wtfc-20220119

Exhibit 99.1

Wintrust Financial Corporation

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

News Release



FOR IMMEDIATE RELEASE						January 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 Fourth Quarter 2021 Net Income of $98.8 million and Record Full Year Net Income of $466.2 million

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $98.8 million or $1.58 per diluted common share for the fourth quarter of 2021, a decrease in diluted earnings per common share of 11% compared to the third quarter of 2021. The Company recorded record annual net income of $466.2 million or $7.58 per diluted common share for the year ended December 31, 2021 compared to net income of $293.0 million or $4.68 per diluted common share for the same period of 2020.

Highlights of the Fourth Quarter of 2021:

Comparative information to the third quarter of 2021

•Total assets increased by $2.3 billion totaling $50.1 billion as of December 31, 2021.

•Total loans, excluding Paycheck Protection Program (“PPP”) loans, increased by $2.0 billion, or 25% on an annualized basis.

◦Core loans increased by $908 million and Niche loans increased by $1.1 billion. Niche loans included $578 million of growth related to loans acquired in a business combination completed in the fourth quarter of 2021.

◦PPP loans declined by $524 million in the fourth quarter of 2021 primarily as a result of processing forgiveness payments.

•Total deposits increased by $2.1 billion, including a $925 million increase in non-interest bearing deposits.

•Net interest income increased by $8.5 million as compared to the third quarter of 2021 as follows:

◦Increased $15.5 million primarily due to earning asset growth and a five basis point decline in deposit costs.

◦Decreased by $7.0 million due to $1.7 million less PPP interest income and $5.3 million less PPP fee income.

•Net interest margin decreased by four basis points primarily due to increased liquidity which had approximately a six basis point unfavorable impact.

◦However, the rate on interest bearing deposits declined by five basis points which more than offset a three basis point decline in loan yields.

•Recorded $6.2 million of net charge-offs or seven basis points on an annualized basis in the fourth quarter of 2021 as compared to no material net charge-offs in the third quarter of 2021.

•Recorded a provision for credit losses of $9.3 million in the fourth quarter of 2021 as compared to a negative provision for credit losses of $7.9 million in the third quarter of 2021. The provision for credit losses in the fourth quarter of 2021 was primarily due to strong loan growth with approximately $782,000 of provision for credit losses related to acquired loans.

•The allowance for credit losses on our core loan portfolio is approximately 1.33% of the outstanding balance as of December 31, 2021, down from 1.38% as of September 30, 2021. See Table 12 for more information.

•Non-performing loans decreased to 0.21% of total loans, as of December 31, 2021, down from 0.27% as of September 30, 2021.

•Mortgage banking revenue decreased to $53.1 million for the fourth quarter of 2021 as compared to $55.8 million in the third quarter of 2021.

•Tangible book value per common share (non-GAAP) increased to $59.64 as compared to $58.32 as of September 30, 2021. See Table 18 for reconciliation of non-GAAP measures.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, "I am extremely proud of the Company’s performance in 2021 as we celebrated Wintrust’s 30th anniversary by reporting record annual net income and eclipsing $50 billion in total assets. The fourth quarter of 2021 was characterized by significant loan and deposit growth, increased net interest income, seasonally strong mortgage banking revenue, tangible book value growth and impressive credit quality metrics. Wintrust reported net income of $98.8 million for the fourth quarter of 2021, down from $109.1 million in the third quarter of 2021. On an annual basis, the Company had record net income totaling $466.2 million in 2021, up from $293.0 million in 2020. Total assets of $50.1 billion as of December 31, 2021 increased by $2.3 billion as compared to September 30, 2021 and increased by $5.1 billion as compared to December 31, 2020."

Mr. Wehmer continued, "The Company experienced significant loan growth as loans, excluding PPP loans, increased by $2.0 billion or 25%, on an annualized basis in the fourth quarter of 2021. We continue to pick up new market share and grow organically as all of our material loan portfolios exhibited strong growth in the fourth quarter of 2021 including our commercial, commercial real estate, residential real estate loans for investment, commercial insurance premium finance receivable and life insurance premium receivable portfolios. In addition, we completed an acquisition which contributed approximately $578 million of loan growth to the balance sheet. We believe this portfolio fits well with our existing insurance lending businesses. We are still experiencing historically 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. Further, our loan growth was predominantly in the second half of the fourth quarter of 2021 as loans as of December 31, 2021 were $1.1 billion higher than average total loans in the fourth quarter of 2021. Total deposits increased by $2.1 billion as compared to the third quarter of 2021 primarily in products with zero or near zero interest rates contributing to a decrease in our cost of funds. We continue to emphasize growing our franchise, including gathering low cost deposits, which we believe will drive value in the long term. Our loans to deposits ratio ended the quarter at 82.6% and we believe that we have sufficient liquidity to meet customer loan demand."

Mr. Wehmer commented, "Net interest income increased by $8.5 million in the fourth quarter of 2021 primarily due to earning asset growth and a decline in deposit costs. We believe that we have managed to optimize our cost of funds and successfully grown through this challenging interest rate cycle. Additionally, we have been prudent and measured in our approach to deploying liquidity into investment securities and we expect to expand our securities portfolio in 2022 to further enhance net interest income as available market returns improve. Net interest margin decreased by four basis points in the fourth quarter of 2021 as compared to the third quarter of 2021 primarily due to increased liquidity which had approximately a six basis point unfavorable impact. Excluding the unfavorable net interest margin impact from increased liquidity, the margin exhibited improvement as the rate on deposits declined five basis points as compared to a three basis point decline in loan yields."

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 2022. 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 $53.1 million in the fourth quarter of 2021 as compared to $55.8 million in the third quarter of 2021. Loan volumes originated for sale in the fourth quarter of 2021 were $1.3 billion, down from $1.6 billion in the third quarter of 2021. Additionally, the Company recorded a $6.7 million increase in the value of mortgage servicing rights related to changes in fair value model assumptions as compared to an $888,000 decrease recognized in the third quarter of 2021. We are focused on expanding our market share of purchase originations understanding that refinance volumes may be pressured in a rising rate environment. Based on current market conditions, and excluding the impact of MSR valuation adjustments, we expect that mortgage banking revenue in the first quarter of 2022 will remain relatively similar to the level recorded in the fourth quarter of 2021.”

Commenting on credit quality, Mr. Wehmer stated, "The Company has reached a record low level of non-performing loans of 0.21% of total loans, as of December 31, 2021. 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 fourth quarter of 2021 demonstrated another benign quarter of net charge-offs at $6.2 million following the third quarter of 2021 which had no material net charge-offs. The Company recorded a provision for credit losses of $9.3 million in the fourth quarter of 2021 primarily due to significant loan growth. The allowance for credit losses on our core loan portfolio as of December 31, 2021 is approximately 1.33% 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 fourth quarter of 2021 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 fourth quarter of 2021 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

SUMMARY OF RESULTS:

BALANCE SHEET

Total asset growth of $2.3 billion in the fourth quarter of 2021 was primarily comprised of a $1.5 billion increase in total loans and a $1.0 billion increase in liquidity management assets partially offset by a $107 million decline in mortgage loans held-for-sale. Total loans, excluding PPP loans, increased by $2.0 billion as core loans increased by $908 million and niche loans increased by $1.1 billion, partially offset by a $524 million decline in PPP loans. See Table 1 for more information. Niche loans included $578 million of growth related to loans acquired in a business combination completed in the fourth quarter of 2021. As of December 31, 2021, virtually all of PPP loan balances originated in 2020 were forgiven with only $74 million remaining on balance sheet of which nearly all are in the forgiveness process. Whereas, as of December 31, 2021, approximately 64% of PPP loan balances originated in 2021 were forgiven, 14% are in the forgiveness review or submission process and 22% have yet to apply for forgiveness.

Total liabilities increased $2.2 billion in the fourth quarter of 2021 resulting primarily from a $2.1 billion increase in total deposits. The increase in deposits was primarily due to a $925 million increase in non-interest bearing deposits and a $692 million increase in money market deposits. The Company's loans to deposits ratio ended the quarter at 82.6%. 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 fourth quarter of 2021, net interest income totaled $296.0 million, an increase of $8.5 million as compared to the third quarter of 2021. The $8.5 million increase in net interest income in the fourth quarter of 2021 compared to the third quarter of 2021 was primarily due to earning asset growth and a decline in deposit costs. Additionally, the net interest income growth occurred despite a decline of $7.0 million due to $1.7 million less PPP interest income and $5.3 million less PPP fee income. 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.

Net interest margin was 2.54% (2.55% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2021 compared to 2.58% (2.59% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2021. The net interest margin decrease as compared to the prior quarter was primarily due to the seven basis point decrease in yield on earning assets and three basis point decrease in the net free funds contribution partially offset by a six basis point decrease in the rate paid on interest-bearing liabilities. The decrease in the rate paid on interest-bearing liabilities in the fourth quarter of 2021 as compared to the third quarter of 2021 is primarily due to a five basis point decrease in the rate paid on interest-bearing deposits primarily due to lower repricing of time deposits. The seven basis point decrease in the yield on earning assets in the fourth quarter of 2021 as compared to the third quarter of 2021 was primarily due to a shift in earning asset mix with increasing levels of lower yielding liquidity management assets.

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

ASSET QUALITY

The allowance for credit losses totaled $299.7 million as of December 31, 2021, an increase of $3.6 million as compared to $296.1 million as of September 30, 2021. The allowance for credit losses increased primarily due to growth in the loan portfolio and was partially offset by improvement in macroeconomic factors. A provision for credit losses totaling $9.3 million was recorded for the fourth quarter of 2021 as compared to a negative provision of $7.9 million for the third quarter of 2021. For more information regarding the provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The 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 December 31, 2021, September 30, 2021, and June 30, 2021 is shown on Table 12 of this report.

Net charge-offs totaled $6.2 million in the fourth quarter of 2021, as compared to no material net charge-offs in the third quarter of 2021. Net charge-offs as a percentage of average total loans were reported as seven basis points in the fourth quarter of 2021 on an annualized basis compared to zero basis points on an annualized basis in the third quarter of 2021. For more information regarding net charge-offs, see Table 10 in this report.

As of December 31, 2021, $53.7 million of all loans, or 0.2%, were 60 to 89 days past due and $187.4 million, or 0.5%, were 30 to 59 days (or one payment) past due. As of September 30, 2021, $32.9 million of all loans, or 0.1%, were 60 to 89 days past due and $128.8 million, or 0.4%, were 30 to 59 days (or one payment) past due. Many of the commercial and commercial real-estate loans shown as 60 to 89 days and 30 to 59 days past due are included on the Company’s internal problem loan reporting system. Loans on this system are closely monitored by management on a monthly basis.

The Company’s home equity and residential real estate loan portfolios continue to exhibit low delinquency rates as of December 31, 2021. Home equity loans at December 31, 2021 that are current with regard to the contractual terms of the loan agreement represent 98.9% of the total home equity portfolio. Residential real estate loans at December 31, 2021 that are current with regards to the contractual terms of the loan agreements comprised 98.2% of total residential real estate loans outstanding. For more information regarding past due loans, see Table 13 in this report.

The ratio of non-performing assets to total assets was 0.16% as of December 31, 2021, compared to 0.22% at September 30, 2021. Non-performing assets totaled $78.7 million at December 31, 2021, compared to $103.9 million at September 30, 2021. Non-performing loans totaled $74.4 million, or 0.21% of total loans, at December 31, 2021 compared to $90.0 million, or 0.27% of total loans, at September 30, 2021. Other real estate owned (“OREO”) totaled $4.3 million at December 31, 2021, a decrease of $9.6 million compared to $13.8 million at September 30, 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 14 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $1.0 million during the fourth quarter of 2021 as compared to the third quarter of 2021 primarily due to increased trust and asset management fees. 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 decreased by $2.7 million in the fourth quarter of 2021 as compared to the third quarter of 2021, primarily due to an $11.1 million decline in production revenue. This decrease was partially offset by a $6.7 million favorable mortgage servicing rights portfolio fair value adjustment as compared to an $888,000 decrease recognized in the prior quarter. Loans originated for sale were $1.3 billion in the fourth quarter of 2021, a decrease of $260 million as compared to the third quarter of 2021. The percentage of origination volume from refinancing activities was 48% in the fourth quarter of 2021 as compared to 44% in the third 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 fourth quarter of 2021, the fair value of the mortgage servicing rights portfolio increased primarily due to the capitalization of $15.1 million of servicing rights and a fair value adjustment increase of $6.7 million. These increases were partially offset by a reduction in value of $7.5 million due to payoffs and paydowns of the existing portfolio.

The Company recognized net losses on investment securities of $1.1 million in the fourth quarter of 2021 as compared to net losses of $2.4 million recognized in the third quarter of 2021.

Net operating lease income totaled $14.2 million in the fourth quarter of 2021 as compared to $12.8 million in the prior quarter. The $1.4 million increase in the fourth quarter of 2021 is primarily attributable to increased gains on sale of lease assets as compared to the third quarter of 2021.

Other non-interest income decreased by $4.5 million in the fourth quarter of 2021 as compared to the third quarter of 2021 primarily due to a $3.7 million decrease in income on partnership investments.

For more information regarding non-interest income, see Tables 15 and 16 in this report.

NON-INTEREST EXPENSE

Salaries and employee benefits expense decreased by $3.8 million in the fourth quarter of 2021 as compared to the third quarter of 2021. The $3.8 million decline is primarily related to lower incentive compensation expense and lower commissions expense due to declining mortgage production, partially offset by increased staffing expense as the company grows.

Software and equipment expense totaled $23.7 million in the fourth quarter of 2021, an increase of $1.7 million as compared to the third quarter of 2021. The increase in the fourth quarter of 2021 is primarily due to accelerated depreciation 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.

