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 (State of incorporation or organization) (I.R.S. Employer Identification No.) Illinois 36-3873352 For the quarterly period ended September 30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Wintrust Financial Corporation's strong financial performance for the first nine months and third quarter of 2025, highlighting key achievements and management insights [Financial Performance Overview (9M & Q3 2025)](index=1&type=section&id=Financial%20Performance%20Overview%20(9M%20%26%20Q3%202025)) Wintrust Financial Corporation reported record net income for both the first nine months and the third quarter of 2025, driven by strong balance sheet growth and prudent net interest margin management. Pre-tax, pre-provision income also reached record levels | Metric | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | Change (YoY) | | :-------------------------------- | :--------------------------- | :--------------------------- | :----------- | | Net Income | $600.8 million | $509.7 million | +17.9% | | Diluted EPS | $8.25 | $7.67 | +7.6% | | Pre-tax, Pre-provision Income (non-GAAP) | $884.1 million | $778.1 million | +13.6% | | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------------------- | :------- | :------- | :----------- | | Net Income | $216.3 million | $195.5 million | +10.6% | | Diluted EPS | $2.78 | $2.78 | 0% | | Pre-tax, Pre-provision Income (non-GAAP) | $317.8 million | $289.3 million | +9.8% | - CEO Timothy S. Crane 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) [Key Q3 2025 Highlights](index=1&type=section&id=Key%20Q3%202025%20Highlights) The third quarter of 2025 saw significant growth in loans, deposits, and total assets, alongside an increase in net interest income. Diluted EPS was impacted by one-time preferred stock related costs | 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 guidance) | | Net Gains on Investment Securities | $3.0 million (vs $650,000 in Q2 2025) | - Earnings per diluted common share of **$2.78** in Q3 2025 were 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) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management expressed satisfaction with diversified loan and strong deposit growth, maintaining conservative credit standards, and improving credit quality metrics. The company is well-positioned for continued revenue expansion - Strong loan growth of **$1.0 billion (8% annualized)** was diversified across all major loan portfolios, with pipelines remaining strong and **mid-to-high single-digit growth** expected for the remainder of the year[6](index=6&type=chunk) - Deposit growth of **$894.6 million (6% annualized)** funded loan growth, resulting in a loans-to-deposits ratio of **91.8%** at quarter-end[6](index=6&type=chunk) - Disciplined credit management led to consistent positive outcomes, with appropriate reserves and low levels of net charge-offs and non-performing loans, and a core loan allowance for credit losses of **1.34%**[6](index=6&type=chunk) [Preferred Stock Impact](index=6&type=section&id=Preferred%20Stock%20Impact) The Company completed the issuance of Series F Preferred Stock in May 2025, anticipating the redemption of Series D and E Preferred Stock, which occurred in July 2025 - On May 22, 2025, Wintrust issued **$425 million** of Series F Preferred Stock[13](index=13&type=chunk) - The issuance was in contemplation of redeeming **$412.5 million** of Series D and Series E Preferred Stock, which were expected to reprice at higher rates[13](index=13&type=chunk) - Series D and Series E Preferred Stock were redeemed on July 15, 2025[13](index=13&type=chunk) [Summary of Financial Results](index=9&type=section&id=Summary%20of%20Financial%20Results) This section provides a detailed summary of Wintrust's financial performance, including balance sheet, net interest income, asset quality, and non-interest income and expense [Balance Sheet Overview](index=9&type=section&id=Balance%20Sheet%20Overview) Wintrust's balance sheet showed growth in total assets, loans, and deposits in Q3 2025, with a stable loans-to-deposits ratio | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------- | :------- | :------- | :----------- | | Total Assets | $69.6 billion | $69.0 billion | +$646.3 million | | Total Loans | $52.1 billion | $51.0 billion | +$1.0 billion | | Total Liabilities | $62.6 billion | $61.7 billion | +$826.3 million | | Total Deposits | $56.7 billion | $55.8 billion | +$894.6 million | | Loans-to-Deposits Ratio | 91.8% | N/A | Stable | - The increase in loans was driven by growth across all major loan portfolios[16](index=16&type=chunk) - Strong organic deposit growth was driven by diverse deposit product offerings, with non-interest bearing deposit balances remaining stable[17](index=17&type=chunk) [Net Interest Income & Margin](index=9&type=section&id=Net%20Interest%20Income%20%26%20Margin) Net interest income increased in Q3 2025 due to earning asset growth, while net interest margin saw a slight decline primarily from decreased loan yields | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------- | :------- | :------- | :----------- | | Net Interest Income | $567.0 million | $546.7 million | +$20.3 million | | 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 | -3 bps | N/A | N/A | | Loan Yields | -4 bps | N/A | N/A | | Funding Cost on Interest-Bearing Deposits | +1 bp | N/A | N/A | - The increase in net interest income was primarily due to average earning asset growth of **$2.4 billion**, or **15% annualized**[19](index=19&type=chunk) [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 an improved macroeconomic forecast. Non-performing assets and loans improved compared to prior quarters | 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 (Q3) | $21.8 million | $22.2 million | -$0.4 million | | Net Charge-offs (Q3) | $24.6 million | $13.3 million | +$11.3 million | | Net Charge-offs (% of avg. total loans, annualized) | 19 bps | 11 bps | +8 bps | | Non-Performing Assets | $187.5 million | $212.5 million | -$25.0 million | | Non-Performing Assets (% of total assets) | 0.27% | 0.31% | -0.04% | | Non-Performing Loans | $162.6 million | $188.8 million | -$26.2 million | | Non-Performing Loans (% of total loans) | 0.31% | 0.37% | -0.06% | - The provision for credit losses reflects stable credit quality and an improved macroeconomic forecast, with qualitative additions made due to future economic uncertainty[22](index=22&type=chunk) - Management believes the allowance for credit losses is appropriate to account for expected credit losses[23](index=23&type=chunk) [Non-Interest Income](index=11&type=section&id=Non-Interest%20Income) Total non-interest income increased in Q3 2025, primarily driven by growth in wealth management revenue, mortgage banking revenue, and net gains on investment securities | 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 | N/A | N/A | | 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 increase was driven by higher asset valuations and increased brokerage transactional business[28](index=28&type=chunk) - Mortgage banking revenue increase was primarily attributed to higher production revenue[29](index=29&type=chunk) [Non-Interest Expense](index=11&type=section&id=Non-Interest%20Expense) Non-interest expense slightly decreased in Q3 2025, with notable reductions in professional fees and acquisition-related costs | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------- | :------- | :------- | :----------- | | Total Non-Interest Expense | $380.0 million | $381.5 million | -$1.5 million | | Non-Interest Expense (% of avg. assets) | 2.21% | N/A | Decreased | | 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 primarily relates to lower consulting services[33](index=33&type=chunk) [Income Taxes](index=11&type=section&id=Income%20Taxes) Income tax expense and the effective tax rate increased slightly in Q3 2025 compared to the previous quarter | 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) This section reviews the performance of Wintrust's key business segments, including Community Banking, Specialty Finance, and Wealth Management, highlighting their contributions to overall results [Community Banking](index=11&type=section&id=Community%20Banking) The Community Banking segment expanded its loan portfolios and saw increases in mortgage banking revenue and service charges on deposit accounts, with strong commercial and commercial real estate loan pipelines - Community banking increased its commercial, commercial real estate, and residential real estate loan portfolios in Q3 2025[37](index=37&type=chunk) | 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 reported strong originations in insurance premium financing and increased portfolio balances in leasing divisions, with stable revenues from outsourced administrative services - Originations within the insurance premium financing receivables portfolios totaled **$5.5 billion** during Q3 2025, with average balances increasing by **$945.4 million** QoQ[39](index=39&type=chunk) Leasing Division Portfolio Balances | 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 QoQ[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 significant assets under administration | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------- | :------- | :------- | :----------- | | Wealth Management Revenue | $37.2 million | N/A | Increased | | Assets Under Administration (Sep 30, 