Financial Performance - Wintrust recorded net income of $152.4 million for Q2 2024, a decrease of 2% from $154.8 million in Q2 2023[169] - Net income for Q2 2024 was $152.4 million, a decrease of $2.4 million, or 2%, compared to Q2 2023, with diluted earnings per share of $2.32 versus $2.38 in the prior year[188] - The company reported a pre-tax income, excluding provision for credit losses, of $251.4 million for Q2 2024[188] - Return on average common equity decreased to 11.61% in Q2 2024 from 12.79% in Q2 2023[175] - Return on average common equity for Q2 2024 was 11.61%, down from 14.42% in Q2 2023[188] Income and Revenue - Net interest income rose to $470.6 million in Q2 2024, a 5% increase from $447.5 million in Q2 2023, driven by a $3.7 billion increase in average loans[171] - Non-interest income totaled $121.1 million in Q2 2024, up from $113.0 million in Q2 2023, primarily due to gains on the sale of premium finance receivables[172] - Non-interest income increased to $140.6 million in Q2 2024, compared to $121.1 million in Q1 2024 and $113.0 million in Q2 2023[188] - Total non-interest income rose by $40.9 million (19%) for the six months ended June 30, 2024, compared to the same period in 2023[204] - Total wealth management revenue rose by $6.4 million (10%) year-to-date, driven by increased asset management fees[205] Expenses - Non-interest expense increased by 6% to $340.4 million in Q2 2024, mainly due to higher salaries and employee benefits[173] - Non-interest expense for the three months ended June 30, 2024, increased by $19.7 million, or 6%, to $340.4 million compared to $320.6 million for the same period in 2023[218] - Salaries and employee benefits for the three months ended June 30, 2024, totaled $198.5 million, an increase of $13.6 million, or 7%, from $184.9 million in the same period in 2023[218] Assets and Deposits - Total assets reached $59.8 billion at June 30, 2024, a 10% increase from $54.3 billion at June 30, 2023[175] - Total deposits grew to $48.0 billion, reflecting a 9% increase compared to $44.0 billion in the previous year[175] - Total average deposits for Q2 2024 were $46.1 billion, an increase of $3.6 billion, or 8%, from Q2 2023, driven by enhanced marketing efforts[262] - Total average assets increased to $57.49 billion in Q2 2024, up from $52.60 billion in Q2 2023[231] Loan Portfolio - The loan portfolio increased to $44.7 billion at June 30, 2024, up from $42.1 billion at December 31, 2023, representing organic growth across several segments[170] - The total average loans amounted to $43.82 billion in Q2 2024, maintaining 81% of total average earning assets, consistent with the previous quarters[231] - The company originated approximately $5.5 billion in premium finance receivables in Q2 2024, up from $5.0 billion in Q2 2023[236] - The total commercial real estate loan portfolio reached $11.95 billion as of June 30, 2024, compared to $10.61 billion as of June 30, 2023, indicating a growth of approximately 12.6% year-over-year[245] Credit Quality - The allowance for credit losses is critical, with 81% of total assets in loans and held-to-maturity debt securities[184] - The allowance for credit losses at the end of the period was $437.1 million, up from $387.4 million at the end of June 30, 2023, reflecting a provision for credit losses of $61.6 million for the six months ended June 30, 2024[258] - Non-performing loans increased to $174.3 million at June 30, 2024, from $108.7 million at June 30, 2023, representing a significant rise in problem credits[254] - Total non-performing loans amounted to $174.3 million as of June 30, 2024, an increase from $148.4 million as of March 31, 2024[252] Market and Economic Conditions - The company expects that changes in inflation will not have a material impact on its business compared to other industries[274] - Economic conditions, including housing prices and job market fluctuations, may adversely affect the company's liquidity and loan portfolio performance[276] - The company faces risks related to changes in interest rates, which could materially affect its net interest income and profitability[276] - Competitive pressures in the financial services sector may impact the pricing of the company's loan and deposit products[276] Strategic Initiatives - The Company is focused on evaluating future acquisitions and growth strategies to enhance its market position[276] - The company plans to form additional de novo banks or branch offices as part of its growth strategy[276] - The liquidity management framework includes stress testing processes to ensure sufficient funds are available for customer needs[272] Shareholder Returns - The Company declared a quarterly cash dividend of $0.45 per common share in January and April 2024, an increase from $0.40 per share in the same months of 2023[270]

