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 ...