Wintrust Financial Corporation Reports Record Net Income

ROSEMONT, Ill., Oct. 20, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $600.8 million, or $8.25 per diluted common share, for the first nine months of 2025, compared to net income of $509.7 million, or $7.67 per diluted common share for the same period of 2024. Pre-tax, pre-provision income (non-GAAP) for the first nine months of the year totaled a record $884.1 million, compared to $778.1 million for the first nine months of 2024.

The Company recorded record quarterly net income of $216.3 million, or $2.78 per diluted common share, for the third quarter of 2025, compared to net income of $195.5 million, or $2.78 per diluted common share for the second quarter of 2025. Excluding the one-time Preferred Stock impact discussed below, the earnings per diluted common share (non-GAAP) was $3.06 for the third quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the third quarter of 2025 totaled a record $317.8 million, as compared to $289.3 million for the second quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “We continued to build on the momentum established in our record first half of the year with record net income, net interest income, strong balance sheet growth and prudent management of net interest margin.”

Additionally, Mr. Crane noted, “Net interest margin in the third quarter remained within our expected range at 3.50% and we recognized record net interest income driven by strong average earning asset growth. We anticipate that a relatively stable net interest margin and continued balance sheet growth will contribute to net interest income expansion in the fourth quarter.”

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

Total loans increased by $1.0 billion, or 8% annualized.Total deposits increased by $894.6 million, or 6% annualized.Total assets increased by $646.3 million, or 4% annualized.Earnings per diluted common share of $2.78 in the third quarter of 2025 was impacted by one-time recognition of prior issuance costs related to Preferred Stock Series D and Preferred Stock Series E ($14.0 million, or $0.21 per diluted common share) as well as the excess dividend amount related to one-time extended first dividend period on Preferred Stock Series F ($4.9 million, or $0.07 per diluted common share).

The Preferred Stock Series D and E were redeemed on July 15, 2025.Net interest income increased to $567.0 million in the third quarter of 2025, up $20.3 million from $546.7 million in the second quarter of 2025, driven by strong average earning asset growth.        

Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2025 was in line with our guidance.Non-interest income was impacted by the following:

Net gains on investment securities totaled $3.0 million in the third quarter of 2025, compared to net gains of approximately $650,000 in the second quarter of 2025.Provision for credit losses totaled $21.8 million in the third quarter of 2025, compared to a provision for credit losses of $22.2 million in the second quarter of 2025.Net charge-offs totaled $24.6 million, or 19 basis points of average total loans on an annualized basis, in the third quarter of 2025 compared to $13.3 million, or 11 basis points of average total loans on an annualized basis, in the second quarter of 2025.Non-performing loans improved in the third quarter of 2025 and totaled $162.6 million and comprised 0.31% of total loans at September 30, 2025, as compared to $188.8 million and 0.37% of total loans at June 30, 2025.

Mr. Crane noted, “Strong loan growth in the third quarter totaled $1.0 billion, or 8% on an annualized basis. We are pleased with the diversified nature of our loan growth across all major loan portfolios. Loan pipelines remain strong and we continue to expect loan growth in the mid-to-high single digits for the remainder of the year. We remain disciplined in our evaluation of credit opportunities, ensuring that loan growth aligns with our conservative credit standards. Strong deposit growth totaled $894.6 million, or 6% on an annualized basis, in the third quarter of 2025. Our loan growth was funded by our deposit growth in the third quarter of 2025 resulting in our loans-to-deposits ratio ending the quarter at 91.8%.”

Commenting on credit quality, Mr. Crane stated, “Disciplined credit management, supported by thorough portfolio reviews, has driven consistent positive outcomes through early identification and resolution of problem credits. We continue to be conservative and disciplined in our underwriting to maintain our strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to sustaining high credit quality as evidenced by our low levels of net charge-offs and non-performing loans as well as our core loan allowance for credit losses of 1.34%.”

In summary, Mr. Crane concluded, “We are proud of our third quarter performance and record results year to date. Building on the strong loan growth achieved in the third quarter, we are well positioned to sustain momentum and deliver continued revenue expansion as we close out 2025. We continue to leverage our strong customer relationships and differentiated market positioning to enhance our long-term franchise value as evidenced by deposit market share gains across our major markets, including moving into the third position in total deposit market share in Illinois and solid gains in Wisconsin and west Michigan. We remain focused on delivering our differentiated customer experience to drive better results for our customers and value for our shareholders.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the third quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/fee7ebe8-f6a9-4456-b3fb-d35e4c81f520

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $646.3 million in the third quarter of 2025 compared to the second quarter of 2025. Total loans increased by $1.0 billion compared to the second quarter of 2025. The increase in loans was driven by growth across all major loan portfolios.

Total liabilities increased by $826.3 million in the third quarter of 2025 compared to the second quarter of 2025, driven by a $894.6 million increase in total deposits. Strong organic deposit growth in the third quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.8%.

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

NET INTEREST INCOME

For the third quarter of 2025, net interest income totaled $567.0 million, an increase of $20.3 million compared to the second quarter of 2025. The $20.3 million increase in net interest income in the third quarter of 2025 was primarily due to average earning asset growth of $2.4 billion, or 15% annualized.

Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2025, down four basis points compared to the second quarter of 2025. The yield on earning assets declined three basis points during the third quarter of 2025 primarily due to a four basis point decrease in loan yields. Funding cost on interest-bearing deposits increased by one basis point compared to the second quarter of 2025. The net free funds contribution in the third quarter of 2025 remained unchanged compared to the second quarter of 2025.

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

ASSET QUALITY

The allowance for credit losses totaled $454.6 million as of September 30, 2025, a slight decrease from $457.5 million as of June 30, 2025. A provision for credit losses totaling $21.8 million was recorded for the third quarter of 2025 compared to $22.2 million recorded in the second quarter of 2025. The provision for credit losses recognized in the third quarter of 2025 reflects stable credit quality and an improved macroeconomic forecast. However, given future economic performance remains uncertain, qualitative additions were made to the provision related to credit spreads. 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 September 30, 2025, June 30, 2025, and March 31, 2025 is shown on Table 12 of this report.

Net charge-offs totaled $24.6 million in the third quarter of 2025, an increase of $11.3 million compared to $13.3 million of net charge-offs in the second quarter of 2025. Net charge-offs as a percentage of average total loans were 19 basis points in the third quarter of 2025 on an annualized basis compared to 11 basis points on an annualized basis in the second quarter of 2025. For more information regarding net charge-offs, see Table 10 in this report.

