EX-99.1 2 q12025exhibit991.htm EX-99.1
Exhibit 99.1
Wintrust Financial Corporation
9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018
News Release

FOR IMMEDIATE RELEASE |  | April 21, 2025

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 First Quarter 2025 Net Income
ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.
Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”
Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”
Highlights of the first quarter of 2025:
Comparative information to the fourth quarter of 2024, unless otherwise noted
•Total loans increased by $653 million, or 6% annualized.
•Total deposits increased by approximately $1.1 billion, or 8% annualized.
•Total assets increased by $1.0 billion, or 6% annualized.
•Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.
◦Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.
•Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:
◦Net gains on investment securities totaled $3.2 million.
◦Macatawa Bank acquisition-related costs were $2.7 million.
•Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.
•Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.
Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”

Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”
In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”
* * *
The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 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.
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*The first quarter of 2024 includes FDIC special assessment of $5.2 million and net gain on sale of RBA of $19.3 million
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4

5

6

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SUMMARY OF RESULTS:
BALANCE SHEET
Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.
Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company's loans-to-deposits ratio ended the quarter at 90.9%.
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 first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.
Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.
For more information regarding net interest income, see Table 4 through Table 7 in this report.
ASSET QUALITY
The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.
Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.
Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.
The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.
Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total
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loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report.
NON-INTEREST INCOME
Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.
Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.
Mortgage banking revenue totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.
The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.
The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.
For more information regarding non-interest income, see Table 14 in this report.
NON-INTEREST EXPENSE
Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.
Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.
Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.
Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.
Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.
The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.
For more information regarding non-interest expense, see Table 16 in this report.
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INCOME TAXES
The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.
BUSINESS SUMMARY
Community Banking
Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.
Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.
Specialty Finance
Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.
Wealth Management
Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks.
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ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS
Business Combination
On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.
Division Sale
In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).
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WINTRUST FINANCIAL CORPORATION
Key Operating Measures
Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:

|  |  |  |  |  |  | % or (1) basis point (bp) change from 4th Quarter 2024 |  | % or basis point (bp) change from 1st Quarter 2024
|  | Three Months Ended |
(Dollars in thousands, except per share data) |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Mar 31, 2024 |
Net income |  | $ | 189,039 |  |  | $ | 185,362 |  |  | $ | 187,294 |  | 2 |  | % |  | 1 |  | %
Pre-tax income, excluding provision for credit losses (non-GAAP) (2) |  | 277,018 |  |  | 270,060 |  |  | 271,629 |  | 3 |  |  |  | 2 |  |
Net income per common share – Diluted |  | 2.69 |  |  | 2.63 |  |  | 2.89 |  | 2 |  |  |  | (7) |  |
Cash dividends declared per common share |  | 0.50 |  |  | 0.45 |  |  | 0.45 |  | 11 |  |  |  | 11 |  |
Net revenue (3) |  | 643,108 |  |  | 638,599 |  |  | 604,774 |  | 1 |  |  |  | 6 |  |
Net interest income |  | 526,474 |  |  | 525,148 |  |  | 464,194 |  | 0 |  |  |  | 13 |  |
Net interest margin |  | 3.54 | % |  | 3.49 | % |  | 3.57 | % | 5 |  | bps |  | (3) |  | bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2) |  | 3.56 |  |  | 3.51 |  |  | 3.59 |  | 5 |  |  |  | (3) |  |
Net overhead ratio (4) |  | 1.58 |  |  | 1.60 |  |  | 1.39 |  | (2) |  |  |  | 19 |  |
Return on average assets |  | 1.20 |  |  | 1.16 |  |  | 1.35 |  | 4 |  |  |  | (15) |  |
Return on average common equity |  | 12.21 |  |  | 11.82 |  |  | 14.42 |  | 39 |  |  |  | (221) |  |
Return on average tangible common equity (non-GAAP) (2) |  | 14.72 |  |  | 14.29 |  |  | 16.75 |  | 43 |  |  |  | (203) |  |
At end of period |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 65,870,066 |  | $ | 64,879,668 |  | $ | 57,576,933 | 6 |  | % |  | 14 |  | %
Total loans (5) |  | 48,708,390 |  | 48,055,037 |  | 43,230,706 | 6 |  |  |  | 13 |  |
Total deposits |  | 53,570,038 |  | 52,512,349 |  | 46,448,858 | 8 |  |  |  | 15 |  |
Total shareholders’ equity |  | 6,600,537 |  | 6,344,297 |  | 5,436,400 | 16 |  |  |  | 21 |  |

(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.”
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WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

|  | Three Months Ended |
(Dollars in thousands, except per share data) |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Jun 30, 2024 |  | Mar 31, 2024 |  |  |
Selected Financial Condition Data (at end of period): |  |  |
Total assets |  | $ | 65,870,066 |  | $ | 64,879,668 |  | $ | 63,788,424 |  | $ | 59,781,516 |  | $ | 57,576,933 |  |  |
Total loans (1) |  | 48,708,390 |  | 48,055,037 |  | 47,067,447 |  | 44,675,531 |  | 43,230,706 |  |  |
Total deposits |  | 53,570,038 |  | 52,512,349 |  | 51,404,966 |  | 48,049,026 |  | 46,448,858 |  |  |
Total shareholders’ equity |  | 6,600,537 |  | 6,344,297 |  | 6,399,714 |  | 5,536,628 |  | 5,436,400 |  |  |
Selected Statements of Income Data: |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 526,474 |  |  | $ | 525,148 |  |  | $ | 502,583 |  |  | $ | 470,610 |  |  | $ | 464,194 |  |  |  |
Net revenue (2) |  | 643,108 |  |  | 638,599 |  |  | 615,730 |  |  | 591,757 |  |  | 604,774 |  |  |  |
Net income |  | 189,039 |  |  | 185,362 |  |  | 170,001 |  |  | 152,388 |  |  | 187,294 |  |  |  |
Pre-tax income, excluding provision for credit losses (non-GAAP) (3) |  | 277,018 |  |  | 270,060 |  |  | 255,043 |  |  | 251,404 |  |  | 271,629 |  |  |  |
Net income per common share – Basic |  | 2.73 |  |  | 2.68 |  |  | 2.51 |  |  | 2.35 |  |  | 2.93 |  |  |  |
Net income per common share – Diluted |  | 2.69 |  |  | 2.63 |  |  | 2.47 |  |  | 2.32 |  |  | 2.89 |  |  |  |
Cash dividends declared per common share |  | 0.50 |  |  | 0.45 |  |  | 0.45 |  |  | 0.45 |  |  | 0.45 |  |  |  |
Selected Financial Ratios and Other Data: |  |  |  |  |  |  |  |  |  |  |  |  |
Performance Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest margin |  | 3.54 | % |  | 3.49 | % |  | 3.49 | % |  | 3.50 | % |  | 3.57 | % |  |  |
Net interest margin – fully taxable-equivalent (non-GAAP) (3) |  | 3.56 |  |  | 3.51 |  |  | 3.51 |  |  | 3.52 |  |  | 3.59 |  |  |  |
Non-interest income to average assets |  | 0.74 |  |  | 0.71 |  |  | 0.74 |  |  | 0.85 |  |  | 1.02 |  |  |  |
Non-interest expense to average assets |  | 2.32 |  |  | 2.31 |  |  | 2.36 |  |  | 2.38 |  |  | 2.41 |  |  |  |
Net overhead ratio (4) |  | 1.58 |  |  | 1.60 |  |  | 1.62 |  |  | 1.53 |  |  | 1.39 |  |  |  |
Return on average assets |  | 1.20 |  |  | 1.16 |  |  | 1.11 |  |  | 1.07 |  |  | 1.35 |  |  |  |
Return on average common equity |  | 12.21 |  |  | 11.82 |  |  | 11.63 |  |  | 11.61 |  |  | 14.42 |  |  |  |
Return on average tangible common equity (non-GAAP) (3) |  | 14.72 |  |  | 14.29 |  |  | 13.92 |  |  | 13.49 |  |  | 16.75 |  |  |  |
Average total assets |  | $ | 64,107,042 |  |  | $ | 63,594,105 |  |  | $ | 60,915,283 |  |  | $ | 57,493,184 |  |  | $ | 55,602,695 |  |  |  |
Average total shareholders’ equity |  | 6,460,941 |  |  | 6,418,403 |  |  | 5,990,429 |  |  | 5,450,173 |  |  | 5,440,457 |  |  |  |
Average loans to average deposits ratio |  | 92.3 | % |  | 91.9 | % |  | 93.8 | % |  | 95.1 | % |  | 94.5 | % |  |  |
Period-end loans to deposits ratio |  | 90.9 |  |  | 91.5 |  |  | 91.6 |  |  | 93.0 |  |  | 93.1 |  |  |  |
Common Share Data at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |
Market price per common share |  | $ | 112.46 |  |  | $ | 124.71 |  |  | $ | 108.53 |  |  | $ | 98.56 |  |  | $ | 104.39 |  |  |  |
Book value per common share |  | 92.47 |  |  | 89.21 |  |  | 90.06 |  |  | 82.97 |  |  | 81.38 |  |  |  |
Tangible book value per common share (non-GAAP) (3) |  | 78.83 |  |  | 75.39 |  |  | 76.15 |  |  | 72.01 |  |  | 70.40 |  |  |  |
Common shares outstanding |  | 66,919,325 |  | 66,495,227 |  | 66,481,543 |  | 61,760,139 |  | 61,736,715 |  |  |
Other Data at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |
Common equity to assets ratio |  | 9.4 | % |  | 9.1 | % |  | 9.4 | % |  | 8.6 | % |  | 8.7 | % |  |  |
Tangible common equity ratio (non-GAAP) (3) |  | 8.1 |  |  | 7.8 |  |  | 8.1 |  |  | 7.5 |  |  | 7.6 |  |  |  |
Tier 1 leverage ratio (5) |  | 9.6 |  |  | 9.4 |  |  | 9.6 |  |  | 9.3 |  |  | 9.4 |  |  |  |
Risk-based capital ratios: |  |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 capital ratio (5) |  | 10.8 |  |  | 10.7 |  |  | 10.6 |  |  | 10.3 |  |  | 10.3 |  |  |  |
Common equity tier 1 capital ratio (5) |  | 10.1 |  |  | 9.9 |  |  | 9.8 |  |  | 9.5 |  |  | 9.5 |  |  |  |
Total capital ratio (5) |  | 12.5 |  |  | 12.3 |  |  | 12.2 |  |  | 12.1 |  |  | 12.2 |  |  |  |
Allowance for credit losses (6) |  | $ | 448,387 |  |  | $ | 437,060 |  |  | $ | 436,193 |  |  | $ | 437,560 |  |  | $ | 427,504 |  |  |  |
Allowance for loan and unfunded lending-related commitment losses to total loans |  | 0.92 | % |  | 0.91 | % |  | 0.93 | % |  | 0.98 | % |  | 0.99 | % |  |  |
Number of: |  |  |  |  |  |  |  |  |  |  |  |  |
Bank subsidiaries |  | 16 |  |  | 16 |  |  | 16 |  |  | 15 |  |  | 15 |  |  |  |
Banking offices |  | 208 |  |  | 205 |  |  | 203 |  |  | 177 |  |  | 176 |  |  |  |

(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.
(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)Capital ratios for current quarter-end are estimated.
(6)The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.
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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