The Company recorded a net OREO gain of $641,000 in the fourth quarter of 2021 as compared to a net gain of $1.5 million in the third quarter of 2021. The net gains are primarily attributable to the sale of OREO properties during the third and fourth quarter of 2021.

Miscellaneous expense in the fourth quarter of 2021 increased by $864,000 as compared to the third 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 17 in this report.

INCOME TAXES

The Company recorded income tax expense of $38.3 million in the fourth quarter of 2021 compared to $40.6 million in the third quarter of 2021. The effective tax rates were 27.94% in the fourth quarter of 2021 compared to 27.12% in the third quarter of 2021.

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 fourth quarter of 2021, this unit expanded its loan portfolio and its deposit portfolio. The segment’s net interest income increased in the fourth quarter of 2021 as compared to the third quarter of 2021 primarily due to growth in earning assets despite a net interest margin decrease primarily due to increased liquidity.

Mortgage banking revenue was $53.1 million for the fourth quarter of 2021, a decrease of $2.7 million as compared to the third quarter of 2021. Service charges on deposit accounts totaled $14.7 million in the fourth quarter of 2021, an increase of $585,000 as compared to the third 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 strong as of December 31, 2021. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $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 $700 million to $800 million at December 31, 2021.

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 $3.6 billion during the fourth quarter of 2021 and average balances increased by $386.3 million as compared to the third quarter of 2021. The increase in average balances in the insurance premium finance receivables portfolios primarily generated a $2.1 million increase in interest income. The Company’s leasing portfolio increased in the fourth quarter of 2021, with its portfolio of assets, including capital leases, loans and equipment on operating leases, at $2.4 billion at the end of the fourth quarter of 2021 as compared to $2.3 billion at the end of third quarter of 2021. Revenues from the Company’s out-sourced administrative services business were $1.8 million in the fourth quarter of 2021, up $487,000 from the third 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 $32.5 million in the fourth quarter of 2021, an increase of $1.0 million compared to the third quarter of 2021. Increases in asset management fees were primarily due to favorable equity market performance during the fourth quarter of 2021. At December 31, 2021, the Company’s wealth management subsidiaries had approximately $35.5 billion of assets under administration, which included $5.3 billion of assets owned by the Company and its subsidiary banks, representing a $963.9 million increase from the $34.5 billion of assets under administration at September 30, 2021.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Acquisitions

On November 15, 2021, the Company completed its previously-announced purchase of loans with a fair value of approximately $582 million, net of allowance for credit losses measured on the acquisition date, from the Allstate Corporation. 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 fourth quarter of 2021, as compared to the third quarter of 2021 (sequential quarter) and fourth quarter of 2020 (linked quarter), are shown in the table below:


										% or(1) basis point (bp) change from 3rd Quarter 2021		% or basis point (bp) change from 4th Quarter 2020
	Three Months Ended
(Dollars in thousands, except per share data)	Dec 31, 2021			Sep 30, 2021			Dec 31, 2020
Net income	$	98,757		$	109,137		$	101,204		(10)	%	(2)	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	146,344			141,826			135,891			3		8

Net income per common share – diluted	1.58			1.77			1.63			(11)		(3)
Cash dividends declared per common share	0.31			0.31			0.28			—		11
Net revenue (3)	429,743			423,970			417,758			1		3
Net interest income	295,976			287,496			259,397			3		14
Net interest margin	2.54		%	2.58		%	2.53		%	(4)	bps	1	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	2.55			2.59			2.54			(4)		1
Net overhead ratio (4)	1.21			1.22			1.12			(1)		9

Return on average assets	0.80			0.92			0.92			(12)		(12)
Return on average common equity	9.05			10.31			10.30			(126)		(125)
Return on average tangible common equity (non-GAAP) (2)	11.04			12.62			12.95			(158)		(191)
At end of period
Total assets	$	50,142,143		$	47,832,271		$	45,080,768		19	%	11	%
Total loans (5)	34,789,104			33,264,043			32,079,073			18		8

Total deposits	42,095,585			39,952,558			37,092,651			21		13
Total shareholders’ equity	4,498,688			4,410,317			4,115,995			8		9

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

(2)See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 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															Years Ended
(Dollars in thousands, except per share data)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Dec 31, 2021			Dec 31, 2020
Selected Financial Condition Data (at end of period):
Total assets	$	50,142,143		$	47,832,271		$	46,738,450		$	45,682,202		$	45,080,768
Total loans (1)	34,789,104			33,264,043			32,911,187			33,171,233			32,079,073
Total deposits	42,095,585			39,952,558			38,804,616			37,872,652			37,092,651

Total shareholders’ equity	4,498,688			4,410,317			4,339,011			4,252,511			4,115,995
Selected Statements of Income Data:
Net interest income	$	295,976		$	287,496		$	279,590		$	261,895		$	259,397		$	1,124,957		$	1,039,907
Net revenue (2)	429,743			423,970			408,963			448,401			417,758			1,711,077			1,644,096
Net income	98,757			109,137			105,109			153,148			101,204			466,151			292,990
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	146,344			141,826			128,851			161,512			135,891			578,533			604,001

Net income per common share – Basic	1.61			1.79			1.72			2.57			1.64			7.69			4.72
Net income per common share – Diluted	1.58			1.77			1.70			2.54			1.63			7.58			4.68
Cash dividends declared per common share	0.31			0.31			0.31			0.31			0.28			1.24			1.12
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	2.54		%	2.58		%	2.62		%	2.53		%	2.53		%	2.57		%	2.72		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	2.55			2.59			2.63			2.54			2.54			2.58			2.73
Non-interest income to average assets	1.08			1.15			1.13			1.68			1.44			1.25			1.46
Non-interest expense to average assets	2.29			2.37			2.45			2.59			2.56			2.42			2.51
Net overhead ratio (4)	1.21			1.22			1.32			0.90			1.12			1.17			1.05

Return on average assets	0.80			0.92			0.92			1.38			0.92			1.00			0.71
Return on average common equity	9.05			10.31			10.24			15.80			10.30			11.27			7.50
Return on average tangible common equity (non-GAAP) (3)	11.04			12.62			12.62			19.49			12.95			13.83			9.54
Average total assets	$	49,118,777		$	47,192,510		$	45,946,751		$	44,988,733		$	43,810,005		$	46,824,051		$	41,371,339
Average total shareholders’ equity	4,433,953			4,343,915			4,256,778			4,164,890			4,050,286			4,300,742			3,926,688
Average loans to average deposits ratio	81.7		%	83.8		%	86.7		%	87.1		%	87.9		%	84.7		%	88.8		%
Period-end loans to deposits ratio	82.6			83.3			84.8			87.6			86.5
Common Share Data at end of period:
Market price per common share	$	90.82		$	80.37		$	75.63		$	75.80		$	61.09
Book value per common share	71.62			70.19			68.81			67.34			65.24
Tangible book value per common share (non-GAAP) (3)	59.64			58.32			56.92			55.42			53.23
Common shares outstanding	57,054,091			56,956,026			57,066,677			57,023,273			56,769,625
Other Data at end of period:
Tier 1 leverage ratio (5)	8.0		%	8.1		%	8.2		%	8.2		%	8.1		%
Risk-based capital ratios:
Tier 1 capital ratio (5)	9.6			9.9			10.1			10.2			10.0
Common equity tier 1 capital ratio (5)	8.5			8.9			9.0			9.0			8.8
Total capital ratio (5)	11.6			12.1			12.4			12.6			12.6


Allowance for credit losses (6)	$	299,731		$	296,138		$	304,121		$	321,308		$	379,969

Allowance for loan and unfunded lending-related commitment losses to total loans	0.86		%	0.89		%	0.92		%	0.97		%	1.18		%

Number of:
Bank subsidiaries	15			15			15			15			15
Banking offices	173			172			172			182			181

(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 18 for additional information on this performance measure/ratio.

(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)
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2021		2021		2021		2021		2020
Assets
Cash and due from banks	$	411,150	$	462,244	$	434,957	$	426,325	$	322,415
Federal funds sold and securities purchased under resale agreements	700,055		55		52		52		59
Interest-bearing deposits with banks	5,372,603		5,232,315		4,707,415		3,348,794		4,802,527
Available-for-sale securities, at fair value	2,327,793		2,373,478		2,188,608		2,430,749		3,055,839
Held-to-maturity securities, at amortized cost	2,942,285		2,736,722		2,498,232		2,166,419		579,138
Trading account securities	1,061		1,103		2,667		951		671
Equity securities with readily determinable fair value	90,511		88,193		86,316		90,338		90,862
Federal Home Loan Bank and Federal Reserve Bank stock	135,378		135,408		136,625		135,881		135,588
Brokerage customer receivables	26,068		26,378		23,093		19,056		17,436


Mortgage loans held-for-sale	817,912		925,312		984,994		1,260,193		1,272,090


Loans, net of unearned income	34,789,104		33,264,043		32,911,187		33,171,233		32,079,073



Allowance for loan losses	(247,835)		(248,612)		(261,089)		(277,709)		(319,374)
Net loans	34,541,269		33,015,431		32,650,098		32,893,524		31,759,699
Premises, software and equipment, net	766,405		748,872		752,375		760,522		768,808
Lease investments, net	242,082		243,933		219,023		238,984		242,434


Accrued interest receivable and other assets	1,084,115		1,166,917		1,185,811		1,230,362		1,351,455
Trade date securities receivable	—		—		189,851		—		—

Goodwill	655,149		645,792		646,336		646,017		645,707
Other acquisition-related intangible assets	28,307		30,118		31,997		34,035		36,040
Total assets	$	50,142,143	$	47,832,271	$	46,738,450	$	45,682,202	$	45,080,768
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	14,179,980	$	13,255,417	$	12,796,110	$	12,297,337	$	11,748,455
Interest-bearing	27,915,605		26,697,141		26,008,506		25,575,315		25,344,196
Total deposits	42,095,585		39,952,558		38,804,616		37,872,652		37,092,651


Federal Home Loan Bank advances	1,241,071		1,241,071		1,241,071		1,228,436		1,228,429

Other borrowings	494,136		504,527		518,493		516,877		518,928

Subordinated notes	436,938		436,811		436,719		436,595		436,506
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Trade date securities payable	—		1,348		—		995		200,907
Accrued interest payable and other liabilities	1,122,159		1,032,073		1,144,974		1,120,570		1,233,786



Total liabilities	45,643,455		43,421,954		42,399,439		41,429,691		40,964,773
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	58,892		58,794		58,770		58,727		58,473
Surplus	1,685,572		1,674,062		1,669,002		1,663,008		1,649,990
Treasury stock	(109,903)		(109,903)		(100,363)		(100,363)		(100,363)
Retained earnings	2,447,535		2,373,447		2,288,969		2,208,535		2,080,013
Accumulated other comprehensive income	4,092		1,417		10,133		10,104		15,382
Total shareholders’ equity	4,498,688		4,410,317		4,339,011		4,252,511		4,115,995
Total liabilities and shareholders’ equity	$	50,142,143	$	47,832,271	$	46,738,450	$	45,682,202	$	45,080,768

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended										Years Ended
(In thousands, except per share data)	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Dec 31, 2021		Dec 31, 2020
Interest income
Interest and fees on loans	$	289,140	$	285,587	$	284,701	$	274,100	$	280,185	$	1,133,528	$	1,157,249
Mortgage loans held-for-sale	7,234		7,716		8,183		9,036		6,357		32,169		20,077
Interest-bearing deposits with banks	2,254		2,000		1,153		1,199		1,294		6,606		8,553
Federal funds sold and securities purchased under resale agreements	173		—		—		—		—		173		102
Investment securities	27,210		25,189		23,623		19,264		18,243		95,286		99,634
Trading account securities	4		3		1		2		11		10		37
Federal Home Loan Bank and Federal Reserve Bank stock	1,776		1,777		1,769		1,745		1,775		7,067		6,891
Brokerage customer receivables	188		185		149		123		116		645		477
Total interest income	327,979		322,457		319,579		305,469		307,981		1,275,484		1,293,020
Interest expense
Interest on deposits	16,572		19,305		24,298		27,944		32,602		88,119		189,178
Interest on Federal Home Loan Bank advances	4,923		4,931		4,887		4,840		4,952		19,581		18,193
Interest on other borrowings	2,250		2,501		2,568		2,609		2,779		9,928		12,773
Interest on subordinated notes	5,514		5,480		5,512		5,477		5,509		21,983		21,961
Interest on junior subordinated debentures	2,744		2,744		2,724		2,704		2,742		10,916		11,008
Total interest expense	32,003		34,961		39,989		43,574		48,584		150,527		253,113
Net interest income	295,976		287,496		279,590		261,895		259,397		1,124,957		1,039,907
Provision for credit losses	9,299		(7,916)		(15,299)		(45,347)		1,180		(59,263)		214,220
Net interest income after provision for credit losses	286,677		295,412		294,889		307,242		258,217		1,184,220		825,687
Non-interest income
Wealth management	32,489		31,531		30,690		29,309		26,802		124,019		100,336
Mortgage banking	53,138		55,794		50,584		113,494		86,819		273,010		346,013
Service charges on deposit accounts	14,734		14,149		13,249		12,036		11,841		54,168		45,023
(Losses) gains on investment securities, net	(1,067)		(2,431)		1,285		1,154		1,214		(1,059)		(1,926)
Fees from covered call options	1,128		1,157		1,388		—		—		3,673		2,292
Trading gains (losses), net	206		58		(438)		419		(102)		245		(1,004)
Operating lease income, net	14,204		12,807		12,240		14,440		12,118		53,691		47,604
Other	18,935		23,409		20,375		15,654		19,669		78,373		65,851
Total non-interest income	133,767		136,474		129,373		186,506		158,361		586,120		604,189
Non-interest expense
Salaries and employee benefits	167,131		170,912		172,817		180,809		171,116		691,669		626,076
Software and equipment	23,708		22,029		20,866		20,912		20,565		87,515		68,496
Operating lease equipment depreciation	10,147		10,013		9,949		10,771		9,938		40,880		37,915
Occupancy, net	18,343		18,158		17,687		19,996		19,687		74,184		69,957
Data processing	7,207		7,104		6,920		6,048		5,728		27,279		30,196
Advertising and marketing	13,981		13,443		11,305		8,546		9,850		47,275		36,296
Professional fees	7,551		7,052		7,304		7,587		6,530		29,494		27,426
Amortization of other acquisition-related intangible assets	1,811		1,877		2,039		2,007		2,634		7,734		11,018
FDIC insurance	7,317		6,750		6,405		6,558		7,016		27,030		25,004
OREO expense, net	(641)		(1,531)		769		(251)		(114)		(1,654)		(921)
Other	26,844		26,337		24,051		23,906		28,917		101,138		108,632
Total non-interest expense	283,399		282,144		280,112		286,889		281,867		1,132,544		1,040,095
Income before taxes	137,045		149,742		144,150		206,859		134,711		637,796		389,781
Income tax expense	38,288		40,605		39,041		53,711		33,507		171,645		96,791
Net income	$	98,757	$	109,137	$	105,109	$	153,148	$	101,204	$	466,151	$	292,990
Preferred stock dividends	6,991		6,991		6,991		6,991		6,991		27,964		21,377
Net income applicable to common shares	$	91,766	$	102,146	$	98,118	$	146,157	$	94,213	$	438,187	$	271,613
Net income per common share - Basic	$	1.61	$	1.79	$	1.72	$	2.57	$	1.64	$	7.69	$	4.72
Net income per common share - Diluted	$	1.58	$	1.77	$	1.70	$	2.54	$	1.63	$	7.58	$	4.68
Cash dividends declared per common share	$	0.31	$	0.31	$	0.31	$	0.31	$	0.28	$	1.24	$	1.12
Weighted average common shares outstanding	57,022		57,000		57,049		56,904		57,309		56,994		57,523
Dilutive potential common shares	976		753		726		681		588		792		496
Average common shares and dilutive common shares	57,998		57,753		57,775		57,585		57,897		57,786		58,019

