Wintrust Financial Corporation Reports Record Net Income

ROSEMONT, Ill., Jan. 20, 2026 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $823.8 million, or $11.40 per diluted common share, for the year ended December 31, 2025 compared to net income of $695.0 million, or $10.31 per diluted common share for 2024. Pre-tax, pre-provision income (non-GAAP) for the year ended December 31, 2025 totaled a record $1.2 billion, compared to $1.0 billion for 2024.

The Company reported record quarterly net income of $223.0 million, or $3.15 per diluted common share, for the fourth quarter of 2025, compared to net income of $216.3 million, or $2.78 per diluted common share for the third quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the fourth quarter of 2025 totaled a record $329.8 million, as compared to $317.8 million for the third quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased with our strong 2025 results, including the 19% improvement in net income. Throughout the year, we leveraged our unique position in the markets we serve to achieve robust growth in both loans and deposits. Wintrust ended the year with solid momentum evidenced by record net income, record net interest income, a stable net interest margin and strong balance sheet growth.”

Additionally, Mr. Crane noted, “Net interest margin in the fourth quarter remained within our expected range, improving by four basis points to 3.54%. The improvement in net interest margin, coupled with strong average earning asset growth, supported record net interest income in the fourth quarter of 2025. As we look ahead, we remain encouraged by the outlook and believe that a relatively stable net interest margin, combined with continued balance sheet growth, positions us well to deliver net interest income expansion in future quarters.”

Highlights of the fourth quarter of 2025:

Comparative information to the
third quarter of 2025
, unless otherwise noted

Total loans increased by $1.0 billion, or 8% annualized.
Total deposits increased by $1.0 billion, or 7% annualized.
Total assets increased by $1.5 billion, or 9% annualized.
Net interest income increased to $583.9 million in the fourth quarter of 2025, up $16.9 million from $567.0 million in the third quarter of 2025, driven by improvement in net interest margin and strong average earning asset growth.
- Net interest margin increased to 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2025.
Non-interest income was impacted by the following:
- Net gains on investment securities totaled $1.5 million in the fourth quarter of 2025, compared to net gains of $3.0 million in the third quarter of 2025.
Provision for credit losses totaled $27.6 million in the fourth quarter of 2025, compared to a provision for credit losses of $21.8 million in the third quarter of 2025.
Net charge-offs totaled $21.8 million, or 17 basis points of average total loans on an annualized basis, in the fourth quarter of 2025 down from $24.6 million, or 19 basis points of average total loans on an annualized basis, in the third quarter of 2025.
Non-performing loans totaled $185.8 million and comprised 0.35% of total loans at December 31, 2025, as compared to $162.6 million and 0.31% of total loans at September 30, 2025.

Mr. Crane noted, “We continued our consistent, strong loan growth as loans increased $1.0 billion, or 8% on an annualized basis in the fourth quarter of 2025. Loan pipelines remain strong and we remain disciplined in our evaluation of credit opportunities, ensuring that loan growth aligns with our conservative credit standards. Strong deposit growth totaled $1.0 billion, or 7% on an annualized basis, in the fourth quarter of 2025. Our loan growth was funded by deposit growth in the fourth quarter of 2025 resulting in a stable loans-to-deposits ratio”

Commenting on credit quality, Mr. Crane stated, “Disciplined credit management, supported by persistent and thorough portfolio reviews, continues to drive positive outcomes through early identification and resolution of problem credits. We continue to be conservative and disciplined in our underwriting to maintain our strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to sustaining high credit quality as evidenced by our low levels of net charge-offs and non-performing loans as well as our core loan allowance for credit losses of 1.32%.”

In summary, Mr. Crane concluded, “We believe our record fourth quarter and full year financial results highlight the strength of our differentiated business model that allows us to deliver sophisticated solutions with the personalized service, expertise and local decision making that our customers value. We remain focused on delivering disciplined and strategic organic growth that enhances our franchise in our core markets and specialty businesses while generating long-term value for our shareholders.”

The graphs shown on pages 3-8 illustrate certain financial highlights of the fourth quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/82f29386-fac3-4d40-ab1f-a818a9de82e4

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.5 billion in the fourth quarter of 2025 compared to the third quarter of 2025. Total loans increased by $1.0 billion compared to the third quarter of 2025. The increase in loans was driven primarily by growth across most major loan categories.

Total liabilities increased by $1.3 billion in the fourth quarter of 2025 compared to the third quarter of 2025, driven by a $1.0 billion increase in total deposits. Strong organic deposit growth in the fourth quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances represented 20% of total deposits and have remained stable in recent quarters. The Company’s loans-to-deposits ratio ended the quarter at 92.0%.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the fourth quarter of 2025, net interest income totaled $583.9 million, an increase of $16.9 million compared to the third quarter of 2025. The $16.9 million increase in net interest income in the fourth quarter of 2025 was driven by net interest margin improvement and average earning asset growth of $1.1 billion, or 7% annualized.

Net interest margin was 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2025, up four basis points compared to the third quarter of 2025. The yield on earning assets declined 14 basis points during the fourth quarter of 2025 primarily due to a 17 basis point decrease in loan yields. Funding cost on interest-bearing deposits decreased by 25 basis points compared to the third quarter of 2025, which more than offset the reduction in loan yields. The net free funds contribution in the fourth quarter of 2025 declined six basis points compared to the third quarter of 2025.

For more information regarding net interest income, see Table 4 through Table 8 in this report.

ASSET QUALITY

The allowance for credit losses totaled $460.5 million as of December 31, 2025, a slight increase from $454.6 million as of September 30, 2025. A provision for credit losses totaling $27.6 million was recorded for the fourth quarter of 2025 compared to $21.8 million recorded in the third quarter of 2025. The provision for credit losses recognized in the fourth quarter of 2025 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, qualitative additions were made to the provision related to credit spreads and equity market valuations. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of December 31, 2025, September 30, 2025, and June 30, 2025 is shown on Table 12 of this report.

Net charge-offs totaled $21.8 million in the fourth quarter of 2025, a decrease of $2.8 million compared to $24.6 million of net charge-offs in the third quarter of 2025. Net charge-offs as a percentage of average total loans were 17 basis points in the fourth quarter of 2025 on an annualized basis compared to 19 basis points on an annualized basis in the third quarter of 2025. For more information regarding net charge-offs, see Table 10 in this report.

The Company’s loan portfolio delinquency rates remain low and manageable. For more information regarding past due loans, see Table 13 in this report.

Non-performing assets and non-performing loans increased slightly compared to prior quarter but stayed within the range experienced at the end of the prior three quarters of 2025. Non-performing assets totaled $206.6 million and comprised 0.29% of total assets as of December 31, 2025, as compared to $187.5 million, or 0.27% of total assets, as of September 30, 2025. Non-performing loans totaled $185.8 million and comprised 0.35% of total loans at December 31, 2025, as compared to $162.6 million and 0.31% of total loans at September 30, 2025. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Non-interest income totaled $130.4 million in the fourth quarter of 2025, decreasing $0.4 million, compared to $130.8 million in the third quarter of 2025.

Wealth management revenue increased by approximately $2.2 million in the fourth quarter of 2025, compared to the third quarter of 2025. The increase in the fourth quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in brokerage revenue related to higher transactional business. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $22.6 million in the fourth quarter of 2025, compared to $24.5 million in the third quarter of 2025. The decrease in the fourth quarter of 2025 was primarily attributed to lower production revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized approximately $1.5 million in net gains on investment securities in the fourth quarter of 2025 compared to approximately $3.0 million in net gains in the third quarter of 2025. The net gains in the fourth quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 15 in this report.

NON-INTEREST EXPENSE

Non-interest expense totaled $384.5 million in the fourth quarter of 2025, increasing $4.5 million, compared to $380.0 million in the third quarter of 2025. Non-interest expense, as a percent of average assets, decreased two basis points in the fourth quarter of 2025 to 2.19%.

Salaries and employee benefits expense increased by approximately $2.9 million in the fourth quarter of 2025, compared to the third quarter of 2025. This was primarily driven by an increased level of health insurance claims in the fourth quarter of 2025.

The Company recorded net OREO expense of $2.2 million in the fourth quarter of 2025, compared to net OREO expense of $262,000 in the third quarter of 2025. The primary diver of the increase in the fourth quarter can be attributed to valuation adjustments. Net OREO expenses include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.

Advertising and marketing expenses in the fourth quarter of 2025 totaled $13.8 million, which was a $5.2 million decrease as compared to the third quarter of 2025. The decrease in the current quarter relates primarily to lower sports sponsorships. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

Travel and entertainment expense increased approximately $1.9 million in the fourth quarter of 2025, compared to the third quarter of 2025. The increase is primarily attributed to seasonal corporate events that occur in the fourth quarter.

For more information regarding non-interest expense, see Table 17 in this report.

INCOME TAXES

The Company recorded income tax expense of $79.2 million in the fourth quarter of 2025 compared to $79.8 million in the third quarter of 2025. The effective tax rates were 26.2% in the fourth quarter of 2025 compared to 27.0% in the third quarter of 2025. The effective tax rates were impacted by an overall lower level of provision for state income tax expense in the comparable periods.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the fourth quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $22.6 million for the fourth quarter of 2025, a decrease of $1.8 million compared to the third quarter of 2025. See Table 16 for more detail. Service charges on deposit accounts totaled $20.4 million in the fourth quarter of 2025 as compared to $19.8 million in the third quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of December 31, 2025 indicating momentum for expected continued loan growth in the first quarter of 2026.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.4 billion during the fourth quarter of 2025. Average balances decreased by $61.2 million, as compared to the third quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the fourth quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.9 billion, $1.2 billion, and $360.6 million as of December 31, 2025, respectively, compared to $2.8 billion, $1.2 billion, and $301.0 million as of September 30, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the fourth quarter of 2025, which was relatively stable compared to the third quarter of 2025.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $39.4 million in the fourth quarter of 2025, an increase as compared to the third quarter of 2025. At December 31, 2025, the Company’s wealth management subsidiaries had approximately $56.1 billion of assets under administration, which included $9.6 billion of assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION

Key Operating
Measures

Wintrust’s key operating measures and growth rates for the fourth quarter of 2025, as compared to the third quarter of 2025 (sequential quarter) and fourth quarter of 2024 (linked quarter), are shown in the table below:

										% or ⁽¹⁾ basis point (bp) change from 3rd Quarter 2025		% or basis point (bp) change from 4th Quarter 2024
	Three Months Ended
(Dollars in thousands, except per share data)	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024
Net income	$	223,024		$	216,254		$	185,362		3	%	20		%
Pre-tax income, excluding provision for credit losses (non-GAAP)⁽²⁾		329,811			317,809			270,060		4		22
Net income per common share – Diluted		3.15			2.78			2.63		13		20
Cash dividends declared per common share		0.50			0.50			0.45		—		11
Net revenue⁽³⁾		714,264			697,837			638,599		2		12
Net interest income		583,874			567,010			525,148		3		11
Net interest margin		3.52	%		3.48	%		3.49	%	4	bps	3		bps
Net interest margin – fully taxable-equivalent (non-GAAP)⁽²⁾		3.54			3.50			3.51		4		3
Net overhead ratio⁽⁴⁾		1.45			1.45			1.60		—		(15	)
Return on average assets		1.27			1.26			1.16		1		11
Return on average common equity		12.63			11.58			11.82		105		81
Return on average tangible common equity (non-GAAP)⁽²⁾		14.83			13.74			14.29		109		54
At end of period
Total assets	$	71,142,046		$	69,629,638		$	64,879,668		9	%	10		%
Total loans⁽⁵⁾		53,105,101			52,063,482			48,055,037		8		11
Total deposits		57,717,191			56,711,381			52,512,349		7		10
Total shareholders’ equity		7,258,715			7,045,757			6,344,297		12		14

^{(1)

Period-end balance sheet percentage changes are annualized.

