Wintrust Financial Corp.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 20 October 2025: press release. The quarter’s numbers.

Key takeaways

Net income and diluted EPS: Net income was $216.3 million, or $2.78 per diluted share, against $195.5 million and $2.78 in the second quarter. Excluding preferred items, non-GAAP diluted EPS was $3.06. Source
Net interest income rose $20.3 million: Net interest income was $567.0 million, up from $546.7 million, mainly on average earning asset growth of $2.4 billion, or 15% annualized. Source
Margin fell four basis points: Net interest margin was 3.48%, or 3.50% fully taxable-equivalent, down four basis points. Funding cost on interest-bearing deposits rose one basis point. Source
Loans grew $1.0 billion: Total loans rose $1.0 billion, or 8% annualized, with growth across all major loan portfolios. Loans reached $52.1 billion at quarter end. Source
Deposits grew $894.6 million: Deposits rose $894.6 million, or 6% annualized, to $56.7 billion. Management attributed the growth to diverse deposit product offerings. Source
Net charge-offs rose to 19 bps: Net charge-offs were $24.6 million, or 19 basis points of average total loans annualized, up from $13.3 million, or 11 basis points, in the second quarter. Commercial charge-offs were $21.6 million. Source
Non-performing loans declined: Non-performing loans fell to $162.6 million, or 0.31% of loans, from $188.8 million. Non-performing assets were $187.5 million, 0.27% of total assets, against $212.5 million. Source

“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.”
Timothy S. Crane, President and Chief Executive Officer

What changed from last quarter

Guidance kept: Loan growth guidance of mid-to-high single digits carried over from the second-quarter release, now stated for the remainder of 2025.
Guidance kept: Net interest income guidance moved from higher in the third quarter to expansion in the fourth quarter; the margin wording is unchanged.

Earnings and results

Net income and diluted EPS: Net income was $216.3 million, or $2.78 per diluted share, against $195.5 million and $2.78 in the second quarter. Excluding preferred items, non-GAAP diluted EPS was $3.06. Source
Preferred stock items cut EPS: Redemption of Series D and E preferred stock cost $14.0 million, or $0.21 per diluted share. The extended first dividend on Series F added $4.9 million, or $0.07 per diluted share. Source
Pre-tax pre-provision income rose: Pre-tax, pre-provision income (non-GAAP) was $317.8 million, compared with $289.3 million in the second quarter. Source
Nine-month net income rose: Net income for the first nine months was $600.8 million, or $8.25 per diluted share, against $509.7 million, or $7.67, a year earlier. Source

Net interest income and margin

Net interest income rose $20.3 million: Net interest income was $567.0 million, up from $546.7 million, mainly on average earning asset growth of $2.4 billion, or 15% annualized. Source
Margin fell four basis points: Net interest margin was 3.48%, or 3.50% fully taxable-equivalent, down four basis points. Funding cost on interest-bearing deposits rose one basis point. Source
Free funds contribution held steady: The net free funds contribution stayed at 0.78%, unchanged from the second quarter. Source

“We are proud of our third quarter performance and record results year to date.”
Timothy S. Crane, President and Chief Executive Officer

Loans and deposits

Loans grew $1.0 billion: Total loans rose $1.0 billion, or 8% annualized, with growth across all major loan portfolios. Loans reached $52.1 billion at quarter end. Source
Growth across major loan portfolios: Management described loan growth as diversified. Community banking increased commercial, commercial real estate and residential real estate portfolios. Source
Deposits grew $894.6 million: Deposits rose $894.6 million, or 6% annualized, to $56.7 billion. Management attributed the growth to diverse deposit product offerings. Source
Loans funded by deposits: Loan growth was funded by deposit growth, with the period-end loans-to-deposits ratio at 91.8%, compared with 91.4% at June 30. Source
Non-interest-bearing deposits steady: Non-interest-bearing deposits were $10.95 billion at September 30, against $10.88 billion at June 30. Source

Credit quality and reserves

Net charge-offs rose to 19 bps: Net charge-offs were $24.6 million, or 19 basis points of average total loans annualized, up from $13.3 million, or 11 basis points, in the second quarter. Commercial charge-offs were $21.6 million. Source
Provision slightly lower: Provision for credit losses was $21.8 million, against $22.2 million in the second quarter. Management cited stable credit quality and an improved macroeconomic forecast. Source
Allowance slightly lower: Allowance for credit losses was $454.6 million, down from $457.5 million. The allowance for loan losses fell to 0.74% of loans from 0.77%. Source
Economic uncertainty shaped reserves: Qualitative additions tied to credit spreads were made to the provision, with management noting that future economic performance remains uncertain. Source
Non-performing loans declined: Non-performing loans fell to $162.6 million, or 0.31% of loans, from $188.8 million. Non-performing assets were $187.5 million, 0.27% of total assets, against $212.5 million. Source

“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.”
Timothy S. Crane, President and Chief Executive Officer

Non-interest income and expense

Non-interest income rose $6.7 million: Non-interest income was $130.8 million. Wealth management revenue rose about $0.4 million to $37.2 million, and mortgage banking revenue rose $1.3 million. Source
Mortgage revenue rose on production: Mortgage banking revenue was $24.5 million, up from $23.2 million. Production margin was 1.95%, against 2.07% in the second quarter. Source
Investment securities gains: Net gains on investment securities were $3.0 million, mainly unrealized gains on equity securities, against $0.65 million in the second quarter. Source
Non-interest expense edged lower: Non-interest expense was $380.0 million, down $1.5 million. Professional fees fell $1.8 million on lower consulting services. Source
Acquisition costs fell sharply: Macatawa acquisition-related costs were $0.47 million, against $2.9 million in the second quarter. Source
Income tax expense rose: Income tax expense was $79.8 million, compared with $71.6 million; the effective tax rate was 27.0%, against 26.8%. Source

Capital and book value

Series F preferred and redemption: Series F preferred of $425 million was issued in May against redemption of $412.5 million of Series D and E. Total shareholders’ equity fell to $7.05 billion from $7.23 billion. Source
Book value per share rose: Book value per common share was $98.87 and tangible book value per common share $85.39, against $95.43 and $81.86 at June 30. Source

Franchise, market share and wealth

Illinois deposit share gains: Management said the company moved into third place in total deposit market share in Illinois and gained share in Wisconsin and west Michigan. Source
Customer focus drives franchise value: Management described its focus on customer experience and customer relationships as central to long-term franchise value. Source
Disciplined credit standards kept: Management said loan growth is kept aligned with conservative credit standards, with disciplined evaluation of credit opportunities. Source
Premium finance originations $5.5 billion: Premium finance originations were $5.5 billion in the quarter. Average premium finance balances rose $945.4 million from the second quarter. Source
Wealth assets under administration: Wealth management subsidiaries had $55.1 billion of assets under administration, including $8.8 billion owned by the company and its banks. Source

Coming up, as management said on 20 October 2025

Pipelines point to fourth-quarter loans: Commercial and commercial real estate loan pipelines remained at quarter end, indicating momentum for loan growth in the fourth quarter. Source

Figures management reported

Figure	Reported
Net interest margin Source	3.48% (3.50% fully taxable-equivalent)
Net interest income Source	$567.0 million
Loans Source	$52.1 billion total loans, up 8% annualized
Deposits Source	$56.7 billion total deposits, up 6% annualized
Deposit costs Source	interest-bearing deposit rate 3.15%
Provision for credit losses Source	$21.8 million
Net charge-offs Source	$24.6 million, 0.19% annualized
Nonperforming assets Source	$187.5 million, 0.27% of total assets
CET1 ratio Source	10.2% (estimated)
Efficiency ratio Source	54.47% non-GAAP; 54.69% GAAP

Risks management discussed

Financial: Management noted that losses could exceed the allowance and affect future results. Source
External: Management said future economic performance remains uncertain, and qualitative additions tied to credit spreads were made to the provision. Source
Financial: Management said it may add derivatives to limit margin swings from interest rate moves. Source
Financial: Variable-rate loans of $17.5 billion are tied to one-month SOFR and $7.3 billion to twelve-month CMT, indices that do not track Prime. Source

Earlier plans management reported on

Met: Management said the third-quarter net interest margin was in line with its guidance. Source
Not stated: Management said it remains committed to sustaining high credit quality, citing low net charge-offs and non-performing loans. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Wintrust Financial Corporation

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

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

Wintrust Financial Corporation Reports Record Net Income

ROSEMONT, ILLINOIS - 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.

*On May 22, 2025, the Company completed the issuance of $425 million of Series F Preferred Stock. The issuance was in contemplation of redeeming $412.5 million of Series D and Series E Preferred Stock that was expected to reprice at rates higher than existing market rates. The Series D and Series E Preferred Stock were redeemed on July 15, 2025.

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 basis point (bp) change from2nd Quarter2025	% 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)	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	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)	3.50		3.54		3.51		(4)	(1)
Net overhead ratio	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)	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		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		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	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)	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)	3.50		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	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)	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)	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)	8.3		8.0		8.1		7.8		8.1
Tier 1 leverage ratio	9.5		10.2		9.6		9.4		9.6
Risk-based capital ratios:
Tier 1 capital ratio	10.9		11.5		10.8		10.7		10.6
Common equity tier 1 capital ratio	10.2		10.0		10.1		9.9		9.8
Total capital ratio	12.4		13.0		12.5		12.3		12.2
Allowance for credit losses	$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.

(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
(Dollars in thousands)	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2025		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	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		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	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	$3,276,683		$3,308,199		$3,520,048		$3,934,016		$2,413,728
Investment securities	9,377,930		8,801,560		8,409,735		8,090,271		8,276,576
FHLB and FRB stock	282,338		282,001		281,702		271,825		263,707
Liquidity management assets	$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	$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	3,151,310		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	$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	5,444		5,393		5,307		5,157		5,451
Liquidity management assets	$127,612		$118,719		$114,958		$119,248		$108,596
Other earning assets	-		-		92		310		282
Mortgage loans held-for-sale	4,757		4,872		4,246		5,623		6,233
Loans, net of unearned income	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	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)	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)	$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	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	0.78	0.78	0.80	0.86	0.93
Net interest margin (GAAP)	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)	3.50%	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 Balancefor nine months ended,		Interestfor nine months ended,			Yield/Ratefor 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	$3,367,419	$1,720,387	$106,605	$69,310		4.23%	5.38%
Investment securities	8,866,621	8,276,711	238,540	210,834		3.60	3.40
FHLB and FRB stock	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	$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	$15,290,775	$13,810,040				0.78	0.93
Net interest income/margin (GAAP)			$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)			$1,648,786	$1,446,207		3.53%	3.54%

(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	(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					$20,295,819
12- month CMT					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.

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	$30,610,433	$408,780	1.34%	$29,928,663	$409,826	1.37%	$29,108,500	$397,664	1.37%
Total niche loans	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	$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	$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

	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)	$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	307,932		163,664		197,297		103,946		272,072
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale	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	$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.


(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)	$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	307,932		272,072
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale	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	$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

(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

Forward-looking statements notice

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.