Wintrust Financial Corporation Reports Record Quarterly Net Income

ROSEMONT, Ill., April 20, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $227.4 million, or $3.22 per diluted common share, for the first quarter of 2026 compared to net income of $223.0 million, or $3.15 per diluted common share for the fourth quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the first quarter of 2026 totaled a record $330.5 million, as compared to $329.8 million for the fourth quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased with our first quarter 2026 results, with diversified loan growth, robust deposit generation and prudent expense management resulting in a fifth consecutive quarter of record net income. Our multi-faceted business model and unique market position continued to build franchise value.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter remained within our expected range, improving by two basis points to 3.56%. Strong loan growth, coupled with a stable net interest margin supported solid net interest income levels in the first quarter of 2026. Our disciplined approach to underwriting led to strong credit quality with low levels of net charge-offs and non-performing loans.”

Highlights of the first quarter of 2026:

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

• Total loans increased by $1.0 billion, or 7% annualized.
• Total deposits increased by $1.2 billion, or 8% annualized.
• Total assets increased by $1.0 billion, or 6% annualized.
• Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026.
  • Net interest income decreased to $579.0 million in the first quarter of 2026, compared to $583.9 million in the fourth quarter of 2025, primarily due to two fewer calendar days in the first quarter, partially offset by average earning asset growth during the quarter.        
• Provision for credit losses totaled $29.6 million in the first quarter of 2026, compared to a provision for credit losses of $27.6 million in the fourth quarter of 2025.
• Net charge-offs totaled $18.4 million, or 14 basis points of average total loans on an annualized basis, in the first quarter of 2026 down from $21.8 million, or 17 basis points of average total loans on an annualized basis, in the fourth quarter of 2025.
• Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025.

“Our first quarter performance reflected the efficient execution of our strategic priorities to deliver our differentiated customer experience, deliver disciplined and strategic growth and build the foundation for our future”, Mr. Crane said. “We believe the continued momentum in our financial results has us well-positioned for the remainder of 2026. We expect sustained balance sheet growth, as we manage our expenses while investing appropriately in our businesses, to create consistent value for our shareholders.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2026 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.

Graphs available at the following link: 

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.0 billion increase in total loans. The increase in loans was broad-based with growth across most major loan categories.

Total liabilities increased by $0.9 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.2 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2026 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances represented 20% of total deposits and average non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.8%.

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

NET INTEREST INCOME

For the first quarter of 2026, net interest income totaled $579.0 million, a decrease of $4.9 million compared to the fourth quarter of 2025. The decrease in net interest income in the first quarter of 2026 was driven by two fewer calendar days in the quarter, partially offset by average earning asset growth during the quarter.

Net interest margin was 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026, up two basis points compared to the fourth quarter of 2025, benefiting from two fewer calendar days in the calendar. The yield on earning assets declined 10 basis points during the first quarter of 2026 primarily due to a 13 basis point decrease in loan yields. Funding cost on interest-bearing deposits decreased by 16 basis points compared to the fourth quarter of 2025, which more than offset the reduction in loan yields. The net free funds contribution in the first quarter of 2026 declined four basis points compared to the fourth quarter of 2025.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $471.6 million as of March 31, 2026, an increase from $460.5 million as of December 31, 2025. A provision for credit losses totaling $29.6 million was recorded for the first quarter of 2026 compared to $27.6 million recorded in the fourth quarter of 2025. The provision for credit losses recognized in the first quarter of 2026 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, model results capture uncertainty related to credit spreads and equity market valuations. 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, 2026, December 31, 2025, and September 30, 2025 is shown on Table 11 of this report.

Net charge-offs totaled $18.4 million in the first quarter of 2026, a decrease of $3.4 million compared to $21.8 million of net charge-offs in the fourth quarter of 2025. Net charge-offs as a percentage of average total loans were 14 basis points in the first quarter of 2026 on an annualized basis compared to 17 basis points on an annualized basis in the fourth quarter of 2025. For more information regarding net charge-offs, see Table 9 in this report.

The Company’s loan portfolio 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 were stable compared to prior quarter. Non-performing assets totaled $200.2 million and comprised 0.28% of total assets as of March 31, 2026, as compared to $206.6 million, or 0.29% of total assets, as of December 31, 2025. Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $134.1 million in the first quarter of 2026, increasing $3.7 million, compared to $130.4 million in the fourth quarter of 2025.

Wealth management revenue increased by approximately $2.7 million in the first quarter of 2026, compared to the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily driven by the increase in trust and asset management revenue. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $23.4 million in the first quarter of 2026, compared to $22.6 million in the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized approximately $31,000 in net losses on investment securities in the first quarter of 2026 compared to approximately $1.5 million in net gains in the fourth quarter of 2025. The net losses in the first quarter of 2026 were primarily the result of unrealized losses 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 expense totaled $382.6 million in the first quarter of 2026, decreasing $1.9 million, compared to $384.5 million in the fourth quarter of 2025. Non-interest expense, as a percent of average assets, remained stable at 2.21% in the first quarter of 2026.

Salaries and employee benefits expense increased by approximately $5.9 million in the first quarter of 2026, compared to the fourth quarter of 2025. This was primarily driven by an increase in base salaries as annual merit increases go into effect in the first quarter.

The Company recorded net OREO expense of $207,000 in the first quarter of 2026, compared to net OREO expense of $2.2 million in the fourth quarter of 2025. The primary driver of the decrease in the first quarter can be attributed to valuation adjustments in the fourth quarter of 2025. Net OREO expenses include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.

Advertising and marketing expenses in the first quarter of 2026 totaled $13.2 million, which was a $574,000 decrease as compared to the fourth quarter of 2025. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

Travel and entertainment expense decreased approximately $2.5 million in the first quarter of 2026, compared to the fourth quarter of 2025. The decrease is primarily attributed to seasonal corporate events that occur in the fourth quarter.

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

INCOME TAXES

The Company recorded income tax expense of $73.6 million in the first quarter of 2026 compared to $79.2 million in the fourth quarter of 2025. The effective tax rates were 24.4% in the first quarter of 2026 compared to 26.2% in the fourth quarter of 2025. The effective tax rates were 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 $6.6 million in the first quarter of 2026, compared to net excess tax benefits of $70,000 in the fourth quarter of 2025 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 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $23.4 million for the first quarter of 2026, an increase of $771,000 compared to the fourth quarter of 2025. See Table 15 for more detail. Service charges on deposit accounts totaled $21.0 million in the first quarter of 2026 as compared to $20.4 million in the fourth quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2026 indicating momentum for expected continued loan growth in the second quarter of 2026.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.1 billion during the first quarter of 2026. Average balances decreased by $81.0 million, as compared to the fourth quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.0 billion, $1.2 billion, and $362.8 million as of March 31, 2026, respectively, compared to $2.9 billion, $1.2 billion, and $360.6 million as of December 31, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.2 million in the first quarter of 2026, which was relatively stable compared to the fourth quarter of 2025.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $42.1 million in the first quarter of 2026, an increase as compared to the fourth quarter of 2025. At March 31, 2026, the Company’s wealth management subsidiaries had approximately $45.9 billion of assets under administration, which excludes assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2026, as compared to the fourth quarter of 2025 (sequential quarter) and first quarter of 2025 (linked quarter), are shown in the table below:

												% or(1) basis point  (bp) change from 4th Quarter 2025			% or basis point  (bp) change from 1st Quarter 2025
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2026				Dec 31, 2025				Mar 31, 2025
Net income	$	227,388			$	223,024			$	189,039		2		%	20		%
Pre-tax income, excluding provision for credit losses (non-GAAP)(2)		330,534				329,811				277,018		0			19
Net income per common share – Diluted		3.22				3.15				2.69		2			20
Cash dividends declared per common share		0.55				0.50				0.50		10			10
Net revenue(3)		713,166				714,264				643,108		0			11
Net interest income		579,024				583,874				526,474		(1	)		10
Net interest margin		3.54	%			3.52	%			3.54	%	2		bps	—		bps
Net interest margin – fully taxable-equivalent (non-GAAP)(2)		3.56				3.54				3.56		2			—
Net overhead ratio(4)		1.44				1.45				1.58		(1	)		(14	)
Return on average assets		1.32				1.27				1.20		5			12
Return on average common equity		12.76				12.63				12.21		13			55
Return on average tangible common equity (non-GAAP)(2)		14.89				14.83				14.72		6			17
At end of period
Total assets	$	72,157,433			$	71,142,046			$	65,870,066		6		%	10		%
Total loans(5)		54,071,292				53,105,101				48,708,390		7			11
Total deposits		58,914,382				57,717,191				53,570,038		8			10
Total shareholders’ equity		7,378,100				7,258,715				6,600,537		7			12

(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.

WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights

		Three Months Ended
(Dollars in thousands, except per share data)		Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025				Mar 31, 2025
Selected Financial Condition Data (at end of period):
Total assets		$	72,157,433			$	71,142,046			$	69,629,638			$	68,983,318			$	65,870,066
Total loans(1)			54,071,292				53,105,101				52,063,482				51,041,679				48,708,390
Total deposits			58,914,382				57,717,191				56,711,381				55,816,811				53,570,038
Total shareholders’ equity			7,378,100				7,258,715				7,045,757				7,225,696				6,600,537
Selected Statements of Income Data:
Net interest income		$	579,024			$	583,874			$	567,010			$	546,694			$	526,474
Net revenue(2)			713,166				714,264				697,837				670,783				643,108
Net income			227,388				223,024				216,254				195,527				189,039
Pre-tax income, excluding provision for credit losses (non-GAAP)(3)			330,534				329,811				317,809				289,322				277,018
Net income per common share – Basic			3.26				3.21				2.82				2.82				2.73
Net income per common share – Diluted			3.22				3.15				2.78				2.78				2.69
Cash dividends declared per common share			0.55				0.50				0.50				0.50				0.50
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin			3.54	%			3.52	%			3.48	%			3.52	%			3.54	%
Net interest margin – fully taxable-equivalent (non-GAAP)(3)			3.56				3.54				3.50				3.54				3.56
Non-interest income to average assets			0.78				0.74				0.76				0.76				0.74
Non-interest expense to average assets			2.21				2.19				2.21				2.32				2.32
Net overhead ratio(4)			1.44				1.45				1.45				1.57				1.58
Return on average assets			1.32				1.27				1.26				1.19				1.20
Return on average common equity			12.76				12.63				11.58				12.07				12.21
Return on average tangible common equity (non-GAAP)(3)			14.89				14.83				13.74				14.44				14.72
Average total assets		$	70,089,123			$	69,492,268			$	68,303,036			$	65,840,345			$	64,107,042
Average total shareholders’ equity			7,387,713				7,166,608				6,955,543				6,862,040				6,460,941
Average loans to average deposits ratio			93.1	%			92.4	%			92.5	%			93.0	%			92.3	%
Period-end loans to deposits ratio			91.8				92.0				91.8				91.4				90.9
Common Share Data at end of period:
Market price per common share		$	138.94			$	139.82			$	132.44			$	123.98			$	112.46
Book value per common share			103.10				102.03				98.87				95.43				92.47
Tangible book value per common share (non-GAAP)(3)			89.90				88.66				85.39				81.86				78.83
Common shares outstanding			67,437,300				66,974,913				66,961,209				66,937,732				66,919,325
Other Data at end of period:
Common equity to assets ratio			9.6	%			9.6	%			9.5	%			9.3	%			9.4	%
Tangible common equity ratio (non-GAAP)(3)			8.5				8.5				8.3				8.0				8.1
Tier 1 leverage ratio(5)			9.8				9.6				9.5				10.2				9.6
Risk-based capital ratios:
Tier 1 capital ratio(5)			11.1				11.0				10.9				11.5				10.8
Common equity tier 1 capital ratio(5)			10.4				10.3				10.2				10.0				10.1
Total capital ratio(5)			12.5				12.4				12.4				13.0				12.5
Allowance for credit losses(6)		$	471,591			$	460,465			$	454,586			$	457,461			$	448,387
Allowance for loan and unfunded lending-related commitment losses to total loans			0.87	%			0.87	%			0.87	%			0.90	%			0.92	%
Number of:
Bank subsidiaries			16				16				16				16				16
Banking offices			209				209				208				208				208

(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.

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)			2026				2025				2025				2025				2025
Assets
Cash and due from banks		$	543,654			$	467,874			$	565,406			$	695,501			$	616,216
Federal funds sold and securities purchased under resale agreements			65				64				63				63				63
Interest-bearing deposits with banks			3,051,665				3,180,553				3,422,452				4,569,618				4,238,237
Available-for-sale securities, at fair value			7,244,282				6,236,263				5,274,124				4,885,715				4,220,305
Held-to-maturity securities, at amortized cost			3,270,207				3,343,905				3,438,406				3,502,186				3,564,490
Equity securities with readily determinable fair value			63,786				63,770				63,445				273,722				270,442
Federal Home Loan Bank and Federal Reserve Bank stock			292,044				291,881				282,755				282,087				281,893
Mortgage loans held-for-sale, at fair value			383,405				340,745				333,883				299,606				316,804
Loans, net of unearned income			54,071,292				53,105,101				52,063,482				51,041,679				48,708,390
Allowance for loan losses			(390,651	)			(379,283	)			(386,622	)			(391,654	)			(378,207	)
Net loans			53,680,641				52,725,818				51,676,860				50,650,025				48,330,183
Premises, software and equipment, net			777,603				781,611				775,425				776,324				776,679
Lease investments, net			362,766				360,646				301,000				289,768				280,472
Accrued interest receivable and other assets			1,596,617				1,617,682				1,614,674				1,610,025				1,598,255
Receivable on unsettled securities sales			—				835,275				978,209				240,039				463,023
Goodwill			797,658				797,960				797,639				798,144				796,932
Other acquisition-related intangible assets			93,040				97,999				105,297				110,495				116,072
Total assets		$	72,157,433			$	71,142,046			$	69,629,638			$	68,983,318			$	65,870,066
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing		$	12,112,891			$	11,423,701			$	10,952,146			$	10,877,166			$	11,201,859
Interest-bearing			46,801,491				46,293,490				45,759,235				44,939,645				42,368,179
Total deposits			58,914,382				57,717,191				56,711,381				55,816,811				53,570,038
Federal Home Loan Bank advances			3,451,309				3,451,309				3,151,309				3,151,309				3,151,309
Other borrowings			340,647				477,966				579,328				625,392				529,269
Subordinated notes			298,717				298,636				298,536				298,458				298,360
Junior subordinated debentures			253,566				253,566				253,566				253,566				253,566
Payable on unsettled securities purchases			—				—				—				39,105				—
Accrued interest payable and other liabilities			1,520,712				1,684,663				1,589,761				1,572,981				1,466,987
Total liabilities			64,779,333				63,883,331				62,583,881				61,757,622				59,269,529
Shareholders’ Equity:
Preferred stock			425,000				425,000				425,000				837,500				412,500
Common stock			67,525				67,062				67,042				67,025				67,007
Surplus			2,546,792				2,534,024				2,521,306				2,495,637				2,494,347
Treasury stock			(13,970	)			(9,156	)			(9,150	)			(9,156	)			(9,156	)
Retained earnings			4,719,561				4,537,539				4,356,367				4,200,923				4,045,854
Accumulated other comprehensive loss			(366,808	)			(295,754	)			(314,808	)			(366,233	)			(410,015	)
Total shareholders’ equity			7,378,100				7,258,715				7,045,757				7,225,696				6,600,537
Total liabilities and shareholders’ equity		$	72,157,433			$	71,142,046			$	69,629,638			$	68,983,318			$	65,870,066

