EX-99.1 2 q42023exhibit991.htm EX-99.1 Document


Exhibit 99.1
Wintrust Financial Corporation
9700 W. Higgins Road, Suite 800, Rosemont, Illinois 60018
News Release
FOR IMMEDIATE RELEASE  January 17, 2024
FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com

Wintrust Financial Corporation Reports Record Full Year Net Income

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

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

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

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

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

•Net interest margin increased by two basis points to 3.62% (3.64% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2023.
◦The higher net interest margin as well as growth in earning assets drove record quarterly net interest income of $470.0 million, increasing $7.6 million.
•Total loans increased by $686 million, or 7% annualized.
•Total deposits increased by $404 million, or 4% annualized.
•Total assets increased by $705 million, or 5% annualized.
•Impacts compared to the third quarter of 2023 from changes in the interest rate environment during the fourth quarter of 2023 included the following:

◦Non-interest income was impacted by a more unfavorable net valuation adjustment from certain mortgage-related assets held at fair value. Unfavorable net valuation adjustments totaled $9.7 million in the fourth quarter of 2023 compared to unfavorable net valuation adjustments of $2.3 million in the third quarter of 2023.
◦Book value per common share increased $6.24 to $81.43 and tangible book value per common share (non-GAAP) increased $6.26 to $70.33, primarily the result of favorable changes in the fair values of certain assets and liabilities, and the resulting benefit to accumulated other comprehensive income (loss).
•Non-interest expense was negatively impacted by an accrual of $34.4 million for the estimated amount owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring earlier in 2023.

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

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

Mr. Crane concluded, “We enter 2024 with significant momentum. Total loans as of December 31, 2023 were $770 million higher than average total loans in the fourth quarter of 2023, which, coupled with a stable net interest margin, is expected to help contribute to our momentum into the first quarter of 2024. We continue to win business and expand our franchise, keeping us well-positioned in the markets we serve.”
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The graphs below illustrate certain financial highlights of the fourth quarter of 2023 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.
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SUMMARY OF RESULTS:

BALANCE SHEET

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

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

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

NET INTEREST INCOME

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

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

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

ASSET QUALITY

The allowance for credit losses totaled $427.6 million as of December 31, 2023, an increase of $28.1 million as compared to $399.5 million as of September 30, 2023. A provision for credit losses totaling $42.9 million was recorded for the fourth quarter of 2023 as compared to $19.9 million recorded in the third quarter of 2023. The increase in the allowance for credit losses in the fourth quarter of 2023 was primarily the result of moderate forecasted deterioration in macroeconomic factors and portfolio changes during the period. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses accounting standard requires the Company to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of December 31, 2023, September 30, 2023, and June 30, 2023 is shown on Table 12 of this report.

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

The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 13 in this report.
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Non-performing assets totaled $152.3 million and comprised 0.27% of total assets as of December 31, 2023, as compared to $147.2 million as of September 30, 2023. Non-performing loans totaled $139.0 million, or 0.33% of total loans, at December 31, 2023. The increase in the fourth quarter was primarily due to an increase in certain credits within the commercial real estate portfolio becoming nonaccrual. For more information regarding non-performing assets, see Table 14 in this report.

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

NON-INTEREST INCOME

Wealth management revenue was relatively stable in the fourth quarter of 2023 as compared to the third quarter of 2023. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

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

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

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

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

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

NON-INTEREST EXPENSE

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

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

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

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

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

Advertising and marketing expenses in the fourth quarter of 2023 totaled $17.2 million, which is a $1.0 million decrease as compared to the third quarter of 2023 primarily due to a decrease in sports sponsorships.
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FDIC insurance increased $33.9 million in the fourth quarter of 2023 as compared to the third quarter of 2023. This was primarily the result of an accrual recognized for the estimated amount owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring earlier in 2023.

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

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

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

INCOME TAXES

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

BUSINESS UNIT SUMMARY

Community Banking

Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the fourth quarter of 2023, this unit expanded its commercial, commercial real estate and residential real estate loan portfolios, while increasing net interest income.

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

Specialty Finance

Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.6 billion during the fourth quarter of 2023 and average balances decreased by $74.2 million as compared to the third quarter of 2023. The Company’s leasing portfolio balance increased in the fourth quarter of 2023, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.4 billion as of December 31, 2023 as compared to $3.3 billion as of September 30, 2023. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the fourth quarter of 2023, which was relatively stable compared to the third quarter of 2023.

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $33.3 million in the fourth
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quarter of 2023, which was relatively stable compared to the third quarter of 2023. At December 31, 2023, the Company’s wealth management subsidiaries had approximately $47.1 billion of assets under administration, which included $8.7 billion of assets owned by the Company and its subsidiary banks, representing an increase from the $44.7 billion of assets under administration at September 30, 2023.

ITEM IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

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


WINTRUST FINANCIAL CORPORATION
Key Operating Measures

Wintrust’s key operating measures and growth rates for the fourth quarter of 2023, as compared to the third quarter of 2023 (sequential quarter) and fourth quarter of 2022 (linked quarter), are shown in the table below:
% or (1)
basis point  (bp) change from
3rd Quarter
2023
% or
basis point  (bp) change from
4th Quarter
2022
  
Three Months Ended
(Dollars in thousands, except per share data)Dec 31, 2023Sep 30, 2023Dec 31, 2022
Net income$123,480 $164,198 $144,817 (25)% (15)% 
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)
208,151 244,781 242,819 (15)(14)
Net income per common share – Diluted1.87 2.53 2.23 (26)(16)
Cash dividends declared per common share0.40 0.40 0.34 — 18 
Net revenue (3)
570,803 574,836 550,655 (1)4 
Net interest income469,974 462,358 456,816 2 3 
Net interest margin3.62 %3.60 %3.71 %2 bps(9)bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)
3.64 3.62 3.73 2 (9)
Net overhead ratio (4)
1.89 1.59 1.63 30 26 
Return on average assets0.89 1.20 1.10 (31)(21)
Return on average common equity9.93 13.35 12.72 (342)(279)
Return on average tangible common equity (non-GAAP) (2)
11.73 15.73 15.21 (400)(348)
At end of period
Total assets$56,259,934$55,555,246$52,949,6495 % 6 % 
Total loans (5)
42,131,83141,446,03239,196,4857 7 
Total deposits45,397,17044,992,68642,902,5444 6 
Total shareholders’ equity5,399,5265,015,6134,796,83830 13 
(1)Period-end balance sheet percentage changes are annualized.
(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)Net revenue is net interest income plus non-interest income.
(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)Excludes mortgage loans held-for-sale.
Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”