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From (2)
(Dollars in thousands)	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2021 (1)		Dec 31, 2020
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies	$	473,102	$	570,663	$	633,006	$	890,749	$	927,307	(68)	%	(49)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies	344,810		354,649		351,988		369,444		344,783		(11)		—
Total mortgage loans held-for-sale	$	817,912	$	925,312	$	984,994	$	1,260,193	$	1,272,090	(46)	%	(36)	%

Core loans:
Commercial
Commercial and industrial	$	5,346,084	$	4,953,769	$	4,650,607	$	4,630,795	$	4,675,594	31	%	14	%
Asset-based lending	1,299,869		1,066,376		892,109		720,772		721,666		87		80
Municipal	536,498		524,192		511,094		493,417		474,103		9		13
Leases	1,454,099		1,365,281		1,357,036		1,290,778		1,288,374		26		13
Commercial real estate
Residential construction	51,464		49,754		55,735		72,058		89,389		14		(42)
Commercial construction	1,034,988		1,038,034		1,090,447		1,040,631		1,041,729		(1)		(1)
Land	269,752		255,927		239,067		240,635		240,684		21		12
Office (3)	1,285,686		1,269,746		1,220,658		1,131,472		1,136,844		5		13
Industrial (3)	1,585,808		1,490,358		1,434,377		1,152,522		1,129,433		25		40
Retail (3)	1,429,567		1,462,101		1,455,638		1,198,025		1,224,403		(9)		17
Multi-family (3)	2,043,754		2,038,526		1,984,582		1,739,521		1,649,801		1		24
Mixed use and other (3)	1,289,267		1,281,268		1,197,865		1,969,915		1,981,849		2		(35)
Home equity	335,155		347,662		369,806		390,253		425,263		(14)		(21)
Residential real estate
Residential real estate loans for investment	1,614,392		1,528,889		1,485,952		1,376,465		1,214,744		22		33
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies	22,707		18,847		44,333		45,508		44,854		81		(49)
Total core loans	$	19,599,090	$	18,690,730	$	17,989,306	$	17,492,767	$	17,338,730	19	%	13	%

Niche loans:
Commercial
Franchise	$	1,227,234	$	1,176,569	$	1,060,468	$	1,128,493	$	1,023,027	17	%	20	%
Mortgage warehouse lines of credit	359,818		468,162		529,867		587,868		567,389		(92)		(37)
Community Advantage - homeowners association	308,286		291,153		287,689		272,222		267,374		23		15
Insurance agency lending	813,897		260,482		273,999		290,880		222,519		843		266
Premium Finance receivables
U.S. commercial insurance	4,178,474		3,921,289		3,805,504		3,342,730		3,438,087		26		22
Canada commercial insurance	677,013		695,688		716,367		615,813		616,402		(11)		10
Life insurance	7,042,810		6,655,453		6,359,556		6,111,495		5,857,436		23		20
Consumer and other	24,199		22,529		9,024		35,983		32,188		29		(25)
Total niche loans	$	14,631,731	$	13,491,325	$	13,042,474	$	12,385,484	$	12,024,422	34	%	22	%

Commercial PPP loans:
Originated in 2020	$	74,412	$	172,849	$	656,502	$	2,049,342	$	2,715,921	NM		(97)	%
Originated in 2021	483,871		909,139		1,222,905		1,243,640		—		NM		100
Total commercial PPP loans	$	558,283	$	1,081,988	$	1,879,407	$	3,292,982	$	2,715,921	NM		(79)	%

Total loans, net of unearned income	$	34,789,104	$	33,264,043	$	32,911,187	$	33,171,233	$	32,079,073	18	%	8	%

(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)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2021 (1)		Dec 31, 2020
Balance:
Non-interest-bearing	$	14,179,980		$	13,255,417		$	12,796,110		$	12,297,337		$	11,748,455		28	%	21	%
NOW and interest-bearing demand deposits	4,158,871			3,769,825			3,625,538			3,562,312			3,349,021			41		24
Wealth management deposits (2)	4,491,795			4,177,820			4,399,303			4,274,527			4,138,712			30		9
Money market	11,449,469			10,757,654			9,843,390			9,236,434			9,348,806			26		22
Savings	3,846,681			3,861,296			3,776,400			3,690,892			3,531,029			(2)		9
Time certificates of deposit	3,968,789			4,130,546			4,363,875			4,811,150			4,976,628			(16)		(20)
Total deposits	$	42,095,585		$	39,952,558		$	38,804,616		$	37,872,652		$	37,092,651		21	%	13	%
Mix:
Non-interest-bearing	34		%	33		%	33		%	32		%	32		%
NOW and interest-bearing demand deposits	10			9			9			9			9
Wealth management deposits (2)	11			11			11			11			11
Money market	27			27			25			25			25
Savings	9			10			10			10			10
Time certificates of deposit	9			10			12			13			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 December 31, 2021


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit (1)
1-3 months	$	838,321	0.52	%
4-6 months	686,126		0.38
7-9 months	677,003		0.39
10-12 months	613,644		0.41
13-18 months	601,464		0.47
19-24 months	293,945		0.48
24+ months	258,286		0.52
Total	$	3,968,789	0.45	%

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

TABLE 4: QUARTERLY AVERAGE BALANCES


	Average Balance for three months ended,
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2021		2021		2021		2021		2020
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	6,148,165	$	5,112,720	$	3,844,355	$	4,230,886	$	4,381,040
Investment securities (2)	5,317,351		5,065,593		4,771,403		3,944,676		3,534,594
FHLB and FRB stock	135,414		136,001		136,324		135,758		135,569

Liquidity management assets (3)	11,600,930		10,314,314		8,752,082		8,311,320		8,051,203
Other earning assets (3)(4)	28,298		28,238		23,354		20,370		18,716
Mortgage loans held-for-sale	827,672		871,824		991,011		1,151,848		893,395
Loans, net of unearned income (3)(5)	33,677,777		32,985,445		33,085,174		32,442,927		31,783,279


Total earning assets (3)	46,134,677		44,199,821		42,851,621		41,926,465		40,746,593
Allowance for loan and investment security losses	(254,874)		(269,963)		(285,686)		(327,080)		(336,139)
Cash and due from banks	468,331		425,000		470,566		366,413		344,536
Other assets	2,770,643		2,837,652		2,910,250		3,022,935		3,055,015
Total assets	$	49,118,777	$	47,192,510	$	45,946,751	$	44,988,733	$	43,810,005

NOW and interest-bearing demand deposits	$	3,962,739	$	3,757,677	$	3,626,424	$	3,493,451	$	3,320,527
Wealth management deposits	4,514,319		4,672,402		4,369,998		4,156,398		4,066,948
Money market accounts	11,274,230		10,027,424		9,547,167		9,335,920		9,435,344
Savings accounts	3,766,037		3,851,523		3,728,271		3,587,566		3,413,388
Time deposits	4,058,282		4,236,317		4,632,796		4,875,392		5,043,558
Interest-bearing deposits	27,575,607		26,545,343		25,904,656		25,448,727		25,279,765
Federal Home Loan Bank advances	1,241,073		1,241,073		1,235,142		1,228,433		1,228,425
Other borrowings	501,933		512,785		525,924		518,188		510,725
Subordinated notes	436,861		436,746		436,644		436,532		436,433
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	30,009,040		28,989,513		28,355,932		27,885,446		27,708,914
Non-interest-bearing deposits	13,640,270		12,834,084		12,246,274		11,811,194		10,874,912
Other liabilities	1,035,514		1,024,998		1,087,767		1,127,203		1,175,893
Equity	4,433,953		4,343,915		4,256,778		4,164,890		4,050,286
Total liabilities and shareholders’ equity	$	49,118,777	$	47,192,510	$	45,946,751	$	44,988,733	$	43,810,005

Net free funds/contribution (6)	$	16,125,637	$	15,210,308	$	14,495,689	$	14,041,019	$	13,037,679

(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 18 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,
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2021		2021		2021		2021		2020
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	2,427	$	2,000	$	1,153	$	1,199	$	1,294
Investment securities	27,696		25,681		24,117		19,764		18,773
FHLB and FRB stock	1,776		1,777		1,769		1,745		1,775

Liquidity management assets (1)	31,899		29,458		27,039		22,708		21,842
Other earning assets (1)	194		188		150		125		130
Mortgage loans held-for-sale	7,234		7,716		8,183		9,036		6,357
Loans, net of unearned income (1)	289,557		285,998		285,116		274,484		280,509


Total interest income	$	328,884	$	323,360	$	320,488	$	306,353	$	308,838

Interest expense:
NOW and interest-bearing demand deposits	$	774	$	767	$	736	$	901	$	1,074
Wealth management deposits	7,595		7,888		7,686		7,351		7,436
Money market accounts	2,604		2,342		2,795		2,865		3,740
Savings accounts	345		406		402		430		773
Time deposits	5,254		7,902		12,679		16,397		19,579
Interest-bearing deposits	16,572		19,305		24,298		27,944		32,602
Federal Home Loan Bank advances	4,923		4,931		4,887		4,840		4,952
Other borrowings	2,250		2,501		2,568		2,609		2,779
Subordinated notes	5,514		5,480		5,512		5,477		5,509
Junior subordinated debentures	2,744		2,744		2,724		2,704		2,742
Total interest expense	$	32,003	$	34,961	$	39,989	$	43,574	$	48,584

Less: Fully taxable-equivalent adjustment	(905)		(903)		(909)		(884)		(857)
Net interest income (GAAP) (2)	295,976		287,496		279,590		261,895		259,397
Fully taxable-equivalent adjustment	905		903		909		884		857
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	296,881	$	288,399	$	280,499	$	262,779	$	260,254

(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 18 for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN


	Net Interest Margin for three months ended,
	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	0.16	%	0.16	%	0.12	%	0.11	%	0.12	%
Investment securities	2.07		2.01		2.03		2.03		2.11
FHLB and FRB stock	5.20		5.18		5.20		5.21		5.21

Liquidity management assets	1.09		1.13		1.24		1.11		1.08
Other earning assets	2.71		2.64		2.59		2.50		2.79
Mortgage loans held-for-sale	3.47		3.51		3.31		3.18		2.83
Loans, net of unearned income	3.41		3.44		3.46		3.43		3.51

Total earning assets	2.83	%	2.90	%	3.00	%	2.96	%	3.02	%

Rate paid on:
NOW and interest-bearing demand deposits	0.08	%	0.08	%	0.08	%	0.10	%	0.13	%
Wealth management deposits	0.67		0.67		0.71		0.72		0.73
Money market accounts	0.09		0.09		0.12		0.12		0.16
Savings accounts	0.04		0.04		0.04		0.05		0.09
Time deposits	0.51		0.74		1.10		1.36		1.54
Interest-bearing deposits	0.24		0.29		0.38		0.45		0.51
Federal Home Loan Bank advances	1.57		1.58		1.59		1.60		1.60
Other borrowings	1.78		1.94		1.96		2.04		2.16
Subordinated notes	5.05		5.02		5.05		5.02		5.05
Junior subordinated debentures	4.23		4.23		4.25		4.27		4.23
Total interest-bearing liabilities	0.42	%	0.48	%	0.56	%	0.63	%	0.70	%

Interest rate spread (1)(2)	2.41	%	2.42	%	2.44	%	2.33	%	2.32	%
Less: Fully taxable-equivalent adjustment	(0.01)		(0.01)		(0.01)		(0.01)		(0.01)
Net free funds/contribution (3)	0.14		0.17		0.19		0.21		0.22
Net interest margin (GAAP) (2)	2.54	%	2.58	%	2.62	%	2.53	%	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)	2.55	%	2.59	%	2.63	%	2.54	%	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 18 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: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN


	Average Balance for years ended,				Interest for years ended,				Yield/Rate for years ended,
(Dollars in thousands)	Dec 31, 2021		Dec 31, 2020		Dec 31, 2021		Dec 31, 2020		Dec 31, 2021		Dec 31, 2020
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	4,840,048	$	3,117,075	$	6,779	$	8,655	0.14	%	0.28	%
Investment securities (2)	4,779,313		4,101,136		97,258		101,799		2.03		2.48
FHLB and FRB stock	135,873		130,360		7,067		6,891		5.20		5.29

Liquidity management assets (3)(4)	$	9,755,234	$	7,348,571	$	111,104	$	117,345	1.14	%	1.60	%
Other earning assets (3)(4)(5)	25,096		17,863		657		523		2.62		2.94
Mortgage loans held-for-sale	959,457		707,147		32,169		20,077		3.35		2.84
Loans, net of unearned income (3)(4)(6)	33,051,043		30,181,204		1,135,155		1,159,490		3.43		3.84


Total earning assets (4)	$	43,790,830	$	38,254,785	$	1,279,085	$	1,297,435	2.92	%	3.39	%
Allowance for loan and investment security losses	(284,163)		(264,516)
Cash and due from banks	432,836		341,116
Other assets	2,884,548		3,039,954
Total assets	$	46,824,051	$	41,371,339

NOW and interest-bearing demand deposits	$	3,711,489	$	3,298,554	$	3,178	$	7,642	0.09	%	0.23	%
Wealth management deposits	4,429,929		3,882,975		30,520		29,277		0.69		0.75
Money market accounts	10,051,444		8,874,488		10,606		46,488		0.11		0.52
Savings accounts	3,734,162		3,354,662		1,583		12,507		0.04		0.37
Time deposits	4,447,871		5,142,938		42,232		93,264		0.95		1.81
Interest-bearing deposits	$	26,374,895	$	24,553,617	$	88,119	$	189,178	0.33	%	0.77	%
Federal Home Loan Bank advances	1,236,478		1,156,106		19,581		18,193		1.58		1.57
Other borrowings	514,657		496,693		9,928		12,773		1.93		2.57
Subordinated notes	436,697		436,275		21,983		21,961		5.03		5.03
Junior subordinated debentures	253,566		253,566		10,916		11,008		4.25		4.27
Total interest-bearing liabilities	$	28,816,293	$	26,896,257	$	150,527	$	253,113	0.52	%	0.94	%
Non-interest-bearing deposits	12,638,518		9,432,090
Other liabilities	1,068,498		1,116,304
Equity	4,300,742		3,926,688
Total liabilities and shareholders’ equity	$	46,824,051	$	41,371,339
Interest rate spread (4)(7)									2.40	%	2.45	%
Less: Fully taxable-equivalent adjustment					(3,601)		(4,415)		(0.01)		(0.01)
Net free funds/contribution (8)	$	14,974,537	$	11,358,528					0.18		0.28
Net interest income/margin (GAAP) (4)					$	1,124,957	$	1,039,907	2.57	%	2.72	%
Fully taxable-equivalent adjustment					3,601		4,415		0.01		0.01
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	1,128,558	$	1,044,322	2.58	%	2.73	%

(3)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.

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

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

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

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

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

TABLE 8: INTEREST RATE SENSITIVITY

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

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases 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 Basis Points		+100 Basis Points		-100 Basis Points
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)
Dec 31, 2020	25.0		11.6		(7.9)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points
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)
Dec 31, 2020	11.4		5.7		(3.3)

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or maturity period
As of December 31, 2021	One year or less		From one to five years		Over five years
(In thousands)							Total
Commercial
Fixed rate	$	536,782	$	2,092,006	$	1,330,518	$	3,959,306
Fixed Rate - PPP	40,533		517,750		—		558,283
Variable rate	7,383,214		3,207		58		7,386,479
Total commercial	$	7,960,529	$	2,612,963	$	1,330,576	$	11,904,068
Commercial real estate
Fixed rate	518,488		2,376,629		525,173		3,420,290
Variable rate	5,550,141		19,855		—		5,569,996
Total commercial real estate	$	6,068,629	$	2,396,484	$	525,173	$	8,990,286
Home equity
Fixed rate	14,896		3,059		42		17,997
Variable rate	317,158		—		—		317,158
Total home equity	$	332,054	$	3,059	$	42	$	335,155
Residential real estate
Fixed rate	17,812		5,834		897,316		920,962
Variable rate	58,968		237,706		419,463		716,137
Total residential real estate	$	76,780	$	243,540	$	1,316,779	$	1,637,099
Premium finance receivables - commercial
Fixed rate	4,677,500		177,987		—		4,855,487
Variable rate	—		—		—		—
Total premium finance receivables - commercial	$	4,677,500	$	177,987	$	—	$	4,855,487
Premium finance receivables - life insurance
Fixed rate	8,579		474,465		21,727		504,771
Variable rate	6,538,039		—		—		6,538,039
Total premium finance receivables - life insurance	$	6,546,618	$	474,465	$	21,727	$	7,042,810
Consumer and other
Fixed rate	4,094		5,004		656		9,754
Variable rate	14,445		—		—		14,445
Total consumer and other	$	18,539	$	5,004	$	656	$	24,199

Total per category
Fixed rate	5,778,151		5,134,984		2,775,432		13,688,567
Fixed rate - PPP	40,533		517,750		—		558,283
Variable rate	19,861,965		260,768		419,521		20,542,254
Total loans, net of unearned income	$	25,680,649	$	5,913,502	$	3,194,953	$	34,789,104


Variable Rate Loan Pricing by Index:
Prime							$	3,273,915
One- month LIBOR							8,848,709
Three- month LIBOR							285,441
Twelve- month LIBOR							6,677,139
U.S. Treasury tenors							107,037
SOFR tenors							598,904
Thirty-Day Ameribor							89,832
Other							661,277
Total variable rate							$	20,542,254

LIBOR - London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

Ameribor - American Interbank Offered Rate.

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 $8.8 billion of variable rate loans tied to one-month LIBOR and $6.7 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:


	Basis Point (bp) Change in
	Prime		1-month LIBOR		12-month LIBOR
Fourth Quarter 2021	0	bps	2	bps	34	bps
Third Quarter 2021	0		-2		-1
Second Quarter 2021	0		-1		-3
First Quarter 2021	0		-3		-6
Fourth Quarter 2020	0		-1		-2

TABLE 10: ALLOWANCE FOR CREDIT LOSSES


	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars in thousands)	2021			2021			2021			2021			2020			2021			2020
Allowance for credit losses at beginning of period	$	296,138		$	304,121		$	321,308		$	379,969		$	388,971		$	379,969		$	158,461
Cumulative effect adjustment from the adoption of ASU 2016-13	—			—			—			—			—			—			47,418
Provision for credit losses	9,299			(7,916)			(15,299)			(45,347)			1,180			(59,263)			214,220
Initial allowance for credit losses recognized on PCD assets acquired during the period (1)	470			—			—			—			—			470			—
Other adjustments	5			(65)			34			31			155			5			179
Charge-offs:
Commercial	4,431			1,352			3,237			11,781			5,184			20,801			18,293
Commercial real estate	495			406			1,412			980			6,637			3,293			15,960
Home equity	135			59			142			—			683			336			2,061
Residential real estate	1,067			10			3			2			114			1,082			891
Premium finance receivables	2,314			1,390			2,077			3,239			4,214			9,020			15,472
Consumer and other	157			112			104			114			198			487			528

Total charge-offs	8,599			3,329			6,975			16,116			17,030			35,019			53,205
Recoveries:
Commercial	389			816			902			452			4,168			2,559			5,092
Commercial real estate	217			373			514			200			904			1,304			1,835
Home equity	461			313			328			101			77			1,203			528
Residential real estate	85			5			36			204			69			330			184
Premium finance receivables	1,240			1,728			3,239			1,782			1,445			7,989			5,108
Consumer and other	26			92			34			32			30			184			149

Total recoveries	2,418			3,327			5,053			2,771			6,693			13,569			12,896
Net charge-offs	(6,181)			(2)			(1,922)			(13,345)			(10,337)			(21,450)			(40,309)
Allowance for credit losses at period end	$	299,731		$	296,138		$	304,121		$	321,308		$	379,969		$	299,731		$	379,969

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.14		%	0.02		%	0.08		%	0.37		%	0.03		%	0.16		%	0.12		%
Commercial real estate	0.01			0.00			0.04			0.04			0.27			0.02			0.17
Home equity	(0.38)			(0.28)			(0.20)			(0.10)			0.55			(0.23)			0.33
Residential real estate	0.25			0.00			(0.01)			(0.06)			0.02			0.05			0.06
Premium finance receivables	0.04			(0.01)			(0.04)			0.06			0.11			0.01			0.11
Consumer and other	0.95			0.26			0.69			0.57			0.78			0.66			0.52

Total loans, net of unearned income	0.07		%	0.00		%	0.02		%	0.17		%	0.13		%	0.06		%	0.13		%


Loans at period end	$	34,789,104		$	33,264,043		$	32,911,187		$	33,171,233		$	32,079,073
Allowance for loan losses as a percentage of loans at period end	0.71		%	0.75		%	0.79		%	0.84		%	1.00		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.86			0.89			0.92			0.97			1.18
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans	0.88			0.92			0.98			1.08			1.29

(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 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT


	Three Months Ended										Years Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Dec 31,		Dec 31,
(In thousands)	2021		2021		2021		2021		2020		2021		2020
Provision for loan losses	$	4,929	$	(12,410)	$	(14,731)	$	(28,351)	$	3,597	$	(50,563)	$	188,493
Provision for unfunded lending-related commitments losses	4,375		4,501		(558)		(17,035)		(2,413)		(8,717)		25,742
Provision for held-to-maturity securities losses	(5)		(7)		(10)		39		(4)		17		(15)
Provision for credit losses	$	9,299	$	(7,916)	$	(15,299)	$	(45,347)	$	1,180	$	(59,263)	$	214,220

Allowance for loan losses	$	247,835	$	248,612	$	261,089	$	277,709	$	319,374
Allowance for unfunded lending-related commitments losses	51,818		47,443		42,942		43,500		60,536
Allowance for loan losses and unfunded lending-related commitments losses	299,653		296,055		304,031		321,209		379,910
Allowance for held-to-maturity securities losses	78		83		90		99		59
Allowance for credit losses	$	299,731	$	296,138	$	304,121	$	321,308	$	379,969

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of December 31, 2021, September 30, 2021, and June 30, 2021.


	As of Dec 31, 2021						As of Sep 30, 2021						As of Jun 30, 2021
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other, excluding PPP loans	$	11,345,785	$	119,305	1.05	%	$	10,105,984	$	109,780	1.09	%	$	9,562,869	$	98,505	1.03	%
Commercial PPP loans	558,283		2		0.00		1,081,988		2		0.00		1,879,407		2		0.00
Commercial real estate:
Construction and development	1,356,204		35,206		2.60		1,343,715		34,101		2.54		1,385,249		38,550		2.78
Non-construction	7,634,082		109,377		1.43		7,541,999		105,934		1.40		7,293,120		119,972		1.65
Home equity	335,155		10,699		3.19		347,662		10,939		3.15		369,806		11,207		3.03
Residential real estate	1,637,099		8,782		0.54		1,547,736		16,272		1.05		1,530,285		15,684		1.02


Premium finance receivables
Commercial insurance loans	4,855,487		15,246		0.31		4,616,977		17,996		0.39		4,521,871		19,346		0.43
Life insurance loans	7,042,810		613		0.01		6,655,453		579		0.01		6,359,556		553		0.01
Consumer and other	24,199		423		1.75		22,529		452		2.01		9,024		212		2.35









Total loans, net of unearned income	$	34,789,104	$	299,653	0.86	%	$	33,264,043	$	296,055	0.89	%	$	32,911,187	$	304,031	0.92	%
Total loans, net of unearned income, excluding PPP loans	$	34,230,821	$	299,651	0.88	%	$	32,182,055	$	296,053	0.92	%	$	31,031,780	$	304,029	0.98	%

Total core loans (1)	$	19,599,090	$	260,511	1.33	%	$	18,690,730	$	257,788	1.38	%	$	17,989,306	$	267,999	1.49	%
Total niche loans (1)	14,631,731		39,140		0.27		13,491,325		38,265		0.28		13,042,474		36,030		0.28
Total PPP loans	558,283		2		0.00		1,081,988		2		0.00		1,879,407		2		0.00

