Wintrust Financial CorporationNASDAQ: WTFC

Wintrust Financial Corporation Reports Record Net Income

· Issued by Wintrust Financial Corporation via GlobeNewswire

Key figures

  • Total loans increased by $1.0 billion , or 8% annualized.
  • Total deposits increased by $1.0 billion , or 7% annualized.
  • Total assets increased by $1.5 billion , or 9% annualized.

On 6ix: 6ix.com/news/wintrust-financial-corporation-reports-record-net-income-2026-01-20

Watch Wintrust Financial's latest callWintrust Financial (NASDAQ:WTFC) Q3 2026 Earnings Call · Replay · Oct 20Read the transcript of Wintrust Financial (NASDAQ:WTFC) Q3 2026 Earnings Call

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

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

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

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

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

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

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

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

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

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

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

SUMMARY OF RESULTS:

BALANCE SHEET

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

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

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

NET INTEREST INCOME

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

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

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

ASSET QUALITY

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

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

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

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

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

NON-INTEREST INCOME

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

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

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

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

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

NON-INTEREST EXPENSE

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

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

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

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

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

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

INCOME TAXES

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

BUSINESS SUMMARY

Community Banking

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

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

Specialty Finance

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

Wealth Management

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

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

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

% or(1)basis point (bp) change from3rd Quarter2025% orbasis point (bp) change from4th Quarter2024
Three Months Ended
(Dollars in thousands, except per share data)Dec 31, 2025Sep 30, 2025Dec 31, 2024
Net income$223,024$216,254$185,3623%20%
Pre-tax income, excluding provision for credit losses (non-GAAP)(2)329,811317,809270,060422
Net income per common share – Diluted3.152.782.631320
Cash dividends declared per common share0.500.500.45—11
Net revenue(3)714,264697,837638,599212
Net interest income583,874567,010525,148311
Net interest margin3.52%3.48%3.49%4bps3bps
Net interest margin – fully taxable-equivalent (non-GAAP)(2)3.543.503.5143
Net overhead ratio(4)1.451.451.60—(15)
Return on average assets1.271.261.16111
Return on average common equity12.6311.5811.8210581
Return on average tangible common equity (non-GAAP)(2)14.8313.7414.2910954
At end of period
Total assets$71,142,046$69,629,638$64,879,6689%10%
Total loans(5)53,105,10152,063,48248,055,037811
Total deposits57,717,19156,711,38152,512,349710
Total shareholders’ equity7,258,7157,045,7576,344,2971214

(1)   Period-end balance sheet percentage changes are annualized.(2)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(3)   Net revenue is net interest income plus non-interest income.(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.(5)   Excludes mortgage loans held-for-sale.

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

WINTRUST FINANCIAL CORPORATIONSelected Financial Highlights

Three Months EndedYears Ended
(Dollars in thousands, except per share data)Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024
Selected Financial Condition Data (at end of period):
Total assets$71,142,046$69,629,638$68,983,318$65,870,066$64,879,668
Total loans(1)53,105,10152,063,48251,041,67948,708,39048,055,037
Total deposits57,717,19156,711,38155,816,81153,570,03852,512,349
Total shareholders’ equity7,258,7157,045,7577,225,6966,600,5376,344,297
Selected Statements of Income Data:
Net interest income$583,874$567,010$546,694$526,474$525,148$2,224,052$1,962,535
Net revenue(2)714,264697,837670,783643,108638,5992,725,9922,450,860
Net income223,024216,254195,527189,039185,362823,844695,045
Pre-tax income, excluding provision for credit losses (non-GAAP)(3)329,811317,809289,322277,018270,0601,213,9601,048,136
Net income per common share – Basic3.212.822.822.732.6811.5710.47
Net income per common share – Diluted3.152.782.782.692.6311.4010.31
Cash dividends declared per common share0.500.500.500.500.452.001.80
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin3.52%3.48%3.52%3.54%3.49%3.52%3.51%
Net interest margin – fully taxable-equivalent (non-GAAP)(3)3.543.503.543.563.513.533.53
Non-interest income to average assets0.740.760.760.740.710.750.82
Non-interest expense to average assets2.192.212.322.322.312.262.36
Net overhead ratio(4)1.451.451.571.581.601.511.54
Return on average assets1.271.261.191.201.161.231.17
Return on average common equity12.6311.5812.0712.2111.8212.1312.32
Return on average tangible common equity (non-GAAP)(3)14.8313.7414.4414.7214.2914.4314.58
Average total assets$69,492,268$68,303,036$65,840,345$64,107,042$63,594,105$66,954,172$59,416,909
Average total shareholders’ equity7,166,6086,955,5436,862,0406,460,9416,418,4036,863,4745,826,940
Average loans to average deposits ratio92.4%92.5%93.0%92.3%91.9%92.6%93.8%
Period-end loans to deposits ratio92.091.891.490.991.5
Common Share Data at end of period:
Market price per common share$139.82$132.44$123.98$112.46$124.71
Book value per common share102.0398.8795.4392.4789.21
Tangible book value per common share (non-GAAP)(3)88.6685.3981.8678.8375.39
Common shares outstanding66,974,91366,961,20966,937,73266,919,32566,495,227
Other Data at end of period:
Common equity to assets ratio9.6%9.5%9.3%9.4%9.1%
Tangible common equity ratio (non-GAAP)(3)8.58.38.08.17.8
Tier 1 leverage ratio(5)9.79.510.29.69.4
Risk-based capital ratios:
Tier 1 capital ratio(5)11.010.911.510.810.7
Common equity tier 1 capital ratio(5)10.310.210.010.19.9
Total capital ratio(5)12.412.413.012.512.3
Allowance for credit losses(6)$460,465$454,586$457,461$448,387$437,060
Allowance for loan and unfunded lending-related commitment losses to total loans0.87%0.87%0.90%0.92%0.91%
Number of:
Bank subsidiaries1616161616
Banking offices209208208208205

(1)   Excludes mortgage loans held-for-sale.(2)   Net revenue is net interest income plus non-interest income.(3)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.(5)   Capital ratios for current quarter-end are estimated.(6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CONDITION

(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(In thousands)20252025202520252024
Assets
Cash and due from banks$467,874$565,406$695,501$616,216$452,017
Federal funds sold and securities purchased under resale agreements646363636,519
Interest-bearing deposits with banks3,180,5533,422,4524,569,6184,238,2374,409,753
Available-for-sale securities, at fair value6,236,2635,274,1244,885,7154,220,3054,141,482
Held-to-maturity securities, at amortized cost3,343,9053,438,4063,502,1863,564,4903,613,263
Trading account securities————4,072
Equity securities with readily determinable fair value63,77063,445273,722270,442215,412
Federal Home Loan Bank and Federal Reserve Bank stock291,881282,755282,087281,893281,407
Brokerage customer receivables————18,102
Mortgage loans held-for-sale, at fair value340,745333,883299,606316,804331,261
Loans, net of unearned income53,105,10152,063,48251,041,67948,708,39048,055,037
Allowance for loan losses(379,283)(386,622)(391,654)(378,207)(364,017)
Net loans52,725,81851,676,86050,650,02548,330,18347,691,020
Premises, software and equipment, net781,611775,425776,324776,679779,130
Lease investments, net360,646301,000289,768280,472278,264
Accrued interest receivable and other assets1,617,6821,614,6741,610,0251,598,2551,739,334
Receivable on unsettled securities sales835,275978,209240,039463,023—
Goodwill797,960797,639798,144796,932796,942
Other acquisition-related intangible assets97,999105,297110,495116,072121,690
Total assets$71,142,046$69,629,638$68,983,318$65,870,066$64,879,668
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing$11,423,701$10,952,146$10,877,166$11,201,859$11,410,018
Interest-bearing46,293,49045,759,23544,939,64542,368,17941,102,331
Total deposits57,717,19156,711,38155,816,81153,570,03852,512,349
Federal Home Loan Bank advances3,451,3093,151,3093,151,3093,151,3093,151,309
Other borrowings477,966579,328625,392529,269534,803
Subordinated notes298,636298,536298,458298,360298,283
Junior subordinated debentures253,566253,566253,566253,566253,566
Payable on unsettled securities purchases——39,105——
Accrued interest payable and other liabilities1,684,6631,589,7611,572,9811,466,9871,785,061
Total liabilities63,883,33162,583,88161,757,62259,269,52958,535,371
Shareholders’ Equity:
Preferred stock425,000425,000837,500412,500412,500
Common stock67,06267,04267,02567,00766,560
Surplus2,534,0242,521,3062,495,6372,494,3472,482,561
Treasury stock(9,156)(9,150)(9,156)(9,156)(6,153)
Retained earnings4,537,5394,356,3674,200,9234,045,8543,897,164
Accumulated other comprehensive loss(295,754)(314,808)(366,233)(410,015)(508,335)
Total shareholders’ equity7,258,7157,045,7577,225,6966,600,5376,344,297
Total liabilities and shareholders’ equity$71,142,046$69,629,638$68,983,318$65,870,066$64,879,668