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

Non-performing assets and non-performing loans have improved compared to prior quarters. Non-performing assets totaled $187.5 million and comprised 0.27% of total assets as of September 30, 2025, as compared to $212.5 million, or 0.31% of total assets, as of June 30, 2025. Non-performing loans totaled $162.6 million and comprised 0.31% of total loans at September 30, 2025, as compared to $188.8 million and 0.37% of total loans at June 30, 2025. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Non-interest income totaled $130.8 million in the third quarter of 2025, increasing $6.7 million, compared to $124.1 million in the second quarter of 2025.

Wealth management revenue increased by approximately $367,000 in the third quarter of 2025, compared to the second quarter of 2025. The increase in the third quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in brokerage revenue related to higher transactional business. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $24.5 million in the third quarter of 2025, compared to $23.2 million in the second quarter of 2025. The increase in the third quarter of 2025 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized approximately $3.0 million in net gains on investment securities in the third quarter of 2025 compared to approximately $650,000 in net gains in the second quarter of 2025. The net gains in the third quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

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

NON-INTEREST EXPENSE

Non-interest expense totaled $380.0 million in the third quarter of 2025, decreasing $1.5 million, compared to $381.5 million in the second quarter of 2025. Non-interest expense, as a percent of average assets, decreased in the third quarter of 2025 to 2.21%.

Professional fees expense totaled $7.5 million in the third quarter of 2025, resulting in a decrease of $1.8 million as compared to the second quarter of 2025. The decrease in the current quarter relates primarily to lower consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangement and normal regulatory exam assessments.

The Macatawa Bank acquisition-related costs were approximately $471,000 in the third quarter of 2025, compared to $2.9 million in the second quarter of 2025.

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

INCOME TAXES

The Company recorded income tax expense of $79.8 million in the third quarter of 2025 compared to $71.6 million in the second quarter of 2025. The effective tax rates were 27.0% in the third quarter of 2025 compared to 26.8% in the second quarter of 2025.

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 third quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $24.5 million for the third quarter of 2025, an increase of $1.3 million compared to the second quarter of 2025. See Table 16 for more detail. Service charges on deposit accounts totaled $19.8 million in the third quarter of 2025 as compared to $19.5 million in the second quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of September 30, 2025 indicating momentum for expected continued loan growth in the fourth quarter of 2025.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.5 billion during the third quarter of 2025. Average balances increased by $945.4 million, as compared to the second quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the third quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.8 billion, $1.2 billion, and $301.0 million as of September 30, 2025, respectively, compared to $2.8 billion, $1.2 billion, and $289.8 million as of June 30, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.2 million in the third quarter of 2025, which was relatively stable compared to the second quarter of 2025.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $37.2 million in the third quarter of 2025, an increase as compared to the second quarter of 2025. At September 30, 2025, the Company’s wealth management subsidiaries had approximately $55.1 billion of assets under administration, which included $8.8 billion of assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION Key Operating Measures

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

% or (1)
basis point (bp)
change from
2nd Quarter
2025 % or
basis point  (bp)
change from
3rd Quarter
2024 Three Months Ended (Dollars in thousands, except per share data) Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Net income $216,254 $195,527 $170,001 11 % 27 %Pre-tax income, excluding provision for credit losses (non-GAAP) (2) 317,809 289,322 255,043 10 25 Net income per common share – Diluted 2.78 2.78 2.47 — 13 Cash dividends declared per common share 0.50 0.50 0.45 — 11 Net revenue (3) 697,837 670,783 615,730 4 13 Net interest income 567,010 546,694 502,583 4 13 Net interest margin 3.48% 3.52% 3.49%(4)bps (1)bpsNet interest margin – fully taxable-equivalent (non-GAAP) (2) 3.50 3.54 3.51 (4) (1) Net overhead ratio (4) 1.45 1.57 1.62 (12) (17) Return on average assets 1.26 1.19 1.11 7 15 Return on average common equity 11.58 12.07 11.63 (49) (5) Return on average tangible common equity (non-GAAP) (2) 13.74 14.44 13.92 (70) (18) At end of period Total assets $69,629,638 $68,983,318 $63,788,424 4 % 9 %Total loans (5) 52,063,482 51,041,679 47,067,447 8 11 Total deposits 56,711,381 55,816,811 51,404,966 6 10 Total shareholders’ equity 7,045,757 7,225,696 6,399,714 (10) 10

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

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

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

Three Months EndedNine Months Ended(Dollars in thousands, except per share data) Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 Dec 31,
2024 Sep 30,
2024Sep 30,
2025 Sep 30,
2024Selected Financial Condition Data (at end of period): Total assets $69,629,638 $68,983,318 $65,870,066 $64,879,668 $63,788,424 Total loans (1) 52,063,482 51,041,679 48,708,390 48,055,037 47,067,447 Total deposits 56,711,381 55,816,811 53,570,038 52,512,349 51,404,966 Total shareholders’ equity 7,045,757 7,225,696 6,600,537 6,344,297 6,399,714 Selected Statements of Income Data: Net interest income $567,010 $546,694 $526,474 $525,148 $502,583 $1,640,178 $1,437,387 Net revenue (2) 697,837 670,783 643,108 638,599 615,730 2,011,728 1,812,261 Net income 216,254 195,527 189,039 185,362 170,001 600,820 509,683 Pre-tax income, excluding provision for credit losses (non-GAAP) (3) 317,809 289,322 277,018 270,060 255,043 884,149 778,076 Net income per common share – Basic 2.82 2.82 2.73 2.68 2.51 8.37 7.79 Net income per common share – Diluted 2.78 2.78 2.69 2.63 2.47 8.25 7.67 Cash dividends declared per common share 0.50 0.50 0.50 0.45 0.45 1.50 1.35 Selected Financial Ratios and Other Data: Performance Ratios: Net interest margin 3.48% 3.52% 3.54% 3.49% 3.49% 3.51% 3.52%Net interest margin – fully taxable-equivalent (non-GAAP) (3) 3.50 3.54 3.56 3.51 3.51 3.53 3.54 Non-interest income to average assets 0.76 0.76 0.74 0.71 0.74 0.75 0.86 Non-interest expense to average assets 2.21 2.32 2.32 2.31 2.36 2.28 2.38 Net overhead ratio (4) 1.45 1.57 1.58 1.60 1.62 1.53 1.52 Return on average assets 1.26 1.19 1.20 1.16 1.11 1.22 1.17 Return on average common equity 11.58 12.07 12.21 11.82 11.63 11.94 12.52 Return on average tangible common equity (non-GAAP) (3) 13.74 14.44 14.72 14.29 13.92 14.28 14.69 Average total assets $68,303,036 $65,840,345 $64,107,042 $63,594,105 $60,915,283 $66,098,845 $58,014,347 Average total shareholders’ equity 6,955,543 6,862,040 6,460,941 6,418,403 5,990,429 6,761,319 5,628,346 Average loans to average deposits ratio 92.5% 93.0% 92.3% 91.9% 93.8% 92.6% 94.5%Period-end loans to deposits ratio 91.8 91.4 90.9 91.5 91.6 Common Share Data at end of period: Market price per common share $132.44 $123.98 $112.46 $124.71 $108.53 Book value per common share 98.87 95.43 92.47 89.21 90.06 Tangible book value per common share (non-GAAP) (3) 85.39 81.86 78.83 75.39 76.15 Common shares outstanding 66,961,209 66,937,732 66,919,325 66,495,227 66,481,543 Other Data at end of period: Common equity to assets ratio 9.5% 9.3% 9.4% 9.1% 9.4% Tangible common equity ratio (non-GAAP) (3) 8.3 8.0 8.1 7.8 8.1 Tier 1 leverage ratio (5) 9.5 10.2 9.6 9.4 9.6 Risk-based capital ratios: Tier 1 capital ratio (5) 10.9 11.5 10.8 10.7 10.6 Common equity tier 1 capital ratio (5) 10.2 10.0 10.1 9.9 9.8 Total capital ratio (5) 12.4 13.0 12.5 12.3 12.2 Allowance for credit losses (6) $454,586 $457,461 $448,387 $437,060 $436,193 Allowance for loan and unfunded lending-related commitment losses to total loans 0.87% 0.90% 0.92% 0.91% 0.93% Number of: Bank subsidiaries 16 16 16 16 16 Banking offices 208 208 208 205 203