2025) | $55.1 billion | N/A | N/A | - Assets under administration included **$8.8 billion** of assets owned by the Company and its subsidiary banks[40](index=40&type=chunk) [Key Operating Measures & Financial Highlights (Tables)](index=13&type=section&id=Key%20Operating%20Measures%20%26%20Financial%20Highlights%20(Tables)) This section presents comprehensive tables detailing key operating measures and selected financial highlights, offering a multi-period view of Wintrust's performance and financial condition [Key Operating Measures](index=13&type=section&id=Key%20Operating%20Measures) This section presents a table summarizing Wintrust's key operating measures and growth rates for Q3 2025 compared to Q2 2025 and Q3 2024, covering net income, EPS, revenue, margins, and balance sheet items | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change from Q2 2025 | % Change from Q3 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :-------------------- | :-------------------- | | Net income (in thousands) | $216,254 | $195,527 | $170,001 | 11 % | 27 % | | Net income per common share – Diluted | 2.78 | 2.78 | 2.47 | — | 13 | | Net revenue (in thousands) | 697,837 | 670,783 | 615,730 | 4 | 13 | | Net interest income (in thousands) | 567,010 | 546,694 | 502,583 | 4 | 13 | | Net interest margin | 3.48 % | 3.52 % | 3.49 % | (4) bps | (1) bps | | Total assets (in thousands) | $69,629,638 | $68,983,318 | $63,788,424 | 4 % | 9 % | | Total loans (in thousands) | 52,063,482 | 51,041,679 | 47,067,447 | 8 | 11 | | Total deposits (in thousands) | 56,711,381 | 55,816,811 | 51,404,966 | 6 | 10 | | Total shareholders' equity (in thousands) | 7,045,757 | 7,225,696 | 6,399,714 | (10) | 10 | [Selected Financial Highlights](index=14&type=section&id=Selected%20Financial%20Highlights) This table provides a detailed breakdown of selected financial condition data, statements of income data, and financial ratios for multiple quarters and year-to-date periods, offering a comprehensive view of the company's financial trends | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | **Selected Financial Condition Data (at end of period, in thousands):** | | | | | | | 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 | | Total shareholders' equity | 7,045,757 | 7,225,696 | 6,600,537 | 6,344,297 | 6,399,714 | | **Selected Statements of Income Data (in thousands):** | | | | | | | Net interest income | $567,010 | $546,694 | $526,474 | $525,148 | $502,583 | | Net income | 216,254 | 195,527 | 189,039 | 185,362 | 170,001 | | Net income per common share – Diluted | 2.78 | 2.78 | 2.69 | 2.63 | 2.47 | | **Selected Financial Ratios and Other Data:** | | | | | | | Net interest margin | 3.48 % | 3.52 % | 3.54 % | 3.49 % | 3.49 % | | 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 % | | Tier 1 leverage ratio | 9.5 | 10.2 | 9.6 | 9.4 | 9.6 | | Allowance for credit losses (in thousands) | $454,586 | $457,461 | $448,387 | $437,060 | $436,193 | [Consolidated Financial Statements](index=16&type=section&id=Consolidated%20Financial%20Statements) This section presents Wintrust's complete consolidated financial statements, including statements of condition and income, providing a foundational view of the company's financial position and performance [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 at the end of various periods, highlighting the composition and changes in the balance sheet | (In thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :------------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | **Assets** | | | | | | | Cash and due from banks | $565,406 | $695,501 | $616,216 | $452,017 | $725,465 | | Net loans | 51,676,860 | 50,650,025 | 48,330,183 | 47,691,020 | 46,707,168 | | Total assets | $69,629,638 | $68,983,318 | $65,870,066 | $64,879,668 | $63,788,424 | | **Liabilities** | | | | | | | Total deposits | $56,711,381 | $55,816,811 | $53,570,038 | $52,512,349 | $51,404,966 | | Total liabilities | $62,583,881 | $61,757,622 | $59,269,529 | $58,535,371 | $57,388,710 | | **Shareholders' Equity** | | | | | | | Total shareholders' equity | $7,045,757 | $7,225,696 | $6,600,537 | $6,344,297 | $6,399,714 | [Consolidated Statements of Income](index=17&type=section&id=Consolidated%20Statements%20of%20Income) The Consolidated Statements of Income present Wintrust's revenues, expenses, and net income for quarterly and year-to-date periods, detailing interest income and expense, non-interest income and expense, and earnings per share | (Dollars in thousands, except per share data) | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :------- | :------- | :------- | :------- | :------- | :------- | :------- | | Total interest income | $963,834 | $920,908 | $886,965 | $913,501 | $908,604 | $2,771,707 | $2,564,096 | | Total interest expense | 396,824 | 374,214 | 360,491 | 388,353 | 406,021 | 1,131,529 | 1,126,709 | | Net interest income | 567,010 | 546,694 | 526,474 | 525,148 | 502,583 | 1,640,178 | 1,437,387 | | Provision for credit losses | 21,768 | 22,234 | 23,963 | 16,979 | 22,334 | 67,965 | 84,068 | | Total non-interest income | 130,827 | 124,089 | 116,634 | 113,451 | 113,147 | 371,550 | 374,874 | | Total non-interest expense | 380,028 | 381,461 | 366,090 | 368,539 | 360,687 | 1,127,579 | 1,034,185 | | Net income | $216,254 | $195,527 | $189,039 | $185,362 | $170,001 | $600,820 | $509,683 | | Net income per common share - Diluted | $2.78 | $2.78 | $2.69 | $2.63 | $2.47 | $8.25 | $7.67 | [Detailed Financial Tables](index=18&type=section&id=Detailed%20Financial%20Tables) This section provides in-depth financial tables, offering granular analysis of Wintrust's loan and deposit portfolios, net interest income, interest rate sensitivity, asset quality, and detailed income and expense components [Loan Portfolio Analysis](index=18&type=section&id=Loan%20Portfolio%20Analysis) This section details the composition and growth rates of Wintrust's loan portfolio, distinguishing between core and niche loans, and providing annualized growth figures | Loan Category | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Growth from Q2 2025 (Annualized) | % Growth from Q3 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :--------------------------------- | :-------------------- | | Total mortgage loans held-for-sale (in thousands) | $333,883 | $299,606 | $461,067 | 45 % | (28)% | | Total core loans (in thousands) | $30,610,433 | $29,928,663 | $28,363,712 | 9 % | 8 % | | Total niche loans (in thousands) | $21,453,049 | $21,113,016 | $18,703,735 | 6 % | 15 % | | Total loans, net of unearned income (in thousands) | $52,063,482 | $51,041,679 | $47,067,447 | 8 % | 11 % | - Core loans include commercial, commercial real estate, home equity, and residential real estate loans. Niche loans include franchise, mortgage warehouse lines, community advantage, insurance agency lending, and premium finance receivables[50](index=50&type=chunk) [Deposit Portfolio Analysis](index=19&type=section&id=Deposit%20Portfolio%20Analysis) This section provides a breakdown of Wintrust's deposit portfolio by type, including non-interest-bearing, NOW, money market, savings, and time certificates of deposit, along with their growth rates and mix Deposit Category | Deposit Category | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Growth From Q2 2025 (Annualized) | % Growth From Q3 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :--------------------------------- | :-------------------- | | Non-interest-bearing (in thousands) | $10,952,146 | $10,877,166 | $10,739,132 | 3 % | 2 % | | NOW and interest bearing demand deposits (in thousands) | 6,710,919 | 6,795,725 | 5,466,932 | (5) | 23 | | Money market (in thousands) | 20,270,382 | 19,556,041 | 17,713,726 | 14 | 14 | | Savings (in thousands) | 6,758,743 | 6,659,419 | 6,183,249 | 6 | 9 | | Time certificates of deposit (in thousands) | 10,418,456 | 10,332,696 | 9,998,573 | 3 | 4 | | Total deposits (in thousands) | $56,711,381 | $55,816,811 | $51,404,966 | 6 % | 10 % | Deposit Category Mix (Sep 30, 2025) | Deposit Category Mix (Sep 30, 2025) | % | | :----------------------------------- | :--------------------------------- | | Non-interest-bearing | 19 % | | NOW and interest bearing demand deposits | 12 % | | Wealth management deposits | 3 % | | Money market | 36 % | | Savings | 12 % | | Time certificates of deposit | 18 % | Time Certificates of Deposit Maturity/Re-pricing Analysis (As of Sep 30, 2025) | Maturity Period | Total Time Certificates of Deposit (in thousands) | Weighted-Average Rate | | :-------------- | :--------------------------------- | :-------------------- | | 1-3 months | $4,450,481 | 3.83 % | | 4-6 months | $3,165,121 | 3.72 % | | 7-9 months | $1,489,181 | 3.64 % | | 10-12 months | $973,156 | 3.79 % | | Total | $10,418,456 | 3.74 % | [Net Interest Income and Margin Analysis](index=20&type=section&id=Net%20Interest%20Income%20and%20Margin%20Analysis) This section provides detailed tables on quarterly and year-to-date average balances, net interest income, and net interest margin, including yields on earning assets and rates paid on interest-bearing liabilities Quarterly Net Interest Income | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total interest income (in thousands) | $966,663 | $923,788 | $889,864 | $916,571 | $911,748 | | Total interest expense (in thousands) | $396,824 | $374,214 | $360,491 | $388,353 | $406,021 | | Net interest income (GAAP, in thousands) | $567,010 | $546,694 | $526,474 | $525,148 | $502,583 | | Net interest income, fully taxable-equivalent (non-GAAP, in thousands) | $569,839 | $549,574 | $529,373 | $528,218 | $505,727 | Quarterly Net Interest Margin | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Yield earned on total earning assets | 5.93 % | 5.96 % | 5.98 % | 6.09 % | 6.33 % | | Rate paid on total interest-bearing liabilities | 3.21 % | 3.20 % | 3.22 % | 3.44 % | 3.75 % | | Net interest margin (GAAP) | 3.48 % | 3.52 % | 3.54 % | 3.49 % | 3.49 % | | Net interest margin, fully taxable-equivalent (non-GAAP) | 3.50 % | 3.54 % | 3.56 % | 3.51 % | 3.51 % | Year-to-Date Net Interest Income and Margin (9 Months Ended) | Metric | Sep 30, 2025 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | | Net interest income (GAAP, in thousands) | $1,640,178 | $1,437,387 | | Net interest income/margin (GAAP) | 3.51 % | 3.52 % | | Net interest income/margin, fully taxable-equivalent (non-GAAP) | 3.53 % | 3.54 % | [Interest Rate Sensitivity](index=24&type=section&id=Interest%20Rate%20Sensitivity) Wintrust manages its exposure to interest rate fluctuations through various strategies, including derivative instruments and originating longer-term fixed-rate loans. The company's net interest income sensitivity has remained relatively neutral Static Shock Scenario (Percentage Change in Net Interest Income) | Period | +200 Basis Points | +100 Basis Points | -100 Basis Points | -200 Basis Points | | :----- | :---------------- | :---------------- | :---------------- | :---------------- | | Sep 30, 2025 | (2.3)% | (0.8)% | 0.0 % | (0.4)% | | Jun 30, 2025 | (1.5) | (0.4) | (0.2) | (1.2) | | Sep 30, 2024 | 1.2 | 1.1 | 0.4 | (0.9) | Ramp Scenario (Percentage Change in Net Interest Income) | Period | +200 Basis Points | +100 Basis Points | -100 Basis Points | -200 Basis Points | | :----- | :---------------- | :---------------- | :---------------- | :---------------- | | Sep 30, 2025 | (0.2)% | (0.1)% | 0.1 % | (0.1)% | | Jun 30, 2025 | 0.0 | 0.0 | (0.1) | (0.4) | | Sep 30, 2024 | 1.6 | 1.2 | 0.7 | 0.5 | - Management has executed derivative instruments (collars, floors, receive fixed swaps) to hedge variable rate loan exposures and originated a higher percentage of longer-term fixed-rate loans[70](index=70&type=chunk) Variable Rate Loan Pricing by Index (Sep 30, 2025) | Index | Amount (in thousands) | | :-------------------- | :----------- | | SOFR tenors | $20,295,819 | | 12-month CMT | $7,284,381 | | Prime | $3,083,193 | | Fed Funds | $768,000 | | Other U.S. Treasury tenors | $191,629 | | Other | $136,529 | | Total variable rate | $31,759,551 | [Allowance for Credit Losses](index=27&type=section&id=Allowance%20for%20Credit%20Losses) This section provides a detailed breakdown of the allowance for credit losses, including provision, charge-offs, and recoveries by loan category, and the allowance by loan portfolio Allowance for Credit Losses | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Allowance for credit losses at beginning of period (in thousands) | $457,461 | $448,387 | $437,060 | $436,193 | $437,560 | | Provision for credit losses - Other (in thousands) | 21,768 | 22,234 | 23,963 | 16,979 | 6,787 | | Total charge-offs (in thousands) | 28,846 | 18,495 | 17,449 | 19,731 | 31,018 | | Total recoveries (in thousands) | 4,291 | 5,155 | 4,809 | 3,806 | 4,283 | | Net charge-offs (in thousands) | (24,555) | (13,340) | (12,640) | (15,925) | (26,735) | | Allowance for credit losses at period end (in thousands) | $454,586 | $457,461 | $448,387 | $437,060 | $436,193 | | Annualized net charge-offs (% of avg. total loans) | 0.19 % | 0.11 % | 0.11 % | 0.13 % | 0.23 % | | Allowance for loan losses as a percentage of loans at period end | 0.74 % | 0.77 % | 0.78 % | 0.76 % | 0.77 % | Allowance by Loan Portfolio (As of Sep 30, 2025) | Loan Portfolio | Recorded Investment (in thousands) | Calculated Allowance (in thousands) | % of its category's balance | | :----------------------------------- | :------------------ | :------------------- | :-------------------------- | | Commercial | $16,544,342 | $189,476 | 1.15 % | | Commercial real estate | $13,619,207 | $230,477 | 1.69 % | | Home equity | $484,202 | $9,229 | 1.91 % | | Residential real estate | $4,143,870 | $12,013 | 0.29 % | | Premium finance receivables | $17,124,845 | $11,949 | 0.07 % | | Consumer and other | $147,016 | $1,047 | 0.71 % | | Total loans, net of unearned income | $52,063,482 | $454,191 | 0.87 % | | Total core loans | $30,610,433 | $408,780 | 1.34 % | | Total niche loans | $21,453,049 | $45,411 | 0.21 % | [Non-Performing Assets](index=29&type=section&id=Non-Performing%20Assets) This section provides detailed tables on loan portfolio aging, non-performing assets, and a rollforward of non-performing loans, illustrating trends in credit quality Total Loans, Net of Unearned Income (Aging as of Sep 30, 2025) | Status | Amount (in thousands) | | :----------------------------------- | :----------- | | Nonaccrual | $149,566 | | 90+ days and still accruing | $13,066 | | 60-89 days past due | $92,976 | | 30-59 days past due | $194,378 | | Current | $51,488,672 | | Total loans, net of unearned income | $52,063,482 | Non-Performing Assets | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total non-performing loans (in thousands) | $162,632 | $188,838 | $172,390 | $170,823 | $179,687 | | Other real estate owned (in thousands) | 24,832 | 23,615 | 22,625 | 23,116 | 13,682 | | Total non-performing assets (in thousands) | $187,464 | $212,453 | $195,015 | $193,939 | $193,369 | | Total non-performing loans (% of total loans) | 0.31 % | 0.37 % | 0.35 % | 0.36 % | 0.38 % | | Total non-performing assets (% of total assets) | 0.27 % | 0.31 % | 0.30 % | 0.30 % | 0.30 % | Non-performing Loans Rollforward (excluding early buy-out loans) | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | | :----------------------------------- | :------- | :------- | :------- | :------- | :------- | | Balance at beginning of period (in thousands) | $188,838 | $172,390 | $170,823 | $179,687 | $174,251 | | Additions from becoming non-performing (in thousands) | 34,805 | 48,651 | 27,721 | 30,931 | 42,335 | | Return to performing status (in thousands) | (3,399) | (6,896) | (1,207) | (1,108) | (362) | | Payments received (in thousands) | (28,052) | (5,602) | (15,965) | (12,219) | (10,894) | | Charge-offs, net (in thousands) | (21,526) | (11,734) | (8,600) | (5,612) | (21,211) | | Balance at end of period (in thousands) | $162,632 | $188,838 | $172,390 | $170,823 | $179,687 | [Non-Interest Income Details](index=32&type=section&id=Non-Interest%20Income%20Details) This table provides a detailed breakdown of non-interest income components for quarterly and year-to-date periods, showing changes and percentage shifts | (Dollars in thousands) | Q3 2025 | Q2 2025 | Q3 2024 | $ Change Q3 2025 vs Q2 2025 | % Change Q3 2025 vs Q2 2025 | $ Change Q3 2025 vs Q3 2024 | % Change Q3 2025 vs Q3 2024 | | :----------------------------------- | :------- | :------- | :------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total wealth management | $37,188 | $36,821 | $37,224 | $367 | 1 | $(36) | 0 | | Mortgage banking | 24,451 | 23,170 | 15,974 | 1,281 | 6 | 8,477 | 53 | | Service charges on deposit accounts | 19,825 | 19,502 | 16,430 | 323 | 2 | 3,395 | 21 | | Gains (losses) on investment securities, net | 2,972 | 650 | 3,189 | 2,322 | NM | (217) | (7) | | Fees from covered call options | 5,619 | 5,624 | 988 | (5) | 0 | 4,631 | NM | | Operating lease income, net | 15,466 | 15,166 | 15,335 | 300 | 2 | 131 | 1 | | Total Other | 25,134 | 23,005 | 24,137 | 2,129 | 9 | 997 | 4 | | Total Non-Interest Income | $130,827 | $124,089 | $113,147 | $6,738 | 5 % | $17,680 | 16 % | [Mortgage Banking Details](index=34&type=section&id=Mortgage%20Banking%20Details) This section provides a comprehensive overview of mortgage banking activities, including originations, production margin, loans serviced for others, and MSR fair value asset activity for quarterly and year-to-date periods Mortgage Banking (Three Months Ended) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total originations for sale (in thousands) | $643,393 | $681,546 | $460,453 | $660,338 | $766,777 | | Total originations (in thousands) | $994,405 | $1,104,472 | $677,630 | $1,015,457 | $985,761 | | Production revenue (in thousands) | $15,388 | $13,380 | $9,941 | $6,993 | $13,113 | | Production margin | 1.95 % | 2.07 % | 1.80 % | 1.42 % | 1.61 % | | Loans serviced for others (in thousands) | $12,524,131 | $12,470,924 | $12,402,352 | $12,400,913 | $12,253,361 | | Mortgage Servicing Rights ("MSR"), at fair value (in thousands) | $190,938 | $193,061 | $196,307 | $203,788 | $186,308 | | Total mortgage banking revenue (in thousands) | $24,451 | $23,170 | $20,529 | $20,452 | $15,974 | Mortgage Banking (Nine Months Ended) | Metric | Sep 30, 2025 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | | Total originations for sale (in thousands) | $1,785,392 | $1,964,576 | | Total originations (in thousands) | $2,776,507 | $2,628,137 | | Production revenue (in thousands) | $38,709 | $41,538 | | Production margin | 1.95 % | 1.96 % | | Loans serviced for others (in thousands) | $12,524,131 | $12,253,361 | | MSRs, at fair value (in thousands) | $190,938 | $186,308 | | Total mortgage banking revenue (in thousands) | $68,150 | $72,761 | [Non-Interest Expense Details](index=36&type=section&id=Non-Interest%20Expense%20Details) This table provides a detailed