8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 19, 2022

WINTRUST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Illinois	001-35077			36-3873352
(State or other jurisdiction of Incorporation)	(Commission File Number)			(I.R.S. Employer<br>Identification No.)
9700 W. Higgins Road, Suite 800		Rosemont	Illinois	60018
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code (847) 939-9000

Not Applicable

(Former name or former address, if changed since last year)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

| ☐ | 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)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- || 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 | | |

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Item 2.02. Results of Operations and Financial Condition

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

On April 19, 2022, Wintrust Financial Corporation (the “Company”) announced earnings for the first quarter of 2022 and posted on its website the First Quarter 2022 Earnings Release Presentation. Copies of the press release relating to the Company’s earnings results and the related presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. Certain supplemental information relating to non-GAAP financial measures reported in the attached press release and presentation is included on pages 35 through 37 of Exhibit 99.1 and pages 25 through 26 of Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit
99.1	First Quarter 2022 Earnings Release dated April 19, 2022
99.2	First Quarter 2022 Earnings Release Presentation dated April 19, 2022

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WINTRUST FINANCIAL CORPORATION<br>(Registrant)
By:	/s/ David L. Stoehr
	David L. Stoehr<br>Executive Vice President and<br>    Chief Financial Officer

Date: April 19, 2022

INDEX TO EXHIBITS

Exhibit
99.1	First Quarter 2022 Earnings Release dated April 19, 2022
99.2	First Quarter 2022 Earnings Release Presentation dated April 19, 2022

4

Document

Exhibit 99.1

Wintrust Financial Corporation

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

News Release

FOR IMMEDIATE RELEASE	April 19, 2022

FOR MORE INFORMATION CONTACT:

Edward J. Wehmer, Founder & Chief Executive Officer

David A. Dykstra, Vice Chairman & Chief Operating Officer

(847) 939-9000

Web site address: www.wintrust.com

Wintrust Financial Corporation Reports First Quarter 2022 Net Income of $127.4 million

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $127.4 million or $2.07 per diluted common share for the first quarter of 2022, an increase in diluted earnings per common share of 31% compared to the fourth quarter of 2021.

Highlights of the First Quarter of 2022:

Comparative information to the fourth quarter of 2021

•Total loans, excluding Paycheck Protection Program (“PPP”) loans, increased by $796 million, or 9% on an annualized basis.

◦Core loans increased by $486 million and niche loans increased by $310 million.

◦PPP loans declined by $304 million in the first quarter of 2022 primarily as a result of processing forgiveness payments.

•Total assets increased by $109 million totaling $50.3 billion as of March 31, 2022.

•Total deposits increased by $124 million.

•Net interest income increased by $3.3 million as compared to the fourth quarter of 2021 as follows:

◦Increased $16.7 million primarily due to earning asset growth and improvement in net interest margin.

◦Decreased by approximately $6.7 million due to two fewer days in the first quarter of 2022.

◦Decreased by $6.7 million due to less PPP interest income.

•Net interest margin increased by six basis points primarily due to improved earning asset mix related to liquidity deployment and lower rates on interest bearing liabilities.

•Recorded $2.5 million of net charge-offs or three basis points on an annualized basis in the first quarter of 2022 as compared to $6.2 million of net charge-offs or seven basis points on an annualized basis in the fourth quarter of 2021.

•Recorded a provision for credit losses of $4.1 million in the first quarter of 2022 as compared to a provision for credit losses of $9.3 million in the fourth quarter of 2021.

•The allowance for credit losses on our core loan portfolio is approximately 1.31% of the outstanding balance as of March 31, 2022, down from 1.33% as of December 31, 2021. See Table 11 for more information.

•Non-performing loans decreased to 0.16% of total loans, as of March 31, 2022, down from 0.21% as of December 31, 2021.

•Mortgage banking revenue increased to $77.2 million for the first quarter of 2022 as compared to $53.1 million in the fourth quarter of 2021.

◦The Company recorded a $43.4 million increase in the value of mortgage servicing rights related to changes in fair value model assumptions as compared to a $6.7 million increase recognized in the fourth quarter of 2021.

•Recorded net losses on investment securities of $2.8 million in the first quarter of 2022 related to fair value changes in equity securities as compared to net losses of $1.1 million in the fourth quarter of 2021.

•Tangible book value per common share (non-GAAP) decreased slightly to $59.34 as of March 31, 2022 as compared to $59.64 as of December 31, 2021. The decline in tangible book value per common share was primarily driven by a decline in the market value of available-for-sale securities as of March 31, 2022, nearly offset by earnings in the quarter. See Table 17 for reconciliation of non-GAAP measures.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, "Wintrust kicked off 2022 with an impressive first quarter reporting record quarterly pre-tax, pre-provision income highlighted by continued expansion of net interest income. Our diversified loan book exhibited strong growth while credit quality remains extraordinarily good. The Company’s future prospects remain bright as we believe our asset sensitive interest rate position will allow us to capitalize on potentially rising interest rates. Wintrust reported net income of $127.4 million for the first quarter of 2022, up from $98.8 million in the fourth quarter of 2021. Additionally, pre-tax, pre-provision income (non-GAAP) was a record level of $177.8 million in the first quarter of 2022 as compared to $146.3 million in the fourth quarter of 2021."

Mr. Wehmer continued, "The Company experienced robust loan growth as loans, excluding PPP loans, increased by $796 million or 9% on an annualized basis in the first quarter of 2022. We continue to pick up new market share and grow organically as all of our material loan portfolios exhibited strong growth in the first quarter of 2022. We are still experiencing low commercial line of credit utilization and feel confident that we can continue to grow loans given our robust loan pipelines and diversified loan portfolio. Our loans to deposits ratio ended the quarter at 83.6% and we believe that we have sufficient liquidity to meet customer loan demand."

Mr. Wehmer commented, "Net interest income increased by $3.3 million in the first quarter of 2022 primarily due to earning asset growth and improvement in net interest margin. The expansion in net interest income is particularly impressive when considering there were two fewer days in the first quarter of 2022 as compared to the fourth quarter of 2021. Additionally, the Company’s robust loan growth has continued to more than offset the declining contribution from PPP loans. During the quarter we also improved our net interest margin and increased our quarterly net interest income run rate by increasing our investment portfolio by $1.2 billion.”

Mr. Wehmer stated, “We have maintained our asset sensitive interest rate position which we expect to benefit us as short term interest rates rise. Based on modeled contractual cash flows, including prepayment assumptions, approximately 80% of our current loan balances are projected to reprice or mature in the next 12 months. Further, we project that, assuming an immediate and parallel 25 basis point rate hike, the cumulative increase to net interest income in the subsequent 12 months is approximately $40-$50 million. Such projections incorporate a number of assumptions and could differ materially depending on various factors including competition and the macroeconomic environment.”

Mr. Wehmer noted, “We recorded mortgage banking revenue of $77.2 million in the first quarter of 2022 as compared to $53.1 million in the fourth quarter of 2021. Loan volumes originated for sale in the first quarter of 2022 were $896 million, down from $1.3 billion in the fourth quarter of 2021. The Company recorded a $43.4 million increase in the value of mortgage servicing rights related to changes in fair value model assumptions as compared to a $6.7 million increase recognized in the fourth quarter of 2021. We are focused on expanding our market share of purchase originations and finding efficiencies in our delivery channels to reduce costs in light of the challenging interest rate environment. Based on current market conditions, we expect that mortgage originations in the second quarter of 2022 will remain relatively similar to the first quarter of 2022.”

Commenting on credit quality, Mr. Wehmer stated, "I am impressed that we have yet again, reset our record low level of non-performing loans at 0.16% of total loans, as of March 31, 2022. During the first quarter of 2022, we continued our practice of pursuing the resolution of non-performing credits and executed a loan sale that reduced non-performing loans by approximately $9 million with associated net charge-offs of $413,000. The first quarter of 2022 continued the trend of benign quarterly net charge-offs at $2.5 million and the Company recorded a provision for credit losses of $4.1 million. The allowance for credit losses on our core loan portfolio as of March 31, 2022 is approximately 1.31% of the outstanding balance. We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit."

Mr. Wehmer concluded, “Our first quarter of 2022 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. We expect to leverage our differentiated, diversified loan portfolio to outperform peers with respect to loan growth which should allow us to continue to expand net interest income. We are focused on taking advantage of market opportunities to prudently deploy excess liquidity into earning assets including core and niche loans and investment securities while maintaining an interest rate sensitive asset portfolio. We are opportunistically evaluating the acquisition market which has been active for both banks and business lines of various sizes. Of course, we remain diligent in our consideration of acquisition targets and intend to be prudent in our decision-making, always seeking to minimize dilution.”

The graphs below illustrate certain financial highlights of the first quarter of 2022 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

*Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents

SUMMARY OF RESULTS:

BALANCE SHEET

Total loans, excluding PPP loans, increased by $796 million as core loans increased by $486 million and niche loans increased by $310 million. See Table 1 for more information. As of March 31, 2022, virtually all of the PPP loan balances originated in 2020 were forgiven with only $40 million remaining on balance sheet of which nearly all are in the forgiveness process. Whereas, as of March 31, 2022, approximately 84% of PPP loan balances originated in 2021 were forgiven, 8% are in the forgiveness review or submission process and 8% have yet to apply for forgiveness. Also, during the first quarter of 2022 a portion of excess liquidity was deployed, increasing investments by $1.2 billion.

Total liabilities increased $115 million in the first quarter of 2022 resulting primarily from a $124 million increase in total deposits. The increase in deposits was primarily due to a $555 million increase in interest-bearing deposits partially offset by a $431 million decrease in non-interest-bearing deposits. The Company's loans to deposits ratio ended the quarter at 83.6%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources on a limited basis to manage its liquidity position as well as for interest rate risk management purposes.

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

NET INTEREST INCOME

For the first quarter of 2022, net interest income totaled $299.3 million, an increase of $3.3 million as compared to the fourth quarter of 2021. The $3.3 million increase in net interest income in the first quarter of 2022 compared to the fourth quarter of 2021 was primarily due to earning asset growth and improvement in net interest margin. Additionally, the net interest income growth occurred despite two fewer days in the first quarter of 2022 compared to the fourth quarter of 2021 and a decline of $6.7 million due to less PPP interest income. As of March 31, 2022, the Company had approximately $6.3 million of net PPP loan fees that have yet to be recognized in income.

Net interest margin was 2.60% (2.61% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2022 compared to 2.54% (2.55% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2021. The net interest margin increase as compared to the fourth quarter of 2021 was due to a three basis point increase in yield on earning assets and a three basis point decrease in the rate paid on interest-bearing liabilities. The decrease in the rate paid on interest-bearing liabilities in the first quarter of 2022 as compared to the fourth quarter of 2021 is primarily due to a two basis point decrease in the rate paid on interest-bearing deposits primarily due to lower repricing of time deposits. The three basis point increase in the yield on earning assets in the first quarter of 2022 as compared to the fourth quarter of 2021 was primarily due to a shift in earning asset mix through liquidity deployment with increasing investment securities and decreasing levels of lower yielding liquidity management assets.

For more information regarding net interest income, see Tables 4 through 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $301.3 million as of March 31, 2022, an increase of $1.6 million as compared to $299.7 million as of December 31, 2021. A provision for credit losses totaling $4.1 million was recorded for the first quarter of 2022 as compared to $9.3 million recorded in the fourth quarter of 2021. For more information regarding the 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 (“CECL”) 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, 2022, December 31, 2021, and September 30, 2021 is shown on Table 11 of this report.

Net charge-offs totaled $2.5 million in the first quarter of 2022, as compared to $6.2 million of net charge-offs in the fourth quarter of 2021. Net charge-offs as a percentage of average total loans were reported as three basis points in the first quarter of

2022 on an annualized basis compared to seven basis points on an annualized basis in the fourth quarter of 2021. 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.

The ratio of non-performing assets to total assets was 0.13% as of March 31, 2022, compared to 0.16% at December 31, 2021. Non-performing assets totaled $63.5 million at March 31, 2022, compared to $78.7 million at December 31, 2021. Non-performing loans totaled $57.3 million, or 0.16% of total loans, at March 31, 2022 compared to $74.4 million, or 0.21% of total loans, at December 31, 2021. Other real estate owned (“OREO”) totaled $6.2 million at March 31, 2022, an increase of $1.9 million compared to $4.3 million at December 31, 2021. Management is pursuing the resolution of all non-performing assets. At this time, management believes OREO is appropriately valued at the lower of carrying value or fair value less estimated costs to sell. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Wealth management revenue decreased by $1.1 million during the first quarter of 2022 as compared to the fourth quarter of 2021 primarily related to unfavorable equity market performance. 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 $24.1 million in the first quarter of 2022 as compared to the fourth quarter of 2021, primarily due to a $43.4 million favorable mortgage servicing rights portfolio fair value adjustment as compared to a $6.7 million favorable adjustment recognized in the fourth quarter of 2021. This increase was partially offset by a $13.6 million decline in production revenue. Loans originated for sale were $896 million in the first quarter of 2022, a decrease of $403 million as compared to the fourth quarter of 2021. The percentage of origination volume from refinancing activities was 47% in the first quarter of 2022 as compared to 48% in the fourth quarter of 2021. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market.

During the first quarter of 2022, the fair value of the mortgage servicing rights portfolio increased primarily due to the fair value adjustment increase of $43.4 million and capitalization of $14.4 million. These increases were partially offset by a reduction in value of $6.0 million due to payoffs and paydowns of the existing portfolio.

The Company recorded $3.7 million of fees from covered call options in the first quarter of 2022 as compared to $1.1 million in the fourth quarter of 2021. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio by using fees generated from these options to compensate for net interest margin compression. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.

Trading gains totaled $3.9 million in the first quarter of 2022 as compared to a gain of $206,000 recognized in the fourth quarter of 2021. Trading gains in the first quarter of 2022 relate primarily to a favorable market value adjustment on an interest rate cap derivative held as an economic hedge for potentially rising interest rates.

The Company recognized net losses on investment securities of $2.8 million in the first quarter of 2022 as compared to net losses of $1.1 million recognized in the fourth quarter of 2021.

Net operating lease income totaled $15.5 million in the first quarter of 2022 as compared to $14.2 million in the fourth quarter of 2021. The $1.3 million increase in the first quarter of 2022 is primarily attributable to increased gains on sale of lease assets as compared to the fourth quarter of 2021.

For more information regarding non-interest income, see Tables 14 and 15 in this report.

NON-INTEREST EXPENSE

Salaries and employee benefits expense increased by $5.2 million in the first quarter of 2022 as compared to the fourth quarter of 2021. The $5.2 million increase is primarily related to increased salary and incentive compensation expense, partially offset by lower commissions expense due to declining mortgage production.

Software and equipment expense totaled $22.8 million in the first quarter of 2022, a decrease of $898,000 as compared to the fourth quarter of 2021. The decrease is primarily due to accelerated depreciation recognized in the fourth quarter of 2021 related to the reduction in the useful life of a software asset that is planned to be replaced as we continue to make upgrades to our digital customer experience.

Advertising and marketing expenses in the first quarter of 2022 decreased by $2.1 million as compared to the fourth quarter of 2021 primarily related to lower media advertising costs. Marketing costs are incurred to promote the Company's brand, commercial banking capabilities, the Company's various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company's non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors.

The Company recorded a net OREO gain of $1.0 million in the first quarter of 2022 as compared to a net gain of $641,000 in the fourth quarter of 2021. The net gains are primarily attributable to the sale of OREO properties during the fourth quarter of 2021 and first quarter of 2022.

Miscellaneous expense in the first quarter of 2022 decreased by $1.2 million as compared to the fourth quarter of 2021. Miscellaneous expense includes ATM expenses, correspondent bank charges, directors fees, telephone, travel and entertainment, corporate insurance, dues and subscriptions, problem loan expenses and lending origination costs that are not deferred.