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months EndedYears Ended
(Dollars in thousands, except per share data)Dec 31,2025Sep 30,2025Jun 30,2025Mar 31,2025Dec 31,2024Dec 31, 2025Dec 31, 2024
Interest income
Interest and fees on loans$822,494$832,140$797,997$768,362$789,038$3,220,993$3,043,354
Mortgage loans held-for-sale5,6074,7574,8724,2465,62319,48221,436
Interest-bearing deposits with banks27,19034,99234,31736,76646,256133,265115,253
Federal funds sold and securities purchased under resale agreements777527617953607366
Investment securities95,46186,42678,05372,01667,066331,956276,115
Trading account securities———1161148
Federal Home Loan Bank and Federal Reserve Bank stock5,4975,4445,3935,3075,15721,64120,060
Brokerage customer receivables———7830278965
Total interest income956,326963,834920,908886,965913,5013,728,0333,477,597
Interest expense
Interest on deposits332,178355,846333,470320,233346,3881,341,7271,343,642
Interest on Federal Home Loan Bank advances26,40826,00725,72425,44126,050103,58099,149
Interest on other borrowings5,9566,8876,9576,7927,51926,59234,480
Interest on subordinated notes3,7373,7173,7353,7143,73314,90318,117
Interest on junior subordinated debentures4,1734,3674,3284,3114,66317,17919,674
Total interest expense372,452396,824374,214360,491388,3531,503,9811,515,062
Net interest income583,874567,010546,694526,474525,1482,224,0521,962,535
Provision for credit losses27,58821,76822,23423,96316,97995,553101,047
Net interest income after provision for credit losses556,286545,242524,460502,511508,1692,128,4991,861,488
Non-interest income
Wealth management39,36537,18836,82134,04238,775147,416146,227
Mortgage banking22,62524,45123,17020,52920,45290,77593,213
Service charges on deposit accounts20,40219,82519,50219,36218,86479,09165,651
Gains (losses) on investment securities, net1,5052,9726503,196(2,835)8,323(2,602)
Fees from covered call options5,9925,6195,6243,4462,30520,68110,196
Trading (losses) gains, net(257)172151(64)(113)2504
Operating lease income, net16,36515,46615,16615,28715,32762,28458,710
Other24,39325,13423,00520,83620,67693,368116,426
Total non-interest income130,390130,827124,089116,634113,451501,940488,325
Non-interest expense
Salaries and employee benefits222,557219,668219,541211,526212,133873,292817,108
Software and equipment36,09635,02736,52234,71734,258142,362122,794
Operating lease equipment11,03410,40910,75710,47110,26342,67142,298
Occupancy, net20,10520,80920,22820,77820,59781,92079,213
Data processing11,80911,32912,11011,27410,95746,52239,736
Advertising and marketing13,79219,02718,76112,27213,09763,85261,812
Professional fees8,2807,4659,2439,04411,33434,03240,637
Amortization of other acquisition-related intangible assets4,9995,1965,5805,6185,77321,39312,095
FDIC insurance10,56211,41810,97110,92610,64043,87746,118
Other real estate owned (“OREO”) expenses, net2,1622625056433973,572(408)
Other43,05739,41837,24338,82139,090158,539141,321
Total non-interest expense384,453380,028381,461366,090368,5391,512,0321,402,724
Income before taxes302,223296,041267,088253,055253,0811,118,407947,089
Income tax expense79,19979,78771,56164,01667,719294,563252,044
Net income$223,024$216,254$195,527$189,039$185,362$823,844$695,045
Preferred stock dividends8,36713,2956,9916,9916,99135,64427,964
Preferred stock redemption—14,046———14,046—
Net income applicable to common shares$214,657$188,913$188,536$182,048$178,371$774,154$667,081
Net income per common share - Basic$3.21$2.82$2.82$2.73$2.68$11.57$10.47
Net income per common share - Diluted$3.15$2.78$2.78$2.69$2.63$11.40$10.31
Cash dividends declared per common share$0.50$0.50$0.50$0.50$0.45$2.00$1.80
Weighted average common shares outstanding66,97066,95266,93166,72666,49166,89663,685
Dilutive potential common shares1,1431,0288889231,2339981,016
Average common shares and dilutive common shares68,11367,98067,81967,64967,72467,89464,701

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

% Growth From(1)
(Dollars in thousands)Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31,2025Dec 31, 2024Sep 30,2025(2)Dec 31, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$217,136$211,360$192,633$181,580$189,77411%14%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies123,609122,523106,973135,224141,4874(13)
Total mortgage loans held-for-sale$340,745$333,883$299,606$316,804$331,2618%3%
Core loans:
Commercial
Commercial and industrial$7,267,505$7,135,083$7,028,247$6,871,206$6,867,4227%6%
Asset-based lending1,512,8881,588,5221,663,6931,701,9621,611,001(19)(6)
Municipal868,958804,986771,785798,646826,653325
Leases2,921,3662,834,5632,757,3312,680,9432,537,3251215
Commercial real estate
Residential construction54,75360,92359,02755,84948,617(40)13
Commercial construction2,013,2442,273,5452,165,2632,086,7972,065,775(45)(3)
Land341,585323,685304,827306,235319,689227
Office1,688,6141,578,2081,601,2081,641,5551,656,109282
Industrial3,167,7682,912,5472,824,8892,677,5552,628,5763521
Retail1,436,2521,478,8611,452,3511,402,8371,374,655(11)4
Multi-family3,445,5073,306,5973,200,5783,091,3143,125,5051710
Mixed use and other1,793,0131,684,8411,683,8671,652,7591,685,018256
Home equity480,525484,202466,815455,683445,028(3)8
Residential real estate
Residential real estate loans for investment4,171,4394,019,0463,814,7153,561,4173,456,0091521
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies84,70675,08880,80086,952114,98551(26)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies61,08749,73653,26736,79041,7719146
Total core loans$31,309,210$30,610,433$29,928,663$29,108,500$28,804,1389%9%
Niche loans:
Commercial
Franchise$1,298,493$1,298,140$1,286,265$1,262,555$1,268,5210%2%
Mortgage warehouse lines of credit1,515,0031,204,6611,232,5301,019,543893,85410269
Community Advantage - homeowners association532,027537,696526,595525,492525,446(4)1
Insurance agency lending1,128,4461,140,6911,120,9851,070,9791,044,329(4)8
Premium Finance receivables
U.S. property & casualty insurance7,308,0547,502,9017,378,3406,486,6636,447,625(10)13
Canada property & casualty insurance875,362863,391944,836753,199824,41766
Life insurance9,023,6428,758,5538,506,9608,365,1408,147,1451211
Consumer and other114,864147,016116,505116,31999,562(87)15
Total niche loans$21,795,891$21,453,049$21,113,016$19,599,890$19,250,8996%13%
Total loans, net of unearned income$53,105,101$52,063,482$51,041,679$48,708,390$48,055,0378%11%