breakdown of non-interest expense components for quarterly and year-to-date periods, showing changes and percentage shifts | (Dollars in thousands) | Q3 2025 | Q2 2025 | Q3 2024 | $ Change Q3 2025 vs Q2 2025 | % Change Q3 2025 vs Q2 2025 | $ Change Q3 2025 vs Q3 2024 | % Change Q3 2025 vs Q3 2024 | | :----------------------------------- | :------- | :------- | :------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total salaries and employee benefits | $219,668 | $219,541 | $211,261 | $127 | 0 | $8,407 | 4 | | Software and equipment | 35,027 | 36,522 | 31,574 | (1,495) | (4) | 3,453 | 11 | | Occupancy, net | 20,809 | 20,228 | 19,945 | 581 | 3 | 864 | 4 | | Data processing | 11,329 | 12,110 | 9,984 | (781) | (6) | 1,345 | 13 | | Advertising and marketing | 19,027 | 18,761 | 18,239 | 266 | 1 | 788 | 4 | | Professional fees | 7,465 | 9,243 | 9,783 | (1,778) | (19) | (2,318) | (24) | | Amortization of other acquisition-related intangible assets | 5,196 | 5,580 | 4,042 | (384) | (7) | 1,154 | 29 | | FDIC insurance | 11,418 | 10,971 | 10,512 | 447 | 4 | 906 | 9 | | Total other | 39,418 | 37,243 | 35,767 | 2,175 | 6 | 3,651 | 10 | | Total Non-Interest Expense | $380,028 | $381,461 | $360,687 | $(1,433) | 0 % | $19,341 | 5 % | [Supplemental Non-GAAP Financial Measures/Ratios](index=37&type=section&id=Supplemental%20Non-GAAP%20Financial%20Measures%2FRatios) This section provides reconciliations of GAAP to non-GAAP financial measures and ratios, offering adjusted perspectives on Wintrust's net interest margin, efficiency, tangible common equity, and earnings per share [Non-GAAP Net Interest Margin and Efficiency Ratio Reconciliation](index=37&type=section&id=Non-GAAP%20Net%20Interest%20Margin%20and%20Efficiency%20Ratio%20Reconciliation) This section provides reconciliations of GAAP to non-GAAP measures for net interest income, net interest margin, and the efficiency ratio, offering a clearer view of operational performance by adjusting for tax-exempt income and securities gains/losses - Management uses taxable-equivalent net interest income and margin to ensure comparability of interest income from both taxable and tax-exempt sources[95](index=95&type=chunk) - The efficiency ratio (non-GAAP) excludes securities gains or losses to better match revenue from daily operations to operational expenses[95](index=95&type=chunk) Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | 9M 2025 | 9M 2024 | | :----------------------------------- | :------- | :------- | :------- | :------- | :------- | :------- | :------- | | Net Interest Income (GAAP, in thousands) | $567,010 | $546,694 | $526,474 | $525,148 | $502,583 | $1,640,178 | $1,437,387 | | Net Interest Income (non-GAAP, in thousands) | $569,839 | $549,574 | $529,373 | $528,218 | $505,727 | $1,648,786 | $1,446,207 | | Net interest margin (GAAP) | 3.48 % | 3.52 % | 3.54 % | 3.49 % | 3.49 % | 3.51 % | 3.52 % | | Net interest margin, fully taxable equivalent (non-GAAP) | 3.50 | 3.54 | 3.56 | 3.51 | 3.51 | 3.53 | 3.54 | | Efficiency ratio (GAAP) | 54.69 % | 56.92 % | 57.21 % | 57.46 % | 58.88 % | 56.24 % | 57.07 % | | Efficiency ratio (non-GAAP) | 54.47 | 56.68 | 56.95 | 57.18 | 58.58 | 56.00 | 56.80 | [Non-GAAP Tangible Common Equity Ratios Reconciliation](index=38&type=section&id=Non-GAAP%20Tangible%20Common%20Equity%20Ratios%20Reconciliation) This section reconciles GAAP to non-GAAP measures for tangible common equity ratio, tangible book value per common share, and return on average tangible common equity, providing insights into the company's equity structure and profitability excluding intangible assets - Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company's equity, and return on average tangible common equity as a measurement of profitability[95](index=95&type=chunk) Reconciliation of Non-GAAP Tangible Common Equity Ratio | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total shareholders' equity (GAAP, in thousands) | $7,045,757 | $7,225,696 | $6,600,537 | $6,344,297 | $6,399,714 | | Total tangible common shareholders' equity (non-GAAP, in thousands) | $5,717,821 | $5,479,557 | $5,275,033 | $5,013,165 | $5,062,568 | | Common equity to assets ratio (GAAP) | 9.5 % | 9.3 % | 9.4 % | 9.1 % | 9.4 % | | Tangible common equity ratio (non-GAAP) | 8.3 | 8.0 | 8.1 | 7.8 | 8.1 | Reconciliation of Non-GAAP Tangible Book Value per Common Share | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Book value per common share | $98.87 | $95.43 | $92.47 | $89.21 | $90.06 | | Tangible book value per common share (non-GAAP) | 85.39 | 81.86 | 78.83 | 75.39 | 76.15 | [Non-GAAP Net Income per Common Share Reconciliation](index=39&type=section&id=Non-GAAP%20Net%20Income%20per%20Common%20Share%20Reconciliation) This section reconciles GAAP net income per common share to non-GAAP measures, adjusting for non-recurring preferred stock offering impacts to provide a clearer view of core earnings - Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company's core net income[95](index=95&type=chunk) Reconciliation of Non-GAAP Net Income per Common Share | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | 9M 2025 | 9M 2024 | | :----------------------------------- | :------- | :------- | :------- | :------- | :------- | :------- | :------- | | Net income (in thousands) | $216,254 | $195,527 | $189,039 | $185,362 | $170,001 | $600,820 | $509,683 | | Preferred stock dividends (in thousands) | 13,295 | 6,991 | 6,991 | 6,991 | 6,991 | 27,277 | 20,973 | | Preferred stock redemption (in thousands) | 14,046 | — | — | — | — | 14,046 | — | | Net income applicable to common shares (in thousands) | $188,913 | $188,536 | $182,048 | $178,371 | $163,010 | $559,497 | $488,710 | | Net income per common share - Diluted | $2.78 | $2.78 | $2.69 | $2.63 | $2.47 | $8.25 | $7.67 | | Total non-recurring preferred stock offering impact (non-GAAP, in thousands) | $18,973 | $— | $— | $— | $— | $18,973 | $— | | Net income per common share - Diluted (non-GAAP) | $3.06 | $2.78 | $2.69 | $2.63 | $2.47 | $8.53 | $7.67 | [Company Information & Forward-Looking Statements](index=40&type=section&id=Company%20Information%20%26%20Forward-Looking%20Statements) This section provides an overview of Wintrust's corporate structure, including its subsidiaries and non-bank businesses, along with important disclosures regarding forward-looking statements and associated risk factors [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 across several market areas - 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)[102](index=102&type=chunk) - First Insurance Funding of Canada (commercial insurance loans)[102](index=102&type=chunk) - Tricom, Inc. (accounts receivable financing and outsourced administrative services)[102](index=102&type=chunk) - Wintrust Mortgage (residential mortgages origination and purchase)[102](index=102&type=chunk) - Wintrust Investments, LLC (private client and brokerage services)[102](index=102&type=chunk) - Great Lakes Advisors LLC (money management and advisory services)[102](index=102&type=chunk) - Wintrust Private Trust Company, N.A. (trust and investment services)[102](index=102&type=chunk) - Wintrust Asset Finance (direct leasing opportunities)[102](index=102&type=chunk) - CDEC (Qualified Intermediary services for tax-deferred like-kind exchanges)[102](index=102&type=chunk) [Forward-Looking Statements & Risk Factors](index=40&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) This section outlines the forward-looking nature of statements in the document and details various risk factors that could cause actual results to differ materially from projections, covering economic conditions, credit quality, market volatility, competition, regulatory changes, and operational risks - Forward-looking statements are based on management's expectations, estimates, and projections regarding future events and are subject to risks and uncertainties[101](index=101&type=chunk) - Economic conditions and events affecting the economy, housing prices, and the job market[103](index=103&type=chunk) - Extent of defaults and losses on the loan portfolio, requiring increases in allowance for credit losses[103](index=103&type=chunk) - Changes in the level and volatility of interest rates, capital markets, and other market indices[104](index=104&type=chunk) - Competitive pressures in the financial services business affecting pricing and market share[104](index=104&type=chunk) - Failure to identify and complete favorable acquisitions or unexpected losses from acquisitions[104](index=104&type=chunk) - Security breaches, failures of security systems or infrastructure, and cyberattacks[107](index=107&type=chunk) - Legislative or regulatory changes, including heightened capital requirements and increased FDIC insurance premiums[107](index=107&type=chunk) - Fluctuations in the stock market impacting wealth management and brokerage operations[107](index=107&type=chunk) [Conference Call Information](index=42&type=section&id=Conference%20Call%20Information) Details for the conference call regarding Q3 and year-to-date 2025 earnings results, including registration, webcast, and replay information - A conference call will be held on Tuesday, October 21, 2025, at 10:00 a.m. (CDT) to discuss Q3 and year-to-date 2025 earnings[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)

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 June 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 ________________________________ ...