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WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights
 Three Months EndedYears Ended
(Dollars in thousands, except per share data)Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Dec 31, 2023Dec 31, 2022
Selected Financial Condition Data (at end of period):
Total assets$56,259,934$55,555,246$54,286,176$52,873,511$52,949,649
Total loans (1)
42,131,83141,446,03241,023,40839,565,47139,196,485
Total deposits45,397,17044,992,68644,038,70742,718,21142,902,544
Total shareholders’ equity5,399,5265,015,6135,041,9125,015,5064,796,838
Selected Statements of Income Data:
Net interest income$469,974 $462,358 $447,537 $457,995 $456,816 $1,837,864 $1,495,362 
Net revenue (2)
570,803 574,836 560,567 565,764 550,655 2,271,970 1,956,415 
Net income123,480 164,198 154,750 180,198 144,817 622,626 509,682 
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)
208,151 244,781 239,944 266,595 242,819 959,471 779,144 
Net income per common share – Basic1.90 2.57 2.41 2.84 2.27 9.72 8.14 
Net income per common share – Diluted1.87 2.53 2.38 2.80 2.23 9.58 8.02 
Cash dividends declared per common share0.40 0.40 0.40 0.40 0.34 1.60 1.36 
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin 3.62 %3.60 %3.64 %3.81 %3.71 %3.66 %3.15 %
Net interest margin – fully taxable-equivalent (non-GAAP) (3)
3.64 3.62 3.66 3.83 3.73 3.68 3.17 
Non-interest income to average assets0.73 0.82 0.86 0.84 0.71 0.81 0.91 
Non-interest expense to average assets2.62 2.41 2.44 2.33 2.34 2.45 2.33 
Net overhead ratio (4)
1.89 1.59 1.58 1.49 1.63 1.64 1.42 
Return on average assets0.89 1.20 1.18 1.40 1.10 1.16 1.01 
Return on average common equity9.93 13.35 12.79 15.67 12.72 12.90 11.41 
Return on average tangible common equity (non-GAAP) (3)
11.73 15.73 15.12 18.55 15.21 15.23 13.73 
Average total assets$55,017,075 $54,381,981 $52,601,953 $52,075,318 $52,087,618 $53,529,506 $50,424,319 
Average total shareholders’ equity5,066,196 5,083,883 5,044,718 4,895,271 4,710,856 5,023,153 4,634,224 
Average loans to average deposits ratio 92.9 %92.4 %94.3 %93.0 %90.5 %93.1 %87.5 %
Period-end loans to deposits ratio 92.8 92.1 93.2 92.6 91.4 
Common Share Data at end of period:
Market price per common share$92.75 $75.50 $72.62 $72.95 $84.52 
Book value per common share81.43 75.19 75.65 75.24 72.12 
Tangible book value per common share (non-GAAP) (3)
70.33 64.07 64.50 64.22 61.00 
Common shares outstanding61,243,62661,222,05861,197,67661,176,41560,794,008
Other Data at end of period:
Common equity to assets ratio8.9 %8.3 %8.5 %8.7 %8.3 %
Tangible common equity ratio (non-GAAP) (3)
7.7 7.1 7.4 7.5 7.1 
Tier 1 leverage ratio (5)
9.3 9.2 9.3 9.1 8.8 
Risk-based capital ratios:
Tier 1 capital ratio (5)
10.2 10.2 10.1 10.1 10.0 
Common equity tier 1 capital ratio (5)
9.4 9.3 9.3 9.2 9.1 
Total capital ratio (5)
12.1 12.0 12.0 12.1 11.9 
Allowance for credit losses (6)
$427,612 $399,531 $387,786 $376,261 $357,936 
Allowance for loan and unfunded lending-related commitment losses to total loans1.01 %0.96 %0.94 %0.95 %0.91 %
Number of:
Bank subsidiaries15 15 15 15 15 
Banking offices174 174 175 174 174 
(1)Excludes mortgage loans held-for-sale.
(2)Net revenue is net interest income plus non-interest income.
(3)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)Capital ratios for current quarter-end are estimated.
(6)The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.
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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
 
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(In thousands)20232023202320232022
Assets
Cash and due from banks$423,404 $418,088 $513,858 $445,928 $490,908 
Federal funds sold and securities purchased under resale agreements60 60 59 58 58 
Interest-bearing deposits with banks2,084,323 2,448,570 2,163,708 1,563,578 1,988,719 
Available-for-sale securities, at fair value3,502,915 3,611,835 3,492,481 3,259,845 3,243,017 
Held-to-maturity securities, at amortized cost3,856,916 3,909,150 3,564,473 3,606,391 3,640,567 
Trading account securities4,707 1,663 3,027 102 1,127 
Equity securities with readily determinable fair value139,268 134,310 116,275 111,943 110,365 
Federal Home Loan Bank and Federal Reserve Bank stock205,003 204,040 195,117 244,957 224,759 
Brokerage customer receivables10,592 14,042 15,722 16,042 16,387 
Mortgage loans held-for-sale, at fair value292,722 304,808 338,728 302,493 299,935 
Loans, net of unearned income42,131,831 41,446,032 41,023,408 39,565,471 39,196,485 
Allowance for loan losses(344,235)(315,039)(302,499)(287,972)(270,173)
Net loans41,787,596 41,130,993 40,720,909 39,277,499 38,926,312 
Premises, software and equipment, net748,966 747,501 749,393 760,283 764,798 
Lease investments, net281,280 275,152 274,351 256,301 253,928 
Accrued interest receivable and other assets1,551,899 1,674,681 1,455,748 1,413,795 1,391,342 
Trade date securities receivable690,722 — — 939,758 921,717 
Goodwill656,672 656,109 656,674 653,587 653,524 
Other acquisition-related intangible assets22,889 24,244 25,653 20,951 22,186 
Total assets$56,259,934 $55,555,246 $54,286,176 $52,873,511 $52,949,649 
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing$10,420,401 $10,347,006 $10,604,915 $11,236,083 $12,668,160 
Interest-bearing34,976,769 34,645,680 33,433,792 31,482,128 30,234,384 
Total deposits45,397,170 44,992,686 44,038,707 42,718,211 42,902,544 
Federal Home Loan Bank advances2,326,071 2,326,071 2,026,071 2,316,071 2,316,071 
Other borrowings645,813 643,999 665,219 583,548 596,614 
Subordinated notes437,866 437,731 437,628 437,493 437,392 
Junior subordinated debentures253,566 253,566 253,566 253,566 253,566 
Accrued interest payable and other liabilities1,799,922 1,885,580 1,823,073 1,549,116 1,646,624 
Total liabilities50,860,408 50,539,633 49,244,264 47,858,005 48,152,811 
Shareholders’ Equity:
Preferred stock412,500 412,500 412,500 412,500 412,500 
Common stock61,269 61,244 61,219 61,198 60,797 
Surplus1,943,806 1,933,226 1,923,623 1,913,947 1,902,474 
Treasury stock(2,217)(1,966)(1,966)(1,966)(304)
Retained earnings3,345,399 3,253,332 3,120,626 2,997,263 2,849,007 
Accumulated other comprehensive loss(361,231)(642,723)(474,090)(367,436)(427,636)
Total shareholders’ equity5,399,526 5,015,613 5,041,912 5,015,506 4,796,838 
Total liabilities and shareholders’ equity$56,259,934 $55,555,246 $54,286,176 $52,873,511 $52,949,649 