Financial Performance - Wintrust recorded net income of $187.3 million for Q1 2024, a 4% increase from $180.2 million in Q1 2023[166]. - Net income for Q1 2024 totaled $187.3 million, an increase of $7.1 million, or 4%, compared to Q1 2023[185]. - Net income per diluted common share for Q1 2024 was $2.89, compared to $2.80 for Q1 2023[185]. - The increase in net income was primarily due to higher net interest income, increased mortgage banking revenue, and a $20.0 million gain from the sale of the RBA division[186]. - The return on average common equity decreased to 14.42% in Q1 2024 from 15.67% in Q1 2023[172]. - Total average shareholders' equity was $5,440,457 million, up from $5,066,196 million in the previous year[178]. - Return on average common equity for the period was 14.42%, compared to 9.93% in the previous year[178]. - Return on average tangible common equity (non-GAAP) was 16.75%, up from 11.73% in the previous year[178]. Loan and Deposit Growth - The loan portfolio increased to $43.2 billion at March 31, 2024, up from $39.6 billion a year earlier, reflecting organic growth in various portfolios[167]. - Total deposits increased by 9% to $46.4 billion at March 31, 2024, from $42.7 billion in the same period last year[172]. - Total funding increased to $50.4 billion as of March 31, 2024, compared to $46.3 billion as of March 31, 2023[218]. - As of March 31, 2024, total loans net of unearned income amounted to $43,230.7 million, with fixed rate loans at $17,370.5 million and variable rate loans at $25,860.2 million[227]. - The commercial and commercial real estate loan portfolios totaled $25,136.9 million, with an allowance for credit losses of $392.6 million as of March 31, 2024, compared to $344.3 million as of March 31, 2023[229]. Income and Expenses - Net interest income for Q1 2024 was $464.2 million, a slight increase of 1% compared to $458.0 million in Q1 2023, with a net interest margin of 3.57%[168]. - Non-interest income rose to $140.6 million in Q1 2024, up from $107.8 million in Q1 2023, driven by a $20.0 million gain from the sale of the Retirement Benefits Advisors division[169]. - Non-interest expense increased by 11% to $333.1 million in Q1 2024, primarily due to higher salaries and employee benefits[170]. - Total non-interest expense for the first quarter of 2024 increased by $34.0 million, or 11%, to $333.1 million compared to $299.2 million in the same period of 2023[206]. - Salaries and employee benefits increased by $18.4 million, or 10%, primarily due to higher commissions and incentive compensation related to increased mortgage production[207]. Asset Growth - Total assets grew by 9% to $57.6 billion at March 31, 2024, compared to $52.9 billion a year earlier[172]. - The total assets of the company reached $55.60 billion in Q1 2024, up from $55.02 billion in Q4 2023 and $52.08 billion in Q1 2023[193]. - Average earning assets for Q1 2024 totaled $52.27 billion, compared to $51.51 billion in Q4 2023 and $48.81 billion in Q1 2023[193]. Credit Quality - The allowance for loan and unfunded lending-related commitment losses increased to 0.99% of total loans, up from 0.95% in the previous year[172]. - The allowance for credit losses at the end of the period was $427.175 million, up from $375.798 million in the previous year[242]. - Total non-performing loans amounted to $148.359 million as of March 31, 2024, compared to $139.030 million at the end of 2023[236]. - The percentage of total non-performing assets to total assets was 0.28% as of March 31, 2024, compared to 0.27% at the end of 2023[236]. - The provision for credit losses for the three months ended March 31, 2024, was $21.691 million, compared to $23.070 million for the same period in 2023[242]. Market and Economic Conditions - The company is focused on managing risks associated with changes in interest rates, which could materially affect its profitability[263]. - The company is facing competitive pressures that may impact the pricing of its loan and deposit products, potentially leading to reduced income[263]. - The company acknowledges the risks associated with technological changes that allow consumers to complete financial transactions without using a bank[265]. - The company is monitoring the impact of regulatory changes on its ability to market products and operate profitably in the mortgage business[265]. - The company is assessing the potential effects of the COVID-19 pandemic on its financial results and operations[265]. Strategic Initiatives - The Company announced the acquisition of Macatawa Bank Corporation, which had approximately $2.7 billion in assets and $2.4 billion in deposits as of December 31, 2023[259]. - The company plans to form additional de novo banks or branch offices as part of its growth strategy[263]. - The company is committed to enhancing its information technology systems to improve operational efficiencies and manage risks[265].