|  | (Unaudited) |  |  |  | (Unaudited) |  | (Unaudited) |  | (Unaudited)
|  | Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31,
(In thousands) |  | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024
Assets |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 616,216 |  |  | $ | 452,017 |  |  | $ | 725,465 |  |  | $ | 415,462 |  |  | $ | 379,825 |
Federal funds sold and securities purchased under resale agreements |  | 63 |  |  | 6,519 |  |  | 5,663 |  |  | 62 |  |  | 61 |
Interest-bearing deposits with banks |  | 4,238,237 |  |  | 4,409,753 |  |  | 3,648,117 |  |  | 2,824,314 |  |  | 2,131,077 |
Available-for-sale securities, at fair value |  | 4,220,305 |  |  | 4,141,482 |  |  | 3,912,232 |  |  | 4,329,957 |  |  | 4,387,598 |
Held-to-maturity securities, at amortized cost |  | 3,564,490 |  |  | 3,613,263 |  |  | 3,677,420 |  |  | 3,755,924 |  |  | 3,810,015 |
Trading account securities |  | — |  |  | 4,072 |  |  | 3,472 |  |  | 4,134 |  |  | 2,184 |
Equity securities with readily determinable fair value |  | 270,442 |  |  | 215,412 |  |  | 125,310 |  |  | 112,173 |  |  | 119,777 |
Federal Home Loan Bank and Federal Reserve Bank stock |  | 281,893 |  |  | 281,407 |  |  | 266,908 |  |  | 256,495 |  |  | 224,657 |
Brokerage customer receivables |  | — |  |  | 18,102 |  |  | 16,662 |  |  | 13,682 |  |  | 13,382 |
Mortgage loans held-for-sale, at fair value |  | 316,804 |  |  | 331,261 |  |  | 461,067 |  |  | 411,851 |  |  | 339,884 |
Loans, net of unearned income |  | 48,708,390 |  |  | 48,055,037 |  |  | 47,067,447 |  |  | 44,675,531 |  |  | 43,230,706 |
Allowance for loan losses |  | (378,207) |  |  | (364,017) |  |  | (360,279) |  |  | (363,719) |  |  | (348,612) |
Net loans |  | 48,330,183 |  |  | 47,691,020 |  |  | 46,707,168 |  |  | 44,311,812 |  |  | 42,882,094 |
Premises, software and equipment, net |  | 776,679 |  |  | 779,130 |  |  | 772,002 |  |  | 722,295 |  |  | 744,769 |
Lease investments, net |  | 280,472 |  |  | 278,264 |  |  | 270,171 |  |  | 275,459 |  |  | 283,557 |
Accrued interest receivable and other assets |  | 1,598,255 |  |  | 1,739,334 |  |  | 1,721,090 |  |  | 1,671,334 |  |  | 1,580,142 |
Trade date securities receivable |  | 463,023 |  |  | — |  |  | 551,031 |  |  | — |  |  | — |
Goodwill |  | 796,932 |  |  | 796,942 |  |  | 800,780 |  |  | 655,955 |  |  | 656,181 |
Other acquisition-related intangible assets |  | 116,072 |  |  | 121,690 |  |  | 123,866 |  |  | 20,607 |  |  | 21,730 |
Total assets |  | $ | 65,870,066 |  |  | $ | 64,879,668 |  |  | $ | 63,788,424 |  |  | $ | 59,781,516 |  |  | $ | 57,576,933 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Non-interest-bearing |  | $ | 11,201,859 |  |  | $ | 11,410,018 |  |  | $ | 10,739,132 |  |  | $ | 10,031,440 |  |  | $ | 9,908,183 |
Interest-bearing |  | 42,368,179 |  |  | 41,102,331 |  |  | 40,665,834 |  |  | 38,017,586 |  |  | 36,540,675 |
Total deposits |  | 53,570,038 |  |  | 52,512,349 |  |  | 51,404,966 |  |  | 48,049,026 |  |  | 46,448,858 |
Federal Home Loan Bank advances |  | 3,151,309 |  |  | 3,151,309 |  |  | 3,171,309 |  |  | 3,176,309 |  |  | 2,676,751 |
Other borrowings |  | 529,269 |  |  | 534,803 |  |  | 647,043 |  |  | 606,579 |  |  | 575,408 |
Subordinated notes |  | 298,360 |  |  | 298,283 |  |  | 298,188 |  |  | 298,113 |  |  | 437,965 |
Junior subordinated debentures |  | 253,566 |  |  | 253,566 |  |  | 253,566 |  |  | 253,566 |  |  | 253,566 |
Accrued interest payable and other liabilities |  | 1,466,987 |  |  | 1,785,061 |  |  | 1,613,638 |  |  | 1,861,295 |  |  | 1,747,985 |
Total liabilities |  | 59,269,529 |  |  | 58,535,371 |  |  | 57,388,710 |  |  | 54,244,888 |  |  | 52,140,533 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |
Preferred stock |  | 412,500 |  |  | 412,500 |  |  | 412,500 |  |  | 412,500 |  |  | 412,500 |
Common stock |  | 67,007 |  |  | 66,560 |  |  | 66,546 |  |  | 61,825 |  |  | 61,798 |
Surplus |  | 2,494,347 |  |  | 2,482,561 |  |  | 2,470,228 |  |  | 1,964,645 |  |  | 1,954,532 |
Treasury stock |  | (9,156) |  |  | (6,153) |  |  | (6,098) |  |  | (5,760) |  |  | (5,757) |
Retained earnings |  | 4,045,854 |  |  | 3,897,164 |  |  | 3,748,715 |  |  | 3,615,616 |  |  | 3,498,475 |
Accumulated other comprehensive loss |  | (410,015) |  |  | (508,335) |  |  | (292,177) |  |  | (512,198) |  |  | (485,148) |
Total shareholders’ equity |  | 6,600,537 |  |  | 6,344,297 |  |  | 6,399,714 |  |  | 5,536,628 |  |  | 5,436,400 |
Total liabilities and shareholders’ equity |  | $ | 65,870,066 |  |  | $ | 64,879,668 |  |  | $ | 63,788,424 |  |  | $ | 59,781,516 |  |  | $ | 57,576,933 |

14

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

| Three Months Ended |
(Dollars in thousands, except per share data) | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Jun 30, 2024 |  | Mar 31, 2024 |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 768,362 |  |  | $ | 789,038 |  |  | $ | 794,163 |  |  | $ | 749,812 |  |  | $ | 710,341 |  |  |  |
Mortgage loans held-for-sale | 4,246 |  |  | 5,623 |  |  | 6,233 |  |  | 5,434 |  |  | 4,146 |  |  |  |
Interest-bearing deposits with banks | 36,766 |  |  | 46,256 |  |  | 32,608 |  |  | 19,731 |  |  | 16,658 |  |  |  |
Federal funds sold and securities purchased under resale agreements | 179 |  |  | 53 |  |  | 277 |  |  | 17 |  |  | 19 |  |  |  |
Investment securities | 72,016 |  |  | 67,066 |  |  | 69,592 |  |  | 69,779 |  |  | 69,678 |  |  |  |
Trading account securities | 11 |  |  | 6 |  |  | 11 |  |  | 13 |  |  | 18 |  |  |  |
Federal Home Loan Bank and Federal Reserve Bank stock | 5,307 |  |  | 5,157 |  |  | 5,451 |  |  | 4,974 |  |  | 4,478 |  |  |  |
Brokerage customer receivables | 78 |  |  | 302 |  |  | 269 |  |  | 219 |  |  | 175 |  |  |  |
Total interest income | 886,965 |  |  | 913,501 |  |  | 908,604 |  |  | 849,979 |  |  | 805,513 |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposits | 320,233 |  |  | 346,388 |  |  | 362,019 |  |  | 335,703 |  |  | 299,532 |  |  |  |
Interest on Federal Home Loan Bank advances | 25,441 |  |  | 26,050 |  |  | 26,254 |  |  | 24,797 |  |  | 22,048 |  |  |  |
Interest on other borrowings | 6,792 |  |  | 7,519 |  |  | 9,013 |  |  | 8,700 |  |  | 9,248 |  |  |  |
Interest on subordinated notes | 3,714 |  |  | 3,733 |  |  | 3,712 |  |  | 5,185 |  |  | 5,487 |  |  |  |
Interest on junior subordinated debentures | 4,311 |  |  | 4,663 |  |  | 5,023 |  |  | 4,984 |  |  | 5,004 |  |  |  |
Total interest expense | 360,491 |  |  | 388,353 |  |  | 406,021 |  |  | 379,369 |  |  | 341,319 |  |  |  |
Net interest income | 526,474 |  |  | 525,148 |  |  | 502,583 |  |  | 470,610 |  |  | 464,194 |  |  |  |
Provision for credit losses | 23,963 |  |  | 16,979 |  |  | 22,334 |  |  | 40,061 |  |  | 21,673 |  |  |  |
Net interest income after provision for credit losses | 502,511 |  |  | 508,169 |  |  | 480,249 |  |  | 430,549 |  |  | 442,521 |  |  |  |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Wealth management | 34,042 |  |  | 38,775 |  |  | 37,224 |  |  | 35,413 |  |  | 34,815 |  |  |  |
Mortgage banking | 20,529 |  |  | 20,452 |  |  | 15,974 |  |  | 29,124 |  |  | 27,663 |  |  |  |
Service charges on deposit accounts | 19,362 |  |  | 18,864 |  |  | 16,430 |  |  | 15,546 |  |  | 14,811 |  |  |  |
Gains (losses) on investment securities, net | 3,196 |  |  | (2,835) |  |  | 3,189 |  |  | (4,282) |  |  | 1,326 |  |  |  |
Fees from covered call options | 3,446 |  |  | 2,305 |  |  | 988 |  |  | 2,056 |  |  | 4,847 |  |  |  |
Trading (losses) gains, net | (64) |  |  | (113) |  |  | (130) |  |  | 70 |  |  | 677 |  |  |  |
Operating lease income, net | 15,287 |  |  | 15,327 |  |  | 15,335 |  |  | 13,938 |  |  | 14,110 |  |  |  |
Other | 20,836 |  |  | 20,676 |  |  | 24,137 |  |  | 29,282 |  |  | 42,331 |  |  |  |
Total non-interest income | 116,634 |  |  | 113,451 |  |  | 113,147 |  |  | 121,147 |  |  | 140,580 |  |  |  |
Non-interest expense |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 211,526 |  |  | 212,133 |  |  | 211,261 |  |  | 198,541 |  |  | 195,173 |  |  |  |
Software and equipment | 34,717 |  |  | 34,258 |  |  | 31,574 |  |  | 29,231 |  |  | 27,731 |  |  |  |
Operating lease equipment | 10,471 |  |  | 10,263 |  |  | 10,518 |  |  | 10,834 |  |  | 10,683 |  |  |  |
Occupancy, net | 20,778 |  |  | 20,597 |  |  | 19,945 |  |  | 19,585 |  |  | 19,086 |  |  |  |
Data processing | 11,274 |  |  | 10,957 |  |  | 9,984 |  |  | 9,503 |  |  | 9,292 |  |  |  |
Advertising and marketing | 12,272 |  |  | 13,097 |  |  | 18,239 |  |  | 17,436 |  |  | 13,040 |  |  |  |
Professional fees | 9,044 |  |  | 11,334 |  |  | 9,783 |  |  | 9,967 |  |  | 9,553 |  |  |  |
Amortization of other acquisition-related intangible assets | 5,618 |  |  | 5,773 |  |  | 4,042 |  |  | 1,122 |  |  | 1,158 |  |  |  |
FDIC insurance | 10,926 |  |  | 10,640 |  |  | 10,512 |  |  | 10,429 |  |  | 14,537 |  |  |  |
OREO expenses, net | 643 |  |  | 397 |  |  | (938) |  |  | (259) |  |  | 392 |  |  |  |
Other | 38,821 |  |  | 39,090 |  |  | 35,767 |  |  | 33,964 |  |  | 32,500 |  |  |  |
Total non-interest expense | 366,090 |  |  | 368,539 |  |  | 360,687 |  |  | 340,353 |  |  | 333,145 |  |  |  |
Income before taxes | 253,055 |  |  | 253,081 |  |  | 232,709 |  |  | 211,343 |  |  | 249,956 |  |  |  |
Income tax expense | 64,016 |  |  | 67,719 |  |  | 62,708 |  |  | 58,955 |  |  | 62,662 |  |  |  |
Net income | $ | 189,039 |  |  | $ | 185,362 |  |  | $ | 170,001 |  |  | $ | 152,388 |  |  | $ | 187,294 |  |  |  |
Preferred stock dividends | 6,991 |  |  | 6,991 |  |  | 6,991 |  |  | 6,991 |  |  | 6,991 |  |  |  |
Net income applicable to common shares | $ | 182,048 |  |  | $ | 178,371 |  |  | $ | 163,010 |  |  | $ | 145,397 |  |  | $ | 180,303 |  |  |  |
Net income per common share - Basic | $ | 2.73 |  |  | $ | 2.68 |  |  | $ | 2.51 |  |  | $ | 2.35 |  |  | $ | 2.93 |  |  |  |
Net income per common share - Diluted | $ | 2.69 |  |  | $ | 2.63 |  |  | $ | 2.47 |  |  | $ | 2.32 |  |  | $ | 2.89 |  |  |  |
Cash dividends declared per common share | $ | 0.50 |  |  | $ | 0.45 |  |  | $ | 0.45 |  |  | $ | 0.45 |  |  | $ | 0.45 |  |  |  |
Weighted average common shares outstanding | 66,726 |  | 66,491 |  | 64,888 |  | 61,839 |  | 61,481 |  |  |
Dilutive potential common shares | 923 |  |  | 1,233 |  |  | 1,053 |  |  | 926 |  |  | 928 |  |  |  |
Average common shares and dilutive common shares | 67,649 |  |  | 67,724 |  |  | 65,941 |  |  | 62,765 |  |  | 62,409 |  |  |  |