(1)   NM - Not Meaningful.(2)   Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

% Growth From
(Dollars in thousands)Dec 31,2025Sep 30,2025Jun 30,2025Mar 31,2025Dec 31,2024Sep 30,2025(1)Dec 31, 2024
Balance:
Non-interest-bearing$11,423,701$10,952,146$10,877,166$11,201,859$11,410,01817%0%
NOW and interest-bearing demand deposits6,233,7536,710,9196,795,7256,340,1685,865,546(28)6
Wealth management deposits(2)1,907,6471,600,7351,595,7641,408,7901,469,0647630
Money market21,368,92420,270,38219,556,04118,074,73317,975,1912219
Savings6,905,2166,758,7436,659,4196,576,2516,372,49998
Time certificates of deposit9,877,95010,418,45610,332,6969,968,2379,420,031(21)5
Total deposits$57,717,191$56,711,381$55,816,811$53,570,038$52,512,3497%10%
Mix:
Non-interest-bearing20%19%19%21%22%
NOW and interest-bearing demand deposits1112121211
Wealth management deposits(2)33333
Money market3736353434
Savings1212121212
Time certificates of deposit1718191818
Total deposits100%100%100%100%100%

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

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS As of December 31, 2025

(Dollars in thousands)Total TimeCertificates ofDepositWeighted-AverageRate of MaturingTime Certificatesof Deposit
1-3 months$3,392,7223.81%
4-6 months2,625,1753.42
7-9 months2,834,8403.46
10-12 months590,3013.41
13-18 months289,0203.07
19-24 months72,5352.73
24+ months73,3572.77
Total$9,877,9503.54%

TABLE 4: QUARTERLY AVERAGE BALANCES

Average Balance for three months ended,
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(In thousands)20252025202520252024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1)$2,842,829$3,276,683$3,308,199$3,520,048$3,934,016
Investment securities(2)10,084,1389,377,9308,801,5608,409,7358,090,271
FHLB and FRB stock(3)284,643282,338282,001281,702271,825
Liquidity management assets(4)$13,211,610$12,936,951$12,391,760$12,211,485$12,296,112
Other earning assets(4) (5)———13,14020,528
Mortgage loans held-for-sale357,672295,365310,534286,710378,707
Loans, net of unearned income(4) (6)52,193,63751,403,56649,517,63547,833,38047,153,014
Total earning assets(4)$65,762,919$64,635,882$62,219,929$60,344,715$59,848,361
Allowance for loan and investment security losses(404,075)(410,681)(398,685)(375,371)(367,238)
Cash and due from banks517,616495,292478,707476,423470,033
Other assets3,615,8083,582,5433,540,3943,661,2753,642,949
Total assets$69,492,268$68,303,036$65,840,345$64,107,042$63,594,105
NOW and interest-bearing demand deposits$6,133,333$6,687,292$6,423,050$6,046,189$5,601,672
Wealth management deposits1,925,8081,604,1421,552,9891,574,4801,430,163
Money market accounts20,475,65919,431,02118,184,75417,581,14117,579,395
Savings accounts6,814,2636,723,3256,578,6986,479,4446,288,727
Time deposits10,045,13610,319,7199,841,7029,406,1269,702,948
Interest-bearing deposits$45,394,199$44,765,499$42,581,193$41,087,380$40,602,905
FHLB advances(3)3,203,4833,151,3103,151,3103,151,3093,160,658
Other borrowings547,507614,892593,657582,139577,786
Subordinated notes298,576298,481298,398298,306298,225
Junior subordinated debentures253,566253,566253,566253,566253,566
Total interest-bearing liabilities$49,697,331$49,083,748$46,878,124$45,372,700$44,893,140
Non-interest-bearing deposits11,080,25410,791,70910,643,79810,732,15610,718,738
Other liabilities1,548,0751,472,0361,456,3831,541,2451,563,824
Equity7,166,6086,955,5436,862,0406,460,9416,418,403
Total liabilities and shareholders’ equity$69,492,268$68,303,036$65,840,345$64,107,042$63,594,105
Net free funds/contribution(7)$16,065,588$15,552,134$15,341,805$14,972,015$14,955,221

(1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.(3)   Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)(4)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(5)   Other earning assets include brokerage customer receivables and trading account securities.(6)   Loans, net of unearned income, include non-accrual loans.(7)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 5: QUARTERLY NET INTEREST INCOME

Net Interest Income for three months ended,
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(In thousands)20252025202520252024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents$27,267$35,067$34,593$36,945$46,308
Investment securities96,12287,10178,73372,70667,783
FHLB and FRB stock(1)5,4975,4445,3935,3075,157
Liquidity management assets(2)$128,886$127,612$118,719$114,958$119,248
Other earning assets(2)———92310
Mortgage loans held-for-sale5,6074,7574,8724,2465,623
Loans, net of unearned income(2)824,628834,294800,197770,568791,390
Total interest income$959,121$966,663$923,788$889,864$916,571
Interest expense:
NOW and interest-bearing demand deposits$31,681$40,448$37,517$33,600$31,695
Wealth management deposits10,0118,4158,1828,6069,412
Money market accounts163,585169,831155,890146,374159,945
Savings accounts34,37138,84437,63735,92338,402
Time deposits92,53098,30894,24495,730106,934
Interest-bearing deposits$332,178$355,846$333,470$320,233$346,388
FHLB advances(1)26,40826,00725,72425,44126,050
Other borrowings5,9566,8876,9576,7927,519
Subordinated notes3,7373,7173,7353,7143,733
Junior subordinated debentures4,1734,3674,3284,3114,663
Total interest expense$372,452$396,824$374,214$360,491$388,353
Less: Fully taxable-equivalent adjustment(2,795)(2,829)(2,880)(2,899)(3,070)
Net interest income (GAAP)(3)583,874567,010546,694526,474525,148
Fully taxable-equivalent adjustment2,7952,8292,8802,8993,070
Net interest income, fully taxable-equivalent (non-GAAP)(3)$586,669$569,839$549,574$529,373$528,218

(1)   Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)(2)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. (3)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN

Net Interest Margin for three months ended,
Dec 31, 2025Sep 30, 2025Jun 30,2025Mar 31, 2025Dec 31,2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents3.81%4.25%4.19%4.26%4.68%
Investment securities3.783.683.593.513.33
FHLB and FRB stock(1)7.667.657.677.647.55
Liquidity management assets3.87%3.91%3.84%3.82%3.86%
Other earning assets———2.846.01
Mortgage loans held-for-sale6.226.396.296.015.91
Loans, net of unearned income6.276.446.486.536.68
Total earning assets5.79%5.93%5.96%5.98%6.09%
Rate paid on:
NOW and interest-bearing demand deposits2.05%2.40%2.34%2.25%2.25%
Wealth management deposits2.062.082.112.222.62
Money market accounts3.173.473.443.383.62
Savings accounts2.002.292.292.252.43
Time deposits3.653.783.844.134.38
Interest-bearing deposits2.90%3.15%3.14%3.16%3.39%
FHLB advances3.273.273.273.273.28
Other borrowings4.324.444.704.735.18
Subordinated notes4.974.945.025.054.98
Junior subordinated debentures6.536.836.856.907.32
Total interest-bearing liabilities2.97%3.21%3.20%3.22%3.44%
Interest rate spread(2) (3)2.82%2.72%2.76%2.76%2.65%
Less: Fully taxable-equivalent adjustment(0.02)(0.02)(0.02)(0.02)(0.02)
Net free funds/contribution(4)0.720.780.780.800.86
Net interest margin (GAAP)(3)3.52%3.48%3.52%3.54%3.49%
Fully taxable-equivalent adjustment0.020.020.020.020.02
Net interest margin, fully taxable-equivalent (non-GAAP)(3)3.54%3.50%3.54%3.56%3.51%