14
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedYears Ended
(Dollars in thousands, except per share data)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Dec 31, 2023Dec 31, 2022
Interest income
Interest and fees on loans$694,943 $666,260 $621,057 $558,692 $498,838 $2,540,952 $1,507,726 
Mortgage loans held-for-sale4,318 4,767 4,178 3,528 3,997 16,791 21,195 
Interest-bearing deposits with banks21,762 26,866 16,882 13,468 20,349 78,978 43,447 
Federal funds sold and securities purchased under resale agreements578 1,157 1 70 1,263 1,806 4,903 
Investment securities68,237 59,164 51,243 59,943 53,092 238,587 160,600 
Trading account securities15 6 6 14 6 41 22 
Federal Home Loan Bank and Federal Reserve Bank stock3,792 3,896 3,544 3,680 2,918 14,912 8,622 
Brokerage customer receivables203 284 265 295 282 1,047 928 
Total interest income793,848 762,400 697,176 639,690 580,745 2,893,114 1,747,443 
Interest expense
Interest on deposits285,390 262,783 213,495 144,802 95,447 906,470 175,202 
Interest on Federal Home Loan Bank advances18,316 17,436 17,399 19,135 13,823 72,286 30,329 
Interest on other borrowings9,557 9,384 8,485 7,854 5,313 35,280 14,294 
Interest on subordinated notes5,522 5,491 5,523 5,488 5,520 22,024 22,004 
Interest on junior subordinated debentures5,089 4,948 4,737 4,416 3,826 19,190 10,252 
Total interest expense323,874 300,042 249,639 181,695 123,929 1,055,250 252,081 
Net interest income469,974 462,358 447,537 457,995 456,816 1,837,864 1,495,362 
Provision for credit losses42,908 19,923 28,514 23,045 47,646 114,390 78,589 
Net interest income after provision for credit losses427,066 442,435 419,023 434,950 409,170 1,723,474 1,416,773 
Non-interest income
Wealth management33,275 33,529 33,858 29,945 30,727 130,607 126,614 
Mortgage banking7,433 27,395 29,981 18,264 17,407 83,073 155,173 
Service charges on deposit accounts14,522 14,217 13,608 12,903 13,054 55,250 58,574 
Gains (losses) on investment securities, net2,484 (2,357)0 1,398 (6,745)1,525 (20,427)
Fees from covered call options4,679 4,215 2,578 10,391 7,956 21,863 14,133 
Trading (losses) gains, net(505)728 106 813 (306)1,142 3,752 
Operating lease income, net14,162 13,863 12,227 13,046 12,384 53,298 55,510 
Other24,779 20,888 20,672 21,009 19,362 87,348 67,724 
Total non-interest income100,829 112,478 113,030 107,769 93,839 434,106 461,053 
Non-interest expense
Salaries and employee benefits193,971 192,338 184,923 176,781 180,331 748,013 696,107 
Software and equipment27,779 25,951 26,205 24,697 24,699 104,632 95,885 
Operating lease equipment10,694 12,020 9,816 9,833 10,078 42,363 38,008 
Occupancy, net18,102 21,304 19,176 18,486 17,763 77,068 70,965 
Data processing8,892 10,773 9,726 9,409 7,927 38,800 31,209 
Advertising and marketing17,166 18,169 17,794 11,946 14,279 65,075 59,418 
Professional fees8,768 8,887 8,940 8,163 9,267 34,758 33,088 
Amortization of other acquisition-related intangible assets1,356 1,408 1,499 1,235 1,436 5,498 6,116 
FDIC insurance43,677 9,748 9,008 8,669 6,775 71,102 28,639 
OREO expenses, net(1,559)120 118 (207)369 (1,528)(140)
Other33,806 29,337 33,418 30,157 34,912 126,718 117,976 
Total non-interest expense362,652 330,055 320,623 299,169 307,836 1,312,499 1,177,271 
Income before taxes165,243 224,858 211,430 243,550 195,173 845,081 700,555 
Income tax expense41,763 60,660 56,680 63,352 50,356 222,455 190,873 
Net income$123,480 $164,198 $154,750 $180,198 $144,817 $622,626 $509,682 
Preferred stock dividends6,991 6,991 6,991 6,991 6,991 27,964 27,964 
Net income applicable to common shares$116,489 $157,207 $147,759 $173,207 $137,826 $594,662 $481,718 
Net income per common share - Basic$1.90 $2.57 $2.41 $2.84 $2.27 $9.72 $8.14 
Net income per common share - Diluted$1.87 $2.53 $2.38 $2.80 $2.23 $9.58 $8.02 
Cash dividends declared per common share$0.40 $0.40 $0.40 $0.40 $0.34 $1.60 $1.36 
Weighted average common shares outstanding61,23661,21361,19260,95060,76961,14959,205
Dilutive potential common shares1,166 964 902 873 1,096 938 886 
Average common shares and dilutive common shares62,402 62,177 62,094 61,823 61,865 62,087 60,091 
15
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES
   % Growth From
(Dollars in thousands)Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31,
2023		Dec 31, 2022
Sep 30, 2023 (1)
Dec 31, 2022
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$155,529 $190,511 $235,570 $155,687 $156,297 (73)%0 %
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies137,193 114,297 103,158 146,806 143,638 79 (4)
Total mortgage loans held-for-sale$292,722 $304,808 $338,728 $302,493 $299,935 (16)%(2)%
Core loans:
Commercial
Commercial and industrial$5,804,629 $5,894,732 $5,737,633 $5,855,035 $5,852,166 (6)%(1)%
Asset-based lending1,433,250 1,396,591 1,465,848 1,482,071 1,473,344 10 (3)
Municipal677,143 676,915 653,117 655,301 668,235 0 1 
Leases2,208,368 2,109,628 1,925,767 1,904,137 1,840,928 19 20 
PPP loans11,533 13,744 15,337 17,195 28,923 (64)(60)
Commercial real estate
Residential construction58,642 51,550 51,689 69,998 76,877 55 (24)
Commercial construction1,729,937 1,547,322 1,409,751 1,234,762 1,102,098 47 57 
Land295,462 294,901 298,996 292,293 307,955 1 (4)
Office1,455,417 1,422,748 1,404,422 1,392,040 1,337,176 9 9 
Industrial2,135,876 2,057,957 2,002,740 1,858,088 1,836,276 15 16 
Retail1,337,517 1,341,451 1,304,083 1,309,680 1,304,444 (1)3 
Multi-family2,815,911 2,710,829 2,696,478 2,635,411 2,560,709 15 10 
Mixed use and other1,515,402 1,519,422 1,440,652 1,446,806 1,425,412 (1)6 
Home equity343,976 343,258 336,974 337,016 332,698 1 3 
Residential real estate
Residential real estate loans for investment2,619,083 2,538,630 2,455,392 2,309,393 2,207,595 13 19 
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies92,780 97,911 117,024 119,301 80,701 (21)15 
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies57,803 71,062 70,824 76,851 84,087 (74)(31)
Total core loans$24,592,729 $24,088,651 $23,386,727 $22,995,378 $22,519,624 8 %9 %
Niche loans:
Commercial
Franchise$1,092,532 $1,074,162 $1,091,164 $1,131,913 $1,169,623 7 %(7)%
Mortgage warehouse lines of credit230,211 245,450 381,043 235,684 237,392 (25)(3)
Community Advantage - homeowners association452,734 424,054 405,042 389,922 380,875 27 19 
Insurance agency lending921,653 890,197 925,520 905,727 897,678 14 3 
Premium Finance receivables
U.S. property & casualty insurance5,983,103 5,815,346 5,900,228 5,043,486 5,103,820 11 17 
Canada property & casualty insurance920,426 907,401 862,470 695,394 745,639 6 23 
Life insurance7,877,943 7,931,808 8,039,273 8,125,802 8,090,998 (3)(3)
Consumer and other60,500 68,963 31,941 42,165 50,836 (49)19 
Total niche loans$17,539,102 $17,357,381 $17,636,681 $16,570,093 $16,676,861 4 %5 %
Total loans, net of unearned income$42,131,831 $41,446,032 $41,023,408 $39,565,471 $39,196,485 7 %7 %
(1)Annualized.

16
TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

    % Growth From
(Dollars in thousands)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022
Sep 30,
2023 (1)
Dec 31, 2022
Balance:
Non-interest-bearing$10,420,401$10,347,006$10,604,915$11,236,083$12,668,1603 %(18)%
NOW and interest-bearing demand deposits5,797,6496,006,1145,814,8365,576,5585,591,986(14)4 
Wealth management deposits (2)
1,614,4991,788,0991,417,9841,809,9332,463,833(39)(34)
Money market15,149,21514,478,50414,523,12413,552,27712,886,79518 18 
Savings5,790,3345,584,2945,321,5785,192,1084,556,63515 27 
Time certificates of deposit6,625,0726,788,6696,356,2705,351,2524,735,135(10)40 
Total deposits $45,397,170$44,992,686$44,038,707$42,718,211$42,902,5444 %6 %
Mix:
Non-interest-bearing23 %23 %24 %26 %30 %
NOW and interest-bearing demand deposits13 13 13 13 13 
Wealth management deposits (2)
4 4 3 4 5 
Money market33 32 33 32 30 
Savings13 13 12 12 11 
Time certificates of deposit14 15 15 13 11 
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, 2023
(Dollars in thousands)Total Time
Certificates of
Deposit		Weighted-Average
Rate of Maturing
Time Certificates
    of Deposit
1-3 months$1,314,517 3.64 %
4-6 months2,040,662 4.53 
7-9 months1,679,572 4.57 
10-12 months960,154 3.98 
13-18 months501,492 3.49 
19-24 months56,895 2.65 
24+ months71,780 1.62 
Total$6,625,072 4.15 %

