8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 18, 2022

WINTRUST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

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

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

Not Applicable

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

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

| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- || Title of Each Class | Ticker Symbol | Name of Each Exchange on Which Registered | | --- | --- | --- | | Common Stock, no par value | WTFC | The NASDAQ Global Select Market | | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value | WTFCM | The NASDAQ Global Select Market | | Depositary Shares, Each Representing a 1/1,000th Interest in a Share of | WTFCP | The NASDAQ Global Select Market | | 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value | | |

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

Emerging growth company     ☐

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

Item 2.02. Results of Operations and Financial Condition

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

On October 18, 2022, Wintrust Financial Corporation (the “Company”) announced earnings for the third quarter of 2022 and posted on its website the Third Quarter 2022 Earnings Release Presentation. Copies of the press release relating to the Company’s earnings results and the related presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. Certain supplemental information relating to non-GAAP financial measures reported in the attached press release and presentation is included on pages 34 through 36 of Exhibit 99.1 and pages 22 through 23 of Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

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

Signature

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

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

Date: October 18, 2022

INDEX TO EXHIBITS

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

4

Document

Exhibit 99.1

Wintrust Financial Corporation

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

News Release

FOR IMMEDIATE RELEASE	October 18, 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 Third Quarter 2022 Results

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $143.0 million or $2.21 per diluted common share for the third quarter of 2022, an increase in diluted earnings per common share of 48% compared to the second quarter of 2022. The Company recorded net income of $364.9 million or $5.78 per diluted common share for the first nine months of 2022 compared to net income of $367.4 million or $6.00 per diluted common share for the same period of 2021.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, “I am very pleased with our third quarter results as we reported strong net income and record quarterly pre-tax, pre-provision income (non-GAAP). By design, we were able to benefit significantly from the recent rise in interest rates as net interest income and net interest margin showed substantial growth. We expect that momentum to continue as we remain asset sensitive to changes in interest rates. In addition, we added strong loan growth in the third quarter, which paired with margin expansion, is expected to drive meaningful revenue growth in future quarters."

Highlights of the Third Quarter of 2022:

Comparative information to the second quarter of 2022

•Net interest income increased by $63.6 million or by 19% as compared to the second quarter of 2022 primarily due to improvement in net interest margin and loan growth.

◦Net interest margin increased by 42 basis points as the upward repricing of earning assets significantly outpaced increases in deposit costs.

•Total loans increased by $1.1 billion, or 12% on an annualized basis. In addition, total loans as of September 30, 2022 were $736 million higher than average total loans in the third quarter of 2022 which is expected to benefit future quarters.

•Total assets increased by $1.4 billion totaling $52.4 billion as of September 30, 2022 and total deposits increased by $204 million.

•Recorded a provision for credit losses of $6.4 million in the third quarter of 2022 primarily related to loan growth and $3.2 million of net charge-offs or three basis points of average total loans on an annualized basis.

•The allowance for credit losses on our core loan portfolio is approximately 1.26% of the outstanding balance as of September 30, 2022 down from 1.31% as of June 30, 2022. See Table 12 for more information.

•Non-performing loans remained low but increased to 0.26% of total loans, as of September 30, 2022, from 0.20% as of June 30, 2022. See “Asset Quality” section for more information.

•Mortgage banking revenue decreased to $27.2 million for the third quarter of 2022 as compared to $33.3 million in the second quarter of 2022, primarily due to lower production revenue as a result of declining mortgage origination volume in the current rising rate environment.

Other items of note from the Third Quarter of 2022

•The Company recorded net negative fair value adjustments of $2.5 million in the third quarter of 2022 related to fair value changes in certain mortgage assets, see “Non-Interest Income” section for more information.

•Net losses on investment securities totaled $3.1 million in the third quarter of 2022 related to changes in the value of equity securities as compared to net losses of $7.8 million in the second quarter of 2022.

•The effective tax rate increased as the Company recorded approximately $2.0 million of additional income tax expense related to earnings at its Canadian subsidiary. See “Income Taxes” section for more information.

Mr. Wehmer continued, "The Company experienced robust loan growth as loans increased by $1.1 billion, or 12% on an annualized basis, in the third quarter of 2022. Once again, the loan growth was spread across all of our material loan portfolios as we experienced growth in core commercial, commercial real estate, commercial insurance premium finance receivables and life insurance premium finance receivables. This is the sixth quarter in a row in which all of these portfolios individually increased in balance relative to the prior quarter end. We believe our diversified loan portfolio provides many levers for growth and we remain prudent in our review of credit prospects ensuring our loan growth stays within our conservative credit standards. In addition, in the third quarter we continued to grow unfunded loan commitments which we expect to drive funded loan growth in future quarters. Our loans to deposits ratio ended the quarter at 89.2%, within our preferred operating range."

Mr. Wehmer commented, "Net interest income increased by $63.6 million in the third quarter of 2022 primarily due to improvement in net interest margin as well as an increase in earning assets. Net interest margin increased by 42 basis points as the upward repricing of earning assets significantly outpaced deposit rate changes. We remain asset sensitive to interest rates and believe that in the near term loan yields will continue to reprice at a greater magnitude than deposit costs. Further, we believe, subject to no material change in the consensus projection of interest rates as of this release date, that our net interest margin will continue to expand and should approach 4.00% during the first quarter of 2023.”

Commenting on credit quality, Mr. Wehmer stated, "While uncertain economic conditions may persist in the coming quarters, Wintrust is confident in our ability to navigate such conditions especially given our current credit quality metrics. Non-performing loans comprise only 0.26% of total loans as of September 30, 2022 increasing to $97.6 million as compared to $72.4 million as of June 30, 2022. The Company recorded a provision for credit losses of $6.4 million in the third quarter of 2022, in part related to $3.2 million of net charge-offs and strong loan growth recorded in the quarter. The allowance for credit losses on our core loan portfolio as of September 30, 2022 is approximately 1.26% 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 third quarter of 2022 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. We expect to leverage our differentiated, diversified loan portfolio to outperform peers with respect to loan growth which should allow us to continue to expand net interest income. We are focused on taking advantage of market opportunities to prudently deploy liquidity into earning assets including core and niche loans and investment securities while maintaining an interest rate sensitive asset portfolio. We are closely watching our expenses and believe our efficiency ratio will continue to improve. We are opportunistically evaluating the acquisition market 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 third quarter of 2022 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 loans increased by $1.1 billion as core loans increased by $703 million and niche loans increased by $450 million. See Table 1 for more information. As of September 30, 2022, virtually all of the PPP loan balances were forgiven with only $44 million remaining on balance sheet.

Total liabilities increased $1.5 billion in the third quarter of 2022 resulting primarily from a $1.1 billion increase in Federal Home Loan Bank advances and a $204 million increase in total deposits. The Company utilized $1.0 billion of this funding to purchase investment securities which settled early in the fourth quarter of 2022. The Company's loans to deposits ratio ended the quarter at 89.2%. 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 third quarter of 2022, net interest income totaled $401.4 million, an increase of $63.6 million as compared to the second quarter of 2022. The $63.6 million increase in net interest income in the third quarter of 2022 compared to the second quarter of 2022 was primarily due to loan growth and improvement in net interest margin. The Company recognized $463,000 of PPP fee accretion in the third quarter of 2022 as compared to $4.5 million in the second quarter of 2022. As of September 30, 2022, the Company had approximately $1.7 million of net PPP loan fees that have yet to be recognized in income.

Net interest margin was 3.34% (3.35% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2022 compared to 2.92% (2.93% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2022. The net interest margin increase as compared to the second quarter of 2022 was due to a 67 basis point increase in yield on earning assets and a 12 basis point increase in net free funds contribution. These improvements were partially offset by a 37 basis point increase in the rate paid on interest-bearing liabilities. The 67 basis point increase in the yield on earning assets in the third quarter of 2022 as compared to the second quarter of 2022 was primarily due to a 69 basis point improvement on loan yields and a higher liquidity management asset yield as the Company earned higher yields on interest-bearing deposits with banks. The 37 basis point increase in the rate paid on interest-bearing liabilities in the third quarter of 2022 as compared to the second quarter of 2022 is primarily due to a 36 basis point increase in the rate paid on interest-bearing deposits primarily related to the increasing rate environment.

Wintrust remains in an asset-sensitive interest rate position. Based on modeled contractual cash flows, including prepayment assumptions, approximately 80% of our current loan balances are projected to reprice or mature in the next 12 months.

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

ASSET QUALITY

The allowance for credit losses totaled $315.3 million as of September 30, 2022, an increase of $3.1 million as compared to $312.2 million as of June 30, 2022. A provision for credit losses totaling $6.4 million was recorded for the third quarter of 2022 as compared to $20.4 million recorded in the second quarter of 2022. 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 September 30, 2022, June 30, 2022, and March 31, 2022 is shown on Table 12 of this report.

Net charge-offs totaled $3.2 million in the third quarter of 2022, as compared to $9.5 million of net charge-offs in the second quarter of 2022. Net charge-offs as a percentage of average total loans were reported as three basis points in the third quarter of

2022 on an annualized basis compared to 11 basis points on an annualized basis in the second quarter of 2022. For more information regarding net charge-offs, see Table 10 in this report.

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

The ratio of non-performing assets to total assets was 0.20% as of September 30, 2022, compared to 0.16% at June 30, 2022. Non-performing assets totaled $104.3 million at September 30, 2022, compared to $79.2 million at June 30, 2022. Non-performing loans totaled $97.6 million, or 0.26% of total loans, at September 30, 2022 compared to $72.4 million, or 0.20% of total loans, at June 30, 2022. The increase in non-performing loans in the third quarter of 2022 is primarily driven by one commercial loan credit that moved to a non-accrual status and an increase in administrative 90-day past due premium finance receivables. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue increased $1.8 million in the third quarter of 2022 as compared to the second quarter of 2022 primarily due to increased fees relating to the Company’s tax-deferred like-kind exchange services. 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 $6.1 million in the third quarter of 2022 as compared to the second quarter of 2022 primarily due to lower production revenue as a result of declining mortgage origination volume in the current rising rate environment. The Company also recorded a net loss of $2.5 million in the third quarter of 2022 relating to fair value changes in certain mortgage assets. This included a $7.5 million increase in the value of mortgage servicing rights related to changes in fair value model assumptions net of economic hedges and a negative $8.0 million valuation related adjustment on the Company’s held-for-sale portfolio of early buy-out exercised loans guaranteed by U.S. government agencies which are held at fair value. In addition, the Company recorded a $2.0 million negative valuation adjustment in other income on the Company’s held-for-investment portfolio of early buy-out exercised loans guaranteed by U.S. government agencies which are held at fair value. The Company intends to monitor the relationship of these assets and will seek to minimize the earnings impact of fair value changes in future quarters.

Loans originated for sale were $661 million in the third quarter of 2022, a decrease of $160 million as compared to the second quarter of 2022. The percentage of origination volume from refinancing activities was 18% in the third quarter of 2022 as compared to 22% in the second quarter of 2022. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market.

The Company recognized net losses on investment securities of $3.1 million in the third quarter of 2022 as compared to net losses of $7.8 million recognized in the second quarter of 2022.

Net operating lease income decreased $2.4 million in the third quarter of 2022 as compared to the second quarter of 2022 due to lower gains on sale of lease assets recognized in the third quarter of 2022 as compared to the second quarter of 2022.

Other non-interest income increased $2.0 million in the third quarter of 2022 as compared to the second quarter of 2022 primarily due to $2.5 million of losses recognized in the second quarter of 2022 relating to the sale of a property no longer considered for future expansion and the anticipated sale of a former data processing facility.

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

NON-INTEREST EXPENSE

Salaries and employee benefits expense increased by $8.8 million in the third quarter of 2022 as compared to the second quarter of 2022. The $8.8 million increase is primarily related to increased salary and incentive compensation expense. Salary expense increased $5.0 million in the third quarter of 2022 as compared to the second quarter of 2022 primarily due to mid-year compensation increases which included raising the Company’s minimum wage. Commission and incentive compensation increased $4.3 million in the third quarter of 2022 as compared to the second quarter of 2022 primarily due to increased incentive compensation related to the Company’s performance offset somewhat by a lower level of mortgage banking commissions due to the declining mortgage loan origination volumes.

Advertising and marketing expenses in the third quarter of 2022 totaled $16.6 million, relatively unchanged as compared to the second quarter of 2022. Marketing costs are incurred to promote the Company's brand, commercial banking capabilities and the Company's various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company's non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors.

Miscellaneous expense in the third quarter of 2022 decreased by $1.7 million as compared to the second quarter of 2022. Miscellaneous expense includes ATM expenses, correspondent bank charges, directors fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs.

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

INCOME TAXES

The Company recorded income tax expense of $57.1 million in the third quarter of 2022 compared to $37.1 million in the second quarter of 2022. The effective tax rates were 28.53% in the third quarter of 2022 compared to 28.21% in the second quarter of 2022. The effective tax rate increased as the Company recorded approximately $2.0 million of additional income tax expense related to earnings at its Canadian subsidiary. The tax, known as GILTI (“Global Intangible Low-taxed Income”) is a U.S. minimum tax on global profits. During the quarter, the impact of the rapid and significant strengthening of the U.S. dollar relative to the Canadian dollar caused the GILTI tax to be applicable.

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

Mortgage banking revenue was $27.2 million for the third quarter of 2022, a decrease of $6.1 million as compared to the second quarter of 2022, primarily due to lower production revenue as a result of declining mortgage origination volume in the current rising rate environment. Service charges on deposit accounts totaled $14.3 million in the third quarter of 2022, a decrease of $1.5 million as compared to the second quarter of 2022 primarily due to lower fees associated with commercial account activity. The Company’s gross commercial and commercial real estate loan pipelines remained robust as of September 30, 2022 indicating momentum for continued loan growth in the fourth quarter of 2022.

Specialty Finance

Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolio were $4.1 billion during the third quarter of 2022 and average balances increased by $866.3 million as compared to the second quarter of 2022. The Company’s leasing portfolio balance increased in the third quarter of 2022, with its portfolio of assets, including capital leases, loans and equipment on operating leases, totaling $2.7 billion as of September 30, 2022 as compared to $2.6 billion as of June 30, 2022. Revenues from the Company’s out-sourced administrative services business were $1.5 million in the third quarter of 2022, a decrease of $58,000 from the second quarter of 2022.

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 $33.1 million in the third quarter of 2022, an increase of $1.8 million compared to the second quarter of 2022. At September 30, 2022, the Company’s wealth management subsidiaries had approximately $32.8 billion of assets under administration, which included $6.9 billion of assets owned by the Company and its subsidiary banks, representing a slight decrease from the $32.9 billion of assets under administration at June 30, 2022.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Common Stock Offering

In June 2022, the Company sold through a public offering a total of 3,450,000 shares of its common stock. Net proceeds to the Company totaled approximately $285.7 million, net of estimated issuance costs.