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2026				Dec 31, 2025				Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Interest income
Interest and fees on loans	$	797,889			$	822,494			$	832,140		$	797,997		$	768,362
Mortgage loans held-for-sale		4,615				5,607				4,757			4,872			4,246
Interest-bearing deposits with banks		19,150				27,190				34,992			34,317			36,766
Federal funds sold and securities purchased under resale agreements		64				77				75			276			179
Investment securities		100,278				95,461				86,426			78,053			72,016
Trading account securities		—				—				—			—			11
Federal Home Loan Bank and Federal Reserve Bank stock		5,564				5,497				5,444			5,393			5,307
Brokerage customer receivables		—				—				—			—			78
Total interest income		927,560				956,326				963,834			920,908			886,965
Interest expense
Interest on deposits		309,187				332,178				355,846			333,470			320,233
Interest on Federal Home Loan Bank advances		27,701				26,408				26,007			25,724			25,441
Interest on other borrowings		4,026				5,956				6,887			6,957			6,792
Interest on subordinated notes		3,719				3,737				3,717			3,735			3,714
Interest on junior subordinated debentures		3,903				4,173				4,367			4,328			4,311
Total interest expense		348,536				372,452				396,824			374,214			360,491
Net interest income		579,024				583,874				567,010			546,694			526,474
Provision for credit losses		29,594				27,588				21,768			22,234			23,963
Net interest income after provision for credit losses		549,430				556,286				545,242			524,460			502,511
Non-interest income
Wealth management		42,059				39,365				37,188			36,821			34,042
Mortgage banking		23,396				22,625				24,451			23,170			20,529
Service charges on deposit accounts		20,970				20,402				19,825			19,502			19,362
(Losses) gains on investment securities, net		(31	)			1,505				2,972			650			3,196
Fees from covered call options		4,669				5,992				5,619			5,624			3,446
Trading gains (losses), net		10				(257	)			172			151			(64	)
Operating lease income, net		19,154				16,365				15,466			15,166			15,287
Other		23,915				24,393				25,134			23,005			20,836
Total non-interest income		134,142				130,390				130,827			124,089			116,634
Non-interest expense
Salaries and employee benefits		228,447				222,557				219,668			219,541			211,526
Software and equipment		35,654				36,096				35,027			36,522			34,717
Operating lease equipment		10,987				11,034				10,409			10,757			10,471
Occupancy, net		20,566				20,105				20,809			20,228			20,778
Data processing		11,266				11,809				11,329			12,110			11,274
Advertising and marketing		13,218				13,792				19,027			18,761			12,272
Professional fees		7,375				8,280				7,465			9,243			9,044
Amortization of other acquisition-related intangible assets		4,958				4,999				5,196			5,580			5,618
FDIC insurance		10,990				10,562				11,418			10,971			10,926
Other real estate owned (“OREO”) expenses, net		207				2,162				262			505			643
Other		38,964				43,057				39,418			37,243			38,821
Total non-interest expense		382,632				384,453				380,028			381,461			366,090
Income before taxes		300,940				302,223				296,041			267,088			253,055
Income tax expense		73,552				79,199				79,787			71,561			64,016
Net income	$	227,388			$	223,024			$	216,254		$	195,527		$	189,039
Preferred stock dividends		8,367				8,367				13,295			6,991			6,991
Preferred stock redemption		—				—				14,046			—			—
Net income applicable to common shares	$	219,021			$	214,657			$	188,913		$	188,536		$	182,048
Net income per common share - Basic	$	3.26			$	3.21			$	2.82		$	2.82		$	2.73
Net income per common share - Diluted	$	3.22			$	3.15			$	2.78		$	2.78		$	2.69
Cash dividends declared per common share	$	0.55			$	0.50			$	0.50		$	0.50		$	0.50
Weighted average common shares outstanding		67,246				66,970				66,952			66,931			66,726
Dilutive potential common shares		851				1,143				1,028			888			923
Average common shares and dilutive common shares		68,097				68,113				67,980			67,819			67,649

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

															% Growth From(1)
(Dollars in thousands)	Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30,  2025			Mar 31, 2025		Dec 31, 2025(2)		Mar 31, 2025
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	249,350		$	217,136		$	211,360		$	192,633		$	181,580	60	%	37	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies		134,055			123,609			122,523			106,973			135,224	34		(1	)
Total mortgage loans held-for-sale	$	383,405		$	340,745		$	333,883		$	299,606		$	316,804	51	%	21	%
Core loans:
Commercial
Commercial and industrial	$	7,620,239		$	7,267,505		$	7,135,083		$	7,028,247		$	6,871,206	20	%	11	%
Asset-based lending		1,558,089			1,512,888			1,588,522			1,663,693			1,701,962	12		(8	)
Municipal		839,633			868,958			804,986			771,785			798,646	(14	)	5
Leases		3,002,014			2,921,366			2,834,563			2,757,331			2,680,943	11		12
Commercial real estate
Residential construction		53,097			54,753			60,923			59,027			55,849	(12	)	(5	)
Commercial construction		1,959,375			2,013,244			2,273,545			2,165,263			2,086,797	(11	)	(6	)
Land		311,470			341,585			323,685			304,827			306,235	(36	)	2
Office		1,652,482			1,688,614			1,578,208			1,601,208			1,641,555	(9	)	1
Industrial		3,323,977			3,167,768			2,912,547			2,824,889			2,677,555	20		24
Retail		1,469,658			1,436,252			1,478,861			1,452,351			1,402,837	9		5
Multi-family		3,565,419			3,445,507			3,306,597			3,200,578			3,091,314	14		15
Mixed use and other		1,826,808			1,793,013			1,684,841			1,683,867			1,652,759	8		11
Home equity		471,264			480,525			484,202			466,815			455,683	(8	)	3
Residential real estate
Residential real estate loans for investment		4,319,941			4,171,439			4,019,046			3,814,715			3,561,417	14		21
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies		83,036			84,706			75,088			80,800			86,952	(8	)	(5	)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies		62,189			61,087			49,736			53,267			36,790	7		69
Total core loans	$	32,118,691		$	31,309,210		$	30,610,433		$	29,928,663		$	29,108,500	10	%	10	%
Niche loans:
Commercial
Franchise	$	1,293,639		$	1,298,493		$	1,298,140		$	1,286,265		$	1,262,555	(2	)%	2	%
Mortgage warehouse lines of credit		1,800,972			1,515,003			1,204,661			1,232,530			1,019,543	77		77
Community Advantage - homeowners association		526,274			532,027			537,696			526,595			525,492	(4	)	—
Insurance agency lending		1,122,361			1,128,446			1,140,691			1,120,985			1,070,979	(2	)	5
Premium Finance receivables
U.S. property & casualty insurance		7,127,234			7,308,054			7,502,901			7,378,340			6,486,663	(10	)	10
Canada property & casualty insurance		763,097			875,362			863,391			944,836			753,199	(52	)	1
Life insurance		9,196,382			9,023,642			8,758,553			8,506,960			8,365,140	8		10
Consumer and other		122,642			114,864			147,016			116,505			116,319	27		5
Total niche loans	$	21,952,601		$	21,795,891		$	21,453,049		$	21,113,016		$	19,599,890	3	%	12	%
Total loans, net of unearned income	$	54,071,292		$	53,105,101		$	52,063,482		$	51,041,679		$	48,708,390	7	%	11	%

(1)  NM - Not Meaningful.

(2)  Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																				% Growth From
(Dollars in thousands)	Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025				Mar 31, 2025			Dec 31, 2025(1)			Mar 31, 2025
Balance:
Non-interest-bearing	$	12,112,891			$	11,423,701			$	10,952,146			$	10,877,166			$	11,201,859		24	%		8	%
NOW and interest-bearing demand deposits		5,987,258				6,233,753				6,710,919				6,795,725				6,340,168		(16	)		(6	)
Wealth management deposits(2)		1,670,620				1,907,647				1,600,735				1,595,764				1,408,790		(50	)		19
Money market		21,714,267				21,368,924				20,270,382				19,556,041				18,074,733		7			20
Savings		6,942,565				6,905,216				6,758,743				6,659,419				6,576,251		2			6
Time certificates of deposit		10,486,781				9,877,950				10,418,456				10,332,696				9,968,237		25			5
Total deposits	$	58,914,382			$	57,717,191			$	56,711,381			$	55,816,811			$	53,570,038		8	%		10	%
Mix:
Non-interest-bearing		20	%			20	%			19	%			19	%			21	%
NOW and interest-bearing demand deposits		10				11				12				12				12
Wealth management deposits(2)		3				3				3				3				3
Money market		37				37				36				35				34
Savings		12				12				12				12				12
Time certificates of deposit		18				17				18				19				18
Total deposits		100	%			100	%			100	%			100	%			100	%

(1) Annualized.

