Wintrust Financial Corp 8-K/A, filed Oct 21, 2022

Wintrust Financial Corp (WTFC)

8-K/A 2022-10-21 For: 2022-10-18

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Added on April 06, 2026

About this 8-K/A

Wintrust Financial Corp filed this 8-K/A on October 21, 2022, reporting on events of October 18, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Title of Each Class	Ticker Symbol	Name of Each Exchange on Which Registered
Common Stock, no par value	WTFC	The NASDAQ Global Select Market
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value	WTFCM	The NASDAQ Global Select Market
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of	WTFCP	The NASDAQ Global Select Market
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value


Exhibit
99.1			Third Quarter 2022 Earnings Release dated October 18, 2022
99.2			Third Quarter 2022 Earnings Release Presentation dated October 18, 2022



						WINTRUST FINANCIAL CORPORATION (Registrant)

			By:			/s/ David L. Stoehr
						David L. Stoehr Executive Vice President and Chief Financial Officer



Exhibit
99.1			Third Quarter 2022 Earnings Release dated October 18, 2022
99.2			Third Quarter 2022 Earnings Release Presentation dated October 18, 2022


										% or(1) basis point (bp) change from 2nd Quarter 2022		% or basis point (bp) change from 3rd Quarter 2021
	Three Months Ended
(Dollars in thousands, except per share data)	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021
Net income	$	142,961		$	94,513		$	109,137		51	%	31	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	206,461			152,078			141,826			36		46

Net income per common share – diluted	2.21			1.49			1.77			48		25
Cash dividends declared per common share	0.34			0.34			0.31			—		10
Net revenue (3)	502,930			440,746			423,970			14		19
Net interest income	401,448			337,804			287,496			19		40
Net interest margin	3.34		%	2.92		%	2.58		%	42	bps	76	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.35			2.93			2.59			42		76
Net overhead ratio (4)	1.53			1.51			1.22			2		31

Return on average assets	1.12			0.77			0.92			35		20
Return on average common equity	12.31			8.53			10.31			378		200
Return on average tangible common equity (non-GAAP) (2)	14.68			10.36			12.62			432		206
At end of period
Total assets	$	52,382,939		$	50,969,332		$	47,832,271		11	%	10	%
Total loans (5)	38,167,613			37,053,103			33,264,043			12		15

Total deposits	42,797,191			42,593,326			39,952,558			2		7
Total shareholders’ equity	4,637,980			4,727,623			4,410,317			(8)		5


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	Three Months Ended															Nine Months Ended
(Dollars in thousands, except per share data)	Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021
Selected Financial Condition Data (at end of period):
Total assets	$	52,382,939		$	50,969,332		$	50,250,661		$	50,142,143		$	47,832,271
Total loans (1)	38,167,613			37,053,103			35,280,547			34,789,104			33,264,043
Total deposits	42,797,191			42,593,326			42,219,322			42,095,585			39,952,558

Total shareholders’ equity	4,637,980			4,727,623			4,492,256			4,498,688			4,410,317
Selected Statements of Income Data:
Net interest income	$	401,448		$	337,804		$	299,294		$	295,976		$	287,496		$	1,038,546		$	828,981
Net revenue (2)	502,930			440,746			462,084			429,743			423,970			1,405,760			1,281,334
Net income	142,961			94,513			127,391			98,757			109,137			364,865			367,394
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	206,461			152,078			177,786			146,344			141,826			536,325			432,189

Net income per common share – Basic	2.24			1.51			2.11			1.61			1.79			5.86			6.08
Net income per common share – Diluted	2.21			1.49			2.07			1.58			1.77			5.78			6.00
Cash dividends declared per common share	0.34			0.34			0.34			0.31			0.31			1.02			0.93
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.34		%	2.92		%	2.60		%	2.54		%	2.58		%	2.96		%	2.58		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.35			2.93			2.61			2.55			2.59			2.97			2.59
Non-interest income to average assets	0.79			0.84			1.33			1.08			1.15			0.98			1.31
Non-interest expense to average assets	2.32			2.35			2.33			2.29			2.37			2.33			2.47
Net overhead ratio (4)	1.53			1.51			1.00			1.21			1.22			1.35			1.15