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

INCOME TAXES

The Company recorded income tax expense of $46.3 million in the first quarter of 2022 compared to $38.3 million in the fourth quarter of 2021. The effective tax rates were 26.65% in the first quarter of 2022 compared to 27.94% in the fourth quarter of 2021. 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 excess tax benefits of $2.2 million in the first quarter of 2022, compared to excess tax benefits of $866,000 in the fourth quarter of 2021 related to share-based compensation.

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 2022, this unit expanded its loan portfolio. The segment’s net interest income increased in the first quarter of 2022 as compared to the fourth quarter of 2021 due to growth in earning assets and an increased net interest margin.

Mortgage banking revenue was $77.2 million for the first quarter of 2022, an increase of $24.1 million as compared to the fourth quarter of 2021. Service charges on deposit accounts totaled $15.3 million in the first quarter of 2022, an increase of $549,000 as compared to the fourth quarter of 2021 primarily due to higher fees associated with commercial account activity. The Company’s gross commercial and commercial real estate loan pipelines remained robust as of March 31, 2022 indicating momentum for continued loan growth in the second quarter of 2022.

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 portfolio were $3.4 billion during the first quarter of 2022 and average balances increased by $551.4 million as compared to the fourth quarter of 2021. The Company’s leasing portfolio balance was unchanged in the first quarter of 2022, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $2.4 billion as of March 31, 2022 and December 31, 2021. Revenues from the Company’s out-sourced administrative services business were $1.9 million in the first quarter of 2022, effectively unchanged from the fourth quarter of 2021.

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $31.4 million in the first quarter of 2022, a decrease of $1.1 million compared to the fourth quarter of 2021. Decreases in wealth management revenue were primarily due to unfavorable equity market performance during the first quarter of 2022. At March 31, 2022, the Company’s wealth management subsidiaries had approximately $35.8 billion of assets under administration, which included $6.7 billion of assets owned by the Company and its subsidiary banks, representing a $274 million increase from the $35.5 billion of assets under administration at December 31, 2021.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Insurance Agency Loan Portfolio

On November 15, 2021, the Company completed its acquisition of certain assets from The Allstate Corporation (“Allstate”). Through this business combination, the Company acquired approximately $581.6 million of loans, net of allowance for credit losses measured on the acquisition date. The loan portfolio was comprised of approximately 1,800 loans to Allstate agents nationally. In addition to acquiring the loans, the Company became the national preferred provider of loans to Allstate agents. In connection with the loan acquisition, a team of Allstate agency lending specialists joined the Company, to augment and expand Wintrust’s existing insurance agency finance business. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $9.3 million on the purchase.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2022, as compared to the fourth quarter of 2021 (sequential quarter) and first quarter of 2021 (linked quarter), are shown in the table below:

										% or(1)<br><br>basis point  (bp) change from<br><br>4th Quarter<br><br>2021		% or<br>basis point  (bp) change from<br>1st Quarter<br>2021
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2022			Dec 31, 2021			Mar 31, 2021
Net income	$	127,391		$	98,757		$	153,148		29	%	(17)	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	177,786			146,344			161,512			21		10
Net income per common share – diluted	2.07			1.58			2.54			31		(19)
Cash dividends declared per common share	0.34			0.31			0.31			10		10
Net revenue (3)	462,084			429,743			448,401			8		3
Net interest income	299,294			295,976			261,895			1		14
Net interest margin	2.60		%	2.54		%	2.53		%	6	bps	7	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	2.61			2.55			2.54			6		7
Net overhead ratio (4)	1.00			1.21			0.90			(21)		10
Return on average assets	1.04			0.80			1.38			24		(34)
Return on average common equity	11.94			9.05			15.80			289		(386)
Return on average tangible common equity (non-GAAP) (2)	14.48			11.04			19.49			344		(501)
At end of period
Total assets	$	50,250,661		$	50,142,143		$	45,682,202		1	%	10	%
Total loans (5)	35,280,547			34,789,104			33,171,233			6		6
Total deposits	42,219,322			42,095,585			37,872,652			1		11
Total shareholders’ equity	4,492,256			4,498,688			4,252,511			(1)		6

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

(2)See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 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 CORPORATION

Selected Financial Highlights

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
Selected Financial Condition Data (at end of period):
Total assets	$	50,250,661		$	50,142,143		$	47,832,271		$	46,738,450		$	45,682,202
Total loans (1)	35,280,547			34,789,104			33,264,043			32,911,187			33,171,233
Total deposits	42,219,322			42,095,585			39,952,558			38,804,616			37,872,652
Total shareholders’ equity	4,492,256			4,498,688			4,410,317			4,339,011			4,252,511
Selected Statements of Income Data:
Net interest income	$	299,294		$	295,976		$	287,496		$	279,590		$	261,895
Net revenue (2)	462,084			429,743			423,970			408,963			448,401
Net income	127,391			98,757			109,137			105,109			153,148
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	177,786			146,344			141,826			128,851			161,512
Net income per common share – Basic	2.11			1.61			1.79			1.72			2.57
Net income per common share – Diluted	2.07			1.58			1.77			1.70			2.54
Cash dividends declared per common share	0.34			0.31			0.31			0.31			0.31
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	2.60		%	2.54		%	2.58		%	2.62		%	2.53		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	2.61			2.55			2.59			2.63			2.54
Non-interest income to average assets	1.33			1.08			1.15			1.13			1.68
Non-interest expense to average assets	2.33			2.29			2.37			2.45			2.59
Net overhead ratio (4)	1.00			1.21			1.22			1.32			0.90
Return on average assets	1.04			0.80			0.92			0.92			1.38
Return on average common equity	11.94			9.05			10.31			10.24			15.80
Return on average tangible common equity (non-GAAP) (3)	14.48			11.04			12.62			12.62			19.49
Average total assets	$	49,501,844		$	49,118,777		$	47,192,510		$	45,946,751		$	44,988,733
Average total shareholders’ equity	4,500,460			4,433,953			4,343,915			4,256,778			4,164,890
Average loans to average deposits ratio	83.8		%	81.7		%	83.8		%	86.7		%	87.1		%
Period-end loans to deposits ratio	83.6			82.6			83.3			84.8			87.6
Common Share Data at end of period:
Market price per common share	$	92.93		$	90.82		$	80.37		$	75.63		$	75.80
Book value per common share	71.26			71.62			70.19			68.81			67.34
Tangible book value per common share (non-GAAP) (3)	59.34			59.64			58.32			56.92			55.42
Common shares outstanding	57,253,214			57,054,091			56,956,026			57,066,677			57,023,273
Other Data at end of period:
Tier 1 leverage ratio (5)	8.1		%	8.0		%	8.1		%	8.2		%	8.2		%
Risk-based capital ratios:
Tier 1 capital ratio (5)	9.5			9.6			9.9			10.1			10.2
Common equity tier 1 capital ratio (5)	8.6			8.6			8.9			9.0			9.0
Total capital ratio (5)	11.6			11.6			12.1			12.4			12.6
Allowance for credit losses (6)	$	301,327		$	299,731		$	296,138		$	304,121		$	321,308
Allowance for loan and unfunded lending-related commitment losses to total loans	0.85		%	0.86		%	0.89		%	0.92		%	0.97		%
Number of:
Bank subsidiaries	15			15			15			15			15
Banking offices	174			173			172			172			182

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

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

(3)See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 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)
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2022		2021		2021		2021		2021
Assets
Cash and due from banks	$	462,516	$	411,150	$	462,244	$	434,957	$	426,325
Federal funds sold and securities purchased under resale agreements	700,056		700,055		55		52		52
Interest-bearing deposits with banks	4,013,597		5,372,603		5,232,315		4,707,415		3,348,794
Available-for-sale securities, at fair value	2,998,898		2,327,793		2,373,478		2,188,608		2,430,749
Held-to-maturity securities, at amortized cost	3,435,729		2,942,285		2,736,722		2,498,232		2,166,419
Trading account securities	852		1,061		1,103		2,667		951
Equity securities with readily determinable fair value	92,689		90,511		88,193		86,316		90,338
Federal Home Loan Bank and Federal Reserve Bank stock	136,163		135,378		135,408		136,625		135,881
Brokerage customer receivables	22,888		26,068		26,378		23,093		19,056
Mortgage loans held-for-sale	606,545		817,912		925,312		984,994		1,260,193
Loans, net of unearned income	35,280,547		34,789,104		33,264,043		32,911,187		33,171,233
Allowance for loan losses	(250,539)		(247,835)		(248,612)		(261,089)		(277,709)
Net loans	35,030,008		34,541,269		33,015,431		32,650,098		32,893,524
Premises, software and equipment, net	761,213		766,405		748,872		752,375		760,522
Lease investments, net	240,656		242,082		243,933		219,023		238,984
Accrued interest receivable and other assets	1,066,750		1,084,115		1,166,917		1,185,811		1,230,362
Trade date securities receivable	—		—		—		189,851		—
Goodwill	655,402		655,149		645,792		646,336		646,017
Other acquisition-related intangible assets	26,699		28,307		30,118		31,997		34,035
Total assets	$	50,250,661	$	50,142,143	$	47,832,271	$	46,738,450	$	45,682,202
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	13,748,918	$	14,179,980	$	13,255,417	$	12,796,110	$	12,297,337
Interest-bearing	28,470,404		27,915,605		26,697,141		26,008,506		25,575,315
Total deposits	42,219,322		42,095,585		39,952,558		38,804,616		37,872,652
Federal Home Loan Bank advances	1,241,071		1,241,071		1,241,071		1,241,071		1,228,436
Other borrowings	482,516		494,136		504,527		518,493		516,877
Subordinated notes	437,033		436,938		436,811		436,719		436,595
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Trade date securities payable	437		—		1,348		—		995
Accrued interest payable and other liabilities	1,124,460		1,122,159		1,032,073		1,144,974		1,120,570
Total liabilities	45,758,405		45,643,455		43,421,954		42,399,439		41,429,691
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500
Common stock	59,091		58,892		58,794		58,770		58,727
Surplus	1,698,093		1,685,572		1,674,062		1,669,002		1,663,008
Treasury stock	(109,903)		(109,903)		(109,903)		(100,363)		(100,363)
Retained earnings	2,548,474		2,447,535		2,373,447		2,288,969		2,208,535
Accumulated other comprehensive (loss) income	(115,999)		4,092		1,417		10,133		10,104
Total shareholders’ equity	4,492,256		4,498,688		4,410,317		4,339,011		4,252,511
Total liabilities and shareholders’ equity	$	50,250,661	$	50,142,143	$	47,832,271	$	46,738,450	$	45,682,202

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended
(In thousands, except per share data)	Mar 31,<br>2022		Dec 31,<br>2021		Sep 30,<br>2021		Jun 30,<br>2021		Mar 31,<br>2021
Interest income
Interest and fees on loans	$	285,698	$	289,140	$	285,587	$	284,701	$	274,100
Mortgage loans held-for-sale	6,087		7,234		7,716		8,183		9,036
Interest-bearing deposits with banks	1,687		2,254		2,000		1,153		1,199
Federal funds sold and securities purchased under resale agreements	431		173		—		—		—
Investment securities	32,398		27,210		25,189		23,623		19,264
Trading account securities	5		4		3		1		2
Federal Home Loan Bank and Federal Reserve Bank stock	1,772		1,776		1,777		1,769		1,745
Brokerage customer receivables	174		188		185		149		123
Total interest income	328,252		327,979		322,457		319,579		305,469
Interest expense
Interest on deposits	14,854		16,572		19,305		24,298		27,944
Interest on Federal Home Loan Bank advances	4,816		4,923		4,931		4,887		4,840
Interest on other borrowings	2,239		2,250		2,501		2,568		2,609
Interest on subordinated notes	5,482		5,514		5,480		5,512		5,477
Interest on junior subordinated debentures	1,567		2,744		2,744		2,724		2,704
Total interest expense	28,958		32,003		34,961		39,989		43,574
Net interest income	299,294		295,976		287,496		279,590		261,895
Provision for credit losses	4,106		9,299		(7,916)		(15,299)		(45,347)
Net interest income after provision for credit losses	295,188		286,677		295,412		294,889		307,242
Non-interest income
Wealth management	31,394		32,489		31,531		30,690		29,309
Mortgage banking	77,231		53,138		55,794		50,584		113,494
Service charges on deposit accounts	15,283		14,734		14,149		13,249		12,036
(Losses) gains on investment securities, net	(2,782)		(1,067)		(2,431)		1,285		1,154
Fees from covered call options	3,742		1,128		1,157		1,388		—
Trading gains (losses), net	3,889		206		58		(438)		419
Operating lease income, net	15,475		14,204		12,807		12,240		14,440
Other	18,558		18,935		23,409		20,375		15,654
Total non-interest income	162,790		133,767		136,474		129,373		186,506
Non-interest expense
Salaries and employee benefits	172,355		167,131		170,912		172,817		180,809
Software and equipment	22,810		23,708		22,029		20,866		20,912
Operating lease equipment depreciation	9,708		10,147		10,013		9,949		10,771
Occupancy, net	17,824		18,343		18,158		17,687		19,996
Data processing	7,505		7,207		7,104		6,920		6,048
Advertising and marketing	11,924		13,981		13,443		11,305		8,546
Professional fees	8,401		7,551		7,052		7,304		7,587
Amortization of other acquisition-related intangible assets	1,609		1,811		1,877		2,039		2,007
FDIC insurance	7,729		7,317		6,750		6,405		6,558
OREO expense, net	(1,032)		(641)		(1,531)		769		(251)
Other	25,465		26,844		26,337		24,051		23,906
Total non-interest expense	284,298		283,399		282,144		280,112		286,889
Income before taxes	173,680		137,045		149,742		144,150		206,859
Income tax expense	46,289		38,288		40,605		39,041		53,711
Net income	$	127,391	$	98,757	$	109,137	$	105,109	$	153,148
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991
Net income applicable to common shares	$	120,400	$	91,766	$	102,146	$	98,118	$	146,157
Net income per common share - Basic	$	2.11	$	1.61	$	1.79	$	1.72	$	2.57
Net income per common share - Diluted	$	2.07	$	1.58	$	1.77	$	1.70	$	2.54
Cash dividends declared per common share	$	0.34	$	0.31	$	0.31	$	0.31	$	0.31
Weighted average common shares outstanding	57,196		57,022		57,000		57,049		56,904
Dilutive potential common shares	862		976		753		726		681
Average common shares and dilutive common shares	58,058		57,998		57,753		57,775		57,585