17
TABLE 4: QUARTERLY AVERAGE BALANCES
 Average Balance for three months ended,
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(In thousands)20232023202320232022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
$1,682,176 $2,053,568 $1,454,057 $1,235,748 $2,449,889 
Investment securities (2)
7,971,068 7,706,285 7,252,582 7,956,722 7,310,383 
FHLB and FRB stock204,593 201,252 223,813 233,615 185,290 
Liquidity management assets (3)
9,857,837 9,961,105 8,930,452 9,426,085 9,945,562 
Other earning assets (3)(4)
14,821 17,879 17,401 18,445 18,585 
Mortgage loans held-for-sale279,569 319,099 307,683 270,966 308,639 
Loans, net of unearned income (3)(5)
41,361,952 40,707,042 40,106,393 39,093,368 38,566,871 
Total earning assets (3)
51,514,179 51,005,125 49,361,929 48,808,864 48,839,657 
Allowance for loan and investment security losses(329,441)(319,491)(302,627)(282,704)(252,827)
Cash and due from banks443,989 459,819 481,510 488,457 475,691 
Other assets3,388,348 3,236,528 3,061,141 3,060,701 3,025,097 
Total assets
$55,017,075 $54,381,981 $52,601,953 $52,075,318 $52,087,618 
NOW and interest-bearing demand deposits$5,868,976 $5,815,155 $5,540,597 $5,271,740 $5,598,291 
Wealth management deposits1,704,099 1,512,765 1,545,626 2,167,081 2,883,247 
Money market accounts14,212,320 14,155,446 13,735,924 12,533,468 12,319,842 
Savings accounts5,676,155 5,472,535 5,206,609 4,830,322 4,403,113 
Time deposits6,645,980 6,495,906 5,603,024 5,041,638 4,023,232 
Interest-bearing deposits34,107,530 33,451,807 31,631,780 29,844,249 29,227,725 
Federal Home Loan Bank advances2,326,073 2,241,292 2,227,106 2,474,882 2,088,201 
Other borrowings633,673 657,454 625,757 602,937 480,553 
Subordinated notes437,785 437,658 437,545 437,422 437,312 
Junior subordinated debentures253,566 253,566 253,566 253,566 253,566 
Total interest-bearing liabilities
37,758,627 37,041,777 35,175,754 33,613,056 32,487,357 
Non-interest-bearing deposits10,406,585 10,612,009 10,908,022 12,171,631 13,404,036 
Other liabilities1,785,667 1,644,312 1,473,459 1,395,360 1,485,369 
Equity5,066,196 5,083,883 5,044,718 4,895,271 4,710,856 
Total liabilities and shareholders’ equity
$55,017,075 $54,381,981 $52,601,953 $52,075,318 $52,087,618 
Net free funds/contribution (6)
$13,755,552 $13,963,348 $14,186,175 $15,195,808 $16,352,300 
(1)Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2)Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4)Other earning assets include brokerage customer receivables and trading account securities.
(5)Loans, net of unearned income, include non-accrual loans.
(6)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

18
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)20232023202320232022
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents$22,340 $28,022 $16,882 $13,538 $21,612 
Investment securities68,812 59,737 51,795 60,494 53,630 
FHLB and FRB stock3,792 3,896 3,544 3,680 2,918 
Liquidity management assets (1)
94,944 91,655 72,221 77,712 78,160 
Other earning assets (1)
222 291 272 313 289 
Mortgage loans held-for-sale4,318 4,767 4,178 3,528 3,997 
Loans, net of unearned income (1)
697,093 668,183 622,939 560,564 500,432 
Total interest income$796,577 $764,896 $699,610 $642,117 $582,878 
Interest expense:
NOW and interest-bearing demand deposits$38,124 $36,001 $29,178 $18,772 $14,982 
Wealth management deposits12,076 9,350 9,097 12,258 14,079 
Money market accounts130,252 124,742 106,630 68,276 45,468 
Savings accounts36,463 31,784 25,603 15,816 8,421 
Time deposits68,475 60,906 42,987 29,680 12,497 
Interest-bearing deposits285,390 262,783 213,495 144,802 95,447 
Federal Home Loan Bank advances18,316 17,436 17,399 19,135 13,823 
Other borrowings9,557 9,384 8,485 7,854 5,313 
Subordinated notes5,522 5,491 5,523 5,488 5,520 
Junior subordinated debentures5,089 4,948 4,737 4,416 3,826 
Total interest expense$323,874 $300,042 $249,639 $181,695 $123,929 
Less: Fully taxable-equivalent adjustment(2,729)(2,496)(2,434)(2,427)(2,133)
Net interest income (GAAP) (2)
469,974 462,358 447,537 457,995 456,816 
Fully taxable-equivalent adjustment2,729 2,496 2,434 2,427 2,133 
Net interest income, fully taxable-equivalent (non-GAAP) (2)
$472,703 $464,854 $449,971 $460,422 $458,949 
(1)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

19
TABLE 6: QUARTERLY NET INTEREST MARGIN

 Net Interest Margin for three months ended,
Dec 31, 2023Sep 30, 2023Jun 30,
2023		Mar 31, 2023Dec 31,
2022
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents5.27 %5.41 %4.66 %4.44 %3.50 %
Investment securities3.42 3.08 2.86 3.08 2.91 
FHLB and FRB stock7.35 7.68 6.35 6.39 6.25 
Liquidity management assets3.82 3.65 3.24 3.34 3.12 
Other earning assets5.92 6.47 6.27 6.87 6.17 
Mortgage loans held-for-sale6.13 5.93 5.45 5.28 5.14 
Loans, net of unearned income6.69 6.51 6.23 5.82 5.15 
Total earning assets6.13 %5.95 %5.68 %5.34 %4.73 %
Rate paid on:
NOW and interest-bearing demand deposits2.58 %2.46 %2.11 %1.44 %1.06 %
Wealth management deposits2.81 2.45 2.36 2.29 1.94 
Money market accounts3.64 3.50 3.11 2.21 1.46 
Savings accounts2.55 2.30 1.97 1.33 0.76 
Time deposits4.09 3.72 3.08 2.39 1.23 
Interest-bearing deposits3.32 3.12 2.71 1.97 1.30 
Federal Home Loan Bank advances3.12 3.09 3.13 3.14 2.63 
Other borrowings5.98 5.66 5.44 5.28 4.39 
Subordinated notes5.00 4.98 5.06 5.02 5.05 
Junior subordinated debentures7.96 7.74 7.49 6.97 5.90 
Total interest-bearing liabilities3.40 %3.21 %2.85 %2.19 %1.51 %
Interest rate spread (1)(2)
2.73 %2.74 %2.83 %3.15 %3.22 %
Less: Fully taxable-equivalent adjustment(0.02)(0.02)(0.02)(0.02)(0.02)
Net free funds/contribution (3)
0.91 0.88 0.83 0.68 0.51 
Net interest margin (GAAP) (2)
3.62 %3.60 %3.64 %3.81 %3.71 %
Fully taxable-equivalent adjustment0.02 0.02 0.02 0.02 0.02 
Net interest margin, fully taxable-equivalent (non-GAAP) (2)
3.64 %3.62 %3.66 %3.83 %3.73 %
(1)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(2)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.




20
TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN

 
Average Balance
for twelve months ended,
Interest
for twelve months ended,
Yield/Rate
for twelve months ended,
(Dollars in thousands)Dec 31, 2023Dec 31,
2022		Dec 31, 2023Dec 31, 2022Dec 31, 2023Dec 31, 2022
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
$1,608,835 $3,323,196 $80,783 $48,350 5.02 %1.45 %
Investment securities (2)
7,721,661 6,735,732 240,837 162,577 3.12 2.41 
FHLB and FRB stock215,699 150,223 14,912 8,622 6.91 5.74 
Liquidity management assets (3)(4)
$9,546,195 $10,209,151 $336,532 $219,549 3.53 %2.15 %
Other earning assets (3)(4)(5)
17,129 22,391 1,098 955 6.41 4.27 
Mortgage loans held-for-sale294,421 496,088 16,791 21,195 5.70 4.27 
Loans, net of unearned income (3)(4)(6)
40,324,472 36,684,528 2,548,779 1,511,345 6.32 4.12 
Total earning assets (4)
$50,182,217 $47,412,158 $2,903,200 $1,753,044 5.79 %3.70 %
Allowance for loan and investment security losses(308,724)(256,690)
Cash and due from banks468,298 473,025 
Other assets3,187,715 2,795,826 
Total assets
$53,529,506 $50,424,319 
NOW and interest-bearing demand deposits$5,626,277 $5,355,077 $122,074 $27,566 2.17 %0.51 %
Wealth management deposits1,730,523 2,827,497 42,782 29,750 2.47 1.05 
Money market accounts13,665,248 12,254,159 429,900 80,591 3.15 0.66 
Savings accounts5,299,205 4,014,166 109,666 11,234 2.07 0.28 
Time deposits5,952,537 3,812,148 202,048 26,061 3.39 0.68 
Interest-bearing deposits$32,273,790 $28,263,047 $906,470 $175,202 2.81 %0.62 %
Federal Home Loan Bank advances2,316,722 1,484,663 72,287 30,329 3.12 2.04 
Other borrowings630,115 485,820 35,280 14,294 5.60 2.94 
Subordinated notes437,604 437,139 22,023 22,004 5.03 5.03 
Junior subordinated debentures253,566 253,566 19,190 10,252 7.57 4.10 
Total interest-bearing liabilities
$35,911,797 $30,924,235 $1,055,250 $252,081 2.94 %0.81 %
Non-interest-bearing deposits11,018,596 13,667,879 
Other liabilities1,575,960 1,197,981 
Equity5,023,153 4,634,224 
Total liabilities and shareholders’ equity
$53,529,506 $50,424,319 
Interest rate spread (4)(7)
2.85 %2.89 %
Less: Fully taxable-equivalent adjustment(10,086)(5,601)(0.02)(0.02)
Net free funds/contribution (8)
$14,270,420 $16,487,923 0.83 0.28 
Net interest income/margin (GAAP) (4)
$1,837,864 $1,495,362 3.66 %3.15 %
Fully taxable-equivalent adjustment10,086 5,6010.02 0.02 
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)
$1,847,950 $1,500,963 3.68 %3.17 %
(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)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(4)See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(5)Other earning assets include brokerage customer receivables and trading account securities.
(6)Loans, net of unearned income, include non-accrual loans.
(7)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(8)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
21
TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Dec 31, 20232.6 %1.8 %0.4 %(0.7)%
Sep 30, 20233.3 1.9 (2.0)(5.2)
Jun 30, 20235.7 2.9 (2.9)(7.9)
Mar 31, 20234.2 2.4 (2.4)(7.3)
Dec 31, 20227.2 3.8 (5.0)(12.1)