Return on average assets	1.12			0.77			1.04			0.80			0.92			0.98			1.07
Return on average common equity	12.31			8.53			11.94			9.05			10.31			10.96			12.05
Return on average tangible common equity (non-GAAP) (3)	14.68			10.36			14.48			11.04			12.62			13.21			14.82
Average total assets	$	50,722,694		$	49,353,426		$	49,501,844		$	49,118,777		$	47,192,510		$	49,863,793		$	46,050,737
Average total shareholders’ equity	4,795,387			4,526,110			4,500,460			4,433,953			4,343,915			4,608,399			4,255,851
Average loans to average deposits ratio	88.8		%	86.8		%	83.8		%	81.7		%	83.8		%	86.5		%	85.8		%
Period-end loans to deposits ratio	89.2			87.0			83.6			82.6			83.3
Common Share Data at end of period:
Market price per common share	$	81.55		$	80.15		$	92.93		$	90.82		$	80.37
Book value per common share	69.56			71.06			71.26			71.62			70.19
Tangible book value per common share (non-GAAP) (3)	58.42			59.87			59.34			59.64			58.32
Common shares outstanding	60,743,335			60,721,889			57,253,214			57,054,091			56,956,026
Other Data at end of period:
Tier 1 leverage ratio (5)	8.8		%	8.8		%	8.1		%	8.0		%	8.1		%
Risk-based capital ratios:
Tier 1 capital ratio (5)	9.9			9.9			9.6			9.6			9.9
Common equity tier 1 capital ratio (5)	8.9			9.0			8.6			8.6			8.9
Total capital ratio (5)	11.7			11.9			11.6			11.6			12.1


Allowance for credit losses (6)	$	315,338		$	312,192		$	301,327		$	299,731		$	296,138

Allowance for loan and unfunded lending-related commitment losses to total loans	0.83		%	0.84		%	0.85		%	0.86		%	0.89		%

Number of:
Bank subsidiaries	15			15			15			15			15
Banking offices	174			173			174			173			172


	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021
Assets
Cash and due from banks	$	489,590	$	498,891	$	462,516	$	411,150	$	462,244
Federal funds sold and securities purchased under resale agreements	57		475,056		700,056		700,055		55
Interest-bearing deposits with banks	3,968,605		3,266,541		4,013,597		5,372,603		5,232,315
Available-for-sale securities, at fair value	2,923,653		2,970,121		2,998,898		2,327,793		2,373,478
Held-to-maturity securities, at amortized cost	3,389,842		3,413,469		3,435,729		2,942,285		2,736,722
Trading account securities	179		1,010		852		1,061		1,103
Equity securities with readily determinable fair value	114,012		93,295		92,689		90,511		88,193
Federal Home Loan Bank and Federal Reserve Bank stock	178,156		136,138		136,163		135,378		135,408
Brokerage customer receivables	20,327		21,527		22,888		26,068		26,378


Mortgage loans held-for-sale	376,160		513,232		606,545		817,912		925,312


Loans, net of unearned income	38,167,613		37,053,103		35,280,547		34,789,104		33,264,043



Allowance for loan losses	(246,110)		(251,769)		(250,539)		(247,835)		(248,612)
Net loans	37,921,503		36,801,334		35,030,008		34,541,269		33,015,431
Premises, software and equipment, net	763,029		762,381		761,213		766,405		748,872
Lease investments, net	244,822		223,813		240,656		242,082		243,933


Accrued interest receivable and other assets	1,316,305		1,112,697		1,066,750		1,084,115		1,166,917


Goodwill	653,079		654,709		655,402		655,149		645,792
Other acquisition-related intangible assets	23,620		25,118		26,699		28,307		30,118
Total assets	$	52,382,939	$	50,969,332	$	50,250,661	$	50,142,143	$	47,832,271
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	13,529,277	$	13,855,844	$	13,748,918	$	14,179,980	$	13,255,417
Interest-bearing	29,267,914		28,737,482		28,470,404		27,915,605		26,697,141
Total deposits	42,797,191		42,593,326		42,219,322		42,095,585		39,952,558


Federal Home Loan Bank advances	2,316,071		1,166,071		1,241,071		1,241,071		1,241,071

Other borrowings	447,215		482,787		482,516		494,136		504,527

Subordinated notes	437,260		437,162		437,033		436,938		436,811
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Trade date securities payable	—		—		437		—		1,348
Accrued interest payable and other liabilities	1,493,656		1,308,797		1,124,460		1,122,159		1,032,073



Total liabilities	47,744,959		46,241,709		45,758,405		45,643,455		43,421,954
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	60,743		60,722		59,091		58,892		58,794
Surplus	1,891,621		1,880,913		1,698,093		1,685,572		1,674,062
Treasury stock	—		—		(109,903)		(109,903)		(109,903)
Retained earnings	2,731,844		2,616,525		2,548,474		2,447,535		2,373,447
Accumulated other comprehensive (loss) income	(458,728)		(243,037)		(115,999)		4,092		1,417
Total shareholders’ equity	4,637,980		4,727,623		4,492,256		4,498,688		4,410,317
Total liabilities and shareholders’ equity	$	52,382,939	$	50,969,332	$	50,250,661	$	50,142,143	$	47,832,271