(2)

See

Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

^{(3)

Net revenue is net interest income plus non-interest income.}

^{(4)

The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.}

^{(5)

Excludes mortgage loans held-for-sale.}

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate.

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights

	Three Months Ended															Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
Selected Financial Condition Data (at end of period):
Total assets	$	71,142,046		$	69,629,638		$	68,983,318		$	65,870,066		$	64,879,668
Total loans⁽¹⁾		53,105,101			52,063,482			51,041,679			48,708,390			48,055,037
Total deposits		57,717,191			56,711,381			55,816,811			53,570,038			52,512,349
Total shareholders’ equity		7,258,715			7,045,757			7,225,696			6,600,537			6,344,297
Selected Statements of Income Data:
Net interest income	$	583,874		$	567,010		$	546,694		$	526,474		$	525,148		$	2,224,052		$	1,962,535
Net revenue⁽²⁾		714,264			697,837			670,783			643,108			638,599			2,725,992			2,450,860
Net income		223,024			216,254			195,527			189,039			185,362			823,844			695,045
Pre-tax income, excluding provision for credit losses (non-GAAP)⁽³⁾		329,811			317,809			289,322			277,018			270,060			1,213,960			1,048,136
Net income per common share – Basic		3.21			2.82			2.82			2.73			2.68			11.57			10.47
Net income per common share – Diluted		3.15			2.78			2.78			2.69			2.63			11.40			10.31
Cash dividends declared per common share		0.50			0.50			0.50			0.50			0.45			2.00			1.80
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		3.52	%		3.48	%		3.52	%		3.54	%		3.49	%		3.52	%		3.51	%
Net interest margin – fully taxable-equivalent (non-GAAP)⁽³⁾		3.54			3.50			3.54			3.56			3.51			3.53			3.53
Non-interest income to average assets		0.74			0.76			0.76			0.74			0.71			0.75			0.82
Non-interest expense to average assets		2.19			2.21			2.32			2.32			2.31			2.26			2.36
Net overhead ratio⁽⁴⁾		1.45			1.45			1.57			1.58			1.60			1.51			1.54
Return on average assets		1.27			1.26			1.19			1.20			1.16			1.23			1.17
Return on average common equity		12.63			11.58			12.07			12.21			11.82			12.13			12.32
Return on average tangible common equity (non-GAAP)⁽³⁾		14.83			13.74			14.44			14.72			14.29			14.43			14.58
Average total assets	$	69,492,268		$	68,303,036		$	65,840,345		$	64,107,042		$	63,594,105		$	66,954,172		$	59,416,909
Average total shareholders’ equity		7,166,608			6,955,543			6,862,040			6,460,941			6,418,403			6,863,474			5,826,940
Average loans to average deposits ratio		92.4	%		92.5	%		93.0	%		92.3	%		91.9	%		92.6	%		93.8	%
Period-end loans to deposits ratio		92.0			91.8			91.4			90.9			91.5
Common Share Data at end of period:
Market price per common share	$	139.82		$	132.44		$	123.98		$	112.46		$	124.71
Book value per common share		102.03			98.87			95.43			92.47			89.21
Tangible book value per common share (non-GAAP)⁽³⁾		88.66			85.39			81.86			78.83			75.39
Common shares outstanding		66,974,913			66,961,209			66,937,732			66,919,325			66,495,227
Other Data at end of period:
Common equity to assets ratio		9.6	%		9.5	%		9.3	%		9.4	%		9.1	%
Tangible common equity ratio (non-GAAP)⁽³⁾		8.5			8.3			8.0			8.1			7.8
Tier 1 leverage ratio⁽⁵⁾		9.7			9.5			10.2			9.6			9.4
Risk-based capital ratios:
Tier 1 capital ratio⁽⁵⁾		11.0			10.9			11.5			10.8			10.7
Common equity tier 1 capital ratio⁽⁵⁾		10.3			10.2			10.0			10.1			9.9
Total capital ratio⁽⁵⁾		12.4			12.4			13.0			12.5			12.3
Allowance for credit losses⁽⁶⁾	$	460,465		$	454,586		$	457,461		$	448,387		$	437,060
Allowance for loan and unfunded lending-related commitment losses to total loans		0.87	%		0.87	%		0.90	%		0.92	%		0.91	%
Number of:
Bank subsidiaries		16			16			16			16			16
Banking offices		209			208			208			208			205

^{(1)

Excludes mortgage loans held-for-sale.}

^{(2)

Net revenue is net interest income plus non-interest income.}

^{(3)

See

Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

^{(4)

The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.}

^{(5)

Capital ratios for current quarter-end are estimated.}

^{(6)

The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.}

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands)		2025			2025			2025			2025			2024
Assets
Cash and due from banks	$	467,874		$	565,406		$	695,501		$	616,216		$	452,017
Federal funds sold and securities purchased under resale agreements		64			63			63			63			6,519
Interest-bearing deposits with banks		3,180,553			3,422,452			4,569,618			4,238,237			4,409,753
Available-for-sale securities, at fair value		6,236,263			5,274,124			4,885,715			4,220,305			4,141,482
Held-to-maturity securities, at amortized cost		3,343,905			3,438,406			3,502,186			3,564,490			3,613,263
Trading account securities		—			—			—			—			4,072
Equity securities with readily determinable fair value		63,770			63,445			273,722			270,442			215,412
Federal Home Loan Bank and Federal Reserve Bank stock		291,881			282,755			282,087			281,893			281,407
Brokerage customer receivables		—			—			—			—			18,102
Mortgage loans held-for-sale, at fair value		340,745			333,883			299,606			316,804			331,261
Loans, net of unearned income		53,105,101			52,063,482			51,041,679			48,708,390			48,055,037
Allowance for loan losses		(379,283	)		(386,622	)		(391,654	)		(378,207	)		(364,017	)
Net loans		52,725,818			51,676,860			50,650,025			48,330,183			47,691,020
Premises, software and equipment, net		781,611			775,425			776,324			776,679			779,130
Lease investments, net		360,646			301,000			289,768			280,472			278,264
Accrued interest receivable and other assets		1,617,682			1,614,674			1,610,025			1,598,255			1,739,334
Receivable on unsettled securities sales		835,275			978,209			240,039			463,023			—
Goodwill		797,960			797,639			798,144			796,932			796,942
Other acquisition-related intangible assets		97,999			105,297			110,495			116,072			121,690
Total assets	$	71,142,046		$	69,629,638		$	68,983,318		$	65,870,066		$	64,879,668
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,423,701		$	10,952,146		$	10,877,166		$	11,201,859		$	11,410,018
Interest-bearing		46,293,490			45,759,235			44,939,645			42,368,179			41,102,331
Total deposits		57,717,191			56,711,381			55,816,811			53,570,038			52,512,349
Federal Home Loan Bank advances		3,451,309			3,151,309			3,151,309			3,151,309			3,151,309
Other borrowings		477,966			579,328			625,392			529,269			534,803
Subordinated notes		298,636			298,536			298,458			298,360			298,283
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Payable on unsettled securities purchases		—			—			39,105			—			—
Accrued interest payable and other liabilities		1,684,663			1,589,761			1,572,981			1,466,987			1,785,061
Total liabilities		63,883,331			62,583,881			61,757,622			59,269,529			58,535,371
Shareholders’ Equity:
Preferred stock		425,000			425,000			837,500			412,500			412,500
Common stock		67,062			67,042			67,025			67,007			66,560
Surplus		2,534,024			2,521,306			2,495,637			2,494,347			2,482,561
Treasury stock		(9,156	)		(9,150	)		(9,156	)		(9,156	)		(6,153	)
Retained earnings		4,537,539			4,356,367			4,200,923			4,045,854			3,897,164
Accumulated other comprehensive loss		(295,754	)		(314,808	)		(366,233	)		(410,015	)		(508,335	)
Total shareholders’ equity		7,258,715			7,045,757			7,225,696			6,600,537			6,344,297
Total liabilities and shareholders’ equity	$	71,142,046		$	69,629,638		$	68,983,318		$	65,870,066		$	64,879,668

