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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 17, 2023
 
WINTRUST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Illinois001-35077 36-3873352
(State or other jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer
Identification No.)
9700 W. Higgins Road, Suite 800RosemontIllinois 60018
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (847) 939-9000
Not Applicable
(Former name or former address, if changed since last year)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each Class Ticker SymbolName of Each Exchange on Which Registered
Common Stock, no par value WTFCThe NASDAQ Global Select Market
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par valueWTFCMThe NASDAQ Global Select Market
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of
WTFCPThe NASDAQ Global Select Market
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐
    
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐


Item 2.02. Results of Operations and Financial Condition
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
On October 17, 2023, Wintrust Financial Corporation (the “Company”) announced earnings for the third quarter of 2023 and posted on its website the Third Quarter 2023 Earnings Release Presentation. Copies of the press release relating to the Company’s earnings results and the related presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. Certain supplemental information relating to non-GAAP financial measures reported in the attached press release and presentation is included on pages 32 through 33 of Exhibit 99.1 and pages 24 through 25 of Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
 
2

Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WINTRUST FINANCIAL CORPORATION
(Registrant)
By:/s/ David L. Stoehr
 David L. Stoehr
Executive Vice President and
    Chief Financial Officer
Date: October 17, 2023
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INDEX TO EXHIBITS
 

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Exhibit 99.1
Wintrust Financial Corporation
9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018
News Release
FOR IMMEDIATE RELEASE  October 17, 2023
FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com

Wintrust Financial Corporation Reports Record Year-to-Date Net Income

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $499.1 million or $7.71 per diluted common share for the first nine months of 2023 compared to net income of $364.9 million or $5.78 per diluted common share for the same period of 2022, an increase in diluted earnings per common share of 33%. Pre-tax, pre-provision income (non-GAAP) for the first nine months of 2023 totaled $751.3 million as compared to $536.3 million in the first nine months of 2022, an increase in pre-tax, pre-provision income of 40%.

The Company recorded quarterly net income of $164.2 million or $2.53 per diluted common share for the third quarter of 2023, an increase in diluted earnings per common share of 6% compared to the second quarter of 2023 and 14% compared to the third quarter of 2022. Pre-tax, pre-provision income (non-GAAP) totaled $244.8 million as compared to $239.9 million for the second quarter of 2023 and $206.5 million for the third quarter of 2022.

Timothy S. Crane, President and Chief Executive Officer, commented, “As demonstrated by our strong results, we followed our record first half of 2023 with continued momentum in the third quarter of 2023. We leveraged our position in the markets we serve to sustain growth in loans and deposits during the quarter.”

Additionally, Mr. Crane noted, “Our net interest margin for the quarter was within our expected range, down slightly due primarily to the impact of hedging activities. In the current interest rate environment, we expect to maintain our net interest margin within a narrow range around current levels for the remainder of 2023 and continuing into the beginning of 2024. We believe this growth and stability in net interest margin will drive strong financial performance in future quarters.”

Highlights of the third quarter of 2023:
Comparative information to the second quarter of 2023, unless otherwise noted

•Total deposits grew by approximately $1 billion, or 9% annualized.
•Total loans increased by approximately $423 million, or 4% annualized. Adjusting for the impact of a loan sale transaction within our property and casualty insurance premium finance receivables portfolio during the third quarter of 2023, total loans would have increased $767 million, or 7% annualized.
•Record quarterly net interest income of $462.4 million, increasing approximately $14.8 million primarily due to strong growth in earning assets.
◦Net interest margin decreased four basis points to 3.60% (3.62% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2023 primarily due to the negative impact of hedging activities.
•Non-interest expense was negatively impacted by:
◦Occupancy costs of approximately $2.9 million from the impairment of two Company-owned buildings that are no longer being used.
◦Data processing costs of approximately $1.5 million from the termination of a duplicate service contract related to the acquisition of a wealth management business in 2023.
◦Other salary costs of approximately $1.6 million related to acquisition-related severance charges and other contractually due compensation costs.
•Provision for credit losses totaled $19.9 million in the third quarter of 2023 as compared to a provision for credit losses of $28.5 million in the second quarter of 2023.

•Net charge-offs totaled $8.1 million or eight basis points of average total loans on an annualized basis in the third quarter of 2023 as compared to $17.0 million or 17 basis points of average total loans on an annualized basis in the second quarter of 2023.

Mr. Crane commented, “By leveraging our customer relationships, market positioning, diversified products and competitive rates, we continued to generate significant deposit growth, increasing deposits approximately $1 billion, or 9% on an annualized basis, in the third quarter of 2023. Growth in retail deposits helped reduce our level of brokered deposits by approximately $392 million during the third quarter of 2023. In addition, deposit growth helped fund approximately $423 million of loan growth during the quarter. This strong loan growth was achieved despite the impact of a loan sale transaction within our property and casualty insurance premium finance receivables portfolio that reduced period-end balances at the end of the third quarter by approximately $344 million. Loan growth came primarily from draws on existing commercial real estate loan facilities as well as growth in our commercial portfolio. Additionally, despite the loan sale transaction noted above, our property and casualty insurance premium finance receivables portfolio ended the quarter relatively unchanged. We remain prudent in our review of credit prospects ensuring our loan growth stays within our conservative credit standards.”
Mr. Crane noted, “We grew our net interest income during the third quarter of 2023 by approximately $14.8 million primarily due to an increase in average earning assets of approximately $1.6 billion. Our net interest margin decreased four basis points during the third quarter, however, three basis points of the decline was due to the impact of our interest rate hedging strategies, which are designed to protect our net interest income if interest rates decline. Deposit pricing pressures moderated in the third quarter of 2023 and we expect that to continue into the fourth quarter. Assuming a similar interest rate environment, we believe our net interest margin will be relatively stable for the remainder of 2023 and entering 2024. The combination of balance sheet growth and a stable net interest margin is expected to continue to grow our net interest income.”

Commenting on credit quality, Mr. Crane stated, “Credit metrics remained strong and at historically low levels. Net charge-offs totaled $8.1 million or eight basis points of average total loans on an annualized basis in the third quarter of 2023 as compared to $17.0 million or 17 basis points of average total loans on an annualized basis in the second quarter of 2023. Non-performing loans totaled $133.1 million, or 0.32% of total loans, at the end of the third quarter of 2023 compared to $108.7 million, or 0.26% of total loans, at the end of the second quarter of 2023. Of the $24.4 million increase in non-performing loans in the third quarter of 2023, $19.6 million is related to the premium finance receivables portfolios in which we ultimately expect minimal losses. The allowance for credit losses on our core loan portfolio as of September 30, 2023 was approximately 1.51% of the outstanding balance (see Table 12 for additional information). We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit.”

Mr. Crane concluded, “I am very pleased with our results for the third quarter of 2023. Net income for the quarter was the second highest in our history, behind only the net income reported in the first quarter of 2023. Total loans as of September 30, 2023 were $739 million higher than average total loans in the third quarter of 2023, which is expected to help continue our momentum into the fourth quarter. We continue to win business and expand our franchise, keeping us well-positioned in the markets we serve. This will help grow our deposit and loan relationships, which should generate higher net revenues and earnings in the coming quarters. As a result, our capital ratios will benefit from the increased earnings.”
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The graphs below illustrate certain financial highlights of the third quarter of 2023 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.
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SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.3 billion in the third quarter of 2023 as compared to the second quarter of 2023. Total loans increased by $422.6 million as compared to the second quarter of 2023. The increase in loans was primarily the result of draws on existing commercial real estate loan facilities as well as growth in the commercial portfolio. Additionally, despite a loan sale transaction that reduced outstanding balances at the end of the third quarter of 2023 by $344 million, the property and casualty insurance premium finance receivables portfolio ended the quarter relatively unchanged. In the third quarter of 2023, the Company purchased securities, resulting in a $480.7 million increase in investment securities.

Total liabilities increased by $1.3 billion in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to a $1.0 billion increase in total deposits. Non-interest bearing deposits as a percentage of total deposits was 23% at September 30, 2023 compared to 24% at June 30, 2023 as deposit growth came primarily from interest bearing deposit categories. Net outflows from non-interest bearing deposits stabilized during the third quarter of 2023 as average non-interest bearing deposits during the third quarter of 2023 essentially equaled the amount at the end of the second quarter of 2023 at $10.6 billion.

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

NET INTEREST INCOME

For the third quarter of 2023, net interest income totaled $462.4 million, an increase of $14.8 million as compared to the second quarter of 2023. The $14.8 million increase in net interest income in the third quarter of 2023 compared to the second quarter of 2023 was primarily due to a $1.6 billion increase in average earning assets and one additional day in the quarter.

Net interest margin was 3.60% (3.62% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2023 compared to 3.64% (3.66% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2023. The net interest margin decrease as compared to the second quarter of 2023 was primarily due to the negative impact of hedging activities as well as a 36 basis point increase in the rate paid on interest-bearing liabilities. This decrease was partially offset by a 27 basis point increase in yield on earning assets and a five basis point increase in the net free funds contribution. The 36 basis point increase on the rate paid on interest-bearing liabilities in the third quarter of 2023 as compared to the second quarter of 2023 was primarily due to a 41 basis point increase in the rate paid on interest-bearing deposits primarily related to the increasing rate environment. The 27 basis point increase in the yield on earning assets in the third quarter of 2023 as compared to the second quarter of 2023 was primarily due to a 28 basis point expansion on loan yields and 41 basis point increase in liquidity management asset yield.

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

ASSET QUALITY

The allowance for credit losses totaled $399.5 million as of September 30, 2023, an increase of $11.7 million as compared to $387.8 million as of June 30, 2023. A provision for credit losses totaling $19.9 million was recorded for the third quarter of 2023 as compared to $28.5 million recorded in the second quarter of 2023. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses (“CECL”) accounting standard requires the Company to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of September 30, 2023, June 30, 2023, and March 31, 2023 is shown on Table 12 of this report.

Net charge-offs totaled $8.1 million in the third quarter of 2023, as compared to $17.0 million of net charge-offs in the second quarter of 2023. The decrease in net charge-offs during the third quarter of 2023 was primarily the result of the sale to external parties of certain credits within the commercial real estate portfolio during the second quarter of 2023, which resulted in approximately $8.0 million in charge-offs. Net charge-offs as a percentage of average total loans were eight basis points in the third quarter of 2023 on an annualized basis compared to 17 basis points on an annualized basis in the second quarter of 2023. For more information regarding net charge-offs, see Table 10 in this report.
8

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

Non-performing assets totaled $147.2 million and comprised 0.26% of total assets as of September 30, 2023, as compared to $120.3 million as of June 30, 2023. Non-performing loans totaled $133.1 million, or 0.32% of total loans, at September 30, 2023. The increase in the third quarter was primarily due to an increase in loans 90 days or more past due but still fully collateralized within the life insurance premium finance receivables portfolio, and certain credits within the property and casualty insurance premium finance receivables portfolio becoming nonaccrual. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue was relatively stable in the third quarter of 2023 as compared to the second quarter of 2023. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago 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 decreased by $2.6 million in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to an unfavorable valuation related change in the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies which are held at fair value. This was partially offset by increased production revenue and a more favorable adjustments to the fair value of mortgage servicing rights compared to the second quarter of 2023. The Company monitors the relationship of these assets and seeks to minimize the earnings impact of fair value changes.

The Company recognized $2.4 million in net losses on investment securities in the third quarter of 2023 as compared to nominal gains in the second quarter of 2023.

Fees from covered call options increased by $1.6 million in the third quarter of 2023 as compared to the second quarter of 2023. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.

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

NON-INTEREST EXPENSE

Salaries and employee benefits expense increased by $7.4 million in the third quarter of 2023 as compared to the second quarter of 2023. The $7.4 million increase is primarily related to higher salary expense and incentive compensation expense due to elevated bonus accruals in the third quarter of 2023 as well as other salary costs of approximately $1.6 million related to acquisition-related severance charges and other contractually due compensation costs.

Operating lease equipment cost increased $2.2 million in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to the impairment of certain assets during the period.

Occupancy expenses increased $2.1 million in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to the impairment of two Company-owned buildings that are no longer being used.

Data processing expense increased $1.0 million in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to the termination of a duplicate service contract related to the acquisition of a wealth management business in 2023.

Lending expenses, net of deferred origination costs, decreased by $3.1 million as compared to the second quarter of 2023 primarily due to higher loan originations in the second quarter of 2023.

Miscellaneous expense in the third quarter of 2023 decreased by $1.0 million as compared to the second quarter of 2023. Miscellaneous expense includes ATM expenses, correspondent bank charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs.

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

The Company recorded income tax expense of $60.7 million in the third quarter of 2023 compared to $56.7 million in the second quarter of 2023. The effective tax rates were 26.98% in the third quarter of 2023 compared to 26.81% in the second quarter of 2023.

BUSINESS UNIT SUMMARY

Community Banking

Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the third quarter of 2023, this unit expanded its commercial, commercial real estate and residential real estate loan portfolios and grew retail deposits.

Mortgage banking revenue was $27.4 million for the third quarter of 2023, a decrease of $2.6 million as compared to the second quarter of 2023, primarily due to an unfavorable valuation related change in the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies which are held at fair value. Service charges on deposit accounts totaled $14.2 million in the third quarter of 2023, an increase of $609,000 as compared to the second quarter of 2023, primarily due to higher fees associated with commercial account activity. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of September 30, 2023 indicating momentum for expected continued loan growth in the fourth quarter of 2023.

Specialty Finance

Through its specialty finance unit, 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 portfolio were $4.6 billion during the third quarter of 2023 and average balances increased by $444.0 million as compared to the second quarter of 2023. The Company’s leasing portfolio balance increased in the third quarter of 2023, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.3 billion as of September 30, 2023 as compared to $3.1 billion as of June 30, 2023. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the third quarter of 2023, an increase of $17,000 from the second quarter of 2023.

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $33.5 million in the third quarter of 2023, which was relatively stable compared to the second quarter of 2023. At September 30, 2023, the Company’s wealth management subsidiaries had approximately $44.7 billion of assets under administration, which included $8.3 billion of assets owned by the Company and its subsidiary banks, representing an increase from the $44.5 billion of assets under administration at June 30, 2023.

ITEM IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase.