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From (2)
(Dollars in thousands)	Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30,<br>2021		Mar 31, 2021		Dec 31, 2021 (1)		Mar 31, 2021
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies	$	296,548	$	473,102	$	570,663	$	633,006	$	890,749	NM		(67)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies	309,997		344,810		354,649		351,988		369,444		(41)		(16)
Total mortgage loans held-for-sale	$	606,545	$	817,912	$	925,312	$	984,994	$	1,260,193	NM		(52)	%
Core loans:
Commercial
Commercial and industrial	$	5,348,266	$	5,346,084	$	4,953,769	$	4,650,607	$	4,630,795	0	%	15	%
Asset-based lending	1,365,297		1,299,869		1,066,376		892,109		720,772		20		89
Municipal	533,357		536,498		524,192		511,094		493,417		(2)		8
Leases	1,481,368		1,454,099		1,365,281		1,357,036		1,290,778		8		15
Commercial real estate
Residential construction	57,037		51,464		49,754		55,735		72,058		44		(21)
Commercial construction	1,055,972		1,034,988		1,038,034		1,090,447		1,040,631		8		1
Land	283,397		269,752		255,927		239,067		240,635		21		18
Office (3)	1,273,705		1,285,686		1,269,746		1,220,658		1,131,472		(4)		13
Industrial (3)	1,668,516		1,585,808		1,490,358		1,434,377		1,152,522		21		45
Retail (3)	1,395,021		1,429,567		1,462,101		1,455,638		1,198,025		(10)		16
Multi-family (3)	2,175,875		2,043,754		2,038,526		1,984,582		1,739,521		26		25
Mixed use and other (3)	1,325,551		1,289,267		1,281,268		1,197,865		1,969,915		11		(33)
Home equity	321,435		335,155		347,662		369,806		390,253		(17)		(18)
Residential real estate
Residential real estate loans for investment	1,749,889		1,606,271		1,520,750		1,479,507		1,370,132		36		28
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies	13,520		22,707		18,847		44,333		45,508		NM		(70)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. Government Agencies	36,576		8,121		8,139		6,445		6,333		NM		NM
Total core loans	$	20,084,782	$	19,599,090	$	18,690,730	$	17,989,306	$	17,492,767	10	%	15	%
Niche loans:
Commercial
Franchise	$	1,181,761	$	1,227,234	$	1,176,569	$	1,060,468	$	1,128,493	(15)	%	5	%
Mortgage warehouse lines of credit	261,847		359,818		468,162		529,867		587,868		NM		(55)
Community Advantage - homeowners association	324,383		308,286		291,153		287,689		272,222		21		19
Insurance agency lending	833,720		813,897		260,482		273,999		290,880		10		NM
Premium Finance receivables
U.S. property & casualty insurance	4,271,828		4,178,474		3,921,289		3,805,504		3,342,730		9		28
Canada property & casualty insurance	665,580		677,013		695,688		716,367		615,813		(7)		8
Life insurance	7,354,163		7,042,810		6,655,453		6,359,556		6,111,495		18		20
Consumer and other	48,519		24,199		22,529		9,024		35,983		NM		35
Total niche loans	$	14,941,801	$	14,631,731	$	13,491,325	$	13,042,474	$	12,385,484	9	%	21	%
Commercial PPP loans:
Originated in 2020	$	40,016	$	74,412	$	172,849	$	656,502	$	2,049,342	NM		(98)	%
Originated in 2021	213,948		483,871		909,139		1,222,905		1,243,640		NM		(83)
Total commercial PPP loans	$	253,964	$	558,283	$	1,081,988	$	1,879,407	$	3,292,982	NM		(92)	%
Total loans, net of unearned income	$	35,280,547	$	34,789,104	$	33,264,043	$	32,911,187	$	33,171,233	6	%	6	%

(1)Annualized.

(2)NM - Not meaningful.

(3)As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan. Balances within such categories were also updated as of September 30, 2021 and June 30, 2021 in the table above for comparison purposes.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																% Growth From
(Dollars in thousands)	Mar 31,<br>2022			Dec 31,<br>2021			Sep 30,<br>2021			Jun 30,<br>2021			Mar 31,<br>2021			Dec 31,<br>2021 (1)		Mar 31, 2021
Balance:
Non-interest-bearing	$	13,748,918		$	14,179,980		$	13,255,417		$	12,796,110		$	12,297,337		(12)	%	12	%
NOW and interest-bearing demand deposits	4,571,484			4,158,871			3,769,825			3,625,538			3,562,312			40		28
Wealth management deposits (2)	5,402,271			4,491,795			4,177,820			4,399,303			4,274,527			82		26
Money market	10,671,424			11,449,469			10,757,654			9,843,390			9,236,434			(28)		16
Savings	4,089,230			3,846,681			3,861,296			3,776,400			3,690,892			26		11
Time certificates of deposit	3,735,995			3,968,789			4,130,546			4,363,875			4,811,150			(24)		(22)
Total deposits	$	42,219,322		$	42,095,585		$	39,952,558		$	38,804,616		$	37,872,652		1	%	11	%
Mix:
Non-interest-bearing	32		%	34		%	33		%	33		%	32		%
NOW and interest-bearing demand deposits	11			10			9			9			9
Wealth management deposits (2)	13			11			11			11			11
Money market	25			27			27			25			25
Savings	10			9			10			10			10
Time certificates of deposit	9			9			10			12			13
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”), trust and asset management customers of the Company and brokerage customers from unaffiliated companies which have been placed into deposit accounts.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS

As of March 31, 2022

(Dollars in thousands)	Total Time<br>Certificates of<br>Deposit		Weighted-Average<br><br>Rate of Maturing<br><br>Time Certificates<br><br>of Deposit (1)
1-3 months	$	777,783	0.35	%
4-6 months	730,262		0.38
7-9 months	686,898		0.39
10-12 months	564,328		0.40
13-18 months	521,500		0.38
19-24 months	297,563		0.48
24+ months	157,661		0.53
Total	$	3,735,995	0.39	%

(1)Weighted-average rate excludes the impact of purchase accounting fair value adjustments.

TABLE 4: QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2022		2021		2021		2021		2021
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	4,563,726	$	6,148,165	$	5,112,720	$	3,844,355	$	4,230,886
Investment securities (2)	6,378,022		5,317,351		5,065,593		4,771,403		3,944,676
FHLB and FRB stock	135,912		135,414		136,001		136,324		135,758
Liquidity management assets (3)	11,077,660		11,600,930		10,314,314		8,752,082		8,311,320
Other earning assets (3)(4)	25,192		28,298		28,238		23,354		20,370
Mortgage loans held-for-sale	664,019		827,672		871,824		991,011		1,151,848
Loans, net of unearned income (3)(5)	34,830,520		33,677,777		32,985,445		33,085,174		32,442,927
Total earning assets (3)	46,597,391		46,134,677		44,199,821		42,851,621		41,926,465
Allowance for loan and investment security losses	(253,080)		(254,874)		(269,963)		(285,686)		(327,080)
Cash and due from banks	481,634		468,331		425,000		470,566		366,413
Other assets	2,675,899		2,770,643		2,837,652		2,910,250		3,022,935
Total assets	$	49,501,844	$	49,118,777	$	47,192,510	$	45,946,751	$	44,988,733
NOW and interest-bearing demand deposits	$	4,287,228	$	3,962,739	$	3,757,677	$	3,626,424	$	3,493,451
Wealth management deposits	4,427,301		4,514,319		4,672,402		4,369,998		4,156,398
Money market accounts	11,353,348		11,274,230		10,027,424		9,547,167		9,335,920
Savings accounts	3,904,299		3,766,037		3,851,523		3,728,271		3,587,566
Time deposits	3,861,371		4,058,282		4,236,317		4,632,796		4,875,392
Interest-bearing deposits	27,833,547		27,575,607		26,545,343		25,904,656		25,448,727
Federal Home Loan Bank advances	1,241,071		1,241,073		1,241,073		1,235,142		1,228,433
Other borrowings	494,267		501,933		512,785		525,924		518,188
Subordinated notes	436,966		436,861		436,746		436,644		436,532
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	30,259,417		30,009,040		28,989,513		28,355,932		27,885,446
Non-interest-bearing deposits	13,734,064		13,640,270		12,834,084		12,246,274		11,811,194
Other liabilities	1,007,903		1,035,514		1,024,998		1,087,767		1,127,203
Equity	4,500,460		4,433,953		4,343,915		4,256,778		4,164,890
Total liabilities and shareholders’ equity	$	49,501,844	$	49,118,777	$	47,192,510	$	45,946,751	$	44,988,733
Net free funds/contribution (6)	$	16,337,974	$	16,125,637	$	15,210,308	$	14,495,689	$	14,041,019

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

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

(3)See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information on this performance measure/ratio.

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

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

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

TABLE 5: QUARTERLY NET INTEREST INCOME

	Net Interest Income for three months ended,
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2022		2021		2021		2021		2021
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	2,118	$	2,427	$	2,000	$	1,153	$	1,199
Investment securities	32,863		27,696		25,681		24,117		19,764
FHLB and FRB stock	1,772		1,776		1,777		1,769		1,745
Liquidity management assets (1)	36,753		31,899		29,458		27,039		22,708
Other earning assets (1)	181		194		188		150		125
Mortgage loans held-for-sale	6,087		7,234		7,716		8,183		9,036
Loans, net of unearned income (1)	286,125		289,557		285,998		285,116		274,484
Total interest income	$	329,146	$	328,884	$	323,360	$	320,488	$	306,353
Interest expense:
NOW and interest-bearing demand deposits	$	849	$	774	$	767	$	736	$	901
Wealth management deposits	7,098		7,595		7,888		7,686		7,351
Money market accounts	2,609		2,604		2,342		2,795		2,865
Savings accounts	336		345		406		402		430
Time deposits	3,962		5,254		7,902		12,679		16,397
Interest-bearing deposits	14,854		16,572		19,305		24,298		27,944
Federal Home Loan Bank advances	4,816		4,923		4,931		4,887		4,840
Other borrowings	2,239		2,250		2,501		2,568		2,609
Subordinated notes	5,482		5,514		5,480		5,512		5,477
Junior subordinated debentures	1,567		2,744		2,744		2,724		2,704
Total interest expense	$	28,958	$	32,003	$	34,961	$	39,989	$	43,574
Less: Fully taxable-equivalent adjustment	(894)		(905)		(903)		(909)		(884)
Net interest income (GAAP) (2)	299,294		295,976		287,496		279,590		261,895
Fully taxable-equivalent adjustment	894		905		903		909		884
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	300,188	$	296,881	$	288,399	$	280,499	$	262,779

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

(2)See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Mar 31, 2022		Dec 31, 2021		Sep 30,<br>2021		Jun 30, 2021		Mar 31,<br>2021
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	0.19	%	0.16	%	0.16	%	0.12	%	0.11	%
Investment securities	2.09		2.07		2.01		2.03		2.03
FHLB and FRB stock	5.29		5.20		5.18		5.20		5.21
Liquidity management assets	1.35		1.09		1.13		1.24		1.11
Other earning assets	2.91		2.71		2.64		2.59		2.50
Mortgage loans held-for-sale	3.72		3.47		3.51		3.31		3.18
Loans, net of unearned income	3.33		3.41		3.44		3.46		3.43
Total earning assets	2.86	%	2.83	%	2.90	%	3.00	%	2.96	%
Rate paid on:
NOW and interest-bearing demand deposits	0.08	%	0.08	%	0.08	%	0.08	%	0.10	%
Wealth management deposits	0.65		0.67		0.67		0.71		0.72
Money market accounts	0.09		0.09		0.09		0.12		0.12
Savings accounts	0.03		0.04		0.04		0.04		0.05
Time deposits	0.42		0.51		0.74		1.10		1.36
Interest-bearing deposits	0.22		0.24		0.29		0.38		0.45
Federal Home Loan Bank advances	1.57		1.57		1.58		1.59		1.60
Other borrowings	1.84		1.78		1.94		1.96		2.04
Subordinated notes	5.02		5.05		5.02		5.05		5.02
Junior subordinated debentures	2.47		4.23		4.23		4.25		4.27
Total interest-bearing liabilities	0.39	%	0.42	%	0.48	%	0.56	%	0.63	%
Interest rate spread (1)(2)	2.47	%	2.41	%	2.42	%	2.44	%	2.33	%
Less: Fully taxable-equivalent adjustment	(0.01)		(0.01)		(0.01)		(0.01)		(0.01)
Net free funds/contribution (3)	0.14		0.14		0.17		0.19		0.21
Net interest margin (GAAP) (2)	2.60	%	2.54	%	2.58	%	2.62	%	2.53	%
Fully taxable-equivalent adjustment	0.01		0.01		0.01		0.01		0.01
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	2.61	%	2.55	%	2.59	%	2.63	%	2.54	%

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

(2)See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information on this performance measure/ratio.

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

TABLE 7: 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 of 100 and 200 basis points and a decrease of 100 basis points. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario	+200 <br>Basis <br>Points		+100<br> Basis<br> Points		-100 <br>Basis<br> Points
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)
Jun 30, 2021	24.6		11.7		(6.9)
Mar 31, 2021	22.0		10.2		(7.2)
Ramp Scenario	+200<br>Basis<br>Points		+100<br>Basis<br>Points		-100<br>Basis<br>Points
---	---	---	---	---	---	---
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)
Jun 30, 2021	11.4		5.8		(3.3)
Mar 31, 2021	10.7		5.4		(3.6)

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or maturity period
As of March 31, 2022	One year or<br>less		From one to<br>five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	459,243	$	2,128,103	$	1,317,788	$	11,690	$	3,916,824
Fixed rate - PPP	14,053		239,911		—		—		253,964
Variable rate	7,410,135		2,985		55		—		7,413,175
Total commercial	$	7,883,431	$	2,370,999	$	1,317,843	$	11,690	$	11,583,963
Commercial real estate
Fixed rate	445,996		2,464,523		528,599		38,784		3,477,902
Variable rate	5,740,276		16,896		—		—		5,757,172
Total commercial real estate	$	6,186,272	$	2,481,419	$	528,599	$	38,784	$	9,235,074
Home equity
Fixed rate	13,341		3,596		7		40		16,984
Variable rate	304,451		—		—		—		304,451
Total home equity	$	317,792	$	3,596	$	7	$	40	$	321,435
Residential real estate
Fixed rate	15,634		5,566		29,696		925,814		976,710
Variable rate	61,274		215,288		546,713		—		823,275
Total residential real estate	$	76,908	$	220,854	$	576,409	$	925,814	$	1,799,985
Premium finance receivables - property & casualty
Fixed rate	4,794,729		142,679		—		—		4,937,408
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	4,794,729	$	142,679	$	—	$	—	$	4,937,408
Premium finance receivables - life insurance
Fixed rate	8,668		486,604		21,756		—		517,028
Variable rate	6,837,135		—		—		—		6,837,135
Total premium finance receivables - life insurance	$	6,845,803	$	486,604	$	21,756	$	—	$	7,354,163
Consumer and other
Fixed rate	19,937		5,204		90		494		25,725
Variable rate	22,794		—		—		—		22,794
Total consumer and other	$	42,731	$	5,204	$	90	$	494	$	48,519
Total per category
Fixed rate	5,757,548		5,236,275		1,897,936		976,822		13,868,581
Fixed rate - PPP	14,053		239,911		—		—		253,964
Variable rate	20,376,065		235,169		546,768		—		21,158,002
Total loans, net of unearned income	$	26,147,666	$	5,711,355	$	2,444,704	$	976,822	$	35,280,547
Variable Rate Loan Pricing by Index:
Prime									$	3,399,089
One- month LIBOR									7,944,718
Three- month LIBOR									299,324
Twelve- month LIBOR									6,803,367
U.S. Treasury tenors									115,188
SOFR tenors									1,758,787
Ameribor tenors									221,689
One-month BSBY									7,360
Other									608,480
Total variable rate									$	21,158,002

LIBOR - London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

Ameribor - American Interbank Offered Rate.

BSBY - Bloomberg Short Term Bank Yield Index.

