       91.4       90.9       91.5       91.6        
Common Share Data at end of period:                          
Market price per common share   $ 132.44     $ 123.98     $ 112.46     $ 124.71     $ 108.53        
Book value per common share     98.87       95.43       92.47       89.21       90.06        
Tangible book value per common share (non-GAAP) (3)     85.39       81.86       78.83       75.39       76.15        
Common shares outstanding     66,961,209       66,937,732       66,919,325       66,495,227       66,481,543        
Other Data at end of period:                          
Common equity to assets ratio     9.5 %     9.3 %     9.4 %     9.1 %     9.4 %      
Tangible common equity ratio (non-GAAP) (3)     8.3       8.0       8.1       7.8       8.1        
Tier 1 leverage ratio (5)     9.5       10.2       9.6       9.4       9.6        
Risk-based capital ratios:                          
Tier 1 capital ratio (5)     10.9       11.5       10.8       10.7       10.6        
Common equity tier 1 capital ratio (5)     10.2       10.0       10.1       9.9       9.8        
Total capital ratio (5)     12.4       13.0       12.5       12.3       12.2        
Allowance for credit losses (6)   $ 454,586     $ 457,461     $ 448,387     $ 437,060     $ 436,193        
Allowance for loan and unfunded lending-related commitment losses to total loans     0.87 %     0.90 %     0.92 %     0.91 %     0.93 %      
Number of:                          
Bank subsidiaries     16       16       16       16       16        
Banking offices     208       208       208       205       203        

(1)   Excludes mortgage loans held-for-sale.
(2)   Net revenue is net interest income plus non-interest income.
(3)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(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)
    Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
(In thousands)     2025       2025       2025       2024       2024  
Assets                    
Cash and due from banks   $ 565,406     $ 695,501     $ 616,216     $ 452,017     $ 725,465  
Federal funds sold and securities purchased under resale agreements     63       63       63       6,519       5,663  
Interest-bearing deposits with banks     3,422,452       4,569,618       4,238,237       4,409,753       3,648,117  
Available-for-sale securities, at fair value     5,274,124       4,885,715       4,220,305       4,141,482       3,912,232  
Held-to-maturity securities, at amortized cost     3,438,406       3,502,186       3,564,490       3,613,263       3,677,420  
Trading account securities                       4,072       3,472  
Equity securities with readily determinable fair value     63,445       273,722       270,442       215,412       125,310  
Federal Home Loan Bank and Federal Reserve Bank stock     282,755       282,087       281,893       281,407       266,908  
Brokerage customer receivables                       18,102       16,662  
Mortgage loans held-for-sale, at fair value     333,883       299,606       316,804       331,261       461,067  
Loans, net of unearned income     52,063,482       51,041,679       48,708,390       48,055,037       47,067,447  
Allowance for loan losses     (386,622 )     (391,654 )     (378,207 )     (364,017 )     (360,279 )
Net loans     51,676,860       50,650,025       48,330,183       47,691,020       46,707,168  
Premises, software and equipment, net     775,425       776,324       776,679       779,130       772,002  
Lease investments, net     301,000       289,768       280,472       278,264       270,171  
Accrued interest receivable and other assets     1,614,674       1,610,025       1,598,255       1,739,334       1,721,090  
Receivable on unsettled securities sales     978,209       240,039       463,023             551,031  
Goodwill     797,639       798,144       796,932       796,942       800,780  
Other acquisition-related intangible assets     105,297       110,495       116,072       121,690       123,866  
Total assets   $ 69,629,638     $ 68,983,318     $ 65,870,066     $ 64,879,668     $ 63,788,424  
Liabilities and Shareholders’ Equity                    
Deposits:                    
Non-interest-bearing   $ 10,952,146     $ 10,877,166     $ 11,201,859     $ 11,410,018     $ 10,739,132  
Interest-bearing     45,759,235       44,939,645       42,368,179       41,102,331       40,665,834  
Total deposits     56,711,381       55,816,811       53,570,038       52,512,349       51,404,966  
Federal Home Loan Bank advances     3,151,309       3,151,309       3,151,309       3,151,309       3,171,309  
Other borrowings     579,328       625,392       529,269       534,803       647,043  
Subordinated notes     298,536       298,458       298,360       298,283       298,188  
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     1,589,761       1,572,981       1,466,987       1,785,061       1,613,638  
Total liabilities     62,583,881       61,757,622       59,269,529       58,535,371       57,388,710  
Shareholders’ Equity:                    
Preferred stock     425,000       837,500       412,500       412,500       412,500  
Common stock     67,042       67,025       67,007       66,560       66,546  
Surplus     2,521,306       2,495,637       2,494,347       2,482,561       2,470,228  
Treasury stock     (9,150 )     (9,156 )     (9,156 )     (6,153 )     (6,098 )
Retained earnings     4,356,367       4,200,923       4,045,854       3,897,164       3,748,715  
Accumulated other comprehensive loss     (314,808 )     (366,233 )     (410,015 )     (508,335 )     (292,177 )
Total shareholders’ equity     7,045,757       7,225,696       6,600,537       6,344,297       6,399,714  
Total liabilities and shareholders’ equity   $ 69,629,638     $ 68,983,318     $ 65,870,066     $ 64,879,668     $ 63,788,424  


WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

  Three Months Ended Nine Months Ended
(Dollars in thousands, except per share data) Sep 30,
2025
  Jun 30,
2025
  Mar 31,
2025
  Dec 31,
2024
  Sep 30,
2024
Sep 30,
2025
  Sep 30,
2024
Interest income                        
Interest and fees on loans $ 832,140   $ 797,997   $ 768,362     $ 789,038     $ 794,163   $ 2,398,499   $ 2,254,316  
Mortgage loans held-for-sale   4,757     4,872     4,246       5,623       6,233     13,875     15,813  
Interest-bearing deposits with banks   34,992     34,317     36,766       46,256       32,608     106,075     68,997  
Federal funds sold and securities purchased under resale agreements   75     276     179       53       277     530     313  
Investment securities   86,426     78,053     72,016       67,066       69,592     236,495     209,049  
Trading account securities           11       6       11     11     42  
Federal Home Loan Bank and Federal Reserve Bank stock   5,444     5,393     5,307       5,157       5,451     16,144     14,903  
Brokerage customer receivables           78       302       269     78     663  
Total interest income   963,834     920,908     886,965       913,501       908,604     2,771,707     2,564,096  
Interest expense                        
Interest on deposits   355,846     333,470     320,233       346,388       362,019     1,009,549     997,254  
Interest on Federal Home Loan Bank advances   26,007     25,724     25,441       26,050       26,254     77,172     73,099  
Interest on other borrowings   6,887     6,957     6,792       7,519       9,013     20,636     26,961  
Interest on subordinated notes   3,717     3,735     3,714       3,733       3,712     11,166     14,384  
Interest on junior subordinated debentures   4,367     4,328     4,311       4,663       5,023     13,006     15,011  
Total interest expense   396,824     374,214     360,491       388,353       406,021     1,131,529     1,126,709  
Net interest income   567,010     546,694     526,474       525,148       502,583     1,640,178     1,437,387  
Provision for credit losses   21,768     22,234     23,963       16,979       22,334     67,965     84,068  
Net interest income after provision for credit losses   545,242     524,460     502,511       508,169       480,249     1,572,213     1,353,319  
Non-interest income                        
Wealth management   37,188     36,821     34,042       38,775       37,224     108,051     107,452  
Mortgage banking   24,451     23,170     20,529       20,452       15,974     68,150     72,761  
Service charges on deposit accounts   19,825     19,502     19,362       18,864       16,430     58,689     46,787  
Gains (losses) on investment securities, net   2,972     650     3,196       (2,835 )     3,189     6,818     233  
Fees from covered call options   5,619     5,624     3,446       2,305       988     14,689     7,891  
Trading gains (losses), net   172     151     (64 )     (113 )     (130 )   259     617  
Operating lease income, net   15,466     15,166     15,287       15,327       15,335     45,919     43,383  
Other   25,134     23,005     20,836       20,676       24,137     68,975     95,750  
Total non-interest income   130,827     124,089     116,634       113,451       113,147     371,550     374,874  
Non-interest expense                        
Salaries and employee benefits   219,668     219,541     211,526       212,133       211,261     650,735     604,975  
Software and equipment   35,027     36,522     34,717       34,258       31,574     106,266     88,536  
Operating lease equipment   10,409     10,757     10,471       10,263       10,518     31,637     32,035  
Occupancy, net   20,809     20,228     20,778       20,597       19,945     61,815     58,616  
Data processing   11,329     12,110     11,274       10,957       9,984     34,713     28,779  
Advertising and marketing   19,027     18,761     12,272       13,097       18,239     50,060     48,715  
Professional fees   7,465     9,243     9,044       11,334       9,783     25,752     29,303  
Amortization of other acquisition-related intangible assets   5,196     5,580     5,618       5,773       4,042     16,394     6,322  
FDIC insurance   11,418     10,971     10,926       10,640       10,512     33,315     35,478  
Other real estate owned (“OREO”) expenses, net   262     505     643       397       (938 )   1,410     (805 )
Other   39,418     37,243     38,821       39,090       35,767     115,482     102,231  
Total non-interest expense   380,028     381,461     366,090       368,539       360,687     1,127,579     1,034,185  
Income before taxes   296,041     267,088     253,055       253,081       232,709     816,184     694,008  
Income tax expense   79,787     71,561     64,016       67,719       62,708     215,364     184,325  
Net income $ 216,254   $ 195,527   $ 189,039     $ 185,362     $ 170,001   $ 600,820   $ 509,683  
Preferred stock dividends   13,295     6,991     6,991       6,991       6,991     27,277     20,973  
Preferred stock redemption   14,046                         14,046      
Net income applicable to common shares $ 188,913   $ 188,536   $ 182,048     $ 178,371     $ 163,010   $ 559,497   $ 488,710  
Net income per common share - Basic $ 2.82   $ 2.82   $ 2.73     $ 2.68     $ 2.51   $ 8.37   $ 7.79  
Net income per common share - Diluted $ 2.78   $ 2.78   $ 2.69     $ 2.63     $ 2.47   $ 8.25   $ 7.67  
Cash dividends declared per common share $ 0.50   $ 0.50   $ 0.50     $ 0.45     $ 0.45   $ 1.50   $ 1.35  
Weighted average common shares outstanding   66,952     66,931     66,726       66,491       64,888     66,871     62,743  
Dilutive potential common shares   1,028     888     923       1,233       1,053     945     934  
Average common shares and dilutive common shares   67,980     67,819     67,649       67,724       65,941     67,816     63,677  