	Three Months Ended										Nine Months Ended
(In thousands, except per share data)	Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Sep 30, 2022		Sep 30, 2021
Interest income
Interest and fees on loans	$	402,689	$	320,501	$	285,698	$	289,140	$	285,587	$	1,008,888	$	844,388
Mortgage loans held-for-sale	5,371		5,740		6,087		7,234		7,716		17,198		24,935
Interest-bearing deposits with banks	15,621		5,790		1,687		2,254		2,000		23,098		4,352
Federal funds sold and securities purchased under resale agreements	1,845		1,364		431		173		—		3,640		—
Investment securities	38,569		36,541		32,398		27,210		25,189		107,508		68,076
Trading account securities	7		4		5		4		3		16		6
Federal Home Loan Bank and Federal Reserve Bank stock	2,109		1,823		1,772		1,776		1,777		5,704		5,291
Brokerage customer receivables	267		205		174		188		185		646		457
Total interest income	466,478		371,968		328,252		327,979		322,457		1,166,698		947,505
Interest expense
Interest on deposits	45,916		18,985		14,854		16,572		19,305		79,755		71,547
Interest on Federal Home Loan Bank advances	6,812		4,878		4,816		4,923		4,931		16,506		14,658
Interest on other borrowings	4,008		2,734		2,239		2,250		2,501		8,981		7,678
Interest on subordinated notes	5,485		5,517		5,482		5,514		5,480		16,484		16,469
Interest on junior subordinated debentures	2,809		2,050		1,567		2,744		2,744		6,426		8,172
Total interest expense	65,030		34,164		28,958		32,003		34,961		128,152		118,524
Net interest income	401,448		337,804		299,294		295,976		287,496		1,038,546		828,981
Provision for credit losses	6,420		20,417		4,106		9,299		(7,916)		30,943		(68,562)
Net interest income after provision for credit losses	395,028		317,387		295,188		286,677		295,412		1,007,603		897,543
Non-interest income
Wealth management	33,124		31,369		31,394		32,489		31,531		95,887		91,530
Mortgage banking	27,221		33,314		77,231		53,138		55,794		137,766		219,872
Service charges on deposit accounts	14,349		15,888		15,283		14,734		14,149		45,520		39,434
(Losses) gains on investment securities, net	(3,103)		(7,797)		(2,782)		(1,067)		(2,431)		(13,682)		8
Fees from covered call options	1,366		1,069		3,742		1,128		1,157		6,177		2,545
Trading (losses) gains, net	(7)		176		3,889		206		58		4,058		39
Operating lease income, net	12,644		15,007		15,475		14,204		12,807		43,126		39,487
Other	15,888		13,916		18,558		18,935		23,409		48,362		59,438
Total non-interest income	101,482		102,942		162,790		133,767		136,474		367,214		452,353
Non-interest expense
Salaries and employee benefits	176,095		167,326		172,355		167,131		170,912		515,776		524,538
Software and equipment	24,126		24,250		22,810		23,708		22,029		71,186		63,807
Operating lease equipment depreciation	9,448		8,774		9,708		10,147		10,013		27,930		30,733
Occupancy, net	17,727		17,651		17,824		18,343		18,158		53,202		55,841
Data processing	7,767		8,010		7,505		7,207		7,104		23,282		20,072
Advertising and marketing	16,600		16,615		11,924		13,981		13,443		45,139		33,294
Professional fees	7,544		7,876		8,401		7,551		7,052		23,821		21,943
Amortization of other acquisition-related intangible assets	1,492		1,579		1,609		1,811		1,877		4,680		5,923
FDIC insurance	7,186		6,949		7,729		7,317		6,750		21,864		19,713
OREO expense, net	229		294		(1,032)		(641)		(1,531)		(509)		(1,013)
Other	28,255		29,344		25,465		26,844		26,337		83,064		74,294
Total non-interest expense	296,469		288,668		284,298		283,399		282,144		869,435		849,145
Income before taxes	200,041		131,661		173,680		137,045		149,742		505,382		500,751
Income tax expense	57,080		37,148		46,289		38,288		40,605		140,517		133,357
Net income	$	142,961	$	94,513	$	127,391	$	98,757	$	109,137	$	364,865	$	367,394
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991		20,973		20,973
Net income applicable to common shares	$	135,970	$	87,522	$	120,400	$	91,766	$	102,146	$	343,892	$	346,421
Net income per common share - Basic	$	2.24	$	1.51	$	2.11	$	1.61	$	1.79	$	5.86	$	6.08
Net income per common share - Diluted	$	2.21	$	1.49	$	2.07	$	1.58	$	1.77	$	5.78	$	6.00
Cash dividends declared per common share	$	0.34	$	0.34	$	0.34	$	0.31	$	0.31	$	1.02	$	0.93
Weighted average common shares outstanding	60,738		58,063		57,196		57,022		57,000		58,679		56,985
Dilutive potential common shares	837		775		862		976		753		814		728
Average common shares and dilutive common shares	61,575		58,838		58,058		57,998		57,753		59,493		57,713