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to LIBOR 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 $7.9 billion of variable rate loans tied to one-month LIBOR and $6.8 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:

	Basis Point (bp) Change in
	Prime		1-month<br>LIBOR		12-month<br>LIBOR
First Quarter 2022	25	bps	35	bps	152	bps
Fourth Quarter 2021	0		2		34
Third Quarter 2021	0		-2		-1
Second Quarter 2021	0		-1		-3
First Quarter 2021	0		-3		-6

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)	2022			2021			2021			2021			2021
Allowance for credit losses at beginning of period	$	299,731		$	296,138		$	304,121		$	321,308		$	379,969
Provision for credit losses	4,106			9,299			(7,916)			(15,299)			(45,347)
Initial allowance for credit losses recognized on PCD assets acquired during the period (1)	—			470			—			—			—
Other adjustments	22			5			(65)			34			31
Charge-offs:
Commercial	1,414			4,431			1,352			3,237			11,781
Commercial real estate	777			495			406			1,412			980
Home equity	197			135			59			142			—
Residential real estate	466			1,067			10			3			2
Premium finance receivables	1,678			2,314			1,390			2,077			3,239
Consumer and other	193			157			112			104			114
Total charge-offs	4,725			8,599			3,329			6,975			16,116
Recoveries:
Commercial	538			389			816			902			452
Commercial real estate	32			217			373			514			200
Home equity	93			461			313			328			101
Residential real estate	5			85			5			36			204
Premium finance receivables	1,476			1,240			1,728			3,239			1,782
Consumer and other	49			26			92			34			32
Total recoveries	2,193			2,418			3,327			5,053			2,771
Net charge-offs	(2,532)			(6,181)			(2)			(1,922)			(13,345)
Allowance for credit losses at period end	$	301,327		$	299,731		$	296,138		$	304,121		$	321,308
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.03		%	0.14		%	0.02		%	0.08		%	0.37		%
Commercial real estate	0.03			0.01			0.00			0.04			0.04
Home equity	0.13			(0.38)			(0.28)			(0.20)			(0.10)
Residential real estate	0.11			0.25			0.00			(0.01)			(0.06)
Premium finance receivables	0.01			0.04			(0.01)			(0.04)			0.06
Consumer and other	1.19			0.95			0.26			0.69			0.57
Total loans, net of unearned income	0.03		%	0.07		%	0.00		%	0.02		%	0.17		%
Loans at period end	$	35,280,547		$	34,789,104		$	33,264,043		$	32,911,187		$	33,171,233
Allowance for loan losses as a percentage of loans at period end	0.71		%	0.71		%	0.75		%	0.79		%	0.84		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.85			0.86			0.89			0.92			0.97
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans	0.86			0.88			0.92			0.98			1.08

(1)The initial allowance for credit losses on purchased credit deteriorated (“PCD”) loans acquired during the period measured approximately $2.8 million, of which approximately $2.3 million was charged-off related to PCD loans that met the Company’s charge-off policy at the time of acquisition. After considering these loans that were immediately charged-off, the net impact of PCD allowance for credit losses at the acquisition date was approximately $470,000.

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2022		2021		2021		2021		2021
Provision for loan losses	$	5,214	$	4,929	$	(12,410)	$	(14,731)	$	(28,351)
Provision for unfunded lending-related commitments losses	(1,189)		4,375		4,501		(558)		(17,035)
Provision for held-to-maturity securities losses	81		(5)		(7)		(10)		39
Provision for credit losses	$	4,106	$	9,299	$	(7,916)	$	(15,299)	$	(45,347)
Allowance for loan losses	$	250,539	$	247,835	$	248,612	$	261,089	$	277,709
Allowance for unfunded lending-related commitments losses	50,629		51,818		47,443		42,942		43,500
Allowance for loan losses and unfunded lending-related commitments losses	301,168		299,653		296,055		304,031		321,209
Allowance for held-to-maturity securities losses	159		78		83		90		99
Allowance for credit losses	$	301,327	$	299,731	$	296,138	$	304,121	$	321,308

TABLE 11: 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 March 31, 2022, December 31, 2021 and September 30, 2021.

	As of Mar 31, 2022						As of Dec 31, 2021						As of Sep 30, 2021
(Dollars in thousands)	Recorded<br>Investment		Calculated<br>Allowance		% of its<br>category’s balance		Recorded<br>Investment		Calculated<br>Allowance		% of its<br>category’s balance		Recorded<br>Investment		Calculated<br>Allowance		% of its<br>category’s balance
Commercial:
Commercial, industrial and other, excluding PPP loans	$	11,329,999	$	120,910	1.07	%	$	11,345,785	$	119,305	1.05	%	$	10,105,984	$	109,780	1.09	%
Commercial PPP loans	253,964		1		0.00		558,283		2		0.00		1,081,988		2		0.00
Commercial real estate:
Construction and development	1,396,406		34,206		2.45		1,356,204		35,206		2.60		1,343,715		34,101		2.54
Non-construction	7,838,668		110,700		1.41		7,634,082		109,377		1.43		7,541,999		105,934		1.40
Home equity	321,435		10,566		3.29		335,155		10,699		3.19		347,662		10,939		3.15
Residential real estate	1,799,985		9,429		0.52		1,637,099		8,782		0.54		1,547,736		16,272		1.05
Premium finance receivables
Commercial insurance loans	4,937,408		14,082		0.29		4,855,487		15,246		0.31		4,616,977		17,996		0.39
Life insurance loans	7,354,163		640		0.01		7,042,810		613		0.01		6,655,453		579		0.01
Consumer and other	48,519		634		1.31		24,199		423		1.75		22,529		452		2.01
Total loans, net of unearned income	$	35,280,547	$	301,168	0.85	%	$	34,789,104	$	299,653	0.86	%	$	33,264,043	$	296,055	0.89	%
Total loans, net of unearned income, excluding PPP loans	$	35,026,583	$	301,167	0.86	%	$	34,230,821	$	299,651	0.88	%	$	32,182,055	$	296,053	0.92	%
Total core loans (1)	$	20,084,782	$	262,447	1.31	%	$	19,599,090	$	260,511	1.33	%	$	18,690,730	$	257,788	1.38	%
Total niche loans (1)	14,941,801		38,720		0.26		14,631,731		39,140		0.27		13,491,325		38,265		0.28
Total PPP loans	253,964		1		0.00		558,283		2		0.00		1,081,988		2		0.00

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

TABLE 12: LOAN PORTFOLIO AGING

(Dollars in thousands)	Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021
Loan Balances:
Commercial
Nonaccrual	$	16,878	$	20,399	$	26,468	$	23,232	$	22,459
90+ days and still accruing	—		15		—		1,244		—
60-89 days past due	1,294		24,262		9,768		5,204		13,292
30-59 days past due	31,889		43,861		25,224		18,478		35,541
Current	11,533,902		11,815,531		11,126,512		11,394,118		12,636,915
Total commercial	$	11,583,963	$	11,904,068	$	11,187,972	$	11,442,276	$	12,708,207
Commercial real estate
Nonaccrual	$	12,301	$	21,746	$	23,706	$	26,035	$	34,380
90+ days and still accruing	—		—		—		—		—
60-89 days past due	2,648		284		5,395		4,382		8,156
30-59 days past due	30,141		40,443		79,818		19,698		70,168
Current	9,189,984		8,927,813		8,776,795		8,628,254		8,432,075
Total commercial real estate	$	9,235,074	$	8,990,286	$	8,885,714	$	8,678,369	$	8,544,779
Home equity
Nonaccrual	$	1,747	$	2,574	$	3,449	$	3,478	$	5,536
90+ days and still accruing	—		—		164		—		—
60-89 days past due	199		—		340		301		492
30-59 days past due	545		1,120		867		777		780
Current	318,944		331,461		342,842		365,250		383,445
Total home equity	$	321,435	$	335,155	$	347,662	$	369,806	$	390,253
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	50,096	$	30,828	$	26,986	$	50,778	$	51,841
Nonaccrual	7,262		16,440		22,633		23,050		21,553
90+ days and still accruing	—		—		—		—		—
60-89 days past due	293		982		1,540		1,584		944
30-59 days past due	18,808		12,145		1,076		2,139		13,768
Current	1,723,526		1,576,704		1,495,501		1,452,734		1,333,867
Total residential real estate	$	1,799,985	$	1,637,099	$	1,547,736	$	1,530,285	$	1,421,973
Premium finance receivables
Nonaccrual	$	6,707	$	5,433	$	7,300	$	6,418	$	9,690
90+ days and still accruing	12,363		7,217		5,811		3,570		4,783
60-89 days past due	31,291		28,104		15,804		7,759		5,113
30-59 days past due	36,800		89,070		21,654		32,758		31,373
Current	12,204,410		11,768,473		11,221,861		10,830,922		10,019,079
Total premium finance receivables	$	12,291,571	$	11,898,297	$	11,272,430	$	10,881,427	$	10,070,038
Consumer and other
Nonaccrual	$	4	$	477	$	384	$	485	$	497
90+ days and still accruing	43		137		126		178		161
60-89 days past due	5		34		16		22		8
30-59 days past due	221		509		125		75		74
Current	48,246		23,042		21,878		8,264		35,243
Total consumer and other	$	48,519	$	24,199	$	22,529	$	9,024	$	35,983
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	50,096	$	30,828	$	26,986	$	50,778	$	51,841
Nonaccrual	44,899		67,069		83,940		82,698		94,115
90+ days and still accruing	12,406		7,369		6,101		4,992		4,944
60-89 days past due	35,730		53,666		32,863		19,252		28,005
30-59 days past due	118,404		187,148		128,764		73,925		151,704
Current	35,019,012		34,443,024		32,985,389		32,679,542		32,840,624
Total loans, net of unearned income	$	35,280,547	$	34,789,104	$	33,264,043	$	32,911,187	$	33,171,233

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

TABLE 13: NON-PERFORMING ASSETS(1) AND TROUBLED DEBT RESTRUCTURINGS (“TDRs”)

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)	2022			2021			2021			2021			2021
Loans past due greater than 90 days and still accruing (2):
Commercial	$	—		$	15		$	—		$	1,244		$	—
Commercial real estate	—			—			—			—			—
Home equity	—			—			164			—			—
Residential real estate	—			—			—			—			—
Premium finance receivables	12,363			7,217			5,811			3,570			4,783
Consumer and other	43			137			126			178			161
Total loans past due greater than 90 days and still accruing	12,406			7,369			6,101			4,992			4,944
Non-accrual loans:
Commercial	16,878			20,399			26,468			23,232			22,459
Commercial real estate	12,301			21,746			23,706			26,035			34,380
Home equity	1,747			2,574			3,449			3,478			5,536
Residential real estate	7,262			16,440			22,633			23,050			21,553
Premium finance receivables	6,707			5,433			7,300			6,418			9,690
Consumer and other	4			477			384			485			497
Total non-accrual loans	44,899			67,069			83,940			82,698			94,115
Total non-performing loans:
Commercial	16,878			20,414			26,468			24,476			22,459
Commercial real estate	12,301			21,746			23,706			26,035			34,380
Home equity	1,747			2,574			3,613			3,478			5,536
Residential real estate	7,262			16,440			22,633			23,050			21,553
Premium finance receivables	19,070			12,650			13,111			9,988			14,473
Consumer and other	47			614			510			663			658
Total non-performing loans	$	57,305		$	74,438		$	90,041		$	87,690		$	99,059
Other real estate owned	4,978			1,959			9,934			10,510			8,679
Other real estate owned - from acquisitions	1,225			2,312			3,911			5,062			7,134
Other repossessed assets	—			—			—			—			—
Total non-performing assets	$	63,508		$	78,709		$	103,886		$	103,262		$	114,872
Accruing TDRs not included within non-performing assets	$	35,922		$	37,486		$	38,468		$	44,019		$	46,151
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.15		%	0.17		%	0.24		%	0.21		%	0.18		%
Commercial real estate	0.13			0.24			0.27			0.30			0.40
Home equity	0.54			0.77			1.04			0.94			1.42
Residential real estate	0.40			1.00			1.46			1.51			1.52
Premium finance receivables	0.16			0.11			0.12			0.09			0.14
Consumer and other	0.10			2.54			2.26			7.35			1.83
Total loans, net of unearned income	0.16		%	0.21		%	0.27		%	0.27		%	0.30		%
Total non-performing assets as a percentage of total assets	0.13		%	0.16		%	0.22		%	0.22		%	0.25		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	670.77		%	446.78		%	352.70		%	367.64		%	341.29		%

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

(2)As of March 31, 2022, December 31, 2021, September 30, 2021, and June 2021, approximately $320,000, $320,000, $445,000 and $320,000, respectively, of TDRs were past due greater than 90 days and still accruing interest. No TDRs as of March 31, 2021 were past due greater than 90 days and still accruing interest.

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

	Three Months Ended
	Mar 31,		Dec 31,			Sep 30,	Jun 30,		Mar 31,
(In thousands)	2022		2021			2021	2021		2021
Balance at beginning of period	$	74,438		$	90,041		$	87,690	$	99,059	$	127,513
Additions from becoming non-performing in the respective period	4,141			6,851			9,341		12,762		9,894
Return to performing status	(729)			(6,616)			(3,322)		—		(654)
Payments received	(20,139)			(13,212)			(5,568)		(12,312)		(22,731)
Transfer to OREO and other repossessed assets	(4,377)			(275)			(720)		(3,660)		(1,372)
Charge-offs, net	(2,354)			(5,167)			(548)		(4,684)		(2,952)
Net change for niche loans (1)	6,325			2,816			3,168		(3,475)		(10,639)
Balance at end of period	$	57,305		$	74,438		$	90,041	$	87,690	$	99,059

(1)This includes activity for premium finance receivables and indirect consumer loans.

TDRs

	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2022		2021		2021		2021		2021
Accruing TDRs:
Commercial	$	2,773	$	4,131	$	4,532	$	6,911	$	7,536
Commercial real estate	10,068		8,421		8,385		9,659		9,478
Residential real estate and other	23,081		24,934		25,551		27,449		29,137
Total accrual	$	35,922	$	37,486	$	38,468	$	44,019	$	46,151
Non-accrual TDRs: (1)
Commercial	$	4,935	$	6,746	$	3,079	$	4,104	$	5,583
Commercial real estate	2,050		2,050		3,239		3,434		1,309
Residential real estate and other	1,964		3,027		3,685		4,190		3,540
Total non-accrual	$	8,949	$	11,823	$	10,003	$	11,728	$	10,432
Total TDRs:
Commercial	$	7,708	$	10,877	$	7,611	$	11,015	$	13,119
Commercial real estate	12,118		10,471		11,624		13,093		10,787
Residential real estate and other	25,045		27,961		29,236		31,639		32,677
Total TDRs	$	44,871	$	49,309	$	48,471	$	55,747	$	56,583

(1)Included in total non-performing loans.

Other Real Estate Owned

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(In thousands)	2022		2021		2021		2021		2021
Balance at beginning of period	$	4,271	$	13,845	$	15,572	$	15,813	$	16,558
Disposals/resolved	(2,497)		(9,664)		(1,949)		(3,152)		(2,162)
Transfers in at fair value, less costs to sell	4,429		275		315		3,660		1,587
Fair value adjustments	—		(185)		(93)		(749)		(170)
Balance at end of period	$	6,203	$	4,271	$	13,845	$	15,572	$	15,813
	Period End
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
Balance by Property Type:	2022		2021		2021		2021		2021
Residential real estate	$	1,127	$	1,310	$	1,592	$	1,952	$	2,713
Residential real estate development	—		—		934		1,030		1,287
Commercial real estate	5,076		2,961		11,319		12,590		11,813
Total	$	6,203	$	4,271	$	13,845	$	15,572	$	15,813

TABLE 14: NON-INTEREST INCOME

	Three Months Ended										Q1 2022 compared to Q4 2021			Q1 2022 compared to Q1 2021
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)	2022		2021		2021		2021		2021		Change	% Change		Change	% Change
Brokerage	$	4,632	$	5,292	$	5,230	$	5,148	$	5,040		(12)	%		(8)	%
Trust and asset management	26,762		27,197		26,301		25,542		24,269		(435)	(2)		2,493	10
Total wealth management	31,394		32,489		31,531		30,690		29,309		(1,095)	(3)		2,085	7
Mortgage banking	77,231		53,138		55,794		50,584		113,494		24,093	45		(36,263)	(32)
Service charges on deposit accounts	15,283		14,734		14,149		13,249		12,036		549	4		3,247	27
(Losses) gains on investment securities, net	(2,782)		(1,067)		(2,431)		1,285		1,154		(1,715)	NM		(3,936)	NM
Fees from covered call options	3,742		1,128		1,157		1,388		—		2,614	NM		3,742	NM
Trading gains (losses), net	3,889		206		58		(438)		419		3,683	NM		3,470	NM
Operating lease income, net	15,475		14,204		12,807		12,240		14,440		1,271	9		1,035	7
Other:
Interest rate swap fees	4,569		3,526		4,868		2,820		2,488		1,043	30		2,081	84
BOLI	48		1,192		2,154		1,342		1,124		(1,144)	(96)		(1,076)	(96)
Administrative services	1,853		1,846		1,359		1,228		1,256		7	—		597	48
Foreign currency remeasurement gains (losses)	11		111		77		(782)		99		(100)	(90)		(88)	(89)
Early pay-offs of capital leases	265		249		209		195		(52)		16	6		317	NM
Miscellaneous	11,812		12,011		14,742		15,572		10,739		(199)	(2)		1,073	10
Total Other	18,558		18,935		23,409		20,375		15,654		(377)	(2)		2,904	19
Total Non-Interest Income	$	162,790	$	133,767	$	136,474	$	129,373	$	186,506		22	%		(13)	%

All values are in US Dollars.