Ramp Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Dec 31, 20231.6 %1.2 %(0.3)%(1.5)%
Sep 30, 20231.7 1.2 (0.5)(2.4)
Jun 30, 20232.9 1.8 (0.9)(3.4)
Mar 31, 20233.0 1.7 (1.3)(3.4)
Dec 31, 20225.6 3.0 (2.9)(6.8)

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to diminish. Given the recent unprecedented rise in interest rates, the Company has made a conscious effort to reposition its exposure to changing interest rates given the uncertainty of the future interest rate environment. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer term fixed rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future years.


22
TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES
Loans repricing or contractual maturity period
As of December 31, 2023One year or
less		From one to
five years		From five to fifteen yearsAfter fifteen yearsTotal
(In thousands)
Commercial
Fixed rate$520,408 $2,954,554 $1,720,913 $28,070 $5,223,945 
Variable rate7,606,936 1,172 — — 7,608,108 
Total commercial$8,127,344 $2,955,726 $1,720,913 $28,070 $12,832,053 
Commercial real estate
Fixed rate646,873 2,870,147 525,167 50,726 4,092,913 
Variable rate7,233,835 17,377 39 — 7,251,251 
Total commercial real estate$7,880,708 $2,887,524 $525,206 $50,726 $11,344,164 
Home equity
Fixed rate9,863 3,994 — 28 13,885 
Variable rate330,091 — — — 330,091 
Total home equity$339,954 $3,994 $— $28 $343,976 
Residential real estate
Fixed rate19,921 3,412 30,814 1,047,862 1,102,009 
Variable rate75,107 286,511 1,306,039 — 1,667,657 
Total residential real estate$95,028 $289,923 $1,336,853 $1,047,862 $2,769,666 
Premium finance receivables - property & casualty
Fixed rate6,785,201 118,328 — — 6,903,529 
Variable rate— — — — — 
Total premium finance receivables - property & casualty$6,785,201 $118,328 $— $— $6,903,529 
Premium finance receivables - life insurance
Fixed rate78,342 614,816 3,891 — 697,049 
Variable rate7,180,894 — — — 7,180,894 
Total premium finance receivables - life insurance$7,259,236 $614,816 $3,891 $— $7,877,943 
Consumer and other
Fixed rate11,994 6,550 10 464 19,018 
Variable rate41,482 — — — 41,482 
Total consumer and other$53,476 $6,550 $10 $464 $60,500 
Total per category
Fixed rate8,072,602 6,571,801 2,280,795 1,127,150 18,052,348 
Variable rate22,468,345 305,060 1,306,078 — 24,079,483 
Total loans, net of unearned income$30,540,947 $6,876,861 $3,586,873 $1,127,150 $42,131,831 
Variable Rate Loan Pricing by Index:
SOFR tenors$13,331,910 
One- year CMT6,133,619 
Prime3,430,421 
Ameribor tenors341,747 
Other U.S. Treasury tenors37,997 
Other803,789 
Total variable rate$24,079,483 
SOFR - Secured Overnight Financing Rate.
CMT - Constant Maturity Treasury Rate.
Ameribor - American Interbank Offered Rate.



23
liborerq42023a.jpg
Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $10.7 billion tied to one-month SOFR and $6.1 billion tied to one-year CMT. The above chart shows:

Basis Point (bp) Change in
1-month
SOFR		One- year CMTPrime
Fourth Quarter 20233bps(67)bps0bps
Third Quarter 202318625
Second Quarter 2023347625
First Quarter 202344(9)50
Fourth Quarter 202213268125


24
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)2023202320232023202220232022
Allowance for credit losses at beginning of period$399,531 $387,786 $376,261 $357,936 $315,338 $357,936 $299,731 
Cumulative effect adjustment from the adoption of ASU 2022-02— — — 741 — 741 — 
Provision for credit losses42,908 19,923 28,514 23,045 47,646 114,390 78,589 
Other adjustments62 (60)41 4 31 47 (108)
Charge-offs:
Commercial5,114 2,427 5,629 2,543 3,019 15,713 14,141 
Commercial real estate5,386 1,713 8,124 5 538 15,228 1,379 
Home equity— 227 — — — 227 432 
Residential real estate114 78 — — — 192 471 
Premium finance receivables - property & casualty6,706 5,830 4,519 4,629 3,629 21,684 14,240 
Premium finance receivables - life insurance— 18 134 21 28 173 35 
Consumer and other148 184 110 153 — 595 1,081 
Total charge-offs17,468 10,477 18,516 7,351 7,214 53,812 31,779 
Recoveries:
Commercial592 1,162 505 392 691 2,651 4,748 
Commercial real estate92 243 25 100 61 460 701 
Home equity34 33 37 35 65 139 319 
Residential real estate10 1 6 4 6 21 77 
Premium finance receivables - property & casualty1,820 906 890 1,314 1,279 4,930 5,522 
Premium finance receivables - life insurance7 — — 9 — 16 — 
Consumer and other24 14 23 32 33 93 136 
Total recoveries2,579 2,359 1,486 1,886 2,135 8,310 11,503 
Net charge-offs(14,889)(8,118)(17,030)(5,465)(5,079)(45,502)(20,276)
Allowance for credit losses at period end$427,612 $399,531 $387,786 $376,261 $357,936 $427,612 $357,936 
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial0.14 %0.04 %0.16 %0.07 %0.08 %0.10 %0.08 %
Commercial real estate0.19 0.05 0.31 0.00 0.02 0.14 0.01 
Home equity(0.04)0.23 (0.04)(0.04)(0.08)0.03 0.03 
Residential real estate0.02 0.01 0.00 0.00 0.00 0.01 0.02 
Premium finance receivables - property & casualty0.29 0.29 0.24 0.23 0.16 0.27 0.16 
Premium finance receivables - life insurance(0.00)0.00 0.01 0.00 0.00 0.00 0.00 
Consumer and other0.58 0.65 0.45 0.74 (0.16)0.60 1.22 
Total loans, net of unearned income0.14 %0.08 %0.17 %0.06 %0.05 %0.11 0.06 %
Loans at period end$42,131,831 $41,446,032 $41,023,408 $39,565,471 $39,196,485 
Allowance for loan losses as a percentage of loans at period end0.82 %0.76 %0.74 %0.73 %0.69 %
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end1.01 0.96 0.94 0.95 0.91 




25
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)2023202320232023202220232022
Provision for loan losses$44,023 $20,717 $31,516 $22,520 $29,110 $118,776 $42,721 
Provision for unfunded lending-related commitments losses(1,081)(769)(2,945)550 18,358 (4,245)35,458 
Provision for held-to-maturity securities losses(34)(25)(57)(25)178 (141)410 
Provision for credit losses$42,908 $19,923 $28,514 $23,045 $47,646 $114,390 $78,589 
Allowance for loan losses$344,235 $315,039 $302,499 $287,972 $270,173 
Allowance for unfunded lending-related commitments losses83,030 84,111 84,881 87,826 87,275 
Allowance for loan losses and unfunded lending-related commitments losses427,265 399,150 387,380 375,798 357,448 
Allowance for held-to-maturity securities losses347 381 406 463 488 
Allowance for credit losses$427,612 $399,531 $387,786 $376,261 $357,936 
    