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

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

As of March 31, 2026

(Dollars in thousands)		Total Time Certificates of Deposit			Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months		$	2,650,966		3.45	%
4-6 months			5,018,880		3.51
7-9 months			1,589,764		3.37
10-12 months			822,123		3.40
13-18 months			243,686		2.88
19-24 months			70,182		2.85
24+ months			91,180		2.72
Total		$	10,486,781		3.44	%

TABLE 4: QUARTERLY AVERAGE BALANCES

		Average Balance for three months ended,
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(In thousands)			2026				2025				2025				2025				2025
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1)		$	2,247,083			$	2,842,829			$	3,276,683			$	3,308,199			$	3,520,048
Investment securities(2)			10,616,617				10,084,138				9,377,930				8,801,560				8,409,735
FHLB and FRB stock(3)			291,972				284,643				282,338				282,001				281,702
Liquidity management assets(4)		$	13,155,672			$	13,211,610			$	12,936,951			$	12,391,760			$	12,211,485
Other earning assets(4) (5)			—				—				—				—				13,140
Mortgage loans held-for-sale			317,047				357,672				295,365				310,534				286,710
Loans, net of unearned income(4) (6)			52,845,685				52,193,637				51,403,566				49,517,635				47,833,380
Total earning assets(4)		$	66,318,404			$	65,762,919			$	64,635,882			$	62,219,929			$	60,344,715
Allowance for loan and investment security losses			(391,810	)			(404,075	)			(410,681	)			(398,685	)			(375,371	)
Cash and due from banks			534,189				517,616				495,292				478,707				476,423
Other assets			3,628,340				3,615,808				3,582,543				3,540,394				3,661,275
Total assets		$	70,089,123			$	69,492,268			$	68,303,036			$	65,840,345			$	64,107,042
NOW and interest-bearing demand deposits		$	6,081,218			$	6,133,333			$	6,687,292			$	6,423,050			$	6,046,189
Wealth management deposits			1,858,560				1,925,808				1,604,142				1,552,989				1,574,480
Money market accounts			21,156,125				20,475,659				19,431,021				18,184,754				17,581,141
Savings accounts			6,921,251				6,814,263				6,723,325				6,578,698				6,479,444
Time deposits			9,782,112				10,045,136				10,319,719				9,841,702				9,406,126
Interest-bearing deposits		$	45,799,266			$	45,394,199			$	44,765,499			$	42,581,193			$	41,087,380
FHLB advances(3)			3,451,312				3,203,483				3,151,310				3,151,310				3,151,309
Other borrowings			442,200				547,507				614,892				593,657				582,139
Subordinated notes			298,661				298,576				298,481				298,398				298,306
Junior subordinated debentures			253,566				253,566				253,566				253,566				253,566
Total interest-bearing liabilities		$	50,245,005			$	49,697,331			$	49,083,748			$	46,878,124			$	45,372,700
Non-interest-bearing deposits			10,963,887				11,080,254				10,791,709				10,643,798				10,732,156
Other liabilities			1,492,518				1,548,075				1,472,036				1,456,383				1,541,245
Equity			7,387,713				7,166,608				6,955,543				6,862,040				6,460,941
Total liabilities and shareholders’ equity		$	70,089,123			$	69,492,268			$	68,303,036			$	65,840,345			$	64,107,042
Net free funds/contribution(7)		$	16,073,399			$	16,065,588			$	15,552,134			$	15,341,805			$	14,972,015

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

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

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

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

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

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

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



TABLE 5: QUARTERLY NET INTEREST INCOME

		Net Interest Income for three months ended,
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(In thousands)			2026				2025				2025				2025				2025
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents		$	19,214			$	27,267			$	35,067			$	34,593			$	36,945
Investment securities			100,864				96,122				87,101				78,733				72,706
FHLB and FRB stock(1)			5,564				5,497				5,444				5,393				5,307
Liquidity management assets(2)		$	125,642			$	128,886			$	127,612			$	118,719			$	114,958
Other earning assets(2)			—				—				—				—				92
Mortgage loans held-for-sale			4,615				5,607				4,757				4,872				4,246
Loans, net of unearned income(2)			799,915				824,628				834,294				800,197				770,568
Total interest income		$	930,172			$	959,121			$	966,663			$	923,788			$	889,864
Interest expense:
NOW and interest-bearing demand deposits		$	29,666			$	31,681			$	40,448			$	37,517			$	33,600
Wealth management deposits			8,941				10,011				8,415				8,182				8,606
Money market accounts			155,299				163,585				169,831				155,890				146,374
Savings accounts			30,672				34,371				38,844				37,637				35,923
Time deposits			84,609				92,530				98,308				94,244				95,730
Interest-bearing deposits		$	309,187			$	332,178			$	355,846			$	333,470			$	320,233
FHLB advances(1)			27,701				26,408				26,007				25,724				25,441
Other borrowings			4,026				5,956				6,887				6,957				6,792
Subordinated notes			3,719				3,737				3,717				3,735				3,714
Junior subordinated debentures			3,903				4,173				4,367				4,328				4,311
Total interest expense		$	348,536			$	372,452			$	396,824			$	374,214			$	360,491
Less: Fully taxable-equivalent adjustment			(2,612	)			(2,795	)			(2,829	)			(2,880	)			(2,899	)
Net interest income (GAAP)(3)			579,024				583,874				567,010				546,694				526,474
Fully taxable-equivalent adjustment			2,612				2,795				2,829				2,880				2,899
Net interest income, fully taxable-equivalent (non-GAAP)(3)		$	581,636			$	586,669			$	569,839			$	549,574			$	529,373

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

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

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



TABLE 6: QUARTERLY NET INTEREST MARGIN

		Net Interest Margin for three months ended,
		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents		3.47	%		3.81	%		4.25	%		4.19	%		4.26	%
Investment securities		3.85			3.78			3.68			3.59			3.51
FHLB and FRB stock(1)		7.73			7.66			7.65			7.67			7.64
Liquidity management assets		3.87	%		3.87	%		3.91	%		3.84	%		3.82	%
Other earning assets		—			—			—			—			2.84
Mortgage loans held-for-sale		5.90			6.22			6.39			6.29			6.01
Loans, net of unearned income		6.14			6.27			6.44			6.48			6.53
Total earning assets		5.69	%		5.79	%		5.93	%		5.96	%		5.98	%
Rate paid on:
NOW and interest-bearing demand deposits		1.98	%		2.05	%		2.40	%		2.34	%		2.25	%
Wealth management deposits		1.95			2.06			2.08			2.11			2.22
Money market accounts		2.98			3.17			3.47			3.44			3.38
Savings accounts		1.80			2.00			2.29			2.29			2.25
Time deposits		3.51			3.65			3.78			3.84			4.13
Interest-bearing deposits		2.74	%		2.90	%		3.15	%		3.14	%		3.16	%
FHLB advances		3.26			3.27			3.27			3.27			3.27
Other borrowings		3.69			4.32			4.44			4.70			4.73
Subordinated notes		5.05			4.97			4.94			5.02			5.05
Junior subordinated debentures		6.24			6.53			6.83			6.85			6.90
Total interest-bearing liabilities		2.81	%		2.97	%		3.21	%		3.20	%		3.22	%
Interest rate spread(2) (3)		2.88	%		2.82	%		2.72	%		2.76	%		2.76	%
Less: Fully taxable-equivalent adjustment		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
Net free funds/contribution(4)		0.68			0.72			0.78			0.78			0.80
Net interest margin (GAAP)(3)		3.54	%		3.52	%		3.48	%		3.52	%		3.54	%
Fully taxable-equivalent adjustment		0.02			0.02			0.02			0.02			0.02
Net interest margin, fully taxable-equivalent (non-GAAP)(3)		3.56	%		3.54	%		3.50	%		3.54	%		3.56	%

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

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

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

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

TABLE 7: 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, 2026		(0.8	)%		(0.1	)%		(1.0	)%		(1.9	)%
Dec 31, 2025		(1.6	)		(0.5	)		(0.5	)		(0.8	)
Sep 30, 2025		(2.3	)		(0.8	)		0.0			(0.4	)
Jun 30, 2025		(1.5	)		(0.4	)		(0.2	)		(1.2	)
Mar 31, 2025		(1.8	)		(0.6	)		(0.2	)		(1.2	)

