Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-Q _________________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR 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 ___________________________ ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Overall Performance](index=1&type=section&id=Overall%20Performance) Wintrust Financial Corporation reported record net income and pre-tax, pre-provision income for both the first nine months and the third quarter of 2025, demonstrating strong financial momentum driven by net interest income expansion and balance sheet growth Key Financial Performance Metrics | Metric | First Nine Months 2025 | First Nine Months 2024 | Change | Q3 2025 | Q2 2025 | Change | | :-------------------------------- | :--------------------- | :--------------------- | :----- | :------ | :------ | :----- | | Net Income | $600.8 million | $509.7 million | +17.9% | $216.3 million | $195.5 million | +10.6% | | Diluted EPS | $8.25 | $7.67 | +7.6% | $2.78 | $2.78 | 0% | | Pre-tax, Pre-provision Income (non-GAAP) | $884.1 million | $778.1 million | +13.6% | $317.8 million | $289.3 million | +9.8% | - Timothy S. Crane, President and CEO, highlighted continued momentum with **record net income**, **net interest income**, **strong balance sheet growth**, and **prudent net interest margin management**[4](index=4&type=chunk) [Q3 2025 Highlights](index=1&type=section&id=Q3%202025%20Highlights) The third quarter of 2025 saw significant growth in total loans, deposits, and assets, alongside an increase in net interest income. Earnings per diluted common share were impacted by one-time preferred stock related costs Q3 2025 Key Financial Changes | Metric | Q3 2025 vs Q2 2025 Change | | :-------------------------------- | :-------------------------- | | Total loans | +$1.0 billion (8% annualized) | | Total deposits | +$894.6 million (6% annualized) | | Total assets | +$646.3 million (4% annualized) | | Net interest income | +$20.3 million to $567.0 million | | Net interest margin (FTE, non-GAAP) | 3.50% (within expected range) | | Net gains on investment securities | $3.0 million (vs $650,000 in Q2 2025) | - Diluted EPS of **$2.78** was impacted by one-time recognition of prior issuance costs related to Preferred Stock Series D and E (**$14.0 million**, or **$0.21 per diluted common share**) and excess dividend for Preferred Stock Series F (**$4.9 million**, or **$0.07 per diluted common share**)[5](index=5&type=chunk) - Strong loan growth was diversified across all major portfolios, funded by deposit growth, resulting in a loans-to-deposits ratio of **91.8%**[6](index=6&type=chunk) - Credit quality remained strong with low net charge-offs and non-performing loans, and a core loan allowance for credit losses of **1.34%**[6](index=6&type=chunk) [Financial Performance Overview](index=9&type=section&id=Financial%20Performance%20Overview) [Key Operating Measures](index=13&type=section&id=Key%20Operating%20Measures) Wintrust's key operating measures for Q3 2025 showed strong sequential and year-over-year growth in net income, net revenue, and balance sheet items, while maintaining a stable net interest margin and improving efficiency Key Operating Measures (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change from Q2 2025 | % Change from Q3 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :-------------------- | :-------------------- | | Net income | $216,254 | $195,527 | $170,001 | 11% | 27% | | Net income per common share – Diluted | $2.78 | $2.78 | $2.47 | — | 13% | | Net revenue | $697,837 | $670,783 | $615,730 | 4% | 13% | | Net interest income | $567,010 | $546,694 | $502,583 | 4% | 13% | | Net interest margin | 3.48% | 3.52% | 3.49% | (4) bps | (1) bps | | Total assets | $69,629,638 | $68,983,318 | $63,788,424 | 4% (annualized) | 9% (annualized) | | Total loans | $52,063,482 | $51,041,679 | $47,067,447 | 8% (annualized) | 11% (annualized) | | Total deposits | $56,711,381 | $55,816,811 | $51,404,966 | 6% (annualized) | 10% (annualized) | - The net overhead ratio improved, decreasing by **12 basis points** sequentially and **17 basis points** year-over-year, indicating higher efficiency[42](index=42&type=chunk)[43](index=43&type=chunk) [Selected Financial Highlights](index=14&type=section&id=Selected%20Financial%20Highlights) A detailed look at Wintrust's financial condition and income statement data over several quarters and nine-month periods reveals consistent growth in assets, loans, and deposits, alongside improving profitability ratios Selected Financial Highlights (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total assets | $69,629,638 | $68,983,318 | $65,870,066 | $64,879,668 | $63,788,424 | | Total loans | $52,063,482 | $51,041,679 | $48,708,390 | $48,055,037 | $47,067,447 | | Total deposits | $56,711,381 | $55,816,811 | $53,570,038 | $52,512,349 | $51,404,966 | | Net interest income (9M YTD) | $1,640,178 (2025) | - | - | - | $1,437,387 (2024) | | Net income (9M YTD) | $600,820 (2025) | - | - | - | $509,683 (2024) | | Return on average assets | 1.26% | 1.19% | 1.20% | 1.16% | 1.11% | | Return on average common equity | 11.58% | 12.07% | 12.21% | 11.82% | 11.63% | | Period-end loans to deposits ratio | 91.8% | 91.4% | 90.9% | 91.5% | 91.6% | | Common equity to assets ratio | 9.5% | 9.3% | 9.4% | 9.1% | 9.4% | [Detailed Financial Analysis](index=9&type=section&id=Detailed%20Financial%20Analysis) [Balance Sheet](index=9&type=section&id=Balance%20Sheet) Wintrust's balance sheet grew in Q3 2025, with total assets increasing by $646.3 million and total loans by $1.0 billion, driven by diversified growth across all major loan portfolios. Total liabilities increased due to strong organic deposit growth, maintaining a healthy loans-to-deposits ratio Balance Sheet Highlights (in millions) | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :---------------- | :----------- | :----------- | :----------- | | Total assets | $69,629.6 | $68,983.3 | +$646.3 million | | Total loans | $52,063.5 | $51,041.7 | +$1.0 billion | | Total liabilities | $62,583.9 | $61,757.6 | +$826.3 million | | Total deposits | $56,711.4 | $55,816.8 | +$894.6 million | | Loans-to-deposits ratio | 91.8% | - | - | - The increase in loans was driven by growth across all major loan portfolios, and strong organic deposit growth was supported by diverse product offerings[16](index=16&type=chunk)[17](index=17&type=chunk) [Net Interest Income](index=9&type=section&id=Net%20Interest%20Income) Net interest income increased in Q3 2025, primarily due to significant average earning asset growth. However, the net interest margin experienced a slight decline, influenced by a decrease in loan yields and a minor increase in funding costs Net Interest Income and Margin Trends | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------------------- | :----------- | :----------- | :----------- | | Net interest income | $567.0 million | $546.7 million | +$20.3 million | | Average earning asset growth | $2.4 billion (15% annualized) | - | - | | Net interest margin (GAAP) | 3.48% | 3.52% | (4) bps | | Net interest margin (FTE, non-GAAP) | 3.50% | 3.54% | (4) bps | | Yield on earning assets | 5.93% | 5.96% | (3) bps | | Loan yields | 6.44% | 6.48% | (4) bps | | Funding cost on interest-bearing deposits | 3.15% | 3.14% | +1 bp | [Asset Quality](index=9&type=section&id=Asset%20Quality) Asset quality remained stable in Q3 2025, with a slight decrease in the allowance for credit losses and a stable provision for credit losses. While net charge-offs increased, non-performing assets and loans improved, reflecting disciplined credit management and appropriate reserves Asset Quality Metrics (in millions) | Metric | Sep 30, 2025 | Jun 30, 2025 | Change (QoQ) | | :------------------------------------------------ | :----------- | :----------- | :----------- | | Allowance for credit losses | $454.6 million | $457.5 million | -$2.9 million | | Provision for credit losses | $21.8 million | $22.2 million | -$0.4 million | | Net charge-offs | $24.6 million | $13.3 million | +$11.3 million | | Net charge-offs as % of average total loans (annualized) | 19 bps | 11 bps | +8 bps | | Non-performing assets | $187.5 million | $212.5 million | -$25.0 million | | Non-performing assets as % of total assets | 0.27% | 0.31% | -0.04% | | Non-performing loans | $162.6 million | $188.8 million | -$26.2 million | | Non-performing loans as % of total loans | 0.31% | 0.37% | -0.06% | - Management believes the allowance for credit losses is appropriate, reflecting stable credit quality and an improved macroeconomic forecast, with qualitative additions for credit spreads due to future economic uncertainty[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-Interest Income](index=11&type=section&id=Non-Interest%20Income) Non-interest income increased in Q3 2025, primarily driven by higher wealth management revenue, increased mortgage banking production, and significant net gains on investment securities Non-Interest Income Components (in millions) | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------------------- | :----------- | :----------- | :----------- | | Total non-interest income | $130.8 million | $124.1 million | +$6.7 million | | Wealth management revenue | +$367,000 | - | - | | Mortgage banking revenue | $24.5 million | $23.2 million | +$1.3 million | | Net gains on investment securities | $3.0 million | $650,000 | +$2.35 million | - Wealth management revenue growth was driven by increased asset valuations and higher transactional brokerage business[28](index=28&type=chunk) - Mortgage banking revenue increased due to higher production revenue[29](index=29&type=chunk) - Net gains on investment securities were primarily from unrealized gains on equity investment securities[30](index=30&type=chunk) [Non-Interest Expense](index=11&type=section&id=Non-Interest%20Expense) Non-interest expense slightly decreased in Q3 2025, primarily due to lower professional fees and reduced acquisition-related costs, leading to an improved expense-to-asset ratio Non-Interest Expense Components (in millions) | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------------------- | :----------- | :----------- | :----------- | | Total non-interest expense | $380.0 million | $381.5 million | -$1.5 million | | Non-interest expense as % of average assets | 2.21% | - | - | | Professional fees expense | $7.5 million | $9.2 million | -$1.8 million | | Macatawa Bank acquisition-related costs | $471,000 | $2.9 million | -$2.4 million | - The decrease in professional fees was primarily due to lower consulting services[33](index=33&type=chunk) [Income Taxes](index=11&type=section&id=Income%20Taxes) Income tax expense increased in Q3 2025, resulting in a slightly higher effective tax rate compared to the previous quarter Income Tax Metrics | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :---------------- | :----------- | :----------- | :----------- | | Income tax expense | $79.8 million | $71.6 million | +$8.2 million | | Effective tax rate | 27.0% | 26.8% | +0.2% | [Business Segment Review](index=11&type=section&id=Business%20Segment%20Review) [Community Banking](index=11&type=section&id=Community%20Banking) The Community Banking segment expanded its commercial, commercial real estate, and residential real estate loan portfolios in Q3 2025, supported by solid loan pipelines and increased mortgage banking and service charges on deposit accounts - Community banking increased its commercial, commercial real estate, and residential real estate loan portfolios in the third quarter of 2025[37](index=37&type=chunk) Community Banking Revenue (in millions) | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------------------- | :----------- | :----------- | :----------- | | Mortgage banking revenue | $24.5 million | $23.2 million | +$1.3 million | | Service charges on deposit accounts | $19.8 million | $19.5 million | +$0.3 million | - Gross commercial and commercial real estate loan pipelines remained solid, indicating expected continued loan growth in Q4 2025[38](index=38&type=chunk) [Specialty Finance](index=12&type=section&id=Specialty%20Finance) The Specialty Finance segment saw strong originations in insurance premium financing and increased leasing portfolio balances in Q3 2025, while outsourced administrative services revenue remained stable - Originations within the insurance premium financing receivables portfolios totaled **$5.5 billion** during Q3 2025, with average balances increasing by **$945.4 million** compared to Q2 2025[39](index=39&type=chunk) Leasing Division Portfolio Balances (in millions) | Leasing Division Portfolio Balances | Sep 30, 2025 | Jun 30, 2025 | | :-------------------------------- | :----------- | :----------- | | Capital leases | $2.8 billion | $2.8 billion | | Loans | $1.2 billion | $1.2 billion | | Equipment on operating leases | $301.0 million | $289.8 million | - Revenues from outsourced administrative services business were **$1.2 million** in Q3 2025, remaining relatively stable[39](index=39&type=chunk) [Wealth Management](index=12&type=section&id=Wealth%20Management) The Wealth Management segment experienced an increase in revenue in Q3 2025, with assets under administration reaching approximately $55.1 billion Wealth Management Metrics | Metric | Q3 2025 | | :-------------------------------- | :----------- | | Wealth management revenue | $37.2 million | | Assets under administration (Sep 30, 2025) | ~$55.1 billion | | Assets owned by Company and subsidiary banks | $8.8 billion (included in AUA) | - Wealth