wtfc-20211019

Exhibit 99.1

Wintrust Financial Corporation

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

News Release



FOR IMMEDIATE RELEASE						October 19, 2021

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 2021 Net Income of $109.1 million and Year-To-Date Net Income of $367.4 million

ROSEMONT, ILLINOIS – Wintrust Financial Corporation (“Wintrust”, “the Company”, "we" or "our") (Nasdaq: WTFC) announced net income of $109.1 million or $1.77 per diluted common share for the third quarter of 2021, an increase in diluted earnings per common share of 4% compared to the second quarter of 2021 and an increase of 6% compared to the third quarter of 2020. The Company recorded net income of $367.4 million or $6.00 per diluted common share for the first nine months of 2021 compared to net income of $191.8 million or $3.06 per diluted common share for the same period of 2020.

Highlights of the Third Quarter of 2021:

Comparative information to the second quarter of 2021

•Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $1.2 billion, or 15% on an annualized basis.

◦Core loans increased by $701 million and niche loans increased by $449 million. See Table 1 for more information.

•PPP loans declined by $797 million in the third quarter of 2021 primarily as a result of processing forgiveness payments.

•Total assets increased by $1.1 billion.

•Total deposits increased by $1.1 billion, including a $459 million increase in non-interest bearing deposits.

•Net interest income increased by $7.9 million as compared to the second quarter of 2021 as follows:

◦Increased $16.3 million primarily due to earning asset growth and a nine basis point decline in deposit costs.

◦Increased $3.0 million due to one additional day in the quarter.

◦Decreased by $11.4 million due to $3.6 million of less PPP interest income and $7.8 million of less PPP fee income.

•Net interest margin decreased by four basis points primarily due to increased liquidity.

•Recorded no material net charge-offs in the third quarter of 2021 as compared to very minimal net charge-offs of $1.9 million in the second quarter of 2021.

•Recorded a negative provision for credit losses of $7.9 million in the third quarter of 2021 as compared to a negative provision for credit losses of $15.3 million in the second quarter of 2021.

•The allowance for credit losses on our core loan portfolio is approximately 1.38% of the outstanding balance as of September 30, 2021, down from 1.49% as of June 30, 2021. See Table 12 for more information.

•Non-performing loans remained low at 0.27% of total loans, as of September 30, 2021, unchanged from the second quarter of 2021.

•Mortgage banking revenue increased to $55.8 million for the third quarter of 2021 as compared to $50.6 million in the second quarter of 2021.

•Tangible book value per common share (non-GAAP) increased to $58.32 as compared to $56.92 as of June 30, 2021. See Table 18 for reconciliation of non-GAAP measures.

•Repurchased 134,062 shares of our common stock at a cost of $9.5 million, or an average price of $71.13 per share.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, "The third quarter of 2021 was characterized by significant organic loan and deposit growth, increased net interest income, strong mortgage banking revenue, record wealth management revenue, tangible book value growth and very good credit quality metrics. Wintrust reported net income of $109.1

million for the third quarter of 2021, up from $105.1 million in the second quarter of 2021. On a year-to-date basis, net income totaled $367.4 million for the first nine months of 2021, up from $191.8 million in the first nine months of 2020, a 92% increase. The Company continues to grow as total assets of $47.8 billion as of September 30, 2021 increased by $1.1 billion as compared to June 30, 2021 and increased by $4.1 billion as compared to September 30, 2020."

Mr. Wehmer continued, "The Company experienced significant loan growth, excluding PPP loans, of $1.2 billion or 15%, on an annualized basis in the third quarter of 2021, including growth in its commercial, commercial real estate, residential real estate loans for investment, commercial insurance premium finance receivable and life insurance premium receivable portfolios. Growth was particularly strong in the commercial loan portfolio due to new customer relationships and a slight increase in line of credit utilization. We are still experiencing historically low commercial line of credit utilization and feel confident that we can continue to grow loans given our robust loan pipelines and diversified loan portfolio. Total deposits increased by $1.1 billion as compared to the second quarter of 2021 primarily in products with zero or near zero interest rates contributing to a decrease in our cost of funds. We continue to emphasize growing our franchise, including gathering low cost deposits, which we believe will drive value in the long term. Our loans to deposits ratio ended the quarter at 83.3% and we believe that we have sufficient liquidity to meet customer loan demand."

Mr. Wehmer commented, "Net interest income increased by $7.9 million in the third quarter of 2021 primarily due to earning asset growth and a decline in deposit costs. Even amid a challenging interest rate environment, the Company has managed to increase net interest income for four quarters in a row. Especially noteworthy this quarter was that net interest income increased considerably despite recording $11.4 million of less interest income on PPP loans. This demonstrates that our growth strategy has been able to replace PPP loans and sustain loan portfolio growth benefiting future quarters. Net interest margin decreased by four basis points in the third quarter of 2021 as compared to the second quarter of 2021 primarily due to increased liquidity. Excluding the unfavorable net interest margin impact from increased liquidity, the margin exhibited improvement as the rate on deposits declined nine basis points as compared to a two basis point decline in loan yields. We continue to monitor our excess liquidity position and the available market returns on investments. We believe that deploying liquidity could potentially increase our net interest margin and net interest income. Additionally, we remain in an asset sensitive interest rate position which should allow our net interest income and net interest margin to benefit from future increases in interest rates."

Mr. Wehmer noted, “We recorded mortgage banking revenue of $55.8 million in the third quarter of 2021 as compared to $50.6 million in the second quarter of 2021. Loan volumes originated for sale in the third quarter of 2021 were $1.6 billion, down from $1.7 billion in the second quarter of 2021. However, production margin improved in the third quarter of 2021 as compared to the second quarter of 2021. Additionally, the Company recorded an $888,000 decrease in the value of mortgage servicing rights related to changes in fair value model assumptions as compared to a $5.5 million decrease recognized in the second quarter of 2021. Based on current market conditions, we expect that mortgage originations will decline by 20-30% in the fourth quarter of 2021 as compared to the third quarter of 2021 due to the seasonal decline in home purchase activity and declining refinance volumes.

Commenting on credit quality, Mr. Wehmer stated, "The Company recorded no material net charge-offs in third quarter of 2021. This follows the second quarter of 2021 which also exhibited very low levels of net charge-offs totaling $1.9 million. The recent results demonstrate Wintrust’s conservative credit underwriting approach and our continued diligence in timely addressing problem credits. The Company recorded a negative provision for credit losses of $7.9 million in the third quarter of 2021 primarily related to improving credit quality in the loan portfolio. The level of non-performing loans remained historically low and unchanged at 0.27% of total loans as of both September 30, 2021 and June 30, 2021. The allowance for credit losses on our core loan portfolio as of September 30, 2021 is approximately 1.38% 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 2021 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. We expect to leverage our differentiated, diversified loan portfolio to outperform peers with respect to loan growth which should allow us to continue to expand net interest income. We are focused on taking advantage of market opportunities to prudently deploy excess liquidity into earning assets including core and niche loans and investment securities while maintaining an interest rate sensitive asset portfolio. We are opportunistically evaluating the acquisition market which has been active for both banks and business lines of various sizes. Of course, we remain diligent in our consideration of acquisition targets and will be prudent in our decision-making, always seeking to minimize dilution."

The graphs below illustrate certain financial highlights of the third quarter of 2021 as well as historical financial performance. See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

SUMMARY OF RESULTS:

BALANCE SHEET

Total asset growth of $1.1 billion in the third quarter of 2021 was primarily comprised of a $525 million increase in interest bearing deposits with banks and a $1.2 billion increase in total loans, excluding PPP loans. These increases were partially offset by a $797 million decrease in PPP loans and a $59.7 million decrease in mortgage loans held-for-sale. As of September 30, 2021, approximately 95% of PPP loan balances originated in 2020 were forgiven with nearly all of the remaining loan balance in the forgiveness review or submission process. Whereas, as of September 30, 2021, approximately 32% of PPP loan balances originated in 2021 were forgiven, 16% are in the forgiveness review or submission process and 52% have yet to apply for forgiveness. Total loans, excluding PPP loans, increased by $1.2 billion primarily due to growth in the commercial, commercial real estate, residential real estate loans for investment, commercial insurance premium finance receivable and life insurance premium receivable portfolios. The Company believes that the $5.2 billion of interest-bearing deposits with banks held as of September 30, 2021 provides more than sufficient liquidity to operate its business plan with the ability to deploy excess liquidity into higher yielding investments when market returns improve.

Total liabilities increased $1.0 billion in the third quarter of 2021 resulting primarily from a $1.1 billion increase in total deposits. The increase in deposits was primarily due to a $914 million increase in money market deposits and a $459 million increase in non-interest bearing deposits. The Company's loans to deposits ratio ended the quarter at 83.3%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources as appropriate 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 2021, net interest income totaled $287.5 million, an increase of $7.9 million as compared to the second quarter of 2021 and an increase of $31.6 million as compared to the third quarter of 2020. The $7.9 million increase in net interest income in the third quarter of 2021 compared to the second quarter of 2021 was primarily due to earning asset growth and a decline in deposit costs. Additionally, the net interest income growth occurred despite a decline of $11.4 million due to $3.6 million of less PPP interest income and $7.8 million of less PPP fee income. As of September 30, 2021, the Company had approximately $24.8 million of net PPP loan fees that have yet to be recognized in income.

Net interest margin was 2.58% (2.59% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2021 compared to 2.62% (2.63% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2021 and up from 2.56% (2.57% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2020. The net interest margin decrease as compared to the prior quarter was primarily due to the 10 basis point decrease in yield on earning assets and two basis point decrease in the net free funds contribution partially offset by an eight basis point decrease in the rate paid on interest-bearing liabilities. The decrease in the rate paid on interest-bearing liabilities in the third quarter of 2021 as compared to the prior quarter is primarily due to a nine basis point decrease in the rate paid on interest-bearing deposits primarily due to lower repricing of time deposits. The 10 basis point decrease in the yield on earning assets in the third quarter of 2021 as compared to the second quarter of 2021 was primarily due to a shift in earning asset mix with increasing levels of low yielding liquidity management assets.

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

ASSET QUALITY

The allowance for credit losses totaled $296.1 million as of September 30, 2021, a decrease of $8.0 million as compared to $304.1 million as of June 30, 2021. The allowance for credit losses decreased primarily due to improving credit quality in the loan portfolio which was partially offset by uncertainty in the positive directionality of macroeconomic factors. A negative provision for credit losses totaling $7.9 million was recorded for the third quarter of 2021 compared to a negative provision of $15.3 million for the second quarter of 2021 and $25.0 million of expense for the third quarter of 2020. 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, 2021, June 30, 2021, and March 31, 2021 is shown on Table 12 of this report.

Net charge-offs totaled $2,000 in the third quarter of 2021, as compared to $1.9 million in the second quarter of 2021 and $9.3 million in the third quarter of 2020. Net charge-offs as a percentage of average total loans were reported as zero basis points in the third quarter of 2021 on an annualized basis compared to two basis points on an annualized basis in the second quarter of 2021 and 12 basis points on an annualized basis in the third quarter of 2020. For more information regarding net charge-offs, see Table 10 in this report.

As of September 30, 2021, $32.9 million of all loans, or 0.1%, were 60 to 89 days past due and $128.8 million, or 0.4%, were 30 to 59 days (or one payment) past due. As of June 30, 2021, $19.3 million of all loans, or 0.1%, were 60 to 89 days past due and $73.9 million, or 0.2%, were 30 to 59 days (or one payment) past due. Many of the commercial and commercial real-estate loans shown as 60 to 89 days and 30 to 59 days past due are included on the Company’s internal problem loan reporting system. Loans on this system are closely monitored by management on a monthly basis.

The Company’s home equity and residential real estate loan portfolios continue to exhibit low delinquency rates as of September 30, 2021. Home equity loans at September 30, 2021 that are current with regard to the contractual terms of the loan agreement represent 98.6% of the total home equity portfolio. Residential real estate loans at September 30, 2021 that are current with regards to the contractual terms of the loan agreements comprised 98.4% of total residential real estate loans outstanding. For more information regarding past due loans, see Table 13 in this report.

The outstanding balance of COVID-19 related modified loans totaled approximately $72 million or 0.2% of total loans, excluding PPP loans as of September 30, 2021 as compared to $146 million or 0.5% as of June 30, 2021. The most significant proportion of outstanding modifications changed terms to interest-only payments.

The ratio of non-performing assets to total assets was 0.22% as of September 30, 2021, compared to 0.22% at June 30, 2021, and 0.42% at September 30, 2020. Non-performing assets totaled $103.9 million at September 30, 2021, compared to $103.3 million at June 30, 2021 and $182.3 million at September 30, 2020. Non-performing loans totaled $90.0 million, or 0.27% of total loans, at September 30, 2021 compared to $87.7 million, or 0.27% of total loans, at June 30, 2021 and $173.1 million, or 0.54% of total loans, at September 30, 2020. Other real estate owned ("OREO") totaled $13.8 million at September 30, 2021, a decrease of $1.7 million compared to $15.6 million at June 30, 2021 and an increase of $4.6 million compared to $9.2 million at September 30, 2020. Management is pursuing the resolution of all non-performing assets. At this time, management believes OREO is appropriately valued at the lower of carrying value or fair value less estimated costs to sell. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $841,000 during the third quarter of 2021 as compared to the second quarter of 2021 primarily due to increased trust and asset management fees. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue increased by $5.2 million in the third quarter of 2021 as compared to the second quarter of 2021, primarily due to an $888,000 unfavorable mortgage servicing rights portfolio fair value adjustment as compared to a $5.5 million decrease recognized in the prior quarter related to changes in fair value model assumptions and a $1.7 million increase in production revenue. Loans originated for sale were $1.6 billion in the third quarter of 2021, a decrease of $165 million as compared to the second quarter of 2021. The percentage of origination volume from refinancing activities was 44% in the third quarter of 2021 as compared to 47% in the second quarter of 2021. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market.

During the third quarter of 2021, the fair value of the mortgage servicing rights portfolio increased primarily due to the capitalization of $15.5 million of servicing rights partially offset by a reduction in value of $8.6 million due to payoffs and paydowns of the existing portfolio and a fair value adjustment decrease of $888,000.

The Company recognized net losses on investment securities of $2.4 million in the third quarter of 2021 as compared to net gains of $1.3 million recognized in the second quarter of 2021.

Other non-interest income increased by $3.0 million in the third quarter of 2021 as compared to the second quarter of 2021 primarily due to a $2.0 million increase in interest rate swap fees and a $2.2 million increase in income on partnership investments. Other non-interest income during the second quarter of 2021 included a $4.0 million net gain recorded on the sale of three branches in southwestern Wisconsin.

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

NON-INTEREST EXPENSE

Salaries and employee benefits expense decreased by $1.9 million in the third quarter of 2021 as compared to the second quarter of 2021. 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.

