Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 17, 2024

WINTRUST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Illinois

001-35077

36-3873352

(State or other jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer
Identification No.)

9700 W. Higgins Road, Suite 800

Rosemont

Illinois

60018

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (847) 939-9000

Not Applicable

(Former name or former address, if changed since last year)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of Each Class	Ticker Symbol	Name of Each Exchange on Which Registered
Common Stock, no par value	WTFC	The NASDAQ Global Select Market
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value	WTFCM	The NASDAQ Global Select Market
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of	WTFCP	The NASDAQ Global Select Market
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

On January 17, 2024, Wintrust Financial Corporation (the “Company”) announced earnings for the fourth quarter of 2023 and posted on its website the Fourth Quarter 2023 Earnings Release Presentation. Copies of the press release relating to the Company’s earnings results and the related presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. Certain supplemental information relating to non-GAAP financial measures reported in the attached press release and presentation is included on pages 33 through 35 of Exhibit 99.1 and pages 25 through 27 of Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


Exhibit
99.1			Fourth Quarter 2023 Earnings Release dated January 17, 2024
99.2			Fourth Quarter 2023 Earnings Release Presentation dated January 17, 2024

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



						WINTRUST FINANCIAL CORPORATION (Registrant)

			By:			/s/ David L. Stoehr
						David L. Stoehr Executive Vice President and Chief Financial Officer

Date: January 17, 2024

INDEX TO EXHIBITS



Exhibit
99.1			Fourth Quarter 2023 Earnings Release dated January 17, 2024
99.2			Fourth Quarter 2023 Earnings Release Presentation dated January 17, 2024

Exhibit 99.1

Wintrust Financial Corporation

9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018

News Release



FOR IMMEDIATE RELEASE						January 17, 2024

FOR MORE INFORMATION CONTACT:

Timothy S. Crane, President & Chief Executive Officer

David A. Dykstra, Vice Chairman & Chief Operating Officer

(847) 939-9000

Web site address: www.wintrust.com

Wintrust Financial Corporation Reports Record Full Year Net Income

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record annual net income of $622.6 million or $9.58 per diluted common share for the year ended December 31, 2023 as compared to net income of $509.7 million or $8.02 per diluted common share for the same period of 2022, an increase in diluted earnings per common share of 19%. Pre-tax, pre-provision income (non-GAAP) totaled a record $959.5 million for the year ended December 31, 2023, up 23% as compared to $779.1 million in the same period of 2022.

The Company recorded quarterly net income of $123.5 million or $1.87 per diluted common share for the fourth quarter of 2023 as compared to $164.2 million or $2.53 per diluted common share for the third quarter of 2023. Pre-tax, pre-provision income (non-GAAP) totaled $208.2 million as compared to $244.8 million for the third quarter of 2023. During the fourth quarter of 2023, the Company recognized an accrual of $34.4 million for the estimated amount owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring earlier in 2023 as well as a $9.7 million unfavorable net valuation adjustment from certain mortgage-related assets held at fair value.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are very pleased with our strong 2023 results, including record net income for the full year 2023. Throughout the year, we continued to leverage our position in the markets we serve to sustain steady growth in loans and deposits. Wintrust finished the year with great momentum as our fourth quarter results were highlighted by record net interest income, increased net interest margin and growth in our loan portfolio while continuing to exhibit low levels of net charge-offs.”

Additionally, Mr. Crane noted, “Given current economic conditions, we continue to feel good about the position of our businesses throughout our footprint. Opportunities in our markets exist to grow earning assets and deposits. Our net interest margin for the fourth quarter continued to stay within our expected range, increasing by two basis points. In the current interest rate environment, we still expect to maintain our net interest margin within a narrow range around current levels during the first quarter of 2024 and stay relatively stable for the remainder of 2024, depending on the pace and magnitude of potential interest rate changes. We believe this stability in net interest margin along with steady growth will drive strong financial performance in future quarters.”

Highlights of the fourth quarter of 2023:

Comparative information to the third quarter of 2023, unless otherwise noted

•Net interest margin increased by two basis points to 3.62% (3.64% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2023.

◦The higher net interest margin as well as growth in earning assets drove record quarterly net interest income of $470.0 million, increasing $7.6 million.

•Total loans increased by $686 million, or 7% annualized.

•Total deposits increased by $404 million, or 4% annualized.

•Total assets increased by $705 million, or 5% annualized.

•Impacts compared to the third quarter of 2023 from changes in the interest rate environment during the fourth quarter of 2023 included the following:

◦Non-interest income was impacted by a more unfavorable net valuation adjustment from certain mortgage-related assets held at fair value. Unfavorable net valuation adjustments totaled $9.7 million in the fourth quarter of 2023 compared to unfavorable net valuation adjustments of $2.3 million in the third quarter of 2023.

◦Book value per common share increased $6.24 to $81.43 and tangible book value per common share (non-GAAP) increased $6.26 to $70.33, primarily the result of favorable changes in the fair values of certain assets and liabilities, and the resulting benefit to accumulated other comprehensive income (loss).

•Non-interest expense was negatively impacted by an accrual of $34.4 million for the estimated amount owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring earlier in 2023.

Mr. Crane noted, “Our higher net interest margin coupled with growth in earning assets resulted in record net interest income in the fourth quarter of 2023 as we grew our net interest income by $7.6 million. Our net interest margin increased by two basis points from the third quarter with deposit pricing pressures continuing to moderate in the fourth quarter of 2023. We expect this moderation to continue into the first quarter of 2024. Further, we continued to generate strong loan growth during the quarter, with total loans increasing $686 million, or 7% on an annualized basis. Loan growth was driven primarily by draws on existing commercial real estate loan facilities as well as growth in our property and casualty premium finance portfolio due to favorable market conditions and seasonally strong originations in the fourth quarter of the year. Loan growth in the fourth quarter of 2023 was primarily funded by continued deposit growth during the period, as deposits increased by approximately $404 million, or 4% on an annualized basis. We believe leveraging our customer relationships, market positioning, diversified products and competitive rates will continue to generate deposits to fuel balance sheet growth. Non-interest bearing deposits increased slightly during the fourth quarter and remained stable as a percentage of total deposits at 23% at December 31, 2023. The combination of balance sheet growth and a stable net interest margin is expected to result in continued growth of our net interest income.”

Commenting on credit quality, Mr. Crane stated, “Credit metrics remained strong. Net charge-offs totaled $14.9 million or 14 basis points of average total loans on an annualized basis in the fourth quarter of 2023 as compared to $8.1 million or eight basis points of average total loans on an annualized basis in the third quarter of 2023. Non-performing loans totaled $139.0 million, or 0.33% of total loans, at the end of the fourth quarter of 2023 compared to $133.1 million, or 0.32% of total loans, at the end of the third quarter of 2023. Though these credit metrics increased during the period, net charge-offs as a percentage of average total loans and non-performing loans as a percentage of total loans remained at historically low levels in the fourth quarter of 2023. The allowance for credit losses on our core loan portfolio as of December 31, 2023 was approximately 1.55% of the outstanding balance (see Table 12 for additional information). We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit.”

Mr. Crane concluded, “We enter 2024 with significant momentum. Total loans as of December 31, 2023 were $770 million higher than average total loans in the fourth quarter of 2023, which, coupled with a stable net interest margin, is expected to help contribute to our momentum into the first quarter of 2024. We continue to win business and expand our franchise, keeping us well-positioned in the markets we serve.”

The graphs below illustrate certain financial highlights of the fourth quarter of 2023 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $704.7 million in the fourth quarter of 2023 as compared to the third quarter of 2023. Total loans increased by $685.8 million as compared to the third quarter of 2023. The increase in loans was primarily the result of draws on existing commercial real estate loan facilities as well as growth in our property and casualty premium finance portfolio due to favorable market conditions and seasonally strong originations in the fourth quarter of the year.

Total liabilities increased by $320.8 million in the fourth quarter of 2023 as compared to the third quarter of 2023 primarily due to a $404.5 million increase in total deposits. Non-interest bearing deposits as a percentage of total deposits was 23% at both December 31, 2023 and September 30, 2023. The Company's loans to deposits ratio ended the quarter at 92.8%.

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 2023, net interest income totaled $470.0 million, an increase of $7.6 million as compared to the third quarter of 2023. The $7.6 million increase in net interest income in the fourth quarter of 2023 compared to the third quarter of 2023 was primarily due to a $509.1 million increase in average earning assets and a two basis point increase in net interest margin.

Net interest margin was 3.62% (3.64% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2023 compared to 3.60% (3.62% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2023. The net interest margin increase as compared to the third quarter of 2023 was primarily due to a 18 basis point increase in yield on earning assets and a three basis point increase in the net free funds contribution. This increase was partially offset by a 19 basis point increase in the rate paid on interest-bearing liabilities. The 18 basis point increase in the yield on earning assets in the fourth quarter of 2023 as compared to the third quarter of 2023 was primarily due to an 18 basis point expansion on loan yields and 17 basis point increase in liquidity management asset yield. The 19 basis point increase on the rate paid on interest-bearing liabilities in the fourth quarter of 2023 as compared to the third quarter of 2023 was primarily due to a 20 basis point increase in the rate paid on interest-bearing deposits.

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

ASSET QUALITY

The allowance for credit losses totaled $427.6 million as of December 31, 2023, an increase of $28.1 million as compared to $399.5 million as of September 30, 2023. A provision for credit losses totaling $42.9 million was recorded for the fourth quarter of 2023 as compared to $19.9 million recorded in the third quarter of 2023. The increase in the allowance for credit losses in the fourth quarter of 2023 was primarily the result of moderate forecasted deterioration in macroeconomic factors and portfolio changes during the period. 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 Current Expected Credit Losses accounting standard requires the Company 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, 2023, September 30, 2023, and June 30, 2023 is shown on Table 12 of this report.

Net charge-offs totaled $14.9 million in the fourth quarter of 2023, as compared to $8.1 million of net charge-offs in the third quarter of 2023. The increase in net charge-offs during the fourth quarter of 2023 was primarily the result of increased net charge-offs within the commercial and commercial real estate portfolios. Net charge-offs as a percentage of average total loans were 14 basis points in the fourth quarter of 2023 on an annualized basis compared to eight basis points on an annualized basis in the third quarter of 2023. For more information regarding net charge-offs, see Table 10 in this report.

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

Non-performing assets totaled $152.3 million and comprised 0.27% of total assets as of December 31, 2023, as compared to $147.2 million as of September 30, 2023. Non-performing loans totaled $139.0 million, or 0.33% of total loans, at December 31, 2023. The increase in the fourth quarter was primarily due to an increase in certain credits within the commercial real estate portfolio becoming nonaccrual. For more information regarding non-performing assets, see Table 14 in this report.

Though these credit metrics increased during the period, net charge-offs as a percentage of average total loans and non-performing loans as a percentage of total loans remained at historically low levels in the fourth quarter of 2023.

NON-INTEREST INCOME

Wealth management revenue was relatively stable in the fourth quarter of 2023 as compared to the third quarter of 2023. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago 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 decreased by $20.0 million in the fourth quarter of 2023 as compared to the third quarter of 2023 primarily due to a $18.3 million unfavorable valuation adjustment to the fair value of mortgage servicing rights, net of servicing hedge, compared to the third quarter of 2023 as well as $7.0 million lower in production revenue. This was partially offset by a favorable adjustment to the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $9.1 million when compared to the third quarter of 2023. The Company monitors the relationship of these assets and seeks to minimize the earnings impact of fair value changes.

The Company recognized $2.5 million in net gains on investment securities in the fourth quarter of 2023 as compared to $2.4 million in net losses in the third quarter of 2023. The change from period to period was primarily the result of unrealized gains and losses on the Company’s equity investment securities with a readily determinable fair value.

Fluctuations in trading gains and losses in the fourth quarter of 2023 compared to the third quarter of 2023 were primarily the result of fair value adjustments related to interest rate derivatives not designated as hedges.

Other income increased by $3.9 million in the fourth quarter of 2023 compared to the third quarter of 2023 primarily due to a favorable adjustment to the Company’s held-for-investment portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $1.9 million when compared to the third quarter of 2023, as well as higher swap fees, higher BOLI income and favorable foreign currency remeasurement adjustments.

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

NON-INTEREST EXPENSE

Salaries and employee benefits expense increased by $1.6 million in the fourth quarter of 2023 as compared to the third quarter of 2023. The $1.6 million increase is primarily related to increased employee insurance costs and other benefits during the fourth quarter of 2023.

Software and equipment expense increased $1.8 million primarily as a result of increased software licensing expenses as the Company invests in enhancements to the digital customer experience, upgrades to infrastructure and enhancements to information security capabilities.

Operating lease equipment cost decreased $1.3 million in the fourth quarter of 2023 as compared to the third quarter of 2023 primarily due to the impairment of certain assets during the third quarter of 2023.

Occupancy expenses decreased $3.2 million in the fourth quarter of 2023 as compared to the third quarter of 2023 primarily due to the impairment in the third quarter of 2023 of two Company-owned buildings that are no longer being used.

Data processing expense decreased $1.9 million in the fourth quarter of 2023 as compared to the third quarter of 2023 primarily due to the termination in the third quarter of 2023 of a duplicate service contract related to the acquisition of a wealth management business in 2023.

Advertising and marketing expenses in the fourth quarter of 2023 totaled $17.2 million, which is a $1.0 million decrease as compared to the third quarter of 2023 primarily due to a decrease in sports sponsorships.

FDIC insurance increased $33.9 million in the fourth quarter of 2023 as compared to the third quarter of 2023. This was primarily the result of an accrual recognized for the estimated amount owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring earlier in 2023.

The Company recorded net OREO income of $1.6 million in the fourth quarter of 2023, compared to net OREO expense of $120,000 in the third quarter of 2023. The net OREO income in the fourth quarter of 2023 was the result of realized gains on sales of OREO. OREO expenses also include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.

Miscellaneous expense in the fourth quarter of 2023 increased by $3.6 million as compared to the third quarter of 2023. Miscellaneous expense includes ATM expenses, correspondent bank charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs.

For more information regarding non-interest expense, see Table 16 in this report.

INCOME TAXES

The Company recorded income tax expense of $41.8 million in the fourth quarter of 2023 compared to $60.7 million in the third quarter of 2023. The effective tax rates were 25.27% in the fourth quarter of 2023 compared to 26.98% in the third quarter of 2023. The effective tax rates were partially impacted by an overall lower level of pre-tax income in the comparable periods, primarily due to the accrual of $34.4 million for the estimated amount owed as a result of the FDIC special assessment on uninsured deposits and an overall lower level of provision for state income taxes.

BUSINESS UNIT SUMMARY

Community Banking

Through its community banking unit, 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 2023, this unit expanded its commercial, commercial real estate and residential real estate loan portfolios, while increasing net interest income.

Mortgage banking revenue was $7.4 million for the fourth quarter of 2023, a decrease of $20.0 million as compared to the third quarter of 2023, primarily due to a $18.3 million unfavorable valuation adjustment to the fair value of mortgage servicing rights, net of servicing hedge, compared to the third quarter of 2023 as well as $7.0 million lower in production revenue. This was partially offset by a favorable adjustment to the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $9.1 million when compared to the third quarter of 2023. Service charges on deposit accounts totaled $14.5 million in the fourth quarter of 2023, which was relatively stable compared to the third quarter of 2023. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of December 31, 2023 indicating momentum for expected continued loan growth in the first quarter of 2024.

Specialty Finance

Through its specialty finance unit, 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 $4.6 billion during the fourth quarter of 2023 and average balances decreased by $74.2 million as compared to the third quarter of 2023. The Company’s leasing portfolio balance increased in the fourth quarter of 2023, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.4 billion as of December 31, 2023 as compared to $3.3 billion as of September 30, 2023. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the fourth quarter of 2023, which was relatively stable compared to the third quarter of 2023.

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $33.3 million in the fourth

quarter of 2023, which was relatively stable compared to the third quarter of 2023. At December 31, 2023, the Company’s wealth management subsidiaries had approximately $47.1 billion of assets under administration, which included $8.7 billion of assets owned by the Company and its subsidiary banks, representing an increase from the $44.7 billion of assets under administration at September 30, 2023.

ITEM IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the fourth quarter of 2023, as compared to the third quarter of 2023 (sequential quarter) and fourth quarter of 2022 (linked quarter), are shown in the table below:


										% or (1) basis point (bp) change from 3rd Quarter 2023		% or basis point (bp) change from 4th Quarter 2022
	Three Months Ended
(Dollars in thousands, except per share data)	Dec 31, 2023			Sep 30, 2023			Dec 31, 2022
Net income	$	123,480		$	164,198		$	144,817		(25)	%	(15)	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	208,151			244,781			242,819			(15)		(14)

Net income per common share – Diluted	1.87			2.53			2.23			(26)		(16)
Cash dividends declared per common share	0.40			0.40			0.34			—		18
Net revenue (3)	570,803			574,836			550,655			(1)		4
Net interest income	469,974			462,358			456,816			2		3
Net interest margin	3.62		%	3.60		%	3.71		%	2	bps	(9)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.64			3.62			3.73			2		(9)
Net overhead ratio (4)	1.89			1.59			1.63			30		26

Return on average assets	0.89			1.20			1.10			(31)		(21)
Return on average common equity	9.93			13.35			12.72			(342)		(279)
Return on average tangible common equity (non-GAAP) (2)	11.73			15.73			15.21			(400)		(348)
At end of period
Total assets	$	56,259,934		$	55,555,246		$	52,949,649		5	%	6	%
Total loans (5)	42,131,831			41,446,032			39,196,485			7		7

Total deposits	45,397,170			44,992,686			42,902,544			4		6
Total shareholders’ equity	5,399,526			5,015,613			4,796,838			30		13

(1)Period-end balance sheet percentage changes are annualized.

