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Wintrust Financial Corporation Reports Record Full Year Net Income

1. Wintrust reported record net income of $695 million for 2024, up 12%. 2. Loans and deposits grew by 8% and 9%, respectively, indicating strong demand. 3. Stable net interest margin of 3.49% expected to continue in 2025. 4. Credit quality improved, with net charge-offs down to 13 basis points. 5. Acquisition of Macatawa Bank contributed to the expansion in Michigan market.

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The strong net income growth and stable margins suggest profitability, enhancing shareholder confidence.

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The article details a significant financial performance improvement, directly affecting WTFC's stock valuation.

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ROSEMONT, Ill., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $695.0 million or $10.31 per diluted common share for the year ended December 31, 2024 compared to net income of $622.6 million or $9.58 per diluted common share for the same period of 2023. Pre-tax, pre-provision income (non-GAAP) for the year ended December 31, 2024 totaled a record $1.0 billion, compared to $959.5 million for the same period of 2023. The Company recorded quarterly net income of $185.4 million or $2.63 per diluted common share for the fourth quarter of 2024 compared to net income of $170.0 million or $2.47 per diluted common share for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled $270.1 million as compared to $255.0 million for the third quarter of 2024. Timothy S. Crane, President and Chief Executive Officer, commented, “We are very pleased with our 2024 results, including record net income for the full year 2024. The Company exhibited consistently strong organic loan and deposit growth throughout 2024 and expanded our geographic footprint into the west Michigan market through the acquisition of Macatawa Bank Corporation (“Macatawa”). We enter 2025 with great momentum in our efforts to further expand the franchise.” Additionally, Mr. Crane emphasized, “Net interest margin in the fourth quarter was unchanged compared to the third quarter of 2024. Our relative neutral sensitivity to further interest rate changes should allow our net interest margin to remain in the 3.50% range as we move forward into 2025 given the current market consensus outlook. Stable net interest margin coupled with continued balance sheet growth should result in further net interest income growth in 2025. Focusing on building long term franchise value, growth of net interest income, disciplined expense control and maintaining our consistent credit standards remain our priorities in 2025.” Highlights of the fourth quarter of 2024:Comparative information to the third quarter of 2024, unless otherwise noted Total loans increased by approximately $1.0 billion, or 8% annualized.Total deposits increased by approximately $1.1 billion, or 9% annualized.Total assets increased by $1.1 billion, or 7% annualized.Net interest income increased to $525.1 million in the fourth quarter of 2024 compared to $502.6 million in the third quarter of 2024, primarily due to average earning asset growth. Net interest margin remained at 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2024. Non-interest income was impacted by the following: Mortgage banking revenue included a net negative fair value mark of $1.5 million in the fourth quarter of 2024, compared to a net negative fair value mark of $6.9 million in the third quarter of 2024. See Table 16 for details.Net losses on investment securities totaling $2.8 million in the fourth quarter of 2024 related primarily to changes in the value of equity securities as compared to net gains of $3.2 million in the third quarter of 2024. Non-interest expense was impacted by the following: The Macatawa Bank acquisition added approximately $15.8 million of total operating expenses, including $4.8 million of core deposit intangible asset amortization in the fourth quarter of 2024 compared to approximately $10.1 million of total operating expenses, including $3.0 million of core deposit intangible asset amortization in the third quarter of 2024. The additional expense is attributable to one additional month of recognized expenses for Macatawa in the fourth quarter of 2024 as compared to the third quarter of 2024.Incurred acquisition related costs of $1.8 million in the fourth quarter of 2024 as compared to $1.6 million in the third quarter of 2024. Provision for credit losses totaled $17.0 million in the fourth quarter of 2024 as compared to a provision for credit losses of $22.3 million in the third quarter of 2024 which included a one-time Macatawa acquisition-related Day 1 provision of approximately $15.5 million.Net charge-offs totaled $15.9 million or 13 basis points of average total loans on an annualized basis in the fourth quarter of 2024 compared to $26.7 million or 23 basis points of average total loans on an annualized basis in the third quarter of 2024. Mr. Crane noted, “A stable net interest margin coupled with earning asset growth resulted in record net interest income in the fourth quarter of 2024 as we grew our net interest income by $22.6 million as compared to the third quarter of 2024. The company continued its consistent, strong loan growth as loans increased by $1.0 billion, or 8% on an annualized basis in the fourth quarter of 2024. Loan pipelines are strong and we remain prudent in our review of credit prospects, ensuring our loan growth adheres to our conservative credit standards. Deposit growth of $1.1 billion, or 9% on an annualized basis, in the fourth quarter of 2024 outpaced loan growth which resulted in our loans to deposits ratio ending the quarter at 91.5%. Non-interest bearing deposits increased $670.9 million compared to the third quarter of 2024 and comprised 22% of total deposits at the end of the fourth quarter of 2024. We continue to leverage our customer relationships and market positioning to generate deposits, grow loans and build long-term franchise value.” Commenting on credit quality, Mr. Crane stated, “Credit metrics improved for the second consecutive quarter, ending 2024 with overall stable credit quality. Net charge-offs as a percentage of average total loans on an annualized basis improved, with the fourth quarter of 2024 being the low point for the year. Prudent credit management and disciplined underwriting standards continue to support low losses in the portfolios. Non-performing loans also improved in the second half of 2024, with the fourth quarter of 2024 non-performing loans being 0.36% of total loans. Improvement has been experienced in our commercial real estate portfolio, where consistent in-depth reviews of the portfolio have led to positive outcomes by proactively identifying and resolving problem credits. Total non-performing assets, at 0.30% of total assets at year-end, remained consistent with the same level at the end of the third quarter. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe that the Company’s reserves are appropriate and we remain diligent in our review of credit.” In summary, Mr. Crane noted, “We are proud of our results in 2024 and believe we are well-positioned to continue our momentum into the new year. We have successfully reduced our asset sensitivity, leaving us well positioned to deliver improved results independent of interest rate changes. We remain focused on winning new business, expanding our franchise and improving our position in the markets we serve.” The graphs shown on pages 3-8 illustrate certain financial highlights of the fourth quarter of 2024 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios. Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/4c23147f-25a8-47d1-b395-94398cec535c SUMMARY OF RESULTS: BALANCE SHEET Total assets increased $1.1 billion in the fourth quarter of 2024 as compared to the third quarter of 2024. Total loans increased by $1.0 billion as compared to the third quarter of 2024. The increase in loans was diversified across nearly all loan portfolios. Total liabilities increased by $1.1 billion in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a $1.1 billion increase in total deposits. Strong organic deposit growth in the fourth quarter of 2024 enabled the Company to reduce brokered funding reliance by $482 million as compared to the third quarter of 2024. Non-interest bearing deposits increased $671 million in the fourth quarter of 2024 as compared to the third quarter of 2024. Non-interest bearing deposits as a percentage of total deposits increased to 22% at December 31, 2024, compared to 21% as of September 30, 2024. The Company's loans to deposits ratio was 91.5% on December 31, 2024 as compared to 91.6% as of September 30, 2024. 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 fourth quarter of 2024, net interest income totaled $525.1 million, an increase of $22.6 million as compared to the third quarter of 2024. The $22.6 million increase in net interest income in the fourth quarter of 2024 compared to the third quarter of 2024 was primarily due to a $2.6 billion increase in average earning assets. Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2024, unchanged compared to the third quarter of 2024. The yield on earning assets declined 24 basis points during the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a 22 basis point decrease in loan yields. The net free funds contribution declined seven basis points compared to the third quarter of 2024 due to a reduced rate paid on interest-bearing liabilities. These declines were offset by a 31 basis point decrease in rate paid on interest-bearing liabilities. The 31 basis point decrease in rate paid on interest-bearing liabilities in the fourth quarter of 2024 as compared to the third quarter of 2024 was primarily due to a 33 basis point decline in rate paid on interest-bearing deposits. For more information regarding net interest income, see Table 4 through Table 8 in this report. ASSET QUALITY The allowance for credit losses totaled $437.1 million as of December 31, 2024, relatively unchanged compared to $436.2 million as of September 30, 2024. A provision for credit losses totaling $17.0 million was recorded for the fourth quarter of 2024 as compared to $22.3 million recorded in the third quarter of 2024. The lower provision for credit losses recognized in the fourth quarter of 2024 as compared to the third quarter of 2024 is primarily attributable to the Day 1 provision for credit losses of approximately $15.5 million related to the Macatawa acquisition recognized in the third quarter of 2024. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report. Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of December 31, 2024, September 30, 2024, and June 30, 2024 is shown on Table 12 of this report. Net charge-offs totaled $15.9 million in the fourth quarter of 2024, a decrease of $10.8 million as compared to $26.7 million of net charge-offs in the third quarter of 2024. Net charge-offs as a percentage of average total loans were 13 basis points in the fourth quarter of 2024 on an annualized basis compared to 23 basis points on an annualized basis in the third quarter of 2024. For more information regarding net charge-offs, see Table 10 in this report. The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 13 in this report. Non-performing assets totaled $193.9 million and comprised 0.30% of total assets as of December 31, 2024, as compared to $193.4 million, or 0.30% of total assets, as of September 30, 2024. Non-performing loans totaled $170.8 million and comprised 0.36% of total loans at December 31, 2024, as compared to $179.7 million and 0.38% of total loans at September 30, 2024. The decrease in non-performing loans in the fourth quarter of 2024 was primarily attributable to a decline in commercial real estate nonaccrual loans. For more information regarding non-performing assets, see Table 14 in this report. NON-INTEREST INCOME Wealth management revenue increased by $1.6 million in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to increased trust and asset management fees from higher assets under management during the period. Approximately $0.6 million of additional wealth management revenue recognized in the fourth quarter of 2024 compared to the third quarter of 2024 relates to one additional month of Macatawa results included in the current quarter. 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 increased by $4.5 million in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to a change in net fair value marks, a $5.5 million impact. Partially offsetting the positive fair value impact was a decrease in operational mortgage banking revenue of $1.0 million in the fourth quarter of 2024 compared to the third quarter of 2024. For more information regarding mortgage banking revenue, see Table 16 in this report. The Company recognized $18.9 million in service charges on deposits accounts in the fourth quarter of 2024 as compared to $16.4 million in the third quarter of 2024. The $2.4 million increase in the fourth quarter of 2024 was primarily the result of increased commercial account analysis fees. The Company incurred $2.8 million in net losses on investment securities in the fourth quarter of 2024 as compared to $3.2 million in net gains in the third quarter of 2024. The net losses in the fourth quarter of 2024 were primarily the result of unrealized losses on the Company’s equity investment securities with a readily determinable fair value. Fees from covered call options increased by $1.3 million in the fourth quarter of 2024 as compared to the third quarter of 2024. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance. Other income decreased by $3.5 million in the fourth quarter of 2024 compared to the third quarter of 2024 due to unfavorable foreign currency remeasurement adjustments of $1.4 million and a variety of other smaller miscellaneous revenue declines. For more information regarding non-interest income, see Table 15 in this report. NON-INTEREST EXPENSE Non-interest expenses totaled $368.5 million in the fourth quarter of 2024, increasing $7.9 million as compared to $360.7 million in the third quarter of 2024. The additional expense is attributable to one additional month of recognized expenses for Macatawa in the fourth quarter of 2024 as compared to the third quarter of 2024. The Macatawa acquisition accounted for approximately $5.7 million of the increase, which included $1.8 million in additional amortization of other acquisition-related intangible assets in the fourth quarter of 2024 as compared to the third quarter of 2024. Salaries and employee benefits expense increased by $872,000 in the fourth quarter of 2024 as compared to the third quarter of 2024. The $872,000 increase is primarily related to increased salaries expense due to the Macatawa acquisition impacting the fourth quarter of 2024 for three months as compared to two months in the third quarter of 2024 as well as increased employee insurance costs in the current quarter. These increases were partially offset by lower incentive compensation expense in the fourth quarter of 2024. Software and equipment expense increased $2.7 million in the fourth quarter of 2024 as compared to the third quarter of 2024 primarily due to software expense relating to upgrading and maintenance of information technology and security infrastructure as well as the Macatawa acquisition. Advertising and marketing expenses in the fourth quarter of 2024 totaled $13.1 million, which is a $5.1 million decrease as compared to the third quarter of 2024 primarily due to a decrease in sports sponsorships. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year. Professional fees expense totaled $11.3 million in the fourth quarter of 2024, an increase of $1.6 million as compared to the third quarter of 2024. The increase in the current quarter relates primarily to increased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments. The Company recorded net OREO expense of $397,000 in the fourth quarter of 2024, compared to net OREO income of $938,000 in the third quarter of 2024. The net OREO income in the third quarter of 2024 was primarily the result of realized gains on sales of OREO. Net OREO expenses also include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments. For more information regarding non-interest expense, see Table 17 in this report. INCOME TAXES The Company recorded income tax expense of $67.7 million in the fourth quarter compared to $62.7 million in the third quarter of 2024. The effective tax rates were 26.76% in the fourth quarter of 2024 compared to 26.95% in the third quarter of 2024. BUSINESS UNIT SUMMARY Community Banking Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the fourth quarter of 2024, the community banking unit increased its commercial, commercial real estate and residential real estate loan portfolios. Mortgage banking revenue was $20.5 million for the fourth quarter of 2024, an increase of $4.5 million as compared to the third quarter of 2024, primarily due to a change in net fair value marks, a $5.5 million impact. Partially offsetting the positive fair value impact was a decrease in operational mortgage banking revenue of $1.0 million in the fourth quarter of 2024 compared to the third quarter of 2024. See Table 16 for more detail. Service charges on deposit accounts totaled $18.9 million in the fourth quarter of 2024 as compared to $16.4 million in the third quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of December 31, 2024 indicating momentum for expected continued loan growth in the first quarter of 2025. Specialty Finance Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.1 billion during the fourth quarter of 2024. Average balances increased by $11.6 million, as compared to the third quarter of 2024. The Company’s leasing portfolio balance increased in the fourth quarter of 2024, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.9 billion as of December 31, 2024 as compared to $3.7 billion as of September 30, 2024. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the fourth quarter of 2024, which was relatively stable compared to the third quarter of 2024. Wealth Management Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, 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 $38.8 million in the fourth quarter of 2024, up slightly as compared to the third quarter of 2024. At December 31, 2024, the Company’s wealth management subsidiaries had approximately $51.2 billion of assets under administration, which included $8.5 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 carrying values of approximately $2.7 billion in assets, $2.3 billion in deposits and $1.4 billion in loans. As of December 31, 2024, the Company recorded preliminary goodwill of approximately $142.1 million on the purchase. The initial purchase accounting for the acquisition, in accordance with GAAP, for this business combination is not finalized and is therefore subject to change. Division Sale In the first quarter of 2024, the Company sold its RBA division and recorded a gain of approximately $20.0 million in other non-interest income from the sale. Business Combination On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase. WINTRUST FINANCIAL CORPORATIONKey Operating Measures Wintrust’s key operating measures and growth rates for the fourth quarter of 2024, as compared to the third quarter of 2024 (sequential quarter) and fourth quarter of 2023 (linked quarter), are shown in the table below:        % or (1)basis point (bp) change from3rd Quarter2024 % orbasis point (bp) change from4th Quarter2023  Three Months Ended (Dollars in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Net income $185,362  $170,001  $123,480 9 % 50 %Pre-tax income, excluding provision for credit losses (non-GAAP) (2)  270,060   255,043   208,151 6   30  Net income per common share – Diluted  2.63   2.47   1.87 6   41  Cash dividends declared per common share  0.45   0.45   0.40 —   13  Net revenue (3)  638,599   615,730   570,803 4   12  Net interest income  525,148   502,583   469,974 4   12  Net interest margin  3.49%  3.49%  3.62%— bps (13)bpsNet interest margin – fully taxable-equivalent (non-GAAP) (2)  3.51   3.51   3.64 —   (13) Net overhead ratio (4)  1.60   1.62   1.89 (2)  (29) Return on average assets  1.16   1.11   0.89 5   27  Return on average common equity  11.82   11.63   9.93 19   189  Return on average tangible common equity (non-GAAP) (2)  14.29   13.92   11.73 37   256  At end of period           Total assets $64,879,668  $63,788,424  $56,259,934 7 % 15 %Total loans (5)  48,055,037   47,067,447   42,131,831 8   14  Total deposits  52,512,349   51,404,966   45,397,170 9   16  Total shareholders’ equity  6,344,297   6,399,714   5,399,526 (3)  17   (1)   Period-end balance sheet percentage changes are annualized.(2)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(3)   Net revenue is net interest income plus non-interest income.(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.