NM - Not meaningful.

TABLE 15: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Mar 31,<br>2022			Dec 31,<br>2021			Sep 30,<br>2021			Jun 30,<br>2021			Mar 31,<br>2021
Originations:
Retail originations	$	647,785		$	980,627		$	1,153,265		$	1,328,721		$	1,641,664
Veterans First originations	247,738			318,244			405,663			395,290			580,303
Total originations for sale (A)	$	895,523		$	1,298,871		$	1,558,928		$	1,724,011		$	2,221,967
Originations for investment	274,628			177,676			181,886			249,749			321,858
Total originations	$	1,170,151		$	1,476,547		$	1,740,814		$	1,973,760		$	2,543,825
Retail originations as percentage of originations for sale	72		%	75		%	74		%	77		%	74		%
Veterans First originations as a percentage of originations for sale	28			25			26			23			26
Purchases as a percentage of originations for sale	53		%	52		%	56		%	53		%	27		%
Refinances as a percentage of originations for sale	47			48			44			47			73
Production Margin:
Production revenue (B) (1)	$	14,585		$	28,182		$	39,247		$	37,531		$	71,282
Total originations for sale (A)	$	895,523		$	1,298,871		$	1,558,928		$	1,724,011		$	2,221,967
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)	330,196			353,509			510,982			605,400			798,534
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)	353,509			510,982			605,400			798,534			1,072,717
Total mortgage production volume (C)	$	872,210		$	1,141,398		$	1,464,510		$	1,530,877		$	1,947,784
Production margin (B / C)	1.67		%	2.47		%	2.68		%	2.45		%	3.66		%
Mortgage Servicing:
Loans serviced for others (D)	$	13,426,535		$	13,126,254		$	12,720,126		$	12,307,337		$	11,530,676
MSRs, at fair value (E)	199,146			147,571			133,552			127,604			124,316
Percentage of MSRs to loans serviced for others (E / D)	1.48		%	1.12		%	1.05		%	1.04		%	1.08		%
Servicing income	$	10,851		$	10,766		$	10,454		$	9,830		$	9,636
Components of MSR:
MSR - current period capitalization	$	14,401		$	15,080		$	15,546		$	17,512		$	24,616
MSR - collection of expected cash flows - paydowns	(1,215)			(1,101)			(1,036)			(991)			(728)
MSR - collection of expected cash flows - payoffs	(4,801)			(6,385)			(7,558)			(7,549)			(9,440)
MSR - changes in fair value model assumptions	43,365			6,656			(888)			(5,540)			18,045
Summary of Mortgage Banking Revenue:
Production revenue (1)	$	14,585		$	28,182		$	39,247		$	37,531		$	71,282
Servicing income	10,851			10,766			10,454			9,830			9,636
MSR activity	51,750			14,250			6,064			3,432			32,493
Other	45			(60)			29			(209)			83
Total mortgage banking revenue	$	77,231		$	53,138		$	55,794		$	50,584		$	113,494

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

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

TABLE 16: NON-INTEREST EXPENSE

	Three Months Ended										Q1 2022 compared to Q4 2021			Q1 2022 compared to Q1 2021
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)	2022		2021		2021		2021		2021		Change	% Change		Change	% Change
Salaries and employee benefits:
Salaries	$	92,116	$	91,612	$	88,161	$	91,089	$	91,053		1	%		1	%
Commissions and incentive compensation	51,793		49,923		57,026		53,751		61,367		1,870	4		(9,574)	(16)
Benefits	28,446		25,596		25,725		27,977		28,389		2,850	11		57	—
Total salaries and employee benefits	172,355		167,131		170,912		172,817		180,809		5,224	3		(8,454)	(5)
Software and equipment	22,810		23,708		22,029		20,866		20,912		(898)	(4)		1,898	9
Operating lease equipment depreciation	9,708		10,147		10,013		9,949		10,771		(439)	(4)		(1,063)	(10)
Occupancy, net	17,824		18,343		18,158		17,687		19,996		(519)	(3)		(2,172)	(11)
Data processing	7,505		7,207		7,104		6,920		6,048		298	4		1,457	24
Advertising and marketing	11,924		13,981		13,443		11,305		8,546		(2,057)	(15)		3,378	40
Professional fees	8,401		7,551		7,052		7,304		7,587		850	11		814	11
Amortization of other acquisition-related intangible assets	1,609		1,811		1,877		2,039		2,007		(202)	(11)		(398)	(20)
FDIC insurance	7,729		7,317		6,750		6,405		6,558		412	6		1,171	18
OREO expense, net	(1,032)		(641)		(1,531)		769		(251)		(391)	61		(781)	NM
Other:
Commissions - 3rd party brokers	917		861		884		889		846		56	7		71	8
Postage	1,416		1,684		2,018		1,900		1,743		(268)	(16)		(327)	(19)
Miscellaneous	23,132		24,299		23,435		21,262		21,317		(1,167)	(5)		1,815	9
Total other	25,465		26,844		26,337		24,051		23,906		(1,379)	(5)		1,559	7
Total Non-Interest Expense	$	284,298	$	283,399	$	282,144	$	280,112	$	286,889		0	%		(1)	%

All values are in US Dollars.

NM - Not meaningful.

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2022			2021			2021			2021			2021
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	328,252		$	327,979		$	322,457		$	319,579		$	305,469
Taxable-equivalent adjustment:
- Loans	427			417			411			415			384
- Liquidity Management Assets	465			486			492			494			500
- Other Earning Assets	2			2			—			—			—
(B) Interest Income (non-GAAP)	$	329,146		$	328,884		$	323,360		$	320,488		$	306,353
(C) Interest Expense (GAAP)	28,958			32,003			34,961			39,989			43,574
(D) Net Interest Income (GAAP) (A minus C)	$	299,294		$	295,976		$	287,496		$	279,590		$	261,895
(E) Net Interest Income (non-GAAP) (B minus C)	$	300,188		$	296,881		$	288,399		$	280,499		$	262,779
Net interest margin (GAAP)	2.60		%	2.54		%	2.58		%	2.62		%	2.53		%
Net interest margin, fully taxable-equivalent (non-GAAP)	2.61			2.55			2.59			2.63			2.54
(F) Non-interest income	$	162,790		$	133,767		$	136,474		$	129,373		$	186,506
(G) (Losses) gains on investment securities, net	(2,782)			(1,067)			(2,431)			1,285			1,154
(H) Non-interest expense	284,298			283,399			282,144			280,112			286,889
Efficiency ratio (H/(D+F-G))	61.16		%	65.78		%	66.17		%	68.71		%	64.15		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	61.04			65.64			66.03			68.56			64.02
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	4,492,256		$	4,498,688		$	4,410,317		$	4,339,011		$	4,252,511
Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(682,101)			(683,456)			(675,910)			(678,333)			(680,052)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,397,655		$	3,402,732		$	3,321,907		$	3,248,178		$	3,159,959
(J) Total assets (GAAP)	$	50,250,661		$	50,142,143		$	47,832,271		$	46,738,450		$	45,682,202
Less: Intangible assets (GAAP)	(682,101)			(683,456)			(675,910)			(678,333)			(680,052)
(K) Total tangible assets (non-GAAP)	$	49,568,560		$	49,458,687		$	47,156,361		$	46,060,117		$	45,002,150
Common equity to assets ratio (GAAP) (L/J)	8.1		%	8.1		%	8.4		%	8.4		%	8.4		%
Tangible common equity ratio (non-GAAP) (I/K)	6.9			6.9			7.0			7.1			7.0
	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2022			2021			2021			2021			2021
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,492,256		$	4,498,688		$	4,410,317		$	4,339,011		$	4,252,511
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	4,079,756		$	4,086,188		$	3,997,817		$	3,926,511		$	3,840,011
(M) Actual common shares outstanding	57,253			57,054			56,956			57,067			57,023
Book value per common share (L/M)	$	71.26		$	71.62		$	70.19		$	68.81		$	67.34
Tangible book value per common share (non-GAAP) (I/M)	59.34			59.64			58.32			56.92			55.42
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	120,400		$	91,766		$	102,146		$	98,118		$	146,157
Add: Intangible asset amortization	1,609			1,811			1,877			2,039			2,007
Less: Tax effect of intangible asset amortization	(430)			(505)			(509)			(553)			(522)
After-tax intangible asset amortization	$	1,179		$	1,306		$	1,368		$	1,486		$	1,485
(O) Tangible net income applicable to common shares (non-GAAP)	$	121,579		$	93,072		$	103,514		$	99,604		$	147,642
Total average shareholders’ equity	$	4,500,460		$	4,433,953		$	4,343,915		$	4,256,778		$	4,164,890
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	4,087,960		$	4,021,453		$	3,931,415		$	3,844,278		$	3,752,390
Less: Average intangible assets	(682,603)			(677,470)			(677,201)			(679,535)			(680,805)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	3,405,357		$	3,343,983		$	3,254,214		$	3,164,743		$	3,071,585
Return on average common equity, annualized (N/P)	11.94		%	9.05		%	10.31		%	10.24		%	15.80		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	14.48			11.04			12.62			12.62			19.49
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	173,680		$	137,045		$	149,742		$	144,150		$	206,859
Add: Provision for credit losses	4,106			9,299			(7,916)			(15,299)			(45,347)
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	177,786		$	146,344		$	141,826		$	128,851		$	161,512

WINTRUST SUBSIDIARIES AND LOCATIONS

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

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

Additionally, the Company operates various non-bank business units:

•FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.

•First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.

•Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.

•Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.

•Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.

•Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.

•The Chicago Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.

•Wintrust Asset Finance offers direct leasing opportunities.

•CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, such as the impacts of the COVID-19 pandemic (including the emergence of variant strains), and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2021 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form

additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

•the severity, magnitude and duration of the COVID-19 pandemic, including the emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on our operations and personnel, commercial activity and demand across our business and our customers’ businesses;

•the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect the Company’s liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses;

•the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges;

•economic conditions that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates;

•negative effects suffered by us or our customers resulting from changes in U.S. trade policies;

•the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;

•estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;

•the financial success and economic viability of the borrowers of our commercial loans;

•commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;

•the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;

•inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;

•changes in the level and volatility of interest rates, the capital markets and other market indices (including developments and volatility arising from or related to the COVID-19 pandemic) that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;

•the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;

•competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;

•failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions;

•unexpected difficulties and losses related to FDIC-assisted acquisitions;

•harm to the Company’s reputation;

•any negative perception of the Company’s financial strength;

•ability of the Company to raise additional capital on acceptable terms when needed;

•disruption in capital markets, which may lower fair values for the Company’s investment portfolio;

•ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;

•failure or breaches of our security systems or infrastructure, or those of third parties;

•security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft;

•adverse effects on our information technology systems resulting from failures, human error or cyberattacks (including ransomware);

•adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;

•increased costs as a result of protecting our customers from the impact of stolen debit card information;

•accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;

•ability of the Company to attract and retain senior management experienced in the banking and financial services industries;

•environmental liability risk associated with lending activities;

•the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;

•losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;

•the loss of customers as a result of technological changes allowing consumers to complete their financial transactions

without the use of a bank;

•the soundness of other financial institutions;

•the expenses and delayed returns inherent in opening new branches and de novo banks;

•liabilities, potential customer loss or reputational harm related to closings of existing branches;

•examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;

•changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;

•the ability of the Company to receive dividends from its subsidiaries;

•uncertainty about the discontinued use of LIBOR and transition to an alternative rate;

•a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;

•legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those changes that are in response to the COVID-19 pandemic, including without limitation the Coronavirus Aid, Relief, and Economic Security Act, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the rules and regulations that may be promulgated thereunder;

•a lowering of our credit rating;

•changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to the COVID-19 pandemic, persistent inflation or otherwise;

•regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;

•increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;

•the impact of heightened capital requirements;

•increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;

•delinquencies or fraud with respect to the Company’s premium finance business;

•credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;

•the Company’s ability to comply with covenants under its credit facility;

•fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and

•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services.

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Wednesday, April 20, 2022 at 11:00 a.m. (Central Time) regarding first quarter 2022 results. Individuals interested in listening should call (877) 363-5049 and enter Conference ID #6069787. A simultaneous audio-only webcast and replay of the conference call as well as an accompanying slide presentation may be accessed via the Company’s website at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2022 earnings press release will be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

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a1q22earningsreleasepres

Earnings Release Presentation Q1 2022 Wintrust Financial Corporation

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2 This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, such as the impacts of the COVID-19 pandemic (including the emergence of variant strains), and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2021 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following: • the severity, magnitude and duration of the COVID-19 pandemic, including the emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on our operations and personnel, commercial activity and demand across our business and our customers’ businesses; • the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect the Company’s liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses; • the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges; • economic conditions that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates; • negative effects suffered by us or our customers resulting from changes in U.S. trade policies; • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses; • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period; • the financial success and economic viability of the borrowers of our commercial loans; • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses; • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; • changes in the level and volatility of interest rates, the capital markets and other market indices (including developments and volatility arising from or related to the COVID-19 pandemic) that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities; • the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability; • competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products; • failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions; • unexpected difficulties and losses related to FDIC-assisted acquisitions; • harm to the Company’s reputation; • any negative perception of the Company’s financial strength; • ability of the Company to raise additional capital on acceptable terms when needed; • disruption in capital markets, which may lower fair values for the Company’s investment portfolio; Forward-Looking Statements Pending - Legal

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3 • ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith; • failure or breaches of our security systems or infrastructure, or those of third parties; • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft; • adverse effects on our information technology systems resulting from failures, human error or cyberattacks (including ransomware); • adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors; • increased costs as a result of protecting our customers from the impact of stolen debit card information; • accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions; • ability of the Company to attract and retain senior management experienced in the banking and financial services industries; • environmental liability risk associated with lending activities; • the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation; • losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith; • the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank; • the soundness of other financial institutions; • the expenses and delayed returns inherent in opening new branches and de novo banks; • liabilities, potential customer loss or reputational harm related to closings of existing branches; • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; • changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements; • the ability of the Company to receive dividends from its subsidiaries; • uncertainty about the discontinued use of LIBOR and transition to an alternative rate; • a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise; • legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those changes that are in response to the COVID-19 pandemic, including without limitation the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the rules and regulations that may be promulgated thereunder; • a lowering of our credit rating; • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to the COVID-19 pandemic, persistent inflation or otherwise; • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business; • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment; • the impact of heightened capital requirements; • increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC; • delinquencies or fraud with respect to the Company’s premium finance business; • credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans; • the Company’s ability to comply with covenants under its credit facility; • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change could have an adverse effect on the Company’s financial condition and results of operations, lead to material disruption of the Company’s operations or the ability or willingness of clients to access the Company’s products and services. Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward- looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release and this presentation. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases and presentations. Forward-Looking Statements Pending - Legal