management revenue increased compared to Q2 2025[40](index=40&type=chunk) [Supplemental Financial Data](index=16&type=section&id=Supplemental%20Financial%20Data) [Consolidated Statements of Condition](index=16&type=section&id=Consolidated%20Statements%20of%20Condition) The consolidated statements of condition provide a detailed breakdown of Wintrust's assets, liabilities, and shareholders' equity over several quarters, illustrating the growth in total assets, loans, and deposits, and changes in equity components Consolidated Statements of Condition (in thousands) | (In thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | **Assets:** | | | | | | | Total assets | $69,629,638 | $68,983,318 | $65,870,066 | $64,879,668 | $63,788,424 | | Net loans | $51,676,860 | $50,650,025 | $48,330,183 | $47,691,020 | $46,707,168 | | Available-for-sale securities | $5,274,124 | $4,885,715 | $4,220,305 | $4,141,482 | $3,912,232 | | **Liabilities:** | | | | | | | Total deposits | $56,711,381 | $55,816,811 | $53,570,038 | $52,512,349 | $51,404,966 | | Non-interest-bearing deposits | $10,952,146 | $10,877,166 | $11,201,859 | $11,410,018 | $10,739,132 | | Interest-bearing deposits | $45,759,235 | $44,939,645 | $42,368,179 | $41,102,331 | $40,665,834 | | **Shareholders' Equity:** | | | | | | | Total shareholders' equity | $7,045,757 | $7,225,696 | $6,600,537 | $6,344,297 | $6,399,714 | | Preferred stock | $425,000 | $837,500 | $412,500 | $412,500 | $412,500 | | Retained earnings | $4,356,367 | $4,200,923 | $4,045,854 | $3,897,164 | $3,748,715 | [Consolidated Statements of Income](index=17&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated statements of income detail Wintrust's revenue and expense components, showing growth in net interest income and non-interest income, leading to increased net income for both the quarter and year-to-date periods Consolidated Statements of Income (in thousands) | (Dollars in thousands) | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total interest income | $963,834 | $920,908 | $908,604 | $2,771,707 | $2,564,096 | | Total interest expense | $396,824 | $374,214 | $406,021 | $1,131,529 | $1,126,709 | | Net interest income | $567,010 | $546,694 | $502,583 | $1,640,178 | $1,437,387 | | Provision for credit losses | $21,768 | $22,234 | $22,334 | $67,965 | $84,068 | | Total non-interest income | $130,827 | $124,089 | $113,147 | $371,550 | $374,874 | | Total non-interest expense | $380,028 | $381,461 | $360,687 | $1,127,579 | $1,034,185 | | Income before taxes | $296,041 | $267,088 | $232,709 | $816,184 | $694,008 | | Income tax expense | $79,787 | $71,561 | $62,708 | $215,364 | $184,325 | | Net income | $216,254 | $195,527 | $170,001 | $600,820 | $509,683 | | Net income per common share - Diluted | $2.78 | $2.78 | $2.47 | $8.25 | $7.67 | [Loan Portfolio Mix and Growth Rates](index=18&type=section&id=Loan%20Portfolio%20Mix%20and%20Growth%20Rates) Wintrust's total loan portfolio grew significantly, with notable annualized increases in both core and niche loan segments, reflecting diversified growth across various categories Loan Portfolio Mix and Growth Rates (in thousands) | Loan Category | Sep 30, 2025 (in thousands) | % Growth from Jun 30, 2025 (annualized) | % Growth from Sep 30, 2024 | | :----------------------------------- | :-------------------------- | :-------------------------------------- | :------------------------- | | Total mortgage loans held-for-sale | $333,883 | 45% | (28)% | | Total core loans | $30,610,433 | 9% | 8% | | Commercial and industrial | $7,135,083 | 6% | 5% | | Leases | $2,834,563 | 11% | 16% | | Residential real estate loans for investment | $4,019,046 | 21% | 24% | | Total niche loans | $21,453,049 | 6% | 15% | | U.S. property & casualty insurance (Premium Finance) | $7,502,901 | 7% | 20% | | Life insurance (Premium Finance) | $8,758,553 | 12% | 10% | | Total loans, net of unearned income | $52,063,482 | 8% | 11% | [Deposit Portfolio Mix and Growth Rates](index=19&type=section&id=Deposit%20Portfolio%20Mix%20and%20Growth%20Rates) Total deposits grew by 6% annualized in Q3 2025, with money market accounts showing the strongest growth. The deposit mix remained relatively stable, with non-interest-bearing deposits comprising 19% of the total Deposit Portfolio Mix and Growth Rates (in thousands) | Deposit Category | Sep 30, 2025 (in thousands) | % Growth from Jun 30, 2025 (annualized) | % Growth from Sep 30, 2024 | Mix (Sep 30, 2025) | | :----------------------------------- | :-------------------------- | :-------------------------------------- | :------------------------- | :----------------- | | Non-interest-bearing | $10,952,146 | 3% | 2% | 19% | | NOW and interest bearing demand deposits | $6,710,919 | (5)% | 23% | 12% | | Wealth management deposits | $1,600,735 | 1% | 23% | 3% | | Money market | $20,270,382 | 14% | 14% | 36% | | Savings | $6,758,743 | 6% | 9% | 12% | | Time certificates of deposit | $10,418,456 | 3% | 4% | 18% | | Total deposits | $56,711,381 | 6% | 10% | 100% | [Interest Rate Sensitivity](index=24&type=section&id=Interest%20Rate%20Sensitivity) Wintrust actively manages its interest rate exposure, with the majority of its variable rate loan portfolio tied to SOFR and CMT indices. The company's net interest income sensitivity to rate changes has remained relatively neutral due to strategic actions like derivative instruments and originating longer-term fixed-rate loans Net Interest Income Sensitivity Analysis | Scenario | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | **Static Shock Scenario** | | | | | | | +200 Basis Points | (2.3)% | (1.5)% | (1.8)% | (1.6)% | 1.2% | | +100 Basis Points | (0.8)% | (0.4)% | (0.6)% | (0.6)% | 1.1% | | -100 Basis Points | 0.0% | (0.2)% | (0.2)% | (0.3)% | 0.4% | | -200 Basis Points | (0.4)% | (1.2)% | (1.2)% | (1.5)% | (0.9)% | | **Ramp Scenario** | | | | | | | +200 Basis Points | (0.2)% | 0.0% | 0.2% | (0.2)% | 1.6% | | +100 Basis Points | (0.1)% | 0.0% | 0.2% | (0.0)% | 1.2% | | -100 Basis Points | 0.1% | (0.1)% | (0.1)% | 0.0% | 0.7% | | -200 Basis Points | (0.1)% | (0.4)% | (0.5)% | (0.3)% | 0.5% | - The majority of the Company's variable rate loan portfolio (**$17.5 billion**) is tied to one-month SOFR and (**$7.3 billion**) to twelve-month CMT, which do not always mirror Prime rate changes[76](index=76&type=chunk) - Management has used derivative instruments (collars, floors, receive fixed swaps) and originated more longer-term fixed-rate loans to hedge variable rate loan exposures and reposition interest rate sensitivity[70](index=70&type=chunk) [Allowance for Credit Losses](index=27&type=section&id=Allowance%20for%20Credit%20Losses) The allowance for credit losses slightly decreased in Q3 2025, with a stable provision. Net charge-offs increased, primarily in the commercial