Skip to content
Filings

Wintrust Financial WTFC Form 8-K filing Earnings

Filed
Jul 20, 2026, 4:56 PM EDT
Accession
0001015328-26-000019

Exhibit 99.1

Wintrust Financial Corporation

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

News Release

View SEC source
FOR IMMEDIATE RELEASEJuly 20, 2026

FOR MORE INFORMATION CONTACT:

David A. Dykstra, Vice Chairman & Chief Operating Officer

(847) 939-9000

Amy Yuhn, Executive Vice President, Communications

(847) 939-9591

Web site address: www.wintrust.com Wintrust Financial Corporation Reports Record Net Income ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $461.1 million, or $6.52 per diluted common share, for the first six months of 2026 compared to net income of $384.6 million, or $5.47 per diluted common share, for the same period of 2025. This represents a year-to-date net income increase of 20% compared to the same period of 2025. Pre-tax, pre-provision income (non-GAAP) for the first six months of the year totaled a record $671.6 million, compared to $566.3 million for the first six months of 2025.

The Company reported record quarterly net income of $233.7 million, or $3.30 per diluted common share, for the second quarter of 2026, compared to net income of $227.4 million, or $3.22 per diluted common share, for the first quarter of 2026. Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2026 totaled a record $341.1 million, as compared to $330.5 million for the first quarter of 2026.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased to deliver record results for the first six months of the year. Second quarter 2026 represents the sixth consecutive quarter of record net income for the Company. Strong diversified loan growth funded by robust organic deposit growth highlights the underlying strength of our business model. We continue to leverage our customer relationships and unique market positioning to grow the balance sheet and create long term franchise value.”

Additionally, Mr. Crane noted, “Net interest margin in the second quarter remained within our expected range at 3.52% and we generated record net interest income attributable to strong average earning asset growth. Building on our momentum, we believe consistent balance sheet growth, coupled with a stable net interest margin, should result in net interest income expansion in future quarters.”

Highlights of the second quarter of 2026:

Comparative information to the first quarter of 2026, unless otherwise noted

  • Total loans increased by $1.6 billion, or 12% annualized.
  • Total deposits increased by $2.2 billion, or 15% annualized.
  • Total assets increased by $2.5 billion, or 14% annualized.
  • Net interest income increased to $597.4 million in the second quarter of 2026, compared to $579.0 million in the first quarter of 2026, driven by robust average earning asset growth. - Net interest margin decreased to 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2026 primarily due to lower loan yields.
  • Non-interest expense was impacted by the following: - A $5.2 million reversal of an FDIC special assessment accrued in the first quarter of 2024. The special assessments were in response to certain bank failures in 2023 and the reversal is based on the FDIC's final determination of losses to its Deposit Insurance Fund.
  • Provision for credit losses totaled $23.1 million in the second quarter of 2026, compared to a provision for credit losses of $29.6 million in the first quarter of 2026.
  • Net charge-offs totaled $13.4 million, or 10 basis points of average total loans on an annualized basis, in the second quarter of 2026 down from $18.4 million, or 14 basis points of average total loans on an annualized basis, in the first quarter of 2026.
  • Non-performing loans totaled $179.3 million and comprised 0.32% of total loans at June 30, 2026, as compared to $182.7 million and 0.34% of total loans at March 31, 2026.

“Looking ahead, our pipelines remain strong and we believe we are well-positioned to generate consistent balance sheet growth while maintaining our disciplined underwriting standards. We remain committed to growing net interest income and exercising prudent expense management, which position us to deliver positive operating leverage for 2026”, Mr. Crane said.

  • * *

The graphs shown on pages 3-7 illustrate certain financial highlights of the second quarter of 2026 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

*On May 22, 2025, the Company completed the issuance of $425 million of Series F Preferred Stock. The issuance was in contemplation of redeeming $412.5 million of Series D and Series E Preferred Stock that was expected to reprice at rates higher than existing market rates. The Series D and Series E Preferred Stock were redeemed on July 15, 2025.

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $2.5 billion in the second quarter of 2026 compared to the first quarter of 2026, driven by a $1.6 billion increase in total loans. The strong loan growth was diversified across all major loan categories, including seasonally higher growth in our Premium Finance Receivables - Property and Casualty portfolio.

Total liabilities increased by $2.4 billion in the second quarter of 2026 compared to the first quarter of 2026, driven by a $2.2 billion increase in total deposits. Robust organic deposit growth in the second quarter of 2026 was driven by our diverse customer base and product offerings. Non-interest bearing deposit balances represented 19% of total deposits and average non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.0%.

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

NET INTEREST INCOME

For the second quarter of 2026, net interest income totaled $597.4 million, compared to $579.0 million in the first quarter of 2026. The increase in net interest income in the second quarter of 2026 was driven by robust average earning asset growth of $2.1 billion.

Net interest margin was 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2026, down four basis points compared to the first quarter of 2026. The yield on earning assets declined four basis points during the second quarter of 2026 primarily due to a seven basis point decrease in loan yields. Funding cost on interest-bearing deposits remained unchanged compared to the first quarter of 2026. The net free funds contribution in the second quarter of 2026 was flat compared to the first quarter of 2026.

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

ASSET QUALITY

The allowance for credit losses totaled $481.2 million as of June 30, 2026, an increase from $471.6 million as of March 31, 2026. A provision for credit losses totaling $23.1 million was recorded for the second quarter of 2026 compared to $29.6 million recorded in the first quarter of 2026. The provision for credit losses recognized in the second quarter of 2026 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, allowance results capture uncertainty related to credit spreads, equity market valuations, consumer & business sentiment, and the job market. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of June 30, 2026, March 31, 2026, and December 31, 2025 is shown on Table 12 of this report.

Net charge-offs totaled $13.4 million in the second quarter of 2026, a decrease of $5.0 million compared to $18.4 million of net charge-offs in the first quarter of 2026. Net charge-offs as a percentage of average total loans were 10 basis points in the second quarter of 2026 on an annualized basis compared to 14 basis points on an annualized basis in the first quarter of 2026. For more information regarding net charge-offs, see Table 10 in this report.

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

Non-performing assets and non-performing loans were stable compared to prior quarter. Non-performing assets totaled $195.2 million and comprised 0.26% of total assets as of June 30, 2026, as compared to $200.2 million, or 0.28% of total assets, as of March 31, 2026. Non-performing loans totaled $179.3 million and comprised 0.32% of total loans at June 30, 2026, as compared to $182.7 million and 0.34% of total loans at March 31, 2026. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Non-interest income totaled $141.3 million in the second quarter of 2026, compared to $134.1 million in the first quarter of 2026.

Wealth management revenue decreased by approximately $2.2 million in the second quarter of 2026, compared to the first quarter of 2026. The decrease in the second quarter of 2026 was primarily driven by performance based revenues on certain customer relationships which positively impacted results in the first quarter of 2026. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $27.4 million in the second quarter of 2026, compared to $23.4 million in the first quarter of 2026. The increase in the second quarter of 2026 was primarily attributed to higher operational revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized approximately $1.8 million in net gains on investment securities in the second quarter of 2026 compared to approximately $31,000 in net losses in the first quarter of 2026. The net gains in the second quarter of 2026 were primarily the result of fair value adjustments on the Company’s equity investment securities with a readily determinable fair value.

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

NON-INTEREST EXPENSE

Non-interest expense totaled $397.5 million in the second quarter of 2026, increasing $14.9 million, compared to $382.6 million in the first quarter of 2026. Non-interest expense, as a percent of average assets, remained stable at 2.21% in the second quarter of 2026.

Salaries and employee benefits expense increased by approximately $5.6 million in the second quarter of 2026, compared to the first quarter of 2026. This was primarily driven by higher commissions and incentives expense attributable to an increase in mortgage originations and a full quarter impact of the annual merit increases reflected in base salaries.

Advertising and marketing expense in the second quarter of 2026 totaled $20.4 million, which was a $7.2 million increase as compared to the first quarter of 2026. The increase in the second quarter was primarily driven by summer sports sponsorships and other community sponsorship events. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

FDIC insurance totaled $6.6 million in the second quarter of 2026, a $4.4 million decrease from the first quarter of 2026. This was primarily the result of a reversal of the $5.2 million FDIC special assessment recorded in the first quarter of 2024. The special assessments were in response to certain bank failures in 2023 and the reversal is based on the FDIC's final determination of losses to its Deposit Insurance Fund.