Insurance Agency Loan Portfolio

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

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

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

										% or(1)<br><br>basis point  (bp) change from<br><br>2nd Quarter<br><br>2022		% or<br>basis point  (bp) change from<br>3rd Quarter<br>2021
	Three Months Ended
(Dollars in thousands, except per share data)	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021
Net income	$	142,961		$	94,513		$	109,137		51	%	31	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	206,461			152,078			141,826			36		46
Net income per common share – diluted	2.21			1.49			1.77			48		25
Cash dividends declared per common share	0.34			0.34			0.31			—		10
Net revenue (3)	502,930			440,746			423,970			14		19
Net interest income	401,448			337,804			287,496			19		40
Net interest margin	3.34		%	2.92		%	2.58		%	42	bps	76	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	3.35			2.93			2.59			42		76
Net overhead ratio (4)	1.53			1.51			1.22			2		31
Return on average assets	1.12			0.77			0.92			35		20
Return on average common equity	12.31			8.53			10.31			378		200
Return on average tangible common equity (non-GAAP) (2)	14.68			10.36			12.62			432		206
At end of period
Total assets	$	52,382,939		$	50,969,332		$	47,832,271		11	%	10	%
Total loans (5)	38,167,613			37,053,103			33,264,043			12		15
Total deposits	42,797,191			42,593,326			39,952,558			2		7
Total shareholders’ equity	4,637,980			4,727,623			4,410,317			(8)		5

(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															Nine Months Ended
(Dollars in thousands, except per share data)	Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021
Selected Financial Condition Data (at end of period):
Total assets	$	52,382,939		$	50,969,332		$	50,250,661		$	50,142,143		$	47,832,271
Total loans (1)	38,167,613			37,053,103			35,280,547			34,789,104			33,264,043
Total deposits	42,797,191			42,593,326			42,219,322			42,095,585			39,952,558
Total shareholders’ equity	4,637,980			4,727,623			4,492,256			4,498,688			4,410,317
Selected Statements of Income Data:
Net interest income	$	401,448		$	337,804		$	299,294		$	295,976		$	287,496		$	1,038,546		$	828,981
Net revenue (2)	502,930			440,746			462,084			429,743			423,970			1,405,760			1,281,334
Net income	142,961			94,513			127,391			98,757			109,137			364,865			367,394
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	206,461			152,078			177,786			146,344			141,826			536,325			432,189
Net income per common share – Basic	2.24			1.51			2.11			1.61			1.79			5.86			6.08
Net income per common share – Diluted	2.21			1.49			2.07			1.58			1.77			5.78			6.00
Cash dividends declared per common share	0.34			0.34			0.34			0.31			0.31			1.02			0.93
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	3.34		%	2.92		%	2.60		%	2.54		%	2.58		%	2.96		%	2.58		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	3.35			2.93			2.61			2.55			2.59			2.97			2.59
Non-interest income to average assets	0.79			0.84			1.33			1.08			1.15			0.98			1.31
Non-interest expense to average assets	2.32			2.35			2.33			2.29			2.37			2.33			2.47
Net overhead ratio (4)	1.53			1.51			1.00			1.21			1.22			1.35			1.15
Return on average assets	1.12			0.77			1.04			0.80			0.92			0.98			1.07
Return on average common equity	12.31			8.53			11.94			9.05			10.31			10.96			12.05
Return on average tangible common equity (non-GAAP) (3)	14.68			10.36			14.48			11.04			12.62			13.21			14.82
Average total assets	$	50,722,694		$	49,353,426		$	49,501,844		$	49,118,777		$	47,192,510		$	49,863,793		$	46,050,737
Average total shareholders’ equity	4,795,387			4,526,110			4,500,460			4,433,953			4,343,915			4,608,399			4,255,851
Average loans to average deposits ratio	88.8		%	86.8		%	83.8		%	81.7		%	83.8		%	86.5		%	85.8		%
Period-end loans to deposits ratio	89.2			87.0			83.6			82.6			83.3
Common Share Data at end of period:
Market price per common share	$	81.55		$	80.15		$	92.93		$	90.82		$	80.37
Book value per common share	69.56			71.06			71.26			71.62			70.19
Tangible book value per common share (non-GAAP) (3)	58.42			59.87			59.34			59.64			58.32
Common shares outstanding	60,743,335			60,721,889			57,253,214			57,054,091			56,956,026
Other Data at end of period:
Tier 1 leverage ratio (5)	8.8		%	8.8		%	8.1		%	8.0		%	8.1		%
Risk-based capital ratios:
Tier 1 capital ratio (5)	9.9			9.9			9.6			9.6			9.9
Common equity tier 1 capital ratio (5)	8.9			9.0			8.6			8.6			8.9
Total capital ratio (5)	11.7			11.9			11.6			11.6			12.1
Allowance for credit losses (6)	$	315,338		$	312,192		$	301,327		$	299,731		$	296,138
Allowance for loan and unfunded lending-related commitment losses to total loans	0.83		%	0.84		%	0.85		%	0.86		%	0.89		%
Number of:
Bank subsidiaries	15			15			15			15			15
Banking offices	174			173			174			173			172

(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.

(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.

(5)Capital ratios for current quarter-end are estimated.

(6)The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021
Assets
Cash and due from banks	$	489,590	$	498,891	$	462,516	$	411,150	$	462,244
Federal funds sold and securities purchased under resale agreements	57		475,056		700,056		700,055		55
Interest-bearing deposits with banks	3,968,605		3,266,541		4,013,597		5,372,603		5,232,315
Available-for-sale securities, at fair value	2,923,653		2,970,121		2,998,898		2,327,793		2,373,478
Held-to-maturity securities, at amortized cost	3,389,842		3,413,469		3,435,729		2,942,285		2,736,722
Trading account securities	179		1,010		852		1,061		1,103
Equity securities with readily determinable fair value	114,012		93,295		92,689		90,511		88,193
Federal Home Loan Bank and Federal Reserve Bank stock	178,156		136,138		136,163		135,378		135,408
Brokerage customer receivables	20,327		21,527		22,888		26,068		26,378
Mortgage loans held-for-sale	376,160		513,232		606,545		817,912		925,312
Loans, net of unearned income	38,167,613		37,053,103		35,280,547		34,789,104		33,264,043
Allowance for loan losses	(246,110)		(251,769)		(250,539)		(247,835)		(248,612)
Net loans	37,921,503		36,801,334		35,030,008		34,541,269		33,015,431
Premises, software and equipment, net	763,029		762,381		761,213		766,405		748,872
Lease investments, net	244,822		223,813		240,656		242,082		243,933
Accrued interest receivable and other assets	1,316,305		1,112,697		1,066,750		1,084,115		1,166,917
Goodwill	653,079		654,709		655,402		655,149		645,792
Other acquisition-related intangible assets	23,620		25,118		26,699		28,307		30,118
Total assets	$	52,382,939	$	50,969,332	$	50,250,661	$	50,142,143	$	47,832,271
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	13,529,277	$	13,855,844	$	13,748,918	$	14,179,980	$	13,255,417
Interest-bearing	29,267,914		28,737,482		28,470,404		27,915,605		26,697,141
Total deposits	42,797,191		42,593,326		42,219,322		42,095,585		39,952,558
Federal Home Loan Bank advances	2,316,071		1,166,071		1,241,071		1,241,071		1,241,071
Other borrowings	447,215		482,787		482,516		494,136		504,527
Subordinated notes	437,260		437,162		437,033		436,938		436,811
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Trade date securities payable	—		—		437		—		1,348
Accrued interest payable and other liabilities	1,493,656		1,308,797		1,124,460		1,122,159		1,032,073
Total liabilities	47,744,959		46,241,709		45,758,405		45,643,455		43,421,954
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500
Common stock	60,743		60,722		59,091		58,892		58,794
Surplus	1,891,621		1,880,913		1,698,093		1,685,572		1,674,062
Treasury stock	—		—		(109,903)		(109,903)		(109,903)
Retained earnings	2,731,844		2,616,525		2,548,474		2,447,535		2,373,447
Accumulated other comprehensive (loss) income	(458,728)		(243,037)		(115,999)		4,092		1,417
Total shareholders’ equity	4,637,980		4,727,623		4,492,256		4,498,688		4,410,317
Total liabilities and shareholders’ equity	$	52,382,939	$	50,969,332	$	50,250,661	$	50,142,143	$	47,832,271

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From (2)
(Dollars in thousands)	Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31,<br>2021		Sep 30, 2021		Dec 31, 2021 (1)		Sep 30, 2021
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	216,062	$	294,688	$	296,548	$	473,102	$	570,663	(73)	%	(62)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies	160,098		218,544		309,997		344,810		354,649		(72)		(55)
Total mortgage loans held-for-sale	$	376,160	$	513,232	$	606,545	$	817,912	$	925,312	(72)	%	(59)	%
Core loans:
Commercial
Commercial and industrial	$	5,818,959	$	5,502,584	$	5,348,266	$	5,346,084	$	4,953,769	12	%	17	%
Asset-based lending	1,545,038		1,552,033		1,365,297		1,299,869		1,066,376		25		45
Municipal	608,234		535,586		533,357		536,498		524,192		18		16
Leases	1,582,359		1,592,329		1,481,368		1,454,099		1,365,281		12		16
Commercial real estate
Residential construction	66,957		55,941		57,037		51,464		49,754		40		35
Commercial construction	1,176,407		1,145,602		1,055,972		1,034,988		1,038,034		18		13
Land	282,147		304,775		283,397		269,752		255,927		6		10
Office	1,269,729		1,321,745		1,273,705		1,285,686		1,269,746		(2)		—
Industrial	1,777,658		1,746,280		1,668,516		1,585,808		1,490,358		16		19
Retail	1,331,316		1,331,059		1,395,021		1,429,567		1,462,101		(9)		(9)
Multi-family	2,305,433		2,171,583		2,175,875		2,043,754		2,038,526		17		13
Mixed use and other	1,368,537		1,330,220		1,325,551		1,289,267		1,281,268		8		7
Home equity	328,822		325,826		321,435		335,155		347,662		(3)		(5)
Residential real estate
Residential real estate loans for investment	2,086,795		1,965,051		1,749,889		1,606,271		1,520,750		40		37
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies	57,161		34,764		13,520		22,707		18,847		NM		NM
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies	91,503		79,092		36,576		8,121		8,139		NM		NM
Total core loans	$	21,697,055	$	20,994,470	$	20,084,782	$	19,599,090	$	18,690,730	14	%	16	%
Niche loans:
Commercial
Franchise	$	1,118,478	$	1,136,929	$	1,181,761	$	1,227,234	$	1,176,569	(12)	%	(5)	%
Mortgage warehouse lines of credit	297,374		398,085		261,847		359,818		468,162		(23)		(36)
Community Advantage - homeowners association	365,967		341,095		324,383		308,286		291,153		25		26
Insurance agency lending	879,183		906,375		833,720		813,897		260,482		11		NM
Premium Finance receivables
U.S. property & casualty insurance	4,983,795		4,781,042		4,271,828		4,178,474		3,921,289		26		27
Canada property & casualty insurance	729,545		760,405		665,580		677,013		695,688		10		5
Life insurance	8,004,856		7,608,433		7,354,163		7,042,810		6,655,453		18		20
Consumer and other	47,702		44,180		48,519		24,199		22,529		NM		NM
Total niche loans	$	16,426,900	$	15,976,544	$	14,941,801	$	14,631,731	$	13,491,325	16	%	22	%
Commercial PPP loans:
Originated in 2020	$	8,724	$	18,547	$	40,016	$	74,412	$	172,849	NM		(95)	%
Originated in 2021	34,934		63,542		213,948		483,871		909,139		NM		(96)
Total commercial PPP loans	$	43,658	$	82,089	$	253,964	$	558,283	$	1,081,988	NM		(96)	%
Total loans, net of unearned income	$	38,167,613	$	37,053,103	$	35,280,547	$	34,789,104	$	33,264,043	13	%	15	%

(1)Annualized.

(2)NM - Not meaningful.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

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

(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.

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

As of September 30, 2022

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

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

TABLE 4: QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,039,907	$	3,265,607	$	4,563,726	$	6,148,165	$	5,112,720
Investment securities (2)	6,655,215		6,589,947		6,378,022		5,317,351		5,065,593
FHLB and FRB stock	142,304		136,930		135,912		135,414		136,001
Liquidity management assets (3)	9,837,426		9,992,484		11,077,660		11,600,930		10,314,314
Other earning assets (3)(4)	21,805		24,059		25,192		28,298		28,238
Mortgage loans held-for-sale	455,342		560,707		664,019		827,672		871,824
Loans, net of unearned income (3)(5)	37,431,126		35,860,329		34,830,520		33,677,777		32,985,445
Total earning assets (3)	47,745,699		46,437,579		46,597,391		46,134,677		44,199,821
Allowance for loan and investment security losses	(260,270)		(260,547)		(253,080)		(254,874)		(269,963)
Cash and due from banks	458,263		476,741		481,634		468,331		425,000
Other assets	2,779,002		2,699,653		2,675,899		2,770,643		2,837,652
Total assets	$	50,722,694	$	49,353,426	$	49,501,844	$	49,118,777	$	47,192,510
NOW and interest-bearing demand deposits	$	5,789,368	$	5,230,702	$	4,788,272	$	4,439,242	$	4,147,436
Wealth management deposits	3,078,764		2,835,267		2,505,800		2,646,879		2,353,721
Money market accounts	12,037,412		11,892,948		12,773,805		12,665,167		11,956,346
Savings accounts	3,862,579		3,882,856		3,904,299		3,766,037		3,851,523
Time deposits	3,675,930		3,687,778		3,861,371		4,058,282		4,236,317
Interest-bearing deposits	28,444,053		27,529,551		27,833,547		27,575,607		26,545,343
Federal Home Loan Bank advances	1,403,573		1,197,390		1,241,071		1,241,073		1,241,073
Other borrowings	478,909		489,779		494,267		501,933		512,785
Subordinated notes	437,191		437,084		436,966		436,861		436,746
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	31,017,292		29,907,370		30,259,417		30,009,040		28,989,513
Non-interest-bearing deposits	13,731,219		13,805,128		13,734,064		13,640,270		12,834,084
Other liabilities	1,178,796		1,114,818		1,007,903		1,035,514		1,024,998
Equity	4,795,387		4,526,110		4,500,460		4,433,953		4,343,915
Total liabilities and shareholders’ equity	$	50,722,694	$	49,353,426	$	49,501,844	$	49,118,777	$	47,192,510
Net free funds/contribution (6)	$	16,728,407	$	16,530,209	$	16,337,974	$	16,125,637	$	15,210,308