(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
CONSOLIDATED STATEMENTS OF CONDITION

(Unaudited) (Unaudited) (Unaudited) (Unaudited) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2025 2025 2025 2024 2024 Assets Cash and due from banks $565,406 $695,501 $616,216 $452,017 $725,465 Federal funds sold and securities purchased under resale agreements 63 63 63 6,519 5,663 Interest-bearing deposits with banks 3,422,452 4,569,618 4,238,237 4,409,753 3,648,117 Available-for-sale securities, at fair value 5,274,124 4,885,715 4,220,305 4,141,482 3,912,232 Held-to-maturity securities, at amortized cost 3,438,406 3,502,186 3,564,490 3,613,263 3,677,420 Trading account securities — — — 4,072 3,472 Equity securities with readily determinable fair value 63,445 273,722 270,442 215,412 125,310 Federal Home Loan Bank and Federal Reserve Bank stock 282,755 282,087 281,893 281,407 266,908 Brokerage customer receivables — — — 18,102 16,662 Mortgage loans held-for-sale, at fair value 333,883 299,606 316,804 331,261 461,067 Loans, net of unearned income 52,063,482 51,041,679 48,708,390 48,055,037 47,067,447 Allowance for loan losses (386,622) (391,654) (378,207) (364,017) (360,279)Net loans 51,676,860 50,650,025 48,330,183 47,691,020 46,707,168 Premises, software and equipment, net 775,425 776,324 776,679 779,130 772,002 Lease investments, net 301,000 289,768 280,472 278,264 270,171 Accrued interest receivable and other assets 1,614,674 1,610,025 1,598,255 1,739,334 1,721,090 Receivable on unsettled securities sales 978,209 240,039 463,023 — 551,031 Goodwill 797,639 798,144 796,932 796,942 800,780 Other acquisition-related intangible assets 105,297 110,495 116,072 121,690 123,866 Total assets $69,629,638 $68,983,318 $65,870,066 $64,879,668 $63,788,424 Liabilities and Shareholders’ Equity Deposits: Non-interest-bearing $10,952,146 $10,877,166 $11,201,859 $11,410,018 $10,739,132 Interest-bearing 45,759,235 44,939,645 42,368,179 41,102,331 40,665,834 Total deposits 56,711,381 55,816,811 53,570,038 52,512,349 51,404,966 Federal Home Loan Bank advances 3,151,309 3,151,309 3,151,309 3,151,309 3,171,309 Other borrowings 579,328 625,392 529,269 534,803 647,043 Subordinated notes 298,536 298,458 298,360 298,283 298,188 Junior subordinated debentures 253,566 253,566 253,566 253,566 253,566 Payable on unsettled securities sales — 39,105 — — — Accrued interest payable and other liabilities 1,589,761 1,572,981 1,466,987 1,785,061 1,613,638 Total liabilities 62,583,881 61,757,622 59,269,529 58,535,371 57,388,710 Shareholders’ Equity: Preferred stock 425,000 837,500 412,500 412,500 412,500 Common stock 67,042 67,025 67,007 66,560 66,546 Surplus 2,521,306 2,495,637 2,494,347 2,482,561 2,470,228 Treasury stock (9,150) (9,156) (9,156) (6,153) (6,098)Retained earnings 4,356,367 4,200,923 4,045,854 3,897,164 3,748,715 Accumulated other comprehensive loss (314,808) (366,233) (410,015) (508,335) (292,177)Total shareholders’ equity 7,045,757 7,225,696 6,600,537 6,344,297 6,399,714 Total liabilities and shareholders’ equity $69,629,638 $68,983,318 $65,870,066 $64,879,668 $63,788,424