15

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

|  |  |  |  |  |  |  |  |  | % Growth From
(Dollars in thousands) | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Jun 30, 2024 |  | Mar 31, 2024 | Dec 31, 2024 (1) |  | Mar 31, 2024
Balance: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies | $ | 181,580 |  |  | $ | 189,774 |  |  | $ | 314,693 |  |  | $ | 281,103 |  |  | $ | 193,064 |  | (18) | % |  | (6) | %
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies | 135,224 |  |  | 141,487 |  |  | 146,374 |  |  | 130,748 |  |  | 146,820 |  | (18) |  |  | (8) |
Total mortgage loans held-for-sale | $ | 316,804 |  |  | $ | 331,261 |  |  | $ | 461,067 |  |  | $ | 411,851 |  |  | $ | 339,884 |  | (18) | % |  | (7) | %
Core loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 6,871,206 |  |  | $ | 6,867,422 |  |  | $ | 6,774,683 |  |  | $ | 6,236,290 |  |  | $ | 6,117,004 |  | 0 | % |  | 12 | %
Asset-based lending | 1,701,962 |  |  | 1,611,001 |  |  | 1,709,685 |  |  | 1,465,867 |  |  | 1,355,255 |  | 23 |  |  | 26 |
Municipal | 798,646 |  |  | 826,653 |  |  | 827,125 |  |  | 747,357 |  |  | 721,526 |  | (14) |  |  | 11 |
Leases | 2,680,943 |  |  | 2,537,325 |  |  | 2,443,721 |  |  | 2,439,128 |  |  | 2,344,295 |  | 23 |  |  | 14 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |
Residential construction | 55,849 |  |  | 48,617 |  |  | 73,088 |  |  | 55,019 |  |  | 57,558 |  | 60 |  |  | (3) |
Commercial construction | 2,086,797 |  |  | 2,065,775 |  |  | 1,984,240 |  |  | 1,866,701 |  |  | 1,748,607 |  | 4 |  |  | 19 |
Land | 306,235 |  |  | 319,689 |  |  | 346,362 |  |  | 338,831 |  |  | 344,149 |  | (17) |  |  | (11) |
Office | 1,641,555 |  |  | 1,656,109 |  |  | 1,675,286 |  |  | 1,585,312 |  |  | 1,566,748 |  | (4) |  |  | 5 |
Industrial | 2,677,555 |  |  | 2,628,576 |  |  | 2,527,932 |  |  | 2,307,455 |  |  | 2,190,200 |  | 8 |  |  | 22 |
Retail | 1,402,837 |  |  | 1,374,655 |  |  | 1,404,586 |  |  | 1,365,753 |  |  | 1,366,415 |  | 8 |  |  | 3 |
Multi-family | 3,091,314 |  |  | 3,125,505 |  |  | 3,193,339 |  |  | 2,988,940 |  |  | 2,922,432 |  | (4) |  |  | 6 |
Mixed use and other | 1,652,759 |  |  | 1,685,018 |  |  | 1,588,584 |  |  | 1,439,186 |  |  | 1,437,328 |  | (8) |  |  | 15 |
Home equity | 455,683 |  |  | 445,028 |  |  | 427,043 |  |  | 356,313 |  |  | 340,349 |  | 10 |  |  | 34 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate loans for investment | 3,561,417 |  |  | 3,456,009 |  |  | 3,252,649 |  |  | 2,933,157 |  |  | 2,746,916 |  | 12 |  |  | 30 |
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies | 86,952 |  |  | 114,985 |  |  | 92,355 |  |  | 88,503 |  |  | 90,911 |  | (99) |  |  | (4) |
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies | 36,790 |  |  | 41,771 |  |  | 43,034 |  |  | 45,675 |  |  | 52,439 |  | (48) |  |  | (30) |
Total core loans | $ | 29,108,500 |  |  | $ | 28,804,138 |  |  | $ | 28,363,712 |  |  | $ | 26,259,487 |  |  | $ | 25,402,132 |  | 4 | % |  | 15 | %
Niche loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Franchise | $ | 1,262,555 |  |  | $ | 1,268,521 |  |  | $ | 1,191,686 |  |  | $ | 1,150,460 |  |  | $ | 1,122,302 |  | (2) | % |  | 12 | %
Mortgage warehouse lines of credit | 1,019,543 |  |  | 893,854 |  |  | 750,462 |  |  | 593,519 |  |  | 403,245 |  | 57 |  |  | NM
Community Advantage - homeowners association | 525,492 |  |  | 525,446 |  |  | 501,645 |  |  | 491,722 |  |  | 475,832 |  | 0 |  |  | 10 |
Insurance agency lending | 1,070,979 |  |  | 1,044,329 |  |  | 1,048,686 |  |  | 1,030,119 |  |  | 964,022 |  | 10 |  |  | 11 |
Premium Finance receivables |  |  |  |  |  |  |  |  |  |  |  |
U.S. property & casualty insurance | 6,486,663 |  |  | 6,447,625 |  |  | 6,253,271 |  |  | 6,142,654 |  |  | 6,113,993 |  | 2 |  |  | 6 |
Canada property & casualty insurance | 753,199 |  |  | 824,417 |  |  | 878,410 |  |  | 958,099 |  |  | 826,026 |  | (35) |  |  | (9) |
Life insurance | 8,365,140 |  |  | 8,147,145 |  |  | 7,996,899 |  |  | 7,962,115 |  |  | 7,872,033 |  | 11 |  |  | 6 |
Consumer and other | 116,319 |  |  | 99,562 |  |  | 82,676 |  |  | 87,356 |  |  | 51,121 |  | 68 |  |  | NM
Total niche loans | $ | 19,599,890 |  |  | $ | 19,250,899 |  |  | $ | 18,703,735 |  |  | $ | 18,416,044 |  |  | $ | 17,828,574 |  | 7 | % |  | 10 | %
Total loans, net of unearned income | $ | 48,708,390 |  |  | $ | 48,055,037 |  |  | $ | 47,067,447 |  |  | $ | 44,675,531 |  |  | $ | 43,230,706 |  | 6 | % |  | 13 | %

(1)Annualized.
16

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

|  |  |  |  |  |  |  |  |  | % Growth From
(Dollars in thousands) | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Jun 30, 2024 |  | Mar 31, 2024 | Dec 31, 2024 (1) |  | Mar 31, 2024
Balance: |  |  |  |  |  |  |  |  |  |  |  |
Non-interest-bearing | $ | 11,201,859 |  | $ | 11,410,018 |  | $ | 10,739,132 |  | $ | 10,031,440 |  | $ | 9,908,183 | (7) | % |  | 13 | %
NOW and interest-bearing demand deposits | 6,340,168 |  | 5,865,546 |  | 5,466,932 |  | 5,053,909 |  | 5,720,947 | 33 |  |  | 11 |
Wealth management deposits (2) | 1,408,790 |  | 1,469,064 |  | 1,303,354 |  | 1,490,711 |  | 1,347,817 | (17) |  |  | 5 |
Money market | 18,074,733 |  | 17,975,191 |  | 17,713,726 |  | 16,320,017 |  | 15,617,717 | 2 |  |  | 16 |
Savings | 6,576,251 |  | 6,372,499 |  | 6,183,249 |  | 5,882,179 |  | 5,959,774 | 13 |  |  | 10 |
Time certificates of deposit | 9,968,237 |  | 9,420,031 |  | 9,998,573 |  | 9,270,770 |  | 7,894,420 | 24 |  |  | 26 |
Total deposits | $ | 53,570,038 |  | $ | 52,512,349 |  | $ | 51,404,966 |  | $ | 48,049,026 |  | $ | 46,448,858 | 8 | % |  | 15 | %
Mix: |  |  |  |  |  |  |  |  |  |  |  |
Non-interest-bearing | 21 | % |  | 22 | % |  | 21 | % |  | 21 | % |  | 21 | % |  |  |
NOW and interest-bearing demand deposits | 12 |  |  | 11 |  |  | 11 |  |  | 11 |  |  | 12 |  |  |  |
Wealth management deposits (2) | 3 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 3 |  |  |  |
Money market | 34 |  |  | 34 |  |  | 34 |  |  | 34 |  |  | 34 |  |  |  |
Savings | 12 |  |  | 12 |  |  | 12 |  |  | 12 |  |  | 13 |  |  |  |
Time certificates of deposit | 18 |  |  | 18 |  |  | 19 |  |  | 19 |  |  | 17 |  |  |  |
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 March 31, 2025

(Dollars in thousands) |  |  |  |  |  |  |  |  | Total Time Certificates of Deposit |  | Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months |  |  |  |  |  |  |  |  | $ | 3,845,120 |  |  | 4.34 | %
4-6 months |  |  |  |  |  |  |  |  | 2,345,184 |  |  | 3.81 |
7-9 months |  |  |  |  |  |  |  |  | 2,694,739 |  |  | 3.72 |
10-12 months |  |  |  |  |  |  |  |  | 711,206 |  |  | 3.62 |
13-18 months |  |  |  |  |  |  |  |  | 210,063 |  |  | 3.03 |
19-24 months |  |  |  |  |  |  |  |  | 87,336 |  |  | 2.72 |
24+ months |  |  |  |  |  |  |  |  | 74,589 |  |  | 2.47 |
Total |  |  |  |  |  |  |  |  | $ | 9,968,237 |  |  | 3.94 | %

17

TABLE 4: QUARTERLY AVERAGE BALANCES

|  | Average Balance for three months ended,
|  | Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31,
(In thousands) |  | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) |  | $ | 3,520,048 |  |  | $ | 3,934,016 |  |  | $ | 2,413,728 |  |  | $ | 1,485,481 |  |  | $ | 1,254,332 |
Investment securities (2) |  | 8,409,735 |  |  | 8,090,271 |  |  | 8,276,576 |  |  | 8,203,764 |  |  | 8,349,796 |
FHLB and FRB stock |  | 281,702 |  |  | 271,825 |  |  | 263,707 |  |  | 253,614 |  |  | 230,648 |
Liquidity management assets (3) |  | $ | 12,211,485 |  |  | $ | 12,296,112 |  |  | $ | 10,954,011 |  |  | $ | 9,942,859 |  |  | $ | 9,834,776 |
Other earning assets (3)(4) |  | 13,140 |  |  | 20,528 |  |  | 17,542 |  |  | 15,257 |  |  | 15,081 |
Mortgage loans held-for-sale |  | 286,710 |  |  | 378,707 |  |  | 376,251 |  |  | 347,236 |  |  | 290,275 |
Loans, net of unearned income (3)(5) |  | 47,833,380 |  |  | 47,153,014 |  |  | 45,920,586 |  |  | 43,819,354 |  |  | 42,129,893 |
Total earning assets (3) |  | $ | 60,344,715 |  |  | $ | 59,848,361 |  |  | $ | 57,268,390 |  |  | $ | 54,124,706 |  |  | $ | 52,270,025 |
Allowance for loan and investment security losses |  | (375,371) |  |  | (367,238) |  |  | (383,736) |  |  | (360,504) |  |  | (361,734) |
Cash and due from banks |  | 476,423 |  |  | 470,033 |  |  | 467,333 |  |  | 434,916 |  |  | 450,267 |
Other assets |  | 3,661,275 |  |  | 3,642,949 |  |  | 3,563,296 |  |  | 3,294,066 |  |  | 3,244,137 |
Total assets |  | $ | 64,107,042 |  |  | $ | 63,594,105 |  |  | $ | 60,915,283 |  |  | $ | 57,493,184 |  |  | $ | 55,602,695 |
NOW and interest-bearing demand deposits |  | $ | 6,046,189 |  |  | $ | 5,601,672 |  |  | $ | 5,174,673 |  |  | $ | 4,985,306 |  |  | $ | 5,680,265 |
Wealth management deposits |  | 1,574,480 |  |  | 1,430,163 |  |  | 1,362,747 |  |  | 1,531,865 |  |  | 1,510,203 |
Money market accounts |  | 17,581,141 |  |  | 17,579,395 |  |  | 16,436,111 |  |  | 15,272,126 |  |  | 14,474,492 |
Savings accounts |  | 6,479,444 |  |  | 6,288,727 |  |  | 6,096,746 |  |  | 5,878,844 |  |  | 5,792,118 |
Time deposits |  | 9,406,126 |  |  | 9,702,948 |  |  | 9,598,109 |  |  | 8,546,172 |  |  | 7,148,456 |
Interest-bearing deposits |  | $ | 41,087,380 |  |  | $ | 40,602,905 |  |  | $ | 38,668,386 |  |  | $ | 36,214,313 |  |  | $ | 34,605,534 |
Federal Home Loan Bank advances |  | 3,151,309 |  |  | 3,160,658 |  |  | 3,178,973 |  |  | 3,096,920 |  |  | 2,728,849 |
Other borrowings |  | 582,139 |  |  | 577,786 |  |  | 622,792 |  |  | 587,262 |  |  | 627,711 |
Subordinated notes |  | 298,306 |  |  | 298,225 |  |  | 298,135 |  |  | 410,331 |  |  | 437,893 |
Junior subordinated debentures |  | 253,566 |  |  | 253,566 |  |  | 253,566 |  |  | 253,566 |  |  | 253,566 |
Total interest-bearing liabilities |  | $ | 45,372,700 |  |  | $ | 44,893,140 |  |  | $ | 43,021,852 |  |  | $ | 40,562,392 |  |  | $ | 38,653,553 |
Non-interest-bearing deposits |  | 10,732,156 |  |  | 10,718,738 |  |  | 10,271,613 |  |  | 9,879,134 |  |  | 9,972,646 |
Other liabilities |  | 1,541,245 |  |  | 1,563,824 |  |  | 1,631,389 |  |  | 1,601,485 |  |  | 1,536,039 |
Equity |  | 6,460,941 |  |  | 6,418,403 |  |  | 5,990,429 |  |  | 5,450,173 |  |  | 5,440,457 |
Total liabilities and shareholders’ equity |  | $ | 64,107,042 |  |  | $ | 63,594,105 |  |  | $ | 60,915,283 |  |  | $ | 57,493,184 |  |  | $ | 55,602,695 |
Net free funds/contribution (6) |  | $ | 14,972,015 |  |  | $ | 14,955,221 |  |  | $ | 14,246,538 |  |  | $ | 13,562,314 |  |  | $ | 13,616,472 |