											% Growth From (2)
(Dollars in thousands)	Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Dec 31, 2021 (1)		Sep 30, 2021
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	216,062	$	294,688	$	296,548	$	473,102	$	570,663	(73)	%	(62)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	160,098		218,544		309,997		344,810		354,649		(72)		(55)
Total mortgage loans held-for-sale	$	376,160	$	513,232	$	606,545	$	817,912	$	925,312	(72)	%	(59)	%

Core loans:
Commercial
Commercial and industrial	$	5,818,959	$	5,502,584	$	5,348,266	$	5,346,084	$	4,953,769	12	%	17	%
Asset-based lending	1,545,038		1,552,033		1,365,297		1,299,869		1,066,376		25		45
Municipal	608,234		535,586		533,357		536,498		524,192		18		16
Leases	1,582,359		1,592,329		1,481,368		1,454,099		1,365,281		12		16
Commercial real estate
Residential construction	66,957		55,941		57,037		51,464		49,754		40		35
Commercial construction	1,176,407		1,145,602		1,055,972		1,034,988		1,038,034		18		13
Land	282,147		304,775		283,397		269,752		255,927		6		10
Office	1,269,729		1,321,745		1,273,705		1,285,686		1,269,746		(2)		—
Industrial	1,777,658		1,746,280		1,668,516		1,585,808		1,490,358		16		19
Retail	1,331,316		1,331,059		1,395,021		1,429,567		1,462,101		(9)		(9)
Multi-family	2,305,433		2,171,583		2,175,875		2,043,754		2,038,526		17		13
Mixed use and other	1,368,537		1,330,220		1,325,551		1,289,267		1,281,268		8		7
Home equity	328,822		325,826		321,435		335,155		347,662		(3)		(5)
Residential real estate
Residential real estate loans for investment	2,086,795		1,965,051		1,749,889		1,606,271		1,520,750		40		37
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	57,161		34,764		13,520		22,707		18,847		NM		NM
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	91,503		79,092		36,576		8,121		8,139		NM		NM
Total core loans	$	21,697,055	$	20,994,470	$	20,084,782	$	19,599,090	$	18,690,730	14	%	16	%

Niche loans:
Commercial
Franchise	$	1,118,478	$	1,136,929	$	1,181,761	$	1,227,234	$	1,176,569	(12)	%	(5)	%
Mortgage warehouse lines of credit	297,374		398,085		261,847		359,818		468,162		(23)		(36)
Community Advantage - homeowners association	365,967		341,095		324,383		308,286		291,153		25		26
Insurance agency lending	879,183		906,375		833,720		813,897		260,482		11		NM
Premium Finance receivables
U.S. property & casualty insurance	4,983,795		4,781,042		4,271,828		4,178,474		3,921,289		26		27
Canada property & casualty insurance	729,545		760,405		665,580		677,013		695,688		10		5
Life insurance	8,004,856		7,608,433		7,354,163		7,042,810		6,655,453		18		20
Consumer and other	47,702		44,180		48,519		24,199		22,529		NM		NM
Total niche loans	$	16,426,900	$	15,976,544	$	14,941,801	$	14,631,731	$	13,491,325	16	%	22	%

Commercial PPP loans:
Originated in 2020	$	8,724	$	18,547	$	40,016	$	74,412	$	172,849	NM		(95)	%
Originated in 2021	34,934		63,542		213,948		483,871		909,139		NM		(96)
Total commercial PPP loans	$	43,658	$	82,089	$	253,964	$	558,283	$	1,081,988	NM		(96)	%

Total loans, net of unearned income	$	38,167,613	$	37,053,103	$	35,280,547	$	34,789,104	$	33,264,043	13	%	15	%