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

INCOME TAXES

The Company recorded income tax expense of $84.3 million in the second quarter of 2026 compared to $73.6 million in the first quarter of 2026. The effective tax rates were 26.5% in the second quarter of 2026 compared to 24.4% in the first quarter of 2026. The effective tax rates were impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $140,000 in the second quarter of 2026, compared to net excess tax benefits of $6.6 million in the first quarter of 2026 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the second quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $27.4 million for the second quarter of 2026, an increase of $4.0 million compared to the first quarter of 2026. See Table 16 for more detail. Service charges on deposit accounts totaled $21.2 million in the second quarter of 2026 as compared to $21.0 million in the first quarter of 2026. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of June 30, 2026 indicating momentum for expected continued loan growth in the third quarter of 2026.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were approximately $5.8 billion during the second quarter of 2026. Average balances increased by $361.6 million, as compared to the first quarter of 2026. The Company’s leasing divisions’ portfolio balances increased in the second quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.1 billion, $1.2 billion, and $363.7 million as of June 30, 2026, respectively, compared to $3.0 billion, $1.2 billion, and $362.8 million as of March 31, 2026, respectively. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the second quarter of 2026, which was relatively stable compared to the first quarter of 2026.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $39.9 million in the second quarter of 2026, a decrease as compared to the first quarter of 2026. At June 30, 2026, the Company’s wealth management subsidiaries had approximately $49.7 billion of assets under administration, which excludes assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

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

View SEC source
(Dollars in thousands, except per share data)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedJun 30, 2025% or (1)basis point (bp) change from1st Quarter2026% or basis point (bp) change from 2nd Quarter 2025
Net income$233,693$227,388$195,5273%20%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)341,098330,534289,322318
Net income per common share – Diluted3.303.222.78219
Cash dividends declared per common share0.550.550.50—10
Net revenue (3)738,635713,166670,783410
Net interest income597,366579,024546,69439
Net interest margin3.50%3.54%3.52%(4)(2)
Net interest margin – fully taxable-equivalent (non-GAAP)(2)3.523.563.54(4)(2)
Net overhead ratio (4)1.421.441.57(2)(15)
Return on average assets1.301.321.19(2)11
Return on average common equity12.8212.7612.07675
Return on average tangible common equity (non-GAAP) (2)14.9114.8914.44247
At end of period
Total assets$74,668,135$72,157,433$68,983,31814%8%
Total loans (5)55,654,94754,071,29251,041,679129
Total deposits61,141,27558,914,38255,816,8111510
Total shareholders’ equity7,525,1167,378,1007,225,69684

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

(2) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.

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

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

Selected Financial Highlights

View SEC source
(Dollars in thousands, except per share data)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025Six Months EndedJun 30, 2026Six Months EndedJun 30, 2025
Selected Financial Condition Data (at end of period):
Total assets$74,668,135$72,157,433$71,142,046$69,629,638$68,983,318
Total loans (1)55,654,94754,071,29253,105,10152,063,48251,041,679
Total deposits61,141,27558,914,38257,717,19156,711,38155,816,811
Total shareholders’ equity7,525,1167,378,1007,258,7157,045,7577,225,696
Selected Statements of Income Data:
Net interest income$597,366$579,024$583,874$567,010$546,694$1,176,390$1,073,168
Net revenue (2)738,635713,166714,264697,837670,7831,451,8011,313,891
Net income233,693227,388223,024216,254195,527461,081384,566
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)341,098330,534329,811317,809289,322671,632566,340
Net income per common share – Basic3.343.263.212.822.826.605.55
Net income per common share – Diluted3.303.223.152.782.786.525.47
Cash dividends declared per common share0.550.550.500.500.501.101.00
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin3.50%3.54%3.52%3.48%3.52%3.52%3.53%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)3.523.563.543.503.543.543.55
Non-interest income to average assets0.790.780.740.760.760.780.75
Non-interest expense to average assets2.212.212.192.212.322.212.32
Net overhead ratio (4)1.421.441.451.451.571.431.57
Return on average assets1.301.321.271.261.191.311.19
Return on average common equity12.8212.7612.6311.5812.0712.7912.14
Return on average tangible common equity (non-GAAP) (3)14.9114.8914.8313.7414.4414.9014.57
Average total assets$72,161,723$70,089,123$69,492,268$68,303,036$65,840,345$71,131,148$64,978,481
Average total shareholders’ equity7,474,4497,387,7137,166,6086,955,5436,862,0407,431,3216,662,598
Average loans to average deposits ratio92.6%93.1%92.4%92.5%93.0%92.8%92.7%
Period-end loans to deposits ratio91.091.892.091.891.4
Common Share Data at end of period:
Market price per common share$160.72$138.94$139.82$132.44$123.98
Book value per common share105.26103.10102.0398.8795.43
Tangible book value per common share (non-GAAP) (3)92.1389.9088.6685.3981.86
Common shares outstanding67,455,41467,437,30066,974,91366,961,20966,937,732
Other Data at end of period:
Common equity to assets ratio9.5%9.6%9.6%9.5%9.3%
Tangible common equity ratio (non-GAAP) (3)8.48.58.58.38.0
Tier 1 leverage ratio (5)9.89.89.69.510.2
Risk-based capital ratios:
Tier 1 capital ratio (5)11.111.111.010.911.5
Common equity tier 1 capital ratio (5)10.410.410.310.210.0
Total capital ratio (5)12.412.612.412.413.0
Allowance for credit losses (6)$481,189$471,591$460,465$454,586$457,461
Allowance for loan and unfunded lending-related commitment losses to total loans0.86%0.87%0.87%0.87%0.90%
Number of:
Bank subsidiaries1616161616
Banking offices210209209208208

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

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

(3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.

(5) Capital ratios for current quarter-end are estimated.

(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

  • (Unaudited)
  • (Unaudited)
  • (Unaudited)_

Unaudited · Unaudited · Unaudited · Unaudited

View SEC source
(In thousands)Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025
Assets
Cash and due from banks$595,790$543,654$467,874$565,406$695,501
Federal funds sold and securities purchased under resale agreements6565646363
Interest-bearing deposits with banks3,573,9153,051,6653,180,5533,422,4524,569,618
Available-for-sale securities, at fair value7,587,5457,244,2826,236,2635,274,1244,885,715
Held-to-maturity securities, at amortized cost3,196,4523,270,2073,343,9053,438,4063,502,186
Equity securities with readily determinable fair value65,81563,78663,77063,445273,722
Federal Home Loan Bank and Federal Reserve Bank stock294,629292,044291,881282,755282,087
Mortgage loans held-for-sale, at fair value407,495383,405340,745333,883299,606
Loans, net of unearned income55,654,94754,071,29253,105,10152,063,48251,041,679
Allowance for loan losses(402,952)(390,651)(379,283)(386,622)(391,654)
Net loans55,251,99553,680,64152,725,81851,676,86050,650,025
Premises, software and equipment, net778,958777,603781,611775,425776,324
Lease investments, net363,664362,766360,646301,000289,768
Accrued interest receivable and other assets1,666,4741,596,6171,617,6821,614,6741,610,025
Receivable on unsettled securities sales——835,275978,209240,039
Goodwill797,219797,658797,960797,639798,144
Other acquisition-related intangible assets88,11993,04097,999105,297110,495
Total assets$74,668,135$72,157,433$71,142,046$69,629,638$68,983,318
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing$11,796,736$12,112,891$11,423,701$10,952,146$10,877,166
Interest-bearing49,344,53946,801,49146,293,49045,759,23544,939,645
Total deposits61,141,27558,914,38257,717,19156,711,38155,816,811
Federal Home Loan Bank advances3,450,6803,451,3093,451,3093,151,3093,151,309
Other borrowings370,736340,647477,966579,328625,392
Subordinated notes298,820298,717298,636298,536298,458
Junior subordinated debentures253,566253,566253,566253,566253,566
Payable on unsettled securities purchases————39,105
Accrued interest payable and other liabilities1,627,9421,520,7121,684,6631,589,7611,572,981
Total liabilities67,143,01964,779,33363,883,33162,583,88161,757,622
Shareholders’ Equity:
Preferred stock425,000425,000425,000425,000837,500
Common stock67,58167,56367,06267,04267,025
Surplus2,560,4272,546,7542,534,0242,521,3062,495,637
Treasury stock(14,882)(13,970)(9,156)(9,150)(9,156)
Retained earnings4,907,7884,719,5614,537,5394,356,3674,200,923
Accumulated other comprehensive loss(420,798)(366,808)(295,754)(314,808)(366,233)
Total shareholders’ equity7,525,1167,378,1007,258,7157,045,7577,225,696
Total liabilities and shareholders’ equity$74,668,135$72,157,433$71,142,046$69,629,638$68,983,318