segment, but overall allowance levels are considered appropriate by management Allowance for Credit Losses Trends (in thousands) | (Dollars in thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Allowance for credit losses at period end | $454,586 | $457,461 | $448,387 | $437,060 | $436,193 | | Provision for credit losses | $21,768 | $22,234 | $23,963 | $16,979 | $22,334 | | Total charge-offs | $28,846 | $18,495 | $17,449 | $19,731 | $31,018 | | Total recoveries | $4,291 | $5,155 | $4,809 | $3,806 | $4,283 | | Net charge-offs | ($24,555) | ($13,340) | ($12,640) | ($15,925) | ($26,735) | | Annualized net charge-offs as % of total loans | 0.19% | 0.11% | 0.11% | 0.13% | 0.23% | | Allowance for loan losses as % of loans at period end | 0.74% | 0.77% | 0.78% | 0.76% | 0.77% | Allowance for Credit Losses by Loan Portfolio (Sep 30, 2025) | Allowance by Loan Portfolio (Sep 30, 2025) | Recorded Investment | Calculated Allowance | % of category's balance | | :----------------------------------- | :------------------ | :------------------- | :---------------------- | | Commercial | $16,544,342 | $189,476 | 1.15% | | Commercial real estate | $13,619,207 | $230,477 | 1.69% | | Total core loans | $30,610,433 | $408,780 | 1.34% | | Total niche loans | $21,453,049 | $45,411 | 0.21% | [Non-Performing Assets](index=30&type=section&id=Non-Performing%20Assets) Non-performing assets and loans improved in Q3 2025, with a decrease in both non-accrual loans and total non-performing loans. Other real estate owned (OREO) saw a slight increase Non-Performing Assets Trends (in thousands) | (Dollars in thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total non-performing loans | $162,632 | $188,838 | $172,390 | $170,823 | $179,687 | | Total non-performing assets | $187,464 | $212,453 | $195,015 | $193,939 | $193,369 | | Non-performing loans as % of total loans | 0.31% | 0.37% | 0.35% | 0.36% | 0.38% | | Non-performing assets as % of total assets | 0.27% | 0.31% | 0.30% | 0.30% | 0.30% | | Other real estate owned | $24,832 | $23,615 | $22,625 | $23,116 | $13,682 | | Allowance for loan losses and unfunded lending-related commitments losses as % of non-accrual loans | 303.67% | 262.71% | 296.25% | 282.33% | 270.53% | Non-Performing Loans Rollforward (QoQ) (in thousands) | Non-Performing Loans Rollforward (QoQ) | Sep 30, 2025 | Jun 30, 2025 | | :----------------------------------- | :----------- | :----------- | | Balance at beginning of period | $188,838 | $172,390 | | Additions from becoming non-performing | $34,805 | $48,651 | | Return to performing status | ($3,399) | ($6,896) | | Payments received | ($28,052) | ($5,602) | | Charge-offs, net | ($21,526) | ($11,734) | | Balance at end of period | $162,632 | $188,838 | [Mortgage Banking](index=34&type=section&id=Mortgage%20Banking) Mortgage banking revenue increased in Q3 2025, driven by higher production revenue and an improved production margin. Originations for sale and investment showed mixed trends, while loans serviced for others remained stable Mortgage Banking Performance (in thousands) | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :----------------------------------- | :----------- | :----------- | :----------- | | Total mortgage banking revenue | $24,451 | $23,170 | +$1,281 | | Production revenue | $15,388 | $13,380 | +$2,008 | | Production margin | 1.95% | 2.07% | -0.12% | | Total originations for sale | $643,393 | $681,546 | -$38,153 | | Total originations for investment | $351,012 | $422,926 | -$71,914 | | Loans serviced for others | $12,524,131 | $12,470,924 | +$53,207 | | MSRs, at fair value | $190,938 | $193,061 | -$2,123 | Mortgage Banking Performance (Nine Months Ended, in thousands) | Metric (Nine Months Ended) | Sep 30, 2025 | Sep 30, 2024 | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | | Total mortgage banking revenue | $68,150 | $72,761 | -$4,611 | | Production revenue | $38,709 | $41,538 | -$2,829 | | Total originations for sale | $1,785,392 | $1,964,576 | -$179,184 | | Total originations for investment | $991,115 | $663,561 | +$327,554 | [Non-GAAP Financial Measures/Ratios](index=37&type=section&id=Non-GAAP%20Financial%20Measures/Ratios) Wintrust provides several non-GAAP financial measures to offer a more meaningful view of its performance, including taxable-equivalent net interest income and margin, efficiency ratio, tangible common equity ratios, and pre-tax income excluding provision for credit losses. These reconciliations highlight adjustments for tax-exempt income and intangible assets - Non-GAAP measures are used by management to evaluate performance and include taxable-equivalent net interest income/margin, 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[94](index=94&type=chunk)[95](index=95&type=chunk) Non-GAAP Financial Metrics (in thousands) | Non-GAAP Metric | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income (non-GAAP, FTE) | $569,839 | $549,574 | $505,727 | $1,648,786 | $1,446,207 | | Net interest margin (non-GAAP, FTE) | 3.50% | 3.54% | 3.51% | 3.53% | 3.54% | | Efficiency ratio (non-GAAP) | 54.47% | 56.68% | 58.58% | 56.00% | 56.80% | | Total tangible common shareholders' equity (non-GAAP) | $5,717,821 | $5,479,557 | $5,062,568 | - | - | | Tangible common equity ratio (non-GAAP) | 8.3% | 8.0% | 8.1% | - | - | | Tangible book value per common share (non-GAAP) | $85.39 | $81.86 | $76.15 | - | - | | Return on average tangible common equity (non-GAAP) | 13.74% | 14.44% | 13.92% | 14.28% | 14.69% | | Pre-tax income, excluding provision for credit losses (non-GAAP) | $317,809 | $289,322 | $255,043 | $884,149 | $778,076 | | Net income per common share - Diluted (non-GAAP, adjusted for non-recurring preferred stock impact) | $3.06 | $2.78 | $2.47 | $8.53 | $7.67 | [Company Information and Forward-Looking Statements](index=40&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) [Wintrust Subsidiaries](index=40&type=section&id=Wintrust%20Subsidiaries) Wintrust Financial Corporation operates as a financial holding company with 16 community bank subsidiaries and various non-bank businesses offering specialized financial services across multiple regions - Wintrust operates **16 community bank subsidiaries** in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas[100](index=100&type=chunk) - Non-bank businesses include: - FIRST Insurance Funding and Wintrust Life Finance (commercial and life insurance loans) - First Insurance Funding of Canada (Canadian commercial insurance loans) - Tricom, Inc. (accounts receivable financing and outsourced administrative services for temporary staffing) - Wintrust Mortgage (residential mortgages origination and sale) - Wintrust Investments, LLC (private client and brokerage services) - Great Lakes Advisors LLC (money management and advisory services) - Wintrust