Ramp Scenario	+200 Basis Points			+100 Basis Points			-100 Basis Points			-200 Basis Points
Mar 31, 2026	(0.1	)%		0.0	%		(0.1	)%		(0.3	)%
Dec 31, 2025	(0.0	)		0.1			(0.1	)		(0.2	)
Sep 30, 2025	(0.2	)		(0.1	)		0.1			(0.1	)
Jun 30, 2025	0.0			0.0			(0.1	)		(0.4	)
Mar 31, 2025	0.2			0.2			(0.1	)		(0.5	)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. Management has taken action to reposition its sensitivity to interest rates to stabilize net interest margin following the rise in short term interest rates in 2022 and 2023. To this end, management has executed various derivative instruments including collars, floors and receive-fixed swaps to hedge variable-rate loan exposures. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of March 31, 2026	One year or less				From one to five years			From five to fifteen years			After fifteen years			Total
(In thousands)
Commercial
Fixed rate	$	521,142			$	4,062,342		$	2,182,827		$	19,916		$	6,786,227
Variable rate		10,975,702				1,292			—			—			10,976,994
Total commercial	$	11,496,844			$	4,063,634		$	2,182,827		$	19,916		$	17,763,221
Commercial real estate
Fixed rate	$	860,484			$	2,648,718		$	345,954		$	71,217		$	3,926,373
Variable rate		10,225,429				10,419			65			—			10,235,913
Total commercial real estate	$	11,085,913			$	2,659,137		$	346,019		$	71,217		$	14,162,286
Home equity
Fixed rate	$	9,160			$	1,141		$	—		$	8		$	10,309
Variable rate		460,955				—			—			—			460,955
Total home equity	$	470,115			$	1,141		$	—		$	8		$	471,264
Residential real estate
Fixed rate	$	20,050			$	4,549		$	68,021		$	1,052,334		$	1,144,954
Variable rate		126,191				776,281			2,417,740			—			3,320,212
Total residential real estate	$	146,241			$	780,830		$	2,485,761		$	1,052,334		$	4,465,166
Premium finance receivables - property & casualty
Fixed rate	$	7,762,445			$	127,886		$	—		$	—		$	7,890,331
Variable rate		—				—			—			—			—
Total premium finance receivables - property & casualty	$	7,762,445			$	127,886		$	—		$	—		$	7,890,331
Premium finance receivables - life insurance
Fixed rate	$	55,951			$	88,566		$	—		$	—		$	144,517
Variable rate		9,051,865				—			—			—			9,051,865
Total premium finance receivables - life insurance	$	9,107,816			$	88,566		$	—		$	—		$	9,196,382
Consumer and other
Fixed rate	$	29,654			$	8,473		$	857		$	842		$	39,826
Variable rate		82,816				—			—			—			82,816
Total consumer and other	$	112,470			$	8,473		$	857		$	842		$	122,642
Total per category
Fixed rate	$	9,258,886			$	6,941,675		$	2,597,659		$	1,144,317		$	19,942,537
Variable rate		30,922,958				787,992			2,417,805			—			34,128,755
Total loans, net of unearned income	$	40,181,844			$	7,729,667		$	5,015,464		$	1,144,317		$	54,071,292
Less: Existing cash flow hedging derivatives(1)		(5,900,000	)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	34,281,844
Variable Rate Loan Pricing by Index:
SOFR tenors(2)														$	22,224,818
12- month CMT(3)															7,992,586
Prime															3,011,508
Fed Funds															625,005
Other U.S. Treasury tenors															175,047
Other															99,791
Total variable rate														$	34,128,755

(1) Excludes cash flow hedges with future effective starting dates and those that have matured as of March 31, 2026. The $5.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $4.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of March 31, 2026.

(2) SOFR - Secured Overnight Financing Rate.

(3) CMT - Constant Maturity Treasury Rate.

Graph available at the following link: 

 

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 $19.5 billion tied to one-month SOFR and $8.0 billion tied to twelve-month CMT. The above chart shows:

		Basis Point (bp) Change in
		1-month SOFR			12- month CMT			Prime
First Quarter 2026		(3	)	bps	20		bps	—		bps
Fourth Quarter 2025		(44	)		(20	)		(50	)
Third Quarter 2025		(19	)		(28	)		(25	)
Second Quarter 2025		—			(7	)		—
First Quarter 2025		(1	)		(13	)		—

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

		Three Months Ended
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands)			2026				2025				2025				2025				2025
Allowance for credit losses at beginning of period		$	460,465			$	454,586			$	457,461			$	448,387			$	437,060
Provision for credit losses - Other			29,594				27,588				21,768				22,234				23,963
Other adjustments			(50	)			71				(88	)			180				4
Charge-offs:
Commercial			8,428				12,894				21,597				6,148				9,722
Commercial real estate			7,260				5,625				144				5,711				454
Home equity			—				—				27				111				—
Residential real estate			350				—				26				—				—
Premium finance receivables - property & casualty			7,431				8,354				6,860				6,346				7,114
Premium finance receivables - life insurance			—				—				18				—				12
Consumer and other			180				203				174				179				147
Total charge-offs			23,649				27,076				28,846				18,495				17,449
Recoveries:
Commercial			1,419				956				1,449				1,746				929
Commercial real estate			6				4				241				10				12
Home equity			303				28				104				30				216
Residential real estate			1				1				1				2				136
Premium finance receivables - property & casualty			3,437				4,275				2,459				3,335				3,487
Premium finance receivables - life insurance			—				—				—				—				—
Consumer and other			65				32				37				32				29
Total recoveries			5,231				5,296				4,291				5,155				4,809
Net charge-offs			(18,418	)			(21,780	)			(24,555	)			(13,340	)			(12,640	)
Allowance for credit losses at period end		$	471,591			$	460,465			$	454,586			$	457,461			$	448,387
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial			0.17	%			0.29	%			0.49	%			0.11	%			0.23	%
Commercial real estate			0.21				0.16				(0.00	)			0.17				0.01
Home equity			(0.26	)			(0.02	)			(0.06	)			0.07				(0.20	)
Residential real estate			0.03				(0.00	)			0.00				(0.00	)			(0.02	)
Premium finance receivables - property & casualty			0.20				0.20				0.20				0.16				0.20
Premium finance receivables - life insurance			—				—				0.00				—				0.00
Consumer and other			0.35				0.47				0.40				0.44				0.45
Total loans, net of unearned income			0.14	%			0.17	%			0.19	%			0.11	%			0.11	%
Loans at period end		$	54,071,292			$	53,105,101			$	52,063,482			$	51,041,679			$	48,708,390
Allowance for loan losses as a percentage of loans at period end			0.72	%			0.71	%			0.74	%			0.77	%			0.78	%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end			0.87				0.87				0.87				0.90				0.92

PCD - Purchase Credit Deteriorated

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)			2026				2025				2025				2025				2025
Provision for loan losses - Other		$	29,836			$	14,369			$	19,610			$	26,607			$	26,826
Provision for unfunded lending-related commitments losses - Other			(239	)			13,354				2,160				(4,325	)			(2,852	)
Provision for held-to-maturity securities losses			(3	)			(135	)			(2	)			(48	)			(11	)
Provision for credit losses		$	29,594			$	27,588			$	21,768			$	22,234			$	23,963
Allowance for loan losses		$	390,651			$	379,283			$	386,622			$	391,654			$	378,207
Allowance for unfunded lending-related commitments losses			80,683				80,922				67,569				65,409				69,734
Allowance for loan losses and unfunded lending-related commitments losses			471,334				460,205				454,191				457,063				447,941
Allowance for held-to-maturity securities losses			257				260				395				398				446
Allowance for credit losses		$	471,591			$	460,465			$	454,586			$	457,461			$	448,387

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, 2026, December 31, 2025 and September 30, 2025.