(5)   Excludes mortgage loans held-for-sale. Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. 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 EndedYears Ended(Dollars in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023Dec 31, 2024 Dec 31, 2023Selected Financial Condition Data (at end of period):   Total assets $64,879,668  $63,788,424  $59,781,516  $57,576,933  $56,259,934    Total loans (1)  48,055,037   47,067,447   44,675,531   43,230,706   42,131,831    Total deposits  52,512,349   51,404,966   48,049,026   46,448,858   45,397,170    Total shareholders’ equity  6,344,297   6,399,714   5,536,628   5,436,400   5,399,526    Selected Statements of Income Data:             Net interest income $525,148  $502,583  $470,610  $464,194  $469,974 $1,962,535  $1,837,864 Net revenue (2)  638,599   615,730   591,757   604,774   570,803  2,450,860   2,271,970 Net income  185,362   170,001   152,388   187,294   123,480  695,045   622,626 Pre-tax income, excluding provision for credit losses (non-GAAP) (3)  270,060   255,043   251,404   271,629   208,151  1,048,136   959,471 Net income per common share – Basic  2.68   2.51   2.35   2.93   1.90  10.47   9.72 Net income per common share – Diluted  2.63   2.47   2.32   2.89   1.87  10.31   9.58 Cash dividends declared per common share  0.45   0.45   0.45   0.45   0.40  1.80   1.60 Selected Financial Ratios and Other Data:             Performance Ratios:             Net interest margin  3.49%  3.49%  3.50%  3.57%  3.62% 3.51%  3.66%Net interest margin – fully taxable-equivalent (non-GAAP) (3)  3.51   3.51   3.52   3.59   3.64  3.53   3.68 Non-interest income to average assets  0.71   0.74   0.85   1.02   0.73  0.82   0.81 Non-interest expense to average assets  2.31   2.36   2.38   2.41   2.62  2.36   2.45 Net overhead ratio (4)  1.60   1.62   1.53   1.39   1.89  1.54   1.64 Return on average assets  1.16   1.11   1.07   1.35   0.89  1.17   1.16 Return on average common equity  11.82   11.63   11.61   14.42   9.93  12.32   12.90 Return on average tangible common equity (non-GAAP) (3)  14.29   13.92   13.49   16.75   11.73  14.58   15.23 Average total assets $63,594,105  $60,915,283  $57,493,184  $55,602,695  $55,017,075 $59,416,909  $53,529,506 Average total shareholders’ equity  6,418,403   5,990,429   5,450,173   5,440,457   5,066,196  5,826,940   5,023,153 Average loans to average deposits ratio  91.9%  93.8%  95.1%  94.5%  92.9% 93.8%  93.1%Period-end loans to deposits ratio  91.5   91.6   93.0   93.1   92.8    Common Share Data at end of period:             Market price per common share $124.71  $108.53  $98.56  $104.39  $92.75    Book value per common share  89.21   90.06   82.97   81.38   81.43    Tangible book value per common share (non-GAAP) (3)  75.39   76.15   72.01   70.40   70.33    Common shares outstanding  66,495,227   66,481,543   61,760,139   61,736,715   61,243,626    Other Data at end of period:             Common equity to assets ratio  9.1%  9.4%  8.6%  8.7%  8.9%   Tangible common equity ratio (non-GAAP)(3)  7.8   8.1   7.5   7.6   7.7    Tier 1 leverage ratio (5)  9.4   9.6   9.3   9.4   9.3    Risk-based capital ratios:             Tier 1 capital ratio (5)  10.6   10.6   10.3   10.3   10.3    Common equity tier 1 capital ratio (5)  9.9   9.8   9.5   9.5   9.4    Total capital ratio (5)  12.2   12.2   12.1   12.2   12.1    Allowance for credit losses (6) $437,060  $436,193  $437,560  $427,504  $427,612    Allowance for loan and unfunded lending-related commitment losses to total loans  0.91%  0.93%  0.98%  0.99%  1.01%   Number of:             Bank subsidiaries  16   16   15   15   15    Banking offices  205   203   177   176   174     (1)   Excludes mortgage loans held-for-sale.(2)   Net revenue is net interest income plus non-interest income.(3)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.(5)   Capital ratios for current quarter-end are estimated.(6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses. WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CONDITION   (Unaudited) (Unaudited) (Unaudited) (Unaudited)    Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In thousands)  2024   2024   2024   2024   2023 Assets          Cash and due from banks $452,017  $725,465  $415,462  $379,825  $423,404 Federal funds sold and securities purchased under resale agreements  6,519   5,663   62   61   60 Interest-bearing deposits with banks  4,409,753   3,648,117   2,824,314   2,131,077   2,084,323 Available-for-sale securities, at fair value  4,141,482   3,912,232   4,329,957   4,387,598   3,502,915 Held-to-maturity securities, at amortized cost  3,613,263   3,677,420   3,755,924   3,810,015   3,856,916 Trading account securities  4,072   3,472   4,134   2,184   4,707 Equity securities with readily determinable fair value  215,412   125,310   112,173   119,777   139,268 Federal Home Loan Bank and Federal Reserve Bank stock  281,407   266,908   256,495   224,657   205,003 Brokerage customer receivables  18,102   16,662   13,682   13,382   10,592 Mortgage loans held-for-sale, at fair value  331,261   461,067   411,851   339,884   292,722 Loans, net of unearned income  48,055,037   47,067,447   44,675,531   43,230,706   42,131,831 Allowance for loan losses  (364,017)  (360,279)  (363,719)  (348,612)  (344,235)Net loans  47,691,020   46,707,168   44,311,812   42,882,094   41,787,596 Premises, software and equipment, net  779,130   772,002   722,295   744,769   748,966 Lease investments, net  278,264   270,171   275,459   283,557   281,280 Accrued interest receivable and other assets  1,739,334   1,721,090   1,671,334   1,580,142   1,551,899 Trade date securities receivable  —   551,031   —   —   690,722 Goodwill  796,942   800,780   655,955   656,181   656,672 Other acquisition-related intangible assets  121,690   123,866   20,607   21,730   22,889 Total assets $64,879,668  $63,788,424  $59,781,516  $57,576,933  $56,259,934 Liabilities and Shareholders’ Equity          Deposits:          Non-interest-bearing $11,410,018  $10,739,132  $10,031,440  $9,908,183  $10,420,401 Interest-bearing  41,102,331   40,665,834   38,017,586   36,540,675   34,976,769 Total deposits  52,512,349   51,404,966   48,049,026   46,448,858   45,397,170 Federal Home Loan Bank advances  3,151,309   3,171,309   3,176,309   2,676,751   2,326,071 Other borrowings  534,803   647,043   606,579   575,408   645,813 Subordinated notes  298,283   298,188   298,113   437,965   437,866 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Accrued interest payable and other liabilities  1,785,061   1,613,638   1,861,295   1,747,985   1,799,922 Total liabilities  58,535,371   57,388,710   54,244,888   52,140,533   50,860,408 Shareholders’ Equity:          Preferred stock  412,500   412,500   412,500   412,500   412,500 Common stock  66,560   66,546   61,825   61,798   61,269 Surplus  2,482,561   2,470,228   1,964,645   1,954,532   1,943,806 Treasury stock  (6,153)  (6,098)  (5,760)  (5,757)  (2,217)Retained earnings  3,897,164   3,748,715   3,615,616   3,498,475   3,345,399 Accumulated other comprehensive loss  (508,335)  (292,177)  (512,198)  (485,148)  (361,231)Total shareholders’ equity  6,344,297   6,399,714   5,536,628   5,436,400   5,399,526 Total liabilities and shareholders’ equity $64,879,668  $63,788,424  $59,781,516  $57,576,933  $56,259,934  WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)  Three Months EndedYears Ended(Dollars in thousands, except per share data)Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Dec 31,2023Dec 31, 2024 Dec 31, 2023Interest income            Interest and fees on loans$789,038  $794,163  $749,812  $710,341 $694,943 $3,043,354  $2,540,952 Mortgage loans held-for-sale 5,623   6,233   5,434   4,146  4,318  21,436   16,791 Interest-bearing deposits with banks 46,256   32,608   19,731   16,658  21,762  115,253   78,978 Federal funds sold and securities purchased under resale agreements 53   277   17   19  578  366   1,806 Investment securities 67,066   69,592   69,779   69,678  68,237  276,115   238,587 Trading account securities 6   11   13   18  15  48   41 Federal Home Loan Bank and Federal Reserve Bank stock 5,157   5,451   4,974   4,478  3,792  20,060   14,912 Brokerage customer receivables 302   269   219   175  203  965   1,047 Total interest income 913,501   908,604   849,979   805,513  793,848  3,477,597   2,893,114 Interest expense            Interest on deposits 346,388   362,019   335,703   299,532  285,390  1,343,642   906,470 Interest on Federal Home Loan Bank advances 26,050   26,254   24,797   22,048  18,316  99,149   72,286 Interest on other borrowings 7,519   9,013   8,700   9,248  9,557  34,480   35,280 Interest on subordinated notes 3,733   3,712   5,185   5,487  5,522  18,117   22,024 Interest on junior subordinated debentures 4,663   5,023   4,984   5,004  5,089  19,674   19,190 Total interest expense 388,353   406,021   379,369   341,319  323,874  1,515,062   1,055,250 Net interest income 525,148   502,583   470,610   464,194  469,974  1,962,535   1,837,864 Provision for credit losses 16,979   22,334   40,061   21,673  42,908  101,047   114,390 Net interest income after provision for credit losses 508,169   480,249   430,549   442,521  427,066  1,861,488   1,723,474 Non-interest income            Wealth management 38,775   37,224   35,413   34,815  33,275  146,227   130,607 Mortgage banking 20,452   15,974   29,124   27,663  7,433  93,213   83,073 Service charges on deposit accounts 18,864   16,430   15,546   14,811  14,522  65,651   55,250 (Losses) gains on investment securities, net (2,835)  3,189   (4,282)  1,326  2,484  (2,602)  1,525 Fees from covered call options 2,305   988   2,056   4,847  4,679  10,196   21,863 Trading (losses) gains, net (113)  (130)  70   677  (505) 504   1,142 Operating lease income, net 15,327   15,335   13,938   14,110  14,162  58,710   53,298 Other 20,676   24,137   29,282   42,331  24,779  116,426   87,348 Total non-interest income 113,451   113,147   121,147   140,580  100,829  488,325   434,106 Non-interest expense            Salaries and employee benefits 212,133   211,261   198,541   195,173  193,971  817,108   748,013 Software and equipment 34,258   31,574   29,231   27,731  27,779  122,794   104,632 Operating lease equipment 10,263   10,518   10,834   10,683  10,694  42,298   42,363 Occupancy, net 20,597   19,945   19,585   19,086  18,102  79,213   77,068 Data processing 10,957   9,984   9,503   9,292  8,892  39,736   38,800 Advertising and marketing 13,097   18,239   17,436   13,040  17,166  61,812   65,075 Professional fees 11,334   9,783   9,967   9,553  8,768  40,637   34,758 