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WINTRUST FINANCIAL CORPORATION
Key Operating Measures

Wintrust’s key operating measures and growth rates for the third quarter of 2023, as compared to the second quarter of 2023 (sequential quarter) and third quarter of 2022 (linked quarter), are shown in the table below:
% or (1)
basis point  (bp) change from
2nd Quarter
2023
% or
basis point  (bp) change from
3rd Quarter
2022
  
Three Months Ended
(Dollars in thousands, except per share data)Sep 30, 2023Jun 30, 2023Sep 30, 2022
Net income$164,198 $154,750 $142,961 6 % 15 % 
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)
244,781 239,944 206,461 2 19 
Net income per common share – Diluted2.53 2.38 2.21 6 14 
Cash dividends declared per common share0.40 0.40 0.34 — 18 
Net revenue (3)
574,836 560,567 502,930 3 14 
Net interest income462,358 447,537 401,448 3 15 
Net interest margin3.60 %3.64 %3.34 %(4)bps26 bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)
3.62 3.66 3.35 (4)27 
Net overhead ratio (4)
1.59 1.58 1.53 1 6 
Return on average assets1.20 1.18 1.12 2 8 
Return on average common equity13.35 12.79 12.31 56 104 
Return on average tangible common equity (non-GAAP) (2)
15.73 15.12 14.68 61 105 
At end of period
Total assets$55,555,246$54,286,176$52,382,9399 % 6 % 
Total loans (5)
41,446,03241,023,40838,167,6134 9 
Total deposits44,992,68644,038,70742,797,1919 5 
Total shareholders’ equity5,015,6135,041,9124,637,980(2)8 
(1)Period-end balance sheet percentage changes are annualized.
(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)Net revenue is net interest income plus non-interest income.
(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)Excludes mortgage loans held-for-sale.
Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”

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WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights
 Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Sep 30, 2023Sep 30, 2022
Selected Financial Condition Data (at end of period):
Total assets$55,555,246$54,286,176$52,873,511$52,949,649$52,382,939
Total loans (1)
41,446,03241,023,40839,565,47139,196,48538,167,613
Total deposits44,992,68644,038,70742,718,21142,902,54442,797,191
Total shareholders’ equity5,015,6135,041,9125,015,5064,796,8384,637,980
Selected Statements of Income Data:
Net interest income$462,358 $447,537 $457,995 $456,816 $401,448 $1,367,890 $1,038,546 
Net revenue (2)
574,836 560,567 565,764 550,655 502,930 1,701,167 1,405,760 
Net income164,198 154,750 180,198 144,817 142,961 499,146 364,865 
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)
244,781 239,944 266,595 242,819 206,461 751,320 536,325 
Net income per common share – Basic2.57 2.41 2.84 2.27 2.24 7.82 5.86 
Net income per common share – Diluted2.53 2.38 2.80 2.23 2.21 7.71 5.78 
Cash dividends declared per common share0.40 0.40 0.40 0.34 0.34 1.20 1.02 
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin 3.60 %3.64 %3.81 %3.71 %3.34 %3.68 %2.96 %
Net interest margin – fully taxable-equivalent (non-GAAP) (3)
3.62 3.66 3.83 3.73 3.35 3.70 2.97 
Non-interest income to average assets0.82 0.86 0.84 0.71 0.79 0.84 0.98 
Non-interest expense to average assets2.41 2.44 2.33 2.34 2.32 2.39 2.33 
Net overhead ratio (4)
1.59 1.58 1.49 1.63 1.53 1.55 1.35 
Return on average assets1.20 1.18 1.40 1.10 1.12 1.26 0.98 
Return on average common equity13.35 12.79 15.67 12.72 12.31 13.91 10.96 
Return on average tangible common equity (non-GAAP) (3)
15.73 15.12 18.55 15.21 14.68 16.43 13.21 
Average total assets$54,381,981$52,601,953$52,075,318$52,087,618$50,722,694$53,028,199$49,863,793
Average total shareholders’ equity5,083,8835,044,7184,895,2714,710,8564,795,3875,008,648 4,608,399 
Average loans to average deposits ratio 92.4 %94.3 %93.0 %90.5 %88.8 %93.2 %86.5 %
Period-end loans to deposits ratio 92.1 93.2 92.6 91.4 89.2 
Common Share Data at end of period:
Market price per common share$75.50 $72.62 $72.95 $84.52 $81.55 
Book value per common share75.19 75.65 75.24 72.12 69.56 
Tangible book value per common share (non-GAAP) (3)
64.07 64.50 64.22 61.00 58.42 
Common shares outstanding61,222,05861,197,67661,176,41560,794,00860,743,335
Other Data at end of period:
Tier 1 leverage ratio (5)
9.2 %9.3 %9.1 %8.8 %8.8 %
Risk-based capital ratios:
Tier 1 capital ratio (5)
10.2 10.1 10.1 10.0 9.9 
Common equity tier 1 capital ratio (5)
9.3 9.3 9.2 9.1 9.0 
Total capital ratio (5)
12.0 12.0 12.1 11.9 11.8 
Allowance for credit losses (6)
$399,531 $387,786 $376,261 $357,936 $315,338 
Allowance for loan and unfunded lending-related commitment losses to total loans0.96 %0.94 %0.95 %0.91 %0.83 %
Number of:
Bank subsidiaries15 15 15 15 15 
Banking offices174 175 174 174 174 
(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.
(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)Capital ratios for current quarter-end are estimated.
(6)The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.
12
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
 
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(In thousands)20232023202320222022
Assets
Cash and due from banks$418,088 $513,858 $445,928 $490,908 $489,590 
Federal funds sold and securities purchased under resale agreements60 59 58 58 57 
Interest-bearing deposits with banks2,448,570 2,163,708 1,563,578 1,988,719 3,968,605 
Available-for-sale securities, at fair value3,611,835 3,492,481 3,259,845 3,243,017 2,923,653 
Held-to-maturity securities, at amortized cost3,909,150 3,564,473 3,606,391 3,640,567 3,389,842 
Trading account securities1,663 3,027 102 1,127 179 
Equity securities with readily determinable fair value134,310 116,275 111,943 110,365 114,012 
Federal Home Loan Bank and Federal Reserve Bank stock204,040 195,117 244,957 224,759 178,156 
Brokerage customer receivables14,042 15,722 16,042 16,387 20,327 
Mortgage loans held-for-sale, at fair value304,808 338,728 302,493 299,935 376,160 
Loans, net of unearned income41,446,032 41,023,408 39,565,471 39,196,485 38,167,613 
Allowance for loan losses(315,039)(302,499)(287,972)(270,173)(246,110)
Net loans41,130,993 40,720,909 39,277,499 38,926,312 37,921,503 
Premises, software and equipment, net747,501 749,393 760,283 764,798 763,029 
Lease investments, net275,152 274,351 256,301 253,928 244,822 
Accrued interest receivable and other assets1,674,681 1,455,748 1,413,795 1,391,342 1,316,305 
Trade date securities receivable— — 939,758 921,717 — 
Goodwill656,109 656,674 653,587 653,524 653,079 
Other acquisition-related intangible assets24,244 25,653 20,951 22,186 23,620 
Total assets$55,555,246 $54,286,176 $52,873,511 $52,949,649 $52,382,939 
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing$10,347,006 $10,604,915 $11,236,083 $12,668,160 $13,529,277 
Interest-bearing34,645,680 33,433,792 31,482,128 30,234,384 29,267,914 
Total deposits44,992,686 44,038,707 42,718,211 42,902,544 42,797,191 
Federal Home Loan Bank advances2,326,071 2,026,071 2,316,071 2,316,071 2,316,071 
Other borrowings643,999 665,219 583,548 596,614 447,215 
Subordinated notes437,731 437,628 437,493 437,392 437,260 
Junior subordinated debentures253,566 253,566 253,566 253,566 253,566 
Accrued interest payable and other liabilities1,885,580 1,823,073 1,549,116 1,646,624 1,493,656 
Total liabilities50,539,633 49,244,264 47,858,005 48,152,811 47,744,959 
Shareholders’ Equity:
Preferred stock412,500 412,500 412,500 412,500 412,500 
Common stock61,244 61,219 61,198 60,797 60,743 
Surplus1,933,226 1,923,623 1,913,947 1,902,474 1,891,621 
Treasury stock(1,966)(1,966)(1,966)(304)— 
Retained earnings3,253,332 3,120,626 2,997,263 2,849,007 2,731,844 
Accumulated other comprehensive loss(642,723)(474,090)(367,436)(427,636)(458,728)
Total shareholders’ equity5,015,613 5,041,912 5,015,506 4,796,838 4,637,980 
Total liabilities and shareholders’ equity$55,555,246 $54,286,176 $52,873,511 $52,949,649 $52,382,939 

13
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Sep 30, 2023Sep 30, 2022
Interest income
Interest and fees on loans$666,260 $621,057 $558,692 $498,838 $402,689 $1,846,009 $1,008,888 
Mortgage loans held-for-sale4,767 4,178 3,528 3,997 5,371 12,473 17,198 
Interest-bearing deposits with banks26,866 16,882 13,468 20,349 15,621 57,216 23,098 
Federal funds sold and securities purchased under resale agreements1,157 1 70 1,263 1,845 1,228 3,640 
Investment securities59,164 51,243 59,943 53,092 38,569 170,350 107,508 
Trading account securities6 6 14 6 7 26 16 
Federal Home Loan Bank and Federal Reserve Bank stock3,896 3,544 3,680 2,918 2,109 11,120 5,704 
Brokerage customer receivables284 265 295 282 267 844 646 
Total interest income762,400 697,176 639,690 580,745 466,478 2,099,266 1,166,698 
Interest expense
Interest on deposits262,783 213,495 144,802 95,447 45,916 621,080 79,755 
Interest on Federal Home Loan Bank advances17,436 17,399 19,135 13,823 6,812 53,970 16,506 
Interest on other borrowings9,384 8,485 7,854 5,313 4,008 25,723 8,981 
Interest on subordinated notes5,491 5,523 5,488 5,520 5,485 16,502 16,484 
Interest on junior subordinated debentures4,948 4,737 4,416 3,826 2,809 14,101 6,426 
Total interest expense300,042 249,639 181,695 123,929 65,030 731,376 128,152 
Net interest income462,358 447,537 457,995 456,816 401,448 1,367,890 1,038,546 
Provision for credit losses19,923 28,514 23,045 47,646 6,420 71,482 30,943 
Net interest income after provision for credit losses442,435 419,023 434,950 409,170 395,028 1,296,408 1,007,603 
Non-interest income
Wealth management33,529 33,858 29,945 30,727 33,124 97,332 95,887 
Mortgage banking27,395 29,981 18,264 17,407 27,221 75,640 137,766 
Service charges on deposit accounts14,217 13,608 12,903 13,054 14,349 40,728 45,520 
Losses (gains) on investment securities, net(2,357)0 1,398 (6,745)(3,103)(959)(13,682)
Fees from covered call options4,215 2,578 10,391 7,956 1,366 17,184 6,177 
Trading gains (losses), net728 106 813 (306)(7)1,647 4,058 
Operating lease income, net13,863 12,227 13,046 12,384 12,644 39,136 43,126 
Other20,888 20,672 21,009 19,362 15,888 62,569 48,362 
Total non-interest income112,478 113,030 107,769 93,839 101,482 333,277 367,214 
Non-interest expense
Salaries and employee benefits192,338 184,923 176,781 180,331 176,095 554,042 515,776 
Software and equipment25,951 26,205 24,697 24,699 24,126 76,853 71,186 
Operating lease equipment12,020 9,816 9,833 10,078 9,448 31,669 27,930 
Occupancy, net21,304 19,176 18,486 17,763 17,727 58,966 53,202 
Data processing10,773 9,726 9,409 7,927 7,767 29,908 23,282 
Advertising and marketing18,169 17,794 11,946 14,279 16,600 47,909 45,139 
Professional fees8,887 8,940 8,163 9,267 7,544 25,990 23,821 
Amortization of other acquisition-related intangible assets1,408 1,499 1,235 1,436 1,492 4,142 4,680 
FDIC insurance9,748 9,008 8,669 6,775 7,186 27,425 21,864 
OREO expenses, net120 118 (207)369 229 31 (509)
Other29,337 33,418 30,157 34,912 28,255 92,912 83,064 
Total non-interest expense330,055 320,623 299,169 307,836 296,469 949,847 869,435 
Income before taxes224,858 211,430 243,550 195,173 200,041 679,838 505,382 
Income tax expense60,660 56,680 63,352 50,356 57,080 180,692 140,517 
Net income$164,198 $154,750 $180,198 $144,817 $142,961 $499,146 $364,865 
Preferred stock dividends6,991 6,991 6,991 6,991 6,991 20,973 20,973 
Net income applicable to common shares$157,207 $147,759 $173,207 $137,826 $135,970 $478,173 $343,892 
Net income per common share - Basic$2.57 $2.41 $2.84 $2.27 $2.24 $7.82 $5.86 
Net income per common share - Diluted$2.53 $2.38 $2.80 $2.23 $2.21 $7.71 $5.78 
Cash dividends declared per common share$0.40 $0.40 $0.40 $0.34 $0.34 $1.20 $1.02 
Weighted average common shares outstanding61,21361,19260,95060,76960,73861,11958,679
Dilutive potential common shares964 902 873 1,096 837 888 814 
Average common shares and dilutive common shares62,177 62,094 61,823 61,865 61,575 62,007 59,493 
14
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES
   
% Growth From (1)
(Dollars in thousands)Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31,
2022		Sep 30, 2022
Dec 31, 2022 (2)
Sep 30, 2022
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$190,511 $235,570 $155,687 $156,297 $216,062 29 %(12)%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies114,297 103,158 146,806 143,638 160,098 (27)(29)
Total mortgage loans held-for-sale$304,808 $338,728 $302,493 $299,935 $376,160 1 %(19)%
Core loans:
Commercial
Commercial and industrial$5,894,732 $5,737,633 $5,855,035 $5,852,166 $5,818,959 1 %1 %
Asset-based lending1,396,591 1,465,848 1,482,071 1,473,344 1,545,038 (7)(10)
Municipal676,915 653,117 655,301 668,235 608,234 2 11 
Leases2,109,628 1,925,767 1,904,137 1,840,928 1,582,359 20 33 
PPP loans13,744 15,337 17,195 28,923 43,658 (70)(69)
Commercial real estate
Residential construction51,550 51,689 69,998 76,877 66,957 (44)(23)
Commercial construction1,547,322 1,409,751 1,234,762 1,102,098 1,176,407 54 32 
Land294,901 298,996 292,293 307,955 282,147 (6)5 
Office1,422,748 1,404,422 1,392,040 1,337,176 1,269,729 9 12 
Industrial2,057,957 2,002,740 1,858,088 1,836,276 1,777,658 16 16 
Retail1,341,451 1,304,083 1,309,680 1,304,444 1,331,316 4 1 
Multi-family2,710,829 2,696,478 2,635,411 2,560,709 2,305,433 8 18 
Mixed use and other1,519,422 1,440,652 1,446,806 1,425,412 1,368,537 9 11 
Home equity343,258 336,974 337,016 332,698 328,822 4 4 
Residential real estate
Residential real estate loans for investment2,538,630 2,455,392 2,309,393 2,207,595 2,086,795 20 22 
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies97,911 117,024 119,301 80,701 57,161 29 71 
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies71,062 70,824 76,851 84,087 91,503 (21)(22)
Total core loans$24,088,651 $23,386,727 $22,995,378 $22,519,624 $21,740,713 9 %11 %
Niche loans:
Commercial
Franchise$1,074,162 $1,091,164 $1,131,913 $1,169,623 $1,118,478 (11)%(4)%
Mortgage warehouse lines of credit245,450 381,043 235,684 237,392 297,374 5 (17)
Community Advantage - homeowners association424,054 405,042 389,922 380,875 365,967 15 16 
Insurance agency lending890,197 925,520 905,727 897,678 879,183 (1)1 
Premium Finance receivables
U.S. property & casualty insurance5,815,346 5,900,228 5,043,486 5,103,820 4,983,795 19 17 
Canada property & casualty insurance907,401 862,470 695,394 745,639 729,545 29 24 
Life insurance7,931,808 8,039,273 8,125,802 8,090,998 8,004,856 (3)(1)
Consumer and other68,963 31,941 42,165 50,836 47,702 48 45 
Total niche loans$17,357,381 $17,636,681 $16,570,093 $16,676,861 $16,426,900 5 %6 %
Total loans, net of unearned income$41,446,032 $41,023,408 $39,565,471 $39,196,485 $38,167,613 8 %9 %
(1)NM - Not meaningful.
(2)Annualized.

15
TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

    % Growth From
(Dollars in thousands)Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022
Jun 30,
2023 (1)
Sep 30, 2022
Balance:
Non-interest-bearing$10,347,006$10,604,915$11,236,083$12,668,160$13,529,277(10)%(24)%
NOW and interest-bearing demand deposits6,006,1145,814,8365,576,5585,591,9865,676,12213 6 
Wealth management deposits (2)
1,788,0991,417,9841,809,9332,463,8332,988,195104 (40)
Money market14,478,50414,523,12413,552,27712,886,79512,538,489(1)15 
Savings5,584,2945,321,5785,192,1084,556,6353,988,79020 40 
Time certificates of deposit6,788,6696,356,2705,351,2524,735,1354,076,31827 67 
Total deposits $44,992,686$44,038,707$42,718,211$42,902,544$42,797,1919 %5 %
Mix:
Non-interest-bearing23 %24 %26 %30 %32 %
NOW and interest-bearing demand deposits13 13 13 13 13 
Wealth management deposits (2)
4 3 4 5 7 
Money market32 33 32 30 29 
Savings13 12 12 11 9 
Time certificates of deposit15 15 13 11 10 
Total deposits100 %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”), trust and asset management customers of the Company.


TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of September 30, 2023
(Dollars in thousands)Total Time
Certificates of
Deposit		Weighted-Average
Rate of Maturing
Time Certificates
    of Deposit
1-3 months$987,384 3.36 %
4-6 months1,674,674 3.47 
7-9 months1,984,259 4.51 
10-12 months1,382,970 4.54 
13-18 months566,457 3.28 
19-24 months117,916 2.54 
24+ months75,009 1.62 
Total$6,788,669 3.92 %

16
TABLE 4: QUARTERLY AVERAGE BALANCES
 Average Balance for three months ended,
 Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(In thousands)20232023202320222022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
$2,053,568 $1,454,057 $1,235,748 $2,449,889 $3,039,907 
Investment securities (2)
7,706,285 7,252,582 7,956,722 7,310,383 6,655,215 
FHLB and FRB stock201,252 223,813 233,615 185,290 142,304 
Liquidity management assets (3)
9,961,105 8,930,452 9,426,085 9,945,562 9,837,426 
Other earning assets (3)(4)
17,879 17,401 18,445 18,585 21,805 
Mortgage loans held-for-sale319,099 307,683 270,966 308,639 455,342 
Loans, net of unearned income (3)(5)
40,707,042 40,106,393 39,093,368 38,566,871 37,431,126 
Total earning assets (3)
51,005,125 49,361,929 48,808,864 48,839,657 47,745,699 
Allowance for loan and investment security losses(319,491)(302,627)(282,704)(252,827)(260,270)
Cash and due from banks459,819 481,510 488,457 475,691 458,263 
Other assets3,236,528 3,061,141 3,060,701 3,025,097 2,779,002 
Total assets
$54,381,981 $52,601,953 $52,075,318 $52,087,618 $50,722,694 
NOW and interest-bearing demand deposits$5,815,155 $5,540,597 $5,271,740 $5,598,291 $5,789,368 
Wealth management deposits1,512,765 1,545,626 2,167,081 2,883,247 3,078,764 
Money market accounts14,155,446 13,735,924 12,533,468 12,319,842 12,037,412 
Savings accounts5,472,535 5,206,609 4,830,322 4,403,113 3,862,579 
Time deposits6,495,906 5,603,024 5,041,638 4,023,232 3,675,930 
Interest-bearing deposits33,451,807 31,631,780 29,844,249 29,227,725 28,444,053 
Federal Home Loan Bank advances2,241,292 2,227,106 2,474,882 2,088,201 1,403,573 
Other borrowings657,454 625,757 602,937 480,553 478,909 
Subordinated notes437,658 437,545 437,422 437,312 437,191 
Junior subordinated debentures253,566 253,566 253,566 253,566 253,566 
Total interest-bearing liabilities
37,041,777 35,175,754 33,613,056 32,487,357 31,017,292 
Non-interest-bearing deposits10,612,009 10,908,022 12,171,631 13,404,036 13,731,219 
Other liabilities1,644,312 1,473,459 1,395,360 1,485,369 1,178,796 
Equity5,083,883 5,044,718 4,895,271 4,710,856 4,795,387 
Total liabilities and shareholders’ equity
$54,381,981 $52,601,953 $52,075,318 $52,087,618 $50,722,694 
Net free funds/contribution (6)
$13,963,348 $14,186,175 $15,195,808 $16,352,300 $16,728,407 
(1)Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2)Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4)Other earning assets include brokerage customer receivables and trading account securities.
(5)Loans, net of unearned income, include non-accrual loans.
(6)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

17
TABLE 5: QUARTERLY NET INTEREST INCOME

 Net Interest Income for three months ended,
 Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(In thousands)20232023202320222022
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents$28,022 $16,882 $13,538 $21,612 $17,466 
Investment securities59,737 51,795 60,494 53,630 39,071 
FHLB and FRB stock3,896 3,544 3,680 2,918 2,109 
Liquidity management assets (1)
91,655 72,221 77,712 78,160 58,646 
Other earning assets (1)
291 272 313 289 275 
Mortgage loans held-for-sale4,767 4,178 3,528 3,997 5,371 
Loans, net of unearned income (1)
668,183 622,939 560,564 500,432 403,719 
Total interest income$764,896 $699,610 $642,117 $582,878 $468,011 
Interest expense:
NOW and interest-bearing demand deposits$36,001 $29,178 $18,772 $14,982 $8,041 
Wealth management deposits9,350 9,097 12,258 14,079 11,068 
Money market accounts124,742 106,630 68,276 45,468 18,916 
Savings accounts31,784 25,603 15,816 8,421 2,130 
Time deposits60,906 42,987 29,680 12,497 5,761 
Interest-bearing deposits262,783 213,495 144,802 95,447 45,916 
Federal Home Loan Bank advances17,436 17,399 19,135 13,823 6,812 
Other borrowings9,384 8,485 7,854 5,313 4,008 
Subordinated notes5,491 5,523 5,488 5,520 5,485 
Junior subordinated debentures4,948 4,737 4,416 3,826 2,809 
Total interest expense$300,042 $249,639 $181,695 $123,929 $65,030 
Less: Fully taxable-equivalent adjustment(2,496)(2,434)(2,427)(2,133)(1,533)
Net interest income (GAAP) (2)
462,358 447,537 457,995 456,816 401,448 
Fully taxable-equivalent adjustment2,496 2,434 2,427 2,133 1,533 
Net interest income, fully taxable-equivalent (non-GAAP) (2)
$464,854 $449,971 $460,422 $458,949 $402,981 
(1)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

18
TABLE 6: QUARTERLY NET INTEREST MARGIN

 Net Interest Margin for three months ended,
Sep 30, 2023Jun 30, 2023Mar 31,
2023		Dec 31, 2022Sep 30,
2022
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents5.41 %4.66 %4.44 %3.50 %2.28 %
Investment securities3.08 2.86 3.08 2.91 2.33 
FHLB and FRB stock7.68 6.35 6.39 6.25 5.88 
Liquidity management assets3.65 3.24 3.34 3.12 2.37 
Other earning assets6.47 6.27 6.87 6.17 5.01 
Mortgage loans held-for-sale5.93 5.45 5.28 5.14 4.68 
Loans, net of unearned income6.51 6.23 5.82 5.15 4.28 
Total earning assets5.95 %5.68 %5.34 %4.73 %3.89 %
Rate paid on:
NOW and interest-bearing demand deposits2.46 %2.11 %1.44 %1.06 %0.55 %
Wealth management deposits2.45 2.36 2.29 1.94 1.43 
Money market accounts3.50 3.11 2.21 1.46 0.62 
Savings accounts2.30 1.97 1.33 0.76 0.22 
Time deposits3.72 3.08 2.39 1.23 0.62 
Interest-bearing deposits3.12 2.71 1.97 1.30 0.64 
Federal Home Loan Bank advances3.09 3.13 3.14 2.63 1.93 
Other borrowings5.66 5.44 5.28 4.39 3.32 
Subordinated notes4.98 5.06 5.02 5.05 5.02 
Junior subordinated debentures7.74 7.49 6.97 5.90 4.33 
Total interest-bearing liabilities3.21 %2.85 %2.19 %1.51 %0.83 %
Interest rate spread (1)(2)
2.74 %2.83 %3.15 %3.22 %3.06 %
Less: Fully taxable-equivalent adjustment(0.02)(0.02)(0.02)(0.02)(0.01)
Net free funds/contribution (3)
0.88 0.83 0.68 0.51 0.29 
Net interest margin (GAAP) (2)
3.60 %3.64 %3.81 %3.71 %3.34 %
Fully taxable-equivalent adjustment0.02 0.02 0.02 0.02 0.01 
Net interest margin, fully taxable-equivalent (non-GAAP) (2)
3.62 %3.66 %3.83 %3.73 %3.35 %
(1)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.




19
TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN

 
Average Balance
for nine months ended,
Interest
for nine months ended,
Yield/Rate
for nine months ended,
(Dollars in thousands)Sep 30, 2023Sep 30,
2022		Sep 30, 2023Sep 30, 2022Sep 30, 2023Sep 30, 2022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
$1,584,120 $3,617,498 $58,443 $26,738 4.93 %0.99 %
Investment securities (2)
7,637,612 6,542,077 172,025 108,947 3.01 2.23 
FHLB and FRB stock219,442 138,405 11,120 5,704 6.77 5.51 
Liquidity management assets (3)(4)
$9,441,174 $10,297,980 $241,588 $141,389 3.42 %1.84 %
Other earning assets (3)(4)(5)
17,906 23,673 876 666 6.54 3.76 
Mortgage loans held-for-sale299,426 559,258 12,473 17,198 5.57 4.11 
Loans, net of unearned income (3)(4)(6)
39,974,840 36,050,185 1,851,686 1,010,913 6.19 3.75 
Total earning assets (4)
$49,733,346 $46,931,096 $2,106,623 $1,170,166 5.66 %3.33 %
Allowance for loan and investment security losses(301,742)(257,992)
Cash and due from banks476,490 472,127 
Other assets3,120,105 2,718,562 
Total assets
$53,028,199 $49,863,793 
NOW and interest-bearing demand deposits$5,544,488 $5,273,115 $83,949 $12,584 2.02 %0.32 %
Wealth management deposits1,739,427 2,808,709 30,705 15,671 2.36 0.75 
Money market accounts13,480,887 12,232,024 299,649 35,123 2.97 0.38 
Savings accounts5,172,174 3,883,092 73,203 2,813 1.89 0.10 
Time deposits5,718,850 3,741,014 133,574 13,564 3.12 0.48 
Interest-bearing deposits$31,655,826 $27,937,954 $621,080 $79,755 2.62 %0.38 %
Federal Home Loan Bank advances2,313,571 1,281,273 53,970 16,506 3.12 1.72 
Other borrowings628,915 487,595 25,723 8,981 5.47 2.46 
Subordinated notes437,543 437,081 16,502 16,484 5.04 5.03 
Junior subordinated debentures253,566 253,566 14,101 6,426 7.44 3.34 
Total interest-bearing liabilities
$35,289,421 $30,397,469 $731,376 $128,152 2.77 %0.56 %
Non-interest-bearing deposits11,224,841 13,756,793 
Other liabilities1,505,289 1,101,132 
Equity5,008,648 4,608,399 
Total liabilities and shareholders’ equity
$53,028,199 $49,863,793 
Interest rate spread (4)(7)
2.89 %2.77 %
Less: Fully taxable-equivalent adjustment(7,357)(3,468)(0.02)(0.01)
Net free funds/contribution (8)
$14,443,925 $16,533,627 0.81 0.20 
Net interest income/margin (GAAP) (4)
$1,367,890 $1,038,546 3.68 %2.96 %
Fully taxable-equivalent adjustment7,357 3,4680.02 0.01 
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)
$1,375,247 $1,042,014 3.70 %2.97 %
(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)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.
(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)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(8)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.
20
TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Sep 30, 20233.3 %1.9 %(2.0)%(5.2)%
Jun 30, 20235.7 2.9 (2.9)(7.9)
Mar 31, 20234.2 2.4 (2.4)(7.3)
Dec 31, 20227.2 3.8 (5.0)(12.1)
Sep 30, 202212.9 7.1 (8.7)(18.9)

Ramp Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Sep 30, 20231.7 %1.2 %(0.5)%(2.4)%
Jun 30, 20232.9 1.8 (0.9)(3.4)
Mar 31, 20233.0 1.7 (1.3)(3.4)
Dec 31, 20225.6 3.0 (2.9)(6.8)
Sep 30, 20226.5 3.6 (3.9)(8.6)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to diminish. Given the recent unprecedented rise in interest rates, the Company has made a conscious effort to reposition its exposure to changing interest rates given the uncertainty of the future interest rate environment. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer term fixed rate loans. The Company will continue to monitor current and projected interest rates and expects to execute additional derivatives to mitigate potential fluctuations in the net interest margin in future years.


21
TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES
Loans repricing or contractual maturity period
As of September 30, 2023One year or
less		From one to
five years		From five to fifteen yearsAfter fifteen yearsTotal
(In thousands)
Commercial
Fixed rate$532,313 $2,805,566 $1,740,199 $19,102 $5,097,180 
Variable rate7,626,902 1,391 — — 7,628,293 
Total commercial$8,159,215 $2,806,957 $1,740,199 $19,102 $12,725,473 
Commercial real estate
Fixed rate637,462 2,891,879 546,918 48,296 4,124,555 
Variable rate6,813,010 7,872 743 — 6,821,625 
Total commercial real estate$7,450,472 $2,899,751 $547,661 $48,296 $10,946,180 
Home equity
Fixed rate10,785 2,398 — 29 13,212 
Variable rate330,046 — — — 330,046 
Total home equity$340,831 $2,398 $— $29 $343,258 
Residential real estate
Fixed rate16,676 3,817 30,733 1,063,669 1,114,895 
Variable rate74,016 268,720 1,249,972 — 1,592,708 
Total residential real estate$90,692 $272,537 $1,280,705 $1,063,669 $2,707,603 
Premium finance receivables - property & casualty
Fixed rate6,612,136 110,611 — — 6,722,747 
Variable rate— — — — — 
Total premium finance receivables - property & casualty$6,612,136 $110,611 $— $— $6,722,747 
Premium finance receivables - life insurance
Fixed rate137,889 594,399 3,978 — 736,266 
Variable rate7,195,542 — — — 7,195,542 
Total premium finance receivables - life insurance$7,333,431 $594,399 $3,978 $— $7,931,808 
Consumer and other
Fixed rate21,528 6,741 54 469 28,792 
Variable rate40,171 — — — 40,171 
Total consumer and other$61,699 $6,741 $54 $469 $68,963 
Total per category
Fixed rate7,968,789 6,415,411 2,321,882 1,131,565 17,837,647 
Variable rate22,079,687 277,983 1,250,715 — 23,608,385 
Total loans, net of unearned income$30,048,476 $6,693,394 $3,572,597 $1,131,565 $41,446,032 
Variable Rate Loan Pricing by Index:
SOFR tenors$12,798,760 
One- year CMT5,998,547 
Prime3,627,121 
Ameribor tenors329,220 
Twelve- month LIBOR38,888 
Other U.S. Treasury tenors38,760 
BSBY tenors36,145 
Other740,944 
Total variable rate$23,608,385 
SOFR - Secured Overnight Financing Rate.
CMT - Constant Maturity Treasury Rate.
Ameribor - American Interbank Offered Rate.
LIBOR - London Interbank Offered Rate.
BSBY - Bloomberg Short Term Bank Yield Index.



22
liborerq32023v2a.jpg
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 $10.0 billion tied to one-month SOFR and $6.0 billion tied to one-year CMT. The above chart shows:

Basis Point (bp) Change in
1-month
SOFR		One- year CMTPrime
Third Quarter 202318bps6bps25bps
Second Quarter 2023347625
First Quarter 202344-950
Fourth Quarter 202213268125
Third Quarter 2022135125150


23
TABLE 10: ALLOWANCE FOR CREDIT LOSSES
Three Months EndedNine Months Ended
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,Sep 30,
(Dollars in thousands)2023202320232022202220232022
Allowance for credit losses at beginning of period$387,786 $376,261 $357,936 $315,338 $312,192 $357,936 $299,731 
Cumulative effect adjustment from the adoption of ASU 2022-02— — 741 — — 741 — 
Provision for credit losses19,923 28,514 23,045 47,646 6,420 71,482 30,943 
Other adjustments(60)41 4 31 (105)(15)(139)
Charge-offs:
Commercial2,427 5,629 2,543 3,019 780 10,599 11,122 
Commercial real estate1,713 8,124 5 538 24 9,842 841 
Home equity227 — — — 43 227 432 
Residential real estate78 — — — 5 78 471 
Premium finance receivables - property & casualty5,830 4,519 4,629 3,629 6,037 14,978 10,611 
Premium finance receivables - life insurance18 134 21 28 — 173 7 
Consumer and other184 110 153 — 635 447 1,081 
Total charge-offs10,477 18,516 7,351 7,214 7,524 36,344 24,565 
Recoveries:
Commercial1,162 505 392 691 2,523 2,059 4,057 
Commercial real estate243 25 100 61 55 368 640 
Home equity33 37 35 65 38 105 254 
Residential real estate1 6 4 6 60 11 71 
Premium finance receivables - property & casualty906 890 1,314 1,279 1,648 3,110 4,243 
Premium finance receivables - life insurance— — 9 — — 9 — 
Consumer and other14 23 32 33 31 69 103 
Total recoveries2,359 1,486 1,886 2,135 4,355 5,731 9,368 
Net charge-offs(8,118)(17,030)(5,465)(5,079)(3,169)(30,613)(15,197)
Allowance for credit losses at period end$399,531 $387,786 $376,261 $357,936 $315,338 $399,531 $315,338 
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial0.04 %0.16 %0.07 %0.08 %(0.06)%0.09 %0.08 %
Commercial real estate0.05 0.31 0.00 0.02 0.00 0.12 0.00 
Home equity0.23 (0.04)(0.04)(0.08)0.01 0.05 0.07 
Residential real estate0.01 0.00 0.00 0.00 (0.01)0.00 0.03 
Premium finance receivables - property & casualty0.29 0.24 0.23 0.16 0.30 0.26 0.16 
Premium finance receivables - life insurance0.00 0.01 0.00 0.00 — 0.00 0.00 
Consumer and other0.65 0.45 0.74 (0.16)4.02 0.60 2.19 
Total loans, net of unearned income0.08 %0.17 %0.06 %0.05 %0.03 %0.10 0.06 %
Loans at period end$41,446,032 $41,023,408 $39,565,471 $39,196,485 $38,167,613 
Allowance for loan losses as a percentage of loans at period end0.76 %0.74 %0.73 %0.69 %0.64 %
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end0.96 0.94 0.95 0.91 0.83 