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

Three Months EndedNine Months Ended(Dollars in thousands, except per share data)Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 Dec 31,
2024 Sep 30,
2024Sep 30,
2025 Sep 30,
2024Interest income Interest and fees on loans$832,140 $797,997 $768,362 $789,038 $794,163 $2,398,499 $2,254,316 Mortgage loans held-for-sale 4,757 4,872 4,246 5,623 6,233 13,875 15,813 Interest-bearing deposits with banks 34,992 34,317 36,766 46,256 32,608 106,075 68,997 Federal funds sold and securities purchased under resale agreements 75 276 179 53 277 530 313 Investment securities 86,426 78,053 72,016 67,066 69,592 236,495 209,049 Trading account securities — — 11 6 11 11 42 Federal Home Loan Bank and Federal Reserve Bank stock 5,444 5,393 5,307 5,157 5,451 16,144 14,903 Brokerage customer receivables — — 78 302 269 78 663 Total interest income 963,834 920,908 886,965 913,501 908,604 2,771,707 2,564,096 Interest expense Interest on deposits 355,846 333,470 320,233 346,388 362,019 1,009,549 997,254 Interest on Federal Home Loan Bank advances 26,007 25,724 25,441 26,050 26,254 77,172 73,099 Interest on other borrowings 6,887 6,957 6,792 7,519 9,013 20,636 26,961 Interest on subordinated notes 3,717 3,735 3,714 3,733 3,712 11,166 14,384 Interest on junior subordinated debentures 4,367 4,328 4,311 4,663 5,023 13,006 15,011 Total interest expense 396,824 374,214 360,491 388,353 406,021 1,131,529 1,126,709 Net interest income 567,010 546,694 526,474 525,148 502,583 1,640,178 1,437,387 Provision for credit losses 21,768 22,234 23,963 16,979 22,334 67,965 84,068 Net interest income after provision for credit losses 545,242 524,460 502,511 508,169 480,249 1,572,213 1,353,319 Non-interest income Wealth management 37,188 36,821 34,042 38,775 37,224 108,051 107,452 Mortgage banking 24,451 23,170 20,529 20,452 15,974 68,150 72,761 Service charges on deposit accounts 19,825 19,502 19,362 18,864 16,430 58,689 46,787 Gains (losses) on investment securities, net 2,972 650 3,196 (2,835) 3,189 6,818 233 Fees from covered call options 5,619 5,624 3,446 2,305 988 14,689 7,891 Trading gains (losses), net 172 151 (64) (113) (130) 259 617 Operating lease income, net 15,466 15,166 15,287 15,327 15,335 45,919 43,383 Other 25,134 23,005 20,836 20,676 24,137 68,975 95,750 Total non-interest income 130,827 124,089 116,634 113,451 113,147 371,550 374,874 Non-interest expense Salaries and employee benefits 219,668 219,541 211,526 212,133 211,261 650,735 604,975 Software and equipment 35,027 36,522 34,717 34,258 31,574 106,266 88,536 Operating lease equipment 10,409 10,757 10,471 10,263 10,518 31,637 32,035 Occupancy, net 20,809 20,228 20,778 20,597 19,945 61,815 58,616 Data processing 11,329 12,110 11,274 10,957 9,984 34,713 28,779 Advertising and marketing 19,027 18,761 12,272 13,097 18,239 50,060 48,715 Professional fees 7,465 9,243 9,044 11,334 9,783 25,752 29,303 Amortization of other acquisition-related intangible assets 5,196 5,580 5,618 5,773 4,042 16,394 6,322 FDIC insurance 11,418 10,971 10,926 10,640 10,512 33,315 35,478 Other real estate owned (“OREO”) expenses, net 262 505 643 397 (938) 1,410 (805)Other 39,418 37,243 38,821 39,090 35,767 115,482 102,231 Total non-interest expense 380,028 381,461 366,090 368,539 360,687 1,127,579 1,034,185 Income before taxes 296,041 267,088 253,055 253,081 232,709 816,184 694,008 Income tax expense 79,787 71,561 64,016 67,719 62,708 215,364 184,325 Net income$216,254 $195,527 $189,039 $185,362 $170,001 $600,820 $509,683 Preferred stock dividends 13,295 6,991 6,991 6,991 6,991 27,277 20,973 Preferred stock redemption 14,046 — — — — 14,046 — Net income applicable to common shares$188,913 $188,536 $182,048 $178,371 $163,010 $559,497 $488,710 Net income per common share - Basic$2.82 $2.82 $2.73 $2.68 $2.51 $8.37 $7.79 Net income per common share - Diluted$2.78 $2.78 $2.69 $2.63 $2.47 $8.25 $7.67 Cash dividends declared per common share$0.50 $0.50 $0.50 $0.45 $0.45 $1.50 $1.35 Weighted average common shares outstanding 66,952 66,931 66,726 66,491 64,888 66,871 62,743 Dilutive potential common shares 1,028 888 923 1,233 1,053 945 934 Average common shares and dilutive common shares 67,980 67,819 67,649 67,724 65,941 67,816 63,677

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

% Growth From (1)(Dollars in thousands)Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 Dec 31,
2024 Sep 30,
2024Jun 30,
2025 (2)Sep 30,
2024Balance: Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$211,360 $192,633 $181,580 $189,774 $314,69339%(33)%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 122,523 106,973 135,224 141,487 146,37458 (16)Total mortgage loans held-for-sale$333,883 $299,606 $316,804 $331,261 $461,06745%(28)% Core loans: Commercial Commercial and industrial$7,135,083 $7,028,247 $6,871,206 $6,867,422 $6,774,6836%5%Asset-based lending 1,588,522 1,663,693 1,701,962 1,611,001 1,709,685(18)(7)Municipal 804,986 771,785 798,646 826,653 827,12517 (3)Leases 2,834,563 2,757,331 2,680,943 2,537,325 2,443,72111 16 Commercial real estate Residential construction 60,923 59,027 55,849 48,617 73,08813 (17)Commercial construction 2,273,545 2,165,263 2,086,797 2,065,775 1,984,24020 15 Land 323,685 304,827 306,235 319,689 346,36225 (7)Office 1,578,208 1,601,208 1,641,555 1,656,109 1,675,286(6)(6)Industrial 2,912,547 2,824,889 2,677,555 2,628,576 2,527,93212 15 Retail 1,478,861 1,452,351 1,402,837 1,374,655 1,404,5867 5 Multi-family 3,306,597 3,200,578 3,091,314 3,125,505 3,193,33913 4 Mixed use and other 1,684,841 1,683,867 1,652,759 1,685,018 1,588,5840 6 Home equity 484,202 466,815 455,683 445,028 427,04315 13 Residential real estate Residential real estate loans for investment 4,019,046 3,814,715 3,561,417 3,456,009 3,252,64921 24 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 75,088 80,800 86,952 114,985 92,355(28)(19)Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 49,736 53,267 36,790 41,771 43,034(26)16 Total core loans$30,610,433 $29,928,663 $29,108,500 $28,804,138 $28,363,7129%8% Niche loans: Commercial Franchise$1,298,140 $1,286,265 $1,262,555 $1,268,521 $1,191,6864%9%Mortgage warehouse lines of credit 1,204,661 1,232,530 1,019,543 893,854 750,462(9)61 Community Advantage - homeowners association 537,696 526,595 525,492 525,446 501,6458 7 Insurance agency lending 1,140,691 1,120,985 1,070,979 1,044,329 1,048,6867 9 Premium Finance receivables U.S. property & casualty insurance 7,502,901 7,378,340 6,486,663 6,447,625 6,253,2717 20 Canada property & casualty insurance 863,391 944,836 753,199 824,417 878,410(34)(2)Life insurance 8,758,553 8,506,960 8,365,140 8,147,145 7,996,89912 10 Consumer and other 147,016 116,505 116,319 99,562 82,676104 78 Total niche loans$21,453,049 $21,113,016 $19,599,890 $19,250,899 $18,703,7356%15% Total loans, net of unearned income$52,063,482 $51,041,679 $48,708,390 $48,055,037 $47,067,4478%11%