(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.
18

TABLE 5: QUARTERLY NET INTEREST INCOME

|  | Net Interest Income for three months ended,
|  | Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31,
(In thousands) |  | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024
Interest income: |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents |  | $ | 36,945 |  |  | $ | 46,308 |  |  | $ | 32,885 |  |  | $ | 19,748 |  |  | $ | 16,677 |
Investment securities |  | 72,706 |  |  | 67,783 |  |  | 70,260 |  |  | 70,346 |  |  | 70,228 |
FHLB and FRB stock |  | 5,307 |  |  | 5,157 |  |  | 5,451 |  |  | 4,974 |  |  | 4,478 |
Liquidity management assets (1) |  | $ | 114,958 |  |  | $ | 119,248 |  |  | $ | 108,596 |  |  | $ | 95,068 |  |  | $ | 91,383 |
Other earning assets (1) |  | 92 |  |  | 310 |  |  | 282 |  |  | 235 |  |  | 198 |
Mortgage loans held-for-sale |  | 4,246 |  |  | 5,623 |  |  | 6,233 |  |  | 5,434 |  |  | 4,146 |
Loans, net of unearned income (1) |  | 770,568 |  |  | 791,390 |  |  | 796,637 |  |  | 752,117 |  |  | 712,587 |
Total interest income |  | $ | 889,864 |  |  | $ | 916,571 |  |  | $ | 911,748 |  |  | $ | 852,854 |  |  | $ | 808,314 |
Interest expense: |  |  |  |  |  |  |  |  |  |
NOW and interest-bearing demand deposits |  | $ | 33,600 |  |  | $ | 31,695 |  |  | $ | 30,971 |  |  | $ | 32,719 |  |  | $ | 34,896 |
Wealth management deposits |  | 8,606 |  |  | 9,412 |  |  | 10,158 |  |  | 10,294 |  |  | 10,461 |
Money market accounts |  | 146,374 |  |  | 159,945 |  |  | 167,382 |  |  | 155,100 |  |  | 137,984 |
Savings accounts |  | 35,923 |  |  | 38,402 |  |  | 42,892 |  |  | 41,063 |  |  | 39,071 |
Time deposits |  | 95,730 |  |  | 106,934 |  |  | 110,616 |  |  | 96,527 |  |  | 77,120 |
Interest-bearing deposits |  | $ | 320,233 |  |  | $ | 346,388 |  |  | $ | 362,019 |  |  | $ | 335,703 |  |  | $ | 299,532 |
Federal Home Loan Bank advances |  | 25,441 |  |  | 26,050 |  |  | 26,254 |  |  | 24,797 |  |  | 22,048 |
Other borrowings |  | 6,792 |  |  | 7,519 |  |  | 9,013 |  |  | 8,700 |  |  | 9,248 |
Subordinated notes |  | 3,714 |  |  | 3,733 |  |  | 3,712 |  |  | 5,185 |  |  | 5,487 |
Junior subordinated debentures |  | 4,311 |  |  | 4,663 |  |  | 5,023 |  |  | 4,984 |  |  | 5,004 |
Total interest expense |  | $ | 360,491 |  |  | $ | 388,353 |  |  | $ | 406,021 |  |  | $ | 379,369 |  |  | $ | 341,319 |
Less: Fully taxable-equivalent adjustment |  | (2,899) |  |  | (3,070) |  |  | (3,144) |  |  | (2,875) |  |  | (2,801) |
Net interest income (GAAP) (2) |  | 526,474 |  |  | 525,148 |  |  | 502,583 |  |  | 470,610 |  |  | 464,194 |
Fully taxable-equivalent adjustment |  | 2,899 |  |  | 3,070 |  |  | 3,144 |  |  | 2,875 |  |  | 2,801 |
Net interest income, fully taxable-equivalent (non-GAAP) (2) |  | $ | 529,373 |  |  | $ | 528,218 |  |  | $ | 505,727 |  |  | $ | 473,485 |  |  | $ | 466,995 |

(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.
19

TABLE 6: QUARTERLY NET INTEREST MARGIN

|  | Net Interest Margin for three months ended,
|  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Jun 30, 2024 |  | Mar 31, 2024
Yield earned on: |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents |  | 4.26 | % |  | 4.68 | % |  | 5.42 | % |  | 5.35 | % |  | 5.35 | %
Investment securities |  | 3.51 |  |  | 3.33 |  |  | 3.38 |  |  | 3.45 |  |  | 3.38 |
FHLB and FRB stock |  | 7.64 |  |  | 7.55 |  |  | 8.22 |  |  | 7.89 |  |  | 7.81 |
Liquidity management assets |  | 3.82 | % |  | 3.86 | % |  | 3.94 | % |  | 3.85 | % |  | 3.74 | %
Other earning assets |  | 2.84 |  |  | 6.01 |  |  | 6.38 |  |  | 6.23 |  |  | 5.25 |
Mortgage loans held-for-sale |  | 6.01 |  |  | 5.91 |  |  | 6.59 |  |  | 6.29 |  |  | 5.74 |
Loans, net of unearned income |  | 6.53 |  |  | 6.68 |  |  | 6.90 |  |  | 6.90 |  |  | 6.80 |
Total earning assets |  | 5.98 | % |  | 6.09 | % |  | 6.33 | % |  | 6.34 | % |  | 6.22 | %
Rate paid on: |  |  |  |  |  |  |  |  |  |
NOW and interest-bearing demand deposits |  | 2.25 | % |  | 2.25 | % |  | 2.38 | % |  | 2.64 | % |  | 2.47 | %
Wealth management deposits |  | 2.22 |  |  | 2.62 |  |  | 2.97 |  |  | 2.70 |  |  | 2.79 |
Money market accounts |  | 3.38 |  |  | 3.62 |  |  | 4.05 |  |  | 4.08 |  |  | 3.83 |
Savings accounts |  | 2.25 |  |  | 2.43 |  |  | 2.80 |  |  | 2.81 |  |  | 2.71 |
Time deposits |  | 4.13 |  |  | 4.38 |  |  | 4.58 |  |  | 4.54 |  |  | 4.34 |
Interest-bearing deposits |  | 3.16 | % |  | 3.39 | % |  | 3.72 | % |  | 3.73 | % |  | 3.48 | %
Federal Home Loan Bank advances |  | 3.27 |  |  | 3.28 |  |  | 3.29 |  |  | 3.22 |  |  | 3.25 |
Other borrowings |  | 4.73 |  |  | 5.18 |  |  | 5.76 |  |  | 5.96 |  |  | 5.92 |
Subordinated notes |  | 5.05 |  |  | 4.98 |  |  | 4.95 |  |  | 5.08 |  |  | 5.04 |
Junior subordinated debentures |  | 6.90 |  |  | 7.32 |  |  | 7.88 |  |  | 7.91 |  |  | 7.94 |
Total interest-bearing liabilities |  | 3.22 | % |  | 3.44 | % |  | 3.75 | % |  | 3.76 | % |  | 3.55 | %
Interest rate spread (1)(2) |  | 2.76 | % |  | 2.65 | % |  | 2.58 | % |  | 2.58 | % |  | 2.67 | %
Less: Fully taxable-equivalent adjustment |  | (0.02) |  |  | (0.02) |  |  | (0.02) |  |  | (0.02) |  |  | (0.02) |
Net free funds/contribution (3) |  | 0.80 |  |  | 0.86 |  |  | 0.93 |  |  | 0.94 |  |  | 0.92 |
Net interest margin (GAAP) (2) |  | 3.54 | % |  | 3.49 | % |  | 3.49 | % |  | 3.50 | % |  | 3.57 | %
Fully taxable-equivalent adjustment |  | 0.02 |  |  | 0.02 |  |  | 0.02 |  |  | 0.02 |  |  | 0.02 |
Net interest margin, fully taxable-equivalent (non-GAAP) (2) |  | 3.56 | % |  | 3.51 | % |  | 3.51 | % |  | 3.52 | % |  | 3.59 | %

(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.
20

TABLE 7: INTEREST RATE SENSITIVITY
As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.
The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario |  | +200 Basis Points |  | +100 Basis Points |  | -100 Basis Points |  | -200 Basis Points
Mar 31, 2025 |  | (1.8) | % |  | (0.6) | % |  | (0.2) | % |  | (1.2) | %
Dec 31, 2024 |  | (1.6) |  |  | (0.6) |  |  | (0.3) |  |  | (1.5) |
Sep 30, 2024 |  | 1.2 |  |  | 1.1 |  |  | 0.4 |  |  | (0.9) |
Jun 30, 2024 |  | 1.5 |  |  | 1.0 |  |  | 0.6 |  |  | (0.0) |
Mar 31, 2024 |  | 1.9 |  |  | 1.4 |  |  | 1.5 |  |  | 1.6 |

Ramp Scenario | +200 Basis Points |  | +100 Basis Points |  | -100 Basis Points |  | -200 Basis Points
Mar 31, 2025 | 0.2 | % |  | 0.2 | % |  | (0.1) | % |  | (0.5) | %
Dec 31, 2024 | (0.2) |  |  | (0.0) |  |  | 0.0 |  |  | (0.3) |
Sep 30, 2024 | 1.6 |  |  | 1.2 |  |  | 0.7 |  |  | 0.5 |
Jun 30, 2024 | 1.2 |  |  | 1.0 |  |  | 0.9 |  |  | 1.0 |
Mar 31, 2024 | 0.8 |  |  | 0.6 |  |  | 1.3 |  |  | 2.0 |

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.
21

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

| Loans repricing or contractual maturity period
As of March 31, 2025 | One year or less |  | From one to five years |  | From five to fifteen years |  | After fifteen years |  | Total
(In thousands) |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Fixed rate | $ | 405,736 |  |  | $ | 3,600,171 |  |  | $ | 2,122,563 |  |  | $ | 20,444 |  |  | $ | 6,148,914 |
Variable rate | 9,781,709 |  |  | 703 |  |  | — |  |  | — |  |  | 9,782,412 |
Total commercial | $ | 10,187,445 |  |  | $ | 3,600,874 |  |  | $ | 2,122,563 |  |  | $ | 20,444 |  |  | $ | 15,931,326 |
Commercial real estate |  |  |  |  |  |  |  |  |
Fixed rate | $ | 658,413 |  |  | $ | 2,762,221 |  |  | $ | 365,181 |  |  | $ | 63,593 |  |  | $ | 3,849,408 |
Variable rate | 9,054,583 |  |  | 10,843 |  |  | 67 |  |  | — |  |  | 9,065,493 |
Total commercial real estate | $ | 9,712,996 |  |  | $ | 2,773,064 |  |  | $ | 365,248 |  |  | $ | 63,593 |  |  | $ | 12,914,901 |
Home equity |  |  |  |  |  |  |  |  |
Fixed rate | $ | 8,881 |  |  | $ | 838 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 9,736 |
Variable rate | 445,947 |  |  | — |  |  | — |  |  | — |  |  | 445,947 |
Total home equity | $ | 454,828 |  |  | $ | 838 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 455,683 |
Residential real estate |  |  |  |  |  |  |  |  |
Fixed rate | $ | 13,336 |  |  | $ | 4,473 |  |  | $ | 74,883 |  |  | $ | 1,055,143 |  |  | $ | 1,147,835 |
Variable rate | 97,815 |  |  | 623,879 |  |  | 1,815,630 |  |  | — |  |  | 2,537,324 |
Total residential real estate | $ | 111,151 |  |  | $ | 628,352 |  |  | $ | 1,890,513 |  |  | $ | 1,055,143 |  |  | $ | 3,685,159 |
Premium finance receivables - property & casualty |  |  |  |  |  |  |  |  |
Fixed rate | $ | 7,135,963 |  |  | $ | 103,899 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,239,862 |
Variable rate | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total premium finance receivables - property & casualty | $ | 7,135,963 |  |  | $ | 103,899 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,239,862 |
Premium finance receivables - life insurance |  |  |  |  |  |  |  |  |
Fixed rate | $ | 350,802 |  |  | $ | 207,832 |  |  | $ | 4,000 |  |  | $ | 4,248 |  |  | $ | 566,882 |
Variable rate | 7,798,258 |  |  | — |  |  | — |  |  | — |  |  | 7,798,258 |
Total premium finance receivables - life insurance | $ | 8,149,060 |  |  | $ | 207,832 |  |  | $ | 4,000 |  |  | $ | 4,248 |  |  | $ | 8,365,140 |
Consumer and other |  |  |  |  |  |  |  |  |
Fixed rate | $ | 44,731 |  |  | $ | 7,937 |  |  | $ | 883 |  |  | $ | 914 |  |  | $ | 54,465 |
Variable rate | 61,854 |  |  | — |  |  | — |  |  | — |  |  | 61,854 |
Total consumer and other | $ | 106,585 |  |  | $ | 7,937 |  |  | $ | 883 |  |  | $ | 914 |  |  | $ | 116,319 |
Total per category |  |  |  |  |  |  |  |  |
Fixed rate | $ | 8,617,862 |  |  | $ | 6,687,371 |  |  | $ | 2,567,510 |  |  | $ | 1,144,359 |  |  | $ | 19,017,102 |
Variable rate | 27,240,166 |  |  | 635,425 |  |  | 1,815,697 |  |  | — |  |  | 29,691,288 |
Total loans, net of unearned income | $ | 35,858,028 |  |  | $ | 7,322,796 |  |  | $ | 4,383,207 |  |  | $ | 1,144,359 |  |  | $ | 48,708,390 |
Less: Existing cash flow hedging derivatives (1) | (6,700,000) |  |  |  |  |  |  |  |  |
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity | $ | 29,158,028 |  |  |  |  |  |  |  |  |
Variable Rate Loan Pricing by Index: |  |  |  |  |  |  |  |  |
SOFR tenors (2) |  |  |  |  |  |  |  |  | $ | 18,328,835 |
12- month CMT (3) |  |  |  |  |  |  |  |  | 6,722,305 |
Prime |  |  |  |  |  |  |  |  | 3,420,624 |
Fed Funds |  |  |  |  |  |  |  |  | 819,437 |
Other U.S. Treasury tenors |  |  |  |  |  |  |  |  | 190,187 |
Other |  |  |  |  |  |  |  |  | 209,900 |
Total variable rate |  |  |  |  |  |  |  |  | $ | 29,691,288 |

(1)Excludes cash flow hedges with future effective starting dates.
(2)SOFR - Secured Overnight Financing Rate.
(3)CMT - Constant Maturity Treasury Rate.
22

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 $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:

|  | Basis Point (bp) Change in
|  | 1-month SOFR |  | 12- month CMT |  |  |  | Prime |
First Quarter 2025 |  | (1) |  | bps | (13) | bps |  |  | 0 | bps
Fourth Quarter 2024 |  | (52) |  |  | 18 |  |  |  |  | (50) |  |
Third Quarter 2024 |  | (49) |  | (111) |  |  |  | (50) |
Second Quarter 2024 |  | 1 |  | 6 |  |  |  | 0 |
First Quarter 2024 |  | (2) |  | 24 |  |  |  | 0 |