TABLE 1
: LOAN PORTFOLIO MIX AND GROWTH RATES

                    % Growth From (1)
(Dollars in thousands) Sep 30,
2025
  Jun 30,
2025
  Mar 31,
2025
  Dec 31,
2024
  Sep 30,
2024
Jun 30,
2025 (2)
Sep 30,
2024
Balance:                      
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies $ 211,360   $ 192,633   $ 181,580   $ 189,774   $ 314,693 39 % (33 )%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies   122,523     106,973     135,224     141,487     146,374 58   (16 )
Total mortgage loans held-for-sale $ 333,883   $ 299,606   $ 316,804   $ 331,261   $ 461,067 45 % (28 )%
                       
Core loans:                      
Commercial                      
Commercial and industrial $ 7,135,083   $ 7,028,247   $ 6,871,206   $ 6,867,422   $ 6,774,683 6 % 5 %
Asset-based lending   1,588,522     1,663,693     1,701,962     1,611,001     1,709,685 (18 ) (7 )
Municipal   804,986     771,785     798,646     826,653     827,125 17   (3 )
Leases   2,834,563     2,757,331     2,680,943     2,537,325     2,443,721 11   16  
Commercial real estate                      
Residential construction   60,923     59,027     55,849     48,617     73,088 13   (17 )
Commercial construction   2,273,545     2,165,263     2,086,797     2,065,775     1,984,240 20   15  
Land   323,685     304,827     306,235     319,689     346,362 25   (7 )
Office   1,578,208     1,601,208     1,641,555     1,656,109     1,675,286 (6 ) (6 )
Industrial   2,912,547     2,824,889     2,677,555     2,628,576     2,527,932 12   15  
Retail   1,478,861     1,452,351     1,402,837     1,374,655     1,404,586 7   5  
Multi-family   3,306,597     3,200,578     3,091,314     3,125,505     3,193,339 13   4  
Mixed use and other   1,684,841     1,683,867     1,652,759     1,685,018     1,588,584 0   6  
Home equity   484,202     466,815     455,683     445,028     427,043 15   13  
Residential real estate                      
Residential real estate loans for investment   4,019,046     3,814,715     3,561,417     3,456,009     3,252,649 21   24  
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies   75,088     80,800     86,952     114,985     92,355 (28 ) (19 )
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies   49,736     53,267     36,790     41,771     43,034 (26 ) 16  
Total core loans $ 30,610,433   $ 29,928,663   $ 29,108,500   $ 28,804,138   $ 28,363,712 9 % 8 %
                       
Niche loans:                      
Commercial                      
Franchise $ 1,298,140   $ 1,286,265   $ 1,262,555   $ 1,268,521   $ 1,191,686 4 % 9 %
Mortgage warehouse lines of credit   1,204,661     1,232,530     1,019,543     893,854     750,462 (9 ) 61  
Community Advantage - homeowners association   537,696     526,595     525,492     525,446     501,645 8   7  
Insurance agency lending   1,140,691     1,120,985     1,070,979     1,044,329     1,048,686 7   9  
Premium Finance receivables                      
U.S. property & casualty insurance   7,502,901     7,378,340     6,486,663     6,447,625     6,253,271 7   20  
Canada property & casualty insurance   863,391     944,836     753,199     824,417     878,410 (34 ) (2 )
Life insurance   8,758,553     8,506,960     8,365,140     8,147,145     7,996,899 12   10  
Consumer and other   147,016     116,505     116,319     99,562     82,676 104   78  
Total niche loans $ 21,453,049   $ 21,113,016   $ 19,599,890   $ 19,250,899   $ 18,703,735 6 % 15 %
                       
Total loans, net of unearned income $ 52,063,482   $ 51,041,679   $ 48,708,390   $ 48,055,037   $ 47,067,447 8 % 11 %

(1)   NM - Not Meaningful.
(2)   Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

                     % Growth From
(Dollars in thousands) Sep 30,
2025
  Jun 30,
2025
  Mar 31,
2025
  Dec 31,
2024
  Sep 30,
2024
Jun 30,
2025 (1)
  Sep 30,
2024
Balance:                        
Non-interest-bearing $ 10,952,146     $ 10,877,166     $ 11,201,859     $ 11,410,018     $ 10,739,132   3 %   2 %
NOW and interest-bearing demand deposits   6,710,919       6,795,725       6,340,168       5,865,546       5,466,932   (5 )   23  
Wealth management deposits (2)   1,600,735       1,595,764       1,408,790       1,469,064       1,303,354   1     23  
Money market   20,270,382       19,556,041       18,074,733       17,975,191       17,713,726   14     14  
Savings   6,758,743       6,659,419       6,576,251       6,372,499       6,183,249   6     9  
Time certificates of deposit   10,418,456       10,332,696       9,968,237       9,420,031       9,998,573   3     4  
Total deposits $ 56,711,381     $ 55,816,811     $ 53,570,038     $ 52,512,349     $ 51,404,966   6 %   10 %
Mix:                        
Non-interest-bearing   19 %     19 %     21 %     22 %     21 %      
NOW and interest-bearing demand deposits   12       12       12       11       11        
Wealth management deposits (2)   3       3       3       3       3        
Money market   36       35       34       34       34        
Savings   12       12       12       12       12        
Time certificates of deposit   18       19       18       18       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.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of September 30, 2025

(Dollars in thousands)   Total Time
Certificates of
Deposit
  Weighted-Average
Rate of Maturing
Time Certificates
of Deposit
1-3 months   $ 4,450,481   3.83 %
4-6 months     3,165,121   3.72  
7-9 months     1,489,181   3.64  
10-12 months     973,156   3.79  
13-18 months     196,146   3.13  
19-24 months     79,669   3.00  
24+ months     64,702   3.00  
Total   $ 10,418,456   3.74 %


TABLE 4
: QUARTERLY AVERAGE BALANCES

    Average Balance for three months ended,
    Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
(In thousands)     2025       2025       2025       2024       2024  
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)   $ 3,276,683     $ 3,308,199     $ 3,520,048     $ 3,934,016     $ 2,413,728  
Investment securities (2)     9,377,930       8,801,560       8,409,735       8,090,271       8,276,576  
FHLB and FRB stock (3)     282,338       282,001       281,702       271,825       263,707  
Liquidity management assets (4)   $ 12,936,951     $ 12,391,760     $ 12,211,485     $ 12,296,112     $ 10,954,011  
Other earning assets (4) (5)                 13,140       20,528       17,542  
Mortgage loans held-for-sale     295,365       310,534       286,710       378,707       376,251  
Loans, net of unearned income (4) (6)     51,403,566       49,517,635       47,833,380       47,153,014       45,920,586  
Total earning assets (4)   $ 64,635,882     $ 62,219,929     $ 60,344,715     $ 59,848,361     $ 57,268,390  
Allowance for loan and investment security losses     (410,681 )     (398,685 )     (375,371 )     (367,238 )     (383,736 )
Cash and due from banks     495,292       478,707       476,423       470,033       467,333  
Other assets     3,582,543       3,540,394       3,661,275       3,642,949       3,563,296  
Total assets   $ 68,303,036     $ 65,840,345     $ 64,107,042     $ 63,594,105     $ 60,915,283  
                     