26
TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of December 31, 2023, September 30, 2023 and June 30, 2023.
 As of Dec 31, 2023As of Sep 30, 2023As of Jun 30, 2023
(Dollars in thousands)Recorded
Investment		Calculated
Allowance		% of its
category’s balance		Recorded
Investment		Calculated
Allowance		% of its
category’s balance		Recorded
Investment		Calculated
Allowance		% of its
category’s balance
Commercial:
Commercial, industrial and other$12,832,053 $169,604 1.32 %$12,725,473 $151,488 1.19 %$12,600,471 $143,142 1.14 %
Commercial real estate:
Construction and development2,084,041 94,081 4.51 1,893,773 90,622 4.79 1,760,436 86,725 4.93 
Non-construction9,260,123 129,772 1.40 9,052,407 125,096 1.38 8,848,375 128,971 1.46 
Home equity343,976 7,116 2.07 343,258 7,080 2.06 336,974 6,967 2.07 
Residential real estate2,769,666 13,133 0.47 2,707,603 12,659 0.47 2,643,240 12,252 0.46 
Premium finance receivables
Property and casualty insurance6,903,529 12,384 0.18 6,722,747 11,132 0.17 6,762,698 8,347 0.12 
Life insurance7,877,943 685 0.01 7,931,808 688 0.01 8,039,273 699 0.01 
Consumer and other60,500 490 0.81 68,963 385 0.56 31,941 277 0.87 
Total loans, net of unearned income$42,131,831 $427,265 1.01 %$41,446,032 $399,150 0.96 %$41,023,408 $387,380 0.94 %
Total core loans (1)
$24,592,729 $380,847 1.55 %$24,088,651 $363,873 1.51 %$23,386,727 $350,930 1.50 %
Total niche loans (1)
17,539,102 46,418 0.26 17,357,381 35,277 0.20 17,636,681 36,450 0.21 
(1)See Table 1 for additional detail on core and niche loans.


27
TABLE 13: LOAN PORTFOLIO AGING

(In thousands)Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022
Loan Balances:
Commercial
Nonaccrual$38,940 $43,569 $40,460 $47,950 $35,579 
90+ days and still accruing98 200 573 — 462 
60-89 days past due19,488 22,889 22,808 10,755 21,128 
30-59 days past due85,743 35,681 48,970 95,593 56,696 
Current12,687,784 12,623,134 12,487,660 12,422,687 12,435,299 
Total commercial$12,832,053 $12,725,473 $12,600,471 $12,576,985 $12,549,164 
Commercial real estate
Nonaccrual$35,459 $17,043 $18,483 $11,196 $6,387 
90+ days and still accruing— 1,092 — — — 
60-89 days past due8,515 7,395 1,054 20,539 2,244 
30-59 days past due20,634 60,984 14,218 72,680 30,675 
Current11,279,556 10,859,666 10,575,056 10,134,663 9,911,641 
Total commercial real estate$11,344,164 $10,946,180 $10,608,811 $10,239,078 $9,950,947 
Home equity
Nonaccrual$1,341 $1,363 $1,361 $1,190 $1,487 
90+ days and still accruing— — 110 — — 
60-89 days past due62 219 316 116 — 
30-59 days past due2,263 1,668 601 1,118 2,152 
Current340,310 340,008 334,586 334,592 329,059 
Total home equity$343,976 $343,258 $336,974 $337,016 $332,698 
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)
$150,583 $168,973 $187,848 $196,152 $164,788 
Nonaccrual15,391 16,103 13,652 11,333 10,171 
90+ days and still accruing— — — 104 — 
60-89 days past due2,325 1,145 7,243 74 4,364 
30-59 days past due22,942 904 872 19,183 9,982 
Current2,578,425 2,520,478 2,433,625 2,278,699 2,183,078 
Total residential real estate$2,769,666 $2,707,603 $2,643,240 $2,505,545 $2,372,383 
Premium finance receivables - property & casualty
Nonaccrual$27,590 $26,756 $19,583 $18,543 $13,470 
90+ days and still accruing20,135 16,253 12,785 9,215 15,841 
60-89 days past due23,236 16,552 22,670 14,287 14,926 
30-59 days past due50,437 31,919 32,751 32,545 40,557 
Current6,782,131 6,631,267 6,674,909 5,664,290 5,764,665 
Total Premium finance receivables - property & casualty$6,903,529 $6,722,747 $6,762,698 $5,738,880 $5,849,459 
Premium finance receivables - life insurance
Nonaccrual$— $— $6 $— $— 
90+ days and still accruing— 10,679 1,667 1,066 17,245 
60-89 days past due16,206 41,894 3,729 21,552 5,260 
30-59 days past due45,464 14,972 90,117 52,975 68,725 
Current7,816,273 7,864,263 7,943,754 8,050,209 7,999,768 
Total Premium finance receivables - life insurance$7,877,943 $7,931,808 $8,039,273 $8,125,802 $8,090,998 
Consumer and other
Nonaccrual$22 $16 $4 $6 $6 
90+ days and still accruing54 27 28 87 49 
60-89 days past due25 196 51 10 18 
30-59 days past due165 519 146 379 224 
Current60,234 68,205 31,712 41,683 50,539 
Total consumer and other$60,500 $68,963 $31,941 $42,165 $50,836 
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)
$150,583 $168,973 $187,848 $196,152 $164,788 
Nonaccrual118,743 104,850 93,549 90,218 67,100 
90+ days and still accruing20,287 28,251 15,163 10,472 33,597 
60-89 days past due69,857 90,290 57,871 67,333 47,940 
30-59 days past due227,648 146,647 187,675 274,473 209,011 
Current41,544,713 40,907,021 40,481,302 38,926,823 38,674,049 
Total loans, net of unearned income$42,131,831 $41,446,032 $41,023,408 $39,565,471 $39,196,485 
(1)Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
28
TABLE 14: NON-PERFORMING ASSETS(1)
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20232023202320232022
Loans past due greater than 90 days and still accruing:
Commercial$98 $200 $573 $— $462 
Commercial real estate— 1,092 — — — 
Home equity— — 110 — — 
Residential real estate— — — 104 — 
Premium finance receivables - property & casualty20,135 16,253 12,785 9,215 15,841 
Premium finance receivables - life insurance— 10,679 1,667 1,066 17,245 
Consumer and other54 27 28 87 49 
Total loans past due greater than 90 days and still accruing20,287 28,251 15,163 10,472 33,597 
Non-accrual loans:
Commercial38,940 43,569 40,460 47,950 35,579 
Commercial real estate35,459 17,043 18,483 11,196 6,387 
Home equity1,341 1,363 1,361 1,190 1,487 
Residential real estate15,391 16,103 13,652 11,333 10,171 
Premium finance receivables - property & casualty27,590 26,756 19,583 18,543 13,470 
Premium finance receivables - life insurance— — 6 — — 
Consumer and other22 16 4 6 6 
Total non-accrual loans118,743 104,850 93,549 90,218 67,100 
Total non-performing loans:
Commercial39,038 43,769 41,033 47,950 36,041 
Commercial real estate35,459 18,135 18,483 11,196 6,387 
Home equity1,341 1,363 1,471 1,190 1,487 
Residential real estate15,391 16,103 13,652 11,437 10,171 
Premium finance receivables - property & casualty47,725 43,009 32,368 27,758 29,311 
Premium finance receivables - life insurance— 10,679 1,673 1,066 17,245 
Consumer and other76 43 32 93 55 
Total non-performing loans$139,030 $133,101 $108,712 $100,690 $100,697 
Other real estate owned13,309 12,928 10,275 8,050 8,589 
Other real estate owned - from acquisitions— 1,132 1,311 1,311 1,311 
Total non-performing assets$152,339 $147,161 $120,298 $110,051 $110,597 
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial0.30 %0.34 %0.33 %0.38 %0.29 %
Commercial real estate0.31 0.17 0.17 0.11 0.06 
Home equity0.39 0.40 0.44 0.35 0.45 
Residential real estate0.56 0.59 0.52 0.46 0.43 
Premium finance receivables - property & casualty0.69 0.64 0.48 0.48 0.50 
Premium finance receivables - life insurance— 0.13 0.02 0.01 0.21 
Consumer and other0.13 0.06 0.10 0.22 0.11 
Total loans, net of unearned income0.33 %0.32 %0.26 %0.25 %0.26 %
Total non-performing assets as a percentage of total assets0.27 %0.26 %0.22 %0.21 %0.21 %
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans359.82 %380.69 %414.09 %416.54 %532.71 %
(1)Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.