																% Growth From
(Dollars in thousands)	Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2022 (1)		Sep 30, 2021
Balance:
Non-interest-bearing	$	13,529,277		$	13,855,844		$	13,748,918		$	14,179,980		$	13,255,417		(9)	%	2	%
NOW and interest-bearing demand deposits	5,676,122			5,918,908			5,089,724			4,646,944			4,255,940			(16)		33
Wealth management deposits (2)	2,988,195			3,182,407			2,542,995			2,612,759			2,300,818			(24)		30
Money market	12,538,489			12,273,350			13,012,460			12,840,432			12,148,541			9		3
Savings	3,988,790			3,686,596			4,089,230			3,846,681			3,861,296			33		3
Time certificates of deposit	4,076,318			3,676,221			3,735,995			3,968,789			4,130,546			43		(1)
Total deposits	$	42,797,191		$	42,593,326		$	42,219,322		$	42,095,585		$	39,952,558		2	%	7	%
Mix:
Non-interest-bearing	32		%	33		%	32		%	34		%	33		%
NOW and interest-bearing demand deposits	13			13			12			11			11
Wealth management deposits (2)	7			7			6			6			6
Money market	29			29			31			31			30
Savings	9			9			10			9			10
Time certificates of deposit	10			9			9			9			10
Total deposits	100		%	100		%	100		%	100		%	100		%


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit (1)
1-3 months	$	1,057,147	1.15	%
4-6 months	631,633		0.56
7-9 months	608,612		0.51
10-12 months	674,541		1.01
13-18 months	686,225		1.26
19-24 months	164,543		0.81
24+ months	253,617		1.81
Total	$	4,076,318	0.99	%


	Average Balance for three months ended,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,039,907	$	3,265,607	$	4,563,726	$	6,148,165	$	5,112,720
Investment securities (2)	6,655,215		6,589,947		6,378,022		5,317,351		5,065,593
FHLB and FRB stock	142,304		136,930		135,912		135,414		136,001

Liquidity management assets (3)	9,837,426		9,992,484		11,077,660		11,600,930		10,314,314
Other earning assets (3)(4)	21,805		24,059		25,192		28,298		28,238
Mortgage loans held-for-sale	455,342		560,707		664,019		827,672		871,824
Loans, net of unearned income (3)(5)	37,431,126		35,860,329		34,830,520		33,677,777		32,985,445


Total earning assets (3)	47,745,699		46,437,579		46,597,391		46,134,677		44,199,821
Allowance for loan and investment security losses	(260,270)		(260,547)		(253,080)		(254,874)		(269,963)
Cash and due from banks	458,263		476,741		481,634		468,331		425,000
Other assets	2,779,002		2,699,653		2,675,899		2,770,643		2,837,652
Total assets	$	50,722,694	$	49,353,426	$	49,501,844	$	49,118,777	$	47,192,510

NOW and interest-bearing demand deposits	$	5,789,368	$	5,230,702	$	4,788,272	$	4,439,242	$	4,147,436
Wealth management deposits	3,078,764		2,835,267		2,505,800		2,646,879		2,353,721
Money market accounts	12,037,412		11,892,948		12,773,805		12,665,167		11,956,346
Savings accounts	3,862,579		3,882,856		3,904,299		3,766,037		3,851,523
Time deposits	3,675,930		3,687,778		3,861,371		4,058,282		4,236,317
Interest-bearing deposits	28,444,053		27,529,551		27,833,547		27,575,607		26,545,343
Federal Home Loan Bank advances	1,403,573		1,197,390		1,241,071		1,241,073		1,241,073
Other borrowings	478,909		489,779		494,267		501,933		512,785
Subordinated notes	437,191		437,084		436,966		436,861		436,746
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	31,017,292		29,907,370		30,259,417		30,009,040		28,989,513
Non-interest-bearing deposits	13,731,219		13,805,128		13,734,064		13,640,270		12,834,084
Other liabilities	1,178,796		1,114,818		1,007,903		1,035,514		1,024,998
Equity	4,795,387		4,526,110		4,500,460		4,433,953		4,343,915
Total liabilities and shareholders’ equity	$	50,722,694	$	49,353,426	$	49,501,844	$	49,118,777	$	47,192,510

Net free funds/contribution (6)	$	16,728,407	$	16,530,209	$	16,337,974	$	16,125,637	$	15,210,308



FOR IMMEDIATE RELEASE						October 18, 2022


Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points
Sep 30, 2022	12.9	%	7.1	%	(8.7)	%
Jun 30, 2022	17.0		9.0		(12.6)
Mar 31, 2022	21.4		11.0		(11.3)
Dec 31, 2021	25.3		12.4		(8.5)
Sep 30, 2021	24.3		11.5		(7.8)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points
Sep 30, 2022	6.5	%	3.6	%	(3.9)	%
Jun 30, 2022	10.2		5.3		(6.9)
Mar 31, 2022	11.2		5.8		(7.1)
Dec 31, 2021	13.9		6.9		(5.6)
Sep 30, 2021	10.8		5.4		(3.8)