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

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

% Growth From(Dollars in thousands)Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 Dec 31,
2024 Sep 30,
2024Jun 30,
2025 (1) Sep 30,
2024Balance: Non-interest-bearing$10,952,146 $10,877,166 $11,201,859 $11,410,018 $10,739,132 3% 2%NOW and interest-bearing demand deposits 6,710,919 6,795,725 6,340,168 5,865,546 5,466,932 (5) 23 Wealth management deposits (2) 1,600,735 1,595,764 1,408,790 1,469,064 1,303,354 1 23 Money market 20,270,382 19,556,041 18,074,733 17,975,191 17,713,726 14 14 Savings 6,758,743 6,659,419 6,576,251 6,372,499 6,183,249 6 9 Time certificates of deposit 10,418,456 10,332,696 9,968,237 9,420,031 9,998,573 3 4 Total deposits$56,711,381 $55,816,811 $53,570,038 $52,512,349 $51,404,966 6% 10%Mix: Non-interest-bearing 19% 19% 21% 22% 21% NOW and interest-bearing demand deposits 12 12 12 11 11 Wealth management deposits (2) 3 3 3 3 3 Money market 36 35 34 34 34 Savings 12 12 12 12 12 Time certificates of deposit 18 19 18 18 19 Total deposits 100% 100% 100% 100% 100%

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

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of September 30, 2025

(Dollars in thousands) Total Time
Certificates of
Deposit Weighted-Average
Rate of Maturing
Time Certificates
of Deposit 1-3 months $4,450,481 3.83%4-6 months 3,165,121 3.72 7-9 months 1,489,181 3.64 10-12 months 973,156 3.79 13-18 months 196,146 3.13 19-24 months 79,669 3.00 24+ months 64,702 3.00 Total $10,418,456 3.74%

TABLE 4: QUARTERLY AVERAGE BALANCES

Average Balance for three months ended, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2025 2025 2025 2024 2024 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $3,276,683 $3,308,199 $3,520,048 $3,934,016 $2,413,728 Investment securities (2) 9,377,930 8,801,560 8,409,735 8,090,271 8,276,576 FHLB and FRB stock (3) 282,338 282,001 281,702 271,825 263,707 Liquidity management assets (4) $12,936,951 $12,391,760 $12,211,485 $12,296,112 $10,954,011 Other earning assets (4) (5) — — 13,140 20,528 17,542 Mortgage loans held-for-sale 295,365 310,534 286,710 378,707 376,251 Loans, net of unearned income (4) (6) 51,403,566 49,517,635 47,833,380 47,153,014 45,920,586 Total earning assets (4) $64,635,882 $62,219,929 $60,344,715 $59,848,361 $57,268,390 Allowance for loan and investment security losses (410,681) (398,685) (375,371) (367,238) (383,736)Cash and due from banks 495,292 478,707 476,423 470,033 467,333 Other assets 3,582,543 3,540,394 3,661,275 3,642,949 3,563,296 Total assets $68,303,036 $65,840,345 $64,107,042 $63,594,105 $60,915,283 NOW and interest-bearing demand deposits $6,687,292 $6,423,050 $6,046,189 $5,601,672 $5,174,673 Wealth management deposits 1,604,142 1,552,989 1,574,480 1,430,163 1,362,747 Money market accounts 19,431,021 18,184,754 17,581,141 17,579,395 16,436,111 Savings accounts 6,723,325 6,578,698 6,479,444 6,288,727 6,096,746 Time deposits 10,319,719 9,841,702 9,406,126 9,702,948 9,598,109 Interest-bearing deposits $44,765,499 $42,581,193 $41,087,380 $40,602,905 $38,668,386 FHLB advances (3) 3,151,310 3,151,310 3,151,309 3,160,658 3,178,973 Other borrowings 614,892 593,657 582,139 577,786 622,792 Subordinated notes 298,481 298,398 298,306 298,225 298,135 Junior subordinated debentures 253,566 253,566 253,566 253,566 253,566 Total interest-bearing liabilities $49,083,748 $46,878,124 $45,372,700 $44,893,140 $43,021,852 Non-interest-bearing deposits 10,791,709 10,643,798 10,732,156 10,718,738 10,271,613 Other liabilities 1,472,036 1,456,383 1,541,245 1,563,824 1,631,389 Equity 6,955,543 6,862,040 6,460,941 6,418,403 5,990,429 Total liabilities and shareholders’ equity $68,303,036 $65,840,345 $64,107,042 $63,594,105 $60,915,283 Net free funds/contribution (7) $15,552,134 $15,341,805 $14,972,015 $14,955,221 $14,246,538

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

TABLE 5: QUARTERLY NET INTEREST INCOME

Net Interest Income for three months ended, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2025 2025 2025 2024 2024 Interest income: Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $35,067 $34,593 $36,945 $46,308 $32,885 Investment securities 87,101 78,733 72,706 67,783 70,260 FHLB and FRB stock (1) 5,444 5,393 5,307 5,157 5,451 Liquidity management assets (2) $127,612 $118,719 $114,958 $119,248 $108,596 Other earning assets (2) — — 92 310 282 Mortgage loans held-for-sale 4,757 4,872 4,246 5,623 6,233 Loans, net of unearned income (2) 834,294 800,197 770,568 791,390 796,637 Total interest income $966,663 $923,788 $889,864 $916,571 $911,748 Interest expense: NOW and interest-bearing demand deposits $40,448 $37,517 $33,600 $31,695 $30,971 Wealth management deposits 8,415 8,182 8,606 9,412 10,158 Money market accounts 169,831 155,890 146,374 159,945 167,382 Savings accounts 38,844 37,637 35,923 38,402 42,892 Time deposits 98,308 94,244 95,730 106,934 110,616 Interest-bearing deposits $355,846 $333,470 $320,233 $346,388 $362,019 FHLB advances (1) 26,007 25,724 25,441 26,050 26,254 Other borrowings 6,887 6,957 6,792 7,519 9,013 Subordinated notes 3,717 3,735 3,714 3,733 3,712 Junior subordinated debentures 4,367 4,328 4,311 4,663 5,023 Total interest expense $396,824 $374,214 $360,491 $388,353 $406,021 Less: Fully taxable-equivalent adjustment (2,829) (2,880) (2,899) (3,070) (3,144)Net interest income (GAAP) (3) 567,010 546,694 526,474 525,148 502,583 Fully taxable-equivalent adjustment 2,829 2,880 2,899 3,070 3,144 Net interest income, fully taxable-equivalent (non-GAAP) (3) $569,839 $549,574 $529,373 $528,218 $505,727