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

View SEC source
(Dollars in thousands, except per share data)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025Six Months EndedJun 30, 2026Six Months EndedJun 30, 2025
Interest income
Interest and fees on loans$822,981$797,889$822,494$832,140$797,997$1,620,870$1,566,359
Mortgage loans held-for-sale6,1694,6155,6074,7574,87210,7849,118
Interest-bearing deposits with banks20,91619,15027,19034,99234,31740,06671,083
Federal funds sold and securities purchased under resale agreements564777527669455
Investment securities105,716100,27895,46186,42678,053205,994150,069
Trading account securities——————11
Federal Home Loan Bank and Federal Reserve Bank stock5,6255,5645,4975,4445,39311,18910,700
Brokerage customer receivables——————78
Total interest income961,412927,560956,326963,834920,9081,888,9721,807,873
Interest expense
Interest on deposits325,033309,187332,178355,846333,470634,220653,703
Interest on Federal Home Loan Bank advances28,21827,70126,40826,00725,72455,91951,165
Interest on other borrowings3,1214,0265,9566,8876,9577,14713,749
Interest on subordinated notes3,7393,7193,7373,7173,7357,4587,449
Interest on junior subordinated debentures3,9353,9034,1734,3674,3287,8388,639
Total interest expense364,046348,536372,452396,824374,214712,582734,705
Net interest income597,366579,024583,874567,010546,6941,176,3901,073,168
Provision for credit losses23,13429,59427,58821,76822,23452,72846,197
Net interest income after provision for credit losses574,232549,430556,286545,242524,4601,123,6621,026,971
Non-interest income
Wealth management39,88342,05939,36537,18836,82181,94270,863
Mortgage banking27,43823,39622,62524,45123,17050,83443,699
Service charges on deposit accounts21,24020,97020,40219,82519,50242,21038,864
Gains (losses) on investment securities, net1,845(31)1,5052,9726501,8143,846
Fees from covered call options4,7934,6695,9925,6195,6249,4629,070
Trading gains (losses), net7010(257)1721518087
Operating lease income, net18,80419,15416,36515,46615,16637,95830,453
Other27,19623,91524,39325,13423,00551,11143,841
Total non-interest income141,269134,142130,390130,827124,089275,411240,723
Non-interest expense
Salaries and employee benefits234,089228,447222,557219,668219,541462,536431,067
Software and equipment39,28835,65436,09635,02736,52274,94271,239
Operating lease equipment11,18710,98711,03410,40910,75722,17421,228
Occupancy, net21,15320,56620,10520,80920,22841,71941,006
Data processing10,65911,26611,80911,32912,11021,92523,384
Advertising and marketing20,43213,21813,79219,02718,76133,65031,033
Professional fees9,3427,3758,2807,4659,24316,71718,287
Amortization of other acquisition-related intangible assets4,9214,9584,9995,1965,5809,87911,198
FDIC insurance6,64010,99010,56211,41810,97117,63021,897
Other real estate owned (“OREO”) expenses, net7862072,1622625059931,148
Other39,04038,96443,05739,41837,24378,00476,064
Total non-interest expense397,537382,632384,453380,028381,461780,169747,551
Income before taxes317,964300,940302,223296,041267,088618,904520,143
Income tax expense84,27173,55279,19979,78771,561157,823135,577
Net income$233,693$227,388$223,024$216,254$195,527$461,081$384,566
Preferred stock dividends8,3678,3678,36713,2956,99116,73413,982
Preferred stock redemption———14,046———
Net income applicable to common shares$225,326$219,021$214,657$188,913$188,536$444,347$370,584
Net income per common share - Basic$3.34$3.26$3.21$2.82$2.82$6.60$5.55
Net income per common share - Diluted$3.30$3.22$3.15$2.78$2.78$6.52$5.47
Cash dividends declared per common share$0.55$0.55$0.50$0.50$0.50$1.10$1.00
Weighted average common shares outstanding67,43467,24666,97066,95266,93167,34166,829
Dilutive potential common shares8528511,1431,028888852903
Average common shares and dilutive common shares68,28668,09768,11367,98067,81968,19367,732

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

View SEC source
(Dollars in thousands)Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025% Growth From (1)Mar 31, 2026 (2)% Growth From (1)Jun 30, 2025
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$265,203$249,350$217,136$211,360$192,63326%38%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies142,292134,055123,609122,523106,9732533
Total mortgage loans held-for-sale$407,495$383,405$340,745$333,883$299,60625%36%
Core loans:
Commercial
Commercial and industrial$7,802,625$7,620,239$7,267,505$7,135,083$7,028,24710%11%
Asset-based lending1,628,3191,558,0891,512,8881,588,5221,663,69318(2)
Municipal866,012839,633868,958804,986771,7851312
Leases3,114,9013,002,0142,921,3662,834,5632,757,3311513
Commercial real estate
Residential construction52,59053,09754,75360,92359,027(4)(11)
Commercial construction2,294,5661,959,3752,013,2442,273,5452,165,263696
Land308,509311,470341,585323,685304,827(4)1
Office1,607,2751,652,4821,688,6141,578,2081,601,208(11)—
Industrial3,405,6413,323,9773,167,7682,912,5472,824,8891021
Retail1,475,9491,469,6581,436,2521,478,8611,452,35122
Multi-family3,299,6073,565,4193,445,5073,306,5973,200,578(30)3
Mixed use and other1,826,4701,826,8081,793,0131,684,8411,683,867(0)8
Home equity491,782471,264480,525484,202466,815175
Residential real estate
Residential real estate loans for investment4,411,3574,319,9414,171,4394,019,0463,814,715816
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies76,33483,03684,70675,08880,800(32)(6)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies55,00162,18961,08749,73653,267(46)3
Total core loans$32,716,938$32,118,691$31,309,210$30,610,433$29,928,6637%9%
Niche loans:
Commercial
Franchise$1,300,935$1,293,639$1,298,493$1,298,140$1,286,2652%1%
Mortgage warehouse lines of credit1,897,7621,800,9721,515,0031,204,6611,232,5302254
Community Advantage - homeowners association516,782526,274532,027537,696526,595(7)(2)
Insurance agency lending1,153,9751,122,3611,128,4461,140,6911,120,985113
Premium Finance receivables
U.S. property & casualty insurance7,744,3617,127,2347,308,0547,502,9017,378,340355
Canada property & casualty insurance867,662763,097875,362863,391944,83655(8)
Life insurance9,312,5219,196,3829,023,6428,758,5538,506,96059
Consumer and other144,011122,642114,864147,016116,5057024
Total niche loans$22,938,009$21,952,601$21,795,891$21,453,049$21,113,01618%9%
Total loans, net of unearned income$55,654,947$54,071,292$53,105,101$52,063,482$51,041,67912%9%

(1) NM - Not Meaningful.

(2) Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

View SEC source
(Dollars in thousands)Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025% Growth FromMar 31, 2026 (1)% Growth FromJun 30, 2025
Balance:
Non-interest-bearing$11,796,736$12,112,891$11,423,701$10,952,146$10,877,166(10)%8%
NOW and interest-bearing demand deposits6,742,2695,987,2586,233,7536,710,9196,795,72551(1)
Wealth management deposits (2)1,349,9491,670,6201,907,6471,600,7351,595,764(77)(15)
Money market23,083,22521,714,26721,368,92420,270,38219,556,0412518
Savings6,597,5166,942,5656,905,2166,758,7436,659,419(20)(1)
Time certificates of deposit11,571,58010,486,7819,877,95010,418,45610,332,6964112
Total deposits$61,141,275$58,914,382$57,717,191$56,711,381$55,816,81115%10%
Mix:
Non-interest-bearing19%20%20%19%19%
NOW and interest-bearing demand deposits1110111212
Wealth management deposits (2)23333
Money market3837373635
Savings1112121212
Time certificates of deposit1918171819
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 June 30, 2026

View SEC source
(Dollars in thousands)Total Time Certificates of DepositWeighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months$5,548,7783.57%
4-6 months3,389,4123.49
7-9 months1,458,9323.43
10-12 months604,7753.38
13-18 months413,0603.50
19-24 months72,4392.84
24+ months84,1842.61
Total$11,571,5803.51%