Advertising and marketing expense totaled $13.4 million in the third quarter of 2021, an increase of $2.1 million as compared to the second quarter of 2021. The increase in the third quarter relates primarily to increased sponsorship activity for the summer months. Marketing costs are incurred to promote the Company's brand, commercial banking capabilities and various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company's non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors.

The Company recorded a net OREO gain of $1.5 million in the third quarter of 2021 as compared to a net expense of $769,000 in the second quarter of 2021. The net gain is primarily attributable to the sale of OREO properties during the third quarter of 2021.

Miscellaneous expense in the third quarter of 2021 increased by $2.2 million as compared to the second quarter of 2021. The increase was primarily impacted by approximately $1.7 million of more travel and entertainment expenses due to increased expenses associated with in-person client relationship meetings and conferences as well as some additional expense associated with an all-employee event to celebrate Wintrust’s 30th anniversary and to thank our employees for performing so well during the pandemic. Additionally, the third quarter of 2021 included a $271,000 reversal of contingent consideration expense related to the previous acquisition of mortgage operations as compared to a $1.4 million reversal of contingent consideration expense in the second quarter of 2021. The Company expects no additional material adjustments to the contingent consideration liability in future periods. Miscellaneous expense also includes ATM expenses, correspondent bank charges, directors fees, telephone, travel and entertainment, corporate insurance, dues and subscriptions, problem loan expenses and lending origination costs that are not deferred.

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

INCOME TAXES

The Company recorded income tax expense of $40.6 million in the third quarter of 2021 compared to $39.0 million in the second quarter of 2021 and $30.0 million in the third quarter of 2020. The effective tax rates were 27.12% in the third quarter of 2021 compared to 27.08% in the second quarter of 2021 and 21.83% in the third quarter of 2020. The lower effective tax rate in the third quarter of 2020 was a result of a $9.0 million state income tax benefit ($7.1 million after federal taxes) related to the settlement of an uncertain tax position in the quarter.

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 2021, this unit expanded its loan portfolio and its deposit portfolio. The segment’s net interest margin decreased in the third quarter of 2021 as compared to the second quarter of 2021 primarily due to increased liquidity.

Mortgage banking revenue was $55.8 million for the third quarter of 2021, an increase of $5.2 million as compared to the second quarter of 2021. Service charges on deposit accounts totaled $14.1 million in the third quarter of 2021, an increase of $900,000 as compared to the second quarter of 2021 primarily due to higher account analysis fees. The Company’s gross commercial and commercial real estate loan pipelines remained strong as of September 30, 2021. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.4 billion to $1.5 billion at September 30, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $900 million to $1.0 billion at September 30, 2021.

Specialty Finance

Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolio were $3.1 billion during the third quarter of 2021 and average balances increased by $735 million as compared to the second quarter of 2021. The increase in average balances in the insurance premium finance receivables portfolios primarily generated a $7.6 million increase in interest income. The Company’s leasing portfolio remained effectively unchanged from the second quarter of 2021 to the third quarter of 2021, with its portfolio of assets, including capital leases, loans and equipment on operating leases, at $2.3 billion at the end of the third quarter of 2021. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the third quarter of 2021, up $131,000 from the second quarter of 2021.

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $31.5 million in the third quarter of 2021, an increase of $841,000 compared to the second quarter of 2021. Increases in asset management fees were primarily due to favorable equity market performance during the third quarter of 2021. At September 30, 2021, the Company’s wealth management subsidiaries had approximately $34.5 billion of assets under administration, which included $5.1 billion of assets owned by the Company and its subsidiary banks, representing a $326.3 million increase from the $34.2 billion of assets under administration at June 30, 2021.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the third quarter of 2021, as compared to the second quarter of 2021 (sequential quarter) and third quarter of 2020 (linked quarter), are shown in the table below:


										% or(1) basis point (bp) change from 2nd Quarter 2021		% or basis point (bp) change from 3rd Quarter 2020
	Three Months Ended
(Dollars in thousands, except per share data)	Sep 30, 2021			Jun 30, 2021			Sep 30, 2020
Net income	$	109,137		$	105,109		$	107,315		4	%	2	%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)	141,826			128,851			162,310			10		(13)

Net income per common share – diluted	1.77			1.70			1.67			4		6
Net revenue (3)	423,970			408,963			426,529			4		(1)
Net interest income	287,496			279,590			255,936			3		12
Net interest margin	2.58		%	2.62		%	2.56		%	(4)	bps	2	bps
Net interest margin – fully taxable-equivalent (non-GAAP) (2)	2.59			2.63			2.57			(4)		2
Net overhead ratio (4)	1.22			1.32			0.87			(10)		35

Return on average assets	0.92			0.92			0.99			—		(7)
Return on average common equity	10.31			10.24			10.66			7		(35)
Return on average tangible common equity (non-GAAP) (2)	12.62			12.62			13.43			—		(81)
At end of period
Total assets	$	47,832,271		$	46,738,450		$	43,731,718		9	%	9	%
Total loans (5)	33,264,043			32,911,187			32,135,555			4		4

Total deposits	39,952,558			38,804,616			35,844,422			12		11
Total shareholders’ equity	4,410,317			4,339,011			4,074,089			7		8

(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, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Sep 30, 2021			Sep 30, 2020
Selected Financial Condition Data (at end of period):
Total assets	$	47,832,271		$	46,738,450		$	45,682,202		$	45,080,768		$	43,731,718
Total loans (1)	33,264,043			32,911,187			33,171,233			32,079,073			32,135,555
Total deposits	39,952,558			38,804,616			37,872,652			37,092,651			35,844,422
Junior subordinated debentures	253,566			253,566			253,566			253,566			253,566
Total shareholders’ equity	4,410,317			4,339,011			4,252,511			4,115,995			4,074,089
Selected Statements of Income Data:
Net interest income	$	287,496		$	279,590		$	261,895		$	259,397		$	255,936		$	828,981		$	780,510
Net revenue (2)	423,970			408,963			448,401			417,758			426,529			1,281,334			1,226,338
Net income	109,137			105,109			153,148			101,204			107,315			367,394			191,786
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)	141,826			128,851			161,512			135,891			162,310			432,189			468,110

Net income per common share – Basic	1.79			1.72			2.57			1.64			1.68			6.08			3.08
Net income per common share – Diluted	1.77			1.70			2.54			1.63			1.67			6.00			3.06
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin	2.58		%	2.62		%	2.53		%	2.53		%	2.56		%	2.58		%	2.79		%
Net interest margin – fully taxable-equivalent (non-GAAP) (3)	2.59			2.63			2.54			2.54			2.57			2.59			2.80
Non-interest income to average assets	1.15			1.13			1.68			1.44			1.58			1.31			1.47
Non-interest expense to average assets	2.37			2.45			2.59			2.56			2.45			2.47			2.50
Net overhead ratio (4)	1.22			1.32			0.90			1.12			0.87			1.15			1.03

Return on average assets	0.92			0.92			1.38			0.92			0.99			1.07			0.63
Return on average common equity	10.31			10.24			15.80			10.30			10.66			12.05			6.56
Return on average tangible common equity (non-GAAP) (3)	12.62			12.62			19.49			12.95			13.43			14.82			8.38
Average total assets	$	47,192,510		$	45,946,751		$	44,988,733		$	43,810,005		$	42,962,844		$	46,050,737		$	40,552,517
Average total shareholders’ equity	4,343,915			4,256,778			4,164,890			4,050,286			4,034,902			4,255,851			3,885,187
Average loans to average deposits ratio	83.8		%	86.7		%	87.1		%	87.9		%	89.6		%	85.8		%	89.1		%
Period-end loans to deposits ratio	83.3			84.8			87.6			86.5			89.7
Common Share Data at end of period:
Market price per common share	$	80.37		$	75.63		$	75.80		$	61.09		$	40.05
Book value per common share	70.19			68.81			67.34			65.24			63.57
Tangible book value per common share (non-GAAP) (3)	58.32			56.92			55.42			53.23			51.70
Common shares outstanding	56,956,026			57,066,677			57,023,273			56,769,625			57,601,991
Other Data at end of period:
Tier 1 leverage ratio (5)	8.1		%	8.2		%	8.2		%	8.1		%	8.2		%
Risk-based capital ratios:
Tier 1 capital ratio (5)	9.9			10.1			10.2			10.0			10.2
Common equity tier 1 capital ratio (5)	8.8			9.0			9.0			8.8			9.0
Total capital ratio (5)	12.1			12.4			12.6			12.6			12.9


Allowance for credit losses (6)	$	296,138		$	304,121		$	321,308		$	379,969		$	388,971

Allowance for loan and unfunded lending-related commitment losses to total loans	0.89		%	0.92		%	0.97		%	1.18		%	1.21		%

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

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

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

(3)See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 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 total average 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)	2021		2021		2021		2020		2020
Assets
Cash and due from banks	$	462,244	$	434,957	$	426,325	$	322,415	$	308,639
Federal funds sold and securities purchased under resale agreements	55		52		52		59		56
Interest-bearing deposits with banks	5,232,315		4,707,415		3,348,794		4,802,527		3,825,823
Available-for-sale securities, at fair value	2,373,478		2,188,608		2,430,749		3,055,839		2,946,459
Held-to-maturity securities, at amortized cost	2,736,722		2,498,232		2,166,419		579,138		560,267
Trading account securities	1,103		2,667		951		671		1,720
Equity securities with readily determinable fair value	88,193		86,316		90,338		90,862		54,398
Federal Home Loan Bank and Federal Reserve Bank stock	135,408		136,625		135,881		135,588		135,568
Brokerage customer receivables	26,378		23,093		19,056		17,436		16,818


Mortgage loans held-for-sale	925,312		984,994		1,260,193		1,272,090		959,671


Loans, net of unearned income	33,264,043		32,911,187		33,171,233		32,079,073		32,135,555



Allowance for loan losses	(248,612)		(261,089)		(277,709)		(319,374)		(325,959)
Net loans	33,015,431		32,650,098		32,893,524		31,759,699		31,809,596
Premises, software and equipment, net	748,872		752,375		760,522		768,808		774,288
Lease investments, net	243,933		219,023		238,984		242,434		230,373


Accrued interest receivable and other assets	1,166,917		1,185,811		1,230,362		1,351,455		1,424,728
Trade date securities receivable	—		189,851		—		—		—

Goodwill	645,792		646,336		646,017		645,707		644,644
Other intangible assets	30,118		31,997		34,035		36,040		38,670
Total assets	$	47,832,271	$	46,738,450	$	45,682,202	$	45,080,768	$	43,731,718
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	13,255,417	$	12,796,110	$	12,297,337	$	11,748,455	$	10,409,747
Interest-bearing	26,697,141		26,008,506		25,575,315		25,344,196		25,434,675
Total deposits	39,952,558		38,804,616		37,872,652		37,092,651		35,844,422


Federal Home Loan Bank advances	1,241,071		1,241,071		1,228,436		1,228,429		1,228,422

Other borrowings	504,527		518,493		516,877		518,928		507,395

Subordinated notes	436,811		436,719		436,595		436,506		436,385
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Trade date securities payable	1,348		—		995		200,907		—
Accrued interest payable and other liabilities	1,032,073		1,144,974		1,120,570		1,233,786		1,387,439



Total liabilities	43,421,954		42,399,439		41,429,691		40,964,773		39,657,629
Shareholders’ Equity:
Preferred stock	412,500		412,500		412,500		412,500		412,500




Common stock	58,794		58,770		58,727		58,473		58,323
Surplus	1,674,062		1,669,002		1,663,008		1,649,990		1,647,049
Treasury stock	(109,903)		(100,363)		(100,363)		(100,363)		(44,891)
Retained earnings	2,373,447		2,288,969		2,208,535		2,080,013		2,001,949
Accumulated other comprehensive income (loss)	1,417		10,133		10,104		15,382		(841)
Total shareholders’ equity	4,410,317		4,339,011		4,252,511		4,115,995		4,074,089
Total liabilities and shareholders’ equity	$	47,832,271	$	46,738,450	$	45,682,202	$	45,080,768	$	43,731,718

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended										Nine Months Ended
(In thousands, except per share data)	Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Sep 30, 2021		Sep 30, 2020
Interest income
Interest and fees on loans	$	285,587	$	284,701	$	274,100	$	280,185	$	280,479	$	844,388	$	877,064
Mortgage loans held-for-sale	7,716		8,183		9,036		6,357		5,791		24,935		13,720
Interest-bearing deposits with banks	2,000		1,153		1,199		1,294		1,181		4,352		7,259
Federal funds sold and securities purchased under resale agreements	—		—		—		—		—		—		102
Investment securities	25,189		23,623		19,264		18,243		21,819		68,076		81,391
Trading account securities	3		1		2		11		6		6		26
Federal Home Loan Bank and Federal Reserve Bank stock	1,777		1,769		1,745		1,775		1,774		5,291		5,116
Brokerage customer receivables	185		149		123		116		106		457		361
Total interest income	322,457		319,579		305,469		307,981		311,156		947,505		985,039
Interest expense
Interest on deposits	19,305		24,298		27,944		32,602		39,084		71,547		156,576
Interest on Federal Home Loan Bank advances	4,931		4,887		4,840		4,952		4,947		14,658		13,241
Interest on other borrowings	2,501		2,568		2,609		2,779		3,012		7,678		9,994
Interest on subordinated notes	5,480		5,512		5,477		5,509		5,474		16,469		16,452
Interest on junior subordinated debentures	2,744		2,724		2,704		2,742		2,703		8,172		8,266
Total interest expense	34,961		39,989		43,574		48,584		55,220		118,524		204,529
Net interest income	287,496		279,590		261,895		259,397		255,936		828,981		780,510
Provision for credit losses	(7,916)		(15,299)		(45,347)		1,180		25,026		(68,562)		213,040
Net interest income after provision for credit losses	295,412		294,889		307,242		258,217		230,910		897,543		567,470
Non-interest income
Wealth management	31,531		30,690		29,309		26,802		24,957		91,530		73,534
Mortgage banking	55,794		50,584		113,494		86,819		108,544		219,872		259,194
Service charges on deposit accounts	14,149		13,249		12,036		11,841		11,497		39,434		33,182
(Losses) gains on investment securities, net	(2,431)		1,285		1,154		1,214		411		8		(3,140)
Fees from covered call options	1,157		1,388		—		—		—		2,545		2,292
Trading gains (losses), net	58		(438)		419		(102)		183		39		(902)
Operating lease income, net	12,807		12,240		14,440		12,118		11,717		39,487		35,486
Other	23,409		20,375		15,654		19,669		13,284		59,438		46,182
Total non-interest income	136,474		129,373		186,506		158,361		170,593		452,353		445,828
Non-interest expense
Salaries and employee benefits	170,912		172,817		180,809		171,116		164,042		524,538		454,960
Software and equipment	22,029		20,866		20,912		20,565		17,251		63,807		47,931
Operating lease equipment depreciation	10,013		9,949		10,771		9,938		9,425		30,733		27,977
Occupancy, net	18,158		17,687		19,996		19,687		15,830		55,841		50,270
Data processing	7,104		6,920		6,048		5,728		5,689		20,072		24,468
Advertising and marketing	13,443		11,305		8,546		9,850		7,880		33,294		26,446
Professional fees	7,052		7,304		7,587		6,530		6,488		21,943		20,896
Amortization of other intangible assets	1,877		2,039		2,007		2,634		2,701		5,923		8,384
FDIC insurance	6,750		6,405		6,558		7,016		6,772		19,713		17,988
OREO expense, net	(1,531)		769		(251)		(114)		(168)		(1,013)		(807)
Other	26,337		24,051		23,906		28,917		28,309		74,294		79,715
Total non-interest expense	282,144		280,112		286,889		281,867		264,219		849,145		758,228
Income before taxes	149,742		144,150		206,859		134,711		137,284		500,751		255,070
Income tax expense	40,605		39,041		53,711		33,507		29,969		133,357		63,284
Net income	$	109,137	$	105,109	$	153,148	$	101,204	$	107,315	$	367,394	$	191,786
Preferred stock dividends	6,991		6,991		6,991		6,991		10,286		20,973		14,386
Net income applicable to common shares	$	102,146	$	98,118	$	146,157	$	94,213	$	97,029	$	346,421	$	177,400
Net income per common share - Basic	$	1.79	$	1.72	$	2.57	$	1.64	$	1.68	$	6.08	$	3.08
Net income per common share - Diluted	$	1.77	$	1.70	$	2.54	$	1.63	$	1.67	$	6.00	$	3.06
Cash dividends declared per common share	$	0.31	$	0.31	$	0.31	$	0.28	$	0.28	$	0.93	$	0.84
Weighted average common shares outstanding	57,000		57,049		56,904		57,309		57,597		56,985		57,595
Dilutive potential common shares	753		726		681		588		449		728		469
Average common shares and dilutive common shares	57,753		57,775		57,585		57,897		58,046		57,713		58,064