(1)   Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)(2)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.(3)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(4)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

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

Average Balancefor twelve months ended,Interestfor twelve months ended,Yield/Ratefor twelve months ended,
(Dollars in thousands)Dec 31,2025Dec 31,2024Dec 31,2025Dec 31,2024Dec 31,2025Dec 31,2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1)$3,235,193$2,276,818$133,872$115,6184.14%5.08%
Investment securities(2)9,173,5028,229,846334,662278,6173.653.39
FHLB and FRB stock(3)282,678255,01821,64120,0607.667.87
Liquidity management assets(4) (5)$12,691,373$10,761,682$490,175$414,2953.86%3.85%
Other earning assets(4) (5) (6)3,24017,113921,0252.845.99
Mortgage loans held-for-sale312,718348,27819,48221,4366.236.15
Loans, net of unearned income(4) (5) (7)50,252,19644,765,4453,229,6873,052,7316.436.82
Total earning assets(5)$63,259,527$55,892,518$3,739,436$3,489,4875.91%6.24%
Allowance for loan and investment security losses(397,318)(368,342)
Cash and due from banks492,131455,708
Other assets3,599,8323,437,025
Total assets$66,954,172$59,416,909
NOW and interest-bearing demand deposits$6,323,704$5,360,630$143,246$130,2812.27%2.43%
Wealth management deposits1,665,1521,458,40435,21440,3242.112.76
Money market accounts18,927,47915,946,363635,680620,4113.363.89
Savings accounts6,650,0546,015,085146,775161,4292.212.68
Time deposits9,906,0638,753,848380,812391,1973.844.47
Interest-bearing deposits$43,472,452$37,534,330$1,341,727$1,343,6423.09%3.58%
Federal Home Loan Bank advances3,164,4603,042,052103,58099,1493.273.26
Other borrowings584,537603,86826,59234,4804.555.71
Subordinated notes298,441360,80214,90318,1174.995.02
Junior subordinated debentures253,566253,56617,17919,6746.787.76
Total interest-bearing liabilities$47,773,456$41,794,618$1,503,981$1,515,0623.15%3.63%
Non-interest-bearing deposits10,812,87710,212,088
Other liabilities1,504,3651,583,263
Equity6,863,4745,826,940
Total liabilities and shareholders’ equity$66,954,172$59,416,909
Interest rate spread(5) (8)2.76%2.61%
Less: Fully taxable-equivalent adjustment(11,403)(11,890)(0.01)(0.02)
Net free funds/contribution(9)$15,486,071$14,097,9000.770.92
Net interest income/margin (GAAP)(5)$2,224,052$1,962,5353.52%3.51%
Fully taxable-equivalent adjustment11,40311,8900.010.02
Net interest income/margin, fully taxable-equivalent (non-GAAP)(5)$2,235,455$1,974,4253.53%3.53%

(1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.(3)   Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)(4)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.(5)   See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(6)   Other earning assets include brokerage customer receivables and trading account securities.(7)   Loans, net of unearned income, include non-accrual loans.(8)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.(9)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Dec 31, 2025(1.6)%(0.5)%(0.5)%(0.8)%
Sep 30, 2025(2.3)(0.8)0.0(0.4)
Jun 30, 2025(1.5)(0.4)(0.2)(1.2)
Mar 31, 2025(1.8)(0.6)(0.2)(1.2)
Dec 31, 2024(1.6)(0.6)(0.3)(1.5)
Ramp Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Dec 31, 2025(0.0)%0.1%(0.1)%(0.2)%
Sep 30, 2025(0.2)(0.1)0.1(0.1)
Jun 30, 20250.00.0(0.1)(0.4)
Mar 31, 20250.20.2(0.1)(0.5)
Dec 31, 2024(0.2)(0.0)0.0(0.3)

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

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or contractual maturity period
As of December 31, 2025One year orlessFrom one to five yearsFrom five to fifteen yearsAfter fifteen yearsTotal
(In thousands)
Commercial
Fixed rate$560,803$3,901,475$2,191,712$18,490$6,672,480
Variable rate10,371,538668——10,372,206
Total commercial$10,932,341$3,902,143$2,191,712$18,490$17,044,686
Commercial real estate
Fixed rate$836,428$2,659,163$364,215$76,892$3,936,698
Variable rate9,992,87911,09465—10,004,038
Total commercial real estate$10,829,307$2,670,257$364,280$76,892$13,940,736
Home equity
Fixed rate$9,300$685$—$11$9,996
Variable rate470,529———470,529
Total home equity$479,829$685$—$11$480,525
Residential real estate
Fixed rate$18,384$4,719$67,647$1,057,910$1,148,660
Variable rate110,906747,2772,310,389—3,168,572
Total residential real estate$129,290$751,996$2,378,036$1,057,910$4,317,232
Premium finance receivables - property & casualty
Fixed rate$8,067,517$115,899$—$—$8,183,416
Variable rate—————
Total premium finance receivables - property & casualty$8,067,517$115,899$—$—$8,183,416
Premium finance receivables - life insurance
Fixed rate$163,653$116,520$—$—$280,173
Variable rate8,743,469———8,743,469
Total premium finance receivables - life insurance$8,907,122$116,520$—$—$9,023,642
Consumer and other
Fixed rate$27,834$8,571$934$849$38,188
Variable rate76,676———76,676
Total consumer and other$104,510$8,571$934$849$114,864
Total per category
Fixed rate$9,683,919$6,807,032$2,624,508$1,154,152$20,269,611
Variable rate29,765,997759,0392,310,454—32,835,490
Total loans, net of unearned income$39,449,916$7,566,071$4,934,962$1,154,152$53,105,101
Less: Existing cash flow hedging derivatives(1)(6,150,000)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$33,299,916
Variable Rate Loan Pricing by Index:
SOFR tenors(2)$21,157,533
12- month CMT(3)7,652,077
Prime3,021,831
Fed Funds684,626
Other U.S. Treasury tenors182,079
Other137,344
Total variable rate$32,835,490

(1)   Excludes cash flow hedges with future effective starting dates and those that have matured as of December 31, 2025. The $6.15 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.2 billion were impacting the cash flows of loans indexed to one-month SOFR as of December 31, 2025.(2)   SOFR - Secured Overnight Financing Rate.(3)   CMT - Constant Maturity Treasury Rate.