(2)See Table 17: 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. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights


	Three Months Ended															Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Dec 31, 2023			Dec 31, 2022
Selected Financial Condition Data (at end of period):
Total assets	$	56,259,934		$	55,555,246		$	54,286,176		$	52,873,511		$	52,949,649
Total loans (1)	42,131,831			41,446,032			41,023,408			39,565,471			39,196,485
Total deposits	45,397,170			44,992,686			44,038,707			42,718,211			42,902,544

Total shareholders’ equity	5,399,526			5,015,613			5,041,912			5,015,506			4,796,838
Selected Statements of Income Data:
Net interest income	$	469,974		$	462,358		$	447,537		$	457,995		$	456,816		$	1,837,864		$	1,495,362
Net revenue (2)	570,803			574,836			560,567			565,764			550,655			2,271,970			1,956,415
Net income	123,480			164,198			154,750			180,198			144,817			622,626			509,682
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	208,151			244,781			239,944			266,595			242,819			959,471			779,144

Net income per common share – Basic	1.90			2.57			2.41			2.84			2.27			9.72			8.14
Net income per common share – Diluted	1.87			2.53			2.38			2.80			2.23			9.58			8.02
Cash dividends declared per common share	0.40			0.40			0.40			0.40			0.34			1.60			1.36
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.62		%	3.60		%	3.64		%	3.81		%	3.71		%	3.66		%	3.15		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.64			3.62			3.66			3.83			3.73			3.68			3.17
Non-interest income to average assets	0.73			0.82			0.86			0.84			0.71			0.81			0.91
Non-interest expense to average assets	2.62			2.41			2.44			2.33			2.34			2.45			2.33
Net overhead ratio (4)	1.89			1.59			1.58			1.49			1.63			1.64			1.42

Return on average assets	0.89			1.20			1.18			1.40			1.10			1.16			1.01
Return on average common equity	9.93			13.35			12.79			15.67			12.72			12.90			11.41
Return on average tangible common equity (non-GAAP) (3)	11.73			15.73			15.12			18.55			15.21			15.23			13.73
Average total assets	$	55,017,075		$	54,381,981		$	52,601,953		$	52,075,318		$	52,087,618		$	53,529,506		$	50,424,319
Average total shareholders’ equity	5,066,196			5,083,883			5,044,718			4,895,271			4,710,856			5,023,153			4,634,224
Average loans to average deposits ratio	92.9		%	92.4		%	94.3		%	93.0		%	90.5		%	93.1		%	87.5		%
Period-end loans to deposits ratio	92.8			92.1			93.2			92.6			91.4
Common Share Data at end of period:
Market price per common share	$	92.75		$	75.50		$	72.62		$	72.95		$	84.52
Book value per common share	81.43			75.19			75.65			75.24			72.12
Tangible book value per common share (non-GAAP) (3)	70.33			64.07			64.50			64.22			61.00
Common shares outstanding	61,243,626			61,222,058			61,197,676			61,176,415			60,794,008
Other Data at end of period:
Common equity to assets ratio	8.9		%	8.3		%	8.5		%	8.7		%	8.3		%
Tangible common equity ratio (non-GAAP) (3)	7.7			7.1			7.4			7.5			7.1
Tier 1 leverage ratio (5)	9.3			9.2			9.3			9.1			8.8
Risk-based capital ratios:
Tier 1 capital ratio (5)	10.2			10.2			10.1			10.1			10.0
Common equity tier 1 capital ratio (5)	9.4			9.3			9.3			9.2			9.1
Total capital ratio (5)	12.1			12.0			12.0			12.1			11.9


Allowance for credit losses (6)	$	427,612		$	399,531		$	387,786		$	376,261		$	357,936

Allowance for loan and unfunded lending-related commitment losses to total loans	1.01		%	0.96		%	0.94		%	0.95		%	0.91		%

Number of:
Bank subsidiaries	15			15			15			15			15
Banking offices	174			174			175			174			174

(1)Excludes mortgage loans held-for-sale.

(2)Net revenue is net interest income plus non-interest income.

(3)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(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)	2023		2023		2023		2023		2022
Assets
Cash and due from banks	$	423,404	$	418,088	$	513,858	$	445,928	$	490,908
Federal funds sold and securities purchased under resale agreements	60		60		59		58		58
Interest-bearing deposits with banks	2,084,323		2,448,570		2,163,708		1,563,578		1,988,719
Available-for-sale securities, at fair value	3,502,915		3,611,835		3,492,481		3,259,845		3,243,017
Held-to-maturity securities, at amortized cost	3,856,916		3,909,150		3,564,473		3,606,391		3,640,567
Trading account securities	4,707		1,663		3,027		102		1,127
Equity securities with readily determinable fair value	139,268		134,310		116,275		111,943		110,365
Federal Home Loan Bank and Federal Reserve Bank stock	205,003		204,040		195,117		244,957		224,759
Brokerage customer receivables	10,592		14,042		15,722		16,042		16,387


Mortgage loans held-for-sale, at fair value	292,722		304,808		338,728		302,493		299,935


Loans, net of unearned income	42,131,831		41,446,032		41,023,408		39,565,471		39,196,485



Allowance for loan losses	(344,235)		(315,039)		(302,499)		(287,972)		(270,173)
Net loans	41,787,596		41,130,993		40,720,909		39,277,499		38,926,312
Premises, software and equipment, net	748,966		747,501		749,393		760,283		764,798
Lease investments, net	281,280		275,152		274,351		256,301		253,928


Accrued interest receivable and other assets	1,551,899		1,674,681		1,455,748		1,413,795		1,391,342
Trade date securities receivable	690,722		—		—		939,758		921,717

Goodwill	656,672		656,109		656,674		653,587		653,524
Other acquisition-related intangible assets	22,889		24,244		25,653		20,951		22,186
Total assets	$	56,259,934	$	55,555,246	$	54,286,176	$	52,873,511	$	52,949,649
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	10,420,401	$	10,347,006	$	10,604,915	$	11,236,083	$	12,668,160
Interest-bearing	34,976,769		34,645,680		33,433,792		31,482,128		30,234,384
Total deposits	45,397,170		44,992,686		44,038,707		42,718,211		42,902,544


Federal Home Loan Bank advances	2,326,071		2,326,071		2,026,071		2,316,071		2,316,071

Other borrowings	645,813		643,999		665,219		583,548		596,614

Subordinated notes	437,866		437,731		437,628		437,493		437,392
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566

Accrued interest payable and other liabilities	1,799,922		1,885,580		1,823,073		1,549,116		1,646,624



Total liabilities	50,860,408		50,539,633		49,244,264		47,858,005		48,152,811
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	61,269		61,244		61,219		61,198		60,797
Surplus	1,943,806		1,933,226		1,923,623		1,913,947		1,902,474
Treasury stock	(2,217)		(1,966)		(1,966)		(1,966)		(304)
Retained earnings	3,345,399		3,253,332		3,120,626		2,997,263		2,849,007
Accumulated other comprehensive loss	(361,231)		(642,723)		(474,090)		(367,436)		(427,636)
Total shareholders’ equity	5,399,526		5,015,613		5,041,912		5,015,506		4,796,838
Total liabilities and shareholders’ equity	$	56,259,934	$	55,555,246	$	54,286,176	$	52,873,511	$	52,949,649

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended										Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Interest income
Interest and fees on loans	$	694,943	$	666,260	$	621,057	$	558,692	$	498,838	$	2,540,952	$	1,507,726
Mortgage loans held-for-sale	4,318		4,767		4,178		3,528		3,997		16,791		21,195
Interest-bearing deposits with banks	21,762		26,866		16,882		13,468		20,349		78,978		43,447
Federal funds sold and securities purchased under resale agreements	578		1,157		1		70		1,263		1,806		4,903
Investment securities	68,237		59,164		51,243		59,943		53,092		238,587		160,600
Trading account securities	15		6		6		14		6		41		22
Federal Home Loan Bank and Federal Reserve Bank stock	3,792		3,896		3,544		3,680		2,918		14,912		8,622
Brokerage customer receivables	203		284		265		295		282		1,047		928
Total interest income	793,848		762,400		697,176		639,690		580,745		2,893,114		1,747,443
Interest expense
Interest on deposits	285,390		262,783		213,495		144,802		95,447		906,470		175,202
Interest on Federal Home Loan Bank advances	18,316		17,436		17,399		19,135		13,823		72,286		30,329
Interest on other borrowings	9,557		9,384		8,485		7,854		5,313		35,280		14,294
Interest on subordinated notes	5,522		5,491		5,523		5,488		5,520		22,024		22,004
Interest on junior subordinated debentures	5,089		4,948		4,737		4,416		3,826		19,190		10,252
Total interest expense	323,874		300,042		249,639		181,695		123,929		1,055,250		252,081
Net interest income	469,974		462,358		447,537		457,995		456,816		1,837,864		1,495,362
Provision for credit losses	42,908		19,923		28,514		23,045		47,646		114,390		78,589
Net interest income after provision for credit losses	427,066		442,435		419,023		434,950		409,170		1,723,474		1,416,773
Non-interest income
Wealth management	33,275		33,529		33,858		29,945		30,727		130,607		126,614
Mortgage banking	7,433		27,395		29,981		18,264		17,407		83,073		155,173
Service charges on deposit accounts	14,522		14,217		13,608		12,903		13,054		55,250		58,574
Gains (losses) on investment securities, net	2,484		(2,357)		0		1,398		(6,745)		1,525		(20,427)
Fees from covered call options	4,679		4,215		2,578		10,391		7,956		21,863		14,133
Trading (losses) gains, net	(505)		728		106		813		(306)		1,142		3,752
Operating lease income, net	14,162		13,863		12,227		13,046		12,384		53,298		55,510
Other	24,779		20,888		20,672		21,009		19,362		87,348		67,724
Total non-interest income	100,829		112,478		113,030		107,769		93,839		434,106		461,053
Non-interest expense
Salaries and employee benefits	193,971		192,338		184,923		176,781		180,331		748,013		696,107
Software and equipment	27,779		25,951		26,205		24,697		24,699		104,632		95,885
Operating lease equipment	10,694		12,020		9,816		9,833		10,078		42,363		38,008
Occupancy, net	18,102		21,304		19,176		18,486		17,763		77,068		70,965
Data processing	8,892		10,773		9,726		9,409		7,927		38,800		31,209
Advertising and marketing	17,166		18,169		17,794		11,946		14,279		65,075		59,418
Professional fees	8,768		8,887		8,940		8,163		9,267		34,758		33,088
Amortization of other acquisition-related intangible assets	1,356		1,408		1,499		1,235		1,436		5,498		6,116
FDIC insurance	43,677		9,748		9,008		8,669		6,775		71,102		28,639
OREO expenses, net	(1,559)		120		118		(207)		369		(1,528)		(140)
Other	33,806		29,337		33,418		30,157		34,912		126,718		117,976
Total non-interest expense	362,652		330,055		320,623		299,169		307,836		1,312,499		1,177,271
Income before taxes	165,243		224,858		211,430		243,550		195,173		845,081		700,555
Income tax expense	41,763		60,660		56,680		63,352		50,356		222,455		190,873
Net income	$	123,480	$	164,198	$	154,750	$	180,198	$	144,817	$	622,626	$	509,682
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991		27,964		27,964
Net income applicable to common shares	$	116,489	$	157,207	$	147,759	$	173,207	$	137,826	$	594,662	$	481,718
Net income per common share - Basic	$	1.90	$	2.57	$	2.41	$	2.84	$	2.27	$	9.72	$	8.14
Net income per common share - Diluted	$	1.87	$	2.53	$	2.38	$	2.80	$	2.23	$	9.58	$	8.02
Cash dividends declared per common share	$	0.40	$	0.40	$	0.40	$	0.40	$	0.34	$	1.60	$	1.36
Weighted average common shares outstanding	61,236		61,213		61,192		60,950		60,769		61,149		59,205
Dilutive potential common shares	1,166		964		902		873		1,096		938		886
Average common shares and dilutive common shares	62,402		62,177		62,094		61,823		61,865		62,087		60,091

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From
(Dollars in thousands)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2023 (1)		Dec 31, 2022
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	155,529	$	190,511	$	235,570	$	155,687	$	156,297	(73)	%	0	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	137,193		114,297		103,158		146,806		143,638		79		(4)
Total mortgage loans held-for-sale	$	292,722	$	304,808	$	338,728	$	302,493	$	299,935	(16)	%	(2)	%

Core loans:
Commercial
Commercial and industrial	$	5,804,629	$	5,894,732	$	5,737,633	$	5,855,035	$	5,852,166	(6)	%	(1)	%
Asset-based lending	1,433,250		1,396,591		1,465,848		1,482,071		1,473,344		10		(3)
Municipal	677,143		676,915		653,117		655,301		668,235		0		1
Leases	2,208,368		2,109,628		1,925,767		1,904,137		1,840,928		19		20
PPP loans	11,533		13,744		15,337		17,195		28,923		(64)		(60)
Commercial real estate
Residential construction	58,642		51,550		51,689		69,998		76,877		55		(24)
Commercial construction	1,729,937		1,547,322		1,409,751		1,234,762		1,102,098		47		57
Land	295,462		294,901		298,996		292,293		307,955		1		(4)
Office	1,455,417		1,422,748		1,404,422		1,392,040		1,337,176		9		9
Industrial	2,135,876		2,057,957		2,002,740		1,858,088		1,836,276		15		16
Retail	1,337,517		1,341,451		1,304,083		1,309,680		1,304,444		(1)		3
Multi-family	2,815,911		2,710,829		2,696,478		2,635,411		2,560,709		15		10
Mixed use and other	1,515,402		1,519,422		1,440,652		1,446,806		1,425,412		(1)		6
Home equity	343,976		343,258		336,974		337,016		332,698		1		3
Residential real estate
Residential real estate loans for investment	2,619,083		2,538,630		2,455,392		2,309,393		2,207,595		13		19
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	92,780		97,911		117,024		119,301		80,701		(21)		15
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	57,803		71,062		70,824		76,851		84,087		(74)		(31)
Total core loans	$	24,592,729	$	24,088,651	$	23,386,727	$	22,995,378	$	22,519,624	8	%	9	%

Niche loans:
Commercial
Franchise	$	1,092,532	$	1,074,162	$	1,091,164	$	1,131,913	$	1,169,623	7	%	(7)	%
Mortgage warehouse lines of credit	230,211		245,450		381,043		235,684		237,392		(25)		(3)
Community Advantage - homeowners association	452,734		424,054		405,042		389,922		380,875		27		19
Insurance agency lending	921,653		890,197		925,520		905,727		897,678		14		3
Premium Finance receivables
U.S. property & casualty insurance	5,983,103		5,815,346		5,900,228		5,043,486		5,103,820		11		17
Canada property & casualty insurance	920,426		907,401		862,470		695,394		745,639		6		23
Life insurance	7,877,943		7,931,808		8,039,273		8,125,802		8,090,998		(3)		(3)
Consumer and other	60,500		68,963		31,941		42,165		50,836		(49)		19
Total niche loans	$	17,539,102	$	17,357,381	$	17,636,681	$	16,570,093	$	16,676,861	4	%	5	%






Total loans, net of unearned income	$	42,131,831	$	41,446,032	$	41,023,408	$	39,565,471	$	39,196,485	7	%	7	%

(1)Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2023 (1)		Dec 31, 2022
Balance:
Non-interest-bearing	$	10,420,401		$	10,347,006		$	10,604,915		$	11,236,083		$	12,668,160		3	%	(18)	%
NOW and interest-bearing demand deposits	5,797,649			6,006,114			5,814,836			5,576,558			5,591,986			(14)		4
Wealth management deposits (2)	1,614,499			1,788,099			1,417,984			1,809,933			2,463,833			(39)		(34)
Money market	15,149,215			14,478,504			14,523,124			13,552,277			12,886,795			18		18
Savings	5,790,334			5,584,294			5,321,578			5,192,108			4,556,635			15		27
Time certificates of deposit	6,625,072			6,788,669			6,356,270			5,351,252			4,735,135			(10)		40
Total deposits	$	45,397,170		$	44,992,686		$	44,038,707		$	42,718,211		$	42,902,544		4	%	6	%
Mix:
Non-interest-bearing	23		%	23		%	24		%	26		%	30		%
NOW and interest-bearing demand deposits	13			13			13			13			13
Wealth management deposits (2)	4			4			3			4			5
Money market	33			32			33			32			30
Savings	13			13			12			12			11
Time certificates of deposit	14			15			15			13			11
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, 2023


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	1,314,517	3.64	%
4-6 months	2,040,662		4.53
7-9 months	1,679,572		4.57
10-12 months	960,154		3.98
13-18 months	501,492		3.49
19-24 months	56,895		2.65
24+ months	71,780		1.62
Total	$	6,625,072	4.15	%

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2023		2023		2023		2023		2022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	1,682,176	$	2,053,568	$	1,454,057	$	1,235,748	$	2,449,889
Investment securities (2)	7,971,068		7,706,285		7,252,582		7,956,722		7,310,383
FHLB and FRB stock	204,593		201,252		223,813		233,615		185,290

Liquidity management assets (3)	9,857,837		9,961,105		8,930,452		9,426,085		9,945,562
Other earning assets (3)(4)	14,821		17,879		17,401		18,445		18,585
Mortgage loans held-for-sale	279,569		319,099		307,683		270,966		308,639
Loans, net of unearned income (3)(5)	41,361,952		40,707,042		40,106,393		39,093,368		38,566,871


Total earning assets (3)	51,514,179		51,005,125		49,361,929		48,808,864		48,839,657
Allowance for loan and investment security losses	(329,441)		(319,491)		(302,627)		(282,704)		(252,827)
Cash and due from banks	443,989		459,819		481,510		488,457		475,691
Other assets	3,388,348		3,236,528		3,061,141		3,060,701		3,025,097
Total assets	$	55,017,075	$	54,381,981	$	52,601,953	$	52,075,318	$	52,087,618

NOW and interest-bearing demand deposits	$	5,868,976	$	5,815,155	$	5,540,597	$	5,271,740	$	5,598,291
Wealth management deposits	1,704,099		1,512,765		1,545,626		2,167,081		2,883,247
Money market accounts	14,212,320		14,155,446		13,735,924		12,533,468		12,319,842
Savings accounts	5,676,155		5,472,535		5,206,609		4,830,322		4,403,113
Time deposits	6,645,980		6,495,906		5,603,024		5,041,638		4,023,232
Interest-bearing deposits	34,107,530		33,451,807		31,631,780		29,844,249		29,227,725
Federal Home Loan Bank advances	2,326,073		2,241,292		2,227,106		2,474,882		2,088,201
Other borrowings	633,673		657,454		625,757		602,937		480,553
Subordinated notes	437,785		437,658		437,545		437,422		437,312
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	37,758,627		37,041,777		35,175,754		33,613,056		32,487,357
Non-interest-bearing deposits	10,406,585		10,612,009		10,908,022		12,171,631		13,404,036
Other liabilities	1,785,667		1,644,312		1,473,459		1,395,360		1,485,369
Equity	5,066,196		5,083,883		5,044,718		4,895,271		4,710,856
Total liabilities and shareholders’ equity	$	55,017,075	$	54,381,981	$	52,601,953	$	52,075,318	$	52,087,618

Net free funds/contribution (6)	$	13,755,552	$	13,963,348	$	14,186,175	$	15,195,808	$	16,352,300

(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)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(4)Other earning assets include brokerage customer receivables and trading account securities.