TABLE 4: QUARTERLY AVERAGE BALANCES

View SEC source
(In thousands)Average Balance for three months ended,Jun 30, 2026Average Balance for three months ended,Mar 31, 2026Average Balance for three months ended,Dec 31, 2025Average Balance for three months ended,Sep 30, 2025Average Balance for three months ended,Jun 30, 2025
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)$2,412,081$2,247,083$2,842,829$3,276,683$3,308,199
Investment securities (2)10,832,53810,616,61710,084,1389,377,9308,801,560
FHLB and FRB stock (3)292,325291,972284,643282,338282,001
Liquidity management assets (4)$13,536,944$13,155,672$13,211,610$12,936,951$12,391,760
Mortgage loans held-for-sale402,175317,047357,672295,365310,534
Loans, net of unearned income (4) (5)54,491,46952,845,68552,193,63751,403,56649,517,635
Total earning assets (4)$68,430,588$66,318,404$65,762,919$64,635,882$62,219,929
Allowance for loan and investment security losses(405,743)(391,810)(404,075)(410,681)(398,685)
Cash and due from banks519,586534,189517,616495,292478,707
Other assets3,617,2923,628,3403,615,8083,582,5433,540,394
Total assets$72,161,723$70,089,123$69,492,268$68,303,036$65,840,345
NOW and interest-bearing demand deposits$6,453,420$6,081,218$6,133,333$6,687,292$6,423,050
Wealth management deposits1,485,3471,858,5601,925,8081,604,1421,552,989
Money market accounts22,000,94221,156,12520,475,65919,431,02118,184,754
Savings accounts6,707,9166,921,2516,814,2636,723,3256,578,698
Time deposits10,938,3129,782,11210,045,13610,319,7199,841,702
Interest-bearing deposits$47,585,937$45,799,266$45,394,199$44,765,499$42,581,193
FHLB advances (3)3,450,7733,451,3123,203,4833,151,3103,151,310
Other borrowings358,511442,200547,507614,892593,657
Subordinated notes298,757298,661298,576298,481298,398
Junior subordinated debentures253,566253,566253,566253,566253,566
Total interest-bearing liabilities$51,947,544$50,245,005$49,697,331$49,083,748$46,878,124
Non-interest-bearing deposits11,273,34410,963,88711,080,25410,791,70910,643,798
Other liabilities1,466,3861,492,5181,548,0751,472,0361,456,383
Equity7,474,4497,387,7137,166,6086,955,5436,862,040
Total liabilities and shareholders’ equity$72,161,723$70,089,123$69,492,268$68,303,036$65,840,345
Net free funds/contribution (6)$16,483,044$16,073,399$16,065,588$15,552,134$15,341,805

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

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

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

(4) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

TABLE 5: QUARTERLY NET INTEREST INCOME

View SEC source
(In thousands)Net Interest Income for three months ended,Jun 30, 2026Net Interest Income for three months ended,Mar 31, 2026Net Interest Income for three months ended,Dec 31, 2025Net Interest Income for three months ended,Sep 30, 2025Net Interest Income for three months ended,Jun 30, 2025
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents$20,921$19,214$27,267$35,067$34,593
Investment securities106,346100,86496,12287,10178,733
FHLB and FRB stock (1)5,6255,5645,4975,4445,393
Liquidity management assets (2)$132,892$125,642$128,886$127,612$118,719
Mortgage loans held-for-sale6,1694,6155,6074,7574,872
Loans, net of unearned income (2)825,092799,915824,628834,294800,197
Total interest income$964,153$930,172$959,121$966,663$923,788
Interest expense:
NOW and interest-bearing demand deposits$32,318$29,666$31,681$40,448$37,517
Wealth management deposits6,8238,94110,0118,4158,182
Money market accounts165,035155,299163,585169,831155,890
Savings accounts25,72930,67234,37138,84437,637
Time deposits95,12884,60992,53098,30894,244
Interest-bearing deposits$325,033$309,187$332,178$355,846$333,470
FHLB advances (1)28,21827,70126,40826,00725,724
Other borrowings3,1214,0265,9566,8876,957
Subordinated notes3,7393,7193,7373,7173,735
Junior subordinated debentures3,9353,9034,1734,3674,328
Total interest expense$364,046$348,536$372,452$396,824$374,214
Less: Fully taxable-equivalent adjustment(2,741)(2,612)(2,795)(2,829)(2,880)
Net interest income (GAAP) (3)597,366579,024583,874567,010546,694
Fully taxable-equivalent adjustment2,7412,6122,7952,8292,880
Net interest income, fully taxable-equivalent (non-GAAP) (3)$600,107$581,636$586,669$569,839$549,574

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

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

(3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN

View SEC source
Line itemNet Interest Margin for three months ended,Jun 30, 2026Net Interest Margin for three months ended,Mar 31, 2026Net Interest Margin for three months ended,Dec 31, 2025Net Interest Margin for three months ended,Sep 30, 2025Net Interest Margin for three months ended,Jun 30, 2025
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents3.48%3.47%3.81%4.25%4.19%
Investment securities3.943.853.783.683.59
FHLB and FRB stock (1)7.727.737.667.657.67
Liquidity management assets3.94%3.87%3.87%3.91%3.84%
Mortgage loans held-for-sale6.155.906.226.396.29
Loans, net of unearned income6.076.146.276.446.48
Total earning assets5.65%5.69%5.79%5.93%5.96%
Rate paid on:
NOW and interest-bearing demand deposits2.01%1.98%2.05%2.40%2.34%
Wealth management deposits1.841.952.062.082.11
Money market accounts3.012.983.173.473.44
Savings accounts1.541.802.002.292.29
Time deposits3.493.513.653.783.84
Interest-bearing deposits2.74%2.74%2.90%3.15%3.14%
FHLB advances3.283.263.273.273.27
Other borrowings3.493.694.324.444.70
Subordinated notes5.025.054.974.945.02
Junior subordinated debentures6.226.246.536.836.85
Total interest-bearing liabilities2.81%2.81%2.97%3.21%3.20%
Interest rate spread (2) (3)2.84%2.88%2.82%2.72%2.76%
Less: Fully taxable-equivalent adjustment(0.02)(0.02)(0.02)(0.02)(0.02)
Net free funds/contribution (4)0.680.680.720.780.78
Net interest margin (GAAP) (3)3.50%3.54%3.52%3.48%3.52%
Fully taxable-equivalent adjustment0.020.020.020.020.02
Net interest margin, fully taxable-equivalent (non-GAAP) (3)3.52%3.56%3.54%3.50%3.54%

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

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

(3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

View SEC source
(Dollars in thousands)Average Balancefor six months ended,Jun 30, 2026Average Balancefor six months ended,Jun 30, 2025Interestfor six months ended,Jun 30, 2026Interestfor six months ended,Jun 30, 2025Yield/Ratefor six months ended,Jun 30, 2026Yield/Ratefor six months ended,Jun 30, 2025
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)$2,330,038$3,413,538$40,135$71,5383.47%4.23%
Investment securities (2)10,725,1748,606,730207,210151,4393.903.55
FHLB and FRB stock (3)292,149281,85311,18910,7007.727.66
Liquidity management assets (4) (5)$13,347,361$12,302,121$258,534$233,6773.91%3.83%
Other earning assets (4) (5) (6)—6,533—92—2.84
Mortgage loans held-for-sale359,846298,68810,7849,1186.046.16
Loans, net of unearned income (4) (5) (7)53,673,12348,680,1601,625,0071,570,7656.116.51
Total earning assets (5)$67,380,330$61,287,502$1,894,325$1,813,6525.67%5.97%
Allowance for loan and investment security losses(398,815)(387,092)
Cash and due from banks526,847477,571
Other assets3,622,7863,600,500
Total assets$71,131,148$64,978,481
NOW and interest-bearing demand deposits$6,268,347$6,235,661$61,985$71,1171.99%2.30%
Wealth management deposits1,670,9231,563,67515,76416,7881.902.17
Money market accounts21,580,86717,884,615320,334302,2642.993.41
Savings accounts6,813,9946,529,34556,40173,5601.672.27
Time deposits10,363,4069,625,117179,736189,9743.503.98
Interest-bearing deposits$46,697,537$41,838,413$634,220$653,7032.74%3.15%
FHLB advances (3)3,451,0413,151,31055,91951,1653.273.27
Other borrowings400,124587,9307,14713,7493.604.72
Subordinated notes298,709298,3537,4587,4495.045.04
Junior subordinated debentures253,566253,5667,8388,6396.236.87
Total interest-bearing liabilities$51,100,977$46,129,572$712,582$734,7052.81%3.21%
Non-interest-bearing deposits11,119,47010,687,733
Other liabilities1,479,3801,498,578
Equity7,431,3216,662,598
Total liabilities and shareholders’ equity$71,131,148$64,978,481
Interest rate spread (5) (8)2.86%2.76%
Less: Fully taxable-equivalent adjustment(5,353)(5,779)(0.02)(0.02)
Net free funds/contribution (9)$16,279,353$15,157,9300.680.79
Net interest income/margin (GAAP) (5)$1,176,390$1,073,1683.52%3.53%
Fully taxable-equivalent adjustment5,3535,7790.020.02
Net interest income/margin, fully taxable-equivalent (non-GAAP) (5)$1,181,743$1,078,9473.54%3.55%