	Loans repricing or maturity period
As of September 30, 2022	One year or less		From one to five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	469,049	$	2,301,483	$	1,516,860	$	15,458	$	4,302,850
Fixed rate - PPP	—		43,658		—		—		43,658
Variable rate	7,909,538		3,153		51		—		7,912,742
Total commercial	$	8,378,587	$	2,348,294	$	1,516,911	$	15,458	$	12,259,250
Commercial real estate
Fixed rate	428,391		2,595,594		580,355		41,737		3,646,077
Variable rate	5,905,174		26,933		—		—		5,932,107
Total commercial real estate	$	6,333,565	$	2,622,527	$	580,355	$	41,737	$	9,578,184
Home equity
Fixed rate	12,768		3,278		13,250		37		29,333
Variable rate	299,489		—		—		—		299,489
Total home equity	$	312,257	$	3,278	$	13,250	$	37	$	328,822
Residential real estate
Fixed rate	13,424		4,647		30,725		1,024,557		1,073,353
Variable rate	58,622		223,238		880,246		—		1,162,106
Total residential real estate	$	72,046	$	227,885	$	910,971	$	1,024,557	$	2,235,459
Premium finance receivables - property & casualty
Fixed rate	5,535,087		178,253		—		—		5,713,340
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	5,535,087	$	178,253	$	—	$	—	$	5,713,340
Premium finance receivables - life insurance
Fixed rate	25,766		511,333		22,271		—		559,370
Variable rate	7,445,486		—		—		—		7,445,486
Total premium finance receivables - life insurance	$	7,471,252	$	511,333	$	22,271	$	—	$	8,004,856
Consumer and other
Fixed rate	8,424		5,017		12		486		13,939
Variable rate	33,763		—		—		—		33,763
Total consumer and other	$	42,187	$	5,017	$	12	$	486	$	47,702

Total per category
Fixed rate	6,492,909		5,599,605		2,163,473		1,082,275		15,338,262
Fixed rate - PPP	—		43,658		—		—		43,658
Variable rate	21,652,072		253,324		880,297		—		22,785,693
Total loans, net of unearned income	$	28,144,981	$	5,896,587	$	3,043,770	$	1,082,275	$	38,167,613


	Net Interest Income for three months ended,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	17,466	$	7,154	$	2,118	$	2,427	$	2,000
Investment securities	39,071		37,013		32,863		27,696		25,681
FHLB and FRB stock	2,109		1,823		1,772		1,776		1,777

Liquidity management assets (1)	58,646		45,990		36,753		31,899		29,458
Other earning assets (1)	275		210		181		194		188
Mortgage loans held-for-sale	5,371		5,740		6,087		7,234		7,716
Loans, net of unearned income (1)	403,719		321,069		286,125		289,557		285,998


Total interest income	$	468,011	$	373,009	$	329,146	$	328,884	$	323,360

Interest expense:
NOW and interest-bearing demand deposits	$	8,041	$	2,553	$	1,990	$	1,913	$	1,916
Wealth management deposits	11,068		3,685		918		1,402		1,176
Money market accounts	18,916		8,559		7,648		7,658		7,905
Savings accounts	2,130		347		336		345		406
Time deposits	5,761		3,841		3,962		5,254		7,902
Interest-bearing deposits	45,916		18,985		14,854		16,572		19,305
Federal Home Loan Bank advances	6,812		4,878		4,816		4,923		4,931
Other borrowings	4,008		2,734		2,239		2,250		2,501
Subordinated notes	5,485		5,517		5,482		5,514		5,480
Junior subordinated debentures	2,809		2,050		1,567		2,744		2,744
Total interest expense	$	65,030	$	34,164	$	28,958	$	32,003	$	34,961

Less: Fully taxable-equivalent adjustment	(1,533)		(1,041)		(894)		(905)		(903)
Net interest income (GAAP) (2)	401,448		337,804		299,294		295,976		287,496
Fully taxable-equivalent adjustment	1,533		1,041		894		905		903
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	402,981	$	338,845	$	300,188	$	296,881	$	288,399


	Net Interest Margin for three months ended,
	Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	2.28	%	0.88	%	0.19	%	0.16	%	0.16	%
Investment securities	2.33		2.25		2.09		2.07		2.01
FHLB and FRB stock	5.88		5.34		5.29		5.20		5.18

Liquidity management assets	2.37		1.85		1.35		1.09		1.13
Other earning assets	5.01		3.49		2.91		2.71		2.64
Mortgage loans held-for-sale	4.68		4.11		3.72		3.47		3.51
Loans, net of unearned income	4.28		3.59		3.33		3.41		3.44