[Financial Highlights](index=1&type=section&id=Wintrust%20Financial%20Corporation%20Reports%20Record%20Net%20Income) Wintrust Financial Corporation reported record net income of $195.5 million for Q2 2025 and $384.6 million for the first half, driven by balance sheet growth and stable net interest margin Q2 and First Half 2025 Performance Summary (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $195.5 | $152.4 | $384.6 | $339.7 | | **Diluted EPS** | $2.78 | $2.32 | $5.47 | $5.21 | | **Pre-tax, Pre-provision Income (non-GAAP)** | $289.3 | $251.4 | $566.3 | $523.0 | - CEO Timothy S. Crane attributed the record results to a combination of balance sheet growth and a stable net interest margin, which remained within the expected range at **3.54%** (fully taxable-equivalent)[4](index=4&type=chunk) Q2 2025 vs Q1 2025 Key Changes | Metric | Change | Annualized Growth (%) | | :--- | :--- | :--- | | **Total Loans** | +$2.3 billion | 19 | | **Total Deposits** | +$2.2 billion | 17 | | **Total Assets** | +$3.1 billion | 19 | | **Net Interest Income** | +$20.2 million | N/A | - The company expects continued momentum into the third quarter, driven by loan growth from Q2, a strong core deposit franchise, and disciplined expense control[6](index=6&type=chunk) [Financial Condition and Results of Operations](index=10&type=section&id=SUMMARY%20OF%20RESULTS:) The company demonstrated robust balance sheet growth, with significant increases in loans and deposits, while maintaining strong asset quality and stable net interest margin [Balance Sheet](index=10&type=section&id=BALANCE%20SHEET) Total assets increased by $3.1 billion in Q2 2025, driven by a $2.3 billion rise in loans and a $2.2 billion increase in deposits, with the loan-to-deposit ratio ending at 91.4% - Total assets grew by **$3.1 billion**, total loans by **$2.3 billion**, and total deposits by **$2.2 billion** compared to Q1 2025[19](index=19&type=chunk)[20](index=20&type=chunk) - The loan growth was funded by deposit growth, resulting in a stable loans-to-deposits ratio of **91.4%**[20](index=20&type=chunk)[6](index=6&type=chunk) - On May 22, 2025, the company issued **$425 million** of Series F Preferred Stock to redeem **$412.5 million** of higher-cost Series D and E preferred stock[21](index=21&type=chunk) [Net Interest Income](index=10&type=section&id=NET%20INTEREST%20INCOME) Net interest income for Q2 2025 rose by $20.2 million to $546.7 million, primarily due to a $1.9 billion growth in average earning assets, with the net interest margin remaining largely stable at 3.52% Q2 2025 Net Interest Income & Margin (in millions, except basis points) | Metric | Q2 2025 | Change from Q1 2025 | | :--- | :--- | :--- | | **Net Interest Income** | $546.7 | +$20.2 | | **Net Interest Margin (NIM)** | 3.52% | -2 bps | | **NIM (FTE, non-GAAP)** | 3.54% | -2 bps | - The increase in NII was mainly due to a **12%** annualized growth in average earning assets[23](index=23&type=chunk) - The slight decline in NIM was attributed to a **5 basis point** decrease in loan yields and a **2 basis point** decline in net free funds contribution, partially offset by a **2 basis point** reduction in funding costs on interest-bearing deposits[24](index=24&type=chunk) [Asset Quality](index=10&type=section&id=ASSET%20QUALITY) Asset quality remained strong and stable in Q2 2025, with the allowance for credit losses increasing to $457.5 million and net charge-offs stable at 0.11% of average loans Q2 2025 Asset Quality Metrics (in millions, except percentages) | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | **Allowance for Credit Losses** | $457.5 | $448.4 | | **Provision for Credit Losses** | $22.2 | $24.0 | | **Net Charge-offs** | $13.3 | $12.6 | | **Net Charge-offs to Avg. Loans** | 0.11% | 0.11% | | **Non-performing Assets to Total Assets** | 0.31% | 0.30% | | **Non-performing Loans to Total Loans** | 0.37% | 0.35% | - The lower provision for credit losses compared to Q1 was primarily due to a more stable macroeconomic outlook, which was partially offset by portfolio growth and qualitative additions reflecting wider credit spreads[26](index=26&type=chunk) [Non-Interest Income](index=11&type=section&id=NON-INTEREST%20INCOME) Non-interest income increased by $7.5 million to $124.1 million in Q2 2025, driven by growth in wealth management, mortgage banking, and fees from covered call options - Total non-interest income rose to **$124.1 million**, a **$7.5 million** increase from Q1 2025[31](index=31&type=chunk) - Wealth management revenue grew by **$2.8 million** due to higher asset valuations and increased activity following a system transition[32](index=32&type=chunk) - Mortgage banking revenue increased by **$2.7 million**, driven by higher origination volumes and improved production margins[33](index=33&type=chunk) - Fees from covered call options on U.S. Treasury and agency securities increased by **$2.2 million**[34](index=34&type=chunk) [Non-Interest Expense](index=11&type=section&id=NON-INTEREST%20EXPENSE) Non-interest expense rose by $15.4 million to $381.5 million in Q2 2025, primarily due to higher salaries, employee benefits, and seasonal advertising expenses - Total non-interest expense increased by **$15.4 million** to **$381.5 million** in Q2 2025, while remaining stable as a percentage of average assets at **2.32%**[37](index=37&type=chunk) - Salaries and employee benefits expense increased by **$8.0 million**, driven by higher health insurance claims and increased commissions in mortgage and wealth management[38](index=38&type=chunk) - Advertising and marketing expenses increased by **$6.5 million** due to seasonal summer sports and community sponsorships[39](index=39&type=chunk) [Income Taxes](index=12&type=section&id=INCOME%20TAXES) The company recorded income tax expense of $71.6 million in Q2 2025, resulting in an effective tax rate of 26.79%, an increase from the prior quarter Q2 2025 Tax Expense and Rate (in millions, except percentages) | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | **Income Tax Expense** | $71.6 | $64.0 | | **Effective Tax Rate** | 26.79% | 25.30% | | **Net Excess Tax Benefits** | $0.08 | $3.7 | [Business Summary](index=12&type=section&id=BUSINESS%20SUMMARY) All three of Wintrust's primary business segments—Community Banking, Specialty Finance, and Wealth Management—demonstrated positive performance in the second quarter [Community Banking](index=12&type=section&id=Community%20Banking) The Community Banking segment saw solid loan growth across portfolios and increased mortgage banking revenue, with strong pipelines indicating continued Q3 momentum - Mortgage banking revenue increased to **$23.2 million** in Q2 2025, up **$2.6 million** from Q1 2025[44](index=44&type=chunk) - Service charges on deposit accounts were stable at **$19.5 million**[44](index=44&type=chunk) [Specialty Finance](index=12&type=section&id=Specialty%20Finance) The Specialty Finance segment achieved strong insurance premium financing originations of $6.1 billion and growth in its leasing portfolio, with total balances reaching $4.3 billion - Insurance premium financing receivables originations totaled **$6.1 billion** in Q2 2025[45](index=45&type=chunk) - Leasing division portfolio balances increased, with capital leases, loans, and equipment on operating leases totaling **$2.8 billion**, **$1.2 billion**, and **$289.8 million**, respectively[45](index=45&type=chunk) [Wealth Management](index=12&type=section&id=Wealth%20Management) The Wealth Management segment's revenue increased to $36.8 million in Q2 2025, with total assets under administration reaching approximately $53.2 billion Wealth Management Q2 2025 Metrics | Metric | Value | | :--- | :--- | | **Revenue** | $36.8 million | | **Assets Under Administration** | $53.2 billion | [Items Impacting Comparative Financial Results](index=12&type=section&id=ITEMS%20IMPACTING%20COMPARATIVE%20FINANCIAL%20RESULTS) The acquisition of Macatawa Bank on August 1, 2024, significantly impacts year-over-year comparisons, adding approximately $2.9 billion in assets and $2.3 billion in deposits - The acquisition of Macatawa was completed on August 1, 2024[47](index=47&type=chunk) - At acquisition, Macatawa had fair values of approximately **$2.9 billion** in assets, **$2.3 billion** in deposits, and **$1.3 billion** in loans[47](index=47&type=chunk) [Financial Tables](index=13&type=section&id=Financial%20Tables) This section provides detailed financial tables supporting the earnings release, including key operating measures, consolidated statements, and granular portfolio breakdowns [Key Operating Measures](index=13&type=section&id=Key%20Operating%20Measures) This table presents key operating measures and growth rates for Q2 2025, with comparisons to the sequential quarter (Q1 2025) and the linked quarter (Q2 2024) Key Operating Measures (Dollars in thousands, except per share data) | | Jun 30, 2025 | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | :--- | | **Net income** | $195,527 | $189,039 | $152,388 | | **Net income per common share – Diluted** | $2.78 | $2.69 | $2.32 | | **Net interest margin** | 3.52% | 3.54% | 3.50% | | **Return on average assets** | 1.19% | 1.20% | 1.07% | | **Return on average common equity** | 12.07% | 12.21% | 11.61% | | **Total assets** | $68,983,318 | $65,870,066 | $59,781,516 | | **Total loans** | $51,041,679 | $48,708,390 | $44,675,531 | | **Total deposits** | $55,816,811 | $53,570,038 | $48,049,026 | [Selected Financial Highlights](index=14&type=section&id=Selected%20Financial%20Highlights) This table summarizes selected financial data, ratios, and other key metrics for the last five quarters and the six-month periods ended June 30, 2025 and 2024 Selected Financial Highlights (Dollars in thousands, except per share data) | | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Jun 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total assets** | $68,983,318 | $65,870,066 | $64,879,668 | $59,781,516 | | **Total loans** | $51,041,679 | $48,708,390 | $48,055,037 | $44,675,531 | | **Total deposits** | $55,816,811 | $53,570,038 | $52,512,349 | $48,049,026 | | **Net income** | $195,527 | $189,039 | $185,362 | $152,388 | | **Net income per common share – Diluted** | $2.78 | $2.69 | $2.63 | $2.32 | | **Book value per common share** | $95.43 | $92.47 | $89.21 | $82.97 | [Consolidated Statements of Condition](index=16&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CONDITION) This table presents the company's unaudited consolidated balance sheets as of the end of the last five quarters, detailing assets, liabilities, and shareholders' equity Consolidated Statements of Condition (Balance Sheet, in thousands) | | Jun 30, 2025 | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | :--- | | **Total assets** | $68,983,318 | $65,870,066 | $59,781,516 | | Net loans | $50,650,025 | $48,330,183 | $44,311,812 | | **Total deposits** | $55,816,811 | $53,570,038 | $48,049,026 | | **Total liabilities** | $61,757,622 | $59,269,529 | $54,244,888 | | **Total shareholders' equity** | $7,225,696 | $6,600,537 | $5,536,628 | [Consolidated Statements of Income](index=17&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20(UNAUDITED)) This table presents the company's unaudited consolidated income statements for the last five quarters and the six-month periods ended June 30, 2025 and 2024 Consolidated Statements of Income (in thousands) | | Three Months Ended Jun 30, 2025 | Six Months Ended Jun 30, 2025 | Six Months Ended Jun 30, 2024 | | :--- | :--- | :--- | :--- | | **Net interest income** | $546,694 | $1,073,168 | $934,804 | | Provision for credit losses | $22,234 | $46,197 | $61,734 | | **Total non-interest income** | $124,089 | $240,723 | $261,727 | | **Total non-interest expense** | $381,461 | $747,551 | $673,498 | | **Net income** | $195,527 | $384,566 | $339,682 | [Loan Portfolio](index=18&type=section&id=TABLE%201:%20LOAN%20PORTFOLIO%20MIX%20AND%20GROWTH%20RATES) This table details the composition and growth rates of the company's loan portfolio, broken