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

TABLE 13: LOAN PORTFOLIO AGING


(Dollars in thousands)	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020
Loan Balances:
Commercial
Nonaccrual	$	20,399	$	26,468	$	23,232	$	22,459	$	21,743
90+ days and still accruing	15		—		1,244		—		307
60-89 days past due	24,262		9,768		5,204		13,292		6,900
30-59 days past due	43,861		25,224		18,478		35,541		44,381
Current	11,815,531		11,126,512		11,394,118		12,636,915		11,882,636
Total commercial	$	11,904,068	$	11,187,972	$	11,442,276	$	12,708,207	$	11,955,967
Commercial real estate
Nonaccrual	$	21,746	$	23,706	$	26,035	$	34,380	$	46,107
90+ days and still accruing	—		—		—		—		—
60-89 days past due	284		5,395		4,382		8,156		5,178
30-59 days past due	40,443		79,818		19,698		70,168		32,116
Current	8,927,813		8,776,795		8,628,254		8,432,075		8,410,731
Total commercial real estate	$	8,990,286	$	8,885,714	$	8,678,369	$	8,544,779	$	8,494,132
Home equity
Nonaccrual	$	2,574	$	3,449	$	3,478	$	5,536	$	6,529
90+ days and still accruing	—		164		—		—		—
60-89 days past due	—		340		301		492		47
30-59 days past due	1,120		867		777		780		637
Current	331,461		342,842		365,250		383,445		418,050
Total home equity	$	335,155	$	347,662	$	369,806	$	390,253	$	425,263
Residential real estate
Nonaccrual	$	16,440	$	22,633	$	23,050	$	21,553	$	26,071
90+ days and still accruing	—		—		—		—		—
60-89 days past due	982		1,540		1,584		944		1,635
30-59 days past due	12,420		1,076		2,139		13,768		12,584
Current	1,607,257		1,522,487		1,503,512		1,385,708		1,219,308
Total residential real estate	$	1,637,099	$	1,547,736	$	1,530,285	$	1,421,973	$	1,259,598
Premium finance receivables
Nonaccrual	$	5,433	$	7,300	$	6,418	$	9,690	$	13,264
90+ days and still accruing	7,217		5,811		3,570		4,783		12,792
60-89 days past due	28,104		15,804		7,759		5,113		27,801
30-59 days past due	89,070		21,654		32,758		31,373		49,274
Current	11,768,473		11,221,861		10,830,922		10,019,079		9,808,794
Total premium finance receivables	$	11,898,297	$	11,272,430	$	10,881,427	$	10,070,038	$	9,911,925
Consumer and other
Nonaccrual	$	477	$	384	$	485	$	497	$	436
90+ days and still accruing	137		126		178		161		264
60-89 days past due	34		16		22		8		24
30-59 days past due	509		125		75		74		136
Current	23,042		21,878		8,264		35,243		31,328
Total consumer and other	$	24,199	$	22,529	$	9,024	$	35,983	$	32,188
Total loans, net of unearned income
Nonaccrual	$	67,069	$	83,940	$	82,698	$	94,115	$	114,150
90+ days and still accruing	7,369		6,101		4,992		4,944		13,363
60-89 days past due	53,666		32,863		19,252		28,005		41,585
30-59 days past due	187,423		128,764		73,925		151,704		139,128
Current	34,473,577		33,012,375		32,730,320		32,892,465		31,770,847
Total loans, net of unearned income	$	34,789,104	$	33,264,043	$	32,911,187	$	33,171,233	$	32,079,073

TABLE 14: NON-PERFORMING ASSETS AND TROUBLED DEBT RESTRUCTURINGS ("TDRs")


	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(Dollars in thousands)	2021			2021			2021			2021			2020
Loans past due greater than 90 days and still accruing (1):
Commercial	$	15		$	—		$	1,244		$	—		$	307
Commercial real estate	—			—			—			—			—
Home equity	—			164			—			—			—
Residential real estate	—			—			—			—			—
Premium finance receivables	7,217			5,811			3,570			4,783			12,792
Consumer and other	137			126			178			161			264
Total loans past due greater than 90 days and still accruing	7,369			6,101			4,992			4,944			13,363
Non-accrual loans:
Commercial	20,399			26,468			23,232			22,459			21,743
Commercial real estate	21,746			23,706			26,035			34,380			46,107
Home equity	2,574			3,449			3,478			5,536			6,529
Residential real estate	16,440			22,633			23,050			21,553			26,071
Premium finance receivables	5,433			7,300			6,418			9,690			13,264
Consumer and other	477			384			485			497			436
Total non-accrual loans	67,069			83,940			82,698			94,115			114,150
Total non-performing loans:
Commercial	20,414			26,468			24,476			22,459			22,050
Commercial real estate	21,746			23,706			26,035			34,380			46,107
Home equity	2,574			3,613			3,478			5,536			6,529
Residential real estate	16,440			22,633			23,050			21,553			26,071
Premium finance receivables	12,650			13,111			9,988			14,473			26,056
Consumer and other	614			510			663			658			700
Total non-performing loans	$	74,438		$	90,041		$	87,690		$	99,059		$	127,513
Other real estate owned	1,959			9,934			10,510			8,679			9,711
Other real estate owned - from acquisitions	2,312			3,911			5,062			7,134			6,847
Other repossessed assets	—			—			—			—			—
Total non-performing assets	$	78,709		$	103,886		$	103,262		$	114,872		$	144,071

Accruing TDRs not included within non-performing assets	$	37,486		$	38,468		$	44,019		$	46,151		$	47,023

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.17		%	0.24		%	0.21		%	0.18		%	0.18		%
Commercial real estate	0.24			0.27			0.30			0.40			0.54
Home equity	0.77			1.04			0.94			1.42			1.54
Residential real estate	1.00			1.46			1.51			1.52			2.07
Premium finance receivables	0.11			0.12			0.09			0.14			0.26
Consumer and other	2.54			2.26			7.35			1.83			2.17
Total loans, net of unearned income	0.21		%	0.27		%	0.27		%	0.30		%	0.40		%
Total non-performing assets as a percentage of total assets	0.16		%	0.22		%	0.22		%	0.25		%	0.32		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	446.78		%	352.70		%	367.64		%	341.29		%	332.82		%

(1)As of December 31, 2021, September 30, 2021, and June 30, 2021, approximately $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, and December 31, 2020 were past due greater than 90 days and still accruing interest.

Non-performing Loans Rollforward


	Three Months Ended								Years Ended
	Dec 31,		Sep 30,			Jun 30,	Mar 31,			Dec 31,		Dec 31,			Dec 31,
(In thousands)	2021		2021			2021	2021			2020		2021			2020

Balance at beginning of period	$	90,041		$	87,690		$	99,059		$	127,513		$	173,103	$	127,513	$	117,588
Additions from becoming non-performing in the respective period	6,851			9,341			12,762			9,894			13,224		38,848		85,993
Additions from the adoption of ASU 2016-13	—			—			—			—			—		—		37,285
Return to performing status	(6,616)			(3,322)			—			(654)			(1,000)		(10,592)		(10,254)
Payments received	(13,212)			(5,568)			(12,312)			(22,731)			(30,146)		(53,823)		(53,029)
Transfer to OREO and other repossessed assets	(275)			(720)			(3,660)			(1,372)			(12,662)		(6,027)		(14,557)
Charge-offs, net	(5,167)			(548)			(4,684)			(2,952)			(7,817)		(13,351)		(29,835)
Net change for niche loans (1)	2,816			3,168			(3,475)			(10,639)			(7,189)		(8,130)		(5,678)
Balance at end of period	$	74,438		$	90,041		$	87,690		$	99,059		$	127,513	$	74,438	$	127,513

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

TDRs


	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2021		2021		2021		2021		2020
Accruing TDRs:
Commercial	$	4,131	$	4,532	$	6,911	$	7,536	$	7,699
Commercial real estate	8,421		8,385		9,659		9,478		10,549
Residential real estate and other	24,934		25,551		27,449		29,137		28,775
Total accrual	$	37,486	$	38,468	$	44,019	$	46,151	$	47,023
Non-accrual TDRs: (1)
Commercial	$	6,746	$	3,079	$	4,104	$	5,583	$	10,491
Commercial real estate	2,050		3,239		3,434		1,309		6,177
Residential real estate and other	3,027		3,685		4,190		3,540		4,501
Total non-accrual	$	11,823	$	10,003	$	11,728	$	10,432	$	21,169
Total TDRs:
Commercial	$	10,877	$	7,611	$	11,015	$	13,119	$	18,190
Commercial real estate	10,471		11,624		13,093		10,787		16,726
Residential real estate and other	27,961		29,236		31,639		32,677		33,276
Total TDRs	$	49,309	$	48,471	$	55,747	$	56,583	$	68,192

(1)Included in total non-performing loans.

Other Real Estate Owned


	Three Months Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(In thousands)	2021		2021		2021		2021		2020
Balance at beginning of period	$	13,845	$	15,572	$	15,813	$	16,558	$	9,217
Disposals/resolved	(9,664)		(1,949)		(3,152)		(2,162)		(3,839)
Transfers in at fair value, less costs to sell	275		315		3,660		1,587		11,508

Fair value adjustments	(185)		(93)		(749)		(170)		(328)
Balance at end of period	$	4,271	$	13,845	$	15,572	$	15,813	$	16,558

	Period End
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
Balance by Property Type:	2021		2021		2021		2021		2020
Residential real estate	$	1,310	$	1,592	$	1,952	$	2,713	$	2,324
Residential real estate development	—		934		1,030		1,287		1,691
Commercial real estate	2,961		11,319		12,590		11,813		12,543
Total	$	4,271	$	13,845	$	15,572	$	15,813	$	16,558

TABLE 15: NON-INTEREST INCOME


	Three Months Ended										Q4 2021 compared to Q3 2021				Q4 2021 compared to Q4 2020
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2021		2021		2021		2021		2020		$ Change		% Change		$ Change		% Change
Brokerage	$	5,292	$	5,230	$	5,148	$	5,040	$	4,740	$	62	1	%	$	552	12	%
Trust and asset management	27,197		26,301		25,542		24,269		22,062		896		3		5,135		23
Total wealth management	32,489		31,531		30,690		29,309		26,802		958		3		5,687		21
Mortgage banking	53,138		55,794		50,584		113,494		86,819		(2,656)		(5)		(33,681)		(39)
Service charges on deposit accounts	14,734		14,149		13,249		12,036		11,841		585		4		2,893		24
(Losses) gains on investment securities, net	(1,067)		(2,431)		1,285		1,154		1,214		1,364		56		(2,281)		NM
Fees from covered call options	1,128		1,157		1,388		—		—		(29)		(3)		1,128		NM
Trading gains (losses), net	206		58		(438)		419		(102)		148		NM		308		NM
Operating lease income, net	14,204		12,807		12,240		14,440		12,118		1,397		11		2,086		17
Other:
Interest rate swap fees	3,526		4,868		2,820		2,488		4,930		(1,342)		(28)		(1,404)		(28)
BOLI	1,192		2,154		1,342		1,124		2,846		(962)		(45)		(1,654)		(58)
Administrative services	1,846		1,359		1,228		1,256		1,263		487		36		583		46
Foreign currency remeasurement gains (losses)	111		77		(782)		99		(208)		34		44		319		NM
Early pay-offs of capital leases	249		209		195		(52)		118		40		19		131		NM
Miscellaneous	12,011		14,742		15,572		10,739		10,720		(2,731)		(19)		1,291		12
Total Other	18,935		23,409		20,375		15,654		19,669		(4,474)		(19)		(734)		(4)
Total Non-Interest Income	$	133,767	$	136,474	$	129,373	$	186,506	$	158,361	$	(2,707)	(2)	%	$	(24,594)	(16)	%

NM - Not meaningful.


	Years Ended
	Dec 31,		Dec 31,		$		%
(Dollars in thousands)	2021		2020		Change		Change
Brokerage	$	20,710	$	18,731	$	1,979	11	%
Trust and asset management	103,309		81,605		21,704		27
Total wealth management	124,019		100,336		23,683		24
Mortgage banking	273,010		346,013		(73,003)		(21)
Service charges on deposit accounts	54,168		45,023		9,145		20
Losses on investment securities, net	(1,059)		(1,926)		867		45
Fees from covered call options	3,673		2,292		1,381		60
Trading gains (losses), net	245		(1,004)		1,249		NM
Operating lease income, net	53,691		47,604		6,087		13
Other:
Interest rate swap fees	13,702		20,718		(7,016)		(34)
BOLI	5,812		4,730		1,082		23
Administrative services	5,689		4,385		1,304		30
Foreign currency remeasurement loss	(495)		(621)		126		20
Early pay-offs of leases	601		632		(31)		(5)
Miscellaneous	53,064		36,007		17,057		47
Total Other	78,373		65,851		12,522		19
Total Non-Interest Income	$	586,120	$	604,189	$	(18,069)	(3)	%

NM - Not meaningful.

TABLE 16: MORTGAGE BANKING


	Three Months Ended															Years Ended
(Dollars in thousands)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Dec 31, 2021			Dec 31, 2020
Originations:
Retail originations	$	980,627		$	1,153,265		$	1,328,721		$	1,641,664		$	1,757,093		$	5,104,277		$	5,709,868

Veterans First originations	318,244			405,663			395,290			580,303			594,151			1,699,500			2,294,862
Total originations for sale (A)	$	1,298,871		$	1,558,928		$	1,724,011		$	2,221,967		$	2,351,244		$	6,803,777		$	8,004,730
Originations for investment	177,676			181,886			249,749			321,858			192,107			931,169			396,499
Total originations	$	1,476,547		$	1,740,814		$	1,973,760		$	2,543,825		$	2,543,351		$	7,734,946		$	8,401,229

Retail originations as percentage of originations for sale	75		%	74		%	77		%	74		%	75		%	75		%	71		%
Veterans First originations as a percentage of originations for sale	25			26			23			26			25			25			29


Purchases as a percentage of originations for sale	52		%	56		%	53		%	27		%	35		%	45		%	35		%
Refinances as a percentage of originations for sale	48			44			47			73			65			55			65




Production Margin:


Production revenue (B) (1)	$	28,182		$	39,247		$	37,531		$	71,282		$	70,886		$	176,242		$	307,794




Total originations for sale (A)	$	1,298,871		$	1,558,928		$	1,724,011		$	2,221,967		$	2,351,244		$	6,803,777		$	8,004,730
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)	353,509			510,982			605,400			798,534			1,072,717			353,509			1,072,717
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)	510,982			605,400			798,534			1,072,717			1,544,234			1,072,717			372,357
Total mortgage production volume (C)	$	1,141,398		$	1,464,510		$	1,530,877		$	1,947,784		$	1,879,727		$	6,084,569		$	8,705,090


Production margin (B / C)	2.47		%	2.68		%	2.45		%	3.66		%	3.77		%	2.90		%	3.54		%

Mortgage Servicing:
Loans serviced for others (D)	$	13,126,254		$	12,720,126		$	12,307,337		$	11,530,676		$	10,833,135
MSRs, at fair value (E)	147,571			133,552			127,604			124,316			92,081
Percentage of MSRs to loans serviced for others (E / D)	1.12		%	1.05		%	1.04		%	1.08		%	0.85		%
Servicing income	$	10,766		$	10,454		$	9,830		$	9,636		$	9,829		$	40,686		$	31,886