Financial Performance - Wintrust recorded net income of $164.2 million for Q3 2023, a 15% increase from $143.0 million in Q3 2022[185] - Net income for Q3 2023 totaled $164.2 million, an increase of $21.2 million, or 15%, compared to Q3 2022[205] - Comprehensive income for Q3 2023 was a loss of $4.4 million, significantly improved from a loss of $72.7 million in Q3 2022[185] - The return on average common equity increased to 13.35% in Q3 2023, compared to 12.31% in Q3 2022, indicating improved profitability[191] - The efficiency ratio (H/(D+F-G)) for Q3 2023 was 57.18%, compared to 58.59% in Q3 2022, indicating improved operational efficiency[1] Income and Revenue - Net interest income for Q3 2023 was $462.4 million, a 15% increase compared to $401.4 million in Q3 2022, driven by a $3.3 billion increase in average loans[187] - Non-interest income rose to $112.5 million in Q3 2023, up from $101.5 million in Q3 2022, attributed to increased fees from covered call options and operating lease income[188] - Non-interest income for Q3 2023 was $112.5 million, compared to $101.5 million in Q3 2022[1] - The company reported a pre-tax income, excluding provision for credit losses (non-GAAP), of $244.8 million for Q3 2023[1] Assets and Loans - The loan portfolio increased to $41.4 billion as of September 30, 2023, up from $39.2 billion at December 31, 2022, reflecting organic growth in various portfolios[186] - Total assets increased by 6% to $55.6 billion as of September 30, 2023, compared to $52.4 billion at the end of 2022[191] - Total earning assets for Q3 2023 were $51.01 billion, compared to $49.36 billion in Q2 2023 and $47.75 billion in Q3 2022[212] - The company’s loans, net of unearned income, increased to $39,974,840 as of September 30, 2023, compared to $36,050,185 in 2022, reflecting a growth of 8.0%[218] Expenses - Non-interest expense totaled $330.1 million in Q3 2023, an 11% increase from $296.5 million in Q3 2022, primarily due to higher salaries and employee benefits[189] - Total non-interest expense rose by $80.4 million, or 9%, to $949.8 million for the nine months ended September 30, 2023, compared to $869.4 million in the same period of 2022[231] - Salaries and employee benefits increased by $38.3 million, or 7%, to $554.0 million for the nine months ended September 30, 2023, compared to $515.8 million in the same period of 2022[231] Credit Losses and Allowances - The total allowance for credit losses is critical, as it represents management's estimate of expected credit losses over the life of financial assets[201] - The allowance for credit losses at the end of the period was $399.15 million, compared to $315.03 million at the end of Q3 2022[275] - The company reported a provision for credit losses of $19.95 million for the three months ended September 30, 2023, compared to $6.19 million for the same period in 2022[275] - The allowance for loan and investment security losses was $319.5 million in Q3 2023, up from $302.6 million in Q2 2023 and $260.3 million in Q3 2022[212] Deposits and Funding - Total deposits grew to $44.99 billion, a 5% increase from $42.80 billion at the end of 2022[191] - Total average deposits for Q3 2023 were $44.1 billion, an increase of $1.9 billion, or 4%, from Q3 2022[279] - The company had approximately $15.3 billion of uninsured deposits as of September 30, 2023, representing about 28% of total deposits[283] - Brokered deposits as a percentage of total deposits increased to 8.2% as of September 30, 2023, from 5.9% in the previous year[281] Capital and Ratios - The Tier 1 capital ratio as of September 30, 2023, was 10.2%, up from 9.9% a year earlier, indicating a year-over-year increase of 3.0%[288] - The Company’s total capital ratio remained stable at 12.0% as of September 30, 2023, consistent with the previous quarter and up from 11.8% a year earlier[288] - The average Tier 1 leverage ratio was 9.2% as of September 30, 2023, slightly down from 9.3% in the previous quarter but up from 8.8% a year earlier[288] Market and Economic Conditions - The Company acknowledges the potential adverse effects of the COVID-19 pandemic on its financial results and operations[299] - Management believes reserves are appropriate to absorb expected losses, but significant increases may occur due to ongoing macroeconomic uncertainty[270] - The Company is focused on managing risks associated with technological changes that allow consumers to complete financial transactions without banks[299]

