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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 21, 2025
 
WINTRUST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Illinois001-35077 36-3873352
(State or other jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer
Identification No.)
9700 W. Higgins Road, Suite 800
RosemontIllinois 60018
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (847) 939-9000
Not Applicable
(Former name or former address, if changed since last year)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each Class Ticker SymbolName of Each Exchange on Which Registered
Common Stock, no par value WTFCThe Nasdaq Global Select Market
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par valueWTFCMThe Nasdaq Global Select Market
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of
WTFCPThe Nasdaq Global Select Market
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of
WTFCNThe Nasdaq Global Select Market
7.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F, no par value

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

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


Item 2.02. Results of Operations and Financial Condition
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
On July 21, 2025, Wintrust Financial Corporation (the “Company”) announced earnings for the second quarter of 2025 and posted on its website the Second Quarter 2025 Earnings Release Presentation. Copies of the press release relating to the Company’s earnings results and the related presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. Certain supplemental information relating to non-GAAP financial measures reported in the attached press release and presentation is included on pages 33 through 34 of Exhibit 99.1 and pages 30 through 32 of Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
 
Exhibit
  
2

Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WINTRUST FINANCIAL CORPORATION
(Registrant)
By:/s/ David L. Stoehr
 David L. Stoehr
Executive Vice President and
    Chief Financial Officer
Date: July 21, 2025
3

INDEX TO EXHIBITS
 
Exhibit
  

4


Exhibit 99.1
Wintrust Financial Corporation
9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018
News Release
FOR IMMEDIATE RELEASE  July 21, 2025
FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Web site address: www.wintrust.com

Wintrust Financial Corporation Reports Record Net Income

ROSEMONT, ILLINOIS – 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.
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7

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.

8

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.

9

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.



10

WINTRUST FINANCIAL CORPORATION
Key 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 from
1st Quarter
2025
% or
basis point  (bp) change from
2nd Quarter
2024
  
Three Months Ended
(Dollars in thousands, except per share data)Jun 30, 2025Mar 31, 2025Jun 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 – Diluted2.78 2.69 2.32 3 20 
Cash dividends declared per common share0.50 0.50 0.45 — 11 
Net revenue (3)
670,783 643,108 591,757 4 13 
Net interest income546,694 526,474 470,610 4 16 
Net interest margin3.52 %3.54 %3.50 %(2)bps2 bps
Net 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 assets1.19 1.20 1.07 (1)12 
Return on average common equity12.07 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$59,781,51619 % 15 % 
Total loans (5)
51,041,67948,708,39044,675,53119 14 
Total deposits55,816,81153,570,03848,049,02617 16 
Total shareholders’ equity7,225,6966,600,5375,536,62838 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.”

11

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights
 Three Months EndedSix Months Ended
(Dollars in thousands, except per share data)Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Jun 30, 2025Jun 30, 2024
Selected 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)
51,041,67948,708,39048,055,03747,067,44744,675,531
Total deposits55,816,81153,570,03852,512,34951,404,96648,049,026
Total shareholders’ equity7,225,6966,600,5376,344,2976,399,7145,536,628
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 income195,527 189,039 185,362 170,001 152,388 384,566 339,682 
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 – Basic2.82 2.73 2.68 2.51 2.35 5.55 5.28 
Net income per common share – Diluted2.78 2.69 2.63 2.47 2.32 5.47 5.21 
Cash dividends declared per common share0.50 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 assets0.76 0.74 0.71 0.74 0.85 0.75 0.93 
Non-interest expense to average assets2.32 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 assets1.19 1.20 1.16 1.11 1.07 1.19 1.21 
Return on average common equity12.07 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’ equity6,862,040 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 share95.43 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 outstanding66,937,73266,919,32566,495,22766,481,54361,760,139
Other Data at end of period:
Common equity to assets ratio9.3 %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 loans0.90 %0.92 %0.91 %0.93 %0.98 %
Number of:
Bank subsidiaries16 16 16 16 15 
Banking offices208 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.
12

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
 
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,
(In thousands)20252025202420242024
Assets
Cash and due from banks$695,501 $616,216 $452,017 $725,465 $415,462 
Federal funds sold and securities purchased under resale agreements63 63 6,519 5,663 62 
Interest-bearing deposits with banks4,569,618 4,238,237 4,409,753 3,648,117 2,824,314 
Available-for-sale securities, at fair value4,885,715 4,220,305 4,141,482 3,912,232 4,329,957 
Held-to-maturity securities, at amortized cost3,502,186 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 value273,722 270,442 215,412 125,310 112,173 
Federal Home Loan Bank and Federal Reserve Bank stock282,087 281,893 281,407 266,908 256,495 
Brokerage customer receivables— — 18,102 16,662 13,682 
Mortgage loans held-for-sale, at fair value299,606 316,804 331,261 461,067 411,851 
Loans, net of unearned income51,041,679 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 loans50,650,025 48,330,183 47,691,020 46,707,168 44,311,812 
Premises, software and equipment, net776,324 776,679 779,130 772,002 722,295 
Lease investments, net289,768 280,472 278,264 270,171 275,459 
Accrued interest receivable and other assets1,610,025 1,598,255 1,739,334 1,721,090 1,671,334 
Receivable on unsettled securities sales240,039 463,023 — 551,031 — 
Goodwill798,144 796,932 796,942 800,780 655,955 
Other acquisition-related intangible assets110,495 116,072 121,690 123,866 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-bearing44,939,645 42,368,179 41,102,331 40,665,834 38,017,586 
Total deposits55,816,811 53,570,038 52,512,349 51,404,966 48,049,026 
Federal Home Loan Bank advances3,151,309 3,151,309 3,151,309 3,171,309 3,176,309 
Other borrowings625,392 529,269 534,803 647,043 606,579 
Subordinated notes298,458 298,360 298,283 298,188 298,113 
Junior subordinated debentures253,566 253,566 253,566 253,566 253,566 
Payable on unsettled securities sales39,105 — — — — 
Accrued interest payable and other liabilities1,572,981 1,466,987 1,785,061 1,613,638 1,861,295 
Total liabilities61,757,622 59,269,529 58,535,371 57,388,710 54,244,888 
Shareholders’ Equity:
Preferred stock837,500 412,500 412,500 412,500 412,500 
Common stock67,025 67,007 66,560 66,546 61,825 
Surplus2,495,637 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 earnings4,200,923 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’ equity7,225,696 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 

13

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED 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,
2024		Jun 30, 2025Jun 30, 2024
Interest 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-sale4,872 4,246 5,623 6,233 5,434 9,118 9,580 
Interest-bearing deposits with banks34,317 36,766 46,256 32,608 19,731 71,083 36,389 
Federal funds sold and securities purchased under resale agreements276 179 53 277 17 455 36 
Investment securities78,053 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 stock5,393 5,307 5,157 5,451 4,974 10,700 9,452 
Brokerage customer receivables— 78 302 269 219 78 394 
Total interest income920,908 886,965 913,501 908,604 849,979 1,807,873 1,655,492 
Interest expense
Interest on deposits333,470 320,233 346,388 362,019 335,703 653,703 635,235 
Interest on Federal Home Loan Bank advances25,724 25,441 26,050 26,254 24,797 51,165 46,845 
Interest on other borrowings6,957 6,792 7,519 9,013 8,700 13,749 17,948 
Interest on subordinated notes3,735 3,714 3,733 3,712 5,185 7,449 10,672 
Interest on junior subordinated debentures4,328 4,311 4,663 5,023 4,984 8,639 9,988 
Total interest expense374,214 360,491 388,353 406,021 379,369 734,705 720,688 
Net interest income546,694 526,474 525,148 502,583 470,610 1,073,168 934,804 
Provision for credit losses22,234 23,963 16,979 22,334 40,061 46,197 61,734 
Net interest income after provision for credit losses524,460 502,511 508,169 480,249 430,549 1,026,971 873,070 
Non-interest income
Wealth management36,821 34,042 38,775 37,224 35,413 70,863 70,228 
Mortgage banking23,170 20,529 20,452 15,974 29,124 43,699 56,787 
Service charges on deposit accounts19,502 19,362 18,864 16,430 15,546 38,864 30,357 
Gains (losses) on investment securities, net650 3,196 (2,835)3,189 (4,282)3,846 (2,956)
Fees from covered call options5,624 3,446 2,305 988 2,056 9,070 6,903 
Trading gains (losses), net151 (64)(113)(130)70 87 747 
Operating lease income, net15,166 15,287 15,327 15,335 13,938 30,453 28,048 
Other23,005 20,836 20,676 24,137 29,282 43,841 71,613 
Total non-interest income124,089 116,634 113,451 113,147 121,147 240,723 261,727 
Non-interest expense
Salaries and employee benefits219,541 211,526 212,133 211,261 198,541 431,067 393,714 
Software and equipment36,522 34,717 34,258 31,574 29,231 71,239 56,962 
Operating lease equipment10,757 10,471 10,263 10,518 10,834 21,228 21,517 
Occupancy, net20,228 20,778 20,597 19,945 19,585 41,006 38,671 
Data processing12,110 11,274 10,957 9,984 9,503 23,384 18,795 
Advertising and marketing18,761 12,272 13,097 18,239 17,436 31,033 30,476 
Professional fees9,243 9,044 11,334 9,783 9,967 18,287 19,520 
Amortization of other acquisition-related intangible assets5,580 5,618 5,773 4,042 1,122 11,198 2,280 
FDIC insurance10,971 10,926 10,640 10,512 10,429 21,897 24,966 
Other real estate owned (“OREO”) expenses, net505 643 397 (938)(259)1,148 133 
Other37,243 38,821 39,090 35,767 33,964 76,064 66,464 
Total non-interest expense381,461 366,090 368,539 360,687 340,353 747,551 673,498 
Income before taxes267,088 253,055 253,081 232,709 211,343 520,143 461,299 
Income tax expense71,561 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 dividends6,991 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 outstanding66,93166,72666,49164,88861,83966,82961,660
Dilutive potential common shares888 923 1,233 1,053 926 903 901 
Average common shares and dilutive common shares67,819 67,649 67,724 65,941 62,765 67,732 62,561 
14

