ROSEMONT, Ill., April 17, 2024 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust", "the Company", "we" or "our") (NASDAQ:WTFC) announced record quarterly net income of $187.3 million or $2.89 per diluted common share for the first quarter of 2024, an increase in diluted earnings per common share of 55% compared to the fourth quarter of 2023. Pre-tax, pre-provision income (non-GAAP) totaled a record $271.6 million, up 30% as compared to $208.2 million in the fourth quarter of 2023. Timothy S. Crane, President and Chief Executive Officer, commented, "Following record net income in 2023, we continued our momentum with strong results to start 2024. We leveraged our balanced, multi-faceted business model and position as Chicago's and Wisconsin's bank to grow deposits and loans while maintaining our consistent credit standards coupled with expense management." Additionally, Mr. Crane noted, "The first quarter exhibited funding strong loan growth with competitively-priced deposits in accordance with the increased loan demand. Increasing our long-term franchise value and net interest income remains our focus as we consider opportunities in the markets we serve." Highlights of the first quarter of 2024:Comparative information to the fourth quarter of 2023, unless otherwise noted Total loans increased by approximately $1.1 billion, or 10% annualized. Total deposits increased by approximately $1.1 billion, or 9% annualized. Total assets increased by $1.3 billion, or 9% annualized. Net interest margin decreased by five basis points to 3.57% (3.59% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2024. Net interest income decreased to $464.2 million in the first quarter of 2024 compared to $470.0 million in the fourth quarter of 2023, primarily due to one less day in the first quarter of 2024. Non-interest income was impacted by the following: Gains of approximately $20.0 million from the sale of the Company's Retirement Benefits Advisors ("RBA") division. This gain was partially offset by additional commissions and incentive compensation totaling $701,000 related to the sale transaction. Favorable net valuation adjustments related to certain mortgage assets totaled $2.3 million in the first quarter of 2024 compared to unfavorable net valuation adjustments of $9.7 million in the fourth quarter of 2023. Non-interest expense was negatively impacted by an accrual of $5.2 million for estimated amounts owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring in 2023. This is in addition to the related $34.4 million accrued in the fourth quarter of 2023 for the estimate of such FDIC special assessments. Provision for credit losses totaled $21.7 million in the first quarter of 2024 as compared to a provision for credit losses of $42.9 million in the fourth quarter of 2023. Net charge-offs totaled $21.8 million, or 21 basis points of average total loans on an annualized basis, in the first quarter of 2024 as compared to $14.9 million, or 14 basis points of average total loans on an annualized basis in the fourth quarter of 2023. Mr. Crane noted, "Our net interest margin for the first quarter stayed within our expected range, decreasing by five basis points compared to the fourth quarter of 2023. The decrease in net interest margin was due primarily to certain seasonal declines in non-interest bearing deposit balances, deposit migration to interest-bearing products and competitive deposit pricing to fund quality loan growth. Loan growth during the first quarter totaled $1.1 billion, or 10% on an annualized basis. We are pleased with our diversified loan growth in the first quarter with strong loan origination activity in commercial and residential real estate portfolios, as well as growth in commercial real estate driven primarily by draws on existing loan facilities. Deposit growth in the first quarter of 2024 was utilized to fund our robust loan growth as deposits increased by approximately $1.1 billion, or 9% on an annualized basis. We continue to leverage our customer relationships and market positioning to generate deposits and build long term franchise value. Non-interest bearing deposits decreased due to seasonality during the first quarter while also experiencing some migration to interest-bearing products. Despite the slightly lower net interest income during the current period, we generated record quarterly net revenue through our diversified sources of revenue, including our mortgage banking and wealth management businesses." Commenting on credit quality, Mr. Crane stated, "Credit metrics have remained steady, aligning with historical averages. Net charge-offs totaled $21.8 million, or 21 basis points of average total loans on an annualized basis, in the first quarter of 2024 as compared to $14.9 million, or 14 basis points of average total loans on an annualized