NOW and interest-bearing demand deposits   $ 6,687,292     $ 6,423,050     $ 6,046,189     $ 5,601,672     $ 5,174,673  
Wealth management deposits     1,604,142       1,552,989       1,574,480       1,430,163       1,362,747  
Money market accounts     19,431,021       18,184,754       17,581,141       17,579,395       16,436,111  
Savings accounts     6,723,325       6,578,698       6,479,444       6,288,727       6,096,746  
Time deposits     10,319,719       9,841,702       9,406,126       9,702,948       9,598,109  
Interest-bearing deposits   $ 44,765,499     $ 42,581,193     $ 41,087,380     $ 40,602,905     $ 38,668,386  
FHLB advances (3)     3,151,310       3,151,310       3,151,309       3,160,658       3,178,973  
Other borrowings     614,892       593,657       582,139       577,786       622,792  
Subordinated notes     298,481       298,398       298,306       298,225       298,135  
Junior subordinated debentures     253,566       253,566       253,566       253,566       253,566  
Total interest-bearing liabilities   $ 49,083,748     $ 46,878,124     $ 45,372,700     $ 44,893,140     $ 43,021,852  
Non-interest-bearing deposits     10,791,709       10,643,798       10,732,156       10,718,738       10,271,613  
Other liabilities     1,472,036       1,456,383       1,541,245       1,563,824       1,631,389  
Equity     6,955,543       6,862,040       6,460,941       6,418,403       5,990,429  
Total liabilities and shareholders’ equity   $ 68,303,036     $ 65,840,345     $ 64,107,042     $ 63,594,105     $ 60,915,283  
                     
Net free funds/contribution (7)   $ 15,552,134     $ 15,341,805     $ 14,972,015     $ 14,955,221     $ 14,246,538  

(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 Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(5)   Other earning assets include brokerage customer receivables and trading account securities.
(6)   Loans, net of unearned income, include non-accrual loans.
(7)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 5: QUARTERLY NET INTEREST INCOME

    Net Interest Income for three months ended,
    Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
(In thousands)     2025       2025       2025       2024       2024  
Interest income:                    
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents   $ 35,067     $ 34,593     $ 36,945     $ 46,308     $ 32,885  
Investment securities     87,101       78,733       72,706       67,783       70,260  
FHLB and FRB stock (1)     5,444       5,393       5,307       5,157       5,451  
Liquidity management assets (2)   $ 127,612     $ 118,719     $ 114,958     $ 119,248     $ 108,596  
Other earning assets (2)                 92       310       282  
Mortgage loans held-for-sale     4,757       4,872       4,246       5,623       6,233  
Loans, net of unearned income (2)     834,294       800,197       770,568       791,390       796,637  
Total interest income   $ 966,663     $ 923,788     $ 889,864     $ 916,571     $ 911,748  
                     
Interest expense:                    
NOW and interest-bearing demand deposits   $ 40,448     $ 37,517     $ 33,600     $ 31,695     $ 30,971  
Wealth management deposits     8,415       8,182       8,606       9,412       10,158  
Money market accounts     169,831       155,890       146,374       159,945       167,382  
Savings accounts     38,844       37,637       35,923       38,402       42,892  
Time deposits     98,308       94,244       95,730       106,934       110,616  
Interest-bearing deposits   $ 355,846     $ 333,470     $ 320,233     $ 346,388     $ 362,019  
FHLB advances (1)     26,007       25,724       25,441       26,050       26,254  
Other borrowings     6,887       6,957       6,792       7,519       9,013  
Subordinated notes     3,717       3,735       3,714       3,733       3,712  
Junior subordinated debentures     4,367       4,328       4,311       4,663       5,023  
Total interest expense   $ 396,824     $ 374,214     $ 360,491     $ 388,353     $ 406,021  
                     
Less: Fully taxable-equivalent adjustment     (2,829 )     (2,880 )     (2,899 )     (3,070 )     (3,144 )
Net interest income (GAAP) (3)     567,010       546,694       526,474       525,148       502,583  
Fully taxable-equivalent adjustment     2,829       2,880       2,899       3,070       3,144  
Net interest income, fully taxable-equivalent (non-GAAP) (3)   $ 569,839     $ 549,574     $ 529,373     $ 528,218     $ 505,727  

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

TABLE 6: QUARTERLY NET INTEREST MARGIN

    Net Interest Margin for three months ended,
    Sep 30,
2025
  Jun 30,
2025
  Mar 31,
2025
  Dec 31,
2024
  Sep 30,
2024
Yield earned on:                    
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents   4.25 %   4.19 %   4.26 %   4.68 %   5.42 %
Investment securities   3.68     3.59     3.51     3.33     3.38  
FHLB and FRB stock (1)   7.65     7.67     7.64     7.55     8.22  
Liquidity management assets   3.91 %   3.84 %   3.82 %   3.86 %   3.94 %
Other earning assets           2.84     6.01     6.38  
Mortgage loans held-for-sale   6.39     6.29     6.01     5.91     6.59  
Loans, net of unearned income   6.44     6.48     6.53     6.68     6.90  
Total earning assets   5.93 %   5.96 %   5.98 %   6.09 %   6.33 %
                     
Rate paid on:                    
NOW and interest-bearing demand deposits   2.40 %   2.34 %   2.25 %   2.25 %   2.38 %
Wealth management deposits   2.08     2.11     2.22     2.62     2.97  
Money market accounts   3.47     3.44     3.38     3.62     4.05  
Savings accounts   2.29     2.29     2.25     2.43     2.80  
Time deposits   3.78     3.84     4.13     4.38     4.58  
Interest-bearing deposits   3.15 %   3.14 %   3.16 %   3.39 %   3.72 %
FHLB advances   3.27     3.27     3.27     3.28     3.29  
Other borrowings   4.44     4.70     4.73     5.18     5.76  
Subordinated notes   4.94     5.02     5.05     4.98     4.95  
Junior subordinated debentures   6.83     6.85     6.90     7.32     7.88  
Total interest-bearing liabilities   3.21 %   3.20 %   3.22 %   3.44 %   3.75 %
                     
Interest rate spread (2) (3)   2.72 %   2.76 %   2.76 %   2.65 %   2.58 %
Less: Fully taxable-equivalent adjustment   (0.02 )   (0.02 )   (0.02 )   (0.02 )   (0.02 )
Net free funds/contribution (4)   0.78     0.78     0.80     0.86     0.93  
Net interest margin (GAAP) (3)   3.48 %   3.52 %   3.54 %   3.49 %   3.49 %
Fully taxable-equivalent adjustment   0.02     0.02     0.02     0.02     0.02  
Net interest margin, fully taxable-equivalent (non-GAAP) (3)   3.50 %   3.54 %   3.56 %   3.51 %   3.51 %

(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 Table 18: 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.

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

  Average Balance
for nine months ended,
Interest
for nine months ended,
Yield/Rate
for nine months ended,
(Dollars in thousands) Sep 30,
2025
  Sep 30,
2024
Sep 30,
2025
  Sep 30,
2024
Sep 30,
2025
  Sep 30,
2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $ 3,367,419     $ 1,720,387   $ 106,605     $ 69,310   4.23 %   5.38 %
Investment securities (2)   8,866,621       8,276,711     238,540       210,834   3.60     3.40  
FHLB and FRB stock (3)   282,016       249,375     16,144       14,903   7.65     7.98  
Liquidity management assets (4) (5) $ 12,516,056     $ 10,246,473   $ 361,289     $ 295,047   3.86 %   3.85 %
Other earning assets (4) (5) (6)   4,332       15,966     92       715   2.84     5.98  
Mortgage loans held-for-sale   297,568       338,061     13,875       15,813   6.23     6.25  
Loans, net of unearned income (4) (5) (7)   49,597,938       43,963,779     2,405,059       2,261,341   6.48     6.87  
Total earning assets (5) $ 62,415,894     $ 54,564,279   $ 2,780,315     $ 2,572,916   5.96 %   6.30 %
Allowance for loan and investment security losses   (395,041 )     (368,713 )            
Cash and due from banks   483,543       450,899              
Other assets   3,594,449       3,367,882              
Total assets $ 66,098,845     $ 58,014,347              
                   
NOW and interest-bearing demand deposits $ 6,387,859     $ 5,279,697   $ 111,565     $ 98,586   2.34 %   2.49 %
Wealth management deposits   1,577,312       1,467,886     25,203       30,913   2.14     2.81  
Money market accounts   18,405,748       15,398,045     472,095       460,466   3.43     3.99  
Savings accounts   6,594,716       5,923,205     112,404       123,026   2.28     2.77  
Time deposits   9,859,196       8,435,172     288,282       284,263   3.91     4.50  
Interest-bearing deposits $ 42,824,831     $ 36,504,005   $ 1,009,549     $ 997,254   3.15 %   3.65 %
Federal Home Loan Bank advances   3,151,310       3,002,228     77,172       73,099   3.27     3.25  
Other borrowings   597,016       612,627     20,636       26,961   4.62     5.88  
Subordinated notes   298,396       381,813     11,166       14,384   5.00     5.03  
Junior subordinated debentures   253,566       253,566     13,006       15,011   6.86     7.91  
Total interest-bearing liabilities $ 47,125,119     $ 40,754,239   $ 1,131,529     $ 1,126,709   3.21 %   3.69 %
Non-interest-bearing deposits   10,722,772       10,041,972              
Other liabilities   1,489,635       1,589,790              
Equity   6,761,319       5,628,346              
Total liabilities and shareholders’ equity $ 66,098,845     $ 58,014,347              
Interest rate spread (5) (8)             2.75 %   2.61 %
Less: Fully taxable-equivalent adjustment         (8,608 )     (8,820 ) (0.02 )   (0.02 )
Net free funds/contribution (9) $ 15,290,775     $ 13,810,040         0.78     0.93  
Net interest income/margin (GAAP) (5)       $ 1,640,178     $ 1,437,387   3.51 %   3.52 %
Fully taxable-equivalent adjustment         8,608       8,820   0.02     0.02  
Net interest income/margin, fully taxable-equivalent (non-GAAP) (5)        $ 1,648,786     $ 1,446,207   3.53 %   3.54 %

(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 Table 18: 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.

TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario   +200 Basis
Points
  +100 Basis
Points
  -100 Basis
Points
  -200 Basis
Points
Sep 30, 2025   (2.3 )%    (0.8 )%
  0.0 %   (0.4 )%
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 )

 

Ramp Scenario +200 Basis
Points
  +100 Basis
Points
  -100 Basis
Points
  -200 Basis
Points
Sep 30, 2025 (0.2 )%
  (0.1 )%
  0.1 %   (0.1 )%
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  


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, floors and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

  Loans repricing or contractual maturity period
As of September 30, 2025 One year or
less
  From one to
five years
  From five to
fifteen years
  After fifteen
years
  Total
(In thousands)        
Commercial                  
Fixed rate $ 465,635     $ 3,851,843   $ 2,154,642   $ 17,113   $ 6,489,233
Variable rate   10,054,366       743             10,055,109
Total commercial $ 10,520,001     $ 3,852,586   $ 2,154,642   $ 17,113   $ 16,544,342
Commercial real estate                  
Fixed rate $ 771,993     $ 2,629,379   $ 358,703   $ 68,729   $ 3,828,804
Variable rate   9,779,638       10,700     65         9,790,403
Total commercial real estate $ 10,551,631     $ 2,640,079   $ 358,768   $ 68,729   $ 13,619,207
Home equity                  
Fixed rate $ 9,470     $ 464   $   $ 13   $ 9,947
Variable rate   474,255                   474,255
Total home equity $ 483,725     $ 464   $   $ 13   $ 484,202
Residential real estate                  
Fixed rate $ 17,018     $ 4,563   $ 70,142   $ 1,040,869   $ 1,132,592
Variable rate   117,542       736,051     2,157,685         3,011,278
Total residential real estate $ 134,560     $ 740,614   $ 2,227,827   $ 1,040,869   $ 4,143,870
Premium finance receivables - property & casualty                  
Fixed rate $ 8,275,798     $ 90,494   $   $   $ 8,366,292
Variable rate                    
Total premium finance receivables - property & casualty $ 8,275,798     $ 90,494   $   $   $ 8,366,292
Premium finance receivables - life insurance                  
Fixed rate $ 255,894     $ 140,954   $ 4,000   $   $ 400,848
Variable rate   8,357,705                   8,357,705
Total premium finance receivables - life insurance $ 8,613,599     $ 140,954   $ 4,000   $   $ 8,758,553
Consumer and other                  
Fixed rate $ 65,657     $ 8,660   $ 1,045   $ 853   $ 76,215
Variable rate   70,801                   70,801
Total consumer and other $ 136,458     $ 8,660   $ 1,045   $ 853   $ 147,016
                   
Total per category                  
Fixed rate $ 9,861,465     $ 6,726,357   $ 2,588,532   $ 1,127,577   $ 20,303,931
Variable rate   28,854,307       747,494     2,157,750         31,759,551
Total loans, net of unearned income $ 38,715,772     $ 7,473,851   $ 4,746,282   $ 1,127,577   $ 52,063,482
Less: Existing cash flow hedging derivatives (1)   (5,650,000 )                
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity $ 33,065,772                  
                   
Variable Rate Loan Pricing by Index:                  
SOFR tenors (2)                 $ 20,295,819
12- month CMT (3)                   7,284,381
Prime                   3,083,193
Fed Funds                   768,000
Other U.S. Treasury tenors                   191,629
Other                   136,529
Total variable rate                 $ 31,759,551

(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/0a0dfa31-b8af-4032-bcab-ba07bcc7557c

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 $17.5 billion tied to one-month SOFR and $7.3 billion tied to twelve-month CMT. The above chart shows:

    Basis Point (bp) Change in
    1-month
SOFR
  12- month
CMT
  Prime  
Third Quarter 2025   (19 ) bps (28 ) bps (25 ) bps
Second Quarter 2025       (7 )      
First Quarter 2025   (1 )   (13 )      
fourth quarter 2024   (52 )   18     (50 )  
Third Quarter 2024   (49 )   (111 )   (50 )  


TABLE 10
: ALLOWANCE FOR CREDIT LOSSES

    Three Months Ended Nine Months Ended
    Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30, Sep 30,   Sep 30,
(Dollars in thousands)     2025       2025       2025       2024       2024     2025       2024  
Allowance for credit losses at beginning of period   $ 457,461     $ 448,387     $ 437,060     $ 436,193     $ 437,560   $ 437,060     $ 427,612  
Provision for credit losses - Other     21,768       22,234       23,963       16,979       6,787     67,965       68,521  
Provision for credit losses - Day 1 on non-PCD assets acquired during the period                             15,547           15,547  
Initial allowance for credit losses recognized on PCD assets acquired during the period                             3,004           3,004  
Other adjustments     (88 )     180       4       (187 )     30     96       (20 )
Charge-offs:                          
Commercial     21,597       6,148       9,722       5,090       22,975     37,467       43,774  
Commercial real estate     144       5,711       454       1,037       95     6,309       21,090  
Home equity     27       111                       138       74  
Residential real estate     26                   114           26       61  
Premium finance receivables - property & casualty     6,860       6,346       7,114       13,301       7,790     20,320       24,214  
Premium finance receivables - life insurance     18             12             4     30       4  
Consumer and other     174       179       147       189       154     500       398  
Total charge-offs     28,846       18,495       17,449       19,731       31,018     64,790       89,615  
Recoveries:                          
Commercial     1,449       1,746       929       775       649     4,124       2,078  
Commercial real estate     241       10       12       172       30     263       151  
Home equity     104       30       216       194       101     350       165  
Residential real estate     1       2       136       0       5     139       15  
Premium finance receivables - property & casualty     2,459       3,335       3,487       2,646       3,436     9,281       8,613  
Premium finance receivables - life insurance                             41           54  
Consumer and other     37       32       29       19       21     98       68  
Total recoveries     4,291       5,155       4,809       3,806       4,283     14,255       11,144  
Net charge-offs     (24,555 )     (13,340 )     (12,640 )     (15,925 )     (26,735 )   (50,535 )     (78,471 )
Allowance for credit losses at period end   $ 454,586     $ 457,461     $ 448,387     $ 437,060     $ 436,193   $ 454,586     $ 436,193  
                           
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:      
Commercial     0.49 %     0.11 %     0.23 %     0.11 %     0.61 %   0.28 %     0.41 %
Commercial real estate     (0.00 )     0.17       0.01       0.03       0.00     0.06       0.23  
Home equity     (0.06 )     0.07       (0.20 )     (0.18 )     (0.10 )   (0.06 )     (0.03 )
Residential real estate     0.00       (0.00 )     (0.02 )     0.01       0.00     (0.00 )     0.00  
Premium finance receivables - property & casualty     0.20       0.16       0.20       0.59       0.24     0.19       0.30  
Premium finance receivables - life insurance     0.00             0.00             0.00     0.00       (0.00 )
Consumer and other     0.40       0.44       0.45       0.63       0.63     0.43       0.54  
Total loans, net of unearned income     0.19 %     0.11 %     0.11 %     0.13 %     0.23 %   0.14       0.24 %
                           
Loans at period end   $ 52,063,482     $ 51,041,679     $ 48,708,390     $ 48,055,037     $ 47,067,447        
Allowance for loan losses as a percentage of loans at period end     0.74 %     0.77 %     0.78 %     0.76 %     0.77 %      
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end     0.87       0.90       0.92       0.91       0.93        

PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

    Three Months Ended Nine Months Ended
    Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30, Sep 30,   Sep 30,
(In thousands)     2025       2025       2025       2024       2024     2025       2024  
Provision for loan losses - Other   $ 19,610     $ 26,607     $ 26,826     $ 19,852     $ 6,782   $ 73,043     $ 78,052  
Provision for credit losses - Day 1 on non-PCD assets acquired during the period                             15,547           15,547  
Provision for unfunded lending-related commitments losses - Other     2,160       (4,325 )     (2,852 )     (2,851 )     17     (5,017 )     (9,663 )
Provision for held-to-maturity securities losses     (2 )     (48 )     (11 )     (22 )     (12 )   (61 )     132  
Provision for credit losses   $ 21,768     $ 22,234     $ 23,963     $ 16,979     $ 22,334   $ 67,965     $ 84,068  
                           