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

   
% Growth From (1)
(Dollars in thousands)Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30,
2024		Jun 30, 2024
Mar 31,
2025 (2)
Jun 30, 2024
Balance:
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 agencies106,973 135,224 141,487 146,374 130,748 (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 lending1,663,693 1,701,962 1,611,001 1,709,685 1,465,867 (9)13 
Municipal771,785 798,646 826,653 827,125 747,357 (13)3 
Leases2,757,331 2,680,943 2,537,325 2,443,721 2,439,128 11 13 
Commercial real estate
Residential construction59,027 55,849 48,617 73,088 55,019 23 7 
Commercial construction2,165,263 2,086,797 2,065,775 1,984,240 1,866,701 15 16 
Land304,827 306,235 319,689 346,362 338,831 (2)(10)
Office1,601,208 1,641,555 1,656,109 1,675,286 1,585,312 (10)1 
Industrial2,824,889 2,677,555 2,628,576 2,527,932 2,307,455 22 22 
Retail1,452,351 1,402,837 1,374,655 1,404,586 1,365,753 14 6 
Multi-family3,200,578 3,091,314 3,125,505 3,193,339 2,988,940 14 7 
Mixed use and other1,683,867 1,652,759 1,685,018 1,588,584 1,439,186 8 17 
Home equity466,815 455,683 445,028 427,043 356,313 10 31 
Residential real estate
Residential real estate loans for investment3,814,715 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 agencies80,800 86,952 114,985 92,355 88,503 (28)(9)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies53,267 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 credit1,232,530 1,019,543 893,854 750,462 593,519 84 NM
Community Advantage - homeowners association526,595 525,492 525,446 501,645 491,722 1 7 
Insurance agency lending1,120,985 1,070,979 1,044,329 1,048,686 1,030,119 19 9 
Premium Finance receivables
U.S. property & casualty insurance7,378,340 6,486,663 6,447,625 6,253,271 6,142,654 55 20 
Canada property & casualty insurance944,836 753,199 824,417 878,410 958,099 NM(1)
Life insurance8,506,960 8,365,140 8,147,145 7,996,899 7,962,115 7 7 
Consumer and other116,505 116,319 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.

15

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,
2024
Mar 31,
2025 (1)
Jun 30, 2024
Balance:
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 deposits6,795,7256,340,1685,865,5465,466,9325,053,90929 34 
Wealth management deposits (2)
1,595,7641,408,7901,469,0641,303,3541,490,71153 7 
Money market19,556,04118,074,73317,975,19117,713,72616,320,01733 20 
Savings6,659,4196,576,2516,372,4996,183,2495,882,1795 13 
Time certificates of deposit10,332,6969,968,2379,420,0319,998,5739,270,77015 11 
Total deposits $55,816,811$53,570,038$52,512,349$51,404,966$48,049,02617 %16 %
Mix:
Non-interest-bearing19 %21 %22 %21 %21 %
NOW and interest-bearing demand deposits12 12 11 11 11 
Wealth management deposits (2)
3 3 3 3 3 
Money market35 34 34 34 34 
Savings12 12 12 12 12 
Time certificates of deposit19 18 18 19 19 
Total deposits100 %100 %100 %100 %100 %
(1)Annualized.
(2)Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of June 30, 2025
(Dollars in thousands)Total Time
Certificates of
Deposit		Weighted-Average
Rate of Maturing
Time Certificates
    of Deposit
1-3 months$2,486,694 3.92 %
4-6 months4,464,126 3.80 
7-9 months2,187,365 3.74 
10-12 months771,114 3.64 
13-18 months262,094 3.41 
19-24 months99,689 2.92 
24+ months61,614 2.36 
Total$10,332,696 3.78 %


16

TABLE 4: QUARTERLY AVERAGE BALANCES

 Average Balance for three months ended,
 Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,
(In thousands)20252025202420242024
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-sale310,534 286,710 378,707 376,251 347,236 
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 banks478,707 476,423 470,033 467,333 434,916 
Other assets3,540,394 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 deposits1,552,989 1,574,480 1,430,163 1,362,747 1,531,865 
Money market accounts18,184,754 17,581,141 17,579,395 16,436,111 15,272,126 
Savings accounts6,578,698 6,479,444 6,288,727 6,096,746 5,878,844 
Time deposits9,841,702 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 borrowings593,657 582,139 577,786 622,792 587,262 
Subordinated notes298,398 298,306 298,225 298,135 410,331 
Junior subordinated debentures253,566 253,566 253,566 253,566 253,566 
Total interest-bearing liabilities
$46,878,124 $45,372,700 $44,893,140 $43,021,852 $40,562,392 
Non-interest-bearing deposits10,643,798 10,732,156 10,718,738 10,271,613 9,879,134 
Other liabilities1,456,383 1,541,245 1,563,824 1,631,389 1,601,485 
Equity6,862,040 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.

17

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)20252025202420242024
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 securities78,733 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-sale4,872 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 deposits8,182 8,606 9,412 10,158 10,294 
Money market accounts155,890 146,374 159,945 167,382 155,100 
Savings accounts37,637 35,923 38,402 42,892 41,063 
Time deposits94,244 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 borrowings6,957 6,792 7,519 9,013 8,700 
Subordinated notes3,735 3,714 3,733 3,712 5,185 
Junior subordinated debentures4,328 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 adjustment2,880 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.

18

TABLE 6: QUARTERLY NET INTEREST MARGIN

 Net Interest Margin for three months ended,
Jun 30, 2025Mar 31, 2025Dec 31,
2024		Sep 30, 2024Jun 30,
2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents4.19 %4.26 %4.68 %5.42 %5.35 %
Investment securities3.59 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 assets3.84 %3.82 %3.86 %3.94 %3.85 %
Other earning assets— 2.84 6.01 6.38 6.23 
Mortgage loans held-for-sale6.29 6.01 5.91 6.59 6.29 
Loans, net of unearned income6.48 6.53 6.68 6.90 6.90 
Total earning assets5.96 %5.98 %6.09 %6.33 %6.34 %
Rate paid on:
NOW and interest-bearing demand deposits2.34 %2.25 %2.25 %2.38 %2.64 %
Wealth management deposits2.11 2.22 2.62 2.97 2.70 
Money market accounts3.44 3.38 3.62 4.05 4.08 
Savings accounts2.29 2.25 2.43 2.80 2.81 
Time deposits3.84 4.13 4.38 4.58 4.54 
Interest-bearing deposits3.14 %3.16 %3.39 %3.72 %3.73 %
FHLB advances3.27 3.27 3.28 3.29 3.22 
Other borrowings4.70 4.73 5.18 5.76 5.96 
Subordinated notes5.02 5.05 4.98 4.95 5.08 
Junior subordinated debentures6.85 6.90 7.32 7.88 7.91 
Total interest-bearing liabilities3.20 %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 adjustment0.02 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.




19

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

 
Average Balance
for six months ended,
Interest
for six months ended,
Yield/Rate
for six months ended,
(Dollars in thousands)Jun 30, 2025Jun 30,
2024		Jun 30, 2025Jun 30, 2024Jun 30, 2025Jun 30, 2024
Interest-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-sale298,688 318,756 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 banks477,571 442,591 
Other assets3,600,500 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 deposits1,563,675 1,521,034 16,788 20,755 2.17 2.74 
Money market accounts17,884,615 14,873,309 302,264 293,084 3.41 3.96 
Savings accounts6,529,345 5,835,481 73,560 80,134 2.27 2.76 
Time deposits9,625,117 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 advances3,151,310 2,912,884 51,165 46,845 3.27 3.23 
Other borrowings587,930 607,487 13,749 17,948 4.72 5.94 
Subordinated notes298,353 424,112 7,449 10,672 5.04 5.06 
Junior subordinated debentures253,566 253,566 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 deposits10,687,733 9,925,890 
Other liabilities1,498,578 1,568,761 
Equity6,662,598 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 adjustment5,779 5,6760.02 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.
20

TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Jun 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, 20241.2 1.1 0.4 (0.9)
Jun 30, 20241.5 1.0 0.6 (0.0)

Ramp Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Jun 30, 20250.0 %0.0 %(0.1)%(0.4)%
Mar 31, 20250.2 0.2 (0.1)(0.5)
Dec 31, 2024(0.2)(0.0)0.0 (0.3)
Sep 30, 20241.6 1.2 0.7 0.5 
Jun 30, 20241.2 1.0 0.9 1.0 

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.


21

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or contractual maturity period
As of June 30, 2025One year or
less		From one to
five years		From five to fifteen yearsAfter fifteen yearsTotal
(In thousands)
Commercial
Fixed rate$429,173 $3,756,650 $2,117,493 $14,925 $6,318,241 
Variable rate10,068,079 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 rate9,396,306 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 rate456,401 — — — 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 rate108,431 699,875 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 rate8,013,270 — — — 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 rate69,322 — — — 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 rate28,111,809 711,761 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 
Prime3,243,035 
Fed Funds786,924 
Other U.S. Treasury tenors187,736 
Other231,793 
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.