basis, in the fourth quarter of 2023. Approximately $11.9 million of charge-offs in the current quarter were previously reserved for in the fourth quarter of 2023 Non-performing loans totaled $148.4 million, or 0.34% of total loans, at the end of the first quarter of 2024 compared to $139.0 million, or 0.33% of total loans, at the end of the fourth quarter of 2023. We continue to conservatively and proactively review credit and maintain our consistently strong credit standards. The allowance for credit losses on our core loan portfolio as of March 31, 2024 was approximately 1.51% of the outstanding balance (see Table 11 for additional information). We believe that the Company's reserves remain appropriate and we remain diligent in our review of credit." Mr. Crane added, "Late loan growth in the first quarter creates positive revenue momentum moving forward as period-end loan balances exceeded averages. We continue to see good opportunities in the markets we serve and feel well positioned to grow deposit and loan relationships in future quarters. Our focus remains on winning business and maximizing long term franchise value." In summary, Mr. Crane noted, "The quarter was strong, momentum remains good and we are excited about the agreement reached to acquire Macatawa Bank Corporation in Michigan (announced April 15, 2024). The ability to expand with a high quality bank with a strong low-cost core deposit base, excess liquidity, exceptional asset quality and a committed management team is a terrific fit for Wintrust." The graphs below illustrate certain financial highlights of the first quarter of 2024 as well as historical financial performance. See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 16 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/813fc027-da7e-4253-a341-e3d12f08e2d6 SUMMARY OF RESULTS: BALANCE SHEET Total assets increased $1.3 billion in the first quarter of 2024 as compared to the fourth quarter of 2023. Total loans increased by $1.1 billion as compared to the fourth quarter of 2023. The increase in loans was the result of diversified loan growth primarily across the commercial and residential real estate portfolios coupled with draws on existing commercial real-estate loan facilities. Total liabilities increased by $1.3 billion in the first quarter of 2024 as compared to the fourth quarter of 2023 primarily due to a $1.1 billion increase in total deposits. Non-interest bearing deposits as a percentage of total deposits was 21% at March 31, 2024 compared to 23% at December 31, 2023. The Company's loans to deposits ratio ended the quarter at 93.1%. For more information regarding changes in the Company's balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report. NET INTEREST INCOME For the first quarter of 2024, net interest income totaled $464.2 million, a decrease of $5.8 million as compared to the fourth quarter of 2023. The $5.8 million decrease in net interest income in the first quarter of 2024 compared to the fourth quarter of 2023 was primarily due to one less day during the period as well as a five basis point decrease in the net interest margin, partially offset by a $755.8 million increase in average earning assets. Net interest margin was 3.57% (3.59% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2024 compared to 3.62% (3.64% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2023. The net interest margin decrease as compared to the fourth quarter of 2023 was primarily due to a 15 basis point increase in the rate paid on interest-bearing liabilities. This decrease was partially offset by a nine basis point increase in yield on earning assets and a one basis point increase in the net free funds contribution. The 15 basis point increase on the rate paid on interest-bearing liabilities in the first quarter of 2024 as compared to the fourth quarter of 2023 was primarily due to a 16 basis point increase in the rate paid on interest-bearing deposits. The nine basis point increase in the yield on earning assets in the first quarter of 2024 as compared to the fourth quarter of 2023 was primarily due to an 11 basis point expansion on loan yields. For more information regarding net interest income, see Table 4 through Table 7 in this report. ASSET QUALITY The allowance for credit losses totaled $427.5 million as of March 31, 2024, relatively unchanged compared to $427.6 million as of December 31, 2023. A provision for credit losses totaling $21.7 million was recorded for the first quarter of 2024 as compared to $42.9 million recorded in the fourth quarter of 2023. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report. Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses accounting standard requires the Company to estimate expected credit losses over the life of the Company's financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2024, December 31, 2023, and September 30, 2023 is shown on Table 11 of this report. Net charge-offs totaled $21.8 million in the first quarter of 2024, as compared to $14.9 million of net charge-offs in the fourth quarter of 2023. The increase in net charge-offs during the first quarter of 2024 was primarily the result of increased net charge-offs within the commercial portfolio. Net charge-offs as a percentage of average total loans were 21 basis points in the first quarter of 2024 on an annualized basis compared to 14 basis points on an annualized basis in the fourth quarter of 2023. For more information regarding net charge-offs, see Table 9 in this report. The Company's delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report. Non-performing assets totaled $162.9 million and comprised 0.28% of total assets as of March 31, 2024, as compared to $152.3 million as of December 31, 2023. Non-performing loans totaled $148.4 million, or 0.34% of total loans, at March 31, 2024. The increase in the first quarter of 2024 was primarily due to an increase in certain credits within the commercial real estate portfolio becoming nonaccrual as well as increases within the property and casualty insurance premium finance receivables portfolio, partially offset by a decrease within the commercial portfolio. For more information regarding non-performing assets, see Table 13 in this report. Though these credit metrics increased during the period, net charge-offs as a percentage of average total loans and non-performing loans as a percentage of total loans remained at historically low levels in the first quarter of 2024. NON-INTEREST INCOME Wealth management revenue increased by $1.5 million in the first quarter of 2024 as compared to the fourth quarter of 2023 primarily due to increased asset management fees from higher assets under management during the period. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company. Mortgage banking revenue increased by $20.2 million in the first quarter of 2024 as compared to the fourth quarter of 2023 primarily due to a $5.0 million favorable valuation adjustment to the fair value of mortgage servicing rights, net of servicing hedge, in the first quarter of 2024 compared to a $16.1 million unfavorable adjustment in the fourth quarter of 2023, as well as $6.6 million higher in production revenue. This was partially offset by an unfavorable adjustment to the Company's held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $2.2 million in the first quarter of 2024 compared to a $4.9 million favorable adjustment in the fourth quarter of 2023. The Company monitors the relationship of these assets and seeks to minimize the earnings impact of fair value changes. The Company recognized $1.3 million in net gains on investment securities in the first quarter of 2024 as compared to $2.5 million in net gains in the fourth quarter of 2023. The change from period to period was primarily the result of lower unrealized gains on the Company's equity investment securities with a readily determinable fair value, partially offset by higher realized gains from the liquidation of an equity investment security without a readily determinable fair value in the first quarter of 2024. Fluctuations in trading gains and losses in the first quarter of 2024 compared to the fourth quarter of 2023 were primarily the result of fair value adjustments related to interest rate derivatives not designated as hedges. Other income increased by $17.6 million in the first quarter of 2024 compared to the fourth quarter of 2023 primarily due to a $20.0 million gain recognized related to the sale of the Company's RBA division within its wealth management business. This was partially offset by an unfavorable adjustment to the Company's held-for-investment portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $2.1 million when compared to the fourth quarter of 2023, as well as lower interest rate swap fees and unfavorable foreign currency remeasurement adjustments. For more information regarding non-interest income, see Table 14 in this report. NON-INTEREST EXPENSE Salaries and employee benefits expense increased by $1.2 million in the first quarter of 2024 as compared to the fourth quarter of 2023. The $1.2 million increase is primarily related to higher commissions from increased mortgage production as well as commissions related to the sale of the Company's RBA division within its wealth management business in the first quarter of 2024. This was partially offset by lower employee benefits as employee insurance decreased in the first quarter of 2024. Advertising and marketing expenses in the first quarter of 2024 totaled $13.0 million, which is a $4.1 million decrease as compared to the fourth quarter of 2023 primarily due to a decrease in digital advertising and sponsorships. FDIC