(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,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	17,466	$	7,154	$	2,118	$	2,427	$	2,000
Investment securities	39,071		37,013		32,863		27,696		25,681
FHLB and FRB stock	2,109		1,823		1,772		1,776		1,777
Liquidity management assets (1)	58,646		45,990		36,753		31,899		29,458
Other earning assets (1)	275		210		181		194		188
Mortgage loans held-for-sale	5,371		5,740		6,087		7,234		7,716
Loans, net of unearned income (1)	403,719		321,069		286,125		289,557		285,998
Total interest income	$	468,011	$	373,009	$	329,146	$	328,884	$	323,360
Interest expense:
NOW and interest-bearing demand deposits	$	8,041	$	2,553	$	1,990	$	1,913	$	1,916
Wealth management deposits	11,068		3,685		918		1,402		1,176
Money market accounts	18,916		8,559		7,648		7,658		7,905
Savings accounts	2,130		347		336		345		406
Time deposits	5,761		3,841		3,962		5,254		7,902
Interest-bearing deposits	45,916		18,985		14,854		16,572		19,305
Federal Home Loan Bank advances	6,812		4,878		4,816		4,923		4,931
Other borrowings	4,008		2,734		2,239		2,250		2,501
Subordinated notes	5,485		5,517		5,482		5,514		5,480
Junior subordinated debentures	2,809		2,050		1,567		2,744		2,744
Total interest expense	$	65,030	$	34,164	$	28,958	$	32,003	$	34,961
Less: Fully taxable-equivalent adjustment	(1,533)		(1,041)		(894)		(905)		(903)
Net interest income (GAAP) (2)	401,448		337,804		299,294		295,976		287,496
Fully taxable-equivalent adjustment	1,533		1,041		894		905		903
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	402,981	$	338,845	$	300,188	$	296,881	$	288,399

(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,
	Sep 30, 2022		Jun 30, 2022		Mar 31,<br>2022		Dec 31, 2021		Sep 30,<br>2021
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	2.28	%	0.88	%	0.19	%	0.16	%	0.16	%
Investment securities	2.33		2.25		2.09		2.07		2.01
FHLB and FRB stock	5.88		5.34		5.29		5.20		5.18
Liquidity management assets	2.37		1.85		1.35		1.09		1.13
Other earning assets	5.01		3.49		2.91		2.71		2.64
Mortgage loans held-for-sale	4.68		4.11		3.72		3.47		3.51
Loans, net of unearned income	4.28		3.59		3.33		3.41		3.44
Total earning assets	3.89	%	3.22	%	2.86	%	2.83	%	2.90	%
Rate paid on:
NOW and interest-bearing demand deposits	0.55	%	0.20	%	0.17	%	0.17	%	0.18	%
Wealth management deposits	1.43		0.52		0.15		0.21		0.20
Money market accounts	0.62		0.29		0.24		0.24		0.26
Savings accounts	0.22		0.04		0.03		0.04		0.04
Time deposits	0.62		0.42		0.42		0.51		0.74
Interest-bearing deposits	0.64		0.28		0.22		0.24		0.29
Federal Home Loan Bank advances	1.93		1.63		1.57		1.57		1.58
Other borrowings	3.32		2.24		1.84		1.78		1.94
Subordinated notes	5.02		5.05		5.02		5.05		5.02
Junior subordinated debentures	4.33		3.20		2.47		4.23		4.23
Total interest-bearing liabilities	0.83	%	0.46	%	0.39	%	0.42	%	0.48	%
Interest rate spread (1)(2)	3.06	%	2.76	%	2.47	%	2.41	%	2.42	%
Less: Fully taxable-equivalent adjustment	(0.01)		(0.01)		(0.01)		(0.01)		(0.01)
Net free funds/contribution (3)	0.29		0.17		0.14		0.14		0.17
Net interest margin (GAAP) (2)	3.34	%	2.92	%	2.60	%	2.54	%	2.58	%
Fully taxable-equivalent adjustment	0.01		0.01		0.01		0.01		0.01
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	3.35	%	2.93	%	2.61	%	2.55	%	2.59	%

(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<br><br>for nine months ended,				Interest<br><br>for nine months ended,				Yield/Rate<br><br>for nine months ended,
(Dollars in thousands)	Sep 30, 2022		Sep 30,<br>2021		Sep 30, 2022		Sep 30, 2021		Sep 30, 2022		Sep 30, 2021
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)	$	3,617,498	$	4,399,217	$	26,738	$	4,352	0.99	%	0.13	%
Investment securities (2)	6,542,077		4,597,997		108,947		69,562		2.23		2.02
FHLB and FRB stock	138,405		136,028		5,704		5,291		5.51		5.20
Liquidity management assets (3)(4)	$	10,297,980	$	9,133,242	$	141,389	$	79,205	1.84	%	1.16	%
Other earning assets (3)(4)(5)	23,673		24,016		666		463		3.76		2.59
Mortgage loans held-for-sale	559,258		1,003,868		17,198		24,935		4.11		3.32
Loans, net of unearned income (3)(4)(6)	36,050,185		32,839,837		1,010,913		845,598		3.75		3.44
Total earning assets (4)	$	46,931,096	$	43,000,963	$	1,170,166	$	950,201	3.33	%	2.95	%
Allowance for loan and investment security losses	(257,992)		(294,033)
Cash and due from banks	472,127		420,874
Other assets	2,718,562		2,922,933
Total assets	$	49,863,793	$	46,050,737
NOW and interest-bearing demand deposits	$	5,273,115	$	3,891,634	$	12,584	$	5,826	0.32	%	0.20	%
Wealth management deposits	2,808,709		2,265,212		15,671		3,133		0.75		0.18
Money market accounts	12,232,024		11,510,832		35,123		24,372		0.38		0.28
Savings accounts	3,883,092		3,723,420		2,813		1,238		0.10		0.04
Time deposits	3,741,014		4,579,161		13,564		36,978		0.48		1.08
Interest-bearing deposits	$	27,937,954	$	25,970,259	$	79,755	$	71,547	0.38	%	0.37	%
Federal Home Loan Bank advances	1,281,273		1,234,929		16,506		14,658		1.72		1.59
Other borrowings	487,595		518,946		8,981		7,678		2.46		1.98
Subordinated notes	437,081		436,641		16,484		16,469		5.03		5.03
Junior subordinated debentures	253,566		253,566		6,426		8,172		3.34		4.25
Total interest-bearing liabilities	$	30,397,469	$	28,414,341	$	128,152	$	118,524	0.56	%	0.56	%
Non-interest-bearing deposits	13,756,793		12,300,931
Other liabilities	1,101,132		1,079,614
Equity	4,608,399		4,255,851
Total liabilities and shareholders’ equity	$	49,863,793	$	46,050,737
Interest rate spread (4)(7)									2.77	%	2.39	%
Less: Fully taxable-equivalent adjustment					(3,468)		(2,696)		(0.01)		(0.01)
Net free funds/contribution (8)	$	16,533,627	$	14,586,622					0.20		0.20
Net interest income/margin (GAAP) (4)					$	1,038,546	$	828,981	2.96	%	2.58	%
Fully taxable-equivalent adjustment					3,468		2,696		0.01		0.01
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	1,042,014	$	831,677	2.97	%	2.59	%

(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)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 <br>Basis <br>Points		+100<br> Basis<br> Points		-100 <br>Basis<br> Points
Sep 30, 2022	12.9	%	7.1	%	(8.7)	%
Jun 30, 2022	17.0		9.0		(12.6)
Mar 31, 2022	21.4		11.0		(11.3)
Dec 31, 2021	25.3		12.4		(8.5)
Sep 30, 2021	24.3		11.5		(7.8)
Ramp Scenario	+200<br>Basis<br>Points		+100<br>Basis<br>Points		-100<br>Basis<br>Points
---	---	---	---	---	---	---
Sep 30, 2022	6.5	%	3.6	%	(3.9)	%
Jun 30, 2022	10.2		5.3		(6.9)
Mar 31, 2022	11.2		5.8		(7.1)
Dec 31, 2021	13.9		6.9		(5.6)
Sep 30, 2021	10.8		5.4		(3.8)

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or maturity period
As of September 30, 2022	One year or<br>less		From one to<br>five years		From five to fifteen years		After fifteen years		Total
(In thousands)
Commercial
Fixed rate	$	469,049	$	2,301,483	$	1,516,860	$	15,458	$	4,302,850
Fixed rate - PPP	—		43,658		—		—		43,658
Variable rate	7,909,538		3,153		51		—		7,912,742
Total commercial	$	8,378,587	$	2,348,294	$	1,516,911	$	15,458	$	12,259,250
Commercial real estate
Fixed rate	428,391		2,595,594		580,355		41,737		3,646,077
Variable rate	5,905,174		26,933		—		—		5,932,107
Total commercial real estate	$	6,333,565	$	2,622,527	$	580,355	$	41,737	$	9,578,184
Home equity
Fixed rate	12,768		3,278		13,250		37		29,333
Variable rate	299,489		—		—		—		299,489
Total home equity	$	312,257	$	3,278	$	13,250	$	37	$	328,822
Residential real estate
Fixed rate	13,424		4,647		30,725		1,024,557		1,073,353
Variable rate	58,622		223,238		880,246		—		1,162,106
Total residential real estate	$	72,046	$	227,885	$	910,971	$	1,024,557	$	2,235,459
Premium finance receivables - property & casualty
Fixed rate	5,535,087		178,253		—		—		5,713,340
Variable rate	—		—		—		—		—
Total premium finance receivables - property & casualty	$	5,535,087	$	178,253	$	—	$	—	$	5,713,340
Premium finance receivables - life insurance
Fixed rate	25,766		511,333		22,271		—		559,370
Variable rate	7,445,486		—		—		—		7,445,486
Total premium finance receivables - life insurance	$	7,471,252	$	511,333	$	22,271	$	—	$	8,004,856
Consumer and other
Fixed rate	8,424		5,017		12		486		13,939
Variable rate	33,763		—		—		—		33,763
Total consumer and other	$	42,187	$	5,017	$	12	$	486	$	47,702
Total per category
Fixed rate	6,492,909		5,599,605		2,163,473		1,082,275		15,338,262
Fixed rate - PPP	—		43,658		—		—		43,658
Variable rate	21,652,072		253,324		880,297		—		22,785,693
Total loans, net of unearned income	$	28,144,981	$	5,896,587	$	3,043,770	$	1,082,275	$	38,167,613
Variable Rate Loan Pricing by Index:
Prime									$	3,971,147
One- month LIBOR									5,057,295
Three- month LIBOR									197,233
Twelve- month LIBOR									5,701,876
One- year CMT									1,578,086
Other U.S. Treasury tenors									142,857
SOFR tenors									5,385,527
Ameribor tenors									334,478
BSBY tenors									38,138
Other									379,056
Total variable rate									$	22,785,693

LIBOR - London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

CMT - Constant Maturity Treasury Rate.

Ameribor - American Interbank Offered Rate.

BSBY - Bloomberg Short Term Bank Yield Index.

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to LIBOR and SOFR indices which, as shown in the table above, do not mirror the same changes as the Prime rate which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $5.1 billion tied to one-month LIBOR, $5.7 billion tied to twelve-month LIBOR and $4.6 billion tied to one-month SOFR. The above chart shows:

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

TABLE 10: ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(Dollars in thousands)	2022			2022			2022			2021			2021			2022			2021
Allowance for credit losses at beginning of period	$	312,192		$	301,327		$	299,731		$	296,138		$	304,121		$	299,731		$	379,969
Provision for credit losses	6,420			20,417			4,106			9,299			(7,916)			30,943			(68,562)
Initial allowance for credit losses recognized on PCD assets acquired during the period (1)	—			—			—			470			—			—			—
Other adjustments	(105)			(56)			22			5			(65)			(139)			—
Charge-offs:
Commercial	780			8,928			1,414			4,431			1,352			11,122			16,370
Commercial real estate	24			40			777			495			406			841			2,798
Home equity	43			192			197			135			59			432			201
Residential real estate	5			—			466			1,067			10			471			15
Premium finance receivables - property & casualty	6,037			2,903			1,671			2,314			1,390			10,611			6,706
Premium finance receivables - life insurance	—			—			7			—			—			7			—
Consumer and other	635			253			193			157			112			1,081			330
Total charge-offs	7,524			12,316			4,725			8,599			3,329			24,565			26,420
Recoveries:
Commercial	2,523			996			538			389			816			4,057			2,170
Commercial real estate	55			553			32			217			373			640			1,087
Home equity	38			123			93			461			313			254			742
Residential real estate	60			6			5			85			5			71			245
Premium finance receivables - property & casualty	1,648			1,119			1,476			1,240			1,728			4,243			6,749
Premium finance receivables - life insurance	—			—			—			—			—			—			—
Consumer and other	31			23			49			26			92			103			158
Total recoveries	4,355			2,820			2,193			2,418			3,327			9,368			11,151
Net charge-offs	(3,169)			(9,496)			(2,532)			(6,181)			(2)			(15,197)			(15,269)
Allowance for credit losses at period end	$	315,338		$	312,192		$	301,327		$	299,731		$	296,138		$	315,338		$	296,138
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	(0.06)		%	0.27		%	0.03		%	0.14		%	0.02		%	0.08		%	0.16		%
Commercial real estate	0.00			(0.02)			0.03			0.01			0.00			0.00			0.03
Home equity	0.01			0.09			0.13			(0.38)			(0.28)			0.07			(0.19)
Residential real estate	(0.01)			0.00			0.11			0.25			0.00			0.03			(0.02)
Premium finance receivables - property & casualty	0.30			0.14			0.02			0.09			(0.03)			0.16			0.00
Premium finance receivables - life insurance	—			—			0.00			—			—			0.00			—
Consumer and other	4.02			1.31			1.19			0.95			0.26			2.19			0.54
Total loans, net of unearned income	0.03		%	0.11		%	0.03		%	0.07		%	0.00		%	0.06		%	0.06		%
Loans at period end	$	38,167,613		$	37,053,103		$	35,280,547		$	34,789,104		$	33,264,043
Allowance for loan losses as a percentage of loans at period end	0.64		%	0.68		%	0.71		%	0.71		%	0.75		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.83			0.84			0.85			0.86			0.89
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans	0.83			0.84			0.86			0.88			0.92

(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										Nine Months Ended
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Sep 30,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021		2022		2021
Provision for loan losses	$	(2,385)	$	10,782	$	5,214	$	4,929	$	(12,410)	$	13,611	$	(55,492)
Provision for unfunded lending-related commitments losses	8,578		9,711		(1,189)		4,375		4,501		17,100		(13,092)
Provision for held-to-maturity securities losses	227		(76)		81		(5)		(7)		232		22
Provision for credit losses	$	6,420	$	20,417	$	4,106	$	9,299	$	(7,916)	$	30,943	$	(68,562)
Allowance for loan losses	$	246,110	$	251,769	$	250,539	$	247,835	$	248,612
Allowance for unfunded lending-related commitments losses	68,918		60,340		50,629		51,818		47,443
Allowance for loan losses and unfunded lending-related commitments losses	315,028		312,109		301,168		299,653		296,055
Allowance for held-to-maturity securities losses	310		83		159		78		83
Allowance for credit losses	$	315,338	$	312,192	$	301,327	$	299,731	$	296,138

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of September 30, 2022, June 30, 2022 and March 31, 2022.