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended													Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2025			Sep 30, 2025		Jun 30, 2025		Mar 31, 2025			Dec 31, 2024			Dec 31, 2025		Dec 31, 2024
Interest income
Interest and fees on loans	$	822,494		$	832,140	$	797,997	$	768,362		$	789,038		$	3,220,993	$	3,043,354
Mortgage loans held-for-sale		5,607			4,757		4,872		4,246			5,623			19,482		21,436
Interest-bearing deposits with banks		27,190			34,992		34,317		36,766			46,256			133,265		115,253
Federal funds sold and securities purchased under resale agreements		77			75		276		179			53			607		366
Investment securities		95,461			86,426		78,053		72,016			67,066			331,956		276,115
Trading account securities		—			—		—		11			6			11		48
Federal Home Loan Bank and Federal Reserve Bank stock		5,497			5,444		5,393		5,307			5,157			21,641		20,060
Brokerage customer receivables		—			—		—		78			302			78		965
Total interest income		956,326			963,834		920,908		886,965			913,501			3,728,033		3,477,597
Interest expense
Interest on deposits		332,178			355,846		333,470		320,233			346,388			1,341,727		1,343,642
Interest on Federal Home Loan Bank advances		26,408			26,007		25,724		25,441			26,050			103,580		99,149
Interest on other borrowings		5,956			6,887		6,957		6,792			7,519			26,592		34,480
Interest on subordinated notes		3,737			3,717		3,735		3,714			3,733			14,903		18,117
Interest on junior subordinated debentures		4,173			4,367		4,328		4,311			4,663			17,179		19,674
Total interest expense		372,452			396,824		374,214		360,491			388,353			1,503,981		1,515,062
Net interest income		583,874			567,010		546,694		526,474			525,148			2,224,052		1,962,535
Provision for credit losses		27,588			21,768		22,234		23,963			16,979			95,553		101,047
Net interest income after provision for credit losses		556,286			545,242		524,460		502,511			508,169			2,128,499		1,861,488
Non-interest income
Wealth management		39,365			37,188		36,821		34,042			38,775			147,416		146,227
Mortgage banking		22,625			24,451		23,170		20,529			20,452			90,775		93,213
Service charges on deposit accounts		20,402			19,825		19,502		19,362			18,864			79,091		65,651
Gains (losses) on investment securities, net		1,505			2,972		650		3,196			(2,835	)		8,323		(2,602	)
Fees from covered call options		5,992			5,619		5,624		3,446			2,305			20,681		10,196
Trading (losses) gains, net		(257	)		172		151		(64	)		(113	)		2		504
Operating lease income, net		16,365			15,466		15,166		15,287			15,327			62,284		58,710
Other		24,393			25,134		23,005		20,836			20,676			93,368		116,426
Total non-interest income		130,390			130,827		124,089		116,634			113,451			501,940		488,325
Non-interest expense
Salaries and employee benefits		222,557			219,668		219,541		211,526			212,133			873,292		817,108
Software and equipment		36,096			35,027		36,522		34,717			34,258			142,362		122,794
Operating lease equipment		11,034			10,409		10,757		10,471			10,263			42,671		42,298
Occupancy, net		20,105			20,809		20,228		20,778			20,597			81,920		79,213
Data processing		11,809			11,329		12,110		11,274			10,957			46,522		39,736
Advertising and marketing		13,792			19,027		18,761		12,272			13,097			63,852		61,812
Professional fees		8,280			7,465		9,243		9,044			11,334			34,032		40,637
Amortization of other acquisition-related intangible assets		4,999			5,196		5,580		5,618			5,773			21,393		12,095
FDIC insurance		10,562			11,418		10,971		10,926			10,640			43,877		46,118
Other real estate owned (“OREO”) expenses, net		2,162			262		505		643			397			3,572		(408	)
Other		43,057			39,418		37,243		38,821			39,090			158,539		141,321
Total non-interest expense		384,453			380,028		381,461		366,090			368,539			1,512,032		1,402,724
Income before taxes		302,223			296,041		267,088		253,055			253,081			1,118,407		947,089
Income tax expense		79,199			79,787		71,561		64,016			67,719			294,563		252,044
Net income	$	223,024		$	216,254	$	195,527	$	189,039		$	185,362		$	823,844	$	695,045
Preferred stock dividends		8,367			13,295		6,991		6,991			6,991			35,644		27,964
Preferred stock redemption		—			14,046		—		—			—			14,046		—
Net income applicable to common shares	$	214,657		$	188,913	$	188,536	$	182,048		$	178,371		$	774,154	$	667,081
Net income per common share – Basic	$	3.21		$	2.82	$	2.82	$	2.73		$	2.68		$	11.57	$	10.47
Net income per common share – Diluted	$	3.15		$	2.78	$	2.78	$	2.69		$	2.63		$	11.40	$	10.31
Cash dividends declared per common share	$	0.50		$	0.50	$	0.50	$	0.50		$	0.45		$	2.00	$	1.80
Weighted average common shares outstanding		66,970			66,952		66,931		66,726			66,491			66,896		63,685
Dilutive potential common shares		1,143			1,028		888		923			1,233			998		1,016
Average common shares and dilutive common shares		68,113			67,980		67,819		67,649			67,724			67,894		64,701

TABLE 1
:
LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From⁽¹⁾
(Dollars in thousands)	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2025⁽²⁾		Dec 31, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	217,136	$	211,360	$	192,633	$	181,580	$	189,774	11	%	14	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies		123,609		122,523		106,973		135,224		141,487	4		(13	)
Total mortgage loans held-for-sale	$	340,745	$	333,883	$	299,606	$	316,804	$	331,261	8	%	3	%

Core loans:
Commercial
Commercial and industrial	$	7,267,505	$	7,135,083	$	7,028,247	$	6,871,206	$	6,867,422	7	%	6	%
Asset-based lending		1,512,888		1,588,522		1,663,693		1,701,962		1,611,001	(19	)	(6	)
Municipal		868,958		804,986		771,785		798,646		826,653	32		5
Leases		2,921,366		2,834,563		2,757,331		2,680,943		2,537,325	12		15
Commercial real estate
Residential construction		54,753		60,923		59,027		55,849		48,617	(40	)	13
Commercial construction		2,013,244		2,273,545		2,165,263		2,086,797		2,065,775	(45	)	(3	)
Land		341,585		323,685		304,827		306,235		319,689	22		7
Office		1,688,614		1,578,208		1,601,208		1,641,555		1,656,109	28		2
Industrial		3,167,768		2,912,547		2,824,889		2,677,555		2,628,576	35		21
Retail		1,436,252		1,478,861		1,452,351		1,402,837		1,374,655	(11	)	4
Multi-family		3,445,507		3,306,597		3,200,578		3,091,314		3,125,505	17		10
Mixed use and other		1,793,013		1,684,841		1,683,867		1,652,759		1,685,018	25		6
Home equity		480,525		484,202		466,815		455,683		445,028	(3	)	8
Residential real estate
Residential real estate loans for investment		4,171,439		4,019,046		3,814,715		3,561,417		3,456,009	15		21
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies		84,706		75,088		80,800		86,952		114,985	51		(26	)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies		61,087		49,736		53,267		36,790		41,771	91		46
Total core loans	$	31,309,210	$	30,610,433	$	29,928,663	$	29,108,500	$	28,804,138	9	%	9	%

Niche loans:
Commercial
Franchise	$	1,298,493	$	1,298,140	$	1,286,265	$	1,262,555	$	1,268,521	0	%	2	%
Mortgage warehouse lines of credit		1,515,003		1,204,661		1,232,530		1,019,543		893,854	102		69
Community Advantage – homeowners association		532,027		537,696		526,595		525,492		525,446	(4	)	1
Insurance agency lending		1,128,446		1,140,691		1,120,985		1,070,979		1,044,329	(4	)	8
Premium Finance receivables
U.S. property & casualty insurance		7,308,054		7,502,901		7,378,340		6,486,663		6,447,625	(10	)	13
Canada property & casualty insurance		875,362		863,391		944,836		753,199		824,417	6		6
Life insurance		9,023,642		8,758,553		8,506,960		8,365,140		8,147,145	12		11
Consumer and other		114,864		147,016		116,505		116,319		99,562	(87	)	15
Total niche loans	$	21,795,891	$	21,453,049	$	21,113,016	$	19,599,890	$	19,250,899	6	%	13	%

Total loans, net of unearned income	$	53,105,101	$	52,063,482	$	51,041,679	$	48,708,390	$	48,055,037	8	%	11	%

^{(1)

NM – Not Meaningful.}

^{(2)

Annualized.}

TABLE 2
:
DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																% Growth From
(Dollars in thousands)	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2025⁽¹⁾		Dec 31, 2024
Balance:
Non-interest-bearing	$	11,423,701		$	10,952,146		$	10,877,166		$	11,201,859		$	11,410,018		17	%	0	%
NOW and interest-bearing demand deposits		6,233,753			6,710,919			6,795,725			6,340,168			5,865,546		(28	)	6
Wealth management deposits⁽²⁾		1,907,647			1,600,735			1,595,764			1,408,790			1,469,064		76		30
Money market		21,368,924			20,270,382			19,556,041			18,074,733			17,975,191		22		19
Savings		6,905,216			6,758,743			6,659,419			6,576,251			6,372,499		9		8
Time certificates of deposit		9,877,950			10,418,456			10,332,696			9,968,237			9,420,031		(21	)	5
Total deposits	$	57,717,191		$	56,711,381		$	55,816,811		$	53,570,038		$	52,512,349		7	%	10	%
Mix:
Non-interest-bearing		20	%		19	%		19	%		21	%		22	%
NOW and interest-bearing demand deposits		11			12			12			12			11
Wealth management deposits⁽²⁾		3			3			3			3			3
Money market		37			36			35			34			34
Savings		12			12			12			12			12
Time certificates of deposit		17			18			19			18			18
Total deposits		100	%		100	%		100	%		100	%		100	%

^{(1)

Annualized.

(2)

Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.}

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS

As of
December 31, 2025

(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,392,722	3.81	%
4-6 months		2,625,175	3.42
7-9 months		2,834,840	3.46
10-12 months		590,301	3.41
13-18 months		289,020	3.07
19-24 months		72,535	2.73
24+ months		73,357	2.77
Total	$	9,877,950	3.54	%

TABLE 4
:
QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands)		2025			2025			2025			2025			2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents⁽¹⁾	$	2,842,829		$	3,276,683		$	3,308,199		$	3,520,048		$	3,934,016
Investment securities⁽²⁾		10,084,138			9,377,930			8,801,560			8,409,735			8,090,271
FHLB and FRB stock⁽³⁾		284,643			282,338			282,001			281,702			271,825
Liquidity management assets⁽⁴⁾	$	13,211,610		$	12,936,951		$	12,391,760		$	12,211,485		$	12,296,112
Other earning assets^{(4) (5)}		—			—			—			13,140			20,528
Mortgage loans held-for-sale		357,672			295,365			310,534			286,710			378,707
Loans, net of unearned income^{(4) (6)}		52,193,637			51,403,566			49,517,635			47,833,380			47,153,014
Total earning assets⁽⁴⁾	$	65,762,919		$	64,635,882		$	62,219,929		$	60,344,715		$	59,848,361
Allowance for loan and investment security losses		(404,075	)		(410,681	)		(398,685	)		(375,371	)		(367,238	)
Cash and due from banks		517,616			495,292			478,707			476,423			470,033
Other assets		3,615,808			3,582,543			3,540,394			3,661,275			3,642,949
Total assets	$	69,492,268		$	68,303,036		$	65,840,345		$	64,107,042		$	63,594,105

NOW and interest-bearing demand deposits	$	6,133,333		$	6,687,292		$	6,423,050		$	6,046,189		$	5,601,672
Wealth management deposits		1,925,808			1,604,142			1,552,989			1,574,480			1,430,163
Money market accounts		20,475,659			19,431,021			18,184,754			17,581,141			17,579,395
Savings accounts		6,814,263			6,723,325			6,578,698			6,479,444			6,288,727
Time deposits		10,045,136			10,319,719			9,841,702			9,406,126			9,702,948
Interest-bearing deposits	$	45,394,199		$	44,765,499		$	42,581,193		$	41,087,380		$	40,602,905
FHLB advances⁽³⁾		3,203,483			3,151,310			3,151,310			3,151,309			3,160,658
Other borrowings		547,507			614,892			593,657			582,139			577,786
Subordinated notes		298,576			298,481			298,398			298,306			298,225
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Total interest-bearing liabilities	$	49,697,331		$	49,083,748		$	46,878,124		$	45,372,700		$	44,893,140
Non-interest-bearing deposits		11,080,254			10,791,709			10,643,798			10,732,156			10,718,738
Other liabilities		1,548,075			1,472,036			1,456,383			1,541,245			1,563,824
Equity		7,166,608			6,955,543			6,862,040			6,460,941			6,418,403
Total liabilities and shareholders’ equity	$	69,492,268		$	68,303,036		$	65,840,345		$	64,107,042		$	63,594,105

