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Wintrust Financial Corporation Reports Record Net Income

1. Wintrust reports record net income of $384.6 million in H1 2025. 2. Loans and deposits surged by 19% and 17% annually in Q2 2025. 3. Net interest income reached $546.7 million, bolstered by asset growth. 4. Credit quality remains strong, with low net charge-offs and non-performing loans. 5. Management anticipates continued growth driven by lending and deposits.

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Why Very Bullish?

Wintrust's strong financial results, including record net income and asset growth, signal robust performance reflecting well on WTFC's future prospects. Historical examples show that positive earnings reports often lead to price appreciation.

How important is it?

The article presents significant quantitative and qualitative information regarding the company's performance, which is crucial for investors and could influence their trading decisions.

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The immediate positive market reaction to strong quarterly results is likely to affect the share price in the near term, as seen in previous earnings beats leading to price rallies.

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ROSEMONT, Ill., July 21, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $384.6 million, or $5.47 per diluted common share, for the first six months of 2025, compared to net income of $339.7 million, or $5.21 per diluted common share for the same period of 2024. Pre-tax, pre-provision income (non-GAAP) for the first six months of the year totaled a record $566.3 million, compared to $523.0 million for the first six months of 2024. The Company recorded record quarterly net income of $195.5 million, or $2.78 per diluted common share, for the second quarter of 2025, compared to net income of $189.0 million, or $2.69 per diluted common share for the first quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2025 totaled a record $289.3 million, as compared to $277.0 million for the first quarter of 2025. Timothy S. Crane, President and Chief Executive Officer, commented, “Building on the momentum of a strong first quarter, we are pleased to deliver record results again this quarter, reflecting the underlying strength and momentum of our business. A combination of balance sheet growth and a stable net interest margin drove our record results in the second quarter of 2025.” Additionally, Mr. Crane noted, “Net interest margin in the second quarter remained within our expected range at 3.54% and we generated record net interest income driven by average earning asset growth. We expect a relatively stable net interest margin coupled with continued balance sheet growth to drive net interest income higher in the third quarter.” Highlights of the second quarter of 2025:Comparative information to the first quarter of 2025, unless otherwise noted Total loans increased by $2.3 billion, or 19% annualized.Total deposits increased by approximately $2.2 billion, or 17% annualized.Total assets increased by $3.1 billion, or 19% annualized.Net interest income increased to $546.7 million in the second quarter of 2025, compared to $526.5 million in the first quarter of 2025, driven by strong average earning asset growth. Net interest margin was 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2025. Non-interest income was impacted by the following: Wealth management revenue totaled $36.8 million in the second quarter of 2025, compared to $34.0 million in the first quarter of 2025.Mortgage banking revenue totaled $23.2 million in the second quarter of 2025, compared to $20.5 million in the first quarter of 2025. An unfavorable fair value mark of $1.4 million was offset by an increase in operational revenue of $4.1 million driven by higher origination volumes and improved production margin. For more information regarding mortgage banking revenue, see Table 16 in this report.Net gains on investment securities totaled approximately $650,000 in the second quarter of 2025, compared to net gains of $3.2 million in the first quarter of 2025. Non-interest expense was impacted by the following: Advertising and Marketing increased by $6.5 million and totaled $18.8 million in the second quarter of 2025. The increase in the quarter was related to planned and primarily seasonal expenses in various sports sponsorships and other summer community sponsorship events.Macatawa Bank acquisition-related costs were $2.9 million in the second quarter of 2025, compared to $2.7 million in the first quarter of 2025. Provision for credit losses totaled $22.2 million in the second quarter of 2025, compared to a provision for credit losses of $24.0 million in the first quarter of 2025.Net charge-offs totaled $13.3 million, or 11 basis points of average total loans on an annualized basis, in the second quarter of 2025 compared to $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025. Mr. Crane noted, “Solid loan growth in the second quarter totaled $2.3 billion, or 19% on an annualized basis. We are pleased with our diversified loan growth across all major loan portfolios and strong seasonal growth in our property & casualty insurance premium finance business. Loan pipelines remain strong and we expect loan growth in the mid-to-high single digits in the second half of the year. We continue to be prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth totaled $2.2 billion, or 17% on an annualized basis, in the second quarter of 2025. Our loan growth was funded by our deposit growth in the second quarter of 2025 resulting in our loans-to-deposits ratio ending the quarter at 91.4%. We continue to benefit from our customer relationships and unique market positioning to generate deposits, grow loans and enhance our long-term franchise value.” Commenting on credit quality, Mr. Crane stated, “Disciplined credit management, supported by thorough portfolio reviews, has driven consistent positive outcomes by enabling early identification and resolution of problem credits. We continue to be conservative and diversified in regard to maintaining our strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to sustaining high credit quality as evidenced by our low levels of net charge-offs and non-performing loans as well as our core loan allowance for credit losses of 1.37%.” In summary, Mr. Crane concluded, “We are proud of our second quarter performance and record results year to date. We expect our strong momentum to continue into the third quarter as our loan growth in the second quarter provides positive revenue momentum. The balance sheet growth in the second quarter highlights our enviable core deposit franchise and multifaceted business model. Our commitment to growing net interest income, disciplined expense control and conservative credit standards should lead to increasing our franchise value.” The graphs shown on pages 3-7 illustrate certain financial highlights of the second quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios. Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/bd030502-a094-4ebe-b02a-3c9bb828b393 SUMMARY OF RESULTS: BALANCE SHEET Total assets increased $3.1 billion in the second quarter of 2025 compared to the first quarter of 2025. Total loans increased by $2.3 billion compared to the first quarter of 2025. The increase in loans was driven by growth across all major loan portfolios, including seasonally higher Premium Finance Receivables - Property and Casualty portfolio. Total liabilities increased by $2.5 billion in the second quarter of 2025 compared to the first quarter of 2025, driven by a $2.2 billion increase in total deposits. Robust organic deposit growth in the second quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.4%. On May 22, 2025, the Company completed the issuance of $425 million of Series F Preferred Stock. The issuance was in contemplation of redeeming $412.5 million of Series D and Series E preferred stock that was expected to reprice at rates higher than existing market rates. The Series D and Series E Preferred Stock were redeemed on July 15, 2025. The Tier 1 capital ratio, Total capital ratio, and Tier 1 leverage ratio noted in the “Selected Financial Highlights” would have been 10.8%, 12.3%, and 9.6%, respectively, if the Series D and Series E Preferred Stock had been redeemed as of June 30, 2025. 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 second quarter of 2025, net interest income totaled $546.7 million, an increase of $20.2 million compared to the first quarter of 2025. The $20.2 million increase in net interest income in the second quarter of 2025 was primarily due to average earning asset growth of $1.9 billion, or 12% annualized. Net interest margin was largely stable at 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2025, down two basis points compared to the first quarter of 2025. The yield on earning assets declined two basis points during the second quarter of 2025 primarily due to a five basis point decrease in loan yields. The net free funds contribution declined two basis points compared to the first quarter of 2025. These declines were partially offset by a two basis point reduction in funding cost on interest-bearing deposits, compared to the first quarter of 2025. For more information regarding net interest income, see Table 4 through Table 8 in this report. ASSET QUALITY The allowance for credit losses totaled $457.5 million as of June 30, 2025, an increase from $448.4 million as of March 31, 2025. A provision for credit losses totaling $22.2 million was recorded for the second quarter of 2025 compared to $24.0 million recorded in the first quarter of 2025. The lower provision for credit losses recognized in the second quarter of 2025 is primarily attributable to the macroeconomic outlook, partially offset by portfolio growth. While future economic performance remains uncertain, lower volatility in equity markets at the end of the second quarter reduced the provision related to macroeconomic uncertainty. This reduction was partially offset by qualitative additions to the provision that reflect widening credit spreads. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report. Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of June 30, 2025, March 31, 2025, and December 31, 2024 is shown on Table 12 of this report. Net charge-offs totaled $13.3 million in the second quarter of 2025, an increase of $0.7 million compared to $12.6 million of net charge-offs in the first quarter of 2025. Net charge-offs as a percentage of average total loans were 11 basis points in both the first and second quarter of 2025 on an annualized basis. For more information regarding net charge-offs, see Table 10 in this report. The Company’s loan portfolio delinquency rates remain low and manageable. For more information regarding past due loans, see Table 13 in this report. Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $212.5 million and comprised 0.31% of total assets as of June 30, 2025, as compared to $195.0 million, or 0.30% of total assets, as of March 31, 2025. Non-performing loans totaled $188.8 million and comprised 0.37% of total loans at June 30, 2025, as compared to $172.4 million and 0.35% of total loans at March 31, 2025. For more information regarding non-performing assets, see Table 14 in this report. NON-INTEREST INCOME Non-interest income totaled $124.1 million in the second quarter of 2025, increasing $7.5 million, compared to $116.6 million in the first quarter of 2025. Wealth management revenue increased by $2.8 million in the second quarter of 2025, compared to the first quarter of 2025. The increase in the second quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in activity following the transition of systems and support for brokerage and certain private client business to a new third party that occurred in the first quarter of 2025. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company. Mortgage banking revenue totaled $23.2 million in the second quarter of 2025, compared to $20.5 million in the first quarter of 2025. The increase in the second quarter of 2025 was primarily attributed to higher production revenue due to higher origination volumes and improved production margin. For more information regarding mortgage banking revenue, see Table 16 in this report. Fees from covered call options increased by $2.2 million in the second quarter of 2025 compared to the first quarter of 2025. 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. The Company recognized approximately $650,000 in net gains on investment securities in the second quarter of 2025 compared to $3.2 million in net gains in the first quarter of 2025. The net gains in the second quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value. For more information regarding non-interest income, see Table 15 in this report. NON-INTEREST EXPENSE Non-interest expense totaled $381.5 million in the second quarter of 2025, increasing $15.4 million, compared to $366.1 million in the first quarter of 2025. Non-interest expense, as a percent of average assets, remained stable in the second quarter of 2025 at 2.32%. Salaries and employee benefits expense increased by $8.0 million in the second quarter of 2025 as compared to the first quarter of 2025. This was primarily driven by an increased level of health insurance claims as well as higher mortgage and wealth management commissions expense attributable to an increase in mortgage originations and wealth management revenue in the quarter. Advertising and marketing expenses in the second quarter of 2025 totaled $18.8 million, which was a $6.5 million increase compared to the first quarter of 2025. The increase in the second quarter was primarily driven by summer sports sponsorships and other summer community sponsorship events. Advertising and marketing expense are typically higher in the second and third quarters of the year. The Macatawa Bank acquisition-related costs were $2.9 million in the second quarter of 2025, compared to $2.7 million in the first quarter of 2025. For more information regarding non-interest expense, see Table 17 in this report. INCOME TAXES The Company recorded income tax expense of $71.6 million in the second quarter of 2025 compared to $64.0 million in the first quarter of 2025. The effective tax rates were 26.79% in the second quarter of 2025 compared to 25.30% in the first quarter of 2025. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $80,000 in the second quarter of 2025, compared to net excess tax benefits of $3.7 million in the first quarter of 2025 related to share-based compensation. BUSINESS SUMMARY Community Banking Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the second quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios. Mortgage banking revenue was $23.2 million for the second quarter of 2025, an increase of $2.6 million compared to the first quarter of 2025. See Table 16 for more detail. Service charges on deposit accounts totaled $19.5 million in the second quarter of 2025 as compared to $19.4 million in the first quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of June 30, 2025 indicating momentum for expected continued loan growth in the third quarter of 2025. Specialty Finance Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $6.1 billion during the second quarter of 2025. Average balances increased by $776.6 million, as compared to the first quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the second quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.8 billion, $1.2 billion, and $289.8 million as of June 30, 2025, respectively, compared to $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the second quarter of 2025, which was relatively stable compared to the first quarter of 2025. Wealth Management Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $36.8 million in the second quarter of 2025, an increase as compared to the first quarter of 2025. At June 30, 2025, the Company’s wealth management subsidiaries had approximately $53.2 billion of assets under administration, which included $8.9 billion of assets owned by the Company and its subsidiary banks. ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS Business Combination On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of June 30, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase. WINTRUST FINANCIAL CORPORATIONKey Operating Measures Wintrust’s key operating measures and growth rates for the second quarter of 2025, as compared to the first quarter of 2025 (sequential quarter) and second quarter of 2024 (linked quarter), are shown in the table below:        % or (1)basis point (bp) change from1st Quarter2025 % orbasis point (bp) change from2nd Quarter2024  Three Months Ended (Dollars in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Jun 30, 2024 Net income $195,527  $189,039  $152,388 3 % 28 %Pre-tax income, excluding provision for credit losses (non-GAAP) (2)  289,322   277,018   251,404 4   15  Net income per common share – Diluted  2.78   2.69   2.32 3   20  Cash dividends declared per common share  0.50   0.50   0.45 —   11  Net revenue (3)  670,783   643,108   591,757 4   13  Net interest income  546,694   526,474   470,610 4   16  Net interest margin  3.52%  3.54%  3.50%(2)bps 2 bpsNet interest margin – fully taxable-equivalent (non-GAAP) (2)  3.54   3.56   3.52 (2)  2  Net overhead ratio (4)  1.57   1.58   1.53 (1)  4  Return on average assets  1.19   1.20   1.07 (1)  12  Return on average common equity  12.07   12.21   11.61 (14)  46  Return on average tangible common equity (non-GAAP) (2)  14.44   14.72   13.49 (28)  95  At end of period            Total assets $68,983,318  $65,870,066  $59,781,516 19 % 15 %Total loans (5)  51,041,679   48,708,390   44,675,531 19   14  Total deposits  55,816,811   53,570,038   48,049,026 17   16  Total shareholders’ equity  7,225,696   6,600,537   5,536,628 38   31   (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 EndedSix Months Ended(Dollars in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024Jun 30, 2025 Jun 30, 2024Selected Financial Condition Data (at end of period):                       Total assets $68,983,318  $65,870,066  $64,879,668  $63,788,424  $59,781,516    Total loans (1)  51,041,679   48,708,390   48,055,037   47,067,447   44,675,531    Total deposits  55,816,811   53,570,038   52,512,349   51,404,966   48,049,026    Total shareholders’ equity  7,225,696   6,600,537   6,344,297   6,399,714   5,536,628    Selected Statements of Income Data:             Net interest income $546,694  $526,474  $525,148  $502,583  $470,610 $1,073,168  $934,804 Net revenue (2)  670,783   643,108   638,599   615,730   591,757  1,313,891   1,196,531 Net income  195,527   189,039   185,362   170,001   152,388  384,566   339,682 Pre-tax income, excluding provision for credit losses (non-GAAP) (3)  289,322   277,018   270,060   255,043   251,404  566,340   523,033 Net income per common share – Basic  2.82   2.73   2.68   2.51   2.35  5.55   5.28 Net income per common share – Diluted  2.78   2.69   2.63   2.47   2.32  5.47   5.21 Cash dividends declared per common share  0.50   0.50   0.45   0.45   0.45  1.00   0.90 Selected Financial Ratios and Other Data:             Performance Ratios:             Net interest margin  3.52%  3.54%  3.49%  3.49%  3.50% 3.53%  3.53%Net interest margin – fully taxable-equivalent (non-GAAP) (3)  3.54   3.56   3.51   3.51   3.52  3.55   3.56 Non-interest income to average assets  0.76   0.74   0.71   0.74   0.85  0.75   0.93 Non-interest expense to average assets  2.32   2.32   2.31   2.36   2.38  2.32   2.40 Net overhead ratio (4)  1.57   1.58   1.60   1.62   1.53  1.57   1.46 Return on average assets  1.19   1.20   1.16   1.11   1.07  1.19   1.21 Return on average common equity  12.07   12.21   11.82   11.63   11.61  12.14   13.01 Return on average tangible common equity (non-GAAP) (3)  14.44   14.72   14.29   13.92   13.49  14.57   15.12 Average total assets $65,840,345  $64,107,042  $63,594,105  $60,915,283  $57,493,184 $64,978,481  $56,547,939 Average total shareholders’ equity  6,862,040   6,460,941   6,418,403   5,990,429   5,450,173  6,662,598   5,445,315 Average loans to average deposits ratio  93.0%  92.3%  91.9%  93.8%  95.1% 92.7%  94.8%Period-end loans to deposits ratio  91.4   90.9   91.5   91.6   93.0    Common Share Data at end of period:             Market price per common share $123.98  $112.46  $124.71  $108.53  $98.56    Book value per common share  95.43   92.47   89.21   90.06   82.97    Tangible book value per common share (non-GAAP) (3)  81.86   78.83   75.39   76.15   72.01    Common shares outstanding  66,937,732   66,919,325   66,495,227   66,481,543   61,760,139    Other Data at end of period:             Common equity to assets ratio  9.3%  9.4%  9.1%  9.4%  8.6%   Tangible common equity ratio (non-GAAP) (3)  8.0   8.1   7.8   8.1   7.5    Tier 1 leverage ratio (5)  10.2   9.6   9.4   9.6   9.3    Risk-based capital ratios:             Tier 1 capital ratio (5)  11.4   10.8   10.7   10.6   10.3    Common equity tier 1 capital ratio (5)  10.0   10.1   9.9   9.8   9.5    Total capital ratio (5)  12.9   12.5   12.3   12.2   12.1    Allowance for credit losses (6) $457,461  $448,387  $437,060  $436,193  $437,560    Allowance for loan and unfunded lending-related commitment losses to total loans  0.90%  0.92%  0.91%  0.93%  0.98%   Number of:             Bank subsidiaries  16   16   16   16   15    Banking offices  208   208   205   203   177     (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)  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2025   2025   2024   2024   2024 Assets          Cash and due from banks $695,501  $616,216  $452,017  $725,465  $415,462 Federal funds sold and securities purchased under resale agreements  63   63   6,519   5,663   62 Interest-bearing deposits with banks  4,569,618   4,238,237   4,409,753   3,648,117   2,824,314 Available-for-sale securities, at fair value  4,885,715   4,220,305   4,141,482   3,912,232   4,329,957 Held-to-maturity securities, at amortized cost  3,502,186   3,564,490   3,613,263   3,677,420   3,755,924 Trading account securities  —   —   4,072   3,472   4,134 Equity securities with readily determinable fair value  273,722   270,442   215,412   125,310   112,173 Federal Home Loan Bank and Federal Reserve Bank stock  282,087   281,893   281,407   266,908   256,495 Brokerage customer receivables  —   —   18,102   16,662   13,682 Mortgage loans held-for-sale, at fair value  299,606   316,804   331,261   461,067   411,851 Loans, net of unearned income  51,041,679   48,708,390   48,055,037   47,067,447   44,675,531 Allowance for loan losses  (391,654)  (378,207)  (364,017)  (360,279)  (363,719)Net loans  50,650,025   48,330,183   47,691,020   46,707,168   44,311,812 Premises, software and equipment, net  776,324   776,679   779,130   772,002   722,295 Lease investments, net  289,768   280,472   278,264   270,171   275,459 Accrued interest receivable and other assets  1,610,025   1,598,255   1,739,334   1,721,090   1,671,334 Receivable on unsettled securities sales  240,039   463,023   —   551,031   — Goodwill  798,144   796,932   796,942   800,780   655,955 Other acquisition-related intangible assets  110,495   116,072   121,690   123,866   20,607 Total assets $68,983,318  $65,870,066  $64,879,668  $63,788,424  $59,781,516 Liabilities and Shareholders’ Equity          Deposits:          Non-interest-bearing $10,877,166  $11,201,859  $11,410,018  $10,739,132  $10,031,440 Interest-bearing  44,939,645   42,368,179   41,102,331   40,665,834   38,017,586 Total deposits  55,816,811   53,570,038   52,512,349   51,404,966   48,049,026 Federal Home Loan Bank advances  3,151,309   3,151,309   3,151,309   3,171,309   3,176,309 Other borrowings  625,392   529,269   534,803   647,043   606,579 Subordinated notes  298,458   298,360   298,283   298,188   298,113 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Payable on unsettled securities sales  39,105   —   —   —   — Accrued interest payable and other liabilities  1,572,981   1,466,987   1,785,061   1,613,638   1,861,295 Total liabilities  61,757,622   59,269,529   58,535,371   57,388,710   54,244,888 Shareholders’ Equity:          Preferred stock  837,500   412,500   412,500   412,500   412,500 Common stock  67,025   67,007   66,560   66,546   61,825 Surplus  2,495,637   2,494,347   2,482,561   2,470,228   1,964,645 Treasury stock  (9,156)  (9,156)  (6,153)  (6,098)  (5,760)Retained earnings  4,200,923   4,045,854   3,897,164   3,748,715   3,615,616 Accumulated other comprehensive loss  (366,233)  (410,015)  (508,335)  (292,177)  (512,198)Total shareholders’ equity  7,225,696   6,600,537   6,344,297   6,399,714   5,536,628 Total liabilities and shareholders’ equity $68,983,318  $65,870,066  $64,879,668  $63,788,424  $59,781,516  WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)  Three Months EndedSix Months Ended(Dollars in thousands, except per share data)Jun 30,2025 Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024Jun 30, 2025 Jun 30, 2024Interest income            Interest and fees on loans$797,997  $768,362  $789,038  $794,163  $749,812 $1,566,359  $1,460,153 Mortgage loans held-for-sale 4,872   4,246   5,623   6,233   5,434  9,118   9,580 Interest-bearing deposits with banks 34,317   36,766   46,256   32,608   19,731  71,083   36,389 Federal funds sold and securities purchased under resale agreements 276   179   53   277   17  455   36 Investment securities 78,053   72,016   67,066   69,592   69,779  150,069   139,457 Trading account securities —   11   6   11   13  11   31 Federal Home Loan Bank and Federal Reserve Bank stock 5,393   5,307   5,157   5,451   4,974  10,700   9,452 Brokerage customer receivables —   78   302   269   219  78   394 Total interest income 920,908   886,965   913,501   908,604   849,979  1,807,873   1,655,492 Interest expense            Interest on deposits 333,470   320,233   346,388   362,019   335,703  653,703   635,235 Interest on Federal Home Loan Bank advances 25,724   25,441   26,050   26,254   24,797  51,165   46,845 Interest on other borrowings 6,957   6,792   7,519   9,013   8,700  13,749   17,948 Interest on subordinated notes 3,735   3,714   3,733   3,712   5,185  7,449   10,672 Interest on junior subordinated debentures 4,328   4,311   4,663   5,023   4,984  8,639   9,988 Total interest expense 374,214   360,491   388,353   406,021   379,369  734,705   720,688 Net interest income 546,694   526,474   525,148   502,583   470,610  1,073,168   934,804 Provision for credit losses 22,234   23,963   16,979   22,334   40,061  46,197   61,734 Net interest income after provision for credit losses 524,460   502,511   508,169   480,249   430,549  1,026,971   873,070 Non-interest income            Wealth management 36,821   34,042   38,775   37,224   35,413  70,863   70,228 Mortgage banking 23,170   20,529   20,452   15,974   29,124  43,699   56,787 Service charges on deposit accounts 19,502   19,362   18,864   16,430   15,546  38,864   30,357 Gains (losses) on investment securities, net 650   3,196   (2,835)  3,189   (4,282) 3,846   (2,956)Fees from covered call options 5,624   3,446   2,305   988   2,056  9,070   6,903 Trading gains (losses), net 151   (64)  (113)  (130)  70  87   747 Operating lease income, net 15,166   15,287   15,327   15,335   13,938  30,453   28,048 Other 23,005   20,836   20,676   24,137   29,282  43,841   71,613 Total non-interest income 124,089   116,634   113,451   113,147   121,147  240,723   261,727 Non-interest expense            Salaries and employee benefits 219,541   211,526   212,133   211,261   198,541  431,067   393,714 Software and equipment 36,522   34,717   34,258   31,574   29,231  71,239   56,962 Operating lease equipment 10,757   10,471   10,263   10,518   10,834  21,228   21,517 Occupancy, net 20,228   20,778   20,597   19,945   19,585  41,006   38,671 Data processing 12,110   11,274   10,957   9,984   9,503  23,384   18,795 Advertising and marketing 18,761   12,272   13,097   18,239   17,436  31,033   30,476 Professional fees 9,243   9,044   11,334   9,783   9,967  18,287   19,520 Amortization of other acquisition-related intangible assets 5,580   5,618   5,773   4,042   1,122  11,198   2,280 FDIC insurance 10,971   10,926   10,640   10,512   10,429  21,897   24,966 Other real estate owned (“OREO”) expenses, net 505   643   397   (938)  (259) 1,148   133 Other 37,243   38,821   39,090   35,767   33,964  76,064   66,464 Total non-interest expense 381,461   366,090   368,539   360,687   340,353  747,551   673,498 Income before taxes 267,088   253,055   253,081   232,709   211,343  520,143   461,299 Income tax expense 71,561   64,016   67,719   62,708   58,955  135,577   121,617 Net income$195,527  $189,039  $185,362  $170,001  $152,388 $384,566  $339,682 Preferred stock dividends 6,991   6,991   6,991   6,991   6,991  13,982   13,982 Net income applicable to common shares$188,536  $182,048  $178,371  $163,010  $145,397 $370,584  $325,700 Net income per common share - Basic$2.82  $2.73  $2.68  $2.51  $2.35 $5.55  $5.28 Net income per common share - Diluted$2.78  $2.69  $2.63  $2.47  $2.32 $5.47  $5.21 Cash dividends declared per common share$0.50  $0.50  $0.45  $0.45  $0.45 $1.00  $0.90 Weighted average common shares outstanding 66,931   66,726   66,491   64,888   61,839  66,829   61,660 Dilutive potential common shares 888   923   1,233   1,053   926  903   901 Average common shares and dilutive common shares 67,819   67,649   67,724   65,941   62,765  67,732   62,561  TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES           % Growth From (1)(Dollars in thousands)Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30,2024 Jun 30, 2024Mar 31,2025 (2)Jun 30, 2024Balance:           Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$192,633  $181,580  $189,774  $314,693  $281,103 24 %(31)%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 106,973   135,224   141,487   146,374   130,748 (84)(18)Total mortgage loans held-for-sale$299,606  $316,804  $331,261  $461,067  $411,851 (22)%(27)%            Core loans:           Commercial           Commercial and industrial$7,028,247  $6,871,206  $6,867,422  $6,774,683  $6,236,290 9 %13 %Asset-based lending 1,663,693   1,701,962   1,611,001   1,709,685   1,465,867 (9)13 Municipal 771,785   798,646   826,653   827,125   747,357 (13)3 Leases 2,757,331   2,680,943   2,537,325   2,443,721   2,439,128 11 13 Commercial real estate           Residential construction 59,027   55,849   48,617   73,088   55,019 23 7 Commercial construction 2,165,263   2,086,797   2,065,775   1,984,240   1,866,701 15 16 Land 304,827   306,235   319,689   346,362   