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

Source: Bloomberg

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

Basis Point (bp) Change in
1-monthSOFR12- month CMTPrime
Fourth Quarter 2025(44)bps(20)bps(50)bps
Third Quarter 2025(19)(28)(25)
Second Quarter 2025—(7)—
First Quarter 2025(1)(13)—
Fourth Quarter 2024(52)18(50)

TABLE 10: ALLOWANCE FOR CREDIT LOSSES

Three Months EndedYears Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,Dec 31,
(Dollars in thousands)2025202520252025202420252024
Allowance for credit losses at beginning of period$454,586$457,461$448,387$437,060$436,193$437,060$427,612
Provision for credit losses - Other27,58821,76822,23423,96316,97995,55385,500
Provision for credit losses - Day 1 on non-PCD assets acquired during the period——————15,547
Initial allowance for credit losses recognized on PCD assets acquired during the period——————3,004
Other adjustments71(88)1804(187)167(207)
Charge-offs:
Commercial12,89421,5976,1489,7225,09050,36148,864
Commercial real estate5,6251445,7114541,03711,93422,127
Home equity—27111——13874
Residential real estate—26——11426175
Premium finance receivables - property & casualty8,3546,8606,3467,11413,30128,67437,515
Premium finance receivables - life insurance—18—12—304
Consumer and other203174179147189703587
Total charge-offs27,07628,84618,49517,44919,73191,866109,346
Recoveries:
Commercial9561,4491,7469297755,0802,853
Commercial real estate42411012172267323
Home equity2810430216194378359
Residential real estate112136014015
Premium finance receivables - property & casualty4,2752,4593,3353,4872,64613,55611,259
Premium finance receivables - life insurance——————54
Consumer and other323732291913087
Total recoveries5,2964,2915,1554,8093,80619,55114,950
Net charge-offs(21,780)(24,555)(13,340)(12,640)(15,925)(72,315)(94,396)
Allowance for credit losses at period end$460,465$454,586$457,461$448,387$437,060$460,465$437,060
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial0.29%0.49%0.11%0.23%0.11%0.28%0.33%
Commercial real estate0.16(0.00)0.170.010.030.090.18
Home equity(0.02)(0.06)0.07(0.20)(0.18)(0.05)(0.07)
Residential real estate(0.00)0.00(0.00)(0.02)0.01(0.00)0.01
Premium finance receivables - property & casualty0.200.200.160.200.590.190.37
Premium finance receivables - life insurance—0.00—0.00—0.00(0.00)
Consumer and other0.470.400.440.450.630.440.57
Total loans, net of unearned income0.17%0.19%0.11%0.11%0.13%0.140.21%
Loans at period end$53,105,101$52,063,482$51,041,679$48,708,390$48,055,037
Allowance for loan losses as a percentage of loans at period end0.71%0.74%0.77%0.78%0.76%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end0.870.870.900.920.91

PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

Three Months EndedYears Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,Dec 31,
(In thousands)2025202520252025202420252024
Provision for loan losses - Other$14,369$19,610$26,607$26,826$19,852$87,412$97,904
Provision for credit losses - Day 1 on non-PCD assets acquired during the period——————15,547
Provision for unfunded lending-related commitments losses - Other13,3542,160(4,325)(2,852)(2,851)8,337(12,514)
Provision for held-to-maturity securities losses(135)(2)(48)(11)(22)(196)110
Provision for credit losses$27,588$21,768$22,234$23,963$16,979$95,553$101,047
Allowance for loan losses$379,283$386,622$391,654$378,207$364,017
Allowance for unfunded lending-related commitments losses80,92267,56965,40969,73472,586
Allowance for loan losses and unfunded lending-related commitments losses460,205454,191457,063447,941436,603
Allowance for held-to-maturity securities losses260395398446457
Allowance for credit losses$460,465$454,586$457,461$448,387$437,060

PCD - Purchase Credit Deteriorated

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

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

As of Dec 31, 2025As of Sep 30, 2025As of Jun 30, 2025
(Dollars in thousands)RecordedInvestmentCalculatedAllowance% of itscategory’s balanceRecordedInvestmentCalculatedAllowance% of itscategory’s balanceRecordedInvestmentCalculatedAllowance% of itscategory’s balance
Commercial$17,044,686$178,5451.05%$16,544,342$189,4761.15%$16,387,431$194,5681.19%
Commercial real estate:
Construction and development2,409,58293,1063.862,658,15378,7652.962,529,11775,9363.00
Non-construction11,531,154153,8271.3310,961,054151,7121.3810,762,893148,4221.38
Total commercial real estate$13,940,736$246,9331.77%$13,619,207$230,4771.69%$13,292,010$224,3581.69%
Total commercial and commercial real estate$30,985,422$425,4781.37%$30,163,549$419,9531.39%$29,679,441$418,9261.41%
Home equity480,52510,4022.16484,2029,2291.91466,8159,2211.98
Residential real estate4,317,23212,5190.294,143,87012,0130.293,948,78211,4550.29
Premium finance receivables - property & casualty8,183,41610,2260.128,366,29211,1870.138,323,17615,8720.19
Premium finance receivables - life insurance9,023,6427850.018,758,5537620.018,506,9607400.01
Consumer and other114,8647950.69147,0161,0470.71116,5058490.73
Total loans, net of unearned income$53,105,101$460,2050.87%$52,063,482$454,1910.87%$51,041,679$457,0630.90%
Total core loans(1)$31,309,210$412,7141.32%$30,610,433$408,7801.34%$29,928,663$409,8261.37%
Total niche loans(1)21,795,89147,4910.2221,453,04945,4110.2121,113,01647,2370.22

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

TABLE 13: LOAN PORTFOLIO AGING

(In thousands)Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024
Loan Balances:
Commercial
Nonaccrual$78,059$66,577$80,877$70,560$73,490
90+ days and still accruing———46104
60-89 days past due22,95212,19034,85515,24354,844
30-59 days past due90,20536,13645,10397,39792,551
Current16,853,47016,429,43916,226,59615,748,08015,353,562
Total commercial$17,044,686$16,544,342$16,387,431$15,931,326$15,574,551
Commercial real estate
Nonaccrual$25,147$28,202$32,828$26,187$21,042
90+ days and still accruing—————
60-89 days past due19,52914,11911,2576,99510,521
30-59 days past due65,60183,05551,17383,65330,766
Current13,830,45913,493,83113,196,75212,798,06612,841,615
Total commercial real estate$13,940,736$13,619,207$13,292,010$12,914,901$12,903,944
Home equity
Nonaccrual$1,221$1,295$1,780$2,070$1,117
90+ days and still accruing—————
60-89 days past due1,1122461389841,233
30-59 days past due2,8182,2942,9713,4032,148
Current475,374480,367461,926449,226440,530
Total home equity$480,525$484,202$466,815$455,683$445,028
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies(1)$145,793$124,824$134,067$123,742$156,756
Nonaccrual32,86228,94228,04722,52223,762
90+ days and still accruing—————
60-89 days past due7,5628,8298,9541,3515,708
30-59 days past due24,908953838,94318,917
Current4,106,1073,981,1803,777,6763,498,6013,407,622
Total residential real estate$4,317,232$4,143,870$3,948,782$3,685,159$3,612,765
Premium finance receivables - property & casualty
Nonaccrual$29,354$24,512$30,404$29,846$28,797
90+ days and still accruing19,11513,00614,35018,08116,031
60-89 days past due29,29423,52725,64119,71719,042
30-59 days past due57,68538,13329,46039,45968,219
Current8,047,9688,267,1148,223,3217,132,7597,139,953
Total Premium finance receivables - property & casualty$8,183,416$8,366,292$8,323,176$7,239,862$7,272,042
Premium finance receivables - life insurance
Nonaccrual$—$—$—$—$6,431
90+ days and still accruing——3272,962—
60-89 days past due13,88734,01611,20210,58772,963
30-59 days past due22,80634,50634,40329,92436,405
Current8,986,9498,690,0318,461,0288,321,6678,031,346
Total Premium finance receivables - life insurance$9,023,642$8,758,553$8,506,960$8,365,140$8,147,145
Consumer and other
Nonaccrual$8$38$41$18$2
90+ days and still accruing42601849847
60-89 days past due466496116259
30-59 days past due643159175542882
Current113,705146,710116,044115,49998,572
Total consumer and other$114,864$147,016$116,505$116,319$99,562
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies(1)$145,793$124,824$134,067$123,742$156,756
Nonaccrual166,651149,566173,977151,203154,641
90+ days and still accruing19,15713,06614,86121,18716,182
60-89 days past due94,80292,97692,10855,039164,370
30-59 days past due264,666194,378163,323293,321249,888
Current52,414,03251,488,67250,463,34348,063,89847,313,200
Total loans, net of unearned income$53,105,101$52,063,482$51,041,679$48,708,390$48,055,037