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4 Wintrust kicked off 2022 with an impressive first quarter reporting record quarterly pre-tax, pre-provision income highlighted by continued expansion of net interest income. Our diversified loan book exhibited strong growth while credit quality remains extraordinarily good. The Company’s future prospects remain bright as we believe our asset sensitive interest rate position will allow us to capitalize on potentially rising interest rates. Q1 2022 Summary

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5 Pre-Tax, Pre-Provision1 Growing and Diversified Balance Sheet Future Outlook • Wintrust continues to monitor the interest rate environment to reduce the asset sensitivity of its balance sheet given the recent increase in rates. • Pressure on net interest margin is expected in upcoming quarter. • Growing low cost deposits in our market area remains a significant focus of the Company, which we believe will be the key to mitigating net interest margin compression. Strong Balance Sheet Total Loans +$2.2B / 9.7% Mid to High Single Digit Growth Average Loan to Deposit Ratio 93.7% 85% - 90% Total Deposits +$2.9B / 12.6% High Single Digit Growth Income Net Income +$85.5MM 10% - 15% Growth NIM Net Interest Margin +17 bps 3.60% - 3.70% NII Non-Interest Income +$36.6MM PENDING NIE Non-Interest Expense +$94.3MM 1.50% - 1.60% Net Overhead Ratio Credit & Capital Net Charge-Off Ratio +2 bps Diligently Monitoring to Maintain Pristine Credit Quality Total Risk-Based Capital Ratio -39 bps May Consider Capital Increase Pending Acquisition Pipeline Q1 '22 Highlights (Comparative to Q4 '21) Strong core loan growth coupled with improvement in net interest income Total DepositsTotal Assets Total Loans Net Income $50.3 billion +$0.1 billion $35.3 billion +$0.5 billion $42.2 billion +$0.1 billion $127.4 million +$28.6 million Exceptional Credit Quality Awards/Non- Recurring Items • Steadily improving Net Interest Income reaching $299.3 million • Improved Net Interest Margin with upside related to potentially rising rates • Tangible Book Value per Share remained relatively flat, despite market volatility • Steadily decreasing NPLs4 at $57.3 million along with strong allowance coverage • Maintained low levels of Net-Charge Offs of $2.5 million • Ranked Top Workplace in Chicago 2021 • Swap Sale expected in 2022 Potential 4th talking point section strategic, awards highlight, swap sales? Net Overhead RatioReturn on Assets Return on Equity 1.04% +24 bps3 11.94% +289 bps3 1.00% -21 bps3 $177.8 million +$31.4 million • Diversified loan growth excluding Paycheck Protection Program ("PPP") of $796 million, 9% annualized, driven by Specialty Finance and Commercial Real Estate • Maintained strong deposit base and lowered cost of funds 1 Pre-tax income, excluding provision for credit losses (Non-GAAP) – See Non-GAAP reconciliation on pg. 26 2 Diluted EPS: Net Income Per Common Share - Diluted Diluted EPS2 $2.07 +$0.49 Current EPS Prior EPS $ 2.07 1.58 $ 0.49 PPNI Prior PPNI $ 177.8 146.3 $ 31.4 31500000 177,786 146,344 3 Bps: Basis Points 4 NPLs: Non-Performing Loans Commitment to Increasing Shareholder Value

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6 SAME CHANGE AS Q1 PG "INCREASED SHAREHOLDER VALUE" CHANGE • Net interest income expanded while maintaining interest rate sensitivity. We project that, assuming an immediate and parallel 25 basis point rate hike, the cumulative increase to net interest income in the subsequent 12 months is approximately $40-$50 million and a 10 basis point favorable impact on net interest margin • Record Pre-Tax Income, excluding Provision for Credit Losses of $177.8 million, which includes $43.4 million of MSR valuation benefit Earnings Summary Differentiated, highly diversified and sustainable business model Sustained Net Income Driven by Diverse Loan Growth Key Observations Condensed Income Statement Current Q Difference vs.Current Q $153.1 $105.1 $109.1 $98.8 $127.4 1.38% 0.92% 0.92% 0.80% 1.04% Net Income ROA Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $2.54 $1.70 $1.77 $1.58 $2.07 Diluted EPS Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $161.5 $128.9 $141.8 $146.3 $177.8 Pre-Tax Income, excluding Provision for Credit Losses (Non-GAAP ) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 1 See Non-GAAP reconciliation on pg. 26 Thousands ($) Q4 2021 Q3 2021 Q4 2020 Net Interest Income $295,976 $8,480 $36,579 Non-Interest Income $133,767 $(2,707) $(24,594) Net Revenue $429,743 $5,773 $11,985 Non-Interest Expense $283,399 $1,255 $1,532 Pre-Provision Net Revenue $146,344 $4,518 $10,453 Provision For Credit Losses $9,299 $17,215 $8,119 Income Before Taxes $137,045 $(12,697) $2,334 Income Tax Expense $38,288 $(2,317) $4,781 Net Income $98,757 $(10,380) $(2,447) Preferred Stock Dividends $6,991 $— $— Net Income Available to Common Shares $91,766 $(10,380) $(2,447) Diluted EPS $1.58 $(0.19) $(0.05) ROA 0.80% -12 bps -12 bps ROE 9.05% -126 bps -125 bps 2 ### 1 Q3 2020 had a $9.0 million state income tax benefit. ($ in Millions) ($ in Millions) Record Quarterly Pre-Tax, Pre-Provision Income $261.90 $279.59 $287.50 $295.98 $299.29 $186.51 $129.37 $136.47 $133.77 162,790 $286.89 $280.11 $282.14 $283.40 284,298 Net Interest Income Non-Interest Income Non- Interest Expense Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $100.00 $200.00 $300.00 $400.00 Q1 Earnings HighlightsResilient EPS Amid Uncertainty 1

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7 32% 1% 26% 1% 5% 14% 21% Commercial excl. PPP Commercial PPP Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables - Commercial Premium Finance Receivables - Life Insurance • Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.6 billion to $1.8 billion at March 31, 2022, as compared to $1.1 billion to $1.3 billion at December 31, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $1,100 million to $1,200 million at March 31, 2022, as compared to $700 million to $0.8 billion at December 31, 2021. • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $2.0 billion, as compared to December 31, 2021, • Total period end loans as of March 31, 2022 were $1.1 billion higher than average total loans in the first quarter of 2022. $34,789 $(304) $163 $245 $82 $311 $(5) $35,281 12/31/2021 Commercial PPP Residential Real Estate Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 3/31/2022 Loan Portfolio Balanced loan portfolio of approximately 1/3 Commercial, 1/3 Commercial Real Estate and 1/3 Specialty Finance Diversified Loan Growth Overcoming PPP Forgiveness QoQ Growth Lead by Commercial & Acquired Loan Portfolio $33.2 $32.9 $33.3 $34.8 $35.3 $29.9 $31.0 $32.2 $34.2 $35.0 3.43% 3.46% 3.44% 3.41% 3.33% Total Loans Total Loans excl. PPP Average Total Loan Yield 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Year-over-Year Change $2.1B or 6% in Total Loans, $5.1B or 17% in Total Loans excl. PPP Balanced Loan Mix (as of 3/31/2022) Commercial excl. PPP $11.3 PPP $0.3 Commercial Real Estate $9.2 Premium Finance Receivables - Commercial Insurance $4.9 Premium Finance Receivables - Life Insurance $7.4 All Other Loans $2.2 ($ in Billions) ($ in Millions) Key Observations Quarterly Increase Led by Specialty Finance and Commercial Real Estate Well Positioned for a Potentially Rising Rate Environment 53.6% 26.4% 5.7% 10.5% 3.8% Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-12 months 1-2 Years 2-5 Years > 5 Years $35.3B DONE Commercial excl. PPP $11.7 PPP $0.3 Commercial Real Estate $9.2 Premium Finance Receivables - Commercial Insurance $4.9 Premium Finance Receivables - Life Insurance $7.2 All Other Loans $3.2 Presentation draft doughnut chart left ($ in Billions) $34,789 $(250) $350 $(50) $150 $100 $50 $35,139 12/31/2021 Commercial PPP All Other Commercial Loans Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 3/31/2022 Draft waterfall below 1 1 1

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8 1 "Prior Fed Cycle" defined as Q3 2015 to Q2 2019 and "Current Fed Cycle" begins in Q3 2019 to present Improved Deposit Mix During Last Rate Cycle • Total deposits increased by $0.1 billion from the prior quarter end. • Non-interest bearing deposits comprise 32% of total deposits as of March 31, 2022. • Rate paid on average interest-bearing deposits decreased 2 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 83.6% as compared to 82.6% at prior quarter end. $42,096 $(431) $413 $910 $(778) $243 $(233) $42,219 12/31/2021 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 3/31/2022 Deposit Portfolio Enviable core deposit franchise in Chicago and Milwaukee market areas Deposit Growth Coupled with Decreasing Funding Costs Diversified Deposit Mix (as of 3/31/2022) Focused on low-cost deposit mix to drive margin expansion $37.9 $38.8 $40.0 $42.1 $42.2 0.45% 0.38% 0.29% 0.24% 0.22% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 32% 11% 13% 25% 10% 9% Non-Interest-Bearing NOW and Interest-Bearing DDA Wealth Management Deposits Money Market Savings Time Certificates of Deposit Year-over-Year Change $4.3B or 11% Non-Interest-Bearing $13.7 NOW and Interest- Bearing DDA $4.6 Wealth Management Deposits $5.4 Money Market $10.7 Savings $4.1 Time Certificates of Deposits $3.7 ($ in Billions) ($ in Billions) $42.2B 53% 44% Q3 2019 to Q4 2021 (–225 bps) Q3 2015 to Q2 2019 (+225 bps) Historical Interest-Bearing Deposit Betas Through Fed Cycles Non Interest Bearing $12.6 NOW and Interest- Bearing DDA $19.9 Wealth Management Deposits $3.5 Money Market $2.1 Savings $2.5 Time Certificate of Deposits $2.2 Draft graph to left $42,096 $150 $(75) $100 $(50) $150 $100 $42,471 12/31/2021 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 3/31/2022 Draft waterfall below 1 56.3% 58.6% 20.0% 8.8% 23.7% 32.6% Non-Interest-Bearing Time Certificates of Deposit ("CD's") Interest-Bearing excl. CD's Q1 2019 Q1 2022

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9 Q1 21; Q4 21 ; Q1 22- remove 2020 period (All three graphics) Liquidity Excess liquidity ready for deployment with market expectations of rate increases • We continue to maintain excess liquidity and believe that deploying such liquidity could potentially increase our net interest margin and net interest income. • We remain well positioned to benefit from a higher rate environment and are monitoring the available market returns on investments. We intend to be prudent in our decision making. Strategically Balanced Investment Portfolio (as of 3/31/2022) Interest-Bearing Cash1 Intentionally Maintained to Limit Locking in Low Interest Rates $2.2 $4.2 $4.6 $2.2 $3.3 $4.7 1.68% 0.11% 0.19% Average Balance End of Period Balance Yield Q1 2020 Q1 2021 Q1 2022 Duration of Investment Portfolio and Liquidity $32.7 $41.9 $46.6 $2.2 $4.2 $4.6 6.7% 10.0% 9.9% Total Average Earning Assets Total Average Interest-Bearing Cash Total Average Interest-Bearing Cash as a % of Total Average Earning Assets Q1 2020 Q1 2021 Q1 2022 Partial Deployment of Excess Liquidity into Investment Securities $3.9 $5.3 $6.4 $4.7 $5.4 $6.5 2.03% 2.07% 2.09% Investment Securities Average Balance Investment Securities End of Period Balance Yield Q1 2021 Q4 2021 Q1 2022 1 Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents 1 1 ($ in Billions) ($ in Billions) ($ in Billions) Liquidity Focused on taking advantage of market opportunities to prudently deploy excess liquidity $3.0 $3.4 $0.1 Available-for-Sale Held-to-Maturity Other ($ in Billions) $6.5B 44.23% 55.77% Available for Sale Held-to-Maturity $4.2 $6.1 $4.6 $3.3 $6.1 $4.7 0.11% 0.16% 0.19% 10.1% 13.3% 9.8% Average Balance End of Period Balance Yield on Average Interest-Bearing Cash Total Average Interest-Bearing Cash as a % of Total Average Earning Assets Q1 2021 Q4 2021 Q1 2022 Sustained Earning Asset Growth while Maintaining adequate levels of Interest-Bearing Cash1 Interest-Bearing Cash1 Intentionally Maintained to Limit Locking in Low Interest Rates 5.84 6.28 7.57 3.78 3.15 4.65 Investment Portfolio Duration Investment Portfolio, Securities Purchased under Resale Agreements and Liquidity Duration Q1 2021 Q4 2021 Q1 2022 (in Years) 1 1 subnotes look weird but print ok Focused on taking advantage of market opportunities to prudently deploy excess liquidity

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10 No. 3 footnote prints correctly as is 11.6% 0.3% (0.3)% 11.6% 12/31/2021 Retained Earnings and other equity changes Change in RWA 3/31/2022 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 8.6% 9.5% 11.6% Minimum Requirement Capital Conservation Buffer WTFC 11.6% 0.2% (0.7)% 11.6% 12/31/2021 Retained Earnings and other equity changes Change in RWA 3/31/2022 Capital Adequate and appropriate capital levels given the Company's risk profile Q1 2022 Key Observations Adequate Capital Levels • Common Equity Tier 1 Capital and Total Capital ratios decreased primarily due to risk-weighted asset growth in Q4 2021. • Q1 2022 dividend of $0.31 per common share increased 11% from Q1 2021. • Tangible book value per common share decreased $-0.30 from the prior quarter-end and decreased $3.92 or 7.1% from Q1 2021. Capital Adequacy1 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Common equity tier 1 capital ratio1 9.0% 9.0% 8.9% 8.6% 8.6% Tier 1 capital ratio1 10.2% 10.1% 9.9% 9.6% 9.5% Total capital ratio1 12.6% 12.4% 12.1% 11.6% 11.6% Tier 1 leverage ratio1 8.2% 8.2% 8.1% 8.0% 8.1% Tangible book value per common share (Non-GAAP2) $55.42 $56.92 $58.32 $59.64 $59.34 Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $646 $433 $450 1 Ratios for Q1 2022 are estimated 2 CET1: Common Equity Tier 1 9.0% 9.0% 8.9% 8.6% 8.6% 10.2% 10.1% 9.9% 9.6% 9.5% 12.6% 12.4% 12.1% 11.6% 11.6% 8.2% 8.2% 8.1% 8.0% 8.1% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Quarterly Earnings Supported Loan Growth Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Tangible book value per common share (Non-GAAP2) $55.42 $56.92 $58.32 $59.64 $59.34 1 2 5 5 5 RWA: Risk-Weighted Assets $55.42 $56.92 $58.32 $59.64 $59.34 7.0% 7.1% 7.0% 6.9% 6.9% Tangible Book Value Per Share (Non-GAAP ) Tangible Common Equity Ratio (Non-GAAP ) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Relatively Stable TBV3 Despite Market Volatility 5 TCE: Tangible Common Equity (Non-GAAP) 6 See Non-GAAP reconciliation on pg. 26 6 6 3 TBV: Tangible Book Value per Share (Non-GAAP) – See Non-GAAP reconciliation on pg. 26 4 OCI: Other Comprehensive Income Linked chart below Capital Risk-Weighted Assets are inflated by Premium Finance Life portfolio; 100% risk rated with no historical losses $59.64 $2.23 $(2.10) $(0.46) $0.03 $59.34 12/31/2021 Earnings Change in OCI Dividends Other 3/31/2022 4 Add "Total Risk Based Capital" Total Capital Ratio