29
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)2023202320232023202220232022
Balance at beginning of period$133,101 $108,712 $100,690 $100,697 $97,633 $100,697 $74,438 
Additions from becoming non-performing in the respective period59,010 18,666 21,246 24,455 10,027 123,377 72,243 
Return to performing status(24,469)(1,702)(360)(480)(1,167)(27,011)(3,050)
Payments received(10,000)(6,488)(12,314)(5,261)(16,351)(34,063)(60,936)
Transfer to OREO and other repossessed assets(2,623)(2,671)(2,958)— (3,365)(8,252)(9,538)
Charge-offs, net(9,480)(3,011)(2,696)(1,159)(1,363)(16,346)(6,027)
Net change for niche loans (1)
(6,509)19,595 5,104 (17,562)15,283 628 33,567 
Balance at end of period$139,030 $133,101 $108,712 $100,690 $100,697 $139,030 $100,697 
(1)Includes activity for premium finance receivables and indirect consumer loans.

Other Real Estate Owned
 Three Months Ended
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(In thousands)20232023202320232022
Balance at beginning of period$14,060 $11,586 $9,361 $9,900 $6,687 
Disposals/resolved(3,416)(467)(733)(435)(152)
Transfers in at fair value, less costs to sell2,665 2,941 2,958 — 3,365 
Fair value adjustments— — — (104)— 
Balance at end of period$13,309 $14,060 $11,586 $9,361 $9,900 
 Period End
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
Balance by Property Type:20232023202320232022
Residential real estate$720 $441 $318 $1,051 $1,585 
Commercial real estate12,589 13,619 11,268 8,310 8,315 
Total$13,309 $14,060 $11,586 $9,361 $9,900 
30
TABLE 15: NON-INTEREST INCOME
Three Months Ended
Q4 2023 compared to
Q3 2023
Q4 2023 compared to
Q4 2022
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20232023202320232022$ Change% Change$ Change% Change
Brokerage$5,349 $4,359 $4,404 $4,533 $4,177 $990 23 %$1,172 28 %
Trust and asset management27,926 29,170 29,454 25,412 26,550 (1,244)(4)1,376 5 
Total wealth management33,275 33,529 33,858 29,945 30,727 (254)(1)2,548 8 
Mortgage banking7,433 27,395 29,981 18,264 17,407 (19,962)(73)(9,974)(57)
Service charges on deposit accounts14,522 14,217 13,608 12,903 13,054 305 2 1,468 11 
Gains (losses) on investment securities, net2,484 (2,357)0 1,398 (6,745)4,841 NM9,229 NM
Fees from covered call options4,679 4,215 2,578 10,391 7,956 464 11 (3,277)(41)
Trading (losses) gains, net(505)728 106 813 (306)(1,233)NM(199)65 
Operating lease income, net14,162 13,863 12,227 13,046 12,384 299 2 1,778 14 
Other:
Interest rate swap fees4,021 2,913 2,711 2,606 2,319 1,108 38 1,702 73 
BOLI1,747 729 1,322 1,351 1,394 1,018 NM353 25 
Administrative services1,329 1,336 1,319 1,615 1,736 (7)(1)(407)(23)
Foreign currency remeasurement gains (losses)1,150 (446)543 (188)277 1,596 NM873 NM
Early pay-offs of capital leases157 461 201 365 131 (304)(66)26 20 
Miscellaneous16,375 15,895 14,576 15,260 13,505 480 3 2,870 21 
Total Other24,779 20,888 20,672 21,009 19,362 3,891 19 5,417 28 
Total Non-Interest Income$100,829 $112,478 $113,030 $107,769 $93,839 $(11,649)(10)%$6,990 7 %


Years Ended
Dec 31,Dec 31,$%
(Dollars in thousands)20232022ChangeChange
Brokerage$18,645 $17,668 $977 6 %
Trust and asset management111,962 108,946 3,016 3 
Total wealth management130,607 126,614 3,993 3 
Mortgage banking83,073 155,173 (72,100)(46)
Service charges on deposit accounts55,250 58,574 (3,324)(6)
Gains (losses) on investment securities, net1,525 (20,427)21,952 NM
Fees from covered call options21,863 14,133 7,730 55 
Trading gains, net1,142 3,752 (2,610)(70)
Operating lease income, net53,298 55,510 (2,212)(4)
Other:
Interest rate swap fees12,251 12,185 66 1 
BOLI5,149 806 4,343 NM
Administrative services5,599 6,713 (1,114)(17)
Foreign currency remeasurement gains 1,059 292 767 NM
Early pay-offs of leases1,184 694 490 71 
Miscellaneous62,106 47,034 15,072 32 
Total Other87,348 67,724 19,624 29 
Total Non-Interest Income$434,106 $461,053 $(26,947)(6)%
NM - Not meaningful.
BOLI - Bank-owned life insurance.
31
TABLE 16: NON-INTEREST EXPENSE
Three Months Ended
Q4 2023 compared to
Q3 2023
Q4 2023 compared to
Q4 2022
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20232023202320232022$ Change% Change$ Change% Change
Salaries and employee benefits:
Salaries$111,484 $111,303 $107,671 $108,354 $100,232 $181 0 %$11,252 11 %
Commissions and incentive compensation48,974 48,817 44,511 39,799 49,546 157 0 (572)(1)
Benefits33,513 32,218 32,741 28,628 30,553 1,295 4 2,960 10 
Total salaries and employee benefits193,971 192,338 184,923 176,781 180,331 1,633 1 13,640 8 
Software and equipment27,779 25,951 26,205 24,697 24,699 1,828 7 3,080 12 
Operating lease equipment10,694 12,020 9,816 9,833 10,078 (1,326)(11)616 6 
Occupancy, net18,102 21,304 19,176 18,486 17,763 (3,202)(15)339 2 
Data processing8,892 10,773 9,726 9,409 7,927 (1,881)(17)965 12 
Advertising and marketing17,166 18,169 17,794 11,946 14,279 (1,003)(6)2,887 20 
Professional fees8,768 8,887 8,940 8,163 9,267 (119)(1)(499)(5)
Amortization of other acquisition-related intangible assets1,356 1,408 1,499 1,235 1,436 (52)(4)(80)(6)
FDIC insurance43,677 9,748 9,008 8,669 6,775 33,929 NM36,902 NM
OREO expense, net(1,559)120 118 (207)369 (1,679)NM(1,928)NM
Other:
Lending expenses, net of deferred origination costs5,330 4,777 7,890 3,099 4,952 553 12 378 8 
Travel and entertainment5,754 5,449 5,401 4,590 5,681 305 6 73 1 
Miscellaneous22,722 19,111 20,127 22,468 24,279 3,611 19 (1,557)(6)
Total other33,806 29,337 33,418 30,157 34,912 4,469 15 (1,106)(3)
Total Non-Interest Expense$362,652 $330,055 $320,623 $299,169 $307,836 $32,597 10 %$54,816 18 %