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

TABLE 6: QUARTERLY NET INTEREST MARGIN

Net Interest Margin for three months ended, Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 Dec 31,
2024 Sep 30,
2024Yield earned on: Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 4.25% 4.19% 4.26% 4.68% 5.42%Investment securities 3.68 3.59 3.51 3.33 3.38 FHLB and FRB stock (1) 7.65 7.67 7.64 7.55 8.22 Liquidity management assets 3.91% 3.84% 3.82% 3.86% 3.94%Other earning assets — — 2.84 6.01 6.38 Mortgage loans held-for-sale 6.39 6.29 6.01 5.91 6.59 Loans, net of unearned income 6.44 6.48 6.53 6.68 6.90 Total earning assets 5.93% 5.96% 5.98% 6.09% 6.33% Rate paid on: NOW and interest-bearing demand deposits 2.40% 2.34% 2.25% 2.25% 2.38%Wealth management deposits 2.08 2.11 2.22 2.62 2.97 Money market accounts 3.47 3.44 3.38 3.62 4.05 Savings accounts 2.29 2.29 2.25 2.43 2.80 Time deposits 3.78 3.84 4.13 4.38 4.58 Interest-bearing deposits 3.15% 3.14% 3.16% 3.39% 3.72%FHLB advances 3.27 3.27 3.27 3.28 3.29 Other borrowings 4.44 4.70 4.73 5.18 5.76 Subordinated notes 4.94 5.02 5.05 4.98 4.95 Junior subordinated debentures 6.83 6.85 6.90 7.32 7.88 Total interest-bearing liabilities 3.21% 3.20% 3.22% 3.44% 3.75% Interest rate spread (2) (3) 2.72% 2.76% 2.76% 2.65% 2.58%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution (4) 0.78 0.78 0.80 0.86 0.93 Net interest margin (GAAP) (3) 3.48% 3.52% 3.54% 3.49% 3.49%Fully taxable-equivalent adjustment 0.02 0.02 0.02 0.02 0.02 Net interest margin, fully taxable-equivalent (non-GAAP) (3) 3.50% 3.54% 3.56% 3.51% 3.51%

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

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

Average Balance
for nine months ended,Interest
for nine months ended,Yield/Rate
for nine months ended,(Dollars in thousands)Sep 30,
2025 Sep 30,
2024Sep 30,
2025 Sep 30,
2024Sep 30,
2025 Sep 30,
2024Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)$3,367,419 $1,720,387 $106,605 $69,310 4.23% 5.38%Investment securities (2) 8,866,621 8,276,711 238,540 210,834 3.60 3.40 FHLB and FRB stock (3) 282,016 249,375 16,144 14,903 7.65 7.98 Liquidity management assets (4) (5)$12,516,056 $10,246,473 $361,289 $295,047 3.86% 3.85%Other earning assets (4) (5) (6) 4,332 15,966 92 715 2.84 5.98 Mortgage loans held-for-sale 297,568 338,061 13,875 15,813 6.23 6.25 Loans, net of unearned income (4) (5) (7) 49,597,938 43,963,779 2,405,059 2,261,341 6.48 6.87 Total earning assets (5)$62,415,894 $54,564,279 $2,780,315 $2,572,916 5.96% 6.30%Allowance for loan and investment security losses (395,041) (368,713) Cash and due from banks 483,543 450,899 Other assets 3,594,449 3,367,882 Total assets$66,098,845 $58,014,347 NOW and interest-bearing demand deposits$6,387,859 $5,279,697 $111,565 $98,586 2.34% 2.49%Wealth management deposits 1,577,312 1,467,886 25,203 30,913 2.14 2.81 Money market accounts 18,405,748 15,398,045 472,095 460,466 3.43 3.99 Savings accounts 6,594,716 5,923,205 112,404 123,026 2.28 2.77 Time deposits 9,859,196 8,435,172 288,282 284,263 3.91 4.50 Interest-bearing deposits$42,824,831 $36,504,005 $1,009,549 $997,254 3.15% 3.65%Federal Home Loan Bank advances 3,151,310 3,002,228 77,172 73,099 3.27 3.25 Other borrowings 597,016 612,627 20,636 26,961 4.62 5.88 Subordinated notes 298,396 381,813 11,166 14,384 5.00 5.03 Junior subordinated debentures 253,566 253,566 13,006 15,011 6.86 7.91 Total interest-bearing liabilities$47,125,119 $40,754,239 $1,131,529 $1,126,709 3.21% 3.69%Non-interest-bearing deposits 10,722,772 10,041,972 Other liabilities 1,489,635 1,589,790 Equity 6,761,319 5,628,346 Total liabilities and shareholders’ equity$66,098,845 $58,014,347 Interest rate spread (5) (8) 2.75% 2.61%Less: Fully taxable-equivalent adjustment (8,608) (8,820)(0.02) (0.02)Net free funds/contribution (9)$15,290,775 $13,810,040 0.78 0.93 Net interest income/margin (GAAP) (5) $1,640,178 $1,437,387 3.51% 3.52%Fully taxable-equivalent adjustment 8,608 8,820 0.02 0.02 Net interest income/margin, fully taxable-equivalent (non-GAAP) (5) $1,648,786 $1,446,207 3.53% 3.54%

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

TABLE 8: INTEREST RATE SENSITIVITY

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

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

Static Shock Scenario +200 Basis
Points +100 Basis
Points -100 Basis
Points -200 Basis
PointsSep 30, 2025 (2.3)% (0.8)% 0.0% (0.4)% Jun 30, 2025 (1.5) (0.4) (0.2) (1.2)Mar 31, 2025 (1.8) (0.6) (0.2) (1.2)Dec 31, 2024 (1.6) (0.6) (0.3) (1.5)Sep 30, 2024 1.2 1.1 0.4 (0.9)

Ramp Scenario+200 Basis
Points +100 Basis
Points -100 Basis
Points -200 Basis
PointsSep 30, 2025(0.2)% (0.1)% 0.1% (0.1)% Jun 30, 20250.0 0.0 (0.1) (0.4)Mar 31, 20250.2 0.2 (0.1) (0.5)Dec 31, 2024(0.2) (0.0) 0.0 (0.3)Sep 30, 20241.6 1.2 0.7 0.5