Financial Performance - Wintrust recorded net income of $154.8 million for Q2 2023, a 64% increase from $94.5 million in Q2 2022[190]. - Net interest income rose to $447.5 million in Q2 2023, a 32% increase from $337.8 million in Q2 2022, driven by a $4.2 billion increase in average loans[192]. - Non-interest income totaled $113.0 million in Q2 2023, compared to $102.9 million in Q2 2022, with no losses on investment securities in Q2 2023[193]. - Return on average common equity increased to 12.79% in Q2 2023, compared to 8.53% in Q2 2022, indicating improved profitability[196]. - Diluted earnings per share for Q2 2023 were $2.38, compared to $1.49 in Q2 2022[210]. - The company reported a fully taxable-equivalent net interest income of $910,393 thousand for the six months ended June 30, 2023, up from $639,033 thousand in the same period of 2022[224]. - Non-interest income for the three months ended June 30, 2023, was $113,030 thousand, a 10% increase from $102,942 thousand in the same period of 2022[225]. - The wealth management segment reported a net income of $5.8 million for Q2 2023, down 38% from $9.3 million in Q2 2022[246]. Loan and Asset Growth - The loan portfolio increased to $41.0 billion at June 30, 2023, up from $39.2 billion at December 31, 2022, reflecting organic growth in various portfolios[191]. - Total assets grew by 7% to $54.3 billion at June 30, 2023, compared to $51.0 billion at June 30, 2022[196]. - Total earning assets increased to $49,086,918 thousand in June 2023 from $46,517,043 thousand in June 2022, with a net interest margin of 5.51% compared to 3.04% in the previous year[219]. - Total average loans reached $39.60 billion, accounting for 81% of total average earning assets, compared to $35.35 billion and 76% in the prior year[259]. - The commercial loan portfolio grew to $12.60 billion, with a 54.3% allowance for credit losses of $143.14 million as of June 30, 2023, compared to $12.05 billion and 56.2% allowance in 2022[266]. Non-Interest Expenses - Non-interest expense increased by 11% to $320.6 million in Q2 2023, primarily due to higher salaries, employee benefits, and marketing expenses[194]. - Total non-interest expense increased by $46.8 million, or 8%, to $619.8 million for the six months ended June 30, 2023, compared to $572.9 million in 2022[236]. - Salaries and employee benefits increased by $22.0 million, or 6%, to $361.7 million for the six months ended June 30, 2023, primarily due to additional full-time employees from a wealth management acquisition[236]. Credit Quality and Allowances - The allowance for credit losses is critical, representing management's estimate of expected credit losses over the life of financial assets[206]. - The allowance for loan and investment security losses was $302.6 million in Q2 2023, compared to $282.7 million in Q1 2023 and $260.5 million in Q2 2022[218]. - The allowance for credit losses at the end of the period was $387.4 million, up from $312.1 million in the previous year[280]. - The total allowance for credit losses for commercial and commercial real estate loans increased to $358.84 million as of June 30, 2023, compared to $286.65 million in 2022[266]. - As of June 30, 2023, total non-performing loans amounted to $108.7 million, an increase from $100.7 million as of March 31, 2023, representing a 1.0% increase[274]. Deposits and Funding - Total deposits reached $44.0 billion at June 30, 2023, a 3% increase from $42.6 billion at June 30, 2022[196]. - Brokered deposits increased to $4.1 billion, representing 9.3% of total deposits as of June 30, 2023, up from 4.2% in the previous year[287]. - The company had approximately $14.1 billion of uninsured deposits, representing about 27% of total deposits as of June 30, 2023[289]. Market and Economic Conditions - The company is exposed to economic conditions that could adversely affect liquidity and loan portfolio performance[303]. - Management believes that reserves are appropriate to absorb expected losses, but significant increases may occur due to ongoing macroeconomic uncertainty[275]. - The company is evaluating the impact of the COVID-19 pandemic on its financial results and operations[305]. Strategic Initiatives - The Company plans to continue evaluating liquidity sources, including management of availability with the FHLB and FRB[301]. - The Company anticipates potential future acquisitions and growth strategies, including the formation of additional de novo banks or branch offices[303]. - The Company is committed to maintaining capital levels above the "Well Capitalized" standards established by the Federal Reserve[299].

