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Wintrust Financial Corporation Reports Record First Quarter 2025 Net Income

1. WTFC reported record quarterly net income of $189 million for Q1 2025. 2. Total loans increased by $653 million, driven by commercial loan growth. 3. Total deposits grew by $1.1 billion, indicating strong customer confidence. 4. Net interest margin improved to 3.56% due to lower funding costs. 5. Charge-offs decreased to $12.6 million, showcasing better loan quality management.

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ROSEMONT, Ill., April 21, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024. Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.” Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.” Highlights of the first quarter of 2025:Comparative information to the fourth quarter of 2024, unless otherwise noted Total loans increased by $653 million, or 6% annualized.Total deposits increased by approximately $1.1 billion, or 8% annualized.Total assets increased by $1.0 billion, or 6% annualized.Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.         Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025. Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were: Net gains on investment securities totaled $3.2 million.Macatawa Bank acquisition-related costs were $2.7 million. Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024. Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.” Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.” In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.” The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 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. Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/cdbdc506-1b5a-4776-ae2e-e0b14106e712 SUMMARY OF RESULTS: BALANCE SHEET Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios. Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company's loans-to-deposits ratio ended the quarter at 90.9%. For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report. NET INTEREST INCOME For the first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter. Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024. For more information regarding net interest income, see Table 4 through Table 7 in this report. ASSET QUALITY The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report. Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report. Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report. The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report. Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report. NON-INTEREST INCOME Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024. Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company. Mortgage banking revenue totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report. The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees. The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value. For more information regarding non-interest income, see Table 14 in this report. NON-INTEREST EXPENSE Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024. Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year. Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments. Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments. Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter. The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs. For more information regarding non-interest expense, see Table 16 in this report. INCOME TAXES The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation. BUSINESS SUMMARY Community Banking Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios. Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025. Specialty Finance Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024. Wealth Management Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks. ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS Business Combination On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase. Division Sale In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense). WINTRUST FINANCIAL CORPORATIONKey Operating Measures Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:        % or (1) basis point (bp) change  from4th Quarter2024 % or basis point (bp) change from1st Quarter2024  Three Months Ended (Dollars in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 Net income $189,039  $185,362  $187,294 2 % 1 %Pre-tax income, excluding provision for credit losses (non-GAAP) (2)  277,018   270,060   271,629 3   2  Net income per common share – Diluted  2.69   2.63   2.89 2   (7) Cash dividends declared per common share  0.50   0.45   0.45 11   11  Net revenue (3)  643,108   638,599   604,774 1   6  Net interest income  526,474   525,148   464,194 0   13  Net interest margin  3.54%  3.49%  3.57%5 bps (3)bpsNet interest margin – fully taxable-equivalent (non-GAAP) (2)  3.56   3.51   3.59 5   (3) Net overhead ratio (4)  1.58   1.60   1.39 (2)  19  Return on average assets  1.20   1.16   1.35 4   (15) Return on average common equity  12.21   11.82   14.42 39   (221) Return on average tangible common equity (non-GAAP) (2)  14.72   14.29   16.75 43   (203) At end of period           Total assets $65,870,066  $64,879,668  $57,576,933 6 % 14 %Total loans (5)  48,708,390   48,055,037   43,230,706 6   13  Total deposits  53,570,038   52,512,349   46,448,858 8   15  Total shareholders’ equity  6,600,537   6,344,297   5,436,400 16   21   (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.” WINTRUST FINANCIAL CORPORATIONSelected Financial Highlights   Three Months Ended(Dollars in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024Selected Financial Condition Data (at end of period):Total assets $65,870,066  $64,879,668  $63,788,424  $59,781,516  $57,576,933 Total loans (1)  48,708,390   48,055,037   47,067,447   44,675,531   43,230,706 Total deposits  53,570,038   52,512,349   51,404,966   48,049,026   46,448,858 Total shareholders’ equity  6,600,537   6,344,297   6,399,714   5,536,628   5,436,400 Selected Statements of Income Data:          Net interest income $526,474  $525,148  $502,583  $470,610  $464,194 Net revenue (2)  643,108   638,599   615,730   591,757   604,774 Net income  189,039   185,362   170,001   152,388   187,294 Pre-tax income, excluding provision for credit losses (non-GAAP) (3)  277,018   270,060   255,043   251,404   271,629 Net income per common share – Basic  2.73   2.68   2.51   2.35   2.93 Net income per common share – Diluted  2.69   2.63   2.47   2.32   2.89 Cash dividends declared per common share  0.50   0.45   0.45   0.45   0.45 Selected Financial Ratios and Other Data:          Performance Ratios:          Net interest margin  3.54%  3.49%  3.49%  3.50%  3.57%Net interest margin – fully taxable-equivalent (non-GAAP) (3)  3.56   3.51   3.51   3.52   3.59 Non-interest income to average assets  0.74   0.71   0.74   0.85   1.02 Non-interest expense to average assets  2.32   2.31   2.36   2.38   2.41 Net overhead ratio (4)  1.58   1.60   1.62   1.53   1.39 Return on average assets  1.20   1.16   1.11   1.07   1.35 Return on average common equity  12.21   11.82   11.63   11.61   14.42 Return on average tangible common equity (non-GAAP) (3)  14.72   14.29   13.92   13.49   16.75 Average total