Private Trust Company, N.A. (trust and investment services) - Wintrust Asset Finance (direct leasing) - CDEC (Qualified Intermediary services for tax-deferred like-kind exchanges)[102](index=102&type=chunk) [Forward-Looking Statements](index=40&type=section&id=Forward-Looking%20Statements) This section outlines various risks and uncertainties that could cause actual results to differ materially from forward-looking statements, covering economic conditions, credit quality, market volatility, competition, regulatory changes, and operational risks - Forward-looking statements are based on management's expectations and projections but involve risks and uncertainties that are difficult to predict[101](index=101&type=chunk) - Economic conditions (housing prices, job market, government shutdowns) and their impact on liquidity and loan portfolios - Extent of defaults and losses on the loan portfolio, requiring increases in allowance for credit losses - Changes in interest rates, capital markets, and other market indices affecting liquidity and asset/liability values - Competitive pressures in financial services affecting pricing and market share - Failure to identify and complete favorable acquisitions or unexpected losses from acquisitions - Security breaches, cyberattacks, and failures of information technology systems or third-party vendors - Legislative or regulatory changes, including heightened capital requirements and increased FDIC insurance premiums - Fluctuations in the stock market impacting wealth management and brokerage operations[103](index=103&type=chunk)[104](index=104&type=chunk)[107](index=107&type=chunk) [Conference Call, Webcast and Replay](index=42&type=section&id=Conference%20Call,%20Webcast%20and%20Replay) Details for accessing the conference call, webcast, and replay for Wintrust's Q3 and year-to-date 2025 earnings results are provided, including registration and website links - A conference call for Q3 and year-to-date 2025 earnings results will be held on Tuesday, October 21, 2025, at **10:00 a.m. (CDT)**[106](index=106&type=chunk) - Registration for the call and access to the audio-only webcast and replay, along with an accompanying slide presentation, are available on the Wintrust website (www.wintrust.com) under Investor Relations[106](index=106&type=chunk)

Financial Performance - Interest income for Q2 2025 reached $920,908,000, an increase of 8.4% compared to $849,979,000 in Q2 2024[90] - Net interest income for Q2 2025 was $546,694,000, up from $470,610,000 in Q2 2024, reflecting a growth of 16.2%[90] - Non-interest income for Q2 2025 totaled $124,089,000, compared to $121,147,000 in Q2 2024, indicating a slight increase of 2.4%[90] - Net income for Q2 2025 was $195,527,000, compared to $152,388,000 in Q2 2024, marking a growth of 28.3%[90] - For the first half of 2025, interest income was $1,807,873,000, up from $1,655,492,000 in the first half of 2024, reflecting a growth of 9.2%[91] - Income before taxes for Q2 2025 was $267,088,000, up from $211,343,000 in Q2 2024, representing a growth of 26.4%[90] Assets and Liabilities - Total assets at the end of Q2 2025 were $68,983,318,000, a significant rise from $59,781,516,000 at the end of Q2 2024, representing an increase of 15.3%[90] - The total fair value of assets measured at fair value on a recurring basis was $6,027.4 million as of June 30, 2025[138] - As of June 30, 2025, total financial assets amounted to $66,365,379, an increase from $62,308,630 as of December 31, 2024, representing a growth of approximately 6.5%[149] - The Company’s derivative liabilities amounted to $161.4 million as of June 30, 2025[138] Derivative Financial Instruments - The company utilizes various derivative financial instruments to manage interest rate risk, including interest rate swaps and collars[92] - As of June 30, 2025, the fair value of the Company's total derivatives was $221.1 million, compared to $200.0 million as of December 31, 2024, indicating an increase of 60.0%[97] - The Company had $63.5 million in derivatives designated as hedging instruments under ASC 815 as of June 30, 2025, up from $17.3 million at the end of 2024[97] - Interest rate derivatives designated as cash flow hedges amounted to $57.2 million as of June 30, 2025, a significant increase from $7.3 million at December 31, 2024[97] - The total notional amount of cash flow hedges was $7.95 billion, with a fair value of $45.9 million as of June 30, 2025[100] Credit Losses and Provisions - The provision for credit losses for the first half of 2025 was $46,197,000, a decrease from $61,734,000 in the first half of 2024, indicating a reduction of 25.2%[91] - The company anticipates potential increases in its allowance for credit losses due to defaults and losses on its loan portfolio[290] Stock and Shareholder Information - Stock-based compensation expense for Q2 2025 was $10.2 million, compared to $9.0 million in Q2 2024, representing a year-over-year increase of 13.3%[159] - The aggregate intrinsic value of options exercised in the six months ended June 30, 2025, was approximately $467,000, significantly higher than $50,000 in the same period of 2024[162] - The company declared a quarterly cash dividend of $0.50 per share, amounting to an annualized dividend of $2.00, paid on February 20, 2025, and again on May 22, 2025[167] Market and Economic Conditions - Economic conditions, including housing prices and job market fluctuations, could adversely affect the company's liquidity and loan portfolio performance[289] - Competitive pressures in the financial services sector may impact the pricing of the company's loan and deposit products, potentially leading to a loss of market share[290] - Changes in interest rates could materially affect the company's net interest income and profitability[290] Regulatory and Risk Factors - The company is subject to regulatory changes that may affect its operations and financial performance[290] - The company faces risks related to cybersecurity, including potential breaches and the impact of human error or cyberattacks[290] - The company acknowledges the potential impact of climate change and natural disasters on its operations[291] Comprehensive Income and Other Financial Metrics - The total accumulated other comprehensive loss as of June 30, 2025, was $(366.233) million, a decrease from $(410.015) million at the beginning of the period[164] - The net other comprehensive income during the period ended June 30, 2025, was $43.782 million, compared to a net loss of $(27.050) million for the same period in 2024[164] - The company’s total comprehensive income for the six months ended June 30, 2025, was $384.566 million, compared to $339.682 million for the same period in 2024[166]