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11 Consider updating with Deep Blue Highlights in Q2? Touch base with Tom O./Sarah GroomsGrowing Zelle Adoption • primarily due to decreased trust and asset management fees and brokerage commissions Zelle Payments 80.2 105.1 106.1 Number of Transactions Q1 2020 Q1 2021 Q1 2022 Further Adoption of RDC Product Offered to Customers 63.2% 66.0% 67.3% Online/Mobile as a % of Total Retail Checking Households (active within past 90 days) Q1 2020 Q1 2021 Q1 2022 In Tune with Online/Mobile Use Trends Digital Use - Online/Mobile Remote Deposit Capture ("RDC") Zelle has become the fastest growing digital payment option. Since March 2020, Zelle payment volumes increased by 182%, while user volumes increased by 135%. In the last 12 months we have processed over 2.7 million Zelle payments. We have seen a steady increase in RDC adoption. Since March 2020, RDC deposit volumes increased by 32%, while user volumes increased by 34%. Digital adoption continues to increase, with number of households up 21% since March 2020. As of Q1 2022 more than 2/3rds of checking clients regularly use the bank's online/ mobile offerings. 253.6 532.3 715.4 Number of Transactions Q1 2020 Q1 2021 Q1 2022 544.2 561.1 578.8 590.5 605.5 52.5% 53.6% 54.7% 55.7% 56.5% Number of Retail Checking E-Statements E-Statements as a % of Retail Checking Statements Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Retail Checking E-Statements - Number of Transactions & Active Users (in Thousands) Retail Checking Electronic Statements ("E- Statements") With the recent deterioration in USPS service levels, e-statements adoption will likely increase as customers pivot to a more reliable delivery channel. Over the last year we have seen stable growth in E-statement adoption with year-over-year user volumes growth of: 11.3%. Digital Usage Trends Modern digital tools coupled with a high touch community focus (in Thousands) (in Thousands)

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12 Awards - Best in Class - Commercial Banking1 • primarily due to decreased trust and asset management fees and brokerage commissions 544.2 561.1 578.8 590.5 605.5 52.5% 53.6% 54.7% 55.7% 56.5% Number of Retail Checking E-Statements E-Statements as a % of Retail Checking Statements Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Retail Checking E-Statements - Number of Transactions & Active Users (in Thousands) Retail Checking Electronic Statements ("E- Statements") With the recent deterioration in USPS service levels, e-statements adoption will likely increase as customers pivot to a more reliable delivery channel. Over the last year we have seen stable growth in E-statement adoption with year-over-year user volumes growth of: 11.3%. 1 Source: 2021 Coalition Greenwich Market Tracking Program Our Customers are Highly Satisfied with their Bank. ACCORDING TO OUR CUSTOMERS, WE RANK HIGHEST IN: • Overall satisfaction • Ease of doing business • Bank you can trust • Values long-term relationships • Net promoter score • Overall digital experience PLUS, WE RANK HIGHEST IN THESE CATEGORIES, TOO: RELATIONSHIP MANAGER • Overall satisfaction with relationship manager • Responsiveness and prompt follow-up • Proactively provides advice • Effectively coordinated product specialists • Frequency of contact CASH MANAGEMENT • Overall product capability • Accuracy of operations • Customer service professional CREDIT PROCESS • Speed in responding to a loan request • Flexible terms and conditions • Willingness to extend credit • Digitizing the credit process 97% of our current customers rank their satisfaction with us as “excellent” or “above average.” 97%

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13 10.6% 10.2% 11.0% 3.7% 5.4% 5.8% Static Ramp 3/31/2020 3/31/2021 3/31/2022 $21.1 $5.8 $8.4 Variable Rate Fixed Rate maturing under 1 year Fixed Rate maturing over 1 year 2.53% 2.62% 2.58% 2.54% 2.60% 2.54% 2.63% 2.59% 2.55% 2.61% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Net Interest Margin Well-positioned ahead of future rate increases NIM Benefited by Liquidity Deployment and Lower Deposit CostsExpansion in Net Interest Income and Increasing NIM1 Net Interest Margin (Quarterly Trends) 2.55% 0.03% 0.03% —% 2.61% Q4 2021 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q1 2022 1 NIM: Net Interest Margin 2 See Non-GAAP reconciliation on pg. 25 2.55% 0.03% 0.03% 2.61% NIM (Non-GAAP ) Q4 2021 Earning Asset Yield Interest-Bearing Liability Rate NIM (Non-GAAP ) Q1 2022 • Q1 2022 net interest income totaled $299.3 million. ◦ A decrease of $3.3 million as compared to Q4 2021 and a decrease of $37.4 million as compared to Q1 2021. • Net interest margin (Non-GAAP1) increased by 6 bps from the prior quarter: ◦ Earning assets yield up 3 bps. ◦ Interest bearing liability rate down 3 bps. ◦ Net free funds down 0 bps. • Net interest income increased by $3.3 million as compared to the fourth quarter of 2021 as follows: ◦ Increased $16.7 million primarily due to earning asset growth and improvement in net interest margin. ◦ Decreased by approximately $6.7 million due to two fewer days in the first quarter of 2022. ◦ Decreased by $6.7 million due to less PPP interest income. • Net interest margin increased by six basis points primarily due to improved earning asset mix related to liquidity deployment and lower rates on interest bearing liabilities. ◦ The rate on interest bearing deposits declined by five basis points which more than offset a three basis point decline in loan yields. • As of December 31, 2021, the Company had approximately $12.7 million of net PPP loan fees that have yet to be recognized in income. $261.90 $279.59 $287.50 $295.98 $299.29 2.53% 2.62% 2.58% 2.54% 2.60% Net Interest Income Net Interest Margin (GAAP) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022Interest Rate Sensitivity Well Positioned for Potentially Rising Rates $261.9 $279.6 $287.5 $296.0 $299.3 $234.9 $247.1 $266.3 $281.8 $291.9 $27.0 $32.5 $21.2 $14.2 $7.4 2.53% 2.62% 2.58% 2.54% 2.60% Net Interest Income excl. PPP PPP Interest Income Net Interest Margin (GAAP) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Linked graph left 2.53% 2.62% 2.58% 2.54% 2.56% 2.54% 2.63% 2.59% 2.55% 2.57% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Linked graph above and below 2.55% 0.03% 0.04% (0.02)% 2.60% Q4 2021 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q1 2022 Trending floating of variable, or snapshot of where we are today NEW CHART pie var vs fixed Donut prints weird middle needs to be higher 3 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 4 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 3 4 Loan Mix Supports Interest Rate Sensitivity (as of 3/31/2022) Use Table 9 for doughnut to link $35.3B ($ in Millions) ($ in Billions) (Rising Rates Scenario + 100 Basis Points ) footnotes print correct as is Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points 22 PENDING CHECK TOTALS/% Based on Contractual Reprice or Maturity Date

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14 Strategically Balanced Non-Interest Income Sources $186.5 $129.4 $136.5 $133.8 $162.8 $29.3 $30.7 $31.5 $32.5 $31.4 $14.4 $12.2 $12.8 $14.2 $15.5 $12.0 $13.2 $14.1 $14.7 $15.3 $17.3 $22.7 $22.3 $19.3 $23.4 $113.5 $50.6 $55.8 $53.1 $77.2 Wealth Management Operating Lease Income, net Service Charges on Deposits Other Mortgage Banking Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Growing Wealth Management Business • Non-interest income totaled $162.8 million. ◦ A decrease of $29.0 million as compared to Q4 2021 and a decrease of $23.7 million as compared to Q1 2021. • Mortgage banking revenue increased by $24.1 million in Q1 2022 as compared to Q4 2021. See detail on Slide 13. • Wealth management income decreased $1,095,000 as compared to Q4 2021. Solid and Consistent Wealth Management Business 1 Other NII - includes Interest Rate Swap Fees, BOLI, Administrative Services, FX Remeasurement Gains/(Losses), Early Pay-Offs of Capital Leases, Gains/(losses) on investment securities, net, Fees from covered call options, Trading gains/(losses), net and Miscellaneous. 1 $29.3 $30.7 $31.5 $32.5 $31.4 $24.3 $25.6 $26.3 $27.2 $26.8 $5.0 $5.1 $5.2 $5.3 $4.6 $32.2 $34.2 $34.5 $35.5 $35.8 Trust and Asset Management Revenue Brokerage Revenue Assets Under Administration ($ in Billions) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Significant Growth in Commercial Deposit Fees $14.4 $12.2 $12.8 $14.2 $15.5 $239.0 $219.0 $243.9 $242.1 $240.7 Operating Lease Income, Net Lease Investments, Net (Period-End Balance) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 • primarily due to decreased trust and asset management fees and brokerage commissions Confirm AUM correct for all periods. Non-Interest Income Strong fee business primarily driven by mortgage and wealth management ($ in Millions) ($ in Millions) ($ in Millions) $12.0 $13.2 $14.1 $14.7 $15.3 $10.8 $12.0 $12.6 $13.0 $13.7 $1.2 $1.2 $1.5 $1.7 $1.6 Commercial Service Charges on Deposits Consumer Service Charges on Deposits Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Year-over-Year Change $3.3M or 27.5% ($ in Millions) Split into business and consumer?

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15 $48.012 $48.263 $(8.6)$(7.5)$(6.0) $18.0 $(5.5)$(0.9) $6.7 $43.4$5.8 $37.5$39.2$28.2 $14.6 $9.7 $7.3 $57.1 $(42.5)$(66.4) $24.6 $17.5 $15.1 $14.4 $— $— MSR - Payoffs/Paydowns MSR - Change in Fair Value Model Assumptions Production Revenue Servicing Income & Other MSR Capitalization MSR Hedging Gains (Losses) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Mortgage Banking Internal hedge with counter-cyclical returns relative to our net interest income related business lines Production Revenue Impacted by Market Volatility Significant MSR1 Valuation Improvement Growing MSR Portfolio and Income • Loans originated for sale in the first quarter of 2022 totaled $0.9 billion as compared to $1.3 billion in the prior quarter. • Loans serviced for others totaled $13.4 billion in the first quarter of 2022 as compared to $13.1 billion in the prior quarter. • Mortgage banking revenue increased to $77.2 million for the first quarter of 2022 as compared to $53.1 million in the third quarter of 2021. Primarily due to: ◦ $11.1 million due to decreased production revenue. ◦ Partially offset by a $8.2 million increase related to the impact of MSR valuation and MSR capitalization, net of payoffs and paydowns. % of MSRs to Loans Serviced for Others Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 1.08% 1.04% 1.05% 1.12% 1.48% 1 MSR: Mortgage Servicing Right LOGIC IN MORTGAGE BANKING REVENUE NEEDS TO BE MODIFIED Mortgage banking production revenue increased by $13.6 million as mortgage originations for sale totaled $0.9 billion in the first quarter of 2022 as compared to $1.3 billion in the fourth quarter of 2021. $71.3 $37.5 $39.2 $28.2 $14.6 3.66% 2.45% 2.68% 2.47% 1.67% Production Revenue Production Margin Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $124.3 $127.6 $133.6 $147.6 $199.1$11,531 $12,307 $12,720 $13,126 $13,427 MSRs, at fair value Loans Serviced for Others Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $2,222 $1,724 $1,559 $1,299 $896 $1,642 $1,329 $1,153 $981 $648 $580 $395 $406 $318 $248 Retail Originations Veterans First Originations Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $9.6 $9.8 $10.5 $10.8 $10.9 $11,531 $12,307 $12,720 $13,126 $13,427 Servicing Income Loans Serviced for Others Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 ($ in Millions) ($ in Millions) ($ in Millions) ($ in Millions) Mortgage Baking Provides a Natural Business Hedge $261.9 $279.6 $287.5 $296.0 $299.3 $71.3 $37.5 $39.2 $28.2 $14.6 Net Interest Income Production Revenue Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Diminishing Originations for Sale due to Rising Mortgage Rates Mortgage Banking Provides a Natural Business Hedge

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16 $180.8 $172.8 $170.9 $167.1 $172.4 $91.0 $91.0 $88.2 $91.6 $92.2 $61.4 $53.8 $57.0 $49.9 $51.8 $28.4 $28.0 $25.7 $25.6 $28.4 5,303 5,253 5,202 5,183 5,147 Salaries Commissions and Bonus Employee Benefits FTE Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 0.90% 1.32% 1.22% 1.21% 1.00% 64.02% 68.56% 66.03% 65.64% 61.04% Net Overhead Ratio Efficiency Ratio (Non-GAAP ) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Non-Interest Expense Conservative and consistent operating philosophy Relatively Steady Staffing Costs Items Impacting Quarterly Comparability • Salaries and employee benefits expense decreased by $3.8 million in the fourth quarter of 2021 as compared to the third quarter of the year. ◦ ### • Software and equipment expense increase of $1.7 million is primarily due to accelerated depreciation in the quarter related to the reduction in the useful life of a software asset that is planned to be replaced as we continue to make upgrades to our digital customer experience. 1 Other NIE - includes Professional Fees, Data Processing, amortization of other intangible assets, FDIC insurance, OREO expense, net, Commissions (3rd Party Brokers), Postage and Miscellaneous $283.4 $5.2 $(0.9) $(2.1) $(0.4) $(0.9) $284.3 Q4 2021 Salaries and Employee Benefits Software and Equipment Advertising and Marketing OREO Expenses, Net All Other Expenses Q1 2022 1 Growth without Commensurate Expense Increase 2 3 2 Net Overhead Ratio - 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. 3 See Non-GAAP reconciliation on pg. 25 Salaries and employee benefits expense decreased by $1.9 million in the third quarter of 2021 as compared to the second quarter of the year. The $1.9 million decline is primarily related to $6.3 million of lower compensation expense associated with the mortgage banking operation offset somewhat by higher incentive compensation expense for annual bonus and long-term incentive compensation plans during the third quarter relative to the second quarter. • Salaries and employee benefits decrease comprised of: ◦ ### increase in commissions and incentive compensation. ◦ ### decrease in employee benefits expense. ◦ ### decrease in salaries. • Advertising and marketing increase of ### ###. Non-Interest Expense Remains Relatively Flat to Prior Quarter ($ in Millions) $286.9 $286.9 $280.1 $282.1 $0.0 $180.8 $180.8 $172.8 $170.9 $— $20.9 $20.9 $20.9 $22.0 $20.0 $20.0 $17.7 $18.2 $8.5 $8.5 $11.3 $13.4 $10.8 $10.8 $9.9 $10.0 $45.9 $45.9 $47.5 $47.6 Salaries and Employee Benefits Software and Equipment Occupancy, net Advertising and Marketing Operating Lease Equipment Other Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $14.8 $20.9 $22.8 Software and Equipment Q1 2020 Q1 2021 Q1 2022 Increasing Investment in Digital Infrastructure ($ in Millions) 1 FTE - Full-Time Equivalent 1 ($ in Millions) Update title

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17 Canada Market: Loan Portfolio1 - Geographic Diversification2 as of 3/31/2022 Total Loan Portfolio1 Primary Geographic Region Commercial: Commercial, industrial and other Illinois/Wisconsin Leasing Nationwide Franchise Lending Multi-State Commercial real estate Construction and development Illinois/Wisconsin Non-construction Illinois/Wisconsin Home equity Illinois/Wisconsin Residential Real Estate Illinois/Wisconsin Premium finance receivables Commercial insurance loans Nationwide and Canada Life insurance loans Nationwide Consumer and other Illinois/Wisconsin NP: Not Pictured 1 Total Loans excluding PPP 2 Geographic Diversification: relevant business location utilized, which can mean the following locations: collateral location, customer business location, customer home address and customer billing address. Key Observations • Primarily focused in the Midwest with a presence in Western and Southern U.S. markets. • National niche lending businesses creates a diversified loan portfolio. States/Jurisdictions that individually comprise less than 1% of the Total Loan Portfolio1 2% 10% 5% 38% 2% 2% 5% 1% 4% NP - Puerto Rico NP - Virgin Islands 1% 1% 1% 1% 1% 2% 5% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Loan Portfolio Highly diversified portfolio across U.S. and Canadian market areas