Total earning assets	3.89	%	3.22	%	2.86	%	2.83	%	2.90	%

Rate paid on:
NOW and interest-bearing demand deposits	0.55	%	0.20	%	0.17	%	0.17	%	0.18	%
Wealth management deposits	1.43		0.52		0.15		0.21		0.20
Money market accounts	0.62		0.29		0.24		0.24		0.26
Savings accounts	0.22		0.04		0.03		0.04		0.04
Time deposits	0.62		0.42		0.42		0.51		0.74
Interest-bearing deposits	0.64		0.28		0.22		0.24		0.29
Federal Home Loan Bank advances	1.93		1.63		1.57		1.57		1.58
Other borrowings	3.32		2.24		1.84		1.78		1.94
Subordinated notes	5.02		5.05		5.02		5.05		5.02
Junior subordinated debentures	4.33		3.20		2.47		4.23		4.23
Total interest-bearing liabilities	0.83	%	0.46	%	0.39	%	0.42	%	0.48	%

Interest rate spread (1)(2)	3.06	%	2.76	%	2.47	%	2.41	%	2.42	%
Less: Fully taxable-equivalent adjustment	(0.01)		(0.01)		(0.01)		(0.01)		(0.01)
Net free funds/contribution (3)	0.29		0.17		0.14		0.14		0.17
Net interest margin (GAAP) (2)	3.34	%	2.92	%	2.60	%	2.54	%	2.58	%
Fully taxable-equivalent adjustment	0.01		0.01		0.01		0.01		0.01
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	3.35	%	2.93	%	2.61	%	2.55	%	2.59	%


	Average Balance for nine months ended,				Interest for nine months ended,				Yield/Rate for nine months ended,
(Dollars in thousands)	Sep 30, 2022		Sep 30, 2021		Sep 30, 2022		Sep 30, 2021		Sep 30, 2022		Sep 30, 2021
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,617,498	$	4,399,217	$	26,738	$	4,352	0.99	%	0.13	%
Investment securities (2)	6,542,077		4,597,997		108,947		69,562		2.23		2.02
FHLB and FRB stock	138,405		136,028		5,704		5,291		5.51		5.20

Liquidity management assets (3)(4)	$	10,297,980	$	9,133,242	$	141,389	$	79,205	1.84	%	1.16	%
Other earning assets (3)(4)(5)	23,673		24,016		666		463		3.76		2.59
Mortgage loans held-for-sale	559,258		1,003,868		17,198		24,935		4.11		3.32
Loans, net of unearned income (3)(4)(6)	36,050,185		32,839,837		1,010,913		845,598		3.75		3.44


Total earning assets (4)	$	46,931,096	$	43,000,963	$	1,170,166	$	950,201	3.33	%	2.95	%
Allowance for loan and investment security losses	(257,992)		(294,033)
Cash and due from banks	472,127		420,874
Other assets	2,718,562		2,922,933
Total assets	$	49,863,793	$	46,050,737

NOW and interest-bearing demand deposits	$	5,273,115	$	3,891,634	$	12,584	$	5,826	0.32	%	0.20	%
Wealth management deposits	2,808,709		2,265,212		15,671		3,133		0.75		0.18
Money market accounts	12,232,024		11,510,832		35,123		24,372		0.38		0.28
Savings accounts	3,883,092		3,723,420		2,813		1,238		0.10		0.04
Time deposits	3,741,014		4,579,161		13,564		36,978		0.48		1.08
Interest-bearing deposits	$	27,937,954	$	25,970,259	$	79,755	$	71,547	0.38	%	0.37	%
Federal Home Loan Bank advances	1,281,273		1,234,929		16,506		14,658		1.72		1.59
Other borrowings	487,595		518,946		8,981		7,678		2.46		1.98
Subordinated notes	437,081		436,641		16,484		16,469		5.03		5.03
Junior subordinated debentures	253,566		253,566		6,426		8,172		3.34		4.25
Total interest-bearing liabilities	$	30,397,469	$	28,414,341	$	128,152	$	118,524	0.56	%	0.56	%
Non-interest-bearing deposits	13,756,793		12,300,931
Other liabilities	1,101,132		1,079,614
Equity	4,608,399		4,255,851
Total liabilities and shareholders’ equity	$	49,863,793	$	46,050,737
Interest rate spread (4)(7)									2.77	%	2.39	%
Less: Fully taxable-equivalent adjustment					(3,468)		(2,696)		(0.01)		(0.01)
Net free funds/contribution (8)	$	16,533,627	$	14,586,622					0.20		0.20
Net interest income/margin (GAAP) (4)					$	1,038,546	$	828,981	2.96	%	2.58	%
Fully taxable-equivalent adjustment					3,468		2,696		0.01		0.01
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	1,042,014	$	831,677	2.97	%	2.59	%