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

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

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

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

(5) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

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

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

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

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

TABLE 8: INTEREST RATE SENSITIVITY

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

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

View SEC source
Static Shock Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Jun 30, 2026(2.4)%(1.1)%(0.1)%(0.1)%
Mar 31, 2026(0.8)(0.1)(1.0)(1.9)
Dec 31, 2025(1.6)(0.5)(0.5)(0.8)
Sep 30, 2025(2.3)(0.8)0.0(0.4)
Jun 30, 2025(1.5)(0.4)(0.2)(1.2)
View SEC source
Ramp Scenario+200 Basis Points+100 Basis Points-100 Basis Points-200 Basis Points
Jun 30, 2026(0.2)%(0.1)%(0.2)%(0.4)%
Mar 31, 2026(0.1)0.0(0.1)(0.3)
Dec 31, 2025(0.0)0.1(0.1)(0.2)
Sep 30, 2025(0.2)(0.1)0.1(0.1)
Jun 30, 20250.00.0(0.1)(0.4)

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

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

View SEC source
As of June 30, 2026Loans repricing or contractual maturity periodOne year or lessLoans repricing or contractual maturity periodFrom one to five yearsLoans repricing or contractual maturity periodFrom five to fifteen yearsLoans repricing or contractual maturity periodAfter fifteen yearsLoans repricing or contractual maturity periodTotal
(In thousands)
Commercial
Fixed rate$615,590$4,170,452$2,191,702$53,448$7,031,192
Variable rate11,248,4731,646——11,250,119
Total commercial$11,864,063$4,172,098$2,191,702$53,448$18,281,311
Commercial real estate
Fixed rate$930,512$2,655,051$341,069$70,710$3,997,342
Variable rate10,262,50910,69264—10,273,265
Total commercial real estate$11,193,021$2,665,743$341,133$70,710$14,270,607
Home equity
Fixed rate$8,900$982$29$6$9,917
Variable rate481,865———481,865
Total home equity$490,765$982$29$6$491,782
Residential real estate
Fixed rate$18,332$7,134$63,647$1,042,536$1,131,649
Variable rate133,698822,2262,455,119—3,411,043
Total residential real estate$152,030$829,360$2,518,766$1,042,536$4,542,692
Premium finance receivables - property & casualty
Fixed rate$8,456,306$155,717——$8,612,023
Variable rate—————
Total premium finance receivables - property & casualty$8,456,306$155,717——$8,612,023
Premium finance receivables - life insurance
Fixed rate$22,418$82,894——$105,312
Variable rate9,207,209———9,207,209
Total premium finance receivables - life insurance$9,229,627$82,894——$9,312,521
Consumer and other
Fixed rate$47,737$7,565$1,185$838$57,325
Variable rate86,686———86,686
Total consumer and other$134,423$7,565$1,185$838$144,011
Total per category
Fixed rate$10,099,795$7,079,795$2,597,632$1,167,538$20,944,760
Variable rate31,420,440834,5642,455,183—34,710,187
Total loans, net of unearned income$41,520,235$7,914,359$5,052,815$1,167,538$55,654,947
Less: Existing cash flow hedging derivatives (1)(6,900,000)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$34,620,235
Variable Rate Loan Pricing by Index:
SOFR tenors (2)$22,627,412
12- month CMT (3)8,176,185
Prime3,125,303
Fed Funds546,049
Other U.S. Treasury tenors130,340
Other104,898
Total variable rate$34,710,187

(1) Excludes cash flow hedges with future effective starting dates and those that have matured as of June 30, 2026. The $6.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of June 30, 2026.

(2) SOFR - Secured Overnight Financing Rate.

(3) CMT - Constant Maturity Treasury Rate.

View SEC source
Line item6/30/20257/31/20258/31/20259/30/202510/31/202511/30/202512/31/20251/31/20262/28/20263/31/20264/30/20265/31/20266/30/2026
1M SOFR4.324.354.274.134.003.863.693.673.673.663.653.623.65
12M CMT3.964.103.833.683.703.613.483.483.483.683.723.793.98
Prime7.507.507.507.257.007.006.756.756.756.756.756.756.75

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 $20.0 billion tied to one-month SOFR and $8.2 billion tied to twelve-month CMT. The above chart shows:

View SEC source
Line itemBasis Point (bp) Change inBasis Point (bp) Change inBasis Point (bp) Change in
1-month SOFR12- month CMTPrime
Second Quarter 2026(1)30—
First Quarter 2026(3)20—
Fourth Quarter 2025(44)(20)(50)
Third Quarter 2025(19)(28)(25)
Second Quarter 2025—(7)—

TABLE 10: ALLOWANCE FOR CREDIT LOSSES

View SEC source
(Dollars in thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025Six Months EndedJun 30, 2026Six Months EndedJun 30, 2025
Allowance for credit losses at beginning of period$471,591$460,465$454,586$457,461$448,387$460,465$437,060
Provision for credit losses23,13429,59427,58821,76822,23452,72846,197
Other adjustments(90)(50)71(88)180(140)184
Charge-offs:
Commercial10,8378,42812,89421,5976,14819,26515,870
Commercial real estate7077,2605,6251445,7117,9676,165
Home equity———27111—111
Residential real estate163350—26—513—
Premium finance receivables - property & casualty5,4037,4318,3546,8606,34612,83413,460
Premium finance receivables - life insurance———18——12
Consumer and other172180203174179352326
Total charge-offs17,28223,64927,07628,84618,49540,93135,944
Recoveries:
Commercial1,7101,4199561,4491,7463,1292,675
Commercial real estate564241101122
Home equity163032810430319246
Residential real estate111122138
Premium finance receivables - property & casualty2,0763,4374,2752,4593,3355,5136,822
Premium finance receivables - life insurance———————
Consumer and other28653237329361
Total recoveries3,8365,2315,2964,2915,1559,0679,964
Net charge-offs(13,446)(18,418)(21,780)(24,555)(13,340)(31,864)(25,980)
Allowance for credit losses at period end$481,189$471,591$460,465$454,586$457,461$481,189$457,461
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial0.20%0.17%0.29%0.49%0.11%0.19%0.17%
Commercial real estate0.020.210.16(0.00)0.170.110.10
Home equity(0.01)(0.26)(0.02)(0.06)0.07(0.13)(0.06)
Residential real estate0.010.03(0.00)0.00(0.00)0.02(0.01)
Premium finance receivables - property & casualty0.160.200.200.200.160.180.18
Premium finance receivables - life insurance———0.00——0.00
Consumer and other0.420.350.470.400.440.380.44
Total loans, net of unearned income0.10%0.14%0.17%0.19%0.11%0.12%0.11%
Loans at period end$55,654,947$54,071,292$53,105,101$52,063,482$51,041,679
Allowance for loan losses as a percentage of loans at period end0.72%0.72%0.71%0.74%0.77%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end0.860.870.870.870.90

PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

View SEC source
(In thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025Six Months EndedJun 30, 2026Six Months EndedJun 30, 2025
Provision for loan losses - Other$25,837$29,836$14,369$19,610$26,607$55,673$53,433
Provision for unfunded lending-related commitments losses - Other(2,666)(239)13,3542,160(4,325)(2,905)(7,177)
Provision for held-to-maturity securities losses(37)(3)(135)(2)(48)(40)(59)
Provision for credit losses$23,134$29,594$27,588$21,768$22,234$52,728$46,197
Allowance for loan losses$402,952$390,651$379,283$386,622$391,654
Allowance for unfunded lending-related commitments losses78,01780,68380,92267,56965,409
Allowance for loan losses and unfunded lending-related commitments losses480,969471,334460,205454,191457,063
Allowance for held-to-maturity securities losses220257260395398
Allowance for credit losses$481,189$471,591$460,465$454,586$457,461

PCD - Purchase Credit Deteriorated

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of June 30, 2026, March 31, 2026 and December 31, 2025.