	As of Mar 31, 2026								As of Dec 31, 2025								As of Sep 30, 2025
(Dollars in thousands)	Recorded Investment			Calculated Allowance			% of its category’s balance		Recorded Investment			Calculated Allowance			% of its category’s balance		Recorded Investment			Calculated Allowance			% of its category’s balance
Commercial	$	17,763,221		$	210,959		1.19	%	$	17,044,686		$	178,545		1.05	%	$	16,544,342		$	189,476		1.15	%
Commercial real estate:
Construction and development		2,323,942			74,092		3.19			2,409,582			93,106		3.86			2,658,153			78,765		2.96
Non-construction		11,838,344			150,778		1.27			11,531,154			153,827		1.33			10,961,054			151,712		1.38
Total commercial real estate	$	14,162,286		$	224,870		1.59	%	$	13,940,736		$	246,933		1.77	%	$	13,619,207		$	230,477		1.69	%
Total commercial and commercial real estate	$	31,925,507		$	435,829		1.37	%	$	30,985,422		$	425,478		1.37	%	$	30,163,549		$	419,953		1.39	%
Home equity		471,264			10,213		2.17			480,525			10,402		2.16			484,202			9,229		1.91
Residential real estate		4,465,166			13,081		0.29			4,317,232			12,519		0.29			4,143,870			12,013		0.29
Premium finance receivables - property & casualty		7,890,331			10,591		0.13			8,183,416			10,226		0.12			8,366,292			11,187		0.13
Premium finance receivables - life insurance		9,196,382			800		0.01			9,023,642			785		0.01			8,758,553			762		0.01
Consumer and other		122,642			820		0.67			114,864			795		0.69			147,016			1,047		0.71
Total loans, net of unearned income	$	54,071,292		$	471,334		0.87	%	$	53,105,101		$	460,205		0.87	%	$	52,063,482		$	454,191		0.87	%
Total core loans(1)	$	32,118,691		$	408,892		1.27	%	$	31,309,210		$	412,714		1.32	%	$	30,610,433		$	408,780		1.34	%
Total niche loans(1)		21,952,601			62,442		0.28			21,795,891			47,491		0.22			21,453,049			45,411		0.21

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

TABLE 12: LOAN PORTFOLIO AGING

(In thousands)		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Loan Balances:
Commercial
Nonaccrual		$	87,750		$	78,059		$	66,577		$	80,877		$	70,560
90+ days and still accruing			—			—			—			—			46
60-89 days past due			9,996			22,952			12,190			34,855			15,243
30-59 days past due			90,389			90,205			36,136			45,103			97,397
Current			17,575,086			16,853,470			16,429,439			16,226,596			15,748,080
Total commercial		$	17,763,221		$	17,044,686		$	16,544,342		$	16,387,431		$	15,931,326
Commercial real estate
Nonaccrual		$	16,757		$	25,147		$	28,202		$	32,828		$	26,187
90+ days and still accruing			—			—			—			—			—
60-89 days past due			17,133			19,529			14,119			11,257			6,995
30-59 days past due			54,143			65,601			83,055			51,173			83,653
Current			14,074,253			13,830,459			13,493,831			13,196,752			12,798,066
Total commercial real estate		$	14,162,286		$	13,940,736		$	13,619,207		$	13,292,010		$	12,914,901
Home equity
Nonaccrual		$	1,142		$	1,221		$	1,295		$	1,780		$	2,070
90+ days and still accruing			—			—			—			—			—
60-89 days past due			463			1,112			246			138			984
30-59 days past due			2,012			2,818			2,294			2,971			3,403
Current			467,647			475,374			480,367			461,926			449,226
Total home equity		$	471,264		$	480,525		$	484,202		$	466,815		$	455,683
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies(1)		$	145,225		$	145,793		$	124,824		$	134,067		$	123,742
Nonaccrual			27,360			32,862			28,942			28,047			22,522
90+ days and still accruing			—			—			—			—			—
60-89 days past due			129			7,562			8,829			8,954			1,351
30-59 days past due			30,854			24,908			95			38			38,943
Current			4,261,598			4,106,107			3,981,180			3,777,676			3,498,601
Total residential real estate		$	4,465,166		$	4,317,232		$	4,143,870		$	3,948,782		$	3,685,159
Premium finance receivables - property & casualty
Nonaccrual		$	33,891		$	29,354		$	24,512		$	30,404		$	29,846
90+ days and still accruing			15,823			19,115			13,006			14,350			18,081
60-89 days past due			16,188			29,294			23,527			25,641			19,717
30-59 days past due			47,936			57,685			38,133			29,460			39,459
Current			7,776,493			8,047,968			8,267,114			8,223,321			7,132,759
Total Premium finance receivables - property & casualty		$	7,890,331		$	8,183,416		$	8,366,292		$	8,323,176		$	7,239,862
Premium finance receivables - life insurance
Nonaccrual		$	—		$	—		$	—		$	—		$	—
90+ days and still accruing			—			—			—			327			2,962
60-89 days past due			22,690			13,887			34,016			11,202			10,587
30-59 days past due			58,760			22,806			34,506			34,403			29,924
Current			9,114,932			8,986,949			8,690,031			8,461,028			8,321,667
Total Premium finance receivables - life insurance		$	9,196,382		$	9,023,642		$	8,758,553		$	8,506,960		$	8,365,140
Consumer and other
Nonaccrual		$	16		$	8		$	38		$	41		$	18
90+ days and still accruing			10			42			60			184			98
60-89 days past due			130			466			49			61			162
30-59 days past due			230			643			159			175			542
Current			122,256			113,705			146,710			116,044			115,499
Total consumer and other		$	122,642		$	114,864		$	147,016		$	116,505		$	116,319
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies(1)		$	145,225		$	145,793		$	124,824		$	134,067		$	123,742
Nonaccrual			166,916			166,651			149,566			173,977			151,203
90+ days and still accruing			15,833			19,157			13,066			14,861			21,187
60-89 days past due			66,729			94,802			92,976			92,108			55,039
30-59 days past due			284,324			264,666			194,378			163,323			293,321
Current			53,392,265			52,414,032			51,488,672			50,463,343			48,063,898
Total loans, net of unearned income		$	54,071,292		$	53,105,101		$	52,063,482		$	51,041,679		$	48,708,390

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

TABLE 13: NON-PERFORMING ASSETS ⁽¹⁾

	Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands)		2026				2025				2025				2025				2025
Loans past due greater than 90 days and still accruing:
Commercial	$	—			$	—			$	—			$	—			$	46
Commercial real estate		—				—				—				—				—
Home equity		—				—				—				—				—
Residential real estate		—				—				—				—				—
Premium finance receivables - property & casualty		15,823				19,115				13,006				14,350				18,081
Premium finance receivables - life insurance		—				—				—				327				2,962
Consumer and other		10				42				60				184				98
Total loans past due greater than 90 days and still accruing		15,833				19,157				13,066				14,861				21,187
Non-accrual loans:
Commercial		87,750				78,059				66,577				80,877				70,560
Commercial real estate		16,757				25,147				28,202				32,828				26,187
Home equity		1,142				1,221				1,295				1,780				2,070
Residential real estate		27,360				32,862				28,942				28,047				22,522
Premium finance receivables - property & casualty		33,891				29,354				24,512				30,404				29,846
Premium finance receivables - life insurance		—				—				—				—				—
Consumer and other		16				8				38				41				18
Total non-accrual loans		166,916				166,651				149,566				173,977				151,203
Total non-performing loans:
Commercial		87,750				78,059				66,577				80,877				70,606
Commercial real estate		16,757				25,147				28,202				32,828				26,187
Home equity		1,142				1,221				1,295				1,780				2,070
Residential real estate		27,360				32,862				28,942				28,047				22,522
Premium finance receivables - property & casualty		49,714				48,469				37,518				44,754				47,927
Premium finance receivables - life insurance		—				—				—				327				2,962
Consumer and other		26				50				98				225				116
Total non-performing loans	$	182,749			$	185,808			$	162,632			$	188,838			$	172,390
Other real estate owned		17,439				20,839				24,832				23,615				22,625
Total non-performing assets	$	200,188			$	206,647			$	187,464			$	212,453			$	195,015
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial		0.49	%			0.46	%			0.40	%			0.49	%			0.44	%
Commercial real estate		0.12				0.18				0.21				0.25				0.20
Home equity		0.24				0.25				0.27				0.38				0.45
Residential real estate		0.61				0.76				0.70				0.71				0.61
Premium finance receivables - property & casualty		0.63				0.59				0.45				0.54				0.66
Premium finance receivables - life insurance		—				—				—				0.00				0.04
Consumer and other		0.02				0.04				0.07				0.19				0.10
Total loans, net of unearned income		0.34	%			0.35	%			0.31	%			0.37	%			0.35	%
Total non-performing assets as a percentage of total assets		0.28	%			0.29	%			0.27	%			0.31	%			0.30	%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans		282.38	%			276.15	%			303.67	%			262.71	%			296.25	%

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

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

	Three Months Ended
	Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(In thousands)		2026				2025				2025				2025				2025
Balance at beginning of period	$	185,808			$	162,632			$	188,838			$	172,390			$	170,823
Additions from becoming non-performing in the respective period		24,969				46,198				34,805				48,651				27,721
Return to performing status		(3,663	)			(2,937	)			(3,399	)			(6,896	)			(1,207	)
Payments received		(13,780	)			(13,734	)			(28,052	)			(5,602	)			(15,965	)
Transfer to OREO or other assets		(868	)			(286	)			(348	)			(2,247	)			—
Charge-offs, net		(10,930	)			(16,998	)			(21,526	)			(11,734	)			(8,600	)
Net change for premium finance receivables		1,213				10,933				(7,686	)			(5,724	)			(382	)
Balance at end of period	$	182,749			$	185,808			$	162,632			$	188,838			$	172,390