insurance, including amounts accrued for estimated special assessments, decreased $29.1 million in the first quarter of 2024 as compared to the fourth quarter of 2023. This was primarily the result of a lower accrual recognized in the first quarter of 2024 for estimated amounts owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring in 2023. The Company recognized $5.2 million in the first quarter of 2024 for such special assessment compared to $34.4 million in the fourth quarter of 2023. The Company recorded OREO expense of $392,000 in the first quarter of 2024, compared to net OREO income of $1.6 million in the fourth quarter of 2023 related to realized gains on sales of OREO. For more information regarding non-interest expense, see Table 15 in this report. INCOME TAXES The Company recorded income tax expense of $62.7 million in the first quarter of 2024 compared to $41.8 million in the fourth quarter of 2023. The effective tax rates were 25.07% in the first quarter of 2024 compared to 25.27% in the fourth quarter of 2023. The effective tax rates were partially 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 $4.4 million in the first quarter of 2024, compared to net excess tax benefits of $53,000 in the fourth quarter of 2023 related to share-based compensation. The effective tax rates were also partially impacted due to an overall lower level of pre-tax net income in the comparable periods, primarily due to the accrual for the estimated amount owed as a result of the FDIC special assessment on uninsured deposits. The Company recorded an estimated FDIC special assessment accrual of $5.2 million in the first quarter of 2024, compared to a $34.4 million accrual in the fourth quarter of 2023. BUSINESS UNIT SUMMARY Community Banking Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2024, the community banking unit expanded its commercial, commercial real estate and residential real estate loan portfolios. Mortgage banking revenue was $27.7 million for the first quarter of 2024, an increase of $20.2 million as compared to the fourth quarter of 2023, primarily due to a $5.0 million favorable valuation adjustment to the fair value of mortgage servicing rights, net of servicing hedge, in the first quarter of 2024 compared to a $16.1 million unfavorable adjustment in the fourth quarter of 2023, as well as $6.6 million higher in production revenue. This was partially offset by an unfavorable adjustment to the Company's held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies, which are held at fair value, of $2.2 million in the first quarter of 2024 compared to a $4.9 million favorable adjustment in the fourth quarter of 2023. Service charges on deposit accounts totaled $14.8 million in the first quarter of 2024, which was relatively stable compared to the fourth quarter of 2023. The Company's gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2024 indicating momentum for expected continued loan growth in the second quarter of 2024. Specialty Finance Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.6 billion during the first quarter of 2024 and average balances increased by $12.5 million as compared to the fourth quarter of 2023. The Company's leasing portfolio balance increased in the first quarter of 2024, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $3.6 billion as of March 31, 2024 as compared to $3.4 billion as of December 31, 2023. Revenues from the Company's out-sourced administrative services business were $1.2 million in the first quarter of 2024, which was relatively stable compared to the fourth quarter of 2023. Wealth Management Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See "Items Impacting Comparative Results," regarding the sale of the RBA division during the first quarter of 2024. Wealth management revenue totaled $34.8 million in the first quarter of 2024, increasing $1.5 million in the first quarter of 2024 as compared to the fourth quarter of 2023 primarily due to increased asset management fees from higher assets under management during the period. At March 31, 2024, the Company's wealth management subsidiaries had approximately $48.7 billion of assets under administration, which included $8.8 billion of assets owned by the Company and its subsidiary banks, representing an increase from the $47.1 billion of assets under administration at December 31, 2023. ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS Division Sale In the first quarter of 2024, the Company sold its RBA division and recorded a gain of approximately $20.0 million in other non-interest income from the sale. Business Combination On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase. WINTRUST FINANCIAL CORPORATION Key Operating Measures Wintrust's key operating measures and growth rates for the first quarter of 2024, as compared to the fourth quarter of 2023 (sequential quarter) and first quarter of 2023 (linked quarter), are shown in the table below:               % or (1)basis point (bp) change from4th Quarter2023   % orbasis point (bp) change from1st Quarter2023     Three Months Ended   (Dollars in thousands, except per share data)   Mar 31, 2024   Dec 31, 2023   Mar 31, 2023   Net income   $ 187,294     $ 123,480     $ 180,198   52   %   4   % Pre-tax income, excluding provision for credit losses (non-GAAP) (2)     271,629       208,151       266,595   30       2     Net income per common share – Diluted     2.89       1.87       2.80   55       3     Cash dividends declared per common share     0.45       0.40       0.40   13       13     Net revenue (3)     604,774       570,803       565,764   6       7     Net interest income     464,194       469,974       457,995   (1 )     1     Net interest margin     3.57 %     3.62 %     3.81 % (5 ) bps   (24 ) bps Net interest margin – fully taxable-equivalent (non-GAAP) (2)     3.59       3.64       3.83   (5 )     (24 )   Net overhead ratio (4)     1.39       1.89       1.49   (50 )     (10 )   Return on average assets     1.35       0.89       1.40   46       (5 )   Return on average common equity     14.42       9.93       15.67   449       (125 )   Return on average tangible common equity (non-GAAP) (2)     16.75       11.73       18.55   502       (180 )   At end of period                       Total assets   $ 57,576,933     $ 56,259,934     $ 52,873,511   9   %   9   % Total loans (5)     43,230,706       42,131,831       39,565,471   10       9     Total deposits     46,448,858       45,397,170       42,718,211   9       9     Total shareholders' equity     5,436,400       5,399,526       5,015,506   3       8     (1) Period-end balance sheet percentage changes are annualized. (2) See Table 16: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(3) Net revenue is net interest income plus non-interest income.(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency.(5) Excludes mortgage loans held-for-sale. Certain returns, yields, performance ratios, or quarterly growth rates are "annualized" in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company's website at www.wintrust.com by choosing "Financial Reports" under the "Investor Relations" heading, and then choosing "Financial Highlights." WINTRUST FINANCIAL CORPORATIONSelected Financial Highlights     Three Months Ended (Dollars in thousands, except per share data)   Mar 31, 2024   Dec 31, 2023   Sep 30, 2023   Jun 30, 2023   Mar 31, 2023 Selected Financial Condition Data (at end of period): Total assets   $ 57,576,933     $ 56,259,934     $ 55,555,246     $ 54,286,176     $ 52,873,511   Total loans (1)     43,230,706       42,131,831       41,446,032       41,023,408       39,565,471   Total deposits     46,448,858       45,397,170       44,992,686       44,038,707       42,718,211   Total shareholders' equity     5,436,400       5,399,526       5,015,613       5,041,912       5,015,506   Selected Statements of Income Data:                     Net interest income   $ 464,194     $ 469,974     $ 462,358     $ 447,537     $ 457,995   Net revenue (2)     604,774       570,803       574,836       560,567       565,764   Net income     187,294       123,480       164,198       154,750       180,198   Pre-tax income, excluding provision for credit losses (non-GAAP) (3)     271,629       208,151       244,781       239,944       266,595   Net income per common share – Basic     2.93       1.90       2.57       2.41       2.84   Net income per common share – Diluted     2.89       1.87       2.53       2.38       2.80   Cash dividends declared per common share     0.45       0.40       0.40       0.40       0.40   Selected Financial Ratios and Other Data:                     Performance Ratios:                     Net interest margin     3.57 %     3.62 %     3.60 %     3.64 %     3.81 % Net interest margin – fully taxable-equivalent (non-GAAP) (3)     3.59       3.64       3.62       3.66       3.83   Non-interest income to average assets     1.02       0.73       0.82       0.86       0.84   Non-interest expense to average assets     2.41       2.62       2.41       2.44       2.33   Net overhead ratio (4)     1.39       1.89       1.59       1.58       1.49   Return on average assets     1.35       0.89       1.20       1.18       1.40   Return on average common equity     14.42       9.93       13.35       12.79       15.67   Return on average tangible common equity (non-GAAP) (3)     16.75       11.73       15.73       15.12       18.55   Average total assets   $ 55,602,695     $ 55,017,075     $ 54,381,981     $ 52,601,953     $ 52,075,318   Average total shareholders' equity     5,440,457       5,066,196       5,083,883       5,044,718       4,895,271   Average loans to average deposits