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

TABLE 14: NON-PERFORMING ASSETS (1)

Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20252025202520252024
Loans past due greater than 90 days and still accruing:
Commercial$—$—$—$46$104
Commercial real estate—————
Home equity—————
Residential real estate—————
Premium finance receivables - property & casualty19,11513,00614,35018,08116,031
Premium finance receivables - life insurance——3272,962—
Consumer and other42601849847
Total loans past due greater than 90 days and still accruing19,15713,06614,86121,18716,182
Non-accrual loans:
Commercial78,05966,57780,87770,56073,490
Commercial real estate25,14728,20232,82826,18721,042
Home equity1,2211,2951,7802,0701,117
Residential real estate32,86228,94228,04722,52223,762
Premium finance receivables - property & casualty29,35424,51230,40429,84628,797
Premium finance receivables - life insurance————6,431
Consumer and other83841182
Total non-accrual loans166,651149,566173,977151,203154,641
Total non-performing loans:
Commercial78,05966,57780,87770,60673,594
Commercial real estate25,14728,20232,82826,18721,042
Home equity1,2211,2951,7802,0701,117
Residential real estate32,86228,94228,04722,52223,762
Premium finance receivables - property & casualty48,46937,51844,75447,92744,828
Premium finance receivables - life insurance——3272,9626,431
Consumer and other509822511649
Total non-performing loans$185,808$162,632$188,838$172,390$170,823
Other real estate owned20,83924,83223,61522,62523,116
Total non-performing assets$206,647$187,464$212,453$195,015$193,939
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial0.46%0.40%0.49%0.44%0.47%
Commercial real estate0.180.210.250.200.16
Home equity0.250.270.380.450.25
Residential real estate0.760.700.710.610.66
Premium finance receivables - property & casualty0.590.450.540.660.62
Premium finance receivables - life insurance——0.000.040.08
Consumer and other0.040.070.190.100.05
Total loans, net of unearned income0.35%0.31%0.37%0.35%0.36%
Total non-performing assets as a percentage of total assets0.29%0.27%0.31%0.30%0.30%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans276.15%303.67%262.71%296.25%282.33%

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

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

Three Months EndedYears Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,Dec 31,
(In thousands)2025202520252025202420252024
Balance at beginning of period$162,632$188,838$172,390$170,823$179,687$170,823$139,030
Additions from becoming non-performing in the respective period46,19834,80548,65127,72130,931157,375150,784
Additions from assets acquired in the respective period——————189
Return to performing status(2,937)(3,399)(6,896)(1,207)(1,108)(14,439)(2,872)
Payments received(13,734)(28,052)(5,602)(15,965)(12,219)(63,353)(41,060)
Transfer to OREO or other assets(286)(348)(2,247)—(17,897)(2,881)(29,903)
Charge-offs, net(16,998)(21,526)(11,734)(8,600)(5,612)(58,858)(49,306)
Net change for premium finance receivables10,933(7,686)(5,724)(382)(2,959)(2,859)3,961
Balance at end of period$185,808$162,632$188,838$172,390$170,823$185,808$170,823

Other Real Estate Owned

Three Months Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(In thousands)20252025202520252024
Balance at beginning of period$24,832$23,615$22,625$23,116$13,682
Disposals/resolved(2,141)———(8,545)
Transfers in at fair value, less costs to sell—1,2171,315—17,979
Fair value adjustments(1,852)—(325)(491)—
Balance at end of period$20,839$24,832$23,615$22,625$23,116
Period End
(In thousands)Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
Balance by Property Type:20252025202520252024
Residential real estate$—$—$—$—$—
Commercial real estate20,83924,83223,61522,62523,116
Total$20,839$24,832$23,615$22,625$23,116

TABLE 15: NON-INTEREST INCOME

Three Months EndedQ4 2025 compared toQ3 2025Q4 2025 compared toQ4 2024
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20252025202520252024$ Change% Change$ Change% Change
Brokerage$5,384$4,426$4,212$4,757$5,328$95822%$561%
Trust and asset management33,98132,76232,60929,28533,4471,21945342
Total wealth management39,36537,18836,82134,04238,7752,17765902
Mortgage banking22,62524,45123,17020,52920,452(1,826)(7)2,17311
Service charges on deposit accounts20,40219,82519,50219,36218,86457731,5388
Gains (losses) on investment securities, net1,5052,9726503,196(2,835)(1,467)(49)4,340NM
Fees from covered call options5,9925,6195,6243,4462,30537373,687NM
Trading (losses) gains, net(257)172151(64)(113)(429)NM(144)NM
Operating lease income, net16,36515,46615,16615,28715,32789961,0387
Other:
Interest rate swap fees4,6643,9093,0102,2693,360755191,30439
BOLI1,9151,5912,2577961,2363242067955
Administrative services1,3521,2401,3151,3931,347112950
Foreign currency remeasurement gains (losses)322(416)658(183)(682)738NM1,004NM
Changes in fair value on EBOs and loans held-for-investment(1,702)1,452172383129(3,154)NM(1,831)NM
Early pay-offs of capital leases58151940076851462126713
Miscellaneous17,26116,83915,19315,41014,77242232,48917
Total Other24,39325,13423,00520,83620,676(741)(3)3,71718
Total Non-Interest Income$130,390$130,827$124,089$116,634$113,451$(437)0%$16,93915%
Years Ended2025 compared to 2024
Dec 31,Dec 31,
(Dollars in thousands)20252024$ Change% Change
Brokerage$18,779$22,611$(3,832)(17)%
Trust and asset management128,637123,6165,0214
Total wealth management147,416146,2271,1891
Mortgage banking90,77593,213(2,438)(3)
Service charges on deposit accounts79,09165,65113,44020
Gains (losses) on investment securities, net8,323(2,602)10,925NM
Fees from covered call options20,68110,19610,485NM
Trading gains, net2504(502)(100)
Operating lease income, net62,28458,7103,5746
Other:
Interest rate swap fees13,85212,4941,35811
BOLI6,5595,75580414
Administrative services5,3005,336(36)(1)
Foreign currency remeasurement gains (losses)381(1,302)1,683NM
Changes in fair value on EBOs and loans held-for-investment305812(507)(62)
Early pay-offs of capital leases2,2681,86939921
Miscellaneous64,70391,462(26,759)(29)
Total Other93,368116,426(23,058)(20)
Total Non-Interest Income$501,940$488,325$13,6153%