(5)Loans, net of unearned income, include non-accrual loans.

(6)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)	2023		2023		2023		2023		2022
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	22,340	$	28,022	$	16,882	$	13,538	$	21,612
Investment securities	68,812		59,737		51,795		60,494		53,630
FHLB and FRB stock	3,792		3,896		3,544		3,680		2,918

Liquidity management assets (1)	94,944		91,655		72,221		77,712		78,160
Other earning assets (1)	222		291		272		313		289
Mortgage loans held-for-sale	4,318		4,767		4,178		3,528		3,997
Loans, net of unearned income (1)	697,093		668,183		622,939		560,564		500,432


Total interest income	$	796,577	$	764,896	$	699,610	$	642,117	$	582,878

Interest expense:
NOW and interest-bearing demand deposits	$	38,124	$	36,001	$	29,178	$	18,772	$	14,982
Wealth management deposits	12,076		9,350		9,097		12,258		14,079
Money market accounts	130,252		124,742		106,630		68,276		45,468
Savings accounts	36,463		31,784		25,603		15,816		8,421
Time deposits	68,475		60,906		42,987		29,680		12,497
Interest-bearing deposits	285,390		262,783		213,495		144,802		95,447
Federal Home Loan Bank advances	18,316		17,436		17,399		19,135		13,823
Other borrowings	9,557		9,384		8,485		7,854		5,313
Subordinated notes	5,522		5,491		5,523		5,488		5,520
Junior subordinated debentures	5,089		4,948		4,737		4,416		3,826
Total interest expense	$	323,874	$	300,042	$	249,639	$	181,695	$	123,929

Less: Fully taxable-equivalent adjustment	(2,729)		(2,496)		(2,434)		(2,427)		(2,133)
Net interest income (GAAP) (2)	469,974		462,358		447,537		457,995		456,816
Fully taxable-equivalent adjustment	2,729		2,496		2,434		2,427		2,133
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	472,703	$	464,854	$	449,971	$	460,422	$	458,949

(1)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.

(2)See Table 17: 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, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	5.27	%	5.41	%	4.66	%	4.44	%	3.50	%
Investment securities	3.42		3.08		2.86		3.08		2.91
FHLB and FRB stock	7.35		7.68		6.35		6.39		6.25

Liquidity management assets	3.82		3.65		3.24		3.34		3.12
Other earning assets	5.92		6.47		6.27		6.87		6.17
Mortgage loans held-for-sale	6.13		5.93		5.45		5.28		5.14
Loans, net of unearned income	6.69		6.51		6.23		5.82		5.15

Total earning assets	6.13	%	5.95	%	5.68	%	5.34	%	4.73	%

Rate paid on:
NOW and interest-bearing demand deposits	2.58	%	2.46	%	2.11	%	1.44	%	1.06	%
Wealth management deposits	2.81		2.45		2.36		2.29		1.94
Money market accounts	3.64		3.50		3.11		2.21		1.46
Savings accounts	2.55		2.30		1.97		1.33		0.76
Time deposits	4.09		3.72		3.08		2.39		1.23
Interest-bearing deposits	3.32		3.12		2.71		1.97		1.30
Federal Home Loan Bank advances	3.12		3.09		3.13		3.14		2.63
Other borrowings	5.98		5.66		5.44		5.28		4.39
Subordinated notes	5.00		4.98		5.06		5.02		5.05
Junior subordinated debentures	7.96		7.74		7.49		6.97		5.90
Total interest-bearing liabilities	3.40	%	3.21	%	2.85	%	2.19	%	1.51	%

Interest rate spread (1)(2)	2.73	%	2.74	%	2.83	%	3.15	%	3.22	%
Less: Fully taxable-equivalent adjustment	(0.02)		(0.02)		(0.02)		(0.02)		(0.02)
Net free funds/contribution (3)	0.91		0.88		0.83		0.68		0.51
Net interest margin (GAAP) (2)	3.62	%	3.60	%	3.64	%	3.81	%	3.71	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	3.64	%	3.62	%	3.66	%	3.83	%	3.73	%

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

(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(3)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, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	1,608,835	$	3,323,196	$	80,783	$	48,350	5.02	%	1.45	%
Investment securities (2)	7,721,661		6,735,732		240,837		162,577		3.12		2.41
FHLB and FRB stock	215,699		150,223		14,912		8,622		6.91		5.74

Liquidity management assets (3)(4)	$	9,546,195	$	10,209,151	$	336,532	$	219,549	3.53	%	2.15	%
Other earning assets (3)(4)(5)	17,129		22,391		1,098		955		6.41		4.27
Mortgage loans held-for-sale	294,421		496,088		16,791		21,195		5.70		4.27
Loans, net of unearned income (3)(4)(6)	40,324,472		36,684,528		2,548,779		1,511,345		6.32		4.12


Total earning assets (4)	$	50,182,217	$	47,412,158	$	2,903,200	$	1,753,044	5.79	%	3.70	%
Allowance for loan and investment security losses	(308,724)		(256,690)
Cash and due from banks	468,298		473,025
Other assets	3,187,715		2,795,826
Total assets	$	53,529,506	$	50,424,319

NOW and interest-bearing demand deposits	$	5,626,277	$	5,355,077	$	122,074	$	27,566	2.17	%	0.51	%
Wealth management deposits	1,730,523		2,827,497		42,782		29,750		2.47		1.05
Money market accounts	13,665,248		12,254,159		429,900		80,591		3.15		0.66
Savings accounts	5,299,205		4,014,166		109,666		11,234		2.07		0.28
Time deposits	5,952,537		3,812,148		202,048		26,061		3.39		0.68
Interest-bearing deposits	$	32,273,790	$	28,263,047	$	906,470	$	175,202	2.81	%	0.62	%
Federal Home Loan Bank advances	2,316,722		1,484,663		72,287		30,329		3.12		2.04
Other borrowings	630,115		485,820		35,280		14,294		5.60		2.94
Subordinated notes	437,604		437,139		22,023		22,004		5.03		5.03
Junior subordinated debentures	253,566		253,566		19,190		10,252		7.57		4.10
Total interest-bearing liabilities	$	35,911,797	$	30,924,235	$	1,055,250	$	252,081	2.94	%	0.81	%
Non-interest-bearing deposits	11,018,596		13,667,879
Other liabilities	1,575,960		1,197,981
Equity	5,023,153		4,634,224
Total liabilities and shareholders’ equity	$	53,529,506	$	50,424,319
Interest rate spread (4)(7)									2.85	%	2.89	%
Less: Fully taxable-equivalent adjustment					(10,086)		(5,601)		(0.02)		(0.02)
Net free funds/contribution (8)	$	14,270,420	$	16,487,923					0.83		0.28
Net interest income/margin (GAAP) (4)					$	1,837,864	$	1,495,362	3.66	%	3.15	%
Fully taxable-equivalent adjustment					10,086		5,601		0.02		0.02
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	1,847,950	$	1,500,963	3.68	%	3.17	%

(3)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.

(4)See Table 17: 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)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.

(8)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. 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, 2023	2.6	%	1.8	%	0.4	%	(0.7)	%
Sep 30, 2023	3.3		1.9		(2.0)		(5.2)
Jun 30, 2023	5.7		2.9		(2.9)		(7.9)
Mar 31, 2023	4.2		2.4		(2.4)		(7.3)
Dec 31, 2022	7.2		3.8		(5.0)		(12.1)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Dec 31, 2023	1.6	%	1.2	%	(0.3)	%	(1.5)	%
Sep 30, 2023	1.7		1.2		(0.5)		(2.4)
Jun 30, 2023	2.9		1.8		(0.9)		(3.4)
Mar 31, 2023	3.0		1.7		(1.3)		(3.4)
Dec 31, 2022	5.6		3.0		(2.9)		(6.8)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to diminish. Given the recent unprecedented rise in interest rates, the Company has made a conscious effort to reposition its exposure to changing interest rates given the uncertainty of the future interest rate environment. To this end, management has executed various derivative instruments including collars 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 years.

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or contractual maturity period
As of December 31, 2023	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	520,408	$	2,954,554	$	1,720,913	$	28,070	$	5,223,945

Variable rate	7,606,936		1,172		—		—		7,608,108
Total commercial	$	8,127,344	$	2,955,726	$	1,720,913	$	28,070	$	12,832,053
Commercial real estate
Fixed rate	646,873		2,870,147		525,167		50,726		4,092,913
Variable rate	7,233,835		17,377		39		—		7,251,251
Total commercial real estate	$	7,880,708	$	2,887,524	$	525,206	$	50,726	$	11,344,164
Home equity
Fixed rate	9,863		3,994		—		28		13,885
Variable rate	330,091		—		—		—		330,091
Total home equity	$	339,954	$	3,994	$	—	$	28	$	343,976
Residential real estate
Fixed rate	19,921		3,412		30,814		1,047,862		1,102,009
Variable rate	75,107		286,511		1,306,039		—		1,667,657
Total residential real estate	$	95,028	$	289,923	$	1,336,853	$	1,047,862	$	2,769,666
Premium finance receivables - property & casualty
Fixed rate	6,785,201		118,328		—		—		6,903,529
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	6,785,201	$	118,328	$	—	$	—	$	6,903,529
Premium finance receivables - life insurance
Fixed rate	78,342		614,816		3,891		—		697,049
Variable rate	7,180,894		—		—		—		7,180,894
Total premium finance receivables - life insurance	$	7,259,236	$	614,816	$	3,891	$	—	$	7,877,943
Consumer and other
Fixed rate	11,994		6,550		10		464		19,018
Variable rate	41,482		—		—		—		41,482
Total consumer and other	$	53,476	$	6,550	$	10	$	464	$	60,500

Total per category
Fixed rate	8,072,602		6,571,801		2,280,795		1,127,150		18,052,348

Variable rate	22,468,345		305,060		1,306,078		—		24,079,483
Total loans, net of unearned income	$	30,540,947	$	6,876,861	$	3,586,873	$	1,127,150	$	42,131,831

Variable Rate Loan Pricing by Index:
SOFR tenors									$	13,331,910
One- year CMT									6,133,619
Prime									3,430,421
Ameribor tenors									341,747


Other U.S. Treasury tenors									37,997
Other									803,789
Total variable rate									$	24,079,483

SOFR - Secured Overnight Financing Rate.

CMT - Constant Maturity Treasury Rate.

Ameribor - American Interbank Offered Rate.

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 $10.7 billion tied to one-month SOFR and $6.1 billion tied to one-year CMT. The above chart shows:


	Basis Point (bp) Change in
	1-month SOFR		One- year CMT		Prime
Fourth Quarter 2023	3	bps	(67)	bps	0	bps
Third Quarter 2023	18		6		25
Second Quarter 2023	34		76		25
First Quarter 2023	44		(9)		50
Fourth Quarter 2022	132		68		125

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)	2023			2023			2023			2023			2022			2023			2022
Allowance for credit losses at beginning of period	$	399,531		$	387,786		$	376,261		$	357,936		$	315,338		$	357,936		$	299,731
Cumulative effect adjustment from the adoption of ASU 2022-02	—			—			—			741			—			741			—
Provision for credit losses	42,908			19,923			28,514			23,045			47,646			114,390			78,589

Other adjustments	62			(60)			41			4			31			47			(108)
Charge-offs:
Commercial	5,114			2,427			5,629			2,543			3,019			15,713			14,141
Commercial real estate	5,386			1,713			8,124			5			538			15,228			1,379
Home equity	—			227			—			—			—			227			432
Residential real estate	114			78			—			—			—			192			471

Premium finance receivables - property & casualty	6,706			5,830			4,519			4,629			3,629			21,684			14,240
Premium finance receivables - life insurance	—			18			134			21			28			173			35
Consumer and other	148			184			110			153			—			595			1,081

Total charge-offs	17,468			10,477			18,516			7,351			7,214			53,812			31,779
Recoveries:
Commercial	592			1,162			505			392			691			2,651			4,748
Commercial real estate	92			243			25			100			61			460			701
Home equity	34			33			37			35			65			139			319
Residential real estate	10			1			6			4			6			21			77

Premium finance receivables - property & casualty	1,820			906			890			1,314			1,279			4,930			5,522
Premium finance receivables - life insurance	7			—			—			9			—			16			—
Consumer and other	24			14			23			32			33			93			136

Total recoveries	2,579			2,359			1,486			1,886			2,135			8,310			11,503
Net charge-offs	(14,889)			(8,118)			(17,030)			(5,465)			(5,079)			(45,502)			(20,276)
Allowance for credit losses at period end	$	427,612		$	399,531		$	387,786		$	376,261		$	357,936		$	427,612		$	357,936

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.14		%	0.04		%	0.16		%	0.07		%	0.08		%	0.10		%	0.08		%
Commercial real estate	0.19			0.05			0.31			0.00			0.02			0.14			0.01
Home equity	(0.04)			0.23			(0.04)			(0.04)			(0.08)			0.03			0.03
Residential real estate	0.02			0.01			0.00			0.00			0.00			0.01			0.02

Premium finance receivables - property & casualty	0.29			0.29			0.24			0.23			0.16			0.27			0.16
Premium finance receivables - life insurance	(0.00)			0.00			0.01			0.00			0.00			0.00			0.00
Consumer and other	0.58			0.65			0.45			0.74			(0.16)			0.60			1.22

Total loans, net of unearned income	0.14		%	0.08		%	0.17		%	0.06		%	0.05		%	0.11			0.06		%


Loans at period end	$	42,131,831		$	41,446,032		$	41,023,408		$	39,565,471		$	39,196,485
Allowance for loan losses as a percentage of loans at period end	0.82		%	0.76		%	0.74		%	0.73		%	0.69		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	1.01			0.96			0.94			0.95			0.91

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)	2023		2023		2023		2023		2022		2023		2022
Provision for loan losses	$	44,023	$	20,717	$	31,516	$	22,520	$	29,110	$	118,776	$	42,721
Provision for unfunded lending-related commitments losses	(1,081)		(769)		(2,945)		550		18,358		(4,245)		35,458
Provision for held-to-maturity securities losses	(34)		(25)		(57)		(25)		178		(141)		410
Provision for credit losses	$	42,908	$	19,923	$	28,514	$	23,045	$	47,646	$	114,390	$	78,589

Allowance for loan losses	$	344,235	$	315,039	$	302,499	$	287,972	$	270,173
Allowance for unfunded lending-related commitments losses	83,030		84,111		84,881		87,826		87,275
Allowance for loan losses and unfunded lending-related commitments losses	427,265		399,150		387,380		375,798		357,448
Allowance for held-to-maturity securities losses	347		381		406		463		488
Allowance for credit losses	$	427,612	$	399,531	$	387,786	$	376,261	$	357,936

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, 2023, September 30, 2023 and June 30, 2023.


	As of Dec 31, 2023						As of Sep 30, 2023						As of Jun 30, 2023
(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:
Commercial, industrial and other	$	12,832,053	$	169,604	1.32	%	$	12,725,473	$	151,488	1.19	%	$	12,600,471	$	143,142	1.14	%

Commercial real estate:
Construction and development	2,084,041		94,081		4.51		1,893,773		90,622		4.79		1,760,436		86,725		4.93
Non-construction	9,260,123		129,772		1.40		9,052,407		125,096		1.38		8,848,375		128,971		1.46
Home equity	343,976		7,116		2.07		343,258		7,080		2.06		336,974		6,967		2.07
Residential real estate	2,769,666		13,133		0.47		2,707,603		12,659		0.47		2,643,240		12,252		0.46
Premium finance receivables
Property and casualty insurance	6,903,529		12,384		0.18		6,722,747		11,132		0.17		6,762,698		8,347		0.12
Life insurance	7,877,943		685		0.01		7,931,808		688		0.01		8,039,273		699		0.01
Consumer and other	60,500		490		0.81		68,963		385		0.56		31,941		277		0.87
Total loans, net of unearned income	$	42,131,831	$	427,265	1.01	%	$	41,446,032	$	399,150	0.96	%	$	41,023,408	$	387,380	0.94	%


Total core loans (1)	$	24,592,729	$	380,847	1.55	%	$	24,088,651	$	363,873	1.51	%	$	23,386,727	$	350,930	1.50	%
Total niche loans (1)	17,539,102		46,418		0.26		17,357,381		35,277		0.20		17,636,681		36,450		0.21

(1)See Table 1 for additional detail on core and niche loans.