22



liborerq22025.jpg
Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $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-month
SOFR		12- month CMTPrime
Second Quarter 2025— bps(7)bps—bps
First Quarter 2025(1)(13)— 
Fourth Quarter 2024(52)18(50)
third quarter 2024(49)(111)(50)
Second Quarter 202416—


23

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)2025202520242024202420252024
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 - Other22,234 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 adjustments180 4 (187)30 (19)184 (50)
Charge-offs:
Commercial6,148 9,722 5,090 22,975 9,584 15,870 20,799 
Commercial real estate5,711 454 1,037 95 15,526 6,165 20,995 
Home equity111 — — — — 111 74 
Residential real estate— — 114 — 23 — 61 
Premium finance receivables - property & casualty6,346 7,114 13,301 7,790 9,486 13,460 16,424 
Premium finance receivables - life insurance— 12 — 4 — 12 — 
Consumer and other179 147 189 154 137 326 244 
Total charge-offs18,495 17,449 19,731 31,018 34,756 35,944 58,597 
Recoveries:
Commercial1,746 929 775 649 950 2,675 1,429 
Commercial real estate10 12 172 30 90 22 121 
Home equity30 216 194 101 35 246 64 
Residential real estate2 136 0 5 8 138 10 
Premium finance receivables - property & casualty3,335 3,487 2,646 3,436 3,658 6,822 5,177 
Premium finance receivables - life insurance— — — 41 5 — 13 
Consumer and other32 29 19 21 24 61 47 
Total recoveries5,155 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:
Commercial0.11 %0.23 %0.11 %0.61 %0.25 %0.17 %0.29 %
Commercial real estate0.17 0.01 0.03 0.00 0.53 0.10 0.36 
Home equity0.07 (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 & casualty0.16 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 other0.44 0.45 0.63 0.63 0.56 0.44 0.49 
Total loans, net of unearned income0.11 %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 end0.77 %0.78 %0.76 %0.77 %0.81 %
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end0.90 0.92 0.91 0.93 0.98 
PCD - Purchase Credit Deteriorated

24

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)2025202520242024202420252024
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 losses65,409 69,734 72,586 75,435 73,350 
Allowance for loan losses and unfunded lending-related commitments losses457,063 447,941 436,603 435,714 437,069 
Allowance for held-to-maturity securities losses398 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)Recorded
Investment		Calculated
Allowance		% of its
category’s balance		Recorded
Investment		Calculated
Allowance		% of its
category’s balance		Recorded
Investment		Calculated
Allowance		% of its
category’s balance
Commercial$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 development2,529,117 75,936 3.00 2,448,881 71,388 2.92 2,434,081 87,236 3.58 
Non-construction10,762,893 148,422 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 equity466,815 9,221 1.98 455,683 9,139 2.01 445,028 8,943 2.01 
Residential real estate3,948,782 11,455 0.29 3,685,159 10,652 0.29 3,612,765 10,335 0.29 
Premium finance receivables
Property and casualty insurance8,323,176 15,872 0.19 7,239,862 15,310 0.21 7,272,042 17,111 0.24 
Life insurance8,506,960 740 0.01 8,365,140 729 0.01 8,147,145 709 0.01 
Consumer and other116,505 849 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.


25

TABLE 13: LOAN PORTFOLIO AGING

(In thousands)Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
Loan 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 due34,855 15,243 54,844 32,560 16,485 
30-59 days past due45,103 97,397 92,551 46,057 36,358 
Current16,226,596 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 due11,257 6,995 10,521 13,439 6,555 
30-59 days past due51,173 83,653 30,766 48,346 38,065 
Current13,196,752 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 due138 984 1,233 1,035 275 
30-59 days past due2,971 3,403 2,148 2,580 1,229 
Current461,926 449,226 440,530 422,306 353,709 
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 
Nonaccrual28,047 22,522 23,762 17,959 18,198 
90+ days and still accruing— — — — — 
60-89 days past due8,954 1,351 5,708 6,364 1,977 
30-59 days past due38 38,943 18,917 2,160 130 
Current3,777,676 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 accruing14,350 18,081 16,031 18,235 22,427 
60-89 days past due25,641 19,717 19,042 18,740 29,925 
30-59 days past due29,460 39,459 68,219 30,204 45,927 
Current8,223,321 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 accruing327 2,962 — — — 
60-89 days past due11,202 10,587 72,963 10,902 4,118 
30-59 days past due34,403 29,924 36,405 74,432 17,693 
Current8,461,028 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 accruing184 98 47 148 121 
60-89 days past due61 162 59 22 81 
30-59 days past due175 542 882 264 366 
Current116,044 115,499 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 
Nonaccrual173,977 151,203 154,641 161,059 151,399 
90+ days and still accruing14,861 21,187 16,182 18,628 22,852 
60-89 days past due92,108 55,039 164,370 83,062 59,416 
30-59 days past due163,323 293,321 249,888 204,043 139,768 
Current50,463,343 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.
26

TABLE 14: NON-PERFORMING ASSETS (1)
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,
(Dollars in thousands)20252025202420242024
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 & casualty14,350 18,081 16,031 18,235 22,427 
Premium finance receivables - life insurance327 2,962 — — — 
Consumer and other184 98 47 148 121 
Total loans past due greater than 90 days and still accruing14,861 21,187 16,182 18,628 22,852 
Non-accrual loans:
Commercial80,877 70,560 73,490 63,826 51,087 
Commercial real estate32,828 26,187 21,042 42,071 48,289 
Home equity1,780 2,070 1,117 1,122 1,100 
Residential real estate28,047 22,522 23,762 17,959 18,198 
Premium finance receivables - property & casualty30,404 29,846 28,797 36,079 32,722 
Premium finance receivables - life insurance— — 6,431 — — 
Consumer and other41 18 2 2 3 
Total non-accrual loans173,977 151,203 154,641 161,059 151,399 
Total non-performing loans:
Commercial80,877 70,606 73,594 63,846 51,391 
Commercial real estate32,828 26,187 21,042 42,296 48,289 
Home equity1,780 2,070 1,117 1,122 1,100 
Residential real estate28,047 22,522 23,762 17,959 18,198 
Premium finance receivables - property & casualty44,754 47,927 44,828 54,314 55,149 
Premium finance receivables - life insurance327 2,962 6,431 — — 
Consumer and other225 116 49 150 124 
Total non-performing loans$188,838 $172,390 $170,823 $179,687 $174,251 
Other real estate owned23,615 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:
Commercial0.49 %0.44 %0.47 %0.42 %0.36 %
Commercial real estate0.25 0.20 0.16 0.33 0.40 
Home equity0.38 0.45 0.25 0.26 0.31 
Residential real estate0.71 0.61 0.66 0.53 0.59 
Premium finance receivables - property & casualty0.54 0.66 0.62 0.76 0.78 
Premium finance receivables - life insurance0.00 0.04 0.08 — — 
Consumer and other0.19 0.10 0.05 0.18 0.14 
Total loans, net of unearned income0.37 %0.35 %0.36 %0.38 %0.39 %
Total non-performing assets as a percentage of total assets0.31 %0.30 %0.30 %0.30 %0.32 %
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans262.71 %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.


27

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)2025202520242024202420252024
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 period48,651 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)20252025202420242024
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 sell1,315 — 17,979 3,680 6,945 
Fair value adjustments(325)(491)— — — 
Balance at end of period$23,615 $22,625 $23,116 $13,682 $19,731 
 Period End
(In thousands)Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,
Balance by Property Type:20252025202420242024
Residential real estate$— $— $— $— $161 
Commercial real estate23,615 22,625 23,116 13,682 19,570 
Total$23,615 $22,625 $23,116 $13,682 $19,731 
    
28

TABLE 15: NON-INTEREST INCOME

Three Months Ended
Q2 2025 compared to
Q1 2025
Q2 2025 compared to
Q2 2024
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,
(Dollars in thousands)20252025202420242024$ Change% Change$ Change% Change
Brokerage$4,212 $4,757 $5,328 $6,139 $5,588 $(545)(11)%$(1,376)(25)%
Trust and asset management32,609 29,285 33,447 31,085 29,825 3,324 11 2,784 9 
Total wealth management36,821 34,042 38,775 37,224 35,413 2,779 8 1,408 4 
Mortgage banking23,170 20,529 20,452 15,974 29,124 2,641 13 (5,954)(20)
Service charges on deposit accounts19,502 19,362 18,864 16,430 15,546 140 1 3,956 25 
Gains (losses) on investment securities, net650 3,196 (2,835)3,189 (4,282)(2,546)(80)4,932 NM
Fees from covered call options5,624 3,446 2,305 988 2,056 2,178 63 3,568 NM
Trading gains (losses), net151 (64)(113)(130)70 215 NM81 NM
Operating lease income, net15,166 15,287 15,327 15,335 13,938 (121)(1)1,228 9 
Other:
Interest rate swap fees3,010 2,269 3,360 2,914 3,392 741 33 (382)(11)
BOLI2,257 796 1,236 1,517 1,351 1,461 NM906 67 
Administrative services1,315 1,393 1,347 1,450 1,322 (78)(6)(7)(1)
Foreign currency remeasurement gains (losses)658 (183)(682)696 (145)841 NM803 NM
Changes in fair value on EBOs and loans held-for-investment172 383 129 518 604 (211)(55)(432)(72)
Early pay-offs of capital leases400 768 514 532 393 (368)(48)7 2 
Miscellaneous15,193 15,410 14,772 16,510 22,365 (217)(1)(7,172)(32)
Total Other23,005 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 %$2,942 2 %
Six Months Ended
Q2 2025 compared to Q2 2024
Jun 30,Jun 30,
(Dollars in thousands)20252024$ Change% Change
Brokerage$8,969 $11,144 $(2,175)(20)%
Trust and asset management61,894 59,084 2,810 5 
Total wealth management70,863 70,228 635 1 
Mortgage banking43,699 56,787 (13,088)(23)
Service charges on deposit accounts38,864 30,357 8,507 28 
Gains (losses) on investment securities, net3,846 (2,956)6,802 NM
Fees from covered call options9,070 6,903 2,167 31 
Trading gains, net87 747 (660)(88)
Operating lease income, net30,453 28,048 2,405 9 
Other:
Interest rate swap fees5,279 6,220 (941)(15)
BOLI3,053 3,002 51 2 
Administrative services2,708 2,539 169 7 
Foreign currency remeasurement gains (losses)475 (1,316)1,791 NM
Changes in fair value on EBOs and loans held-for-investment555 165 390 NM
Early pay-offs of capital leases1,168 823 345 42 
Miscellaneous30,603 60,180 (29,577)(49)
Total Other43,841 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.
29

TABLE 16: MORTGAGE BANKING

Three Months Ended
(Dollars in thousands)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
Originations:
Retail originations$523,759 $348,468 $483,424 $527,408 $544,394 
Veterans First originations157,787 111,985 176,914 239,369 177,792 
Total originations for sale (A)$681,546 $460,453 $660,338 $766,777 $722,186 
Originations for investment422,926 217,177 355,119 218,984 275,331 
Total originations$1,104,472 $677,630 $1,015,457 $985,761 $997,517 
As a percentage of originations for sale:
Retail originations77 %76 %73 %69 %75 %
Veterans First originations23 24 27 31 25 
Purchases74 %77 %65 %72 %83 %
Refinances26 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)193,061196,307203,788186,308204,610
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 capitalization6,336 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 capitalization6,336 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 Income10,520 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)$877 
Gain (loss) on derivative contract held as an economic hedge, net2,535 4,897 (11,452)6,892 (772)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)60 2,733 (3,249)3,529 642 
     Total fair value mortgage banking revenue$(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.