assets $64,107,042  $63,594,105  $60,915,283  $57,493,184  $55,602,695 Average total shareholders’ equity  6,460,941   6,418,403   5,990,429   5,450,173   5,440,457 Average loans to average deposits ratio  92.3%  91.9%  93.8%  95.1%  94.5%Period-end loans to deposits ratio  90.9   91.5   91.6   93.0   93.1 Common Share Data at end of period:          Market price per common share $112.46  $124.71  $108.53  $98.56  $104.39 Book value per common share  92.47   89.21   90.06   82.97   81.38 Tangible book value per common share (non-GAAP) (3)  78.83   75.39   76.15   72.01   70.40 Common shares outstanding  66,919,325   66,495,227   66,481,543   61,760,139   61,736,715 Other Data at end of period:          Common equity to assets ratio  9.4%  9.1%  9.4%  8.6%  8.7%Tangible common equity ratio (non-GAAP) (3)  8.1   7.8   8.1   7.5   7.6 Tier 1 leverage ratio (5)  9.6   9.4   9.6   9.3   9.4 Risk-based capital ratios:          Tier 1 capital ratio (5)  10.8   10.7   10.6   10.3   10.3 Common equity tier 1 capital ratio (5)  10.1   9.9   9.8   9.5   9.5 Total capital ratio (5)  12.5   12.3   12.2   12.1   12.2 Allowance for credit losses (6) $448,387  $437,060  $436,193  $437,560  $427,504 Allowance for loan and unfunded lending-related commitment losses to total loans  0.92%  0.91%  0.93%  0.98%  0.99%Number of:          Bank subsidiaries  16   16   16   15   15 Banking offices  208   205   203   177   176  (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. WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CONDITION   (Unaudited)   (Unaudited) (Unaudited) (Unaudited)  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2025   2024   2024   2024   2024 Assets          Cash and due from banks $616,216  $452,017  $725,465  $415,462  $379,825 Federal funds sold and securities purchased under resale agreements  63   6,519   5,663   62   61 Interest-bearing deposits with banks  4,238,237   4,409,753   3,648,117   2,824,314   2,131,077 Available-for-sale securities, at fair value  4,220,305   4,141,482   3,912,232   4,329,957   4,387,598 Held-to-maturity securities, at amortized cost  3,564,490   3,613,263   3,677,420   3,755,924   3,810,015 Trading account securities  —   4,072   3,472   4,134   2,184 Equity securities with readily determinable fair value  270,442   215,412   125,310   112,173   119,777 Federal Home Loan Bank and Federal Reserve Bank stock  281,893   281,407   266,908   256,495   224,657 Brokerage customer receivables  —   18,102   16,662   13,682   13,382 Mortgage loans held-for-sale, at fair value  316,804   331,261   461,067   411,851   339,884 Loans, net of unearned income  48,708,390   48,055,037   47,067,447   44,675,531   43,230,706 Allowance for loan losses  (378,207)  (364,017)  (360,279)  (363,719)  (348,612)Net loans  48,330,183   47,691,020   46,707,168   44,311,812   42,882,094 Premises, software and equipment, net  776,679   779,130   772,002   722,295   744,769 Lease investments, net  280,472   278,264   270,171   275,459   283,557 Accrued interest receivable and other assets  1,598,255   1,739,334   1,721,090   1,671,334   1,580,142 Trade date securities receivable  463,023   —   551,031   —   — Goodwill  796,932   796,942   800,780   655,955   656,181 Other acquisition-related intangible assets  116,072   121,690   123,866   20,607   21,730 Total assets $65,870,066  $64,879,668  $63,788,424  $59,781,516  $57,576,933 Liabilities and Shareholders’ Equity          Deposits:          Non-interest-bearing $11,201,859  $11,410,018  $10,739,132  $10,031,440  $9,908,183 Interest-bearing  42,368,179   41,102,331   40,665,834   38,017,586   36,540,675 Total deposits  53,570,038   52,512,349   51,404,966   48,049,026   46,448,858 Federal Home Loan Bank advances  3,151,309   3,151,309   3,171,309   3,176,309   2,676,751 Other borrowings  529,269   534,803   647,043   606,579   575,408 Subordinated notes  298,360   298,283   298,188   298,113   437,965 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Accrued interest payable and other liabilities  1,466,987   1,785,061   1,613,638   1,861,295   1,747,985 Total liabilities  59,269,529   58,535,371   57,388,710   54,244,888   52,140,533 Shareholders’ Equity:          Preferred stock  412,500   412,500   412,500   412,500   412,500 Common stock  67,007   66,560   66,546   61,825   61,798 Surplus  2,494,347   2,482,561   2,470,228   1,964,645   1,954,532 Treasury stock  (9,156)  (6,153)  (6,098)  (5,760)  (5,757)Retained earnings  4,045,854   3,897,164   3,748,715   3,615,616   3,498,475 Accumulated other comprehensive loss  (410,015)  (508,335)  (292,177)  (512,198)  (485,148)Total shareholders’ equity  6,600,537   6,344,297   6,399,714   5,536,628   5,436,400 Total liabilities and shareholders’ equity $65,870,066  $64,879,668  $63,788,424  $59,781,516  $57,576,933  WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)  Three Months Ended(Dollars in thousands, except per share data)Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024Interest income         Interest and fees on loans$768,362  $789,038  $794,163  $749,812  $710,341 Mortgage loans held-for-sale 4,246   5,623   6,233   5,434   4,146 Interest-bearing deposits with banks 36,766   46,256   32,608   19,731   16,658 Federal funds sold and securities purchased under resale agreements 179   53   277   17   19 Investment securities 72,016   67,066   69,592   69,779   69,678 Trading account securities 11   6   11   13   18 Federal Home Loan Bank and Federal Reserve Bank stock 5,307   5,157   5,451   4,974   4,478 Brokerage customer receivables 78   302   269   219   175 Total interest income 886,965   913,501   908,604   849,979   805,513 Interest expense         Interest on deposits 320,233   346,388   362,019   335,703   299,532 Interest on Federal Home Loan Bank advances 25,441   26,050   26,254   24,797   22,048 Interest on other borrowings 6,792   7,519   9,013   8,700   9,248 Interest on subordinated notes 3,714   3,733   3,712   5,185   5,487 Interest on junior subordinated debentures 4,311   4,663   5,023   4,984   5,004 Total interest expense 360,491   388,353   406,021   379,369   341,319 Net interest income 526,474   525,148   502,583   470,610   464,194 Provision for credit losses 23,963   16,979   22,334   40,061   21,673 Net interest income after provision for credit losses 502,511   508,169   480,249   430,549   442,521 Non-interest income         Wealth management 34,042   38,775   37,224   35,413   34,815 Mortgage banking 20,529   20,452   15,974   29,124   27,663 Service charges on deposit accounts 19,362   18,864   16,430   15,546   14,811 Gains (losses) on investment securities, net 3,196   (2,835)  3,189   (4,282)  1,326 Fees from covered call options 3,446   2,305   988   2,056   4,847 Trading (losses) gains, net (64)  (113)  (130)  70   677 Operating lease income, net 15,287   15,327   15,335   13,938   14,110 Other 20,836   20,676   24,137   29,282   42,331 Total non-interest income 116,634   113,451   113,147   121,147   140,580 Non-interest expense         Salaries and employee benefits 211,526   212,133   211,261   198,541   195,173 Software and equipment 34,717   34,258   31,574   29,231   27,731 Operating lease equipment 10,471   10,263   10,518   10,834   10,683 Occupancy, net 20,778   20,597   19,945   