24
TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

Three Months EndedNine Months Ended
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,Sep 30,
(In thousands)2023202320232022202220232022
Provision for loan losses$20,717 $31,516 $22,520 $29,110 $(2,385)$74,753 $13,611 
Provision for unfunded lending-related commitments losses(769)(2,945)550 18,358 8,578 (3,164)17,100 
Provision for held-to-maturity securities losses(25)(57)(25)178 227 (107)232 
Provision for credit losses$19,923 $28,514 $23,045 $47,646 $6,420 $71,482 $30,943 
Allowance for loan losses$315,039 $302,499 $287,972 $270,173 $246,110 
Allowance for unfunded lending-related commitments losses84,111 84,881 87,826 87,275 68,918 
Allowance for loan losses and unfunded lending-related commitments losses399,150 387,380 375,798 357,448 315,028 
Allowance for held-to-maturity securities losses381 406 463 488 310 
Allowance for credit losses$399,531 $387,786 $376,261 $357,936 $315,338 
    


25
TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of September 30, 2023, June 30, 2023 and March 31, 2023.
 As of Sep 30, 2023As of Jun 30, 2023As of Mar 31, 2023
(Dollars in thousands)Recorded
Investment		Calculated
Allowance		% of its
category’s balance		Recorded
Investment		Calculated
Allowance		% of its
category’s balance		Recorded
Investment		Calculated
Allowance		% of its
category’s balance
Commercial:
Commercial, industrial and other$12,725,473 $151,488 1.19 %$12,600,471 $143,142 1.14 %$12,576,985 $149,501 1.19 %
Commercial real estate:
Construction and development1,893,773 90,622 4.79 1,760,436 86,725 4.93 1,597,053 75,069 4.70 
Non-construction9,052,407 125,096 1.38 8,848,375 128,971 1.46 8,642,025 119,711 1.39 
Home equity343,258 7,080 2.06 336,974 6,967 2.07 337,016 7,728 2.29 
Residential real estate2,707,603 12,659 0.47 2,643,240 12,252 0.46 2,505,545 11,434 0.46 
Premium finance receivables
Commercial insurance loans6,722,747 11,132 0.17 6,762,698 8,347 0.12 5,738,880 11,248 0.20 
Life insurance loans7,931,808 688 0.01 8,039,273 699 0.01 8,125,802 707 0.01 
Consumer and other68,963 385 0.56 31,941 277 0.87 42,165 400 0.95 
Total loans, net of unearned income$41,446,032 $399,150 0.96 %$41,023,408 $387,380 0.94 %$39,565,471 $375,798 0.95 %
Total core loans (1)
$24,088,651 $363,873 1.51 %$23,386,727 $350,930 1.50 %$22,995,378 $334,910 1.46 %
Total niche loans (1)
17,357,381 35,277 0.20 17,636,681 36,450 0.21 16,570,093 40,888 0.25 
(1)See Table 1 for additional detail on core and niche loans.


26
TABLE 13: LOAN PORTFOLIO AGING

(In thousands)Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
Loan Balances:
Commercial
Nonaccrual$43,569 $40,460 $47,950 $35,579 $44,293 
90+ days and still accruing200 573 — 462 237 
60-89 days past due22,889 22,808 10,755 21,128 24,641 
30-59 days past due35,681 48,970 95,593 56,696 34,917 
Current12,623,134 12,487,660 12,422,687 12,435,299 12,155,162 
Total commercial$12,725,473 $12,600,471 $12,576,985 $12,549,164 $12,259,250 
Commercial real estate
Nonaccrual$17,043 $18,483 $11,196 $6,387 $10,477 
90+ days and still accruing1,092 — — — — 
60-89 days past due7,395 1,054 20,539 2,244 6,041 
30-59 days past due60,984 14,218 72,680 30,675 29,971 
Current10,859,666 10,575,056 10,134,663 9,911,641 9,531,695 
Total commercial real estate$10,946,180 $10,608,811 $10,239,078 $9,950,947 $9,578,184 
Home equity
Nonaccrual$1,363 $1,361 $1,190 $1,487 $1,320 
90+ days and still accruing— 110 — — — 
60-89 days past due219 316 116 — 125 
30-59 days past due1,668 601 1,118 2,152 848 
Current340,008 334,586 334,592 329,059 326,529 
Total home equity$343,258 $336,974 $337,016 $332,698 $328,822 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)
$168,973 $187,848 $196,152 $164,788 $148,664 
Nonaccrual16,103 13,652 11,333 10,171 9,787 
90+ days and still accruing— — 104 — — 
60-89 days past due1,145 7,243 74 4,364 2,149 
30-59 days past due904 872 19,183 9,982 15 
Current2,520,478 2,433,625 2,278,699 2,183,078 2,074,844 
Total residential real estate$2,707,603 $2,643,240 $2,505,545 $2,372,383 $2,235,459 
Premium finance receivables - property & casualty
Nonaccrual$26,756 $19,583 $18,543 $13,470 $13,026 
90+ days and still accruing16,253 12,785 9,215 15,841 16,624 
60-89 days past due16,552 22,670 14,287 14,926 15,301 
30-59 days past due31,919 32,751 32,545 40,557 21,128 
Current6,631,267 6,674,909 5,664,290 5,764,665 5,647,261 
Total Premium finance receivables - property & casualty$6,722,747 $6,762,698 $5,738,880 $5,849,459 $5,713,340 
Premium finance receivables - life insurance
Nonaccrual$— $6 $— $— $— 
90+ days and still accruing10,679 1,667 1,066 17,245 1,831 
60-89 days past due41,894 3,729 21,552 5,260 13,628 
30-59 days past due14,972 90,117 52,975 68,725 44,954 
Current7,864,263 7,943,754 8,050,209 7,999,768 7,944,443 
Total Premium finance receivables - life insurance$7,931,808 $8,039,273 $8,125,802 $8,090,998 $8,004,856 
Consumer and other
Nonaccrual$16 $4 $6 $6 $7 
90+ days and still accruing27 28 87 49 31 
60-89 days past due196 51 10 18 26 
30-59 days past due519 146 379 224 343 
Current68,205 31,712 41,683 50,539 47,295 
Total consumer and other$68,963 $31,941 $42,165 $50,836 $47,702 
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)
$168,973 $187,848 $196,152 $164,788 $148,664 
Nonaccrual104,850 93,549 90,218 67,100 78,910 
90+ days and still accruing28,251 15,163 10,472 33,597 18,723 
60-89 days past due90,290 57,871 67,333 47,940 61,911 
30-59 days past due146,647 187,675 274,473 209,011 132,176 
Current40,907,021 40,481,302 38,926,823 38,674,049 37,727,229 
Total loans, net of unearned income$41,446,032 $41,023,408 $39,565,471 $39,196,485 $38,167,613 
(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.
27
TABLE 14: NON-PERFORMING ASSETS(1)
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(Dollars in thousands)20232023202320222022
Loans past due greater than 90 days and still accruing:
Commercial$200 $573 $— $462 $237 
Commercial real estate1,092 — — — — 
Home equity— 110 — — — 
Residential real estate— — 104 — — 
Premium finance receivables - property & casualty16,253 12,785 9,215 15,841 16,624 
Premium finance receivables - life insurance10,679 1,667 1,066 17,245 1,831 
Consumer and other27 28 87 49 31 
Total loans past due greater than 90 days and still accruing28,251 15,163 10,472 33,597 18,723 
Non-accrual loans:
Commercial43,569 40,460 47,950 35,579 44,293 
Commercial real estate17,043 18,483 11,196 6,387 10,477 
Home equity1,363 1,361 1,190 1,487 1,320 
Residential real estate16,103 13,652 11,333 10,171 9,787 
Premium finance receivables - property & casualty26,756 19,583 18,543 13,470 13,026 
Premium finance receivables - life insurance— 6 — — — 
Consumer and other16 4 6 6 7 
Total non-accrual loans104,850 93,549 90,218 67,100 78,910 
Total non-performing loans:
Commercial43,769 41,033 47,950 36,041 44,530 
Commercial real estate18,135 18,483 11,196 6,387 10,477 
Home equity1,363 1,471 1,190 1,487 1,320 
Residential real estate16,103 13,652 11,437 10,171 9,787 
Premium finance receivables - property & casualty43,009 32,368 27,758 29,311 29,650 
Premium finance receivables - life insurance10,679 1,673 1,066 17,245 1,831 
Consumer and other43 32 93 55 38 
Total non-performing loans$133,101 $108,712 $100,690 $100,697 $97,633 
Other real estate owned12,928 10,275 8,050 8,589 5,376 
Other real estate owned - from acquisitions1,132 1,311 1,311 1,311 1,311 
Other repossessed assets— — — — — 
Total non-performing assets$147,161 $120,298 $110,051 $110,597 $104,320 
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial0.34 %0.33 %0.38 %0.29 %0.36 %
Commercial real estate0.17 0.17 0.11 0.06 0.11 
Home equity0.40 0.44 0.35 0.45 0.40 
Residential real estate0.59 0.52 0.46 0.43 0.44 
Premium finance receivables - property & casualty0.64 0.48 0.48 0.50 0.52 
Premium finance receivables - life insurance0.13 0.02 0.01 0.21 0.02 
Consumer and other0.06 0.10 0.22 0.11 0.08 
Total loans, net of unearned income0.32 %0.26 %0.25 %0.26 %0.26 %
Total non-performing assets as a percentage of total assets0.26 %0.22 %0.21 %0.21 %0.20 %
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans380.69 %414.09 %416.54 %532.71 %399.22 %
(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.


28
Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies
 Three Months EndedNine Months Ended
 Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,Sep 30,
(In thousands)2023202320232022202220232022
Balance at beginning of period$108,712 $100,690 $100,697 $97,633 $72,351 $100,697 $74,438 
Additions from becoming non-performing in the respective period18,666 21,246 24,455 10,027 35,234 64,367 62,216 
Return to performing status(1,702)(360)(480)(1,167)(154)(2,542)(1,883)
Payments received(6,488)(12,314)(5,261)(16,351)(20,417)(24,063)(44,585)
Transfer to OREO and other repossessed assets(2,671)(2,958)— (3,365)(185)(5,629)(6,173)
Charge-offs, net(3,011)(2,696)(1,159)(1,363)(341)(6,866)(4,664)
Net change for niche loans (1)
19,595 5,104 (17,562)15,283 11,145 7,137 18,284 
Balance at end of period$133,101 $108,712 $100,690 $100,697 $97,633 $133,101 $97,633 
(1)Includes activity for premium finance receivables and indirect consumer loans.

Other Real Estate Owned
 Three Months Ended
 Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(In thousands)20232023202320222022
Balance at beginning of period$11,586 $9,361 $9,900 $6,687 $6,839 
Disposals/resolved(467)(733)(435)(152)(133)
Transfers in at fair value, less costs to sell2,941 2,958 — 3,365 134 
Fair value adjustments— — (104)— (153)
Balance at end of period$14,060 $11,586 $9,361 $9,900 $6,687 
 Period End
 Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
Balance by Property Type:20232023202320222022
Residential real estate$441 $318 $1,051 $1,585 $1,585 
Commercial real estate13,619 11,268 8,310 8,315 5,102 
Total$14,060 $11,586 $9,361 $9,900 $6,687 
29
TABLE 15: NON-INTEREST INCOME
Three Months Ended
Q3 2023 compared to
Q2 2023
Q3 2023 compared to
Q3 2022
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(Dollars in thousands)20232023202320222022$ Change% Change$ Change% Change
Brokerage$4,359 $4,404 $4,533 $4,177 $4,587 $(45)(1)%$(228)(5)%
Trust and asset management29,170 29,454 25,412 26,550 28,537 (284)(1)633 2 
Total wealth management33,529 33,858 29,945 30,727 33,124 (329)(1)405 1 
Mortgage banking27,395 29,981 18,264 17,407 27,221 (2,586)(9)174 1 
Service charges on deposit accounts14,217 13,608 12,903 13,054 14,349 609 4 (132)(1)
(Losses) gains on investment securities, net(2,357)0 1,398 (6,745)(3,103)(2,357)NM746 (24)
Fees from covered call options4,215 2,578 10,391 7,956 1,366 1,637 63 2,849 NM
Trading gains (losses), net728 106 813 (306)(7)622 NM735 NM
Operating lease income, net13,863 12,227 13,046 12,384 12,644 1,636 13 1,219 10 
Other:
Interest rate swap fees2,913 2,711 2,606 2,319 1,997 202 7 916 46 
BOLI729 1,322 1,351 1,394 248 (593)(45)481 NM
Administrative services1,336 1,319 1,615 1,736 1,533 17 1 (197)(13)
Foreign currency remeasurement (losses) gains(446)543 (188)277 (93)(989)NM(353)NM
Early pay-offs of capital leases461 201 365 131 138 260 NM323 NM
Miscellaneous15,895 14,576 15,260 13,505 12,065 1,319 9 3,830 32 
Total Other20,888 20,672 21,009 19,362 15,888 216 1 5,000 31 
Total Non-Interest Income$112,478 $113,030 $107,769 $93,839 $101,482 $(552)0 %$10,996 11 %


Nine Months Ended
Sep 30,Sep 30,$%
(Dollars in thousands)20232022ChangeChange
Brokerage$13,296 $13,491 $(195)(1)%
Trust and asset management84,036 82,396 1,640 2 
Total wealth management97,332 95,887 1,445 2 
Mortgage banking75,640 137,766 (62,126)(45)
Service charges on deposit accounts40,728 45,520 (4,792)(11)
Gains (losses) on investment securities, net(959)(13,682)12,723 (93)
Fees from covered call options17,184 6,177 11,007 NM
Trading gains, net1,647 4,058 (2,411)(59)
Operating lease income, net39,136 43,126 (3,990)(9)
Other:
Interest rate swap fees8,230 9,866 (1,636)(17)
BOLI3,402 (588)3,990 NM
Administrative services4,270 4,977 (707)(14)
Foreign currency remeasurement gains (91)15 (106)NM
Early pay-offs of leases1,027 563 464 82 
Miscellaneous45,731 33,529 12,202 36 
Total Other62,569 48,362 14,207 29 
Total Non-Interest Income$333,277 $367,214 $(33,937)(9)%
NM - Not meaningful.
BOLI - Bank-owned life insurance.
30
TABLE 16: NON-INTEREST EXPENSE
Three Months Ended
Q3 2023 compared to
Q2 2023
Q3 2023 compared to
Q3 2022
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(Dollars in thousands)20232023202320222022$ Change% Change$ Change% Change
Salaries and employee benefits:
Salaries$111,303 $107,671 $108,354 $100,232 $97,419 $3,632 3 %$13,884 14 %
Commissions and incentive compensation48,817 44,511 39,799 49,546 50,403 4,306 10 (1,586)(3)
Benefits32,218 32,741 28,628 30,553 28,273 (523)(2)3,945 14 
Total salaries and employee benefits192,338 184,923 176,781 180,331 176,095 7,415 4 16,243 9 
Software and equipment25,951 26,205 24,697 24,699 24,126 (254)(1)1,825 8 
Operating lease equipment12,020 9,816 9,833 10,078 9,448 2,204 22 2,572 27 
Occupancy, net21,304 19,176 18,486 17,763 17,727 2,128 11 3,577 20 
Data processing10,773 9,726 9,409 7,927 7,767 1,047 11 3,006 39 
Advertising and marketing18,169 17,794 11,946 14,279 16,600 375 2 1,569 9 
Professional fees8,887 8,940 8,163 9,267 7,544 (53)(1)1,343 18 
Amortization of other acquisition-related intangible assets1,408 1,499 1,235 1,436 1,492 (91)(6)(84)(6)
FDIC insurance9,748 9,008 8,669 6,775 7,186 740 8 2,562 36 
OREO expense, net120 118 (207)369 229 2 2 (109)(48)
Other:
Lending expenses, net of deferred origination costs4,777 7,890 3,099 4,952 4,533 (3,113)(39)244 5 
Travel and entertainment5,449 5,401 4,590 5,681 4,252 48 1 1,197 28 
Miscellaneous19,111 20,127 22,468 24,279 19,470 (1,016)(5)(359)(2)
Total other29,337 33,418 30,157 34,912 28,255 (4,081)(12)1,082 4 
Total Non-Interest Expense$330,055 $320,623 $299,169 $307,836 $296,469 $9,432 3 %$33,586 11 %


Nine Months Ended
Sep 30,Sep 30,$%
(Dollars in thousands)20232022ChangeChange
Salaries and employee benefits:
Salaries$327,328 $281,949 $45,379 16 %
Commissions and incentive compensation133,127 148,327 (15,200)(10)
Benefits93,587 85,500 8,087 9 
Total salaries and employee benefits554,042 515,776 38,266 7 
Software and equipment76,853 71,186 5,667 8 
Operating lease equipment31,669 27,930 3,739 13 
Occupancy, net58,966 53,202 5,764 11 
Data processing29,908 23,282 6,626 28 
Advertising and marketing47,909 45,139 2,770 6 
Professional fees25,990 23,821 2,169 9 
Amortization of other acquisition-related intangible assets4,142 4,680 (538)(11)
FDIC insurance27,425 21,864 5,561 25 
OREO expense, net31 (509)540 NM
Other:
Lending expenses, net of deferred origination costs15,766 15,624 142 1 
Travel and entertainment15,440 10,825 4,615 43 
Miscellaneous61,706 56,615 5,091 9 
Total other92,912 83,064 9,848 12 
Total Non-Interest Expense$949,847 $869,435 $80,412 9 %
NM - Not meaningful.
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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. 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 fully taxable-equivalent 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 EndedNine Months Ended
 Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,Sep 30,
(Dollars and shares in thousands)2023202320232022202220232022
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)$762,400 $697,176 $639,690 $580,745 $466,478 $2,099,266 $1,166,698 
Taxable-equivalent adjustment:
 - Loans
1,923 1,882 1,872 1,594 1,030 5,677 2,025 
 - Liquidity Management Assets572 551 551 538 502 1,674 1,439 
 - Other Earning Assets1 1 4 1 1 6 4 
(B) Interest Income (non-GAAP)$764,896 $699,610 $642,117 $582,878 $468,011 $2,106,623 $1,170,166 
(C) Interest Expense (GAAP)300,042 249,639 181,695 123,929 65,030 731,376 128,152 
(D) Net Interest Income (GAAP) (A minus C)$462,358 $447,537 $457,995 $456,816 $401,448 $1,367,890 $1,038,546 
(E) Net Interest Income (non-GAAP) (B minus C)$464,854 $449,971 $460,422 $458,949 $402,981 $1,375,247 $1,042,014 
Net interest margin (GAAP)3.60 %3.64 %3.81 %3.71 %3.34 %3.68 %2.96 %
Net interest margin, fully taxable-equivalent (non-GAAP)3.62 3.66 3.83 3.73 3.35 3.70 2.97 
(F) Non-interest income$112,478 $113,030 $107,769 $93,839 $101,482 $333,277 $367,214 
(G) (Losses) gains on investment securities, net(2,357)0 1,398 (6,745)(3,103)(959)(13,682)
(H) Non-interest expense330,055 320,623 299,169 307,836 296,469 949,847 869,435 
Efficiency ratio (H/(D+F-G))57.18 %57.20 %53.01 %55.23 %58.59 %55.80 %61.25 %
Efficiency ratio (non-GAAP) (H/(E+F-G))56.94 56.95 52.78 55.02 58.41 55.56 61.10 
32
Three Months EndedNine Months Ended
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,Sep 30,
(Dollars and shares in thousands)2023202320232022202220232022
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)$5,015,613$5,041,912$5,015,506$4,796,838$4,637,980
Less: Non-convertible preferred stock (GAAP)(412,500)(412,500)(412,500)(412,500)(412,500)
Less: Intangible assets (GAAP)(680,353)(682,327)(674,538)(675,710)(676,699)
(I) Total tangible common shareholders’ equity (non-GAAP)$3,922,760$3,947,085$3,928,468$3,708,628$3,548,781
(J) Total assets (GAAP)$55,555,246$54,286,176$52,873,511$52,949,649$52,382,939
Less: Intangible assets (GAAP)(680,353)(682,327)(674,538)(675,710)(676,699)
(K) Total tangible assets (non-GAAP)$54,874,893$53,603,849$52,198,973$52,273,939$51,706,240
Common equity to assets ratio (GAAP) (L/J)8.3 %8.5 %8.7 %8.3 %8.1 %
Tangible common equity ratio (non-GAAP) (I/K)7.1 7.4 7.5 7.1 6.9 
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity$5,015,613 $5,041,912 $5,015,506 $4,796,838 $4,637,980 
Less: Preferred stock(412,500)(412,500)(412,500)(412,500)(412,500)
(L) Total common equity$4,603,113 $4,629,412 $4,603,006 $4,384,338 $4,225,480 
(M) Actual common shares outstanding61,222 61,198 61,176 60,794 60,743 
Book value per common share (L/M)$75.19 $75.65 $75.24 $72.12 $69.56 
Tangible book value per common share (non-GAAP) (I/M)64.07 64.50 64.22 61.00 58.42 
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares$157,207 $147,759 $173,207 $137,826 $135,970 $478,173 $343,892 
Add: Intangible asset amortization 1,408 1,499 1,235 1,436 1,492 4,142 4,680 
Less: Tax effect of intangible asset amortization(380)(402)(321)(370)(425)(1,102)(1,301)
After-tax intangible asset amortization $1,028 $1,097 $914 $1,066 $1,067 $3,040 $3,379 
(O) Tangible net income applicable to common shares (non-GAAP)$158,235 $148,856 $174,121 $138,892 $137,037 $481,213 $347,271 
Total average shareholders’ equity$5,083,883 $5,044,718 $4,895,271 $4,710,856 $4,795,387 $5,008,648 $4,608,399 
Less: Average preferred stock(412,500)(412,500)(412,500)(412,500)(412,500)(412,500)(412,500)
(P) Total average common shareholders’ equity$4,671,383 $4,632,218 $4,482,771 $4,298,356 $4,382,887 $4,596,148 $4,195,899 
Less: Average intangible assets(681,520)(682,561)(675,247)(676,371)(678,953)(679,799)(680,869)
(Q) Total average tangible common shareholders’ equity (non-GAAP)$3,989,863 $3,949,657 $3,807,524 $3,621,985 $3,703,934 $3,916,349 $3,515,030 
Return on average common equity, annualized (N/P)13.35 %12.79 %15.67 %12.72 %12.31 %13.91 %10.96 %
Return on average tangible common equity, annualized (non-GAAP) (O/Q)15.73 15.12 18.55 15.21 14.68 16.43 13.21 
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes$224,858 $211,430 $243,550 $195,173 $200,041 $679,838 $505,382 
Add: Provision for credit losses19,923 28,514 23,045 47,646 6,420 71,482 30,943 
Pre-tax income, excluding provision for credit losses (non-GAAP)$244,781 $239,944 $266,595 $242,819 $206,461 $751,320 $536,325 
33
WINTRUST SUBSIDIARIES AND LOCATIONS

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 15 community bank subsidiaries are: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., in Chicago, Libertyville Bank & Trust Company, N.A., Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, N.A., Schaumburg Bank & Trust Company, N.A., Village Bank & Trust, N.A., in Arlington Heights, Beverly Bank & Trust Company, N.A. in Chicago, Wheaton Bank & Trust Company, N.A., State Bank of The Lakes, N.A., in Antioch, Old Plank Trail Community Bank, N.A., in New Lenox, St. Charles Bank & Trust Company, N.A. and Town Bank, N.A., in Hartland, Wisconsin.

In addition to the locations noted above, the banks also operate facilities in Illinois in Addison, Algonquin, Aurora, Bloomingdale, Bolingbrook, Buffalo Grove, Burbank, Cary, Clarendon Hills, Countryside, Crete, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Grayslake, Gurnee, Hanover Park, Highland Park, Highwood, Hoffman Estates, Homer Glen, Itasca, Joliet, Lake Bluff, Lake Villa, Lansing, Lemont, Lindenhurst, Lombard, Lynwood, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, Norridge, Northfield, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rockford, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Pewaukee, Racine, Wales, Walworth, Whitefish Bay and Wind Lake, and in Florida in Bonita Springs and Naples, and in Dyer, Indiana.

Additionally, the Company operates various non-bank business units:
•FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
•First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
•Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
•Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
•Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
•Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
•The Chicago Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
•Wintrust Asset Finance offers direct leasing opportunities.
•CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2022 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events. Actual results
34
could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

•economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
•negative effects suffered by us or our customers resulting from changes in U.S. trade policies;
•the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
•estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
•the financial success and economic viability of the borrowers of our commercial loans;
•commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
•the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
•inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
•changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
•the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
•competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
•failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of 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 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, and ability of the Company to effectively manage the transition of the chief executive officer role;
•environmental liability risk associated with lending activities;
•the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
•losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
•the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
•the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
•the expenses and delayed returns inherent in opening new branches and de novo banks;
•liabilities, potential customer loss or reputational harm related to closings of existing branches;
•examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
•changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
•the ability of the Company to receive dividends from its subsidiaries;
•the ability of the Company to successfully transition from LIBOR to an alternative benchmark rate for current and future
35
transactions;
•a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
•legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
•changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
•a lowering of our credit rating;
•changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
•regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
•increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
•the impact of heightened capital requirements;
•increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
•delinquencies or fraud with respect to the Company’s premium finance business;
•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
•the Company’s ability to comply with covenants under its credit facility;
•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation;
•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services; and
•the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses.

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 Wednesday, October 18, 2023 at 10:00 a.m. (CDT) regarding third quarter and year-to-date 2023 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated September 29, 2023 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the third quarter and year-to-date 2023 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.

36
Earnings Release Presentation Q3 2023 Wintrust Financial Corporation

 
22 This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2022 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time,the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company's financial condition and results of operations from expected developments or events. Actual results could differ materially from those addressed in the forward- looking statements as a result of numerous factors, including the following: • economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates; • negative effects suffered by us or our customers resulting from changes in U.S. trade policies; • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses; • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period; • the financial success and economic viability of the borrowers of our commercial loans; • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses; • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; • changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities; • the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability; • competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products; • failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of 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 resulting from failures, human error or cyberattacks (including ransomware); PENDING - LEGAL Forward Looking Statements

 
33 • adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors; • increased costs as a result of protecting our customers from the impact of stolen debit card information; • accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions; • ability of the Company to attract and retain senior management experienced in the banking and financial services industries, and ability of the Company to effectively manage the transition of the chief executive officer role; • environmental liability risk associated with lending activities; • the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation; • losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith; • the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank; • the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns; • the expenses and delayed returns inherent in opening new branches and de novo banks; • liabilities, potential customer loss or reputational harm related to closings of existing branches; • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; • changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements; • the ability of the Company to receive dividends from its subsidiaries; • the ability of the Company to successfully transition from LIBOR to an alternative benchmark rate for current and future transactions; • a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise; • legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies; • changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity; • a lowering of our credit rating; • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise; • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business; • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment; • the impact of heightened capital requirements; • increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC; • delinquencies or fraud with respect to the Company’s premium finance business; • credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans; • the Company’s ability to comply with covenants under its credit facility; • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services; and • the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses. Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward- looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release and this presentation. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases and presentations. PENDING - LEGAL Forward Looking Statements

 
44 • Strong deposit growth of $1.0 billion, or 9% annualized, supported by our diversified product offerings • Loan growth of $423 million, or 4% annualized. Adjusting for the impact of the premium finance receivables commercial loan sale, loans increased $767 million or 7% annualized • Second most profitable quarter in the Company's history with net income of $164.2 million • Net interest margin declined by 4 bps during the third quarter of 2023 Pre-Tax, Pre-Provision1 Diversified Balance Sheet Future Outlook • Wintrust continues to monitor the interest rate environment to reduce the asset sensitivity of its balance sheet given the recent increase in rates. • Pressure on net interest margin is expected in upcoming quarter. • Growing low cost deposits in our market area remains a significant focus of the Company, which we believe will be the key to mitigating net interest margin compression. Strong Balance Sheet Total Loans +$2.2B / 9.7% Mid to High Single Digit Growth Average Loan to Deposit Ratio 93.7% 85% - 90% Total Deposits +$2.9B / 12.6% High Single Digit Growth Income Net Income +$85.5MM 10% - 15% Growth NIM Net Interest Margin +17 bps 3.60% - 3.70% NII Non-Interest Income +$36.6MM PENDING NIE Non-Interest Expense +$94.3MM 1.50% - 1.60% Net Overhead Ratio Credit & Capital Net Charge-Off Ratio +2 bps Diligently Monitoring to Maintain Pristine Credit Quality Total Risk-Based Capital Ratio -39 bps May Consider Capital Increase Pending Acquisition Pipeline Total DepositsTotal Assets Total Loans Net Income $55.6 billion +$1.3 billion $41.4 billion +$0.4 billion $45.0 billion +$1.0 billion $164.2 million +$9.4 million Exceptional Credit Quality Awards/Non- Recurring Items • Low NPLs at $133.1 million or 0.32% of total loans • Allowance coverage reserves on core loans increased to 1.51% of total core loans • Low levels of net-charge offs at 8 basis points of average total loans on an annualized basis • Ranked Top Workplace in Chicago 2021 • Swap Sale expected in 2022 Update Format second box Efficiency RatioReturn on Assets ROE / ROTCE 1.20% +2 bps 13.35% +56 bps (GAAP) 57.18% -2 bps $244.8 million +$4.8 million 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix Diluted EPS $2.53 +$0.15 Current EPS Prior EPS $ 2.53 2.38 $ 0.15 PPNI Prior PPNI $ 244.8 239.9 $4.84 4900000 244,781 239,944 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Stable Margin Supports Earnings Net Overhead Ratio 1.59% +1 bps (non-GAAP) 56.94% -1 bp Efficiency GAAP Prior Q 57.18% 58.59% $ (141.00) Efficiency Non GAAP Prior Q PENDING Efficiency Ratio (GAAP) Q1-23 Efficiency Ratio (GAAP) Q4-22 Efficiency Ratio (Non- GAAP) Q1-23 Efficiency Ratio (Non- GAAP) Q4-22 57.18 % 57.20 % 56.94 % 56.95 % % Change File does not have calc for GAAP numbers (0.99999999999989) Check -1.99999999999978 -0.99999999999989 Link was removed ----> will need to relink (GAAP) 13.35% +56 bps (non-GAAP) 15.73% +61 bps Q3 2023 Highlights (comparative to Q2 2023) PENDING

 
55 Diluted EPS Quarterly Trend Higher Quarterly PTPP driven by Net Interest IncomeStrong Quarterly Net Income Earnings Summary Differentiated, highly diversified and sustainable business model $143.0 $144.8 $180.2 $154.8 $164.2 1.12% 1.10% 1.40% 1.18% 1.20% Net Income ROA Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 $2.21 $2.23 $2.80 $2.38 $2.53 Diluted EPS Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 $206.5 $242.8 $266.6 $239.9 $244.8 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 2 ### ($ in Millions) ($ in Millions) 1 See non-GAAP reconciliation in Appendix • Record net interest income of $462.4 million supported by loan growth and a relatively stable net interest margin in Q3 2023 • The Company reported record year-to-date net income of $499.1 million through the first nine months of 2023 • Second highest quarterly net income achieved in the Company's history Q3 2023 Highlights Earnings Summary Differentiated, highly diversified and sustainable business model

 
66 31% 26% 16% 19% 7% 1% Commercial Commercial Real Estate PFR - Commercial Insurance PFR - Life Insurance Residential Real Estate All Other Loans 32% 0% 26% 1% 6% 16% 19% Commercial excl. PPP Commercial PPP Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables - Commercial Premium Finance Receivables - Life Insurance • Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.0 billion to $1.1 billion at September 30, 2023, as compared to $1.1 billion to $1.3 billion at June 30, 2023. When adjusted for the probability of closing, the pipelines were estimated to be approximately $604 million to $667 million at September 30, 2023, as compared to $730 million to $0.8 billion at June 30, 2023. • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $2.0 billion, as compared to June 30, 2023, • Total period end loans as of September 30, 2023 were $1.1 billion higher than average total loans in the third quarter of 2023. $41,023 $125 $337 $(344) $304 $(107) $108 $41,446 6/30/2023 Commercial Commercial Real Estate PFR - Commercial Insurance Loan Sale Impact PFR - Commercial Insurance All Other PFR - Life Insurance All Other Loans 9/30/2023 Measured Loan Growth Coupled with Expanded Loan Yield QoQ Growth Lead by Commercial & Acquired Loan Portfolio $38.2 $41.0 $41.4 4.28% 6.23% 6.51% Total Loans Average Total Loan Yield 9/30/2022 6/30/2023 9/30/2023 Year-over-Year Change $3.2B or 9% in Total Loans Balanced Loan Mix (as of 9/30/2023) ($ in Billions) ($ in Millions) Key Observations Benefit from Current and Future Anticipated Rate Increases 51.0% 28.0% 6.0% 11.0% 5.0% Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-12 months 1-2 Years 2-5 Years > 5 Years $41.5 DONE Commercial excl. PPP $11.7 PPP $0.3 Commercial Real Estate $9.2 Premium Finance Receivables - Commercial Insurance $4.9 Premium Finance Receivables - Life Insurance $7.2 All Other Loans $3.2 Presentation draft doughnut chart left ($ in Billions) $41,023 $41,373 6/30/2023 Commercial PPP All Other Commercial Loans Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 9/30/2023 Draft waterfall below 1 1 1 RELINK TEXT BOX TOT LOANS Loan Growth Across Majority of Loan Portfolios Pending from Mark B. Pending $4.4B or 9% in Total Loans, $5.0B or 15% in Total Loans excl. PPP Loan Portfolio Diversified loan portfolio Loan Growth Despite PFR Commercial Insurance Loan Sale Transaction ($ in Millions) Diversified Loan Mix (as of 9/30/2023) Sustained Loan Growth Coupled with Higher Loan Yield ($ in Billions) PENDING Q2 Q1 Total Loans 41,446,032 41,023,408 YoY change 1 %

 
77 • Deposit base and liquidity remain strong despite a volatile market • Deposit mix shift continued in Q3 2023 primarily driven by interest- bearing deposits • Strong retail deposit growth allowed for reduction in brokered deposits $44,039 $(258) $263 $432 $517 $44,993 6/30/2023 Non-Interest-Bearing Savings CDs Other Interest- Bearing 9/30/2023 Deposit Franchise Remained Solid Q1 '23 Commentary $42.8 $44.0 $45.0 0.64% 2.71% 3.12% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 9/30/2022 6/30/2023 9/30/2023 Year-over-Year Change $2.2B or 5% Non-Interest-Bearing $10.3 NOW and Interest- Bearing DDA $6.0 Wealth Management Deposits $1.8 Money Market $14.4 Savings $5.6 Time Certificates of Deposit $6.8 ($ in Billions) ($ in Billions) Draft graph to left $45.0 PENDING UPDATES 1 1Includes: NOW, Interest-bearing Demand Deposits, Money Market and deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), trust and asset management customers of the Company Deposit Portfolio Enviable core deposit franchise in Chicago and Milwaukee market areas Significant Deposit Growth Driven by Retail/Business Interest-Bearing ($ in Millions) Continued Deposit Growth Supported by Strong Franchise ($ in Billions) • Total Loan Growth expected... • Total Deposit Growth anticipated... • Average Loans to Deposit Target Ratio... • Net Income... • Net Interest Margin • Non-Interest Income... • Net Overhead Ratio... • Net Charge-Off Ratio... • Total RBC Ratio... Highlights PENDING $44,039 $(251) $547 $370 $288 $44,993 6/30/2023 Non-Interest-Bearing MaxSafe® Wealth Management All Other Interest- Bearing 9/30/2023 Maxsafe® Product Composition Balance as of 9/30/2023 ($ in Millions) Non-Interest-Bearing $840 NOW and Interest-Bearing $491 Money Market $5,804 CDs $302 Total $7,437 1

 
88 24% 23% 13% 13% 3% 4% 33% 32% 12% 13% 15% 15% Time Certificates of Deposit Savings Money Market Wealth Management Deposits NOW and Interest-Bearing Demand Deposits Non-Interest-Bearing Q2 2023 Q3 2023 Total Interest-Bearing Deposit Costs 1 "Prior Fed Cycle" defined as Q3 2015 to Q2 2019 and "Current Fed Cycle" begins in Q3 2019 to present Deposit Beta Accelerated in Q1 2023 Anticipated to Surpass Previous Cycle Betas • Total deposits increased by $1.0 billion from the prior quarter end. • Non-interest bearing deposits comprise 23% of total deposits as of September 30, 2023. • Rate paid on average interest-bearing deposits increased 41 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 92.1% as compared to 93.2% at prior quarter end. $44,039 $44,993 6/30/2023 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 9/30/2023 Increased Funding Costs Considerably Outpaced by Higher Loan Yields Q1 '23 Commentary Focused on low-cost deposit mix to drive margin expansion $42.8 $44.0 $45.0 0.64% 2.71% 3.12% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 9/30/2022 6/30/2023 9/30/2023 Year-over-Year Change $2.2B or 5% Non-Interest-Bearing $10.3 NOW and Interest- Bearing DDA $6.0 Wealth Management Deposits $1.8 Money Market $14.4 Savings $5.6 Time Certificates of Deposit $6.8 ($ in Billions) ($ in Billions) 53% 44% Q3 2019 to Q4 2021 (–225 bps) Q3 2015 to Q2 2019 (+225 bps) Deposit Mix Shift Into Interest-bearing and Insured Deposits Draft graph to left $44,039 $44,414 6/30/2023 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 9/30/2023 Draft waterfall below 1 0.25% 3.25% 1.30% 3.12% 2.85% 3.21% Fed Target Total Interest-Bearing Deposit Costs Total Deposit Costs 12/31/21 09/30/22 Total Interest-Bearing Beta 5% Total D posit Beta 4% Fed Target up 300 bps Historical Interest-Bearing Beta1 44% 1Historical Deposit Beta reflects previous rising rate Fed cycle Q3 2015 to Q2 2019 Fed Funds Upper Target up 525 bps 0.25% 5.50% 12/31/21 9/30/2023 Total Interest-Bearing Deposit Beta 55% 0.24% 3.12% 12/31/21 9/30/2023 Total Deposit Beta 42% 0.16% 2.37% 12/31/21 9/30/2023 Fed Target Total Deposit Costs $45.0 • Total cycle-to-date Interest-Bearing Deposit Beta stands at 36% as of Q1 2023 but with market pressures current cycle beta likely to outpace Historical Beta and may approach 50% • Experienced a shift from Non-Interest-Bearing deposits to Interest-Bearing products • Benefited from MaxSafe® and reciprocal products that provide our customers additional FDIC protection ◦ These deposits increased $1.3 billion from 12/31/22 primarily driven by a $1.1 billion increase in MaxSafe® • No material deposit concentrations ($ in Billions) $44.0 Deposit Portfolio Reversion of deposit mix to pre-pandemic levels while deposit beta increases with market pressures • Total cycle-to-date Interest-Bearing Deposit Beta stands at 47% as of Q2 2023, which is in-line with our guidance and we believe deposit beta may now approach 55% • Continued to benefit from MaxSafe® product that provides our customers additional FDIC protection ◦ MaxSafe® deposit balances increased $1.7 billion from 3/31/23 • No material deposit concentrations Q3 2023 Highlights Deposit Beta was in Line with Q3 2023 Guidance Range Deposit Mix Shift Into Interest-Bearing ($ in Billions) $45.0 • Total cycle-to-date interest-bearing deposit beta was at 55% as of Q3 2023, which was in-line with our guidance for Q3 2023 • No material deposit concentrations • Continued to benefit from unique MaxSafe® product that provides $3.75 million of FDIC insurance per account account holder ◦ MaxSafe® deposit balances increased $547 million from 6/30/2023 across all product categories PENDING

 
99 $3.6 $3.9 $0.2 Available-for-Sale Held-to-Maturity Other $58.42 $64.50 $64.07 6.9% 7.4% 7.1% Tangible Book Value Per Share (non-GAAP) Tangible Common Equity Ratio (non-GAAP) 9/30/2022 6/30/2023 9/30/2023 9.3% 0.2% (0.2)% 9.3% 6/30/2023 Retained Earnings and other equity changes Change in RWA 9/30/2023 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 9.3% 10.2% 12.1% Minimum Requirement Capital Conservation Buffer WTFC 12.0% 0.4% (0.3)% 12.0% 6/30/2023 Retained Earnings and other equity changes Change in RWA 9/30/2023 TBV Growth along with TCE Improvement Record Earnings Drove Capital Expansion Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $1,058 $782 $736 1 Ratios for Q3 2023 are estimated 9.0% 9.3% 9.3% 9.9% 10.1% 10.2% 11.8% 12.0% 12.0% 8.8% 9.3% 9.2% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 9/30/2022 6/30/2023 9/30/2023 Quarterly Earnings Supported CET1 Improvement 6.9% 7.4% 7.1%7.1% 7.9% Tangible Common Equity Ratio (non-GAAP) Tangible Common Equity Ratio excl. AOCI (non-GAAP) 9/30/2022 6/30/2023 9/30/2023 Capital Ratios Adjusted for AOCI not Included in Capital Ratios & HTM Unrealized Losses (net of tax) Linked chart below 4 CET1 Ratio $0.13 $0.16 $59.64 $64.07 $69.56 $75.19 Book Value Per Common Share Tangible Book Value Per Common Share (non-GAAP) 12/31/2018 12/31/2019 12/31/2020 12/31/2021 9/30/2023 1 7.9% 7.1% 8.9% 8.0% 10.9% 10.0% 6.7% 6.3% Adjusted CET1 Ratio Adjusted Tier 1 Capital Ratio Adjusted Total Capital Ratio Adjusted Tier 1 Leverage Ratio 9/30/2022 6/30/2023 9/30/20231 8.6% 9.1% 9.3% 7.0% 7.0% 7.0% CET1 Ratio Minimum Requirement + Capital Conservation Buffer 03/31/22 12/31/22 03/31/23 Q1 '23 Commentary • The Company's current capital levels are well in excess of regulatory thresholds and it is expected that the Company would remain well capitalized in the event either: • Regulatory changes require banks to report unrealized AFS and HTM losses as a reduction to regulatory capital, or • If the Company were to liquidate our entire investment portfolio • Strong profits resulted in improved capital levels PENDING Do not move superscript Capital/Liquidity Current capital levels are well in excess of regulatory thresholds with the Company recording strong earnings CET1 Flat Quarter over QuarterCapital Levels Remained Stable Supporting Strong Growth ($ in Millions) Strategically Balanced Investment Portfolio (as of 9/30/2023) ($ in Billions) • The Company's capital levels are well in excess of regulatory thresholds and it is expected that the Company would remain well capitalized in the event the Company were to liquidate its entire investment portfolio • Investment portfolio size has remained relatively unchanged quarter over quarter at 14% of total assets Q3 2023 Highlights 1 Total Investment Portfolio Yield (Q3 '23): 3.08% Duration: 6.7 Years $7.7

 
1010 30% 26% 13% 13% 5% 4% 30% 32% 11% 12% 11% 13% Time Certificates of Deposit Savings Money Market Wealth Management Deposits NOW and Interest-Bearing Demand Deposits Non-Interest-Bearing Q4 2022 Q3 2023 1Historical Deposit Beta reflects previous rising rate Fed cycle Q3 2015 to Q2 2019 $42.7$42.9 Net Interest Margin/Income Net interest margin stabilizing within guidance range coupled with higher Net Interest Income due to strong earning asset growth • Total cycle-to-date Interest-Bearing Deposit Beta stands at 36% as of Q1 2023 but with market pressures current cycle beta likely to outpace Historical Beta and may approach 50% • Experienced a shift from Non-Interest-Bearing deposits to Interest-Bearing products • Benefited from MaxSafe® and reciprocal products that provide our customers additional FDIC protection ◦ These deposits increased $1.3 billion from 12/31/22 primarily driven by a $1.1 billion increase in MaxSafe® • No material deposit concentrations Q1 2023 Highlights Q3 2023 NIM Remained Relatively Stable Throughout the Quarter but Decreased due to Higher Deposit Costs and Hedging Impact Deposit Mix Shift Into Interest-bearing and Insured Deposits ($ in Billions) 3.66% 0.30% (0.03)% (0.36)% 0.05% 3.62% NIM (non-GAAP) Q2 2023 Earning Asset Yield excl. Hedge Impact Hedge Impact Interest-Bearing Liability Rate Net Free Funds NIM (non-GAAP) Q3 2023 Q2 2023 Net Interest Income: $448.0MM Sequential Quarter Growth: ($10.0MM) or -2% Linked Quarter Growth: $110.2MM or 33% Repositioning the Balance Sheet to Mitigate Interest Rate Risk 7.1% 1.9% 3.6% 1.2% Static Ramp 9/30/2022 9/30/2023 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points (8.7)% (2.0)% (3.9)% (0.5)% Static Ramp 9/30/2022 9/30/2023 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Falling Rates Scenario - 100 Basis Points 1 Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet 2 Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months Q2 '23 NII $447.5MM Q3 '23 NII $462.4MM PENDING Q2 2023 NIM excl. Hedges (non-GAAP) 3.81% Q3 2023 NIM excl. Hedges (non-GAAP) 3.79% PENDING - ALM

 
1111 $101.5 $93.8 $107.8 $113.0 $112.5 $33.1 $30.7 $29.9 $33.9 $33.5 $12.6 $12.4 $13.0 $12.2 $13.9 $14.3 $13.1 $12.9 $13.6 $14.2 $14.3 $20.2 $33.7 $23.3 $23.5 $27.2 $17.4 $18.3 $30.0 $27.4 Wealth Management Operating Lease Income, net Service Charges on Deposits Other; incl. Call Option Income Mortgage Banking Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 $660.7 $422.4 $372.3 $578.0 $572.6 $448.8 $287.0 $256.1 $406.8 $408.7 $211.9 $135.4 $116.2 $171.2 $163.9 Retail Originations Veterans First Originations Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Mortgage Originations Remained Stable in Q3 Loans Serviced Steady in Q3 2023 after MSR Sale in Q2 2023 Strong Wealth Management BusinessFee Businesses Stable Amidst Rising Rate Environment Declining Mortgage Originations for Sale due to Rising Mortgage Rates Fee Businesses Stable Amidst Rising Rate Environment 1 Other - includes Interest Rate Swap Fees, BOLI, Administrative Services, FX Remeasurement Gains/(Losses), Early Pay-Offs of Capital Leases, Gains/(losses) on investment securities, net, Fees from covered call options, Trading gains/(losses), net and Miscellaneous 1 $33.1 $30.7 $29.9 $33.9 $33.5 $32.8 $34.4 $35.2 $44.5 $44.7 Total Wealth Management Revenue Assets Under Administration ($ in Billions) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 ($ in Millions) ($ in Millions) ($ in Millions) Wealth Management Business Remains Healthy Despite Market Volatility Hedging Efforts Helped Reduce MSR Volatility % of MSRs to Loans Serviced for Others Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 1.65% 1.64% 1.60% 1.71% 1.77% $229.7 $230.2 $225.8 $200.7 $210.5 $13,926 $14,053 $14,080 $11,752 $11,886 MSRs, at fair value Loans Serviced for Others Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 ($ in Millions) ($ in Millions) PENDING Non-Interest Income Diversified fee businesses support non-interest income levels despite challenging mortgage environment $33.1 $30.7 $29.9 $33.9 $33.5 $28.5 $26.6 $25.4 $29.5 $29.2 $4.6 $4.2 $4.5 $4.4 $4.4 $32.8 $34.4 $35.2 $44.5 $44.7 Trust and Asset Management Revenue Brokerage Revenue Assets Under Administration ($ in Billions) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