338,831 (2)(10)Office 1,601,208   1,641,555   1,656,109   1,675,286   1,585,312 (10)1 Industrial 2,824,889   2,677,555   2,628,576   2,527,932   2,307,455 22 22 Retail 1,452,351   1,402,837   1,374,655   1,404,586   1,365,753 14 6 Multi-family 3,200,578   3,091,314   3,125,505   3,193,339   2,988,940 14 7 Mixed use and other 1,683,867   1,652,759   1,685,018   1,588,584   1,439,186 8 17 Home equity 466,815   455,683   445,028   427,043   356,313 10 31 Residential real estate           Residential real estate loans for investment 3,814,715   3,561,417   3,456,009   3,252,649   2,933,157 29 30 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 80,800   86,952   114,985   92,355   88,503 (28)(9)Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 53,267   36,790   41,771   43,034   45,675 NM17 Total core loans$29,928,663  $29,108,500  $28,804,138  $28,363,712  $26,259,487 11 %14 %            Niche loans:           Commercial           Franchise$1,286,265  $1,262,555  $1,268,521  $1,191,686  $1,150,460 8 %12 %Mortgage warehouse lines of credit 1,232,530   1,019,543   893,854   750,462   593,519 84 NMCommunity Advantage - homeowners association 526,595   525,492   525,446   501,645   491,722 1 7 Insurance agency lending 1,120,985   1,070,979   1,044,329   1,048,686   1,030,119 19 9 Premium Finance receivables           U.S. property & casualty insurance 7,378,340   6,486,663   6,447,625   6,253,271   6,142,654 55 20 Canada property & casualty insurance 944,836   753,199   824,417   878,410   958,099 NM(1)Life insurance 8,506,960   8,365,140   8,147,145   7,996,899   7,962,115 7 7 Consumer and other 116,505   116,319   99,562   82,676   87,356 1 33 Total niche loans$21,113,016  $19,599,890  $19,250,899  $18,703,735  $18,416,044 31 %15 %            Total loans, net of unearned income$51,041,679  $48,708,390  $48,055,037  $47,067,447  $44,675,531 19 %14 % (1) NM - Not Meaningful.(2) Annualized. TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES           % Growth From(Dollars in thousands)Jun 30,2025 Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024Mar 31,2025 (1) Jun 30, 2024Balance:            Non-interest-bearing$10,877,166  $11,201,859  $11,410,018  $10,739,132  $10,031,440 (12)% 8 %NOW and interest-bearing demand deposits 6,795,725   6,340,168   5,865,546   5,466,932   5,053,909 29  34 Wealth management deposits (2) 1,595,764   1,408,790   1,469,064   1,303,354   1,490,711 53  7 Money market 19,556,041   18,074,733   17,975,191   17,713,726   16,320,017 33  20 Savings 6,659,419   6,576,251   6,372,499   6,183,249   5,882,179 5  13 Time certificates of deposit 10,332,696   9,968,237   9,420,031   9,998,573   9,270,770 15  11 Total deposits$55,816,811  $53,570,038  $52,512,349  $51,404,966  $48,049,026 17 % 16 %Mix:            Non-interest-bearing 19%  21%  22%  21%  21%   NOW and interest-bearing demand deposits 12   12   11   11   11    Wealth management deposits (2) 3   3   3   3   3    Money market 35   34   34   34   34    Savings 12   12   12   12   12    Time certificates of deposit 19   18   18   19   19    Total deposits 100%  100%  100%  100%  100%    (1) Annualized.(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company. TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSISAs of June 30, 2025 (Dollars in thousands) Total TimeCertificates ofDeposit Weighted-AverageRate of MaturingTime Certificates of Deposit 1-3 months $2,486,694  3.92%4-6 months  4,464,126  3.80 7-9 months  2,187,365  3.74 10-12 months  771,114  3.64 13-18 months  262,094  3.41 19-24 months  99,689  2.92 24+ months  61,614  2.36 Total $10,332,696  3.78% TABLE 4: QUARTERLY AVERAGE BALANCES   Average Balance for three months ended,  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2025   2025   2024   2024   2024 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $3,308,199  $3,520,048  $3,934,016  $2,413,728  $1,485,481 Investment securities (2)  8,801,560   8,409,735   8,090,271   8,276,576   8,203,764 FHLB and FRB stock (3)  282,001   281,702   271,825   263,707   253,614 Liquidity management assets (4) $12,391,760  $12,211,485  $12,296,112  $10,954,011  $9,942,859 Other earning assets (4) (5)  —   13,140   20,528   17,542   15,257 Mortgage loans held-for-sale  310,534   286,710   378,707   376,251   347,236 Loans, net of unearned income (4) (6)  49,517,635   47,833,380   47,153,014   45,920,586   43,819,354 Total earning assets (4) $62,219,929  $60,344,715  $59,848,361  $57,268,390  $54,124,706 Allowance for loan and investment security losses  (398,685)  (375,371)  (367,238)  (383,736)  (360,504)Cash and due from banks  478,707   476,423   470,033   467,333   434,916 Other assets  3,540,394   3,661,275   3,642,949   3,563,296   3,294,066 Total assets $65,840,345  $64,107,042  $63,594,105  $60,915,283  $57,493,184            NOW and interest-bearing demand deposits $6,423,050  $6,046,189  $5,601,672  $5,174,673  $4,985,306 Wealth management deposits  1,552,989   1,574,480   1,430,163   1,362,747   1,531,865 Money market accounts  18,184,754   17,581,141   17,579,395   16,436,111   15,272,126 Savings accounts  6,578,698   6,479,444   6,288,727   6,096,746   5,878,844 Time deposits  9,841,702   9,406,126   9,702,948   9,598,109   8,546,172 Interest-bearing deposits $42,581,193  $41,087,380  $40,602,905  $38,668,386  $36,214,313 FHLB advances (3)  3,151,310   3,151,309   3,160,658   3,178,973   3,096,920 Other borrowings  593,657   582,139   577,786   622,792   587,262 Subordinated notes  298,398   298,306   298,225   298,135   410,331 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Total interest-bearing liabilities $46,878,124  $45,372,700  $44,893,140  $43,021,852  $40,562,392 Non-interest-bearing deposits  10,643,798   10,732,156   10,718,738   10,271,613   9,879,134 Other liabilities  1,456,383   1,541,245   1,563,824   1,631,389   1,601,485 Equity  6,862,040   6,460,941   6,418,403   5,990,429   5,450,173 Total liabilities and shareholders’ equity $65,840,345  $64,107,042  $63,594,105  $60,915,283  $57,493,184            Net free funds/contribution (6) $15,341,805  $14,972,015  $14,955,221  $14,246,538  $13,562,314  (1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.(3) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)(4) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(5) Other earning assets include brokerage customer receivables and trading account securities.(6) Loans, net of unearned income, include non-accrual loans.(7) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities. TABLE 5: QUARTERLY NET INTEREST INCOME   Net Interest Income for three months ended,  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2025   2025   2024   2024   2024 Interest income:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $34,593  $36,945  $46,308  $32,885  $19,748 Investment securities  78,733   72,706   67,783   70,260   70,346 FHLB and FRB stock (1)  5,393   5,307   5,157   5,451   4,974 Liquidity management assets (2) $118,719  $114,958  $119,248  $108,596  $95,068 Other earning assets (2)  —   92   310   282   235 Mortgage loans held-for-sale  4,872   4,246   5,623   6,233   5,434 Loans, net of unearned income (2)  800,197   770,568   791,390   796,637   752,117 Total interest income $923,788  $889,864  $916,571  $911,748  $852,854            Interest expense:          NOW and interest-bearing demand deposits $37,517  $33,600  $31,695  $30,971  $32,719 Wealth management deposits  8,182   8,606   9,412   10,158   10,294 Money market accounts  155,890   146,374   159,945   167,382   155,100 Savings accounts  37,637   35,923   38,402   42,892   41,063 Time deposits  94,244   95,730   106,934   110,616   96,527 Interest-bearing deposits $333,470  $320,233  $346,388  $362,019  $335,703 FHLB advances (1)  25,724   25,441   26,050   26,254   24,797 Other borrowings  6,957   6,792   7,519   9,013   8,700 Subordinated notes  3,735   3,714   3,733   3,712   5,185 Junior subordinated debentures  4,328   4,311   4,663   5,023   4,984 Total interest expense $374,214  $360,491  $388,353  $406,021  $379,369            Less: Fully taxable-equivalent adjustment  (2,880)  (2,899)  (3,070)  (3,144)  (2,875)Net interest income (GAAP) (3)   546,694   526,474   525,148   502,583   470,610 Fully taxable-equivalent adjustment  2,880   2,899   3,070   3,144   2,875 Net interest income, fully taxable-equivalent (non-GAAP) (3)  $549,574  $529,373  $528,218  $505,727  $473,485  (1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)(2) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. (3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio. TABLE 6: QUARTERLY NET INTEREST MARGIN   Net Interest Margin for three months ended,  Jun 30, 2025 Mar 31, 2025 Dec 31,2024 Sep 30, 2024 Jun 30,2024Yield earned on:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 4.19% 4.26% 4.68% 5.42% 5.35%Investment securities 3.59  3.51  3.33  3.38  3.45 FHLB and FRB stock (1) 7.67  7.64  7.55  8.22  7.89 Liquidity management assets 3.84% 3.82% 3.86% 3.94% 3.85%Other earning assets —  2.84  6.01  6.38  6.23 Mortgage loans held-for-sale 6.29  6.01  5.91  6.59  6.29 Loans, net of unearned income 6.48  6.53  6.68  6.90  6.90 Total earning assets 5.96% 5.98% 6.09% 6.33% 6.34%           Rate paid on:          NOW and interest-bearing demand deposits 2.34% 2.25% 2.25% 2.38% 2.64%Wealth management deposits 2.11  2.22  2.62  2.97  2.70 Money market accounts 3.44  3.38  3.62  4.05  4.08 Savings accounts 2.29  2.25  2.43  2.80  2.81 Time deposits 3.84  4.13  4.38  4.58  4.54 Interest-bearing deposits 3.14% 3.16% 3.39% 3.72% 3.73%FHLB advances 3.27  3.27  3.28  3.29  3.22 Other borrowings 4.70  4.73  5.18  5.76  5.96 Subordinated notes 5.02  5.05  4.98  4.95  5.08 Junior subordinated debentures 6.85  6.90  7.32  7.88  7.91 Total interest-bearing liabilities 3.20% 3.22% 3.44% 3.75% 3.76%           Interest rate spread (2) (3) 2.76% 2.76% 2.65% 2.58% 2.58%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution (4) 0.78  0.80  0.86  0.93  0.94 Net interest margin (GAAP) (3) 3.52% 3.54% 3.49% 3.49% 3.50%Fully taxable-equivalent adjustment 0.02  0.02  0.02  0.02  0.02 Net interest margin, fully taxable-equivalent (non-GAAP) (3) 3.54% 3.56% 3.51% 3.51% 3.52% (1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)(2) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.