Other Real Estate Owned

	Three Months Ended
	Mar 31,				Dec 31,				Sep 30,			Jun 30,				Mar 31,
(In thousands)		2026				2025				2025			2025				2025
Balance at beginning of period	$	20,839			$	24,832			$	23,615		$	22,625			$	23,116
Disposals/resolved		(4,760	)			(2,141	)			—			—				—
Transfers in at fair value, less costs to sell		1,360				—				1,217			1,315				—
Fair value adjustments		—				(1,852	)			—			(325	)			(491	)
Balance at end of period	$	17,439			$	20,839			$	24,832		$	23,615			$	22,625
	Period End
(In thousands)	Mar 31,				Dec 31,				Sep 30,			Jun 30,				Mar 31,
Balance by Property Type:		2026				2025				2025			2025				2025
Residential real estate	$	—			$	—			$	—		$	—			$	—
Commercial real estate		17,439				20,839				24,832			23,615				22,625
Total	$	17,439			$	20,839			$	24,832		$	23,615			$	22,625

TABLE 14: NON-INTEREST INCOME

	Three Months Ended																		Q1 2026 compared to Q4 2025						Q1 2026 compared to Q1 2025
	Mar 31,				Dec 31,				Sep 30,				Jun 30,			Mar 31,
(Dollars in thousands)		2026				2025				2025				2025			2025		$ Change				% Change		$ Change				% Change
Brokerage	$	5,301			$	5,384			$	4,426			$	4,212		$	4,757		$	(83	)		(2	)%	$	544			11	%
Trust and asset management		36,758				33,981				32,762				32,609			29,285			2,777			8			7,473			26
Total wealth management		42,059				39,365				37,188				36,821			34,042			2,694			7			8,017			24
Mortgage banking		23,396				22,625				24,451				23,170			20,529			771			3			2,867			14
Service charges on deposit accounts		20,970				20,402				19,825				19,502			19,362			568			3			1,608			8
(Losses) gains on investment securities, net		(31	)			1,505				2,972				650			3,196			(1,536	)		NM			(3,227	)		NM
Fees from covered call options		4,669				5,992				5,619				5,624			3,446			(1,323	)		(22	)		1,223			35
Trading gains (losses), net		10				(257	)			172				151			(64	)		267			NM			74			NM
Operating lease income, net		19,154				16,365				15,466				15,166			15,287			2,789			17			3,867			25
Other:
Interest rate swap fees		4,041				4,664				3,909				3,010			2,269			(623	)		(13	)		1,772			78
BOLI		948				1,915				1,591				2,257			796			(967	)		(50	)		152			19
Administrative services		1,243				1,352				1,240				1,315			1,393			(109	)		(8	)		(150	)		(11	)
Foreign currency remeasurement (losses) gains		(368	)			322				(416	)			658			(183	)		(690	)		NM			(185	)		NM
Changes in fair value on EBOs and loans held-for-investment		(287	)			(1,702	)			1,452				172			383			1,415			83			(670	)		NM
Early pay-offs of capital leases		1,198				581				519				400			768			617			NM			430			56
Miscellaneous		17,140				17,261				16,839				15,193			15,410			(121	)		(1	)		1,730			11
Total Other		23,915				24,393				25,134				23,005			20,836			(478	)		(2	)		3,079			15
Total Non-Interest Income	$	134,142			$	130,390			$	130,827			$	124,089		$	116,634		$	3,752			3	%	$	17,508			15	%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

EBO - Early buy-out.

TABLE 15: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025				Mar 31, 2025
Originations:
Retail originations	$	441,749			$	589,139			$	505,793			$	523,759			$	348,468
Veterans First originations		152,244				208,054				137,600				157,787				111,985
Total originations for sale (A)	$	593,993			$	797,193			$	643,393			$	681,546			$	460,453
Originations for investment		371,540				364,988				351,012				422,926				217,177
Total originations	$	965,533			$	1,162,181			$	994,405			$	1,104,472			$	677,630
As a percentage of originations for sale:
Retail originations		74	%			74	%			79	%			77	%			76	%
Veterans First originations		26				26				21				23				24
Purchases		52	%			52	%			77	%			74	%			77	%
Refinances		48				48				23				26				23
Production Margin:
Production revenue (B)(1)	$	13,028			$	10,878			$	15,388			$	13,380			$	9,941
Total originations for sale (A)	$	593,993			$	797,193			$	643,393			$	681,546			$	460,453
Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2)		218,156				122,804				307,932				163,664				197,297
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2)		122,804				307,932				163,664				197,297				103,946
Total mortgage production volume (C)	$	689,345			$	612,065			$	787,661			$	647,913			$	553,804
Production margin (B / C)		1.89	%			1.78	%			1.95	%			2.07	%			1.80	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,534,513			$	12,608,694			$	12,524,131			$	12,470,924			$	12,402,352
Mortgage Servicing Rights (“MSR”), at fair value (E)		195,276				195,023				190,938				193,061				196,307
Percentage of MSRs to loans serviced for others (E / D)		1.56	%			1.55	%			1.52	%			1.55	%			1.58	%
Servicing income	$	10,353			$	10,185			$	10,112			$	10,520			$	10,611
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period	$	195,023			$	190,938			$	193,061			$	196,307			$	203,788
MSR - current period capitalization		6,434				9,150				5,829				6,336				4,669
MSR - collection of expected cash flows - paydowns		(1,620	)			(1,550	)			(1,554	)			(1,516	)			(1,590	)
MSR - collection of expected cash flows - payoffs and repurchases		(5,021	)			(6,250	)			(4,050	)			(4,100	)			(3,046	)
MSR - changes in fair value model assumptions		460				2,735				(2,348	)			(3,966	)			(7,514	)
MSR Fair Value at end of period	$	195,276			$	195,023			$	190,938			$	193,061			$	196,307
Summary of Mortgage Banking Revenue:
Operational:
Production revenue(1)	$	13,028			$	10,878			$	15,388			$	13,380			$	9,941
MSR - Current period capitalization		6,434				9,150				5,829				6,336				4,669
MSR - Collection of expected cash flows - paydowns		(1,620	)			(1,550	)			(1,554	)			(1,516	)			(1,590	)
MSR - Collection of expected cash flows - payoffs and repurchases		(5,021	)			(6,250	)			(4,050	)			(4,100	)			(3,046	)
Servicing Income		10,353				10,185				10,112				10,520				10,611
Other Revenue		(45	)			(17	)			(345	)			(79	)			(172	)
Total operational mortgage banking revenue	$	23,129			$	22,396			$	25,380			$	24,541			$	20,413
Fair Value:
MSR - changes in fair value model assumptions	$	460			$	2,735			$	(2,348	)		$	(3,966	)		$	(7,514	)
(Loss) gain on derivative contract held as an economic hedge, net		(900	)			(2,425	)			265				2,535				4,897
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale		707				(81	)			1,154				60				2,733
Total fair value mortgage banking revenue	$	267			$	229			$	(929	)		$	(1,371	)		$	116
Total mortgage banking revenue	$	23,396			$	22,625			$	24,451			$	23,170			$	20,529

(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.