TABLE 13: LOAN PORTFOLIO AGING


(In thousands)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
Loan Balances:
Commercial
Nonaccrual	$	38,940	$	43,569	$	40,460	$	47,950	$	35,579
90+ days and still accruing	98		200		573		—		462
60-89 days past due	19,488		22,889		22,808		10,755		21,128
30-59 days past due	85,743		35,681		48,970		95,593		56,696
Current	12,687,784		12,623,134		12,487,660		12,422,687		12,435,299
Total commercial	$	12,832,053	$	12,725,473	$	12,600,471	$	12,576,985	$	12,549,164
Commercial real estate
Nonaccrual	$	35,459	$	17,043	$	18,483	$	11,196	$	6,387
90+ days and still accruing	—		1,092		—		—		—
60-89 days past due	8,515		7,395		1,054		20,539		2,244
30-59 days past due	20,634		60,984		14,218		72,680		30,675
Current	11,279,556		10,859,666		10,575,056		10,134,663		9,911,641
Total commercial real estate	$	11,344,164	$	10,946,180	$	10,608,811	$	10,239,078	$	9,950,947
Home equity
Nonaccrual	$	1,341	$	1,363	$	1,361	$	1,190	$	1,487
90+ days and still accruing	—		—		110		—		—
60-89 days past due	62		219		316		116		—
30-59 days past due	2,263		1,668		601		1,118		2,152
Current	340,310		340,008		334,586		334,592		329,059
Total home equity	$	343,976	$	343,258	$	336,974	$	337,016	$	332,698
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	150,583	$	168,973	$	187,848	$	196,152	$	164,788
Nonaccrual	15,391		16,103		13,652		11,333		10,171
90+ days and still accruing	—		—		—		104		—
60-89 days past due	2,325		1,145		7,243		74		4,364
30-59 days past due	22,942		904		872		19,183		9,982
Current	2,578,425		2,520,478		2,433,625		2,278,699		2,183,078
Total residential real estate	$	2,769,666	$	2,707,603	$	2,643,240	$	2,505,545	$	2,372,383







Premium finance receivables - property & casualty
Nonaccrual	$	27,590	$	26,756	$	19,583	$	18,543	$	13,470
90+ days and still accruing	20,135		16,253		12,785		9,215		15,841
60-89 days past due	23,236		16,552		22,670		14,287		14,926
30-59 days past due	50,437		31,919		32,751		32,545		40,557
Current	6,782,131		6,631,267		6,674,909		5,664,290		5,764,665
Total Premium finance receivables - property & casualty	$	6,903,529	$	6,722,747	$	6,762,698	$	5,738,880	$	5,849,459
Premium finance receivables - life insurance
Nonaccrual	$	—	$	—	$	6	$	—	$	—
90+ days and still accruing	—		10,679		1,667		1,066		17,245
60-89 days past due	16,206		41,894		3,729		21,552		5,260
30-59 days past due	45,464		14,972		90,117		52,975		68,725
Current	7,816,273		7,864,263		7,943,754		8,050,209		7,999,768
Total Premium finance receivables - life insurance	$	7,877,943	$	7,931,808	$	8,039,273	$	8,125,802	$	8,090,998
Consumer and other
Nonaccrual	$	22	$	16	$	4	$	6	$	6
90+ days and still accruing	54		27		28		87		49
60-89 days past due	25		196		51		10		18
30-59 days past due	165		519		146		379		224
Current	60,234		68,205		31,712		41,683		50,539
Total consumer and other	$	60,500	$	68,963	$	31,941	$	42,165	$	50,836
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	150,583	$	168,973	$	187,848	$	196,152	$	164,788
Nonaccrual	118,743		104,850		93,549		90,218		67,100
90+ days and still accruing	20,287		28,251		15,163		10,472		33,597
60-89 days past due	69,857		90,290		57,871		67,333		47,940
30-59 days past due	227,648		146,647		187,675		274,473		209,011
Current	41,544,713		40,907,021		40,481,302		38,926,823		38,674,049
Total loans, net of unearned income	$	42,131,831	$	41,446,032	$	41,023,408	$	39,565,471	$	39,196,485

(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)	2023			2023			2023			2023			2022
Loans past due greater than 90 days and still accruing:
Commercial	$	98		$	200		$	573		$	—		$	462
Commercial real estate	—			1,092			—			—			—
Home equity	—			—			110			—			—
Residential real estate	—			—			—			104			—
Premium finance receivables - property & casualty	20,135			16,253			12,785			9,215			15,841
Premium finance receivables - life insurance	—			10,679			1,667			1,066			17,245
Consumer and other	54			27			28			87			49
Total loans past due greater than 90 days and still accruing	20,287			28,251			15,163			10,472			33,597
Non-accrual loans:
Commercial	38,940			43,569			40,460			47,950			35,579
Commercial real estate	35,459			17,043			18,483			11,196			6,387
Home equity	1,341			1,363			1,361			1,190			1,487
Residential real estate	15,391			16,103			13,652			11,333			10,171
Premium finance receivables - property & casualty	27,590			26,756			19,583			18,543			13,470
Premium finance receivables - life insurance	—			—			6			—			—
Consumer and other	22			16			4			6			6
Total non-accrual loans	118,743			104,850			93,549			90,218			67,100
Total non-performing loans:
Commercial	39,038			43,769			41,033			47,950			36,041
Commercial real estate	35,459			18,135			18,483			11,196			6,387
Home equity	1,341			1,363			1,471			1,190			1,487
Residential real estate	15,391			16,103			13,652			11,437			10,171
Premium finance receivables - property & casualty	47,725			43,009			32,368			27,758			29,311
Premium finance receivables - life insurance	—			10,679			1,673			1,066			17,245
Consumer and other	76			43			32			93			55
Total non-performing loans	$	139,030		$	133,101		$	108,712		$	100,690		$	100,697
Other real estate owned	13,309			12,928			10,275			8,050			8,589
Other real estate owned - from acquisitions	—			1,132			1,311			1,311			1,311

Total non-performing assets	$	152,339		$	147,161		$	120,298		$	110,051		$	110,597

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.30		%	0.34		%	0.33		%	0.38		%	0.29		%
Commercial real estate	0.31			0.17			0.17			0.11			0.06
Home equity	0.39			0.40			0.44			0.35			0.45
Residential real estate	0.56			0.59			0.52			0.46			0.43
Premium finance receivables - property & casualty	0.69			0.64			0.48			0.48			0.50
Premium finance receivables - life insurance	—			0.13			0.02			0.01			0.21
Consumer and other	0.13			0.06			0.10			0.22			0.11
Total loans, net of unearned income	0.33		%	0.32		%	0.26		%	0.25		%	0.26		%
Total non-performing assets as a percentage of total assets	0.27		%	0.26		%	0.22		%	0.21		%	0.21		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	359.82		%	380.69		%	414.09		%	416.54		%	532.71		%

(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)	2023		2023		2023			2023			2022	2023				2022

Balance at beginning of period	$	133,101	$	108,712		$	100,690		$	100,697		$	97,633	$	100,697		$	74,438
Additions from becoming non-performing in the respective period	59,010		18,666			21,246			24,455			10,027		123,377			72,243

Return to performing status	(24,469)		(1,702)			(360)			(480)			(1,167)		(27,011)			(3,050)
Payments received	(10,000)		(6,488)			(12,314)			(5,261)			(16,351)		(34,063)			(60,936)
Transfer to OREO and other repossessed assets	(2,623)		(2,671)			(2,958)			—			(3,365)		(8,252)			(9,538)
Charge-offs, net	(9,480)		(3,011)			(2,696)			(1,159)			(1,363)		(16,346)			(6,027)
Net change for niche loans (1)	(6,509)		19,595			5,104			(17,562)			15,283		628			33,567
Balance at end of period	$	139,030	$	133,101		$	108,712		$	100,690		$	100,697	$	139,030		$	100,697

(1)Includes activity for premium finance receivables and indirect consumer loans.

Other Real Estate Owned


	Three Months Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2023		2023		2023		2023		2022
Balance at beginning of period	$	14,060	$	11,586	$	9,361	$	9,900	$	6,687
Disposals/resolved	(3,416)		(467)		(733)		(435)		(152)
Transfers in at fair value, less costs to sell	2,665		2,941		2,958		—		3,365

Fair value adjustments	—		—		—		(104)		—
Balance at end of period	$	13,309	$	14,060	$	11,586	$	9,361	$	9,900

	Period End
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
Balance by Property Type:	2023		2023		2023		2023		2022
Residential real estate	$	720	$	441	$	318	$	1,051	$	1,585

Commercial real estate	12,589		13,619		11,268		8,310		8,315
Total	$	13,309	$	14,060	$	11,586	$	9,361	$	9,900

TABLE 15: NON-INTEREST INCOME


	Three Months Ended										Q4 2023 compared to Q3 2023				Q4 2023 compared to Q4 2022
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2023		2023		2023		2023		2022		$ Change		% Change		$ Change		% Change
Brokerage	$	5,349	$	4,359	$	4,404	$	4,533	$	4,177	$	990	23	%	$	1,172	28	%
Trust and asset management	27,926		29,170		29,454		25,412		26,550		(1,244)		(4)		1,376		5
Total wealth management	33,275		33,529		33,858		29,945		30,727		(254)		(1)		2,548		8
Mortgage banking	7,433		27,395		29,981		18,264		17,407		(19,962)		(73)		(9,974)		(57)
Service charges on deposit accounts	14,522		14,217		13,608		12,903		13,054		305		2		1,468		11
Gains (losses) on investment securities, net	2,484		(2,357)		0		1,398		(6,745)		4,841		NM		9,229		NM
Fees from covered call options	4,679		4,215		2,578		10,391		7,956		464		11		(3,277)		(41)
Trading (losses) gains, net	(505)		728		106		813		(306)		(1,233)		NM		(199)		65
Operating lease income, net	14,162		13,863		12,227		13,046		12,384		299		2		1,778		14
Other:
Interest rate swap fees	4,021		2,913		2,711		2,606		2,319		1,108		38		1,702		73
BOLI	1,747		729		1,322		1,351		1,394		1,018		NM		353		25
Administrative services	1,329		1,336		1,319		1,615		1,736		(7)		(1)		(407)		(23)
Foreign currency remeasurement gains (losses)	1,150		(446)		543		(188)		277		1,596		NM		873		NM
Early pay-offs of capital leases	157		461		201		365		131		(304)		(66)		26		20
Miscellaneous	16,375		15,895		14,576		15,260		13,505		480		3		2,870		21
Total Other	24,779		20,888		20,672		21,009		19,362		3,891		19		5,417		28
Total Non-Interest Income	$	100,829	$	112,478	$	113,030	$	107,769	$	93,839	$	(11,649)	(10)	%	$	6,990	7	%


	Years Ended
	Dec 31,		Dec 31,		$		%
(Dollars in thousands)	2023		2022		Change		Change
Brokerage	$	18,645	$	17,668	$	977	6	%
Trust and asset management	111,962		108,946		3,016		3
Total wealth management	130,607		126,614		3,993		3
Mortgage banking	83,073		155,173		(72,100)		(46)
Service charges on deposit accounts	55,250		58,574		(3,324)		(6)
Gains (losses) on investment securities, net	1,525		(20,427)		21,952		NM
Fees from covered call options	21,863		14,133		7,730		55
Trading gains, net	1,142		3,752		(2,610)		(70)
Operating lease income, net	53,298		55,510		(2,212)		(4)
Other:
Interest rate swap fees	12,251		12,185		66		1
BOLI	5,149		806		4,343		NM
Administrative services	5,599		6,713		(1,114)		(17)
Foreign currency remeasurement gains	1,059		292		767		NM
Early pay-offs of leases	1,184		694		490		71
Miscellaneous	62,106		47,034		15,072		32
Total Other	87,348		67,724		19,624		29
Total Non-Interest Income	$	434,106	$	461,053	$	(26,947)	(6)	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

TABLE 16: NON-INTEREST EXPENSE


	Three Months Ended										Q4 2023 compared to Q3 2023				Q4 2023 compared to Q4 2022
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2023		2023		2023		2023		2022		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	111,484	$	111,303	$	107,671	$	108,354	$	100,232	$	181	0	%	$	11,252	11	%
Commissions and incentive compensation	48,974		48,817		44,511		39,799		49,546		157		0		(572)		(1)
Benefits	33,513		32,218		32,741		28,628		30,553		1,295		4		2,960		10
Total salaries and employee benefits	193,971		192,338		184,923		176,781		180,331		1,633		1		13,640		8
Software and equipment	27,779		25,951		26,205		24,697		24,699		1,828		7		3,080		12
Operating lease equipment	10,694		12,020		9,816		9,833		10,078		(1,326)		(11)		616		6
Occupancy, net	18,102		21,304		19,176		18,486		17,763		(3,202)		(15)		339		2
Data processing	8,892		10,773		9,726		9,409		7,927		(1,881)		(17)		965		12
Advertising and marketing	17,166		18,169		17,794		11,946		14,279		(1,003)		(6)		2,887		20
Professional fees	8,768		8,887		8,940		8,163		9,267		(119)		(1)		(499)		(5)
Amortization of other acquisition-related intangible assets	1,356		1,408		1,499		1,235		1,436		(52)		(4)		(80)		(6)
FDIC insurance	43,677		9,748		9,008		8,669		6,775		33,929		NM		36,902		NM
OREO expense, net	(1,559)		120		118		(207)		369		(1,679)		NM		(1,928)		NM
Other:
Lending expenses, net of deferred origination costs	5,330		4,777		7,890		3,099		4,952		553		12		378		8
Travel and entertainment	5,754		5,449		5,401		4,590		5,681		305		6		73		1
Miscellaneous	22,722		19,111		20,127		22,468		24,279		3,611		19		(1,557)		(6)
Total other	33,806		29,337		33,418		30,157		34,912		4,469		15		(1,106)		(3)
Total Non-Interest Expense	$	362,652	$	330,055	$	320,623	$	299,169	$	307,836	$	32,597	10	%	$	54,816	18	%


	Years Ended
	Dec 31,		Dec 31,		$		%
(Dollars in thousands)	2023		2022		Change		Change
Salaries and employee benefits:
Salaries	$	438,812	$	382,181	$	56,631	15	%
Commissions and incentive compensation	182,101		197,873		(15,772)		(8)
Benefits	127,100		116,053		11,047		10
Total salaries and employee benefits	748,013		696,107		51,906		7
Software and equipment	104,632		95,885		8,747		9
Operating lease equipment	42,363		38,008		4,355		11
Occupancy, net	77,068		70,965		6,103		9
Data processing	38,800		31,209		7,591		24
Advertising and marketing	65,075		59,418		5,657		10
Professional fees	34,758		33,088		1,670		5
Amortization of other acquisition-related intangible assets	5,498		6,116		(618)		(10)
FDIC insurance	71,102		28,639		42,463		NM
OREO expense, net	(1,528)		(140)		(1,388)		NM
Other:
Lending expenses, net of deferred origination costs	21,096		20,576		520		3
Travel and entertainment	21,194		16,506		4,688		28
Miscellaneous	84,428		80,894		3,534		4
Total other	126,718		117,976		8,742		7
Total Non-Interest Expense	$	1,312,499	$	1,177,271	$	135,228	11	%

NM - Not meaningful.