23

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

|  | Three Months Ended |
|  | Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31, |  |  |
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024 |  |  |
Allowance for credit losses at beginning of period |  | $ | 437,060 |  |  | $ | 436,193 |  |  | $ | 437,560 |  |  | $ | 427,504 |  |  | $ | 427,612 |  |  |  |
Provision for credit losses - Other |  | 23,963 |  |  | 16,979 |  |  | 6,787 |  |  | 40,061 |  |  | 21,673 |  |  |  |
Provision for credit losses - Day 1 on non-PCD assets acquired during the period |  | — |  |  | — |  |  | 15,547 |  |  | — |  |  | — |  |  |  |
Initial allowance for credit losses recognized on PCD assets acquired during the period |  | — |  |  | — |  |  | 3,004 |  |  | — |  |  | — |  |  |  |
Other adjustments |  | 4 |  |  | (187) |  |  | 30 |  |  | (19) |  |  | (31) |  |  |  |
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 9,722 |  |  | 5,090 |  |  | 22,975 |  |  | 9,584 |  |  | 11,215 |  |  |  |
Commercial real estate |  | 454 |  |  | 1,037 |  |  | 95 |  |  | 15,526 |  |  | 5,469 |  |  |  |
Home equity |  | — |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  |  |
Residential real estate |  | — |  |  | 114 |  |  | — |  |  | 23 |  |  | 38 |  |  |  |
Premium finance receivables - property & casualty |  | 7,114 |  |  | 13,301 |  |  | 7,790 |  |  | 9,486 |  |  | 6,938 |  |  |  |
Premium finance receivables - life insurance |  | 12 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  |  |
Consumer and other |  | 147 |  |  | 189 |  |  | 154 |  |  | 137 |  |  | 107 |  |  |  |
Total charge-offs |  | 17,449 |  |  | 19,731 |  |  | 31,018 |  |  | 34,756 |  |  | 23,841 |  |  |  |
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 929 |  |  | 775 |  |  | 649 |  |  | 950 |  |  | 479 |  |  |  |
Commercial real estate |  | 12 |  |  | 172 |  |  | 30 |  |  | 90 |  |  | 31 |  |  |  |
Home equity |  | 216 |  |  | 194 |  |  | 101 |  |  | 35 |  |  | 29 |  |  |  |
Residential real estate |  | 136 |  |  | 0 |  |  | 5 |  |  | 8 |  |  | 2 |  |  |  |
Premium finance receivables - property & casualty |  | 3,487 |  |  | 2,646 |  |  | 3,436 |  |  | 3,658 |  |  | 1,519 |  |  |  |
Premium finance receivables - life insurance |  | — |  |  | — |  |  | 41 |  |  | 5 |  |  | 8 |  |  |  |
Consumer and other |  | 29 |  |  | 19 |  |  | 21 |  |  | 24 |  |  | 23 |  |  |  |
Total recoveries |  | 4,809 |  |  | 3,806 |  |  | 4,283 |  |  | 4,770 |  |  | 2,091 |  |  |  |
Net charge-offs |  | (12,640) |  |  | (15,925) |  |  | (26,735) |  |  | (29,986) |  |  | (21,750) |  |  |  |
Allowance for credit losses at period end |  | $ | 448,387 |  |  | $ | 437,060 |  |  | $ | 436,193 |  |  | $ | 437,560 |  |  | $ | 427,504 |  |  |  |
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average: |  |  |
Commercial |  | 0.23 | % |  | 0.11 | % |  | 0.61 | % |  | 0.25 | % |  | 0.33 | % |  |  |
Commercial real estate |  | 0.01 |  |  | 0.03 |  |  | 0.00 |  |  | 0.53 |  |  | 0.19 |  |  |  |
Home equity |  | (0.20) |  |  | (0.18) |  |  | (0.10) |  |  | (0.04) |  |  | 0.05 |  |  |  |
Residential real estate |  | (0.02) |  |  | 0.01 |  |  | 0.00 |  |  | 0.00 |  |  | 0.01 |  |  |  |
Premium finance receivables - property & casualty |  | 0.20 |  |  | 0.59 |  |  | 0.24 |  |  | 0.33 |  |  | 0.32 |  |  |  |
Premium finance receivables - life insurance |  | 0.00 |  |  | — |  |  | (0.00) |  |  | (0.00) |  |  | (0.00) |  |  |  |
Consumer and other |  | 0.45 |  |  | 0.63 |  |  | 0.63 |  |  | 0.56 |  |  | 0.42 |  |  |  |
Total loans, net of unearned income |  | 0.11 | % |  | 0.13 | % |  | 0.23 | % |  | 0.28 | % |  | 0.21 | % |  |  |
Loans at period end |  | $ | 48,708,390 |  |  | $ | 48,055,037 |  |  | $ | 47,067,447 |  |  | $ | 44,675,531 |  |  | $ | 43,230,706 |  |  |  |
Allowance for loan losses as a percentage of loans at period end |  | 0.78 | % |  | 0.76 | % |  | 0.77 | % |  | 0.81 | % |  | 0.81 | % |  |  |
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end |  | 0.92 |  |  | 0.91 |  |  | 0.93 |  |  | 0.98 |  |  | 0.99 |  |  |  |

PCD - Purchase Credit Deteriorated
24

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

|  | Three Months Ended |
|  | Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31, |  |  |
(In thousands) |  | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024 |  |  |
Provision for loan losses - Other |  | $ | 26,826 |  |  | $ | 19,852 |  |  | $ | 6,782 |  |  | $ | 45,111 |  |  | $ | 26,159 |  |  |  |
Provision for credit losses - Day 1 on non-PCD assets acquired during the period |  | — |  |  | — |  |  | 15,547 |  |  | — |  |  | — |  |  |  |
Provision for unfunded lending-related commitments losses - Other |  | (2,852) |  |  | (2,851) |  |  | 17 |  |  | (5,212) |  |  | (4,468) |  |  |  |
Provision for held-to-maturity securities losses |  | (11) |  |  | (22) |  |  | (12) |  |  | 162 |  |  | (18) |  |  |  |
Provision for credit losses |  | $ | 23,963 |  |  | $ | 16,979 |  |  | $ | 22,334 |  |  | $ | 40,061 |  |  | $ | 21,673 |  |  |  |
Allowance for loan losses |  | $ | 378,207 |  |  | $ | 364,017 |  |  | $ | 360,279 |  |  | $ | 363,719 |  |  | $ | 348,612 |  |  |  |
Allowance for unfunded lending-related commitments losses |  | 69,734 |  |  | 72,586 |  |  | 75,435 |  |  | 73,350 |  |  | 78,563 |  |  |  |
Allowance for loan losses and unfunded lending-related commitments losses |  | 447,941 |  |  | 436,603 |  |  | 435,714 |  |  | 437,069 |  |  | 427,175 |  |  |  |
Allowance for held-to-maturity securities losses |  | 446 |  |  | 457 |  |  | 479 |  |  | 491 |  |  | 329 |  |  |  |
Allowance for credit losses |  | $ | 448,387 |  |  | $ | 437,060 |  |  | $ | 436,193 |  |  | $ | 437,560 |  |  | $ | 427,504 |  |  |  |

PCD - Purchase Credit Deteriorated
TABLE 11: 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 March 31, 2025, December 31, 2024 and September 30, 2024.

| As of Mar 31, 2025 | As of Dec 31, 2024 |  | As of Sep 30, 2024
(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 | $ | 15,931,326 |  |  | $ | 201,183 |  |  | 1.26 | % | $ | 15,574,551 |  |  | $ | 175,837 |  |  | 1.13 | % |  | $ | 15,247,693 |  |  | $ | 171,598 |  |  | 1.13 | %
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development | 2,448,881 |  |  | 71,388 |  |  | 2.92 |  | 2,434,081 |  |  | 87,236 |  |  | 3.58 |  |  | 2,403,690 |  |  | 97,949 |  |  | 4.07 |
Non-construction | 10,466,020 |  |  | 138,622 |  |  | 1.32 |  | 10,469,863 |  |  | 135,620 |  |  | 1.30 |  |  | 10,389,727 |  |  | 133,195 |  |  | 1.28 |
Total commercial real estate | $ | 12,914,901 |  |  | $ | 210,010 |  |  | 1.63 | % | $ | 12,903,944 |  |  | $ | 222,856 |  |  | 1.73 | % |  | $ | 12,793,417 |  |  | $ | 231,144 |  |  | 1.81 | %
Total commercial and commercial real estate | $ | 28,846,227 |  |  | $ | 411,193 |  |  | 1.43 | % | $ | 28,478,495 |  |  | $ | 398,693 |  |  | 1.40 | % |  | $ | 28,041,110 |  |  | $ | 402,742 |  |  | 1.44 | %
Home equity | 455,683 |  |  | 9,139 |  |  | 2.01 |  | 445,028 |  |  | 8,943 |  |  | 2.01 |  |  | 427,043 |  |  | 8,823 |  |  | 2.07 |
Residential real estate | 3,685,159 |  |  | 10,652 |  |  | 0.29 |  | 3,612,765 |  |  | 10,335 |  |  | 0.29 |  |  | 3,388,038 |  |  | 9,745 |  |  | 0.29 |
Premium finance receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and casualty insurance | 7,239,862 |  |  | 15,310 |  |  | 0.21 |  | 7,272,042 |  |  | 17,111 |  |  | 0.24 |  |  | 7,131,681 |  |  | 13,045 |  |  | 0.18 |
Life insurance | 8,365,140 |  |  | 729 |  |  | 0.01 |  | 8,147,145 |  |  | 709 |  |  | 0.01 |  |  | 7,996,899 |  |  | 698 |  |  | 0.01 |
Consumer and other | 116,319 |  |  | 918 |  |  | 0.79 |  | 99,562 |  |  | 812 |  |  | 0.82 |  |  | 82,676 |  |  | 661 |  |  | 0.80 |
Total loans, net of unearned income | $ | 48,708,390 |  |  | $ | 447,941 |  |  | 0.92 | % | $ | 48,055,037 |  |  | $ | 436,603 |  |  | 0.91 | % |  | $ | 47,067,447 |  |  | $ | 435,714 |  |  | 0.93 | %
Total core loans (1) | $ | 29,108,500 |  |  | $ | 397,664 |  |  | 1.37 | % | $ | 28,804,138 |  |  | $ | 392,319 |  |  | 1.36 | % |  | $ | 28,363,712 |  |  | $ | 396,394 |  |  | 1.40 | %
Total niche loans (1) | 19,599,890 |  |  | 50,277 |  |  | 0.26 |  | 19,250,899 |  |  | 44,284 |  |  | 0.23 |  |  | 18,703,735 |  |  | 39,320 |  |  | 0.21 |