Allowance for loan losses   $ 386,622     $ 391,654     $ 378,207     $ 364,017     $ 360,279        
Allowance for unfunded lending-related commitments losses     67,569       65,409       69,734       72,586       75,435        
Allowance for loan losses and unfunded lending-related commitments losses     454,191       457,063       447,941       436,603       435,714        
Allowance for held-to-maturity securities losses     395       398       446       457       479        
Allowance for credit losses   $ 454,586     $ 457,461     $ 448,387     $ 437,060     $ 436,193        

PCD - Purchase Credit Deteriorated 

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

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

  As of Sep 30, 2025 As of Jun 30, 2025 As of Mar 31, 2025
(Dollars in thousands) Recorded
Investment
  Calculated
Allowance
  % of its
category’s balance
Recorded
Investment
  Calculated
Allowance
  % of its
category’s balance
Recorded
Investment
  Calculated
Allowance
  % of its
category’s balance
Commercial $ 16,544,342   $ 189,476   1.15 % $ 16,387,431   $ 194,568   1.19 % $ 15,931,326   $ 201,183   1.26 %
Commercial real estate:                              
Construction and development   2,658,153     78,765   2.96     2,529,117     75,936   3.00     2,448,881     71,388   2.92  
Non-construction   10,961,054     151,712   1.38     10,762,893     148,422   1.38     10,466,020     138,622   1.32  
Total commercial real estate $ 13,619,207   $ 230,477   1.69 % $ 13,292,010   $ 224,358   1.69 % $ 12,914,901   $ 210,010   1.63 %
Total commercial and commercial real estate $ 30,163,549   $ 419,953   1.39 % $ 29,679,441   $ 418,926   1.41 % $ 28,846,227   $ 411,193   1.43 %
Home equity   484,202     9,229   1.91     466,815     9,221   1.98     455,683     9,139   2.01  
Residential real estate   4,143,870     12,013   0.29     3,948,782     11,455   0.29     3,685,159     10,652   0.29  
Premium finance receivables                              
Property and casualty insurance   8,366,292     11,187   0.13     8,323,176     15,872   0.19     7,239,862     15,310   0.21  
Life insurance   8,758,553     762   0.01     8,506,960     740   0.01     8,365,140     729   0.01  
Consumer and other   147,016     1,047   0.71     116,505     849   0.73     116,319     918   0.79  
Total loans, net of unearned income $ 52,063,482   $ 454,191   0.87 % $ 51,041,679   $ 457,063   0.90 % $ 48,708,390   $ 447,941   0.92 %
                               
Total core loans (1) $ 30,610,433   $ 408,780   1.34 % $ 29,928,663   $ 409,826   1.37 % $ 29,108,500   $ 397,664   1.37 %
Total niche loans (1)   21,453,049     45,411   0.21     21,113,016     47,237   0.22     19,599,890     50,277   0.26  

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

TABLE 13: LOAN PORTFOLIO AGING

(In thousands)   Sep 30, 2025   Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024
Loan Balances:                    
Commercial                    
Nonaccrual   $ 66,577   $ 80,877   $ 70,560   $ 73,490   $ 63,826
90+ days and still accruing             46     104     20
60-89 days past due     12,190     34,855     15,243     54,844     32,560
30-59 days past due     36,136     45,103     97,397     92,551     46,057
Current     16,429,439     16,226,596     15,748,080     15,353,562     15,105,230
Total commercial   $ 16,544,342   $ 16,387,431   $ 15,931,326   $ 15,574,551   $ 15,247,693
Commercial real estate                    
Nonaccrual   $ 28,202   $ 32,828   $ 26,187   $ 21,042   $ 42,071
90+ days and still accruing                     225
60-89 days past due     14,119     11,257     6,995     10,521     13,439
30-59 days past due     83,055     51,173     83,653     30,766     48,346
Current     13,493,831     13,196,752     12,798,066     12,841,615     12,689,336
Total commercial real estate   $ 13,619,207   $ 13,292,010   $ 12,914,901   $ 12,903,944   $ 12,793,417
Home equity                    
Nonaccrual   $ 1,295   $ 1,780   $ 2,070   $ 1,117   $ 1,122
90+ days and still accruing                    
60-89 days past due     246     138     984     1,233     1,035
30-59 days past due     2,294     2,971     3,403     2,148     2,580
Current     480,367     461,926     449,226     440,530     422,306
Total home equity   $ 484,202   $ 466,815   $ 455,683   $ 445,028   $ 427,043
Residential real estate                    
Early buy-out loans guaranteed by U.S. government agencies (1)   $ 124,824   $ 134,067   $ 123,742   $ 156,756   $ 135,389
Nonaccrual     28,942     28,047     22,522     23,762     17,959
90+ days and still accruing                    
60-89 days past due     8,829     8,954     1,351     5,708     6,364
30-59 days past due     95     38     38,943     18,917     2,160
Current     3,981,180     3,777,676     3,498,601     3,407,622     3,226,166
Total residential real estate   $ 4,143,870   $ 3,948,782   $ 3,685,159   $ 3,612,765   $ 3,388,038
Premium finance receivables - property & casualty                    
Nonaccrual   $ 24,512   $ 30,404   $ 29,846   $ 28,797   $ 36,079
90+ days and still accruing     13,006     14,350     18,081     16,031     18,235
60-89 days past due     23,527     25,641     19,717     19,042     18,740
30-59 days past due     38,133     29,460     39,459     68,219     30,204
Current     8,267,114     8,223,321     7,132,759     7,139,953     7,028,423
Total Premium finance receivables - property & casualty   $ 8,366,292   $ 8,323,176   $ 7,239,862   $ 7,272,042   $ 7,131,681
Premium finance receivables - life insurance                    
Nonaccrual   $   $   $   $ 6,431   $
90+ days and still accruing         327     2,962        
60-89 days past due     34,016     11,202     10,587     72,963     10,902
30-59 days past due     34,506     34,403     29,924     36,405     74,432
Current     8,690,031     8,461,028     8,321,667     8,031,346     7,911,565
Total Premium finance receivables - life insurance   $ 8,758,553   $ 8,506,960   $ 8,365,140   $ 8,147,145   $ 7,996,899
Consumer and other                    
Nonaccrual   $ 38   $ 41   $ 18   $ 2   $ 2
90+ days and still accruing     60     184     98     47     148
60-89 days past due     49     61     162     59     22
30-59 days past due     159     175     542     882     264
Current     146,710     116,044     115,499     98,572     82,240
Total consumer and other   $ 147,016   $ 116,505   $ 116,319   $ 99,562   $ 82,676
Total loans, net of unearned income                    
Early buy-out loans guaranteed by U.S. government agencies (1)   $ 124,824   $ 134,067   $ 123,742   $ 156,756   $ 135,389
Nonaccrual     149,566     173,977     151,203     154,641     161,059
90+ days and still accruing     13,066     14,861     21,187     16,182     18,628
60-89 days past due     92,976     92,108     55,039     164,370     83,062
30-59 days past due     194,378     163,323     293,321     249,888     204,043
Current     51,488,672     50,463,343     48,063,898     47,313,200     46,465,266
Total loans, net of unearned income   $ 52,063,482   $ 51,041,679   $ 48,708,390   $ 48,055,037   $ 47,067,447

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

TABLE 14: NON-PERFORMING ASSETS (1)

  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
(Dollars in thousands)   2025       2025       2025       2024       2024  
Loans past due greater than 90 days and still accruing:                  
Commercial $     $     $ 46     $ 104     $ 20  
Commercial real estate                           225  
Home equity                            
Residential real estate                            
Premium finance receivables - property & casualty   13,006       14,350       18,081       16,031       18,235  
Premium finance receivables - life insurance         327       2,962              
Consumer and other   60       184       98       47       148  
Total loans past due greater than 90 days and still accruing   13,066       14,861       21,187       16,182       18,628  
Non-accrual loans:                  
Commercial   66,577       80,877       70,560       73,490       63,826  
Commercial real estate   28,202       32,828       26,187       21,042       42,071  
Home equity   1,295       1,780       2,070       1,117       1,122  
Residential real estate   28,942       28,047       22,522       23,762       17,959  
Premium finance receivables - property & casualty   24,512       30,404       29,846       28,797       36,079  
Premium finance receivables - life insurance                     6,431        
Consumer and other   38       41       18       2       2  
Total non-accrual loans   149,566       173,977       151,203       154,641       161,059  
Total non-performing loans:                  
Commercial   66,577       80,877       70,606       73,594       63,846  
Commercial real estate   28,202       32,828       26,187       21,042       42,296  
Home equity   1,295       1,780       2,070       1,117       1,122  
Residential real estate   28,942       28,047       22,522       23,762       17,959  
Premium finance receivables - property & casualty   37,518       44,754       47,927       44,828       54,314  
Premium finance receivables - life insurance         327       2,962       6,431        
Consumer and other   98       225       116       49       150  
Total non-performing loans $ 162,632     $ 188,838     $ 172,390     $ 170,823     $ 179,687  
Other real estate owned   24,832       23,615       22,625       23,116       13,682  
Total non-performing assets $ 187,464     $ 212,453     $ 195,015     $ 193,939     $ 193,369  
Total non-performing loans by category as a percent of its own respective category’s period-end balance:                  
Commercial   0.40 %     0.49 %     0.44 %     0.47 %     0.42 %
Commercial real estate   0.21       0.25       0.20       0.16       0.33  
Home equity   0.27       0.38       0.45       0.25       0.26  
Residential real estate   0.70       0.71       0.61       0.66       0.53  
Premium finance receivables - property & casualty   0.45       0.54       0.66       0.62       0.76  
Premium finance receivables - life insurance         0.00       0.04       0.08        
Consumer and other   0.07       0.19       0.10       0.05       0.18  
Total loans, net of unearned income   0.31 %     0.37 %     0.35 %     0.36 %     0.38 %
Total non-performing assets as a percentage of total assets   0.27 %     0.31 %     0.30 %     0.30 %     0.30 %
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans   303.67 %     262.71 %     296.25 %     282.33 %     270.53 %
                   