	Basis Point (bp) Change in
	Prime		1-month LIBOR		12-month LIBOR		1-month SOFR
Third Quarter 2022	150	bps	135	bps	116	bps	135	bps
Second Quarter 2022	125		134		152		139
First Quarter 2022	25		35		152		25
Fourth Quarter 2021	0		2		34		-1
Third Quarter 2021	0		-2		-1		1


	As of Sep 30, 2022						As of Jun 30, 2022						As of Mar 31, 2022
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other, excluding PPP loans	$	12,215,592	$	135,315	1.11	%	$	11,965,016	$	142,916	1.19	%	$	11,329,999	$	120,910	1.07	%
Commercial PPP loans	43,658		1		0.00		82,089		3		0.00		253,964		1		0.00
Commercial real estate:
Construction and development	1,525,511		51,389		3.37		1,506,318		45,522		3.02		1,396,406		34,206		2.45
Non-construction	8,052,673		99,329		1.23		7,900,887		98,210		1.24		7,838,668		110,700		1.41
Home equity	328,822		7,055		2.15		325,826		6,990		2.15		321,435		10,566		3.29
Residential real estate	2,235,459		11,023		0.49		2,078,907		10,479		0.50		1,799,985		9,429		0.52
Premium finance receivables
Commercial insurance loans	5,713,340		9,736		0.17		5,541,447		6,840		0.12		4,937,408		14,082		0.29
Life insurance loans	8,004,856		696		0.01		7,608,433		662		0.01		7,354,163		640		0.01
Consumer and other	47,702		484		1.01		44,180		487		1.10		48,519		634		1.31
Total loans, net of unearned income	$	38,167,613	$	315,028	0.83	%	$	37,053,103	$	312,109	0.84	%	$	35,280,547	$	301,168	0.85	%
Total loans, net of unearned income, excluding PPP loans	$	38,123,955	$	315,027	0.83	%	$	36,971,014	$	312,106	0.84	%	$	35,026,583	$	301,167	0.86	%

Total core loans (1)	$	21,697,055	$	273,947	1.26	%	$	20,994,470	$	275,188	1.31	%	$	20,084,782	$	262,447	1.31	%
Total niche loans (1)	16,426,900		41,080		0.25		15,976,544		36,918		0.23		14,941,801		38,720		0.26
Total PPP loans	43,658		1		0.00		82,089		3		0.00		253,964		1		0.00


	Three Months Ended										Q3 2022 compared to Q2 2022				Q3 2022 compared to Q3 2021
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(Dollars in thousands)	2022		2022		2022		2021		2021		$ Change		% Change		$ Change		% Change
Brokerage	$	4,587	$	4,272	$	4,632	$	5,292	$	5,230	$	315	7	%	$	(643)	(12)	%
Trust and asset management	28,537		27,097		26,762		27,197		26,301		1,440		5		2,236		9
Total wealth management	33,124		31,369		31,394		32,489		31,531		1,755		6		1,593		5
Mortgage banking	27,221		33,314		77,231		53,138		55,794		(6,093)		(18)		(28,573)		(51)
Service charges on deposit accounts	14,349		15,888		15,283		14,734		14,149		(1,539)		(10)		200		1
Losses on investment securities, net	(3,103)		(7,797)		(2,782)		(1,067)		(2,431)		4,694		(60)		(672)		28
Fees from covered call options	1,366		1,069		3,742		1,128		1,157		297		28		209		18
Trading (losses) gains, net	(7)		176		3,889		206		58		(183)		NM		(65)		NM
Operating lease income, net	12,644		15,007		15,475		14,204		12,807		(2,363)		(16)		(163)		(1)
Other:
Interest rate swap fees	1,997		3,300		4,569		3,526		4,868		(1,303)		(39)		(2,871)		(59)
BOLI	248		(884)		48		1,192		2,154		1,132		NM		(1,906)		(88)
Administrative services	1,533		1,591		1,853		1,846		1,359		(58)		(4)		174		13
Foreign currency remeasurement (losses) gains	(93)		97		11		111		77		(190)		NM		(170)		NM
Early pay-offs of capital leases	138		160		265		249		209		(22)		(14)		(71)		(34)
Miscellaneous	12,065		9,652		11,812		12,011		14,742		2,413		25		(2,677)		(18)
Total Other	15,888		13,916		18,558		18,935		23,409		1,972		14		(7,521)		(32)
Total Non-Interest Income	$	101,482	$	102,942	$	162,790	$	133,767	$	136,474	$	(1,460)	(1)	%	$	(34,992)	(26)	%