	As of Sep 30, 2022						As of Jun 30, 2022						As of Mar 31, 2022
(Dollars in thousands)	Recorded<br>Investment		Calculated<br>Allowance		% of its<br>category’s balance		Recorded<br>Investment		Calculated<br>Allowance		% of its<br>category’s balance		Recorded<br>Investment		Calculated<br>Allowance		% of its<br>category’s balance
Commercial:
Commercial, industrial and other, excluding PPP loans	$	12,215,592	$	135,315	1.11	%	$	11,965,016	$	142,916	1.19	%	$	11,329,999	$	120,910	1.07	%
Commercial PPP loans	43,658		1		0.00		82,089		3		0.00		253,964		1		0.00
Commercial real estate:
Construction and development	1,525,511		51,389		3.37		1,506,318		45,522		3.02		1,396,406		34,206		2.45
Non-construction	8,052,673		99,329		1.23		7,900,887		98,210		1.24		7,838,668		110,700		1.41
Home equity	328,822		7,055		2.15		325,826		6,990		2.15		321,435		10,566		3.29
Residential real estate	2,235,459		11,023		0.49		2,078,907		10,479		0.50		1,799,985		9,429		0.52
Premium finance receivables
Commercial insurance loans	5,713,340		9,736		0.17		5,541,447		6,840		0.12		4,937,408		14,082		0.29
Life insurance loans	8,004,856		696		0.01		7,608,433		662		0.01		7,354,163		640		0.01
Consumer and other	47,702		484		1.01		44,180		487		1.10		48,519		634		1.31
Total loans, net of unearned income	$	38,167,613	$	315,028	0.83	%	$	37,053,103	$	312,109	0.84	%	$	35,280,547	$	301,168	0.85	%
Total loans, net of unearned income, excluding PPP loans	$	38,123,955	$	315,027	0.83	%	$	36,971,014	$	312,106	0.84	%	$	35,026,583	$	301,167	0.86	%
Total core loans (1)	$	21,697,055	$	273,947	1.26	%	$	20,994,470	$	275,188	1.31	%	$	20,084,782	$	262,447	1.31	%
Total niche loans (1)	16,426,900		41,080		0.25		15,976,544		36,918		0.23		14,941,801		38,720		0.26
Total PPP loans	43,658		1		0.00		82,089		3		0.00		253,964		1		0.00

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

TABLE 13: LOAN PORTFOLIO AGING

(In thousands)	Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021
Loan Balances:
Commercial
Nonaccrual	$	44,293	$	32,436	$	16,878	$	20,399	$	26,468
90+ days and still accruing	237		—		—		15		—
60-89 days past due	24,641		16,789		1,294		24,262		9,768
30-59 days past due	34,917		14,120		31,889		43,861		25,224
Current	12,155,162		11,983,760		11,533,902		11,815,531		11,126,512
Total commercial	$	12,259,250	$	12,047,105	$	11,583,963	$	11,904,068	$	11,187,972
Commercial real estate
Nonaccrual	$	10,477	$	10,718	$	12,301	$	21,746	$	23,706
90+ days and still accruing	—		—		—		—		—
60-89 days past due	6,041		6,771		2,648		284		5,395
30-59 days past due	29,971		34,220		30,141		40,443		79,818
Current	9,531,695		9,355,496		9,189,984		8,927,813		8,776,795
Total commercial real estate	$	9,578,184	$	9,407,205	$	9,235,074	$	8,990,286	$	8,885,714
Home equity
Nonaccrual	$	1,320	$	1,084	$	1,747	$	2,574	$	3,449
90+ days and still accruing	—		—		—		—		164
60-89 days past due	125		154		199		—		340
30-59 days past due	848		930		545		1,120		867
Current	326,529		323,658		318,944		331,461		342,842
Total home equity	$	328,822	$	325,826	$	321,435	$	335,155	$	347,662
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies (1)	$	148,664	$	113,856	50,096		$	30,828	$	26,986
Nonaccrual	9,787		8,330		7,262		16,440		22,633
90+ days and still accruing	—		—		—		—		—
60-89 days past due	2,149		534		293		982		1,540
30-59 days past due	15		147		18,808		12,145		1,076
Current	2,074,844		1,956,040		1,723,526		1,576,704		1,495,501
Total residential real estate	$	2,235,459	$	2,078,907	$	1,799,985	$	1,637,099	$	1,547,736
Premium finance receivables - property & casualty
Nonaccrual	$	13,026	$	13,303	$	6,707	$	5,433	$	7,300
90+ days and still accruing	16,624		6,447		12,363		7,210		5,811
60-89 days past due	15,301		15,299		8,890		15,490		10,642
30-59 days past due	21,128		23,313		21,278		22,419		14,614
Current	5,647,261		5,483,085		4,888,170		4,804,935		4,578,610
Total Premium finance receivables - property & casualty	$	5,713,340	$	5,541,447	$	4,937,408	$	4,855,487	$	4,616,977
Premium finance receivables - life insurance
Nonaccrual	$	—	$	—	$	—	$	—	$	—
90+ days and still accruing	1,831		—		—		7		—
60-89 days past due	13,628		1,796		22,401		12,614		5,162
30-59 days past due	44,954		65,155		15,522		66,651		7,040
Current	7,944,443		7,541,482		7,316,240		6,963,538		6,643,251
Total Premium finance receivables - life insurance	$	8,004,856	$	7,608,433	$	7,354,163	$	7,042,810	$	6,655,453
Consumer and other
Nonaccrual	$	7	$	8	$	4	$	477	$	384
90+ days and still accruing	31		25		43		137		126
60-89 days past due	26		8		5		34		16
30-59 days past due	343		119		221		509		125
Current	47,295		44,020		48,246		23,042		21,878
Total consumer and other	$	47,702	$	44,180	$	48,519	$	24,199	$	22,529
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies (1)	$	148,664	$	113,856	$	50,096	$	30,828	$	26,986
Nonaccrual	78,910		65,879		44,899		67,069		83,940
90+ days and still accruing	18,723		6,472		12,406		7,369		6,101
60-89 days past due	61,911		41,351		35,730		53,666		32,863
30-59 days past due	132,176		138,004		118,404		187,148		128,764
Current	37,727,229		36,687,541		35,019,012		34,443,024		32,985,389
Total loans, net of unearned income	$	38,167,613	$	37,053,103	$	35,280,547	$	34,789,104	$	33,264,043

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

TABLE 14: NON-PERFORMING ASSETS(1) AND TROUBLED DEBT RESTRUCTURINGS (“TDRs”)

	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(Dollars in thousands)	2022			2022			2022			2021			2021
Loans past due greater than 90 days and still accruing (2):
Commercial	$	237		$	—		$	—		$	15		$	—
Commercial real estate	—			—			—			—			—
Home equity	—			—			—			—			164
Residential real estate	—			—			—			—			—
Premium finance receivables - property & casualty	16,624			6,447			12,363			7,210			5,811
Premium finance receivables - life insurance	1,831			—			—			7			—
Consumer and other	31			25			43			137			126
Total loans past due greater than 90 days and still accruing	18,723			6,472			12,406			7,369			6,101
Non-accrual loans:
Commercial	44,293			32,436			16,878			20,399			26,468
Commercial real estate	10,477			10,718			12,301			21,746			23,706
Home equity	1,320			1,084			1,747			2,574			3,449
Residential real estate	9,787			8,330			7,262			16,440			22,633
Premium finance receivables - property & casualty	13,026			13,303			6,707			5,433			7,300
Premium finance receivables - life insurance	—			—			—			—			—
Consumer and other	7			8			4			477			384
Total non-accrual loans	78,910			65,879			44,899			67,069			83,940
Total non-performing loans:
Commercial	44,530			32,436			16,878			20,414			26,468
Commercial real estate	10,477			10,718			12,301			21,746			23,706
Home equity	1,320			1,084			1,747			2,574			3,613
Residential real estate	9,787			8,330			7,262			16,440			22,633
Premium finance receivables - property & casualty	29,650			19,750			19,070			12,643			13,111
Premium finance receivables - life insurance	1,831			—			—			7			—
Consumer and other	38			33			47			614			510
Total non-performing loans	$	97,633		$	72,351		$	57,305		$	74,438		$	90,041
Other real estate owned	5,376			5,574			4,978			1,959			9,934
Other real estate owned - from acquisitions	1,311			1,265			1,225			2,312			3,911
Other repossessed assets	—			—			—			—			—
Total non-performing assets	$	104,320		$	79,190		$	63,508		$	78,709		$	103,886
Accruing TDRs not included within non-performing assets	$	34,238		$	36,184		$	35,922		$	37,486		$	38,468
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.36		%	0.27		%	0.15		%	0.17		%	0.24		%
Commercial real estate	0.11			0.11			0.13			0.24			0.27
Home equity	0.40			0.33			0.54			0.77			1.04
Residential real estate	0.44			0.40			0.40			1.00			1.46
Premium finance receivables - property & casualty	0.52			0.36			0.39			0.26			0.28
Premium finance receivables - life insurance	0.02			—			—			0.00			—
Consumer and other	0.08			0.07			0.10			2.54			2.26
Total loans, net of unearned income	0.26		%	0.20		%	0.16		%	0.21		%	0.27		%
Total non-performing assets as a percentage of total assets	0.20		%	0.16		%	0.13		%	0.16		%	0.22		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	399.22		%	473.76		%	670.77		%	446.78		%	352.70		%

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

(2)As of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, approximately $1.1 million, $541,000, $320,000, $320,000 and $445,000, respectively, of TDRs were past due greater than 90 days and still accruing interest.

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

	Three Months Ended										Nine Months Ended
	Sep 30,		Jun 30,		Mar 31,			Dec 31,			Sep 30,	Sep 30,				Sep 30,
(In thousands)	2022		2022		2022			2021			2021	2022				2021
Balance at beginning of period	$	72,351	$	57,305		$	74,438		$	90,041		$	87,690	$	74,438		$	127,513
Additions from becoming non-performing in the respective period	35,234		22,841			4,141			6,851			9,341		62,216			31,997
Return to performing status	(154)		(1,000)			(729)			(6,616)			(3,322)		(1,883)			(3,976)
Payments received	(20,417)		(4,029)			(20,139)			(13,212)			(5,568)		(44,585)			(40,611)
Transfer to OREO and other repossessed assets	(185)		(1,611)			(4,377)			(275)			(720)		(6,173)			(5,752)
Charge-offs, net	(341)		(1,969)			(2,354)			(5,167)			(548)		(4,664)			(8,184)
Net change for niche loans (1)	11,145		814			6,325			2,816			3,168		18,284			(10,946)
Balance at end of period	$	97,633	$	72,351		$	57,305		$	74,438		$	90,041	$	97,633		$	90,041

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

TDRs

	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021
Accruing TDRs:
Commercial	$	2,254	$	2,456	$	2,773	$	4,131	$	4,532
Commercial real estate	8,967		9,659		10,068		8,421		8,385
Residential real estate and other	23,017		24,069		23,081		24,934		25,551
Total accrual	$	34,238	$	36,184	$	35,922	$	37,486	$	38,468
Non-accrual TDRs: (1)
Commercial	$	4,599	$	4,786	$	4,935	$	6,746	$	3,079
Commercial real estate	1,880		1,955		2,050		2,050		3,239
Residential real estate and other	2,516		2,453		1,964		3,027		3,685
Total non-accrual	$	8,995	$	9,194	$	8,949	$	11,823	$	10,003
Total TDRs:
Commercial	$	6,853	$	7,242	$	7,708	$	10,877	$	7,611
Commercial real estate	10,847		11,614		12,118		10,471		11,624
Residential real estate and other	25,533		26,522		25,045		27,961		29,236
Total TDRs	$	43,233	$	45,378	$	44,871	$	49,309	$	48,471

(1)Included in total non-performing loans.

Other Real Estate Owned

	Three Months Ended
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(In thousands)	2022		2022		2022		2021		2021
Balance at beginning of period	$	6,839	$	6,203	$	4,271	$	13,845	$	15,572
Disposals/resolved	(133)		(1,172)		(2,497)		(9,664)		(1,949)
Transfers in at fair value, less costs to sell	134		2,090		4,429		275		315
Fair value adjustments	(153)		(282)		—		(185)		(93)
Balance at end of period	$	6,687	$	6,839	$	6,203	$	4,271	$	13,845
	Period End
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
Balance by Property Type:	2022		2022		2022		2021		2021
Residential real estate	$	1,585	$	1,630	$	1,127	$	1,310	$	1,592
Residential real estate development	—		133		—		—		934
Commercial real estate	5,102		5,076		5,076		2,961		11,319
Total	$	6,687	$	6,839	$	6,203	$	4,271	$	13,845

TABLE 15: NON-INTEREST INCOME

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

All values are in US Dollars.

NM - Not meaningful.

BOLI - Bank-owned life insurance

	Nine Months Ended
	Sep 30,		Sep 30,			%
(Dollars in thousands)	2022		2021		Change	Change
Brokerage	$	13,491	$	15,418		(12)	%
Trust and asset management	82,396		76,112		6,284	8
Total wealth management	95,887		91,530		4,357	5
Mortgage banking	137,766		219,872		(82,106)	(37)
Service charges on deposit accounts	45,520		39,434		6,086	15
(Losses) gains on investment securities, net	(13,682)		8		(13,690)	NM
Fees from covered call options	6,177		2,545		3,632	143
Trading gains, net	4,058		39		4,019	NM
Operating lease income, net	43,126		39,487		3,639	9
Other:
Interest rate swap fees	9,866		10,176		(310)	(3)
BOLI	(588)		4,620		(5,208)	NM
Administrative services	4,977		3,843		1,134	30
Foreign currency remeasurement gains (losses)	15		(606)		621	NM
Early pay-offs of leases	563		352		211	60
Miscellaneous	33,529		41,053		(7,524)	(18)
Total Other	48,362		59,438		(11,076)	(19)
Total Non-Interest Income	$	367,214	$	452,353		(19)	%

All values are in US Dollars.

NM - Not meaningful.