down by core loans and niche loans, showing total loans grew 19% annualized from Q1 2025 Loan Portfolio Mix (as of June 30, 2025, in thousands) | Loan Category | Balance | % of Total Loans | | :--- | :--- | :--- | | **Core loans** | $29,928,663 | 58.6% | | Commercial & Industrial | $7,028,247 | 13.8% | | Commercial Real Estate | $10,511,066 | 20.6% | | **Niche loans** | $21,113,016 | 41.4% | | U.S. P&C Premium Finance | $7,378,340 | 14.5% | | Life Insurance Premium Finance | $8,506,960 | 16.7% | | **Total loans** | **$51,041,679** | **100.0%** | [Deposit Portfolio](index=19&type=section&id=TABLE%202:%20DEPOSIT%20PORTFOLIO%20MIX%20AND%20GROWTH%20RATES) These tables provide a breakdown of the deposit portfolio by type and its growth rates, along with a maturity analysis for time certificates of deposit, showing total deposits grew 17% annualized from Q1 2025 Deposit Portfolio Mix (as of June 30, 2025, in thousands) | Deposit Category | Balance | % of Total Deposits | | :--- | :--- | :--- | | Non-interest-bearing | $10,877,166 | 19% | | Money market | $19,556,041 | 35% | | Time certificates of deposit | $10,332,696 | 19% | | Other Interest-bearing | $15,050,908 | 27% | | **Total deposits** | **$55,816,811** | **100%** | Time Certificates of Deposit Maturity (as of June 30, 2025, in thousands) | Maturity Period | Total Balance | Weighted-Average Rate (%) | | :--- | :--- | :--- | | 1-3 months | $2,486,694 | 3.92 | | 4-6 months | $4,464,126 | 3.80 | | 7-12 months | $2,958,479 | 3.72 | | **Total** | **$10,332,696** | **3.78** | [Net Interest Margin Analysis](index=20&type=section&id=Net%20Interest%20Margin%20Analysis) This section provides a detailed analysis of net interest income and margin, including average balances, yields, and rates, showing a stable NIM with asset growth driving higher NII Quarterly Net Interest Margin (GAAP) | Quarter | Net Interest Margin (%) | | :--- | :--- | | Q2 2025 | 3.52 | | Q1 2025 | 3.54 | | Q4 2024 | 3.49 | | Q3 2024 | 3.49 | | Q2 2024 | 3.50 | - For the six months ended June 30, 2025, the net interest margin was **3.53%**, identical to the same period in 2024, while net interest income grew from **$934.8 million** to **$1,073.2 million**[71](index=71&type=chunk) [Interest Rate Sensitivity](index=24&type=section&id=TABLE%208:%20INTEREST%20RATE%20SENSITIVITY) These tables show the company's sensitivity of net interest income to interest rate changes and the repricing characteristics of its loan portfolio, indicating a relatively neutral interest rate risk profile Interest Rate Sensitivity (Ramp Scenario, % Change in NII) | Scenario | Jun 30, 2025 | | :--- | :--- | | +200 Basis Points | 0.0% | | +100 Basis Points | 0.0% | | -100 Basis Points | (0.1)% | | -200 Basis Points | (0.4)% | - Of the **$51.0 billion** total loan portfolio, **$30.8 billion** are variable rate loans and **$20.2 billion** are fixed rate, with the majority of variable rate loans tied to SOFR (**$19.5 billion**) and CMT (**$6.9 billion**) indices[78](index=78&type=chunk) [Asset Quality Tables](index=27&type=section&id=Asset%20Quality%20Tables) This section provides a comprehensive look at asset quality through several tables, confirming strong and stable credit quality with low levels of problem loans Allowance for Credit Losses Roll-forward (Q2 2025, in thousands) | Component | Amount | | :--- | :--- | | **Beginning Balance (Mar 31, 2025)** | **$448,387** | | Provision for credit losses | $22,234 | | Net charge-offs | ($13,340) | | Other adjustments | $180 | | **Ending Balance (Jun 30, 2025)** | **$457,461** | - Total non-performing loans were **$188.8 million**, or **0.37%** of total loans, as of June 30, 2025, a slight increase from **$172.4 million** (**0.35%**) at March 31, 2025[87](index=87&type=chunk) - The allowance for loan and unfunded commitment losses as a percentage of non-accrual loans was a healthy **262.71%** at the end of Q2 2025[87](index=87&type=chunk) [Non-Interest Income and Expense Tables](index=32&type=section&id=Non-Interest%20Income%20and%20Expense%20Tables) These tables offer a detailed breakdown of non-interest income and expense components, with key drivers for income changes being wealth management and mortgage, and expense changes driven by salaries and seasonal advertising Non-Interest Income Breakdown (Q2 2025 vs Q1 2025, in thousands) | Category | Q2 2025 | Q1 2025 | $ Change | | :--- | :--- | :--- | :--- | | **Wealth management** | $36,821 | $34,042 | +$2,779 | | **Mortgage banking** | $23,170 | $20,529 | +$2,641 | | **Service charges** | $19,502 | $19,362 | +$140 | | **Total Non-Interest Income** | **$124,089** | **$116,634** | **+$7,455** | Non-Interest Expense Breakdown (Q2 2025 vs Q1 2025, in thousands) | Category | Q2 2025 | Q1 2025 | $ Change | | :--- | :--- | :--- | :--- | | **Salaries and employee benefits** | $219,541 | $211,526 | +$8,015 | | **Advertising and marketing** | $18,761 | $12,272 | +$6,489 | | **Total Non-Interest Expense** | **$381,461** | **$366,090** | **+$15,371** | - In mortgage banking, total originations for sale increased to **$681.5 million** in Q2 2025 from **$460.5 million** in Q1 2025, driving higher production revenue[94](index=94&type=chunk) [Supplemental Non-GAAP Financial Measures/Ratios](index=37&type=section&id=TABLE%2018:%20SUPPLEMENTAL%20NON-GAAP%20FINANCIAL%20MEASURES/RATIOS) This section provides reconciliations for non-GAAP financial measures used by management, such as taxable-equivalent net interest margin and tangible common equity ratios, to their nearest GAAP equivalents Key Non-GAAP Ratios (Q2 2025) | Ratio | Value | | :--- | :--- | | **Net interest margin, fully taxable equivalent** | 3.54% | | **Tangible common equity ratio** | 8.0% | | **Tangible book value per common share** | $81.86 | | **Return on average tangible common equity, annualized** | 14.44% | - Pre-tax, pre-provision income, a measure of core earnings, was **$289.3 million** for Q2 2025, up from **$277.0 million** in Q1 2025[102](index=102&type=chunk) [Company Overview and Disclosures](index=39&type=section&id=WINTRUST%20SUBSIDIARIES) This section lists Wintrust's 16 community bank subsidiaries and various non-bank businesses, along with a standard forward-looking statements disclaimer outlining numerous economic, market, and operational risks [Wintrust Subsidiaries and Non-Bank Businesses](index=39&type=section&id=Wintrust%20Subsidiaries%20and%20Non-Bank%20Businesses) Wintrust operates through 16 community bank subsidiaries across multiple states and manages several non-bank businesses specializing in diverse financial services - The company operates **16** community bank subsidiaries, including Barrington Bank & Trust, Lake Forest Bank & Trust, and Macatawa Bank[103](index=103&type=chunk) - Key non-bank businesses include FIRST Insurance Funding, Wintrust Life Finance, Tricom, Wintrust Mortgage, and Wintrust Investments, LLC[105](index=105&type=chunk) [Forward-Looking Statements and Conference Call](index=39&type=section&id=FORWARD-LOOKING%20STATEMENTS) The report contains forward-looking statements subject to numerous risks and uncertainties, with the company scheduled to host a conference call on July 22, 2025, to discuss results - The document includes a safe harbor statement for forward-looking statements, noting that actual results could differ materially due to various risk factors[104](index=104&type=chunk) - Key risk factors cited include economic conditions, loan defaults, interest rate volatility, competitive pressures, and cybersecurity threats[106](index=106&type=chunk)[107](index=107&type=chunk)[110](index=110&type=chunk) - An earnings conference call is scheduled for Tuesday, July 22, 2025, at 10:00 a.m. (CDT), with access details provided[109](index=109&type=chunk)

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 March 31, 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 _______________________________ ...

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 and a 1% increase from Q1 2024[48]. - Net income applicable to common shares was $182,048,000, compared to $178,371,000 in Q4 2024, indicating an increase of 3.1%[55]. - Basic net income per common share rose to $2.73 from $2.68 in Q4 2024, marking a 1.9% increase[55]. - The effective tax rate was 25.30% in Q1 2025, down from 26.76% in Q4 2024, influenced by share-based compensation tax effects[41]. Loan and Deposit Growth - Total loans increased by $653 million, or 6% annualized, while total deposits increased by approximately $1.1 billion, or 8% annualized in Q1 2025[4]. - Total loans reached $48,708,390 thousand in Q1 2025, up 6% from Q4 2024 and 13% from Q1 2024[48]. - Total deposits rose to $53,570,038 thousand, compared to $52,512,349 thousand in the previous quarter, marking an increase of 2.01%[54]. - Core loans increased by 4% from $28,804,138,000 on December 31, 2024, to $29,108,500,000 on March 31, 2025, with a year-over-year growth of 15%[56]. - Total commercial loan balances increased to $15,931,326 thousand as of March 31, 2025, up from $15,574,551 thousand at December 31, 2024, representing a growth of 2.3%[82]. Interest Income and Margin - Net interest income rose to $526.5 million in Q1 2025, an increase of $1.3 million from Q4 2024, supported by a net interest margin of 3.54%[5]. - Total interest income for Q1 2025 was $886,965,000, a decrease of 2.7% from $913,501,000 in Q4 2024[55]. - The net interest margin for Q1 2025 was 3.54%, a 5 basis point increase from Q4 2024[48]. - The total interest-bearing liabilities for the quarter ended March 31, 2025, were 3.22%, down from 3.44% in the previous quarter[67]. Non-Interest Income - Non-interest income totaled $116.6 million in Q1 2025, an increase of $3.2 million from $113.5 million in Q4 2024[30]. - Total wealth management income decreased by 12% to $34,042 thousand in Q1 2025 from $38,775 thousand in Q4 2024[88]. - Brokerage income decreased by 11% to $4,757 thousand in Q1 2025 compared to $5,328 thousand in Q4 2024[88]. - Gains on investment securities improved significantly to $3,196 thousand in Q1 2025 from a loss of $2,835 thousand in Q4 2024[88]. Credit Losses and Charge-Offs - The provision for credit losses totaled $24.0 million in Q1 2025, up from $17.0 million in Q4 2024, reflecting macroeconomic outlook impacts[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[5]. - The allowance for credit losses at the end of the period was $448,387 thousand, an increase from $437,060 thousand at the end of the previous quarter[77]. - The annualized net charge-offs as a percentage of total loans was 0.11%, a slight decrease from 0.13% in the previous quarter[77]. Asset Growth - Total assets increased by $1.0 billion in Q1 2025 compared to Q4 2024, driven by strong loan and deposit growth[19]. - Total assets increased to $65,870,066 thousand in Q1 2025, reflecting a 6% increase from Q4 2024 and a 14% increase from Q1 2024[48]. - The total shareholders' equity increased to $6,600,537 thousand as of September 30, 2025, compared to $6,344,297 thousand at the end of the previous quarter[98]. Operational Efficiency - Total non-interest expense was $366,090,000, a slight decrease from $368,539,000 in Q4 2024[55]. - Non-interest expenses decreased to $366,090 thousand in Q1 2025 from $368,539 thousand in Q4 2024, a reduction of 0.4%[93]. - The efficiency ratio (non-GAAP) improved to 56.95% for the quarter ended September 30, 2025, compared to 57.18% in the previous quarter[97]. Strategic Initiatives and Risks - The Company plans to pursue future acquisitions in banking and specialty finance to enhance growth strategies[102]. - The Company anticipates potential risks affecting its financial performance, including economic conditions, trade policy changes, and loan portfolio defaults[102]. - The Company is focused on managing delinquencies and credit losses, which may require increases in its allowance for credit losses[103]. - The Company is transitioning from LIBOR to an alternative benchmark rate for its transactions, which may impact financial results[103].