View SEC source
(Dollars in thousands)As of Jun 30, 2026Recorded InvestmentAs of Jun 30, 2026Calculated AllowanceAs of Jun 30, 2026% of its category’s balanceAs of Mar 31, 2026Recorded InvestmentAs of Mar 31, 2026Calculated AllowanceAs of Mar 31, 2026% of its category’s balanceAs of Dec 31, 2025Recorded InvestmentAs of Dec 31, 2025Calculated AllowanceAs of Dec 31, 2025% of its category’s balance
Commercial$18,281,311$234,8091.28%$17,763,221$210,9591.19%$17,044,686$178,5451.05%
Commercial real estate:
Construction and development2,655,66567,3432.542,323,94274,0923.192,409,58293,1063.86
Non-construction11,614,942142,6051.2311,838,344150,7781.2711,531,154153,8271.33
Total commercial real estate$14,270,607$209,9481.47%$14,162,286$224,8701.59%$13,940,736$246,9331.77%
Total commercial and commercial real estate$32,551,918$444,7571.37%$31,925,507$435,8291.37%$30,985,422$425,4781.37%
Home equity491,78210,0042.03471,26410,2132.17480,52510,4022.16
Residential real estate4,542,69213,2570.294,465,16613,0810.294,317,23212,5190.29
Premium finance receivables - property & casualty8,612,02311,1420.137,890,33110,5910.138,183,41610,2260.12
Premium finance receivables - life insurance9,312,5218100.019,196,3828000.019,023,6427850.01
Consumer and other144,0119990.69122,6428200.67114,8647950.69
Total loans, net of unearned income$55,654,947$480,9690.86%$54,071,292$471,3340.87%$53,105,101$460,2050.87%
Total core loans (1)$32,716,938$406,7521.24%$32,118,691$408,8921.27%$31,309,210$412,7141.32%
Total niche loans (1)22,938,00974,2170.3221,952,60162,4420.2821,795,89147,4910.22

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

TABLE 13: LOAN PORTFOLIO AGING

View SEC source
(In thousands)Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025
Loan Balances:
Commercial
Nonaccrual$90,642$87,750$78,059$66,577$80,877
90+ days and still accruing—————
60-89 days past due14,8519,99622,95212,19034,855
30-59 days past due38,29290,38990,20536,13645,103
Current18,137,52617,575,08616,853,47016,429,43916,226,596
Total commercial$18,281,311$17,763,221$17,044,686$16,544,342$16,387,431
Commercial real estate
Nonaccrual$17,220$16,757$25,147$28,202$32,828
90+ days and still accruing—————
60-89 days past due14,87917,13319,52914,11911,257
30-59 days past due60,45154,14365,60183,05551,173
Current14,178,05714,074,25313,830,45913,493,83113,196,752
Total commercial real estate$14,270,607$14,162,286$13,940,736$13,619,207$13,292,010
Home equity
Nonaccrual$1,177$1,142$1,221$1,295$1,780
90+ days and still accruing—————
60-89 days past due6904631,112246138
30-59 days past due8782,0122,8182,2942,971
Current489,037467,647475,374480,367461,926
Total home equity$491,782$471,264$480,525$484,202$466,815
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)$131,335$145,225$145,793$124,824$134,067
Nonaccrual25,91027,36032,86228,94228,047
90+ days and still accruing—————
60-89 days past due3,3101297,5628,8298,954
30-59 days past due—30,85424,9089538
Current4,382,1374,261,5984,106,1073,981,1803,777,676
Total residential real estate$4,542,692$4,465,166$4,317,232$4,143,870$3,948,782
Premium finance receivables - property & casualty
Nonaccrual$28,061$33,891$29,354$24,512$30,404
90+ days and still accruing16,00315,82319,11513,00614,350
60-89 days past due18,19816,18829,29423,52725,641
30-59 days past due25,86447,93657,68538,13329,460
Current8,523,8977,776,4938,047,9688,267,1148,223,321
Total Premium finance receivables - property & casualty$8,612,023$7,890,331$8,183,416$8,366,292$8,323,176
Premium finance receivables - life insurance
Nonaccrual—————
90+ days and still accruing————327
60-89 days past due2,90822,69013,88734,01611,202
30-59 days past due8,60658,76022,80634,50634,403
Current9,301,0079,114,9328,986,9498,690,0318,461,028
Total Premium finance receivables - life insurance$9,312,521$9,196,382$9,023,642$8,758,553$8,506,960
Consumer and other
Nonaccrual$113$16$8$38$41
90+ days and still accruing145104260184
60-89 days past due1951304664961
30-59 days past due1,253230643159175
Current142,305122,256113,705146,710116,044
Total consumer and other$144,011$122,642$114,864$147,016$116,505
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)$131,335$145,225$145,793$124,824$134,067
Nonaccrual163,123166,916166,651149,566173,977
90+ days and still accruing16,14815,83319,15713,06614,861
60-89 days past due55,03166,72994,80292,97692,108
30-59 days past due135,344284,324264,666194,378163,323
Current55,153,96653,392,26552,414,03251,488,67250,463,343
Total loans, net of unearned income$55,654,947$54,071,292$53,105,101$52,063,482$51,041,679

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

TABLE 14: NON-PERFORMING ASSETS (1)

View SEC source
(Dollars in thousands) · Loans past due greater than 90 days and still accruing: · Commercial · Commercial real estate · Home equityResidential real estateJun 30, 2026 · $—Jun 30, 2026—Mar 31, 2026 · $—Mar 31, 2026—Dec 31, 2025 · $—Dec 31, 2025—Sep 30, 2025 · $—Sep 30, 2025—Jun 30, 2025 · $—Jun 30, 2025—
Premium finance receivables - property & casualty16,00315,82319,11513,00614,350
Premium finance receivables - life insurance————327
Consumer and other145104260184
Total loans past due greater than 90 days and still accruing16,14815,83319,15713,06614,861
Non-accrual loans:
Commercial90,64287,75078,05966,57780,877
Commercial real estate17,22016,75725,14728,20232,828
Home equity1,1771,1421,2211,2951,780
Residential real estate25,91027,36032,86228,94228,047
Premium finance receivables - property & casualty28,06133,89129,35424,51230,404
Premium finance receivables - life insurance—————
Consumer and other1131683841
Total non-accrual loans163,123166,916166,651149,566173,977
Total non-performing loans:
Commercial90,64287,75078,05966,57780,877
Commercial real estate17,22016,75725,14728,20232,828
Home equity1,1771,1421,2211,2951,780
Residential real estate25,91027,36032,86228,94228,047
Premium finance receivables - property & casualty44,06449,71448,46937,51844,754
Premium finance receivables - life insurance————327
Consumer and other258265098225
Total non-performing loans$179,271$182,749$185,808$162,632$188,838
Other real estate owned15,94017,43920,83924,83223,615
Total non-performing assets$195,211$200,188$206,647$187,464$212,453
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial0.500.490.460.400.49
Commercial real estate0.120.120.180.210.25
Home equity0.240.240.250.270.38
Residential real estate0.570.610.760.700.71
Premium finance receivables - property & casualty0.510.630.590.450.54
Premium finance receivables - life insurance————0.00
Consumer and other0.180.020.040.070.19
Total loans, net of unearned income0.320.340.350.310.37
Total non-performing assets as a percentage of total assets0.260.280.290.270.31
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans294.85282.38276.15303.67262.71

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

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

View SEC source
(In thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedThree Months EndedSix Months Ended
Balance at beginning of period$182,749$185,808$162,632$188,838$⁠185,808$170,823
Additions from becoming non-performing in the respective period31,07024,96946,19834,80556,03976,372
Return to performing status(1,671)(3,663)(2,937)(3,399)(5,334)(8,103)
Payments received(19,503)(13,780)(13,734)(28,052)(33,283)(21,567)
Transfer to OREO or other assets—(868)(286)(348)(868)(2,247)
Charge-offs, net(7,860)(10,930)(16,998)(21,526)(18,790)(20,334)
Net change for premium finance receivables(5,514)1,21310,933(7,686)(4,301)(6,106)
Balance at end of period$179,271$182,749$185,808$162,632$⁠179,271$188,838

Other Real Estate Owned

View SEC source
(In thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025
Balance at beginning of period$17,439$20,839$24,832$23,615$22,625
Disposals/resolved(1,499)(4,760)(2,141)——
Transfers in at fair value, less costs to sell—1,360—1,2171,315
Fair value adjustments——(1,852)—(325)
Balance at end of period$15,940$17,439$20,839$24,832$23,615
Period End
(In thousands)Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,
Balance by Property Type:20262026202520252025
Residential real estate—————
Commercial real estate15,94017,43920,83924,83223,615
Total$15,940$17,439$20,839$24,832$23,615