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES


											% Growth From (2)
(Dollars in thousands)	Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Dec 31, 2020 (1)		Sep 30, 2020
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies	$	570,663	$	633,006	$	890,749	$	927,307	$	862,924	(51)	%	(34)	%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies	354,649		351,988		369,444		344,783		96,747		4		267
Total mortgage loans held-for-sale	$	925,312	$	984,994	$	1,260,193	$	1,272,090	$	959,671	(36)	%	(4)	%

Core loans:
Commercial
Commercial and industrial	$	4,953,769	$	4,650,607	$	4,630,795	$	4,675,594	$	4,555,920	8	%	9	%
Asset-based lending	1,066,376		892,109		720,772		721,666		707,365		64		51
Municipal	524,192		511,094		493,417		474,103		482,567		14		9
Leases	1,365,281		1,357,036		1,290,778		1,288,374		1,215,239		8		12
Commercial real estate
Residential construction	49,754		55,735		72,058		89,389		101,187		(59)		(51)
Commercial construction	1,038,034		1,090,447		1,040,631		1,041,729		1,005,708		—		3
Land	255,927		239,067		240,635		240,684		226,254		8		13
Office	1,169,466		1,098,386		1,131,472		1,136,844		1,163,790		4		—
Industrial	1,324,612		1,263,614		1,152,522		1,129,433		1,117,702		23		19
Retail	1,237,261		1,217,540		1,198,025		1,224,403		1,175,819		1		5
Multi-family	1,888,817		1,805,118		1,739,521		1,649,801		1,599,651		19		18
Mixed use and other	1,921,843		1,908,462		1,969,915		1,981,849		2,033,031		(4)		(5)
Home equity	347,662		369,806		390,253		425,263		446,274		(24)		(22)
Residential real estate
Residential real estate loans for investment	1,528,889		1,485,952		1,376,465		1,214,744		1,143,908		35		34
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies	18,847		44,333		45,508		44,854		240,902		(78)		(92)
Total core loans	$	18,690,730	$	17,989,306	$	17,492,767	$	17,338,730	$	17,215,317	10	%	9	%

Niche loans:
Commercial
Franchise	$	1,176,569	$	1,060,468	$	1,128,493	$	1,023,027	$	964,150	20	%	22	%
Mortgage warehouse lines of credit	468,162		529,867		587,868		567,389		503,371		(23)		(7)
Community Advantage - homeowners association	291,153		287,689		272,222		267,374		254,963		12		14
Insurance agency lending	260,482		273,999		290,880		222,519		214,411		23		21
Premium Finance receivables
U.S. commercial insurance	3,921,289		3,805,504		3,342,730		3,438,087		3,494,155		19		12
Canada commercial insurance	695,688		716,367		615,813		616,402		565,989		17		23
Life insurance	6,655,453		6,359,556		6,111,495		5,857,436		5,488,832		18		21
Consumer and other	22,529		9,024		35,983		32,188		55,354		(40)		(59)
Total niche loans	$	13,491,325	$	13,042,474	$	12,385,484	$	12,024,422	$	11,541,225	16	%	17	%

Commercial PPP loans:
Originated in 2020	$	172,849	$	656,502	$	2,049,342	$	2,715,921	$	3,379,013	NM		(95)	%
Originated in 2021	909,139		1,222,905		1,243,640		—		—		100		100
Total commercial PPP loans	$	1,081,988	$	1,879,407	$	3,292,982	$	2,715,921	$	3,379,013	(80)	%	(68)	%

Total loans, net of unearned income	$	33,264,043	$	32,911,187	$	33,171,233	$	32,079,073	$	32,135,555	5	%	4	%

(1)Annualized.

(2)NM - Not meaningful.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES


																% Growth From
(Dollars in thousands)	Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Dec 31, 2020 (1)		Sep 30, 2020
Balance:
Non-interest-bearing	$	13,255,417		$	12,796,110		$	12,297,337		$	11,748,455		$	10,409,747		17	%	27	%
NOW and interest-bearing demand deposits	3,769,825			3,625,538			3,562,312			3,349,021			3,294,071			17		14
Wealth management deposits (2)	4,177,820			4,399,303			4,274,527			4,138,712			4,235,583			1		(1)
Money market	10,757,654			9,843,390			9,236,434			9,348,806			9,423,653			20		14
Savings	3,861,296			3,776,400			3,690,892			3,531,029			3,415,073			13		13
Time certificates of deposit	4,130,546			4,363,875			4,811,150			4,976,628			5,066,295			(23)		(18)
Total deposits	$	39,952,558		$	38,804,616		$	37,872,652		$	37,092,651		$	35,844,422		10	%	11	%
Mix:
Non-interest-bearing	33		%	33		%	32		%	32		%	29		%
NOW and interest-bearing demand deposits	9			9			9			9			9
Wealth management deposits (2)	11			11			11			11			12
Money market	27			25			25			25			26
Savings	10			10			10			10			10
Time certificates of deposit	10			12			13			13			14
Total deposits	100		%	100		%	100		%	100		%	100		%

(1)Annualized.

(2)Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC ("CDEC"), trust and asset management customers of the Company and brokerage customers from unaffiliated companies which have been placed into deposit accounts.

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

As of September 30, 2021


(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit (1)
1-3 months	$	918,517	0.99	%
4-6 months	780,345		0.57
7-9 months	628,839		0.41
10-12 months	602,854		0.42
13-18 months	621,320		0.56
19-24 months	272,526		0.48
24+ months	306,145		0.55
Total	$	4,130,546	0.61	%

(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)	2021		2021		2021		2020		2020
Interest-bearing deposits with banks and cash equivalents (1)	$	5,112,720	$	3,844,355	$	4,230,886	$	4,381,040	$	3,411,164
Investment securities (2)	5,065,593		4,771,403		3,944,676		3,534,594		3,789,422
FHLB and FRB stock	136,001		136,324		135,758		135,569		135,567

Liquidity management assets (3)	10,314,314		8,752,082		8,311,320		8,051,203		7,336,153
Other earning assets (3)(4)	28,238		23,354		20,370		18,716		16,656
Mortgage loans held-for-sale	871,824		991,011		1,151,848		893,395		822,908
Loans, net of unearned income (3)(5)	32,985,445		33,085,174		32,442,927		31,783,279		31,634,608


Total earning assets (3)	44,199,821		42,851,621		41,926,465		40,746,593		39,810,325
Allowance for loan and investment security losses	(269,963)		(285,686)		(327,080)		(336,139)		(321,732)
Cash and due from banks	425,000		470,566		366,413		344,536		345,438
Other assets	2,837,652		2,910,250		3,022,935		3,055,015		3,128,813
Total assets	$	47,192,510	$	45,946,751	$	44,988,733	$	43,810,005	$	42,962,844

NOW and interest-bearing demand deposits	$	3,757,677	$	3,626,424	$	3,493,451	$	3,320,527	$	3,435,089
Wealth management deposits	4,672,402		4,369,998		4,156,398		4,066,948		4,239,300
Money market accounts	10,027,424		9,547,167		9,335,920		9,435,344		9,332,668
Savings accounts	3,851,523		3,728,271		3,587,566		3,413,388		3,419,586
Time deposits	4,236,317		4,632,796		4,875,392		5,043,558		4,900,839
Interest-bearing deposits	26,545,343		25,904,656		25,448,727		25,279,765		25,327,482
Federal Home Loan Bank advances	1,241,073		1,235,142		1,228,433		1,228,425		1,228,421
Other borrowings	512,785		525,924		518,188		510,725		512,787
Subordinated notes	436,746		436,644		436,532		436,433		436,323
Junior subordinated debentures	253,566		253,566		253,566		253,566		253,566
Total interest-bearing liabilities	28,989,513		28,355,932		27,885,446		27,708,914		27,758,579
Non-interest-bearing deposits	12,834,084		12,246,274		11,811,194		10,874,912		9,988,769
Other liabilities	1,024,998		1,087,767		1,127,203		1,175,893		1,180,594
Equity	4,343,915		4,256,778		4,164,890		4,050,286		4,034,902
Total liabilities and shareholders’ equity	$	47,192,510	$	45,946,751	$	44,988,733	$	43,810,005	$	42,962,844

Net free funds/contribution (6)	$	15,210,308	$	14,495,689	$	14,041,019	$	13,037,679	$	12,051,746

(1)Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.

(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)	2021		2021		2021		2020		2020
Interest income:
Interest-bearing deposits with banks and cash equivalents	$	2,000	$	1,153	$	1,199	$	1,294	$	1,181
Investment securities	25,681		24,117		19,764		18,773		22,365
FHLB and FRB stock	1,777		1,769		1,745		1,775		1,774

Liquidity management assets (1)	29,458		27,039		22,708		21,842		25,320
Other earning assets (1)	188		150		125		130		113
Mortgage loans held-for-sale	7,716		8,183		9,036		6,357		5,791
Loans, net of unearned income (1)	285,998		285,116		274,484		280,509		280,960


Total interest income	$	323,360	$	320,488	$	306,353	$	308,838	$	312,184

Interest expense:
NOW and interest-bearing demand deposits	$	767	$	736	$	901	$	1,074	$	1,342
Wealth management deposits	7,888		7,686		7,351		7,436		7,662
Money market accounts	2,342		2,795		2,865		3,740		7,245
Savings accounts	406		402		430		773		2,104
Time deposits	7,902		12,679		16,397		19,579		20,731
Interest-bearing deposits	19,305		24,298		27,944		32,602		39,084
Federal Home Loan Bank advances	4,931		4,887		4,840		4,952		4,947
Other borrowings	2,501		2,568		2,609		2,779		3,012
Subordinated notes	5,480		5,512		5,477		5,509		5,474
Junior subordinated debentures	2,744		2,724		2,704		2,742		2,703
Total interest expense	$	34,961	$	39,989	$	43,574	$	48,584	$	55,220

Less: Fully taxable-equivalent adjustment	(903)		(909)		(884)		(857)		(1,028)
Net interest income (GAAP) (2)	287,496		279,590		261,895		259,397		255,936
Fully taxable-equivalent adjustment	903		909		884		857		1,028
Net interest income, fully taxable-equivalent (non-GAAP) (2)	$	288,399	$	280,499	$	262,779	$	260,254	$	256,964

(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, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020
Yield earned on:
Interest-bearing deposits with banks and cash equivalents	0.16	%	0.12	%	0.11	%	0.12	%	0.14	%
Investment securities	2.01		2.03		2.03		2.11		2.35
FHLB and FRB stock	5.18		5.20		5.21		5.21		5.21

Liquidity management assets	1.13		1.24		1.11		1.08		1.37
Other earning assets	2.64		2.59		2.50		2.79		2.71
Mortgage loans held-for-sale	3.51		3.31		3.18		2.83		2.80
Loans, net of unearned income	3.44		3.46		3.43		3.51		3.53

Total earning assets	2.90	%	3.00	%	2.96	%	3.02	%	3.12	%

Rate paid on:
NOW and interest-bearing demand deposits	0.08	%	0.08	%	0.10	%	0.13	%	0.16	%
Wealth management deposits	0.67		0.71		0.72		0.73		0.72
Money market accounts	0.09		0.12		0.12		0.16		0.31
Savings accounts	0.04		0.04		0.05		0.09		0.24
Time deposits	0.74		1.10		1.36		1.54		1.68
Interest-bearing deposits	0.29		0.38		0.45		0.51		0.61
Federal Home Loan Bank advances	1.58		1.59		1.60		1.60		1.60
Other borrowings	1.94		1.96		2.04		2.16		2.34
Subordinated notes	5.02		5.05		5.02		5.05		5.02
Junior subordinated debentures	4.23		4.25		4.27		4.23		4.17
Total interest-bearing liabilities	0.48	%	0.56	%	0.63	%	0.70	%	0.79	%

Interest rate spread (1)(2)	2.42	%	2.44	%	2.33	%	2.32	%	2.33	%
Less: Fully taxable-equivalent adjustment	(0.01)		(0.01)		(0.01)		(0.01)		(0.01)
Net free funds/contribution (3)	0.17		0.19		0.21		0.22		0.24
Net interest margin (GAAP) (2)	2.58	%	2.62	%	2.53	%	2.53	%	2.56	%
Fully taxable-equivalent adjustment	0.01		0.01		0.01		0.01		0.01
Net interest margin, fully taxable-equivalent (non-GAAP) (2)	2.59	%	2.63	%	2.54	%	2.54	%	2.57	%

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

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

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

TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN


	Average Balance for nine months ended,				Interest for nine months ended,				Yield/Rate for nine months ended,
(Dollars in thousands)	Sep 30, 2021		Sep 30, 2020		Sep 30, 2021		Sep 30, 2020		Sep 30, 2021		Sep 30, 2020
Interest-bearing deposits with banks and cash equivalents (1)	$	4,399,217	$	2,692,678	$	4,352	$	7,361	0.13	%	0.37	%
Investment securities (2)	4,597,997		4,291,362		69,562		83,026		2.02		2.58
FHLB and FRB stock	136,028		128,611		5,291		5,116		5.20		5.31

Liquidity management assets (3)(4)	$	9,133,242	$	7,112,651	$	79,205	$	95,503	1.16	%	1.79	%
Other earning assets (3)(4)(5)	24,016		17,576		463		393		2.59		2.99
Mortgage loans held-for-sale	1,003,868		644,611		24,935		13,720		3.32		2.84
Loans, net of unearned income (3)(4)(6)	32,839,837		29,643,281		845,598		878,981		3.44		3.96


Total earning assets (4)	$	43,000,963	$	37,418,119	$	950,201	$	988,597	2.95	%	3.53	%
Allowance for loan and investment security losses	(294,033)		(240,467)
Cash and due from banks	420,874		339,968
Other assets	2,922,933		3,034,897
Total assets	$	46,050,737	$	40,552,517

NOW and interest-bearing demand deposits	$	3,626,819	$	3,291,176	$	2,404	$	6,569	0.09	%	0.27	%
Wealth management deposits	4,401,489		3,821,203		22,925		21,840		0.70		0.76
Money market accounts	9,639,370		8,686,171		8,002		42,748		0.11		0.66
Savings accounts	3,723,420		3,334,944		1,238		11,736		0.04		0.47
Time deposits	4,579,161		5,176,307		36,978		73,683		1.08		1.90
Interest-bearing deposits	$	25,970,259	$	24,309,801	$	71,547	$	156,576	0.37	%	0.86	%
Federal Home Loan Bank advances	1,234,929		1,131,823		14,658		13,241		1.59		1.56
Other borrowings	518,946		491,981		7,678		9,994		1.98		2.71
Subordinated notes	436,641		436,223		16,469		16,452		5.03		5.03
Junior subordinated debentures	253,566		253,566		8,172		8,266		4.25		4.28
Total interest-bearing liabilities	$	28,414,341	$	26,623,394	$	118,524	$	204,529	0.56	%	1.03	%
Non-interest-bearing deposits	12,300,931		8,947,639
Other liabilities	1,079,614		1,096,297
Equity	4,255,851		3,885,187
Total liabilities and shareholders’ equity	$	46,050,737	$	40,552,517
Interest rate spread (4)(7)									2.39	%	2.50	%
Less: Fully taxable-equivalent adjustment					(2,696)		(3,558)		(0.01)		(0.01)
Net free funds/contribution (8)	$	14,586,622	$	10,794,725					0.20		0.30
Net interest income/margin (GAAP) (4)					$	828,981	$	780,510	2.58	%	2.79	%
Fully taxable-equivalent adjustment					2,696		3,558		0.01		0.01
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)					$	831,677	$	784,068	2.59	%	2.80	%

(1)Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.

(3)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on a 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 ratio.

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

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

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

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

TABLE 8: INTEREST RATE SENSITIVITY

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

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


Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points
Sep 30, 2021	24.3	%	11.5	%	(7.8)	%
Jun 30, 2021	24.6		11.7		(6.9)
Mar 31, 2021	22.0		10.2		(7.2)
Dec 31, 2020	25.0		11.6		(7.9)
Sep 30, 2020	23.4		10.9		(8.1)


Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points
Sep 30, 2021	10.8	%	5.4	%	(3.8)	%
Jun 30, 2021	11.4		5.8		(3.3)
Mar 31, 2021	10.7		5.4		(3.6)
Dec 31, 2020	11.4		5.7		(3.3)
Sep 30, 2020	10.7		5.2		(3.5)

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES


	Loans repricing or maturity period
As of September 30, 2021	One year or less		From one to five years		Over five years
(In thousands)							Total
Commercial
Fixed rate	$	484,771	$	2,015,188	$	837,153	$	3,337,112
Fixed Rate - PPP	141,394		940,594		—		1,081,988
Variable rate	6,765,489		3,323		60		6,768,872
Total commercial	$	7,391,654	$	2,959,105	$	837,213	$	11,187,972
Commercial real estate
Fixed rate	558,728		2,201,827		493,256		3,253,811
Variable rate	5,607,888		24,015		—		5,631,903
Total commercial real estate	$	6,166,616	$	2,225,842	$	493,256	$	8,885,714
Home equity
Fixed rate	14,818		4,618		45		19,481
Variable rate	328,181		—		—		328,181
Total home equity	$	342,999	$	4,618	$	45	$	347,662
Residential real estate
Fixed rate	19,165		6,415		819,685		845,265
Variable rate	58,698		258,143		385,630		702,471
Total residential real estate	$	77,863	$	264,558	$	1,205,315	$	1,547,736
Premium finance receivables - commercial
Fixed rate	4,479,551		137,426		—		4,616,977
Variable rate	—		—		—		—
Total premium finance receivables - commercial	$	4,479,551	$	137,426	$	—	$	4,616,977
Premium finance receivables - life insurance
Fixed rate	9,046		438,568		21,813		469,427
Variable rate	6,186,026		—		—		6,186,026
Total premium finance receivables - life insurance	$	6,195,072	$	438,568	$	21,813	$	6,655,453
Consumer and other
Fixed rate	4,366		4,852		906		10,124
Variable rate	12,405		—		—		12,405
Total consumer and other	$	16,771	$	4,852	$	906	$	22,529

Total per category
Fixed rate	5,570,445		4,808,894		2,172,858		12,552,197
Fixed rate - PPP	141,394		940,594		—		1,081,988
Variable rate	18,958,687		285,481		385,690		19,629,858
Total loans, net of unearned income	$	24,670,526	$	6,034,969	$	2,558,548	$	33,264,043

Variable Rate Loan Pricing by Index:
Prime							$	2,989,860
One- month LIBOR							9,177,387
Three- month LIBOR							374,045
Twelve- month LIBOR							6,499,434
Thirty-day moving-average SOFR							174,768
Other							414,364
Total variable rate							$	19,629,858

LIBOR - London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to LIBOR indices which, as shown in the table above, do not mirror the same changes as the Prime rate which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has $9.2 billion of variable rate loans tied to one-month LIBOR and $6.5 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:


	Basis Point (bp) Change in
	Prime		1-month LIBOR		12-month LIBOR
Third Quarter 2021	0	bps	-2	bps	-1	bp
Second Quarter 2021	0		-1		-3
First Quarter 2021	0		-3		-6
Fourth Quarter 2020	0		-1		-2
Third Quarter 2020	0		-1		-19

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)	2021			2021			2021			2020			2020			2021			2020
Allowance for credit losses at beginning of period	$	304,121		$	321,308		$	379,969		$	388,971		$	373,174		$	379,969		$	158,461
Cumulative effect adjustment from the adoption of ASU 2016-13	—			—			—			—			—			—			47,418
Provision for credit losses	(7,916)			(15,299)			(45,347)			1,180			25,026			(68,562)			213,040

Other adjustments	(65)			34			31			155			55			—			24
Charge-offs:
Commercial	1,352			3,237			11,781			5,184			5,270			16,370			13,109
Commercial real estate	406			1,412			980			6,637			1,529			2,798			9,323
Home equity	59			142			—			683			138			201			1,378
Residential real estate	10			3			2			114			83			15			777
Premium finance receivables	1,390			2,077			3,239			4,214			4,640			6,706			11,258
Consumer and other	112			104			114			198			103			330			330

Total charge-offs	3,329			6,975			16,116			17,030			11,763			26,420			36,175
Recoveries:
Commercial	816			902			452			4,168			428			2,170			924
Commercial real estate	373			514			200			904			175			1,087			931
Home equity	313			328			101			77			111			742			451
Residential real estate	5			36			204			69			25			245			115
Premium finance receivables	1,728			3,239			1,782			1,445			1,720			6,749			3,663
Consumer and other	92			34			32			30			20			158			119

Total recoveries	3,327			5,053			2,771			6,693			2,479			11,151			6,203
Net charge-offs	(2)			(1,922)			(13,345)			(10,337)			(9,284)			(15,269)			(29,972)
Allowance for credit losses at period end	$	296,138		$	304,121		$	321,308		$	379,969		$	388,971		$	296,138		$	388,971

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial	0.02		%	0.08		%	0.37		%	0.03		%	0.16		%	0.16		%	0.15		%
Commercial real estate	0.00			0.04			0.04			0.27			0.06			0.03			0.14
Home equity	(0.28)			(0.20)			(0.10)			0.55			0.02			(0.19)			0.26
Residential real estate	0.00			(0.01)			(0.06)			0.02			0.02			(0.02)			0.07
Premium finance receivables	(0.01)			(0.04)			0.06			0.11			0.12			0.00			0.11
Consumer and other	0.26			0.69			0.57			0.78			0.49			0.54			0.41

Total loans, net of unearned income	0.00		%	0.02		%	0.17		%	0.13		%	0.12		%	0.06		%	0.14		%


Loans at period end	$	33,264,043		$	32,911,187		$	33,171,233		$	32,079,073		$	32,135,555
Allowance for loan losses as a percentage of loans at period end	0.75		%	0.79		%	0.84		%	1.00		%	1.01		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end	0.89			0.92			0.97			1.18			1.21
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans	0.92			0.98			1.08			1.29			1.35

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)	2021		2021		2021		2020		2020		2021		2020
Provision for loan losses	$	(12,410)	$	(14,731)	$	(28,351)	$	3,597	$	21,678	$	(55,492)	$	184,896
Provision for unfunded lending-related commitments losses	4,501		(558)		(17,035)		(2,413)		3,350		(13,092)		28,155
Provision for held-to-maturity securities losses	(7)		(10)		39		(4)		(2)		22		(11)
Provision for credit losses	$	(7,916)	$	(15,299)	$	(45,347)	$	1,180	$	25,026	$	(68,562)	$	213,040

Allowance for loan losses	$	248,612	$	261,089	$	277,709	$	319,374	$	325,959
Allowance for unfunded lending-related commitments losses	47,443		42,942		43,500		60,536		62,949
Allowance for loan losses and unfunded lending-related commitments losses	296,055		304,031		321,209		379,910		388,908
Allowance for held-to-maturity securities losses	83		90		99		59		63
Allowance for credit losses	$	296,138	$	304,121	$	321,308	$	379,969	$	388,971

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, 2021, June 30, 2021, and March 31, 2021.


	As of Sep 30, 2021						As of Jun 30, 2021						As of Mar 31, 2021
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other, excluding PPP loans	$	10,105,984	$	109,780	1.09	%	$	9,562,869	$	98,505	1.03	%	$	9,415,225	$	95,637	1.02	%
Commercial PPP loans	1,081,988		2		0.00		1,879,407		2		0.00		3,292,982		3		0.00
Commercial real estate:
Construction and development	1,343,715		34,101		2.54		1,385,249		38,550		2.78		1,353,324		45,327		3.35
Non-construction	7,541,999		105,934		1.40		7,293,120		119,972		1.65		7,191,455		136,465		1.90
Home equity	347,662		10,939		3.15		369,806		11,207		3.03		390,253		11,382		2.92
Residential real estate	1,547,736		16,272		1.05		1,530,285		15,684		1.02		1,421,973		14,242		1.00


Premium finance receivables
Commercial insurance loans	4,616,977		17,996		0.39		4,521,871		19,346		0.43		3,958,543		16,945		0.43
Life insurance loans	6,655,453		579		0.01		6,359,556		553		0.01		6,111,495		532		0.01
Consumer and other	22,529		452		2.01		9,024		212		2.35		35,983		676		1.88









Total loans, net of unearned income	$	33,264,043	$	296,055	0.89	%	$	32,911,187	$	304,031	0.92	%	$	33,171,233	$	321,209	0.97	%
Total loans, net of unearned income, excluding PPP loans	$	32,182,055	$	296,053	0.92	%	$	31,031,780	$	304,029	0.98	%	$	29,878,251	$	321,206	1.08	%

Total core loans (1)	$	18,690,730	$	257,788	1.38	%	$	17,989,306	$	267,999	1.49	%	$	17,492,767	$	283,505	1.62	%
Total niche loans (1)	13,491,325		38,265		0.28		13,042,474		36,030		0.28		12,385,484		37,701		0.30
Total PPP loans	1,081,988		2		0.00		1,879,407		2		0.00		3,292,982		3		0.00

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

TABLE 13: LOAN PORTFOLIO AGING


(Dollars in thousands)	Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020
Loan Balances:
Commercial
Nonaccrual	$	26,468	$	23,232	$	22,459	$	21,743	$	42,036
90+ days and still accruing	—		1,244		—		307		—
60-89 days past due	9,768		5,204		13,292		6,900		2,168
30-59 days past due	25,224		18,478		35,541		44,381		48,271
Current	11,126,512		11,394,118		12,636,915		11,882,636		12,184,524
Total commercial	$	11,187,972	$	11,442,276	$	12,708,207	$	11,955,967	$	12,276,999
Commercial real estate
Nonaccrual	$	23,706	$	26,035	$	34,380	$	46,107	$	68,815
90+ days and still accruing	—		—		—		—		—
60-89 days past due	5,395		4,382		8,156		5,178		8,299
30-59 days past due	79,818		19,698		70,168		32,116		53,462
Current	8,776,795		8,628,254		8,432,075		8,410,731		8,292,566
Total commercial real estate	$	8,885,714	$	8,678,369	$	8,544,779	$	8,494,132	$	8,423,142
Home equity
Nonaccrual	$	3,449	$	3,478	$	5,536	$	6,529	$	6,329
90+ days and still accruing	164		—		—		—		—
60-89 days past due	340		301		492		47		70
30-59 days past due	867		777		780		637		1,148
Current	342,842		365,250		383,445		418,050		438,727
Total home equity	$	347,662	$	369,806	$	390,253	$	425,263	$	446,274
Residential real estate
Nonaccrual	$	22,633	$	23,050	$	21,553	$	26,071	$	22,069
90+ days and still accruing	—		—		—		—		—
60-89 days past due	1,540		1,584		944		1,635		814
30-59 days past due	1,076		2,139		13,768		12,584		2,443
Current	1,522,487		1,503,512		1,385,708		1,219,308		1,359,484
Total residential real estate	$	1,547,736	$	1,530,285	$	1,421,973	$	1,259,598	$	1,384,810
Premium finance receivables
Nonaccrual	$	7,300	$	6,418	$	9,690	$	13,264	$	21,080
90+ days and still accruing	5,811		3,570		4,783		12,792		12,177
60-89 days past due	15,804		7,759		5,113		27,801		38,286
30-59 days past due	21,654		32,758		31,373		49,274		80,732
Current	11,221,861		10,830,922		10,019,079		9,808,794		9,396,701
Total premium finance receivables	$	11,272,430	$	10,881,427	$	10,070,038	$	9,911,925	$	9,548,976
Consumer and other
Nonaccrual	$	384	$	485	$	497	$	436	$	422
90+ days and still accruing	126		178		161		264		175
60-89 days past due	16		22		8		24		273
30-59 days past due	125		75		74		136		493
Current	21,878		8,264		35,243		31,328		53,991
Total consumer and other	$	22,529	$	9,024	$	35,983	$	32,188	$	55,354
Total loans, net of unearned income
Nonaccrual	$	83,940	$	82,698	$	94,115	$	114,150	$	160,751
90+ days and still accruing	6,101		4,992		4,944		13,363		12,352
60-89 days past due	32,863		19,252		28,005		41,585		49,910
30-59 days past due	128,764		73,925		151,704		139,128		186,549
Current	33,012,375		32,730,320		32,892,465		31,770,847		31,725,993
Total loans, net of unearned income	$	33,264,043	$	32,911,187	$	33,171,233	$	32,079,073	$	32,135,555