BOLI - Bank-owned life insurance

TABLE 16: MORTGAGE BANKING

	Three Months Ended															Nine Months Ended
(Dollars in thousands)	Sep 30,<br>2022			Jun 30,<br>2022			Mar 31,<br>2022			Dec 31,<br>2021			Sep 30,<br>2021			Sep 30,<br>2022			Sep 30,<br>2021
Originations:
Retail originations	$	448,846		$	595,601		$	647,785		$	980,627		$	1,153,265		$	1,692,232		$	4,123,650
Veterans First originations	211,901			225,378			247,738			318,244			405,663			685,017			1,381,256
Total originations for sale (A)	$	660,747		$	820,979		$	895,523		$	1,298,871		$	1,558,928		$	2,377,249		$	5,504,906
Originations for investment	199,701			297,713			274,628			177,676			181,886			772,042			753,493
Total originations	$	860,448		$	1,118,692		$	1,170,151		$	1,476,547		$	1,740,814		$	3,149,291		$	6,258,399
Retail originations as a percentage of originations for sale	68		%	73		%	72		%	75		%	74		%	71		%	75		%
Veterans First originations as a percentage of originations for sale	32			27			28			25			26			29			25
Purchases as a percentage of originations for sale	82		%	78		%	53		%	52		%	56		%	69		%	43		%
Refinances as a percentage of originations for sale	18			22			47			48			44			31			57
Production Margin:
Production revenue (B) (1)	$	9,084		$	17,511		$	14,585		$	28,182		$	39,247		$	41,180		$	148,060
Total originations for sale (A)	$	660,747		$	820,979		$	895,523		$	1,298,871		$	1,558,928		$	2,377,249		$	5,504,906
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)	179,468			301,322			330,196			353,509			510,982			179,468			510,982
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)	301,322			330,196			353,509			510,982			605,400			353,509			1,072,717
Total mortgage production volume (C)	$	538,893		$	792,105		$	872,210		$	1,141,398		$	1,464,510		$	2,203,208		$	4,943,171
Production margin (B / C)	1.69		%	2.21		%	1.67		%	2.47		%	2.68		%	1.87		%	3.00		%
Mortgage Servicing:
Loans serviced for others (D)	$	13,925,755		$	13,643,623		$	13,426,535		$	13,126,254		$	12,720,126
MSRs, at fair value (E)	229,671			212,664			199,146			147,571			133,552
Percentage of MSRs to loans serviced for others (E / D)	1.65		%	1.56		%	1.48		%	1.12		%	1.05		%
Servicing income	$	11,435		$	10,979		$	10,851		$	10,766		$	10,454		$	33,265		$	29,920
Components of MSR:
MSR - current period capitalization	$	13,260		$	11,210		$	14,401		$	15,080		$	15,546		$	38,871		$	57,674
MSR - collection of expected cash flows - paydowns	(1,644)			(1,598)			(1,215)			(1,101)			(1,036)			(4,457)			(2,755)
MSR - collection of expected cash flows - payoffs	(4,397)			(5,240)			(4,801)			(6,385)			(7,558)			(14,438)			(24,547)
MSR - changes in fair value model assumptions	9,788			9,147			43,365			6,656			(888)			62,300			11,617
Changes in fair value of derivative contract held as an economic hedge, net	(2,318)			—			—			—			—			(2,318)			—
MSR valuation adjustment, net of changes in fair value of derivative contract held as an economic hedge	$	7,470		$	9,147		$	43,365		$	6,656		$	(888)		$	59,982		$	11,617
Summary of Mortgage Banking Revenue:
Production revenue (1)	$	9,084		$	17,511		$	14,585		$	28,182		$	39,247		$	41,180		$	148,060
Servicing income	11,435			10,979			10,851			10,766			10,454			33,265			29,920
MSR activity	14,689			13,519			51,750			14,250			6,064			79,958			41,989
Changes in fair value of early buy-out loans guaranteed by U.S. government agencies and other revenue	(7,987)			(8,695)			45			(60)			29			(16,637)			(97)
Total mortgage banking revenue	$	27,221		$	33,314		$	77,231		$	53,138		$	55,794		$	137,766		$	219,872

(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										Q3 2022 compared to Q2 2022			Q3 2022 compared to Q3 2021
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(Dollars in thousands)	2022		2022		2022		2021		2021		Change	% Change		Change	% Change
Salaries and employee benefits:
Salaries	$	97,419	$	92,414	$	92,116	$	91,612	$	88,161		5	%		11	%
Commissions and incentive compensation	50,403		46,131		51,793		49,923		57,026		4,272	9		(6,623)	(12)
Benefits	28,273		28,781		28,446		25,596		25,725		(508)	(2)		2,548	10
Total salaries and employee benefits	176,095		167,326		172,355		167,131		170,912		8,769	5		5,183	3
Software and equipment	24,126		24,250		22,810		23,708		22,029		(124)	(1)		2,097	10
Operating lease equipment depreciation	9,448		8,774		9,708		10,147		10,013		674	8		(565)	(6)
Occupancy, net	17,727		17,651		17,824		18,343		18,158		76	0		(431)	(2)
Data processing	7,767		8,010		7,505		7,207		7,104		(243)	(3)		663	9
Advertising and marketing	16,600		16,615		11,924		13,981		13,443		(15)	0		3,157	23
Professional fees	7,544		7,876		8,401		7,551		7,052		(332)	(4)		492	7
Amortization of other acquisition-related intangible assets	1,492		1,579		1,609		1,811		1,877		(87)	(6)		(385)	(21)
FDIC insurance	7,186		6,949		7,729		7,317		6,750		237	3		436	6
OREO expense, net	229		294		(1,032)		(641)		(1,531)		(65)	(22)		1,760	NM
Other:
Lending expenses, net of deferred origination costs	4,533		4,270		6,821		5,525		5,999		263	6		(1,466)	(24)
Travel and entertainment	4,252		3,897		2,676		3,782		3,668		355	9		584	16
Miscellaneous	19,470		21,177		15,968		17,537		16,670		(1,707)	(8)		2,800	17
Total other	28,255		29,344		25,465		26,844		26,337		(1,089)	(4)		1,918	7
Total Non-Interest Expense	$	296,469	$	288,668	$	284,298	$	283,399	$	282,144		3	%		5	%

All values are in US Dollars.

NM - Not meaningful.

	Nine Months Ended
	Sep 30,		Sep 30,			%
(Dollars in thousands)	2022		2021		Change	Change
Salaries and employee benefits:
Salaries	$	281,949	$	270,303		4	%
Commissions and incentive compensation	148,327		172,144		(23,817)	(14)
Benefits	85,500		82,091		3,409	4
Total salaries and employee benefits	515,776		524,538		(8,762)	(2)
Software and equipment	71,186		63,807		7,379	12
Operating lease equipment depreciation	27,930		30,733		(2,803)	(9)
Occupancy, net	53,202		55,841		(2,639)	(5)
Data processing	23,282		20,072		3,210	16
Advertising and marketing	45,139		33,294		11,845	36
Professional fees	23,821		21,943		1,878	9
Amortization of other acquisition-related intangible assets	4,680		5,923		(1,243)	(21)
FDIC insurance	21,864		19,713		2,151	11
OREO expense, net	(509)		(1,013)		504	(50)
Other:
Lending expenses, net of deferred origination costs	15,624		17,269		(1,645)	(10)
Travel and entertainment	10,825		6,266		4,559	73
Miscellaneous	56,615		50,759		5,856	12
Total other	83,064		74,294		8,770	12
Total Non-Interest Expense	$	869,435	$	849,145		2	%

All values are in US Dollars.

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, pre-tax income, excluding provision for credit losses, and pre-tax income, excluding provision for credit losses, adjusted for changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies. 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, and pre-tax income, excluding provision for credit losses, adjusted for changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies, as useful measurements of the Company’s core net income.

	Three Months Ended															Nine Months Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(Dollars and shares in thousands)	2022			2022			2022			2021			2021			2022			2021
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	466,478		$	371,968		$	328,252		$	327,979		$	322,457		$	1,166,698		$	947,505
Taxable-equivalent adjustment:
- Loans	1,030			568			427			417			411			2,025			1,210
- Liquidity Management Assets	502			472			465			486			492			1,439			1,486
- Other Earning Assets	1			1			2			2			—			4			—
(B) Interest Income (non-GAAP)	$	468,011		$	373,009		$	329,146		$	328,884		$	323,360		$	1,170,166		$	950,201
(C) Interest Expense (GAAP)	65,030			34,164			28,958			32,003			34,961			128,152			118,524
(D) Net Interest Income (GAAP) (A minus C)	$	401,448		$	337,804		$	299,294		$	295,976		$	287,496		$	1,038,546		$	828,981
(E) Net Interest Income (non-GAAP) (B minus C)	$	402,981		$	338,845		$	300,188		$	296,881		$	288,399		$	1,042,014		$	831,677
Net interest margin (GAAP)	3.34		%	2.92		%	2.60		%	2.54		%	2.58		%	2.96		%	2.58		%
Net interest margin, fully taxable-equivalent (non-GAAP)	3.35			2.93			2.61			2.55			2.59			2.97			2.59
(F) Non-interest income	$	101,482		$	102,942		$	162,790		$	133,767		$	136,474		$	367,214		$	452,353
(G) (Losses) gains on investment securities, net	(3,103)			(7,797)			(2,782)			(1,067)			(2,431)			(13,682)			8
(H) Non-interest expense	296,469			288,668			284,298			283,399			282,144			869,435			849,145
Efficiency ratio (H/(D+F-G))	58.59		%	64.36		%	61.16		%	65.78		%	66.17		%	61.25		%	66.27		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	58.41			64.21			61.04			65.64			66.03			61.10			66.13
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	4,637,980		$	4,727,623		$	4,492,256		$	4,498,688		$	4,410,317
Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(676,699)			(679,827)			(682,101)			(683,456)			(675,910)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,548,781		$	3,635,296		$	3,397,655		$	3,402,732		$	3,321,907
(J) Total assets (GAAP)	$	52,382,939		$	50,969,332		$	50,250,661		$	50,142,143		$	47,832,271
Less: Intangible assets (GAAP)	(676,699)			(679,827)			(682,101)			(683,456)			(675,910)
(K) Total tangible assets (non-GAAP)	$	51,706,240		$	50,289,505		$	49,568,560		$	49,458,687		$	47,156,361
Common equity to assets ratio (GAAP) (L/J)	8.1		%	8.5		%	8.1		%	8.1		%	8.4		%
Tangible common equity ratio (non-GAAP) (I/K)	6.9			7.2			6.9			6.9			7.0
	Three Months Ended															Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Sep 30,			Sep 30,
(Dollars and shares in thousands)	2022			2022			2022			2021			2021			2022			2021
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,637,980		$	4,727,623		$	4,492,256		$	4,498,688		$	4,410,317
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	4,225,480		$	4,315,123		$	4,079,756		$	4,086,188		$	3,997,817
(M) Actual common shares outstanding	60,743			60,722			57,253			57,054			56,956
Book value per common share (L/M)	$	69.56		$	71.06		$	71.26		$	71.62		$	70.19
Tangible book value per common share (non-GAAP) (I/M)	58.42			59.87			59.34			59.64			58.32
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	135,970		$	87,522		$	120,400		$	91,766		$	102,146		$	343,892		$	346,421
Add: Intangible asset amortization	1,492			1,579			1,609			1,811			1,877			4,680			5,923
Less: Tax effect of intangible asset amortization	(425)			(445)			(430)			(505)			(509)			(1,301)			(1,576)
After-tax intangible asset amortization	$	1,067		$	1,134		$	1,179		$	1,306		$	1,368		$	3,379		$	4,347
(O) Tangible net income applicable to common shares (non-GAAP)	$	137,037		$	88,656		$	121,579		$	93,072		$	103,514		$	347,271		$	350,768
Total average shareholders’ equity	$	4,795,387		$	4,526,110		$	4,500,460		$	4,433,953		$	4,343,915		$	4,608,399		$	4,255,851
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(P) Total average common shareholders’ equity	$	4,382,887		$	4,113,610		$	4,087,960		$	4,021,453		$	3,931,415		$	4,195,899		$	3,843,351
Less: Average intangible assets	(678,953)			(681,091)			(682,603)			(677,470)			(677,201)			(680,869)			(679,167)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	3,703,934		$	3,432,519		$	3,405,357		$	3,343,983		$	3,254,214		$	3,515,030		$	3,164,184
Return on average common equity, annualized (N/P)	12.31		%	8.53		%	11.94		%	9.05		%	10.31		%	10.96		%	12.05		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	14.68			10.36			14.48			11.04			12.62			13.21			14.82
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs, net of economic hedge and Early Buy-out Loans Guaranteed by U.S. Government Agencies:
Income before taxes	$	200,041		$	131,661		$	173,680		$	137,045		$	149,742		$	505,382		$	500,751
Add: Provision for credit losses	6,420			20,417			4,106			9,299			(7,916)			30,943			(68,562)
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	206,461		$	152,078		$	177,786		$	146,344		$	141,826		$	536,325		$	432,189
Less: Changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies	2,472			(445)			(43,365)			(6,656)			888			(41,338)			(11,617)
Pre-tax income, excluding provision for credit losses, adjusted for changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies (non-GAAP)	$	208,933		$	151,633		$	134,421		$	139,688		$	142,714		$	494,987		$	420,572

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, Lombard, Lynwood, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, Northfield, Norridge, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rockford, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, South Holland, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Pewaukee, Racine, Wales, Walworth, Whitefish Bay and Wind Lake, and in Dyer, Indiana and in Naples, Florida.

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

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

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

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

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

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

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

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

•Wintrust Asset Finance offers direct leasing opportunities.

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

FORWARD-LOOKING STATEMENTS

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

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

•the severity, magnitude and duration of the COVID-19 pandemic, including the continued 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 and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates;

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

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

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

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

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

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

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

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

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

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

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

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

•harm to the Company’s reputation;

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

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

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

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

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

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

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

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

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

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

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

•environmental liability risk associated with lending activities;

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

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

•the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;

•the soundness of other financial institutions;

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

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

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

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

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

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

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

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

•a lowering of our credit rating;

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

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

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

•the impact of heightened capital requirements;

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

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

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

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

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

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

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Wednesday, October 19, 2022 at 10:00 a.m. (CDT) regarding third quarter and year-to-date 2022 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the link included within the Company’s press release dated September 29, 2022 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the third quarter and year-to-date 2022 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

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q32022992earningsrelease

Earnings Release Presentation Q3 2022 Wintrust Financial Corporation

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

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

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4 "I am very pleased with our third quarter results as we reported strong net income and record quarterly pre-tax, pre-provision income (non-GAAP). By design, we were able to benefit significantly from the recent rise in interest rates as net interest income and net interest margin showed substantial growth. We expect that momentum to continue as we remain asset sensitive to changes in interest rates. In addition, we added strong loan growth in the third quarter, which paired with margin expansion, is expected to drive meaningful revenue growth in future quarters." Q3 2022 Summary Edward J. Wehmer Founder and Chief Executive Officer