Net free funds/contribution⁽⁷⁾	$	16,065,588		$	15,552,134		$	15,341,805		$	14,972,015		$	14,955,221

^{(1)

Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.}

^{(2)

Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.}

^{(3)

Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)}

^{(4)

See

Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

^{(5)

Other earning assets include brokerage customer receivables and trading account securities.}

^{(6)

Loans, net of unearned income, include non-accrual loans.}

^{(7)

Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 5
:
QUARTERLY NET INTEREST INCOME

	Net Interest Income for three months ended,
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands)		2025			2025			2025			2025			2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	27,267		$	35,067		$	34,593		$	36,945		$	46,308
Investment securities		96,122			87,101			78,733			72,706			67,783
FHLB and FRB stock⁽¹⁾		5,497			5,444			5,393			5,307			5,157
Liquidity management assets⁽²⁾	$	128,886		$	127,612		$	118,719		$	114,958		$	119,248
Other earning assets⁽²⁾		—			—			—			92			310
Mortgage loans held-for-sale		5,607			4,757			4,872			4,246			5,623
Loans, net of unearned income⁽²⁾		824,628			834,294			800,197			770,568			791,390
Total interest income	$	959,121		$	966,663		$	923,788		$	889,864		$	916,571

Interest expense:
NOW and interest-bearing demand deposits	$	31,681		$	40,448		$	37,517		$	33,600		$	31,695
Wealth management deposits		10,011			8,415			8,182			8,606			9,412
Money market accounts		163,585			169,831			155,890			146,374			159,945
Savings accounts		34,371			38,844			37,637			35,923			38,402
Time deposits		92,530			98,308			94,244			95,730			106,934
Interest-bearing deposits	$	332,178		$	355,846		$	333,470		$	320,233		$	346,388
FHLB advances⁽¹⁾		26,408			26,007			25,724			25,441			26,050
Other borrowings		5,956			6,887			6,957			6,792			7,519
Subordinated notes		3,737			3,717			3,735			3,714			3,733
Junior subordinated debentures		4,173			4,367			4,328			4,311			4,663
Total interest expense	$	372,452		$	396,824		$	374,214		$	360,491		$	388,353

Less: Fully taxable-equivalent adjustment		(2,795	)		(2,829	)		(2,880	)		(2,899	)		(3,070	)
Net interest income (GAAP)⁽³⁾		583,874			567,010			546,694			526,474			525,148
Fully taxable-equivalent adjustment		2,795			2,829			2,880			2,899			3,070
Net interest income, fully taxable-equivalent (non-GAAP)⁽³⁾	$	586,669		$	569,839		$	549,574		$	529,373		$	528,218

^{(1)

Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)}

^{(2)

Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.}

^{(3)

See

Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

TABLE 6
:
QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	3.81	%	4.25	%	4.19	%	4.26	%	4.68	%
Investment securities	3.78		3.68		3.59		3.51		3.33
FHLB and FRB stock⁽¹⁾	7.66		7.65		7.67		7.64		7.55
Liquidity management assets	3.87	%	3.91	%	3.84	%	3.82	%	3.86	%
Other earning assets	—		—		—		2.84		6.01
Mortgage loans held-for-sale	6.22		6.39		6.29		6.01		5.91
Loans, net of unearned income	6.27		6.44		6.48		6.53		6.68
Total earning assets	5.79	%	5.93	%	5.96	%	5.98	%	6.09	%

Rate paid on:
NOW and interest-bearing demand deposits	2.05	%	2.40	%	2.34	%	2.25	%	2.25	%
Wealth management deposits	2.06		2.08		2.11		2.22		2.62
Money market accounts	3.17		3.47		3.44		3.38		3.62
Savings accounts	2.00		2.29		2.29		2.25		2.43
Time deposits	3.65		3.78		3.84		4.13		4.38
Interest-bearing deposits	2.90	%	3.15	%	3.14	%	3.16	%	3.39	%
FHLB advances	3.27		3.27		3.27		3.27		3.28
Other borrowings	4.32		4.44		4.70		4.73		5.18
Subordinated notes	4.97		4.94		5.02		5.05		4.98
Junior subordinated debentures	6.53		6.83		6.85		6.90		7.32
Total interest-bearing liabilities	2.97	%	3.21	%	3.20	%	3.22	%	3.44	%

Interest rate spread^{(2) (3)}	2.82	%	2.72	%	2.76	%	2.76	%	2.65	%
Less: Fully taxable-equivalent adjustment	(0.02	)	(0.02	)	(0.02	)	(0.02	)	(0.02	)
Net free funds/contribution⁽⁴⁾	0.72		0.78		0.78		0.80		0.86
Net interest margin (GAAP)⁽³⁾	3.52	%	3.48	%	3.52	%	3.54	%	3.49	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP)⁽³⁾	3.54	%	3.50	%	3.54	%	3.56	%	3.51	%

^{(1)

Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)}

^{(2)

Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.}

^{(3)

See

Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

^{(4)

Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

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

	Average Balance for twelve months ended ,						Interest for twelve months ended ,						Yield/Rate for twelve months ended ,
(Dollars in thousands)	Dec 31, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024			Dec 31, 2025		Dec 31, 2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents⁽¹⁾	$	3,235,193		$	2,276,818		$	133,872		$	115,618		4.14	%	5.08	%
Investment securities⁽²⁾		9,173,502			8,229,846			334,662			278,617		3.65		3.39
FHLB and FRB stock⁽³⁾		282,678			255,018			21,641			20,060		7.66		7.87
Liquidity management assets^{(4) (5)}	$	12,691,373		$	10,761,682		$	490,175		$	414,295		3.86	%	3.85	%
Other earning assets^{(4) (5) (6)}		3,240			17,113			92			1,025		2.84		5.99
Mortgage loans held-for-sale		312,718			348,278			19,482			21,436		6.23		6.15
Loans, net of unearned income^{(4) (5) (7)}		50,252,196			44,765,445			3,229,687			3,052,731		6.43		6.82
Total earning assets⁽⁵⁾	$	63,259,527		$	55,892,518		$	3,739,436		$	3,489,487		5.91	%	6.24	%
Allowance for loan and investment security losses		(397,318	)		(368,342	)
Cash and due from banks		492,131			455,708
Other assets		3,599,832			3,437,025
Total assets	$	66,954,172		$	59,416,909

NOW and interest-bearing demand deposits	$	6,323,704		$	5,360,630		$	143,246		$	130,281		2.27	%	2.43	%
Wealth management deposits		1,665,152			1,458,404			35,214			40,324		2.11		2.76
Money market accounts		18,927,479			15,946,363			635,680			620,411		3.36		3.89
Savings accounts		6,650,054			6,015,085			146,775			161,429		2.21		2.68
Time deposits		9,906,063			8,753,848			380,812			391,197		3.84		4.47
Interest-bearing deposits	$	43,472,452		$	37,534,330		$	1,341,727		$	1,343,642		3.09	%	3.58	%
Federal Home Loan Bank advances		3,164,460			3,042,052			103,580			99,149		3.27		3.26
Other borrowings		584,537			603,868			26,592			34,480		4.55		5.71
Subordinated notes		298,441			360,802			14,903			18,117		4.99		5.02
Junior subordinated debentures		253,566			253,566			17,179			19,674		6.78		7.76
Total interest-bearing liabilities	$	47,773,456		$	41,794,618		$	1,503,981		$	1,515,062		3.15	%	3.63	%
Non-interest-bearing deposits		10,812,877			10,212,088
Other liabilities		1,504,365			1,583,263
Equity		6,863,474			5,826,940
Total liabilities and shareholders’ equity	$	66,954,172		$	59,416,909
Interest rate spread^{(5) (8)}													2.76	%	2.61	%
Less: Fully taxable-equivalent adjustment								(11,403	)		(11,890	)	(0.01	)	(0.02	)
Net free funds/contribution⁽⁹⁾	$	15,486,071		$	14,097,900								0.77		0.92
Net interest income/margin (GAAP)⁽⁵⁾							$	2,224,052		$	1,962,535		3.52	%	3.51	%
Fully taxable-equivalent adjustment								11,403			11,890		0.01		0.02
Net interest income/margin, fully taxable-equivalent (non-GAAP)⁽⁵⁾							$	2,235,455		$	1,974,425		3.53	%	3.53	%

^{(1)

Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.}

^{(2)

Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.}

^{(3)

Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)}

^{(4)

Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.}

^{(5)

See

Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

^{(6)

Other earning assets include brokerage customer receivables and trading account securities.}

^{(7)

Loans, net of unearned income, include non-accrual loans.}

^{(8)

Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.}

^{(9)

Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2025	(1.6	)%	(0.5	)%	(0.5	)%	(0.8	)%
Sep 30, 2025	(2.3	)	(0.8	)	0.0		(0.4	)
Jun 30, 2025	(1.5	)	(0.4	)	(0.2	)	(1.2	)
Mar 31, 2025	(1.8	)	(0.6	)	(0.2	)	(1.2	)
Dec 31, 2024	(1.6	)	(0.6	)	(0.3	)	(1.5	)

Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2025	(0.0)	%	0.1	%	(0.1)	%	(0.2)	%
Sep 30, 2025	(0.2	)	(0.1	)	0.1		(0.1	)
Jun 30, 2025	0.0		0.0		(0.1	)	(0.4	)
Mar 31, 2025	0.2		0.2		(0.1	)	(0.5	)
Dec 31, 2024	(0.2	)	(0.0	)	0.0		(0.3	)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars, floors and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of December 31, 2025	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
Commercial
Fixed rate	$	560,803		$	3,901,475	$	2,191,712	$	18,490	$	6,672,480
Variable rate		10,371,538			668		—		—		10,372,206
Total commercial	$	10,932,341		$	3,902,143	$	2,191,712	$	18,490	$	17,044,686
Commercial real estate
Fixed rate	$	836,428		$	2,659,163	$	364,215	$	76,892	$	3,936,698
Variable rate		9,992,879			11,094		65		—		10,004,038
Total commercial real estate	$	10,829,307		$	2,670,257	$	364,280	$	76,892	$	13,940,736
Home equity
Fixed rate	$	9,300		$	685	$	—	$	11	$	9,996
Variable rate		470,529			—		—		—		470,529
Total home equity	$	479,829		$	685	$	—	$	11	$	480,525
Residential real estate
Fixed rate	$	18,384		$	4,719	$	67,647	$	1,057,910	$	1,148,660
Variable rate		110,906			747,277		2,310,389		—		3,168,572
Total residential real estate	$	129,290		$	751,996	$	2,378,036	$	1,057,910	$	4,317,232
Premium finance receivables – property & casualty
Fixed rate	$	8,067,517		$	115,899	$	—	$	—	$	8,183,416
Variable rate		—			—		—		—		—
Total premium finance receivables – property & casualty	$	8,067,517		$	115,899	$	—	$	—	$	8,183,416
Premium finance receivables – life insurance
Fixed rate	$	163,653		$	116,520	$	—	$	—	$	280,173
Variable rate		8,743,469			—		—		—		8,743,469
Total premium finance receivables – life insurance	$	8,907,122		$	116,520	$	—	$	—	$	9,023,642
Consumer and other
Fixed rate	$	27,834		$	8,571	$	934	$	849	$	38,188
Variable rate		76,676			—		—		—		76,676
Total consumer and other	$	104,510		$	8,571	$	934	$	849	$	114,864

Total per category
Fixed rate	$	9,683,919		$	6,807,032	$	2,624,508	$	1,154,152	$	20,269,611
Variable rate		29,765,997			759,039		2,310,454		—		32,835,490
Total loans, net of unearned income	$	39,449,916		$	7,566,071	$	4,934,962	$	1,154,152	$	53,105,101
Less: Existing cash flow hedging derivatives⁽¹⁾		(6,150,000	)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	33,299,916

Variable Rate Loan Pricing by Index:
SOFR tenors⁽²⁾										$	21,157,533
12- month CMT⁽³⁾											7,652,077
Prime											3,021,831
Fed Funds											684,626
Other U.S. Treasury tenors											182,079
Other											137,344
Total variable rate										$	32,835,490

^{(1)

Excludes

cash flow hedges with future effective starting dates and those that have matured as of December 31, 2025. The

$6.15 billion

of cash flow hedging derivatives includes

receive

fixed swaps, collars and floors of which $5.2 billion were impacting the cash flows of loans indexed to one-month SOFR as of

December 31, 2025

.}

^{(2)

SOFR – Secured Overnight Financing Rate.}

^{(3)

CMT – Constant Maturity Treasury Rate.}

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/2a0d6894-c2ed-4941-8138-c198d8e2f9c9

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $18.5 billion tied to one-month SOFR and $7.7 billion tied to twelve-month CMT. The above chart shows:

	Basis Point (bp) Change in
	1-month SOFR			12- month CMT			Prime
Fourth Quarter 2025	(44	)	bps	(20	)	bps	(50	)	bps
Third Quarter 2025	(19	)		(28	)		(25	)
Second Quarter 2025	—			(7	)		—
First Quarter 2025	(1	)		(13	)		—
Fourth Quarter 2024	(52	)		18			(50	)

TABLE 10
:
ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars in thousands)		2025			2025			2025			2025			2024			2025			2024
Allowance for credit losses at beginning of period	$	454,586		$	457,461		$	448,387		$	437,060		$	436,193		$	437,060		$	427,612
Provision for credit losses – Other		27,588			21,768			22,234			23,963			16,979			95,553			85,500
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			—			—			—			—			15,547
Initial allowance for credit losses recognized on PCD assets acquired during the period		—			—			—			—			—			—			3,004
Other adjustments		71			(88	)		180			4			(187	)		167			(207	)
Charge-offs:
Commercial		12,894			21,597			6,148			9,722			5,090			50,361			48,864
Commercial real estate		5,625			144			5,711			454			1,037			11,934			22,127
Home equity		—			27			111			—			—			138			74
Residential real estate		—			26			—			—			114			26			175
Premium finance receivables – property & casualty		8,354			6,860			6,346			7,114			13,301			28,674			37,515
Premium finance receivables – life insurance		—			18			—			12			—			30			4
Consumer and other		203			174			179			147			189			703			587
Total charge-offs		27,076			28,846			18,495			17,449			19,731			91,866			109,346
Recoveries:
Commercial		956			1,449			1,746			929			775			5,080			2,853
Commercial real estate		4			241			10			12			172			267			323
Home equity		28			104			30			216			194			378			359
Residential real estate		1			1			2			136			0			140			15
Premium finance receivables – property & casualty		4,275			2,459			3,335			3,487			2,646			13,556			11,259
Premium finance receivables – life insurance		—			—			—			—			—			—			54
Consumer and other		32			37			32			29			19			130			87
Total recoveries		5,296			4,291			5,155			4,809			3,806			19,551			14,950
Net charge-offs		(21,780	)		(24,555	)		(13,340	)		(12,640	)		(15,925	)		(72,315	)		(94,396	)
Allowance for credit losses at period end	$	460,465		$	454,586		$	457,461		$	448,387		$	437,060		$	460,465		$	437,060

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial		0.29	%		0.49	%		0.11	%		0.23	%		0.11	%		0.28	%		0.33	%
Commercial real estate		0.16			(0.00	)		0.17			0.01			0.03			0.09			0.18
Home equity		(0.02	)		(0.06	)		0.07			(0.20	)		(0.18	)		(0.05	)		(0.07	)
Residential real estate		(0.00	)		0.00			(0.00	)		(0.02	)		0.01			(0.00	)		0.01
Premium finance receivables – property & casualty		0.20			0.20			0.16			0.20			0.59			0.19			0.37
Premium finance receivables – life insurance		—			0.00			—			0.00			—			0.00			(0.00	)
Consumer and other		0.47			0.40			0.44			0.45			0.63			0.44			0.57
Total loans, net of unearned income		0.17	%		0.19	%		0.11	%		0.11	%		0.13	%		0.14			0.21	%

Loans at period end	$	53,105,101		$	52,063,482		$	51,041,679		$	48,708,390		$	48,055,037
Allowance for loan losses as a percentage of loans at period end		0.71	%		0.74	%		0.77	%		0.78	%		0.76	%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end		0.87			0.87			0.90			0.92			0.91

^{PCD – Purchase Credit Deteriorated}

TABLE 11
:
ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(In thousands)		2025			2025			2025			2025			2024			2025			2024
Provision for loan losses – Other	$	14,369		$	19,610		$	26,607		$	26,826		$	19,852		$	87,412		$	97,904
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			—			—			—			—			15,547
Provision for unfunded lending-related commitments losses – Other		13,354			2,160			(4,325	)		(2,852	)		(2,851	)		8,337			(12,514	)
Provision for held-to-maturity securities losses		(135	)		(2	)		(48	)		(11	)		(22	)		(196	)		110
Provision for credit losses	$	27,588		$	21,768		$	22,234		$	23,963		$	16,979		$	95,553		$	101,047

Allowance for loan losses	$	379,283		$	386,622		$	391,654		$	378,207		$	364,017
Allowance for unfunded lending-related commitments losses		80,922			67,569			65,409			69,734			72,586
Allowance for loan losses and unfunded lending-related commitments losses		460,205			454,191			457,063			447,941			436,603
Allowance for held-to-maturity securities losses		260			395			398			446			457
Allowance for credit losses	$	460,465		$	454,586		$	457,461		$	448,387		$	437,060

^{PCD – Purchase Credit Deteriorated}

TABLE 12
:
ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of December 31, 2025, September 30, 2025 and June 30, 2025.

	As of Dec 31, 2025						As of Sep 30, 2025						As of Jun 30, 2025
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial	$	17,044,686	$	178,545	1.05	%	$	16,544,342	$	189,476	1.15	%	$	16,387,431	$	194,568	1.19	%
Commercial real estate:
Construction and development		2,409,582		93,106	3.86			2,658,153		78,765	2.96			2,529,117		75,936	3.00
Non-construction		11,531,154		153,827	1.33			10,961,054		151,712	1.38			10,762,893		148,422	1.38
Total commercial real estate	$	13,940,736	$	246,933	1.77	%	$	13,619,207	$	230,477	1.69	%	$	13,292,010	$	224,358	1.69	%
Total commercial and commercial real estate	$	30,985,422	$	425,478	1.37	%	$	30,163,549	$	419,953	1.39	%	$	29,679,441	$	418,926	1.41	%
Home equity		480,525		10,402	2.16			484,202		9,229	1.91			466,815		9,221	1.98
Residential real estate		4,317,232		12,519	0.29			4,143,870		12,013	0.29			3,948,782		11,455	0.29
Premium finance receivables – property & casualty		8,183,416		10,226	0.12			8,366,292		11,187	0.13			8,323,176		15,872	0.19
Premium finance receivables – life insurance		9,023,642		785	0.01			8,758,553		762	0.01			8,506,960		740	0.01
Consumer and other		114,864		795	0.69			147,016		1,047	0.71			116,505		849	0.73
Total loans, net of unearned income	$	53,105,101	$	460,205	0.87	%	$	52,063,482	$	454,191	0.87	%	$	51,041,679	$	457,063	0.90	%

Total core loans⁽¹⁾	$	31,309,210	$	412,714	1.32	%	$	30,610,433	$	408,780	1.34	%	$	29,928,663	$	409,826	1.37	%
Total niche loans⁽¹⁾		21,795,891		47,491	0.22			21,453,049		45,411	0.21			21,113,016		47,237	0.22

^{(1)