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


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(Dollars in thousands)	2021			2021			2021			2020			2020
Loans past due greater than 90 days and still accruing (1):
Commercial	$	—		$	1,244		$	—		$	307		$	—
Commercial real estate	—			—			—			—			—
Home equity	164			—			—			—			—
Residential real estate	—			—			—			—			—
Premium finance receivables	5,811			3,570			4,783			12,792			12,177
Consumer and other	126			178			161			264			175
Total loans past due greater than 90 days and still accruing	6,101			4,992			4,944			13,363			12,352
Non-accrual loans:
Commercial	26,468			23,232			22,459			21,743			42,036
Commercial real estate	23,706			26,035			34,380			46,107			68,815
Home equity	3,449			3,478			5,536			6,529			6,329
Residential real estate	22,633			23,050			21,553			26,071			22,069
Premium finance receivables	7,300			6,418			9,690			13,264			21,080
Consumer and other	384			485			497			436			422
Total non-accrual loans	83,940			82,698			94,115			114,150			160,751
Total non-performing loans:
Commercial	26,468			24,476			22,459			22,050			42,036
Commercial real estate	23,706			26,035			34,380			46,107			68,815
Home equity	3,613			3,478			5,536			6,529			6,329
Residential real estate	22,633			23,050			21,553			26,071			22,069
Premium finance receivables	13,111			9,988			14,473			26,056			33,257
Consumer and other	510			663			658			700			597
Total non-performing loans	$	90,041		$	87,690		$	99,059		$	127,513		$	173,103
Other real estate owned	9,934			10,510			8,679			9,711			2,891
Other real estate owned - from acquisitions	3,911			5,062			7,134			6,847			6,326
Other repossessed assets	—			—			—			—			—
Total non-performing assets	$	103,886		$	103,262		$	114,872		$	144,071		$	182,320

Accruing TDRs not included within non-performing assets	$	38,468		$	44,019		$	46,151		$	47,023		$	46,410

Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.24		%	0.21		%	0.18		%	0.18		%	0.34		%
Commercial real estate	0.27			0.30			0.40			0.54			0.82
Home equity	1.04			0.94			1.42			1.54			1.42
Residential real estate	1.46			1.51			1.52			2.07			1.59
Premium finance receivables	0.12			0.09			0.14			0.26			0.35
Consumer and other	2.26			7.35			1.83			2.17			1.08
Total loans, net of unearned income	0.27		%	0.27		%	0.30		%	0.40		%	0.54		%
Total non-performing assets as a percentage of total assets	0.22		%	0.22		%	0.25		%	0.32		%	0.42		%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans	352.70		%	367.64		%	341.29		%	332.82		%	241.93		%

(1)As of September 30, 2021 and June 30, 2021, $445,000 and $320,000, respectively, of TDRs were past due greater than 90 days and still accruing interest. No TDRs as of March 31, 2021, December 31, 2020, and September 30, 2020 were past due greater than 90 days and still accruing interest.

Non-performing Loans Rollforward


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

Balance at beginning of period	$	87,690		$	99,059		$	127,513		$	173,103		$	188,284	$	127,513	$	117,588
Additions from becoming non-performing in the respective period	9,341			12,762			9,894			13,224			19,771		31,997		72,769
Additions from the adoption of ASU 2016-13	—			—			—			—			—		—		37,285
Return to performing status	(3,322)			—			(654)			(1,000)			(6,202)		(3,976)		(9,254)
Payments received	(5,568)			(12,312)			(22,731)			(30,146)			(3,733)		(40,611)		(22,883)
Transfer to OREO and other repossessed assets	(720)			(3,660)			(1,372)			(12,662)			(598)		(5,752)		(1,895)
Charge-offs, net	(548)			(4,684)			(2,952)			(7,817)			(6,583)		(8,184)		(22,018)
Net change for niche loans (1)	3,168			(3,475)			(10,639)			(7,189)			(17,836)		(10,946)		1,511
Balance at end of period	$	90,041		$	87,690		$	99,059		$	127,513		$	173,103	$	90,041	$	173,103

(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)	2021		2021		2021		2020		2020
Accruing TDRs:
Commercial	$	4,532	$	6,911	$	7,536	$	7,699	$	7,863
Commercial real estate	8,385		9,659		9,478		10,549		10,846
Residential real estate and other	25,551		27,449		29,137		28,775		27,701
Total accrual	$	38,468	$	44,019	$	46,151	$	47,023	$	46,410
Non-accrual TDRs: (1)
Commercial	$	3,079	$	4,104	$	5,583	$	10,491	$	13,132
Commercial real estate	3,239		3,434		1,309		6,177		13,601
Residential real estate and other	3,685		4,190		3,540		4,501		5,392
Total non-accrual	$	10,003	$	11,728	$	10,432	$	21,169	$	32,125
Total TDRs:
Commercial	$	7,611	$	11,015	$	13,119	$	18,190	$	20,995
Commercial real estate	11,624		13,093		10,787		16,726		24,447
Residential real estate and other	29,236		31,639		32,677		33,276		33,093
Total TDRs	$	48,471	$	55,747	$	56,583	$	68,192	$	78,535

(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)	2021		2021		2021		2020		2020
Balance at beginning of period	$	15,572	$	15,813	$	16,558	$	9,217	$	10,197
Disposals/resolved	(1,949)		(3,152)		(2,162)		(3,839)		(1,532)
Transfers in at fair value, less costs to sell	315		3,660		1,587		11,508		777
Additions from acquisition	—		—		—		—		—
Fair value adjustments	(93)		(749)		(170)		(328)		(225)
Balance at end of period	$	13,845	$	15,572	$	15,813	$	16,558	$	9,217

	Period End
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
Balance by Property Type:	2021		2021		2021		2020		2020
Residential real estate	$	1,592	$	1,952	$	2,713	$	2,324	$	1,839
Residential real estate development	934		1,030		1,287		1,691		—
Commercial real estate	11,319		12,590		11,813		12,543		7,378
Total	$	13,845	$	15,572	$	15,813	$	16,558	$	9,217

TABLE 15: NON-INTEREST INCOME


	Three Months Ended										Q3 2021 compared to Q2 2021				Q3 2021 compared to Q3 2020
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(Dollars in thousands)	2021		2021		2021		2020		2020		$ Change		% Change		$ Change		% Change
Brokerage	$	5,230	$	5,148	$	5,040	$	4,740	$	4,563	$	82	2	%	$	667	15	%
Trust and asset management	26,301		25,542		24,269		22,062		20,394		759		3		5,907		29
Total wealth management	31,531		30,690		29,309		26,802		24,957		841		3		6,574		26
Mortgage banking	55,794		50,584		113,494		86,819		108,544		5,210		10		(52,750)		(49)
Service charges on deposit accounts	14,149		13,249		12,036		11,841		11,497		900		7		2,652		23
(Losses) gains on investment securities, net	(2,431)		1,285		1,154		1,214		411		(3,716)		NM		(2,842)		NM
Fees from covered call options	1,157		1,388		—		—		—		(231)		(17)		1,157		NM
Trading gains (losses), net	58		(438)		419		(102)		183		496		NM		(125)		(68)
Operating lease income, net	12,807		12,240		14,440		12,118		11,717		567		5		1,090		9
Other:
Interest rate swap fees	4,868		2,820		2,488		4,930		4,029		2,048		73		839		21
BOLI	2,154		1,342		1,124		2,846		1,218		812		61		936		77
Administrative services	1,359		1,228		1,256		1,263		1,077		131		11		282		26
Foreign currency remeasurement gains (losses)	77		(782)		99		(208)		(54)		859		NM		131		NM
Early pay-offs of capital leases	209		195		(52)		118		165		14		7		44		27
Miscellaneous	14,742		15,572		10,739		10,720		6,849		(830)		(5)		7,893		NM
Total Other	23,409		20,375		15,654		19,669		13,284		3,034		15		10,125		76
Total Non-Interest Income	$	136,474	$	129,373	$	186,506	$	158,361	$	170,593	$	7,101	5	%	$	(34,119)	(20)	%

NM - Not meaningful.


	Nine Months Ended
	Sep 30,		Sep 30,		$		%
(Dollars in thousands)	2021		2020		Change		Change
Brokerage	$	15,418	$	13,991	$	1,427	10	%
Trust and asset management	76,112		59,543		16,569		28
Total wealth management	91,530		73,534		17,996		24
Mortgage banking	219,872		259,194		(39,322)		(15)
Service charges on deposit accounts	39,434		33,182		6,252		19
Gains (losses) on investment securities, net	8		(3,140)		3,148		NM
Fees from covered call options	2,545		2,292		253		11
Trading gains (losses), net	39		(902)		941		NM
Operating lease income, net	39,487		35,486		4,001		11
Other:
Interest rate swap fees	10,176		15,788		(5,612)		(36)
BOLI	4,620		1,884		2,736		NM
Administrative services	3,843		3,122		721		23
Foreign currency remeasurement loss	(606)		(413)		(193)		47
Early pay-offs of leases	352		514		(162)		(32)
Miscellaneous	41,053		25,287		15,766		62
Total Other	59,438		46,182		13,256		29
Total Non-Interest Income	$	452,353	$	445,828	$	6,525	1	%

NM - Not meaningful.

TABLE 16: MORTGAGE BANKING


	Three Months Ended															Nine Months Ended
(Dollars in thousands)	Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Sep 30, 2021			Sep 30, 2020
Originations:
Retail originations	$	1,153,265		$	1,328,721		$	1,641,664		$	1,757,093		$	1,590,699		$	4,123,650		$	3,952,775

Veterans First originations	405,663			395,290			580,303			594,151			635,876			1,381,256			1,700,711
Total originations for sale (A)	$	1,558,928		$	1,724,011		$	2,221,967		$	2,351,244		$	2,226,575		$	5,504,906		$	5,653,486
Originations for investment	181,886			249,749			321,858			192,107			73,711			753,493			204,392
Total originations	$	1,740,814		$	1,973,760		$	2,543,825		$	2,543,351		$	2,300,286		$	6,258,399		$	5,857,878

Retail originations as percentage of originations for sale	74		%	77		%	74		%	75		%	71		%	75		%	70		%
Veterans First originations as a percentage of originations for sale	26			23			26			25			29			25			30


Purchases as a percentage of originations for sale	56		%	53		%	27		%	35		%	41		%	43		%	36		%
Refinances as a percentage of originations for sale	44			47			73			65			59			57			64




Production Margin:


Production revenue (B) (1)	$	39,247		$	37,531		$	71,282		$	70,886		$	94,148		$	148,060		$	236,908




Total originations for sale (A)	$	1,558,928		$	1,724,011		$	2,221,967		$	2,351,244		$	2,226,575		$	5,504,906		$	5,653,486
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)	510,982			605,400			798,534			1,072,717			1,544,234			510,982			1,544,234
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)	605,400			798,534			1,072,717			1,544,234			1,275,648			1,072,717			372,357
Total mortgage production volume (C)	$	1,464,510		$	1,530,877		$	1,947,784		$	1,879,727		$	2,495,161		$	4,943,171		$	6,825,363


Production margin (B / C)	2.68		%	2.45		%	3.66		%	3.77		%	3.77		%	3.00		%	3.47		%

Mortgage Servicing:
Loans serviced for others (D)	$	12,720,126		$	12,307,337		$	11,530,676		$	10,833,135		$	10,139,878
MSRs, at fair value (E)	133,552			127,604			124,316			92,081			86,907
Percentage of MSRs to loans serviced for others (E / D)	1.05		%	1.04		%	1.08		%	0.85		%	0.86		%
Servicing income	$	10,454		$	9,830		$	9,636		$	9,829		$	8,118		$	29,920		$	22,057

Components of MSR:
MSR - current period capitalization	$	15,546		$	17,512		$	24,616		$	20,343		$	20,936		$	57,674		$	50,734
MSR - collection of expected cash flows - paydowns	(1,036)			(991)			(728)			(688)			(590)			(2,755)			(1,556)
MSR - collection of expected cash flows - payoffs	(7,558)			(7,549)			(9,440)			(8,335)			(7,272)			(24,547)			(22,000)
Valuation:
MSR - changes in fair value model assumptions	(888)			(5,540)			18,045			(5,223)			(3,002)			11,617			(25,541)
Gain on derivative contract held as an economic hedge, net	—			—			—			—			—			—			4,749
MSR valuation adjustment, net of gain on derivative contract held as an economic hedge	$	(888)		$	(5,540)		$	18,045		$	(5,223)		$	(3,002)		$	11,617		$	(20,792)

Summary of Mortgage Banking Revenue:
Production revenue (1)	$	39,247		$	37,531		$	71,282		$	70,886		$	94,148		$	148,060		$	236,908
Servicing income	10,454			9,830			9,636			9,829			8,118			29,920			22,057
MSR activity	6,064			3,432			32,493			6,097			10,072			41,989			6,386
Other	29			(209)			83			7			(3,794)			(97)			(6,157)
Total mortgage banking revenue	$	55,794		$	50,584		$	113,494		$	86,819		$	108,544		$	219,872		$	259,194

(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 2021 compared to Q2 2021				Q3 2021 compared to Q3 2020
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
(Dollars in thousands)	2021		2021		2021		2020		2020		$ Change		% Change		$ Change		% Change
Salaries and employee benefits:
Salaries	$	88,161	$	91,089	$	91,053	$	93,535	$	89,849	$	(2,928)	(3)	%	$	(1,688)	(2)	%
Commissions and incentive compensation	57,026		53,751		61,367		52,383		48,475		3,275		6		8,551		18
Benefits	25,725		27,977		28,389		25,198		25,718		(2,252)		(8)		7		—
Total salaries and employee benefits	170,912		172,817		180,809		171,116		164,042		(1,905)		(1)		6,870		4
Software and equipment	22,029		20,866		20,912		20,565		17,251		1,163		6		4,778		28
Operating lease equipment depreciation	10,013		9,949		10,771		9,938		9,425		64		1		588		6
Occupancy, net	18,158		17,687		19,996		19,687		15,830		471		3		2,328		15
Data processing	7,104		6,920		6,048		5,728		5,689		184		3		1,415		25
Advertising and marketing	13,443		11,305		8,546		9,850		7,880		2,138		19		5,563		71
Professional fees	7,052		7,304		7,587		6,530		6,488		(252)		(3)		564		9
Amortization of other intangible assets	1,877		2,039		2,007		2,634		2,701		(162)		(8)		(824)		(31)
FDIC insurance	6,750		6,405		6,558		7,016		6,772		345		5		(22)		—
OREO expense, net	(1,531)		769		(251)		(114)		(168)		(2,300)		NM		(1,363)		NM
Other:
Commissions - 3rd party brokers	884		889		846		764		778		(5)		(1)		106		14
Postage	2,018		1,900		1,743		1,849		1,529		118		6		489		32
Miscellaneous	23,435		21,262		21,317		26,304		26,002		2,173		10		(2,567)		(10)
Total other	26,337		24,051		23,906		28,917		28,309		2,286		10		(1,972)		(7)
Total Non-Interest Expense	$	282,144	$	280,112	$	286,889	$	281,867	$	264,219	$	2,032	1	%	$	17,925	7	%

NM - Not meaningful.