TABLE 17: 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. 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 a fully taxable-equivalent 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)	2023			2023			2023			2023			2022			2023			2022
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	793,848		$	762,400		$	697,176		$	639,690		$	580,745		$	2,893,114		$	1,747,443
Taxable-equivalent adjustment:
- Loans	2,150			1,923			1,882			1,872			1,594			7,827			3,619
- Liquidity Management Assets	575			572			551			551			538			2,249			1,977
- Other Earning Assets	4			1			1			4			1			10			5
(B) Interest Income (non-GAAP)	$	796,577		$	764,896		$	699,610		$	642,117		$	582,878		$	2,903,200		$	1,753,044
(C) Interest Expense (GAAP)	323,874			300,042			249,639			181,695			123,929			1,055,250			252,081
(D) Net Interest Income (GAAP) (A minus C)	$	469,974		$	462,358		$	447,537		$	457,995		$	456,816		$	1,837,864		$	1,495,362
(E) Net Interest Income (non-GAAP) (B minus C)	$	472,703		$	464,854		$	449,971		$	460,422		$	458,949		$	1,847,950		$	1,500,963
Net interest margin (GAAP)	3.62		%	3.60		%	3.64		%	3.81		%	3.71		%	3.66		%	3.15		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.64			3.62			3.66			3.83			3.73			3.68			3.17
(F) Non-interest income	$	100,829		$	112,478		$	113,030		$	107,769		$	93,839		$	434,106		$	461,053
(G) (Losses) gains on investment securities, net	2,484			(2,357)			0			1,398			(6,745)			1,525			(20,427)
(H) Non-interest expense	362,652			330,055			320,623			299,169			307,836			1,312,499			1,177,271
Efficiency ratio (H/(D+F-G))	63.81		%	57.18		%	57.20		%	53.01		%	55.23		%	57.81		%	59.55		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	63.51			56.94			56.95			52.78			55.02			57.55			59.38


	Three Months Ended															Year Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,	Dec 31,
(Dollars and shares in thousands)	2023			2023			2023			2023			2022			2023	2022
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	5,399,526		$	5,015,613		$	5,041,912		$	5,015,506		$	4,796,838

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(679,561)			(680,353)			(682,327)			(674,538)			(675,710)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	4,307,465		$	3,922,760		$	3,947,085		$	3,928,468		$	3,708,628
(J) Total assets (GAAP)	$	56,259,934		$	55,555,246		$	54,286,176		$	52,873,511		$	52,949,649
Less: Intangible assets (GAAP)	(679,561)			(680,353)			(682,327)			(674,538)			(675,710)
(K) Total tangible assets (non-GAAP)	$	55,580,373		$	54,874,893		$	53,603,849		$	52,198,973		$	52,273,939
Common equity to assets ratio (GAAP) (L/J)	8.9		%	8.3		%	8.5		%	8.7		%	8.3		%
Tangible common equity ratio (non-GAAP) (I/K)	7.7			7.1			7.4			7.5			7.1


Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	5,399,526		$	5,015,613		$	5,041,912		$	5,015,506		$	4,796,838
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	4,987,026		$	4,603,113		$	4,629,412		$	4,603,006		$	4,384,338
(M) Actual common shares outstanding	61,244			61,222			61,198			61,176			60,794
Book value per common share (L/M)	$	81.43		$	75.19		$	75.65		$	75.24		$	72.12
Tangible book value per common share (non-GAAP) (I/M)	70.33			64.07			64.50			64.22			61.00

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	116,489		$	157,207		$	147,759		$	173,207		$	137,826		$	594,662		$	481,718
Add: Intangible asset amortization	1,356			1,408			1,499			1,235			1,436			5,498			6,116
Less: Tax effect of intangible asset amortization	(343)			(380)			(402)			(321)			(370)			(1,446)			(1,664)
After-tax intangible asset amortization	$	1,013		$	1,028		$	1,097		$	914		$	1,066		$	4,052		$	4,452
(O) Tangible net income applicable to common shares (non-GAAP)	$	117,502		$	158,235		$	148,856		$	174,121		$	138,892		$	598,714		$	486,170
Total average shareholders’ equity	$	5,066,196		$	5,083,883		$	5,044,718		$	4,895,271		$	4,710,856		$	5,023,153		$	4,634,224
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	4,653,696		$	4,671,383		$	4,632,218		$	4,482,771		$	4,298,356		$	4,610,653		$	4,221,724
Less: Average intangible assets	(679,812)			(681,520)			(682,561)			(675,247)			(676,371)			(679,802)			(679,735)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	3,973,884		$	3,989,863		$	3,949,657		$	3,807,524		$	3,621,985		$	3,930,851		$	3,541,989
Return on average common equity, annualized (N/P)	9.93		%	13.35		%	12.79		%	15.67		%	12.72		%	12.90		%	11.41		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	11.73			15.73			15.12			18.55			15.21			15.23			13.73

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	165,243		$	224,858		$	211,430		$	243,550		$	195,173		$	845,081		$	700,555
Add: Provision for credit losses	42,908			19,923			28,514			23,045			47,646			114,390			78,589
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	208,151		$	244,781		$	239,944		$	266,595		$	242,819		$	959,471		$	779,144


	Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,
	2021		2020		2019		2018		2017		2016		2015		2014		2013
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,498,688	$	4,115,995	$	3,691,250	$	3,267,570	$	2,976,939	$	2,695,617	$	2,352,274	$	2,069,822	$	1,900,589
Less: Non-convertible preferred stock (GAAP)	(412,500)		(412,500)		(125,000)		(125,000)		(125,000)		(251,257)		(251,287)		(126,467)		(126,477)
(R) Less: Intangible assets (GAAP)	(683,456)		(681,747)		(692,277)		(622,565)		(519,505)		(520,438)		(495,970)		(424,445)		(393,760)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,402,732	$	3,021,748	$	2,873,973	$	2,520,005	$	2,332,434	$	1,923,922	$	1,605,017	$	1,518,910	$	1,380,352


(M) Common shares used for book value calculation	57,054		56,770		57,822		56,408		55,965		51,881		48,383		46,805		46,117
Book value per common share ((I-R)/M)	$	71.62	$	65.24	$	61.68	$	55.71	$	50.96	$	47.11	$	43.42	$	41.52	$	38.47
Tangible book value per common share (non-GAAP) (I/M)	59.64		53.23		49.70		44.67		41.68		37.08		33.17		32.45		29.93

WINTRUST SUBSIDIARIES AND LOCATIONS

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 15 community bank subsidiaries are: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., in Chicago, Libertyville Bank & Trust Company, N.A., Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, N.A., Schaumburg Bank & Trust Company, N.A., Village Bank & Trust, N.A., in Arlington Heights, Beverly Bank & Trust Company, N.A. in Chicago, Wheaton Bank & Trust Company, N.A., State Bank of The Lakes, N.A., in Antioch, Old Plank Trail Community Bank, N.A., in New Lenox, St. Charles Bank & Trust Company, N.A. and Town Bank, N.A., in Hartland, Wisconsin.

In addition to the locations noted above, the banks also operate facilities in Illinois in Addison, Algonquin, Aurora, Bloomingdale, Bolingbrook, Buffalo Grove, Burbank, Cary, Clarendon Hills, Countryside, Crete, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Grayslake, Gurnee, Hanover Park, Highland Park, Highwood, Hoffman Estates, Homer Glen, Itasca, Joliet, Lake Bluff, Lake Villa, Lansing, Lemont, Lindenhurst, Lombard, Lynwood, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, Norridge, Northfield, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rockford, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Pewaukee, Racine, Wales, Walworth, Whitefish Bay and Wind Lake, and in Florida in Bonita Springs and Naples, and in Dyer, Indiana.

Additionally, the Company operates various non-bank business units:

•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. Loans are also originated nationwide through relationships with wholesale and correspondent offices.

•Wintrust Investments, LLC is a broker-dealer providing 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.

•The Chicago 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 2022 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, 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, 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. 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 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. 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 and southern Wisconsin;

•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 difficulties or developments related to the integration of 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, and ability of the Company to effectively manage the transition of the chief executive officer role;

•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 the Tax Act;

•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;

•the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;

•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;

•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 could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services; and

•the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses.

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 Thursday, January 18, 2024 at 10:00 a.m. (CST) regarding fourth quarter and full year 2023 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 January 2, 2024 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 full year 2023 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.

Earnings Release Presentation Q4 2023 Wintrust Financial Corporation

22 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 2022 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,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, 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. 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 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. 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 and southern Wisconsin; • 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 difficulties or developments related to the integration of 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); PENDING - LEGAL Forward Looking Statements

33 • 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, and ability of the Company to effectively manage the transition of the chief executive officer role; • 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 the Tax Act; • 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; • the impact of the Company's transition from LIBOR to an alternative benchmark rate for current and future transactions; • 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; • 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 could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services; and • the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses. 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 and this presentation. 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 and presentations. PENDING - LEGAL Forward Looking Statements

44 Pre-Tax, Pre-Provision1 Future Outlook • Wintrust continues to monitor the interest rate environment to reduce the asset sensitivity of its balance sheet given the recent increase in rates. • Pressure on net interest margin is expected in upcoming quarter. • Growing low cost deposits in our market area remains a significant focus of the Company, which we believe will be the key to mitigating net interest margin compression. Strong Balance Sheet Total Loans +$2.2B / 9.7% Mid to High Single Digit Growth Average Loan to Deposit Ratio 93.7% 85% - 90% Total Deposits +$2.9B / 12.6% High Single Digit Growth Income Net Income +$85.5MM 10% - 15% Growth NIM Net Interest Margin +17 bps 3.60% - 3.70% NII Non-Interest Income +$36.6MM PENDING NIE Non-Interest Expense +$94.3MM 1.50% - 1.60% Net Overhead Ratio Credit & Capital Net Charge-Off Ratio +2 bps Diligently Monitoring to Maintain Pristine Credit Quality Total Risk-Based Capital Ratio -39 bps May Consider Capital Increase Pending Acquisition Pipeline Full Year 2023 Highlights (Comparative to FY 2022) Total DepositsTotal Assets Total Loans Net Income $56.3 billion +$3.3 billion or 6% $42.1 billion +$2.9 billion or 7% $45.4 billion +$2.5 billion or 6% $622.6 million +$113 million or 22% Update Format second box BV / TBV Net Interest Income Net Interest Margin $1.8 billion +$0.3 billion or 23% (non-GAAP) $70.33 +$9.33 $959.5 million +$180 million or 23% Diluted EPS $9.58 +$1.56 or 19% Current EPS Prior EPS $ 1.87 2.53 $ (0.66) PPNI Prior PPNI $ 208.2 244.8 $-36.63 -36600000 208,151 244,781 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Metric FY 23 FY 22 Difference % Change Net Income $ 622,626 $ 509,682 $ 112,944 22 % Pre-Tax, Pre- Provision 959,471 779,144 $ 180,327 23 % Diluted EPS $ 9.58 $ 8.02 $ 1.56 19 % Net Interest Income 1,837,864 1,495,362 $ 342,502 23 % NIM 3.66 % 3.15 % 0.5100 % 58 TBV 70.33 61.00 $ 9.33 15 % Total Assets 56,259,934 52,949,649 $ 3,310,285 6 % Total Loans 42,131,831 39,196,485 $ 2,935,346 7 % Total Deposits 45,397,170 42,902,544 $ 2,494,626 6 % 2023 Full Year Takeaways • Record full year net income of $622.6 million or $9.58 per diluted common share was 22% higher than our annual record net income in 2022 • Record full year net interest income of $1.8 billion driven by net interest margin expansion along with strong earning asset growth • Credit metrics remain strong and at historically low levels with net charge-offs of 11 bps of average total loans for full year 2023 • The Company's capital expansion was driven by record full year earnings in 2023 and remain well above the regulatory thresholds • Wintrust's tangible book value per common share (non-GAAP) increased in 2023 to $70.33 as of December 31, 2023. Tangible book value per common share (non-GAAP) has increased every year since Wintrust became a public company in 1996 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix (GAAP) $81.43 +$9.31 (non-GAAP) 3.68% +51 bps (GAAP) 3.66% +51 bps NIM FY GAAP NIM PY GAAP Change 3.66% 3.15% 51.00 NIM FY Non- GAAP NIM PY Non- GAAP Change 3.68% 3.17% 51.00 BV FY BV PY Change $ 81.43 $ 72.12 $ 9.31 TBV TBV PY Change 70.33 61.00 9.33

55 • Deposit growth of $404 million, or 4% annualized, driven by our diversified product offerings • Loan growth of $686 million, or 7% annualized, primarily driven by draws on existing commercial real estate loans and premium finance receivables - property and casualty insurance portfolio • Record net interest income of $470 million driven by earning asset growth and higher net interest margin • Q4 2023 net interest margin (non-GAAP) of 3.64% increased by two basis points from the prior quarter. We expect to maintain our net interest margin within a narrow range around current levels during the first quarter of 2024 and stay relatively stable for the remainder of 2024 depending on the interest rate environment • Q4 2023 earnings were negatively impacted by a $34.4 million FDIC special assessment and a $9.7 million valuation adjustment related to certain mortgage-related assets Pre-Tax, Pre-Provision1 Diversified Balance Sheet Future Outlook • Wintrust continues to monitor the interest rate environment to reduce the asset sensitivity of its balance sheet given the recent increase in rates. • Pressure on net interest margin is expected in upcoming quarter. • Growing low cost deposits in our market area remains a significant focus of the Company, which we believe will be the key to mitigating net interest margin compression. Strong Balance Sheet Total Loans +$2.2B / 9.7% Mid to High Single Digit Growth Average Loan to Deposit Ratio 93.7% 85% - 90% Total Deposits +$2.9B / 12.6% High Single Digit Growth Income Net Income +$85.5MM 10% - 15% Growth NIM Net Interest Margin +17 bps 3.60% - 3.70% NII Non-Interest Income +$36.6MM PENDING NIE Non-Interest Expense +$94.3MM 1.50% - 1.60% Net Overhead Ratio Credit & Capital Net Charge-Off Ratio +2 bps Diligently Monitoring to Maintain Pristine Credit Quality Total Risk-Based Capital Ratio -39 bps May Consider Capital Increase Pending Acquisition Pipeline Total DepositsTotal Assets Total Loans Net Income $56.3 billion +$0.7 billion $42.1 billion +$0.7 billion $45.4 billion +$0.4 billion $123.5 million -$40.7 million Consistently Strong Credit Quality Awards/Non- Recurring Items • NPLs of $139.0 million or 0.33% of total loans which is relatively low compared to historical levels • Allowance coverage reserves on core loans increased to 1.55% of total core loans • Low levels of net-charge offs at 14 basis points of average total loans on an annualized basis • Ranked Top Workplace in Chicago 2021 • Swap Sale expected in 2022 Update Format second box Efficiency RatioReturn on Assets ROE / ROTCE 0.89% -31 bps 9.93% -342 bps (GAAP) 63.81% +663 bps $208.2 million -$36.6 million 1 Pre-tax income, excluding provision for credit losses (non-GAAP) – See non-GAAP reconciliation in the Appendix Diluted EPS $1.87 -$0.66 Current EPS Prior EPS $ 1.87 2.53 $ (0.66) PPNI Prior PPNI $ 208.2 244.8 $-36.63 -36600000 208,151 244,781 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Stable Margin Supports Earnings Net Overhead Ratio 1.89% +30 bps (non-GAAP) 63.51% +657 bps Efficiency GAAP Prior Q 63.81% 58.59% $ 522.00 Efficiency Non GAAP Prior Q PENDING Efficiency Ratio (GAAP) Q1-23 Efficiency Ratio (GAAP) Q4-22 Efficiency Ratio (Non- GAAP) Q1-23 Efficiency Ratio (Non- GAAP) Q4-22 63.81 % 57.18 % 63.51 % 56.94 % % Change File does not have calc for GAAP numbers 657 Check 663 657 Link was removed ----> will need to relink (GAAP) 9.93% -342 bps (non-GAAP) 11.73% -400 bps Q4 2023 Highlights (Comparative to Q3 2023) PENDING

66 Diluted EPS Quarterly Trend Quarterly Pre-Tax Income, excluding Provision for Credit Losses Quarterly Net Income Earnings Summary Differentiated, highly diversified and sustainable business model $144.8 $180.2 $154.8 $164.2 $123.5 1.10% 1.40% 1.18% 1.20% 0.89% Net Income ROA Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $2.23 $2.80 $2.38 $2.53 $1.87 Diluted EPS Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $242.8 $266.6 $239.9 $244.8 $208.2 Pre-Tax Income, excluding Provision for Credit Losses (non-GAAP) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2 ### ($ in Millions) ($ in Millions) 1 See non-GAAP reconciliation in Appendix • Record net interest income of $470 million supported by higher net interest margin coupled with earning asset growth in Q4 2023 • Q4 2023 net income was negatively impacted by a $34.4 million FDIC special assessment related to certain bank failures occurring in 2023 and unfavorable valuation adjustment of $9.7 million related to certain mortgage-related assets • Tangible book value per common share (non-GAAP) increased to $70.33 which is the highest in Company history Q4 2023 Highlights Earnings Summary Differentiated, highly diversified and sustainable business model

77 30% 27% 16% 19% 7% 1% Commercial Commercial Real Estate PFR - Property and Casualty Insurance PFR - Life Insurance Residential Real Estate All Other Loans 32% 0% 27% 1% 6% 16% 18% Commercial excl. PPP Commercial PPP Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables - Commercial Premium Finance Receivables - Life Insurance • Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $0.9 billion to $0.9 billion at December 31, 2023, as compared to $1.0 billion to $1.1 billion at September 30, 2023. When adjusted for the probability of closing, the pipelines were estimated to be approximately $567 million to $626 million at December 31, 2023, as compared to $604 million to $0.7 billion at September 30, 2023. • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $2.0 billion, as compared to September 30, 2023, • Total period end loans as of December 31, 2023 were $1.1 billion higher than average total loans in the fourth quarter of 2023. $41,446 $107 $398 $62 $181 $(54) $(8) $42,132 9/30/2023 Commercial Commercial Real Estate Residential Real Estate PFR - Property and Casualty Insurance PFR - Life Insurance All Other Loans 12/31/2023 Measured Loan Growth Coupled with Expanded Loan Yield QoQ Growth Lead by Commercial & Acquired Loan Portfolio $39.2 $41.4 $42.1 5.15% 6.51% 6.69% Total Loans Average Total Loan Yield 12/31/2022 9/30/2023 12/31/2023 Year-over-Year Change $2.9B or 7% in Total Loans Balanced Loan Mix (as of 12/31/2023) ($ in Billions) ($ in Millions) Key Observations Benefit from Current and Future Anticipated Rate Increases 51.0% 28.0% 6.0% 11.0% 5.0% Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-12 months 1-2 Years 2-5 Years > 5 Years $42.3 DONE Commercial excl. PPP $11.7 PPP $0.3 Commercial Real Estate $9.2 Premium Finance Receivables - Commercial Insurance $4.9 Premium Finance Receivables - Life Insurance $7.2 All Other Loans $3.2 Presentation draft doughnut chart left ($ in Billions) $41,446 $41,796 9/30/2023 Commercial PPP All Other Commercial Loans Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 12/31/2023 Draft waterfall below 1 1 1 RELINK TEXT BOX TOT LOANS Loan Growth Across Majority of Loan Portfolios Pending from Mark B. Pending $4.4B or 7% in Total Loans, $5.0B or 15% in Total Loans excl. PPP Loan Portfolio Diversified loan portfolio Continued Loan Growth Supported by CRE and PFR - Property and Casualty Insurance Portfolios ($ in Millions) Diversified Loan Mix (as of 12/31/2023) Sustained Loan Growth Coupled with Higher Loan Yield ($ in Billions) PENDING Q2 Q1 Total Loans 42,131,831 41,446,032 YoY change 2 %