TABLE 16: NON-INTEREST EXPENSE

	Three Months Ended															Q1 2026 compared to Q4 2025						Q1 2026 compared to Q1 2025
	Mar 31,			Dec 31,				Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2026			2025				2025			2025			2025	$ Change				% Change		$ Change				% Change
Salaries and employee benefits:
Salaries	$	129,086		$	124,856			$	124,623		$	123,174		$	123,917	$	4,230			3	%	$	5,169			4	%
Commissions and incentive compensation		57,407			57,117				56,244			55,871			52,536		290			1			4,871			9
Benefits		41,954			40,584				38,801			40,496			35,073		1,370			3			6,881			20
Total salaries and employee benefits		228,447			222,557				219,668			219,541			211,526		5,890			3			16,921			8
Software and equipment		35,654			36,096				35,027			36,522			34,717		(442	)		(1	)		937			3
Operating lease equipment		10,987			11,034				10,409			10,757			10,471		(47	)		(0	)		516			5
Occupancy, net		20,566			20,105				20,809			20,228			20,778		461			2			(212	)		(1	)
Data processing		11,266			11,809				11,329			12,110			11,274		(543	)		(5	)		(8	)		(0	)
Advertising and marketing		13,218			13,792				19,027			18,761			12,272		(574	)		(4	)		946			8
Professional fees		7,375			8,280				7,465			9,243			9,044		(905	)		(11	)		(1,669	)		(18	)
Amortization of other acquisition-related intangible assets		4,958			4,999				5,196			5,580			5,618		(41	)		(1	)		(660	)		(12	)
FDIC insurance		10,990			11,061				11,418			10,971			10,926		(71	)		(1	)		64			1
FDIC insurance - special assessment		—			(499	)			—			—			—		499			(100	)		—			—
OREO expense, net		207			2,162				262			505			643		(1,955	)		(90	)		(436	)		(68	)
Other:
Lending expenses, net of deferred origination costs		6,510			6,367				6,169			4,869			5,866		143			2			644			11
Travel and entertainment		5,426			7,965				6,029			6,026			5,270		(2,539	)		(32	)		156			3
Miscellaneous		27,028			28,725				27,220			26,348			27,685		(1,697	)		(6	)		(657	)		(2	)
Total other		38,964			43,057				39,418			37,243			38,821		(4,093	)		(10	)		143			0
Total Non-Interest Expense	$	382,632		$	384,453			$	380,028		$	381,461		$	366,090	$	(1,821	)		(0	)%	$	16,542			5	%

NM - Not meaningful.

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“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)		2026				2025				2025				2025				2025
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	927,560			$	956,326			$	963,834			$	920,908			$	886,965
Taxable-equivalent adjustment:
- Loans		2,026				2,134				2,154				2,200				2,206
- Liquidity Management Assets		586				661				675				680				690
- Other Earning Assets		—				—				—				—				3
(B) Interest Income (non-GAAP)	$	930,172			$	959,121			$	966,663			$	923,788			$	889,864
(C) Interest Expense (GAAP)		348,536				372,452				396,824				374,214				360,491
(D) Net Interest Income (GAAP) (A minus C)		579,024				583,874				567,010				546,694				526,474
(E) Net Interest Income (non-GAAP) (B minus C)		581,636				586,669				569,839				549,574				529,373
Net interest margin (GAAP)		3.54	%			3.52	%			3.48	%			3.52	%			3.54	%
Net interest margin, fully taxable-equivalent (non-GAAP)		3.56				3.54				3.50				3.54				3.56
(F) Non-interest income	$	134,142			$	130,390			$	130,827			$	124,089			$	116,634
(G) (Losses) gains on investment securities, net		(31	)			1,505				2,972				650				3,196
(H) Non-interest expense		382,632				384,453				380,028				381,461				366,090
Efficiency ratio (H/(D+F-G))		53.65	%			53.94	%			54.69	%			56.92	%			57.21	%
Efficiency ratio (non-GAAP) (H/(E+F-G))		53.45				53.73				54.47				56.68				56.95
	Three Months Ended
	Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars and shares in thousands)		2026				2025				2025				2025				2025
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	7,378,100			$	7,258,715			$	7,045,757			$	7,225,696			$	6,600,537
Less: Non-convertible preferred stock (GAAP)		(425,000	)			(425,000	)			(425,000	)			(837,500	)			(412,500	)
Less: Acquisition-related intangible assets (GAAP)		(890,698	)			(895,959	)			(902,936	)			(908,639	)			(913,004	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	6,062,402			$	5,937,756			$	5,717,821			$	5,479,557			$	5,275,033
(J) Total assets (GAAP)	$	72,157,433			$	71,142,046			$	69,629,638			$	68,983,318			$	65,870,066
Less: Acquisition-related intangible assets (GAAP)		(890,698	)			(895,959	)			(902,936	)			(908,639	)			(913,004	)
(K) Total tangible assets (non-GAAP)	$	71,266,735			$	70,246,087			$	68,726,702			$	68,074,679			$	64,957,062
Common equity to assets ratio (GAAP) (L/J)		9.6	%			9.6	%			9.5	%			9.3	%			9.4	%
Tangible common equity ratio (non-GAAP) (I/K)		8.5				8.5				8.3				8.0				8.1

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	7,378,100			$	7,258,715			$	7,045,757			$	7,225,696			$	6,600,537
Less: Non-convertible preferred stock (GAAP)		(425,000	)			(425,000	)			(425,000	)			(837,500	)			(412,500	)
(L) Total common equity	$	6,953,100			$	6,833,715			$	6,620,757			$	6,388,196			$	6,188,037
(M) Actual common shares outstanding		67,437				66,975				66,961				66,938				66,919
Book value per common share (L/M)	$	103.10			$	102.03			$	98.87			$	95.43			$	92.47
Tangible book value per common share (non-GAAP) (I/M)		89.90				88.66				85.39				81.86				78.83
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	219,021			$	214,657			$	188,913			$	188,536			$	182,048
Add: Acquisition-related intangible asset amortization		4,958				4,999				5,196				5,580				5,618
Less: Tax effect of acquisition-related intangible asset amortization		(1,210	)			(1,310	)			(1,403	)			(1,495	)			(1,421	)
After-tax Acquisition-related intangible asset amortization	$	3,748			$	3,689			$	3,793			$	4,085			$	4,197
(O) Tangible net income applicable to common shares (non-GAAP)	$	222,769			$	218,346			$	192,706			$	192,621			$	186,245
Total average shareholders’ equity	$	7,387,713			$	7,166,608			$	6,955,543			$	6,862,040			$	6,460,941
Less: Average preferred stock		(425,000	)			(425,000	)			(483,288	)			(599,313	)			(412,500	)
(P) Total average common shareholders’ equity	$	6,962,713			$	6,741,608			$	6,472,255			$	6,262,727			$	6,048,441
Less: Average acquisition-related intangible assets		(894,211	)			(901,022	)			(906,032	)			(910,924	)			(916,069	)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	6,068,502			$	5,840,586			$	5,566,223			$	5,351,803			$	5,132,372
Return on average common equity, annualized (N/P)		12.76	%			12.63	%			11.58	%			12.07	%			12.21	%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)		14.89				14.83				13.74				14.44				14.72
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	300,940			$	302,223			$	296,041			$	267,088			$	253,055
Add: Provision for credit losses		29,594				27,588				21,768				22,234				23,963
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	330,534			$	329,811			$	317,809			$	289,322			$	277,018

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands, except per share data)		2026			2025			2025			2025			2025
Reconciliation of Non-GAAP Net Income per Common Share:
Net income	$	227,388		$	223,024		$	216,254		$	195,527		$	189,039
Preferred stock dividends		8,367			8,367			13,295			6,991			6,991
Preferred stock redemption		—			—			14,046			—			—
(R) Net income applicable to common shares	$	219,021		$	214,657		$	188,913		$	188,536		$	182,048
(S) Weighted average common shares outstanding		67,246			66,970			66,952			66,931			66,726
Dilutive potential common shares		851			1,143			1,028			888			923
(T) Average common shares and dilutive common shares		68,097			68,113			67,980			67,819			67,649
Net income per common share - Basic (R/S)	$	3.26		$	3.21		$	2.82		$	2.82		$	2.73
Net income per common share - Diluted (R/T)	$	3.22		$	3.15		$	2.78		$	2.78		$	2.69
Preferred stock series F excess one-time extended first dividend	$	—		$	—		$	4,927		$	—		$	—
Preferred stock redemption		—			—			14,046			—			—
(U) Total non-recurring preferred stock offering impact (non-GAAP)	$	—		$	—		$	18,973		$	—		$	—
Net income per common share - Basic (non-GAAP) (R+U)/S	$	3.26		$	3.21		$	3.11		$	2.82		$	2.73
Net income per common share - Diluted (non-GAAP) (R+U)/T	$	3.22		$	3.15		$	3.06		$	2.78		$	2.69

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

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2025 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

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

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 21, 2026 at 10:00 a.m. (CDT) regarding first quarter 2026 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 18, 2026 available at the Investor Relations, Investor News and Events, Press Releases link on its website at 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 , Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2026 earnings press release will also be available on the home page of the Company’s website at and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:

David A. Dykstra, Vice Chairman & Chief Operating Officer

(847) 939-9000

Amy Yuhn, Executive Vice President, Communications

(847) 939-9591

Web site address: