Wintrust Financial Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 20 April 2026: press release. The quarter’s numbers.

Key takeaways

Record net income for fifth straight quarter: Net income was a record $227.4 million, or $3.22 diluted EPS, versus $223.0 million, or $3.15, in the fourth quarter of 2025. Management cited the fifth consecutive quarter of record net income. Source
Pre-tax pre-provision income reached record: Pre-tax, pre-provision income (non-GAAP) was a record $330.5 million, compared with $329.8 million in the fourth quarter of 2025. Source
Net interest income slightly lower on fewer days: Net interest income was $579.0 million, down $4.9 million from $583.9 million, primarily due to two fewer calendar days, partly offset by average earning asset growth. Source
Loans grew $1.0 billion, led by several categories: Total loans rose $1.0 billion, or 7% annualized, to $54.1 billion, with growth across most major loan categories, including industrial CRE and mortgage warehouse lines. Source
Deposits grew $1.2 billion with stable mix: Total deposits rose $1.2 billion, or 8% annualized, to $58.9 billion; non-interest-bearing deposits were 20% of total deposits. Source
Net interest margin rose two basis points: Net interest margin was 3.54% (3.56% fully taxable-equivalent), up two basis points, benefiting from two fewer calendar days. Loan yields fell 13 basis points; interest-bearing deposit funding cost fell 16 basis points. Source
Loan pipelines solid into second quarter: Gross commercial and commercial real estate loan pipelines remained solid at March 31, 2026, indicating momentum for expected continued loan growth in the second quarter of 2026. Source
Net charge-offs declined to 14 basis points: Net charge-offs were $18.4 million, or 14 basis points annualized, down from $21.8 million, or 17 basis points, in the fourth quarter. Source
Non-performing loans stable at 0.34%: Non-performing loans were $182.7 million, or 0.34% of total loans, versus $185.8 million, or 0.35%, at year-end 2025; non-performing assets were $200.2 million, or 0.28% of total assets. Source
Dividend raised to $0.55 per share: Cash dividends declared were $0.55 per common share, up from $0.50 in the fourth quarter of 2025. Source

“We are pleased with our first quarter 2026 results, with diversified loan growth, robust deposit generation and prudent expense management resulting in a fifth consecutive quarter of record net income.”
Timothy S. Crane, President and Chief Executive Officer

What changed from last quarter

New guidance: The company reported a dividend increase: cash dividends declared per common share rose to $0.55 from $0.50 in the prior quarter. Source
New: Management described a new net interest margin contribution from two fewer calendar days in the quarter, and the company reported a higher common dividend. Source

Results and growth drivers

Record net income for fifth straight quarter: Net income was a record $227.4 million, or $3.22 diluted EPS, versus $223.0 million, or $3.15, in the fourth quarter of 2025. Management cited the fifth consecutive quarter of record net income. Source
Pre-tax pre-provision income reached record: Pre-tax, pre-provision income (non-GAAP) was a record $330.5 million, compared with $329.8 million in the fourth quarter of 2025. Source
Net interest income slightly lower on fewer days: Net interest income was $579.0 million, down $4.9 million from $583.9 million, primarily due to two fewer calendar days, partly offset by average earning asset growth. Source

Segments and regions

Community banking loans grew across categories: Community banking increased its commercial, commercial real estate and residential real estate loan portfolios; mortgage banking revenue was $23.4 million. Source
Specialty finance premium financing balances eased: Insurance premium financing originations were $5.1 billion; average balances fell $81.0 million versus the fourth quarter, while leasing portfolio balances increased. Source
Wealth management assets under administration: Wealth management revenue was $42.1 million, and assets under administration were approximately $45.9 billion at March 31, 2026, excluding assets owned by the company and its banks. Source

“We believe the continued momentum in our financial results has us well-positioned for the remainder of 2026.”
Timothy S. Crane, President and Chief Executive Officer

Products and customers

Loans grew $1.0 billion, led by several categories: Total loans rose $1.0 billion, or 7% annualized, to $54.1 billion, with growth across most major loan categories, including industrial CRE and mortgage warehouse lines. Source
Deposits grew $1.2 billion with stable mix: Total deposits rose $1.2 billion, or 8% annualized, to $58.9 billion; non-interest-bearing deposits were 20% of total deposits. Source
Wealth management income rose on trust fees: Wealth management revenue increased about $2.7 million, driven primarily by trust and asset management revenue; mortgage banking revenue rose to $23.4 million on higher production revenue. Source

Costs, margins and pricing

Net interest margin rose two basis points: Net interest margin was 3.54% (3.56% fully taxable-equivalent), up two basis points, benefiting from two fewer calendar days. Loan yields fell 13 basis points; interest-bearing deposit funding cost fell 16 basis points. Source
Non-interest expense slightly lower: Non-interest expense was $382.6 million, down $1.9 million; salaries rose $5.9 million on annual merit increases, while travel and entertainment fell $2.5 million after fourth-quarter events. Source
Non-interest expense steady relative to assets: Non-interest expense was 2.21% of average assets, stable from the prior quarter; the efficiency ratio was 53.65%. Source

Demand and the order book

Loan pipelines solid into second quarter: Gross commercial and commercial real estate loan pipelines remained solid at March 31, 2026, indicating momentum for expected continued loan growth in the second quarter of 2026. Source
Mortgage originations fell from fourth quarter: Total mortgage originations were $965.5 million, down from $1.16 billion in the fourth quarter of 2025, while production revenue rose to $13.0 million. Source

Credit quality

Net charge-offs declined to 14 basis points: Net charge-offs were $18.4 million, or 14 basis points annualized, down from $21.8 million, or 17 basis points, in the fourth quarter. Source
Provision rose slightly to $29.6 million: Provision for credit losses was $29.6 million, versus $27.6 million in the fourth quarter; the allowance rose to $471.6 million. Source
Non-performing loans stable at 0.34%: Non-performing loans were $182.7 million, or 0.34% of total loans, versus $185.8 million, or 0.35%, at year-end 2025; non-performing assets were $200.2 million, or 0.28% of total assets. Source

Capital, cash and shareholder returns

Dividend raised to $0.55 per share: Cash dividends declared were $0.55 per common share, up from $0.50 in the fourth quarter of 2025. Source
Capital ratios edged higher: Common equity tier 1 capital ratio (estimated) was 10.4%, up from 10.3%; tangible common equity ratio was 8.5%, unchanged; book value per common share rose to $103.10. Source
Tax rate lower on share-based compensation: Effective tax rate was 24.4%, down from 26.2%; net excess tax benefits from share-based compensation were $6.6 million. Source

Strategy and franchise

Management points to balance sheet growth: Management said the first quarter reflected execution of strategic priorities and expects sustained balance sheet growth alongside expense management and investment in its businesses. Source

Risks management discussed

Demand: Management noted that future economic performance remains uncertain, with model results capturing uncertainty related to credit spreads and equity market valuations. Source
Financial: The company noted that a 100 or 200 basis point rate move affects net interest income under static shock scenarios, with a decline of 1.9% under a 200 basis point decrease. 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 Quarterly Net Income

ROSEMONT, ILLINOIS - Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $227.4 million, or $3.22 per diluted common share, for the first quarter of 2026 compared to net income of $223.0 million, or $3.15 per diluted common share for the fourth quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the first quarter of 2026 totaled a record $330.5 million, as compared to $329.8 million for the fourth quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased with our first quarter 2026 results, with diversified loan growth, robust deposit generation and prudent expense management resulting in a fifth consecutive quarter of record net income. Our multi-faceted business model and unique market position continued to build franchise value.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter remained within our expected range, improving by two basis points to 3.56%. Strong loan growth, coupled with a stable net interest margin supported solid net interest income levels in the first quarter of 2026. Our disciplined approach to underwriting led to strong credit quality with low levels of net charge-offs and non-performing loans.”

Highlights of the first quarter of 2026:

Comparative information to the fourth quarter of 2025, unless otherwise noted

Total loans increased by $1.0 billion, or 7% annualized.
Total deposits increased by $1.2 billion, or 8% annualized.
Total assets increased by $1.0 billion, or 6% annualized.
Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026.
Net interest income decreased to $579.0 million in the first quarter of 2026, compared to $583.9 million in the fourth quarter of 2025, primarily due to two fewer calendar days in the first quarter, partially offset by average earning asset growth during the quarter.
Provision for credit losses totaled $29.6 million in the first quarter of 2026, compared to a provision for credit losses of $27.6 million in the fourth quarter of 2025.
Net charge-offs totaled $18.4 million, or 14 basis points of average total loans on an annualized basis, in the first quarter of 2026 down from $21.8 million, or 17 basis points of average total loans on an annualized basis, in the fourth quarter of 2025.
Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025.

“Our first quarter performance reflected the efficient execution of our strategic priorities to deliver our differentiated customer experience, deliver disciplined and strategic growth and build the foundation for our future”, Mr. Crane said. “We believe the continued momentum in our financial results has us well-positioned for the remainder of 2026. We expect sustained balance sheet growth, as we manage our expenses while investing appropriately in our businesses, to create consistent value for our shareholders.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2026 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

*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 $1.0 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.0 billion increase in total loans. The increase in loans was broad-based with growth across most major loan categories.

Total liabilities increased by $0.9 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.2 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2026 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances represented 20% of total deposits and average 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 first quarter of 2026, net interest income totaled $579.0 million, a decrease of $4.9 million compared to the fourth quarter of 2025. The decrease in net interest income in the first quarter of 2026 was driven by two fewer calendar days in the quarter, partially offset by average earning asset growth during the quarter.

Net interest margin was 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026, up two basis points compared to the fourth quarter of 2025, benefiting from two fewer calendar days in the calendar. The yield on earning assets declined 10 basis points during the first quarter of 2026 primarily due to a 13 basis point decrease in loan yields. Funding cost on interest-bearing deposits decreased by 16 basis points compared to the fourth quarter of 2025, which more than offset the reduction in loan yields. The net free funds contribution in the first quarter of 2026 declined four basis points compared to the fourth quarter of 2025.

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

ASSET QUALITY

The allowance for credit losses totaled $471.6 million as of March 31, 2026, an increase from $460.5 million as of December 31, 2025. A provision for credit losses totaling $29.6 million was recorded for the first quarter of 2026 compared to $27.6 million recorded in the fourth quarter of 2025. The provision for credit losses recognized in the first quarter of 2026 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, model results capture uncertainty related to credit spreads and equity market valuations. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2026, December 31, 2025, and September 30, 2025 is shown on Table 11 of this report.

Net charge-offs totaled $18.4 million in the first quarter of 2026, a decrease of $3.4 million compared to $21.8 million of net charge-offs in the fourth quarter of 2025. Net charge-offs as a percentage of average total loans were 14 basis points in the first quarter of 2026 on an annualized basis compared to 17 basis points on an annualized basis in the fourth quarter of 2025. For more information regarding net charge-offs, see Table 9 in this report.

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

Non-performing assets and non-performing loans were stable compared to prior quarter. Non-performing assets totaled $200.2 million and comprised 0.28% of total assets as of March 31, 2026, as compared to $206.6 million, or 0.29% of total assets, as of December 31, 2025. Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $134.1 million in the first quarter of 2026, increasing $3.7 million, compared to $130.4 million in the fourth quarter of 2025.

Wealth management revenue increased by approximately $2.7 million in the first quarter of 2026, compared to the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily driven by the increase in trust and asset management revenue. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $23.4 million in the first quarter of 2026, compared to $22.6 million in the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized approximately $31,000 in net losses on investment securities in the first quarter of 2026 compared to approximately $1.5 million in net gains in the fourth quarter of 2025. The net losses in the first quarter of 2026 were primarily the result of unrealized losses on the Company’s equity investment securities with a readily determinable fair value.

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

NON-INTEREST EXPENSE

Non-interest expense totaled $382.6 million in the first quarter of 2026, decreasing $1.9 million, compared to $384.5 million in the fourth quarter of 2025. Non-interest expense, as a percent of average assets, remained stable at 2.21% in the first quarter of 2026.

Salaries and employee benefits expense increased by approximately $5.9 million in the first quarter of 2026, compared to the fourth quarter of 2025. This was primarily driven by an increase in base salaries as annual merit increases go into effect in the first quarter.

The Company recorded net OREO expense of $207,000 in the first quarter of 2026, compared to net OREO expense of $2.2 million in the fourth quarter of 2025. The primary driver of the decrease in the first quarter can be attributed to valuation adjustments in the fourth quarter of 2025. Net OREO expenses include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.

Advertising and marketing expenses in the first quarter of 2026 totaled $13.2 million, which was a $574,000 decrease as compared to the fourth quarter of 2025. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

Travel and entertainment expense decreased approximately $2.5 million in the first quarter of 2026, compared to the fourth quarter of 2025. The decrease is primarily attributed to seasonal corporate events that occur in the fourth quarter.

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

INCOME TAXES

The Company recorded income tax expense of $73.6 million in the first quarter of 2026 compared to $79.2 million in the fourth quarter of 2025. The effective tax rates were 24.4% in the first quarter of 2026 compared to 26.2% in the fourth quarter of 2025. The effective tax rates were impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $6.6 million in the first quarter of 2026, compared to net excess tax benefits of $70,000 in the fourth quarter of 2025 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $23.4 million for the first quarter of 2026, an increase of $771,000 compared to the fourth quarter of 2025. See Table 15 for more detail. Service charges on deposit accounts totaled $21.0 million in the first quarter of 2026 as compared to $20.4 million in the fourth quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2026 indicating momentum for expected continued loan growth in the second quarter of 2026.

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 $5.1 billion during the first quarter of 2026. Average balances decreased by $81.0 million, as compared to the fourth quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.0 billion, $1.2 billion, and $362.8 million as of March 31, 2026, respectively, compared to $2.9 billion, $1.2 billion, and $360.6 million as of December 31, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.2 million in the first quarter of 2026, which was relatively stable compared to the fourth 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 $42.1 million in the first quarter of 2026, an increase as compared to the fourth quarter of 2025. At March 31, 2026, the Company’s wealth management subsidiaries had approximately $45.9 billion of assets under administration, which excludes 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 first quarter of 2026, as compared to the fourth quarter of 2025 (sequential quarter) and first quarter of 2025 (linked quarter), are shown in the table below:

							% or basis point (bp) change from4th Quarter2025	% or basis point (bp) change from 1st Quarter 2025
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2026		Dec 31, 2025		Mar 31, 2025
Net income	$227,388		$223,024		$189,039		2%	20%
Pre-tax income, excluding provision for credit losses (non-GAAP)	330,534		329,811		277,018		0	19
Net income per common share - Diluted	3.22		3.15		2.69		2	20
Cash dividends declared per common share	0.55		0.50		0.50		10	10
Net revenue	713,166		714,264		643,108		0	11
Net interest income	579,024		583,874		526,474		(1)	10
Net interest margin	3.54%		3.52%		3.54%		2bps	- bps
Net interest margin - fully taxable-equivalent (non-GAAP)	3.56		3.54		3.56		2	-
Net overhead ratio	1.44		1.45		1.58		(1)	(14)
Return on average assets	1.32		1.27		1.20		5	12
Return on average common equity	12.76		12.63		12.21		13	55
Return on average tangible common equity (non-GAAP)	14.89		14.83		14.72		6	17
At end of period
Total assets		$72,157,433		$71,142,046		$65,870,066	6%	10%
Total loans		54,071,292		53,105,101		48,708,390	7	11
Total deposits		58,914,382		57,717,191		53,570,038	8	10
Total shareholders’ equity		7,378,100		7,258,715		6,600,537	7	12

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

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

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

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

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

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

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025
Selected Financial Condition Data (at end of period):
Total assets		$72,157,433		$71,142,046		$69,629,638		$68,983,318		$65,870,066
Total loans		54,071,292		53,105,101		52,063,482		51,041,679		48,708,390
Total deposits		58,914,382		57,717,191		56,711,381		55,816,811		53,570,038
Total shareholders’ equity		7,378,100		7,258,715		7,045,757		7,225,696		6,600,537
Selected Statements of Income Data:
Net interest income	$579,024		$583,874		$567,010		$546,694		$526,474
Net revenue	713,166		714,264		697,837		670,783		643,108
Net income	227,388		223,024		216,254		195,527		189,039
Pre-tax income, excluding provision for credit losses (non-GAAP)	330,534		329,811		317,809		289,322		277,018
Net income per common share - Basic	3.26		3.21		2.82		2.82		2.73
Net income per common share - Diluted	3.22		3.15		2.78		2.78		2.69
Cash dividends declared per common share	0.55		0.50		0.50		0.50		0.50
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.54%		3.52%		3.48%		3.52%		3.54%
Net interest margin - fully taxable-equivalent (non-GAAP)	3.56		3.54		3.50		3.54		3.56
Non-interest income to average assets	0.78		0.74		0.76		0.76		0.74
Non-interest expense to average assets	2.21		2.19		2.21		2.32		2.32
Net overhead ratio	1.44		1.45		1.45		1.57		1.58
Return on average assets	1.32		1.27		1.26		1.19		1.20
Return on average common equity	12.76		12.63		11.58		12.07		12.21
Return on average tangible common equity (non-GAAP)	14.89		14.83		13.74		14.44		14.72
Average total assets	$70,089,123		$69,492,268		$68,303,036		$65,840,345		$64,107,042
Average total shareholders’ equity	7,387,713		7,166,608		6,955,543		6,862,040		6,460,941
Average loans to average deposits ratio	93.1%		92.4%		92.5%		93.0%		92.3%
Period-end loans to deposits ratio	91.8		92.0		91.8		91.4		90.9
Common Share Data at end of period:
Market price per common share	$138.94		$139.82		$132.44		$123.98		$112.46
Book value per common share	103.10		102.03		98.87		95.43		92.47
Tangible book value per common share (non-GAAP)	89.90		88.66		85.39		81.86		78.83
Common shares outstanding		67,437,300		66,974,913		66,961,209		66,937,732		66,919,325
Other Data at end of period:
Common equity to assets ratio	9.6%		9.6%		9.5%		9.3%		9.4%
Tangible common equity ratio (non-GAAP)	8.5		8.5		8.3		8.0		8.1
Tier 1 leverage ratio	9.8		9.6		9.5		10.2		9.6
Risk-based capital ratios:
Tier 1 capital ratio	11.1		11.0		10.9		11.5		10.8
Common equity tier 1 capital ratio	10.4		10.3		10.2		10.0		10.1
Total capital ratio	12.5		12.4		12.4		13.0		12.5
Allowance for credit losses	$471,591		$460,465		$454,586		$457,461		$448,387
Allowance for loan and unfunded lending-related commitment losses to total loans	0.87%		0.87%		0.87%		0.90%		0.92%
Number of:
Bank subsidiaries	16		16		16		16		16
Banking offices	209		209		208		208		208

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

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

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

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

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

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)				(Unaudited)		(Unaudited)		(Unaudited)
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)		2026		2025		2025		2025		2025
Assets
Cash and due from banks	$543,654		$467,874		$565,406		$695,501		$616,216
Federal funds sold and securities purchased under resale agreements	65		64		63		63		63
Interest-bearing deposits with banks	3,051,665		3,180,553		3,422,452		4,569,618		4,238,237
Available-for-sale securities, at fair value	7,244,282		6,236,263		5,274,124		4,885,715		4,220,305
Held-to-maturity securities, at amortized cost	3,270,207		3,343,905		3,438,406		3,502,186		3,564,490
Equity securities with readily determinable fair value	63,786		63,770		63,445		273,722		270,442
Federal Home Loan Bank and Federal Reserve Bank stock	292,044		291,881		282,755		282,087		281,893
Mortgage loans held-for-sale, at fair value	383,405		340,745		333,883		299,606		316,804
Loans, net of unearned income	54,071,292		53,105,101		52,063,482		51,041,679		48,708,390
Allowance for loan losses	(390,651)		(379,283)		(386,622)		(391,654)		(378,207)
Net loans	53,680,641		52,725,818		51,676,860		50,650,025		48,330,183
Premises, software and equipment, net	777,603		781,611		775,425		776,324		776,679
Lease investments, net	362,766		360,646		301,000		289,768		280,472
Accrued interest receivable and other assets	1,596,617		1,617,682		1,614,674		1,610,025		1,598,255
Receivable on unsettled securities sales	-		835,275		978,209		240,039		463,023
Goodwill	797,658		797,960		797,639		798,144		796,932
Other acquisition-related intangible assets	93,040		97,999		105,297		110,495		116,072
Total assets	$72,157,433		$71,142,046		$69,629,638		$68,983,318		$65,870,066
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$12,112,891		$11,423,701		$10,952,146		$10,877,166		$11,201,859
Interest-bearing	46,801,491		46,293,490		45,759,235		44,939,645		42,368,179
Total deposits	58,914,382		57,717,191		56,711,381		55,816,811		53,570,038
Federal Home Loan Bank advances	3,451,309		3,451,309		3,151,309		3,151,309		3,151,309
Other borrowings	340,647		477,966		579,328		625,392		529,269
Subordinated notes	298,717		298,636		298,536		298,458		298,360
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Payable on unsettled securities purchases	-		-		-		39,105		-
Accrued interest payable and other liabilities	1,520,712		1,684,663		1,589,761		1,572,981		1,466,987
Total liabilities	64,779,333		63,883,331		62,583,881		61,757,622		59,269,529
Shareholders’ Equity:
Preferred stock	425,000		425,000		425,000		837,500		412,500
Common stock	67,525		67,062		67,042		67,025		67,007
Surplus	2,546,792		2,534,024		2,521,306		2,495,637		2,494,347
Treasury stock	(13,970)		(9,156)		(9,150)		(9,156)		(9,156)
Retained earnings	4,719,561		4,537,539		4,356,367		4,200,923		4,045,854
Accumulated other comprehensive loss	(366,808)		(295,754)		(314,808)		(366,233)		(410,015)
Total shareholders’ equity	7,378,100		7,258,715		7,045,757		7,225,696		6,600,537
Total liabilities and shareholders’ equity	$72,157,433		$71,142,046		$69,629,638		$68,983,318		$65,870,066

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025
Interest income
Interest and fees on loans	$797,889		$822,494		$832,140		$797,997		$768,362
Mortgage loans held-for-sale	4,615		5,607		4,757		4,872		4,246
Interest-bearing deposits with banks	19,150		27,190		34,992		34,317		36,766
Federal funds sold and securities purchased under resale agreements	64		77		75		276		179
Investment securities	100,278		95,461		86,426		78,053		72,016
Trading account securities	-		-		-		-		11
Federal Home Loan Bank and Federal Reserve Bank stock	5,564		5,497		5,444		5,393		5,307
Brokerage customer receivables	-		-		-		-		78
Total interest income	927,560		956,326		963,834		920,908		886,965
Interest expense
Interest on deposits	309,187		332,178		355,846		333,470		320,233
Interest on Federal Home Loan Bank advances	27,701		26,408		26,007		25,724		25,441
Interest on other borrowings	4,026		5,956		6,887		6,957		6,792
Interest on subordinated notes	3,719		3,737		3,717		3,735		3,714
Interest on junior subordinated debentures	3,903		4,173		4,367		4,328		4,311
Total interest expense	348,536		372,452		396,824		374,214		360,491
Net interest income	579,024		583,874		567,010		546,694		526,474
Provision for credit losses	29,594		27,588		21,768		22,234		23,963
Net interest income after provision for credit losses	549,430		556,286		545,242		524,460		502,511
Non-interest income
Wealth management	42,059		39,365		37,188		36,821		34,042
Mortgage banking	23,396		22,625		24,451		23,170		20,529
Service charges on deposit accounts	20,970		20,402		19,825		19,502		19,362
(Losses) gains on investment securities, net	(31)		1,505		2,972		650		3,196
Fees from covered call options	4,669		5,992		5,619		5,624		3,446
Trading gains (losses), net	10		(257)		172		151		(64)
Operating lease income, net	19,154		16,365		15,466		15,166		15,287
Other	23,915		24,393		25,134		23,005		20,836
Total non-interest income	134,142		130,390		130,827		124,089		116,634
Non-interest expense
Salaries and employee benefits	228,447		222,557		219,668		219,541		211,526
Software and equipment	35,654		36,096		35,027		36,522		34,717
Operating lease equipment	10,987		11,034		10,409		10,757		10,471
Occupancy, net	20,566		20,105		20,809		20,228		20,778
Data processing	11,266		11,809		11,329		12,110		11,274
Advertising and marketing	13,218		13,792		19,027		18,761		12,272
Professional fees	7,375		8,280		7,465		9,243		9,044
Amortization of other acquisition-related intangible assets	4,958		4,999		5,196		5,580		5,618
FDIC insurance	10,990		10,562		11,418		10,971		10,926
Other real estate owned (“OREO”) expenses, net	207		2,162		262		505		643
Other	38,964		43,057		39,418		37,243		38,821
Total non-interest expense	382,632		384,453		380,028		381,461		366,090
Income before taxes	300,940		302,223		296,041		267,088		253,055
Income tax expense	73,552		79,199		79,787		71,561		64,016
Net income	$227,388		$223,024		$216,254		$195,527		$189,039
Preferred stock dividends	8,367		8,367		13,295		6,991		6,991
Preferred stock redemption	-		-		14,046		-		-
Net income applicable to common shares	$219,021		$214,657		$188,913		$188,536		$182,048
Net income per common share - Basic	$3.26		$3.21		$2.82		$2.82		$2.73
Net income per common share - Diluted	$3.22		$3.15		$2.78		$2.78		$2.69
Cash dividends declared per common share	$0.55		$0.50		$0.50		$0.50		$0.50
Weighted average common shares outstanding		67,246		66,970		66,952		66,931		66,726
Dilutive potential common shares	851		1,143		1,028		888		923
Average common shares and dilutive common shares	68,097		68,113		67,980		67,819		67,649

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

						% Growth From
(Dollars in thousands)	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2025		Mar 31, 2025
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$249,350	$217,136	$211,360	$192,633	$181,580	60%		37%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	134,055	123,609	122,523	106,973	135,224	34		(1)
Total mortgage loans held-for-sale	$383,405	$340,745	$333,883	$299,606	$316,804	51%		21%
Core loans:
Commercial
Commercial and industrial	$7,620,239	$7,267,505	$7,135,083	$7,028,247	$6,871,206	20%		11%
Asset-based lending	1,558,089	1,512,888	1,588,522	1,663,693	1,701,962	12		(8)
Municipal	839,633	868,958	804,986	771,785	798,646	(14)		5
Leases	3,002,014	2,921,366	2,834,563	2,757,331	2,680,943	11		12
Commercial real estate
Residential construction	53,097	54,753	60,923	59,027	55,849	(12)		(5)
Commercial construction	1,959,375	2,013,244	2,273,545	2,165,263	2,086,797	(11)		(6)
Land	311,470	341,585	323,685	304,827	306,235	(36)		2
Office	1,652,482	1,688,614	1,578,208	1,601,208	1,641,555	(9)		1
Industrial	3,323,977	3,167,768	2,912,547	2,824,889	2,677,555	20		24
Retail	1,469,658	1,436,252	1,478,861	1,452,351	1,402,837	9		5
Multi-family	3,565,419	3,445,507	3,306,597	3,200,578	3,091,314	14		15
Mixed use and other	1,826,808	1,793,013	1,684,841	1,683,867	1,652,759	8		11
Home equity	471,264	480,525	484,202	466,815	455,683	(8)		3
Residential real estate
Residential real estate loans for investment	4,319,941	4,171,439	4,019,046	3,814,715	3,561,417	14		21
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	83,036	84,706	75,088	80,800	86,952	(8)		(5)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	62,189	61,087	49,736	53,267	36,790		7	69
Total core loans	$32,118,691	$31,309,210	$30,610,433	$29,928,663	$29,108,500	10%		10%
Niche loans:
Commercial
Franchise	$1,293,639	$1,298,493	$1,298,140	$1,286,265	$1,262,555	(2)%		2%
Mortgage warehouse lines of credit	1,800,972	1,515,003	1,204,661	1,232,530	1,019,543	77			77
Community Advantage - homeowners association	526,274	532,027	537,696	526,595	525,492	(4)		-
Insurance agency lending	1,122,361	1,128,446	1,140,691	1,120,985	1,070,979	(2)		5
Premium Finance receivables
U.S. property & casualty insurance	7,127,234	7,308,054	7,502,901	7,378,340	6,486,663	(10)		10
Canada property & casualty insurance	763,097	875,362	863,391	944,836	753,199		(52)	1
Life insurance	9,196,382	9,023,642	8,758,553	8,506,960	8,365,140	8		10
Consumer and other	122,642	114,864	147,016	116,505	116,319	27		5
Total niche loans	$21,952,601	$21,795,891	$21,453,049	$21,113,016	$19,599,890	3%		12%
Total loans, net of unearned income	$54,071,292	$53,105,101	$52,063,482	$51,041,679	$48,708,390	7%		11%

(1)NM - Not Meaningful.

(2)Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

											% Growth From
(Dollars in thousands)	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2025	Mar 31, 2025
Balance:
Non-interest-bearing		$12,112,891		$11,423,701		$10,952,146		$10,877,166		$11,201,859	24%	8%
NOW and interest-bearing demand deposits		5,987,258		6,233,753		6,710,919		6,795,725		6,340,168	(16)	(6)
Wealth management deposits		1,670,620		1,907,647		1,600,735		1,595,764		1,408,790	(50)	19
Money market		21,714,267		21,368,924		20,270,382		19,556,041		18,074,733	7	20
Savings		6,942,565		6,905,216		6,758,743		6,659,419		6,576,251	2	6
Time certificates of deposit		10,486,781		9,877,950		10,418,456		10,332,696		9,968,237	25	5
Total deposits		$58,914,382		$57,717,191		$56,711,381		$55,816,811		$53,570,038	8%	10%
Mix:
Non-interest-bearing	20%		20%		19%		19%		21%
NOW and interest-bearing demand deposits	10		11		12		12		12
Wealth management deposits	3		3		3		3		3
Money market	37		37		36		35		34
Savings	12		12		12		12		12
Time certificates of deposit	18		17		18		19		18
Total deposits	100%		100%		100%		100%		100%

(1)Annualized.

(2)Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS

As of March 31, 2026

(Dollars in thousands)	Total Time Certificates of Deposit	Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$2,650,966	3.45%
4-6 months	5,018,880	3.51
7-9 months	1,589,764	3.37
10-12 months	822,123	3.40
13-18 months	243,686	2.88
19-24 months	70,182	2.85
24+ months	91,180	2.72
Total	$10,486,781	3.44%

TABLE 4: QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)		2026		2025		2025		2025		2025
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$2,247,083		$2,842,829		$3,276,683		$3,308,199		$3,520,048
Investment securities	10,616,617		10,084,138		9,377,930		8,801,560		8,409,735
FHLB and FRB stock	291,972		284,643		282,338		282,001		281,702
Liquidity management assets	$13,155,672		$13,211,610		$12,936,951		$12,391,760		$12,211,485
Other earning assets (4) (5)	-		-		-		-		13,140
Mortgage loans held-for-sale	317,047		357,672		295,365		310,534		286,710
Loans, net of unearned income (4) (6)	52,845,685		52,193,637		51,403,566		49,517,635		47,833,380
Total earning assets	$66,318,404		$65,762,919		$64,635,882		$62,219,929		$60,344,715
Allowance for loan and investment security losses	(391,810)		(404,075)		(410,681)		(398,685)		(375,371)
Cash and due from banks	534,189		517,616		495,292		478,707		476,423
Other assets	3,628,340		3,615,808		3,582,543		3,540,394		3,661,275
Total assets	$70,089,123		$69,492,268		$68,303,036		$65,840,345		$64,107,042
NOW and interest-bearing demand deposits	$6,081,218		$6,133,333		$6,687,292		$6,423,050		$6,046,189
Wealth management deposits	1,858,560		1,925,808		1,604,142		1,552,989		1,574,480
Money market accounts	21,156,125		20,475,659		19,431,021		18,184,754		17,581,141
Savings accounts	6,921,251		6,814,263		6,723,325		6,578,698		6,479,444
Time deposits	9,782,112		10,045,136		10,319,719		9,841,702		9,406,126
Interest-bearing deposits	$45,799,266		$45,394,199		$44,765,499		$42,581,193		$41,087,380
FHLB advances	3,451,312		3,203,483		3,151,310		3,151,310		3,151,309
Other borrowings	442,200		547,507		614,892		593,657		582,139
Subordinated notes	298,661		298,576		298,481		298,398		298,306
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	$50,245,005		$49,697,331		$49,083,748		$46,878,124		$45,372,700
Non-interest-bearing deposits	10,963,887		11,080,254		10,791,709		10,643,798		10,732,156
Other liabilities	1,492,518		1,548,075		1,472,036		1,456,383		1,541,245
Equity	7,387,713		7,166,608		6,955,543		6,862,040		6,460,941
Total liabilities and shareholders’ equity	$70,089,123		$69,492,268		$68,303,036		$65,840,345		$64,107,042
Net free funds/contribution	$16,073,399		$16,065,588		$15,552,134		$15,341,805		$14,972,015

(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 17: 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,
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)		2026		2025		2025		2025		2025
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$19,214		$27,267		$35,067		$34,593		$36,945
Investment securities	100,864		96,122		87,101		78,733		72,706
FHLB and FRB stock	5,564		5,497		5,444		5,393		5,307
Liquidity management assets	$125,642		$128,886		$127,612		$118,719		$114,958
Other earning assets	-		-		-		-		92
Mortgage loans held-for-sale	4,615		5,607		4,757		4,872		4,246
Loans, net of unearned income	799,915		824,628		834,294		800,197		770,568
Total interest income	$930,172		$959,121		$966,663		$923,788		$889,864
Interest expense:
NOW and interest-bearing demand deposits	$29,666		$31,681		$40,448		$37,517		$33,600
Wealth management deposits	8,941		10,011		8,415		8,182		8,606
Money market accounts	155,299		163,585		169,831		155,890		146,374
Savings accounts	30,672		34,371		38,844		37,637		35,923
Time deposits	84,609		92,530		98,308		94,244		95,730
Interest-bearing deposits	$309,187		$332,178		$355,846		$333,470		$320,233
FHLB advances	27,701		26,408		26,007		25,724		25,441
Other borrowings	4,026		5,956		6,887		6,957		6,792
Subordinated notes	3,719		3,737		3,717		3,735		3,714
Junior subordinated debentures	3,903		4,173		4,367		4,328		4,311
Total interest expense	$348,536		$372,452		$396,824		$374,214		$360,491
Less: Fully taxable-equivalent adjustment	(2,612)		(2,795)		(2,829)		(2,880)		(2,899)
Net interest income (GAAP)	579,024		583,874		567,010		546,694		526,474
Fully taxable-equivalent adjustment	2,612		2,795		2,829		2,880		2,899
Net interest income, fully taxable-equivalent (non-GAAP)	$581,636		$586,669		$569,839		$549,574		$529,373

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

TABLE 6: QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	3.47%	3.81%	4.25%	4.19%	4.26%
Investment securities	3.85	3.78	3.68	3.59	3.51
FHLB and FRB stock	7.73	7.66	7.65	7.67	7.64
Liquidity management assets	3.87%	3.87%	3.91%	3.84%	3.82%
Other earning assets	-	-	-	-	2.84
Mortgage loans held-for-sale	5.90	6.22	6.39	6.29	6.01
Loans, net of unearned income	6.14	6.27	6.44	6.48	6.53
Total earning assets	5.69%	5.79%	5.93%	5.96%	5.98%
Rate paid on:
NOW and interest-bearing demand deposits	1.98%	2.05%	2.40%	2.34%	2.25%
Wealth management deposits	1.95	2.06	2.08	2.11	2.22
Money market accounts	2.98	3.17	3.47	3.44	3.38
Savings accounts	1.80	2.00	2.29	2.29	2.25
Time deposits	3.51	3.65	3.78	3.84	4.13
Interest-bearing deposits	2.74%	2.90%	3.15%	3.14%	3.16%
FHLB advances	3.26	3.27	3.27	3.27	3.27
Other borrowings	3.69	4.32	4.44	4.70	4.73
Subordinated notes	5.05	4.97	4.94	5.02	5.05
Junior subordinated debentures	6.24	6.53	6.83	6.85	6.90
Total interest-bearing liabilities	2.81%	2.97%	3.21%	3.20%	3.22%
Interest rate spread (2) (3)	2.88%	2.82%	2.72%	2.76%	2.76%
Less: Fully taxable-equivalent adjustment	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)
Net free funds/contribution	0.68	0.72	0.78	0.78	0.80
Net interest margin (GAAP)	3.54%	3.52%	3.48%	3.52%	3.54%
Fully taxable-equivalent adjustment	0.02	0.02	0.02	0.02	0.02
Net interest margin, fully taxable-equivalent (non-GAAP)	3.56%	3.54%	3.50%	3.54%	3.56%

(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 17: 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: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario	+200 Basis Points	+100 Basis Points	-100 Basis Points	-200 Basis Points
Mar 31, 2026	(0.8)%	(0.1)%	(1.0)%	(1.9)%
Dec 31, 2025	(1.6)	(0.5)	(0.5)	(0.8)
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)

Ramp Scenario	+200 Basis Points	+100 Basis Points	-100 Basis Points	-200 Basis Points
Mar 31, 2026	(0.1)%	0.0%	(0.1)%	(0.3)%
Dec 31, 2025	(0.0)	0.1	(0.1)	(0.2)
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)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. Management has taken action to reposition its sensitivity to interest rates to stabilize net interest margin following the rise in short term interest rates in 2022 and 2023. To this end, management has executed various derivative instruments including collars, floors and receive-fixed swaps to hedge variable-rate loan exposures. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of March 31, 2026	One year or less	From one to five years	From five to fifteen years	After fifteen years	Total
(In thousands)
Commercial
Fixed rate	$521,142	$4,062,342	$2,182,827	$19,916	$6,786,227
Variable rate	10,975,702	1,292	-	-	10,976,994
Total commercial	$11,496,844	$4,063,634	$2,182,827	$19,916	$17,763,221
Commercial real estate
Fixed rate	$860,484	$2,648,718	$345,954	$71,217	$3,926,373
Variable rate	10,225,429	10,419	65	-	10,235,913
Total commercial real estate	$11,085,913	$2,659,137	$346,019	$71,217	$14,162,286
Home equity
Fixed rate	$9,160	$1,141	$ -	$8	$10,309
Variable rate	460,955	-	-	-	460,955
Total home equity	$470,115	$1,141	$ -	$8	$471,264
Residential real estate
Fixed rate	$20,050	$4,549	$68,021	$1,052,334	$1,144,954
Variable rate	126,191	776,281	2,417,740	-	3,320,212
Total residential real estate	$146,241	$780,830	$2,485,761	$1,052,334	$4,465,166
Premium finance receivables - property & casualty
Fixed rate	$7,762,445	$127,886	$ -	$ -	$7,890,331
Variable rate	-	-	-	-	-
Total premium finance receivables - property & casualty	$7,762,445	$127,886	$ -	$ -	$7,890,331
Premium finance receivables - life insurance
Fixed rate	$55,951	$88,566	$ -	$ -	$144,517
Variable rate	9,051,865	-	-	-	9,051,865
Total premium finance receivables - life insurance	$9,107,816	$88,566	$ -	$ -	$9,196,382
Consumer and other
Fixed rate	$29,654	$8,473	$857	$842	$39,826
Variable rate	82,816	-	-	-	82,816
Total consumer and other	$112,470	$8,473	$857	$842	$122,642
Total per category
Fixed rate	$9,258,886	$6,941,675	$2,597,659	$1,144,317	$19,942,537
Variable rate	30,922,958	787,992	2,417,805	-	34,128,755
Total loans, net of unearned income	$40,181,844	$7,729,667	$5,015,464	$1,144,317	$54,071,292
Less: Existing cash flow hedging derivatives	(5,900,000)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$34,281,844
Variable Rate Loan Pricing by Index:
SOFR tenors					$22,224,818
12- month CMT					7,992,586
Prime					3,011,508
Fed Funds					625,005
Other U.S. Treasury tenors					175,047
Other					99,791
Total variable rate					$34,128,755

(1)Excludes cash flow hedges with future effective starting dates and those that have matured as of March 31, 2026. The $5.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $4.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of March 31, 2026.

(2)SOFR - Secured Overnight Financing Rate.

(3)CMT - Constant Maturity Treasury Rate.

	3/31/2025	4/30/2025	5/31/2025	6/30/2025	7/31/2025	8/31/2025	9/30/2025	10/31/2025	11/30/2025	12/31/2025	1/31/2026	2/28/2026	3/31/2026
1M SOFR	4.32	4.32	4.32	4.32	4.35	4.27	4.13	4.00	3.86	3.69	3.67	3.67	3.66
12M CMT	4.03	3.85	4.11	3.96	4.10	3.83	3.68	3.70	3.61	3.48	3.48	3.48	3.68
Prime	7.50	7.50	7.50	7.50	7.50	7.50	7.25	7.00	7.00	6.75	6.75	6.75	6.75

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 $19.5 billion tied to one-month SOFR and $8.0 billion tied to twelve-month CMT. The above chart shows:

	Basis Point (bp) Change in
	1-month SOFR		12- month CMT		Prime
First Quarter 2026	(3)bps			20bps	- bps
Fourth Quarter 2025	(44)		(20)		(50)
Third Quarter 2025		(19)		(28)		(25)
Second Quarter 2025		-		(7)		-
First Quarter 2025		(1)		(13)		-

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)		2026		2025		2025		2025		2025
Allowance for credit losses at beginning of period	$460,465		$454,586		$457,461		$448,387		$437,060
Provision for credit losses - Other	29,594		27,588		21,768		22,234		23,963
Other adjustments	(50)		71		(88)		180		4
Charge-offs:
Commercial	8,428		12,894		21,597		6,148		9,722
Commercial real estate	7,260		5,625		144		5,711		454
Home equity	-		-		27		111		-
Residential real estate	350		-		26		-		-
Premium finance receivables - property & casualty	7,431		8,354		6,860		6,346		7,114
Premium finance receivables - life insurance	-		-		18		-		12
Consumer and other	180		203		174		179		147
Total charge-offs	23,649		27,076		28,846		18,495		17,449
Recoveries:
Commercial	1,419		956		1,449		1,746		929
Commercial real estate	6		4		241		10		12
Home equity	303		28		104		30		216
Residential real estate	1		1		1		2		136
Premium finance receivables - property & casualty	3,437		4,275		2,459		3,335		3,487
Premium finance receivables - life insurance	-		-		-		-		-
Consumer and other	65		32		37		32		29
Total recoveries	5,231		5,296		4,291		5,155		4,809
Net charge-offs	(18,418)		(21,780)		(24,555)		(13,340)		(12,640)
Allowance for credit losses at period end	$471,591		$460,465		$454,586		$457,461		$448,387
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.17%		0.29%		0.49%		0.11%		0.23%
Commercial real estate	0.21		0.16		(0.00)		0.17		0.01
Home equity	(0.26)		(0.02)		(0.06)		0.07		(0.20)
Residential real estate	0.03		(0.00)		0.00		(0.00)		(0.02)
Premium finance receivables - property & casualty	0.20		0.20		0.20		0.16		0.20
Premium finance receivables - life insurance	-		-		0.00		-		0.00
Consumer and other	0.35		0.47		0.40		0.44		0.45
Total loans, net of unearned income	0.14%		0.17%		0.19%		0.11%		0.11%
Loans at period end	$54,071,292		$53,105,101		$52,063,482		$51,041,679		$48,708,390
Allowance for loan losses as a percentage of loans at period end	0.72%		0.71%		0.74%		0.77%		0.78%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.87		0.87		0.87		0.90		0.92