 
1212 Efficiency Ratio Remains Relatively Flat $176.1 $180.3 $176.8 $184.9 $192.3 $97.4 $100.2 $108.4 $107.7 $111.3 $50.4 $49.5 $39.8 $44.5 $48.8 $28.3 $30.6 $28.6 $32.7 $32.2 Salaries Commissions and Incentive Compensation Employee Benefits Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 58.41% 55.02% 52.78% 56.95% 56.94% Efficiency Ratio (non-GAAP) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Lower Incentive Expense Partially Offset by Annual Merit Increase Items Impacting Quarterly Comparability • The company recorded $838,000 in Occupancy expense related to the anticipated sale of a branch facility • Recorded $846,000 in Software and Equipment expense related to the impairment of an operating lease asset 1 Other NIE - includes Professional Fees, Data Processing, amortization of other intangible assets, FDIC insurance, OREO expense, net, Commissions (3rd Party Brokers), Postage and Miscellaneous $288.7 $7.4 Q2 2022 Non-Interest Expense Salaries and Employee Benefits All Other Expenses Q3 2022 Non-Interest Expense 1 1 Net Overhead Ratio - 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. 2 See Non-GAAP reconciliation in the Appendix Salaries and employee benefits expense decreased by $1.9 million in the third quarter of 2021 as compared to the second quarter of the year. The $1.9 million decline is primarily related to $6.3 million of lower compensation expense associated with the mortgage banking operation offset somewhat by higher incentive compensation expense for annual bonus and long-term incentive compensation plans during the third quarter relative to the second quarter. $286.9 $286.9 $280.1 $282.1 $0.0 $180.8 $180.8 $172.8 $170.9 $— $20.9 $20.9 $20.9 $22.0 $20.0 $20.0 $17.7 $18.2 $8.5 $8.5 $11.3 $13.4 $10.8 $10.8 $9.9 $10.0 $45.9 $45.9 $47.5 $47.6 Salaries and Employee Benefits Software and Equipment Occupancy, net Advertising and Marketing Operating Lease Equipment Other Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $4.5 $7.9 $4.8 Lending expenses, net of deferred originations costs Q1 2022 Q4 2022 Q1 2023 Strategic Cost Reductions in the Mortgage Business ($ in Millions) 1 FTE - Full-Time Equivalent Employees 1 ($ in Millions) Update title Decrease Primarily Driven by Incentive Compensation, Lower Loan Origination, and Seasonal Decline in Marketing Efficiency Ratio Improvement Driven by Increased NIM and Lower Expenses $320.6 $7.4 $(3.1) $2.1 $3.1 $330.1 Q2 2023 Non-Interest Expense Salaries and Employee Benefits Lending Expenses, net of deferred originations costs Occupancy Expense All Other Expenses Q3 2023 Non-Interest Expense 1 Extraordinary Items - TBD 1 PENDING ($ in Millions) ($ in Millions) Non-Interest Expense Continue to monitor our expenses and believe they are in line with current Company growth Higher Total Salaries Related to Acquisition-Related Severance Charges and Other Contractually due Compensation Cost ($ in Millions) Increase Primarily Driven by Salaries, Commissions and Incentive Compensation ($ in Millions)

 
1313 $158.5 $205.9 0.59% 0.77% 0.96% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 9/30/2023 • The Company estimates an increase to the allowance for credit losses of approximately 30% to 50% at adoption related to its loan portfolios and related lending commitments. Approximately 80% of the estimated increase is related to: ◦ Additions to existing reserves for unfunded lending-related commitments due to the consideration under CECL of expected utilization by the Company's borrowers over the life of such commitments. ◦ Establishment of reserves for acquired loans which previously considered credit discounts. The Company estimates an insignificant impact at adoption of measuring an allowance for credit losses for other in-scope assets (e.g. held-to-maturity debt securities). Continued Stable Levels of Non-Performing Loans Extended Low Levels of Net Charge-Offs $97.6 $100.7 $100.7 $108.7 $133.1 $66.1 $54.2 $71.8 $74.6 $79.4 $1.8 $17.2 $1.1 $1.7 $10.7$29.7 $29.3 $27.8 $32.4 $43.0 0.26% 0.26% 0.25% 0.26% 0.32% NPLs as a % of Total Loans PFR - Commercial NPLs PFR - Life NPLs Commercial, CRE, and Other NPLs 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 $3.2 $5.1 $5.5 $17.0 $8.1$6.4 $47.6 $23.0 $28.5 $19.90.03% 0.05% 0.06% 0.17% 0.08% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 $6.4 $47.6 $23.0 $28.5 $19.949.36% 10.66% 23.71% 59.73% 40.75% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 $7.8 $53 $135.1 $0 $0 $— $— $— $— $—$7.8 $53.0 $135.1 49.4% 10.7% 23.7% 59.7% 40.7% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Incurred Loss Method CECL Incurred Loss Method CECL Q3 2023 Q2 2023 Increase/ (Decrease) Pass $ 33,700,724 $ 32,045,349 $ 1,655,375 Special Mention 755,859 794,238 (38,379) Substandard Accrual 265,452 340,516 (75,064) Substandard Nonaccrual/Doubtful 67,069 83,940 (16,871) Total Loans $ 34,789,104 $ 33,264,043 $ 1,525,061 Q3 2023 Key Observations During the fourth quarter of 2021, we continued our practice of pursuing the resolution of non-performing credits and executed a loan sale that reduced non-performing loans by approximately $10 million resulting in $1.8 million of net charge-offs. The key drivers of the shift in credit quality mix include: • Risk rating upgrades as a result of improved credit performance. • Increase in pass rated credits was driven by commercial loan growth and higher utilization on existing lines partially offset by decline in PPP Loans. ($ in Millions) ($ in Millions) ($ in Millions) Increased Allowance Coverage $39,955 $40,351 Q2 2023 Q3 2023 $629 $584 Q2 2023 Q3 2023 $439 $511 Q2 2023 Q3 2023 $83.94 $67.07 Q4 2021 Q1 2022 $340.52 $265.45 Q4 2021 Q1 2022 Pass and Loans Guaranteed1 ($ in Millions) Special Mention Substandard2 $158.5 $205.9 $315.3 0.59% 0.77% 0.83% 0.96% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 9/30/2022 9/30/2023 Modest Levels of Special Mention and Substandard Loans 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful $387.8 $17.4 $(5.7) $399.5 6/30/2023 Portfolio Changes Economic Factors 9/30/2023 ($ in Thousands) Macro-economic conditions Model imprecision Volume Credit Quality Aging Mix Net Charge- offs 97% 97% 2% 2% 1% 1% Credit Quality Exceptional credit quality supported by a diversified loan portfolio Low Levels of Net Charge-Offs Manageable Levels of Non-Performing Loans ($ in Millions) ($ in Millions) Increased Allowance Primarily Due to Portfolio Changes Special Mention and Substandard Loan Category Percentages Remained Unchanged Quarter over Quarter ($ in Millions) ($ in Millions) Pending - Manual Entries $97.6 $100.7 $100.7 $108.7 $133.1 0.26% 0.26% 0.25% 0.26% 0.32% NPLs NPLs as a % of Total Loans 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful 3Portfolio Changes: Includes new volume and run-off, changes in credit quality, aging of existing portfolio, shifts in segmentation mix, changes in specific reserves and net charge-offs

 
1414 • Increase in allowance driven by portfolio changes, mainly growth • Strong coverage across all portfolios is expected to protect against future economic stress $39.6 $41.0 $41.4 0.95% 0.94% 0.96% Total Loan Period End Balance Allowance as a % of Category 3/31/2023 6/30/2023 9/30/2023 $1,597 $1,760 $1,894 $8,642 $8,848 4.70% 4.93% 4.79% 1.39% 1.46% 1.38% Construction and development Non-construction Allowance as a % of Category (Construction) Allowance as a % of Category (Non-Construction) 3/31/2023 6/30/2023 9/30/2023 13% 19% 12% 25% 14% 14% 0% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $23.0 $23.4 $24.1 1.46% 1.50% 1.51% Core Loan Period End Balance Allowance as a % of Category 3/31/2023 6/30/2023 9/30/2023 Measured Growth with Low Charge-Offs NPLs Remain at Low Levels $16.6 $17.6 $17.4 0.25% 0.21% 0.20% Niche Loan Period End Balance Allowance as a % of Category 3/31/2023 6/30/2023 9/30/2023 Q3 2023 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 16% 23% 15% 30% 16% Office Industrial Retail Multi-family Mixed use and other 80% 3% 17% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 9/30/2023) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ in Millions) 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan 1 Net Charge-Off Ratio is calculated as a percentage of average loans Well Reserved Amidst Macroeconomic Uncertainty ($ in Thousands) 6% 9% 6%12% 7% 7% 0% 1% 50% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land Credit Quality - Allowance for Loan Losses The Company remains well-reserved Well-Reserved Across Our Core Loan PortfolioSufficient Allowance Coverage of Total Loan Portfolio ($ in Billions) ($ in Billions) $10,239,078 $1,597 $1,760 $1,894 $8,642 $8,848 $9,052 4.70% 4.93% 4.79% 1.39% 1.46% 1.38% Construction and development Non-construction Allowance as a % of Category (Construction) Allowance as a % of Category (Non-Construction) 3/31/2023 6/30/2023 9/30/2023 $1,597 $1,760 $1,894 4.70% 4.93% 4.79% Construction and Development Allowance as a % of Category 3/31/2023 6/30/2023 9/30/2023 $8,642 $8,848 $9,052 1.39% 1.46% 1.38% Non-Construction Allowance as a % of Category 3/31/2023 6/30/2023 9/30/2023 Allowance Provides Appropriate Coverage Given Minimal Historic Losses in Niche Portfolio ($ in Billions) Q3 2023 Highlights

 
1515 $135.3 $142.8 $149.5 $143.1 $151.5 1.11% 1.14% 1.19% 1.14% 1.19% Calculated Allowance Allowance as a % of Category 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 $44.5 $36.0 $48.0 $41.0 $43.8 0.36% 0.29% 0.38% 0.33% 0.34% NPLs NPL as a % of Category 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 $12,259 $12,549 $12,577 $12,600 $12,725 (0.06)% 0.08% 0.07% 0.16% 0.04% Period End Balance Net Charge-Off Ratio 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 $6,481 $7,049 $7,178 $7,340 $7,430 41.0% 40.7% 41.3% 40.5% 39.9% Unused Line of Credit Balance (excl. Mortgage Warehouse and Leases) Line Utilization % of Total Commercial Loans (excl. Mortgage Warehouse and Leases) 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 $5,819.0 $5,852.2 $5,855.0 $5,737.6 $5,894.7 $12,216 $12,520 $12,560 $12,585 $12,712 (0.06)% 0.08% 0.07% 0.16% 0.04% Commercial and industrial Total Commercial Loans Asset-based lending Municipal Leases 1/3 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Sustained Portfolio Growth Paired with a Low Net Charge-Off Ratio Non-Performing Loans Remain Low $4,384 $5,513 $5,583 $6,141 $6,236 $6,489 $6,832 $7,243 46.1% 50.8% 41.4% 43.0% 39.7% 38.9% 38.4% 39.3% 39.6%45.5% 50.6% 40.6% 41.5% 37.7% 36.7% 37.0% 39.0% 40.5% Unused Line of Credit Balance Total Commercial (excl. PPP and Leases) Total Commercial (excl. PPP, Mortgage Warehouse and Leases) 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Q3 2023 Key Observations • Significant loan growth in Q4 2021 of $1.2 billion of which $578 million is attributed to acquired loans. • Net charge-offs in Q4 2021 were consistent with historical levels. • The proportion of Commercial non-performing loans remains relatively low as pandemic-driven circumstances continue to improve. • Line utilization increased slightly in Q4 2021 but remains historically low as a result of factors such as excess liquidity in the market as well as suspension of capital expenditures and other non- working capital payments. 1 Commercial Loans excludes PPP loans 2 Net Charge-Off Ratio is calculated as a percentage of average loans ($ in Millions) ($ in Millions) Line Utilization as a % of Commercial Loans remains low due to excess liquidity in the market and suspension of capital expenditures Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 9/30/2023) ($ in Millions) 45.5% 37.7% 40.5% 40.5% Total Commercial (excl. Mortgage Warehouse and Leases) 12/31/2019 9/30/2021 9/30/2022 9/30/2023 $4,687 $4,384 $6,236 $7,260 Unused Line of Credit Balance 12/31/2019 9/30/2021 9/30/2022 9/30/2023 $4,687 $4,384 $6,236 $7,260 $4,443 $4,105 $5,837 $6,481 $244 $278 $398 $779 Unused Line of Credit Balance excluding Mortgage Warehouse Mortgage Warehouse 12/31/2019 9/30/2021 9/30/2022 9/30/2023 1 Commercial Loan Composition includes PPP loans which are less than 1% of total portfolio ($ in Thousands) ($ in Millions) 47% 11%5% 17% 8% 2% 3% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - HOA Insurance agency lending Credit Quality - Commercial Loans Diversified portfolio with low net charge-offs Continuously Low Levels of Non-Performing Commercial LoansConsistent Portfolio Growth Paired with a Low Net Charge-Off Ratio ($ in Millions) ($ in Millions) Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 9/30/2023) ($ in Millions) Pending

 
1616 13% 19% 12% 25% 14% 14% 0% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $9,578 $9,951 $10,239 $10,609 $10,946 0.00% 0.02% 0.00% 0.31% 0.05% Period End Balance Net Charge-Off Ratio 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Measured Growth with Low Charge-Offs NPLs Remain at Low Levels $10.5 $6.4 $11.2 $18.5 $18.1 0.11% 0.06% 0.11% 0.17% 0.17% NPLs NPL as a % of Category 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Q3 2023 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 16% 23% 15% 30% 16% Office Industrial Retail Multi-family Mixed use and other 80% 3% 17% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 9/30/2023) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ in Millions) 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan 1 Net Charge-Off Ratio is calculated as a percentage of average loans Well Reserved Amidst Macroeconomic Uncertainty $150.7 $184.4 $194.8 $215.7 $215.7 1.57% 1.85% 1.90% 2.03% 1.97% Calculated Allowance Allowance as a % of Category 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 ($ in Thousands) 6% 9% 6%12% 7% 7% 0% 1% 50% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land 13% 19% 12% 25% 14% 14% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Land Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties Stable Levels of Non-Performing Commercial Real Estate LoansLow Levels of Net Charge-offs ($ in Millions) ($ in Millions) Well Reserved Amidst Macroeconomic Uncertainty Commercial Real Estate Loan Composition (as of 9/30/2023) ($ in Millions) Pending

 
1717 Medical, 22% Medical Owner Occupied, 3% Non-Medical Owner- Occupied, 17% Non-Medical Non Owner-Occupied, 58% $389.6 $296.1 $166.8 $210.3 $251.1 $108.8 $157.5 $154.7 $136.3 $129.8 $187.7 $66.0 Total CRE Office Non-Medical Non Owner-Occupied <$2MM $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Chicago CBD, 13% Other CBD, 13% Suburban, 74% $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500k $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M Office Portfolio Geography 1Chicago CBD includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 1 Office Portfolio Composition Granularity of Office Portfolio ($ in Millions) ($ in Millions) 2 Medical, 22% Medical Owner Occupied 3% Non-Medical Owner- Occupied, 16% Non-Medical Non Owner-Occupied, 59% CRE Office Portfolio (as of 3/31/2023) CRE Office represents a minimal percentage of the Total Loan Portfolio $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500K $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M $1,058.2 $186.6$177.9 $832.0 $232.4 $315.7 ($ in Millions) 278904 91 48 26 21 17 11 15 11 5 3 Number of Loans Per Category PENDING $135.0 $125.5 $158.5 $366.9 $296.5 $309.7 $34.9 $58.8 $78.6 $214.1 $228.9 $229.3 CRE Office Non-Medical Non Owner-Occupied $1-$500K $500K- $1M $1M-$2M $2M-$5M $5M- $10M >=$10M Range $1-$500 K $500k-$1 M $1M-$2 M $2M-$5 M $5M-$10 M >=$10 M CRE Office 671 178 111 116 46 22 Non- Medical, Non- Owner 181 78 54 70 35 16 Number of Loans DO NOT TOUCH FOOTNOTE SUPERSCRIPT $130.8 $115.9 $147.0 $295.8 $174.0 $528.6 $34.2 $55.4 $73.0 $154.4 $169.4 $358.1 CRE Office Non-Medical Non Owner-Occupied <$500K $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M ($ in Millions) 296 909 91 48 26 22 18 11 13 10 5 3 Number of Loans Per Category UPDATE COUNT IF GO BACK CRE Office Portfolio (as of 09/30/2023) CRE office represents a minimal percentage of the total loan portfolio CRE Office Portfolio Geography ($ in Millions) CRE Office Portfolio Composition Granularity of CRE Office Portfolio by Loan Size ($ in Millions) ($ in Millions) <$2MM $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M # of Loans CRE 904 91 26 17 15 5 Non Med 278 48 21 11 11 3 Pending Data Portfolio Characteristics As of 6/30/2023 As of 9/30/2023 Balance ($ in Millions) $1,404 $1,423 CRE office as a % to Total CRE 13.24% 13.00% CRE office as a % to Total Loans 3.42% 3.43% Average Size of Loan ($ in Millions) $1.3 $1.3 Non-Performing Loan (NPL) Ratio 0.12% 0.12% 30+ Days Past Due Ratio 0.12% 0.79% 90+ Days Past Due Ratio 0.00% 0.11% Owner Occupied or Medical % 41% 42% $42.6