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

TABLE 16: MORTGAGE BANKING

Three Months Ended
(Dollars in thousands)Dec 31,2025Sep 30,2025Jun 30,2025Mar 31,2025Dec 31,2024
Originations:
Retail originations$589,139$505,793$523,759$348,468$483,424
Veterans First originations208,054137,600157,787111,985176,914
Total originations for sale (A)$797,193$643,393$681,546$460,453$660,338
Originations for investment364,988351,012422,926217,177355,119
Total originations$1,162,181$994,405$1,104,472$677,630$1,015,457
As a percentage of originations for sale:
Retail originations74%79%77%76%73%
Veterans First originations2621232427
Purchases52%77%74%77%65%
Refinances4823262335
Production Margin:
Production revenue (B)(1)$10,878$15,388$13,380$9,941$6,993
Total originations for sale (A)$797,193$643,393$681,546$460,453$660,338
Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2)122,804307,932163,664197,297103,946
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2)307,932163,664197,297103,946272,072
Total mortgage production volume (C)$612,065$787,661$647,913$553,804$492,212
Production margin (B / C)1.78%1.95%2.07%1.80%1.42%
Mortgage Servicing:
Loans serviced for others (D)$12,608,694$12,524,131$12,470,924$12,402,352$12,400,913
Mortgage Servicing Rights (“MSR”), at fair value (E)195,023190,938193,061196,307203,788
Percentage of MSRs to loans serviced for others (E / D)1.55%1.52%1.55%1.58%1.64%
Servicing income$10,185$10,112$10,520$10,611$10,731
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period$190,938$193,061$196,307$203,788$186,308
MSR - current period capitalization9,1505,8296,3364,66910,010
MSR - collection of expected cash flows - paydowns(1,550)(1,554)(1,516)(1,590)(1,463)
MSR - collection of expected cash flows - payoffs and repurchases(6,250)(4,050)(4,100)(3,046)(4,315)
MSR - changes in fair value model assumptions2,735(2,348)(3,966)(7,514)13,248
MSR Fair Value at end of period$195,023$190,938$193,061$196,307$203,788
Summary of Mortgage Banking Revenue:
Operational:
Production revenue(1)$10,878$15,388$13,380$9,941$6,993
MSR - Current period capitalization9,1505,8296,3364,66910,010
MSR - Collection of expected cash flows - paydowns(1,550)(1,554)(1,516)(1,590)(1,463)
MSR - Collection of expected cash flows - payoffs and repurchases(6,250)(4,050)(4,100)(3,046)(4,315)
Servicing Income10,18510,11210,52010,61110,731
Other Revenue(17)(345)(79)(172)(51)
Total operational mortgage banking revenue$22,396$25,380$24,541$20,413$21,905
Fair Value:
MSR - changes in fair value model assumptions$2,735$(2,348)$(3,966)$(7,514)$13,248
(Loss) gain on derivative contract held as an economic hedge, net(2,425)2652,5354,897(11,452)
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale(81)1,154602,733(3,249)
Total fair value mortgage banking revenue$229$(929)$(1,371)$116$(1,453)
Total mortgage banking revenue$22,625$24,451$23,170$20,529$20,452

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

Years Ended
(Dollars in thousands)Dec 31,2025Dec 31,2024
Originations:
Retail originations$1,967,159$1,886,730
Veterans First originations615,426738,184
Total originations for sale (A)$2,582,585$2,624,914
Originations for investment1,356,1031,018,680
Total originations$3,938,688$3,643,594
As a percentage of originations for sale:
Retail originations76%72%
Veterans First originations2428
Purchases68%75%
Refinances3225
Production Margin:
Production revenue (B)(1)$49,587$48,531
Total originations for sale (A)$2,582,585$2,624,914
Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2)122,804103,946
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2)103,946119,624
Total mortgage production volume (C)$2,601,443$2,609,236
Production margin (B / C)1.91%1.86%
Mortgage Servicing:
Loans serviced for others (D)$12,608,694$12,400,913
MSRs, at fair value (E)195,023203,788
Percentage of MSRs to loans serviced for others (E / D)1.55%1.64%
Servicing income$41,428$42,624
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period$203,788$192,456
MSR - current period capitalization25,98429,969
MSR - collection of expected cash flows - paydowns(6,210)(6,009)
MSR - collection of expected cash flows - payoffs and repurchases(17,446)(17,017)
MSR - changes in fair value model assumptions(11,093)4,389
MSR Fair Value at end of period$195,023$203,788
Summary of Mortgage Banking Revenue:
Operational:
Production revenue(1)$49,587$48,531
MSR - Current period capitalization25,98429,969
MSR - Collection of expected cash flows - paydowns(6,210)(6,009)
MSR - Collection of expected cash flows - payoffs and repurchases(17,446)(17,017)
Servicing Income41,42842,624
Other Revenue(613)(97)
Total operational mortgage banking revenue$92,730$98,001
Fair Value:
MSR - changes in fair value model assumptions$(11,093)$4,389
Gain (loss) on derivative contract held as an economic hedge, net5,272(7,909)
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale3,866(1,268)
Total fair value mortgage banking revenue$(1,955)$(4,788)
Total mortgage banking revenue$90,775$93,213

(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 17: NON-INTEREST EXPENSE

Three Months EndedQ4 2025 compared toQ3 2025Q4 2025 compared toQ4 2024
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20252025202520252024$ Change% Change$ Change% Change
Salaries and employee benefits:
Salaries$124,856$124,623$123,174$123,917$120,969$2330%$3,8873%
Commissions and incentive compensation57,11756,24455,87152,53654,79287322,3254
Benefits40,58438,80140,49635,07336,3721,78354,21212
Total salaries and employee benefits222,557219,668219,541211,526212,1332,889110,4245
Software and equipment36,09635,02736,52234,71734,2581,06931,8385
Operating lease equipment11,03410,40910,75710,47110,26362567718
Occupancy, net20,10520,80920,22820,77820,597(704)(3)(492)(2)
Data processing11,80911,32912,11011,27410,95748048528
Advertising and marketing13,79219,02718,76112,27213,097(5,235)(28)6955
Professional fees8,2807,4659,2439,04411,33481511(3,054)(27)
Amortization of other acquisition-related intangible assets4,9995,1965,5805,6185,773(197)(4)(774)(13)
FDIC insurance11,06111,41810,97110,92610,640(357)(3)4214
FDIC insurance - special assessment(499)————(499)(100)(499)(100)
OREO expense, net2,1622625056433971,900NM1,765NM
Other:
Lending expenses, net of deferred origination costs6,3676,1694,8695,8666,4481983(81)(1)
Travel and entertainment7,9656,0296,0265,2708,1401,93632(175)(2)
Miscellaneous28,72527,22026,34827,68524,5021,50564,22317
Total other43,05739,41837,24338,82139,0903,63993,96710
Total Non-Interest Expense$384,453$380,028$381,461$366,090$368,539$4,4251%$15,9144%
Years Ended2025 compared to 2024
Dec 31,Dec 31,
(Dollars in thousands)20252024$ Change% Change
Salaries and employee benefits:
Salaries$496,570$465,972$30,5987%
Commissions and incentive compensation221,768215,5196,2493
Benefits154,954135,61719,33714
Total salaries and employee benefits873,292817,10856,1847
Software and equipment142,362122,79419,56816
Operating lease equipment42,67142,2983731
Occupancy, net81,92079,2132,7073
Data processing46,52239,7366,78617
Advertising and marketing63,85261,8122,0403
Professional fees34,03240,637(6,605)(16)
Amortization of other acquisition-related intangible assets21,39312,0959,29877
FDIC insurance44,37640,9623,4148
FDIC insurance - special assessment(499)5,156(5,655)NM
OREO expense, net3,572(408)3,980NM
Other:
Lending expenses, net of deferred origination costs23,27121,8561,4156
Travel and entertainment25,29023,4411,8498
Miscellaneous109,97896,02413,95415
Total other158,539141,32117,21812
Total Non-Interest Expense$1,512,032$1,402,724$109,3088%

NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

Three Months EndedYears Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,Dec 31,
(Dollars and shares in thousands)2025202520252025202420252024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)$956,326$963,834$920,908$886,965$913,501$3,728,033$3,477,597
Taxable-equivalent adjustment:
- Loans2,1342,1542,2002,2062,3528,6949,377
- Liquidity Management Assets6616756806907162,7062,501
- Other Earning Assets———32312
(B) Interest Income (non-GAAP)$959,121$966,663$923,788$889,864$916,571$3,739,436$3,489,487
(C) Interest Expense (GAAP)372,452396,824374,214360,491388,3531,503,9811,515,062
(D) Net Interest Income (GAAP) (A minus C)583,874567,010546,694526,474525,1482,224,0521,962,535
(E) Net Interest Income (non-GAAP) (B minus C)586,669569,839549,574529,373528,2182,235,4551,974,425
Net interest margin (GAAP)3.52%3.48%3.52%3.54%3.49%3.52%3.51%
Net interest margin, fully taxable-equivalent (non-GAAP)3.543.503.543.563.513.533.53
(F) Non-interest income$130,390$130,827$124,089$116,634$113,451$501,940$488,325
(G) Gains (losses) on investment securities, net1,5052,9726503,196(2,835)8,323(2,602)
(H) Non-interest expense384,453380,028381,461366,090368,5391,512,0321,402,724
Efficiency ratio (H/(D+F-G))53.94%54.69%56.92%57.21%57.46%55.64%57.17%
Efficiency ratio (non-GAAP) (H/(E+F-G))53.7354.4756.6856.9557.1855.4056.90
Three Months EndedYears Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,Dec 31,
(Dollars and shares in thousands)2025202520252025202420252024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)$7,258,715$7,045,757$7,225,696$6,600,537$6,344,297
Less: Non-convertible preferred stock (GAAP)(425,000)(425,000)(837,500)(412,500)(412,500)
Less: Acquisition-related intangible assets (GAAP)(895,959)(902,936)(908,639)(913,004)(918,632)
(I) Total tangible common shareholders’ equity (non-GAAP)$5,937,756$5,717,821$5,479,557$5,275,033$5,013,165
(J) Total assets (GAAP)$71,142,046$69,629,638$68,983,318$65,870,066$64,879,668
Less: Acquisition-related intangible assets (GAAP)(895,959)(902,936)(908,639)(913,004)(918,632)
(K) Total tangible assets (non-GAAP)$70,246,087$68,726,702$68,074,679$64,957,062$63,961,036
Common equity to assets ratio (GAAP) (L/J)9.6%9.5%9.3%9.4%9.1%
Tangible common equity ratio (non-GAAP) (I/K)8.58.38.08.17.8
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity$7,258,715$7,045,757$7,225,696$6,600,537$6,344,297
Less: Non-convertible preferred stock (GAAP)(425,000)(425,000)(837,500)(412,500)(412,500)
(L) Total common equity$6,833,715$6,620,757$6,388,196$6,188,037$5,931,797
(M) Actual common shares outstanding66,97566,96166,93866,91966,495
Book value per common share (L/M)$102.03$98.87$95.43$92.47$89.21
Tangible book value per common share (non-GAAP) (I/M)88.6685.3981.8678.8375.39
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares$214,657$188,913$188,536$182,048$178,371$774,154$667,081
Add: Acquisition-related intangible asset amortization4,9995,1965,5805,6185,77321,39312,095
Less: Tax effect of acquisition-related intangible asset amortization(1,310)(1,403)(1,495)(1,421)(1,547)(5,626)(3,217)
After-tax Acquisition-related intangible asset amortization$3,689$3,793$4,085$4,197$4,226$15,767$8,878
(O) Tangible net income applicable to common shares (non-GAAP)$218,346$192,706$192,621$186,245$182,597$789,921$675,959
Total average shareholders’ equity$7,166,608$6,955,543$6,862,040$6,460,941$6,418,403$6,863,474$5,826,940
Less: Average preferred stock(425,000)(483,288)(599,313)(412,500)(412,500)(480,068)(412,500)
(P) Total average common shareholders’ equity$6,741,608$6,472,255$6,262,727$6,048,441$6,005,903$6,383,406$5,414,440
Less: Average acquisition-related intangible assets(901,022)(906,032)(910,924)(916,069)(921,438)(908,464)(778,283)
(Q) Total average tangible common shareholders’ equity (non-GAAP)$5,840,586$5,566,223$5,351,803$5,132,372$5,084,465$5,474,942$4,636,157
Return on average common equity, annualized (N/P)12.63%11.58%12.07%12.21%11.82%12.13%12.32%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)14.8313.7414.4414.7214.2914.4314.58
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes$302,223$296,041$267,088$253,055$253,081$1,118,407$947,089
Add: Provision for credit losses27,58821,76822,23423,96316,97995,553101,047
Pre-tax income, excluding provision for credit losses (non-GAAP)$329,811$317,809$289,322$277,018$270,060$1,213,960$1,048,136
Three Months EndedYears Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,Dec 31,
(Dollars and shares in thousands, except per share data)2025202520252025202420252024
Reconciliation of Non-GAAP Net Income per Common Share:
Net income$223,024$216,254$195,527$189,039$185,362$823,844$695,045
Preferred stock dividends8,36713,2956,9916,9916,99135,64427,964
Preferred stock redemption—14,046———14,046—
(R) Net income applicable to common shares$214,657$188,913$188,536$182,048$178,371$774,154$667,081
(S) Weighted average common shares outstanding66,97066,95266,93166,72666,49166,89663,685
Dilutive potential common shares1,1431,0288889231,2339981,016
(T) Average common shares and dilutive common shares68,11367,98067,81967,64967,72467,89464,701
Net income per common share - Basic (R/S)$3.21$2.82$2.82$2.73$2.68$11.57$10.47
Net income per common share - Diluted (R/T)$3.15$2.78$2.78$2.69$2.63$11.40$10.31
Preferred stock series F excess one-time extended first dividend$—$4,927$—$—$—$4,927$—
Preferred stock redemption—14,046———14,046—
(U) Total non-recurring preferred stock offering impact (non-GAAP)$—$18,973$—$—$—$18,973$—
Net income per common share - Basic (non-GAAP) (R+U)/S$3.21$3.11$2.82$2.73$2.68$11.86$10.47
Net income per common share - Diluted (non-GAAP) (R+U)/T$3.15$3.06$2.78$2.69$2.63$11.68$10.31
Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,
202320222021202020192018201720162015
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity$5,399,526$4,796,838$4,498,688$4,115,995$3,691,250$3,267,570$2,976,939$2,695,617$2,352,274
Less: Non-convertible preferred stock (GAAP)(412,500)(412,500)(412,500)(412,500)(125,000)(125,000)(125,000)(251,257)(251,287)
(V) Less: Intangible assets (GAAP)(679,561)(675,710)(683,456)(681,747)(692,277)(622,565)(519,505)(520,438)(495,970)
(I) Total tangible common shareholders’ equity (non-GAAP)$4,307,465$3,708,628$3,402,732$3,021,748$2,873,973$2,520,005$2,332,434$1,923,922$1,605,017
(M) Actual common shares outstanding61,24460,79457,05456,77057,82256,40855,96551,88148,383
Book value per common share ((I-V)/M)$81.43$72.12$71.62$65.24$61.68$55.71$50.96$47.11$43.42
Tangible book value per common share (non-GAAP) (I/M)70.3361.0059.6453.2349.7044.6741.6837.0833.17

WINTRUST SUBSIDIARIES

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

Additionally, the Company operates various non-bank businesses:

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

FORWARD-LOOKING STATEMENTS

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

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

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

CONFERENCE CALL, WEBCAST AND REPLAY

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

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

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