19,585   19,086 Data processing 11,274   10,957   9,984   9,503   9,292 Advertising and marketing 12,272   13,097   18,239   17,436   13,040 Professional fees 9,044   11,334   9,783   9,967   9,553 Amortization of other acquisition-related intangible assets 5,618   5,773   4,042   1,122   1,158 FDIC insurance 10,926   10,640   10,512   10,429   14,537 OREO expenses, net 643   397   (938)  (259)  392 Other 38,821   39,090   35,767   33,964   32,500 Total non-interest expense 366,090   368,539   360,687   340,353   333,145 Income before taxes 253,055   253,081   232,709   211,343   249,956 Income tax expense 64,016   67,719   62,708   58,955   62,662 Net income$189,039  $185,362  $170,001  $152,388  $187,294 Preferred stock dividends 6,991   6,991   6,991   6,991   6,991 Net income applicable to common shares$182,048  $178,371  $163,010  $145,397  $180,303 Net income per common share - Basic$2.73  $2.68  $2.51  $2.35  $2.93 Net income per common share - Diluted$2.69  $2.63  $2.47  $2.32  $2.89 Cash dividends declared per common share$0.50  $0.45  $0.45  $0.45  $0.45 Weighted average common shares outstanding 66,726   66,491   64,888   61,839   61,481 Dilutive potential common shares 923   1,233   1,053   926   928 Average common shares and dilutive common shares 67,649   67,724   65,941   62,765   62,409  TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES           % Growth From(Dollars in thousands)Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024Dec 31,2024 (1) Mar 31,2024Balance:            Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$181,580  $189,774  $314,693  $281,103  $193,064 (18)% (6)%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 135,224   141,487   146,374   130,748   146,820 (18) (8)Total mortgage loans held-for-sale$316,804  $331,261  $461,067  $411,851  $339,884 (18)% (7)%             Core loans:            Commercial            Commercial and industrial$6,871,206  $6,867,422  $6,774,683  $6,236,290  $6,117,004 0% 12%Asset-based lending 1,701,962   1,611,001   1,709,685   1,465,867   1,355,255 23  26 Municipal 798,646   826,653   827,125   747,357   721,526 (14) 11 Leases 2,680,943   2,537,325   2,443,721   2,439,128   2,344,295 23  14 Commercial real estate            Residential construction 55,849   48,617   73,088   55,019   57,558 60  (3)Commercial construction 2,086,797   2,065,775   1,984,240   1,866,701   1,748,607 4  19 Land 306,235   319,689   346,362   338,831   344,149 (17) (11)Office 1,641,555   1,656,109   1,675,286   1,585,312   1,566,748 (4) 5 Industrial 2,677,555   2,628,576   2,527,932   2,307,455   2,190,200 8  22 Retail 1,402,837   1,374,655   1,404,586   1,365,753   1,366,415 8  3 Multi-family 3,091,314   3,125,505   3,193,339   2,988,940   2,922,432 (4) 6 Mixed use and other 1,652,759   1,685,018   1,588,584   1,439,186   1,437,328 (8) 15 Home equity 455,683   445,028   427,043   356,313   340,349 10  34 Residential real estate            Residential real estate loans for investment 3,561,417   3,456,009   3,252,649   2,933,157   2,746,916 12  30 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 86,952   114,985   92,355   88,503   90,911 (99) (4)Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 36,790   41,771   43,034   45,675   52,439 (48) (30)Total core loans$29,108,500  $28,804,138  $28,363,712  $26,259,487  $25,402,132 4% 15%             Niche loans:            Commercial            Franchise$1,262,555  $1,268,521  $1,191,686  $1,150,460  $1,122,302 (2)% 12%Mortgage warehouse lines of credit 1,019,543   893,854   750,462   593,519   403,245 57  NMCommunity Advantage - homeowners association 525,492   525,446   501,645   491,722   475,832 0  10 Insurance agency lending 1,070,979   1,044,329   1,048,686   1,030,119   964,022 10  11 Premium Finance receivables            U.S. property & casualty insurance 6,486,663   6,447,625   6,253,271   6,142,654   6,113,993 2  6 Canada property & casualty insurance 753,199   824,417   878,410   958,099   826,026 (35) (9)Life insurance 8,365,140   8,147,145   7,996,899   7,962,115   7,872,033 11  6 Consumer and other 116,319   99,562   82,676   87,356   51,121 68  NMTotal niche loans$19,599,890  $19,250,899  $18,703,735  $18,416,044  $17,828,574 7% 10%             Total loans, net of unearned income$48,708,390  $48,055,037  $47,067,447  $44,675,531  $43,230,706 6% 13% (1)   Annualized. TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES           % Growth From(Dollars in thousands)Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024Dec 31,2024 (1) Mar 31, 2024Balance:            Non-interest-bearing$11,201,859  $11,410,018  $10,739,132  $10,031,440  $9,908,183 (7)% 13%NOW and interest-bearing demand deposits 6,340,168   5,865,546   5,466,932   5,053,909   5,720,947 33  11 Wealth management deposits (2) 1,408,790   1,469,064   1,303,354   1,490,711   1,347,817 (17) 5 Money market 18,074,733   17,975,191   17,713,726   16,320,017   15,617,717 2  16 Savings 6,576,251   6,372,499   6,183,249   5,882,179   5,959,774 13  10 Time certificates of deposit 9,968,237   9,420,031   9,998,573   9,270,770   7,894,420 24  26 Total deposits$53,570,038  $52,512,349  $51,404,966  $48,049,026  $46,448,858 8% 15%Mix:            Non-interest-bearing 21%  22%  21%  21%  21%   NOW and interest-bearing demand deposits 12   11   11   11   12    Wealth management deposits (2) 3   3   3   3   3    Money market 34   34   34   34   34    Savings 12   12   12   12   13    Time certificates of deposit 18   18   19   19   17    Total deposits 100%  100%  100%  100%  100%    (1)   Annualized.(2)   Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company. TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS As of March 31, 2025 (Dollars in thousands) Total TimeCertificates ofDeposit Weighted-AverageRate of MaturingTime Certificates of Deposit 1-3 months $3,845,120  4.34%4-6 months  2,345,184  3.81 7-9 months  2,694,739  3.72 10-12 months  711,206  3.62 13-18 months  210,063  3.03 19-24 months  87,336  2.72 24+ months  74,589  2.47 Total $9,968,237  3.94% TABLE 4: QUARTERLY AVERAGE BALANCES   Average Balance for three months ended,  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2025   2024   2024   2024   2024 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $3,520,048  $3,934,016  $2,413,728  $1,485,481  $1,254,332 Investment securities (2)  8,409,735   8,090,271   8,276,576   8,203,764   8,349,796 FHLB and FRB stock  281,702   271,825   263,707   253,614   230,648 Liquidity management assets (3) $12,211,485  $12,296,112  $10,954,011  $9,942,859  $9,834,776 Other earning assets (3)(4)  13,140   20,528   17,542   15,257   15,081 Mortgage loans held-for-sale  286,710   378,707   376,251   347,236   290,275 Loans, net of unearned income (3)(5)  47,833,380   47,153,014   45,920,586   43,819,354   42,129,893 Total earning assets (3) $60,344,715  $59,848,361  $57,268,390  $54,124,706  $52,270,025 Allowance for loan and investment security losses  (375,371)  (367,238)  (383,736)  (360,504)  (361,734)Cash and due from banks  476,423   470,033   467,333   434,916   450,267 Other assets  3,661,275   3,642,949   3,563,296   3,294,066   3,244,137 Total assets $64,107,042  $63,594,105  $60,915,283  $57,493,184  $55,602,695            NOW and interest-bearing demand deposits $6,046,189  $5,601,672  $5,174,673  $4,985,306  $5,680,265 Wealth management deposits  1,574,480   1,430,163   1,362,747   1,531,865   1,510,203 Money market accounts  17,581,141   17,579,395   16,436,111   15,272,126   14,474,492 Savings accounts  6,479,444   6,288,727   6,096,746   5,878,844   5,792,118 Time deposits  9,406,126   9,702,948   9,598,109   8,546,172   7,148,456 Interest-bearing deposits $41,087,380  $40,602,905  $38,668,386  $36,214,313  $34,605,534 Federal Home Loan Bank advances  3,151,309   3,160,658   3,178,973   3,096,920   2,728,849 Other borrowings  582,139   577,786   622,792   587,262   627,711 Subordinated notes  298,306   298,225   298,135   410,331   437,893 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Total interest-bearing liabilities $45,372,700  $44,893,140  $43,021,852  $40,562,392  $38,653,553 Non-interest-bearing deposits  10,732,156   10,718,738   10,271,613   9,879,134   9,972,646 Other liabilities  1,541,245   1,563,824   1,631,389   1,601,485   1,536,039 Equity  6,460,941   6,418,403   5,990,429   5,450,173   5,440,457 Total liabilities and shareholders’ equity $64,107,042  $63,594,105  $60,915,283  $57,493,184  $55,602,695            Net free funds/contribution (6) $14,972,015  $14,955,221  $14,246,538  $13,562,314  $13,616,472  (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. TABLE 5: QUARTERLY NET INTEREST INCOME   Net Interest Income for three months ended,  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2025   2024   2024   2024   2024 Interest income:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $36,945  $46,308  $32,885  $19,748  $16,677 Investment securities  72,706   67,783   70,260   70,346   70,228 FHLB and FRB stock  5,307   5,157   5,451   4,974   4,478 Liquidity management assets (1) $114,958  $119,248  $108,596  $95,068  $91,383 Other earning assets (1)  92   310   282   235   198 Mortgage loans held-for-sale  4,246   5,623   6,233   5,434   4,146 Loans, net of unearned income (1)  770,568   791,390   796,637   752,117   712,587 Total interest income $889,864  $916,571  $911,748  $852,854  $808,314            Interest expense:          NOW and interest-bearing demand deposits $33,600  $31,695  $30,971  $32,719  $34,896 Wealth management deposits  8,606   9,412   10,158   10,294   10,461 Money market accounts  146,374   159,945   167,382   155,100   137,984 Savings accounts  35,923   38,402   42,892   41,063   39,071 Time deposits  95,730   106,934   110,616   96,527   77,120 Interest-bearing deposits $320,233  $346,388  $362,019  $335,703  $299,532 Federal Home Loan Bank advances  25,441   26,050   26,254   24,797   22,048 Other borrowings  6,792   7,519   9,013   8,700   9,248 Subordinated notes  3,714   3,733   3,712   5,185   5,487 Junior subordinated debentures  4,311   4,663   5,023   4,984   5,004 Total interest expense $360,491  $388,353  $406,021  $379,369  $341,319            Less: Fully taxable-equivalent adjustment  (2,899)  (3,070)  (3,144)  (2,875)  (2,801)Net interest income (GAAP) (2)   526,474   525,148   502,583   470,610   464,194 Fully taxable-equivalent adjustment  2,899   3,070   3,144   2,875   2,801 Net interest income, fully taxable-equivalent (non-GAAP) (2)  $529,373  $528,218  $505,727  $473,485  $466,995  (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. TABLE 6: QUARTERLY NET INTEREST MARGIN   Net Interest Margin for three months ended,  Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024Yield earned on:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 4.26% 4.68% 5.42% 5.35% 5.35%Investment securities 3.51  3.33  3.38  3.45  3.38 FHLB and FRB stock 7.64  7.55  8.22  7.89  7.81 Liquidity management assets 3.82% 3.86% 3.94% 3.85% 3.74%Other earning assets 2.84  6.01  6.38  6.23  5.25 Mortgage loans held-for-sale 6.01  5.91  6.59  6.29  5.74 Loans, net of unearned income 6.53  6.68  6.90  6.90  6.80 Total earning assets 5.98% 6.09% 6.33% 6.34% 6.22%           Rate paid on:          NOW and interest-bearing demand deposits 2.25% 2.25% 2.38% 2.64% 2.47%Wealth management deposits 2.22  2.62  2.97  2.70  2.79 Money market accounts 3.38  3.62  4.05  4.08  3.83 Savings accounts 2.25  2.43  2.80  2.81  2.71 Time deposits 4.13  4.38  4.58  4.54  4.34 Interest-bearing deposits 3.16% 3.39% 3.72% 3.73% 3.48%Federal Home Loan Bank advances 3.27  3.28  3.29  3.22  3.25 Other borrowings 4.73  5.18  5.76  5.96  5.92 Subordinated notes 5.05  4.98  4.95  5.08  5.04 Junior subordinated debentures 6.90  7.32  7.88  7.91  7.94 Total interest-bearing liabilities 3.22% 3.44% 3.75% 3.76% 3.55%           Interest rate spread (1)(2) 2.76% 2.65% 2.58% 2.58% 2.67%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution (3) 0.80  0.86  0.93  0.94  0.92 Net interest margin (GAAP) (2) 3.54% 3.49% 3.49% 3.50% 3.57%Fully taxable-equivalent adjustment 0.02  0.02  0.02  0.02  0.02 Net interest margin, fully taxable-equivalent (non-GAAP) (2) 3.56% 3.51% 3.51% 3.52% 3.59% (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. TABLE 7: INTEREST RATE SENSITIVITY As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios. The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows: Static Shock Scenario +200 BasisPoints +100 BasisPoints -100 BasisPoints -200 BasisPointsMar 31, 2025 (1.8)% (0.6)% (0.2)% (1.2)%Dec 31, 2024 (1.6) (0.6) (0.3) (1.5)Sep 30, 2024 1.2  1.1  0.4  (0.9)Jun 30, 2024 1.5  1.0  0.6  (0.0)Mar 31, 2024 1.9  1.4  1.5  1.6  Ramp Scenario+200 BasisPoints +100 BasisPoints -100 BasisPoints  -200 BasisPointsMar 31, 20250.2% 0.2% (0.1)% (0.5)%Dec 31, 2024(0.2) (0.0) 0.0  (0.3)Sep 30, 20241.6  1.2  0.7  0.5 Jun 30, 20241.2  1.0  0.9  1.0 Mar 31, 20240.8  0.6  1.3  2.0  As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods. TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES  Loans repricing or contractual maturity periodAs of March 31, 2025(In thousands)One year orless From one tofive years From five to fifteen years After fifteen years TotalCommercial         Fixed rate$405,736  $3,600,171  $2,122,563  $20,444  $6,148,914 Variable rate 9,781,709   703   —   —   9,782,412 Total commercial$10,187,445  $3,600,874  $2,122,563  $20,444  $15,931,326 Commercial real estate         Fixed rate$658,413  $2,762,221  $365,181  $63,593  $3,849,408 Variable rate 9,054,583   10,843   67   —   9,065,493 Total commercial real estate$9,712,996  $2,773,064  $365,248  $63,593  $12,914,901 Home equity         Fixed rate$8,881  $838  $—  $17  $9,736 Variable rate 445,947   —   —   —   445,947 Total home equity$454,828  $838  $—  $17  $455,683 Residential real estate         Fixed rate$13,336  $4,473  $74,883  $1,055,143  $1,147,835 Variable rate 97,815   623,879   1,815,630   —   2,537,324 Total residential real estate$111,151  $628,352  $1,890,513  $1,055,143  $3,685,159 Premium finance receivables - property & casualty         Fixed rate$7,135,963  $103,899  $—  $—  $7,239,862 Variable rate —   —   —   —   — Total premium finance receivables - property & casualty$7,135,963  $103,899  $—  $—  $7,239,862 Premium finance receivables - life insurance         Fixed rate$350,802  $207,832  $4,000  $4,248  $566,882 Variable rate 7,798,258   —   —   —   7,798,258 Total premium finance receivables - life insurance$8,149,060  $207,832  $4,000  $4,248  $8,365,140 Consumer and other         Fixed rate$44,731  $7,937  $883  $914  $54,465 Variable rate 61,854   —   —   —   61,854 Total consumer and other$106,585  $7,937  $883  $914  $116,319           Total per category         Fixed rate$8,617,862  $6,687,371  $2,567,510  $1,144,359  $19,017,102 Variable rate 27,240,166   635,425   1,815,697   —   29,691,288 Total loans, net of unearned income$35,858,028  $7,322,796  $4,383,207  $1,144,359  $48,708,390 Less: Existing cash flow hedging derivatives (1) (6,700,000)        Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$29,158,028                   Variable Rate Loan Pricing by Index:         SOFR tenors (2)        $18,328,835 12- month CMT (3)         6,722,305 Prime         3,420,624 Fed Funds         819,437 Other U.S. Treasury tenors         190,187 Other         209,900 Total variable rate        $29,691,288  (1)   Excludes cash flow hedges with future effective starting dates.