Components of MSR:
MSR - current period capitalization	$	15,080		$	15,546		$	17,512		$	24,616		$	20,343		$	72,754		$	71,077
MSR - collection of expected cash flows - paydowns	(1,101)			(1,036)			(991)			(728)			(688)			(3,856)			(2,244)
MSR - collection of expected cash flows - payoffs	(6,385)			(7,558)			(7,549)			(9,440)			(8,335)			(30,932)			(30,335)
Valuation:
MSR - changes in fair value model assumptions	6,656			(888)			(5,540)			18,045			(5,223)			18,273			(30,764)
Gain on derivative contract held as an economic hedge, net	—			—			—			—			—			—			4,749
MSR valuation adjustment, net of gain on derivative contract held as an economic hedge	$	6,656		$	(888)		$	(5,540)		$	18,045		$	(5,223)		$	18,273		$	(26,015)

Summary of Mortgage Banking Revenue:
Production revenue (1)	$	28,182		$	39,247		$	37,531		$	71,282		$	70,886		$	176,242		$	307,794
Servicing income	10,766			10,454			9,830			9,636			9,829			40,686			31,886
MSR activity	14,250			6,064			3,432			32,493			6,097			56,239			12,483
Other	(60)			29			(209)			83			7			(157)			(6,150)
Total mortgage banking revenue	$	53,138		$	55,794		$	50,584		$	113,494		$	86,819		$	273,010		$	346,013

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

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

TABLE 17: NON-INTEREST EXPENSE


	Three Months Ended										Q4 2021 compared to Q3 2021				Q4 2021 compared to Q4 2020
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2021		2021		2021		2021		2020		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	91,612	$	88,161	$	91,089	$	91,053	$	93,535	$	3,451	4	%	$	(1,923)	(2)	%
Commissions and incentive compensation	49,923		57,026		53,751		61,367		52,383		(7,103)		(12)		(2,460)		(5)
Benefits	25,596		25,725		27,977		28,389		25,198		(129)		(1)		398		2
Total salaries and employee benefits	167,131		170,912		172,817		180,809		171,116		(3,781)		(2)		(3,985)		(2)
Software and equipment	23,708		22,029		20,866		20,912		20,565		1,679		8		3,143		15
Operating lease equipment depreciation	10,147		10,013		9,949		10,771		9,938		134		1		209		2
Occupancy, net	18,343		18,158		17,687		19,996		19,687		185		1		(1,344)		(7)
Data processing	7,207		7,104		6,920		6,048		5,728		103		1		1,479		26
Advertising and marketing	13,981		13,443		11,305		8,546		9,850		538		4		4,131		42
Professional fees	7,551		7,052		7,304		7,587		6,530		499		7		1,021		16
Amortization of other acquisition-related intangible assets	1,811		1,877		2,039		2,007		2,634		(66)		(4)		(823)		(31)
FDIC insurance	7,317		6,750		6,405		6,558		7,016		567		8		301		4
OREO expense, net	(641)		(1,531)		769		(251)		(114)		890		(58)		(527)		NM
Other:
Commissions - 3rd party brokers	861		884		889		846		764		(23)		(3)		97		13
Postage	1,684		2,018		1,900		1,743		1,849		(334)		(17)		(165)		(9)
Miscellaneous	24,299		23,435		21,262		21,317		26,304		864		4		(2,005)		(8)
Total other	26,844		26,337		24,051		23,906		28,917		507		2		(2,073)		(7)
Total Non-Interest Expense	$	283,399	$	282,144	$	280,112	$	286,889	$	281,867	$	1,255	0	%	$	1,532	1	%

NM - Not meaningful.


	Years Ended
	Dec 31,		Dec 31,		$		%
(Dollars in thousands)	2021		2020		Change		Change
Salaries and employee benefits:
Salaries	$	361,915	$	351,775	$	10,140	3	%
Commissions and incentive compensation	222,067		178,584		43,483		24
Benefits	107,687		95,717		11,970		13
Total salaries and employee benefits	691,669		626,076		65,593		10
Software and equipment	87,515		68,496		19,019		28
Operating lease equipment depreciation	40,880		37,915		2,965		8
Occupancy, net	74,184		69,957		4,227		6
Data processing	27,279		30,196		(2,917)		(10)
Advertising and marketing	47,275		36,296		10,979		30
Professional fees	29,494		27,426		2,068		8
Amortization of other acquisition-related intangible assets	7,734		11,018		(3,284)		(30)
FDIC insurance	27,030		25,004		2,026		8
OREO expense, net	(1,654)		(921)		(733)		(80)
Other:
Commissions - 3rd party brokers	3,480		3,114		366		12
Postage	7,345		6,918		427		6
Miscellaneous	90,313		98,600		(8,287)		(8)
Total other	101,138		108,632		(7,494)		(7)
Total Non-Interest Expense	$	1,132,544	$	1,040,095	$	92,449	9	%

NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis. 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															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)	2021			2021			2021			2021			2020			2021			2020
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	327,979		$	322,457		$	319,579		$	305,469		$	307,981		$	1,275,484		$	1,293,020
Taxable-equivalent adjustment:
- Loans	417			411			415			384			324			1,627			2,241
- Liquidity Management Assets	486			492			494			500			530			1,972			2,165
- Other Earning Assets	2			—			—			—			3			2			9
(B) Interest Income (non-GAAP)	$	328,884		$	323,360		$	320,488		$	306,353		$	308,838		$	1,279,085		$	1,297,435
(C) Interest Expense (GAAP)	32,003			34,961			39,989			43,574			48,584			150,527			253,113
(D) Net Interest Income (GAAP) (A minus C)	$	295,976		$	287,496		$	279,590		$	261,895		$	259,397		$	1,124,957		$	1,039,907
(E) Net Interest Income (non-GAAP) (B minus C)	$	296,881		$	288,399		$	280,499		$	262,779		$	260,254		$	1,128,558		$	1,044,322
Net interest margin (GAAP)	2.54		%	2.58		%	2.62		%	2.53		%	2.53		%	2.57		%	2.72		%
Net interest margin, fully taxable-equivalent (non-GAAP)	2.55			2.59			2.63			2.54			2.54			2.58			2.73
(F) Non-interest income	$	133,767		$	136,474		$	129,373		$	186,506		$	158,361		$	586,120		$	604,189
(G) (Losses) gains on investment securities, net	(1,067)			(2,431)			1,285			1,154			1,214			(1,059)			(1,926)
(H) Non-interest expense	283,399			282,144			280,112			286,889			281,867			1,132,544			1,040,095
Efficiency ratio (H/(D+F-G))	65.78		%	66.17		%	68.71		%	64.15		%	67.67		%	66.15		%	63.19		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	65.64			66.03			68.56			64.02			67.53			66.01			63.02

Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	4,498,688		$	4,410,317		$	4,339,011		$	4,252,511		$	4,115,995

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(683,456)			(675,910)			(678,333)			(680,052)			(681,747)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,402,732		$	3,321,907		$	3,248,178		$	3,159,959		$	3,021,748
(J) Total assets (GAAP)	$	50,142,143		$	47,832,271		$	46,738,450		$	45,682,202		$	45,080,768
Less: Intangible assets (GAAP)	(683,456)			(675,910)			(678,333)			(680,052)			(681,747)
(K) Total tangible assets (non-GAAP)	$	49,458,687		$	47,156,361		$	46,060,117		$	45,002,150		$	44,399,021
Common equity to assets ratio (GAAP) (L/J)	8.1		%	8.4		%	8.4		%	8.4		%	8.2		%
Tangible common equity ratio (non-GAAP) (I/K)	6.9			7.0			7.1			7.0			6.8


	Three Months Ended															Years Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
(Dollars and shares in thousands)	2021			2021			2021			2021			2020			2021			2020
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,498,688		$	4,410,317		$	4,339,011		$	4,252,511		$	4,115,995
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	4,086,188		$	3,997,817		$	3,926,511		$	3,840,011		$	3,703,495
(M) Actual common shares outstanding	57,054			56,956			57,067			57,023			56,770
Book value per common share (L/M)	$	71.62		$	70.19		$	68.81		$	67.34		$	65.24
Tangible book value per common share (non-GAAP) (I/M)	59.64			58.32			56.92			55.42			53.23

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	91,766		$	102,146		$	98,118		$	146,157		$	94,213		$	438,187		$	271,613
Add: Intangible asset amortization	1,811			1,877			2,039			2,007			2,634			7,734			11,018
Less: Tax effect of intangible asset amortization	(505)			(509)			(553)			(522)			(656)			(2,080)			(2,732)
After-tax intangible asset amortization	$	1,306		$	1,368		$	1,486		$	1,485		$	1,978		$	5,654		$	8,286
(O) Tangible net income applicable to common shares (non-GAAP)	$	93,072		$	103,514		$	99,604		$	147,642		$	96,191		$	443,841		$	279,899
Total average shareholders’ equity	$	4,433,953		$	4,343,915		$	4,256,778		$	4,164,890		$	4,050,286		$	4,300,742		$	3,926,688
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(306,455)
(P) Total average common shareholders’ equity	$	4,021,453		$	3,931,415		$	3,844,278		$	3,752,390		$	3,637,786		$	3,888,242		$	3,620,233
Less: Average intangible assets	(677,470)			(677,201)			(679,535)			(680,805)			(682,290)			(678,739)			(686,064)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	3,343,983		$	3,254,214		$	3,164,743		$	3,071,585		$	2,955,496		$	3,209,503		$	2,934,169
Return on average common equity, annualized (N/P)	9.05		%	10.31		%	10.24		%	15.80		%	10.30		%	11.27		%	7.50		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	11.04			12.62			12.62			19.49			12.95			13.83			9.54

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	137,045		$	149,742		$	144,150		$	206,859		$	134,711		$	637,796		$	389,781
Add: Provision for credit losses	9,299			(7,916)			(15,299)			(45,347)			1,180			(59,263)			214,220
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	146,344		$	141,826		$	128,851		$	161,512		$	135,891		$	578,533		$	604,001


	Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,
	2019		2018		2017		2016		2015		2014		2013		2012		2011
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	3,691,250	$	3,267,570	$	2,976,939	$	2,695,617	$	2,352,274	$	2,069,822	$	1,900,589	$	1,804,705	$	1,543,533
Less: Non-convertible preferred stock (GAAP)	(125,000)		(125,000)		(125,000)		(251,257)		(251,287)		(126,467)		(126,477)		(176,406)		(49,768)
(R) Less: Intangible assets (GAAP)	(692,277)		(622,565)		(519,505)		(520,438)		(495,970)		(424,445)		(393,760)		(366,348)		(327,538)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	2,873,973	$	2,520,005	$	2,332,434	$	1,923,922	$	1,605,017	$	1,518,910	$	1,380,352	$	1,261,951	$	1,166,227
Actual common shares outstanding	57,822		56,408		55,965		51,881		48,383		46,805		46,117		36,858		35,978
Add: TEU conversion shares	—		—		—		—		—		—		—		6,241		7,666
(M) Common shares used for book value calculation	57,822		56,408		55,965		51,881		48,383		46,805		46,117		43,099		43,644
Book value per common share ((I-R)/M)	$	61.68	$	55.71	$	50.96	$	47.12	$	43.42	$	41.52	$	38.47	$	37.78	$	34.23
Tangible book value per common share (non-GAAP) (I/M)	49.70		44.67		41.68		37.08		33.17		32.45		29.93		29.28		26.72

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, 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 2020 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 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 Thursday, January 20, 2022 at 11:00 a.m. (Central Time) regarding fourth quarter and full year 2021 results. Individuals interested in listening should call (877) 363-5049 and enter Conference ID #2759911. 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 fourth quarter and full year 2021 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.

Earnings Release Presentation Q4 2021 Wintrust Financial Corporation

2 Celebrated Wintrust’s 30th anniversary by reporting record annual net income and eclipsing $50 billion in total assets. The fourth quarter of 2021 was characterized by significant loan and deposit growth, increased net interest income, seasonally strong mortgage banking revenue, tangible book value growth and impressive credit quality metrics. Q4 2021 Summary

3 ROA3 • Total loans, excluding Paycheck Protection Program (“PPP”) loans, increased by $2.0 billion, or 25% on an annualized basis. • Total deposits increased by $2.1 billion. • Net interest income increased by $8.5 million as compared to the third quarter of 2021 as follows: ◦ Increased $15.5 million primarily due to earning asset growth and a five basis point decline in deposit costs. ◦ Decreased by $7.0 million due to $1.7 million less PPP interest income and $5.3 million less PPP fee income. • Net interest margin decreased by four basis points primarily due to increased liquidity which had approximately a six basis point unfavorable impact. • Recorded a provision for credit losses of $9.3 million in the fourth quarter of 2021 as compared to a negative provision for credit losses of $7.9 million in the third quarter of 2021. The provision for credit losses in the fourth quarter of 2021 was primarily due to strong loan growth with approximately $782,000 of provision for credit losses related to acquired loans. • Recorded $6.2 million of net charge-offs or seven basis points on an annualized basis in the fourth quarter of 2021 as compared to no material net charge-offs in the third quarter of 2021. • Tangible book value per common share (non-GAAP) increased to $59.64 as compared to $58.32 as of September 30, 2021.5 • Tangible book value per common share (non-GAAP) increased to $59.64 as compared to $58.32 as of September 30, 2021.5 $34.8 billion $1.58 Q4 2021 Highlights Other items of note from the Fourth Quarter 2021 Performance Highlights (Q4 2021) $98.8 million Net Income Diluted EPS1 0.80% ROA3 9.05% ROE4 $50.1 billion Total Assets Total Loans $42.1 billion Total Deposits +$2.3 billion Total Assets +$1.5 billion +$2.1 billion Total Loans Total Deposits -$10.4 million Net Income -$0.19 Diluted EPS1 -12 bps2 -126 bps2 ROE4 1.21% 65.64% Net Overhead Ratio Efficiency Ratio (Non-GAAP5) -39 bps2 Efficiency Ratio (Non-GAAP5) -1 bp2 Net Overhead Ratio Fourth Quarter 2021 Highlights as compared to Third Quarter 2021vs. Q3 2021 As of 12/31/2021 vs. 9/30/2021 65.78% Efficiency Ratio (GAAP) -39 bps2 Efficiency Ratio (GAAP) 4 ROE: Return on Average Common Equity 1 Diluted EPS: Net Income Per Common Share - Diluted 3 ROA: Return on Average Assets 5See Non-GAAP reconciliation on pg. 23 2 Bps: Basis Points

4 Earnings Summary Net Income & ROA ($ in Millions) Diluted EPS Key Observations Condensed Income Statement Current Q Difference vs.Current Q • Pre-Provision Net Revenue increased by $15.5 million compared to the prior quarter and $10.8 million as compared to Q4 2020 • $101.2 $153.1 $105.1 $109.1 $98.8 0.92% 1.38% 0.92% 0.92% 0.80% Net Income ROA Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $1.63 $2.54 $1.70 $1.77 $1.58 Diluted EPS Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Pre-Tax Income, excluding Provision for Credit Losses - 5 Quarter Trend (Non-GAAP1) ($ in Millions) $135.9 $161.5 $128.9 $141.8 $146.3 Pre-Tax Income, excluding Provision for Credit Losses Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 1 See Non-GAAP reconciliation on pg. 24 Thousands ($) 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.