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

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or contractual maturity periodAs of September 30, 2025One year or
less From one to
five years From five to
fifteen years After fifteen
years Total(In thousands) Commercial Fixed rate$465,635 $3,851,843 $2,154,642 $17,113 $6,489,233Variable rate 10,054,366 743 — — 10,055,109Total commercial$10,520,001 $3,852,586 $2,154,642 $17,113 $16,544,342Commercial real estate Fixed rate$771,993 $2,629,379 $358,703 $68,729 $3,828,804Variable rate 9,779,638 10,700 65 — 9,790,403Total commercial real estate$10,551,631 $2,640,079 $358,768 $68,729 $13,619,207Home equity Fixed rate$9,470 $464 $— $13 $9,947Variable rate 474,255 — — — 474,255Total home equity$483,725 $464 $— $13 $484,202Residential real estate Fixed rate$17,018 $4,563 $70,142 $1,040,869 $1,132,592Variable rate 117,542 736,051 2,157,685 — 3,011,278Total residential real estate$134,560 $740,614 $2,227,827 $1,040,869 $4,143,870Premium finance receivables - property & casualty Fixed rate$8,275,798 $90,494 $— $— $8,366,292Variable rate — — — — —Total premium finance receivables - property & casualty$8,275,798 $90,494 $— $— $8,366,292Premium finance receivables - life insurance Fixed rate$255,894 $140,954 $4,000 $— $400,848Variable rate 8,357,705 — — — 8,357,705Total premium finance receivables - life insurance$8,613,599 $140,954 $4,000 $— $8,758,553Consumer and other Fixed rate$65,657 $8,660 $1,045 $853 $76,215Variable rate 70,801 — — — 70,801Total consumer and other$136,458 $8,660 $1,045 $853 $147,016 Total per category Fixed rate$9,861,465 $6,726,357 $2,588,532 $1,127,577 $20,303,931Variable rate 28,854,307 747,494 2,157,750 — 31,759,551Total loans, net of unearned income$38,715,772 $7,473,851 $4,746,282 $1,127,577 $52,063,482Less: Existing cash flow hedging derivatives (1) (5,650,000) Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$33,065,772 Variable Rate Loan Pricing by Index: SOFR tenors (2) $20,295,81912- month CMT (3) 7,284,381Prime 3,083,193Fed Funds 768,000Other U.S. Treasury tenors 191,629Other 136,529Total variable rate $31,759,551

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

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/0a0dfa31-b8af-4032-bcab-ba07bcc7557c

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 $17.5 billion tied to one-month SOFR and $7.3 billion tied to twelve-month CMT. The above chart shows:

Basis Point (bp) Change in 1-month
SOFR 12- month
CMT Prime Third Quarter 2025 (19)bps(28)bps(25)bpsSecond Quarter 2025 — (7) — First Quarter 2025 (1) (13) — fourth quarter 2024 (52) 18 (50) Third Quarter 2024 (49) (111) (50)

TABLE 10: ALLOWANCE FOR CREDIT LOSSES

Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars in thousands) 2025 2025 2025 2024 2024 2025 2024 Allowance for credit losses at beginning of period $457,461 $448,387 $437,060 $436,193 $437,560 $437,060 $427,612 Provision for credit losses - Other 21,768 22,234 23,963 16,979 6,787 67,965 68,521 Provision for credit losses - Day 1 on non-PCD assets acquired during the period — — — — 15,547 — 15,547 Initial allowance for credit losses recognized on PCD assets acquired during the period — — — — 3,004 — 3,004 Other adjustments (88) 180 4 (187) 30 96 (20)Charge-offs: Commercial 21,597 6,148 9,722 5,090 22,975 37,467 43,774 Commercial real estate 144 5,711 454 1,037 95 6,309 21,090 Home equity 27 111 — — — 138 74 Residential real estate 26 — — 114 — 26 61 Premium finance receivables - property & casualty 6,860 6,346 7,114 13,301 7,790 20,320 24,214 Premium finance receivables - life insurance 18 — 12 — 4 30 4 Consumer and other 174 179 147 189 154 500 398 Total charge-offs 28,846 18,495 17,449 19,731 31,018 64,790 89,615 Recoveries: Commercial 1,449 1,746 929 775 649 4,124 2,078 Commercial real estate 241 10 12 172 30 263 151 Home equity 104 30 216 194 101 350 165 Residential real estate 1 2 136 0 5 139 15 Premium finance receivables - property & casualty 2,459 3,335 3,487 2,646 3,436 9,281 8,613 Premium finance receivables - life insurance — — — — 41 — 54 Consumer and other 37 32 29 19 21 98 68 Total recoveries 4,291 5,155 4,809 3,806 4,283 14,255 11,144 Net charge-offs (24,555) (13,340) (12,640) (15,925) (26,735) (50,535) (78,471)Allowance for credit losses at period end $454,586 $457,461 $448,387 $437,060 $436,193 $454,586 $436,193 Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average: Commercial 0.49% 0.11% 0.23% 0.11% 0.61% 0.28% 0.41%Commercial real estate (0.00) 0.17 0.01 0.03 0.00 0.06 0.23 Home equity (0.06) 0.07 (0.20) (0.18) (0.10) (0.06) (0.03)Residential real estate 0.00 (0.00) (0.02) 0.01 0.00 (0.00) 0.00 Premium finance receivables - property & casualty 0.20 0.16 0.20 0.59 0.24 0.19 0.30 Premium finance receivables - life insurance 0.00 — 0.00 — 0.00 0.00 (0.00)Consumer and other 0.40 0.44 0.45 0.63 0.63 0.43 0.54 Total loans, net of unearned income 0.19% 0.11% 0.11% 0.13% 0.23% 0.14 0.24% Loans at period end $52,063,482 $51,041,679 $48,708,390 $48,055,037 $47,067,447 Allowance for loan losses as a percentage of loans at period end 0.74% 0.77% 0.78% 0.76% 0.77% Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end 0.87 0.90 0.92 0.91 0.93

PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(In thousands) 2025 2025 2025 2024 2024 2025 2024 Provision for loan losses - Other $19,610 $26,607 $26,826 $19,852 $6,782 $73,043 $78,052 Provision for credit losses - Day 1 on non-PCD assets acquired during the period — — — — 15,547 — 15,547 Provision for unfunded lending-related commitments losses - Other 2,160 (4,325) (2,852) (2,851) 17 (5,017) (9,663)Provision for held-to-maturity securities losses (2) (48) (11) (22) (12) (61) 132 Provision for credit losses $21,768 $22,234 $23,963 $16,979 $22,334 $67,965 $84,068 Allowance for loan losses $386,622 $391,654 $378,207 $364,017 $360,279 Allowance for unfunded lending-related commitments losses 67,569 65,409 69,734 72,586 75,435 Allowance for loan losses and unfunded lending-related commitments losses 454,191 457,063 447,941 436,603 435,714 Allowance for held-to-maturity securities losses 395 398 446 457 479 Allowance for credit losses $454,586 $457,461 $448,387 $437,060 $436,193

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 September 30, 2025, June 30, 2025 and March 31, 2025.