	Nine Months Ended
	Sep 30,		Sep 30,		$		%
(Dollars in thousands)	2021		2020		Change		Change
Salaries and employee benefits:
Salaries	$	270,303	$	258,240	$	12,063	5	%
Commissions and incentive compensation	172,144		126,201		45,943		36
Benefits	82,091		70,519		11,572		16
Total salaries and employee benefits	524,538		454,960		69,578		15
Software and equipment	63,807		47,931		15,876		33
Operating lease equipment depreciation	30,733		27,977		2,756		10
Occupancy, net	55,841		50,270		5,571		11
Data processing	20,072		24,468		(4,396)		(18)
Advertising and marketing	33,294		26,446		6,848		26
Professional fees	21,943		20,896		1,047		5
Amortization of other intangible assets	5,923		8,384		(2,461)		(29)
FDIC insurance	19,713		17,988		1,725		10
OREO expense, net	(1,013)		(807)		(206)		NM
Other:
Commissions - 3rd party brokers	2,619		2,350		269		11
Postage	5,661		5,069		592		12
Miscellaneous	66,014		72,296		(6,282)		(9)
Total other	74,294		79,715		(5,421)		(7)
Total Non-Interest Expense	$	849,145	$	758,228	$	90,917	12	%

NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, pre-tax income, excluding provision for credit losses, and pre-tax income, excluding provision for credit losses, adjusted for net charge-offs. 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 net charge-offs, as a useful measurement 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)	2021			2021			2021			2020			2020			2021			2020
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	322,457		$	319,579		$	305,469		$	307,981		$	311,156		$	947,505		$	985,039
Taxable-equivalent adjustment:
- Loans	411			415			384			324			481			1,210			1,917
- Liquidity Management Assets	492			494			500			530			546			1,486			1,635
- Other Earning Assets	—			—			—			3			1			—			6
(B) Interest Income (non-GAAP)	$	323,360		$	320,488		$	306,353		$	308,838		$	312,184		$	950,201		$	988,597
(C) Interest Expense (GAAP)	34,961			39,989			43,574			48,584			55,220			118,524			204,529
(D) Net Interest Income (GAAP) (A minus C)	$	287,496		$	279,590		$	261,895		$	259,397		$	255,936		$	828,981		$	780,510
(E) Net Interest Income (non-GAAP) (B minus C)	$	288,399		$	280,499		$	262,779		$	260,254		$	256,964		$	831,677		$	784,068
Net interest margin (GAAP)	2.58		%	2.62		%	2.53		%	2.53		%	2.56		%	2.58		%	2.79		%
Net interest margin, fully taxable-equivalent (non-GAAP)	2.59			2.63			2.54			2.54			2.57			2.59			2.80
(F) Non-interest income	$	136,474		$	129,373		$	186,506		$	158,361		$	170,593		$	452,353		$	445,828
(G) (Losses) gains on investment securities, net	(2,431)			1,285			1,154			1,214			411			8			(3,140)
(H) Non-interest expense	282,144			280,112			286,889			281,867			264,219			849,145			758,228
Efficiency ratio (H/(D+F-G))	66.17		%	68.71		%	64.15		%	67.67		%	62.01		%	66.27		%	61.67		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	66.03			68.56			64.02			67.53			61.86			66.13			61.49

Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	4,410,317		$	4,339,011		$	4,252,511		$	4,115,995		$	4,074,089

Less: Non-convertible preferred stock (GAAP)	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
Less: Intangible assets (GAAP)	(675,910)			(678,333)			(680,052)			(681,747)			(683,314)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	3,321,907		$	3,248,178		$	3,159,959		$	3,021,748		$	2,978,275
(J) Total assets (GAAP)	$	47,832,271		$	46,738,450		$	45,682,202		$	45,080,768		$	43,731,718
Less: Intangible assets (GAAP)	(675,910)			(678,333)			(680,052)			(681,747)			(683,314)
(K) Total tangible assets (non-GAAP)	$	47,156,361		$	46,060,117		$	45,002,150		$	44,399,021		$	43,048,404
Common equity to assets ratio (GAAP) (L/J)	8.4		%	8.4		%	8.4		%	8.2		%	8.4		%
Tangible common equity ratio (non-GAAP) (I/K)	7.0			7.1			7.0			6.8			6.9


	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)	2021			2021			2021			2020			2020			2021			2020
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,410,317		$	4,339,011		$	4,252,511		$	4,115,995		$	4,074,089
Less: Preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)
(L) Total common equity	$	3,997,817		$	3,926,511		$	3,840,011		$	3,703,495		$	3,661,589
(M) Actual common shares outstanding	56,956			57,067			57,023			56,770			57,602
Book value per common share (L/M)	$	70.19		$	68.81		$	67.34		$	65.24		$	63.57
Tangible book value per common share (non-GAAP) (I/M)	58.32			56.92			55.42			53.23			51.70

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	102,146		$	98,118		$	146,157		$	94,213		$	97,029		$	346,421		$	177,400
Add: Intangible asset amortization	1,877			2,039			2,007			2,634			2,701			5,923			8,384
Less: Tax effect of intangible asset amortization	(509)			(553)			(522)			(656)			(589)			(1,576)			(2,079)
After-tax intangible asset amortization	$	1,368		$	1,486		$	1,485		$	1,978		$	2,112		$	4,347		$	6,305
(O) Tangible net income applicable to common shares (non-GAAP)	$	103,514		$	99,604		$	147,642		$	96,191		$	99,141		$	350,768		$	183,705
Total average shareholders’ equity	$	4,343,915		$	4,256,778		$	4,164,890		$	4,050,286		$	4,034,902		$	4,255,851		$	3,885,187
Less: Average preferred stock	(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(412,500)			(270,849)
(P) Total average common shareholders’ equity	$	3,931,415		$	3,844,278		$	3,752,390		$	3,637,786		$	3,622,402		$	3,843,351		$	3,614,338
Less: Average intangible assets	(677,201)			(679,535)			(680,805)			(682,290)			(684,717)			(679,167)			(687,331)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	3,254,214		$	3,164,743		$	3,071,585		$	2,955,496		$	2,937,685		$	3,164,184		$	2,927,007
Return on average common equity, annualized (N/P)	10.31		%	10.24		%	15.80		%	10.30		%	10.66		%	12.05		%	6.56		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	12.62			12.62			19.49			12.95			13.43			14.82			8.38

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income, Adjusted for Net Charge-offs:
Income before taxes	$	149,742		$	144,150		$	206,859		$	134,711		$	137,284		$	500,751		$	255,070
Add: Provision for credit losses	(7,916)			(15,299)			(45,347)			1,180			25,026			(68,562)			213,040
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	141,826		$	128,851		$	161,512		$	135,891		$	162,310		$	432,189		$	468,110
Less: Net charge-offs	(2)			(1,922)			(13,345)			(10,337)			(9,284)			(15,269)			(29,972)
Pre-tax income, excluding provision for credit losses, adjusted for net charge-offs (non-GAAP)	$	141,824		$	126,929		$	148,167		$	125,554		$	153,026		$	416,920		$	438,138

WINTRUST SUBSIDIARIES AND LOCATIONS

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

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

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

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

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

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

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

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

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

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

•Wintrust Asset Finance offers direct leasing opportunities.

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

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, such as the impacts of the COVID-19 pandemic (including the emergence of variant strains), and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2020 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form

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

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

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

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

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

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

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

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

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

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

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

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

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

•a prolonged period of near zero interest rates or potentially negative 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 “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 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; and

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

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 20, 2021 at 11:00 a.m. (Central Time) regarding third quarter and year-to-date 2021 results. Individuals interested in listening should call (877) 363-5049 and enter Conference ID #2695417. A simultaneous audio-only webcast and replay of the conference call as well as an accompanying slide presentation may be accessed via the Company’s website at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the third quarter and year-to-date 2021 earnings press release will be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

Earnings Release Presentation Q3 2021 Wintrust Financial Corporation

2 Our core fundamentals were strong, with robust loan and deposit growth, increased net interest income despite significant PPP loan reductions, record wealth management revenue, strong mortgage revenues, improved net overhead and efficiency ratios compared to the prior quarter, strong loan pipelines and very good credit quality metrics. Q3 2021 Summary

3 ROA3 • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $1.2 billion, or 15% on an annualized basis. • Total deposits increased by $1.1 billion. • Net interest income increased by $7.9 million as compared to the second quarter of 2021 as follows: ◦ Increased $16.3 million primarily due to earning asset growth and a nine basis point decline in deposit costs. ◦ Increased $3.0 million due to one additional day in the quarter. ◦ Decreased by $11.4 million due to $3.6 million of less PPP interest income and $7.8 million of less PPP fee income. • Net interest margin decreased by four basis points primarily due to increased liquidity. • Recorded a negative provision for credit losses of $7.9 million in the third quarter of 2021 as compared to a negative provision for credit losses of $15.3 million in the second quarter of 2021. • Recorded no material net charge-offs in the third quarter of 2021 as compared to very minimal net charge-offs of $1.9 million in the second quarter of 2021. • Repurchased 134,062 shares of our common stock at a cost of $9.5 million, or an average price of $71.13 per share. • Tangible book value per common share (non-GAAP) increased to $58.32 as compared to $56.92 as of June 30, 2021.5 $33.3 billion $1.77 Q3 2021 Highlights Other items of note from the Third Quarter 2021 Performance Highlights (Q3 2021) $109.1 million Net Income Diluted EPS1 0.92% ROA3 10.31% ROE4 $47.8 billion Total Assets Total Loans $40.0 billion Total Deposits +$1.1 billion Total Assets +$0.4 billion +$1.1 billion Total Loans Total Deposits +$4.0 million Net Income +$0.07 Diluted EPS1 0 bps2 +7 bps2 ROE4 1.22% 66.03% Net Overhead Ratio Efficiency Ratio (Non-GAAP5) -253 bps2 Efficiency Ratio (Non-GAAP5) -10 bps2 Net Overhead Ratio Third Quarter 2021 Highlights as compared to Second Quarter 2021vs. Q2 2021 As of 9/30/2021 vs. 6/30/2021 66.17% Efficiency Ratio (GAAP) -254 bps2 Efficiency Ratio (GAAP) 4 ROE: Return on Average Common Equity 1 Diluted EPS: Net Income Per Common Share - Diluted 3 ROA: Return on Average Assets 5See Non-GAAP reconciliation on pg. 23 2 Bps: Basis Points

4 Earnings Summary Net Income & ROA ($ in Millions) Diluted EPS Key Observations Condensed Income Statement Current Q Difference vs.Current Q • Pre-Provision Net Revenue increased by $15.5 million compared to the prior quarter and $10.8 million as compared to Q3 2020 • $107.3 $101.2 $153.1 $105.1 $109.1 0.99% 0.92% 1.38% 0.92% 0.92% Net Income ROA Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 $1.67 $1.63 $2.54 $1.70 $1.77 Diluted EPS Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Pre-Tax Income, excluding Provision for Credit Losses - 5 Quarter Trend (Non-GAAP1) ($ in Millions) $162.3 $135.9 $161.5 $128.9 $141.8 Pre-Tax Income, excluding Provision for Credit Losses Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 1 See Non-GAAP reconciliation on pg. 24 Thousands ($) Q3 2021 Q2 2021 Q3 2020 Net Interest Income $287,496 $7,906 $31,560 Non-Interest Income $136,474 $7,101 $(34,119) Net Revenue $423,970 $15,007 $(2,559) Non-Interest Expense $282,144 $2,032 $17,925 Pre-Provision Net Revenue $141,826 $12,975 $(20,484) Provision For Credit Losses $(7,916) $7,383 $(32,942) Income Before Taxes $149,742 $5,592 $12,458 Income Tax Expense $40,605 $1,564 $10,636 Net Income $109,137 $4,028 $1,822 Preferred Stock Dividends $6,991 $— $(3,295) Net Income Available to Common Shares $102,146 $4,028 $5,117 Diluted EPS $1.77 $0.07 $0.10 ROA 0.92% 0 bps -7 bps ROE 10.31% 7 bps -35 bps 2 ### 1 Q3 2020 had a $9.0 million state income tax benefit.