88 • Strong year-over-year deposit growth totaling $2.5 billion • Deposit base and liquidity remain strong despite a volatile market • Non-interest-bearing deposits increased slightly in the fourth quarter of 2023 $44,993 $73 $206 $(164) $289 $45,397 9/30/2023 Non-Interest-Bearing Savings CDs Other Interest- Bearing 12/31/2023 Deposit Franchise Remained Solid Q1 '23 Commentary $42.9 $45.0 $45.4 1.30% 3.12% 3.32% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 12/31/2022 9/30/2023 12/31/2023 Year-over-Year Change $2.5B or 6% Non-Interest-Bearing $10.4 NOW and Interest- Bearing DDA $5.8 Wealth Management Deposits $1.6 Money Market $15.1 Savings $5.8 Time Certificates of Deposit $6.6 ($ in Billions) ($ in Billions) Draft graph to left $45.4 PENDING UPDATES 1 1Includes: NOW, Interest-bearing Demand Deposits, Money Market and deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), trust and asset management customers of the Company Deposit Portfolio Enviable core deposit franchise in Chicago and Milwaukee market areas Growth Driven by Interest-Bearing Deposits ($ in Millions) Continued Deposit Growth Supported by Strong Franchise ($ in Billions) • Total Loan Growth expected... • Total Deposit Growth anticipated... • Average Loans to Deposit Target Ratio... • Net Income... • Net Interest Margin • Non-Interest Income... • Net Overhead Ratio... • Net Charge-Off Ratio... • Total RBC Ratio... Highlights PENDING $44,993 $(251) $547 $370 $288 $45,397 9/30/2023 Non-Interest-Bearing MaxSafe® Wealth Management All Other Interest- Bearing 12/31/2023 Maxsafe® Product Composition Balance as of 9/30/2023 ($ in Millions) Non-Interest-Bearing $840 NOW and Interest-Bearing $491 Money Market $5,804 CDs $302 Total $7,437 1

99 30% 23% 13% 13% 5% 4% 30% 33% 11% 13% 11% 14% Time Certificates of Deposit Savings Money Market Wealth Management Deposits NOW and Interest-Bearing Demand Deposits Non-Interest-Bearing Q4 2022 Q4 2023 Total Interest-Bearing Deposit Costs 1 "Prior Fed Cycle" defined as Q3 2015 to Q2 2019 and "Current Fed Cycle" begins in Q3 2019 to present Deposit Beta Accelerated in Q1 2023 Anticipated to Surpass Previous Cycle Betas • Total deposits increased by $0.4 billion from the prior quarter end. • Non-interest bearing deposits comprise 23% of total deposits as of December 31, 2023. • Rate paid on average interest-bearing deposits increased 20 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 92.8% as compared to 92.1% at prior quarter end. $44,993 $45,397 9/30/2023 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 12/31/2023 Increased Funding Costs Considerably Outpaced by Higher Loan Yields Q1 '23 Commentary Focused on low-cost deposit mix to drive margin expansion $42.9 $45.0 $45.4 1.30% 3.12% 3.32% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 12/31/2022 9/30/2023 12/31/2023 Year-over-Year Change $2.5B or 6% Non-Interest-Bearing $10.4 NOW and Interest- Bearing DDA $5.8 Wealth Management Deposits $1.6 Money Market $15.1 Savings $5.8 Time Certificates of Deposit $6.6 ($ in Billions) ($ in Billions) 53% 44% Q3 2019 to Q4 2021 (–225 bps) Q3 2015 to Q2 2019 (+225 bps) Deposit Mix Shift Into Interest-bearing and Insured Deposits Draft graph to left $44,993 $45,368 9/30/2023 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 12/31/2023 Draft waterfall below 1 0.25% 3.25% 1.97% 3.32%3.21% 3.40% Fed Target Total Interest-Bearing Deposit Costs Total Deposit Costs 12/31/21 09/30/22 Total Interest-Bearing Beta 5% Total D posit Beta 4% Fed Target up 300 bps Historical Interest-Bearing Beta1 44% 1Historical Deposit Beta reflects previous rising rate Fed cycle Q3 2015 to Q2 2019 Fed Funds Upper Target up 525 bps 0.25% 5.50% 12/31/21 12/31/2023 Total Interest-Bearing Deposit Beta 59% 0.24% 3.32% 12/31/21 12/31/2023 Total Deposit Beta 45% 0.16% 2.54% 12/31/21 12/31/2023 Fed Target Total Deposit Costs $45.4 • Total cycle-to-date Interest-Bearing Deposit Beta stands at 36% as of Q1 2023 but with market pressures current cycle beta likely to outpace Historical Beta and may approach 50% • Experienced a shift from Non-Interest-Bearing deposits to Interest-Bearing products • Benefited from MaxSafe® and reciprocal products that provide our customers additional FDIC protection ◦ These deposits increased $1.3 billion from 12/31/22 primarily driven by a $1.1 billion increase in MaxSafe® • No material deposit concentrations ($ in Billions) $42.9 Deposit Portfolio Deposit beta increase driven by on-going competition for liquidity • Total cycle-to-date Interest-Bearing Deposit Beta stands at 47% as of Q2 2023, which is in-line with our guidance and we believe deposit beta may now approach 55% • Continued to benefit from MaxSafe® product that provides our customers additional FDIC protection ◦ MaxSafe® deposit balances increased $1.7 billion from 3/31/23 • No material deposit concentrations Q4 2023 Highlights Deposit Beta Increased but Moderated in Q4 2023 Deposit Mix Shift Into Interest-Bearing due to Interest Rate Environment ($ in Billions) $45.4 • Total cycle-to-date interest-bearing deposit beta was at 59% as of Q4 2023 • No material deposit concentrations • Non-interest-bearing maintained at 23% of total deposits as of December 31, 2023 PENDING

1010 $3.5 $3.9 $0.1 Available-for-Sale Held-to-Maturity Other $61.00 $64.07 $70.33 7.1% 7.1% 7.7% Tangible Book Value Per Share (non-GAAP) Tangible Common Equity Ratio (non-GAAP) 12/31/2022 9/30/2023 12/31/2023 9.3% 0.3% (0.2)% 9.4% 9/30/2023 Retained Earnings and other equity changes Change in RWA 12/31/2023 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 9.3% 10.2% 12.1% Minimum Requirement Capital Conservation Buffer WTFC 12.0% 0.4% (0.3)% 12.1% 9/30/2023 Retained Earnings and other equity changes Change in RWA 12/31/2023 TBV Growth along with TCE Improvement Record Earnings Drove Capital Expansion Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $1,058 $782 $736 1 Ratios for Q4 2023 are estimated 9.1% 9.3% 9.4% 10.0% 10.2% 10.2% 11.9% 12.0% 12.1% 8.8% 9.2% 9.3% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 12/31/2022 9/30/2023 12/31/2023 Quarterly Earnings Supported CET1 Improvement 7.1% 7.1% 7.7% 7.1% 7.9% Tangible Common Equity Ratio (non-GAAP) Tangible Common Equity Ratio excl. AOCI (non-GAAP) 12/31/2022 9/30/2023 12/31/2023 Capital Ratios Adjusted for AOCI not Included in Capital Ratios & HTM Unrealized Losses (net of tax) Linked chart below 4 CET1 Ratio $59.64 $70.33 $72.12 Book Value Per Common Share Tangible Book Value Per Common Share (non-GAAP) 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2023 1 7.9% 7.1% 8.9% 8.0% 10.9% 10.0% 6.7% 6.3% Adjusted CET1 Ratio Adjusted Tier 1 Capital Ratio Adjusted Total Capital Ratio Adjusted Tier 1 Leverage Ratio 12/31/2022 9/30/2023 12/31/20231 8.6% 9.1% 9.3% 7.0% 7.0% 7.0% CET1 Ratio Minimum Requirement + Capital Conservation Buffer 03/31/22 12/31/22 03/31/23 Q1 '23 Commentary • The Company's current capital levels are well in excess of regulatory thresholds and it is expected that the Company would remain well capitalized in the event either: • Regulatory changes require banks to report unrealized AFS and HTM losses as a reduction to regulatory capital, or • If the Company were to liquidate our entire investment portfolio • Strong profits resulted in improved capital levels PENDING Pending Capital/Liquidity Current capital levels are well in excess of regulatory thresholds with the Company recording strong earnings CET1 Increased due to EarningsCapital Levels Remained Stable Supporting Strong Growth ($ in Millions) Strategically Balanced Investment Portfolio (as of 12/31/2023) ($ in Billions) • The Company's capital levels are well in excess of regulatory thresholds and it is expected that the Company would remain well capitalized in the event the Company were to liquidate its entire investment portfolio • Investment portfolio size has remained relatively unchanged quarter over quarter at 13% of total assets Q4 2023 Highlights 1 Total Investment Portfolio Yield (Q4 '23): 3.42% Duration: 6.6 Years $7.5 Pending

1111 30% 26% 13% 13% 5% 4% 30% 32% 11% 12% 11% 13% Time Certificates of Deposit Savings Money Market Wealth Management Deposits NOW and Interest-Bearing Demand Deposits Non-Interest-Bearing Q4 2022 Q4 2023 1Historical Deposit Beta reflects previous rising rate Fed cycle Q3 2015 to Q2 2019 $42.7$42.9 Net Interest Margin/Income Net interest margin within guidance range; coupled with earning asset growth, record net interest income • Total cycle-to-date Interest-Bearing Deposit Beta stands at 36% as of Q1 2023 but with market pressures current cycle beta likely to outpace Historical Beta and may approach 50% • Experienced a shift from Non-Interest-Bearing deposits to Interest-Bearing products • Benefited from MaxSafe® and reciprocal products that provide our customers additional FDIC protection ◦ These deposits increased $1.3 billion from 12/31/22 primarily driven by a $1.1 billion increase in MaxSafe® • No material deposit concentrations Q1 2023 Highlights Q4 2023 NIM Increased Despite Continued but Moderating Deposit Pricing Pressures Deposit Mix Shift Into Interest-bearing and Insured Deposits ($ in Billions) 3.62% 0.18% (0.19)% 0.03% 3.64% NIM (non-GAAP) Q3 2023 Earning Asset Yield Interest-Bearing Liability Rate Net Free Funds NIM (non-GAAP) Q4 2023 Q2 2023 Net Interest Income: $448.0MM Sequential Quarter Growth: ($10.0MM) or -2% Linked Quarter Growth: $110.2MM or 33% Repositioning the Balance Sheet to Mitigate Interest Rate Risk 3.8% 1.8% 3.0% 1.2% Static Ramp 12/31/2022 12/31/2023 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points (5.0)% 0.4% (2.9)% (0.3)% Static Ramp 12/31/2022 12/31/2023 1 2 Percentage Change in Net Interest Income Over a One-Year Time Horizon Falling Rates Scenario - 100 Basis Points 1 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 2 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 Q3 '23 NII $462.4MM Q4 '23 NII $470.0MM PENDING Q2 2023 NIM excl. Hedges (non-GAAP) 3.81% Q3 2023 NIM excl. Hedges (non-GAAP) 3.79% PENDING - ALM

1212 $93.8 $107.8 $113.0 $112.5 $100.8 $30.7 $29.9 $33.9 $33.5 $33.3 $12.4 $13.0 $12.2 $13.9 $14.2 $13.1 $12.9 $13.6 $14.2 $14.5 $20.2 $33.7 $23.3 $23.5 $31.4 $17.4 $18.3 $30.0 $27.4 $7.4 Wealth Management Operating Lease Income, net Service Charges on Deposits Other; incl. Call Option Income Mortgage Banking Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $422.4 $372.3 $578.0 $572.6 $439.2 $287.0 $256.1 $406.8 $408.7 $315.6 $135.4 $116.2 $171.2 $163.9 $123.6 Retail Originations Veterans First Originations Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Mortgage Originations for Sale Declined in Q4 but Higher Year-over- Year MSRs Decreased due to Unfavorable Valuation Adjustment in Q4 2023 Strong Wealth Management BusinessMortgage Impacted by Change in Interest Rate Environment Declining Mortgage Originations for Sale due to Rising Mortgage Rates Fee Businesses Stable Amidst Rising Rate Environment 1 Other - includes Interest Rate Swap Fees, BOLI, Administrative Services, FX Remeasurement Gains/(Losses), Early Pay-Offs of Capital Leases, Gains/(losses) on investment securities, net, Fees from covered call options, Trading gains/(losses), net and Miscellaneous 1 $30.7 $29.9 $33.9 $33.5 $33.3 $34.4 $35.2 $44.5 $44.7 $47.1 Total Wealth Management Revenue Assets Under Administration ($ in Billions) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 ($ in Millions) ($ in Millions) ($ in Millions) Wealth Management Business Remains Healthy Despite Market Volatility Hedging Efforts Helped Reduce MSR Volatility % of MSRs to Loans Serviced for Others Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 1.64% 1.60% 1.71% 1.77% 1.60% $230.2 $225.8 $200.7 $210.5 $192.5 $14,053 $14,080 $11,752 $11,886 $12,007 MSRs, at fair value Loans Serviced for Others Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 ($ in Millions) ($ in Millions) PENDING Non-Interest Income Diversified fee businesses support non-interest income levels despite challenging mortgage environment $30.7 $29.9 $33.9 $33.5 $33.3 $26.6 $25.4 $29.5 $29.2 $27.9 $4.2 $4.5 $4.4 $4.4 $5.3 $34.4 $35.2 $44.5 $44.7 $47.1 Trust and Asset Management Revenue Brokerage Revenue Assets Under Administration ($ in Billions) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 PENDING

1313 Salaries and Benefits Increase Primarily Driven by Employee Insurance Efficiency Ratio Increase a Result of FDIC Special Assessment $180.3 $176.8 $184.9 $192.3 $194.0 $100.2 $108.4 $107.7 $111.3 $111.5 $49.5 $39.8 $44.5 $48.8 $49.0 $30.6 $28.6 $32.7 $32.2 $33.5 Salaries Commissions and Incentive Compensation Employee Benefits Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 55.02% 52.78% 56.95% 56.94% 63.51% Efficiency Ratio (non-GAAP) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Lower Incentive Expense Partially Offset by Annual Merit Increase Items Impacting Quarterly Comparability • The company recorded $838,000 in Occupancy expense related to the anticipated sale of a branch facility • Recorded $846,000 in Software and Equipment expense related to the impairment of an operating lease asset 1 Other NIE - includes Professional Fees, Data Processing, amortization of other intangible assets, FDIC insurance, OREO expense, net, Commissions (3rd Party Brokers), Postage and Miscellaneous $288.7 $1.6 Q2 2022 Non-Interest Expense Salaries and Employee Benefits All Other Expenses Q3 2022 Non-Interest Expense 1 1 Net Overhead Ratio - 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. 2 See Non-GAAP reconciliation in the Appendix Salaries and employee benefits expense decreased by $1.9 million in the third quarter of 2021 as compared to the second quarter of the year. The $1.9 million decline is primarily related to $6.3 million of lower compensation expense associated with the mortgage banking operation offset somewhat by higher incentive compensation expense for annual bonus and long-term incentive compensation plans during the third quarter relative to the second quarter. $286.9 $286.9 $280.1 $282.1 $0.0 $180.8 $180.8 $172.8 $170.9 $— $20.9 $20.9 $20.9 $22.0 $20.0 $20.0 $17.7 $18.2 $8.5 $8.5 $11.3 $13.4 $10.8 $10.8 $9.9 $10.0 $45.9 $45.9 $47.5 $47.6 Salaries and Employee Benefits Software and Equipment Occupancy, net Advertising and Marketing Operating Lease Equipment Other Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $5.0 $4.8 $5.3 Lending expenses, net of deferred originations costs Q1 2022 Q4 2022 Q1 2023 Strategic Cost Reductions in the Mortgage Business ($ in Millions) 1 FTE - Full-Time Equivalent Employees 1 ($ in Millions) Update title Decrease Primarily Driven by Incentive Compensation, Lower Loan Origination, and Seasonal Decline in Marketing Efficiency Ratio Improvement Driven by Increased NIM and Lower Expenses $330.1 $1.6 $(3.2) $34.4 $(0.2) $362.7 Q3 2023 Non-Interest Expense Salaries and Benefits Occupancy Expense FDIC Special Assessment All Other Expenses Q4 2023 Non-Interest Expense 1 Extraordinary Items - TBD 1 PENDING ($ in Millions) ($ in Millions) Non-Interest Expense Continue to monitor our expenses and believe they are in line with current Company growth ($ in Millions) Increase Primarily Driven by FDIC Special Assessment ($ in Millions)