 
1818 $7,749 $1,687 Cash Surrender Value Other $8,005 $8,091 $8,126 $8,039 $7,932 0.00% 0.00% 0.00% 0.01% 0.00% Period End Balance Net Charge-Off Ratio 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Credit Quality - Premium Finance Receivables Life Life Insurance portfolio remains extremely robust and has continued to demonstrate exceptional credit quality Average Balances & Quarterly Yields ($ in Millions) $5,290.1 $5,462.8 $5,636.3 $5,957.5 3.71% 3.38% 3.74% 2.89% Average Balance Yield Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2023 Key Observations • Throughout the pandemic, the Premium Finance Receivables ("PFR") - Life Insurance portfolio has remained extremely resilient and has continued to demonstrate exceptional credit quality, as shown by the characteristically low net charge-off and NPL levels. • Origination levels have remained strong. Some of the primary drivers of growth in 2021 include: ◦ increased mortality awareness in response to the pandemic. ◦ realized or anticipated changes in tax laws including changes to allowable maximum premium amounts relative to death benefit. ◦ low interest rate environment has made leveraging insurance products attractive to consumers. • Collateral as a percentage of outstanding balance is 117% as of Q3 2023. 1 Loan Collateral reported at actual values versus credit advance rate 2 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance $315.4 $442.7 $330.3 $360.0 $371.9 Originations 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 $1.8 $17.2 $1.1 $1.7 $10.7 0.02% 0.21% 0.01% 0.02% 0.13% NPLs NPL as a % of Category 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 4% 65% 7% 17% 7% Annuity Brokerage Account Certificate of Deposit Letters of Credit Money Market Other Period-End Balances & Annualized Net Charge-off Ratio1 Collateral Coverage2 of 119% No material charge-offs have occurred in the periods presented below Credit Quality Premium Finance Receivables Life Life Insurance portfolio remains steady and has continued to demonstrate exceptional credit quality Healthy Portfolio with Manageable Levels of Non-Performing LoansQ3 Balances Remained Stable with Strong Credit Quality ($ in Millions) ($ in Millions) Total Loan Collateral1 by Type (as of 9/30/2023) "Other" Loan Collateral1 by Type (as of 9/30/2023) ($ in Millions)

 
1919 Moderate Levels of Non-Performing LoansStable in Q3 Despite Impact of $344 Million Related to Loan Sale $5,714 $5,850 $5,739 $6,763 $6,723 0.30% 0.16% 0.23% 0.24% 0.29% Period End Balance Net Charge-Off Ratio 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Steady Origination Volume Driven by Market Conditions Average Balances & Quarterly Yields ($ in Millions) $3,724.6 $4,134.0 $4,010.5 $3,952.9 5.05% 4.60% 4.60% 4.42% Average Balance Yield Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2023 Key Observations • At the beginning of the pandemic, Premium Finance Receivables ("PFR") - Commercial experienced an increase in NPLs as a result of borrower delinquency, which was exacerbated by state emergency orders delaying cancellation of insurance policies which generate return premiums, the collateral for this portfolio. This caused NPLs to be elevated in 2020 and has subsequently returned to normalized levels in 2021. • Despite the pandemic and state emergency orders, net charge-off levels remained low and characteristic of the low loss levels expected of this portfolio, with the portfolio experiencing net recoveries in Q2 2021 and Q3 2021. • Strong origination volumes in 2021 a result of businesses seeking financing opportunities during the pandemic, hardening insurance markets, additions of new relationships and a low rate environment. 1 Net Charge-Off Ratio is calculated as a percentage of average loans $3,515 $3,550 $3,460 $4,583 $4,212 Originations Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 NPLs Remain Below Historic Norms $29.7 $29.3 $27.8 $32.4 $43.0 0.52% 0.50% 0.48% 0.48% 0.64% NPLs NPL as a % of Category 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 $9,478 $10,182 $10,588 $11,231 $28 $38 $39 $48 Risk Rating 1-5 Risk Rating 6-10 09/30/22 12/31/22 03/31/23 06/30/23 09/30/23 $3,192 $2,310 $1,030 $191 Current Premium Finance Receivables Commercial Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 7-9 Months > 9 months Yet to Realize Full Benefit of Prior Rate Increases Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows Seasonal Portfolio Decline Premium Finance Receivables Commercial ($ in Millions) ($ in Millions) Projected Repayments Strong Origination Volume Continued in the Third Quarter ($ in Millions) ($ in Millions) PENDING PENDING - ALM $5.8 $0.9 PFR Commercial - U.S. Based PFR Commercial - Canada Based $6.7B

 
2020 Appendix

 
2121 $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500k $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M Use of Hedges to Mitigate Negative Impacts of Falling Rates Chicago CBD, $187.0, 14% Other CBD, $171.7, 13% Suburban, $978.5, 73%Chicago CBD Other CBD Suburban 1Chicago CBD (Central Business District) includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 3Net Charge-Off Ratio annualized utilizing charge-offs in the fourth quarter of 2022 1 Office Portfolio Makeup as of 12/31/2022 Office Composition by Balance as of 12/31/2022 ($ in Millions) ($ in Millions) 2 Medical, 21% Non-Medical Owner- Occupied, 19% Non-Medical Non Owner-Occupied, 60%Medical Non-Medical Owner-Occupied Non-Medical Non Owner-Occupied Weighted Avg Rate (Receive Fixed Rate vs Term SOFR) Hedge Rate: 2023: 3.76% 2024: 3.76% 2025: 3.76% 2026: 3.65% 2027: 3.55% Forward Rate: 2023: 4.51% 2024: 3.68% 2025: 3.23% 2026: 2.95% 2027: 2.82% Gain/(Loss): 2023($32MM) 2024 $5MM 2025 $29MM 2026 $25MM 2027 $11MM Hedging activities had a 18 basis point detriment to our Q3 2023 NIM as compared to 15 basis points in Q2 2023. However, these derivatives are expected to benefit the Company if interest rates fall materially. Weighted Average Rate (Receive Fixed Rated vs Term SOFR) Hedge Rate 2023 2024 2025 2026 2027 3.76 % 3.76 % 3.76 % 3.65 % 3.55 % Forward Rate 2023 2024 2025 2026 2027 4.51 % 3.68 % 3.23 % 2.95 % 2.82 % Gains/(Losses) 2023 2024 2025 2026 2027 $ (32) MM $ 5 MM $ 29 MM $ 25 MM $ 11 MM As of As of Increase/ Deposit Composition as of 3/31/2023 Deposit Composition as of 3/9/20233/31/2023 3/9/2023 (Decrease) Deposits: Retail / Business Non-Interest Bearing Deposits $ 9,824,253.109 $ 10,847,472.262 $ (1,023,219) #REF! #REF! Retail / Business Interest Bearing Deposits 19,108,943.386 19,216,379.959 (107,437) #REF! #REF! Maxsafe 4,952,632.102 3,996,247.422 956,385 #REF! #REF! Internal Wealth Mgmt 921,287.04 1,012,564.517 (91,277) #REF! #REF! Other Niche $ 1,218,872.425 $ 1,589,795.093 $ (370,923) #REF! #REF! CDEC 888,646.221 923,903.995 (35,258) #REF! #REF! Wholesale - Brokered 4,059,575.872 2,721,370.888 1,338,205 #REF! #REF! Wholesale - Non-Brokered 1,743,982 1,538,108 205,874 #REF! #REF! Total Niche/Wholesale Deposits $ 7,911,076,518 $ 6,773,177,976 $ 1,137,899 #REF! #REF! Total Deposits #REF! #REF! #REF! #REF! #REF! Hedge Type Effective Date Notional Maturity Date Cap Rate Floor Rate Swap Rate Costless Collar 9/1/2022 $1.25B 9/1/2025 3.74% 2.25% N/A Costless Collar 9/1/2022 $1.25B 9/1/2027 3.45% 2.00% N/A Costless Collar 10/1/2022 $0.5B 10/1/2026 4.32% 2.75% N/A Receive Fixed Swap 1/31/2023 $0.5B 12/31/2025 N/A N/A 3.75% Receive Fixed Swap 1/31/2023 $0.5B 12/31/2026 N/A N/A 3.51% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2026 N/A N/A 3.68% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2027 N/A N/A 3.45% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 3.92% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.53% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 4.18% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.75% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2026 N/A N/A 4.45% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2027 N/A N/A 4.15% Receive Fixed Swap 10/1/2024 $0.35B 10/1/2029 N/A N/A 3.99% Hedging Strategy Update Below are the details of the derivatives entered by the Company as of 9/30/2023. These derivatives hedge the cash flows of variable rate loans that reprice monthly based on one-month term SOFR. In the third quarter of 2023, the Company executed $350 million of receive-fixed, SOFR-based derivatives that become effective in October 2024. Pending Data Hedging Strategy Update Use of Hedges to Mitigate Negative Impacts of Falling Rates

 
2222 Canada Market: 1Geographic Diversification: relevant business location utilized, which can mean the following locations: collateral location, customer business location, customer home address and customer billing address States/Jurisdictions that individually comprise 1% or less of the Total Loan Portfolio shaded light blue 2% 9% 6% 36% 2% 2% 5% 2% 5% NP - Puerto Rico NP - Virgin Islands 1% 1% 1% 2% 2% 2% 5% 1% 1% 1% 1%1% 1% 1% 1% 1% 1% 1% 1% 1% Loan Portfolio Highly diversified portfolio across U.S Loan Portfolio - Geographic Diversification1 (as of 9/30/2023) 36% 9% 7% 6% 5% 5% 2% 2% 2% 2% 2% 2% 2%Canada: Total Loan Portfolio Primary Geographic Region Commercial: Commercial, industrial and other Illinois/Wisconsin Leasing Nationwide Franchise Lending Nationwide Commercial real estate Construction and development Illinois/Wisconsin Non-construction Illinois/Wisconsin Home equity Illinois/Wisconsin Residential Real Estate Illinois/Wisconsin Premium finance receivables Commercial insurance loans Nationwide and Canada Life insurance loans Nationwide Consumer and other Illinois/Wisconsin

 
2323 Abbreviation Definition AFS Available For Sale BOLI Bank Owned Life Insurance BP Basis Point CBD Central Business District CET1 Ratio Common Equity Tier 1 Capital Ratio CRE Commercial Real Estate Diluted EPS Net Income per Common Share - Diluted FDIC Federal Deposit Insurance Corporation FHLB Federal Home Loan Bank GAAP Generally Accepted Accounting Principles HOA Homeowners Association HTM Held to Maturity Interest Bearing Cash Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents MSR Mortgage Servicing Right NCO Net Charge Off NII Net Interest Income NIM Net Interest Margin Non-GAAP For non-GAAP metrics, see the reconciliation in the Appendix NP Not Pictured NPL Non-Performing Loan PFR Premium Finance Receivables PTPP Pre-Tax, Pre-Provision Income ROA Return on Assets ROE Return on Average Common Equity ROTCE Return on Average Tangible Common Equity RWA Risk-Weighted Asset SOFR Secured Overnight Financing Rate Glossary

 
2424 Three Months Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): September 30, June 30, March 31, December 31, September 30, 2023 2023 2023 2022 2022 (A) Interest Income (GAAP) $ 762,400 $ 697,176 $ 639,690 $ 580,745 $ 466,478 Taxable-equivalent adjustment: - Loans 1,923 1,882 1,872 1,594 1,030 - Liquidity Management Assets 572 551 551 538 502 - Other Earning Assets 1 1 4 1 1 (B) Interest Income (non-GAAP) $ 764,896 $ 699,610 $ 642,117 $ 582,878 $ 468,011 (C) Interest Expense (GAAP) $ 300,042 $ 249,639 $ 181,695 $ 123,929 $ 65,030 (D) Net Interest Income (GAAP) (A minus C) $ 462,358 $ 447,537 $ 457,995 $ 456,816 $ 401,448 (E) Net Interest Income (non-GAAP) (B minus C) $ 464,854 $ 449,971 $ 460,422 $ 458,949 $ 402,981 Net interest margin (GAAP) 3.60% 3.64% 3.81% 3.71% 3.34% Net interest margin, fully taxable-equivalent (non-GAAP) 3.62% 3.66% 3.83% 3.73% 3.35% (F) Non-interest income $ 112,478 $ 113,030 $ 107,769 $ 93,839 $ 101,482 (G) (Losses) gains on investment securities, net (2,357) 0 1,398 (6,745) (3,103) (H) Non-interest expense 330,055 320,623 299,169 307,836 296,469 Efficiency ratio (H/(D+F-G)) 57.18% 57.20% 53.01% 55.23% 58.59% Efficiency ratio (non-GAAP) (H/(E+F-G)) 56.94% 56.95% 52.78% 55.02% 58.41% The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of non-GAAP Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs, net of economic hedge and Early Buy-out Loans Guaranteed by U.S. government agencies: ($ in Thousands): Income before taxes $ 224,858 $ 211,430 $ 243,550 $ 195,173 $ 200,041 Add: Provision for credit losses $ 19,923 $ 28,514 $ 23,045 $ 47,646 $ 6,420 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 244,781 $ 239,944 $ 266,595 $ 242,819 $ 206,461 Non-GAAP Reconciliation

 
2525 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 224,858 $ 211,430 $ 243,550 $ 195,173 $ 200,041 $ 679,838 $ 505,382 Add: Provision for credit losses 19,923 28,514 23,045 47,646 6,420 71,482 30,943 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 244,781 $ 239,944 $ 266,595 $ 242,819 $ 206,461 $ 751,320 $ 536,325 Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): September 30, June 30, March 31, December 31, September 30, 2023 2023 2023 2022 2022 (N) Net income applicable to common shares $ 157,207 $ 147,759 $ 173,207 $ 137,826 $ 135,970 Add: Intangible asset amortization $ 1,408 $ 1,499 $ 1,235 $ 1,436 $ 1,492 Less: Tax effect of intangible asset amortization $ (380) $ (402) $ (321) $ (370) (425) After-tax intangible asset amortization $ 1,028 $ 1,097 $ 914 $ 1,066 1,067 (O) Tangible net income applicable to common shares (non-GAAP) $ 158,235 $ 148,856 $ 174,121 $ 138,892 $ 137,037 Total average shareholders’ equity $ 5,083,883 $ 5,044,718 $ 4,895,271 $ 4,710,856 $ 4,795,387 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 4,671,383 $ 4,632,218 $ 4,482,771 $ 4,298,356 $ 4,382,887 Less: Average intangible assets $ (681,520) $ (682,561) $ (675,247) $ (676,371) $ (678,953) (Q) Total average tangible common shareholders’ equity (non-GAAP) $3,989,863 $3,949,657 $3,807,524 $3,621,985 $3,703,934 Return on average common equity, annualized (N/P) 13.35% 12.79% 15.67% 12.72% 12.31% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 15.73 15.12 18.55 15.21 14.68 The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Non-GAAP Reconciliation

 
v3.23.3
Document and Entity Information Document
Oct. 17, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 17, 2023
Entity Registrant Name WINTRUST FINANCIAL CORP
Entity Incorporation, State or Country Code IL
Entity File Number 001-35077
Entity Tax Identification Number 36-3873352
Entity Address, Address Line One 9700 W. Higgins Road, Suite 800
Entity Address, City or Town Rosemont
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60018
City Area Code 847
Local Phone Number 939-9000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001015328
Amendment Flag false
Common Stock, no par value  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, no par value
Trading Symbol WTFC
Security Exchange Name NASDAQ
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value  
Entity Information [Line Items]  
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value
Trading Symbol WTFCM
Security Exchange Name NASDAQ
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value  
Entity Information [Line Items]  
Title of 12(b) Security 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value
Trading Symbol WTFCP
Security Exchange Name NASDAQ
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