ratio     94.5 %     92.9 %     92.4 %     94.3 %     93.0 % Period-end loans to deposits ratio     93.1       92.8       92.1       93.2       92.6   Common Share Data at end of period:                     Market price per common share   $ 104.39     $ 92.75     $ 75.50     $ 72.62     $ 72.95   Book value per common share     81.38       81.43       75.19       75.65       75.24   Tangible book value per common share (non-GAAP) (3)     70.40       70.33       64.07       64.50       64.22   Common shares outstanding     61,736,715       61,243,626       61,222,058       61,197,676       61,176,415   Other Data at end of period:                     Common equity to assets ratio     8.7 %     8.9 %     8.3 %     8.5 %     8.7 % Tangible common equity ratio (non-GAAP) (3)     7.6       7.7       7.1       7.4       7.5   Tier 1 leverage ratio (5)     9.5       9.3       9.2       9.3       9.1   Risk-based capital ratios:                     Tier 1 capital ratio (5)     10.3       10.3       10.2       10.1       10.1   Common equity tier 1 capital ratio (5)     9.5       9.4       9.3       9.3       9.2   Total capital ratio (5)     12.2       12.1       12.0       12.0       12.1   Allowance for credit losses (6)   $ 427,504     $ 427,612     $ 399,531     $ 387,786     $ 376,261   Allowance for loan and unfunded lending-related commitment losses to total loans     0.99 %     1.01 %     0.96 %     0.94 %     0.95 % Number of:                     Bank subsidiaries     15       15       15       15       15   Banking offices     176       174       174       175       174   (1) Excludes mortgage loans held-for-sale.(2) Net revenue is net interest income plus non-interest income.(3) See Table 16: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency.(5) Capital ratios for current quarter-end are estimated.(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CONDITION     (Unaudited)       (Unaudited)   (Unaudited)   (Unaudited)     Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31, (In thousands)     2024       2023       2023       2023       2023   Assets                     Cash and due from banks   $ 379,825     $ 423,404     $ 418,088     $ 513,858     $ 445,928   Federal funds sold and securities purchased under resale agreements     61       60       60       59       58   Interest-bearing deposits with banks     2,131,077       2,084,323       2,448,570       2,163,708       1,563,578   Available-for-sale securities, at fair value     4,387,598       3,502,915       3,611,835       3,492,481       3,259,845   Held-to-maturity securities, at amortized cost     3,810,015       3,856,916       3,909,150       3,564,473       3,606,391   Trading account securities     2,184       4,707       1,663       3,027       102   Equity securities with readily determinable fair value     119,777       139,268       134,310       116,275       111,943   Federal Home Loan Bank and Federal Reserve Bank stock     224,657       205,003       204,040       195,117       244,957   Brokerage customer receivables     13,382       10,592       14,042       15,722       16,042   Mortgage loans held-for-sale, at fair value     339,884       292,722       304,808       338,728       302,493   Loans, net of unearned income     43,230,706       42,131,831       41,446,032       41,023,408       39,565,471   Allowance for loan losses     (348,612 )     (344,235 )     (315,039 )     (302,499 )     (287,972 ) Net loans     42,882,094       41,787,596       41,130,993       40,720,909       39,277,499   Premises, software and equipment, net     744,769       748,966       747,501       749,393       760,283   Lease investments, net     283,557       281,280       275,152       274,351       256,301   Accrued interest receivable and other assets     1,580,142       1,551,899       1,674,681       1,455,748       1,413,795   Trade date securities receivable     —       690,722       —       —       939,758   Goodwill     656,181       656,672       656,109       656,674       653,587   Other acquisition-related intangible assets     21,730       22,889       24,244       25,653       20,951   Total assets   $ 57,576,933     $ 56,259,934     $ 55,555,246     $ 54,286,176     $ 52,873,511   Liabilities and Shareholders' Equity                     Deposits:                     Non-interest-bearing   $ 9,908,183     $ 10,420,401     $ 10,347,006     $ 10,604,915     $ 11,236,083   Interest-bearing     36,540,675       34,976,769       34,645,680       33,433,792       31,482,128   Total deposits     46,448,858       45,397,170       44,992,686       44,038,707       42,718,211   Federal Home Loan Bank advances     2,676,751       2,326,071       2,326,071       2,026,071       2,316,071   Other borrowings     575,408       645,813       643,999       665,219       583,548   Subordinated notes     