See

Table 1

for additional detail on core and niche loans.}

TABLE 13
:
LOAN PORTFOLIO AGING

(In thousands)	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024
Loan Balances:
Commercial
Nonaccrual	$	78,059	$	66,577	$	80,877	$	70,560	$	73,490
90+ days and still accruing		—		—		—		46		104
60-89 days past due		22,952		12,190		34,855		15,243		54,844
30-59 days past due		90,205		36,136		45,103		97,397		92,551
Current		16,853,470		16,429,439		16,226,596		15,748,080		15,353,562
Total commercial	$	17,044,686	$	16,544,342	$	16,387,431	$	15,931,326	$	15,574,551
Commercial real estate
Nonaccrual	$	25,147	$	28,202	$	32,828	$	26,187	$	21,042
90+ days and still accruing		—		—		—		—		—
60-89 days past due		19,529		14,119		11,257		6,995		10,521
30-59 days past due		65,601		83,055		51,173		83,653		30,766
Current		13,830,459		13,493,831		13,196,752		12,798,066		12,841,615
Total commercial real estate	$	13,940,736	$	13,619,207	$	13,292,010	$	12,914,901	$	12,903,944
Home equity
Nonaccrual	$	1,221	$	1,295	$	1,780	$	2,070	$	1,117
90+ days and still accruing		—		—		—		—		—
60-89 days past due		1,112		246		138		984		1,233
30-59 days past due		2,818		2,294		2,971		3,403		2,148
Current		475,374		480,367		461,926		449,226		440,530
Total home equity	$	480,525	$	484,202	$	466,815	$	455,683	$	445,028
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies⁽¹⁾	$	145,793	$	124,824	$	134,067	$	123,742	$	156,756
Nonaccrual		32,862		28,942		28,047		22,522		23,762
90+ days and still accruing		—		—		—		—		—
60-89 days past due		7,562		8,829		8,954		1,351		5,708
30-59 days past due		24,908		95		38		38,943		18,917
Current		4,106,107		3,981,180		3,777,676		3,498,601		3,407,622
Total residential real estate	$	4,317,232	$	4,143,870	$	3,948,782	$	3,685,159	$	3,612,765
Premium finance receivables – property & casualty
Nonaccrual	$	29,354	$	24,512	$	30,404	$	29,846	$	28,797
90+ days and still accruing		19,115		13,006		14,350		18,081		16,031
60-89 days past due		29,294		23,527		25,641		19,717		19,042
30-59 days past due		57,685		38,133		29,460		39,459		68,219
Current		8,047,968		8,267,114		8,223,321		7,132,759		7,139,953
Total Premium finance receivables – property & casualty	$	8,183,416	$	8,366,292	$	8,323,176	$	7,239,862	$	7,272,042
Premium finance receivables – life insurance
Nonaccrual	$	—	$	—	$	—	$	—	$	6,431
90+ days and still accruing		—		—		327		2,962		—
60-89 days past due		13,887		34,016		11,202		10,587		72,963
30-59 days past due		22,806		34,506		34,403		29,924		36,405
Current		8,986,949		8,690,031		8,461,028		8,321,667		8,031,346
Total Premium finance receivables – life insurance	$	9,023,642	$	8,758,553	$	8,506,960	$	8,365,140	$	8,147,145
Consumer and other
Nonaccrual	$	8	$	38	$	41	$	18	$	2
90+ days and still accruing		42		60		184		98		47
60-89 days past due		466		49		61		162		59
30-59 days past due		643		159		175		542		882
Current		113,705		146,710		116,044		115,499		98,572
Total consumer and other	$	114,864	$	147,016	$	116,505	$	116,319	$	99,562
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies⁽¹⁾	$	145,793	$	124,824	$	134,067	$	123,742	$	156,756
Nonaccrual		166,651		149,566		173,977		151,203		154,641
90+ days and still accruing		19,157		13,066		14,861		21,187		16,182
60-89 days past due		94,802		92,976		92,108		55,039		164,370
30-59 days past due		264,666		194,378		163,323		293,321		249,888
Current		52,414,032		51,488,672		50,463,343		48,063,898		47,313,200
Total loans, net of unearned income	$	53,105,101	$	52,063,482	$	51,041,679	$	48,708,390	$	48,055,037

^{(1)

Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

TABLE 14
:
NON-PERFORMING ASSETS
⁽¹⁾

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(Dollars in thousands)		2025			2025			2025			2025			2024
Loans past due greater than 90 days and still accruing:
Commercial	$	—		$	—		$	—		$	46		$	104
Commercial real estate		—			—			—			—			—
Home equity		—			—			—			—			—
Residential real estate		—			—			—			—			—
Premium finance receivables – property & casualty		19,115			13,006			14,350			18,081			16,031
Premium finance receivables – life insurance		—			—			327			2,962			—
Consumer and other		42			60			184			98			47
Total loans past due greater than 90 days and still accruing		19,157			13,066			14,861			21,187			16,182
Non-accrual loans:
Commercial		78,059			66,577			80,877			70,560			73,490
Commercial real estate		25,147			28,202			32,828			26,187			21,042
Home equity		1,221			1,295			1,780			2,070			1,117
Residential real estate		32,862			28,942			28,047			22,522			23,762
Premium finance receivables – property & casualty		29,354			24,512			30,404			29,846			28,797
Premium finance receivables – life insurance		—			—			—			—			6,431
Consumer and other		8			38			41			18			2
Total non-accrual loans		166,651			149,566			173,977			151,203			154,641
Total non-performing loans:
Commercial		78,059			66,577			80,877			70,606			73,594
Commercial real estate		25,147			28,202			32,828			26,187			21,042
Home equity		1,221			1,295			1,780			2,070			1,117
Residential real estate		32,862			28,942			28,047			22,522			23,762
Premium finance receivables – property & casualty		48,469			37,518			44,754			47,927			44,828
Premium finance receivables – life insurance		—			—			327			2,962			6,431
Consumer and other		50			98			225			116			49
Total non-performing loans	$	185,808		$	162,632		$	188,838		$	172,390		$	170,823
Other real estate owned		20,839			24,832			23,615			22,625			23,116
Total non-performing assets	$	206,647		$	187,464		$	212,453		$	195,015		$	193,939
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial		0.46	%		0.40	%		0.49	%		0.44	%		0.47	%
Commercial real estate		0.18			0.21			0.25			0.20			0.16
Home equity		0.25			0.27			0.38			0.45			0.25
Residential real estate		0.76			0.70			0.71			0.61			0.66
Premium finance receivables – property & casualty		0.59			0.45			0.54			0.66			0.62
Premium finance receivables – life insurance		—			—			0.00			0.04			0.08
Consumer and other		0.04			0.07			0.19			0.10			0.05
Total loans, net of unearned income		0.35	%		0.31	%		0.37	%		0.35	%		0.36	%
Total non-performing assets as a percentage of total assets		0.29	%		0.27	%		0.31	%		0.30	%		0.30	%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans		276.15	%		303.67	%		262.71	%		296.25	%		282.33	%

^{(1)

Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

Non-performing
Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government
agencies

	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(In thousands)		2025			2025			2025			2025			2024			2025			2024

Balance at beginning of period	$	162,632		$	188,838		$	172,390		$	170,823		$	179,687		$	170,823		$	139,030
Additions from becoming non-performing in the respective period		46,198			34,805			48,651			27,721			30,931			157,375			150,784
Additions from assets acquired in the respective period		—			—			—			—			—			—			189
Return to performing status		(2,937	)		(3,399	)		(6,896	)		(1,207	)		(1,108	)		(14,439	)		(2,872	)
Payments received		(13,734	)		(28,052	)		(5,602	)		(15,965	)		(12,219	)		(63,353	)		(41,060	)
Transfer to OREO or other assets		(286	)		(348	)		(2,247	)		—			(17,897	)		(2,881	)		(29,903	)
Charge-offs, net		(16,998	)		(21,526	)		(11,734	)		(8,600	)		(5,612	)		(58,858	)		(49,306	)
Net change for premium finance receivables		10,933			(7,686	)		(5,724	)		(382	)		(2,959	)		(2,859	)		3,961
Balance at end of period	$	185,808		$	162,632		$	188,838		$	172,390		$	170,823		$	185,808		$	170,823

Other Real Estate
Owned

	Three Months Ended
	Dec 31,			Sep 30,		Jun 30,			Mar 31,			Dec 31,
(In thousands)		2025			2025		2025			2025			2024
Balance at beginning of period	$	24,832		$	23,615	$	22,625		$	23,116		$	13,682
Disposals/resolved		(2,141	)		—		—			—			(8,545	)
Transfers in at fair value, less costs to sell		—			1,217		1,315			—			17,979
Fair value adjustments		(1,852	)		—		(325	)		(491	)		—
Balance at end of period	$	20,839		$	24,832	$	23,615		$	22,625		$	23,116

	Period End
(In thousands)	Dec 31,			Sep 30,		Jun 30,			Mar 31,			Dec 31,
Balance by Property Type:		2025			2025		2025			2025			2024
Residential real estate	$	—		$	—	$	—		$	—		$	—
Commercial real estate		20,839			24,832		23,615			22,625			23,116
Total	$	20,839		$	24,832	$	23,615		$	22,625		$	23,116

TABLE 15: NON-INTEREST INCOME

	Three Months Ended														Q4 2025 compared to Q3 2025					Q4 2025 compared to Q4 2024
	Dec 31,			Sep 30,			Jun 30,		Mar 31,			Dec 31,			Q4 2025 compared to Q3 2025					Q4 2025 compared to Q4 2024
(Dollars in thousands)		2025			2025			2025		2025			2024		$ Change			% Change		$ Change			% Change
Brokerage	$	5,384		$	4,426		$	4,212	$	4,757		$	5,328		$	958		22	%	$	56		1	%
Trust and asset management		33,981			32,762			32,609		29,285			33,447			1,219		4			534		2
Total wealth management		39,365			37,188			36,821		34,042			38,775			2,177		6			590		2
Mortgage banking		22,625			24,451			23,170		20,529			20,452			(1,826	)	(7	)		2,173		11
Service charges on deposit accounts		20,402			19,825			19,502		19,362			18,864			577		3			1,538		8
Gains (losses) on investment securities, net		1,505			2,972			650		3,196			(2,835	)		(1,467	)	(49	)		4,340		NM
Fees from covered call options		5,992			5,619			5,624		3,446			2,305			373		7			3,687		NM
Trading (losses) gains, net		(257	)		172			151		(64	)		(113	)		(429	)	NM			(144	)	NM
Operating lease income, net		16,365			15,466			15,166		15,287			15,327			899		6			1,038		7
Other:
Interest rate swap fees		4,664			3,909			3,010		2,269			3,360			755		19			1,304		39
BOLI		1,915			1,591			2,257		796			1,236			324		20			679		55
Administrative services		1,352			1,240			1,315		1,393			1,347			112		9			5		0
Foreign currency remeasurement gains (losses)		322			(416	)		658		(183	)		(682	)		738		NM			1,004		NM
Changes in fair value on EBOs and loans held-for-investment		(1,702	)		1,452			172		383			129			(3,154	)	NM			(1,831	)	NM
Early pay-offs of capital leases		581			519			400		768			514			62		12			67		13
Miscellaneous		17,261			16,839			15,193		15,410			14,772			422		3			2,489		17
Total Other		24,393			25,134			23,005		20,836			20,676			(741	)	(3	)		3,717		18
Total Non-Interest Income	$	130,390		$	130,827		$	124,089	$	116,634		$	113,451		$	(437	)	0	%	$	16,939		15	%

	Years Ended					2025 compared to 2024
	Dec 31,		Dec 31,			2025 compared to 2024
(Dollars in thousands)		2025		2024		$ Change			% Change
Brokerage	$	18,779	$	22,611		$	(3,832	)	(17	)%
Trust and asset management		128,637		123,616			5,021		4
Total wealth management		147,416		146,227			1,189		1
Mortgage banking		90,775		93,213			(2,438	)	(3	)
Service charges on deposit accounts		79,091		65,651			13,440		20
Gains (losses) on investment securities, net		8,323		(2,602	)		10,925		NM
Fees from covered call options		20,681		10,196			10,485		NM
Trading gains, net		2		504			(502	)	(100	)
Operating lease income, net		62,284		58,710			3,574		6
Other:
Interest rate swap fees		13,852		12,494			1,358		11
BOLI		6,559		5,755			804		14
Administrative services		5,300		5,336			(36	)	(1	)
Foreign currency remeasurement gains (losses)		381		(1,302	)		1,683		NM
Changes in fair value on EBOs and loans held-for-investment		305		812			(507	)	(62	)
Early pay-offs of capital leases		2,268		1,869			399		21
Miscellaneous		64,703		91,462			(26,759	)	(29	)
Total Other		93,368		116,426			(23,058	)	(20	)
Total Non-Interest Income	$	501,940	$	488,325		$	13,615		3	%

^{NM – Not meaningful.