(1)See Table 1 for additional detail on core and niche loans.
25

TABLE 12: LOAN PORTFOLIO AGING

(In thousands) |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Jun 30, 2024 |  | Mar 31, 2024
Loan Balances: |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |
Nonaccrual |  | $ | 70,560 |  |  | $ | 73,490 |  |  | $ | 63,826 |  |  | $ | 51,087 |  |  | $ | 31,740 |
90+ days and still accruing |  | 46 |  |  | 104 |  |  | 20 |  |  | 304 |  |  | 27 |
60-89 days past due |  | 15,243 |  |  | 54,844 |  |  | 32,560 |  |  | 16,485 |  |  | 30,248 |
30-59 days past due |  | 97,397 |  |  | 92,551 |  |  | 46,057 |  |  | 36,358 |  |  | 77,715 |
Current |  | 15,748,080 |  |  | 15,353,562 |  |  | 15,105,230 |  |  | 14,050,228 |  |  | 13,363,751 |
Total commercial |  | $ | 15,931,326 |  |  | $ | 15,574,551 |  |  | $ | 15,247,693 |  |  | $ | 14,154,462 |  |  | $ | 13,503,481 |
Commercial real estate |  |  |  |  |  |  |  |  |  |
Nonaccrual |  | $ | 26,187 |  |  | $ | 21,042 |  |  | $ | 42,071 |  |  | $ | 48,289 |  |  | $ | 39,262 |
90+ days and still accruing |  | — |  |  | — |  |  | 225 |  |  | — |  |  | — |
60-89 days past due |  | 6,995 |  |  | 10,521 |  |  | 13,439 |  |  | 6,555 |  |  | 16,713 |
30-59 days past due |  | 83,653 |  |  | 30,766 |  |  | 48,346 |  |  | 38,065 |  |  | 32,998 |
Current |  | 12,798,066 |  |  | 12,841,615 |  |  | 12,689,336 |  |  | 11,854,288 |  |  | 11,544,464 |
Total commercial real estate |  | $ | 12,914,901 |  |  | $ | 12,903,944 |  |  | $ | 12,793,417 |  |  | $ | 11,947,197 |  |  | $ | 11,633,437 |
Home equity |  |  |  |  |  |  |  |  |  |
Nonaccrual |  | $ | 2,070 |  |  | $ | 1,117 |  |  | $ | 1,122 |  |  | $ | 1,100 |  |  | $ | 838 |
90+ days and still accruing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | 984 |  |  | 1,233 |  |  | 1,035 |  |  | 275 |  |  | 212 |
30-59 days past due |  | 3,403 |  |  | 2,148 |  |  | 2,580 |  |  | 1,229 |  |  | 1,617 |
Current |  | 449,226 |  |  | 440,530 |  |  | 422,306 |  |  | 353,709 |  |  | 337,682 |
Total home equity |  | $ | 455,683 |  |  | $ | 445,028 |  |  | $ | 427,043 |  |  | $ | 356,313 |  |  | $ | 340,349 |
Residential real estate |  |  |  |  |  |  |  |  |  |
Early buy-out loans guaranteed by U.S. government agencies (1) |  | $ | 123,742 |  |  | $ | 156,756 |  |  | $ | 135,389 |  |  | $ | 134,178 |  |  | $ | 143,350 |
Nonaccrual |  | 22,522 |  |  | 23,762 |  |  | 17,959 |  |  | 18,198 |  |  | 17,901 |
90+ days and still accruing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | 1,351 |  |  | 5,708 |  |  | 6,364 |  |  | 1,977 |  |  | — |
30-59 days past due |  | 38,943 |  |  | 18,917 |  |  | 2,160 |  |  | 130 |  |  | 24,523 |
Current |  | 3,498,601 |  |  | 3,407,622 |  |  | 3,226,166 |  |  | 2,912,852 |  |  | 2,704,492 |
Total residential real estate |  | $ | 3,685,159 |  |  | $ | 3,612,765 |  |  | $ | 3,388,038 |  |  | $ | 3,067,335 |  |  | $ | 2,890,266 |
Premium finance receivables - property & casualty |  |  |  |  |  |  |  |  |  |
Nonaccrual |  | $ | 29,846 |  |  | $ | 28,797 |  |  | $ | 36,079 |  |  | $ | 32,722 |  |  | $ | 32,648 |
90+ days and still accruing |  | 18,081 |  |  | 16,031 |  |  | 18,235 |  |  | 22,427 |  |  | 25,877 |
60-89 days past due |  | 19,717 |  |  | 19,042 |  |  | 18,740 |  |  | 29,925 |  |  | 15,274 |
30-59 days past due |  | 39,459 |  |  | 68,219 |  |  | 30,204 |  |  | 45,927 |  |  | 59,729 |
Current |  | 7,132,759 |  |  | 7,139,953 |  |  | 7,028,423 |  |  | 6,969,752 |  |  | 6,806,491 |
Total Premium finance receivables - property & casualty |  | $ | 7,239,862 |  |  | $ | 7,272,042 |  |  | $ | 7,131,681 |  |  | $ | 7,100,753 |  |  | $ | 6,940,019 |
Premium finance receivables - life insurance |  |  |  |  |  |  |  |  |  |
Nonaccrual |  | $ | — |  |  | $ | 6,431 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
90+ days and still accruing |  | 2,962 |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | 10,587 |  |  | 72,963 |  |  | 10,902 |  |  | 4,118 |  |  | 32,482 |
30-59 days past due |  | 29,924 |  |  | 36,405 |  |  | 74,432 |  |  | 17,693 |  |  | 100,137 |
Current |  | 8,321,667 |  |  | 8,031,346 |  |  | 7,911,565 |  |  | 7,940,304 |  |  | 7,739,414 |
Total Premium finance receivables - life insurance |  | $ | 8,365,140 |  |  | $ | 8,147,145 |  |  | $ | 7,996,899 |  |  | $ | 7,962,115 |  |  | $ | 7,872,033 |
Consumer and other |  |  |  |  |  |  |  |  |  |
Nonaccrual |  | $ | 18 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 19 |
90+ days and still accruing |  | 98 |  |  | 47 |  |  | 148 |  |  | 121 |  |  | 47 |
60-89 days past due |  | 162 |  |  | 59 |  |  | 22 |  |  | 81 |  |  | 16 |
30-59 days past due |  | 542 |  |  | 882 |  |  | 264 |  |  | 366 |  |  | 210 |
Current |  | 115,499 |  |  | 98,572 |  |  | 82,240 |  |  | 86,785 |  |  | 50,829 |
Total consumer and other |  | $ | 116,319 |  |  | $ | 99,562 |  |  | $ | 82,676 |  |  | $ | 87,356 |  |  | $ | 51,121 |
Total loans, net of unearned income |  |  |  |  |  |  |  |  |  |
Early buy-out loans guaranteed by U.S. government agencies (1) |  | $ | 123,742 |  |  | $ | 156,756 |  |  | $ | 135,389 |  |  | $ | 134,178 |  |  | $ | 143,350 |
Nonaccrual |  | 151,203 |  |  | 154,641 |  |  | 161,059 |  |  | 151,399 |  |  | 122,408 |
90+ days and still accruing |  | 21,187 |  |  | 16,182 |  |  | 18,628 |  |  | 22,852 |  |  | 25,951 |
60-89 days past due |  | 55,039 |  |  | 164,370 |  |  | 83,062 |  |  | 59,416 |  |  | 94,945 |
30-59 days past due |  | 293,321 |  |  | 249,888 |  |  | 204,043 |  |  | 139,768 |  |  | 296,929 |
Current |  | 48,063,898 |  |  | 47,313,200 |  |  | 46,465,266 |  |  | 44,167,918 |  |  | 42,547,123 |
Total loans, net of unearned income |  | $ | 48,708,390 |  |  | $ | 48,055,037 |  |  | $ | 47,067,447 |  |  | $ | 44,675,531 |  |  | $ | 43,230,706 |

(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.
26

TABLE 13: NON-PERFORMING ASSETS(1)

| Mar 31, |  |  |  | Dec 31, |  |  |  |  | Sep 30, |  | Jun 30, |  | Mar 31,
(Dollars in thousands) | 2025 |  |  |  | 2024 |  |  |  |  | 2024 |  | 2024 |  | 2024
Loans past due greater than 90 days and still accruing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 46 |  |  |  |  | $ | 104 |  |  |  |  |  | $ | 20 |  |  | $ | 304 |  |  | $ | 27 |
Commercial real estate | — |  |  |  |  | — |  |  |  |  |  | 225 |  |  | — |  |  | — |
Home equity | — |  |  |  |  | — |  |  |  |  |  | — |  |  | — |  |  | — |
Residential real estate | — |  |  |  |  | — |  |  |  |  |  | — |  |  | — |  |  | — |
Premium finance receivables - property & casualty | 18,081 |  |  |  |  | 16,031 |  |  |  |  |  | 18,235 |  |  | 22,427 |  |  | 25,877 |
Premium finance receivables - life insurance | 2,962 |  |  |  |  | — |  |  |  |  |  | — |  |  | — |  |  | — |
Consumer and other | 98 |  |  |  |  | 47 |  |  |  |  |  | 148 |  |  | 121 |  |  | 47 |
Total loans past due greater than 90 days and still accruing | 21,187 |  |  |  |  | 16,182 |  |  |  |  |  | 18,628 |  |  | 22,852 |  |  | 25,951 |
Non-accrual loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 70,560 |  |  |  |  | 73,490 |  |  |  |  |  | 63,826 |  |  | 51,087 |  |  | 31,740 |
Commercial real estate | 26,187 |  |  |  |  | 21,042 |  |  |  |  |  | 42,071 |  |  | 48,289 |  |  | 39,262 |
Home equity | 2,070 |  |  |  |  | 1,117 |  |  |  |  |  | 1,122 |  |  | 1,100 |  |  | 838 |
Residential real estate | 22,522 |  |  |  |  | 23,762 |  |  |  |  |  | 17,959 |  |  | 18,198 |  |  | 17,901 |
Premium finance receivables - property & casualty | 29,846 |  |  |  |  | 28,797 |  |  |  |  |  | 36,079 |  |  | 32,722 |  |  | 32,648 |
Premium finance receivables - life insurance | — |  |  |  |  | 6,431 |  |  |  |  |  | — |  |  | — |  |  | — |
Consumer and other | 18 |  |  |  |  | 2 |  |  |  |  |  | 2 |  |  | 3 |  |  | 19 |
Total non-accrual loans | 151,203 |  |  |  |  | 154,641 |  |  |  |  |  | 161,059 |  |  | 151,399 |  |  | 122,408 |
Total non-performing loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 70,606 |  |  |  |  | 73,594 |  |  |  |  |  | 63,846 |  |  | 51,391 |  |  | 31,767 |
Commercial real estate | 26,187 |  |  |  |  | 21,042 |  |  |  |  |  | 42,296 |  |  | 48,289 |  |  | 39,262 |
Home equity | 2,070 |  |  |  |  | 1,117 |  |  |  |  |  | 1,122 |  |  | 1,100 |  |  | 838 |
Residential real estate | 22,522 |  |  |  |  | 23,762 |  |  |  |  |  | 17,959 |  |  | 18,198 |  |  | 17,901 |
Premium finance receivables - property & casualty | 47,927 |  |  |  |  | 44,828 |  |  |  |  |  | 54,314 |  |  | 55,149 |  |  | 58,525 |
Premium finance receivables - life insurance | 2,962 |  |  |  |  | 6,431 |  |  |  |  |  | — |  |  | — |  |  | — |
Consumer and other | 116 |  |  |  |  | 49 |  |  |  |  |  | 150 |  |  | 124 |  |  | 66 |
Total non-performing loans | $ | 172,390 |  |  |  |  | $ | 170,823 |  |  |  |  |  | $ | 179,687 |  |  | $ | 174,251 |  |  | $ | 148,359 |
Other real estate owned | 22,625 |  |  |  |  | 23,116 |  |  |  |  |  | 13,682 |  |  | 19,731 |  |  | 14,538 |
Total non-performing assets | $ | 195,015 |  |  |  |  | $ | 193,939 |  |  |  |  |  | $ | 193,369 |  |  | $ | 193,982 |  |  | $ | 162,897 |
Total non-performing loans by category as a percent of its own respective category’s period-end balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 0.44 | % |  |  |  | 0.47 | % |  |  |  |  | 0.42 | % |  | 0.36 | % |  | 0.24 | %
Commercial real estate | 0.20 |  |  |  |  | 0.16 |  |  |  |  |  | 0.33 |  |  | 0.40 |  |  | 0.34 |
Home equity | 0.45 |  |  |  |  | 0.25 |  |  |  |  |  | 0.26 |  |  | 0.31 |  |  | 0.25 |
Residential real estate | 0.61 |  |  |  |  | 0.66 |  |  |  |  |  | 0.53 |  |  | 0.59 |  |  | 0.62 |
Premium finance receivables - property & casualty | 0.66 |  |  |  |  | 0.62 |  |  |  |  |  | 0.76 |  |  | 0.78 |  |  | 0.84 |
Premium finance receivables - life insurance | 0.04 |  |  |  |  | 0.08 |  |  |  |  |  | — |  |  | — |  |  | — |
Consumer and other | 0.10 |  |  |  |  | 0.05 |  |  |  |  |  | 0.18 |  |  | 0.14 |  |  | 0.13 |
Total loans, net of unearned income | 0.35 | % |  |  |  | 0.36 | % |  |  |  |  | 0.38 | % |  | 0.39 | % |  | 0.34 | %
Total non-performing assets as a percentage of total assets | 0.30 | % |  |  |  | 0.30 | % |  |  |  |  | 0.30 | % |  | 0.32 | % |  | 0.28 | %
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans | 296.25 | % |  |  |  | 282.33 | % |  |  |  |  | 270.53 | % |  | 288.69 | % |  | 348.98 | %

(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.
27

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

| Three Months Ended |
| Mar 31, |  | Dec 31, |  |  | Sep 30, |  | Jun 30, |  | Mar 31, |  |  |
(In thousands) | 2025 |  | 2024 |  |  | 2024 |  | 2024 |  | 2024 |  |  |
Balance at beginning of period | $ | 170,823 |  |  | $ | 179,687 |  |  |  |  | $ | 174,251 |  |  | $ | 148,359 |  |  | $ | 139,030 |  |  |  |
Additions from becoming non-performing in the respective period | 27,721 |  |  | 30,931 |  |  |  |  | 42,335 |  |  | 54,376 |  |  | 23,142 |  |  |  |
Additions from assets acquired in the respective period | — |  |  | — |  |  |  |  | 189 |  |  | — |  |  | — |  |  |  |
Return to performing status | (1,207) |  |  | (1,108) |  |  |  |  | (362) |  |  | (912) |  |  | (490) |  |  |  |
Payments received | (15,965) |  |  | (12,219) |  |  |  |  | (10,894) |  |  | (9,611) |  |  | (8,336) |  |  |  |
Transfer to OREO and other repossessed assets | — |  |  | (17,897) |  |  |  |  | (3,680) |  |  | (6,945) |  |  | (1,381) |  |  |  |
Charge-offs, net | (8,600) |  |  | (5,612) |  |  |  |  | (21,211) |  |  | (7,673) |  |  | (14,810) |  |  |  |
Net change for premium finance receivables | (382) |  |  | (2,959) |  |  |  |  | (941) |  |  | (3,343) |  |  | 11,204 |  |  |  |
Balance at end of period | $ | 172,390 |  |  | $ | 170,823 |  |  |  |  | $ | 179,687 |  |  | $ | 174,251 |  |  | $ | 148,359 |  |  |  |