TABLE 15: NON-INTEREST INCOME

View SEC source
(Dollars in thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025Q2 2026 compared to Q1 2026$ ChangeQ2 2026 compared to Q1 2026% ChangeQ2 2026 compared to Q2 2025$ ChangeQ2 2026 compared to Q2 2025% Change
Brokerage$4,985$5,301$5,384$4,426$4,212$(316)(6)%$77318%
Trust and asset management34,89836,75833,98132,76232,609(1,860)(5)2,2897
Total wealth management39,88342,05939,36537,18836,821(2,176)(5)3,0628
Mortgage banking27,43823,39622,62524,45123,1704,042174,26818
Service charges on deposit accounts21,24020,97020,40219,82519,50227011,7389
Gains (losses) on investment securities, net1,845(31)1,5052,9726501,876NM1,195NM
Fees from covered call options4,7934,6695,9925,6195,6241243(831)(15)
Trading gains (losses), net7010(257)17215160NM(81)(54)
Operating lease income, net18,80419,15416,36515,46615,166(350)(2)3,63824
Other:
Interest rate swap fees3,1174,0414,6643,9093,010(924)(23)1074
BOLI3,2169481,9151,5912,2572,268NM95942
Administrative services1,3411,2431,3521,2401,315988262
Foreign currency remeasurement gains (losses)253(368)322(416)658621NM(405)(62)
Changes in fair value on EBOs and loans held-for-investment(373)(287)(1,702)1,452172(86)(30)(545)NM
Early pay-offs of capital leases1,0541,198581519400(144)(12)654NM
Miscellaneous18,58817,14017,26116,83915,1931,44883,39522
Total Other27,19623,91524,39325,13423,0053,281144,19118
Total Non-Interest Income$141,269$134,142$130,390$130,827$124,089$7,1275%$17,18014%
View SEC source
Six Months Ended2026 compared to 2025
Jun 30,Jun 30,
(Dollars in thousands)20262025$ Change% Change
Brokerage$10,286$8,969$1,31715%
Trust and asset management71,65661,8949,76216
Total wealth management81,94270,86311,07916
Mortgage banking50,83443,6997,13516
Service charges on deposit accounts42,21038,8643,3469
Gains on investment securities, net1,8143,846(2,032)(53)
Fees from covered call options9,4629,0703924
Trading gains, net8087(7)(8)
Operating lease income, net37,95830,4537,50525
Other:
Interest rate swap fees7,1585,2791,87936
BOLI4,1643,0531,11136
Administrative services2,5842,708(124)(5)
Foreign currency remeasurement (losses) gains(115)475(590)NM
Changes in fair value on EBOs and loans held-for-investment(660)555(1,215)NM
Early pay-offs of capital leases2,2521,1681,08493
Miscellaneous35,72830,6035,12517
Total Other51,11143,8417,27017
Total Non-Interest Income$275,411$240,723$34,68814%

NM - Not meaningful.

BOLI - Bank-owned life insurance.

EBO - Early buy-out.

TABLE 16: MORTGAGE BANKING

View SEC source
(Dollars in thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025
Originations:
Retail originations$660,325$441,749$589,139$505,793$523,759
Veterans First originations174,644152,244208,054137,600157,787
Total originations for sale (A)$834,969$593,993$797,193$643,393$681,546
Originations for investment315,487371,540364,988351,012422,926
Total originations$1,150,456$965,533$1,162,181$994,405$1,104,472
As a percentage of originations for sale:
Retail originations79%74%74%79%77%
Veterans First originations2126262123
Purchases74%52%52%77%74%
Refinances2648482326
Production Margin:
Production revenue (B) (1)$13,150$13,028$10,878$15,388$13,380
Total originations for sale (A)$834,969$593,993$797,193$643,393$681,546
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)171,656218,156122,804307,932163,664
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)218,156122,804307,932163,664197,297
Total mortgage production volume (C)$788,469$689,345$612,065$787,661$647,913
Production margin (B / C)1.67%1.89%1.78%1.95%2.07%
Mortgage Servicing:
Loans serviced for others (D)$12,669,679$12,534,513$12,608,694$12,524,131$12,470,924
Mortgage Servicing Rights (“MSR”), at fair value (E)201,903195,276195,023190,938193,061
Percentage of MSRs to loans serviced for others (E / D)1.59%1.56%1.55%1.52%1.55%
Servicing income$10,724$10,353$10,185$10,112$10,520
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period$195,276$195,023$190,938$193,061$196,307
MSR - current period capitalization8,7456,4349,1505,8296,336
MSR - collection of expected cash flows - paydowns(1,684)(1,620)(1,550)(1,554)(1,516)
MSR - collection of expected cash flows - payoffs and repurchases(4,815)(5,021)(6,250)(4,050)(4,100)
MSR - changes in fair value model assumptions4,3814602,735(2,348)(3,966)
MSR Fair Value at end of period$201,903$195,276$195,023$190,938$193,061
Summary of Mortgage Banking Revenue:
Operational:
Production revenue (1)$13,150$13,028$10,878$15,388$13,380
MSR - Current period capitalization8,7456,4349,1505,8296,336
MSR - Collection of expected cash flows - paydowns(1,684)(1,620)(1,550)(1,554)(1,516)
MSR - Collection of expected cash flows - payoffs and repurchases(4,815)(5,021)(6,250)(4,050)(4,100)
Servicing Income10,72410,35310,18510,11210,520
Other Revenue72(45)(17)(345)(79)
Total operational mortgage banking revenue$26,192$23,129$22,396$25,380$24,541
Fair Value:
MSR - changes in fair value model assumptions$4,381$460$2,735$(2,348)$(3,966)
(Loss) gain on derivative contract held as an economic hedge, net(3,396)(900)(2,425)2652,535
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale261707(81)1,15460
Total fair value mortgage banking revenue$1,246$267$229$(929)$(1,371)
Total mortgage banking revenue$27,438$23,396$22,625$24,451$23,170

(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.

(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.

View SEC source
(Dollars in thousands)Jun 30, 2026Jun 30, 2025
Originations:
Retail originations$1,102,074$872,227
Veterans First originations326,888269,772
Total originations for sale (A)$1,428,962$1,141,999
Originations for investment687,027640,103
Total originations$2,115,989$1,782,102
As a percentage of originations for sale:
Retail originations77%76%
Veterans First originations2324
Purchases65%75%
Refinances3525
Production Margin:
Production revenue (B) (1)$26,178$23,321
Total originations for sale (A)$1,428,962$1,141,999
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)171,656163,664
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)122,804103,946
Total mortgage production volume (C)$1,477,814$1,201,717
Production margin (B / C)1.77%1.94%
Mortgage Servicing:
Loans serviced for others (D)$12,669,679$12,470,924
MSRs, at fair value (E)201,903193,061
Percentage of MSRs to loans serviced for others (E / D)1.59%1.55%
Servicing income$21,077$21,131
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period$195,023$203,788
MSR - current period capitalization15,17911,005
MSR - collection of expected cash flows - paydowns(3,304)(3,106)
MSR - collection of expected cash flows - payoffs and repurchases(9,836)(7,146)
MSR - changes in fair value model assumptions4,841(11,480)
MSR Fair Value at end of period$201,903$193,061
Summary of Mortgage Banking Revenue:
Operational:
Production revenue (1)$26,178$23,321
MSR - Current period capitalization15,17911,005
MSR - Collection of expected cash flows - paydowns(3,304)(3,106)
MSR - Collection of expected cash flows - payoffs and repurchases(9,836)(7,146)
Servicing Income21,07721,131
Other Revenue27(251)
Total operational mortgage banking revenue$49,321$44,954
Fair Value:
MSR - changes in fair value model assumptions$4,841$(11,480)
(Loss) gain on derivative contract held as an economic hedge, net(4,296)7,432
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale9682,793
Total fair value mortgage banking revenue$1,513$(1,255)
Total mortgage banking revenue$50,834$43,699

(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.

(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.