Financial Performance - Wintrust recorded net income of $180.2 million for Q1 2023, a 41% increase from $127.4 million in Q1 2022[177]. - Net interest income rose to $458.0 million in Q1 2023, a 53% increase compared to $299.3 million in Q1 2022, driven by a $4.3 billion increase in average loans[179]. - Return on average common equity improved to 15.67% in Q1 2023, up from 11.94% in Q1 2022, indicating enhanced profitability[183]. - Diluted earnings per share for Q1 2023 were $2.80, up from $2.07 in Q1 2022[196]. - The increase in net income was primarily due to higher net interest income, partially offset by lower mortgage banking revenue[197]. Loan and Deposit Growth - The loan portfolio increased to $39.6 billion at March 31, 2023, up from $35.3 billion at March 31, 2022, reflecting organic growth in various portfolios[178]. - Total deposits rose to $42.72 billion at March 31, 2023, a 1% increase from $42.22 billion at March 31, 2022[183]. - The total average deposits for Q1 2023 were $42.0 billion, an increase of $448.3 million, or 1%, from $41.6 billion in Q1 2022[260]. Interest Income and Margin - The net interest margin improved to 3.81% in Q1 2023, up 121 basis points from 2.60% in Q1 2022, due to higher yields on earning assets[179]. - For Q1 2023, net interest income was $458.0 million, up $1.2 million from Q4 2022 and up $158.7 million from Q1 2022[204]. - The interest rate spread for Q1 2023 was 3.15%, compared to 3.22% in Q4 2022 and 2.47% in Q1 2022[204]. Non-Interest Income and Expenses - Non-interest income decreased to $107.8 million in Q1 2023 from $162.8 million in Q1 2022, primarily due to lower mortgage banking revenues[180]. - Non-interest expense totaled $299.2 million in Q1 2023, a 5% increase from $284.3 million in Q1 2022, mainly due to higher salaries and miscellaneous expenses[181]. - Total non-interest expense increased by $14.9 million, or 5%, to $299.2 million for the three months ended March 31, 2023, compared to $284.3 million for the same period in 2022[216]. Credit Losses and Allowances - The allowance for credit losses at the end of Q1 2023 was $375.8 million, an increase from $301.2 million at the end of Q1 2022, reflecting a provision for credit losses of $23.1 million compared to $4.0 million in the prior year[255]. - The community banking segment recorded a provision for credit losses of $21.1 million for Q1 2023, up from $4.1 million in Q1 2022, due to macroeconomic deterioration and loan growth[223]. - The allowance for credit losses in the commercial loan portfolio increased to $149.5 million as of March 31, 2023, compared to $120.9 million as of March 31, 2022[241]. Asset Management - Total assets increased by 5% to $52.87 billion at March 31, 2023, compared to $50.25 billion at March 31, 2022[183]. - The company’s liquidity management assets totaled $9.4 billion in Q1 2023, down from $9.9 billion in Q4 2022[204]. - The total average loans increased to $39,093,368, accounting for 80% of total average earning assets, compared to 79% in the previous quarter[227]. Market and Regulatory Environment - The effective tax rate for Q1 2023 was 26.01%, slightly down from 26.65% in Q1 2022, with income tax expense recorded at $63.4 million[220]. - The company is subject to increased regulatory capital requirements and compliance costs due to changes in the regulatory environment[278]. - Regulatory changes could impact the company's ability to market its products and operate profitably in the mortgage business[278]. Risks and Challenges - The company faces risks from security breaches, including denial of service attacks and identity theft, which could adversely affect its operations[278]. - The ongoing COVID-19 pandemic continues to pose risks to the company's financial results and operations[278]. - The company may experience a decrease in capital ratios as a result of declines in the value of its loan portfolios[278].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to Commission File Number 001-35077 Wintrust Financial Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organi ...