437,965       437,866       437,731       437,628       437,493   Junior subordinated debentures     253,566       253,566       253,566       253,566       253,566   Accrued interest payable and other liabilities     1,747,985       1,799,922       1,885,580       1,823,073       1,549,116   Total liabilities     52,140,533       50,860,408       50,539,633       49,244,264       47,858,005   Shareholders' Equity:                     Preferred stock     412,500       412,500       412,500       412,500       412,500   Common stock     61,798       61,269       61,244       61,219       61,198   Surplus     1,954,532       1,943,806       1,933,226       1,923,623       1,913,947   Treasury stock     (5,757 )     (2,217 )     (1,966 )     (1,966 )     (1,966 ) Retained earnings     3,498,475       3,345,399       3,253,332       3,120,626       2,997,263   Accumulated other comprehensive loss     (485,148 )     (361,231 )     (642,723 )     (474,090 )     (367,436 ) Total shareholders' equity     5,436,400       5,399,526       5,015,613       5,041,912       5,015,506   Total liabilities and shareholders' equity   $ 57,576,933     $ 56,259,934     $ 55,555,246     $ 54,286,176     $ 52,873,511     WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)   Three Months Ended (Dollars in thousands, except per share data) Mar 31,2024   Dec 31,2023   Sep 30,2023   Jun 30,2023   Mar 31,2023 Interest income                   Interest and fees on loans $ 710,341     $ 694,943     $ 666,260     $ 621,057     $ 558,692   Mortgage loans held-for-sale   4,146       4,318       4,767       4,178       3,528   Interest-bearing deposits with banks   16,658       21,762       26,866       16,882       13,468   Federal funds sold and securities purchased under resale agreements   19       578       1,157       1       70   Investment securities   69,678       68,237       59,164       51,243       59,943   Trading account securities   18       15       6       6       14   Federal Home Loan Bank and Federal Reserve Bank stock   4,478       3,792       3,896       3,544       3,680   Brokerage customer receivables   175       203       284       265       295   Total interest income   805,513       793,848       762,400       697,176       639,690   Interest expense                   Interest on deposits   299,532       285,390       262,783       213,495       144,802   Interest on Federal Home Loan Bank advances   22,048       18,316       17,436       17,399       19,135   Interest on other borrowings   9,248       9,557       9,384       8,485       7,854   Interest on subordinated notes   5,487       5,522       5,491       5,523       5,488   Interest on junior subordinated debentures   5,004       5,089       4,948       4,737       4,416   Total interest expense   341,319       323,874       300,042       249,639       181,695   Net interest income   464,194       469,974       462,358       447,537       457,995   Provision for credit losses   21,673       42,908       19,923       28,514       23,045   Net interest income after provision for credit losses   442,521       427,066       442,435       419,023       434,950   Non-interest income                   Wealth management   34,815       33,275       33,529       33,858       29,945   Mortgage banking   27,663       7,433       27,395       29,981       18,264   Service charges on deposit accounts   14,811       14,522       14,217       13,608       12,903   Gains (losses) on investment securities, net   1,326       2,484       (2,357 )     0       1,398   Fees from covered call options   4,847       4,679       4,215       2,578       10,391   Trading gains (losses), net   677       (505 )     728       106       813   Operating lease income, net   14,110       14,162       13,863       12,227       13,046   Other   42,331       24,779       20,888       20,672       21,009   Total non-interest income   140,580       100,829       112,478       113,030       107,769   Non-interest expense                   Salaries and employee benefits   195,173       193,971       192,338       184,923       176,781   Software and equipment   27,731       27,779       25,951       26,205       24,697   Operating lease equipment   10,683       10,694       12,020       9,816       9,833   Occupancy, net   19,086       18,102       21,304       19,176       18,486   Data processing   9,292       8,892       10,773       9,726       9,409   Advertising and marketing   13,040       17,166       18,169       17,794       11,946   Professional fees   9,553       8,768       8,887       8,940       8,163   Amortization of other acquisition-related intangible assets   1,158       1,356       1,408       1,499       1,235   FDIC insurance   14,537       43,677       9,748       9,008       8,669   OREO expenses, net   392       (1,559 )     