30

Six Months Ended
(Dollars in thousands)Jun 30,
2025		Jun 30,
2024
Originations:
Retail originations$872,227 $875,898 
Veterans First originations269,772 321,901 
Total originations for sale (A)$1,141,999 $1,197,799 
Originations for investment640,103 444,577 
Total originations$1,782,102 $1,642,376 
As a percentage of originations for sale:
Retail originations76 %73 %
Veterans First originations24 27 
Purchases75 %80 %
Refinances25 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)193,061204,610
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 capitalization11,005 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 capitalization11,005 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 Income21,131 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)$8,472 
Gain (loss) on derivative contract held as an economic hedge, net7,432 (3,349)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)2,793 (1,548)
     Total fair value mortgage banking revenue$(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.
31

TABLE 17: NON-INTEREST EXPENSE

Three Months Ended
Q2 2025 compared to
Q1 2025
Q2 2025 compared to
Q2 2024
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,
(Dollars in thousands)20252025202420242024$ Change% Change$ Change% Change
Salaries and employee benefits:
Salaries$123,174 $123,917 $120,969 $118,971 $113,860 $(743)(1)%$9,314 8 %
Commissions and incentive compensation55,871 52,536 54,792 57,575 52,151 3,335 6 3,720 7 
Benefits40,496 35,073 36,372 34,715 32,530 5,423 15 7,966 24 
Total salaries and employee benefits219,541 211,526 212,133 211,261 198,541 8,015 4 21,000 11 
Software and equipment36,522 34,717 34,258 31,574 29,231 1,805 5 7,291 25 
Operating lease equipment10,757 10,471 10,263 10,518 10,834 286 3 (77)(1)
Occupancy, net20,228 20,778 20,597 19,945 19,585 (550)(3)643 3 
Data processing12,110 11,274 10,957 9,984 9,503 836 7 2,607 27 
Advertising and marketing18,761 12,272 13,097 18,239 17,436 6,489 53 1,325 8 
Professional fees9,243 9,044 11,334 9,783 9,967 199 2 (724)(7)
Amortization of other acquisition-related intangible assets5,580 5,618 5,773 4,042 1,122 (38)(1)4,458 NM
FDIC insurance10,971 10,926 10,640 10,512 10,429 45 0 542 5 
OREO expense, net505 643 397 (938)(259)(138)(21)764 NM
Other:
Lending expenses, net of deferred origination costs4,869 5,866 6,448 4,995 5,335 (997)(17)(466)(9)
Travel and entertainment6,026 5,270 8,140 5,364 5,340 756 14 686 13 
Miscellaneous26,348 27,685 24,502 25,408 23,289 (1,337)(5)3,059 13 
Total other37,243 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 Ended
Q2 2025 compared to Q2 2024
Jun 30,Jun 30,
(Dollars in thousands)20252024$ Change% Change
Salaries and employee benefits:
Salaries$247,091 $226,032 $21,059 9 %
Commissions and incentive compensation108,407 103,152 5,255 5 
Benefits75,569 64,530 11,039 17 
Total salaries and employee benefits431,067 393,714 37,353 9 
Software and equipment71,239 56,962 14,277 25 
Operating lease equipment21,228 21,517 (289)(1)
Occupancy, net41,006 38,671 2,335 6 
Data processing23,384 18,795 4,589 24 
Advertising and marketing31,033 30,476 557 2 
Professional fees18,287 19,520 (1,233)(6)
Amortization of other acquisition-related intangible assets11,198 2,280 8,918 NM
FDIC insurance21,897 19,810 2,087 11 
FDIC insurance - special assessment— 5,156 (5,156)(100)
OREO expense, net1,148 133 1,015 NM
Other:
Lending expenses, net of deferred origination costs10,735 10,413 322 3 
Travel and entertainment11,296 9,937 1,359 14 
Miscellaneous54,033 46,114 7,919 17 
Total other76,064 66,464 9,600 14 
Total Non-Interest Expense$747,551 $673,498 $74,053 11 %
NM - Not meaningful.

32

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)2025202520242024202420252024
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 Assets680 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, net650 3,196 (2,835)3,189 (4,282)3,846 (2,956)
(H) Non-interest expense381,461 366,090 368,539 360,687 340,353 747,551 673,498 
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 
33

Three Months EndedSix Months Ended
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Jun 30,Jun 30,
(Dollars and shares in thousands)2025202520242024202420252024
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 outstanding66,938 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 losses22,234 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 

34

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;
35

•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;
36

•delinquencies or fraud with respect to the Company’s premium finance business;
•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
•the Company’s ability to comply with covenants under its credit facility;
•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.


Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, 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.

37
Earnings Release Presentation Q2 2025 Wintrust Financial Corporation

 
22 This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 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,the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company's financial condition and results of operations from expected developments or events. Actual results could differ materially from those addressed in the forward- looking statements as a result of numerous factors, including the following: • economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates; • negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies; • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses; • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period; • the financial success and economic viability of the borrowers of our commercial loans; • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses; • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; • changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities; • the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability; • competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products; • failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions; • unexpected difficulties and losses related to FDIC-assisted acquisitions; • harm to the Company’s reputation; • any negative perception of the Company’s financial strength; • ability of the Company to raise additional capital on acceptable terms when needed; • disruption in capital markets, which may lower fair values for the Company’s investment portfolio; • ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith; • failure or breaches of our security systems or infrastructure, or those of third parties; • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft; • adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware); Forward Looking Statements

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

 
44 • 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 • Record June 2025 year-to-date net interest income of $1.1 billion was driven by strong earning asset growth. The Company's relative interest rate neutrality should allow the net interest margin to remain relatively stable in 2025 • Wintrust's tangible book value per common share (non-GAAP) increased to $81.86 as of June 30, 2025. Tangible book value per common share (non-GAAP) has increased every year since Wintrust became a public company in 1996 • Total deposits increased by approximately $7.8 billion, or 16% compared to June 2024, and was driven by our diversified product offerings Pre-Tax, Pre-Provision1 June 2025 Year-to-Date Highlights (Comparative to June 2024 Year-to-Date) Total DepositsTotal Assets Total Loans Net Income $69.0 billion +$9.2 billion or 15% $51.0 billion +$6.3 billion or 14% $55.8 billion +$7.8 billion or 16% $384.6 million +$44.9 million or 13% Update Format second box BV / TBV Net Interest Income Net Interest Margin $1.1 billion +$138.4 million or 15% (non-GAAP) $81.86 +$9.85 $566.3 million +$43.3 million or 8% Diluted EPS $5.47 +$0.26 or 5% Current EPS Prior EPS $ 2.78 2.69 $ 0.09 PPNI Prior PPNI $ 289.3 277.0 $12.30 12300000 289,322 277,018 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Metric June 2025 YTD June 2024 YTD Difference % Change Net Income $ 384,566 $ 339,682 $ 44,884 13 % Pre-Tax, Pre- Provision 566,340 523,033 $ 43,307 8 % Diluted EPS $ 5.47 $ 5.21 $ 0.26 5 % Net Interest Income 1,073,168 934,804 $ 138,364 15 % NIM 3.53 % 3.53 % — % 58 TBV 81.86 72.01 $ 9.85 14 % Total Assets 68,983,318 59,781,516 $ 9,201,802 15 % Rounding support Total Loans 51,041,679 44,675,531 $ 6,366,148 14 % $ 6,346,148 Total Deposits 55,816,811 48,049,026 $ 7,767,785 16 % June 2025 Year-to-Date Takeaways 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix (GAAP) $95.43 +$12.46 (non-GAAP) 3.55% -1 bp (GAAP) 3.53% 0 bps NIM FY GAAP NIM PY GAAP Change 3.53% 3.53% 0.00 NIM FY Non- GAAP NIM PY Non- GAAP Change 3.55% 3.56% -1.00 BV FY BV PY Change $ 95.43 $ 82.97 $ 12.46 TBV TBV PY Change 81.86 72.01 9.85

 
55 • Record quarterly net income of $195.5 million • Q2 2025 net interest margin (non-GAAP) of 3.54% which was two basis points lower than the prior quarter. We expect to maintain a relatively stable net interest margin in 2025 given the current market consensus outlook Q2 2025 Highlights (Comparative to Q1 2025) • Total loans increased by approximately $2.3 billion, or 19% annualized, and was driven by growth across all loan categories, including seasonally higher PFR - Property and Casualty portfolio • Total deposits increased by approximately $2.2 billion, or 17% annualized, and was driven by our diversified product offerings Pre-Tax, Pre-Provision1 Diversified Balance Sheet Total DepositsTotal Assets Total Loans Net Income $69.0 billion +$3.1 billion $51.0 billion +$2.3 billion $55.8 billion +$2.2 billion $195.5 million +$6.5 million Strong Credit Quality • Non-performing loans totaled $189 million and comprised 0.37% of total loans at June 30, 2025, as compared to $172 million and 0.35% of total loans at March 31, 2025 • Allowance for credit losses on total core loans was 1.37% at June 30, 2025 • Net charge-offs remained stable at 11 basis points in the first and second quarters of 2025 Efficiency RatioReturn on Assets ROE / ROTCE 1.19% -1 bp (GAAP) 56.92% -29 bps $289.3 million +$12.3 million 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix for all metrics denoted as non-GAAP Diluted EPS $2.78 +$0.09 Current EPS Prior EPS $ 2.78 2.69 $ 0.09 PPNI Prior PPNI $ 289.3 277.0 $12.30 12300000 289,322 277,018 Stable Margin Supports Earnings Net Overhead Ratio 1.57% -1 bps (non-GAAP) 56.68% -27 bps Efficiency GAAP Prior Q 56.92% 58.59% $ (167.00) Efficiency Non GAAP Prior Q Efficiency Ratio (GAAP) Q1-23 Efficiency Ratio (GAAP) Q4-22 Efficiency Ratio (Non- GAAP) Q1-23 Efficiency Ratio (Non- GAAP) Q4-22 56.92 % 57.21 % 56.68 % 56.95 % % Change File does not have calc for GAAP numbers (27.0000000000004) Check -29.00 -27.00 (GAAP) 12.07% -14 bps (non-GAAP) 14.44% -28 bps Current ROE Prior ROE Current ROTCE Prior ROTCE 12.07 % 12.21 % 14.44 % 14.72 % (14) -28 PENDING 2 Shares issued for the acquisition of Macatawa increased average dilutive shares by 3,118,000 shares

 
66 Diluted EPS Quarterly Trend Record Quarterly Pre-Tax Income, Excluding Provision for Credit Losses Record Quarterly Net Income $152.4 $170.0 $185.4 $189.0 $195.5 1.07% 1.11% 1.16% 1.20% 1.19% Net Income ROA Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $2.32 $2.47 $2.63 $2.69 $2.78 Diluted EPS Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $251.4 $255.0 $270.1 $277.0 $289.3 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 ($ in Millions) ($ in Millions) 1 See non-GAAP reconciliation in Appendix Q2 2025 Highlights Earnings Summary Differentiated, highly diversified and sustainable business model Manual Input - Highlights May Change QoQ • Record quarterly net income of $195.5 million supported by strong loan and deposit growth and a relatively stable net interest margin • Q2 2025 pre-tax income, excluding provision for credit losses (non- GAAP) totaled $289.3 million as compared to $277.0 million in the first quarter of 2025, a record for the Company 1The first quarter of 2024 includes FDIC special assessment of $5.2 million and net gain on sale of RBA of $19.3 million 1 1 1

 
77 32% 26% 16% 17% 8% 1% Commercial Commercial Real Estate PFR - Property and Casualty Insurance PFR - Life Insurance Residential Real Estate All Other Loans $48,708 $456 $377 $264 $1,083 $154 $51,042 3/31/2025 Commercial Commercial Real Estate Residential Real Estate PFR - Property and Casualty Insurance All Other Loans 6/30/2025 $44.7 $48.7 $51.0 6.90% 6.53% 6.48% Total Loans Average Total Loan Yield 6/30/2024 3/31/2025 6/30/2025 Year-over-Year Change $5.6B or 14% in Total Loans Loan Portfolio Diversified loan portfolio Loan Growth Across All Major Loan Categories ($ in Millions) Diversified Loan Mix (as of 6/30/2025) Seasonally Robust Loan Growth in the Second Quarter ($ in Billions) • Loan growth during the second quarter totaled $2.3 billion, or 19% on an annualized basis • Strong loan growth driven by growth across all loan categories, including seasonally higher PFR - Property and Casualty portfolio • Year-over-year loan growth of $6.3 billion, or 14%, driven by robust organic growth and Macatawa Bank acquisition Highlights

 
88 • Robust second quarter deposit growth totaling $2.2 billion or 17% annualized • Year-over-year deposit growth of $7.8 billion, or 16%, was supported by strong organic growth coupled with the Macatawa Bank acquisition • Non-interest bearing deposit balances have remained stable in recent quarters $53,570 $(325) $1,481 $364 $456 $271 $55,817 3/31/2025 Non-Interest- Bearing Money Market CDs NOW Other Interest- Bearing 6/30/2025 $48.0 $53.6 $55.8 3.73% 3.16% 3.14% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 6/30/2024 3/31/2025 6/30/2025 1 1Includes: Savings and deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), trust and asset management customers of the Company Deposit Portfolio Enviable core deposit franchise in Chicago, Milwaukee and Grand Rapids market areas Quarterly Growth Primarily Driven by Money Market and NOW ($ in Millions) Strong Organic Deposit Growth in the Second Quarter ($ in Billions) Highlights 1 Manual Input - Highlights May Change QoQ

 
99 9.5% 9.8% 9.9% 10.1% 10.0% 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Manual Input- Investment Duration comes from Scott Capital/Liquidity Current capital levels are well in excess of regulatory thresholds $4.9 $3.5 $0.3 Available-for-Sale Held-to-Maturity Other 12.5% 0.3% (0.3)% 12.5% 3/31/2025 Retained Earnings and Other Equity Changes Change in RWA 6/30/2025 1 Ratios for Q2 2025 are estimated 2 Q2 capital levels impacted by Preferred Series D and E not redeemed until Q3 9.5% 10.1% 10.0% 10.3% 10.8% 11.4% 12.1% 12.5% 12.9% 9.3% 9.6% 10.2% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 6/30/2024 3/31/2025 6/30/2025 CET1 Ratio 1 Year-over-Year Growth in CET1Strong Q2 Capital Levels Strategically Balanced Investment Portfolio (as of 6/30/2025) ($ in Billions) • The Company's capital levels are well in excess of regulatory thresholds • Investment portfolio at 13% of total assets as of June 30, 2025 Q2 2025 Highlights 1 Total Investment Portfolio Yield (Q1 '25): 3.59% Duration: 6.1 Years $8.7 Manual Input - Highlights May Change QoQ Manual Input - CET1 calculation comes from Mark Expect Q4 2025 CET1 +10.0% 9.5% 9.8% 9.9% 9.7% 10.0% 0.3% Wintrust Macatawa Impact Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q3 2024 Q4 2025 Pending 2 22

 
1010 $4.11 $5.50 $6.03 $6.19 $7.08 $9.03 $11.65 $14.84 $16.07 $17.28 $18.97 $19.02 $20.78 $23.22 $25.80$26.72 $29.28 $29.93 $32.45$33.17 $37.08 $41.68 $44.67 $49.70 $53.23 $59.64 $61.00 $70.33 $75.39 $81.86 Tangible Book Value Per Common Share (non-GAAP) 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 06 /30 /25 Tangible Book Value Per Common Share (non-GAAP) Wintrust has grown TBV Per Common Share every year since going public in 1996, and increased TBV Per Common Share to $81.86 as of June 30, 2025 1 1Q2 2024 is a Preliminary Number Tangible book value per common share (non-GAAP) increased to $72.01 which is the highest in Company history Manual Input - S&P File

 
1111 Total Shareholder Return Wintrust's commitment to growing shareholder value is exemplified by generally outperforming the KBW Nasdaq Regional Banking Total Return Index (KRXTR) Total Shareholder Return of WTFC Compared to KRXTR (1-Year) 100.00% 127.67% 120.90% WTFC KRXTR 06 /30 /24 06 /30 /25 80.00% 100.00% 120.00% 140.00% 160.00% Total Shareholder Return of WTFC Compared to KRXTR (3-Year) 100.00% 92.38% 126.80% 160.82% 83.59% 98.62% 119.24% WTFC KRXTR 06 /30 /22 06 /30 /23 06 /30 /24 06 /30 /25 50.00% 100.00% 150.00% 200.00% Total Shareholder Return of WTFC Compared to KRXTR (5-Year) 100.00% 176.02% 189.29% 175.29% 238.54% 301.05% 170.91% 157.25% 131.45% 155.08% 187.50% WTFC KRXTR 06 /30 /20 06 /30 /21 06 /30 /22 06 /30 /23 06 /30 /24 06 /30 /25 0.00% 100.00% 200.00% 300.00% 400.00% Total Shareholder Return of WTFC Compared to KRXTR (10-Year) 100.00% 96.38% 144.98% 166.00% 141.51% 88.10% 150.22% 161.07% 149.63% 201.31% 252.40% 93.70% 127.55% 139.16% 125.70% 93.56% 159.90% 147.12% 122.99% 145.10% 175.43% WTFC KRXTR 06 /30 /15 06 /30 /16 06 /30 /17 06 /30 /18 06 /30 /19 06 /30 /20 06 /30 /21 06 /30 /22 06 /30 /23 06 /30 /24 06 /30 /25 50.00% 100.00% 150.00% 200.00% 250.00% 300.00% Manual Input - S&P File *Data Source: S&P Capital IQ

 
1212 • We believe we are well-positioned for strong financial performance as we expect the combination of a stable net interest margin and balance sheet growth to result in continued net interest income growth in 2025 • Our hedging program has reduced our interest rate sensitivity. As a result, we anticipate that the repricing of variable rate loans and cash is offset by the impact of hedges and deposit rate changes • Well-positioned for strong financial performance as we continue our momentum into the remainder of the year and 2025 • Expect the combination of a stable net interest margin and balance sheet growth to result in continued net interest income growth over the next few quarters • Hedging program to protect both net interest margin and capital during the new lower rate fed cycle $6.70 $5.45 $6.20 $5.45 $5.45 $3.70 $3.70 $4.45 $3.70 $3.70 $3.00 $1.75 $1.75 $1.75 $1.75 Received Fixed Swaps Costless Collars 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 $470.6 $502.6 $525.1 $526.5 $546.7 3.52% 3.51% 3.51% 3.56% 3.54% Net Interest Income NIM, fully taxable-equivalent (non-GAAP) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 3.56% (0.02)% 0.02% (0.02)% 3.54% NIM (non-GAAP) Q1 2024 Earning Asset Yield Interest-Bearing Liability Rate Net Free Funds NIM (non-GAAP) Q2 2024 Net Interest Margin/Income Net interest margin within guidance range; coupled with strong earning asset growth drove net interest income higher Derivatives Held by the Company as of June 30, 2025 that Hedge the Cash Flows of Variable Rate Loans1 2.9% 1.0% 1.8% 1.0% Static Ramp 6/30/2023 6/30/2024 Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points (2.9)% 0.6% (0.9)% 0.9% Static Ramp 6/30/2023 6/30/2024 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Falling Rates Scenario - 100 Basis Points 1 Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet 2 Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months Q1 '24 NII $526.5MM Q2 '24 NII $546.7MMNIM Linking Chart 6/30/2025 3/31/2025 Variance Total earning assets (7) 5.96 % 5.98 % (0.02) % Total interest-bearing liabilities 3.20 % 3.22 0.02 % Net free funds/contribution (6)/ Net interest income/Net interest margin 0.78 % 0.80 -0.02 NIM 3.54 % 3.56 Manual Input - Data Comes from Joel Pending Expect sustained NII growth and Stable NIM through 2025 Q2 2025 Record NII Boosted By Strong Organic Growth and Stable NIM Q2 2025 Highlights As of June 30, 2025 Collars Weighted Average Cap Rate: 3.72% Collars Weighted Average Floor Rate: 2.23% Receive Fixed Swaps Weighted Average Rate: 3.86% 1 Balances shown represent the notional amount of cash flow hedging derivatives that are effective as of the dates presented. Reference the Appendix slide 24 for the complete derivative schedule. ($ in Billions) ($ in Millions) • Expect sustained NII growth and Stable NIM through 2025 Highlights Q2 2025

 
1313 Wealth Management Increase Due Primarily to Higher Asset Valuations $121.1 $113.1 $113.5 $116.6 $124.1 $35.4 $37.2 $38.8 $34.0 $36.8 $13.9 $15.3 $15.3 $15.3 $15.2 $15.5 $16.4 $18.9 $19.4 $19.5 $27.2 $28.2 $20.0 $27.4 $29.4 $29.1 $16.0 $20.5 $20.5 $23.2 Wealth Management Operating Lease Income, net Service Charges on Deposits Other ; incl. Call Option Income Mortgage Banking Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $722.2 $766.8 $660.3 $460.5 $681.5 $544.4 $527.4 $483.4 $348.5 $523.8 $177.8 $239.4 $176.9 $112.0 $157.7 Retail Originations Veterans First Originations Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Mortgage Originations For Sale Seasonally in Line with Q2 2024 MSRs Effectively Hedged to Moderate Impact to Fair Value Non-Interest Income Increased Primarily Due to Increase in Asset Management Fees and Saleable Mortgage Originations 1 Other - includes Interest Rate Swap Fees, BOLI, Administrative Services, FX Remeasurement Gains/(Losses), Early Pay-Offs of Capital Leases, Gains/(losses) on investment securities, net, Fees from covered call options, Trading gains/(losses), net and Miscellaneous 1 $35.4 $37.2 $38.8 $34.0 $36.8 $48.2 $51.1 $51.2 $51.1 $53.2 Total Wealth Management Revenue Assets Under Administration ($ in billions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 ($ in Millions) ($ in Millions) % of MSRs to Loans Serviced for Others Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 1.68% 1.52% 1.64% 1.58% 1.55% $204.6 $186.3 $203.8 $196.3 $193.1 $12,211 $12,253 $12,401 $12,402 $12,471 MSRs, at fair value Loans Serviced for Others Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 ($ in Millions) ($ in Millions) Non-Interest Income Diversified fee businesses supported non-interest income levels despite challenging mortgage environment Manual Input - Data Comes from Mortgage Team Pending

 
1414 56.83% 58.58% 57.18% 56.95% 56.68% Efficiency Ratio (non-GAAP) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $198.5 $211.3 $212.1 $211.5 $219.5 $113.9 $119.0 $121.0 $123.9 $123.2 $52.1 $57.6 $54.8 $52.5 $55.9 $32.5 $34.7 $36.3 $35.1 $40.5 Salaries Commissions and Incentive Compensation Benefits Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $36.6 $45.1 $50.1 $52.9 $56.3 $64.9 $69.0 2.79% 2.51% 2.42% 2.33% 2.45% 2.36% 2.32% Total Assets Non-Interest Expense as a % of Average Assets FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YTD 2025 Efficiency Ratio Decreased as Income Outpaced Expense Growth Q1 2024 Non-Interest Expense Advertising and Marketing FDIC Special Assessment Salaries and Benefits Occupancy Expense All Other Expenses Q2 2024 Non-Interest Expense Non-Interest Expense We continue to manage our expenses and believe they are in line with Company growth ($ in Millions) Strong Asset Growth Coupled With Prudent Expense Management ($ in Billions) 1 Q1 2024 Includes FDIC Special Assessment of $5.2 million and Net Gain on Sale of RBA of $19.3 million 1 Total Salaries and Benefits Increase Primarily Driven by Increased Health Insurance Claims and Higher Commissions From Mortgage Production and Wealth Management Revenue Total Salaries and Benefits Expense Relatively Stable Quarter over Quarter as Q1 2025 Impacted

 
1515 $448.4 $9.5 $9.9 $(10.3) $457.5 3/31/2025 Portfolio Changes Baseline Economic Factors Macroeconomic Uncertainty Factors 6/30/2025 $30.0 $26.7 $15.9 $12.6 $13.3 $40.1 $22.3 $17.0 $24.0 $22.2 0.28% 0.23% 0.13% 0.11% 0.11% NCOs Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $174.3 $179.7 $170.8 $172.4 $188.8 $119.1 $125.4 $119.6 $121.5 $143.7 $0.0 $0.0 $6.4 $3.0 $0.3$55.2 $54.3 $44.8 $47.9 $44.8 0.39% 0.38% 0.36% 0.35% 0.37% NPLs as a % of Total Loans PFR - Commercial NPLs PFR - Life NPLs Commercial, CRE and Other NPLs 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $(33) $(15) $(42) $(41) $2 (0.01)% 0.00% (0.01)% (0.01)% 0.00% NCOs Annualized NCOs as a % of Average Total Loans Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 $47,243 $49,535 Q1 2025 Q2 2025 $824 $844 Q1 2025 Q2 2025 $641 $663 Q1 2025 Q2 2025 Pass and Loans Guaranteed1 Special Mention Substandard2 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful 97% 97% 2% 2% 1% 1% Credit Quality Diversified business lines and strong credit management support stable credit quality Low and Consistent Levels of Non-Performing Loans ($ in Millions) ($ in Millions) Special Mention and Substandard Percentages Remained Stable Quarter over Quarter $30.0 $26.7 $15.9 $12.6 $13.3 $40.1 $22.3 $17.0 $24.0 $22.2 0.28% 0.23% 0.13% 0.11% 0.11% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Provision Decrease Primarily Driven by Impacts Related to The Macroeconomic Outlook ($ in Millions) $75 $72 $1 $1 $1 0.01% 0.01% 0.00% 0.00% 0.00% NPLs Annualized NPLs as a % of Average Total Loans Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 $15.5 Day 1 Macatawa Provision for Credit Losses $6.8 Increased Allowance For Credit Losses ($ in Millions) 3Portfolio Changes: Includes new volume and run- off, changes in credit quality, aging of existing portfolio, shifts in segmentation mix and changes in net charge-offs 3 Manual Input - All Data comes from Mike Reiser Manual Input - All Data comes from Mike Reiser $15.5

 
1616 0.25% 0.40% 0.45% 0.41% 0.46% 0.48% 0.34% 0.51% 0.29% 0.34% 0.39% 0.81% 1.58% 1.74% 1.52% 1.30% 1.03% 0.85% 0.62% 0.56% 0.50% 0.47% 0.44% 0.36% 0.32% 0.16% 0.21% 0.27% 0.30% 0.31% NPA/TA 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 06 /30 /25 1Q2 2024 is a Preliminary Number Non-Performing Assets to Total Assets NPAs continue to normalize though still remain historically low Historical Data are manual input from S&P File. Current quarter is linked

 
1717 • Increase in allowance for credit losses driven by impacts related to portfolio changes • Coverage across all portfolios remains strong to protect against downside risks arising from an uncertain macro economic environment • Increase in allowance driven by net loan growth across most segments coupled with changes in credit quality within specific products of the portfolio • Strong coverage across all portfolios designed to protect against potential future economic downturn $48.1 $48.7 $51.0 0.91% 0.92% 0.90% Total Loan Period End Balance Allowance as a % of Total Loans 12/31/2024 3/31/2025 6/30/2025 $28.8 $29.1 $29.9 1.36% 1.37% 1.37% Core Loan Period End Balance Allowance as a % of Category 12/31/2024 3/31/2025 6/30/2025 $19.3 $19.6 $21.1 0.23% 0.26% 0.22% Niche Loan Period End Balance Allowance as a % of Category 12/31/2024 3/31/2025 6/30/2025 Credit Quality - Allowance for Credit Losses The Company remains well-reserved Consistently Well-Reserved Across Our Core1 Loan PortfolioAppropriate Allowance Coverage on Total Loan Portfolio ($ in Billions) ($ in Billions) Allowance Provides Appropriate Coverage Due To Minimal Historic Losses in Niche1 Portfolio ($ in Billions) Q2 2025 Highlights Manual Input - All Data comes from Mike Reiser 1Niche Loans consists of: Franchise, Mortgage warehouse lines of credit, Community Advantage - homeowners association, Insurance agency lending, Premium Finance receivables, and Consumer and other. All other loans are considered Core. 1 1