As of Sep 30, 2025As of Jun 30, 2025As of Mar 31, 2025(Dollars in thousands)Recorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceCommercial$16,544,342 $189,476 1.15%$16,387,431 $194,568 1.19%$15,931,326 $201,183 1.26%Commercial real estate: Construction and development 2,658,153 78,765 2.96 2,529,117 75,936 3.00 2,448,881 71,388 2.92 Non-construction 10,961,054 151,712 1.38 10,762,893 148,422 1.38 10,466,020 138,622 1.32 Total commercial real estate$13,619,207 $230,477 1.69%$13,292,010 $224,358 1.69%$12,914,901 $210,010 1.63%Total commercial and commercial real estate$30,163,549 $419,953 1.39%$29,679,441 $418,926 1.41%$28,846,227 $411,193 1.43%Home equity 484,202 9,229 1.91 466,815 9,221 1.98 455,683 9,139 2.01 Residential real estate 4,143,870 12,013 0.29 3,948,782 11,455 0.29 3,685,159 10,652 0.29 Premium finance receivables Property and casualty insurance 8,366,292 11,187 0.13 8,323,176 15,872 0.19 7,239,862 15,310 0.21 Life insurance 8,758,553 762 0.01 8,506,960 740 0.01 8,365,140 729 0.01 Consumer and other 147,016 1,047 0.71 116,505 849 0.73 116,319 918 0.79 Total loans, net of unearned income$52,063,482 $454,191 0.87%$51,041,679 $457,063 0.90%$48,708,390 $447,941 0.92% Total core loans (1)$30,610,433 $408,780 1.34%$29,928,663 $409,826 1.37%$29,108,500 $397,664 1.37%Total niche loans (1) 21,453,049 45,411 0.21 21,113,016 47,237 0.22 19,599,890 50,277 0.26

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

TABLE 13: LOAN PORTFOLIO AGING

(In thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024Loan Balances: Commercial Nonaccrual $66,577 $80,877 $70,560 $73,490 $63,82690+ days and still accruing — — 46 104 2060-89 days past due 12,190 34,855 15,243 54,844 32,56030-59 days past due 36,136 45,103 97,397 92,551 46,057Current 16,429,439 16,226,596 15,748,080 15,353,562 15,105,230Total commercial $16,544,342 $16,387,431 $15,931,326 $15,574,551 $15,247,693Commercial real estate Nonaccrual $28,202 $32,828 $26,187 $21,042 $42,07190+ days and still accruing — — — — 22560-89 days past due 14,119 11,257 6,995 10,521 13,43930-59 days past due 83,055 51,173 83,653 30,766 48,346Current 13,493,831 13,196,752 12,798,066 12,841,615 12,689,336Total commercial real estate $13,619,207 $13,292,010 $12,914,901 $12,903,944 $12,793,417Home equity Nonaccrual $1,295 $1,780 $2,070 $1,117 $1,12290+ days and still accruing — — — — —60-89 days past due 246 138 984 1,233 1,03530-59 days past due 2,294 2,971 3,403 2,148 2,580Current 480,367 461,926 449,226 440,530 422,306Total home equity $484,202 $466,815 $455,683 $445,028 $427,043Residential real estate Early buy-out loans guaranteed by U.S. government agencies (1) $124,824 $134,067 $123,742 $156,756 $135,389Nonaccrual 28,942 28,047 22,522 23,762 17,95990+ days and still accruing — — — — —60-89 days past due 8,829 8,954 1,351 5,708 6,36430-59 days past due 95 38 38,943 18,917 2,160Current 3,981,180 3,777,676 3,498,601 3,407,622 3,226,166Total residential real estate $4,143,870 $3,948,782 $3,685,159 $3,612,765 $3,388,038Premium finance receivables - property & casualty Nonaccrual $24,512 $30,404 $29,846 $28,797 $36,07990+ days and still accruing 13,006 14,350 18,081 16,031 18,23560-89 days past due 23,527 25,641 19,717 19,042 18,74030-59 days past due 38,133 29,460 39,459 68,219 30,204Current 8,267,114 8,223,321 7,132,759 7,139,953 7,028,423Total Premium finance receivables - property & casualty $8,366,292 $8,323,176 $7,239,862 $7,272,042 $7,131,681Premium finance receivables - life insurance Nonaccrual $— $— $— $6,431 $—90+ days and still accruing — 327 2,962 — —60-89 days past due 34,016 11,202 10,587 72,963 10,90230-59 days past due 34,506 34,403 29,924 36,405 74,432Current 8,690,031 8,461,028 8,321,667 8,031,346 7,911,565Total Premium finance receivables - life insurance $8,758,553 $8,506,960 $8,365,140 $8,147,145 $7,996,899Consumer and other Nonaccrual $38 $41 $18 $2 $290+ days and still accruing 60 184 98 47 14860-89 days past due 49 61 162 59 2230-59 days past due 159 175 542 882 264Current 146,710 116,044 115,499 98,572 82,240Total consumer and other $147,016 $116,505 $116,319 $99,562 $82,676Total loans, net of unearned income Early buy-out loans guaranteed by U.S. government agencies (1) $124,824 $134,067 $123,742 $156,756 $135,389Nonaccrual 149,566 173,977 151,203 154,641 161,05990+ days and still accruing 13,066 14,861 21,187 16,182 18,62860-89 days past due 92,976 92,108 55,039 164,370 83,06230-59 days past due 194,378 163,323 293,321 249,888 204,043Current 51,488,672 50,463,343 48,063,898 47,313,200 46,465,266Total loans, net of unearned income $52,063,482 $51,041,679 $48,708,390 $48,055,037 $47,067,447

(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)

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(Dollars in thousands) 2025 2025 2025 2024 2024 Loans past due greater than 90 days and still accruing: Commercial$— $— $46 $104 $20 Commercial real estate — — — — 225 Home equity — — — — — Residential real estate — — — — — Premium finance receivables - property & casualty 13,006 14,350 18,081 16,031 18,235 Premium finance receivables - life insurance — 327 2,962 — — Consumer and other 60 184 98 47 148 Total loans past due greater than 90 days and still accruing 13,066 14,861 21,187 16,182 18,628 Non-accrual loans: Commercial 66,577 80,877 70,560 73,490 63,826 Commercial real estate 28,202 32,828 26,187 21,042 42,071 Home equity 1,295 1,780 2,070 1,117 1,122 Residential real estate 28,942 28,047 22,522 23,762 17,959 Premium finance receivables - property & casualty 24,512 30,404 29,846 28,797 36,079 Prem