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5 Pre-Tax, Pre-Provision1 Growing and Diversified Balance Sheet Future Outlook • Wintrust continues to monitor the interest rate environment to reduce the asset sensitivity of its balance sheet given the recent increase in rates. • Pressure on net interest margin is expected in upcoming quarter. • Growing low cost deposits in our market area remains a significant focus of the Company, which we believe will be the key to mitigating net interest margin compression. Strong Balance Sheet Total Loans +$2.2B / 9.7% Mid to High Single Digit Growth Average Loan to Deposit Ratio 93.7% 85% - 90% Total Deposits +$2.9B / 12.6% High Single Digit Growth Income Net Income +$85.5MM 10% - 15% Growth NIM Net Interest Margin +17 bps 3.60% - 3.70% NII Non-Interest Income +$36.6MM PENDING NIE Non-Interest Expense +$94.3MM 1.50% - 1.60% Net Overhead Ratio Credit & Capital Net Charge-Off Ratio +2 bps Diligently Monitoring to Maintain Pristine Credit Quality Total Risk-Based Capital Ratio -39 bps May Consider Capital Increase Pending Acquisition Pipeline Q3 '22 Highlights (Comparative to Q2 '22) Robust loan growth coupled with higher earning asset yields drive net income expansion Total DepositsTotal Assets Total Loans Net Income $52.4 billion +$1.4 billion $38.2 billion +$1.1 billion $42.8 billion +$0.2 billion $143.0 million +$48.4 million Exceptional Credit Quality Awards/Non- Recurring Items • Net Interest Income increased to $401.4 million driven by robust loan growth and higher earning asset yields • Expansion of Net Interest Margin by 42 bps with continued upside related to further rate hikes • Low and manageable NPLs at $97.6 million along with sufficient allowance coverage • Continued low levels of Net-Charge Offs of $3.2 million or 3 basis points of average total loans on an annualized basis • Ranked Top Workplace in Chicago 2021 • Swap Sale expected in 2022 Update Format second box Efficiency Ratio2Return on Assets Return on Equity 1.12% +35 bps 12.31% +378 bps 58.41% -580 bps $206.5 million +$54.4 million • Consistently strong loan growth of $1.1 billion, 12% annualized, spread across all material loan portfolios • Maintained balanced deposit base while managing low cost of funds through current rate cycle 1 Pre-tax income, excluding provision for credit losses (Non-GAAP) – See Non-GAAP reconciliation in the Appendix 2 See Non-GAAP reconciliation in Appendix Diluted EPS $2.21 +$0.72 Current EPS Prior EPS $ 2.21 1.49 $ 0.72 PPNI Prior PPNI $ 206.5 152.1 $54.38 54400000 206,461 152,078 3 Bps: Basis Points 4 See Non-GAAP reconciliation in the Appendix 5 NPLs: Non-Performing Loans Commitment to Increasing Shareholder Value Net Overhead Ratio 1.53% +2 bps

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6 • Net losses on investment securities totaled $3.1 million in the third quarter of 2022 related to changes in the value of equity securities as compared to net losses of $7.8 million in the second quarter of 2022. • SAME CHANGE AS Q1 PG "INCREASED SHAREHOLDER VALUE" CHANGE • Net interest income increased by $63.6 million largely due to strong loan growth and improved net interest margin. Net interest margin increased 42 basis points driven by rising earning asset yields significantly outpacing increased deposit costs. • Reported record quarterly pre-tax, pre-provision income (Non- GAAP) of $206.5 million. • We believe, subject to no material change in the consensus projection of interest rates as of this release date, that our net interest margin will continue to expand and should approach 4.00% during the first quarter of 2023. Earnings Summary Differentiated, highly diversified and sustainable business model Asset Sensitivity and Robust Loan Growth Drive Net Income Expansion Key Observations Condensed Income Statement Current Q Difference vs.Current Q $109.1 $98.8 $127.4 $94.5 $143.0 0.92% 0.80% 1.04% 0.77% 1.12% Net Income ROA Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $1.77 $1.58 $2.07 $1.49 $2.21 Diluted EPS Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $141.8 $146.3 $177.8 $152.1 $206.5 $142.7 $139.7 $134.4 $151.6 $208.9 Pre-Tax Income, excluding Provision for Credit Losses (Non-GAAP) Pre-Tax, Pre-Provision Income, Adjusted for Changes in Fair Value of MSRs and Early Buy-out Loans Guaranteed by U.S. government agencies (Non-GAAP) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 1 EBO: Early Buy-out Loans Guaranteed by U.S. government agencies 2 See Non-GAAP reconciliation in the Appendix Thousands ($) Q4 2021 Q3 2021 Q4 2020 Net Interest Income $295,976 $8,480 $36,579 Non-Interest Income $133,767 $(2,707) $(24,594) Net Revenue $429,743 $5,773 $11,985 Non-Interest Expense $283,399 $1,255 $1,532 Pre-Provision Net Revenue $146,344 $4,518 $10,453 Provision For Credit Losses $9,299 $17,215 $8,119 Income Before Taxes $137,045 $(12,697) $2,334 Income Tax Expense $38,288 $(2,317) $4,781 Net Income $98,757 $(10,380) $(2,447) Preferred Stock Dividends $6,991 $— $— Net Income Available to Common Shares $91,766 $(10,380) $(2,447) Diluted EPS $1.58 $(0.19) $(0.05) ROA 0.80% -12 bps -12 bps ROE 9.05% -126 bps -125 bps 2 ### 1 Q3 2020 had a $9.0 million state income tax benefit. ($ in Millions) ($ in Millions) Higher PTPP Expected to Continue Due to Interest Rate Sensitive Portfolio $287.50 $295.98 $299.29 $337.80 $401.45 $136.47 $133.77 $162.79 $102.94 101,482 $282.14 $283.40 $284.30 $288.67 296,469 Net Interest Income Non-Interest Income Non- Interest Expense Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $0.00 $100.00 $200.00 $300.00 $400.00 $500.00 Q3 Financial Highlights and OutlookDriving Shareholder Value Through Income Expansion • Net losses on investment securities totaled $3.1 million in the third quarter of 2022 related to changes in the value of equity securities as compared to net losses of $7.8 million in the second quarter of 2022. • Recorded a net benefit of $445,000 related to essentially offsetting changes in the value of two mortgage assets in the second quarter of 2022. This consisted of a $7.5 million increase in the value of mortgage servicing rights (“MSR”) related to changes in fair value model assumptions and a negative $8.7 million valuation related adjustment on the Company’s portfolio of early buy-out exercised loans guaranteed by U.S. government agencies which are held at fair value. The change in value recorded in the first quarter of 2022 related to these two mortgage assets was a $9.1 million increase in value. • Recorded $2.5 million of losses in other non-interest income related to sale of a property no longer considered for future expansion and the anticipated sale of a former data processing facility. • Net interest income increased by $63.6 million largely due to strong loan growth and improved net interest margin . Net interest margin increased 42 basis points driven by rising earning asset yields significantly outpacing increased deposit costs. • We believe, subject to a material change in the consensus projection of interest rates as of this release date, that our net interest margin will continue to expand in the third and fourth quarters of 2022 and could approach 3.50% by the end of 2022. • Completed a common stock offering of 3,450,000 shares generating net proceeds of $285.7 million.

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7 32% 0% 25% 1% 6% 15% 21% Commercial excl. PPP Commercial PPP Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables - Commercial Premium Finance Receivables - Life Insurance • Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.3 billion to $1.4 billion at September 30, 2022, as compared to $1.3 billion to $1.4 billion at June 30, 2022. When adjusted for the probability of closing, the pipelines were estimated to be approximately $878 million to $970 million at September 30, 2022, as compared to $874 million to $1.0 billion at June 30, 2022. • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $2.0 billion, as compared to June 30, 2022, • Total period end loans as of September 30, 2022 were $1.1 billion higher than average total loans in the third quarter of 2022. $37,053 $212 $157 $171 $172 $396 $7 $38,168 6/30/2022 Commercial Residential Real Estate Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 9/30/2022 Loan Portfolio Balanced loan portfolio of approximately 1/3 Commercial, 1/3 Commercial Real Estate and 1/3 Specialty Finance Continued Strong Loan Growth Momentum Coupled with Higher Loan Yields QoQ Growth Lead by Commercial & Acquired Loan Portfolio $33.3 $34.8 $35.3 $37.1 $38.2 $32.2 $34.2 $35.0 $37.0 $38.1 3.44% 3.41% 3.33% 3.59% 4.28% Total Loans Total Loans excl. PPP Average Total Loan Yield 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Year-over-Year Change $4.9B or 15% in Total Loans, $5.9B or 18% in Total Loans excl. PPP Balanced Loan Mix (as of 9/30/2022) Total Commercial $12.3 Commercial Real Estate $9.6 Premium Finance Receivables - Commercial Insurance $5.7 Premium Finance Receivables - Life Insurance $8.0 Residential Real Estate $2.2 All Other Loans $0.4 ($ in Billions) ($ in Millions) Key Observations Rapid Benefit from Current and Future Anticipated Rate Increases 53.6% 26.3% 5.6% 10.1% 4.4% Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-12 months 1-2 Years 2-5 Years > 5 Years $38.2B DONE Commercial excl. PPP $11.7 PPP $0.3 Commercial Real Estate $9.2 Premium Finance Receivables - Commercial Insurance $4.9 Premium Finance Receivables - Life Insurance $7.2 All Other Loans $3.2 Presentation draft doughnut chart left ($ in Billions) $37,053 $37,403 6/30/2022 Commercial PPP All Other Commercial Loans Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 9/30/2022 Draft waterfall below 1 1 1 RELINK TEXT BOX TOT LOANS Robust Loan Growth Across All Loan Portfolios Pending from Mark B.

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8 1 "Prior Fed Cycle" defined as Q3 2015 to Q2 2019 and "Current Fed Cycle" begins in Q3 2019 to present Current Deposit Betas Through September Remain Relatively Low During Rising Rate Environment • Total deposits increased by $0.2 billion from the prior quarter end. • Non-interest bearing deposits comprise 32% of total deposits as of September 30, 2022. • Rate paid on average interest-bearing deposits increased 36 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 89.2% as compared to 87.0% at prior quarter end. $42,593 $(327) $(243) $(194) $265 $302 $400 $42,797 6/30/2022 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 9/30/2022 Deposit Portfolio Enviable core deposit franchise in Chicago and Milwaukee market areas Increased Funding Costs Significantly Outpaced by Higher Loan Yields Diversified Deposit Mix (as of 9/30/2022) Focused on low-cost deposit mix to drive margin expansion $40.0 $42.1 $42.2 $42.6 $42.8 0.29% 0.24% 0.22% 0.28% 0.64% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 32% 13% 7% 29% 9% 10% Non-Interest-Bearing NOW and Interest-Bearing DDA Wealth Management Deposits Money Market Savings Time Certificates of Deposit Year-over-Year Change $2.8B or 7% Non-Interest-Bearing $13.5NOW and Interest- Bearing DDA $5.7 Wealth Management Deposits $3.0 Money Market $12.5 Savings $4.0 Time Certificates of Deposit $4.1 ($ in Billions) ($ in Billions) $42.8B 53% 44% Q3 2019 to Q4 2021 (–225 bps) Q3 2015 to Q2 2019 (+225 bps) Historical Interest-Bearing Deposit Betas Through Previous Fed Cycles Non Interest Bearing $12.6 NOW and Interest- Bearing DDA $19.9 Wealth Management Deposits $3.5 Money Market $2.1 Savings $2.5 Time Certificate of Deposits $2.2 Draft graph to left $42,593 $150 $(75) $100 $(50) $150 $100 $42,968 6/30/2022 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 9/30/2022 Draft waterfall below 1 55.6% 59.8% 20.0% 8.6% 24.4% 31.5% Non-Interest-Bearing Time Certificates of Deposit ("CD's") Interest-Bearing excl. CD's Q2 2019 Q3 2022 Deposit Growth Coupled with Decreasing Funding Costs 0.25% 3.25% 0.24% 0.64%0.46% 0.83% Fed Target Total Interest-Bearing Deposit Costs Total Deposit Costs 12/31/21 09/30/22 Total Interest-Bearing Beta 5% Total Deposit Beta 4% Fed Target up 300 bps Historical Interest-Bearing Beta1 44% 1Historical Deposit Beta reflects previous rising rate fed cycle Q3 2015 to Q2 2019 Fed Target up 300 bps 0.25% 3.25% 12/31/21 09/30/22 Total Interest-Bearing Deposit Beta 13% 0.24% 0.64% 12/31/21 09/30/22 Total Deposit Beta 9% 0.16% 0.43% 12/31/21 09/30/22 Fed Target Upper Bound Total Interest-Bearing Deposit Costs Historical Beta1 44% Total Deposit Costs Historical Beta1 33%

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9 $5.1 $6.6 $6.7 $5.2 $6.5 $6.4 2.01% 2.25% 2.33% Investment Securities Average Balance Investment Securities End of Period Balance Yield Q3 2021 Q2 2022 Q3 2022 $5.1 $3.3 $3.0 $5.2 $3.7 $4.0 0.16% 0.88% 2.28% 11.6% 7.0% 6.4% Interest-Bearing Cash Average Balance Interest-Bearing Cash End of Period Balance Yield on Average Interest-Bearing Cash Total Average Interest-Bearing Cash as a % of Total Average Earning Assets Q3 2021 Q2 2022 Q3 2022 $2.9 $3.4 $0.1 Available-for-Sale Held-to-Maturity Other Prudent Deployment of Excess Liquidity to Fund Loan Growth Q1 21; Q4 21 ; Q1 22- remove 2020 period (All three graphics) Liquidity Deployed liquidity to finance earning asset growth coupled with strategic management of investment portfolio • We continue to maintain excess liquidity and believe that deploying such liquidity could potentially increase our net interest margin and net interest income. • We remain well positioned to benefit from a higher rate environment and are monitoring the available market returns on investments. We intend to be prudent in our decision making. Strategically Balanced Investment Portfolio (as of 9/30/2022) $2.2 $5.1 $3.0 $— $5.2 $4.0 1.68% 0.16% Average Balance End of Period Balance Yield Q1 2020 Q3 2021 Q3 2022 Duration of Investment Portfolio and Liquidity $32.7 $44.2 $47.7 $2.2 $5.1 $3.0 6.7% 11.5% 6.3% Total Average Earning Assets Total Average Interest-Bearing Cash Total Average Interest-Bearing Cash as a % of Total Average Earning... Q1 2020 Q3 2021 Q3 2022 Expect to Expand Investment Portfolio in Fourth Quarter Given Available Market Returns 1 Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents 1 1 ($ in Billions) ($ in Billions) ($ in Billions) Liquidity Focused on taking advantage of market opportunities to prudently deploy excess liquidity ($ in Billions) $6.4B 44.23% 55.77% Available for Sale Held-to-Maturity Sustained Earning Asset Growth while Maintaining adequate levels of Interest-Bearing Cash1 Interest-Bearing Cash1 Intentionally Maintained to Limit Locking in Low Interest Rates 5.89 7.42 7.12 3.16 5.04 4.53 Investment Portfolio Duration Investment Portfolio, Securities Purchased under Resale Agreements and Liquidity Duration Q3 2021 Q2 2022 Q3 2022 (in Years) subnotes look weird but print ok Focused on taking advantage of market opportunities to prudently deploy excess liquidity