Capital Adequacy and Regulatory Compliance - The Company deferred 100% of the day-one effect of adopting CECL for two years and 25% of the cumulative increase or decrease in the allowance for credit losses since the adoption of CECL [68]. - As of December 31, 2024, the Company's Tier 1 Capital Ratio was 10.7%, exceeding the well-capitalized standard of 6.0% [74]. - The Company's Total Capital Ratio was 12.3%, surpassing the minimum requirement of 8.0% [74]. - The Capital Conservation Buffer is currently at 2.5%, which is fully phased in [78]. - The Company and its subsidiary banks are expected to continue exceeding all applicable well-capitalized regulatory capital requirements [73]. - The Company must maintain a Tier 1 Leverage Ratio of 4.0% or greater, with the current ratio at 9.4% [74]. - The Federal Reserve may require bank holding companies to maintain capital ratios substantially in excess of mandated minimum levels depending on economic conditions [69]. Special Assessments and Financial Obligations - The FDIC issued a final rule for a special assessment to recoup losses to the DIF, with the Company recording $34.4 million in the fourth quarter of 2023 [87]. - The special assessment payments will begin in June 2024 and will continue for a total of eight quarterly installments [87]. - As of December 31, 2024, each of the Company's banks was categorized as "well-capitalized" and met additional requirements under the Capital Conservation Buffer [81]. Compliance with Financial Regulations - The Company is subject to the Bank Secrecy Act (BSA) and USA PATRIOT Act, requiring maintenance of an anti-money laundering (AML) program and reporting of suspicious transactions [91]. - The Anti-Money Laundering Act of 2020 mandates the U.S. Treasury to issue new regulations that may alter due diligence and reporting requirements for banks [92]. - The Corporate Transparency Act requires the establishment of a national beneficial ownership information registry, with compliance costs expected to increase for the Company [93]. - Wintrust Investments is registered as a broker-dealer with the SEC and is subject to extensive federal and state securities regulations [103]. - The SEC's net capital rule requires Wintrust Investments to maintain minimum capital requirements, impacting the Company's ability to withdraw capital and pay dividends [105]. - The Dodd-Frank Act requires the implementation of clawback policies for incentive-based compensation, with compliance required by November 28, 2023 [109]. Data Privacy and Cybersecurity Compliance - The Company must comply with evolving data privacy and cybersecurity laws, including the California Consumer Privacy Act, which imposes obligations on businesses regarding personal information [98]. - The Company is required to provide written privacy notices to customers and implement a comprehensive information security program under the Gramm-Leach-Bliley Act [97]. - Violations of data privacy and cybersecurity laws may expose the Company to regulatory action and private litigation, increasing compliance risks and potential liabilities [101]. Workforce and Employee Development - As of December 31, 2024, Wintrust employed 5,903 full-time equivalent employees, with 98% classified as full-time [129]. - In 2024, Wintrust filled over 1,390 positions, with 53% of new hires identifying as female and 41% as racial or ethnic minorities [130]. - The turnover rate for Wintrust in 2024 was approximately 12%, with voluntary departures accounting for about 75% of total turnover [130]. - Wintrust's workforce is composed of 56% women and 33% racial and ethnic minorities [132]. - In 2024, Wintrust invested more than 177,000 total hours in training for team members [133]. - Over 425 leaders participated in leadership development programs in 2024 [134]. - Wintrust offers a comprehensive total rewards package to attract and retain talent [131]. - The company has a mentoring program, "Paired To Win," with over 1,300 participants, 33% of whom are minorities [132]. - Wintrust maintains an online training catalog with over 21,000 course offerings for employee development [133]. Environmental Impact and Sustainability - The corporate campus greenhouse gas carbon emissions (CO2e) totaled 3,692 tons in 2024, a decrease from 3,938 tons in 2023 [137]. - The aggregate measurement of greenhouse gas carbon emissions from the corporate campus and retail banking locations totaled 17,699 tons in 2024, down from 18,607 tons in 2023 [137]. - The Company’s climate-focused asset portfolios totaled approximately $135 million as of December 31, 2024 [138]. Interest Rate Risk Management - The Company’s interest rate sensitivity scenarios indicate a potential decrease in net interest income of (1.6)% under a +200 basis points Static Shock Scenario as of December 31, 2024 [525]. - The Ramp Scenario for December 31, 2024 shows a potential decrease in net interest income of (0.2)% under a +200 basis points change [525]. - The Company has executed various derivative instruments to hedge variable-rate loan exposures as part of its interest rate risk management strategy [526]. - The Company entered into covered call option transactions to economically hedge positions and increase total return from related securities [527]. - There were no covered call options outstanding as of December 31, 2024 or 2023 [528].

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 a 11.6% increase 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 for the quarter, reflecting a 9.99% increase compared to $170,001 thousand in the previous quarter[62]. - Net income rose to $185,362 thousand for the quarter, reflecting a 9.99% increase compared to $170,001 thousand in the previous quarter[62]. - Net income for Q4 2024 was $185,362,000, an increase from $123,480,000 in Q4 2023, representing a growth of 50.2%[67]. 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 2.16% from $51,404,966 thousand in the previous quarter[62]. - Total loans increased by 8% to $48.1 billion in Q4 2024 compared to Q3 2024, while total deposits rose by 9% to $52.5 billion[59]. - Non-interest-bearing deposits increased to $11,410,018 thousand, up 6.25% from $10,739,132 thousand 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 $793,848,000 in Q4 2023, representing a year-over-year growth of 15.1%[67]. - Net interest income after provision for credit losses for Q4 2024 was $508,169,000, compared to $427,066,000 in Q4 2023, reflecting a 19.0% increase[67]. - The net interest margin (GAAP) for Q4 2024 was 3.49%, unchanged from the previous quarter[79]. Non-Interest Income - Non-interest income for Q4 2024 totaled $113,451,000, up from $87,348,000 in Q4 2023, marking a 29.9% increase[67]. - Total Non-Interest Income for Q4 2024 was $113,451, a slight increase of $304 or 0% compared to Q3 2024, and an increase of $12,622 or 13% compared to Q4 2023[102]. - Total wealth management income for the year increased to $146,227, up $15,620 or 12% from $130,607 in 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 the third quarter of 2024, primarily due to the Macatawa acquisition[43]. - Total non-interest expense for Q4 2024 was $368,539,000, an increase of $7,852,000 or 2% compared to Q3 2024, and an increase of $5,887,000 or 2% compared to Q4 2023[109]. - The efficiency ratio (GAAP) for Q4 2024 was 57.46%, improving from 58.88% in Q3 2024[112]. Credit Quality - Non-performing loans improved to 0.36% of total loans at December 31, 2024, down from 0.38% at September 30, 2024, indicating improved credit quality[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, reflecting a one-time provision related to the Macatawa acquisition[9]. - The allowance for credit losses stood at $437,060 thousand, slightly up from $436,193 thousand in the prior quarter[64]. - Total charge-offs for the three months ended December 31, 2024, amounted to $19,731,000, a decrease from $31,018,000 in the previous quarter, representing a reduction of about 36%[93]. Acquisitions and Strategic Initiatives - The Company completed the acquisition of Macatawa Bank Corporation on August 1, 2024, with preliminary goodwill recorded at approximately $142.1 million[56]. - Wintrust aims to maintain a net interest margin in the 3.50% range moving into 2025, supported by stable net interest income growth and disciplined expense control[4]. - The company plans to continue expanding its community bank subsidiaries and branch locations across multiple states, including Illinois, Wisconsin, and Michigan[115][116]. - Wintrust intends to enhance its product offerings through divisions such as Wintrust Mortgage and Wintrust Investments, focusing on residential mortgages and private client services[118]. Market and Economic Conditions - Management anticipates potential challenges from economic conditions, including interest rate fluctuations and competitive pressures in the financial services industry[119]. - The company is exploring future acquisitions in the banking and specialty finance sectors to bolster growth and market presence[119]. - The transition from LIBOR to an alternative benchmark rate may impact current and future transactions[122]. Regulatory and Compliance Risks - The Company is facing changes in accounting standards and regulations that may impact its financial statements[122]. - Legislative changes could affect the regulation of financial services and the products offered by the Company[122]. - Increased FDIC insurance premiums and special assessments could affect the Company's financial position[122].