Financial Performance - Wintrust Financial Corporation reported record net income of $384.6 million, or $5.47 per diluted common share, for the first six months of 2025, up from $339.7 million, or $5.21 per diluted common share for the same period in 2024[2]. - Net income for Q2 2025 was $195.5 million, a 3% increase from Q1 2025 and a 28% increase from Q2 2024[48]. - Net income for the second quarter of 2025 was $195,527 thousand, reflecting a 3.9% increase from $189,039 thousand in the first quarter of 2025[51]. - Net income applicable to common shares for Q2 2025 was $188,536 thousand, a 3.1% increase from $182,048 thousand in Q1 2025[102]. Loan and Deposit Growth - Total loans increased by $2.3 billion, or 19% annualized, and total deposits increased by approximately $2.2 billion, or 17% annualized, in the second quarter of 2025[5]. - Total loans reached $51.04 billion, up 19% from the previous year[48]. - Total deposits were $55.82 billion, reflecting a 17% increase year-over-year[48]. - Total loans, net of unearned income increased to $51,041,679 thousand as of June 30, 2025, up from $48,708,390 thousand as of March 31, 2025, representing a growth of 2.74%[85]. Interest Income and Margin - Net interest income rose to $546.7 million in the second quarter of 2025, an increase of $20.2 million compared to the first quarter of 2025, driven by average earning asset growth of $1.9 billion, or 12% annualized[23]. - The net interest margin was stable at 3.52% during the second quarter of 2025, down two basis points compared to the first quarter of 2025[24]. - Total interest income for Q2 2025 reached $920.9 million, an increase of 3.3% from Q1 2025[55]. - The yield on loans, net of unearned income, was 6.51% for the six months ended June 30, 2025, down from 6.85% in the same period of 2024[71]. 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[31]. - Total Non-Interest Income for Q2 2025 was $124,089,000, an increase of $7,455,000 or 6% compared to Q1 2025[92]. - Trust and asset management income increased to $32,609,000 in Q2 2025, up $3,324,000 or 11% from Q1 2025 and up $2,784,000 or 9% from Q2 2024[92]. Credit Losses and Allowances - Provision for credit losses totaled $22.2 million in the second quarter of 2025, down from $24.0 million in the first quarter of 2025[7]. - The allowance for credit losses increased to $457.5 million as of June 30, 2025, from $448.4 million as of March 31, 2025[26]. - The allowance for loan losses as a percentage of loans at period end was 0.77% as of June 30, 2025, down from 0.78% in the previous quarter[82]. Non-Performing Assets - Non-performing assets totaled $212.5 million, comprising 0.31% of total assets as of June 30, 2025, compared to $195.0 million, or 0.30% of total assets, as of March 31, 2025[30]. - Total non-performing loans rose to $188,838 thousand as of June 30, 2025, compared to $172,390 thousand on March 31, 2025, marking a 9.5% increase[89]. - The percentage of total non-performing assets to total assets was 0.31% as of June 30, 2025, slightly up from 0.30% on March 31, 2025[87]. Operational Efficiency - Total non-interest expense increased to $381.5 million, up 4.0% from Q1 2025[55]. - The efficiency ratio for Q2 2025 was 56.92%, slightly improved from 57.21% in Q1 2025, indicating better operational efficiency[101]. - Total non-interest expense for Q2 2025 was $381,461,000, an increase of $15,371,000 or 4% compared to Q1 2025, and an increase of $41,108,000 or 12% compared to Q2 2024[98]. Shareholder Equity - Total shareholders' equity increased to $7,225,696 thousand in Q2 2025, up from $6,600,537 thousand in Q1 2025, representing a growth of 9.4%[102]. - Book value per common share increased to $95.43 in Q2 2025 from $92.47 in Q1 2025, a rise of 3.2%[102]. - Tangible common equity ratio (non-GAAP) improved to 8.0% in Q2 2025 from 7.8% in Q1 2025, indicating a stronger capital position[102]. Market Challenges - The company is facing challenges in the commercial real estate market, particularly in the Chicago metropolitan area, southern Wisconsin, and west Michigan, which may lead to increased credit loss allowances[107]. - Competitive pressures in the financial services sector may impact the pricing of the company's loan and deposit products, potentially resulting in a loss of market share[107]. - The interest rate environment, including prolonged low rates or rising rates, could materially adversely affect the company's net interest income and profitability[107].

Financial Performance - For the three months ended March 31, 2025, the company reported total interest income of $876,197,000, an increase from $795,044,000 in the same period of 2024, representing a growth of approximately 10.2%[89] - Net interest income for the same period was $526,474,000, up from $464,194,000 in 2024, reflecting an increase of about 13.4%[89] - Non-interest income for Q1 2025 was $116,634,000, compared to $140,580,000 in Q1 2024, showing a decrease of about 17.0%[89] - The company reported net income of $189,039,000 for Q1 2025, compared to $187,294,000 for Q1 2024, reflecting a slight increase of about 0.9%[89] - Basic earnings per share decreased to $2.73 for the three months ended March 31, 2025, compared to $2.93 for the same period in 2024[169] - Other comprehensive income for the three months ended March 31, 2025, was reported at $98,320,000, compared to a loss of $123,917,000 for the same period in 2024[166] - The balance of accumulated other comprehensive loss at March 31, 2025, was $(410,015,000), an improvement from $(485,148,000) at March 31, 2024[166] Asset and Liability Management - Total assets at the end of Q1 2025 were $65,870,066,000, compared to $57,576,933,000 at the end of Q1 2024, marking an increase of approximately 14.4%[89] - The fair value of derivative assets as of March 31, 2025, was $196.696 million, while derivative liabilities were $248.933 million, resulting in a net credit exposure of $62.399 million[123] - The total fair value of available-for-sale securities was $5,351.0 million, with Level 2 assets comprising $4,661.7 million[140] - The total fair value of derivative assets was $204.3 million as of March 31, 2025, with Level 2 assets at $198.8 million[140] - The total fair value of derivative liabilities was $181.2 million as of March 31, 2025[140] Derivative Instruments - The company had derivative assets designated as cash flow hedges amounting to $44,304,000 as of March 31, 2025, up from $17,330,000 as of March 31, 2024[96] - Total derivatives not designated as hedging instruments were $159,953,000 as of March 31, 2025, compared to $182,697,000 as of March 31, 2024, indicating a decrease of about 12.4%[96] - The company utilized interest rate swaps and collars to manage interest rate risk, aiming to stabilize net interest income[97] - As of March 31, 2025, the fair value