5 30% 3% 27% 1% 5% 14% 20% Commercial excl. PPP Commercial PPP Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables - Commercial Premium Finance Receivables - Life Insurance • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $1.2 billion, as compared to June 30, 2021, primarily due to a $543 million increase in commercial loans excluding PPP, a $296 million increase in premium finance receivables - life insurance and a $207 million increase in commercial real estate. • Total period end loans, excluding PPP loans, as of September 30, 2021 were $672 million higher than average total loans, excluding PPP loans, in the third quarter of 2021. • Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.4 billion to $1.5 billion at September 30, 2021, as compared to $1.2 billion to $1.3 billion at June 30, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $900 million to $1.0 billion at September 30, 2021, as compared to $700 million to $800 million at June 30, 2021. $32,911 $(797) $543 $207 $95 $296 $9 $33,264 6/30/2021 Commercial PPP All Other Commercial Commercial Real Estate Premium Finance Receivables - Commercial Insurance Premium Finance Receivables - Life Insurance All Other Loans 9/30/2021 Loan Portfolio Total Loans ($ in Billions) Total Loans as of 9/30/2021 vs. 6/30/2021 ($ in Millions) Key Observations $32.1 $32.1 $33.2 $32.9 $33.3 $28.7 $29.4 $29.9 $31.0 $32.2 3.53% 3.51% 3.43% 3.46% 3.44% Total Loans Total Loans excl. PPP Average Total Loan Yield 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Year-over-Year Change $1.1B or 4% in Total Loans, $3.4B or 12% in Total Loans excl. PPP loans Loan Composition (as of 9/30/2021)

6 • Total deposits increased by $1.1 billion from the prior quarter end. The increase in deposits includes a $914 million increase in money market deposits and a $459 million increase in non-interest bearing deposits. Non-interest bearing deposits comprise 33% of total deposits as of September 30, 2021. • Rate paid on average interest-bearing deposits decreased 9 basis points from the prior quarter. • The loans to deposits ratio ended the current quarter at 83.3% as compared to 84.8% at prior quarter end. $38,805 $459 $144 $(221) $914 $85 $(233) $39,953 6/30/2021 Non-Interest-B earing NOW and Interest-B earing DDA Wealth Management Deposits Money Market Savings Time Certific ates of Deposit 9/30/2021 Deposit Portfolio Total Deposits ($ in Billions) Total Deposits as of 9/30/2021 vs. 6/30/2021 ($ in Millions)Deposit Composition (as of 9/30/2021) Key Observations $35.8 $37.1 $37.9 $38.8 $40.0 0.61% 0.51% 0.45% 0.38% 0.29% Total Deposits Rate Paid on Average Total Interest-Bearing Deposits 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 33% 9% 11% 27% 10% 10% Non-Interest-Bearing NOW and Interest-Bearing DDA Wealth Management Deposits Money Market Savings Time Certificates of Deposit Year-over-Year Change $4.1B or 11%

7 Liquidity • We continue to maintain excess liquidity and believe that deploying such liquidity could potentially increase our net interest margin and net interest income. • We remain well positioned to benefit from a higher rate environment and are monitoring the available market returns on investments. We will be prudent in our decision making. Key Observations Total Average Interest-Bearing Deposits with Banks and Cash Equivalents as a Percentage of Total Average Earning Assets ($ in Billions) $3.4 $4.4 $4.2 $3.8 $5.1 $3.8 $4.8 $3.3 $4.7 $5.2 0.14% 0.12% 0.11% 0.12% 0.16% Average Balance End of Period Balance Yield Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Interest-Bearing Deposits with Banks and Cash Equivalents ($ in Billions) $39.8 $40.7 $41.9 $42.9 $44.2 $3.4 $4.4 $4.2 $3.8 $5.1 8.6% 10.8% 10.1% 9.0% 11.6% Total Average Earning Assets Total Average Interest-Bearing Deposits with Banks and Cash Equivalents Total Average Interest-Bearing Deposits with Banks and Cash Equivalents as a % of Total Average Earning Assets Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Investment Securities ($ in Billions) $3.8 $3.5 $3.9 $4.8 $5.1 $3.6 $3.7 $4.7 $4.8 $5.2 2.35% 2.11% 2.03% 2.03% 2.01% Average Balance End of Period Balance Yield Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021

8 7.0% 8.5% 10.5% 4.50% 6.00% 8.00% 2.50% 2.50% 2.50% 8.8% 9.9% 12.1% Minimum Requirement Capital Conservation Buffer WTFC 12.4% 0.2% (0.5)% 12.1% 6/30/2021 Retained Earnings and other equity changes Change in RWA 9/30/2021 Capital Q3 2021 Key Observations Strong Capital Levels • Common Equity Tier 1 Capital and Total Capital ratios decreased primarily due to risk-weighted asset growth in Q3 2021. • Q3 2021 dividend of $0.31 per common share increased 11% from Q3 2020. • Tangible book value per common share increased $1.40 from the prior quarter-end and increased $6.62 or 12.8% from Q3 2020. Capital Adequacy1 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Common equity tier 1 capital ratio1 9.0% 8.8% 9.0% 9.0% 8.8% Tier 1 capital ratio1 10.2% 10.0% 10.2% 10.1% 9.9% Total capital ratio1 12.9% 12.6% 12.6% 12.4% 12.1% Tier 1 leverage ratio1 8.2% 8.1% 8.2% 8.2% 8.1% Tangible book value per common share (Non-GAAP2) $51.70 $53.23 $55.42 $56.92 $58.32 Estimated Excess Capital Above Conservation Buffer ($ in Millions) Common equity Tier 1 capital1 Tier 1 capital ratio1 Total capital ratio1 $699 $539 $608 1 Ratios for Q3 2021 are estimated 2 See Non-GAAP reconciliation on pg. 24 3 RWA: Risk-weighted Assets 4 CET1: Common Equity Tier 1 9.0% 8.8% 9.0% 9.0% 8.8% 10.2% 10.0% 10.2% 10.1% 9.9% 12.9% 12.6% 12.6% 12.4% 12.1% 8.2% 8.1% 8.2% 8.2% 8.1% CET1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Total Capital Ratio Rollforward Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Tangible book value per common share (Non-GAAP2) $51.70 $53.23 $55.42 $56.92 $58.32 1 4 3 5 5 Change in subordinated debt driven by a 20% annual phase out of subordinated debt from Tier 2 capital in compliance with Basel III requirements

9 Zelle - Number of Transactions Digital Usage Trends • primarily due to increased trust and asset management fees and brokerage commissions Zelle Payments 83.1 109.4 114.5 Number of Transactions (in Thousands) Q4 2019 Q4 2020 Q3 2021 RDC - Number of Transactions 62.1% 63.8% 66.0% Online/Mobile as a % of Total Retail Checking Households (active within past 90 days) Q4 2019 Q4 2020 Q3 2021 Online/Mobile Use as a % of Total Retail Checking Households Digital Use - Online/Mobile Remote Deposit Capture ("RDC") Zelle has become the fastest growing digital payment option. Since December 2019, Zelle payment volumes increased by 213%, while user volumes increased by 153%. In the last 12 months we have processed over 2.3 million Zelle payments. We have seen a steady increase in RDC adoption. Since December 2019, RDC deposit volumes increased by 38%, while user volumes increased by 43%. Digital adoption continues to increase, with number of households up 21% since year end 2019. As of Q3 2021 approximately 2/3rds of checking clients regularly use the banks online/mobile offerings. 207.5 476.0 649.1 Number of Transactions (in Thousands) Q4 2019 Q4 2020 Q3 2021 544.2 561.1 578.8 590.5 605.5 52.5% 53.6% 54.7% 55.7% 56.5% Number of Retail Checking E-Statements E-Statements as a % of Retail Checking Statements Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Retail Checking E-Statements - Number of Transactions & Active Users (in Thousands) Retail Checking Electronic Statements ("E- Statements") With the recent deterioration in USPS service levels, e-statements adoption will likely increase as customers pivot to a more reliable delivery channel. Over the last year we have seen stable growth in E-statement adoption with year-over-year user volumes growth of: 11.3%.

10 Awards - Best in Class - Commercial Banking1 • primarily due to increased trust and asset management fees and brokerage commissions 544.2 561.1 578.8 590.5 605.5 52.5% 53.6% 54.7% 55.7% 56.5% Number of Retail Checking E-Statements E-Statements as a % of Retail Checking Statements Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Retail Checking E-Statements - Number of Transactions & Active Users (in Thousands) Retail Checking Electronic Statements ("E- Statements") With the recent deterioration in USPS service levels, e-statements adoption will likely increase as customers pivot to a more reliable delivery channel. Over the last year we have seen stable growth in E-statement adoption with year-over-year user volumes growth of: 11.3%. 1 Source: 2021 Coalition Greenwich Market Tracking Program Our Customers are Highly Satisfied with their Bank. ACCORDING TO OUR CUSTOMERS, WE RANK HIGHEST IN: • Overall satisfaction • Ease of doing business • Bank you can trust • Values long-term relationships • Net promoter score • Overall digital experience PLUS, WE RANK HIGHEST IN THESE CATEGORIES, TOO: RELATIONSHIP MANAGER • Overall satisfaction with relationship manager • Responsiveness and prompt follow-up • Proactively provides advice • Effectively coordinated product specialists • Frequency of contact CASH MANAGEMENT • Overall product capability • Accuracy of operations • Customer service professional CREDIT PROCESS • Speed in responding to a loan request • Flexible terms and conditions • Willingness to extend credit • Digitizing the credit process 97% of our current customers rank their satisfaction with us as “excellent” or “above average.” 97%

11 2.56% 2.53% 2.53% 2.62% 2.58% 2.57% 2.54% 2.54% 2.63% 2.59% 3.12% 3.02% 2.96% 3.00% 2.90% 0.24% 0.22% 0.21% 0.19% 0.17% 0.79% 0.70% 0.63% 0.56% 0.48% Net Interest Margin (GAAP) Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP ) Earning Assets Yield Net Free Funds Contribution Rate on Interest Bearing Liabilities Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Net Interest Margin Net Interest Margin, Fully Taxable-Equivalent (Non-GAAP1) Key Observations Net Interest Margin (Quarterly Trends) 2.63% (0.1)% 0.08% (0.02)% 2.59% Q2 2021 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q3 2021 1 See Non-GAAP reconciliation on pg. 23 1 2.63% (0.10)% 0.08% (0.02)% 2.59% Q2 2021 Earning Asset Yield Interest B earing Liability Rate Net Free Funds Q3 2021 • Q3 2021 net interest income totaled $287.5 million. ◦ A decrease of $7.9 million as compared to Q2 2021 and a decrease of $31.6 million as compared to Q3 2020. • Net interest margin (Non-GAAP1) decreased by 4 bps from the prior quarter: ◦ Earning assets yield down 10 bps. ◦ Interest bearing liability rate down 8 bps. ◦ Net free funds down 2 bps. • Q3 2021 net interest income totaled $287.5 million. ◦ An increase of $7.9 million as compared to Q2 2021 and an increase of $31.6 million as compared to Q3 2020. • Net interest margin decreased four basis points compared to the prior quarter: ◦ Yield on earning assets down 10 bps primarily due to increased liquidity. ◦ Interest bearing liability rate down 8 bps. ◦ Net free funds down 2 bps. • Net PPP fee income recognized to date is approximately $121.0 million. ◦ As of September 30, 2021, the Company had approximately $24.8 million of net PPP loan fees that have yet to be recognized in income.

12 Non-Interest Income ($ in Millions) $170.6 $158.4 $186.5 $129.4 $136.5 $25.0 $26.8 $29.3 $30.7 $31.5 $108.5 $86.8 $113.5 $50.6 $55.8 $11.7 $12.1 $14.4 $12.2 $12.8 $11.5 $11.8 $12.0 $13.2 $14.1 $13.9 $20.9 $17.3 $22.7 $22.3 Wealth Management Mortgage Banking Operating Lease Income, net Service Charges on Deposits Other Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Non-Interest Income Wealth Management Revenue ($ in Millions) • Non-interest income totaled $136.5 million. ◦ An increase of $7.1 million as compared to Q2 2021 and a decrease of $34.1 million as compared to Q3 2020. • Mortgage banking revenue increased by $5.2 million in Q3 2021 as compared to Q2 2021. See detail on Slide 13. • Wealth management income increased $841,000 as compared to Q2 2021. Key Observations 1 Other NII - includes Interest Rate Swap Fees, BOLI, Administrative Services, FX Remeasurement Gains/(Losses), Early Pay-Offs of Capital Leases, Gains/(losses) on investment securities, net, Fees from covered call options, Trading gains/(losses), net and Miscellaneous. 1 $25.0 $26.8 $29.3 $30.7 $31.5 $20.4 $22.1 $24.3 $25.6 $26.3$4.6 $4.7 $5.0 $5.1 $5.2 $27.0 $28.2 $32.2 $34.2 $34.5 Trust and Asset Management Brokerage Assets Under Administration ($ in Billions) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Operating Lease Income, Net ($ in Millions) $11.7 $12.1 $14.4 $12.2 $12.8 $230.4 $242.4 $239.0 $219.0 $243.9 Operating Lease Income, Net Lease Investments, Net (Period-End Balance) Q3 2020 Q4 2020 Q1 2021* Q2 2021 Q3 2021 • primarily due to increased trust and asset management fees and brokerage commissions * Q1 2021 included a $1.5 million gain on sale of lease assets

13 $47.996 $0.111 $(10.2)$(8.5)$(8.6) $(3.0)$(5.2) $18.0 $(5.5)$(0.9) $33.6 $70.9 $71.3 $37.5$39.2 $4.3 $(28.7)$(1.4)$(41.0)$(45.2) $20.9 $17.5$15.5 $— $— MSR - Payoffs/Paydowns MSR - Change in Fair Value Model Assumptions Production Revenue Servicing Income & Other MSR Capitalization MSR Hedging Gains (Losses) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Mortgage Banking Production Revenue ($ in Millions) MSR1 Value & Loans Serviced for Others ($ in Millions) Originations for Sale ($ in Millions) Key Observations • Loans originated for sale in the third quarter of 2021 totaled $1.6 billion as compared to $1.7 billion in the prior quarter. • Loans serviced for others totaled $12.7 billion in the third quarter of 2021 as compared to $12.3 billion in the prior quarter. • Mortgage banking revenue increased to $55.8 million for the third quarter of 2021 as compared to $50.6 million in the second quarter of 2021. Primarily due to: ◦ $2.6 million related to the impact of MSR valuation and MSR capitalization, net of payoffs and paydowns. ◦ $1.7 million due to increased production revenue. % of MSRs to Loans Serviced for Others Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 0.86% 0.85% 1.08% 1.04% 1.05% 1 MSR: Mortgage Servicing Right LOGIC IN MORTGAGE BANKING REVENUE NEEDS TO BE MODIFIED Mortgage banking production revenue increased by $1.7 million as mortgage originations for sale totaled $1.6 billion in the third quarter of 2021 as compared to $1.7 billion in the second quarter of 2021. $94.1 $70.9 $71.3 $37.5 $39.23.77% 3.77% 3.66% 2.45% 2.68% Production Revenue Production Margin Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 $86.9 $92.1 $124.3 $127.6 $133.6$10,140 $10,833 $11,531 $12,307 $12,720 MSRs, at fair value Loans Serviced for Others Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 $2,227 $2,351 $2,222 $1,724 $1,559 $1,591 $1,757 $1,642 $1,329 $1,153 $636 $594 $580 $395 $406 Retail Originations Veterans First Originations Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021

14 $264.2 $281.9 $286.9 $280.1 $282.1 $164.0 $171.1 $180.8 $172.8 $170.9 $17.3 $20.6 $20.9 $20.9 $22.0$15.8 $19.7 $20.0 $17.7 $18.2$7.9 $9.9 $8.5 $11.3 $13.4$9.4 $9.9 $10.8 $9.9 $10.0$49.8 $50.7 $45.9 $47.5 $47.6 Salaries and Employee Benefits Software and Equipment Occupancy, net Advertising and Marketing Operating Lease Equipment Other Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 0.87% 1.12% 0.90% 1.32% 1.22% 61.86% 67.53% 64.02% 68.56% 66.03% Net Overhead Ratio Efficiency Ratio (Non-GAAP ) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Non-Interest Expense Trending Non-Interest Expense ($ in Millions) Q3 2021 Key Observations • 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. • Advertising and marketing increase of $2.1 million relates primarily to increased sponsorship activity for the summer months. 1 Other NIE - includes Professional Fees, Data Processing, amortization of other intangible assets, FDIC insurance, OREO expense, net, Commissions (3rd Party Brokers), Postage and Miscellaneous Non-Interest Expense - Current Quarter vs. Prior Quarter ($ in Millions) $280.1 $(1.9) $1.2 $2.1 $(2.3) $2.9 $282.1 Q2 2021 Salaries and Employee Benefits Software and Equipment Advertising and Marketing OREO Expenses, Net All Other Expenses Q3 2021 1 Expense Management Ratios 2 3 2 Net Overhead Ratio - The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency. 3 See Non-GAAP reconciliation on pg. 23 Salaries and employee benefits expense decreased by $1.9 million in the third quarter of 2021 as compared to the second quarter of the year. The $1.9 million decline is primarily related to $6.3 million of lower compensation expense associated with the mortgage banking operation offset somewhat by higher incentive compensation expense for annual bonus and long-term incentive compensation plans during the third quarter relative to the second quarter. • Salaries and employee benefits decrease comprised of: ◦ $3.3 million increase in commissions and incentive compensation. ◦ $2.3 million decrease in employee benefits expense. ◦ $2.9 million decrease in salaries. • Advertising and marketing increase of $2.1 million relates primarily to increased sponsorship activity for the summer months.