1414 $158.5 $205.9 0.59% 0.77% 1.01% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 12/31/2023 • The Company estimates an increase to the allowance for credit losses of approximately 30% to 50% at adoption related to its loan portfolios and related lending commitments. Approximately 80% of the estimated increase is related to: ◦ Additions to existing reserves for unfunded lending-related commitments due to the consideration under CECL of expected utilization by the Company's borrowers over the life of such commitments. ◦ Establishment of reserves for acquired loans which previously considered credit discounts. The Company estimates an insignificant impact at adoption of measuring an allowance for credit losses for other in-scope assets (e.g. held-to-maturity debt securities). Continued Stable Levels of Non-Performing Loans Extended Low Levels of Net Charge-Offs $100.7 $100.7 $108.7 $133.1 $139.0 $54.2 $71.8 $74.6 $79.4 $91.3 $17.2 $1.1 $1.7 $10.7 $0.0 $29.3 $27.8 $32.4 $43.0 $47.7 0.26% 0.25% 0.26% 0.32% 0.33% NPLs as a % of Total Loans PFR - Commercial NPLs PFR - Life NPLs Commercial, CRE and Other NPLs 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 $5.1 $5.5 $17.0 $8.1 $14.9 $47.6 $23.0 $28.5 $19.9 $42.9 0.05% 0.06% 0.17% 0.08% 0.14% NCOs Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $47.6 $23.0 $28.5 $19.9 $42.9 10.66% 23.71% 59.73% 40.75% 34.70% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 $7.8 $53 $135.1 $0 $0 $— $— $— $— $—$7.8 $53.0 $135.1 10.7% 23.7% 59.7% 40.7% 34.7% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Incurred Loss Method CECL Incurred Loss Method CECL Q4 2023 Q3 2023 Increase/ (Decrease) Pass $ 33,700,724 $ 32,045,349 $ 1,655,375 Special Mention 755,859 794,238 (38,379) Substandard Accrual 265,452 340,516 (75,064) Substandard Nonaccrual/Doubtful 67,069 83,940 (16,871) Total Loans $ 34,789,104 $ 33,264,043 $ 1,525,061 Q4 2023 Key Observations During the fourth quarter of 2021, we continued our practice of pursuing the resolution of non-performing credits and executed a loan sale that reduced non-performing loans by approximately $10 million resulting in $1.8 million of net charge-offs. The key drivers of the shift in credit quality mix include: • Risk rating upgrades as a result of improved credit performance. • Increase in pass rated credits was driven by commercial loan growth and higher utilization on existing lines partially offset by decline in PPP Loans. ($ in Millions) ($ in Millions) ($ in Millions) Increased Allowance Coverage $40,351 $40,931 Q3 2023 Q4 2023 $584 $618 Q3 2023 Q4 2023 $511 $583 Q3 2023 Q4 2023 $83.94 $67.07 Q4 2021 Q1 2022 $340.52 $265.45 Q4 2021 Q1 2022 Pass and Loans Guaranteed1 ($ in Millions) Special Mention Substandard2 $158.5 $205.9 $357.9 0.59% 0.77% 0.91% 1.01% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 12/31/2022 12/31/2023 Modest Levels of Special Mention and Substandard Loans 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful $387.8 $17.4 $(5.7) $399.5 9/30/2023 Portfolio Changes Economic Factors 12/31/2023 ($ in Thousands) Macro-economic conditions Model imprecision Volume Credit Quality Aging Mix Net Charge- offs 97% 97% 2% 2% 1% 1% Credit Quality Exceptional credit quality supported by a diversified loan portfolio Consistently Low Levels of Net Charge-Offs Manageable Levels of Non-Performing Loans ($ in Millions) ($ in Millions) Increased Allowance Primarily Due to Portfolio Changes Special Mention and Substandard Loan Category Percentages Remained Unchanged Quarter over Quarter ($ in Millions) ($ in Millions) Pending - Manual Entries $100.7 $100.7 $108.7 $133.1 $139.0 0.26% 0.25% 0.26% 0.32% 0.33% NPLs NPLs as a % of Total Loans 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful 3Portfolio Changes: Includes new volume and run-off, changes in credit quality, aging of existing portfolio, shifts in segmentation mix, changes in specific reserves and net charge-offs Pending

1515 • Increase in allowance driven by deterioration of key variables within the macroeconomic forecast, coupled with higher net loan growth and slight changes in credit quality within specific products in the portfolio • Strong coverage across all portfolios designed to protect against potential future economic stress $41.0 $41.4 $42.1 0.94% 0.96% 1.01% Total Loan Period End Balance Allowance as a % of Total Loans 6/30/2023 9/30/2023 12/31/2023 $1,760 $1,894 $2,084 $8,848 4.93% 4.79% 4.51% 1.46% 1.38% 1.40% Construction and development Non-construction Allowance as a % of Category (Construction) Allowance as a % of Category (Non-Construction) 6/30/2023 9/30/2023 12/31/2023 13% 19% 12% 25% 12% 15% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $23.4 $24.1 $24.6 1.50% 1.51% 1.55% Core Loan Period End Balance Allowance as a % of Category 6/30/2023 9/30/2023 12/31/2023 Measured Growth with Low Charge-Offs NPLs Remain at Low Levels $17.6 $17.4 $17.5 0.21% 0.20% 0.26% Niche Loan Period End Balance Allowance as a % of Category 6/30/2023 9/30/2023 12/31/2023 Q4 2023 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 16% 23% 15% 30% 17% Office Industrial Retail Multi-family Mixed use and other 82% 3% 16% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 12/31/2023) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ in Millions) 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan 1 Net Charge-Off Ratio is calculated as a percentage of average loans Well Reserved Amidst Macroeconomic Uncertainty ($ in Thousands) 6% 9% 6%12% 7% 8% 0% 1% 50% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land Credit Quality - Allowance for Loan Losses The Company remains well-reserved Well-Reserved Across Our Core Loan PortfolioSufficient Allowance Coverage of Total Loan Portfolio ($ in Billions) ($ in Billions) $1,760 $1,894 $2,084 $8,848 $9,052 $9,260 4.93% 4.79% 4.51% 1.46% 1.38% 1.40% Construction and development Non-construction Allowance as a % of Category (Construction) Allowance as a % of Category (Non-Construction) 6/30/2023 9/30/2023 12/31/2023 $1,760 $1,894 $2,084 4.93% 4.79% 4.51% Construction and Development Allowance as a % of Category 6/30/2023 9/30/2023 12/31/2023 $8,848 $9,052 $9,260 1.46% 1.38% 1.40% Non-Construction Allowance as a % of Category 6/30/2023 9/30/2023 12/31/2023 Allowance Provides Appropriate Coverage Given Minimal Historic Losses in Niche Portfolio ($ in Billions) Q4 2023 Highlights

1616 $142.8 $149.5 $143.1 $151.5 $169.6 1.14% 1.19% 1.14% 1.19% 1.32% Calculated Allowance Allowance as a % of Category 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 $36.0 $48.0 $41.0 $43.8 $39.0 0.29% 0.38% 0.33% 0.34% 0.30% NPLs NPL as a % of Category 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 $12,549 $12,577 $12,600 $12,725 $12,832 0.08% 0.07% 0.16% 0.04% 0.14% Period End Balance Net Charge-Off Ratio 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 $6,481 $7,049 $7,178 $7,340 $7,430 41.0% 40.7% 41.3% 40.5% 39.9% Unused Line of Credit Balance (excl. Mortgage Warehouse and Leases) Line Utilization % of Total Commercial Loans (excl. Mortgage Warehouse and Leases) 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 $5,852.2 $5,855.0 $5,737.6 $5,894.7 $5,804.6 $12,520 $12,560 $12,585 $12,712 $12,821 0.08% 0.07% 0.16% 0.04% 0.14% Commercial and industrial Total Commercial Loans Asset-based lending Municipal Leases 1/3 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Sustained Portfolio Growth Paired with a Low Net Charge-Off Ratio Non-Performing Loans Remain Low $4,384 $5,513 $5,583 $6,141 $6,236 $6,489 $6,832 $7,243 46.1% 50.8% 41.4% 43.0% 39.7% 38.9% 38.4% 39.3% 39.6%45.5% 50.6% 40.6% 41.5% 37.7% 36.7% 37.0% 39.0% 40.5% Unused Line of Credit Balance Total Commercial (excl. PPP and Leases) Total Commercial (excl. PPP, Mortgage Warehouse and Leases) 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Q4 2023 Key Observations • Significant loan growth in Q4 2021 of $1.2 billion of which $578 million is attributed to acquired loans. • Net charge-offs in Q4 2021 were consistent with historical levels. • The proportion of Commercial non-performing loans remains relatively low as pandemic-driven circumstances continue to improve. • Line utilization increased slightly in Q4 2021 but remains historically low as a result of factors such as excess liquidity in the market as well as suspension of capital expenditures and other non- working capital payments. 1 Commercial Loans excludes PPP loans 2 Net Charge-Off Ratio is calculated as a percentage of average loans ($ in Millions) ($ in Millions) Line Utilization as a % of Commercial Loans remains low due to excess liquidity in the market and suspension of capital expenditures Allowance Provides Appropriate Coverage Commercial Loan Composition (as of 12/31/2023) ($ in Millions) 45.5% 37.7% 40.5% 40.5% Total Commercial (excl. Mortgage Warehouse and Leases) 12/31/2019 12/31/2021 12/31/2022 12/31/2023 $4,687 $4,384 $6,236 $7,260 Unused Line of Credit Balance 12/31/2019 12/31/2021 12/31/2022 12/31/2023 $4,687 $4,384 $6,236 $7,260 $4,443 $4,105 $5,837 $6,481 $244 $278 $398 $779 Unused Line of Credit Balance excluding Mortgage Warehouse Mortgage Warehouse 12/31/2019 12/31/2021 12/31/2022 12/31/2023 1 Commercial Loan Composition includes PPP loans which are less than 1% of total portfolio ($ in Thousands) ($ in Millions) 45% 11%5% 17% 9% 2% 4% 7% Commercial and industrial Asset-based lending Municipal Leases Franchise Mortgage warehouse lines of credit Community Advantage - HOA Insurance agency lending Credit Quality - Commercial Loans Diversified portfolio with low net charge-offs Continuously Low Levels of Non-Performing Commercial LoansConsistent Portfolio Growth Paired with Steady Net Charge-Off Ratio ($ in Millions) ($ in Millions) Allowance Provides Proper Coverage Commercial Loan Composition (as of 12/31/2023) ($ in Millions) Pending

1717 13% 19% 12% 25% 12% 15% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $9,951 $10,239 $10,609 $10,946 $11,344 0.02% 0.00% 0.31% 0.05% 0.19% Period End Balance Net Charge-Off Ratio 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Measured Growth with Low Charge-Offs NPLs Remain at Low Levels $6.4 $11.2 $18.5 $18.1 $35.5 0.06% 0.11% 0.17% 0.17% 0.31% NPLs NPL as a % of Category 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Q4 2023 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 16% 23% 15% 30% 17% Office Industrial Retail Multi-family Mixed use and other 82% 3% 16% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 12/31/2023) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ in Millions) 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan 1 Net Charge-Off Ratio is calculated as a percentage of average loans Well Reserved Amidst Macroeconomic Uncertainty $184.4 $194.8 $215.7 $215.7 $223.9 1.85% 1.90% 2.03% 1.97% 1.97% Calculated Allowance Allowance as a % of Category 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 ($ in Thousands) 6% 9% 6%12% 7% 8% 0% 1% 50% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land13% 19% 12% 25% 13% 15% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Land Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties CRE NPLs Increase Driven Largely by One Loan, Which is Current, and Secured by "Co-working" Office Space Relatively Low Levels of Net Charge-offs ($ in Millions) ($ in Millions) Allowance Levels Designed to Sufficiently Cover Against any Potential Future Macroeconomic Stress Commercial Real Estate Loan Composition (as of 12/31/2023) ($ in Millions) Pending Increase as 12.2023 was largely driven by a $14MM

1818 Medical, 23% Medical Owner Occupied, 3% Non-Medical Owner- Occupied, 16% Non-Medical Non Owner-Occupied, 58% $389.1 $298.4 $167.2 $207.3 $283.0 $110.4 $154.2 $153.0 $134.8 $141.1 $202.2 $65.8 Total CRE Office Non-Medical Non Owner-Occupied <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M Chicago CBD, 12% Other CBD, 13% Suburban, 75% $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500k $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M Office Portfolio Geography 1Chicago CBD includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 1 Office Portfolio Composition Granularity of Office Portfolio ($ in Millions) ($ in Millions) 2 Medical, 22% Medical Owner Occupied 3% Non-Medical Owner- Occupied, 16% Non-Medical Non Owner-Occupied, 59% CRE Office Portfolio (as of 3/31/2023) CRE Office represents a minimal percentage of the Total Loan Portfolio $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500K $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M $1,093.4 $189.8$172.2 $851.1 $232.2 $332.2 ($ in Millions) 268895 91 48 25 20 17 12 17 12 5 3 Number of Loans Per Category PENDING $135.0 $125.5 $158.5 $366.9 $296.5 $309.7 $34.9 $58.8 $78.6 $214.1 $228.9 $229.3 CRE Office Non-Medical Non Owner-Occupied $1-$500K $500K- $1M $1M-$2M $2M-$5M $5M- $10M >=$10M Range $1-$500 K $500k-$1 M $1M-$2 M $2M-$5 M $5M-$10 M >=$10 M CRE Office 671 178 111 116 46 22 Non- Medical, Non- Owner 181 78 54 70 35 16 Number of Loans DO NOT TOUCH FOOTNOTE SUPERSCRIPT $130.8 $115.9 $147.0 $295.8 $174.0 $528.6 $34.2 $55.4 $73.0 $154.4 $169.4 $358.1 CRE Office Non-Medical Non Owner-Occupied <$500K $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M ($ in Millions) 296 909 91 48 26 22 18 11 13 10 5 3 Number of Loans Per Category UPDATE COUNT IF GO BACK CRE Office Portfolio (as of 12/31/2023) CRE office represents a minimal percentage of the total loan portfolio CRE Office Portfolio Geography ($ in Millions) CRE Office Portfolio Composition Granularity of CRE Office Portfolio by Loan Size ($ in Millions) ($ in Millions) <$2M $2M-$5M $5M-$10M $10M-$15M $15M-$20M >=$20M # of Loans CRE 895 91 25 17 17 5 Non Med 268 48 20 12 12 3 Pending Data Portfolio Characteristics As of 9/30/2023 As of 12/31/2023 Balance ($ in Millions) $1,423 $1,455 CRE office as a % to Total CRE 13.00% 12.83% CRE office as a % to Total Loans 3.43% 3.45% Average Size of Loan ($ in Millions) $1.3 $1.4 Non-Performing Loan (NPL) Ratio 0.12% 1.02% 30+ Days Past Due Ratio 0.79% 0.08% 90+ Days Past Due Ratio 0.11% 0.01% Owner Occupied or Medical % 42% 42% $39.9

1919 $17.2 $1.1 $1.7 $10.7 $0.0 0.21% 0.01% 0.02% 0.13% 0.00% NPLs NPL as a % of Category 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Pending $8,037 $1,667 Cash Surrender Value Other $8,091 $8,126 $8,039 $7,932 $7,878 0.00% 0.00% 0.01% 0.00% 0.00% Period End Balance Net Charge-Off Ratio 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Credit Quality - Premium Finance Receivables Life Life Insurance portfolio remains extremely robust and has continued to demonstrate exceptional credit quality Average Balances & Quarterly Yields ($ in Millions) $5,290.1 $5,462.8 $5,636.3 $5,957.5 3.71% 3.38% 3.74% 2.89% Average Balance Yield Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2023 Key Observations • Throughout the pandemic, the Premium Finance Receivables ("PFR") - Life Insurance portfolio has remained extremely resilient and has continued to demonstrate exceptional credit quality, as shown by the characteristically low net charge-off and NPL levels. • Origination levels have remained strong. Some of the primary drivers of growth in 2021 include: ◦ increased mortality awareness in response to the pandemic. ◦ realized or anticipated changes in tax laws including changes to allowable maximum premium amounts relative to death benefit. ◦ low interest rate environment has made leveraging insurance products attractive to consumers. • Collateral as a percentage of outstanding balance is 117% as of Q4 2023. 1 Loan Collateral reported at actual values versus credit advance rate 2 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance $315.4 $442.7 $330.3 $360.0 $371.9 Originations 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 4% 64% 7% 18% 7% Annuity Brokerage Account Certificate of Deposit Letters of Credit Money Market Other Period-End Balances & Annualized Net Charge-off Ratio1 Collateral Coverage2 of 123% No material charge-offs have occurred in the periods presented below Credit Quality Premium Finance Receivables - Life Insurance Life Insurance portfolio remains steady and has continued to demonstrate exceptional credit quality Healthy Portfolio with Low Levels of Non-Performing LoansQ4 Balances Remained Stable with Strong Credit Quality ($ in Millions) ($ in Millions) Total Loan Collateral1 by Type (as of 12/31/2023) "Other" Loan Collateral1 by Type (as of 12/31/2023) ($ in Millions)

2020 Moderate Levels of Non-Performing LoansContinued Stable Balances for Q4 $5,850 $5,739 $6,763 $6,723 $6,904 0.16% 0.23% 0.24% 0.29% 0.29% Period End Balance Net Charge-Off Ratio 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Steady Origination Volume Driven by Market Conditions Average Balances & Quarterly Yields ($ in Millions) $3,724.6 $4,134.0 $4,010.5 $3,952.9 5.05% 4.60% 4.60% 4.42% Average Balance Yield Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2023 Key Observations • At the beginning of the pandemic, Premium Finance Receivables ("PFR") - Commercial experienced an increase in NPLs as a result of borrower delinquency, which was exacerbated by state emergency orders delaying cancellation of insurance policies which generate return premiums, the collateral for this portfolio. This caused NPLs to be elevated in 2020 and has subsequently returned to normalized levels in 2021. • Despite the pandemic and state emergency orders, net charge-off levels remained low and characteristic of the low loss levels expected of this portfolio, with the portfolio experiencing net recoveries in Q2 2021 and Q3 2021. • Strong origination volumes in 2021 a result of businesses seeking financing opportunities during the pandemic, hardening insurance markets, additions of new relationships and a low rate environment. 1 Net Charge-Off Ratio is calculated as a percentage of average loans $3,550 $3,460 $4,583 $4,212 $4,140 Originations Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 NPLs Remain Below Historic Norms $29.3 $27.8 $32.4 $43.0 $47.7 0.50% 0.48% 0.48% 0.64% 0.69% NPLs NPL as a % of Category 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 $9,478 $10,182 $10,588 $11,231 $28 $38 $39 $48 Risk Rating 1-5 Risk Rating 6-10 12/31/22 03/31/23 06/30/23 09/30/23 12/31/23 $3,465 $2,183 $1,034 $222 Current Premium Finance Receivables - Property and Casualty Insurance Loan Balances Projected to Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 7-9 Months > 9 months Yet to Realize Full Benefit of Prior Rate Increases Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows Seasonal Portfolio Decline Premium Finance Receivables - Property and Casualty Insurance ($ in Millions) ($ in Millions) Projected Repayments Strong Origination Volume Continued in the Fourth Quarter ($ in Millions) ($ in Millions) PENDING PENDING $5.8 $0.9 PFR Commercial - U.S. Based PFR Commercial - Canada Based $6.7B