Amortization of other acquisition-related intangible assets 5,773   4,042   1,122   1,158  1,356  12,095   5,498 FDIC insurance 10,640   10,512   10,429   14,537  43,677  46,118   71,102 OREO expenses, net 397   (938)  (259)  392  (1,559) (408)  (1,528)Other 39,090   35,767   33,964   32,500  33,806  141,321   126,718 Total non-interest expense 368,539   360,687   340,353   333,145  362,652  1,402,724   1,312,499 Income before taxes 253,081   232,709   211,343   249,956  165,243  947,089   845,081 Income tax expense 67,719   62,708   58,955   62,662  41,763  252,044   222,455 Net income$185,362  $170,001  $152,388  $187,294 $123,480 $695,045  $622,626 Preferred stock dividends 6,991   6,991   6,991   6,991  6,991  27,964   27,964 Net income applicable to common shares$178,371  $163,010  $145,397  $180,303 $116,489 $667,081  $594,662 Net income per common share - Basic$2.68  $2.51  $2.35  $2.93 $1.90 $10.47  $9.72 Net income per common share - Diluted$2.63  $2.47  $2.32  $2.89 $1.87 $10.31  $9.58 Cash dividends declared per common share$0.45  $0.45  $0.45  $0.45 $0.40 $1.80  $1.60 Weighted average common shares outstanding 66,491   64,888   61,839   61,481  61,236  63,685   61,149 Dilutive potential common shares 1,233   1,053   926   928  1,166  1,016   938 Average common shares and dilutive common shares 67,724   65,941   62,765   62,409  62,402  64,701   62,087  TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES           % Growth From(Dollars in thousands)Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31,2024 Dec 31, 2023Sep 30, 2024 (1) Dec 31, 2023Balance:            Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$189,774 $314,693 $281,103 $193,064 $155,529(158)% 22 %Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 141,487  146,374  130,748  146,820  137,193(13) 3 Total mortgage loans held-for-sale$331,261 $461,067 $411,851 $339,884 $292,722(112)% 13 %             Core loans:            Commercial            Commercial and industrial$6,861,735 $6,768,382 $6,226,336 $6,105,968 $5,804,6295 % 18 %Asset-based lending 1,611,001  1,709,685  1,465,867  1,355,255  1,433,250(23) 12 Municipal 826,653  827,125  747,357  721,526  677,1430  22 Leases 2,537,325  2,443,721  2,439,128  2,344,295  2,208,36815  15 PPP loans 5,687  6,301  9,954  11,036  11,533(39) (51)Commercial real estate            Residential construction 48,617  73,088  55,019  57,558  58,642(133) (17)Commercial construction 2,065,775  1,984,240  1,866,701  1,748,607  1,729,93716  19 Land 319,689  346,362  338,831  344,149  295,462(31) 8 Office 1,656,109  1,675,286  1,585,312  1,566,748  1,455,417(5) 14 Industrial 2,628,576  2,527,932  2,307,455  2,190,200  2,135,87616  23 Retail 1,374,655  1,404,586  1,365,753  1,366,415  1,337,517(8) 3 Multi-family 3,125,505  3,193,339  2,988,940  2,922,432  2,815,911(8) 11 Mixed use and other 1,685,018  1,588,584  1,439,186  1,437,328  1,515,40224  11 Home equity 445,028  427,043  356,313  340,349  343,97617  29 Residential real estate            Residential real estate loans for investment 3,456,009  3,252,649  2,933,157  2,746,916  2,619,08325  32 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 114,985  92,355  88,503  90,911  92,78097  24 Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 41,771  43,034  45,675  52,439  57,803(12) (28)Total core loans$28,804,138 $28,363,712 $26,259,487 $25,402,132 $24,592,7296 % 17 %             Niche loans:            Commercial            Franchise$1,268,521 $1,191,686 $1,150,460 $1,122,302 $1,092,53226 % 16 %Mortgage warehouse lines of credit 893,854  750,462  593,519  403,245  230,21176  288 Community Advantage - homeowners association 525,446  501,645  491,722  475,832  452,73419  16 Insurance agency lending 1,044,329  1,048,686  1,030,119  964,022  921,653(2) 13 Premium Finance receivables            U.S. property & casualty insurance 6,447,625  6,253,271  6,142,654  6,113,993  5,983,10312  8 Canada property & casualty insurance 824,417  878,410  958,099  826,026  920,426(24) (10)Life insurance 8,147,145  7,996,899  7,962,115  7,872,033  7,877,9437  3 Consumer and other 99,562  82,676  87,356  51,121  60,50081  65 Total niche loans$19,250,899 $18,703,735 $18,416,044 $17,828,574 $17,539,10212 % 10 %             Total loans, net of unearned income$48,055,037 $47,067,447 $44,675,531 $43,230,706 $42,131,8318 % 14 % TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES           % Growth From(Dollars in thousands)Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Dec 31,2023Sep 30,2024 (1) Dec 31, 2023Balance:            Non-interest-bearing$11,410,018  $10,739,132  $10,031,440  $9,908,183  $10,420,401 25% 9%NOW and interest-bearing demand deposits 5,865,546   5,466,932   5,053,909   5,720,947   5,797,649 29  1 Wealth management deposits (2) 1,469,064   1,303,354   1,490,711   1,347,817   1,614,499 51  (9)Money market 17,975,191   17,713,726   16,320,017   15,617,717   15,149,215 6  19 Savings 6,372,499   6,183,249   5,882,179   5,959,774   5,790,334 12  10 Time certificates of deposit 9,420,031   9,998,573   9,270,770   7,894,420   6,625,072 (23) 42 Total deposits$52,512,349  $51,404,966  $48,049,026  $46,448,858  $45,397,170 9% 16%Mix:            Non-interest-bearing 22%  21%  21%  21%  23%   NOW and interest-bearing demand deposits 11   11   11   12   13    Wealth management deposits (2) 3   3   3   3   4    Money market 34   34   34   34   33    Savings 12   12   12   13   13    Time certificates of deposit 18   19   19   17   14    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 December 31, 2024 (Dollars in thousands) Total TimeCertificates ofDeposit Weighted-AverageRate of MaturingTime Certificates of Deposit 1-3 months $3,301,111 4.52%4-6 months  3,743,113 4.31 7-9 months  1,422,013 3.87 10-12 months  595,058 3.48 13-18 months  129,136 2.93 19-24 months  55,456 2.52 24+ months  174,144 2.56 Total $9,420,031 4.20% TABLE 4: QUARTERLY AVERAGE BALANCES   Average Balance for three months ended,  Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In thousands)  2024   2024   2024   2024   2023 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $3,934,016  $2,413,728  $1,485,481  $1,254,332  $1,682,176 Investment securities (2)  8,090,271   8,276,576   8,203,764   8,349,796   7,971,068 FHLB and FRB stock  271,825   263,707   253,614   230,648   204,593 Liquidity management assets (3) $12,296,112  $10,954,011  $9,942,859  $9,834,776  $9,857,837 Other earning assets (3)(4)  20,528   17,542   15,257   15,081   14,821 Mortgage loans held-for-sale  378,707   376,251   347,236   290,275   279,569 Loans, net of unearned income (3)(5)  47,153,014   45,920,586   43,819,354   42,129,893   41,361,952 Total earning assets (3) $59,848,361  $57,268,390  $54,124,706  $52,270,025  $51,514,179 Allowance for loan and investment security losses  (367,238)  (383,736)  (360,504)  (361,734)  (329,441)Cash and due from banks  470,033   467,333   434,916   450,267   443,989 Other assets  3,642,949   3,563,296   3,294,066   3,244,137   3,388,348 Total assets $63,594,105  $60,915,283  $57,493,184  $55,602,695  $55,017,075            NOW and interest-bearing demand deposits $5,601,672  $5,174,673  $4,985,306  $5,680,265  $5,868,976 Wealth management deposits  1,430,163   1,362,747   1,531,865   1,510,203   1,704,099 Money market accounts  17,579,395   16,436,111   15,272,126   14,474,492   14,212,320 Savings accounts  6,288,727   6,096,746   5,878,844   5,792,118   5,676,155 Time deposits  9,702,948   9,598,109   8,546,172   7,148,456   6,645,980 Interest-bearing deposits $40,602,905  $38,668,386  $36,214,313  $34,605,534  $34,107,530 Federal Home Loan Bank advances  3,160,658   3,178,973   3,096,920   2,728,849   2,326,073 Other borrowings  577,786   622,792   587,262   627,711   633,673 Subordinated notes  298,225   298,135   410,331   437,893   437,785 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Total interest-bearing liabilities $44,893,140  $43,021,852  $40,562,392  $38,653,553  $37,758,627 Non-interest-bearing deposits  10,718,738   10,271,613   9,879,134   9,972,646   10,406,585 Other liabilities  1,563,824   1,631,389   1,601,485   1,536,039   1,785,667 Equity  6,418,403   5,990,429   5,450,173   5,440,457   5,066,196 Total liabilities and shareholders’ equity $63,594,105  $60,915,283  $57,493,184  $55,602,695  $55,017,075            Net free funds/contribution (6) $14,955,221  $14,246,538  $13,562,314  $13,616,472  $13,755,552  (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 18: 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,  Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In thousands)  2024   2024   2024   2024   2023 Interest income:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $46,308  $32,885  $19,748  $16,677  $22,340 Investment securities  67,783   70,260   70,346   70,228   68,812 FHLB and FRB stock  5,157   5,451   4,974   4,478   3,792 Liquidity management assets (1) $119,248  $108,596  $95,068  $91,383  $94,944 Other earning assets (1)  310   282   235   198   222 Mortgage loans held-for-sale  5,623   6,233   5,434   4,146   4,318 Loans, net of unearned income (1)  791,390   796,637   752,117   712,587   697,093 Total interest income $916,571  $911,748  $852,854  $808,314  $796,577            Interest expense:          NOW and interest-bearing demand deposits $31,695  $30,971  $32,719  $34,896  $38,124 Wealth management deposits  9,412   10,158   10,294   10,461   12,076 Money market accounts  159,945   167,382   155,100   137,984   130,252 Savings accounts  38,402   42,892   41,063   39,071   36,463 Time deposits  106,934   110,616   96,527   77,120   68,475 Interest-bearing deposits $346,388  $362,019  $335,703  $299,532  $285,390 Federal Home Loan Bank advances  26,050   26,254   24,797   22,048   18,316 Other borrowings  7,519   9,013   8,700   9,248   9,557 Subordinated notes  3,733   3,712   5,185   5,487   5,522 Junior subordinated debentures  4,663   5,023   4,984   5,004   5,089 Total interest expense $388,353  $406,021  $379,369  $341,319  $323,874            Less: Fully taxable-equivalent adjustment  (3,070)  (3,144)  (2,875)  (2,801)  (2,729)Net interest income (GAAP) (2)   525,148   502,583   470,610   464,194   469,974 Fully taxable-equivalent adjustment  3,070   3,144   2,875   2,801   2,729 Net interest income, fully taxable-equivalent (non-GAAP) (2)  $528,218  $505,727  $473,485  $466,995  $472,703  (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 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio. TABLE 6: QUARTERLY NET INTEREST MARGIN   Net Interest Margin for three months ended,  Dec 31, 2024 