5 32% 2% 26% 1% 5% 14% 20% Commercial excl. PPP Commercial PPP Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables - Commercial Premium Finance Receivables - Life Insurance • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $2.0 billion, as compared to September 30, 2021, primarily due to a $1.2 billion increase in commercial loans excluding PPP, of which $578 million was related to acquired loans, and a $387 million increase in premium finance receivables - life insurance. • Total period end loans as of December 31, 2021 were $1.1 billion higher than average total loans in the fourth quarter of 2021. • Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.1 billion to $1.3 billion at December 31, 2021, as compared to $1.4 billion to $1.5 billion at September 30, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $700 million to $800 million at December 31, 2021, as compared to $900 million to $1.0 billion at September 30, 2021. $33,264 $(524) $662 $578 $105 $239 $387 $78 $34,789 9/30/2021 Commercial PPP All Other Commercial Loans Acquired Insurance Agency Loans Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 12/31/2021 Loan Portfolio Total Loans ($ in Billions) Total Loans as of 12/31/2021 vs. 9/30/2021 ($ in Millions) Key Observations $32.1 $33.2 $32.9 $33.3 $34.8 $29.4 $29.9 $31.0 $32.2 $34.2 3.51% 3.43% 3.46% 3.44% 3.41% Total Loans Total Loans excl. PPP Average Total Loan Yield 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Year-over-Year Change $2.7B or 8% in Total Loans, $4.9B or 17% in Total Loans excl. PPP loans Loan Composition (as of 12/31/2021)

6 • Total deposits increased by $2.1 billion from the prior quarter end. The increase in deposits includes a $925 million increase in non- interest bearing deposits and a $692 million increase in money market deposits. Non-interest bearing deposits comprise 34% of total deposits as of December 31, 2021. • Rate paid on average interest-bearing deposits decreased 5 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 82.6% as compared to 83.3% at prior quarter end. $39,953 $925 $389 $314 $692 $(15) $(162) $42,096 9/30/2021 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 12/31/2021 Deposit Portfolio Total Deposits ($ in Billions) Total Deposits as of 12/31/2021 vs. 9/30/2021 ($ in Millions)Deposit Composition (as of 12/31/2021) Key Observations $37.1 $37.9 $38.8 $40.0 $42.1 0.51% 0.45% 0.38% 0.29% 0.24% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 34% 10% 11% 27% 9% 9% Non-Interest-Bearing NOW and Interest-Bearing DDA Wealth Management Deposits Money Market Savings Time Certificates of Deposit Year-over-Year Change $5.0B or 13%

7 Liquidity • 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. Key Observations Total Average Interest-Bearing Cash1 as a Percentage of Total Average Earning Assets ($ in Billions) $2.2 $4.4 $6.1 $2.2 $4.8 $6.11.68% 0.12% 0.16% Average Balance End of Period Balance Yield Q4 2019 Q4 2020 Q4 2021 Total Average Interest-Bearing Cash1 ($ in Billions) $32.7 $40.7 $46.1 $2.2 $4.4 $6.1 6.7% 10.8% 13.2% Total Average Earning Assets Total Average Interest-Bearing Cash Total Average Interest-Bearing Cash as a % of Total Average Earning Assets Q4 2019 Q4 2020 Q4 2021 Investment Securities ($ in Billions) $3.9 $3.5 $5.3 $4.3 $3.7 $5.4 2.86% 2.11% 2.07% Average Balance End of Period Balance Yield Q4 2019 Q4 2020 Q4 2021 1 Total Average Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents 1 1

8 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 8.5% 9.6% 11.6% Minimum Requirement Capital Conservation Buffer WTFC 12.1% 0.2% (0.7)% 11.6% 9/30/2021 Retained Earnings and other equity changes Change in RWA 12/31/2021 Capital Q4 2021 Key Observations Strong Capital Levels • Common Equity Tier 1 Capital and Total Capital ratios decreased primarily due to risk-weighted asset growth in Q4 2021. • Q4 2021 dividend of $0.31 per common share increased 11% from Q4 2020. • Tangible book value per common share increased $1.32 from the prior quarter-end and increased $6.41 or 12.0% from Q4 2020. Capital Adequacy1 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Common equity tier 1 capital ratio1 8.8% 9.0% 9.0% 8.9% 8.5% Tier 1 capital ratio1 10.0% 10.2% 10.1% 9.9% 9.6% Total capital ratio1 12.6% 12.6% 12.4% 12.1% 11.6% Tier 1 leverage ratio1 8.1% 8.2% 8.2% 8.1% 8.0% Tangible book value per common share (Non-GAAP2) $53.23 $55.42 $56.92 $58.32 $59.64 Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $623 $425 $449 1 Ratios for Q4 2021 are estimated 2 See Non-GAAP reconciliation on pg. 24 3 RWA: Risk-weighted Assets 4 CET1: Common Equity Tier 1 8.8% 9.0% 9.0% 8.9% 8.5% 10.0% 10.2% 10.1% 9.9% 9.6% 12.6% 12.6% 12.4% 12.1% 11.6% 8.1% 8.2% 8.2% 8.1% 8.0% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Total Capital Ratio Rollforward Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Tangible book value per common share (Non-GAAP2) $53.23 $55.42 $56.92 $58.32 $59.64 1 4 3 5 5 Change in subordinated debt driven by a 20% annual phase out of subordinated debt from Tier 2 capital in compliance with Basel III requirements

9 Zelle - Number of Transactions Digital Usage Trends • primarily due to increased trust and asset management fees and brokerage commissions Zelle Payments 83.1 109.4 115.2 Number of Transactions (in Thousands) Q4 2019 Q4 2020 Q4 2021 RDC - Number of Transactions 62.1% 63.8% 66.1% Online/Mobile as a % of Total Retail Checking Households (active within past 90 days) Q4 2019 Q4 2020 Q4 2021 Online/Mobile Use as a % of Total Retail Checking Households Digital Use - Online/Mobile Remote Deposit Capture ("RDC") Zelle has become the fastest growing digital payment option. Since December 2019, Zelle payment volumes increased by 242%, while user volumes increased by 171%. In the last 12 months we have processed over 2.5 million Zelle payments. We have seen a steady increase in RDC adoption. Since December 2019, RDC deposit volumes increased by 39%, while user volumes increased by 49%. Digital adoption continues to increase, with number of households up 22% since year end 2019. As of Q4 2021 approximately 2/3rds of checking clients regularly use the bank's online/mobile offerings. 207.5 476.0 709.1 Number of Transactions (in Thousands) Q4 2019 Q4 2020 Q4 2021 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 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 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%.

10 Awards - Best in Class - Commercial Banking1 • primarily due to increased 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 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 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%

11 2.53% 2.53% 2.62% 2.58% 2.54% 2.54% 2.54% 2.63% 2.59% 2.55% 3.02% 2.96% 3.00% 2.90% 2.83% 0.22% 0.21% 0.19% 0.17% 0.14% 0.70% 0.63% 0.56% 0.48% 0.42% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Earning Assets Yield Net Free Funds Contribution Rate on Interest Bearing Liabilities Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Net Interest Margin Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP1) Key Observations Net Interest Margin (Quarterly Trends) 2.59% (0.07)% 0.06% (0.03)% 2.55% Q3 2021 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q4 2021 1 See Non-GAAP reconciliation on pg. 23 1 2.59% (0.07)% 0.06% (0.03)% 2.55% Q3 2021 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q4 2021 • Q4 2021 net interest income totaled $296.0 million. ◦ A decrease of $8.5 million as compared to Q3 2021 and a decrease of $36.6 million as compared to Q4 2020. • Net interest margin (Non-GAAP1) decreased by 4 bps from the prior quarter: ◦ Earning assets yield down 7 bps. ◦ Interest bearing liability rate down 6 bps. ◦ Net free funds down 3 bps. • Net interest income increased by $8.5 million as compared to the third quarter of 2021 as follows: ◦ Increased $15.5 million primarily due to earning asset growth and a five basis point decline in deposit costs. ◦ Decreased by $7.0 million due to $1.7 million less PPP interest income and $5.3 million less PPP fee income. • Net interest margin decreased by four basis points primarily due to increased liquidity which had approximately a six basis point unfavorable impact. ◦ 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.

12 53% 44% Current Fed Cycle (–225 bps) Prior Fed Cycle (+225 bps) 1 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 2 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 "Prior Fed Cycle" defined as Q3 2015 to Q2 2019 and "Current Fed Cycle" begins in Q3 2019 to present Rising Rate Scenarios: + 100 Basis Points Interest Rate Sensitivity Loan Repricing - based on estimated cash flows Operating Lease Income, Net ($ in Millions) 9.7% 11.6% 12.4% 4.8% 5.7% 6.9% Static Ramp Q4 2019 Q4 2020 Q4 2021 Key Observations (10.9)% (7.9)% (8.5)% (3.3)% (5.0)% (5.6)% Static Ramp Q4 2019 Q4 2020 Q4 2021 • Based on modeled contractual cash flows, including prepayment assumptions, approximately 80% of our current loan balances are projected to reprice or mature in 2022. • 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 materially differ depending on various factors including competition and the macroeconomic environment. • We have approximately $7.6 billion of loans currently priced at their interest rate floor as of December 31, 2021. This includes approximately $6 billion of premium finance life portfolio loans currently priced at interest rate floors based on 12 month LIBOR which on average are exceeded when 12 month LIBOR reaches 1%. Total Deposit Betas for Rate Scenarios —% 28.0% – 100 bps + 100 bps Historical Interest Bearing Deposit Betas 52.5% 27.4% 5.5% 11.4% 3.2% ≤ 3 Months 4-12 Months 1-2 Years 2-5 Years > 5 Years 1 2 3 3

13 Non-Interest Income ($ in Millions) $158.4 $186.5 $129.4 $136.5 $133.8 $26.8 $29.3 $30.7 $31.5 $32.5 $86.8 $113.5 $50.6 $55.8 $53.1 $12.1 $14.4 $12.2 $12.8 $14.2 $11.8 $12.0 $13.2 $14.1 $14.7 $20.9 $17.3 $22.7 $22.3 $19.3 Wealth Management Mortgage Banking Operating Lease Income, net Service Charges on Deposits Other Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Non-Interest Income Wealth Management Revenue ($ in Millions) • Non-interest income totaled $133.8 million. ◦ A decrease of $2.7 million as compared to Q3 2021 and a decrease of $24.6 million as compared to Q4 2020. • Mortgage banking revenue decreased by $2.7 million in Q4 2021 as compared to Q3 2021. See detail on Slide 13. • Wealth management income increased $958,000 as compared to Q3 2021. Key Observations 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 $26.8 $29.3 $30.7 $31.5 $32.5 $22.1 $24.3 $25.6 $26.3 $27.2$4.7 $5.0 $5.1 $5.2 $5.3 $30.1 $32.2 $34.2 $34.5 $35.5 Trust and Asset Management Brokerage Assets Under Administration ($ in Billions) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Operating Lease Income, Net ($ in Millions) $12.1 $14.4 $12.2 $12.8 $14.2 $242.4 $239.0 $219.0 $243.9 $242.1 Operating Lease Income, Net Lease Investments, Net (Period-End Balance) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 • primarily due to increased trust and asset management fees and brokerage commissions Confirm AUM correct for all periods.