2121 Appendix

2222 $132.4 $126.4 $165.5 $378.0 $291.9 $242.9 $1-$500k $500K-$1M $1M-$2M $2M-$5M $5M-$10M >=$10M Use of Hedges to Mitigate Negative Impacts of Falling Rates Chicago CBD, $187.0, 14% Other CBD, $171.7, 13% Suburban, $978.5, 73%Chicago CBD Other CBD Suburban 1Chicago CBD (Central Business District) includes the following zip codes: 60601, 60602, 60603, 60604, 60605, 60606, 60607, 60610, 60611, 60654, 60661 2Other CBD includes the following metropolitan areas: Milwaukee, Boulder, Orlando, Saint Paul, Columbus, Akron, Cincinnati, San Antonio 3Net Charge-Off Ratio annualized utilizing charge-offs in the fourth quarter of 2022 1 Office Portfolio Makeup as of 12/31/2022 Office Composition by Balance as of 12/31/2022 ($ in Millions) ($ in Millions) 2 Medical, 21% Non-Medical Owner- Occupied, 19% Non-Medical Non Owner-Occupied, 60%Medical Non-Medical Owner-Occupied Non-Medical Non Owner-Occupied Weighted Avg Rate (Receive Fixed Rate vs Term SOFR) Hedge Rate: 2023: 3.76% 2024: 3.76% 2025: 3.76% 2026: 3.65% 2027: 3.55% Forward Rate: 2023: 4.51% 2024: 3.68% 2025: 3.23% 2026: 2.95% 2027: 2.82% Gain/(Loss): 2023($32MM) 2024 $5MM 2025 $29MM 2026 $25MM 2027 $11MM Hedging activities had a 19 basis point detriment to our Q4 2023 NIM as compared to 18 basis points in Q3 2023. These derivatives are expected to benefit the Company if interest rates fall materially. Weighted Average Rate (Receive Fixed Rated vs Term SOFR) Hedge Rate 2023 2024 2025 2026 2027 3.76 % 3.76 % 3.76 % 3.65 % 3.55 % Forward Rate 2023 2024 2025 2026 2027 4.51 % 3.68 % 3.23 % 2.95 % 2.82 % Gains/(Losses) 2023 2024 2025 2026 2027 $ (32) MM $ 5 MM $ 29 MM $ 25 MM $ 11 MM As of As of Increase/ Deposit Composition as of 3/31/2023 Deposit Composition as of 3/9/20233/31/2023 3/9/2023 (Decrease) Deposits: Retail / Business Non-Interest Bearing Deposits $ 9,824,253.109 $ 10,847,472.262 $ (1,023,219) #REF! #REF! Retail / Business Interest Bearing Deposits 19,108,943.386 19,216,379.959 (107,437) #REF! #REF! Maxsafe 4,952,632.102 3,996,247.422 956,385 #REF! #REF! Internal Wealth Mgmt 921,287.04 1,012,564.517 (91,277) #REF! #REF! Other Niche $ 1,218,872.425 $ 1,589,795.093 $ (370,923) #REF! #REF! CDEC 888,646.221 923,903.995 (35,258) #REF! #REF! Wholesale - Brokered 4,059,575.872 2,721,370.888 1,338,205 #REF! #REF! Wholesale - Non-Brokered 1,743,982 1,538,108 205,874 #REF! #REF! Total Niche/Wholesale Deposits $ 7,911,076,518 $ 6,773,177,976 $ 1,137,899 #REF! #REF! Total Deposits #REF! #REF! #REF! #REF! #REF! Hedge Type Effective Date Notional Maturity Date Cap Rate Floor Rate Swap Rate Costless Collar 9/1/2022 $1.25B 9/1/2025 3.74% 2.25% N/A Costless Collar 9/1/2022 $1.25B 9/1/2027 3.45% 2.00% N/A Costless Collar 10/1/2022 $0.5B 10/1/2026 4.32% 2.75% N/A Receive Fixed Swap 1/31/2023 $0.5B 12/31/2025 N/A N/A 3.75% Receive Fixed Swap 1/31/2023 $0.5B 12/31/2026 N/A N/A 3.51% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2026 N/A N/A 3.68% Receive Fixed Swap 2/1/2023 $0.25B 2/1/2027 N/A N/A 3.45% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 3.92% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.53% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2026 N/A N/A 4.18% Receive Fixed Swap 3/1/2023 $0.25B 3/1/2028 N/A N/A 3.75% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2026 N/A N/A 4.45% Receive Fixed Swap 4/1/2023 $0.25B 7/1/2027 N/A N/A 4.15% Receive Fixed Swap 10/1/2024 $0.35B 10/1/2029 N/A N/A 3.99% Receive Fixed Swap 11/1/2024 $0.35B 11/1/2029 N/A N/A 4.25% Hedging Strategy Update Below are the details of the derivatives entered by the Company as of 12/31/2023. These derivatives hedge the cash flows of variable rate loans that reprice monthly based on one-month term SOFR. Pending Data Hedging Strategy Update Use of Hedges to Mitigate Negative Impacts of Falling Rates

2323 Canada Market: 1Geographic Diversification: relevant business location utilized, which can mean the following locations: collateral location, customer business location, customer home address and customer billing address States/Jurisdictions that individually comprise 1% or less of the Total Loan Portfolio shaded light blue 2% 9% 6% 36% 2% 2% 5% 2% 5% NP - Puerto Rico NP - Virgin Islands 1% 1% 1% 2% 2% 2% 5% 1% 1% 1% 1%1% 1% 1% 1% 1% 1% 1% 1% 1% Loan Portfolio Highly diversified portfolio across U.S Loan Portfolio - Geographic Diversification1 (as of 12/31/2023) 35% 9% 7% 6% 5% 4% 3% 2% 2% 2% 2% 2% 2%Canada: Total Loan Portfolio Primary Geographic Region Commercial: Commercial, industrial and other Illinois/Wisconsin Leasing Nationwide Franchise Lending Nationwide Commercial real estate Construction and development Illinois/Wisconsin Non-construction Illinois/Wisconsin Home equity Illinois/Wisconsin Residential Real Estate Illinois/Wisconsin Premium finance receivables Commercial insurance loans Nationwide and Canada Life insurance loans Nationwide Consumer and other Illinois/Wisconsin 2%

2424 Abbreviation Definition AFS Available For Sale BOLI Bank Owned Life Insurance BP Basis Point BV Book Value per Common Share CBD Central Business District CET1 Ratio Common Equity Tier 1 Capital Ratio CRE Commercial Real Estate Diluted EPS Net Income per Common Share - Diluted FDIC Federal Deposit Insurance Corporation FY Full Year FHLB Federal Home Loan Bank GAAP Generally Accepted Accounting Principles HOA Homeowners Association HTM Held to Maturity Interest Bearing Cash Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents MSR Mortgage Servicing Right NCO Net Charge Off NII Net Interest Income NIM Net Interest Margin Non-GAAP For non-GAAP metrics, see the reconciliation in the Appendix NP Not Pictured NPL Non-Performing Loan PFR Premium Finance Receivables PTPP Pre-Tax, Pre-Provision Income ROA Return on Assets ROE Return on Average Common Equity ROTCE Return on Average Tangible Common Equity RWA Risk-Weighted Asset SOFR Secured Overnight Financing Rate TBV Tangible Book Value per Common Share Glossary

2525 Three Months Ended Years Ended Reconciliation of non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2023 2023 2023 2023 2022 2023 2022 (A) Interest Income (GAAP) $ 793,848 $ 762,400 $ 697,176 $ 639,690 $ 580,745 $ 2,893,114 $ 1,747,443 Taxable-equivalent adjustment: - Loans 2,150 1,923 1,882 1,872 1,594 7,827 3,619 - Liquidity Management Assets 575 572 551 551 538 2,249 1,977 - Other Earning Assets 4 1 1 4 1 10 5 (B) Interest Income (non-GAAP) $ 796,577 $ 764,896 $ 699,610 $ 642,117 $ 582,878 $ 2,903,200 $ 1,753,044 (C) Interest Expense (GAAP) $ 323,874 $ 300,042 $ 249,639 $ 181,695 $ 123,929 $ 1,055,250 $ 252,081 (D) Net Interest Income (GAAP) (A minus C) $ 469,974 $ 462,358 $ 447,537 $ 457,995 $ 456,816 $ 1,837,864 $ 1,495,362 (E) Net Interest Income (non-GAAP) (B minus C) $ 472,703 $ 464,854 $ 449,971 $ 460,422 $ 458,949 $ 1,847,950 $ 1,500,963 Net interest margin (GAAP) 3.62% 3.60% 3.64% 3.81% 3.71% 3.66% 3.15% Net interest margin, fully taxable-equivalent (non-GAAP) 3.64% 3.62% 3.66% 3.83% 3.73% 3.68% 3.17% (F) Non-interest income $ 100,829 $ 112,478 $ 113,030 $ 107,769 $ 93,839 $ 434,106 $ 461,053 (G) (Losses) gains on investment securities, net 2,484 (2,357) — 1,398 (6,745) 1,525 (20,427) (H) Non-interest expense 362,652 330,055 320,623 299,169 307,836 1,312,499 1,177,271 Efficiency ratio (H/(D+F-G)) 63.81% 57.18% 57.20% 53.01% 55.23% 57.81% 59.55% Efficiency ratio (non-GAAP) (H/(E+F-G)) 63.51% 56.94% 56.95% 52.78% 55.02% 57.55% 59.38% 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. 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. Reconciliation of non-GAAP Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs, net of economic hedge and Early Buy-out Loans Guaranteed by U.S. government agencies: ($ in Thousands): Income before taxes $ 165,243 $ 224,858 $ 211,430 $ 243,550 $ 195,173 $ 845,081 $ 700,555 Add: Provision for credit losses $ 42,908 $ 19,923 $ 28,514 $ 23,045 $ 47,646 $ 114,390 $ 78,589 Pre-tax income, excluding provision for credit losses (non- GAAP) $ 208,151 $ 244,781 $ 239,944 $ 266,595 $ 242,819 $ 959,471 $ 779,144 Non-GAAP Reconciliation

2626 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 165,243 $ 224,858 $ 211,430 $ 243,550 $ 195,173 $ 845,081 $ 700,555 Add: Provision for credit losses 42,908 19,923 28,514 23,045 47,646 114,390 78,589 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 208,151 $ 244,781 $ 239,944 $ 266,595 $ 242,819 $ 959,471 $ 779,144 Three Months Ended Years Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2023 2023 2023 2023 2022 2023 2022 (N) Net income applicable to common shares $ 116,489 $ 157,207 $ 147,759 $ 173,207 $ 137,826 $ 2,893,114 $ 1,747,443 Add: Intangible asset amortization $ 1,356 $ 1,408 $ 1,499 $ 1,235 $ 1,436 $ 5,498 $ 6,116 Less: Tax effect of intangible asset amortization $ (343) $ (380) $ (402) $ (321) (370) 7,827 3,619 After-tax intangible asset amortization $ 1,013 $ 1,028 $ 1,097 $ 914 1,066 2,249 1,977 (O) Tangible net income applicable to common shares (non-GAAP) $ 117,502 $ 158,235 $ 148,856 $ 174,121 $ 138,892 10 5 Total average shareholders’ equity $ 5,066,196 $ 5,083,883 $ 5,044,718 $ 4,895,271 $ 4,710,856 $ 2,903,200 $ 1,753,044 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ 1,055,250 $ 252,081 (P) Total average common shareholders’ equity $ 4,653,696 $ 4,671,383 $ 4,632,218 $ 4,482,771 $ 4,298,356 $ 1,837,864 $ 1,495,362 Less: Average intangible assets $ (679,812) $ (681,520) $ (682,561) $ (675,247) $ (676,371) $ 1,847,950 $ 1,500,963 (Q) Total average tangible common shareholders’ equity (non- GAAP) $3,973,884 $3,989,863 $3,949,657 $3,807,524 $3,621,985 3.66% 3.15% Return on average common equity, annualized (N/P) 9.93% 13.35% 12.79% 15.67% 12.72% 3.68% 3.17% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 11.73 15.73 15.12 18.55 15.21 $ 434,106 $ 461,053 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. 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. Non-GAAP Reconciliation

2727 Three Months Ended Reconciliation of non-GAAP Tangible Common Equity ($'s and Shares in Thousands): December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Total shareholders’ equity (GAAP) $ 5,399,526 $ 5,015,613 $ 5,041,912 $ 5,015,506 $ 4,796,838 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (679,561) (680,353) (682,327) (674,538) (675,710) (I) Total tangible common shareholders’ equity (non-GAAP) $ 4,307,465 $ 3,922,760 $ 3,947,085 $ 3,928,468 $ 3,708,628 (J) Total assets (GAAP) 56,259,934 55,555,246 54,286,176 52,873,511 52,949,649 Less: Intangible assets (GAAP) (679,561) (680,353) (682,327) (674,538) (675,710) (K) Total tangible assets (non-GAAP) $ 55,580,373 $ 54,874,893 $ 53,603,849 $ 52,198,973 $ 52,273,939 Common equity to assets ratio (GAAP) (L/J) 8.9 % 8.3 % 8.5 % 8.7 % 8.3 % Tangible common equity ratio (non-GAAP) (I/K) 7.7 % 7.1 % 7.4 % 7.5 % 7.1 % Reconciliation of non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 5,399,526 $ 5,015,613 $ 5,041,912 $ 5,015,506 $ 4,796,838 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $ 4,987,026 $ 4,603,113 $ 4,629,412 $ 4,603,006 $ 4,384,338 (M) Actual common shares outstanding 61,244 61,222 61,198 61,176 60,794 Book value per common share (L/M) $81.43 $75.19 $75.65 $75.24 $72.12 Tangible book value per common share (non-GAAP) (I/M) $70.33 $64.07 $64.50 $64.22 $61.00 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: ($'s and Shares in Thousands): December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 (N) Net income applicable to common shares $ 173,207 $ 137,826 $ 1,492 $ 1,579 $ 120,400 Add: Intangible asset amortization 1,235 1,436 $ (425) $ (445) 1,609 Less: Tax effect of intangible asset amortization (321) (370) 1067000 1,134 (430) After-tax intangible asset amortization $ 914 $ 1,066 137,037 88,656 $ 1,179 (O) Tangible net income applicable to common shares (non-GAAP) $ 174,121 $ 138,892 $ 4,795,387 $ 4,526,110 $ 121,579 Total average shareholders’ equity $ 4,895,271 $ 4,710,856 $ (412,500) $ (412,500) $ 4,500,460 Less: Average preferred stock (412,500) (412,500) 4,382,887 4,113,610 (412,500) (P) Total average common shareholders’ equity $ 4,482,771 $ 4,298,356 $ (678,953) $ (681,091) $ 4,087,960 Less: Average intangible assets (675,247) (676,371) 3,703,934 3,432,519 (682,603) (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 3,807,524 $ 3,621,985 $0.12 $0.09 $ 3,405,357 Return on average common equity, annualized (N/P) 15.67 % 12.72 % 11.94 % Return on average tangible common equity, annualized (non-GAAP) (O/Q) 0.1854636737388 63 Three Months Ended Reconciliation of non-GAAP Return on Average Tangible Common Equity ($ in Thousands): December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 (N) Net income applicable to common shares $ 116,489 $ 157,207 $ 147,759 $ 173,207 $ 137,826 Add: Intangible asset amortization $ 1,356 $ 1,408 $ 1,499 $ 1,235 1436000 Less: Tax effect of intangible asset amortization $ (343) $ (380) $ (402) $ (321) (370) After-tax intangible asset amortization $ 1,013 $ 1,028 $ 1,097 $ 914 1,066 (O) Tangible net income applicable to common shares (non-GAAP) $ 117,502 $ 158,235 $ 148,856 $ 174,121 138,892 Total average shareholders’ equity $ 5,066,196 $ 5,083,883 $ 5,044,718 $ 4,895,271 $ 4,710,856 Less: Average preferred stock $ (412,500) $ (412,500) $ (412,500) $ (412,500) $ (412,500) (P) Total average common shareholders’ equity $ 4,653,696 $ 4,671,383 $ 4,632,218 $ 4,482,771 $ 4,298,356 Less: Average intangible assets $ (679,812) $ (681,520) $ (682,561) $ (675,247) $ (676,371) (Q) Total average tangible common shareholders’ equity (non-GAAP) $3,973,884 $3,989,863 $3,949,657 $3,807,524 $3,621,985 Return on average common equity, annualized (N/P) 9.93% 13.35% 12.79% 15.67% 12.72% Return on average tangible common equity, annualized (non-GAAP) (O/Q) 11.73 15.73 15.12 18.55 15.21 Non-GAAP Reconciliation 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. 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.

Document and Entity Information Document	Jan. 17, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 17, 2024
Entity Registrant Name	WINTRUST FINANCIAL CORP
Entity Incorporation, State or Country Code	IL
Entity File Number	001-35077
Entity Tax Identification Number	36-3873352
Entity Address, Address Line One	9700 W. Higgins Road, Suite 800
Entity Address, City or Town	Rosemont
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60018
City Area Code	847
Local Phone Number	939-9000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001015328
Amendment Flag	false
Common Stock, no par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	WTFC
Security Exchange Name	NASDAQ
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value
Entity Information [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value
Trading Symbol	WTFCM
Security Exchange Name	NASDAQ
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value
Entity Information [Line Items]
Title of 12(b) Security	6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value
Trading Symbol	WTFCP
Security Exchange Name	NASDAQ

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