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

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

  Three Months Ended Nine Months Ended
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30, Sep 30,   Sep 30,
(In thousands)   2025       2025       2025       2024       2024     2025       2024  
                         
Balance at beginning of period $ 188,838     $ 172,390     $ 170,823     $ 179,687     $ 174,251   $ 170,823     $ 139,030  
Additions from becoming non-performing in the respective period   34,805       48,651       27,721       30,931       42,335     111,177       119,853  
Additions from assets acquired in the respective period                           189           189  
Return to performing status   (3,399 )     (6,896 )     (1,207 )     (1,108 )     (362 )   (11,502 )     (1,764 )
Payments received   (28,052 )     (5,602 )     (15,965 )     (12,219 )     (10,894 )   (49,619 )     (28,841 )
Transfer to OREO or other assets   (348 )     (2,247 )           (17,897 )     (3,680 )   (2,595 )     (12,006 )
Charge-offs, net   (21,526 )     (11,734 )     (8,600 )     (5,612 )     (21,211 )   (41,860 )     (43,694 )
Net change for premium finance receivables   (7,686 )     (5,724 )     (382 )     (2,959 )     (941 )   (13,792 )     6,920  
Balance at end of period $ 162,632     $ 188,838     $ 172,390     $ 170,823     $ 179,687   $ 162,632     $ 179,687  


Other Real Estate
Owned

  Three Months Ended
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
(In thousands)   2025     2025       2025       2024       2024  
Balance at beginning of period $ 23,615   $ 22,625     $ 23,116     $ 13,682     $ 19,731  
Disposals/resolved                   (8,545 )     (9,729 )
Transfers in at fair value, less costs to sell   1,217     1,315             17,979       3,680  
Fair value adjustments       (325 )     (491 )            
Balance at end of period $ 24,832   $ 23,615     $ 22,625     $ 23,116     $ 13,682  
                   
  Period End
(In thousands) Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
Balance by Property Type:   2025     2025       2025       2024       2024  
Residential real estate $   $     $     $     $  
Commercial real estate   24,832     23,615       22,625       23,116       13,682  
Total $ 24,832   $ 23,615     $ 22,625     $ 23,116     $ 13,682  


TABLE 15: NON-INTEREST INCOME

  Three Months Ended Q3 2025 compared to
Q2 2025
Q3 2025 compared to
Q3 2024
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
(Dollars in thousands)   2025     2025     2025       2024       2024   $ Change   % Change $ Change   % Change
Brokerage $ 4,426     $ 4,212   $ 4,757     $ 5,328     $ 6,139   $ 214     5 % $ (1,713 )   (28 )%
Trust and asset management   32,762       32,609     29,285       33,447       31,085     153     0     1,677     5  
Total wealth management   37,188       36,821     34,042       38,775       37,224     367     1     (36 )   0  
Mortgage banking   24,451       23,170     20,529       20,452       15,974     1,281     6     8,477     53  
Service charges on deposit accounts   19,825       19,502     19,362       18,864       16,430     323     2     3,395     21  
Gains (losses) on investment securities, net   2,972       650     3,196       (2,835 )     3,189     2,322     NM     (217 )   (7 )
Fees from covered call options   5,619       5,624     3,446       2,305       988     (5 )   0     4,631     NM  
Trading gains (losses), net   172       151     (64 )     (113 )     (130 )   21     14     302     NM  
Operating lease income, net   15,466       15,166     15,287       15,327       15,335     300     2     131     1  
Other:                              
Interest rate swap fees   3,909       3,010     2,269       3,360       2,914     899     30     995     34  
BOLI   1,591       2,257     796       1,236       1,517     (666 )   (30 )   74     5  
Administrative services   1,240       1,315     1,393       1,347       1,450     (75 )   (6 )   (210 )   (14 )
Foreign currency remeasurement (losses) gains   (416 )     658     (183 )     (682 )     696     (1,074 )   NM     (1,112 )   NM  
Changes in fair value on EBOs and loans held-for-investment   1,452       172     383       129       518     1,280     NM     934     NM  
Early pay-offs of capital leases   519       400     768       514       532     119     30     (13 )   (2 )
Miscellaneous   16,839       15,193     15,410       14,772       16,510     1,646     11     329     2  
Total Other   25,134       23,005     20,836       20,676       24,137     2,129     9     997     4  
Total Non-Interest Income $ 130,827     $ 124,089   $ 116,634     $ 113,451     $ 113,147   $ 6,738     5 % $ 17,680     16 %

 

  Nine Months Ended Q3 2025 compared to Q3 2024
  Sep 30,   Sep 30,
(Dollars in thousands)   2025     2024   $ Change   % Change
Brokerage $ 13,395   $ 17,283   $ (3,888 )   (22 )%
Trust and asset management   94,656     90,169     4,487     5  
Total wealth management   108,051     107,452     599     1  
Mortgage banking   68,150     72,761     (4,611 )   (6 )
Service charges on deposit accounts   58,689     46,787     11,902     25  
Gains on investment securities, net   6,818     233     6,585     NM  
Fees from covered call options   14,689     7,891     6,798     86  
Trading gains, net   259     617     (358 )   (58 )
Operating lease income, net   45,919     43,383     2,536     6  
Other:            
Interest rate swap fees   9,188     9,134     54     1  
BOLI   4,644     4,519     125     3  
Administrative services   3,948     3,989     (41 )   (1 )
Foreign currency remeasurement gains (losses)   59     (620 )   679     NM  
Changes in fair value on EBOs and loans held-for-investment   2,007     683     1,324     NM  
Early pay-offs of capital leases   1,687     1,355     332     25  
Miscellaneous   47,442     76,690     (29,248 )   (38 )
Total Other   68,975     95,750     (26,775 )   (28 )
Total Non-Interest Income $ 371,550   $ 374,874   $ (3,324 )   (1 )%

NM - Not meaningful.
BOLI - Bank-owned life insurance.
EBO - Early buy-out.