 
1818 $182.0 $171.6 $175.8 $201.2 $194.6 1.29% 1.13% 1.13% 1.26% 1.19% Calculated Allowance Allowance as a % of Category 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $51.4 $63.8 $73.6 $70.6 $80.9 0.36% 0.42% 0.47% 0.44% 0.49% NPLs NPL as a % of Category 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $14,154 $15,248 $15,575 $15,931 $16,387 0.25% 0.61% 0.11% 0.23% 0.11% Period End Balance Net Charge-Off Ratio (Annualized) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 43% 10%5% 17% 8% 7% 3% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - HOA Insurance agency lending Credit Quality - Commercial Loans Diversified portfolio with low net charge-offs Manageable Levels of Non-Performing Commercial LoansStrong Loan Growth With Low Charge-off Levels ($ in Millions) ($ in Millions) Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 6/30/2025) ($ in Millions)

 
1919 $11,947 $12,793 $12,904 $12,915 $13,292 0.53% 0.00% 0.03% 0.01% 0.17% Period End Balance Net Charge-Off Ratio (Annualized) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $48.3 $42.3 $21.0 $26.2 $32.8 0.40% 0.33% 0.16% 0.20% 0.25% NPLs NPL as a % of Category 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 215.7 215.7 222.9 210.0 224.4 1.81% 1.69% 1.73% 1.63% 1.69% Calculated Allowance Allowance as a % of Category 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 12% 21% 11% 24% 13% 17% 2% Office Industrial Retail Multi-family Mixed use and other Commercial and Residential construction Land Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties Continued Low Levels of NPLs in Q2 2025 Strong Growth in Portfolio With Low Levels of Net Charge-offs ($ in Millions) ($ in Millions) Ample Allowance Levels to Protect Against Potential Future Market Pressure Commercial Real Estate Loan Composition (as of 6/30/2025) ($ in Millions)

 
2020 Chicago CBD, 10% Other CBD, 11% Suburban, 79% $391.1 $323.6 $258.4 $201.6 $286.7 $139.8$151.2 $157.0 $174.6 $126.4 $173.0 $46.3 Total CRE Office Non-Medical Non Owner-Occupied <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Medical Non Owner- Occupied, 29% Medical Owner Occupied, 3% Non-Medical Owner- Occupied, 16% Non-Medical Non Owner-Occupied, 52% 1Chicago CBD includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 1 2 $1,257.1 $177.6$166.5 $828.5 ### $258.0 $473.3 280925 99 49 36 24 17 11 17 10 5 2 Number of Loans Per Category CRE Office Portfolio (as of 6/30/2025) CRE office represents a minimal percentage of the total loan portfolio CRE Office Portfolio Geography ($ in Millions) CRE Office Portfolio Composition Granularity of CRE Office Portfolio by Loan Size ($ in Millions) ($ in Millions) <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M # of Loans CRE 925 99 36 17 17 5 Non Med 280 49 24 11 10 2 Portfolio Characteristics As of 3/31/2025 As of 6/30/2025 Balance ($ in Millions) $1,642 $1,601 CRE office as a % to Total CRE 12.71% 12.05% CRE office as a % to Total Loans 3.37% 3.14% Average Size of Loan ($ in Millions) $1.5 $1.5 Non-Performing Loan (NPL) Ratio 0.41% 1.19% Loans Still Accruing that are 30-89 Days Past Due Ratio 0.60% 1.77% Owner Occupied or Medical % 45% 48% $41.4 Manual Input - Data Comes from Mario's Team Medical $ 473.3 Medical Owner Occupied $ 41.4 Non-Medical Owner-Occupied $ 258.0 Non-Medical Non Owner- Occupied $ 828.5 Chicago CBD $ 166.5 Other CBD $ 177.6 Suburban $ 1,257.1 Total $ 1,601.2 PENDING

 
2121 Manual Input - Data comes from Dominic Sarro $0.0 $0.0 $6.4 $3.0 $0.3 0.00% 0.00% 0.08% 0.04% 0.00% NPLs NPL as a % of Category 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $8,732 $1,916 Cash Surrender Value Other $7,962 $7,997 $8,147 $8,365 $8,507 0.00% 0.00% 0.00% 0.00% 0.00% Period End Balance Net Charge-Off Ratio (Annualized) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 1 Loan Collateral reported at actual values versus credit advance rate 2 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance 4% 70% 7% 19% Annuity Brokerage Account Certificate of Deposit Letters of Credit OtherCollateral Coverage2 of 125% Credit Quality Premium Finance Receivables - Life Insurance Life insurance portfolio remains steady and has continued to demonstrate exceptional credit quality Non-Performing Loans Remain LowStrong Growth with Pristine Credit Quality ($ in Millions) ($ in Millions) Total Loan Collateral1 by Type (as of 6/30/2025) "Other" Loan Collateral1 by Type (as of 6/30/2025) ($ in Millions) Pending

 
2222 Consistently Low Levels of Non-Performing LoansRobust Growth in Q2 2025 $7,101 $7,132 $7,272 $7,240 $8,323 0.33% 0.24% 0.59% 0.20% 0.16% Period End Balance Net Charge-Off Ratio (Annualized) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $5,080 $4,499 $4,565 $4,392 $5,586 Originations Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $55.1 $54.3 $44.8 $47.9 $44.8 0.78% 0.76% 0.62% 0.66% 0.54% NPLs NPL as a % of Category 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $3,948 $2,697 $1,412 $266 Current Premium Finance Receivables - Property and Casualty Insurance Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 7-9 Months > 9 months Premium Finance Receivables - Property and Casualty Insurance ($ in Millions) ($ in Millions) Projected Repayments Strong Origination Volume in the Second Quarter ($ in Millions) ($ in Millions) Manual Input - Data comes from Mark B Manual Input - Data comes from Thanos Polyzois and Matt for Canada Pending Pending1 16/30/2024 Balances are net of approximately $698MM loan sale

 
2323 Appendix

 
2424 • Per accounting rules, prior issuance costs from Preferred Series D and Preferred Series E will be reclassified, upon redemption, from capital surplus and recognized through retained earnings. These amounts do not impact operating net income but will be considered as a reduction to net income available to common shareholders and will impact earnings per share calculations. Wintrust Preferred Stock Offering and Redemption Preferred Series Impact on Diluted EPS One-Time Q3 Impact on Diluted EPS ($ in '000) Q2 2025 Q3 2025 Q4 2025 Preferred Series D + E Quarterly Dividend $(6,991) $— $— Preferred Series F First Dividend1, 2 — (13,295) — Preferred Series F Regular Quarterly Dividend2 — — (8,367) Preferred Series D Issuance Costs (non-recurring) — (4,158) — Preferred Series E Issuance Costs (non-recurring) — (9,887) — Total Impact $(6,991) $(27,340) $(8,367) Average diluted common shares ('000s)3 67,819 67,819 67,819 Diluted EPS Impact $(0.10) $(0.40) $(0.12) ($ in Millions) PENDING 1 Preferred Series F First Dividend covers the time period May 22, 2025 to October 15, 2025 2 Preferred Series F First Dividend and Quarterly Dividend amounts, if declared by the Board of Directors 3 Average diluted common shares held constant in Q3 and Q4 2025 for illustrative purposes

 
2525 Hedging activities had a six basis point unfavorable impact to our Q2 2025 NIM as compared to a six basis point unfavorable impact to our Q1 2025 NIM. These derivatives moderate our interest rate sensitivity and serve the purpose of stabilizing net interest income performance across various interest rate scenarios. Hedge Type Effective Date Notional Maturity Date Cap Rate Floor Rate Swap Rate Costless Collar 9/1/2022 $1.25B 9/1/2025 3.74% 2.25% N/A Costless Collar 9/1/2022 $1.25B 9/1/2027 3.45% 2.00% N/A Costless Collar 10/1/2022 $0.5B 10/1/2026 4.32% 2.75% N/A Receive Fixed Swap 1/31/2023 $0.5B 12/31/2025 N/A N/A 3.75% Receive Fixed Swap 1/31/2023 $0.5B 12/31/2026 N/A N/A 3.51% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2026 N/A N/A 3.68% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2027 N/A N/A 3.45% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 3.92% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.53% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 4.18% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.75% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2026 N/A N/A 4.45% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2027 N/A N/A 4.15% Receive Fixed Swap 10/1/2024 $0.35B 10/1/2029 N/A N/A 3.99% Receive Fixed Swap 11/1/2024 $0.35B 11/1/2029 N/A N/A 4.25% Receive Fixed Swap 11/1/2025 $0.25B 11/1/2029 N/A N/A 3.30% Receive Fixed Swap 11/1/2025 $0.25B 11/1/2030 N/A N/A 3.55% Receive Fixed Swap 11/1/2025 $0.25B 11/1/2030 N/A N/A 3.82% Receive Fixed Swap 2/1/2026 $0.25B 2/1/2031 N/A N/A 3.95% Receive Fixed Swap 2/1/2026 $0.25B 2/1/2031 N/A N/A 4.25% Below are the details of the derivatives entered by the Company as of June 30, 2025. These derivatives hedge the cash flows of variable rate loans that reprice monthly based on one-month term SOFR. Hedging Strategy Update Use of Hedges to Mitigate Negative Impacts of Falling Rates Manual Input - To Confirm with Joel