120       118       (207 ) Other   32,500       33,806       29,337       33,418       30,157   Total non-interest expense   333,145       362,652       330,055       320,623       299,169   Income before taxes   249,956       165,243       224,858       211,430       243,550   Income tax expense   62,662       41,763       60,660       56,680       63,352   Net income $ 187,294     $ 123,480     $ 164,198     $ 154,750     $ 180,198   Preferred stock dividends   6,991       6,991       6,991       6,991       6,991   Net income applicable to common shares $ 180,303     $ 116,489     $ 157,207     $ 147,759     $ 173,207   Net income per common share - Basic $ 2.93     $ 1.90     $ 2.57     $ 2.41     $ 2.84   Net income per common share - Diluted $ 2.89     $ 1.87     $ 2.53     $ 2.38     $ 2.80   Cash dividends declared per common share $ 0.45     $ 0.40     $ 0.40     $ 0.40     $ 0.40   Weighted average common shares outstanding   61,481       61,236       61,213       61,192       60,950   Dilutive potential common shares   928       1,166       964       902       873   Average common shares and dilutive common shares   62,409       62,402       62,177       62,094       61,823     TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES                     % Growth From (Dollars in thousands) Mar 31, 2024   Dec 31, 2023   Sep 30, 2023   Jun 30,2023   Mar 31, 2023 Dec 31, 2023 (1)   Mar 31, 2023 Balance:                         Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies $ 193,064   $ 155,529   $ 190,511   $ 235,570   $ 155,687 97 %   24 % Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies   146,820     137,193     114,297     103,158     146,806 28     0   Total mortgage loans held-for-sale $ 339,884   $ 292,722   $ 304,808   $ 338,728   $ 302,493 65 %   12 %                           Core loans:                         Commercial                         Commercial and industrial $ 6,105,968   $ 5,804,629   $ 5,894,732   $ 5,737,633   $ 5,855,035 21 %   4 % Asset-based lending   1,355,255     1,433,250     1,396,591     1,465,848     1,482,071 (22 )   (9 ) Municipal   721,526     677,143     676,915     653,117     655,301 26     10   Leases   2,344,295     2,208,368     2,109,628     1,925,767     1,904,137 25     23   PPP loans   11,036     11,533     13,744     15,337     17,195 (17 )   (36 ) Commercial real estate                         Residential construction   57,558     58,642     51,550     51,689     69,998 (7 )   (18 ) Commercial construction   1,748,607     1,729,937     1,547,322     1,409,751     1,234,762 4     42   Land   344,149     295,462     294,901     298,996     292,293 66     18   Office   1,566,748     1,455,417     1,422,748     1,404,422     1,392,040 31     13   Industrial   2,190,200     2,135,876     2,057,957     2,002,740     1,858,088 10     18   Retail   1,366,415     1,337,517     1,341,451     1,304,083     1,309,680 9     4   Multi-family   2,922,432     2,815,911     2,710,829     2,696,478     2,635,411 15     11   Mixed use and other   1,437,328     1,515,402     1,519,422     1,440,652     1,446,806 (21 )   (1 ) Home equity   340,349     343,976     343,258     336,974     337,016 (4 )   1   Residential real estate                         Residential real estate loans for investment   2,746,916     2,619,083     2,538,630     2,455,392     2,309,393 20     19   Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies   90,911     92,780     97,911     117,024     119,301 (8 )   (24 ) Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies   52,439     57,803     71,062     70,824     76,851 (37 )   (32 ) Total core loans $ 25,402,132   $ 24,592,729   $ 24,088,651   $ 23,386,727   $ 22,995,378 13 %   10 %                           Niche loans:                         Commercial                         Franchise $ 1,122,302   $ 1,092,532   $ 1,074,162   $ 1,091,164   $ 1,131,913 11 %   (1 )% Mortgage warehouse lines of credit   403,245     230,211     245,450     381,043     235,684 302     71   Community Advantage - homeowners association   475,832     452,734     424,054     405,042     389,922 21     22   Insurance agency lending   964,022     921,653     890,197     925,520     905,727 18     6   Premium Finance receivables                         U.S. property & casualty insurance   6,113,993     5,983,103     5,815,346     5,900,228     5,043,486 9     21   Canada property & casualty insurance   826,026     920,426     907,401     862,470     695,394 (41 )   19   Life insurance   7,872,033     7,877,943     7,931,808     8,039,273     8,125,802 0     (3 ) Consumer and other   51,121     60,500     68,963     31,941     42,165 (62 )   21   Total niche loans $ 17,828,574   $ 17,539,102   $ 17,357,381   $ 17,636,681   $ 16,570,093 7 %   8 %                           Total loans, net of unearned income $