PCD - Purchase Credit Deteriorated

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)		2026		2025		2025		2025		2025
Provision for loan losses - Other	$29,836		$14,369		$19,610		$26,607		$26,826
Provision for unfunded lending-related commitments losses - Other	(239)		13,354		2,160		(4,325)		(2,852)
Provision for held-to-maturity securities losses	(3)		(135)		(2)		(48)		(11)
Provision for credit losses	$29,594		$27,588		$21,768		$22,234		$23,963
Allowance for loan losses	$390,651		$379,283		$386,622		$391,654		$378,207
Allowance for unfunded lending-related commitments losses	80,683		80,922		67,569		65,409		69,734
Allowance for loan losses and unfunded lending-related commitments losses	471,334		460,205		454,191		457,063		447,941
Allowance for held-to-maturity securities losses	257		260		395		398		446
Allowance for credit losses	$471,591		$460,465		$454,586		$457,461		$448,387

PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2026, December 31, 2025 and September 30, 2025.

	As of Mar 31, 2026			As of Dec 31, 2025			As of Sep 30, 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	$17,763,221	$210,959	1.19%	$17,044,686	$178,545	1.05%	$16,544,342	$189,476	1.15%
Commercial real estate:
Construction and development	2,323,942	74,092	3.19	2,409,582	93,106	3.86	2,658,153	78,765	2.96
Non-construction	11,838,344	150,778	1.27	11,531,154	153,827	1.33	10,961,054	151,712	1.38
Total commercial real estate	$14,162,286	$224,870	1.59%	$13,940,736	$246,933	1.77%	$13,619,207	$230,477	1.69%
Total commercial and commercial real estate	$31,925,507	$435,829	1.37%	$30,985,422	$425,478	1.37%	$30,163,549	$419,953	1.39%
Home equity	471,264	10,213	2.17	480,525	10,402	2.16	484,202	9,229	1.91
Residential real estate	4,465,166	13,081	0.29	4,317,232	12,519	0.29	4,143,870	12,013	0.29
Premium finance receivables - property & casualty	7,890,331	10,591	0.13	8,183,416	10,226	0.12	8,366,292	11,187	0.13
Premium finance receivables - life insurance	9,196,382	800	0.01	9,023,642	785	0.01	8,758,553	762	0.01
Consumer and other	122,642	820	0.67	114,864	795	0.69	147,016	1,047	0.71
Total loans, net of unearned income	$54,071,292	$471,334	0.87%	$53,105,101	$460,205	0.87%	$52,063,482	$454,191	0.87%
Total core loans	$32,118,691	$408,892	1.27%	$31,309,210	$412,714	1.32%	$30,610,433	$408,780	1.34%
Total niche loans	21,952,601	62,442	0.28	21,795,891	47,491	0.22	21,453,049	45,411	0.21

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

TABLE 12: LOAN PORTFOLIO AGING

(In thousands)	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025
Loan Balances:
Commercial
Nonaccrual	$87,750	$78,059	$66,577	$80,877	$70,560
90+ days and still accruing	-	-	-	-	46
60-89 days past due	9,996	22,952	12,190	34,855	15,243
30-59 days past due	90,389	90,205	36,136	45,103	97,397
Current	17,575,086	16,853,470	16,429,439	16,226,596	15,748,080
Total commercial	$17,763,221	$17,044,686	$16,544,342	$16,387,431	$15,931,326
Commercial real estate
Nonaccrual	$16,757	$25,147	$28,202	$32,828	$26,187
90+ days and still accruing	-	-	-	-	-
60-89 days past due	17,133	19,529	14,119	11,257	6,995
30-59 days past due	54,143	65,601	83,055	51,173	83,653
Current	14,074,253	13,830,459	13,493,831	13,196,752	12,798,066
Total commercial real estate	$14,162,286	$13,940,736	$13,619,207	$13,292,010	$12,914,901
Home equity
Nonaccrual	$1,142	$1,221	$1,295	$1,780	$2,070
90+ days and still accruing	-	-	-	-	-
60-89 days past due	463	1,112	246	138	984
30-59 days past due	2,012	2,818	2,294	2,971	3,403
Current	467,647	475,374	480,367	461,926	449,226
Total home equity	$471,264	$480,525	$484,202	$466,815	$455,683
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies	$145,225	$145,793	$124,824	$134,067	$123,742
Nonaccrual	27,360	32,862	28,942	28,047	22,522
90+ days and still accruing	-	-	-	-	-
60-89 days past due	129	7,562	8,829	8,954	1,351
30-59 days past due	30,854	24,908	95	38	38,943
Current	4,261,598	4,106,107	3,981,180	3,777,676	3,498,601
Total residential real estate	$4,465,166	$4,317,232	$4,143,870	$3,948,782	$3,685,159
Premium finance receivables - property & casualty
Nonaccrual	$33,891	$29,354	$24,512	$30,404	$29,846
90+ days and still accruing	15,823	19,115	13,006	14,350	18,081
60-89 days past due	16,188	29,294	23,527	25,641	19,717
30-59 days past due	47,936	57,685	38,133	29,460	39,459
Current	7,776,493	8,047,968	8,267,114	8,223,321	7,132,759
Total Premium finance receivables - property & casualty	$7,890,331	$8,183,416	$8,366,292	$8,323,176	$7,239,862
Premium finance receivables - life insurance
Nonaccrual	$ -	$ -	$ -	$ -	$ -
90+ days and still accruing	-	-	-	327	2,962
60-89 days past due	22,690	13,887	34,016	11,202	10,587
30-59 days past due	58,760	22,806	34,506	34,403	29,924
Current	9,114,932	8,986,949	8,690,031	8,461,028	8,321,667
Total Premium finance receivables - life insurance	$9,196,382	$9,023,642	$8,758,553	$8,506,960	$8,365,140
Consumer and other
Nonaccrual	$16	$8	$38	$41	$18
90+ days and still accruing	10	42	60	184	98
60-89 days past due	130	466	49	61	162
30-59 days past due	230	643	159	175	542
Current	122,256	113,705	146,710	116,044	115,499
Total consumer and other	$122,642	$114,864	$147,016	$116,505	$116,319
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies	$145,225	$145,793	$124,824	$134,067	$123,742
Nonaccrual	166,916	166,651	149,566	173,977	151,203
90+ days and still accruing	15,833	19,157	13,066	14,861	21,187
60-89 days past due	66,729	94,802	92,976	92,108	55,039
30-59 days past due	284,324	264,666	194,378	163,323	293,321
Current	53,392,265	52,414,032	51,488,672	50,463,343	48,063,898
Total loans, net of unearned income	$54,071,292	$53,105,101	$52,063,482	$51,041,679	$48,708,390

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

TABLE 13: NON-PERFORMING ASSETS

	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)		2026		2025		2025		2025		2025
Loans past due greater than 90 days and still accruing:
Commercial	$ -		$ -		$ -		$ -		$46
Commercial real estate	-		-		-		-		-
Home equity	-		-		-		-		-
Residential real estate	-		-		-		-		-
Premium finance receivables - property & casualty	15,823		19,115		13,006		14,350		18,081
Premium finance receivables - life insurance	-		-		-		327		2,962
Consumer and other	10		42		60		184		98
Total loans past due greater than 90 days and still accruing	15,833		19,157		13,066		14,861		21,187
Non-accrual loans:
Commercial	87,750		78,059		66,577		80,877		70,560
Commercial real estate	16,757		25,147		28,202		32,828		26,187
Home equity	1,142		1,221		1,295		1,780		2,070
Residential real estate	27,360		32,862		28,942		28,047		22,522
Premium finance receivables - property & casualty	33,891		29,354		24,512		30,404		29,846
Premium finance receivables - life insurance	-		-		-		-		-
Consumer and other	16		8		38		41		18
Total non-accrual loans	166,916		166,651		149,566		173,977		151,203
Total non-performing loans:
Commercial	87,750		78,059		66,577		80,877		70,606
Commercial real estate	16,757		25,147		28,202		32,828		26,187
Home equity	1,142		1,221		1,295		1,780		2,070
Residential real estate	27,360		32,862		28,942		28,047		22,522
Premium finance receivables - property & casualty	49,714		48,469		37,518		44,754		47,927
Premium finance receivables - life insurance	-		-		-		327		2,962
Consumer and other	26		50		98		225		116
Total non-performing loans	$182,749		$185,808		$162,632		$188,838		$172,390
Other real estate owned	17,439		20,839		24,832		23,615		22,625
Total non-performing assets	$200,188		$206,647		$187,464		$212,453		$195,015
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.49%		0.46%		0.40%		0.49%		0.44%
Commercial real estate	0.12		0.18		0.21		0.25		0.20
Home equity	0.24		0.25		0.27		0.38		0.45
Residential real estate	0.61		0.76		0.70		0.71		0.61
Premium finance receivables - property & casualty	0.63		0.59		0.45		0.54		0.66
Premium finance receivables - life insurance	-		-		-		0.00		0.04
Consumer and other	0.02		0.04		0.07		0.19		0.10
Total loans, net of unearned income	0.34%		0.35%		0.31%		0.37%		0.35%
Total non-performing assets as a percentage of total assets	0.28%		0.29%		0.27%		0.31%		0.30%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	282.38%		276.15%		303.67%		262.71%		296.25%

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

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

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)		2026		2025	2025		2025		2025
Balance at beginning of period	$185,808		$162,632			$188,838		$172,390		$170,823
Additions from becoming non-performing in the respective period	24,969		46,198			34,805		48,651		27,721
Return to performing status	(3,663)		(2,937)			(3,399)		(6,896)		(1,207)
Payments received	(13,780)		(13,734)			(28,052)		(5,602)		(15,965)
Transfer to OREO or other assets	(868)		(286)			(348)		(2,247)		-
Charge-offs, net	(10,930)		(16,998)			(21,526)		(11,734)		(8,600)
Net change for premium finance receivables	1,213		10,933			(7,686)		(5,724)		(382)
Balance at end of period	$182,749		$185,808			$162,632		$188,838		$172,390

Other Real Estate Owned

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)		2026		2025		2025		2025		2025
Balance at beginning of period	$20,839		$24,832		$23,615		$22,625		$23,116
Disposals/resolved	(4,760)		(2,141)		-		-		-
Transfers in at fair value, less costs to sell	1,360		-		1,217		1,315		-
Fair value adjustments	-		(1,852)		-		(325)		(491)
Balance at end of period	$17,439		$20,839		$24,832		$23,615		$22,625
	Period End
(In thousands)	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
Balance by Property Type:		2026		2025		2025		2025		2025
Residential real estate	$ -		$ -		$ -		$ -		$ -
Commercial real estate	17,439		20,839		24,832		23,615		22,625
Total	$17,439		$20,839		$24,832		$23,615		$22,625

TABLE 14: NON-INTEREST INCOME

	Three Months Ended										Q1 2026 compared to Q4 2025			Q1 2026 compared to Q1 2025
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)		2026		2025		2025		2025		2025	$ Change	% Change		$ Change	% Change
Brokerage	$5,301		$5,384		$4,426		$4,212		$4,757		$(83)	(2)%		$544	11%
Trust and asset management	36,758		33,981		32,762		32,609		29,285		2,777	8		7,473	26
Total wealth management	42,059		39,365		37,188		36,821		34,042		2,694	7		8,017	24
Mortgage banking	23,396		22,625		24,451		23,170		20,529		771	3		2,867	14
Service charges on deposit accounts	20,970		20,402		19,825		19,502		19,362		568	3		1,608	8
(Losses) gains on investment securities, net	(31)		1,505		2,972		650		3,196		(1,536)		NM	(3,227)		NM
Fees from covered call options	4,669		5,992		5,619		5,624		3,446		(1,323)	(22)		1,223		35
Trading gains (losses), net	10		(257)		172		151		(64)		267		NM	74		NM
Operating lease income, net	19,154		16,365		15,466		15,166		15,287		2,789	17		3,867	25
Other:
Interest rate swap fees	4,041		4,664		3,909		3,010		2,269		(623)	(13)		1,772	78
BOLI	948		1,915		1,591		2,257		796		(967)	(50)		152	19
Administrative services	1,243		1,352		1,240		1,315		1,393		(109)	(8)		(150)	(11)
Foreign currency remeasurement (losses) gains	(368)		322		(416)		658		(183)		(690)		NM	(185)		NM
Changes in fair value on EBOs and loans held-for-investment	(287)		(1,702)		1,452		172		383		1,415	83		(670)		NM
Early pay-offs of capital leases	1,198		581		519		400		768		617		NM	430	56
Miscellaneous	17,140		17,261		16,839		15,193		15,410		(121)	(1)		1,730	11
Total Other	23,915		24,393		25,134		23,005		20,836		(478)	(2)		3,079	15
Total Non-Interest Income	$134,142		$130,390		$130,827		$124,089		$116,634		$3,752	3%		$17,508	15%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

EBO - Early buy-out.

TABLE 15: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025
Originations:
Retail originations	$441,749		$589,139		$505,793		$523,759		$348,468
Veterans First originations	152,244		208,054		137,600		157,787		111,985
Total originations for sale (A)	$593,993		$797,193		$643,393		$681,546		$460,453
Originations for investment	371,540		364,988		351,012		422,926		217,177
Total originations	$965,533		$1,162,181		$994,405		$1,104,472		$677,630
As a percentage of originations for sale:
Retail originations	74%		74%		79%		77%		76%
Veterans First originations	26		26		21		23		24
Purchases	52%		52%		77%		74%		77%
Refinances	48		48		23		26		23
Production Margin:
Production revenue (B)	$13,028		$10,878		$15,388		$13,380		$9,941
Total originations for sale (A)	$593,993		$797,193		$643,393		$681,546		$460,453
Add: Current period end mandatory interest rate lock commitments to fund originations for sale	218,156		122,804		307,932		163,664		197,297
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale	122,804		307,932		163,664		197,297		103,946
Total mortgage production volume (C)	$689,345		$612,065		$787,661		$647,913		$553,804
Production margin (B / C)	1.89%		1.78%		1.95%		2.07%		1.80%
Mortgage Servicing:
Loans serviced for others (D)		$12,534,513		$12,608,694		$12,524,131		$12,470,924		$12,402,352
Mortgage Servicing Rights (“MSR”), at fair value (E)		195,276		195,023		190,938		193,061		196,307
Percentage of MSRs to loans serviced for others (E / D)	1.56%		1.55%		1.52%		1.55%		1.58%
Servicing income	$10,353		$10,185		$10,112		$10,520		$10,611
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period	$195,023		$190,938		$193,061		$196,307		$203,788
MSR - current period capitalization	6,434		9,150		5,829		6,336		4,669
MSR - collection of expected cash flows - paydowns	(1,620)		(1,550)		(1,554)		(1,516)		(1,590)
MSR - collection of expected cash flows - payoffs and repurchases	(5,021)		(6,250)		(4,050)		(4,100)		(3,046)
MSR - changes in fair value model assumptions	460		2,735		(2,348)		(3,966)		(7,514)
MSR Fair Value at end of period	$195,276		$195,023		$190,938		$193,061		$196,307
Summary of Mortgage Banking Revenue:
Operational:
Production revenue	$13,028		$10,878		$15,388		$13,380		$9,941
MSR - Current period capitalization	6,434		9,150		5,829		6,336		4,669
MSR - Collection of expected cash flows - paydowns	(1,620)		(1,550)		(1,554)		(1,516)		(1,590)
MSR - Collection of expected cash flows - payoffs and repurchases	(5,021)		(6,250)		(4,050)		(4,100)		(3,046)
Servicing Income	10,353		10,185		10,112		10,520		10,611
Other Revenue	(45)		(17)		(345)		(79)		(172)
Total operational mortgage banking revenue	$23,129		$22,396		$25,380		$24,541		$20,413
Fair Value:
MSR - changes in fair value model assumptions	$460		$2,735		$(2,348)		$(3,966)		$(7,514)
(Loss) gain on derivative contract held as an economic hedge, net	(900)		(2,425)		265		2,535		4,897
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale	707		(81)		1,154		60		2,733
Total fair value mortgage banking revenue	$267		$229		$(929)		$(1,371)		$116
Total mortgage banking revenue	$23,396		$22,625		$24,451		$23,170		$20,529