(3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(4) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities. TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN  Average Balancefor six months ended,Interestfor six months ended,Yield/Ratefor six months ended,(Dollars in thousands)Jun 30, 2025 Jun 30,2024Jun 30, 2025 Jun 30, 2024Jun 30, 2025 Jun 30, 2024Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)$3,413,538  $1,369,906 $71,538  $36,425 4.23% 5.35%Investment securities (2) 8,606,730   8,276,780  151,439   140,574 3.55  3.42 FHLB and FRB stock (3) 281,853   242,131  10,700   9,452 7.66  7.85 Liquidity management assets (4) (5)$12,302,121  $9,888,817 $233,677  $186,451 3.83% 3.79%Other earning assets (4) (5) (6) 6,533   15,169  92   433 2.84  5.74 Mortgage loans held-for-sale 298,688   318,756  9,118   9,580 6.16  6.04 Loans, net of unearned income (4) (5) (7) 48,680,160   42,974,623  1,570,765   1,464,704 6.51  6.85 Total earning assets (5)$61,287,502  $53,197,365 $1,813,652  $1,661,168 5.97% 6.28%Allowance for loan and investment security losses (387,092)  (361,119)      Cash and due from banks 477,571   442,591       Other assets 3,600,500   3,269,102       Total assets$64,978,481  $56,547,939                 NOW and interest-bearing demand deposits$6,235,661  $5,332,786 $71,117  $67,615 2.30% 2.55%Wealth management deposits 1,563,675   1,521,034  16,788   20,755 2.17  2.74 Money market accounts 17,884,615   14,873,309  302,264   293,084 3.41  3.96 Savings accounts 6,529,345   5,835,481  73,560   80,134 2.27  2.76 Time deposits 9,625,117   7,847,314  189,974   173,647 3.98  4.45 Interest-bearing deposits$41,838,413  $35,409,924 $653,703  $635,235 3.15% 3.61%Federal Home Loan Bank advances 3,151,310   2,912,884  51,165   46,845 3.27  3.23 Other borrowings 587,930   607,487  13,749   17,948 4.72  5.94 Subordinated notes 298,353   424,112  7,449   10,672 5.04  5.06 Junior subordinated debentures 253,566   253,566  8,639   9,988 6.87  7.92 Total interest-bearing liabilities$46,129,572  $39,607,973 $734,705  $720,688 3.21% 3.66%Non-interest-bearing deposits 10,687,733   9,925,890       Other liabilities 1,498,578   1,568,761       Equity 6,662,598   5,445,315       Total liabilities and shareholders’ equity$64,978,481  $56,547,939       Interest rate spread (5) (8)      2.76% 2.62%Less: Fully taxable-equivalent adjustment    (5,779)  (5,676)(0.02) (0.03)Net free funds/contribution (9)$15,157,930  $13,589,392    0.79  0.94 Net interest income/margin (GAAP) (5)   $1,073,168  $934,804 3.53% 3.53%Fully taxable-equivalent adjustment    5,779   5,676 0.02  0.03 Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)    $1,078,947  $940,480 3.55% 3.56% (1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.(3) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)(4) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.(5) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(6) Other earning assets include brokerage customer receivables and trading account securities.(7) Loans, net of unearned income, include non-accrual loans.(8) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.(9) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities. TABLE 8: INTEREST RATE SENSITIVITY As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios. The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows: Static Shock Scenario +200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsJun 30, 2025 (1.5)% (0.4)% (0.2)% (1.2)%Mar 31, 2025 (1.8) (0.6) (0.2) (1.2)Dec 31, 2024 (1.6) (0.6) (0.3) (1.5)Sep 30, 2024 1.2  1.1  0.4  (0.9)Jun 30, 2024 1.5  1.0  0.6  (0.0) Ramp Scenario +200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsJun 30, 2025 0.0 % 0.0 % (0.1)% (0.4)%Mar 31, 2025 0.2  0.2  (0.1) (0.5)Dec 31, 2024 (0.2) (0.0) 0.0  (0.3)Sep 30, 2024 1.6  1.2  0.7  0.5 Jun 30, 2024 1.2  1.0  0.9  1.0  As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods. TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES  Loans repricing or contractual maturity periodAs of June 30, 2025One year orless From one tofive years From five to fifteen years After fifteen years Total(In thousands)    Commercial         Fixed rate$429,173  $3,756,650  $2,117,493  $14,925  $6,318,241 Variable rate 10,068,079   1,111   —   —   10,069,190 Total commercial$10,497,252  $3,757,761  $2,117,493  $14,925  $16,387,431 Commercial real estate         Fixed rate$712,348  $2,732,428  $369,615  $70,471  $3,884,862 Variable rate 9,396,306   10,775   67   —   9,407,148 Total commercial real estate$10,108,654  $2,743,203  $369,682  $70,471  $13,292,010 Home equity         Fixed rate$9,626  $773  $—  $15  $10,414 Variable rate 456,401   —   —   —   456,401 Total home equity$466,027  $773  $—  $15  $466,815 Residential real estate         Fixed rate$15,271  $4,318  $72,630  $1,056,508  $1,148,727 Variable rate 108,431   699,875   1,991,749   —   2,800,055 Total residential real estate$123,702  $704,193  $2,064,379  $1,056,508  $3,948,782 Premium finance receivables - property & casualty         Fixed rate$8,220,850  $102,326  $—  $—  $8,323,176 Variable rate —   —   —   —   — Total premium finance receivables - property & casualty$8,220,850  $102,326  $—  $—  $8,323,176 Premium finance receivables - life insurance         Fixed rate$319,732  $169,958  $4,000  $—  $493,690 Variable rate 8,013,270   —   —   —   8,013,270 Total premium finance receivables - life insurance$8,333,002  $169,958  $4,000  $—  $8,506,960 Consumer and other         Fixed rate$36,771  $8,483  $1,070  $859  $47,183 Variable rate 69,322   —   —   —   69,322 Total consumer and other$106,093  $8,483  $1,070  $859  $116,505           Total per category         Fixed rate$9,743,771  $6,774,936  $2,564,808  $1,142,778  $20,226,293 Variable rate 28,111,809   711,761   1,991,816   —   30,815,386 Total loans, net of unearned income$37,855,580  $7,486,697  $4,556,624  $1,142,778  $51,041,679 Less: Existing cash flow hedging derivatives (1) (6,700,000)        Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$31,155,580                   Variable Rate Loan Pricing by Index:         SOFR tenors (2)        $19,459,501 12- month CMT (3)         6,906,397 Prime         3,243,035 Fed Funds         786,924 Other U.S. Treasury tenors         187,736 Other         231,793 Total variable rate        $30,815,386  (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/cf816bf1-1915-431d-8262-97011dc0227d 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 $16.7 billion tied to one-month SOFR and $6.9 billion tied to twelve-month CMT. The above chart shows:   Basis Point (bp) Change in  1-monthSOFR 12- month CMT Prime Second Quarter 2025 — bps(7)bps— bpsFirst Quarter 2025 (1) (13) —  Fourth Quarter 2024 (52) 18  (50) third quarter 2024 (49) (111) (50) Second Quarter 2024 1  6  —   TABLE 10: ALLOWANCE FOR CREDIT LOSSES   Three Months EndedSix Months Ended  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars in thousands)  2025   2025   2024   2024   2024  2025   2024 Allowance for credit losses at beginning of period $448,387  $437,060  $436,193  $437,560  $427,504 $437,060  $427,612 Provision for credit losses - Other  22,234   23,963   16,979   6,787   40,061  46,197   61,734 Provision for credit losses - Day 1 on non-PCD assets acquired during the period  —   —   —   15,547   —  —   — Initial allowance for credit losses recognized on PCD assets acquired during the period  —   —   —   3,004   —  —   — Other adjustments  180   4   (187)  30   (19) 184   (50)Charge-offs:             Commercial  6,148   9,722   5,090   22,975   9,584  15,870   20,799 Commercial real estate  5,711   454   1,037   95   15,526  6,165   20,995 Home equity  111   —   —   —   —  111   74 Residential real estate  —   —   114   —   23  —   61 Premium finance receivables - property & casualty  6,346   7,114   13,301   7,790   9,486  13,460   16,424 Premium finance receivables - life insurance  —   12   —   4   —  12   — Consumer and other  179   147   189   154   137  326   244 Total charge-offs  18,495   17,449   19,731   31,018   34,756  35,944   58,597 Recoveries:             Commercial  1,746   929   775   649   950  2,675   1,429 Commercial real estate  10   12   172   30   90  22   121 Home equity  30   216   194   101   35  246   64 Residential real estate  2   136   0   5   8  138   10 Premium finance receivables - property & casualty  3,335   3,487   2,646   3,436   3,658  6,822   5,177 Premium finance receivables - life insurance  —   —   —   41   5  —   13 Consumer and other  32   29   19   21   24  61   47 Total recoveries  5,155   4,809   3,806   4,283   4,770  9,964   6,861 Net charge-offs  (13,340)  (12,640)  (15,925)  (26,735)  (29,986) (25,980)  (51,736)Allowance for credit losses at period end $457,461  $448,387  $437,060  $436,193  $437,560 $457,461  $437,560               Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:   Commercial  0.11%  0.23%  0.11%  0.61%  0.25% 0.17%  0.29%Commercial real estate  0.17   0.01   0.03   0.00   0.53  0.10   0.36 Home equity  0.07   (0.20)  (0.18)  (0.10)  (0.04) (0.06)  0.01 Residential real estate  (0.00)  (0.02)  0.01   0.00   0.00  (0.01)  0.00 Premium finance receivables - property & casualty  0.16   0.20   0.59   0.24   0.33  0.18   0.33 Premium finance receivables - life insurance  —   0.00   —   (0.00)  (0.00) 0.00   (0.00)Consumer and other  0.44   0.45   0.63   0.63   0.56  0.44   0.49 Total loans, net of unearned income  0.11%  0.11%  0.13%  0.23%  0.28% 0.11   0.24%              Loans at period end $51,041,679  $48,708,390  $48,055,037  $47,067,447  $44,675,531    Allowance for loan losses as a percentage of loans at period end  0.77%  0.78%  0.76%  0.77%  0.81%   Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end  0.90   0.92   0.91   0.93   0.98     PCD - Purchase Credit Deteriorated TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT   Three Months EndedSix Months Ended  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(In thousands)  2025   2025   2024   2024   2024  2025   2024 Provision for loan losses - Other $26,607  $26,826  $19,852  $6,782  $45,111 $53,433  $71,270 Provision for credit losses - Day 1 on non-PCD assets acquired during the period  —   —   —   15,547   —  —   — Provision for unfunded lending-related commitments losses - Other  (4,325)  (2,852)  (2,851)  17   (5,212) (7,177)  (9,680)Provision for held-to-maturity securities losses  (48)  (11)  (22)  (12)  162  (59)  144 Provision for credit losses $22,234  $23,963  $16,979  $22,334  $40,061 $46,197  $61,734               Allowance for loan losses $391,654  $378,207  $364,017  $360,279  $363,719    Allowance for unfunded lending-related commitments losses  65,409   69,734   72,586   75,435   73,350    Allowance for loan losses and unfunded lending-related commitments losses  457,063   447,941   436,603   435,714   437,069    Allowance for held-to-maturity securities losses  398   446   457   479   491    Allowance for credit losses $457,461  $448,387  $437,060  $436,193  $437,560     PCD - Purchase Credit Deteriorated TABLE 12: ALLOWANCE BY LOAN PORTFOLIO The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of June 30, 2025, March 31, 2025 and December 31, 2024.  As of Jun 30, 2025As of Mar 31, 2025As of Dec 31, 2024(Dollars in thousands)RecordedInvestment CalculatedAllowance % of itscategory’s balanceRecordedInvestment CalculatedAllowance % of itscategory’s balanceRecordedInvestment CalculatedAllowance % of itscategory’s balanceCommercial$16,387,431 $194,568 1.19%$15,931,326 $201,183 1.26%$15,574,551 $175,837 1.13%Commercial real estate:               Construction and development 2,529,117  75,936 3.00  2,448,881  71,388 2.92  2,434,081  87,236 3.58 Non-construction 10,762,893  148,422 1.38  10,466,020  138,622 1.32  10,469,863  135,620 1.30 Total commercial real estate$13,292,010 $224,358 1.69%$12,914,901 $210,010 1.63%$12,903,944 $222,856 1.73%Total commercial and commercial real estate$29,679,441 $418,926 1.41%$28,846,227 $411,193 1.43%$28,478,495 $398,693 1.40%Home equity 466,815  9,221 1.98  455,683  9,139 2.01  445,028  8,943 2.01 Residential real estate 3,948,782  11,455 0.29  3,685,159  10,652 0.29  3,612,765  10,335 0.29 Premium finance receivables               Property and casualty insurance 8,323,176  15,872 0.19  7,239,862  15,310 0.21  7,272,042  17,111 0.24 Life insurance 8,506,960  740 0.01  8,365,140  729 0.01  8,147,145  709 0.01 Consumer and other 116,505  849 0.73  116,319  918 0.79  99,562  812 0.82 Total loans, net of unearned income$51,041,679 $457,063 0.90%$48,708,390 $447,941 0.92%$48,055,037 $436,603 0.91%                Total core loans (1)$29,928,663 $409,826 1.37%$29,108,500 $397,664 1.37%$28,804,138 $392,319 1.36%Total niche loans (1) 21,113,016  47,237 0.22  19,599,890  50,277 0.26  19,250,899  44,284 0.23  (1) See Table 1 for additional detail on core and niche loans. TABLE 13: LOAN PORTFOLIO AGING (In thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024Loan Balances:          Commercial          Nonaccrual $80,877  $70,560  $73,490  $63,826  $51,087 90+ days and still accruing  —   46   104   20   304 60-89 days past due  34,855   15,243   54,844   32,560   16,485 30-59 days past due  45,103   97,397   92,551   46,057   36,358 Current  16,226,596   15,748,080   15,353,562   15,105,230   14,050,228 Total commercial $16,387,431  $15,931,326  $15,574,551  $15,247,693  $14,154,462 Commercial real estate          Nonaccrual $32,828  $26,187  $21,042  $42,071  $48,289 90+ days and still accruing  —   —   —   225   — 60-89 days past due  11,257   6,995   10,521   13,439   6,555 30-59 days past due  51,173   83,653   30,766   48,346   38,065 Current  13,196,752   12,798,066   12,841,615   12,689,336   11,854,288 Total commercial real estate $13,292,010  $12,914,901  $12,903,944  $12,793,417  $11,947,197 Home equity          Nonaccrual $1,780  $2,070  $1,117  $1,122  $1,100 90+ days and still accruing  —   —   —   —   — 60-89 days past due  138   984   1,233   1,035   275 30-59 days past due  2,971   3,403   2,148   2,580   1,229 Current  461,926   449,226   440,530   422,306   353,709 Total home equity $466,815  $455,683  $445,028  $427,043  $356,313 Residential real estate          Early buy-out loans guaranteed by U.S. government agencies (1) $134,067  $123,742  $156,756  $135,389  $134,178 Nonaccrual  28,047   22,522   23,762   17,959   18,198 90+ days and still accruing  —   —   —   —   — 60-89 days past due  8,954   1,351   5,708   6,364   1,977 30-59 days past due  38   38,943   18,917   2,160   130 Current  3,777,676   3,498,601   3,407,622   3,226,166   2,912,852 Total residential real estate $3,948,782  $3,685,159  $3,612,765  $3,388,038  $3,067,335 Premium finance receivables - property & casualty          Nonaccrual $30,404  $29,846  $28,797  $36,079  $32,722 90+ days and still accruing  14,350   18,081   16,031   18,235   22,427 60-89 days past due  25,641   19,717   19,042   18,740   29,925 30-59 days past due  29,460   39,459   68,219   30,204   45,927 Current  8,223,321   7,132,759   7,139,953   7,028,423   6,969,752 Total Premium finance receivables - property & casualty $8,323,176  $7,239,862  $7,272,042  $7,131,681  $7,100,753 Premium finance receivables - life insurance          Nonaccrual $—  $—  $6,431  $—  $— 90+ days and still accruing  327   2,962   —   —   — 60-89 days past due  11,202   10,587   72,963   10,902   4,118 30-59 days past due  34,403   29,924   36,405   74,432   17,693 Current  8,461,028   8,321,667   8,031,346   7,911,565   7,940,304 Total Premium finance receivables - life insurance $8,506,960  $8,365,140  $8,147,145  $7,996,899  $7,962,115 Consumer and other          Nonaccrual $41  $18  $2  $2  $3 90+ days and still accruing  184   98   47   148   121 60-89 days past due  61   162   59   22   81 30-59 days past due  175   542   882   264   366 Current  116,044   115,499   98,572   82,240   86,785 Total consumer and other $116,505  $116,319  $99,562  $82,676  $87,356 Total loans, net of unearned income          Early buy-out loans guaranteed by U.S. government agencies (1) $134,067  $123,742  $156,756  $135,389  $134,178 Nonaccrual  173,977   151,203   154,641   161,059   151,399 90+ days and still accruing  14,861   21,187   16,182   18,628   22,852 60-89 days past due  92,108   55,039   164,370   83,062   59,416 30-59 days past due  163,323   293,321   249,888   204,043   139,768 Current  50,463,343   48,063,898   47,313,200   46,465,266   44,167,918 Total loans, net of unearned income $51,041,679  $48,708,390  $48,055,037  $47,067,447  $44,675,531  (1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. TABLE 14: NON-PERFORMING ASSETS (1)  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2025   2025   2024   2024   2024 Loans past due greater than 90 days and still accruing:         Commercial$—  $46  $104  $20  $304 Commercial real estate —   —   —   225   — Home equity —   —   —   —   — Residential real estate —   —   —   —   — Premium finance receivables - property & casualty 14,350   18,081   16,031   18,235   22,427 Premium finance receivables - life insurance 327   2,962   —   —   — Consumer and other 184   98   47   148   121 Total loans past due greater than 90 days and still accruing 14,861   21,187   16,182   18,628   22,852 Non-accrual loans:         Commercial 80,877   70,560   73,490   63,826   51,087 Commercial real estate 32,828   26,187   21,042   42,071   48,289 Home equity 1,780   2,070   1,117   1,122   1,100 Residential real estate 28,047   22,522   23,762   17,959   18,198 Premium finance receivables - property & casualty 30,404   29,846   28,797   36,079   32,722 Premium finance receivables - life insurance —   —   6,431   —   — Consumer and other 41   18   2   2   3 Total non-accrual loans 173,977   151,203   154,641   161,059   151,399 Total non-performing loans:         Commercial 80,877   70,606   73,594   63,846   51,391 Commercial real estate 32,828   26,187   21,042   42,296   48,289 Home equity 1,780   2,070   1,117   1,122   1,100 Residential real estate 28,047   22,522   23,762   17,959   18,198 Premium finance receivables - property & casualty 44,754   47,927   44,828   54,314   55,149 Premium finance receivables - life insurance 327   2,962   6,431   —   — Consumer and other 225   116   49   150   124 Total non-performing loans$188,838  $172,390  $170,823  $179,687  $174,251 Other real estate owned 23,615   22,625   23,116   13,682   19,731 Total non-performing assets$212,453  $195,015  $193,939  $193,369  $193,982 Total non-performing loans by category as a percent of its own respective category’s period-end balance:         Commercial 0.49%  0.44%  0.47%  0.42%  0.36%Commercial real estate 0.25   0.20   0.16   0.33   0.40 Home equity 0.38   0.45   0.25   0.26   0.31 Residential real estate 0.71   0.61   0.66   0.53   0.59 Premium finance receivables - property & casualty 0.54   0.66   0.62   0.76   0.78 Premium finance receivables - life insurance 0.00   0.04   0.08   —   — Consumer and other 0.19   0.10   0.05   0.18   0.14 Total loans, net of unearned income 0.37%  0.35%  0.36%  0.38%  0.39%Total non-performing assets as a percentage of total assets 0.31%  0.30%  0.30%  0.30%  0.32%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 262.71%  296.25%  282.33%  270.53%  288.69%           (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 EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(In thousands) 2025   2025   2024   2024   2024  2025   2024              Balance at beginning of period$172,390  $170,823  $179,687  $174,251  $148,359 $170,823  $139,030 Additions from becoming non-performing in the respective period 48,651   27,721   30,931   42,335   54,376  76,372   77,518 Additions from assets acquired in the respective period —   —   —   189   —  —   — Return to performing status (6,896)  (1,207)  (1,108)  (362)  (912) (8,103)  (1,402)Payments received (5,602)  (15,965)  (12,219)  (10,894)  (9,611) (21,567)  (17,947)Transfer to OREO and other repossessed assets (1,315)  —   (17,897)  (3,680)  (6,945) (1,315)  (8,326)Charge-offs, net (11,734)  (8,600)  (5,612)  (21,211)  (7,673) (20,334)  (22,483)Net change for premium finance receivables (6,656)  (382)  (2,959)  (941)  (3,343) (7,038)  7,861 Balance at end of period$188,838  $172,390  $170,823  $179,687  $174,251 $188,838  $174,251  Other Real Estate Owned  Three Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands) 2025   2025   2024   2024   2024 Balance at beginning of period$22,625  $23,116  $13,682  $19,731  $14,538 Disposals/resolved —   —   (8,545)  (9,729)  (1,752)Transfers in at fair value, less costs to sell 1,315   —   17,979   3,680   6,945 Fair value adjustments (325)  (491)  —   —   — Balance at end of period$23,615  $22,625  $23,116  $13,682  $19,731            Period End(In thousands)Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Balance by Property Type: 2025   2025   2024   2024   2024 Residential real estate$—  $—  $—  $—  $161 Commercial real estate 23,615   22,625   23,116   13,682   19,570 Total$23,615  $22,625  $23,116  $13,682  $19,731  TABLE 15: NON-INTEREST INCOME  Three Months EndedQ2 2025 compared to Q1 2025Q2 2025 compared to Q2 2024 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2025   2025   2024   2024   2024 $ Change % Change$ Change % ChangeBrokerage$4,212  $4,757  $5,328  $6,139  $5,588 $(545) (11)%$(1,376) (25)%Trust and asset management 32,609   29,285   33,447   31,085   29,825  3,324  11  2,784  9 Total wealth management 36,821   34,042   38,775   37,224   35,413  2,779  8  1,408  4 Mortgage banking 23,170   20,529   20,452   15,974   29,124  2,641  13  (5,954) (20)Service charges on deposit accounts 19,502   19,362   18,864   16,430   15,546  140  1  3,956  25 Gains (losses) on investment securities, net 650   3,196   (2,835)  3,189   (4,282) (2,546) (80) 4,932  NMFees from covered call options 5,624   3,446   2,305   988   2,056  2,178  63  3,568  NMTrading gains (losses), net 151   (64)  (113)  (130)  70  215  NM 81  NMOperating lease income, net 15,166   15,287   15,327   15,335   13,938  (121) (1) 1,228  9 Other:               Interest rate swap fees 3,010   2,269   3,360   2,914   3,392  741  33  (382) (11)BOLI 2,257   796   1,236   1,517   1,351  1,461  NM 906  67 Administrative services 1,315   1,393   1,347   1,450   1,322  (78) (6) (7) (1)Foreign currency remeasurement gains (losses) 658   (183)  (682)  696   (145) 841  NM 803  NMChanges in fair value on EBOs and loans held-for-investment 172   383   129   518   604  (211) (55) (432) (72)Early pay-offs of capital leases 400   768   514   532   393  (368) (48) 7  2 Miscellaneous 15,193   15,410   14,772   16,510   22,365  (217) (1) (7,172) (32)Total Other 23,005   20,836   20,676   24,137   29,282  2,169  10  (6,277) (21)Total Non-Interest Income$124,089  $116,634  $113,451  $113,147  $121,147 $7,455  6 %$2,942  2 %  Six Months EndedQ2 2025 compared to Q2 2024  Jun 30, Jun 30,(Dollars in thousands) 2025   2024 $ Change % ChangeBrokerage$8,969  $11,144 $(2,175) (20)%Trust and asset management 61,894   59,084  2,810  5 Total wealth management 70,863   70,228  635  1 Mortgage banking 43,699   56,787  (13,088) (23)Service charges on deposit accounts 38,864   30,357  8,507  28 Gains (losses) on investment securities, net 3,846   (2,956) 6,802  NMFees from covered call options 9,070   6,903  2,167  31 Trading gains, net 87   747  (660) (88)Operating lease income, net 30,453   28,048  2,405  9 Other:      Interest rate swap fees 5,279   6,220  (941) (15)BOLI 3,053   3,002  51  2 Administrative services 2,708   2,539  169  7 Foreign currency remeasurement gains (losses) 475   (1,316) 1,791  NMChanges in fair value on EBOs and loans held-for-investment 555   165  390  NMEarly pay-offs of capital leases 1,168   823  345  42 Miscellaneous 30,603   60,180  (29,577) (49)Total Other 43,841   71,613  (27,772) (39)Total Non-Interest Income$240,723  $261,727 $(21,004) (8)% NM - Not meaningful.BOLI - Bank-owned life insurance.EBO - Early buy-out. TABLE 16: MORTGAGE BANKING  Three Months Ended(Dollars in thousands)Jun 30,2025 Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024Originations:         Retail originations$523,759  $348,468  $483,424  $527,408  $544,394 Veterans First originations 157,787   111,985   176,914   239,369   177,792 Total originations for sale (A)$681,546  $460,453  $660,338  $766,777  $722,186 Originations for investment 422,926   217,177   355,119   218,984   275,331 Total originations$1,104,472  $677,630  $1,015,457  $985,761  $997,517 As a percentage of originations for sale:         Retail originations 77%  76%  73%  69%  75%Veterans First originations 23   24   27   31   25 Purchases 74%  77%  65%  72%  83%Refinances 26   23   35   28   17 Production Margin:         Production revenue (B) (1)$13,380  $9,941  $6,993  $13,113  $14,990 Total originations for sale (A)$681,546  $460,453  $660,338  $766,777  $722,186 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 163,664   197,297   103,946   272,072   222,738 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 197,297   103,946   272,072   222,738   207,775 Total mortgage production volume (C)$647,913  $553,804  $492,212  $816,111  $737,149 Production margin (B / C) 2.07%  1.80%  1.42%  1.61%  2.03%Mortgage Servicing:         Loans serviced for others (D)$12,470,924  $12,402,352  $12,400,913  $12,253,361  $12,211,027 Mortgage Servicing Rights (“MSR”), at fair value (E) 193,061   196,307   203,788   186,308   204,610 Percentage of MSRs to loans serviced for others (E / D) 1.55%  1.58%  1.64%  1.52%  1.68%Servicing income$10,520  $10,611  $10,731  $10,809  $10,586 MSR Fair Value Asset Activity         MSR - FV at Beginning of Period$196,307  $203,788  $186,308  $204,610  $201,044 MSR - current period capitalization 6,336   4,669   10,010   6,357   8,223 MSR - collection of expected cash flows - paydowns (1,516)  (1,590)  (1,463)  (1,598)  (1,504)MSR - collection of expected cash flows - payoffs and repurchases (4,100)  (3,046)  (4,315)  (5,730)  (4,030)MSR - changes in fair value model assumptions (3,966)  (7,514)  13,248   (17,331)  877 MSR Fair Value at end of period$193,061  $196,307  $203,788  $186,308  $204,610 Summary of Mortgage Banking Revenue:        Operational:         Production revenue (1)$13,380  $9,941  $6,993  $13,113  $14,990 MSR - Current period capitalization 6,336   4,669   10,010   6,357   8,223 MSR - Collection of expected cash flows - paydowns (1,516)  (1,590)  (1,463)  (1,598)  (1,504)MSR - Collection of expected cash flows - pay offs (4,100)  (3,046)  (4,315)  (5,730)  (4,030)Servicing Income 10,520   10,611   10,731   10,809   10,586 Other Revenue (79)  (172)  (51)  (67)  112 Total operational mortgage banking revenue$24,541  $20,413  $21,905  $22,884  $28,377 Fair Value:         MSR - changes in fair value model assumptions$(3,966) $(7,514) $13,248  $(17,331) $877 Gain (loss) on derivative contract held as an economic hedge, net 2,535   4,897   (11,452)  6,892   (772)Changes in FV on early buy-out loans guaranteed by US Govt (HFS) 60   2,733   (3,249)  3,529   642 Total fair value mortgage banking revenue$(1,371) $116  $(1,453) $(6,910) $747 Total mortgage banking revenue$23,170  $20,529  $20,452  $15,974  $29,124  (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.  Six Months Ended(Dollars in thousands)Jun 30,2025 Jun 30,2024Originations:   Retail originations$872,227  $875,898 Veterans First originations 269,772   321,901 Total originations for sale (A)$1,141,999  $1,197,799 Originations for investment 640,103   444,577 Total originations$1,782,102  $1,642,376 As a percentage of originations for sale:   Retail originations 76%  73%Veterans First originations 24   27 Purchases 75%  80%Refinances 25   20 Production Margin:   Production revenue (B) (1)$23,321  $28,425 Total originations for sale (A)$1,141,999  $1,197,799 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 163,664   222,738 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 103,946   119,624 Total mortgage production volume (C)$1,201,717  $1,300,913 Production margin (B / C) 1.94%  2.19%Mortgage Servicing:   Loans serviced for others (D)$12,470,924  $12,211,027 MSRs, at fair value (E) 193,061   204,610 Percentage of MSRs to loans serviced for others (E / D) 1.55%  1.68%Servicing income$21,131  $21,084 MSR Fair Value Asset Activity   MSR - FV at Beginning of Period$203,788  $192,456 MSR - current period capitalization 11,005   13,602 MSR - collection of expected cash flows - paydowns (3,106)  (2,948)MSR - collection of expected cash flows - payoffs and repurchases (7,146)  (6,972)MSR - changes in fair value model assumptions (11,480)  8,472 MSR Fair Value at end of period$193,061  $204,610 Summary of Mortgage Banking Revenue:   Operational:   Production revenue (1)$23,321  $28,425 MSR - Current period capitalization 11,005   13,602 MSR - Collection of expected cash flows - paydowns (3,106)  (2,948)MSR - Collection of expected cash flows - pay offs (7,146)  (6,972)Servicing Income 21,131   21,084 Other Revenue (251)  21 Total operational mortgage banking revenue$44,954  $53,212 Fair Value:   MSR - changes in fair value model assumptions$(11,480) $8,472 Gain (loss) on derivative contract held as an economic hedge, net 7,432   (3,349)Changes in FV on early buy-out loans guaranteed by US Govt (HFS) 2,793   (1,548)Total fair value mortgage banking revenue$(1,255) $3,575 Total mortgage banking revenue$43,699  $56,787  (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 EndedQ2 2025 compared to Q1 2025Q2 2025 compared to Q2 2024 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2025   2025   2024   2024   2024 $ Change % Change$ Change % ChangeSalaries and employee benefits:               Salaries$123,174  $123,917  $120,969  $118,971  $113,860 $(743) (1)%$9,314  8 %Commissions and incentive compensation 55,871   52,536   54,792   57,575   52,151  3,335  6  3,720  7 Benefits 40,496   35,073   36,372   34,715   32,530  5,423  15  7,966  24 Total salaries and employee benefits 219,541   211,526   212,133   211,261   198,541  8,015  4  21,000  11 Software and equipment 36,522   34,717   34,258   31,574   29,231  1,805  5  7,291  25 Operating lease equipment 10,757   10,471   10,263   10,518   10,834  286  3  (77) (1)Occupancy, net 20,228   20,778   20,597   19,945   19,585  (550) (3) 643  3 Data processing 12,110   11,274   10,957   9,984   9,503  836  7  2,607  27 Advertising and marketing 18,761   12,272   13,097   18,239   17,436  6,489  53  1,325  8 Professional fees 9,243   9,044   11,334   9,783   9,967  199  2  (724) (7)Amortization of other acquisition-related intangible assets 5,580   5,618   5,773   4,042   1,122  (38) (1) 4,458  NMFDIC insurance 10,971   10,926   10,640   10,512   10,429  45  0  542  5 