BOLI – Bank-owned life insurance.

EBO – Early buy-out.}

TABLE 16: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024
Originations:
Retail originations	$	589,139		$	505,793		$	523,759		$	348,468		$	483,424
Veterans First originations		208,054			137,600			157,787			111,985			176,914
Total originations for sale (A)	$	797,193		$	643,393		$	681,546		$	460,453		$	660,338
Originations for investment		364,988			351,012			422,926			217,177			355,119
Total originations	$	1,162,181		$	994,405		$	1,104,472		$	677,630		$	1,015,457
As a percentage of originations for sale:
Retail originations		74	%		79	%		77	%		76	%		73	%
Veterans First originations		26			21			23			24			27
Purchases		52	%		77	%		74	%		77	%		65	%
Refinances		48			23			26			23			35
Production Margin:
Production revenue (B)⁽¹⁾	$	10,878		$	15,388		$	13,380		$	9,941		$	6,993
Total originations for sale (A)	$	797,193		$	643,393		$	681,546		$	460,453		$	660,338
Add: Current period end mandatory interest rate lock commitments to fund originations for sale⁽²⁾		122,804			307,932			163,664			197,297			103,946
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale⁽²⁾		307,932			163,664			197,297			103,946			272,072
Total mortgage production volume (C)	$	612,065		$	787,661		$	647,913		$	553,804		$	492,212
Production margin (B / C)		1.78	%		1.95	%		2.07	%		1.80	%		1.42	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,608,694		$	12,524,131		$	12,470,924		$	12,402,352		$	12,400,913
Mortgage Servicing Rights (“MSR”), at fair value (E)		195,023			190,938			193,061			196,307			203,788
Percentage of MSRs to loans serviced for others (E / D)		1.55	%		1.52	%		1.55	%		1.58	%		1.64	%
Servicing income	$	10,185		$	10,112		$	10,520		$	10,611		$	10,731
MSR Fair Value Asset Activity
MSR – FV at Beginning of Period	$	190,938		$	193,061		$	196,307		$	203,788		$	186,308
MSR – current period capitalization		9,150			5,829			6,336			4,669			10,010
MSR – collection of expected cash flows – paydowns		(1,550	)		(1,554	)		(1,516	)		(1,590	)		(1,463	)
MSR – collection of expected cash flows – payoffs and repurchases		(6,250	)		(4,050	)		(4,100	)		(3,046	)		(4,315	)
MSR – changes in fair value model assumptions		2,735			(2,348	)		(3,966	)		(7,514	)		13,248
MSR Fair Value at end of period	$	195,023		$	190,938		$	193,061		$	196,307		$	203,788
Summary of Mortgage Banking Revenue:
Operational:
Production revenue⁽¹⁾	$	10,878		$	15,388		$	13,380		$	9,941		$	6,993
MSR – Current period capitalization		9,150			5,829			6,336			4,669			10,010
MSR – Collection of expected cash flows – paydowns		(1,550	)		(1,554	)		(1,516	)		(1,590	)		(1,463	)
MSR – Collection of expected cash flows – payoffs and repurchases		(6,250	)		(4,050	)		(4,100	)		(3,046	)		(4,315	)
Servicing Income		10,185			10,112			10,520			10,611			10,731
Other Revenue		(17	)		(345	)		(79	)		(172	)		(51	)
Total operational mortgage banking revenue	$	22,396		$	25,380		$	24,541		$	20,413		$	21,905
Fair Value:
MSR – changes in fair value model assumptions	$	2,735		$	(2,348	)	$	(3,966	)	$	(7,514	)	$	13,248
(Loss) gain on derivative contract held as an economic hedge, net		(2,425	)		265			2,535			4,897			(11,452	)
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale		(81	)		1,154			60			2,733			(3,249	)
Total fair value mortgage banking revenue	$	229		$	(929	)	$	(1,371	)	$	116		$	(1,453	)
Total mortgage banking revenue	$	22,625		$	24,451		$	23,170		$	20,529		$	20,452

^{(1)

Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.}

^{(2)

Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.}

	Years Ended
(Dollars in thousands)	Dec 31, 2025			Dec 31, 2024
Originations:
Retail originations	$	1,967,159		$	1,886,730
Veterans First originations		615,426			738,184
Total originations for sale (A)	$	2,582,585		$	2,624,914
Originations for investment		1,356,103			1,018,680
Total originations	$	3,938,688		$	3,643,594
As a percentage of originations for sale:
Retail originations		76	%		72	%
Veterans First originations		24			28
Purchases		68	%		75	%
Refinances		32			25
Production Margin:
Production revenue (B)⁽¹⁾	$	49,587		$	48,531
Total originations for sale (A)	$	2,582,585		$	2,624,914
Add: Current period end mandatory interest rate lock commitments to fund originations for sale⁽²⁾		122,804			103,946
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale⁽²⁾		103,946			119,624
Total mortgage production volume (C)	$	2,601,443		$	2,609,236
Production margin (B / C)		1.91	%		1.86	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,608,694		$	12,400,913
MSRs, at fair value (E)		195,023			203,788
Percentage of MSRs to loans serviced for others (E / D)		1.55	%		1.64	%
Servicing income	$	41,428		$	42,624
MSR Fair Value Asset Activity
MSR – FV at Beginning of Period	$	203,788		$	192,456
MSR – current period capitalization		25,984			29,969
MSR – collection of expected cash flows – paydowns		(6,210	)		(6,009	)
MSR – collection of expected cash flows – payoffs and repurchases		(17,446	)		(17,017	)
MSR – changes in fair value model assumptions		(11,093	)		4,389
MSR Fair Value at end of period	$	195,023		$	203,788
Summary of Mortgage Banking Revenue:
Operational:
Production revenue⁽¹⁾	$	49,587		$	48,531
MSR – Current period capitalization		25,984			29,969
MSR – Collection of expected cash flows – paydowns		(6,210	)		(6,009	)
MSR – Collection of expected cash flows – payoffs and repurchases		(17,446	)		(17,017	)
Servicing Income		41,428			42,624
Other Revenue		(613	)		(97	)
Total operational mortgage banking revenue	$	92,730		$	98,001
Fair Value:
MSR – changes in fair value model assumptions	$	(11,093	)	$	4,389
Gain (loss) on derivative contract held as an economic hedge, net		5,272			(7,909	)
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale		3,866			(1,268	)
Total fair value mortgage banking revenue	$	(1,955	)	$	(4,788	)
Total mortgage banking revenue	$	90,775		$	93,213

TABLE 17: NON-INTEREST EXPENSE

	Three Months Ended											Q4 2025 compared to Q3 2025					Q4 2025 compared to Q4 2024
	Dec 31,			Sep 30,		Jun 30,		Mar 31,		Dec 31,		Q4 2025 compared to Q3 2025					Q4 2025 compared to Q4 2024
(Dollars in thousands)		2025		2025		2025		2025		2024		$ Change			% Change		$ Change			% Change
Salaries and employee benefits:
Salaries	$	124,856		$	124,623	$	123,174	$	123,917	$	120,969	$	233		0	%	$	3,887		3	%
Commissions and incentive compensation		57,117			56,244		55,871		52,536		54,792		873		2			2,325		4
Benefits		40,584			38,801		40,496		35,073		36,372		1,783		5			4,212		12
Total salaries and employee benefits		222,557			219,668		219,541		211,526		212,133		2,889		1			10,424		5
Software and equipment		36,096			35,027		36,522		34,717		34,258		1,069		3			1,838		5
Operating lease equipment		11,034			10,409		10,757		10,471		10,263		625		6			771		8
Occupancy, net		20,105			20,809		20,228		20,778		20,597		(704	)	(3	)		(492	)	(2	)
Data processing		11,809			11,329		12,110		11,274		10,957		480		4			852		8
Advertising and marketing		13,792			19,027		18,761		12,272		13,097		(5,235	)	(28	)		695		5
Professional fees		8,280			7,465		9,243		9,044		11,334		815		11			(3,054	)	(27	)
Amortization of other acquisition-related intangible assets		4,999			5,196		5,580		5,618		5,773		(197	)	(4	)		(774	)	(13	)
FDIC insurance		11,061			11,418		10,971		10,926		10,640		(357	)	(3	)		421		4
FDIC insurance – special assessment		(499	)		—		—		—		—		(499	)	(100	)		(499	)	(100	)
OREO expense, net		2,162			262		505		643		397		1,900		NM			1,765		NM
Other:
Lending expenses, net of deferred origination costs		6,367			6,169		4,869		5,866		6,448		198		3			(81	)	(1	)
Travel and entertainment		7,965			6,029		6,026		5,270		8,140		1,936		32			(175	)	(2	)
Miscellaneous		28,725			27,220		26,348		27,685		24,502		1,505		6			4,223		17
Total other		43,057			39,418		37,243		38,821		39,090		3,639		9			3,967		10
Total Non-Interest Expense	$	384,453		$	380,028	$	381,461	$	366,090	$	368,539	$	4,425		1	%	$	15,914		4	%

	Years Ended						2025 compared to 2024
	Dec 31,			Dec 31,			2025 compared to 2024
(Dollars in thousands)		2025			2024		$ Change			% Change
Salaries and employee benefits:
Salaries	$	496,570		$	465,972		$	30,598		7	%
Commissions and incentive compensation		221,768			215,519			6,249		3
Benefits		154,954			135,617			19,337		14
Total salaries and employee benefits		873,292			817,108			56,184		7
Software and equipment		142,362			122,794			19,568		16
Operating lease equipment		42,671			42,298			373		1
Occupancy, net		81,920			79,213			2,707		3
Data processing		46,522			39,736			6,786		17
Advertising and marketing		63,852			61,812			2,040		3
Professional fees		34,032			40,637			(6,605	)	(16	)
Amortization of other acquisition-related intangible assets		21,393			12,095			9,298		77
FDIC insurance		44,376			40,962			3,414		8
FDIC insurance – special assessment		(499	)		5,156			(5,655	)	NM
OREO expense, net		3,572			(408	)		3,980		NM
Other:
Lending expenses, net of deferred origination costs		23,271			21,856			1,415		6
Travel and entertainment		25,290			23,441			1,849		8
Miscellaneous		109,978			96,024			13,954		15
Total other		158,539			141,321			17,218		12
Total Non-Interest Expense	$	1,512,032		$	1,402,724		$	109,308		8	%