Other Real Estate Owned

| Three Months Ended
| Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31,
(In thousands) | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024
Balance at beginning of period | $ | 23,116 |  |  | $ | 13,682 |  |  | $ | 19,731 |  |  | $ | 14,538 |  |  | $ | 13,309 |
Disposals/resolved | — |  |  | (8,545) |  |  | (9,729) |  |  | (1,752) |  |  | — |
Transfers in at fair value, less costs to sell | — |  |  | 17,979 |  |  | 3,680 |  |  | 6,945 |  |  | 1,436 |
Fair value adjustments | (491) |  |  | — |  |  | — |  |  | — |  |  | (207) |
Balance at end of period | $ | 22,625 |  |  | $ | 23,116 |  |  | $ | 13,682 |  |  | $ | 19,731 |  |  | $ | 14,538 |
| Period End
| Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31,
Balance by Property Type: | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024
Residential real estate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 161 |  |  | $ | 1,146 |
Commercial real estate | 22,625 |  |  | 23,116 |  |  | 13,682 |  |  | 19,570 |  |  | 13,392 |
Total | $ | 22,625 |  |  | $ | 23,116 |  |  | $ | 13,682 |  |  | $ | 19,731 |  |  | $ | 14,538 |

28

TABLE 14: NON-INTEREST INCOME

| Three Months Ended |  | Q1 2025 compared to Q4 2024 |  | Q1 2025 compared to Q1 2024
| Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31, |  |
(Dollars in thousands) | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024 |  | $ Change |  | % Change |  | $ Change |  | % Change
Brokerage | $ | 4,757 |  |  | $ | 5,328 |  |  | $ | 6,139 |  |  | $ | 5,588 |  |  | $ | 5,556 |  |  | $ | (571) |  |  | (11) | % |  | $ | (799) |  |  | (14) | %
Trust and asset management | 29,285 |  |  | 33,447 |  |  | 31,085 |  |  | 29,825 |  |  | 29,259 |  |  | (4,162) |  |  | (12) |  |  | 26 |  |  | 0 |
Total wealth management | 34,042 |  |  | 38,775 |  |  | 37,224 |  |  | 35,413 |  |  | 34,815 |  |  | (4,733) |  |  | (12) |  |  | (773) |  |  | (2) |
Mortgage banking | 20,529 |  |  | 20,452 |  |  | 15,974 |  |  | 29,124 |  |  | 27,663 |  |  | 77 |  |  | 0 |  |  | (7,134) |  |  | (26) |
Service charges on deposit accounts | 19,362 |  |  | 18,864 |  |  | 16,430 |  |  | 15,546 |  |  | 14,811 |  |  | 498 |  |  | 3 |  |  | 4,551 |  |  | 31 |
Gains (losses) on investment securities, net | 3,196 |  |  | (2,835) |  |  | 3,189 |  |  | (4,282) |  |  | 1,326 |  |  | 6,031 |  |  | NM |  | 1,870 |  |  | NM
Fees from covered call options | 3,446 |  |  | 2,305 |  |  | 988 |  |  | 2,056 |  |  | 4,847 |  |  | 1,141 |  |  | 50 |  |  | (1,401) |  |  | (29) |
Trading (losses) gains, net | (64) |  |  | (113) |  |  | (130) |  |  | 70 |  |  | 677 |  |  | 49 |  |  | (43) |  |  | (741) |  |  | NM
Operating lease income, net | 15,287 |  |  | 15,327 |  |  | 15,335 |  |  | 13,938 |  |  | 14,110 |  |  | (40) |  |  | (0) |  |  | 1,177 |  |  | 8 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap fees | 2,269 |  |  | 3,360 |  |  | 2,914 |  |  | 3,392 |  |  | 2,828 |  |  | (1,091) |  |  | (32) |  |  | (559) |  |  | (20) |
BOLI | 796 |  |  | 1,236 |  |  | 1,517 |  |  | 1,351 |  |  | 1,651 |  |  | (440) |  |  | (36) |  |  | (855) |  |  | (52) |
Administrative services | 1,393 |  |  | 1,347 |  |  | 1,450 |  |  | 1,322 |  |  | 1,217 |  |  | 46 |  |  | 3 |  |  | 176 |  |  | 14 |
Foreign currency remeasurement (losses) gains | (183) |  |  | (682) |  |  | 696 |  |  | (145) |  |  | (1,171) |  |  | 499 |  |  | (73) |  |  | 988 |  |  | (84) |
Changes in fair value on EBOs and loans held-for-investment | 383 |  |  | 129 |  |  | 518 |  |  | 604 |  |  | (439) |  |  | 254 |  |  | NM |  | 822 |  |  | NM
Early pay-offs of capital leases | 768 |  |  | 514 |  |  | 532 |  |  | 393 |  |  | 430 |  |  | 254 |  |  | 49 |  |  | 338 |  |  | 79 |
Miscellaneous | 15,410 |  |  | 14,772 |  |  | 16,510 |  |  | 22,365 |  |  | 37,815 |  |  | 638 |  |  | 4 |  |  | (22,405) |  |  | (59) |
Total Other | 20,836 |  |  | 20,676 |  |  | 24,137 |  |  | 29,282 |  |  | 42,331 |  |  | 160 |  |  | 1 |  |  | (21,495) |  |  | (51) |
Total Non-Interest Income | $ | 116,634 |  |  | $ | 113,451 |  |  | $ | 113,147 |  |  | $ | 121,147 |  |  | $ | 140,580 |  |  | $ | 3,183 |  |  | 3 | % |  | $ | (23,946) |  |  | (17) | %

NM - Not meaningful.
BOLI- Bank-owned life insurance.
EBO- Early buy-out.
29

TABLE 15: MORTGAGE BANKING

| Three Months Ended |
(Dollars in thousands) | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Jun 30, 2024 |  | Mar 31, 2024 |  |  |
Originations: |  |  |  |  |  |  |  |  |  |  |  |
Retail originations | $ | 348,468 |  |  | $ | 483,424 |  |  | $ | 527,408 |  |  | $ | 544,394 |  |  | $ | 331,504 |  |  |  |
Veterans First originations | 111,985 |  |  | 176,914 |  |  | 239,369 |  |  | 177,792 |  |  | 144,109 |  |  |  |
Total originations for sale (A) | $ | 460,453 |  |  | $ | 660,338 |  |  | $ | 766,777 |  |  | $ | 722,186 |  |  | $ | 475,613 |  |  |  |
Originations for investment | 217,177 |  |  | 355,119 |  |  | 218,984 |  |  | 275,331 |  |  | 169,246 |  |  |  |
Total originations | $ | 677,630 |  |  | $ | 1,015,457 |  |  | $ | 985,761 |  |  | $ | 997,517 |  |  | $ | 644,859 |  |  |  |
As a percentage of originations for sale: |  |  |  |  |  |  |  |  |  |  |  |
Retail originations | 76 | % |  | 73 | % |  | 69 | % |  | 75 | % |  | 70 | % |  |  |
Veterans First originations | 24 |  |  | 27 |  |  | 31 |  |  | 25 |  |  | 30 |  |  |  |
Purchases | 77 | % |  | 65 | % |  | 72 | % |  | 83 | % |  | 75 | % |  |  |
Refinances | 23 |  |  | 35 |  |  | 28 |  |  | 17 |  |  | 25 |  |  |  |
Production Margin: |  |  |  |  |  |  |  |  |  |  |  |
Production revenue (B) (1) | $ | 9,941 |  |  | $ | 6,993 |  |  | $ | 13,113 |  |  | $ | 14,990 |  |  | $ | 13,435 |  |  |  |
Total originations for sale (A) | $ | 460,453 |  |  | $ | 660,338 |  |  | $ | 766,777 |  |  | $ | 722,186 |  |  | $ | 475,613 |  |  |  |
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) | 197,297 |  |  | 103,946 |  |  | 272,072 |  |  | 222,738 |  |  | 207,775 |  |  |  |
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) | 103,946 |  |  | 272,072 |  |  | 222,738 |  |  | 207,775 |  |  | 119,624 |  |  |  |
Total mortgage production volume (C) | $ | 553,804 |  |  | $ | 492,212 |  |  | $ | 816,111 |  |  | $ | 737,149 |  |  | $ | 563,764 |  |  |  |
Production margin (B / C) | 1.80 | % |  | 1.42 | % |  | 1.61 | % |  | 2.03 | % |  | 2.38 | % |  |  |
Mortgage Servicing: |  |  |  |  |  |  |  |  |  |  |  |
Loans serviced for others (D) | $ | 12,402,352 |  | $ | 12,400,913 |  | $ | 12,253,361 |  | $ | 12,211,027 |  | $ | 12,051,392 |  |  |
Mortgage Servicing Rights (“MSR”), at fair value (E) | 196,307 |  | 203,788 |  | 186,308 |  | 204,610 |  | 201,044 |  |  |
Percentage of MSRs to loans serviced for others (E / D) | 1.58 | % |  | 1.64 | % |  | 1.52 | % |  | 1.68 | % |  | 1.67 | % |  |  |
Servicing income | $ | 10,611 |  |  | $ | 10,731 |  |  | $ | 10,809 |  |  | $ | 10,586 |  |  | $ | 10,498 |  |  |  |
MSR Fair Value Asset Activity |  |  |  |  |  |  |  |  |  |  |  |
MSR - FV at Beginning of Period | $ | 203,788 |  |  | $ | 186,308 |  |  | $ | 204,610 |  |  | $ | 201,044 |  |  | $ | 192,456 |  |  |  |
MSR - current period capitalization | 4,669 |  |  | 10,010 |  |  | 6,357 |  |  | 8,223 |  |  | 5,379 |  |  |  |
MSR - collection of expected cash flows - paydowns | (1,590) |  |  | (1,463) |  |  | (1,598) |  |  | (1,504) |  |  | (1,444) |  |  |  |
MSR - collection of expected cash flows - payoffs and repurchases | (3,046) |  |  | (4,315) |  |  | (5,730) |  |  | (4,030) |  |  | (2,942) |  |  |  |
MSR - changes in fair value model assumptions | (7,514) |  |  | 13,248 |  |  | (17,331) |  |  | 877 |  |  | 7,595 |  |  |  |
MSR Fair Value at end of period | $ | 196,307 |  |  | $ | 203,788 |  |  | $ | 186,308 |  |  | $ | 204,610 |  |  | $ | 201,044 |  |  |  |
Summary of Mortgage Banking Revenue: |  |  |  |  |  |  |  |  |  |  |
Operational: |  |  |  |  |  |  |  |  |  |  |  |
Production revenue (1) | $ | 9,941 |  |  | $ | 6,993 |  |  | $ | 13,113 |  |  | $ | 14,990 |  |  | $ | 13,435 |  |  |  |
MSR - Current period capitalization | 4,669 |  |  | 10,010 |  |  | 6,357 |  |  | 8,223 |  |  | 5,379 |  |  |  |
MSR - Collection of expected cash flows - paydowns | (1,590) |  |  | (1,463) |  |  | (1,598) |  |  | (1,504) |  |  | (1,444) |  |  |  |
MSR - Collection of expected cash flows - pay offs | (3,046) |  |  | (4,315) |  |  | (5,730) |  |  | (4,030) |  |  | (2,942) |  |  |  |
Servicing Income | 10,611 |  |  | 10,731 |  |  | 10,809 |  |  | 10,586 |  |  | 10,498 |  |  |  |
Other Revenue | (172) |  |  | (51) |  |  | (67) |  |  | 112 |  |  | (91) |  |  |  |
Total operational mortgage banking revenue | $ | 20,413 |  |  | $ | 21,905 |  |  | $ | 22,884 |  |  | $ | 28,377 |  |  | $ | 24,835 |  |  |  |
Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
MSR - changes in fair value model assumptions | $ | (7,514) |  |  | $ | 13,248 |  |  | $ | (17,331) |  |  | $ | 877 |  |  | $ | 7,595 |  |  |  |
Gain (loss) on derivative contract held as an economic hedge, net | 4,897 |  |  | (11,452) |  |  | 6,892 |  |  | (772) |  |  | (2,577) |  |  |  |
Changes in FV on early buy-out loans guaranteed by US Govt (HFS) | 2,733 |  |  | (3,249) |  |  | 3,529 |  |  | 642 |  |  | (2,190) |  |  |  |
Total fair value mortgage banking revenue | $ | 116 |  |  | $ | (1,453) |  |  | $ | (6,910) |  |  | $ | 747 |  |  | $ | 2,828 |  |  |  |
Total mortgage banking revenue | $ | 20,529 |  |  | $ | 20,452 |  |  | $ | 15,974 |  |  | $ | 29,124 |  |  | $ | 27,663 |  |  |  |

(1)Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2)Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.
30