of interest rate derivatives designated as cash flow hedges was $36,280,000, significantly higher than $7,329,000 as of March 31, 2024[96] - The estimated reclassification from accumulated other comprehensive income to net interest income over the next 12 months is $8.8 million[103] Credit Losses and Provisions - The provision for credit losses increased to $23,963,000 in Q1 2025 from $21,673,000 in Q1 2024, indicating a rise of approximately 10.6%[89] - The total net losses recognized for individually assessed loans were $10.08 million for the three months ended March 31, 2025[144] - The company had 13 interest rate swaps designated as fair value hedges with an aggregate notional amount of $174.5 million as of March 31, 2025[104] Stock and Compensation - Stock-based compensation expense for Q1 2025 was $10.4 million, an increase from $9.2 million in Q1 2024[161] - The aggregate intrinsic value of options exercised in Q1 2025 was approximately $467,000, compared to $50,000 in Q1 2024[164] - As of March 31, 2025, approximately 347,000 shares were available for future grants under the Company Stock Incentive Plans[160] - The company granted 245,654 restricted shares during the three months ended March 31, 2025, with a grant-date fair value of $133.61, compared to 305,807 shares at $98.92 in the prior year[165] Risks and Challenges - The Company faces competitive pressures in the financial services sector, which may impact loan and deposit pricing, potentially leading to a loss of market share and reduced income from various products[276] - There are risks associated with identifying and completing favorable acquisitions, as well as unexpected losses related to recent or future acquisitions[276] - The Company may experience increased costs due to protecting customers from the impact of stolen debit card information[276] - The ability to attract and retain experienced senior management in the banking and financial services industries is crucial for the Company[276] - The Company is subject to potential liabilities and reputational harm related to the closing of existing branches[276] - Changes in U.S. monetary policy and the Federal Reserve's balance sheet may impact the Company's operations[276] - The Company may face increased compliance costs and heightened regulatory capital requirements due to changes in regulations[276] - Fluctuations in the stock market could adversely affect the Company's wealth management and brokerage operations[276] - The Company is at risk of widespread outages of operational or communication systems, which could disrupt services[277] - There are no assurances that future actual results will align with forward-looking statements made by the Company[278]

Financial Performance - Wintrust Financial Corporation reported record quarterly net income of $189.0 million, or $2.69 per diluted common share, for Q1 2025, compared to $185.4 million, or $2.63 per diluted common share in Q4 2024[2]. - Net income for Q1 2025 was $189,039 thousand, a 2% increase from Q4 2024[48]. - Basic net income per common share rose to $2.73 in Q1 2025, compared to $2.68 in Q4 2024, marking a 1.9% increase[55]. - The company reported an income before taxes of $253,055,000 in Q1 2025, consistent with $253,081,000 in Q4 2024[55]. - Total non-interest income for Q1 2025 was $116,634 thousand, representing a 3% increase from $113,451 thousand in Q4 2024, but a 17% decrease from $140,580 thousand in Q1 2024[88]. Loan and Deposit Growth - Total loans increased by $653 million, or 6% annualized, while total deposits rose by approximately $1.1 billion, or 8% annualized, in Q1 2025[4]. - Total loans reached $48,708,390 thousand, reflecting a 6% increase from Q4 2024[48]. - Total deposits grew to $53,570,038 thousand, an 8% increase from Q4 2024[48]. - Core loans reached $29,108,500 thousand, showing a 4% increase from the previous quarter and a 15% increase year-over-year[56]. - Total commercial loan balances reached $15,931,326,000 as of March 31, 2025, compared to $15,574,551,000 on December 31, 2024, showing growth in the commercial lending segment[82]. Interest Income and Margin - Net interest income reached $526.5 million in Q1 2025, an increase from $525.1 million in Q4 2024, supported by a net interest margin of 3.54%[5]. - The net interest margin for Q1 2025 was 3.54%, up 5 basis points from Q4 2024[48]. - Total interest income for Q1 2025 was $886,965,000, a decrease of 2.7% from $913,501,000 in Q4 2024[55]. - The interest rate spread for the quarter ended March 31, 2025, was 2.76%, up from 2.65% in the previous quarter[67]. Credit Quality and Losses - Provision for credit losses totaled $24.0 million in Q1 2025, up from $17.0 million in Q4 2024, reflecting a conservative approach to credit management[5]. - Net charge-offs decreased to $12.6 million in Q1 2025, or 11 basis points of average total loans, compared to $15.9 million, or 13 basis points, in Q4 2024[27]. - The allowance for loan losses increased to $378,207 thousand, compared to $364,017 thousand at December 31, 2024[54]. - The annualized net charge-offs as a percentage of total loans was 0.11% for the quarter, compared to 0.13% in the previous quarter[77]. Wealth Management - Wealth management revenue decreased by $4.7 million in Q1 2025 due to system transitions and lower market valuations[31]. - As of March 31, 2025, the company had approximately $51.1 billion in assets under administration in its wealth management subsidiaries[45]. - Wealth management deposits rose to $1,574,480 thousand in Q1 2025, up from $1,430,163 thousand in Q4 2024, reflecting an increase of 10.1%[61]. Operational Efficiency - Total non-interest expense for Q1 2025 was $366,090,000, slightly down from $368,539,000 in Q4 2024, a decrease of 0.4%[55]. - The efficiency ratio (non-GAAP) improved to 56.95% in Q1 2025 from 57.18% in Q4 2024, indicating better cost management[97]. - Salaries and employee benefits totaled $211,526 thousand in Q1 2025, a slight decrease of 0.3% compared to $212,133 thousand in Q4 2024[93]. Future Outlook and Risks - The company plans to pursue future acquisitions and internal growth strategies, including the formation of new banks or branch offices[100]. - The company faces potential adverse effects from economic conditions, including U.S. government debt defaults or rating downgrades, which could impact liquidity and loan portfolio performance[102]. - Changes in interest rates and capital markets could significantly affect the company's net interest income and profitability[103]. - The company is focused on technology to enhance product offerings and operational efficiencies, while managing associated risks[103].

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, 2024 ☐ 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 ...