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10 9.0% 0.3% (0.4)% 8.9% 6/30/2022 Retained Earnings and other equity changes Change in RWA 9/30/2022 No. 3 footnote prints correctly as is 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 8.9% 9.9% 11.7% Minimum Requirement Capital Conservation Buffer WTFC 11.9% 0.2% (0.4)% 11.7% 6/30/2022 Retained Earnings and other equity changes Change in RWA 9/30/2022 Capital Adequate and appropriate capital levels given the Company's risk profile Q3 2022 Key Observations Adequate Capital Levels • Common Equity Tier 1 Capital and Total Capital ratios decreased primarily due to risk-weighted asset growth in Q4 2021. • Q3 2022 dividend of $0.31 per common share increased 11% from Q3 2021. • Tangible book value per common share decreased $-1.45 from the prior quarter-end and decreased $0.10 or 0.2% from Q3 2021. Steady Capital Levels Poised to Benefit from Increased Earnings Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Common equity tier 1 capital ratio1 8.9% 8.6% 8.6% 9.0% 8.9% Tier 1 capital ratio1 9.9% 9.6% 9.6% 9.9% 9.9% Total capital ratio1 12.1% 11.6% 11.6% 11.9% 11.7% Tier 1 leverage ratio1 8.1% 8.0% 8.1% 8.8% 8.8% Tangible book value per common share (Non-GAAP2) $58.32 $59.64 $59.34 $59.87 $58.42 Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $871 $609 $546 1 Ratios for Q3 2022 are estimated 8.9% 8.6% 8.6% 9.0% 8.9% 9.9% 9.6% 9.6% 9.9% 9.9% 12.1% 11.6% 11.6% 11.9% 11.7% 8.1% 8.0% 8.1% 8.8% 8.8% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Net Earnings Supported Loan Growth Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Tangible book value per common share (Non-GAAP2) $58.32 $59.64 $59.34 $59.87 $58.42 1 5 5 RWA: Risk-Weighted Assets $58.32 $59.64 $59.34 $59.87 $58.42 7.0% 6.9% 6.9% 7.2% 6.9% Tangible Book Value Per Share (Non-GAAP ) Tangible Common Equity Ratio (Non-GAAP ) 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 TBV Decline Related to Unrealized Losses on AFS Securities 5 TCE: Tangible Common Equity (Non-GAAP) 6 See Non-GAAP reconciliation on pg. 26 6 63 TBV: Tangible Book Value per Common Share (Non-GAAP) – See Non-GAAP reconciliation in the Appendix 4 RWA: Risk-Weighted Assets Linked chart below Capital Risk-Weighted Assets are inflated by Premium Finance Life portfolio; 100% risk rated with no historical losses $59.34 $1.65 $(2.01) $(0.46) $1.35 $59.87 6/30/2022 Earnings Change in OCI Dividends Stock Issuance & Other 9/30/2022 4 Add "Total Risk Based Capital" CET1 Ratio $44.67 $49.70 $53.23 $59.64 $58.42 Tangible Book Value Per Common Share (Non-GAAP) 12/31/2018 12/31/2019 12/31/2020 12/31/2021 9/30/2022 1

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11 2.93% 0.67% (0.37)% 0.12% 3.35% NIM (Non- GAAP) Q2 2022 Earning Asset Yield Interest-Bearing Liability Rate Net Free Funds NIM (Non- GAAP) Q3 2022 $22.8 $6.5 $8.9 Variable Rate Fixed Rate maturing under 1 year Fixed Rate maturing over 1 year 10.9% 11.5% 7.1% 5.2% 5.4% 3.6% Static Ramp 9/30/2020 9/30/2021 9/30/2022 2.58% 2.54% 2.60% 2.92% 3.34%2.59% 2.55% 2.61% 2.93% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Net Interest Income/Margin Net interest margin benefiting from rising loan yields and prudent deployment of liquidity to fund loan growth Upward Repricing of Earning Assets Significantly Outpaced Funding Costs Significant Expansion of NIM Continued to Drive NII Higher Net Interest Margin (Quarterly Trends) 2.93% 3.35% Q2 2022 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q3 2022 • Q3 2022 net interest income totaled $401.4 million. ◦ A decrease of $63.6 million as compared to Q2 2022 and a decrease of $114.0 million as compared to Q3 2021. • Net interest margin (Non-GAAP1) increased by 42 bps from the prior quarter: ◦ Earning assets yield up 67 bps. ◦ Interest bearing liability rate up 37 bps. ◦ Net free funds up 12 bps. • Net interest income increased by $63.6 million###### • Net interest margin increased by 42 basis points primarily due to increasing loan yields and the deployment of liquidity to fund loan growth.. ◦ 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. $287.50 $295.98 $299.29 $337.80 $401.45 2.58% 2.54% 2.60% 2.92% 3.34% Net Interest Income Net Interest Margin (GAAP) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Interest Rate Sensitivity Well Positioned for Future Rate Hikes $287.5 $296.0 $299.3 $337.8 $401.4 $266.3 $281.8 $291.8 $332.9 $400.8 $21.2 $14.2 $7.4 2.58% 2.54% 2.60% 2.92% 3.34% Net Interest Income excl. PPP PPP Interest Income Net Interest Margin (GAAP) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Linked graph left 2.58% 2.54% 2.60% 2.92% 2.56% 2.59% 2.55% 2.61% 2.93% 2.57% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 2.93% 2.98% Q2 2022 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q3 2022 Trending floating of variable, or snapshot of where we are today NEW CHART pie var vs fixed Donut prints weird middle needs to be higher 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 1 2 Loan Mix Supports Interest Rate Sensitivity (as of 9/30/2022) Use Table 9 for doughnut to link $38.2B ($ in Millions) ($ in Billions) (Rising Rates Scenario + 100 Basis Points ) footnotes print correct as is Percentage Change in Net Interest Income Over a One-Year Time Horizon Rising Rates Scenario + 100 Basis Points Based on Contractual Reprice or Maturity Date 1 See Non-GAAP reconciliation in the Appendix $0.6 $4.9 $287.5 $296.0 $299.3 $337.8 $401.4 2.58% 2.54% 2.60% 2.92% 3.34% Net Interest Income Net Interest Margin (GAAP) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

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12 $136.5 $133.8 $162.8 $102.9 $101.5 $31.5 $32.5 $31.4 $31.4 $33.1 $12.8 $14.2 $15.5 $15.0 $12.6 $14.1 $14.7 $15.3 $15.9 $14.3 $22.3 $19.3 $23.4 $7.3 $14.3 $55.8 $53.1 $77.2 $33.3 $27.2 Wealth Management Operating Lease Income, net Service Charges on Deposits Other Mortgage Banking Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Diminishing Mortgage Originations for Sale due to Rising Mortgage Rates Fee Businesses Contribution Lower in Rising Rate Environment Growing Wealth Management Business • Non-interest income totaled $101.5 million. ◦ A decrease of $1.5 million as compared to Q2 2022 and a decrease of $35.0 million as compared to Q3 2021. • Mortgage banking revenue decreased by $6.1 million in Q3 2022 as compared to Q2 2022. See detail on Slide 13. • Wealth management income increased $1,755,000 as compared to Q2 2022. 1 Other - 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 $31.5 $32.5 $31.4 $31.4 $33.1 $26.3 $27.2 $26.8 $27.1 $28.5 $5.2 $5.3 $4.6 $4.3 $4.6 $34.5 $35.5 $35.8 $32.9 $32.8 Trust and Asset Management Revenue Brokerage Revenue Assets Under Administration ($ in Billions) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Operating Lease Portfolio Contributes Meaningful Fee Income $12.8 $14.2 $15.5 $15.0 $12.6 $243.9 $242.1 $240.7 $223.8 $244.8 Operating Lease Income, Net Lease Investments, Net (Period-End Balance) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 • primarily due to increased trust and asset management fees and brokerage commissions Confirm AUM correct for all periods. Non-Interest Income Diversified fee business supports non-interest income levels despite challenging mortgage environment ($ in Millions) ($ in Millions) ($ in Millions) $14.1 $14.7 $15.3 $15.9 $14.3 $12.9 $13.2 $13.6 $14.3 $12.6 $1.2 $1.5 $1.7 $1.6 $1.7 Commercial Service Charges on Deposits Consumer Service Charges on Deposits Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Year-over-Year Change $(0.2)M or (2)% ($ in Millions) Split into business and consumer? Wealth Management Business Remains Strong Despite Market Volatility Continued MSR Value Appreciation % of MSRs to Loans Serviced for Others Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 1.05% 1.12% 1.48% 1.56% 1.65% $133.6 $147.6 $199.1 $212.7 $229.7 $12,720 $13,126 $13,427 $13,644 $13,926 MSRs, at fair value Loans Serviced for Others Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 ($ in Millions) $1,559 $1,299 $896 $821 $661 $1,153 $981 $648 $596 $449 $406 $318 $248 $225 $212 Retail Originations Veterans First Originations Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 ($ in Millions)

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13 $170.9 $167.1 $172.4 $167.3 $176.1 $88.2 $91.6 $92.2 $92.4 $97.4 $57.0 $49.9 $51.8 $46.1 $50.4 $25.7 $25.6 $28.4 $28.8 $28.3 Salaries Commissions and Incentive Compensation Employee Benefits Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 1.22% 1.21% 1.00% 1.51% 1.53% 66.03% 65.64% 61.04% 64.21% 58.41% Net Overhead Ratio Efficiency Ratio (Non-GAAP) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Non-Interest Expense Conservative and consistent operating philosophy Relatively Steady Staffing Expense Trend Despite Wage Pressure Items Impacting Quarterly Comparability • Salaries and employee benefits expense decreased by $3.8 million in the fourth quarter of 2021 as compared to the third quarter of the year. ◦ ### • Software and equipment expense increase of $1.7 million is primarily due to accelerated depreciation in the quarter related to the reduction in the useful life of a software asset that is planned to be replaced as we continue to make upgrades to our digital customer experience. 1 Other NIE - includes Professional Fees, Data Processing, amortization of other intangible assets, FDIC insurance, OREO expense, net, Commissions (3rd Party Brokers), Postage and Miscellaneous $288.7 $8.8 $(1.0) $296.5 Q2 2022 Non-Interest Expense Salaries and Employee Benefits All Other Expenses Q3 2022 Non-Interest Expense 1 1 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. 2 See Non-GAAP reconciliation in the Appendix Salaries and employee benefits expense decreased by $1.9 million in the third quarter of 2021 as compared to the second quarter of the year. The $1.9 million decline is primarily related to $6.3 million of lower compensation expense associated with the mortgage banking operation offset somewhat by higher incentive compensation expense for annual bonus and long-term incentive compensation plans during the third quarter relative to the second quarter. • Salaries and employee benefits decrease comprised of: ◦ ### increase in commissions and incentive compensation. ◦ ### decrease in employee benefits expense. ◦ ### decrease in salaries. • Advertising and marketing increase of ### ###. ($ in Millions) $286.9 $286.9 $280.1 $282.1 $0.0 $180.8 $180.8 $172.8 $170.9 $— $20.9 $20.9 $20.9 $22.0 $20.0 $20.0 $17.7 $18.2 $8.5 $8.5 $11.3 $13.4 $10.8 $10.8 $9.9 $10.0 $45.9 $45.9 $47.5 $47.6 Salaries and Employee Benefits Software and Equipment Occupancy, net Advertising and Marketing Operating Lease Equipment Other Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $17.3 $22.0 $24.1 Software and Equipment Expense Q3 2020 Q3 2021 Q3 2022 Increasing Investment in Digital Infrastructure ($ in Millions) 1 FTE - Full-Time Equivalent Employees 1 ($ in Millions) Update title Increase Driven by Minimum Wage Increase and Incentive Compensation Improving Efficiency Ratio as Revenue Increases Without Commensurate Increase in Expenses

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14 Canada Market: Loan Portfolio - Geographic Diversification1 as of 9/30/2022 Total Loan Portfolio 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 1Geographic Diversification: relevant business location utilized, which can mean the following locations: collateral location, customer business location, customer home address and customer billing address. Key Observations • Primarily focused in the Midwest with a presence in Western and Southern U.S. markets. • National niche lending businesses create a diversified loan portfolio. States/Jurisdictions that individually comprise less than 1% of the Total Loan Portfolio1 2% 9% 6% 37% 2% 2% 5% 2% 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% Loan Portfolio Highly diversified portfolio across U.S. • With the recent tragic events of Hurricane Ian we are closely monitoring our loan portfolios with exposure in Florida. During our risk assessment we focused on counties that FEMA identified as critically impacted. Our exposure in counties classified as severely impacted by the damage of Hurricane Ian is approximately 1% of our total loans. • As of this release date, delinquencies and deferrals remain stable. We will continue to monitor the developing situation in Florida. We believe that a portion of any potential losses will be mitigated by Insurance, Federal, State, and County Relief Programs. • P&C Premium Finance loans in the State of Florida made prior to 9/28/22 are subject to an Emergency Order which impacts the ability to act on collateral as needed for 45 days. This is not anticipated to impact results given our experience through similar such orders and events (Irma, Katrina, Sandy, etc.). • With the recent tragic events of Hurricane Ian we are closely monitoring our loan portfolios with exposure in Florida. During our risk assessment we focused on counties that FEMA identified as critically impacted. Our Exposure in counties classified as severely impacted by the damage of Hurricane Ian are as follows: ◦ Residential: 56% of Total Florida Mortgage Loans ◦ Specialty Finance Portfolio: 40% of Total Florida Equipment Leases • As of this release date, delinquencies and deferrals remain stable. We will continue to monitor the developing situation in Florida.We believe that a portion of any potential losses will be offset by Insurance, Federal, State, and County Relief Programs.

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15 $158.5 $205.9 $315.3 0.59% 0.77% 0.83% 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) 9/30/2022 Credit Quality Exceptional credit quality driven by a diversified loan portfolio • The Company estimates an increase to the allowance for credit losses of approximately 30% to 50% at adoption related to its loan portfolios and related lending commitments. Approximately 80% of the estimated increase is related to: ◦ Additions to existing reserves for unfunded lending-related commitments due to the consideration under CECL of expected utilization by the Company's borrowers over the life of such commitments. ◦ Establishment of reserves for acquired loans which previously considered credit discounts. The Company estimates an insignificant impact at adoption of measuring an allowance for credit losses for other in-scope assets (e.g. held-to-maturity debt securities). Continued Relatively Low Levels of Non-Performing Loans Continued Low Levels of Net Charge-Offs $90.0 $74.4 $57.3 $72.4 $97.6 0.27% 0.21% 0.16% 0.20% 0.26% NPLs $ NPLs as a % of Total Loans 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 $0.0 $6.2 $2.5 $9.5 $3.2 $(7.9) $9.3 $4.1 $20.4 $6.4 0.00% 0.07% 0.03% 0.11% 0.03% NCOs $ Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $(7.9) $9.3 $4.1 $20.4 $6.4 63.27% 61.67% 46.51% 49.36% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 $7.8 $52.97 $135.1 $0 $0 $— $0.5 $— $0.0 $0.0$7.8 $52.5 $135.1 — — 63.3% 61.7% 46.5% 49.4% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Incurred Loss Method CECL Incurred Loss Method CECL Q3 2022 Q2 2022 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 Q3 2022 Key Observations During the fourth quarter of 2021, we continued our practice of pursuing the resolution of non-performing credits and executed a loan sale that reduced non-performing loans by approximately $10 million resulting in $1.8 million of net charge-offs. The key drivers of the shift in credit quality mix include: • Risk rating upgrades as a result of improved credit performance. • Increase in pass rated credits was driven by commercial loan growth and higher utilization on existing lines partially offset by decline in PPP Loans. ($ in Millions) ($ in Millions) ($ in Millions) Appropriate Allowance Coverage to Support Loan Growth $36,022 $37,256 Q2 2022 Q3 2022 $648 $572 Q2 2022 Q3 2022 $384 $340 Q2 2022 Q3 2022 $83.94 $67.07 Q4 2021 Q1 2022 Q4 2021 Pass Special Mention Substandard Accrual Substandard nonaccrual Q1 2022 $340.52 $265.45 Q4 2021 Q1 2022 Pass and Loans Guaranteed1 ($ in Millions) Special Mention Substandard2 $158.5 $205.9 $296.1 $315.3 0.59% 0.77% 0.89% 0.83% 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) 9/30/2021 9/30/2022 Low Levels of Special Mention and Substandard Loans 1Pass and Loans Guaranteed: Includes early buy-out loans guaranteed by U.S. government agencies 2Substandard: Substandard includes Substandard Accrual and Substandard Nonaccrual/Doubtful