Financial Performance - Wintrust recorded net income of $170.0 million for Q3 2024, a 4% increase from $164.2 million in Q3 2023[170]. - Net income for Q3 2024 totaled $170.0 million, an increase of $5.8 million, or 4%, compared to Q3 2023[189]. - Non-interest income totaled $113.1 million in Q3 2024, slightly up from $112.5 million in Q3 2023, with increased gains on investment securities and wealth management revenue[173]. - Non-interest income for Q3 2024 was $121,147 thousand, up from $112,478 thousand in Q3 2023[190]. - Total non-interest income increased by $41.6 million, or 12%, to $374.9 million for the nine months ended September 30, 2024, compared to $333.3 million for the same period in 2023[205]. - The effective tax rate for the third quarter of 2024 was 26.95%, slightly down from 26.98% in the third quarter of 2023, with income tax expense recorded at $62.7 million[224]. Loan and Deposit Growth - The loan portfolio increased to $47.1 billion at September 30, 2024, up from $41.4 billion a year earlier, reflecting organic growth and $1.3 billion from the Macatawa acquisition[171]. - Total deposits grew to $51.40 billion, up 14% from $44.99 billion in the previous year[176]. - Total average deposits for Q3 2024 were $48.9 billion, an increase of $4.9 billion, or 11%, from Q3 2023[264]. - Total deposits increased by $6.4 billion, or 14%, to $51.4 billion as of September 30, 2024, compared to the previous year[262]. - The company originated approximately $4.8 billion in premium finance receivables in Q3 2024, compared to $4.6 billion in the same period of 2023[238]. Asset Growth - Total assets reached $63.79 billion at the end of Q3 2024, a 15% increase from $55.56 billion a year earlier[176]. - The company’s total assets (GAAP) as of September 30, 2024, were $59,781,516 thousand, compared to $55,555,246 thousand a year earlier[190]. - Total assets grew to $60.9 billion in Q3 2024, compared to $57.5 billion in Q2 2024 and $54.4 billion in Q3 2023[196]. - The total average assets rose to $60.92 billion in Q3 2024, up from $57.49 billion in Q2 2024 and $54.38 billion in Q3 2023[233]. Interest Income and Margin - Net interest income rose to $502.6 million in Q3 2024, a 9% increase compared to $462.4 million in Q3 2023, driven by a $5.2 billion increase in average loans[172]. - Net interest income for Q3 2024 was $470,610 thousand, compared to $462,358 thousand in Q3 2023, reflecting an increase[190]. - The net interest margin for Q3 2024 was 3.49%, down from 3.60% in Q3 2023, primarily due to higher rates on interest-bearing liabilities[172]. - The net interest margin (GAAP) for Q3 2024 was 3.50%, down from 3.60% in Q3 2023[190]. - The interest rate spread remained stable at 2.58% for Q3 2024, consistent with Q2 2024[196]. Non-Interest Expense - Non-interest expense increased by 9% to $360.7 million in Q3 2024, primarily due to higher salaries and employee benefits[174]. - Non-interest expense for the three months ended September 30, 2024, increased by $30.6 million, or 9%, to $360.7 million compared to $330.1 million for the same period in 2023[218]. - Salaries and employee benefits for the three months ended September 30, 2024, totaled $211.3 million, an increase of $18.9 million, or 10%, compared to $192.3 million for the same period in 2023, driven by higher commissions and increased employee count due to the Macatawa acquisition[219]. Credit Quality and Allowance for Losses - The allowance for credit losses is critical, representing management's estimate of expected credit losses over the life of financial assets[185]. - The allowance for credit losses at the end of the period was $435.7 million, compared to $399.2 million at the same time last year, representing an increase of 9%[260]. - Non-performing loans at the end of the period were $179.7 million, up from $133.1 million a year earlier, reflecting an increase of 35%[256]. - The total non-performing loans reached $179.7 million as of September 30, 2024, compared to $174.3 million as of June 30, 2024[254]. - The company continues to actively monitor its loan portfolios to identify problem credits in a timely manner amid ongoing macroeconomic uncertainty[255]. Market Performance - The market price per common share increased by 44% to $108.53 compared to $75.50 a year earlier[176]. - The Tier 1 capital ratio improved to 10.6% as of September 30, 2024, compared to 10.2% in 2023, indicating stronger capital adequacy[269]. - The average equity-to-total average assets ratio was 9.8% as of September 30, 2024, up from 9.3% in 2023, indicating improved capital efficiency[269]. Forward-Looking Statements and Risks - Forward-looking statements indicate potential growth through acquisitions and internal strategies, though actual results may vary due to economic conditions and market risks[278]. - The company anticipates potential risks including economic conditions affecting liquidity and loan portfolio performance[278]. - The company may face increased credit loss allowances due to defaults and losses on its loan portfolio[278]. - Changes in interest rates could materially affect the company's net interest income and profitability[278]. - Competitive pressures in the financial services sector may impact pricing and market share[278].

Financial Performance - Net income for the first nine months of 2024 was $509.7 million, or $7.67 per diluted common share, compared to $499.1 million, or $7.71 per diluted common share for the same period in 2023[1]. - Net income for Q3 2024 was $170.0 million, a 12% increase from $152.4 million in Q2 2024[49]. - Net income for the three months ended September 30, 2024, was $170,001 thousand, compared to $164,198 thousand for the same period last year, showing a growth of 3.4%[52]. - Net income applicable to common shares was $163.010 million in Q3 2024, up from $145.397 million in Q2 2024, representing a growth of 12.1%[57]. - Basic net income per common share for Q3 2024 was $2.51, an increase from $2.35 in Q2 2024, reflecting a rise of 6.8%[57]. Loan and Deposit Growth - Total loans increased by approximately $2.4 billion in Q3 2024, including $1.3 billion from the Macatawa acquisition; excluding Macatawa, total loans increased by $1.1 billion or 10% annualized[4]. - Total deposits rose by approximately $3.4 billion in Q3 2024, with $2.3 billion from Macatawa; excluding Macatawa, total deposits increased by $1.1 billion or 9% annualized[4]. - Total loans reached $47,067,447 thousand as of September 30, 2024, up from $41,446,032 thousand a year earlier, indicating a 13.6% increase[52]. - Total deposits increased to $51,404,966 thousand as of September 30, 2024, compared to $44,992,686 thousand a year earlier, marking a growth of 14.3%[52]. - Non-interest-bearing deposits remained at 21% of total deposits at the end of Q3 2024, increasing by $708 million compared to Q2 2024[5]. Interest Income and Margin - Net interest income increased to $502.6 million in Q3 2024, up from $470.6 million in Q2 2024, primarily due to average earning asset growth and the addition of Macatawa[6]. - Total interest income for Q3 2024 reached $908.604 million, an increase from $849.979 million in Q2 2024, representing a growth of 6.5%[57]. - The net interest margin for the three months ended September 30, 2024, was 3.49%, slightly down from 3.60% a year ago[52]. - The company anticipates net interest margin to remain in the 3.50% range in Q4 2024 and into 2025, supported by stable net interest margin and continued balance sheet growth[3]. Non-Interest Income and Expenses - Other income decreased by $5.1 million in Q3 2024 compared to Q2 2024, primarily due to a gain recognized in Q2 2024 from a loan sale transaction[33]. - Non-interest expenses totaled $360.7 million in Q3 2024, an increase of $20.3 million from $340.4 million in Q2 2024, with the Macatawa acquisition contributing approximately $10.1 million to this increase[35]. - Total Non-Interest Income for Q3 2024 was $113,147,000, a decrease of $8,000,000 (7%) compared to Q2 2024, but an increase of $669,000 (1%) compared to Q3 2023[90]. - Total Non-Interest Income for the nine months ended September 30, 2024, was $374,874,000, an increase of $41,597,000 (12%) compared to the same period in 2023[90]. Credit Quality and Allowance for Losses - Net charge-offs totaled $26.7 million in Q3 2024, a decrease from $30.0 million in Q2 2024, with net charge-offs as a percentage of average total loans at 23 basis points[25]. - Non-performing loans totaled $179.7 million, or 0.38% of total loans, at the end of Q3 2024, compared to $174.3 million, or 0.39% of total loans, at the end of Q2 2024[27]. - The allowance for credit losses was $436.2 million as of September 30, 2024, relatively unchanged from $437.6 million as of June 30, 2024[23]. - The allowance for loan losses as a percentage of loans at period end was 0.77% as of September 30, 2024, down from 0.81% in the previous quarter[81]. Acquisitions and Market Expansion - The acquisition of Macatawa is expected to enhance Wintrust's presence in the west Michigan market, leveraging a compatible management team and reputable brand[3]. - The company completed the acquisition of Macatawa on August 1, 2024, issuing approximately 4.7 million shares and recording goodwill of approximately $144.6 million[45]. - The company plans to continue its growth strategy, including potential acquisitions and expansion of its banking operations[101]. Operational Efficiency and Ratios - The efficiency ratio, which measures the cost to produce one dollar of revenue, is calculated using non-GAAP measures, excluding securities gains or losses[96]. - The efficiency ratio (GAAP) for Q3 2024 was 58.88%, up from 57.10% in Q2 2024, indicating a decrease in operational efficiency[97]. - Return on average common equity (annualized) was 11.63% for the three months ended September 30, 2024, slightly up from 11.61% in June 2024[98]. Risks and Regulatory Environment - The Company faces potential risks from economic conditions affecting liquidity and loan portfolio performance, including U.S. government debt defaults or rating downgrades[103]. - The Company must navigate regulatory changes that could impact its operations and compliance costs[106]. - Changes in interest rates and market volatility could materially affect the Company's net interest income and profitability[103].