Financial Performance - Wintrust Financial Corporation reported a record net income of $695.0 million or $10.31 per diluted common share for the year ended December 31, 2024, representing an increase of 11.6% from $622.6 million or $9.58 per diluted common share in 2023[2]. - For the fourth quarter of 2024, net income was $185.4 million or $2.63 per diluted common share, up from $170.0 million or $2.47 per diluted common share in the third quarter of 2024, marking a 7.9% increase[3]. - Net income for Q4 2024 was $185,362 thousand, an increase from $170,001 thousand in Q3 2024, which is a 7.9% rise[67]. - Net income applicable to common shares for Q4 2024 was $178,371, up from $116,489 in Q4 2023, representing a year-over-year increase of approximately 53.3%[113]. Loan and Deposit Growth - Total loans increased by approximately $1.0 billion, or 8% annualized, and total deposits increased by approximately $1.1 billion, or 9% annualized, in the fourth quarter of 2024[5]. - Total loans reached $48,055,037 thousand, up 2.1% from $47,067,447 thousand in the prior quarter[62]. - Total deposits increased to $52,512,349 thousand, a growth of 2.15% from $51,404,966 thousand in the previous quarter[62]. - Non-interest-bearing deposits grew to $11.41 billion, up 6.25% from $10.74 billion in the previous quarter[66]. Interest Income and Margin - Net interest income for the fourth quarter of 2024 totaled $525.1 million, an increase of $22.6 million compared to the third quarter of 2024, primarily due to a $2.6 billion increase in average earning assets[26]. - The net interest margin remained stable at 3.49% during the fourth quarter of 2024, unchanged from the third quarter of 2024[27]. - Total interest income for Q4 2024 was $913,501,000, an increase from $908,604,000 in Q3 2024, representing a 0.1% growth[67]. - Net interest income after provision for credit losses was $508,169,000 for Q4 2024, up from $480,249,000 in Q3 2024, reflecting a 5.0% increase[67]. Non-Interest Income - Total non-interest income for Q4 2024 was $113,451,000, slightly up from $113,147,000 in Q3 2024[112]. - Mortgage banking revenue increased by $4.5 million to $20.5 million in Q4 2024, primarily due to a $5.5 million positive impact from net fair value marks[53]. - Total wealth management income for the year ended December 31, 2024, was $146,227, an increase of $15,620 or 12% compared to 2023[102]. Expenses and Efficiency - Non-interest expenses totaled $368.5 million in the fourth quarter of 2024, an increase of $7.9 million compared to $360.7 million in the third quarter of 2024[43]. - The efficiency ratio (GAAP) improved to 57.46% in Q4 2024 from 58.88% in Q3 2024, indicating better operational efficiency[112]. - Salaries and employee benefits totaled $817.108 million for the year ended December 31, 2024, reflecting an increase of $69.095 million or 9% compared to $748.013 million in 2023[109]. Credit Quality - Non-performing loans decreased to $170.8 million, or 0.36% of total loans, at December 31, 2024, down from $179.7 million, or 0.38% of total loans, at September 30, 2024[32]. - The provision for credit losses totaled $17.0 million in the fourth quarter of 2024, a decrease from $22.3 million in the third quarter of 2024[9]. - The allowance for loan losses as a percentage of loans at period end was 0.76%, slightly down from 0.77% in the previous quarter[93]. Acquisitions and Growth Strategy - The Company completed the acquisition of Macatawa on August 1, 2024, with preliminary goodwill recorded at approximately $142.1 million[56]. - Wintrust operates 16 community bank subsidiaries across multiple states, including Illinois, Wisconsin, Michigan, Florida, and Indiana[115]. - The company is focused on internal growth and plans to form additional de novo banks or branch offices as part of its growth strategy[119]. Market and Economic Conditions - The company faces risks related to economic conditions, including housing prices and job market fluctuations, which may impact liquidity and loan performance[119]. - Regulatory changes and compliance costs are significant factors that could affect the company's operations and profitability[122]. - The transition from LIBOR to alternative benchmark rates may impact current and future transactions for the company[122].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-Q _________________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR 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 ___________________________ ...

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 totaled $152.4 million, a decrease of $2.4 million, or 2%, compared to Q2 2023, with diluted earnings per share at $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, compared to $239.9 million in Q2 2023[189] - 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] - 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[206] Loan and Deposit Growth - The loan portfolio increased to $44.7 billion at June 30, 2024, up from $42.1 billion at December 31, 2023, reflecting organic growth across several segments[170] - Total deposits increased by 9% to $48.0 billion at June 30, 2024, from $44.0 billion at June 30, 2023[175] - Total average loans amounted to $43.82 billion in Q2 2024, representing 81% of total average earning assets, consistent with the previous quarter[231] - The company originated approximately $5.5 billion in premium finance receivables in Q2 2024, compared to $5.0 billion in Q2 2023, reflecting strong market conditions[236] - Total average deposits for the second quarter of 2024 were $46.1 billion, an increase of $3.6 billion, or 8%, from the second quarter of 2023[262] Interest Income and Margin - 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] - The net interest margin decreased to 3.50% in Q2 2024 from 3.64% in Q2 2023, primarily due to higher rates on interest-bearing liabilities[171] - The yield on loans, net of unearned income, was 6.90% in Q2 2024, compared to 6.80% in Q1 2024 and 6.23% in Q2 2023[196] - The net interest margin for Q2 2024 was 3.50%, compared to 3.57% in Q1 2024 and 3.64% in Q2 2023[196] - Net interest income for the six months ended June 30, 2024, was $934,804 thousand, an increase from $905,532 thousand for the same period in 2023, reflecting a margin of 3.53% compared to 3.72%[202] Non-Interest Expenses - Non-interest expense increased by 6% to $340.4 million in Q2 2024, mainly due to higher salaries and employee benefits[173] - Salaries and employee benefits increased by $13.6 million, or 7%, for the three months ended June 30, 2024, totaling $198.5 million, primarily due to higher commissions and annual merit increases[220] - Software and equipment expenses rose by $3.0 million, or 12%, for the three months ended June 30, 2024, driven by higher software license fees and depreciation expenses[221] - FDIC insurance expense increased by approximately $5.2 million due to a special assessment on uninsured deposits, contributing to a year-to-date increase in expenses[222] Asset Management - Total assets grew by 10% to $59.8 billion at June 30, 2024, compared to $54.3 billion at June 30, 2023[175] - Total average assets rose to $57.49 billion in Q2 2024, compared to $52.60 billion in Q2 2023, indicating a growth of 9% year-over-year[231] - The company reported a total interest-bearing liabilities of $39,607,973 thousand, an increase from $34,398,722 thousand in the previous year, with an average rate of 3.66% compared to 2.53%[197] - The tangible common equity ratio (non-GAAP) was 7.6% as of June 30, 2024, compared to 7.4% in the previous year[188] Credit Losses and Non-Performing Loans - The allowance for credit losses at the end of the period was $437.1 million, up from $387.4 million a year earlier, 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 the end of June 30, 2024, from $108.7 million at the same time last year, with additions from becoming non-performing totaling $77.5 million for the six months ended June 30, 2024[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] - The percentage of total non-performing loans as a percentage of total assets was 0.32% as of June 30, 2024, up from 0.28% 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] - Changes in interest rates could materially affect the Company's 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 plans to form additional de novo banks or branch offices as part of its growth strategy[276] - The Company continues to evaluate liquidity sources, including management of availability with the FHLB and FRB, to ensure sufficient funds for operations[273] - The Company maintains a commitment to exceed the "Well Capitalized" levels established by the Federal Reserve for bank holding companies[271]