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18 $158.5 $205.9 $301.3 0.59% 0.77% 0.85% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 3/31/2022 Credit Quality Exceptional credit quality driven by a diversified loan portfolio • The Company estimates an increase to the allowance for credit losses of approximately 30% to 50% at adoption related to its loan portfolios and related lending commitments. Approximately 80% of the estimated increase is related to: ◦ Additions to existing reserves for unfunded lending-related commitments due to the consideration under CECL of expected utilization by the Company's borrowers over the life of such commitments. ◦ Establishment of reserves for acquired loans which previously considered credit discounts. The Company estimates an insignificant impact at adoption of measuring an allowance for credit losses for other in-scope assets (e.g. held-to-maturity debt securities). Steadily Decreasing Non-Performing Loans ("NPLs") Exceptionally Low Levels of Net Charge-Offs ("NCOs") Reductions in Special Mention & Substandard Loan Portfolios $99.1 $87.7 $90.0 $74.4 $57.3 0.30% 0.27% 0.27% 0.21% 0.16% NPLs $ NPLs as a % of Total Loans 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 $13.3 $1.9 $0.0 $6.2 $2.5 $(45.3) $(15.3) $(7.9) $9.3 $4.1 0.17% 0.02% 0.00% 0.07% 0.03% NCOs $ Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $(45.3) $(15.3) $(7.9) $9.3 $4.1 63.27% 61.67% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 $7.8 $53 $135.1 $0 $-0.03$— $— $— $0.5 $—$7.8 $53.0 $135.1 $(0.5)63.3% 61.7% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Incurred Loss Method CECL Incurred Loss Method CECL Q1 2022 Q4 2021 Increase/ (Decrease) Pass $ 33,700,724 $ 32,045,349 $ 1,655,375 Special Mention 755,859 794,238 (38,379) Substandard Accrual 265,452 340,516 (75,064) Substandard Nonaccrual/Doubtful 67,069 83,940 (16,871) Total Loans $ 34,789,104 $ 33,264,043 $ 1,525,061 Q1 2022 Key Observations During the fourth quarter of 2021, we continued our practice of pursuing the resolution of non-performing credits and executed a loan sale that reduced non-performing loans by approximately $10 million resulting in $1.8 million of net charge-offs. The key drivers of the shift in credit quality mix include: • Risk rating upgrades as a result of improved credit performance. • Increase in pass rated credits was driven by commercial loan growth and higher utilization on existing lines partially offset by decline in PPP Loans. ($ in Millions) ($ in Millions) ($ in Millions) Appropriate Allowance Coverage to Support Loan Growth $33,701 $34,274 Q4 2021 Q1 2022 $756 $696 Q4 2021 Q1 2022 $333 $311 Q4 2021 Q1 2022 $83.94 $67.07 Q4 2021 Q1 2022 Q4 2021 Pass Special Mention Substandard Accrual Substandard nonaccrual Q1 2022 $340.52 $265.45 Q4 2021 Q1 2022 Pass and Loans Guaranteed1 ($ in Millions) Special Mention Substandard2 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful $158.5 $205.9 $321.3 $301.3 0.59% 0.77% 0.97% 0.85% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 3/31/2021 3/31/2022

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19 $9,415 $9,563 $10,106 $11,346 $11,330 0.37% 0.08% 0.02% 0.14% 0.03% Total Commercial Loans Net Charge-Off Ratio 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Credit Quality - Commercial Loans1 Low net charge-off levels with growth upside related to low line utilization Period-End Balances & Annualized Net Charge-Off Ratio2 Stable Levels of Non-Performing Loans ("NPLs") $4,384 $5,513 $5,583 $6,141 $6,236 $6,489 $6,832 $7,243 46.1% 50.8% 41.4% 43.0% 39.7% 38.9% 38.4% 39.3% 39.6%45.5% 50.6% 40.6% 41.5% 37.7% 36.7% 37.0% 39.0% 40.5% Unused Line of Credit Balance Total Commercial (excl. PPP and Leases) Total Commercial (excl. PPP, Mortgage Warehouse and Leases) 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 $22.5 $24.5 $26.5 $20.4 $16.9 0.18% 0.21% 0.24% 0.17% 0.15% NPLs NPL as a % of Category 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Q1 2022 Key Observations • Significant loan growth in Q4 2021 of $1.2 billion of which $578 million is attributed to acquired loans. • Net charge-offs in Q4 2021 were consistent with historical levels. • The proportion of Commercial non-performing loans remains relatively low as pandemic-driven circumstances continue to improve. • Line utilization increased slightly in Q4 2021 but remains historically low as a result of factors such as excess liquidity in the market as well as suspension of capital expenditures and other non- working capital payments. 1 Commercial Loans excludes PPP loans 2 Net Charge-Off Ratio is calculated as a percentage of average loans 2 ($ in Millions) ($ in Millions) Line Utilization as a % of Commercial Loans remains low due to excess liquidity in the market and suspension of capital expenditures Line Utilization as a % of Total Loan Commitments Remains Low Unused Line of Credit Balance Continues to Rise ($ in Millions) 45.5% 50.6% 36.7% 41.0% Total Commercial (excl. Mortgage Warehouse and Leases) 12/31/2019 3/31/2020 3/31/2021 3/31/2022 $4,687 $4,384 $6,236 $7,260 Unused Line of Credit Balance 12/31/2019 3/31/2020 3/31/2021 3/31/2022 $4,687 $4,384 $6,236 $7,260 $4,443 $4,105 $5,837 $6,481 $244 $278 $398 $779 Unused Line of Credit Balance excluding Mortgage Warehouse Mortgage Warehouse 12/31/2019 3/31/2020 3/31/2021 3/31/2022 $4,443 $4,105 $5,837 $6,481 Unused Line of Credit Balance (excl. Mortgage Warehouse and Leases) 12/31/2019 3/31/2020 3/31/2021 3/31/2022

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20 14% 18% 15% 24% 14% 11% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $8,545 $8,678 $8,886 $8,990 $9,235 0.04% 0.04% 0.00% 0.01% 0.03% Total CRE Loans Net Charge-Off Ratio 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties Continued Steady Growth with Low Charge-Offs Non-Performing Loans ("NPLs") Continue to Decline $34.4 $26.0 $23.7 $21.7 $12.3 0.40% 0.30% 0.27% 0.24% 0.13% NPLs NPL as a % of Category 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Q1 2022 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 17% 21% 19% 27% 17% Office (3) Industrial (3) Retail (3) Multi-family (3) Mixed use and other (3) 76% 4% 20% Commercial construction Residential construction Land 1 Net Charge-Off Ratio is calculated as a percentage of average loans ($ in Millions) ($ in Millions) 1 $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 3/31/2022) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ in Millions) 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan

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21 $3,959 $4,522 $4,617 $4,855 $4,938 0.15% (0.11)% (0.03)% 0.09% 0.02% Period End Balance Net Charge-Off Ratio 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Credit Quality - PFR Commercial Despite market volatility, net charge-off levels remain low while outstanding balances grow Robust Origination Volume Driven by Market Conditions Period-End Balances & Annualized Net Charge-Off Ratio1 Average Balances & Quarterly Yields ($ in Millions) $3,724.6 $4,134.0 $4,010.5 $3,952.9 5.05% 4.60% 4.60% 4.42% Average Balance Yield Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2022 Key Observations • At the beginning of the pandemic, Premium Finance Receivables ("PFR") - Commercial experienced an increase in NPLs as a result of borrower delinquency, which was exacerbated by state emergency orders delaying cancellation of insurance policies which generate return premiums, the collateral for this portfolio. This caused NPLs to be elevated in 2020 and has subsequently returned to normalized levels in 2021. • Despite the pandemic and state emergency orders, net charge-off levels remained low and characteristic of the low loss levels expected of this portfolio, with the portfolio experiencing net recoveries in Q2 2021 and Q3 2021. • Strong origination volumes in 2021 a result of businesses seeking financing opportunities during the pandemic, hardening insurance markets, additions of new relationships and a low rate environment. 1 Net Charge-Off Ratio is calculated as a percentage of average loans $2,443 $3,008 $2,756 $3,065 $2,984 Originations 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Non-Performing Loans ("NPLs") Remain Below Historic Norms $14.3 $10.0 $13.1 $12.7 $19.1 0.36% 0.22% 0.28% 0.26% 0.39% NPLs NPL as a % of Category 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 ($ in Millions) ($ in Millions) ($ in Millions) $9,478 $10,182 $10,588 $11,231 $28 $38 $39 $48 Risk Rating 1-5 Risk Rating 6-10 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 Poised to Benefit From a Potentially Rising Rate Environment 47% 31% 16% 6% Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 6-9 Months >9 months Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows 1

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22 $7,321 $1,178 Cash Surrender Value Other $6,111 $6,360 $6,655 $7,043 $7,354 —% —% —% —% —% Period End Balance Net Charge-Off Ratio 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Credit Quality - PFR Life Life Insurance portfolio remains extremely resilient and has continued to demonstrate exceptional credit quality Historically Low Non-Performing Loans ("NPLs") Period-End Balances & Annualized Net Charge-Off Ratio1 Average Balances & Quarterly Yields ($ in Millions) $5,290.1 $5,462.8 $5,636.3 $5,957.5 3.71% 3.38% 3.74% 2.89% Average Balance Yield Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2022 Key Observations • Throughout the pandemic, the Premium Finance Receivables ("PFR") - Life Insurance portfolio has remained extremely resilient and has continued to demonstrate exceptional credit quality, as shown by the characteristically low net charge-off and NPL levels. • Origination levels have remained strong. Some of the primary drivers of growth in 2021 include: ◦ increased mortality awareness in response to the pandemic. ◦ realized or anticipated changes in tax laws including changes to allowable maximum premium amounts relative to death benefit. ◦ low interest rate environment has made leveraging insurance products attractive to consumers. • Collateral as a percentage of outstanding balance is 117% as of Q1 2022. 1 Net Charge-Off Ratio is calculated as a percentage of average loans 2 Total Loan Collateral reported at actual values versus credit advance rate 3 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance $315.4 $442.7 $330.3 $360.0 $371.9 Originations 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Total Loan Collateral2 by Type (as of 3/31/2022) $0.2 0.00% NPLs NPL as a % of Category 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 2.6% 65.0% 4.3% 0.8% 18.2% 9.1% Annuity Brokerage Account Certificate of Deposit Bank Cash/Cash Equivalent Letters of Credit Money Market "Other" Loan Collateral2 by Type (as of 3/31/2022) Other ($ in Millions) ($ in Millions) Period-End Balances & Annualized Net Charge-off Ratio1 ($ in Millions) Collateral Coverage3 of 116% No material charge-offs have occurred in the periods presented below. NPLs for all quarters except Q1 2021 are zero. 1

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23 $299,731 $(1,178) $2,774 $301,327 12/31/2021 3/31/2022 • Current macroeconomic indicators and market conditions. • Ongoing economic and geopolitical uncertainties. • Adequate liquidity in the market. • Positive asset quality trends. • Exposure to industries with the highest risk factors. • High touch relationships with commercial and consumer borrowers. • Economic Inputs ◦ Baa Corporate Credit Spread ◦ Commercial Real Estate Price Index ◦ Real GDP Growth Rate ◦ Dow Jones Total Stock Market Index • Portfolio Characteristics ◦ Risk Ratings ◦ Life of Loan Credit Quality - CECL Allowance for Credit Losses - 3/31/2022 vs. 12/31/2021 Key Observations • CECL Day 1 transition adjustment • Includes ACL for loans and leases, off- balance sheet credit exposures and debt securities • New funded and unfunded volume and run-off • Changes in credit quality • Aging of existing portfolio • Shifts in segmentation mix • Changes in specific reserves • Changes due to macroeconomic conditions • Model imprecision Day 1 Adjustment Portfolio Changes Economic Factors • Baa Corporate credit spread steadily widens before leveling off at the beginning of 2023. • Commercial Real Estate Price Index appreciates steadily during the 8-quarter Reasonable and Supportable (“R&S”) time period. • Real GDP growth rate stays above the potential GDP growth rate of approximately 2.1% in 2022 and 2.0% in 2023. • Dow Jones U.S. Total Stock Market Index steadily declines through Q1 2023 before marginally appreciating during the remainder of the R&S time period. Macroeconomic Scenario Key Model Inputs Qualitative Considerations ($ in Thousands)

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24 Appendix

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25 Three Months Ended Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): March 31, December 31, September 30, June 30, March 31, 2022 2021 2021 2021 2021 (A) Interest Income (GAAP) $ 328,252 $ 327,979 $ 322,457 $ 319,579 $ 305,469 Taxable-equivalent adjustment: - Loans 427 417 411 415 384 - Liquidity Management Assets 465 486 492 494 500 - Other Earning Assets 2 2 — — — (B) Interest Income (non-GAAP) $ 329,146 $ 328,884 $ 323,360 $ 320,488 $ 306,353 (C) Interest Expense (GAAP) $ 28,958 $ 32,003 $ 34,961 $ 39,989 $ 43,574 (D) Net Interest Income (GAAP) (A minus C) $ 299,294 $ 295,976 $ 287,496 $ 279,590 $ 261,895 (E) Net Interest Income (non-GAAP) (B minus C) $ 300,188 $ 296,881 $ 288,399 $ 280,499 $ 262,779 Net interest margin (GAAP) 2.60% 2.54% 2.58% 2.62% 2.53% Net interest margin, fully taxable-equivalent (non-GAAP) 2.61% 2.55% 2.59% 2.63% 2.54% (F) Non-interest income $ 162,790 $ 133,767 $ 136,474 $ 129,373 $ 186,506 (G) (Losses) gains on investment securities, net (2,782) (1,067) (2,431) 1,285 1,154 (H) Non-interest expense 284,298 283,399 282,144 280,112 286,889 Efficiency ratio (H/(D+F-G)) 61.16% 65.78% 66.17% 68.71% 64.15% Efficiency ratio (non-GAAP) (H/(E+F-G)) 61.04% 65.64% 66.03% 68.56% 64.02% Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

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26 Three Months Ended Reconciliation of Non-GAAP Tangible Common Equity ($'s and Shares in Thousands): March 31, December 31, September 30, June 30, March 31, 2022 2021 2021 2021 2021 Total shareholders’ equity (GAAP) $ 4,492,256 $ 4,498,688 $ 4,410,317 $ 4,339,011 $ 4,252,511 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (682,101) (683,456) (675,910) (678,333) (680,052) (I) Total tangible common shareholders’ equity (non- GAAP) $ 3,397,655 $ 3,402,732 $ 3,321,907 $ 3,248,178 $ 3,159,959 Reconciliation of Non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 4,492,256 $ 4,498,688 $ 4,410,317 $ 4,339,011 $ 4,252,511 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $ 4,079,756 $ 4,086,188 $ 3,997,817 $ 3,926,511 $ 3,840,011 (M) Actual common shares outstanding 57,253 57,054 56,956 57,067 57,023 Book value per common share (L/M) $71.26 $71.62 $70.19 $68.81 $67.34 Tangible book value per common share (non-GAAP) (I/ M) $59.34 $59.64 $58.32 $56.92 $55.42 Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 173,680 $ 137,045 $ 149,742 $ 144,150 $ 206,859 Add: Provision for credit losses 4,106 9,299 (7,916) (15,299) (45,347) Pre-tax income, excluding provision for credit losses (non-GAAP) $ 177,786 $ 146,344 $ 141,826 $ 128,851 $ 161,512

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