Sep 30, 2024 Jun 30,2024 Mar 31, 2024 Dec 31,2023Yield earned on:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 4.68% 5.42% 5.35% 5.35% 5.27%Investment securities 3.33  3.38  3.45  3.38  3.42 FHLB and FRB stock 7.55  8.22  7.89  7.81  7.35 Liquidity management assets 3.86% 3.94% 3.85% 3.74% 3.82%Other earning assets 6.01  6.38  6.23  5.25  5.92 Mortgage loans held-for-sale 5.91  6.59  6.29  5.74  6.13 Loans, net of unearned income 6.68  6.90  6.90  6.80  6.69 Total earning assets 6.09% 6.33% 6.34% 6.22% 6.13%           Rate paid on:          NOW and interest-bearing demand deposits 2.25% 2.38% 2.64% 2.47% 2.58%Wealth management deposits 2.62  2.97  2.70  2.79  2.81 Money market accounts 3.62  4.05  4.08  3.83  3.64 Savings accounts 2.43  2.80  2.81  2.71  2.55 Time deposits 4.38  4.58  4.54  4.34  4.09 Interest-bearing deposits 3.39% 3.72% 3.73% 3.48% 3.32%Federal Home Loan Bank advances 3.28  3.29  3.22  3.25  3.12 Other borrowings 5.18  5.76  5.96  5.92  5.98 Subordinated notes 4.98  4.95  5.08  5.04  5.00 Junior subordinated debentures 7.32  7.88  7.91  7.94  7.96 Total interest-bearing liabilities 3.44% 3.75% 3.76% 3.55% 3.40%           Interest rate spread (1)(2) 2.65% 2.58% 2.58% 2.67% 2.73%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution (3) 0.86  0.93  0.94  0.92  0.91 Net interest margin (GAAP) (2) 3.49% 3.49% 3.50% 3.57% 3.62%Fully taxable-equivalent adjustment 0.02  0.02  0.02  0.02  0.02 Net interest margin, fully taxable-equivalent (non-GAAP) (2) 3.51% 3.51% 3.52% 3.59% 3.64% (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 18: 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: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN  Average Balancefor twelve months ended,Interestfor twelve months ended,Yield/Ratefor twelve months ended,(Dollars in thousands)Dec 31, 2024 Dec 31,2023Dec 31, 2024 Dec 31, 2023Dec 31, 2024 Dec 31, 2023Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)$2,276,818  $1,608,835 $115,618  $80,783 5.08% 5.02%Investment securities (2) 8,229,846   7,721,661  278,617   240,837 3.39  3.12 FHLB and FRB stock 255,018   215,699  20,060   14,912 7.87  6.91 Liquidity management assets (3)(4)$10,761,682  $9,546,195 $414,295  $336,532 3.85% 3.53%Other earning assets (3)(4)(5) 17,113   17,129  1,025   1,098 5.99  6.41 Mortgage loans held-for-sale 348,278   294,421  21,436   16,791 6.15  5.70 Loans, net of unearned income (3)(4)(6) 44,765,445   40,324,472  3,052,731   2,548,779 6.82  6.32 Total earning assets (4)$55,892,518  $50,182,217 $3,489,487  $2,903,200 6.24% 5.79%Allowance for loan and investment security losses (368,342)  (308,724)      Cash and due from banks 455,708   468,298       Other assets 3,437,025   3,187,715       Total assets$59,416,909  $53,529,506                 NOW and interest-bearing demand deposits$5,360,630  $5,626,277 $130,281  $122,074 2.43% 2.17%Wealth management deposits 1,458,404   1,730,523  40,324   42,782 2.76  2.47 Money market accounts 15,946,363   13,665,248  620,411   429,900 3.89  3.15 Savings accounts 6,015,085   5,299,205  161,429   109,666 2.68  2.07 Time deposits 8,753,848   5,952,537  391,197   202,048 4.47  3.39 Interest-bearing deposits$37,534,330  $32,273,790 $1,343,642  $906,470 3.58% 2.81%Federal Home Loan Bank advances 3,042,052   2,316,722  99,149   72,287 3.26  3.12 Other borrowings 603,868   630,115  34,480   35,280 5.71  5.60 Subordinated notes 360,802   437,604  18,117   22,023 5.02  5.03 Junior subordinated debentures 253,566   253,566  19,674   19,190 7.76  7.57 Total interest-bearing liabilities$41,794,618  $35,911,797 $1,515,062  $1,055,250 3.63% 2.94%Non-interest-bearing deposits 10,212,088   11,018,596       Other liabilities 1,583,263   1,575,960       Equity 5,826,940   5,023,153       Total liabilities and shareholders’ equity$59,416,909  $53,529,506       Interest rate spread (4)(7)      2.61% 2.85%Less: Fully taxable-equivalent adjustment    (11,890)  (10,086)(0.02) (0.02)Net free funds/contribution (8)$14,097,900  $14,270,420    0.92  0.83 Net interest income/margin (GAAP) (4)   $1,962,535  $1,837,864 3.51% 3.66%Fully taxable-equivalent adjustment    11,890   10,086 0.02  0.02 Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)    $1,974,425  $1,847,950 3.53% 3.68% (1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.(3)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. (4)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(5)   Other earning assets include brokerage customer receivables and trading account securities.(6)   Loans, net of unearned income, include non-accrual loans.(7)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.(8)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities. TABLE 8: INTEREST RATE SENSITIVITY As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios. The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows: Static Shock Scenario +200 Basis Points  +100 Basis Points  -100 Basis Points  -200 Basis PointsDec 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 Dec 31, 2023 2.6  1.8  0.4  (0.7) Ramp Scenario+200 Basis Points  +100 Basis Points -100 Basis Points -200 Basis PointsDec 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 Dec 31, 20231.6  1.2  (0.3) (1.5) As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer term fixed rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods. TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES  Loans repricing or contractual maturity periodAs of December 31, 2024One year orless From one tofive years From five to fifteen years After fifteen years Total(In thousands)    Commercial         Fixed rate$419,733  $3,452,609 $2,001,276 $26,914 $5,900,532Variable rate 9,673,183   836  —  —  9,674,019Total commercial$10,092,916  $3,453,445 $2,001,276 $26,914 $15,574,551Commercial real estate         Fixed rate$611,473  $2,842,450 $389,550 $60,813 $3,904,286Variable rate 8,987,087   12,504  67  —  8,999,658Total commercial real estate$9,598,560  $2,854,954 $389,617 $60,813 $12,903,944Home equity         Fixed rate$9,106  $1,138 $— $20 $10,264Variable rate 434,764   —  —  —  434,764Total home equity$443,870  $1,138 $— $20 $445,028Residential real estate         Fixed rate$12,157  $4,594 $76,321 $1,093,139 $1,186,211Variable rate 90,855   584,092  1,751,607  —  2,426,554Total residential real estate$103,012  $588,686 $1,827,928 $1,093,139 $3,612,765Premium finance receivables - property & casualty         Fixed rate$7,179,672  $92,370 $— $— $7,272,042Variable rate —   —  —  —  —Total premium finance receivables - property & casualty$7,179,672  $92,370 $— $— $7,272,042Premium finance receivables - life insurance         Fixed rate$271,528  $318,470 $4,000 $4,451 $598,449Variable rate 7,548,696   —  —  —  7,548,696Total premium finance receivables - life insurance$7,820,224  $318,470 $4,000 $4,451 $8,147,145Consumer and other         Fixed rate$32,507  $7,587 $927 $920 $41,941Variable rate 57,621   —  —  —  57,621Total consumer and other$90,128  $7,587 $927 $920 $99,562          Total per category         Fixed rate$8,536,176  $6,719,218 $2,472,074 $1,186,257 $18,913,725Variable rate 26,792,206   597,432  1,751,674  —  29,141,312Total loans, net of unearned income$35,328,382  $7,316,650 $4,223,748 $1,186,257 $48,055,037Less: 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$28,628,382                   Variable Rate Loan Pricing by Index:         SOFR tenors (2)        $18,029,52812- month CMT (3)         6,355,203Prime         3,388,920Fed Funds         886,812Other U.S. Treasury tenors         190,576Other         290,273Total variable rate        $29,141,312 (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/4c8a617f-4b3c-41ee-9940-f8da8b036110 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 $14.9 billion tied to one-month SOFR and $6.4 billion tied to twelve-month CMT. The above chart shows:   Basis Point (bp) Change in  1-monthSOFR 12- month CMT Prime Fourth Quarter 2024 (52)bps18 bps(50)bpsThird Quarter 2024 (49) (111) (50) Second Quarter 2024 1  6  0  First Quarter 2024 (2) 24  0  Fourth Quarter 2023 3  (67) 0   TABLE 10: ALLOWANCE FOR CREDIT LOSSES   Three Months EndedYears Ended  Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Dec 31, Dec 31,(Dollars in thousands)  2024   2024   2024   2024   2023  2024   2023 Allowance for credit losses at beginning of period $436,193  $437,560  $427,504  $427,612  $399,531 $427,612  $357,936 Cumulative effect adjustment from the adoption of ASU 2022-02  —   —   —   —   —  —   741 Provision for credit losses - Other  16,979   6,787   40,061   21,673   42,908  85,500   114,390 Provision for credit losses - Day 1 on non-PCD assets acquired during the period  —   15,547   —   —   —  15,547   — Initial allowance for credit losses recognized on PCD assets acquired during the period  —   3,004   —   —   —  3,004   — Other adjustments  (187)  30   (19)  (31)  62  (207)  47 Charge-offs:             Commercial  5,090   22,975   9,584   11,215   5,114  48,864   15,713 Commercial real estate  1,037   95   15,526   5,469   5,386  22,127   15,228 Home equity  —   —   —   74   —  74   227 Residential real estate  114   —   23   38   114  175   192 Premium finance receivables - property & casualty  13,301   7,790   9,486   6,938   6,706  37,515   21,684 Premium finance receivables - life insurance  —   4   —   —   —  4   173 Consumer and other  189   154   137   107   148  587   595 Total charge-offs  19,731   31,018   34,756   23,841   17,468  109,346   53,812 Recoveries:             Commercial  775   649   950   479   592  2,853   2,651 Commercial real estate  172   30   90   31   92  323   460 Home equity  194   101   35   29   34  359   139 Residential real estate  0   5   8   2   10  15   21 Premium finance receivables - property & casualty  2,646   3,436   3,658   1,519   1,820  11,259   4,930 Premium finance receivables - life insurance  —   41   5   8   7  54   16 Consumer and other  19   21   24   23   24  87   93 Total recoveries  3,806   4,283   4,770   2,091   2,579  14,950   8,310 Net charge-offs  (15,925)  (26,735)  (29,986)  (21,750)  (14,889) (94,396)  (45,502)Allowance for credit losses at period end $437,060  $436,193  $437,560  $427,504  $427,612 $437,060  $427,612               Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:   Commercial  0.11%  0.61%  0.25%  0.33%  0.14% 0.33%  0.10%Commercial real estate  0.03   0.00   0.53   0.19   0.19  0.18   0.14 Home equity  (0.18)  (0.10)  (0.04)  0.05   (0.04) (0.07)  0.03 Residential real estate  0.01   0.00   0.00   0.01   0.02  0.01   0.01 Premium finance receivables - property & casualty  0.59   