 
2626 1Geographic Diversification: primary business location utilized to estimate geographic diversification, which can mean the following locations types were used: collateral location, customer business location, customer home address and customer billing address States/Jurisdictions that individually comprise 1% or less of the Total Loan Portfolio shaded light blue Loan Portfolio Highly diversified portfolio across U.S Loan Portfolio - Geographic Diversification1 (as of 6/30/2025) 32% 8% 7% 6% 4% 4% 3% 2% 2% 2% 3% 2%Canada: Total Loan Portfolio Primary Geographic Region Commercial: Commercial, industrial and other Midwest Leasing Nationwide Franchise Lending Nationwide Commercial real estate Construction and development Midwest Non-construction Midwest Home equity Midwest Residential Real Estate Midwest Premium finance receivables Commercial insurance loans Nationwide and Canada Life insurance loans Nationwide Consumer and other Midwest 2% 1.4% 1.5% 4% 2% Pending 2%

 
2727 Chicago MSA (Sorted by 2024 Market Share Data) 2024 Deposit Market Share 2023 Deposit Market Share 2022 Deposit Market Share 2021 Deposit Market Share JPMorgan Chase Bank 20.0% 22.3% 23.3% 23.1% BMO Bank 18.3% 16.7% 14.3% 15.1% Bank of America 8.0% 8.8% 10.1% 8.5% Wintrust Financial Corporation 7.7% 7.3% 6.8% 6.5% CIBC Bank USA 7.0% 6.6% 5.9% 5.7% The Northern Trust Company 5.8% 4.7% 6.4% 6.8% Fifth Third Bank 4.9% 4.9% 5.0% 5.1% PNC Bank 3.1% 3.0% 3.0% 3.1% Old National Bank1 2.8% 2.8% 2.5% 2.7% Citibank 2.5% 3.3% 3.6% 3.5% *Data Source: Federal Deposit Insurance Corporation as of June 30th of each year Deposit Market Share and WTFC Midwest Branch Locations Milwaukee, Kenosha, Racine MSAs (Sorted by 2024 Market Share Data) 2024 Deposit Market Share 2023 Deposit Market Share 2022 Deposit Market Share 2021 Deposit Market Share U.S. Bank 29.3% 33.4% 37.9% 36.6% BMO Harris Bank 14.9% 13.7% 12.9% 14.4% JPMorgan Chase 11.0% 11.4% 11.8% 11.2% Associated Bank 9.6% 8.8% 7.3% 7.0% Wintrust Financial Corporation 3.8% 3.2% 2.7% 2.4% Wells Fargo Bank 2.4% 2.4% 2.3% 4.3% Bank Five Nine 2.1% 1.7% 1.3% 1.3% PNC Bank 2.1% 2.0% 2.0% 2.5% Old National Bank1 1.7% 1.5% 1.3% 0.2% North Shore Bank 2.0% 1.9% 1.8% 1.7% Grand Rapids MSA (Sorted by 2024 Market Share Data) 2024 Deposit Market Share 2023 Deposit Market Share 2022 Deposit Market Share 2021 Deposit Market Share Huntington 18.9% 18.9% 20.0% 19.5% Fifth Third Bank 18.7% 18.7% 19.7% 21.7% Northpointe Bank 10.9% 10.2% 7.7% 7.0% JPMorgan Chase 9.6% 9.9% 10.3% 10.2% Macatawa Bank 7.2% 7.3% 7.5% 8.2% Mercantile Bank 7.2% 6.9% 6.5% 6.4% Independent Bank 4.3% 4.6% 5.4% 5.1% West Michigan Community Bank 2.8% 2.6% 2.3% 2.2% Bank of America 2.7% 3.2% 4.1% 3.6% ChoiceOne Bank 2.5% 2.5% 2.5% 2.2% *Map Source: S&P Capital IQ 1 Includes First Midwest Market share, Old National acquired First Midwest in a merger that was completed on February 16, 2022

 
2828 Selected Wintrust Awards Q2 2025 - Wintrust Awards Year-to-Date Wintrust continues to be recognized for its Different Approach to banking. J.D. Power ranked Wintrust Community Banks #1 in Illinois for Retail banking Customer Satisfaction • Scored highest by customers as Most trusted Retail Bank in Illinois for four straight years • Customers also rated Wintrust Community Banks #1 for convenience, value, and account offerings 14 Coalition Greenwich Best Bank Awards for Middle Market • 10th consecutive year of recognition • Wintrust also received the Best Bank - Overall Satisfaction Award in National and Regional markets • These awards demonstrate Wintrust's strong client relationships and commitment to excellence For J.D. Power 2025 award information, visit jdpower.com/awards

 
2929 Abbreviation Definition BOLI Bank Owned Life Insurance BP Basis Point BV Book Value per Common Share CBD Central Business District CET1 Ratio Common Equity Tier 1 Capital Ratio CRE Commercial Real Estate Diluted EPS Net Income per Common Share - Diluted FDIC Federal Deposit Insurance Corporation GAAP Generally Accepted Accounting Principles HOA Homeowners Association Interest Bearing Cash Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents MSA Metropolitan Statistical Area MSR Mortgage Servicing Right NCO Net Charge Off NII Net Interest Income NIM Net Interest Margin Non-GAAP For non-GAAP metrics, see the reconciliation in the Appendix NPA Non-Performing Asset NPL Non-Performing Loan PFR Premium Finance Receivables PTPP Pre-Tax, Pre-Provision Income RBA Retirement Benefits Advisors ROA Return on Assets ROE Return on Average Common Equity ROTCE Return on Average Tangible Common Equity RWA Risk-Weighted Asset SOFR Secured Overnight Financing Rate TA Total Assets TBV Tangible Book Value TBVPCS Tangible Book Value Per Common Share Glossary

 
3030 Three Months Ended Six Months Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2025 2025 2024 2024 2024 2025 2024 (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 $261,727 (G) Gains (losses) on investment securities, net 650 3,196 (2,835) 3,189 (4,282) 3,846 (2,956) (H) Non-interest expense 381,461 366,090 368,539 360,687 340,353 747,551 673,498 Efficiency ratio (H/(D+F-G)) 56.92 % 57.21 % 57.46 % 58.88 % 57.10 % 57.06 % 56.15 % Efficiency ratio (non-GAAP) (H/(E+F-G)) 56.68 % 56.95 % 57.18 % 58.58 % 56.83 % 56.81 % 55.88 % The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): 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 Non-GAAP Reconciliation

 
3131 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): 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 Three Months Ended Six Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2025 2025 2024 2024 2024 2025 2024 (N) Net income applicable to common shares $188,536 $182,048 $178,371 $163,010 $145,397 $370,584 $325,700 Add: Intangible asset amortization 5,580 5,618 5,773 4,042 1,122 11,198 2,280 Less: Tax effect of intangible asset amortization (1,495) (1,421) (1,547) (1,087) (311) (2,923) (602) After-tax 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 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 The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Non-GAAP Reconciliation

 
3232 Three Months Ended Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 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 $59,104,954 Common equity to assets ratio (GAAP) (L/J) 9.3 % 9.4 % 9.1 % 9.4 % 8.6 % Tangible common equity ratio (non-GAAP) (I/K) 8.0 % 8.1 % 7.8 % 8.1 % 7.5 % Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): 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 $72.01 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: ($'s and Shares in Thousands): June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 (N) Net income applicable to common shares $ 173,207 $ 137,826 $ 1,492 $ 1,579 $ 120,400 Add: Acquisition-related intangible asset amortization 1,235 1,436 $ (425) $ (445) 1,609 Less: Tax effect of acquisition-related intangible asset amortization (321) (370) 1067000 1,134 (430) After-tax Acquisition-related intangible asset amortization $ 914 $ 1,066 137,037 88,656 $ 1,179 (O) Tangible net income applicable to common shares (non-GAAP) $ 174,121 $ 138,892 $ 4,795,387 $ 4,526,110 $ 121,579 Total average shareholders’ equity $ 4,895,271 $ 4,710,856 $ (412,500) $ (412,500) $ 4,500,460 Less: Average preferred stock (412,500) (412,500) 4,382,887 4,113,610 (412,500) (P) Total average common shareholders’ equity $ 4,482,771 $ 4,298,356 $ (678,953) $ (681,091) $ 4,087,960 Less: Average acquisition-related intangible assets (675,247) (676,371) 3,703,934 3,432,519 (682,603) (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 3,807,524 $ 3,621,985 $0.12 $0.09 $ 3,405,357 Return on average common equity, annualized (N/P) 15.67 % 12.72 % 11.94 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 0.1854636737388 63 Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 (N) Net income applicable to common shares $ 188,536 $ 182,048 $ 178,371 $ 163,010 $ 145,397 Add: Intangible asset amortization $ 5,580 $ 5,618 $ 5,773 $ 4,042 1122000 Less: Tax effect of intangible asset amortization $ (1,495) $ (1,421) $ (1,547) $ (1,087) (311) After-tax intangible asset amortization $ 4,085 $ 4,197 $ 4,226 $ 2,955 811 (O) Tangible net income applicable to common shares (non-GAAP) $ 192,621 $ 186,245 $ 182,597 $ 165,965 146,208 Total average shareholders’ equity $ 6,862,040 $ 6,460,941 $ 6,418,403 $ 5,990,429 $ 5,450,173 Less: Average preferred stock $ (599,313) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 6,262,727 $ 6,048,441 $ 6,005,903 $ 5,577,929 $ 5,037,673 Less: Average intangible assets $ (910,924) $ (916,069) $ (921,438) $ (833,574) $ (677,207) (Q) Total average tangible common shareholders’ equity (non-GAAP) $5,351,803 $5,132,372 $5,084,465 $4,744,355 $4,360,466 Return on average common equity, annualized (N/P) 12.07% 12.21% 11.82% 11.63% 11.61% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.44 14.72 14.29 13.92 13.49 Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.