TABLE 16: MORTGAGE BANKING

  Three Months Ended
(Dollars in thousands) Sep 30,
2025
  Jun 30,
2025
  Mar 31,
2025
  Dec 31,
2024
  Sep 30,
2024
Originations:                  
Retail originations $ 505,793     $ 523,759     $ 348,468     $ 483,424     $ 527,408  
Veterans First originations   137,600       157,787       111,985       176,914       239,369  
Total originations for sale (A) $ 643,393     $ 681,546     $ 460,453     $ 660,338     $ 766,777  
Originations for investment   351,012       422,926       217,177       355,119       218,984  
Total originations $ 994,405     $ 1,104,472     $ 677,630     $ 1,015,457     $ 985,761  
As a percentage of originations for sale:                  
Retail originations   79 %     77 %     76 %     73 %     69 %
Veterans First originations   21       23       24       27       31  
Purchases   77 %     74 %     77 %     65 %     72 %
Refinances   23       26       23       35       28  
Production Margin:                  
Production revenue (B) (1) $ 15,388     $ 13,380     $ 9,941     $ 6,993     $ 13,113  
Total originations for sale (A) $ 643,393     $ 681,546     $ 460,453     $ 660,338     $ 766,777  
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)   307,932       163,664       197,297       103,946       272,072  
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)   163,664       197,297       103,946       272,072       222,738  
Total mortgage production volume (C) $ 787,661     $ 647,913     $ 553,804     $ 492,212     $ 816,111  
Production margin (B / C)   1.95 %     2.07 %     1.80 %     1.42 %     1.61 %
Mortgage Servicing:                  
Loans serviced for others (D) $ 12,524,131     $ 12,470,924     $ 12,402,352     $ 12,400,913     $ 12,253,361  
Mortgage Servicing Rights (“MSR”), at fair value (E)   190,938       193,061       196,307       203,788       186,308  
Percentage of MSRs to loans serviced for others (E / D)   1.52 %     1.55 %     1.58 %     1.64 %     1.52 %
Servicing income $ 10,112     $ 10,520     $ 10,611     $ 10,731     $ 10,809  
MSR Fair Value Asset Activity                  
MSR - FV at Beginning of Period $ 193,061     $ 196,307     $ 203,788     $ 186,308     $ 204,610  
MSR - current period capitalization   5,829       6,336       4,669       10,010       6,357  
MSR - collection of expected cash flows - paydowns   (1,554 )     (1,516 )     (1,590 )     (1,463 )     (1,598 )
MSR - collection of expected cash flows - payoffs and repurchases   (4,050 )     (4,100 )     (3,046 )     (4,315 )     (5,730 )
MSR - changes in fair value model assumptions   (2,348 )     (3,966 )     (7,514 )     13,248       (17,331 )
MSR Fair Value at end of period $ 190,938     $ 193,061     $ 196,307     $ 203,788     $ 186,308  
Summary of Mortgage Banking Revenue:                  
Operational:                  
Production revenue (1) $ 15,388     $ 13,380     $ 9,941     $ 6,993     $ 13,113  
MSR - Current period capitalization   5,829       6,336       4,669       10,010       6,357  
MSR - Collection of expected cash flows - paydowns   (1,554 )     (1,516 )     (1,590 )     (1,463 )     (1,598 )
MSR - Collection of expected cash flows - pay offs   (4,050 )     (4,100 )     (3,046 )     (4,315 )     (5,730 )
Servicing Income   10,112       10,520       10,611       10,731       10,809  
Other Revenue   (345 )     (79 )     (172 )     (51 )     (67 )
Total operational mortgage banking revenue $ 25,380     $ 24,541     $ 20,413     $ 21,905     $ 22,884  
Fair Value:                  
MSR - changes in fair value model assumptions $ (2,348 )   $ (3,966 )   $ (7,514 )   $ 13,248     $ (17,331 )
Gain (loss) on derivative contract held as an economic hedge, net   265       2,535       4,897       (11,452 )     6,892  
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)   1,154       60       2,733       (3,249 )     3,529  
Total fair value mortgage banking revenue $ (929 )   $ (1,371 )   $ 116     $ (1,453 )   $ (6,910 )
Total mortgage banking revenue $ 24,451     $ 23,170     $ 20,529     $ 20,452     $ 15,974  

(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.

  Nine Months Ended
(Dollars in thousands) Sep 30,
2025
  Sep 30,
2024
Originations:      
Retail originations $ 1,378,020     $ 1,403,306  
Veterans First originations   407,372       561,270  
Total originations for sale (A) $ 1,785,392     $ 1,964,576  
Originations for investment   991,115       663,561  
Total originations $ 2,776,507     $ 2,628,137  
As a percentage of originations for sale:      
Retail originations   77 %     71 %
Veterans First originations   23       29  
Purchases   76 %     78 %
Refinances   24       22  
Production Margin:      
Production revenue (B) (1) $ 38,709     $ 41,538  
Total originations for sale (A) $ 1,785,392     $ 1,964,576  
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)   307,932       272,072  
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)   103,946       119,624  
Total mortgage production volume (C) $ 1,989,378     $ 2,117,024  
Production margin (B / C)   1.95 %     1.96 %
Mortgage Servicing:      
Loans serviced for others (D) $ 12,524,131     $ 12,253,361  
MSRs, at fair value (E)   190,938       186,308  
Percentage of MSRs to loans serviced for others (E / D)   1.52 %     1.52 %
Servicing income $ 31,243     $ 31,893  
MSR Fair Value Asset Activity      
MSR - FV at Beginning of Period $ 203,788     $ 192,456  
MSR - current period capitalization   16,834       19,959  
MSR - collection of expected cash flows - paydowns   (4,660 )     (4,546 )
MSR - collection of expected cash flows - payoffs and repurchases   (11,196 )     (12,702 )
MSR - changes in fair value model assumptions   (13,828 )     (8,859 )
MSR Fair Value at end of period $ 190,938     $ 186,308  
Summary of Mortgage Banking Revenue:      
Operational:      
Production revenue (1) $ 38,709     $ 41,538  
MSR - Current period capitalization   16,834       19,959  
MSR - Collection of expected cash flows - paydowns   (4,660 )     (4,546 )
MSR - Collection of expected cash flows - pay offs   (11,196 )     (12,702 )
Servicing Income   31,243       31,893  
Other Revenue   (596 )     (46 )
Total operational mortgage banking revenue $ 70,334     $ 76,096  
Fair Value:      
MSR - changes in fair value model assumptions $ (13,828 )   $ (8,859 )
Gain on derivative contract held as an economic hedge, net   7,697       3,543  
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)   3,947       1,981  
Total fair value mortgage banking revenue $ (2,184 )   $ (3,335 )
Total mortgage banking revenue $ 68,150     $ 72,761  

(1)   Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2)   Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.

TABLE 17: NON-INTEREST EXPENSE

  Three Months Ended Q3 2025 compared to
Q2 2025
Q3 2025 compared to
Q3 2024
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
(Dollars in thousands) 2025   2025   2025   2024   2024   $ Change   % Change $ Change   % Change
Salaries and employee benefits:                              
Salaries $ 124,623   $ 123,174   $ 123,917   $ 120,969   $ 118,971   $ 1,449     1 % $ 5,652     5 %
Commissions and incentive compensation   56,244     55,871     52,536     54,792     57,575     373     1     (1,331 )   (2 )
Benefits   38,801     40,496     35,073     36,372     34,715     (1,695 )   (4 )   4,086     12  
Total salaries and employee benefits   219,668     219,541     211,526     212,133     211,261     127     0     8,407     4  
Software and equipment   35,027     36,522     34,717     34,258     31,574     (1,495 )   (4 )   3,453     11  
Operating lease equipment   10,409     10,757     10,471     10,263     10,518     (348 )   (3 )   (109 )   (1 )
Occupancy, net   20,809     20,228     20,778     20,597     19,945     581     3     864     4  
Data processing   11,329     12,110     11,274     10,957     9,984     (781 )   (6 )   1,345     13  
Advertising and marketing   19,027     18,761     12,272     13,097     18,239     266     1     788     4  
Professional fees   7,465     9,243     9,044     11,334     9,783     (1,778 )   (19 )   (2,318 )   (24 )
Amortization of other acquisition-related intangible assets   5,196     5,580     5,618     5,773     4,042     (384 )   (7 )   1,154     29  
FDIC insurance   11,418     10,971     10,926     10,640     10,512     447     4     906     9  
OREO expense, net   262     505     643     397     (938 )   (243 )   (48 )   1,200     NM  
Other:                              
Lending expenses, net of deferred origination costs   6,169     4,869     5,866     6,448     4,995     1,300     27     1,174     24  
Travel and entertainment   6,029     6,026     5,270     8,140     5,364     3     0     665     12  
Miscellaneous   27,220     26,348     27,685     24,502     25,408     872     3     1,812     7  
Total other   39,418     37,243     38,821     39,090     35,767     2,175     6     3,651     10  
Total Non-Interest Expense $ 380,028   $ 381,461   $ 366,090   $ 368,539   $ 360,687   $ (1,433 )   0 % $ 19,341     5 %

 

  Nine Months Ended Q3 2025 compared to Q3 2024
  Sep 30,   Sep 30,
(Dollars in thousands) 2025   2024 $ Change   % Change
Salaries and employee benefits:            
Salaries $ 371,714   $ 345,003   $ 26,711     8 %
Commissions and incentive compensation   164,651     160,727     3,924     2  
Benefits   114,370     99,245     15,125     15  
Total salaries and employee benefits   650,735     604,975     45,760     8  
Software and equipment   106,266     88,536     17,730     20  
Operating lease equipment   31,637     32,035     (398 )   (1 )
Occupancy, net   61,815     58,616     3,199     5  
Data processing   34,713     28,779     5,934     21  
Advertising and marketing   50,060     48,715     1,345     3  
Professional fees   25,752     29,303     (3,551 )   (12 )
Amortization of other acquisition-related intangible assets   16,394     6,322     10,072     NM  
FDIC insurance   33,315     30,322     2,993     10  
FDIC insurance - special assessment       5,156     (5,156 )   (100 )
OREO expense, net   1,410     (805 )   2,215     NM  
Other:            
Lending expenses, net of deferred origination costs   16,904     15,408     1,496     10  
Travel and entertainment   17,325     15,301     2,024     13  
Miscellaneous   81,253     71,522     9,731     14  
Total other   115,482     102,231     13,251     13  
Total Non-Interest Expense $ 1,127,579   $ 1,034,185   $ 93,394     9 %

NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“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 Nine Months Ended
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30, Sep 30,   Sep 30,
(Dollars and shares in thousands)   2025       2025       2025       2024       2024     2025       2024  
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:      
(A) Interest Income (GAAP) $ 963,834     $ 920,908     $ 886,965     $ 913,501     $ 908,604   $ 2,771,707     $ 2,564,096  
Taxable-equivalent adjustment:                        
- Loans   2,154       2,200       2,206       2,352       2,474     6,560       7,025  
- Liquidity Management Assets   675       680       690       716       668     2,045       1,785  
- Other Earning Assets               3       2       2     3       10  
(B) Interest Income (non-GAAP) $ 966,663     $ 923,788     $ 889,864     $ 916,571     $ 911,748   $ 2,780,315     $ 2,572,916  
(C) Interest Expense (GAAP)   396,824       374,214       360,491       388,353       406,021     1,131,529       1,126,709  
(D) Net Interest Income (GAAP) (A minus C)   567,010       546,694       526,474       525,148       502,583     1,640,178       1,437,387  
(E) Net Interest Income (non-GAAP) (B minus C)   569,839       549,574       529,373       528,218       505,727     1,648,786       1,446,207  
Net interest margin (GAAP)   3.48 %     3.52 %     3.54 %     3.49 %     3.49 %   3.51 %     3.52 %
Net interest margin, fully taxable-equivalent (non-GAAP)   3.50       3.54       3.56       3.51       3.51     3.53       3.54  
(F) Non-interest income $ 130,827     $ 124,089     $ 116,634     $ 113,451     $ 113,147   $ 371,550     $ 374,874  
(G) Gains (losses) on investment securities, net   2,972       650       3,196       (2,835 )     3,189     6,818       233  
(H) Non-interest expense   380,028       381,461       366,090       368,539       360,687     1,127,579       1,034,185  
Efficiency ratio (H/(D+F-G))   54.69 %     56.92 %     57.21 %     57.46 %     58.88 %   56.24 %     57.07 %
Efficiency ratio (non-GAAP) (H/(E+F-G))           54.47               56.68       56.95       57.18       58.58     56.00       56.80  
  Three Months Ended Nine Months Ended
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30, Sep 30,   Sep 30,
(Dollars and shares in thousands)   2025       2025       2025       2024       2024     2025       2024  
Reconciliation of Non-GAAP Tangible Common Equity Ratio:      
Total shareholders’ equity (GAAP) $ 7,045,757     $ 7,225,696     $ 6,600,537     $ 6,344,297     $ 6,399,714        
Less: Non-convertible preferred stock (GAAP)   (425,000 )     (837,500 )     (412,500 )     (412,500 )     (412,500 )      
Less: Acquisition-related intangible assets (GAAP)   (902,936 )     (908,639 )     (913,004 )     (918,632 )     (924,646 )      
(I) Total tangible common shareholders’ equity (non-GAAP) $ 5,717,821     $ 5,479,557     $ 5,275,033     $ 5,013,165     $ 5,062,568        
(J) Total assets (GAAP) $ 69,629,638     $ 68,983,318     $ 65,870,066     $ 64,879,668     $ 63,788,424        
Less: Intangible assets (GAAP)   (902,936 )     (908,639 )     (913,004 )     (918,632 )     (924,646 )      
(K) Total tangible assets (non-GAAP) $ 68,726,702     $ 68,074,679     $ 64,957,062     $ 63,961,036     $ 62,863,778        
Common equity to assets ratio (GAAP) (L/J)   9.5 %     9.3 %     9.4 %     9.1 %     9.4 %      
Tangible common equity ratio (non-GAAP) (I/K)   8.3       8.0       8.1       7.8       8.1        

 

Reconciliation of Non-GAAP Tangible Book Value per Common Share:      
Total shareholders’ equity $ 7,045,757     $ 7,225,696     $ 6,600,537     $ 6,344,297     $ 6,399,714        
Less: Preferred stock   (425,000 )     (837,500 )     (412,500 )     (412,500 )     (412,500 )      
(L) Total common equity $ 6,620,757     $ 6,388,196     $ 6,188,037     $ 5,931,797     $ 5,987,214        
(M) Actual common shares outstanding   66,961       66,938       66,919       66,495       66,482        
Book value per common share (L/M) $ 98.87     $ 95.43     $ 92.47     $ 89.21     $ 90.06        
Tangible book value per common share (non-GAAP) (I/M)   85.39       81.86       78.83       75.39       76.15        
                         
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:      
(N) Net income applicable to common shares $ 188,913     $ 188,536     $ 182,048     $ 178,371     $ 163,010   $ 559,497     $ 488,710  
Add: Acquisition-related intangible asset amortization   5,196       5,580       5,618       5,773       4,042     16,394       6,322  
Less: Tax effect of acquisition-related intangible asset amortization   (1,403 )     (1,495 )     (1,421 )     (1,547 )     (1,087 )   (4,328 )     (1,682 )
After-tax Acquisition-related intangible asset amortization $ 3,793     $ 4,085     $ 4,197     $ 4,226     $ 2,955   $ 12,066     $ 4,640  
(O) Tangible net income applicable to common shares (non-GAAP) $ 192,706     $ 192,621     $ 186,245     $ 182,597     $ 165,965   $ 571,563     $ 493,350  
Total average shareholders’ equity $ 6,955,543     $ 6,862,040     $ 6,460,941     $ 6,418,403     $ 5,990,429   $ 6,761,319     $ 5,628,346  
Less: Average preferred stock   (483,288 )     (599,313 )     (412,500 )     (412,500 )     (412,500 )   (498,626 )     (412,500 )
(P) Total average common shareholders’ equity $ 6,472,255     $ 6,262,727     $ 6,048,441     $ 6,005,903     $ 5,577,929   $ 6,262,693     $ 5,215,846  
Less: Average acquisition-related intangible assets   (906,032 )     (910,924 )     (916,069 )     (921,438 )     (833,574 )   (910,972 )     (730,216 )
(Q) Total average tangible common shareholders’ equity (non-GAAP) $ 5,566,223     $ 5,351,803     $ 5,132,372     $ 5,084,465     $ 4,744,355   $ 5,351,721     $ 4,485,630  
Return on average common equity, annualized (N/P)   11.58 %     12.07 %     12.21 %     11.82 %     11.63 %   11.94 %     12.52 %
Return on average tangible common equity, annualized (non-GAAP) (O/Q)   13.74       14.44       14.72       14.29       13.92     14.28       14.69  
                         
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:          
Income before taxes $ 296,041     $ 267,088     $ 253,055     $ 253,081     $ 232,709   $ 816,184     $ 694,008  
Add: Provision for credit losses   21,768       22,234       23,963       16,979       22,334     67,965       84,068  
Pre-tax income, excluding provision for credit losses (non-GAAP) $ 317,809     $ 289,322     $ 277,018     $ 270,060     $ 255,043   $ 884,149     $ 778,076  

 

  Three Months Ended Nine Months Ended
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30, Sep 30,   Sep 30,
(Dollars and shares in thousands, except per share data) 2025   2025   2025   2024   2024 2025   2024
Reconciliation of Non-GAAP Net Income per Common Share:          
Net income $ 216,254   $ 195,527   $ 189,039   $ 185,362   $ 170,001 $ 600,820   $ 509,683
Preferred stock dividends   13,295     6,991     6,991     6,991     6,991   27,277     20,973
Preferred stock redemption   14,046                   14,046    
(R) Net income applicable to common shares $ 188,913   $ 188,536   $ 182,048   $ 178,371   $ 163,010 $ 559,497   $ 488,710
(S) Weighted average common shares outstanding   66,952     66,931     66,726     66,491     64,888   66,871     62,743
Dilutive potential common shares   1,028     888     923     1,233     1,053   945     934
(T) Average common shares and dilutive common shares   67,980     67,819     67,649     67,724     65,941   67,816     63,677
Net income per common share - Basic (R/S) $ 2.82   $ 2.82   $ 2.73   $ 2.68   $ 2.51 $ 8.37   $ 7.79
Net income per common share - Diluted (R/T) $ 2.78   $ 2.78   $ 2.69   $ 2.63   $ 2.47 $ 8.25   $ 7.67
Preferred stock series F excess one-time extended first dividend $ 4,927   $   $   $   $ $ 4,927   $
Preferred stock redemption   14,046                   14,046    
(U) Total non-recurring preferred stock offering impact (non-GAAP) $ 18,973   $   $   $   $ $ 18,973   $
Net income per common share - Basic (non-GAAP) (R+U)/S $ 3.11   $ 2.82   $ 2.73   $ 2.68   $ 2.51 $ 8.65   $ 7.79
Net income per common share - Diluted (non-GAAP) (R+U)/T $ 3.06   $ 2.78   $ 2.69   $ 2.63   $ 2.47 $ 8.53   $ 7.67


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 Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

  • economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government shutdown, 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 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, October 21, 2025 at 10:00 a.m. (CDT) regarding third 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 September 19, 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 third 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


Primary Logo

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

Share us

on your social networks:
AGPs

Get the latest news on this topic.

SIGN UP FOR FREE TODAY

No Thanks

By signing to this email alert, you
agree to our Terms & Conditions