0.24   0.33   0.32   0.29  0.37   0.27 Premium finance receivables - life insurance  —   (0.00)  (0.00)  (0.00)  (0.00) (0.00)  0.00 Consumer and other  0.63   0.63   0.56   0.42   0.58  0.57   0.60 Total loans, net of unearned income  0.13%  0.23%  0.28%  0.21%  0.14% 0.21   0.11%              Loans at period end $48,055,037  $47,067,447  $44,675,531  $43,230,706  $42,131,831    Allowance for loan losses as a percentage of loans at period end  0.76%  0.77%  0.81%  0.81%  0.82%   Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end  0.91   0.93   0.98   0.99   1.01     TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT   Three Months EndedYears Ended  Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Dec 31, Dec 31,(In thousands)  2024   2024   2024   2024   2023  2024   2023 Provision for loan losses - Other $19,852  $6,782  $45,111  $26,159  $44,023 $97,904  $118,776 Provision for credit losses - Day 1 on non-PCD assets acquired during the period  —   15,547   —   —   —  15,547   — Provision for unfunded lending-related commitments losses - Other  (2,851)  17   (5,212)  (4,468)  (1,081) (12,514)  (4,245)Provision for held-to-maturity securities losses  (22)  (12)  162   (18)  (34) 110   (141)Provision for credit losses $16,979  $22,334  $40,061  $21,673  $42,908 $101,047  $114,390               Allowance for loan losses $364,017  $360,279  $363,719  $348,612  $344,235    Allowance for unfunded lending-related commitments losses  72,586   75,435   73,350   78,563   83,030    Allowance for loan losses and unfunded lending-related commitments losses  436,603   435,714   437,069   427,175   427,265    Allowance for held-to-maturity securities losses  457   479   491   329   347    Allowance for credit losses $437,060  $436,193  $437,560  $427,504  $427,612     TABLE 12: ALLOWANCE BY LOAN PORTFOLIO The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of December 31, 2024, September 30, 2024 and June 30, 2024.  As of Dec 31, 2024As of Sep 30, 2024As of Jun 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$15,574,551 $175,837 1.13%$15,247,693 $171,598 1.13%$14,154,462 $181,991 1.29%Commercial real estate:               Construction and development 2,434,081  87,236 3.58  2,403,690  97,949 4.07  2,260,551  93,154 4.12 Non-construction 10,469,863  135,620 1.30  10,389,727  133,195 1.28  9,686,646  130,574 1.35 Home equity 445,028  8,943 2.01  427,043  8,823 2.07  356,313  7,242 2.03 Residential real estate 3,612,765  10,335 0.29  3,388,038  9,745 0.29  3,067,335  8,773 0.29 Premium finance receivables               Property and casualty insurance 7,272,042  17,111 0.24  7,131,681  13,045 0.18  7,100,753  14,053 0.20 Life insurance 8,147,145  709 0.01  7,996,899  698 0.01  7,962,115  693 0.01 Consumer and other 99,562  812 0.82  82,676  661 0.80  87,356  589 0.67 Total loans, net of unearned income$48,055,037 $436,603 0.91%$47,067,447 $435,714 0.93%$44,675,531 $437,069 0.98%                Total core loans (1)$28,804,138 $392,319 1.36%$28,363,712 $396,394 1.40%$26,259,487 $398,494 1.52%Total niche loans (1) 19,250,899  44,284 0.23  18,703,735  39,320 0.21  18,416,044  38,575 0.21                  (1)   See Table 1 for additional detail on core and niche loans. TABLE 13: LOAN PORTFOLIO AGING (In thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023Loan Balances:          Commercial          Nonaccrual $73,490 $63,826 $51,087 $31,740 $38,94090+ days and still accruing  104  20  304  27  9860-89 days past due  54,844  32,560  16,485  30,248  19,48830-59 days past due  92,551  46,057  36,358  77,715  85,743Current  15,353,562  15,105,230  14,050,228  13,363,751  12,687,784Total commercial $15,574,551 $15,247,693 $14,154,462 $13,503,481 $12,832,053Commercial real estate          Nonaccrual $21,042 $42,071 $48,289 $39,262 $35,45990+ days and still accruing  —  225  —  —  —60-89 days past due  10,521  13,439  6,555  16,713  8,51530-59 days past due  30,766  48,346  38,065  32,998  20,634Current  12,841,615  12,689,336  11,854,288  11,544,464  11,279,556Total commercial real estate $12,903,944 $12,793,417 $11,947,197 $11,633,437 $11,344,164Home equity          Nonaccrual $1,117 $1,122 $1,100 $838 $1,34190+ days and still accruing  —  —  —  —  —60-89 days past due  1,233  1,035  275  212  6230-59 days past due  2,148  2,580  1,229  1,617  2,263Current  440,530  422,306  353,709  337,682  340,310Total home equity $445,028 $427,043 $356,313 $340,349 $343,976Residential real estate          Early buy-out loans guaranteed by U.S. government agencies (1) $156,756 $135,389 $134,178 $143,350 $150,583Nonaccrual  23,762  17,959  18,198  17,901  15,39190+ days and still accruing  —  —  —  —  —60-89 days past due  5,708  6,364  1,977  —  2,32530-59 days past due  18,917  2,160  130  24,523  22,942Current  3,407,622  3,226,166  2,912,852  2,704,492  2,578,425Total residential real estate $3,612,765 $3,388,038 $3,067,335 $2,890,266 $2,769,666Premium finance receivables - property & casualty          Nonaccrual $28,797 $36,079 $32,722 $32,648 $27,59090+ days and still accruing  16,031  18,235  22,427  25,877  20,13560-89 days past due  19,042  18,740  29,925  15,274  23,23630-59 days past due  68,219  30,204  45,927  59,729  50,437Current  7,139,953  7,028,423  6,969,752  6,806,491  6,782,131Total Premium finance receivables - property & casualty $7,272,042 $7,131,681 $7,100,753 $6,940,019 $6,903,529Premium finance receivables - life insurance          Nonaccrual $6,431 $— $— $— $—90+ days and still accruing  —  —  —  —  —60-89 days past due  72,963  10,902  4,118  32,482  16,20630-59 days past due  36,405  74,432  17,693  100,137  45,464Current  8,031,346  7,911,565  7,940,304  7,739,414  7,816,273Total Premium finance receivables - life insurance $8,147,145 $7,996,899 $7,962,115 $7,872,033 $7,877,943Consumer and other          Nonaccrual $2 $2 $3 $19 $2290+ days and still accruing  47  148  121  47  5460-89 days past due  59  22  81  16  2530-59 days past due  882  264  366  210  165Current  98,572  82,240  86,785  50,829  60,234Total consumer and other $99,562 $82,676 $87,356 $51,121 $60,500Total loans, net of unearned income          Early buy-out loans guaranteed by U.S. government agencies (1) $156,756 $135,389 $134,178 $143,350 $150,583Nonaccrual  154,641  161,059  151,399  122,408  118,74390+ days and still accruing  16,182  18,628  22,852  25,951  20,28760-89 days past due  164,370  83,062  59,416  94,945  69,85730-59 days past due  249,888  204,043  139,768  296,929  227,648Current  47,313,200  46,465,266  44,167,918  42,547,123  41,544,713Total loans, net of unearned income $48,055,037 $47,067,447 $44,675,531 $43,230,706 $42,131,831 (1)   Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. TABLE 14: NON-PERFORMING ASSETS(1)  Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(Dollars in thousands) 2024   2024   2024   2024   2023 Loans past due greater than 90 days and still accruing:         Commercial$104  $20  $304  $27  $98 Commercial real estate —   225   —   —   — Home equity —   —   —   —   — Residential real estate —   —   —   —   — Premium finance receivables - property & casualty 16,031   18,235   22,427   25,877   20,135 Premium finance receivables - life insurance —   —   —   —   — Consumer and other 47   148   121   47   54 Total loans past due greater than 90 days and still accruing 16,182   18,628   22,852   25,951   20,287 Non-accrual loans:         Commercial 73,490   63,826   51,087   31,740   38,940 Commercial real estate 21,042   42,071   48,289   39,262   35,459 Home equity 1,117   1,122   1,100   838   1,341 Residential real estate 23,762   17,959   18,198   17,901   15,391 Premium finance receivables - property & casualty 28,797   36,079   32,722   32,648   27,590 Premium finance receivables - life insurance 6,431   —   —   —   — Consumer and other 2   2   3   19   22 Total non-accrual loans 154,641   161,059   151,399   122,408   118,743 Total non-performing loans:         Commercial 73,594   63,846   51,391   31,767   39,038 Commercial real estate 21,042   42,296   48,289   39,262   35,459 Home equity 1,117   1,122   1,100   838   1,341 Residential real estate 23,762   17,959   18,198   17,901   15,391 Premium finance receivables - property & casualty 44,828   54,314   55,149   58,525   47,725 Premium finance receivables - life insurance 6,431   —   —   —   — Consumer and other 49   150   124   66   76 Total non-performing loans$170,823  $179,687  $174,251  $148,359  $139,030 Other real estate owned 23,116   13,682   19,731   14,538   13,309 Total non-performing assets$193,939  $193,369  $193,982  $162,897  $152,339 Total non-performing loans by category as a percent of its own respective category’s period-end balance:         Commercial 0.47%  0.42%  0.36%  0.24%  0.30%Commercial real estate 0.16   0.33   0.40   0.34   0.31 Home equity 0.25   0.26   0.31   0.25   0.39 Residential real estate 0.66   0.53   0.59   0.62   0.56 Premium finance receivables - property & casualty 0.62   0.76   0.78   0.84   0.69 Premium finance receivables - life insurance 0.08   —   —   —   — Consumer and other 0.05   0.18   0.14   0.13   0.13 Total loans, net of unearned income 0.36%  0.38%  0.39%  0.34%  0.33%Total non-performing assets as a percentage of total assets 0.30%  0.30%  0.32%  0.28%  0.27%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 282.33%  270.53%  288.69%  348.98%  359.82%           (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 EndedYears Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Dec 31, Dec 31,(In thousands) 2024   2024   2024   2024   2023  2024   2023              Balance at beginning of period$179,687  $174,251  $148,359  $139,030  $133,101 $139,030  $100,697 Additions from becoming non-performing in the respective period 30,931   42,335   54,376   23,142   59,010  150,784   123,377 Additions from assets acquired in the respective period —   189   —   —   —  189   — Return to performing status (1,108)  (362)  (912)  (490)  (24,469) (2,872)  (27,011)Payments received (12,219)  (10,894)  (9,611)  (8,336)  (10,000) (41,060)  (34,063)Transfer to OREO and other repossessed assets (17,897)  (3,680)  (6,945)  (1,381)  (2,623) (29,903)  (8,252)Charge-offs, net (5,612)  (21,211)  (7,673)  (14,810)  (9,480) (49,306)  (16,346)Net change for premium finance receivables (2,959)  (941)  (3,343)  11,204   (6,509) 3,961   628 Balance at end of period$170,823  $179,687  $174,251  $148,359  $139,030 $170,823  $139,030  Other Real Estate Owned  Three Months Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In thousands) 2024   2024   2024   2024   2023 Balance at beginning of period$13,682  $19,731  $14,538  $13,309  $14,060 Disposals/resolved (8,545)  (9,729)  (1,752)  —   (3,416)Transfers in at fair value, less costs to sell 17,979   3,680   6,945   1,436   2,665 Fair value adjustments —   —   —   (207)  — Balance at end of period$23,116  $13,682  $19,731  $14,538  $13,309            Period End Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Balance by Property Type: 2024   2024   2024   2024   2023 Residential real estate$—  $—  $161  $1,146  $720 Commercial real estate 23,116   13,682   19,570   13,392   12,589 Total$23,116  $13,682  $19,731  $14,538  $13,309  TABLE 15: NON-INTEREST INCOME  Three Months Ended Q4 2024 compared to Q3 2024 Q4 2024 compared to Q4 2023 Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,  (Dollars in thousands) 2024   2024   2024   2024   2023  $ Change % Change $ Change % ChangeBrokerage$5,328  $6,139  $5,588  $5,556  $5,349  $(811) (13)% $(21) —%Trust and asset management 33,447   31,085   29,825   29,259   27,926   2,362  8   5,521  20 Total wealth management 38,775   37,224   35,413   34,815   33,275   1,551  4   5,500  17 Mortgage banking 20,452   15,974   29,124   27,663   7,433   4,478  28   13,019  175 Service charges on deposit accounts 18,864   16,430   15,546   14,811   14,522   2,434  15   4,342  30 (Losses) gains on investment securities, net (2,835)  3,189   (4,282)  1,326   2,484   (6,024) NM  (5,319) NMFees from covered call options 2,305   988   2,056   4,847   4,679   1,317  NM  (2,374) (51)Trading (losses) gains, net (113)  (130)  70   677   (505)  17  (13)  392  (78)Operating lease income, net 15,327   15,335   13,938   14,110   14,162   (8) (0)  1,165  8 Other:                 Interest rate swap fees 3,360   2,914   3,392   2,828   4,021   446  15   (661) (16)BOLI 1,236   1,517   1,351   1,651   1,747   (281) (19)  (511) (29)Administrative services 1,347   1,450   1,322   1,217   1,329   (103) (7)  18  1 Foreign currency remeasurement (losses) gains (682)  696   (145)  (1,171)  1,150   (1,378) NM  (1,832) NMChanges in fair value on EBOs and loans held-for-investment 129   518   604   (439)  1,556   (389) (75)  (1,427) (92)Early pay-offs of capital leases 514   532   393   430   157   (18) (3)  357  NMMiscellaneous 14,772   16,510   22,365   37,815   14,819   (1,738) (11)  (47) (0)Total Other 20,676   24,137   29,282   42,331   24,779   (3,461) (14)  (4,103) (17)Total Non-Interest Income$113,451  $113,147  $121,147  $140,580  $100,829  $304  0% $12,622  13%  Years Ended     Dec 31, Dec 31, $ %(Dollars in thousands) 2024  2023 Change ChangeBrokerage$22,611  $18,645 $3,966  21%Trust and asset management 123,616   111,962  11,654  10 Total wealth management 146,227   130,607  15,620  12 Mortgage banking 93,213   83,073  10,140  12 Service charges on deposit accounts 65,651   55,250  10,401  19 (Losses) gains on investment securities, net (2,602)  1,525  (4,127) NMFees from covered call options 10,196   21,863  (11,667) (53)Trading gains, net 504   1,142  (638) (56)Operating lease income, net 58,710   53,298  5,412  10 Other:       Interest rate swap fees 12,494   12,251  243  2 BOLI 5,755   5,149  606  12 Administrative services 5,336   5,599  (263) (5)Foreign currency remeasurement (losses) gains (1,302)  1,059  (2,361) NMChanges in fair value on EBOs and loans held-for-investment 812   1,521  (709) (47)Early pay-offs of capital leases 1,869   1,184  685  58 Miscellaneous 91,462   60,585  30,877  51 Total Other 116,426   87,348  29,078  33 Total Non-Interest Income$488,325  $434,106 $54,219  12% NM - Not meaningful.BOLI - Bank-owned life insurance. TABLE 16: MORTGAGE BANKING  Three Months Ended(Dollars in thousands)Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Dec 31,2023Originations:         Retail originations$483,424  $527,408  $544,394  $331,504  $315,637 Veterans First originations 176,914   239,369   177,792   144,109   123,564 Total originations for sale (A)$660,338  $766,777  $722,186  $475,613  $439,201 Originations for investment 355,119   218,984   275,331   169,246   124,974 Total originations$1,015,457  $985,761  $997,517  $644,859  $564,175 As a percentage of originations for sale:         Retail originations 73%  69%  75%  70%  72%Veterans First originations 27   31   25   30   28 Purchases 65%  72%  83%  75%  85%Refinances 35   28   17   25   15 Production Margin:         Production revenue (B) (1)$6,993  $13,113  $14,990  $13,435  $6,798 Total originations for sale (A)$660,338  $766,777  $722,186  $475,613  $439,201 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 103,946   272,072   222,738   207,775   119,624 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 272,072   222,738   207,775   119,624   150,713 Total mortgage production volume (C)$492,212  $816,111  $737,149  $563,764  $408,112 Production margin (B / C) 1.42%  1.61%  2.03%  2.38%  1.67%Mortgage Servicing:         Loans serviced for others (D)$12,400,913  $12,253,361  $12,211,027  $12,051,392  $12,007,165 MSRs, at fair value (E) 203,788   186,308   204,610   201,044   192,456 Percentage of MSRs to loans serviced for others (E / D) 1.64%  1.52%  1.68%  1.67%  1.60%Servicing income$10,731  $10,809  $10,586  $10,498  $10,286 MSR Fair Value Asset Activity         MSR - FV at Beginning of Period$186,308  $204,610  $201,044  $192,456  $210,524 MSR - current period rights sold —   —   —   —   — MSR - current period capitalization 10,010   6,357   8,223   5,379   5,077 MSR - collection of expected cash flows - paydowns (1,463)  (1,598)  (1,504)  (1,444)  (1,572)MSR - collection of expected cash flows - payoffs and repurchases (4,315)  (5,730)  (4,030)  (2,942)  (1,939)MSR - changes in fair value model assumptions 13,248   (17,331)  877   7,595   (19,634)MSR Fair Value at end of period$203,788  $186,308  $204,610  $201,044  $192,456 Summary of Mortgage Banking RevenueOperational:        Production revenue (1)$6,993  $13,113  $14,990  $13,435  $6,798 MSR - Current period capitalization 10,010   6,357   8,223   5,379   5,077 MSR - Collection of expected cash flows - paydowns (1,463)  (1,598)  (1,504)  (1,444)  (1,572)MSR - Collection of expected cash flows - pay offs (4,315)  (5,730)  (4,030)  (2,942)  (1,939)Servicing Income 10,731   10,809   10,586   10,498   10,286 Other Revenue (51)  (67)  112   (91)  20 Total operational mortgage banking revenue$21,905  $22,884  $28,377  $24,835  $18,670 Fair Value:         MSR - changes in fair value model assumptions$13,248  $(17,331) $877  $7,595  $(19,634)Gain (loss) on derivative contract held as an economic hedge, net (11,452)  6,892   (772)  (2,577)  3,541 Changes in FV on early buy-out loans guaranteed by US Govt (HFS) (3,249)  3,529   642   (2,190)  4,856 Total fair value mortgage banking revenue$(1,453) $(6,910) $747  $2,828  $(11,237)Total mortgage banking revenue$20,452  $15,974  $29,124  $27,663  $7,433  (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.  Years Ended(Dollars in thousands)Dec 31,2024 Dec 31,2023Originations:   Retail originations$1,886,730  $1,387,423 Veterans First originations 738,184   574,782 Total originations for sale (A)$2,624,914  $1,962,205 Originations for investment 1,018,680   578,571 Total originations$3,643,594  $2,540,776 As a percentage of originations for sale:   Retail originations 72%  71%Veterans First originations 28   29 Purchases 75%  83%Refinances 25   17 Production Margin:   Production revenue (B) (1)$48,531  $41,031 Total originations for sale (A)$2,624,914  $1,962,205 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 103,946   119,624 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 119,624   113,303 Total mortgage production volume (C)$2,609,236  $1,968,526 Production margin (B / C) 1.86%  2.08%Mortgage Servicing:   Loans serviced for others (D)$12,400,913  $12,007,165 MSRs, at fair value (E) 203,788   192,456 Percentage of MSRs to loans serviced for others (E / D) 1.64%  1.60%Servicing income$42,624  $43,563 MSR Fair Value Asset Activity   MSR - FV at Beginning of Period$192,456  $230,225 MSR - current period rights sold —   (30,170)MSR - current period capitalization 29,969   28,610 MSR - collection of expected cash flows - paydowns (6,009)  (6,284)MSR - collection of expected cash flows - payoffs and repurchases (17,017)  (10,776)MSR - changes in fair value model assumptions 4,389   (19,149)MSR Fair Value at end of period$203,788  $192,456 Summary of Mortgage Banking Revenue:Operational   Production revenue (1)$48,531  $41,031 MSR - Current period capitalization 29,969   28,610 MSR - Collection of expected cash flows - paydowns (6,009)  (6,284)MSR - Collection of expected cash flows - pay offs (17,017)  (10,776)Servicing Income 42,624   43,563 Other Revenue (97)  384 Total operational mortgage banking revenue$98,001  $96,528 Fair Value:   MSR - changes in fair value model assumptions$4,389  $(19,149)Gain (loss) on derivative contract held as an economic hedge, net (7,909)  1,280 Changes in FV on early buy-out loans guaranteed by US Govt (HFS) (1,268)  4,414 Total fair value mortgage banking revenue$(4,788) $(13,455)Total mortgage banking revenue$93,213  $83,073  (1)   Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.