^{NM – Not meaningful.}

TABLE 18
:
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on an FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)		2025			2025			2025			2025			2024			2025			2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	956,326		$	963,834		$	920,908		$	886,965		$	913,501		$	3,728,033		$	3,477,597
Taxable-equivalent adjustment:
– Loans		2,134			2,154			2,200			2,206			2,352			8,694			9,377
– Liquidity Management Assets		661			675			680			690			716			2,706			2,501
– Other Earning Assets		—			—			—			3			2			3			12
(B) Interest Income (non-GAAP)	$	959,121		$	966,663		$	923,788		$	889,864		$	916,571		$	3,739,436		$	3,489,487
(C) Interest Expense (GAAP)		372,452			396,824			374,214			360,491			388,353			1,503,981			1,515,062
(D) Net Interest Income (GAAP) (A minus C)		583,874			567,010			546,694			526,474			525,148			2,224,052			1,962,535
(E) Net Interest Income (non-GAAP) (B minus C)		586,669			569,839			549,574			529,373			528,218			2,235,455			1,974,425
Net interest margin (GAAP)		3.52	%		3.48	%		3.52	%		3.54	%		3.49	%		3.52	%		3.51	%
Net interest margin, fully taxable-equivalent (non-GAAP)		3.54			3.50			3.54			3.56			3.51			3.53			3.53
(F) Non-interest income	$	130,390		$	130,827		$	124,089		$	116,634		$	113,451		$	501,940		$	488,325
(G) Gains (losses) on investment securities, net		1,505			2,972			650			3,196			(2,835	)		8,323			(2,602	)
(H) Non-interest expense		384,453			380,028			381,461			366,090			368,539			1,512,032			1,402,724
Efficiency ratio (H/(D+F-G))		53.94	%		54.69	%		56.92	%		57.21	%		57.46	%		55.64	%		57.17	%
Efficiency ratio (non-GAAP) (H/(E+F-G))		53.73			54.47			56.68			56.95			57.18			55.40			56.90
	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)		2025			2025			2025			2025			2024			2025			2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	7,258,715		$	7,045,757		$	7,225,696		$	6,600,537		$	6,344,297
Less: Non-convertible preferred stock (GAAP)		(425,000	)		(425,000	)		(837,500	)		(412,500	)		(412,500	)
Less: Acquisition-related intangible assets (GAAP)		(895,959	)		(902,936	)		(908,639	)		(913,004	)		(918,632	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,937,756		$	5,717,821		$	5,479,557		$	5,275,033		$	5,013,165
(J) Total assets (GAAP)	$	71,142,046		$	69,629,638		$	68,983,318		$	65,870,066		$	64,879,668
Less: Acquisition-related intangible assets (GAAP)		(895,959	)		(902,936	)		(908,639	)		(913,004	)		(918,632	)
(K) Total tangible assets (non-GAAP)	$	70,246,087		$	68,726,702		$	68,074,679		$	64,957,062		$	63,961,036
Common equity to assets ratio (GAAP) (L/J)		9.6	%		9.5	%		9.3	%		9.4	%		9.1	%
Tangible common equity ratio (non-GAAP) (I/K)		8.5			8.3			8.0			8.1			7.8

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	7,258,715		$	7,045,757		$	7,225,696		$	6,600,537		$	6,344,297
Less: Non-convertible preferred stock (GAAP)		(425,000	)		(425,000	)		(837,500	)		(412,500	)		(412,500	)
(L) Total common equity	$	6,833,715		$	6,620,757		$	6,388,196		$	6,188,037		$	5,931,797
(M) Actual common shares outstanding		66,975			66,961			66,938			66,919			66,495
Book value per common share (L/M)	$	102.03		$	98.87		$	95.43		$	92.47		$	89.21
Tangible book value per common share (non-GAAP) (I/M)		88.66			85.39			81.86			78.83			75.39

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	214,657		$	188,913		$	188,536		$	182,048		$	178,371		$	774,154		$	667,081
Add: Acquisition-related intangible asset amortization		4,999			5,196			5,580			5,618			5,773			21,393			12,095
Less: Tax effect of acquisition-related intangible asset amortization		(1,310	)		(1,403	)		(1,495	)		(1,421	)		(1,547	)		(5,626	)		(3,217	)
After-tax Acquisition-related intangible asset amortization	$	3,689		$	3,793		$	4,085		$	4,197		$	4,226		$	15,767		$	8,878
(O) Tangible net income applicable to common shares (non-GAAP)	$	218,346		$	192,706		$	192,621		$	186,245		$	182,597		$	789,921		$	675,959
Total average shareholders’ equity	$	7,166,608		$	6,955,543		$	6,862,040		$	6,460,941		$	6,418,403		$	6,863,474		$	5,826,940
Less: Average preferred stock		(425,000	)		(483,288	)		(599,313	)		(412,500	)		(412,500	)		(480,068	)		(412,500	)
(P) Total average common shareholders’ equity	$	6,741,608		$	6,472,255		$	6,262,727		$	6,048,441		$	6,005,903		$	6,383,406		$	5,414,440
Less: Average acquisition-related intangible assets		(901,022	)		(906,032	)		(910,924	)		(916,069	)		(921,438	)		(908,464	)		(778,283	)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,840,586		$	5,566,223		$	5,351,803		$	5,132,372		$	5,084,465		$	5,474,942		$	4,636,157
Return on average common equity, annualized (N/P)		12.63	%		11.58	%		12.07	%		12.21	%		11.82	%		12.13	%		12.32	%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)		14.83			13.74			14.44			14.72			14.29			14.43			14.58

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	302,223		$	296,041		$	267,088		$	253,055		$	253,081		$	1,118,407		$	947,089
Add: Provision for credit losses		27,588			21,768			22,234			23,963			16,979			95,553			101,047
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	329,811		$	317,809		$	289,322		$	277,018		$	270,060		$	1,213,960		$	1,048,136

	Three Months Ended										Years Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Dec 31,		Dec 31,
(Dollars and shares in thousands, except per share data)	2025		2025		2025		2025		2024		2025		2024
Reconciliation of Non-GAAP Net Income per Common Share:
Net income	$	223,024	$	216,254	$	195,527	$	189,039	$	185,362	$	823,844	$	695,045
Preferred stock dividends		8,367		13,295		6,991		6,991		6,991		35,644		27,964
Preferred stock redemption		—		14,046		—		—		—		14,046		—
(R) Net income applicable to common shares	$	214,657	$	188,913	$	188,536	$	182,048	$	178,371	$	774,154	$	667,081
(S) Weighted average common shares outstanding		66,970		66,952		66,931		66,726		66,491		66,896		63,685
Dilutive potential common shares		1,143		1,028		888		923		1,233		998		1,016
(T) Average common shares and dilutive common shares		68,113		67,980		67,819		67,649		67,724		67,894		64,701
Net income per common share – Basic (R/S)	$	3.21	$	2.82	$	2.82	$	2.73	$	2.68	$	11.57	$	10.47
Net income per common share – Diluted (R/T)	$	3.15	$	2.78	$	2.78	$	2.69	$	2.63	$	11.40	$	10.31
Preferred stock series F excess one-time extended first dividend	$	—	$	4,927	$	—	$	—	$	—	$	4,927	$	—
Preferred stock redemption		—		14,046		—		—		—		14,046		—
(U) Total non-recurring preferred stock offering impact (non-GAAP)	$	—	$	18,973	$	—	$	—	$	—	$	18,973	$	—
Net income per common share – Basic (non-GAAP) (R+U)/S	$	3.21	$	3.11	$	2.82	$	2.73	$	2.68	$	11.86	$	10.47
Net income per common share – Diluted (non-GAAP) (R+U)/T	$	3.15	$	3.06	$	2.78	$	2.69	$	2.63	$	11.68	$	10.31

	Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,			Dec 31,
		2023			2022			2021			2020			2019			2018			2017			2016			2015
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	5,399,526		$	4,796,838		$	4,498,688		$	4,115,995		$	3,691,250		$	3,267,570		$	2,976,939		$	2,695,617		$	2,352,274
Less: Non-convertible preferred stock (GAAP)		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(125,000	)		(125,000	)		(125,000	)		(251,257	)		(251,287	)
(V) Less: Intangible assets (GAAP)		(679,561	)		(675,710	)		(683,456	)		(681,747	)		(692,277	)		(622,565	)		(519,505	)		(520,438	)		(495,970	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	4,307,465		$	3,708,628		$	3,402,732		$	3,021,748		$	2,873,973		$	2,520,005		$	2,332,434		$	1,923,922		$	1,605,017
(M) Actual common shares outstanding		61,244			60,794			57,054			56,770			57,822			56,408			55,965			51,881			48,383
Book value per common share ((I-V)/M)	$	81.43		$	72.12		$	71.62		$	65.24		$	61.68		$	55.71		$	50.96		$	47.11		$	43.42
Tangible book value per common share (non-GAAP) (I/M)		70.33			61.00			59.64			53.23			49.70			44.67			41.68			37.08			33.17

WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States.
Wintrust Investments, LLC provides a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
Wintrust Asset Finance offers direct leasing opportunities.
CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING
STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, particularly in the markets in which it operates;
negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
the financial success and economic viability of the borrowers of our commercial loans;
commercial real estate market conditions in the Chicago metropolitan area, southern Wisconsin and west Michigan;
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
unexpected difficulties and losses related to FDIC-assisted acquisitions;
harm to the Company’s reputation;
any negative perception of the Company’s financial strength;
ability of the Company to raise additional capital on acceptable terms when needed;
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
failure or breaches of our security systems or infrastructure, or those of third parties;
security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
increased costs as a result of protecting our customers from the impact of stolen debit card information;
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
environmental liability risk associated with lending activities;
the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
the expenses and delayed returns inherent in opening new branches and de novo banks;
liabilities, potential customer loss or reputational harm related to closings of existing branches;
examinations and challenges by tax authorities, and any unanticipated impact of tax legislation;
changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
the ability of the Company to receive dividends from its subsidiaries;
a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
a lowering of our credit rating;
changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
the impact of heightened capital requirements;
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
delinquencies or fraud with respect to the Company’s premium finance business;
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
the Company’s ability to comply with covenants under its credit facility;
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Wednesday, January 21, 2026 at 10:00 a.m. (CST) regarding fourth quarter and year-to-date 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated December 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the fourth quarter and year-to-date 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:

David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Web site address: www.wintrust.com