14 $47.933 $0.111 $(8.5)$(8.6)$(7.5) $(5.2) $18.0 $(5.5)$(0.9) $6.7 $32.0 $71.3 $37.5$39.2$28.2 $9.8 $(55.4) $61.3 $(45.2)$(42.5) $20.3 $15.5 $15.1 $— MSR - Payoffs/Paydowns MSR - Change in Fair Value Model Assumptions Production Revenue Servicing Income & Other MSR Capitalization MSR Hedging Gains (Losses) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Mortgage Banking Production Revenue ($ in Millions) MSR1 Value & Loans Serviced for Others ($ in Millions) Originations for Sale ($ in Millions) Key Observations • Loans originated for sale in the fourth quarter of 2021 totaled $1.3 billion as compared to $1.6 billion in the prior quarter. • Loans serviced for others totaled $13.1 billion in the fourth quarter of 2021 as compared to $12.7 billion in the prior quarter. • Mortgage banking revenue decreased to $53.1 million for the fourth quarter of 2021 as compared to $55.8 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 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 0.85% 1.08% 1.04% 1.05% 1.12% 1 MSR: Mortgage Servicing Right LOGIC IN MORTGAGE BANKING REVENUE NEEDS TO BE MODIFIED Mortgage banking production revenue decreased by $11.1 million as mortgage originations for sale totaled $1.3 billion in the fourth quarter of 2021 as compared to $1.6 billion in the third quarter of 2021. $70.9 $71.3 $37.5 $39.2 $28.2 3.77% 3.66% 2.45% 2.68% 2.47% Production Revenue Production Margin Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $92.1 $124.3 $127.6 $133.6 $147.6$10,833 $11,531 $12,307 $12,720 $13,126 MSRs, at fair value Loans Serviced for Others Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $2,351 $2,222 $1,724 $1,559 $1,299 $1,757 $1,642 $1,329 $1,153 $981 $594 $580 $395 $406 $318 Retail Originations Veterans First Originations Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021

15 $281.9 $286.9 $280.1 $282.1 $283.4 $171.1 $180.8 $172.8 $170.9 $167.1 $20.6 $20.9 $20.9 $22.0 $23.7 $19.7 $20.0 $17.7 $18.2 $18.3 $9.9 $8.5 $11.3 $13.4 $14.0 $9.9 $10.8 $9.9 $10.0 $10.1 $50.7 $45.9 $47.5 $47.6 $50.2 Salaries and Employee Benefits Software and Equipment Occupancy, net Advertising and Marketing Operating Lease Equipment Other Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 1.12% 0.90% 1.32% 1.22% 1.21% 67.53% 64.02% 68.56% 66.03% 65.64% Net Overhead Ratio Efficiency Ratio (Non-GAAP ) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Non-Interest Expense Trending Non-Interest Expense ($ in Millions) Q4 2021 Key Observations • 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. ◦ The $3.8 million decline is primarily related to lower incentive compensation expense and lower commissions expense due to declining mortgage production, partially offset by increased staffing expense as the company grows. • Software and equipment expense increase of $1.7 million is primarily due to accelerated depreciation in the quarter related to the reduction in the useful life of a software asset that is planned to be replaced as we continue to make upgrades to our digital customer experience. 1 Other NIE - includes Professional Fees, Data Processing, amortization of other intangible assets, FDIC insurance, OREO expense, net, Commissions (3rd Party Brokers), Postage and Miscellaneous Non-Interest Expense - Current Quarter vs. Prior Quarter ($ in Millions) $282.1 $(3.8) $1.7 $0.5 $0.9 $2.0 $283.4 Q3 2021 Salaries and Employee Benefits Software and Equipment Advertising and Marketing OREO Expenses, Net All Other Expenses Q4 2021 1 Expense Management Ratios 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. 23 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: ◦ $7.1 million increase in commissions and incentive compensation. ◦ $0.1 million decrease in employee benefits expense. ◦ $3.5 million decrease in salaries. • Advertising and marketing increase of $0.5 million relates primarily to increased sponsorship activity for the summer months.

16 Loan Portfolio - Geographic Diversification Canada Market: Loan Portfolio1 - Geographic Diversification2 as of 12/31/2021 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 • Strong geographical diversification with focus in Midwest, Western and Southern U.S. markets. • Approximately half of outstanding total loans1 reside outside of the Company's retail banking footprint. States/Jurisdictions that individually comprise less than 1% of the Total Loan Portfolio1 2% 10% 5% 39% 2% 2% 5% 1% 5% NP - Puerto Rico NP - Virgin Islands 1% 1% 1% 2% 1% 2% 5% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%

17 $158.5 $205.9 $380.0 $299.7 0.59% 0.77% 1.18% 0.86% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans 12/31/19 (Pre-CECL) 1/1/2020 (CECL Day 1) 12/31/2020 12/31/2021 Credit Quality • The Company estimates an increase to the allowance for credit losses of approximately 30% to 50% at adoption related to its loan portfolios and related lending commitments. Approximately 80% of the estimated increase is related to: ◦ Additions to existing reserves for unfunded lending-related commitments due to the consideration under CECL of expected utilization by the Company's borrowers over the life of such commitments. ◦ Establishment of reserves for acquired loans which previously considered credit discounts. The Company estimates an insignificant impact at adoption of measuring an allowance for credit losses for other in-scope assets (e.g. held-to-maturity debt securities). Allowance for Credit Losses at Period-End ($ in Millions) Non-Performing Loans ("NPLs") ($ in Millions) Total Provision for Credit Losses & Net Charge-Offs ("NCOs") ($ in Millions) Loan Portfolio by Credit Quality Indicator ($ in Thousands) $127.5 $99.1 $87.7 $90.0 $74.40.40% 0.30% 0.27% 0.27% 0.21% NPLs $ NPLs as a % of Total Loans 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 $10.3 $13.3 $1.9 $— $6.2 $1.2 $(45.3) $(15.3) $(7.9) $9.3 0.13% 0.17% 0.02% —% 0.07% NCOs $ Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $1.2 $(45.3) $(15.3) $(7.9) $9.3 63.27% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 $7.8 $53 $135.1 $0 $-0.03$— $— $— $— $0.5$7.8 $53.0 $135.1 $(0.5)876.0% 63.3% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Incurred Loss Method CECL Incurred Loss Method CECL Q4 2021 Q3 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 Q4 2021 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.

18 $9,240 $9,415 $9,563 $10,106 $11,346 0.03% 0.37% 0.08% 0.02% 0.14% Total Commercial Loans Net Charge-Offs Ratio 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Credit Quality - Commercial Loans Line Utilization as a % of Commercial Loans Period-End Balances & Annualized Net Charge-off Ratio1 ($ in Millions) Non-Performing Loans ("NPLs") ($ in Millions) 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% Total Commercial (excl. PPP and Leases) Total Commercial (excl. PPP, Mortgage Warehouse and Leases) 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 $22.1 $22.5 $24.5 $26.5 $20.4 0.18% 0.18% 0.21% 0.24% 0.17% NPLs NPL as a % of Category 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Q4 2021 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 Net Charge-off Ratio is calculated as a percentage of average loans 2 Commercial Loans excludes PPP loans 2

19 14% 18% 16%23% 13% 12% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $8,494 $8,545 $8,678 $8,886 $8,990 0.27% 0.04% 0.04% —% 0.01% Total CRE Loans Net Charge-Offs Ratio 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Credit Quality - Commercial Real Estate Loans Period-End Balances & Annualized Net Charge-off Ratio1 ($ in Millions) Non-Performing Loans ("NPLs") ($ in Millions) $46.1 $34.4 $26.0 $23.7 $21.7 0.54% 0.40% 0.30% 0.27% 0.24% NPLs NPL as a % of Category 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Q4 2021 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% 20% 19% 27% 17% Office (3) Industrial (3) Retail (3) Multi-family (3) Mixed use and other (3) 77% 4% 19% Commercial construction Residential construction Land Commercial Real Estate Loan Composition2 (as of 12/31/2021) 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

20 $4,054 $3,959 $4,522 $4,617 $4,855 0.27% 0.15% (0.11)% (0.03)% 0.09% Period End Balance Net Charge-Offs Ratio 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Credit Quality - PFR Commercial Origination Trends ($ in Millions) Period-End Balances & Annualized Net Charge-off Ratio1 ($ in Millions) 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 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q4 2021 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 $2,467 $2,443 $3,008 $2,756 $3,065 Originations 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Non-Performing Loans ("NPLs") ($ in Millions) $26.1 $14.3 $10.0 $13.1 $12.6 0.64% 0.36% 0.22% 0.28% 0.26% NPLs NPL as a % of Category 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021

21 $5,857 $6,111 $6,360 $6,655 $7,043 —% —% —% —% —% Period End Balance Net Charge-Offs Ratio 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Credit Quality - PFR Life Non-Performing Loans ("NPLs") ($ in Millions)Period-End Balances & Annualized Net Charge-off Ratio1 ($ in Millions) 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 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q4 2021 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 Q4 2021. 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 $371.9 Originations 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Total Loan Collateral2 by Type (as of 12/31/2021) ($ in Millions) No material charge-offs have occurred in the periods presented below. $0.2 —% NPLs NPL as a % of Category 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 $7,072 $1,184 Cash Surrender Value Other 2.6% 65.4% 3.6% 0.8% 18.6% 9.0% Annuity Brokerage Account Certificate of Deposit Bank Cash/Cash Equivalent Letters of Credit Money Market "Other" Loan Collateral2 by Type (as of 12/31/2021) OtherCollateral Coverage3 of 117% NPLs for all quarters except Q1 2021 are zero.

22 $296,138 $14,363 $(10,770) $299,731 9/30/2021 12/31/2021 • Steady macroeconomic indicators and market conditions. • Current economic and political uncertainties. • Ongoing governmental monetary and fiscal support. • Adequate liquidity in the market. • Positive asset quality trends. • Exposure to industries with the highest risk factors. • High touch relationships with commercial and consumer borrowers. • Economic Inputs ◦ Baa Corporate Credit Spread ◦ Commercial Real Estate Price Index ◦ Real GDP Growth Rate ◦ Dow Jones Total Stock Market Index • Portfolio Characteristics ◦ Risk Ratings ◦ Life of Loan Credit Quality - CECL Allowance for Credit Losses ($ in Thousands) - 12/31/2021 vs. 9/30/2021 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 • Net charge-offs • Changes due to macroeconomic conditions • Model imprecision Day 1 Adjustment Portfolio Changes Economic Factors • Baa Corporate credit spread steadily widens during the 8-Quarter Reasonable and Supportable ("R&S") time period. • Commercial Real Estate Price Index remains flat through Q2 2022 before appreciating during the remainder of the 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 Q4 2022 before marginally appreciating during the remainder of the R&S time period. Macroeconomic Scenario Key Model Inputs Qualitative Considerations

23 Three Months Ended Years Ended Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2021 2021 2021 2021 2020 2021 2020 (A) Interest Income (GAAP) $ 327,979 $ 322,457 $ 319,579 $ 305,469 $ 307,981 $ 1,275,484 $ 1,293,020 Taxable-equivalent adjustment: - Loans 417 411 415 384 324 1,627 2,241 - Liquidity Management Assets 486 492 494 500 530 1,972 2,165 - Other Earning Assets 2 — — — 3 2 9 (B) Interest Income (non-GAAP) $ 328,884 $ 323,360 $ 320,488 $ 306,353 $ 308,838 $ 1,279,085 $ 1,297,435 (C) Interest Expense (GAAP) $ 32,003 $ 34,961 $ 39,989 $ 43,574 $ 48,584 $ 150,527 $ 253,113 (D) Net Interest Income (GAAP) (A minus C) $ 295,976 $ 287,496 $ 279,590 $ 261,895 $ 259,397 $ 1,124,957 $ 1,039,907 (E) Net Interest Income (non-GAAP) (B minus C) $ 296,881 $ 288,399 $ 280,499 $ 262,779 $ 260,254 $ 1,128,558 $ 1,044,322 Net interest margin (GAAP) 2.54% 2.58% 2.62% 2.53% 2.53% 2.57% 2.72% Net interest margin, fully taxable-equivalent (non-GAAP) 2.55% 2.59% 2.63% 2.54% 2.54% 2.58% 2.73% (F) Non-interest income $ 133,767 $ 136,474 $ 129,373 $ 186,506 $ 158,361 $ 586,120 $ 604,189 (G) (Losses) gains on investment securities, net (1,067) (2,431) 1,285 1,154 1,214 (1,059) (1,926) (H) Non-interest expense 283,399 282,144 280,112 286,889 281,867 1,132,544 1,040,095 Efficiency ratio (H/(D+F-G)) 65.78% 66.17% 68.71% 64.15% 67.67% 66.15% 63.19% Efficiency ratio (non-GAAP) (H/(E+F-G)) 65.64% 66.03% 68.56% 64.02% 67.53% 66.01% 63.02% 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.

24 Three Months Ended Years Ended Reconciliation of Non-GAAP Tangible Common Equity ($'s and Shares in Thousands): December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2021 2021 2021 2021 2020 2021 2020 Total shareholders’ equity (GAAP) $ 4,498,688 $ 4,410,317 $ 4,339,011 $ 4,252,511 $ 4,115,995 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (683,456) (675,910) (678,333) (680,052) (681,747) (I) Total tangible common shareholders’ equity (non- GAAP) $ 3,402,732 $ 3,321,907 $ 3,248,178 $ 3,159,959 $ 3,021,748 Reconciliation of Non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 4,498,688 $ 4,410,317 $ 4,339,011 $ 4,252,511 $ 4,115,995 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $ 4,086,188 $ 3,997,817 $ 3,926,511 $ 3,840,011 $ 3,703,495 (M) Actual common shares outstanding 57,054 56,956 57,067 57,023 56,770 Book value per common share (L/M) $71.62 $70.19 $68.81 $67.34 $65.24 Tangible book value per common share (non-GAAP) (I/ M) $59.64 $58.32 $56.92 $55.42 $53.23 Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 137,045 $ 149,742 $ 144,150 $ 206,859 $ 134,711 $ 637,796 $ 389,781 Add: Provision for credit losses 9,299 (7,916) (15,299) (45,347) 1,180 (59,263) 214,220 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 146,344 $ 141,826 $ 128,851 $ 161,512 $ 135,891 $ 578,533 $ 604,001

25 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 2020 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

26 • 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 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


Title of Each Class	Ticker Symbol	Name of Each Exchange on Which Registered
Common Stock, no par value	WTFC	The NASDAQ Global Select Market
Series D Preferred Stock, 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 Series E Preferred Stock, no par value


Exhibit
99.1			Fourth Quarter 2021 Earnings Release dated January 19, 2022
99.2			Fourth Quarter 2021 Earnings Release Presentation dated January 19, 2022



						WINTRUST FINANCIAL CORPORATION (Registrant)

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



Exhibit
99.1			Fourth Quarter 2021 Earnings Release dated January 19, 2022
99.2			Fourth Quarter 2021 Earnings Release Presentation dated January 19, 2022


☐			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))