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

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

TABLE 16: NON-INTEREST EXPENSE

	Three Months Ended										Q1 2026 compared to Q4 2025			Q1 2026 compared to Q1 2025
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)		2026		2025		2025		2025		2025	$ Change	% Change		$ Change	% Change
Salaries and employee benefits:
Salaries	$129,086		$124,856		$124,623		$123,174		$123,917		$4,230	3%		$5,169	4%
Commissions and incentive compensation	57,407		57,117		56,244		55,871		52,536		290	1		4,871	9
Benefits	41,954		40,584		38,801		40,496		35,073		1,370	3		6,881	20
Total salaries and employee benefits	228,447		222,557		219,668		219,541		211,526		5,890	3		16,921	8
Software and equipment	35,654		36,096		35,027		36,522		34,717		(442)	(1)		937	3
Operating lease equipment	10,987		11,034		10,409		10,757		10,471		(47)	(0)		516	5
Occupancy, net	20,566		20,105		20,809		20,228		20,778		461	2		(212)	(1)
Data processing	11,266		11,809		11,329		12,110		11,274		(543)	(5)		(8)	(0)
Advertising and marketing	13,218		13,792		19,027		18,761		12,272		(574)	(4)		946	8
Professional fees	7,375		8,280		7,465		9,243		9,044		(905)	(11)		(1,669)	(18)
Amortization of other acquisition-related intangible assets	4,958		4,999		5,196		5,580		5,618		(41)	(1)		(660)		(12)
FDIC insurance	10,990		11,061		11,418		10,971		10,926		(71)	(1)		64	1
FDIC insurance - special assessment	-		(499)		-		-		-		499	(100)		-	-
OREO expense, net	207		2,162		262		505		643		(1,955)		(90)	(436)		(68)
Other:
Lending expenses, net of deferred origination costs	6,510		6,367		6,169		4,869		5,866		143	2		644	11
Travel and entertainment	5,426		7,965		6,029		6,026		5,270		(2,539)	(32)		156	3
Miscellaneous	27,028		28,725		27,220		26,348		27,685		(1,697)	(6)		(657)	(2)
Total other	38,964		43,057		39,418		37,243		38,821		(4,093)	(10)		143	0
Total Non-Interest Expense	$382,632		$384,453		$380,028		$381,461		$366,090		$(1,821)	(0)%		$16,542	5%

NM - Not meaningful.

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars and shares in thousands)		2026		2025		2025		2025		2025
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$927,560		$956,326		$963,834		$920,908		$886,965
Taxable-equivalent adjustment:
- Loans	2,026		2,134		2,154		2,200		2,206
- Liquidity Management Assets	586		661		675		680		690
- Other Earning Assets	-		-		-		-		3
(B) Interest Income (non-GAAP)	$930,172		$959,121		$966,663		$923,788		$889,864
(C) Interest Expense (GAAP)	348,536		372,452		396,824		374,214		360,491
(D) Net Interest Income (GAAP) (A minus C)	579,024		583,874		567,010		546,694		526,474
(E) Net Interest Income (non-GAAP) (B minus C)	581,636		586,669		569,839		549,574		529,373
Net interest margin (GAAP)	3.54%		3.52%		3.48%		3.52%		3.54%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.56		3.54		3.50		3.54		3.56
(F) Non-interest income	$134,142		$130,390		$130,827		$124,089		$116,634
(G) (Losses) gains on investment securities, net	(31)		1,505		2,972		650		3,196
(H) Non-interest expense	382,632		384,453		380,028		381,461		366,090
Efficiency ratio (H/(D+F-G))	53.65%		53.94%		54.69%		56.92%		57.21%
Efficiency ratio (non-GAAP) (H/(E+F-G))	53.45		53.73		54.47		56.68		56.95

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars and shares in thousands)		2026		2025		2025		2025		2025
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)		$7,378,100		$7,258,715		$7,045,757		$7,225,696		$6,600,537
Less: Non-convertible preferred stock (GAAP)		(425,000)		(425,000)		(425,000)		(837,500)		(412,500)
Less: Acquisition-related intangible assets (GAAP)		(890,698)		(895,959)		(902,936)		(908,639)		(913,004)
(I) Total tangible common shareholders’ equity (non-GAAP)		$6,062,402		$5,937,756		$5,717,821		$5,479,557		$5,275,033
(J) Total assets (GAAP)		$72,157,433		$71,142,046		$69,629,638		$68,983,318		$65,870,066
Less: Acquisition-related intangible assets (GAAP)		(890,698)		(895,959)		(902,936)		(908,639)		(913,004)
(K) Total tangible assets (non-GAAP)		$71,266,735		$70,246,087		$68,726,702		$68,074,679		$64,957,062
Common equity to assets ratio (GAAP) (L/J)	9.6%		9.6%		9.5%		9.3%		9.4%
Tangible common equity ratio (non-GAAP) (I/K)	8.5		8.5		8.3		8.0		8.1

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$7,378,100	$7,258,715	$7,045,757	$7,225,696	$6,600,537
Less: Non-convertible preferred stock (GAAP)	(425,000)	(425,000)	(425,000)	(837,500)	(412,500)
(L) Total common equity	$6,953,100	$6,833,715	$6,620,757	$6,388,196	$6,188,037
(M) Actual common shares outstanding	67,437	66,975	66,961	66,938	66,919
Book value per common share (L/M)	$103.10	$102.03	$98.87	$95.43	$92.47
Tangible book value per common share (non-GAAP) (I/M)	89.90	88.66	85.39	81.86	78.83
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$219,021	$214,657	$188,913	$188,536	$182,048
Add: Acquisition-related intangible asset amortization	4,958	4,999	5,196	5,580	5,618
Less: Tax effect of acquisition-related intangible asset amortization	(1,210)	(1,310)	(1,403)	(1,495)	(1,421)
After-tax Acquisition-related intangible asset amortization	$3,748	$3,689	$3,793	$4,085	$4,197
(O) Tangible net income applicable to common shares (non-GAAP)	$222,769	$218,346	$192,706	$192,621	$186,245
Total average shareholders’ equity	$7,387,713	$7,166,608	$6,955,543	$6,862,040	$6,460,941
Less: Average preferred stock	(425,000)	(425,000)	(483,288)	(599,313)	(412,500)
(P) Total average common shareholders’ equity	$6,962,713	$6,741,608	$6,472,255	$6,262,727	$6,048,441
Less: Average acquisition-related intangible assets	(894,211)	(901,022)	(906,032)	(910,924)	(916,069)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$6,068,502	$5,840,586	$5,566,223	$5,351,803	$5,132,372
Return on average common equity, annualized (N/P)	12.76%	12.63%	11.58%	12.07%	12.21%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	14.89	14.83	13.74	14.44	14.72
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$300,940	$302,223	$296,041	$267,088	$253,055
Add: Provision for credit losses	29,594	27,588	21,768	22,234	23,963
Pre-tax income, excluding provision for credit losses (non-GAAP)	$330,534	$329,811	$317,809	$289,322	$277,018

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars and shares in thousands, except per share data)		2026		2025		2025		2025		2025
Reconciliation of Non-GAAP Net Income per Common Share:
Net income	$227,388		$223,024		$216,254		$195,527		$189,039
Preferred stock dividends	8,367		8,367		13,295		6,991		6,991
Preferred stock redemption	-		-		14,046		-		-
(R) Net income applicable to common shares	$219,021		$214,657		$188,913		$188,536		$182,048
(S) Weighted average common shares outstanding	67,246		66,970		66,952		66,931		66,726
Dilutive potential common shares	851		1,143		1,028		888		923
(T) Average common shares and dilutive common shares	68,097		68,113		67,980		67,819		67,649
Net income per common share - Basic (R/S)	$3.26		$3.21		$2.82		$2.82		$2.73
Net income per common share - Diluted (R/T)	$3.22		$3.15		$2.78		$2.78		$2.69
Preferred stock series F excess one-time extended first dividend	$ -		$ -		$4,927		$ -		$ -
Preferred stock redemption	-		-		14,046		-		-
(U) Total non-recurring preferred stock offering impact (non-GAAP)	$ -		$ -		$18,973		$ -		$ -
Net income per common share - Basic (non-GAAP) (R+U)/S	$3.26		$3.21		$3.11		$2.82		$2.73
Net income per common share - Diluted (non-GAAP) (R+U)/T	$3.22		$3.15		$3.06		$2.78		$2.69

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 property and casualty and life insurance loan customers, respectively, throughout the United States.
First Insurance Funding of Canada serves property and casualty 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 2025 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, April 21, 2026 at 10:00 a.m. (CDT) regarding first quarter 2026 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 18, 2026 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2026 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.