TABLE 17: NON-INTEREST EXPENSE

View SEC source
(Dollars in thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025Q2 2026 compared to Q1 2026$ ChangeQ2 2026 compared to Q1 2026% ChangeQ2 2026 compared to Q2 2025$ ChangeQ2 2026 compared to Q2 2025% Change
Salaries and employee benefits:
Salaries$129,875$129,086$124,856$124,623$123,174$7891%$6,7015%
Commissions and incentive compensation62,46357,40757,11756,24455,8715,05696,59212
Benefits41,75141,95440,58438,80140,496(203)—1,2553
Total salaries and employee benefits234,089228,447222,557219,668219,5415,642214,5487
Software and equipment39,28835,65436,09635,02736,5223,634102,7668
Operating lease equipment11,18710,98711,03410,40910,75720024304
Occupancy, net21,15320,56620,10520,80920,22858739255
Data processing10,65911,26611,80911,32912,110(607)(5)(1,451)(12)
Advertising and marketing20,43213,21813,79219,02718,7617,214551,6719
Professional fees9,3427,3758,2807,4659,2431,96727991
Amortization of other acquisition-related intangible assets4,9214,9584,9995,1965,580(37)(1)(659)(12)
FDIC insurance11,79610,99011,06111,41810,97180678258
FDIC insurance - special assessment(5,156)—(499)——(5,156)(100)(5,156)(100)
OREO expense, net7862072,162262505579NM28156
Other:
Lending expenses, net of deferred origination costs6,1656,5106,3676,1694,869(345)(5)1,29627
Travel and entertainment6,9385,4267,9656,0296,0261,5122891215
Miscellaneous25,93727,02828,72527,22026,348(1,091)(4)(411)(2)
Total other39,04038,96443,05739,41837,24376—1,7975
Total Non-Interest Expense$397,537$382,632$384,453$380,028$381,461$14,9054%$16,0764%
View SEC source
Six Months Ended2026 compared to 2025
Jun 30,Jun 30,
(Dollars in thousands)20262025$ Change% Change
Salaries and employee benefits:
Salaries$258,961$247,091$11,8705%
Commissions and incentive compensation119,870108,40711,46311
Benefits83,70575,5698,13611
Total salaries and employee benefits462,536431,06731,4697
Software and equipment74,94271,2393,7035
Operating lease equipment22,17421,2289464
Occupancy, net41,71941,0067132
Data processing21,92523,384(1,459)(6)
Advertising and marketing33,65031,0332,6178
Professional fees16,71718,287(1,570)(9)
Amortization of other acquisition-related intangible assets9,87911,198(1,319)(12)
FDIC insurance22,78621,8978894
FDIC insurance - special assessment(5,156)—(5,156)(100)
OREO expense, net9931,148(155)(14)
Other:
Lending expenses, net of deferred origination costs12,67510,7351,94018
Travel and entertainment12,36411,2961,0689
Miscellaneous52,96554,033(1,068)(2)
Total other78,00476,0641,9403
Total Non-Interest Expense$780,169$747,551$32,6184%

NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

View SEC source
(Dollars and shares in thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025Six Months EndedJun 30, 2026Six Months EndedJun 30, 2025
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)$961,412$927,560$956,326$963,834$920,908$1,888,972$1,807,873
Taxable-equivalent adjustment:
- Loans2,1112,0262,1342,1542,2004,1374,406
- Liquidity Management Assets6305866616756801,2161,370
- Other Earning Assets——————3
(B) Interest Income (non-GAAP)$964,153$930,172$959,121$966,663$923,788$1,894,325$1,813,652
(C) Interest Expense (GAAP)364,046348,536372,452396,824374,214712,582734,705
(D) Net Interest Income (GAAP) (A minus C)597,366579,024583,874567,010546,6941,176,3901,073,168
(E) Net Interest Income (non-GAAP) (B minus C)600,107581,636586,669569,839549,5741,181,7431,078,947
Net interest margin (GAAP)3.50%3.54%3.52%3.48%3.52%3.52%3.53%
Net interest margin, fully taxable-equivalent (non-GAAP)3.523.563.543.503.543.543.55
(F) Non-interest income$141,269$134,142$130,390$130,827$124,089$275,411$240,723
(G) Gains (losses) on investment securities, net1,845(31)1,5052,9726501,8143,846
(H) Non-interest expense397,537382,632384,453380,028381,461780,169747,551
Efficiency ratio (H/(D+F-G))53.96%53.65%53.94%54.69%56.92%53.81%57.06%
Efficiency ratio (non-GAAP) (H/(E+F-G))53.7653.4553.7354.4756.6853.6156.81
View SEC source
(Dollars and shares in thousands)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)$7,525,116$7,378,100$7,258,715$7,045,757$7,225,696
Less: Non-convertible preferred stock (GAAP)(425,000)(425,000)(425,000)(425,000)(837,500)
Less: Acquisition-related intangible assets (GAAP)(885,338)(890,698)(895,959)(902,936)(908,639)
(I) Total tangible common shareholders’ equity (non-GAAP)$6,214,778$6,062,402$5,937,756$5,717,821$5,479,557
(J) Total assets (GAAP)$74,668,135$72,157,433$71,142,046$69,629,638$68,983,318
Less: Acquisition-related intangible assets (GAAP)(885,338)(890,698)(895,959)(902,936)(908,639)
(K) Total tangible assets (non-GAAP)$73,782,797$71,266,735$70,246,087$68,726,702$68,074,679
Common equity to assets ratio (GAAP) (L/J)9.5%9.6%9.6%9.5%9.3%
Tangible common equity ratio (non-GAAP) (I/K)8.48.58.58.38.0
View SEC source
Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity$7,525,116$7,378,100$7,258,715$7,045,757$7,225,696
Less: Non-convertible preferred stock (GAAP)(425,000)(425,000)(425,000)(425,000)(837,500)
(L) Total common equity$7,100,116$6,953,100$6,833,715$6,620,757$6,388,196
(M) Actual common shares outstanding67,45567,43766,97566,96166,938
Book value per common share (L/M)$105.26$103.10$102.03$98.87$95.43
Tangible book value per common share (non-GAAP) (I/M)92.1389.9088.6685.3981.86
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares$225,326$219,021$214,657$188,913$188,536$444,347$370,584
Add: Acquisition-related intangible asset amortization4,9214,9584,9995,1965,5809,87911,198
Less: Tax effect of acquisition-related intangible asset amortization(1,304)(1,210)(1,310)(1,403)(1,495)(2,519)(2,923)
After-tax Acquisition-related intangible asset amortization$3,617$3,748$3,689$3,793$4,085$7,360$8,275
(O) Tangible net income applicable to common shares (non-GAAP)$228,943$222,769$218,346$192,706$192,621$451,707$378,859
Total average shareholders’ equity$7,474,449$7,387,713$7,166,608$6,955,543$6,862,040$7,431,321$6,662,598
Less: Average preferred stock(425,000)(425,000)(425,000)(483,288)(599,313)(425,000)(506,423)
(P) Total average common shareholders’ equity$7,049,449$6,962,713$6,741,608$6,472,255$6,262,727$7,006,321$6,156,175
Less: Average acquisition-related intangible assets(889,059)(894,211)(901,022)(906,032)(910,924)(891,620)(913,483)
(Q) Total average tangible common shareholders’ equity (non-GAAP)$6,160,390$6,068,502$5,840,586$5,566,223$5,351,803$6,114,701$5,242,692
Return on average common equity, annualized (N/P)12.8212.7612.6311.5812.0712.7912.14
Return on average tangible common equity, annualized (non-GAAP) (O/Q)14.9114.8914.8313.7414.4414.9014.57
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes$317,964$300,940$302,223$296,041$267,088$618,904$520,143
Add: Provision for credit losses23,13429,59427,58821,76822,23452,72846,197
Pre-tax income, excluding provision for credit losses (non-GAAP)$341,098$330,534$329,811$317,809$289,322$671,632$566,340
View SEC source
(Dollars and shares in thousands, except per share data)Three Months EndedJun 30, 2026Three Months EndedMar 31, 2026Three Months EndedDec 31, 2025Three Months EndedSep 30, 2025Three Months EndedJun 30, 2025Six Months EndedJun 30, 2026Six Months EndedJun 30, 2025
Reconciliation of Non-GAAP Net Income per Common Share:
Net income$233,693$227,388$223,024$216,254$195,527$461,081$384,566
Preferred stock dividends8,3678,3678,36713,2956,99116,73413,982
Preferred stock redemption———14,046———
(R) Net income applicable to common shares$225,326$219,021$214,657$188,913$188,536$444,347$370,584
(S) Weighted average common shares outstanding67,43467,24666,97066,95266,93167,34166,829
Dilutive potential common shares8528511,1431,028888852903
(T) Average common shares and dilutive common shares68,28668,09768,11367,98067,81968,19367,732
Net income per common share - Basic (R/S)$3.34$3.26$3.21$2.82$2.82$6.60$5.55
Net income per common share - Diluted (R/T)$3.30$3.22$3.15$2.78$2.78$6.52$5.47
Preferred stock series F excess one-time extended first dividend———$4,927———
Preferred stock redemption———14,046———
(U) Total non-recurring preferred stock offering impact (non-GAAP)———$18,973———
Net income per common share - Basic (non-GAAP) (R+U)/S$3.34$3.26$3.21$3.11$2.82$6.60$5.55
Net income per common share - Diluted (non-GAAP) (R+U)/T$3.30$3.22$3.15$3.06$2.78$6.52$5.47

WINTRUST SUBSIDIARIES

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

Additionally, the Company operates various non-bank businesses:

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, July 21, 2026 at 10:00 a.m. (CDT) regarding second quarter and year-to-date 2026 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated June 30, 2026 available at the Investor Relations, News and Events, News 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, News and Events, Events and Presentations link. The text of the second quarter and year-to-date 2026 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, News and Events, News link on its website.