(2)   SOFR - Secured Overnight Financing Rate.(3)   CMT - Constant Maturity Treasury Rate. Graph available at the following link: http://ml.globenewswire.com/Resource/Download/bebf97a7-5d4d-430d-a436-ae832412a4db 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 $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:   Basis Point (bp) Change in  1-monthSOFR 12- month CMT Prime First Quarter 2025 (1)bps(13)bps0 bpsFourth Quarter 2024 (52) 18  (50) Third Quarter 2024 (49) (111) (50) Second Quarter 2024 1  6  0  First Quarter 2024 (2) 24  0   TABLE 9: ALLOWANCE FOR CREDIT LOSSES   Three Months Ended  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands)  2025   2024   2024   2024   2024 Allowance for credit losses at beginning of period $437,060  $436,193  $437,560  $427,504  $427,612 Provision for credit losses - Other  23,963   16,979   6,787   40,061   21,673 Provision for credit losses - Day 1 on non-PCD assets acquired during the period  —   —   15,547   —   — Initial allowance for credit losses recognized on PCD assets acquired during the period  —   —   3,004   —   — Other adjustments  4   (187)  30   (19)  (31)Charge-offs:          Commercial  9,722   5,090   22,975   9,584   11,215 Commercial real estate  454   1,037   95   15,526   5,469 Home equity  —   —   —   —   74 Residential real estate  —   114   —   23   38 Premium finance receivables - property & casualty  7,114   13,301   7,790   9,486   6,938 Premium finance receivables - life insurance  12   —   4   —   — Consumer and other  147   189   154   137   107 Total charge-offs  17,449   19,731   31,018   34,756   23,841 Recoveries:          Commercial  929   775   649   950   479 Commercial real estate  12   172   30   90   31 Home equity  216   194   101   35   29 Residential real estate  136   0   5   8   2 Premium finance receivables - property & casualty  3,487   2,646   3,436   3,658   1,519 Premium finance receivables - life insurance  —   —   41   5   8 Consumer and other  29   19   21   24   23 Total recoveries  4,809   3,806   4,283   4,770   2,091 Net charge-offs  (12,640)  (15,925)  (26,735)  (29,986)  (21,750)Allowance for credit losses at period end $448,387  $437,060  $436,193  $437,560  $427,504            Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:Commercial  0.23%  0.11%  0.61%  0.25%  0.33%Commercial real estate  0.01   0.03   0.00   0.53   0.19 Home equity  (0.20)  (0.18)  (0.10)  (0.04)  0.05 Residential real estate  (0.02)  0.01   0.00   0.00   0.01 Premium finance receivables - property & casualty  0.20   0.59   0.24   0.33   0.32 Premium finance receivables - life insurance  0.00   —   (0.00)  (0.00)  (0.00)Consumer and other  0.45   0.63   0.63   0.56   0.42 Total loans, net of unearned income  0.11%  0.13%  0.23%  0.28%  0.21%           Loans at period end $48,708,390  $48,055,037  $47,067,447  $44,675,531  $43,230,706 Allowance for loan losses as a percentage of loans at period end  0.78%  0.76%  0.77%  0.81%  0.81%Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end  0.92   0.91   0.93   0.98   0.99  PCD - Purchase Credit Deteriorated TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT   Three Months Ended  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2025   2024   2024   2024   2024 Provision for loan losses - Other $26,826  $19,852  $6,782  $45,111  $26,159 Provision for credit losses - Day 1 on non-PCD assets acquired during the period  —   —   15,547   —   — Provision for unfunded lending-related commitments losses - Other  (2,852)  (2,851)  17   (5,212)  (4,468)Provision for held-to-maturity securities losses  (11)  (22)  (12)  162   (18)Provision for credit losses $23,963  $16,979  $22,334  $40,061  $21,673            Allowance for loan losses $378,207  $364,017  $360,279  $363,719  $348,612 Allowance for unfunded lending-related commitments losses  69,734   72,586   75,435   73,350   78,563 Allowance for loan losses and unfunded lending-related commitments losses  447,941   436,603   435,714   437,069   427,175 Allowance for held-to-maturity securities losses  446   457   479   491   329 Allowance for credit losses $448,387  $437,060  $436,193  $437,560  $427,504  PCD - Purchase Credit Deteriorated  TABLE 11: ALLOWANCE BY LOAN PORTFOLIO The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2025, December 31, 2024 and September 30, 2024.  As of Mar 31, 2025As of Dec 31, 2024As of Sep 30, 2024(Dollars in thousands)RecordedInvestment CalculatedAllowance % of itscategory’s balanceRecordedInvestment CalculatedAllowance % of itscategory’s balanceRecordedInvestment CalculatedAllowance % of itscategory’s balanceCommercial:               Commercial, industrial and other$15,931,326 $201,183 1.26%$15,574,551 $175,837 1.13%$15,247,693 $171,598 1.13%Commercial real estate:               Construction and development 2,448,881  71,388 2.92  2,434,081  87,236 3.58  2,403,690  97,949 4.07 Non-construction 10,466,020  138,622 1.32  10,469,863  135,620 1.30  10,389,727  133,195 1.28 Total commercial real estate$12,914,901 $210,010 1.63%$12,903,944 $222,856 1.73%$12,793,417 $231,144 1.81%Total commercial and commercial real estate$28,846,227 $411,193 1.43%$28,478,495 $398,693 1.40%$28,041,110 $402,742 1.44%Home equity 455,683  9,139 2.01  445,028  8,943 2.01  427,043  8,823 2.07 Residential real estate 3,685,159  10,652 0.29  3,612,765  10,335 0.29  3,388,038  9,745 0.29 Premium finance receivables               Property and casualty insurance 7,239,862  15,310 0.21  7,272,042  17,111 0.24  7,131,681  13,045 0.18 Life insurance 8,365,140  729 0.01  8,147,145  709 0.01  7,996,899  698 0.01 Consumer and other 116,319  918 0.79  99,562  812 0.82  82,676  661 0.80 Total loans, net of unearned income$48,708,390 $447,941 0.92%$48,055,037 $436,603 0.91%$47,067,447 $435,714 0.93%                Total core loans (1)$29,108,500 $397,664 1.37%$28,804,138 $392,319 1.36%$28,363,712 $396,394 1.40%Total niche loans (1) 19,599,890  50,277 0.26  19,250,899  44,284 0.23  18,703,735  39,320 0.21  (1)   See Table 1 for additional detail on core and niche loans. TABLE 12: LOAN PORTFOLIO AGING (In thousands) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024Loan Balances:          Commercial          Nonaccrual $70,560  $73,490  $63,826  $51,087  $31,740 90+ days and still accruing  46   104   20   304   27 60-89 days past due  15,243   54,844   32,560   16,485   30,248 