TABLE 16: NON-INTEREST EXPENSE

| Three Months Ended |  | Q1 2025 compared to Q4 2024 |  | Q1 2025 compared to Q1 2024
| Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31, |  |
(Dollars in thousands) | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024 |  | $ Change |  | % Change |  | $ Change |  | % Change
Salaries and employee benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries | $ | 123,917 |  |  | $ | 120,969 |  |  | $ | 118,971 |  |  | $ | 113,860 |  |  | $ | 112,172 |  |  | $ | 2,948 |  |  | 2 | % |  | $ | 11,745 |  |  | 10 | %
Commissions and incentive compensation | 52,536 |  |  | 54,792 |  |  | 57,575 |  |  | 52,151 |  |  | 51,001 |  |  | (2,256) |  |  | (4) |  |  | 1,535 |  |  | 3 |
Benefits | 35,073 |  |  | 36,372 |  |  | 34,715 |  |  | 32,530 |  |  | 32,000 |  |  | (1,299) |  |  | (4) |  |  | 3,073 |  |  | 10 |
Total salaries and employee benefits | 211,526 |  |  | 212,133 |  |  | 211,261 |  |  | 198,541 |  |  | 195,173 |  |  | (607) |  |  | (0) |  |  | 16,353 |  |  | 8 |
Software and equipment | 34,717 |  |  | 34,258 |  |  | 31,574 |  |  | 29,231 |  |  | 27,731 |  |  | 459 |  |  | 1 |  |  | 6,986 |  |  | 25 |
Operating lease equipment | 10,471 |  |  | 10,263 |  |  | 10,518 |  |  | 10,834 |  |  | 10,683 |  |  | 208 |  |  | 2 |  |  | (212) |  |  | (2) |
Occupancy, net | 20,778 |  |  | 20,597 |  |  | 19,945 |  |  | 19,585 |  |  | 19,086 |  |  | 181 |  |  | 1 |  |  | 1,692 |  |  | 9 |
Data processing | 11,274 |  |  | 10,957 |  |  | 9,984 |  |  | 9,503 |  |  | 9,292 |  |  | 317 |  |  | 3 |  |  | 1,982 |  |  | 21 |
Advertising and marketing | 12,272 |  |  | 13,097 |  |  | 18,239 |  |  | 17,436 |  |  | 13,040 |  |  | (825) |  |  | (6) |  |  | (768) |  |  | (6) |
Professional fees | 9,044 |  |  | 11,334 |  |  | 9,783 |  |  | 9,967 |  |  | 9,553 |  |  | (2,290) |  |  | (20) |  |  | (509) |  |  | (5) |
Amortization of other acquisition-related intangible assets | 5,618 |  |  | 5,773 |  |  | 4,042 |  |  | 1,122 |  |  | 1,158 |  |  | (155) |  |  | (3) |  |  | 4,460 |  |  | NM
FDIC insurance | 10,926 |  |  | 10,640 |  |  | 10,512 |  |  | 10,429 |  |  | 9,381 |  |  | 286 |  |  | 3 |  |  | 1,545 |  |  | 16 |
FDIC insurance - special assessment | — |  |  | — |  |  | — |  |  | — |  |  | 5,156 |  |  | — |  |  | — |  |  | (5,156) |  |  | (100) |
OREO expense, net | 643 |  |  | 397 |  |  | (938) |  |  | (259) |  |  | 392 |  |  | 246 |  |  | 62 |  |  | 251 |  |  | 64 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lending expenses, net of deferred origination costs | 5,866 |  |  | 6,448 |  |  | 4,995 |  |  | 5,335 |  |  | 5,078 |  |  | (582) |  |  | (9) |  |  | 788 |  |  | 16 |
Travel and entertainment | 5,270 |  |  | 8,140 |  |  | 5,364 |  |  | 5,340 |  |  | 4,597 |  |  | (2,870) |  |  | (35) |  |  | 673 |  |  | 15 |
Miscellaneous | 27,685 |  |  | 24,502 |  |  | 25,408 |  |  | 23,289 |  |  | 22,825 |  |  | 3,183 |  |  | 13 |  |  | 4,860 |  |  | 21 |
Total other | 38,821 |  |  | 39,090 |  |  | 35,767 |  |  | 33,964 |  |  | 32,500 |  |  | (269) |  |  | (1) |  |  | 6,321 |  |  | 19 |
Total Non-Interest Expense | $ | 366,090 |  |  | $ | 368,539 |  |  | $ | 360,687 |  |  | $ | 340,353 |  |  | $ | 333,145 |  |  | $ | (2,449) |  |  | (1) | % |  | $ | 32,945 |  |  | 10 | %

NM - Not meaningful.
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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 (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

| Three Months Ended |
| Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31, |  |  |
(Dollars and shares in thousands) | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024 |  |  |
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: |  |  |
(A) Interest Income (GAAP) | $ | 886,965 |  |  | $ | 913,501 |  |  | $ | 908,604 |  |  | $ | 849,979 |  |  | $ | 805,513 |  |  |  |
Taxable-equivalent adjustment: |  |  |  |  |  |  |  |  |  |  |  |
- Loans | 2,206 |  |  | 2,352 |  |  | 2,474 |  |  | 2,305 |  |  | 2,246 |  |  |  |
- Liquidity Management Assets | 690 |  |  | 716 |  |  | 668 |  |  | 567 |  |  | 550 |  |  |  |
- Other Earning Assets | 3 |  |  | 2 |  |  | 2 |  |  | 3 |  |  | 5 |  |  |  |
(B) Interest Income (non-GAAP) | $ | 889,864 |  |  | $ | 916,571 |  |  | $ | 911,748 |  |  | $ | 852,854 |  |  | $ | 808,314 |  |  |  |
(C) Interest Expense (GAAP) | 360,491 |  |  | 388,353 |  |  | 406,021 |  |  | 379,369 |  |  | 341,319 |  |  |  |
(D) Net Interest Income (GAAP) (A minus C) | $ | 526,474 |  |  | $ | 525,148 |  |  | $ | 502,583 |  |  | $ | 470,610 |  |  | $ | 464,194 |  |  |  |
(E) Net Interest Income (non-GAAP) (B minus C) | $ | 529,373 |  |  | $ | 528,218 |  |  | $ | 505,727 |  |  | $ | 473,485 |  |  | $ | 466,995 |  |  |  |
Net interest margin (GAAP) | 3.54 | % |  | 3.49 | % |  | 3.49 | % |  | 3.50 | % |  | 3.57 | % |  |  |
Net interest margin, fully taxable-equivalent (non-GAAP) | 3.56 |  |  | 3.51 |  |  | 3.51 |  |  | 3.52 |  |  | 3.59 |  |  |  |
(F) Non-interest income | $ | 116,634 |  |  | $ | 113,451 |  |  | $ | 113,147 |  |  | $ | 121,147 |  |  | $ | 140,580 |  |  |  |
(G) Gains (losses) on investment securities, net | 3,196 |  |  | (2,835) |  |  | 3,189 |  |  | (4,282) |  |  | 1,326 |  |  |  |
(H) Non-interest expense | 366,090 |  |  | 368,539 |  |  | 360,687 |  |  | 340,353 |  |  | 333,145 |  |  |  |
Efficiency ratio (H/(D+F-G)) | 57.21 | % |  | 57.46 | % |  | 58.88 | % |  | 57.10 | % |  | 55.21 | % |  |  |
Efficiency ratio (non-GAAP) (H/(E+F-G)) | 56.95 |  |  | 57.18 |  |  | 58.58 |  |  | 56.83 |  |  | 54.95 |  |  |  |

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| Three Months Ended |
| Mar 31, |  | Dec 31, |  | Sep 30, |  | Jun 30, |  | Mar 31, |  |  |
(Dollars and shares in thousands) | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024 |  |  |
Reconciliation of Non-GAAP Tangible Common Equity Ratio: |  |  |
Total shareholders’ equity (GAAP) | $ | 6,600,537 |  | $ | 6,344,297 |  | $ | 6,399,714 |  | $ | 5,536,628 |  | $ | 5,436,400 |  |  |
Less: Non-convertible preferred stock (GAAP) | (412,500) |  | (412,500) |  | (412,500) |  | (412,500) |  | (412,500) |  |  |
Less: Intangible assets (GAAP) | (913,004) |  | (918,632) |  | (924,646) |  | (676,562) |  | (677,911) |  |  |
(I) Total tangible common shareholders’ equity (non-GAAP) | $ | 5,275,033 |  | $ | 5,013,165 |  | $ | 5,062,568 |  | $ | 4,447,566 |  | $ | 4,345,989 |  |  |
(J) Total assets (GAAP) | $ | 65,870,066 |  | $ | 64,879,668 |  | $ | 63,788,424 |  | $ | 59,781,516 |  | $ | 57,576,933 |  |  |
Less: Intangible assets (GAAP) | (913,004) |  | (918,632) |  | (924,646) |  | (676,562) |  | (677,911) |  |  |
(K) Total tangible assets (non-GAAP) | $ | 64,957,062 |  | $ | 63,961,036 |  | $ | 62,863,778 |  | $ | 59,104,954 |  | $ | 56,899,022 |  |  |
Common equity to assets ratio (GAAP) (L/J) | 9.4 | % |  | 9.1 | % |  | 9.4 | % |  | 8.6 | % |  | 8.7 | % |  |  |
Tangible common equity ratio (non-GAAP) (I/K) | 8.1 |  |  | 7.8 |  |  | 8.1 |  |  | 7.5 |  |  | 7.6 |  |  |  |

Reconciliation of Non-GAAP Tangible Book Value per Common Share: |  |  |
Total shareholders’ equity | $ | 6,600,537 |  |  | $ | 6,344,297 |  |  | $ | 6,399,714 |  |  | $ | 5,536,628 |  |  | $ | 5,436,400 |  |  |  |
Less: Preferred stock | (412,500) |  |  | (412,500) |  |  | (412,500) |  |  | (412,500) |  |  | (412,500) |  |  |  |
(L) Total common equity | $ | 6,188,037 |  |  | $ | 5,931,797 |  |  | $ | 5,987,214 |  |  | $ | 5,124,128 |  |  | $ | 5,023,900 |  |  |  |
(M) Actual common shares outstanding | 66,919 |  |  | 66,495 |  |  | 66,482 |  |  | 61,760 |  |  | 61,737 |  |  |  |
Book value per common share (L/M) | $ | 92.47 |  |  | $ | 89.21 |  |  | $ | 90.06 |  |  | $ | 82.97 |  |  | $ | 81.38 |  |  |  |
Tangible book value per common share (non-GAAP) (I/M) | 78.83 |  |  | 75.39 |  |  | 76.15 |  |  | 72.01 |  |  | 70.40 |  |  |  |
Reconciliation of Non-GAAP Return on Average Tangible Common Equity: |  |  |
(N) Net income applicable to common shares | $ | 182,048 |  |  | $ | 178,371 |  |  | $ | 163,010 |  |  | $ | 145,397 |  |  | $ | 180,303 |  |  |  |
Add: Intangible asset amortization | 5,618 |  |  | 5,773 |  |  | 4,042 |  |  | 1,122 |  |  | 1,158 |  |  |  |
Less: Tax effect of intangible asset amortization | (1,421) |  |  | (1,547) |  |  | (1,087) |  |  | (311) |  |  | (291) |  |  |  |
After-tax intangible asset amortization | $ | 4,197 |  |  | $ | 4,226 |  |  | $ | 2,955 |  |  | $ | 811 |  |  | $ | 867 |  |  |  |
(O) Tangible net income applicable to common shares (non-GAAP) | $ | 186,245 |  |  | $ | 182,597 |  |  | $ | 165,965 |  |  | $ | 146,208 |  |  | $ | 181,170 |  |  |  |
Total average shareholders’ equity | $ | 6,460,941 |  |  | $ | 6,418,403 |  |  | $ | 5,990,429 |  |  | $ | 5,450,173 |  |  | $ | 5,440,457 |  |  |  |
Less: Average preferred stock | (412,500) |  |  | (412,500) |  |  | (412,500) |  |  | (412,500) |  |  | (412,500) |  |  |  |
(P) Total average common shareholders’ equity | $ | 6,048,441 |  |  | $ | 6,005,903 |  |  | $ | 5,577,929 |  |  | $ | 5,037,673 |  |  | $ | 5,027,957 |  |  |  |
Less: Average intangible assets | (916,069) |  |  | (921,438) |  |  | (833,574) |  |  | (677,207) |  |  | (678,731) |  |  |  |
(Q) Total average tangible common shareholders’ equity (non-GAAP) | $ | 5,132,372 |  |  | $ | 5,084,465 |  |  | $ | 4,744,355 |  |  | $ | 4,360,466 |  |  | $ | 4,349,226 |  |  |  |
Return on average common equity, annualized (N/P) | 12.21 | % |  | 11.82 | % |  | 11.63 | % |  | 11.61 | % |  | 14.42 | % |  |  |
Return on average tangible common equity, annualized (non-GAAP) (O/Q) | 14.72 |  |  | 14.29 |  |  | 13.92 |  |  | 13.49 |  |  | 16.75 |  |  |  |
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: |  |  |  |  |
Income before taxes | $ | 253,055 |  |  | $ | 253,081 |  |  | $ | 232,709 |  |  | $ | 211,343 |  |  | $ | 249,956 |  |  |  |
Add: Provision for credit losses | 23,963 |  |  | 16,979 |  |  | 22,334 |  |  | 40,061 |  |  | 21,673 |  |  |  |
Pre-tax income, excluding provision for credit losses (non-GAAP) | $ | 277,018 |  |  | $ | 270,060 |  |  | $ | 255,043 |  |  | $ | 251,404 |  |  | $ | 271,629 |  |  |  |

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WINTRUST SUBSIDIARIES
Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.
Additionally, the Company operates various non-bank businesses:
•FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
•First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
•Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
•Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. 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.
•Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
•Wintrust Asset Finance offers direct leasing opportunities.
•CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:
•economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
•negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
•the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
•estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
•the financial success and economic viability of the borrowers of our commercial loans;
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•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 losses, difficulties or developments related to the Company’s recent or future acquisitions;
•unexpected difficulties and losses related to FDIC-assisted acquisitions;
•harm to the Company’s reputation;
•any negative perception of the Company’s financial strength;
•ability of the Company to raise additional capital on acceptable terms when needed;
•disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
•ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
•failure or breaches of our security systems or infrastructure, or those of third parties;
•security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
•adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
•adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
•increased costs as a result of protecting our customers from the impact of stolen debit card information;
•accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
•ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
•environmental liability risk associated with lending activities;
•the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
•losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
•the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
•the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
•the expenses and delayed returns inherent in opening new branches and de novo banks;
•liabilities, potential customer loss or reputational harm related to closings of existing branches;
•examinations and challenges by tax authorities, and any unanticipated impact of 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;
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•increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
•delinquencies or fraud with respect to the Company’s premium finance business;
•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
•the Company’s ability to comply with covenants under its credit facility;
•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.
Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.
CONFERENCE CALL, WEBCAST AND REPLAY
The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.
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