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16 $4,443 $5,216 $6,186 $7,178 Unused Line of Credit Balance (excl. Mortgage Warehouse and Leases) 12/31/2019 9/30/2020 9/30/2021 9/30/2022 $10,106 $11,346 $11,330 $11,965 $12,216 0.02% 0.14% 0.03% 0.27% (0.06)% Total Commercial Loans Net Charge-Off Ratio 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Credit Quality - Commercial Loans1 Low net charge-off levels with growth upside as line utilization remains below pre-pandemic levels Strong Portfolio Growth with a Net Recovery in Q3 Non-Performing Loans Remain Low but Increased Due to a New Non-Accrual Loan in Q3 $4,384 $5,513 $5,583 $6,141 $6,236 $6,489 $6,832 $7,243 46.1% 50.8% 41.4% 43.0% 39.7% 38.9% 38.4% 39.3% 39.6%45.5% 50.6% 40.6% 41.5% 37.7% 36.7% 37.0% 39.0% 40.5% Unused Line of Credit Balance Total Commercial (excl. PPP and Leases) Total Commercial (excl. PPP, Mortgage Warehouse and Leases) 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 $26.5 $20.4 $16.9 $32.4 $44.5 0.24% 0.17% 0.15% 0.27% 0.36% NPLs NPL as a % of Category 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Q3 2022 Key Observations • Significant loan growth in Q4 2021 of $1.2 billion of which $578 million is attributed to acquired loans. • Net charge-offs in Q4 2021 were consistent with historical levels. • The proportion of Commercial non-performing loans remains relatively low as pandemic-driven circumstances continue to improve. • Line utilization increased slightly in Q4 2021 but remains historically low as a result of factors such as excess liquidity in the market as well as suspension of capital expenditures and other non- working capital payments. 1 Commercial Loans excludes PPP loans 2 Net Charge-Off Ratio is calculated as a percentage of average loans ($ in Millions) ($ in Millions) Line Utilization as a % of Commercial Loans remains low due to excess liquidity in the market and suspension of capital expenditures Line Utilization as a % of Total Loan Commitments Remains Low Unused Line of Credit Balance Continues to Rise ($ in Millions) 45.5% 41.5% 39.0% 41.3% Total Commercial (excl. Mortgage Warehouse and Leases) 12/31/2019 9/30/2020 9/30/2021 9/30/2022 $4,687 $4,384 $6,236 $7,260 Unused Line of Credit Balance 12/31/2019 9/30/2020 9/30/2021 9/30/2022 $4,687 $4,384 $6,236 $7,260 $4,443 $4,105 $5,837 $6,481 $244 $278 $398 $779 Unused Line of Credit Balance excluding Mortgage Warehouse Mortgage Warehouse 12/31/2019 9/30/2020 9/30/2021 9/30/2022 1 Commercial Loans excludes PPP loans

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17 13% 19% 14% 24% 14% 12% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land $8,886 $8,990 $9,235 $9,407 $9,578 0.00% 0.01% 0.03% (0.02)% 0.00% Total CRE Loans Net Charge-Off Ratio 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Credit Quality - Commercial Real Estate Loans Well-diversified portfolio with a majority of its exposure in stabilized, income producing properties Continued Steady Growth with Low Charge-Offs NPLs Continue to Remain Low $23.7 $21.7 $12.3 $10.7 $10.50.27% 0.24% 0.13% 0.11% 0.11% NPLs NPL as a % of Category 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Q3 2022 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline. • Charge-offs have generally remained low and reflect the conservative underwriting standards the Company employs. • The CRE portfolio is well-diversified with a majority of its exposure in stabilized, income producing properties. 17% 22% 17% 27% 17% Office Industrial Retail Multi-family Mixed use and other 76% 4% 20% Commercial construction Residential construction Land ($ in Millions) ($ in Millions) $1,084 $1,071 $1,203 $1,335 $1,391 68.8% 69.1% 67.5% 65.8% 66.5% Unused Line of Credit Balance Line Utilization as a % of Total CRE 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Line Utilization as a % Commercial Real Estate Loans ("CRE") Commercial Real Estate Loan Composition (as of 9/30/2022) Well Diversified with Majority of Portfolio in Stabilized Income Producing Properties($ in Millions) 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan 1 Net Charge-Off Ratio is calculated as a percentage of average loans

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18 $4,617 $4,855 $4,938 $5,541 $5,714 (0.03)% 0.09% 0.02% 0.14% 0.30% Period End Balance Net Charge-Off Ratio 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Credit Quality - Premium Finance Receivables Commercial Net charge-off levels remain low while outstanding balances grow Steady Origination Volume Driven by Market Conditions Average Balances & Quarterly Yields ($ 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 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2022 Key Observations • At the beginning of the pandemic, Premium Finance Receivables ("PFR") - Commercial experienced an increase in NPLs as a result of borrower delinquency, which was exacerbated by state emergency orders delaying cancellation of insurance policies which generate return premiums, the collateral for this portfolio. This caused NPLs to be elevated in 2020 and has subsequently returned to normalized levels in 2021. • Despite the pandemic and state emergency orders, net charge-off levels remained low and characteristic of the low loss levels expected of this portfolio, with the portfolio experiencing net recoveries in Q2 2021 and Q3 2021. • Strong origination volumes in 2021 a result of businesses seeking financing opportunities during the pandemic, hardening insurance markets, additions of new relationships and a low rate environment. 1 Net Charge-Off Ratio is calculated as a percentage of average loans $2,756 $3,065 $2,984 $3,556 $3,515 Originations 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 NPLs Remain Below Historic Norms and Q3 Increase Relates to Administrative 90 Day Past Due Loans $13.1 $12.6 $19.1 $19.8 $29.7 0.28% 0.26% 0.39% 0.36% 0.52% NPLs NPL as a % of Category 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 ($ in Millions) ($ in Millions) ($ in Millions) $9,478 $10,182 $10,588 $11,231 $28 $38 $39 $48 Risk Rating 1-5 Risk Rating 6-10 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 Poised to Benefit From a Potentially Rising Rate Environment 48% 33% 15% 4% Current Premium Finance Receivables Commercial Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows ≤ 3 Months 4-6 Months 6-9 Months > 9 months Current Loan Balances Projected to Reprice or Mature Based on Modeled Contractual Cash Flows Significant Loan Growth

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19 $8,071 $1,218 Cash Surrender Value Other $6,655 $7,043 $7,354 $7,608 $8,005 0.00% 0.00% 0.00% 0.00% 0.00% Period End Balance Net Charge-Off Ratio 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Credit Quality - Premium Finance Receivables Life Life Insurance portfolio remains extremely robust and has continued to demonstrate exceptional credit quality Immaterial Amount of Non-Performing LoansReliably Strong Growth With Pristine Credit Quality Average Balances & Quarterly Yields ($ 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 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2022 Key Observations • Throughout the pandemic, the Premium Finance Receivables ("PFR") - Life Insurance portfolio has remained extremely resilient and has continued to demonstrate exceptional credit quality, as shown by the characteristically low net charge-off and NPL levels. • Origination levels have remained strong. Some of the primary drivers of growth in 2021 include: ◦ increased mortality awareness in response to the pandemic. ◦ realized or anticipated changes in tax laws including changes to allowable maximum premium amounts relative to death benefit. ◦ low interest rate environment has made leveraging insurance products attractive to consumers. • Collateral as a percentage of outstanding balance is 117% as of Q3 2022. 1 Loan Collateral reported at actual values versus credit advance rate 2 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 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Total Loan Collateral1 by Type (as of 9/30/2022) $1.9 0.02% NPLs NPL as a % of Category 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 2.9% 63.6% 4.2% 1.0% 18.3% 10.0% Annuity Brokerage Account Certificate of Deposit Bank Cash/Cash Equivalent Letters of Credit Money Market "Other" Loan Collateral1 by Type (as of 9/30/2022) Other ($ in Millions) ($ in Millions) Period-End Balances & Annualized Net Charge-off Ratio1 ($ in Millions) Collateral Coverage2 of 116% No material charge-offs have occurred in the periods presented below.

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20 Appendix

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21 Glossary Abbreviation Definition AFS Available For Sale BP Basis Point CECL Current Expected Credit Losses CET1 Ratio Common Equity Tier 1 Capital Ratio CRE Commercial Real Estate DDA Demand Deposit Account Diluted EPS Net Income per Common Share - Diluted FEMA Federal Emergency Management Agency GAAP Generally Accepted Accounting Principles Interest Bearing Cash Total Interest-Bearing Deposits with Banks, Securities Purchased under Resale Agreements and Cash Equivalents MSR Mortgage Servicing Right NCO Net Charge Off 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. NII Net Interest Income NIM Net Interest Margin Non-GAAP For Non-GAAP metrics, see the reconciliation in the Appendix NP Not Pictured NPL Non-Performing Loan PPP Paycheck Protection Program PTPP Pre-Tax, Pre-Provision Income ROA Return on Assets RWA Risk-Weighted Asset TBV Tangible Book Value per Common Share

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22 Three Months Ended Nine Months Ended Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio ($ in Thousands): September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2022 2022 2022 2021 2021 2022 2021 (A) Interest Income (GAAP) $ 466,478 $ 371,968 $ 328,252 $ 327,979 $ 322,457 $ 1,166,698 $ 947,505 Taxable-equivalent adjustment: - Loans 1,030 568 427 417 411 2,025 1,210 - Liquidity Management Assets 502 472 465 486 492 1,439 1,486 - Other Earning Assets 1 1 2 2 — 4 — (B) Interest Income (non-GAAP) $ 468,011 $ 373,009 $ 329,146 $ 328,884 $ 323,360 $ 1,170,166 $ 950,201 (C) Interest Expense (GAAP) $ 65,030 $ 34,164 $ 28,958 $ 32,003 $ 34,961 $ 128,152 $ 118,524 (D) Net Interest Income (GAAP) (A minus C) $ 401,448 $ 337,804 $ 299,294 $ 295,976 $ 287,496 $ 1,038,546 $ 828,981 (E) Net Interest Income (non-GAAP) (B minus C) $ 402,981 $ 338,845 $ 300,188 $ 296,881 $ 288,399 $ 1,042,014 $ 831,677 Net interest margin (GAAP) 3.34% 2.92% 2.60% 2.54% 2.58% 2.96% 2.58% Net interest margin, fully taxable-equivalent (non-GAAP) 3.35% 2.93% 2.61% 2.55% 2.59% 2.97% 2.59% (F) Non-interest income $ 101,482 $ 102,942 $ 162,790 $ 133,767 $ 136,474 $ 367,214 $ 452,353 (G) (Losses) gains on investment securities, net (3,103) (7,797) (2,782) (1,067) (2,431) (13,682) 8 (H) Non-interest expense 296,469 288,668 284,298 283,399 282,144 869,435 849,145 Efficiency ratio (H/(D+F-G)) 58.59% 64.36% 61.16% 65.78% 66.17% 61.25% 66.27% Efficiency ratio (non-GAAP) (H/(E+F-G)) 58.41% 64.21% 61.04% 65.64% 66.03% 61.10% 66.13% 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, Adjusted for Changes in Fair Value of MSRs, net of economic hedge and Early Buy-out Loans Guaranteed by U.S. government agencies: ($ in Thousands): Income before taxes $ 200,041 $ 131,661 $ 173,680 $ 137,045 $ 149,742 $ 505,382 $ 500,751 Add: Provision for credit losses $ 6,420 $ 20,417 $ 4,106 $ 9,299 $ (7,916) $ 30,943 $ (68,562) Pre-tax income, excluding provision for credit losses (non-GAAP) $ 206,461 $ 152,078 $ 177,786 $ 146,344 $ 141,826 $ 536,325 $ 432,189 Less: Changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies $ 2,472 $ (445) $ (43,365) $ (6,656) $ 888 $ (41,338) $ (11,617) Pre-tax income, excluding provision for credit losses, adjusted for changes in fair value of MSRs, net of economic hedge and early buy-out loans guaranteed by U.S. government agencies (non- GAAP) $ 208,933 $ 151,633 $ 134,421 $ 139,688 $ 142,714 $ 494,987 $ 420,572

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23 Three Months Ended Reconciliation of Non-GAAP Tangible Common Equity ($'s and Shares in Thousands): September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Total shareholders’ equity (GAAP) $ 4,637,980 $ 4,727,623 $ 4,492,256 $ 4,498,688 $ 4,410,317 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (676,699) (679,827) (682,101) (683,456) (675,910) (I) Total tangible common shareholders’ equity (non-GAAP) $ 3,548,781 $ 3,635,296 $ 3,397,655 $ 3,402,732 $ 3,321,907 Reconciliation of Non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 4,637,980 $ 4,727,623 $ 4,492,256 $ 4,498,688 $ 4,410,317 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $ 4,225,480 $ 4,315,123 $ 4,079,756 $ 4,086,188 $ 3,997,817 (M) Actual common shares outstanding 60,743 60,722 57,253 57,054 56,956 Book value per common share (L/M) $69.56 $71.06 $71.26 $71.62 $70.19 Tangible book value per common share (non-GAAP) (I/M) $58.42 $59.87 $59.34 $59.64 $58.32 Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 200,041 $ 131,661 $ 173,680 $ 137,045 $ 149,742 $ 505,382 $ 500,751 Add: Provision for credit losses 6,420 20,417 4,106 9,299 (7,916) 30,943 (68,562) Pre-tax income, excluding provision for credit losses (non-GAAP) $ 206,461 $ 152,078 $ 177,786 $ 146,344 $ 141,826 $ 536,325 $ 432,189 Reconciliation of Non-GAAP Tangible Common Equity ($'s and Shares in Thousands): Dec 31, Dec 31, Dec 31, Dec 31, 2021 2020 2019 2018 Total shareholders’ equity (GAAP) $ 4,498,688 $ 4,115,995 $ 3,691,250 $ 3,267,570 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (125,000) (125,000) Less: Intangible assets (GAAP) (683,456) (681,747) (692,277) (622,565) (I) Total tangible common shareholders’ equity (non-GAAP) $ 3,402,732 $ 3,021,748 $ 2,873,973 $ 2,520,005 Reconciliation of Non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 4,498,688 $ 4,115,995 $ 3,691,250 $ 3,267,570 Less: Preferred stock (412,500) (412,500) (125,000) (125,000) (L) Total common equity $ 4,086,188 $ 3,703,495 $ 3,566,250 $ 3,142,570 (M) Actual common shares outstanding 57,054 56,770 57,822 56,408 Book value per common share (L/M) $71.62 $65.24 $61.68 $55.71 Tangible book value per common share (non-GAAP) (I/M) $59.64 $53.23 $49.70 $44.67

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