(2)   Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. TABLE 17: NON-INTEREST EXPENSE  Three Months Ended Q4 2024 compared to Q3 2024 Q4 2024 compared to Q4 2023 Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,  (Dollars in thousands) 2024  2024   2024   2024  2023  $ Change % Change $ Change % ChangeSalaries and employee benefits:                 Salaries$120,969 $118,971  $113,860  $112,172 $111,484  $1,998  2% $9,485  9%Commissions and incentive compensation 54,792  57,575   52,151   51,001  48,974   (2,783) (5)  5,818  12 Benefits 36,372  34,715   32,530   32,000  33,513   1,657  5   2,859  9 Total salaries and employee benefits 212,133  211,261   198,541   195,173  193,971   872  0   18,162  9 Software and equipment 34,258  31,574   29,231   27,731  27,779   2,684  9   6,479  23 Operating lease equipment 10,263  10,518   10,834   10,683  10,694   (255) (2)  (431) (4)Occupancy, net 20,597  19,945   19,585   19,086  18,102   652  3   2,495  14 Data processing 10,957  9,984   9,503   9,292  8,892   973  10   2,065  23 Advertising and marketing 13,097  18,239   17,436   13,040  17,166   (5,142) (28)  (4,069) (24)Professional fees 11,334  9,783   9,967   9,553  8,768   1,551  16   2,566  29 Amortization of other acquisition-related intangible assets 5,773  4,042   1,122   1,158  1,356   1,731  43   4,417  NMFDIC insurance 10,640  10,512   10,429   9,381  9,303   128  1   1,337  14 FDIC insurance - special assessment —  —   —   5,156  34,374   —  —   (34,374) NMOREO expense, net 397  (938)  (259)  392  (1,559)  1,335  NM  1,956  NMOther:                 Lending expenses, net of deferred origination costs 6,448  4,995   5,335   5,078  5,330   1,453  29   1,118  21 Travel and entertainment 8,140  5,364   5,340   4,597  5,754   2,776  52   2,386  41 Miscellaneous 24,502  25,408   23,289   22,825  22,722   (906) (4)  1,780  8 Total other 39,090  35,767   33,964   32,500  33,806   3,323  9   5,284  16 Total Non-Interest Expense$368,539 $360,687  $340,353  $333,145 $362,652  $7,852  2% $5,887  2%  Years Ended     Dec 31, Dec 31, $ %(Dollars in thousands) 2024   2023  Change ChangeSalaries and employee benefits:       Salaries$465,972  $438,812  $27,160  6%Commissions and incentive compensation 215,519   182,101   33,418  18 Benefits 135,617   127,100   8,517  7 Total salaries and employee benefits 817,108   748,013   69,095  9 Software and equipment 122,794   104,632   18,162  17 Operating lease equipment 42,298   42,363   (65) 0 Occupancy, net 79,213   77,068   2,145  3 Data processing 39,736   38,800   936  2 Advertising and marketing 61,812   65,075   (3,263) (5)Professional fees 40,637   34,758   5,879  17 Amortization of other acquisition-related intangible assets 12,095   5,498   6,597  NMFDIC insurance 40,962   36,728   4,234  12 FDIC insurance - special assessment 5,156   34,374   (29,218) (85)OREO expense, net (408)  (1,528)  1,120  (73)Other:       Lending expenses, net of deferred origination costs 21,856   21,096   760  4 Travel and entertainment 23,441   21,194   2,247  11 Miscellaneous 96,024   84,428   11,596  14 Total other 141,321   126,718   14,603  12 Total Non-Interest Expense$1,402,724  $1,312,499  $90,225  7% NM - Not meaningful. TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a fully taxable-equivalent basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.  Three Months EndedYears Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Dec 31, Dec 31,(Dollars and shares in thousands) 2024   2024   2024   2024   2023  2024   2023 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:   (A) Interest Income (GAAP)$913,501  $908,604  $849,979  $805,513  $793,848 $3,477,597  $2,893,114 Taxable-equivalent adjustment:            - Loans 2,352   2,474   2,305   2,246   2,150  9,377   7,827 - Liquidity Management Assets 716   668   567   550   575  2,501   2,249 - Other Earning Assets 2   2   3   5   4  12   10 (B) Interest Income (non-GAAP)$916,571  $911,748  $852,854  $808,314  $796,577 $3,489,487  $2,903,200 (C) Interest Expense (GAAP) 388,353   406,021   379,369   341,319   323,874  1,515,062   1,055,250 (D) Net Interest Income (GAAP) (A minus C)$525,148  $502,583  $470,610  $464,194  $469,974 $1,962,535  $1,837,864 (E) Net Interest Income (non-GAAP) (B minus C)$528,218  $505,727  $473,485  $466,995  $472,703 $1,974,425  $1,847,950 Net interest margin (GAAP) 3.49%  3.49%  3.50%  3.57%  3.62% 3.51%  3.66%Net interest margin, fully taxable-equivalent (non-GAAP) 3.51   3.51   3.52   3.59   3.64  3.53   3.68 (F) Non-interest income$113,451  $113,147  $121,147  $140,580  $100,829 $488,325  $434,106 (G) (Losses) gains on investment securities, net (2,835)  3,189   (4,282)  1,326   2,484  (2,602)  1,525 (H) Non-interest expense 368,539   360,687   340,353   333,145   362,652  1,402,724   1,312,499 Efficiency ratio (H/(D+F-G)) 57.46%  58.88%  57.10%  55.21%  63.81% 57.17%  57.81%Efficiency ratio (non-GAAP) (H/(E+F-G)) 57.18   58.58   56.83   54.95   63.51  56.90   57.55  Three Months EndedYear Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Dec 31, Dec 31,(Dollars and shares in thousands) 2024   2024   2024   2024   2023  2024   2023 Reconciliation of Non-GAAP Tangible Common Equity Ratio:   Total shareholders’ equity (GAAP)$6,344,297  $6,399,714  $5,536,628  $5,436,400  $5,399,526    Less: Non-convertible preferred stock (GAAP) (412,500)  (412,500)  (412,500)  (412,500)  (412,500)   Less: Intangible assets (GAAP) (918,632)  (924,646)  (676,562)  (677,911)  (679,561)   (I) Total tangible common shareholders’ equity (non-GAAP)$5,013,165  $5,062,568  $4,447,566  $4,345,989  $4,307,465    (J) Total assets (GAAP)$64,879,668  $63,788,424  $59,781,516  $57,576,933  $56,259,934    Less: Intangible assets (GAAP) (918,632)  (924,646)  (676,562)  (677,911)  (679,561)   (K) Total tangible assets (non-GAAP)$63,961,036  $62,863,778  $59,104,954  $56,899,022  $55,580,373    Common equity to assets ratio (GAAP) (L/J) 9.1%  9.4%  8.6%  8.7%  8.9%   Tangible common equity ratio (non-GAAP) (I/K) 7.8   8.1   7.5   7.6   7.7     Reconciliation of Non-GAAP Tangible Book Value per Common Share:   Total shareholders’ equity$6,344,297  $6,399,714  $5,536,628  $5,436,400  $5,399,526    Less: Preferred stock (412,500)  (412,500)  (412,500)  (412,500)  (412,500)   (L) Total common equity$5,931,797  $5,987,214  $5,124,128  $5,023,900  $4,987,026    (M) Actual common shares outstanding 66,495   66,482   61,760   61,737   61,244    Book value per common share (L/M)$89.21  $90.06  $82.97  $81.38  $81.43    Tangible book value per common share (non-GAAP) (I/M) 75.39   76.15   72.01   70.40   70.33                 Reconciliation of Non-GAAP Return on Average Tangible Common Equity:   (N) Net income applicable to common shares$178,371  $163,010  $145,397  $180,303  $116,489 $667,081  $594,662 Add: Intangible asset amortization 5,773   4,042   1,122   1,158   1,356  12,095   5,498 Less: Tax effect of intangible asset amortization (1,547)  (1,087)  (311)  (291)  (343) (3,217)  (1,446)After-tax intangible asset amortization$4,226  $2,955  $811  $867  $1,013 $8,878  $4,052 (O) Tangible net income applicable to common shares (non-GAAP)$182,597  $165,965  $146,208  $181,170  $117,502 $675,959  $598,714 Total average shareholders’ equity$6,418,403  $5,990,429  $5,450,173  $5,440,457  $5,066,196 $5,826,940  $5,023,153 Less: Average preferred stock (412,500)  (412,500)  (412,500)  (412,500)  (412,500) (412,500)  (412,500)(P) Total average common shareholders’ equity$6,005,903  $5,577,929  $5,037,673  $5,027,957  $4,653,696 $5,414,440  $4,610,653 Less: Average intangible assets (921,438)  (833,574)  (677,207)  (678,731)  (679,812) (778,283)  (679,802)(Q) Total average tangible common shareholders’ equity (non-GAAP)$5,084,465  $4,744,355  $4,360,466  $4,349,226  $3,973,884 $4,636,157  $3,930,851 Return on average common equity, annualized (N/P) 11.82%  11.63%  11.61%  14.42%  9.93% 12.32%  12.90%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.29   13.92   13.49   16.75   11.73  14.58   15.23              Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:     Income before taxes$253,081  $232,709  $211,343  $249,956  $165,243 $947,089  $845,081 Add: Provision for credit losses 16,979   22,334   40,061   21,673   42,908  101,047   114,390 Pre-tax income, excluding provision for credit losses (non-GAAP)$270,060  $255,043  $251,404  $271,629  $208,151 $1,048,136  $959,471   Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,  2022   2021   2020   2019   2018   2017   2016   2015   2014 Reconciliation of Non-GAAP Tangible Book Value per Common Share:Total shareholders’ equity$4,796,838  $4,498,688  $4,115,995  $3,691,250  $3,267,570  $2,976,939  $2,695,617  $2,352,274  $2,069,822 Less: Non-convertible preferred stock (GAAP) (412,500)  (412,500)  (412,500)  (125,000)  (125,000)  (125,000)  (251,257)  (251,287)  (126,467)(R) Less: Intangible assets (GAAP) (675,710)  (683,456)  (681,747)  (692,277)  (622,565)  (519,505)  (520,438)  (495,970)  (424,445)(I) Total tangible common shareholders’ equity (non-GAAP)$3,708,628  $3,402,732  $3,021,748  $2,873,973  $2,520,005  $2,332,434  $1,923,922  $1,605,017  $1,518,910 (M) Common shares used for book value calculation 60,794   57,054   56,770   57,822   56,408   55,965   51,881   48,383   46,805 Book value per common share ((I-R)/M)$72.12  $71.62  $65.24  $61.68  $55.71  $50.96  $47.11  $43.42  $41.52 Tangible book value per common share (non-GAAP) (I/M) 61.00   59.64   53.23   49.70   44.67   41.68   37.08   33.17   32.45  WINTRUST SUBSIDIARIES AND LOCATIONS Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 16 community bank subsidiaries are: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., in Chicago, Libertyville Bank & Trust Company, N.A., Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, N.A., Schaumburg Bank & Trust Company, N.A., Village Bank & Trust, N.A., in Arlington Heights, Beverly Bank & Trust Company, N.A. in Chicago, Wheaton Bank & Trust Company, N.A., State Bank of The Lakes, N.A., in Antioch, Old Plank Trail Community Bank, N.A., in New Lenox, St. Charles Bank & Trust Company, N.A., Town Bank, N.A., in Hartland, Wisconsin and Macatawa Bank, N.A., in Holland, Michigan. In addition to the locations noted above, the banks also operate facilities in Illinois in Addison, Algonquin, Aurora, Bloomingdale, Bolingbrook, Buffalo Grove, Burbank, Cary, Clarendon Hills, Countryside, Crete, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Grayslake, Gurnee, Hanover Park, Hawthorn Woods, Highland Park, Highwood, Hoffman Estates, Homer Glen, Itasca, Joliet, Lake Bluff, Lake Villa, Lansing, Lemont, Lindenhurst, Lombard, Lynwood, Machesney Park, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, Norridge, Northfield, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rockford, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Wheeling, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Mequon, Milwaukee, Pewaukee, Racine, Wales, Walworth, Whitefish Bay and Wind Lake, and in Michigan in Allendale, Byron Center, Douglas, Grand Haven, Grand Rapids, Grandville, Hamilton, Hudsonville, Jenison, Rockford, Walker, Wyoming, and Zeeland, and in Florida in Bonita Spring, Cape Coral, and Naples, and in Indiana in Crown Point and Dyer. Additionally, the Company operates various non-bank business units: FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.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 2023 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, plans to form additional de novo banks or branch offices, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, 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. 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 Wednesday, January 22, 2025 at 9:00 a.m. (CST) regarding fourth quarter and full year 2024 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 January 2, 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 fourth quarter and full year 2024 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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