OREO expense, net 505   643   397   (938)  (259) (138) (21) 764  NMOther:               Lending expenses, net of deferred origination costs 4,869   5,866   6,448   4,995   5,335  (997) (17) (466) (9)Travel and entertainment 6,026   5,270   8,140   5,364   5,340  756  14  686  13 Miscellaneous 26,348   27,685   24,502   25,408   23,289  (1,337) (5) 3,059  13 Total other 37,243   38,821   39,090   35,767   33,964  (1,578) (4) 3,279  10 Total Non-Interest Expense$381,461  $366,090  $368,539  $360,687  $340,353 $15,371  4 %$41,108  12 %  Six Months EndedQ2 2025 compared to Q2 2024  Jun 30, Jun 30,(Dollars in thousands) 2025   2024 $ Change % ChangeSalaries and employee benefits:      Salaries$247,091  $226,032 $21,059  9%Commissions and incentive compensation 108,407   103,152  5,255  5 Benefits 75,569   64,530  11,039  17 Total salaries and employee benefits 431,067   393,714  37,353  9 Software and equipment 71,239   56,962  14,277  25 Operating lease equipment 21,228   21,517  (289) (1)Occupancy, net 41,006   38,671  2,335  6 Data processing 23,384   18,795  4,589  24 Advertising and marketing 31,033   30,476  557  2 Professional fees 18,287   19,520  (1,233) (6)Amortization of other acquisition-related intangible assets 11,198   2,280  8,918  NMFDIC insurance 21,897   19,810  2,087  11 FDIC insurance - special assessment —   5,156  (5,156) (100)OREO expense, net 1,148   133  1,015  NMOther:      Lending expenses, net of deferred origination costs 10,735   10,413  322  3 Travel and entertainment 11,296   9,937  1,359  14 Miscellaneous 54,033   46,114  7,919  17 Total other 76,064   66,464  9,600  14 Total Non-Interest Expense$747,551  $673,498 $74,053  11% NM - Not meaningful. TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.  Three Months EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars and shares in thousands) 2025   2025   2024   2024   2024  2025   2024 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:   (A) Interest Income (GAAP)$920,908  $886,965  $913,501  $908,604  $849,979 $1,807,873  $1,655,492 Taxable-equivalent adjustment:            - Loans 2,200   2,206   2,352   2,474   2,305  4,406   4,551 - Liquidity Management Assets 680   690   716   668   567  1,370   1,117 - Other Earning Assets —   3   2   2   3  3   8 (B) Interest Income (non-GAAP)$923,788  $889,864  $916,571  $911,748  $852,854 $1,813,652  $1,661,168 (C) Interest Expense (GAAP) 374,214   360,491   388,353   406,021   379,369  734,705   720,688 (D) Net Interest Income (GAAP) (A minus C) 546,694   526,474   525,148   502,583   470,610  1,073,168   934,804 (E) Net Interest Income (non-GAAP) (B minus C) 549,574   529,373   528,218   505,727   473,485  1,078,947   940,480 Net interest margin (GAAP) 3.52%  3.54%  3.49%  3.49%  3.50% 3.53%  3.53%Net interest margin, fully taxable-equivalent (non-GAAP) 3.54   3.56   3.51   3.51   3.52  3.55   3.56 (F) Non-interest income$124,089  $116,634  $113,451  $113,147  $121,147 $240,723  $261,727 (G) Gains (losses) on investment securities, net 650   3,196   (2,835)  3,189   (4,282) 3,846   (2,956)(H) Non-interest expense 381,461   366,090   368,539   360,687   340,353  747,551   673,498 Efficiency ratio (H/(D+F-G)) 56.92%  57.21%  57.46%  58.88%  57.10% 57.06%  56.15%Efficiency ratio (non-GAAP) (H/(E+F-G)) 56.68   56.95   57.18   58.58   56.83  56.81   55.88  Three Months EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars and shares in thousands) 2025   2025   2024   2024   2024  2025   2024 Reconciliation of Non-GAAP Tangible Common Equity Ratio:   Total shareholders’ equity (GAAP)$7,225,696  $6,600,537  $6,344,297  $6,399,714  $5,536,628    Less: Non-convertible preferred stock (GAAP) (837,500)  (412,500)  (412,500)  (412,500)  (412,500)   Less: Acquisition-related intangible assets (GAAP) (908,639)  (913,004)  (918,632)  (924,646)  (676,562)   (I) Total tangible common shareholders’ equity (non-GAAP)$5,479,557  $5,275,033  $5,013,165  $5,062,568  $4,447,566    (J) Total assets (GAAP)$68,983,318  $65,870,066  $64,879,668  $63,788,424  $59,781,516    Less: Intangible assets (GAAP) (908,639)  (913,004)  (918,632)  (924,646)  (676,562)   (K) Total tangible assets (non-GAAP)$68,074,679  $64,957,062  $63,961,036  $62,863,778  $59,104,954    Common equity to assets ratio (GAAP) (L/J) 9.3%  9.4%  9.1%  9.4%  8.6%   Tangible common equity ratio (non-GAAP) (I/K) 8.0   8.1   7.8   8.1   7.5     Reconciliation of Non-GAAP Tangible Book Value per Common Share:   Total shareholders’ equity$7,225,696  $6,600,537  $6,344,297  $6,399,714  $5,536,628    Less: Preferred stock (837,500)  (412,500)  (412,500)  (412,500)  (412,500)   (L) Total common equity$6,388,196  $6,188,037  $5,931,797  $5,987,214  $5,124,128    (M) Actual common shares outstanding 66,938   66,919   66,495   66,482   61,760    Book value per common share (L/M)$95.43  $92.47  $89.21  $90.06  $82.97    Tangible book value per common share (non-GAAP) (I/M) 81.86   78.83   75.39   76.15   72.01                 Reconciliation of Non-GAAP Return on Average Tangible Common Equity:   (N) Net income applicable to common shares$188,536  $182,048  $178,371  $163,010  $145,397 $370,584  $325,700 Add: Acquisition-related intangible asset amortization 5,580   5,618   5,773   4,042   1,122  11,198   2,280 Less: Tax effect of acquisition-related intangible asset amortization (1,495)  (1,421)  (1,547)  (1,087)  (311) (2,923)  (602)After-tax Acquisition-related intangible asset amortization$4,085  $4,197  $4,226  $2,955  $811 $8,275  $1,678 (O) Tangible net income applicable to common shares (non-GAAP)$192,621  $186,245  $182,597  $165,965  $146,208 $378,859  $327,378 Total average shareholders’ equity$6,862,040  $6,460,941  $6,418,403  $5,990,429  $5,450,173 $6,662,598  $5,445,315 Less: Average preferred stock (599,313)  (412,500)  (412,500)  (412,500)  (412,500) (506,423)  (412,500)(P) Total average common shareholders’ equity$6,262,727  $6,048,441  $6,005,903  $5,577,929  $5,037,673 $6,156,175  $5,032,815 Less: Average acquisition-related intangible assets (910,924)  (916,069)  (921,438)  (833,574)  (677,207) (913,483)  (677,969)(Q) Total average tangible common shareholders’ equity (non-GAAP)$5,351,803  $5,132,372  $5,084,465  $4,744,355  $4,360,466 $5,242,692  $4,354,846 Return on average common equity, annualized (N/P) 12.07%  12.21%  11.82%  11.63%  11.61% 12.14%  13.01%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.44   14.72   14.29   13.92   13.49  14.57   15.12              Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:     Income before taxes$267,088  $253,055  $253,081  $232,709  $211,343 $520,143  $461,299 Add: Provision for credit losses 22,234   23,963   16,979   22,334   40,061  46,197   61,734 Pre-tax income, excluding provision for credit losses (non-GAAP)$289,322  $277,018  $270,060  $255,043  $251,404 $566,340  $523,033  WINTRUST SUBSIDIARIES Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A. Additionally, the Company operates various non-bank businesses: FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States.Wintrust Investments, LLC provides a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.Wintrust Asset Finance offers direct leasing opportunities.CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031. FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following: economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;the financial success and economic viability of the borrowers of our commercial loans;commercial real estate market conditions in the Chicago metropolitan area, southern Wisconsin and west Michigan;the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;unexpected difficulties and losses related to FDIC-assisted acquisitions;harm to the Company’s reputation;any negative perception of the Company’s financial strength;ability of the Company to raise additional capital on acceptable terms when needed;disruption in capital markets, which may lower fair values for the Company’s investment portfolio;ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;failure or breaches of our security systems or infrastructure, or those of third parties;security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;increased costs as a result of protecting our customers from the impact of stolen debit card information;accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;ability of the Company to attract and retain senior management experienced in the banking and financial services industries;environmental liability risk associated with lending activities;the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;the expenses and delayed returns inherent in opening new branches and de novo banks;liabilities, potential customer loss or reputational harm related to closings of existing branches;examinations and challenges by tax authorities, and any unanticipated impact of the tax legislation;changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;the ability of the Company to receive dividends from its subsidiaries;a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;a lowering of our credit rating;changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;the impact of heightened capital requirements;increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;delinquencies or fraud with respect to the Company’s premium finance business;credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;the Company’s ability to comply with covenants under its credit facility;fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; andwidespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change. Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases. CONFERENCE CALL, WEBCAST AND REPLAY The Company will hold a conference call on Tuesday, July 22, 2025 at 10:00 a.m. (CDT) regarding second quarter and year-to-date 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated June 20, 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 second quarter and year-to-date 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website. FOR MORE INFORMATION CONTACT:David A. Dykstra, Vice Chairman & Chief Operating Officer(847) 939-9000Amy Yuhn, Executive Vice President, Communications(847) 939-9591Web site address: www.wintrust.com

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