Years Ended
Dec 31,Dec 31,$%
(Dollars in thousands)20232022ChangeChange
Salaries and employee benefits:
Salaries$438,812 $382,181 $56,631 15 %
Commissions and incentive compensation182,101 197,873 (15,772)(8)
Benefits127,100 116,053 11,047 10 
Total salaries and employee benefits748,013 696,107 51,906 7 
Software and equipment104,632 95,885 8,747 9 
Operating lease equipment42,363 38,008 4,355 11 
Occupancy, net77,068 70,965 6,103 9 
Data processing38,800 31,209 7,591 24 
Advertising and marketing65,075 59,418 5,657 10 
Professional fees34,758 33,088 1,670 5 
Amortization of other acquisition-related intangible assets5,498 6,116 (618)(10)
FDIC insurance71,102 28,639 42,463 NM
OREO expense, net(1,528)(140)(1,388)NM
Other:
Lending expenses, net of deferred origination costs21,096 20,576 520 3 
Travel and entertainment21,194 16,506 4,688 28 
Miscellaneous84,428 80,894 3,534 4 
Total other126,718 117,976 8,742 7 
Total Non-Interest Expense$1,312,499 $1,177,271 $135,228 11 %
NM - Not meaningful.
32
TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a fully taxable-equivalent basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.
Three Months EndedYears Ended
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,Dec 31,
(Dollars and shares in thousands)2023202320232023202220232022
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)$793,848 $762,400 $697,176 $639,690 $580,745 $2,893,114 $1,747,443 
Taxable-equivalent adjustment:
 - Loans
2,150 1,923 1,882 1,872 1,594 7,827 3,619 
 - Liquidity Management Assets575 572 551 551 538 2,249 1,977 
 - Other Earning Assets4 1 1 4 1 10 5 
(B) Interest Income (non-GAAP)$796,577 $764,896 $699,610 $642,117 $582,878 $2,903,200 $1,753,044 
(C) Interest Expense (GAAP)323,874 300,042 249,639 181,695 123,929 1,055,250 252,081 
(D) Net Interest Income (GAAP) (A minus C)$469,974 $462,358 $447,537 $457,995 $456,816 $1,837,864 $1,495,362 
(E) Net Interest Income (non-GAAP) (B minus C)$472,703 $464,854 $449,971 $460,422 $458,949 $1,847,950 $1,500,963 
Net interest margin (GAAP)3.62 %3.60 %3.64 %3.81 %3.71 %3.66 %3.15 %
Net interest margin, fully taxable-equivalent (non-GAAP)3.64 3.62 3.66 3.83 3.73 3.68 3.17 
(F) Non-interest income$100,829 $112,478 $113,030 $107,769 $93,839 $434,106 $461,053 
(G) (Losses) gains on investment securities, net2,484 (2,357)0 1,398 (6,745)1,525 (20,427)
(H) Non-interest expense362,652 330,055 320,623 299,169 307,836 1,312,499 1,177,271 
Efficiency ratio (H/(D+F-G))63.81 %57.18 %57.20 %53.01 %55.23 %57.81 %59.55 %
Efficiency ratio (non-GAAP) (H/(E+F-G))63.51 56.94 56.95 52.78 55.02 57.55 59.38 
33
Three Months EndedYear Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,Dec 31,
(Dollars and shares in thousands)2023202320232023202220232022
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)$5,399,526$5,015,613$5,041,912$5,015,506$4,796,838
Less: Non-convertible preferred stock (GAAP)(412,500)(412,500)(412,500)(412,500)(412,500)
Less: Intangible assets (GAAP)(679,561)(680,353)(682,327)(674,538)(675,710)
(I) Total tangible common shareholders’ equity (non-GAAP)$4,307,465$3,922,760$3,947,085$3,928,468$3,708,628
(J) Total assets (GAAP)$56,259,934$55,555,246$54,286,176$52,873,511$52,949,649
Less: Intangible assets (GAAP)(679,561)(680,353)(682,327)(674,538)(675,710)
(K) Total tangible assets (non-GAAP)$55,580,373$54,874,893$53,603,849$52,198,973$52,273,939
Common equity to assets ratio (GAAP) (L/J)8.9 %8.3 %8.5 %8.7 %8.3 %
Tangible common equity ratio (non-GAAP) (I/K)7.7 7.1 7.4 7.5 7.1 
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity$5,399,526 $5,015,613 $5,041,912 $5,015,506 $4,796,838 
Less: Preferred stock(412,500)(412,500)(412,500)(412,500)(412,500)
(L) Total common equity$4,987,026 $4,603,113 $4,629,412 $4,603,006 $4,384,338 
(M) Actual common shares outstanding61,244 61,222 61,198 61,176 60,794 
Book value per common share (L/M)$81.43 $75.19 $75.65 $75.24 $72.12 
Tangible book value per common share (non-GAAP) (I/M)70.33 64.07 64.50 64.22 61.00 
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares$116,489 $157,207 $147,759 $173,207 $137,826 $594,662 $481,718 
Add: Intangible asset amortization 1,356 1,408 1,499 1,235 1,436 5,498 6,116 
Less: Tax effect of intangible asset amortization(343)(380)(402)(321)(370)(1,446)(1,664)
After-tax intangible asset amortization $1,013 $1,028 $1,097 $914 $1,066 $4,052 $4,452 
(O) Tangible net income applicable to common shares (non-GAAP)$117,502 $158,235 $148,856 $174,121 $138,892 $598,714 $486,170 
Total average shareholders’ equity$5,066,196 $5,083,883 $5,044,718 $4,895,271 $4,710,856 $5,023,153 $4,634,224 
Less: Average preferred stock(412,500)(412,500)(412,500)(412,500)(412,500)(412,500)(412,500)
(P) Total average common shareholders’ equity$4,653,696 $4,671,383 $4,632,218 $4,482,771 $4,298,356 $4,610,653 $4,221,724 
Less: Average intangible assets(679,812)(681,520)(682,561)(675,247)(676,371)(679,802)(679,735)
(Q) Total average tangible common shareholders’ equity (non-GAAP)$3,973,884 $3,989,863 $3,949,657 $3,807,524 $3,621,985 $3,930,851 $3,541,989 
Return on average common equity, annualized (N/P)9.93 %13.35 %12.79 %15.67 %12.72 %12.90 %11.41 %
Return on average tangible common equity, annualized (non-GAAP) (O/Q)11.73 15.73 15.12 18.55 15.21 15.23 13.73 
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes$165,243 $224,858 $211,430 $243,550 $195,173 $845,081 $700,555 
Add: Provision for credit losses42,908 19,923 28,514 23,045 47,646 114,390 78,589 
Pre-tax income, excluding provision for credit losses (non-GAAP)$208,151 $244,781 $239,944 $266,595 $242,819 $959,471 $779,144 

34
Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,
202120202019201820172016201520142013
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity$4,498,688 $4,115,995 $3,691,250 $3,267,570 $2,976,939 $2,695,617 $2,352,274 $2,069,822 $1,900,589 
Less: Non-convertible preferred stock (GAAP)(412,500)(412,500)(125,000)(125,000)(125,000)(251,257)(251,287)(126,467)(126,477)
(R) Less: Intangible assets (GAAP)(683,456)(681,747)(692,277)(622,565)(519,505)(520,438)(495,970)(424,445)(393,760)
(I) Total tangible common shareholders’ equity (non-GAAP)$3,402,732 $3,021,748 $2,873,973 $2,520,005 $2,332,434 $1,923,922 $1,605,017 $1,518,910 $1,380,352 
(M) Common shares used for book value calculation57,054 56,770 57,822 56,408 55,965 51,881 48,383 46,805 46,117 
Book value per common share ((I-R)/M)$71.62 $65.24 $61.68 $55.71 $50.96 $47.11 $43.42 $41.52 $38.47 
Tangible book value per common share (non-GAAP) (I/M)59.64 53.23 49.70 44.67 41.68 37.08 33.17 32.45 29.93 
35
WINTRUST SUBSIDIARIES AND LOCATIONS

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

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

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

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2022 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events. Actual results
36
could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

•economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
•negative effects suffered by us or our customers resulting from changes in U.S. trade policies;
•the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
•estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
•the financial success and economic viability of the borrowers of our commercial loans;
•commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
•the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
•inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
•changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
•the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
•competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
•failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions;
•unexpected difficulties and losses related to FDIC-assisted acquisitions;
•harm to the Company’s reputation;
•any negative perception of the Company’s financial strength;
•ability of the Company to raise additional capital on acceptable terms when needed;
•disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
•ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
•failure or breaches of our security systems or infrastructure, or those of third parties;
•security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
•adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
•adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
•increased costs as a result of protecting our customers from the impact of stolen debit card information;
•accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
•ability of the Company to attract and retain senior management experienced in the banking and financial services industries, and ability of the Company to effectively manage the transition of the chief executive officer role;
•environmental liability risk associated with lending activities;
•the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
•losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
•the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
•the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
•the expenses and delayed returns inherent in opening new branches and de novo banks;
•liabilities, potential customer loss or reputational harm related to closings of existing branches;
•examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
•changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
•the ability of the Company to receive dividends from its subsidiaries;
•the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
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•a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
•legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
•changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
•a lowering of our credit rating;
•changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
•regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
•increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
•the impact of heightened capital requirements;
•increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
•delinquencies or fraud with respect to the Company’s premium finance business;
•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
•the Company’s ability to comply with covenants under its credit facility;
•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation;
•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services; and
•the severity, magnitude and duration of the COVID-19 pandemic, including the continued emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on the economy, our financial results, operations and personnel, commercial activity and demand across our business and our customers’ businesses.

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Thursday, January 18, 2024 at 10:00 a.m. (CST) regarding fourth quarter and full year 2023 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated January 2, 2024 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the fourth quarter and full year 2023 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

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