30-59 days past due  97,397   92,551   46,057   36,358   77,715 Current  15,748,080   15,353,562   15,105,230   14,050,228   13,363,751 Total commercial $15,931,326  $15,574,551  $15,247,693  $14,154,462  $13,503,481 Commercial real estate          Nonaccrual $26,187  $21,042  $42,071  $48,289  $39,262 90+ days and still accruing  —   —   225   —   — 60-89 days past due  6,995   10,521   13,439   6,555   16,713 30-59 days past due  83,653   30,766   48,346   38,065   32,998 Current  12,798,066   12,841,615   12,689,336   11,854,288   11,544,464 Total commercial real estate $12,914,901  $12,903,944  $12,793,417  $11,947,197  $11,633,437 Home equity          Nonaccrual $2,070  $1,117  $1,122  $1,100  $838 90+ days and still accruing  —   —   —   —   — 60-89 days past due  984   1,233   1,035   275   212 30-59 days past due  3,403   2,148   2,580   1,229   1,617 Current  449,226   440,530   422,306   353,709   337,682 Total home equity $455,683  $445,028  $427,043  $356,313  $340,349 Residential real estate          Early buy-out loans guaranteed by U.S. government agencies (1) $123,742  $156,756  $135,389  $134,178  $143,350 Nonaccrual  22,522   23,762   17,959   18,198   17,901 90+ days and still accruing  —   —   —   —   — 60-89 days past due  1,351   5,708   6,364   1,977   — 30-59 days past due  38,943   18,917   2,160   130   24,523 Current  3,498,601   3,407,622   3,226,166   2,912,852   2,704,492 Total residential real estate $3,685,159  $3,612,765  $3,388,038  $3,067,335  $2,890,266 Premium finance receivables - property & casualty          Nonaccrual $29,846  $28,797  $36,079  $32,722  $32,648 90+ days and still accruing  18,081   16,031   18,235   22,427   25,877 60-89 days past due  19,717   19,042   18,740   29,925   15,274 30-59 days past due  39,459   68,219   30,204   45,927   59,729 Current  7,132,759   7,139,953   7,028,423   6,969,752   6,806,491 Total Premium finance receivables - property & casualty $7,239,862  $7,272,042  $7,131,681  $7,100,753  $6,940,019 Premium finance receivables - life insurance          Nonaccrual $—  $6,431  $—  $—  $— 90+ days and still accruing  2,962   —   —   —   — 60-89 days past due  10,587   72,963   10,902   4,118   32,482 30-59 days past due  29,924   36,405   74,432   17,693   100,137 Current  8,321,667   8,031,346   7,911,565   7,940,304   7,739,414 Total Premium finance receivables - life insurance $8,365,140  $8,147,145  $7,996,899  $7,962,115  $7,872,033 Consumer and other          Nonaccrual $18  $2  $2  $3  $19 90+ days and still accruing  98   47   148   121   47 60-89 days past due  162   59   22   81   16 30-59 days past due  542   882   264   366   210 Current  115,499   98,572   82,240   86,785   50,829 Total consumer and other $116,319  $99,562  $82,676  $87,356  $51,121 Total loans, net of unearned income          Early buy-out loans guaranteed by U.S. government agencies (1) $123,742  $156,756  $135,389  $134,178  $143,350 Nonaccrual  151,203   154,641   161,059   151,399   122,408 90+ days and still accruing  21,187   16,182   18,628   22,852   25,951 60-89 days past due  55,039   164,370   83,062   59,416   94,945 30-59 days past due  293,321   249,888   204,043   139,768   296,929 Current  48,063,898   47,313,200   46,465,266   44,167,918   42,547,123 Total loans, net of unearned income $48,708,390  $48,055,037  $47,067,447  $44,675,531  $43,230,706  (1)   Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. TABLE 13: NON-PERFORMING ASSETS(1)  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2025   2024   2024   2024   2024 Loans past due greater than 90 days and still accruing:         Commercial$46  $104  $20  $304  $27 Commercial real estate —   —   225   —   — Home equity —   —   —   —   — Residential real estate —   —   —   —   — Premium finance receivables - property & casualty 18,081   16,031   18,235   22,427   25,877 Premium finance receivables - life insurance 2,962   —   —   —   — Consumer and other 98   47   148   121   47 Total loans past due greater than 90 days and still accruing 21,187   16,182   18,628   22,852   25,951 Non-accrual loans:         Commercial 70,560   73,490   63,826   51,087   31,740 Commercial real estate 26,187   21,042   42,071   48,289   39,262 Home equity 2,070   1,117   1,122   1,100   838 Residential real estate 22,522   23,762   17,959   18,198   17,901 Premium finance receivables - property & casualty 29,846   28,797   36,079   32,722   32,648 Premium finance receivables - life insurance —   6,431   —   —   — Consumer and other 18   2   2   3   19 Total non-accrual loans 151,203   154,641   161,059   151,399   122,408 Total non-performing loans:         Commercial 70,606   73,594   63,846   51,391   31,767 Commercial real estate 26,187   21,042   42,296   48,289   39,262 Home equity 2,070   1,117   1,122   1,100   838 Residential real estate 22,522   23,762   17,959   18,198   17,901 Premium finance receivables - property & casualty 47,927   44,828   54,314   55,149   58,525 Premium finance receivables - life insurance 2,962   6,431   —   —   — Consumer and other 116   49   150   124   66 Total non-performing loans$172,390  $170,823  $179,687  $174,251  $148,359 Other real estate owned 22,625   23,116   13,682   19,731   14,538 Total non-performing assets$195,015  $193,939  $193,369  $193,982  $162,897 Total non-performing loans by category as a percent of its own respective category’s period-end balance:         Commercial 0.44%  0.47%  0.42%  0.36%  0.24%Commercial real estate 0.20   0.16   0.33   0.40   0.34 Home equity 0.45   0.25   0.26   0.31   0.25 Residential real estate 0.61   0.66   0.53   0.59   0.62 Premium finance receivables - property & casualty 0.66   0.62   0.76   0.78   0.84 Premium finance receivables - life insurance 0.04   0.08   —   —   — Consumer and other 0.10   0.05   0.18   0.14   0.13 Total loans, net of unearned income 0.35%  0.36%  0.38%  0.39%  0.34%Total non-performing assets as a percentage of total assets 0.30%  0.30%  0.30%  0.32%  0.28%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 296.25%  282.33%  270.53%  288.69%  348.98%           (1)   Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies  Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2025   2024   2024   2024   2024           Balance at beginning of period$170,823  $179,687  $174,251  $148,359  $139,030 Additions from becoming non-performing in the respective period 27,721   30,931   42,335   54,376   23,142 Additions from assets acquired in the respective period —   —   189   —   — Return to performing status (1,207)  (1,108)  (362)  (912)  (490)Payments received (15,965)  (12,219)  (10,894)  (9,611)  (8,336)Transfer to OREO and other repossessed assets —   (17,897)  (3,680)  (6,945)  (1,381)Charge-offs, net (8,600)  (5,612)  (21,211)  (7,673)  (14,810)Net change for premium finance receivables (382)  (2,959)  (941)  (3,343)  11,204 Balance at end of period$172,390  $170,823  $179,687  $174,251  $148,359  Other Real Estate Owned  Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2025   2024   2024   2024   2024 Balance at beginning of period$23,116  $13,682  $19,731  $14,538  $13,309 Disposals/resolved —   (8,545)  (9,729)  (1,752)  — Transfers in at fair value, less costs to sell —   17,979   3,680   6,945   1,436 Fair value adjustments (491)  —   —   —   (207)Balance at end of period$22,625  $23,116  $13,682  $19,731  $14,538            Period End Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,Balance by Property Type: 2025   2024   2024   2024   2024 Residential real estate$—  $—  $—  $161  $1,146 Commercial real estate 22,625   23,116   13,682   19,570   13,392 Total$22,625  $23,116  $13,682  $19,731  $14,538  TABLE 14: NON-INTEREST INCOME  Three Months EndedQ1 2025 compared to Q4 2024Q1 2025 compared to Q1 2024 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2025   2024   2024   2024   2024 $ Change % Change$ Change % ChangeBrokerage$4,757  $5,328  $6,139  $5,588  $5,556 $(571) (11)%$(799) (14)%Trust and asset management 29,285   33,447   31,085   29,825   29,259  (4,162) (12) 26  0 Total wealth management 34,042   38,775   37,224   35,413   34,815  (4,733) (12) (773) (2)Mortgage banking 20,529   20,452   15,974   29,124   27,663  77  0  (7,134) (26)Service charges on deposit accounts 19,362   18,864   16,430   15,546   14,811  498  3  4,551  31 Gains (losses) on investment securities, net 3,196   (2,835)  3,189   (4,282)  1,326  6,031  NM 1,870  NMFees from covered call options 3,446   2,305   988   2,056   4,847  1,141  50  (1,401) (29)Trading (losses) gains, net (64)  (113)  (130)  70   677  49  (43) (741) NMOperating lease income, net 15,287   15,327   15,335   13,938   14,110  (40) (0) 1,177  8 Other:               Interest rate swap fees 2,269   3,360   2,914   3,392   2,828  (1,091) (32) (559) (20)BOLI 796   1,236   1,517   1,351   1,651  (440) (36) (855) (52)Administrative services 1,393   1,347   1,450   1,322   1,217  46  3  176  14 Foreign currency remeasurement (losses) gains (183)  (682)  696   (145)  (1,171) 499  (73) 988  (84)Changes in fair value on EBOs and loans held-for-investment 383   129   518   604   (439) 254  NM 822  NMEarly pay-offs of capital leases 768   514   532   393   430  254  49  338  79 Miscellaneous 15,410   14,772   16,510   22,365   37,815  638  4  (22,405) (59)Total Other 20,836   20,676   24,137   29,282   42,331  160  1  (21,495) (51)Total Non-Interest Income$116,634  $113,451  $113,147  $121,147  $140,580 $3,183  3%$(23,946) (17)% NM - Not meaningful.BOLI- Bank-owned life insurance.EBO- Early buy-out. TABLE 15: MORTGAGE BANKING  Three Months Ended(Dollars in thousands)Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024Originations:         Retail originations$348,468  $483,424  $527,408  $544,394  $331,504 Veterans First originations 111,985   176,914   239,369   177,792   144,109 Total originations for sale (A)$460,453  $660,338  $766,777  $722,186  $475,613 Originations for investment 217,177   355,119   218,984   275,331   169,246 Total originations$677,630  $1,015,457  $985,761  $997,517  $644,859 As a percentage of originations for sale:         Retail originations 76%  73%  69%  75%  70%Veterans First originations 24   27   31   25   30 Purchases 77%  65%  72%  83%  75%Refinances 23   35   28   17   25 Production Margin:         Production revenue (B) (1)$9,941  $6,993  $13,113  $14,990  $13,435 Total originations for sale (A)$460,453  $660,338  $766,777  $722,186  $475,613 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 197,297   103,946   272,072   222,738   207,775 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 103,946   272,072   222,738   207,775   119,624 Total mortgage production volume (C)$553,804  $492,212  $816,111  $737,149  $563,764 Production margin (B / C) 1.80%  1.42%  1.61%  2.03%  2.38%Mortgage Servicing:         Loans serviced for others (D)$12,402,352  $12,400,913  $12,253,361  $12,211,027  $12,051,392 Mortgage Servicing Rights (“MSR”), at fair value (E) 196,307   203,788   186,308   204,610   201,044 Percentage of MSRs to loans serviced for others (E / D) 1.58%  1.64%  1.52%  1.68%  1.67%Servicing income$10,611  $10,731  $10,809  $10,586  $10,498 MSR Fair Value Asset Activity         MSR - FV at Beginning of Period$203,788  $186,308  $204,610  $201,044  $192,456 MSR - current period capitalization 4,669   10,010   6,357   8,223   5,379 MSR - collection of expected cash flows - paydowns (1,590)  (1,463)  (1,598)  (1,504)  (1,444)MSR - collection of expected cash flows - payoffs and repurchases (3,046)  (4,315)  (5,730)  (4,030)  (2,942)MSR - changes in fair value model assumptions (7,514)  13,248   (17,331)  877   7,595 MSR Fair Value at end of period$196,307  $203,788  $186,308  $204,610  $201,044 Summary of Mortgage Banking Revenue:        Operational:         Production revenue (1)$9,941  $6,993  $13,113  $14,990  $13,435 MSR - Current period capitalization 4,669   10,010   6,357   8,223   5,379 MSR - Collection of expected cash flows - paydowns (1,590)  (1,463)  (1,598)  (1,504)  (1,444)MSR - Collection of expected cash flows - pay offs (3,046)  (4,315)  (5,730)  (4,030)  (2,942)Servicing Income 10,611   10,731   10,809   10,586   10,498 Other Revenue (172)  (51)  (67)  112   (91)Total operational mortgage banking revenue$20,413  $21,905  $22,884  $28,377  $24,835 Fair Value:         MSR - changes in fair value model assumptions$(7,514) $13,248  $(17,331) $877  $7,595 Gain (loss) on derivative contract held as an economic hedge, net 4,897   (11,452)  6,892   (772)  (2,577)Changes in FV on early buy-out loans guaranteed by US Govt (HFS) 2,733   (3,249)  3,529   642   (2,190)Total fair value mortgage banking revenue$116  $(1,453) $(6,910) $747  $2,828 Total mortgage banking revenue$20,529  $20,452  $15,974  $29,124  $27,663  (1)   Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.(2)   Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. TABLE 16: NON-INTEREST EXPENSE  Three Months EndedQ1 2025 compared to Q4 2024Q1 2025 compared to Q1 2024 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2025   2024   2024   2024   2024 $ Change % Change$ Change % ChangeSalaries and employee benefits:               Salaries$123,917  $120,969  $118,971  $113,860  $112,172 $2,948  2%$11,745  10%Commissions and incentive compensation 52,536   54,792   57,575   52,151   51,001  (2,256) (4) 1,535  3 Benefits 35,073   36,372   34,715   32,530   32,000  (1,299) (4) 3,073  10 Total salaries and employee benefits 211,526   212,133   211,261   198,541   195,173  (607) (0) 16,353  8 Software and equipment 34,717   34,258   31,574   29,231   27,731  459  1  6,986  25 Operating lease equipment 10,471   10,263   10,518   10,834   10,683  208  2  (212) (2)Occupancy, net 20,778   20,597   19,945   19,585   19,086  181  1  1,692  9 Data processing 11,274   10,957   9,984   9,503   9,292  317  3  1,982  21 Advertising and marketing 12,272   13,097   18,239   17,436   13,040  (825) (6) (768) (6)Professional fees 9,044   11,334   9,783   9,967   9,553  (2,290) (20) (509) (5)Amortization of other acquisition-related intangible assets 5,618   5,773   4,042   1,122   1,158  (155) (3) 4,460  NMFDIC insurance 10,926   10,640   10,512   10,429   9,381  286  3  1,545  16 FDIC insurance - special assessment —   —   —   —   5,156  —  —  (5,156) (100)OREO expense, net 643   397   (938)  (259)  392  246  62  251  64 Other:               Lending expenses, net of deferred origination costs 5,866   6,448   4,995   5,335   5,078  (582) (9) 788  16 Travel and entertainment 5,270   8,140   5,364   5,340   4,597  (2,870) (35) 673  15 Miscellaneous 27,685   24,502   25,408   23,289   22,825  3,183  13  4,860  21 Total other 38,821   39,090   35,767   33,964   32,500  (269) (1) 6,321  19 Total Non-Interest Expense$366,090  $368,539  $360,687  $340,353  $333,145 $(2,449) (1)%$32,945  10% NM - Not meaningful. TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.  Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in thousands)2025 2024 2024 2024 2024Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:(A) Interest Income (GAAP)$886,965  $913,501  $908,604  $849,979  $805,513 Taxable-equivalent adjustment:         - Loans 2,206   2,352   2,474   2,305   2,246 - Liquidity Management Assets 690   716   668   567   550 - Other Earning Assets 3   2   2   3   5 (B) Interest Income (non-GAAP)$889,864  $916,571  $911,748  $852,854  $808,314 (C) Interest Expense (GAAP) 360,491   388,353   406,021   379,369   341,319 (D) Net Interest Income (GAAP) (A minus C)$526,474  $525,148  $502,583  $470,610  $464,194 (E) Net Interest Income (non-GAAP) (B minus C)$529,373  $528,218  $505,727  $473,485  $466,995 Net interest margin (GAAP) 3.54%  3.49%  3.49%  3.50%  3.57%Net interest margin, fully taxable-equivalent (non-GAAP) 3.56   3.51   3.51   3.52   3.59 (F) Non-interest income$116,634  $113,451  $113,147  $121,147  $140,580 (G) Gains (losses) on investment securities, net 3,196   (2,835)  3,189   (4,282)  1,326 (H) Non-interest expense 366,090   368,539   360,687   340,353   333,145 Efficiency ratio (H/(D+F-G)) 57.21%  57.46%  58.88%  57.10%  55.21%Efficiency ratio (non-GAAP) (H/(E+F-G)) 56.95   57.18   58.58   56.83   54.95  Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in thousands)2025 2024 2024 2024 2024Reconciliation of Non-GAAP Tangible Common Equity Ratio:Total shareholders’ equity (GAAP)$6,600,537  $6,344,297  $6,399,714  $5,536,628  $5,436,400 Less: Non-convertible preferred stock (GAAP) (412,500)  (412,500)  (412,500)  (412,500)  (412,500)Less: Intangible assets (GAAP) (913,004)  (918,632)  (924,646)  (676,562)  (677,911)(I) Total tangible common shareholders’ equity (non-GAAP)$5,275,033  $5,013,165  $5,062,568  $4,447,566  $4,345,989 (J) Total assets (GAAP)$65,870,066  $64,879,668  $63,788,424  $59,781,516  $57,576,933 Less: Intangible assets (GAAP) (913,004)  (918,632)  (924,646)  (676,562)  (677,911)(K) Total tangible assets (non-GAAP)$64,957,062  $63,961,036  $62,863,778  $59,104,954  $56,899,022 Common equity to assets ratio (GAAP) (L/J) 9.4%  9.1%  9.4%  8.6%  8.7%Tangible common equity ratio (non-GAAP) (I/K) 8.1   7.8   8.1   7.5   7.6  Reconciliation of Non-GAAP Tangible Book Value per Common Share:Total shareholders’ equity$6,600,537  $6,344,297  $6,399,714  $5,536,628  $5,436,400 Less: Preferred stock (412,500)  (412,500)  (412,500)  (412,500)  (412,500)(L) Total common equity$6,188,037  $5,931,797  $5,987,214  $5,124,128  $5,023,900 (M) Actual common shares outstanding 66,919   66,495   66,482   61,760   61,737 Book value per common share (L/M)$92.47  $89.21  $90.06  $82.97  $81.38 Tangible book value per common share (non-GAAP) (I/M) 78.83   75.39   76.15   72.01   70.40           Reconciliation of Non-GAAP Return on Average Tangible Common Equity:(N) Net income applicable to common shares$182,048  $178,371  $163,010  $145,397  $180,303 Add: Intangible asset amortization 5,618   5,773   4,042   1,122   1,158 Less: Tax effect of intangible asset amortization (1,421)  (1,547)  (1,087)  (311)  (291)After-tax intangible asset amortization$4,197  $4,226  $2,955  $811  $867 (O) Tangible net income applicable to common shares (non-GAAP)$186,245  $182,597  $165,965  $146,208  $181,170 Total average shareholders’ equity$6,460,941  $6,418,403  $5,990,429  $5,450,173  $5,440,457 Less: Average preferred stock (412,500)  (412,500)  (412,500)  (412,500)  (412,500)(P) Total average common shareholders’ equity$6,048,441  $6,005,903  $5,577,929  $5,037,673  $5,027,957 Less: Average intangible assets (916,069)  (921,438)  (833,574)  (677,207)  (678,731)(Q) Total average tangible common shareholders’ equity (non-GAAP)$5,132,372  $5,084,465  $4,744,355  $4,360,466  $4,349,226 Return on average common equity, annualized (N/P) 12.21%  11.82%  11.63%  11.61%  14.42%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.72   14.29   13.92   13.49   16.75           Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:  Income before taxes$253,055  $253,081  $232,709  $211,343  $249,956 Add: Provision for credit losses 23,963   16,979   22,334   40,061   21,673 Pre-tax income, excluding provision for credit losses (non-GAAP)$277,018  $270,060  $255,043  $251,404  $271,629  WINTRUST SUBSIDIARIES Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A. Additionally, the Company operates various non-bank businesses: FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. 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.Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.Wintrust Asset Finance offers direct leasing opportunities.CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031. FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following: economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;the financial success and economic viability of the borrowers of our commercial loans;commercial real estate market conditions in the Chicago metropolitan area 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 losses, difficulties or developments related to the Company’s recent or future acquisitions;unexpected difficulties and losses related to FDIC-assisted acquisitions;harm to the Company’s reputation;any negative perception of the Company’s financial strength;ability of the Company to raise additional capital on acceptable terms when needed;disruption in capital markets, which may lower fair values for the Company’s investment portfolio;ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;failure or breaches of our security systems or infrastructure, or those of third parties;security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;increased costs as a result of protecting our customers from the impact of stolen debit card information;accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;ability of the Company to attract and retain senior management experienced in the banking and financial services industries;environmental liability risk associated with lending activities;the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;the expenses and delayed returns inherent in opening new branches and de novo banks;liabilities, potential customer loss or reputational harm related to closings of existing branches;examinations and challenges by tax authorities, and any unanticipated impact of the Tax 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 impact of the Company’s 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; andwidespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change. Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases. CONFERENCE CALL, WEBCAST AND REPLAY The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website. FOR MORE INFORMATION CONTACT:Timothy S. Crane, President & Chief Executive OfficerDavid A. Dykstra, Vice Chairman & Chief Operating Officer(847) 939-9000 Web site address: www.wintrust.com

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