15 Loan Portfolio - Geographic Diversification Canada Market: Loan Portfolio1 - Geographic Diversification2 as of 9/30/2021 Total Loan Portfolio1 Primary Geographic Region Commercial: Commercial, industrial and other Illinois/Wisconsin Leasing Nationwide Franchise Lending Multi-State Commercial real estate Construction and development Illinois/Wisconsin Non-construction Illinois/Wisconsin Home equity Illinois/Wisconsin Residential Real Estate Illinois/Wisconsin Premium finance receivables Commercial insurance loans Nationwide and Canada Life insurance loans Nationwide Consumer and other Illinois/Wisconsin NP: Not Pictured 1 Total Loans excluding PPP 2 Geographic Diversification: relevant business location utilized, which can mean the following locations: collateral location, customer business location, customer home address and customer billing address. Key Observations • Strong geographical diversification with focus in Midwest, Western and Southern U.S. markets. • Approximately half of outstanding total loans1 reside outside of the Company's retail banking footprint. States/Jurisdictions that individually comprise less than 1% of the Total Loan Portfolio1 2% 10% 5% 40% 2% 2% 5% 1% 4% NP - Puerto Rico NP - Virgin Islands 1% 1% 1% 1% 2% 2% 5% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%

16 $389.0 $380.0 $321.3 $304.1 $296.1 1.21% 1.18% 0.97% 0.92% 0.89% 1.35% 1.29% 1.08% 0.98% 0.92% Total Allowance for Credit Losses Total Allowance for Credit Losses as a % of Total Loans Total Allowance for Credit Losses as a % of Total Loans (excl. PPP loans) 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Credit Quality • The Company estimates an increase to the allowance for credit losses of approximately 30% to 50% at adoption related to its loan portfolios and related lending commitments. Approximately 80% of the estimated increase is related to: ◦ Additions to existing reserves for unfunded lending-related commitments due to the consideration under CECL of expected utilization by the Company's borrowers over the life of such commitments. ◦ Establishment of reserves for acquired loans which previously considered credit discounts. The Company estimates an insignificant impact at adoption of measuring an allowance for credit losses for other in-scope assets (e.g. held-to-maturity debt securities). Allowance for Credit Losses at Period-End ($ in Millions) Non-Performing Loans ("NPLs") ($ in Millions) Total Provision for Credit Losses & Net Charge-Offs ("NCOs") ($ in Millions) Loan Portfolio by Credit Quality Indicator ($ in Thousands) $173.1 $127.5 $99.1 $87.7 $90.0 0.54% 0.40% 0.30% 0.27% 0.27% NPLs $ NPLs as a % of Total Loans 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 $9.3 $10.3 $13.3 $1.9 $—$25.0 $1.2 $(45.3) $(15.3) $(7.9) 0.12% 0.13% 0.17% 0.02% —% NCOs $ Total Provision for Credit Losses Annualized NCOs as a % of Average Total Loans Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 $25.0 $1.2 $(45.3) $(15.3) $(7.9) 37.10% Total Provision for Credit Losses Net Charge-Offs as a % of the Provision for Credit Losses 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 $7.8 $53 $135.1 $0 $0 $— $— $— $— $—$7.8 $53.0 $135.1 37.1% 876.0% Provision for credit losses - PCD Provision for credit losses - non PCD Net charge-offs as a percentage of the provision for credit losses Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Incurred Loss Method CECL Incurred Loss Method CECL Q3 2021 Q2 2021 Increase/ Decrease Pass $ 32,045,349 $ 31,594,583 $ 450,766 Special Mention 794,238 802,259 (8,021) Substandard Accrual 340,516 431,647 (91,131) Substandard Nonaccrual/Doubtful 83,940 82,698 1,242 Total Loans $ 33,264,043 $ 32,911,187 $ 352,856 Q3 2021 Key Observations 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.

17 $8,898 $9,240 $9,415 $9,563 $10,106 0.16% 0.03% 0.37% 0.08% 0.02% Total Commercial Loans Net Charge-Offs Ratio 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Credit Quality - Commercial Loans Line Utilization as a % of Commercial Loans3 Period-End Loans & Annualized Net Charge-Offs1 ($ in Millions) Non-Performing Loans ("NPLs") ($ in Millions) 50.8% 41.4% 43.0% 39.7% 38.9% 38.4% 39.3% 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 $42.0 $22.1 $22.5 $24.5 $26.5 0.34% 0.18% 0.18% 0.21% 0.24% NPLs NPL as a % of Category 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Q3 2021 Key Observations • While net charge-offs were slightly elevated in Q1 2021, charge-off levels returned to low levels in Q2 2021 and have dropped even lower in Q3 2021. • The proportion of Commercial non-performing loans remains relatively low as pandemic-driven circumstances continue to improve. • Line utilization increased slightly in Q3 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. • Payoffs/paydowns continue to remain at elevated levels, impacting growth in the portfolio. 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 Commercial Loans excludes PPP loans 3 Excludes PPP loans, leases, and term loans 2 3 4

18 $8,423 $8,494 $8,545 $8,678 $8,886 0.06% 0.27% 0.04% 0.04% —% Total CRE Loans Net Charge-Offs Ratio 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Credit Quality - Commercial Real Estate Loans Period-End Loans & Annualized Net Charge-Offs1 ($ in Millions) Non-Performing Loans ("NPLs") ($ in Millions) $68.8 $46.1 $34.4 $26.0 $23.7 0.82% 0.54% 0.40% 0.30% 0.27% NPLs NPL as a % of Category 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Q3 2021 Key Observations • The CRE portfolio continues a steady growth trend while non-performing loans continue to decline as conditions improve. • 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. 15% 17% 17%25% 26% Office Industrial Retail Multi-family Mixed use and other 79% 4% 17% Commercial construction Residential construction Land Commercial Real Estate Loan Composition (as of 9/30/2021) 1 Net Charge-off Ratio is calculated as a percentage of average loans 13% 15% 14% 21% 21% 12% 1% 3% Office Industrial Retail Multi-family Mixed use and other Commercial construction Residential construction Land

19 $4,060 $4,054 $3,959 $4,522 $4,617 0.28% 0.27% 0.15% (0.11)% (0.03)% Period End Balance Net Charge-Offs Ratio 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Credit Quality - PFR Commercial Origination Trends ($ in Millions) Period-End Loans & Annualized Net Charge-Offs1 ($ in Millions) Average Balances & Quarterly Yields ($ in Millions) $3,724.6 $4,134.0 $4,010.5 $3,952.9 5.05% 4.60% 4.60% 4.42% Average Balance Yield Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q3 2021 Key Observations • At the beginning of the pandemic, Premium Finance Receivables ("PFR") - Commercial experienced an increase in NPLs as a result of borrower delinquency, which was exacerbated by state emergency orders delaying cancellation of insurance policies which generate return premiums, the collateral for this portfolio. This greatly diminished in the latter part of Q3 2020 and has continued to decline. • 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 2020 and into 2021 as 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 $2,495 $2,467 $2,443 $3,008 $2,756 Originations 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Non-Performing Loans ("NPLs") ($ in Millions) $33.3 $26.1 $14.3 $10.0 $13.1 0.82% 0.64% 0.36% 0.22% 0.28% NPLs NPL as a % of Category 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021

20 $5,489 $5,857 $6,111 $6,360 $6,655 —% —% —% —% —% Period End Balance Net Charge-Offs Ratio 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Credit Quality - PFR Life Non-Performing Loans ("NPLs") ($ in Millions)Period-End Loans & Annualized Net Charge-Offs1 ($ in Millions) Average Balances & Quarterly Yields ($ in Millions) $5,290.1 $5,462.8 $5,636.3 $5,957.5 3.71% 3.38% 3.74% 2.89% Average Balance Yield Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q3 2021 Key Observations • Throughout the pandemic, the Premium Finance Receivables ("PFR") - Life Insurance portfolio has remained extremely resilient and has continued to demonstrate exceptional credit quality, as shown by the characteristically low net charge-off and NPL levels. • Origination levels have remained strong. Some of the primary drivers of growth in 2021 include: ◦ increased mortality awareness in response to the pandemic. ◦ realized or anticipated changes in tax laws. ◦ low interest rate environment has made levering insurance products attractive to consumers • Collateral as a percentage of outstanding balance is 115% as of Q3 2021. 1 Net Charge-off Ratio is calculated as a percentage of average loans 2 Total Loan Collateral reported at actual values versus credit advance rate 3 Collateral Coverage is calculated by dividing Total Loan Collateral (Undiscounted) by Total Loan Portfolio Balance $315.4 $442.7 $330.3 $360.0 $371.9 Originations 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 Total Loan Collateral2 by Type (as of 9/30/2021) ($ in Millions) No material charge-offs have occurred in the periods presented below. $0.2 —% NPLs NPL as a % of Category 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 $6,544 $1,136 Cash Surrender Value Other 2.8% 64.7% 3.6% 0.8% 19.3% 8.7% Annuity Brokerage Account Certificate of Deposit Bank Cash/Cash Equivalent Letters of Credit Money Market "Other" Loan Collateral2 by Type (as of 9/30/2021) OtherCollateral Coverage3 of 115% NPLs for all quarters except Q1 2021 are zero.

21 • Restaurants & Food Services make up 4.1% of Total Loans excluding PPP loans and is primarily made up of Quick Service Restaurants ("QSRs"). Outstanding COVID-19 related loan modifications in Restaurants & Food Services modifications decreased to 0.3% as of September 30, 2021 from 2.5% as of June 30, 2021, which are solely dine-in concepts. • Hotels & Accommodation make up 0.6% of Total Loans excluding PPP loans. Hotels & Accommodation had no outstanding COVID-19 related modifications as of September 30, 2021. Key Observations Select High Impact Industries 8.0% Credit Quality - COVID-19 - Select High Impact Industries Key Observations Other Loans 92.0% Total loans of $33.3 billion Total Loan Mix1 as of 9/30/2020: Select High Impact Industries Select High Impact Industries As of 6/30/2021 As of 9/30/2021 As of 6/30/2021 As of 9/30/2021 Industry $ shown in Millions Loan Balance % of Total Loans1 Total Commitment Balance Loan Balance % of Total Loans1 Total Commitment Balance COVID-19 Related Modified Loan Balances Loan Balance % with COVID-19 Related Modifications COVID-19 Related Modified Loan Balances Loan Balance % with COVID-19 Related Modifications Arts Entertainment & Recreation $240 0.8% $353 $240 0.7% $356 $3 1.3% $2 0.8% Dentists, Doctors, & Hospitals $414 1.3% $571 $458 1.4% $605 $0 —% $0 —% Hotels & Accommodation $182 0.6% $186 $179 0.6% $185 $26 14.3% $0 —% Nursing Home & Senior Living $235 0.8% $299 $272 0.8% $326 $27 11.5% $28 10.3% Oil & Gas $21 0.1% $21 $21 0.1% $21 $0 —% $0 —% Restaurants & Food Services $1,228 4.0% $1,485 $1,329 4.1% $1,610 $31 2.5% $4 0.3% Social Services $98 0.3% $141 $109 0.3% $153 $3 3.1% $0 —% Total High Impact Industry $2,418 7.8% $3,056 $2,608 8.1% $3,256 $90 3.7% $34 1.3% 1 Total Loans excludes PPP loans COVID-19 Related Modified Loan Types ($ shown in Millions) Loan Balance as of 6/30/21 Loan Balance as of 9/30/21 Difference Interest Only $69 $61 -$8 Full Payment Deferral $42 $5 -$37 Line Increases $7 $0 -$7 All Other $28 $6 -$22 Total $146 $72 -$74 Total COVID-19 Related Loan Modifications

22 $304,121 $(13,580) $5,597 $296,138 6/30/2021 9/30/2021 • Steady macroeconomic indicators and market conditions. • Current economic and political uncertainties. • Ongoing governmental monetary and fiscal support. • Substantial liquidity in the market. • Future expectations regarding current COVID-19 loan modifications. • Exposure to industries with the highest risk factors. • High touch relationships with commercial and consumer borrowers. • Economic Inputs ◦ Baa Credit Spread ◦ Commercial Real-Estate Price Index ◦ GDP ◦ Dow Jones Total Stock Market Index • Portfolio Characteristics ◦ Risk Ratings ◦ Life of Loan Credit Quality - CECL Allowance for Credit Losses ($ in Thousands) - 9/30/2021 vs. 6/30/2021 Key Observations • CECL Day 1 transition adjustment • Includes ACL for loans and leases, off- balance sheet credit exposures and debt securities • New volume and run-off • Changes in credit quality • Aging of existing portfolio • Shifts in segmentation mix • Changes in specific reserves • Net charge-offs • Changes due to macroeconomic conditions • Model imprecision Day 1 Adjustment Portfolio Changes Economic Factors • Baa Corporate credit spread steadily widens during the 8-Quarter Reasonable and Supportable ("R&S") time period. • Commercial Real Estate Price Index remains flat through Q1 2022 before appreciating during the remainder of the R&S time period. • Real GDP growth rate stays above the potential GDP growth rate of approximately 1.9% in 2021 and 2.1% in 2022. • Dow Jones U.S. Total Stock Market Index steadily declines during the R&S time period. Macroeconomic Scenario Key Model Inputs Qualitative Considerations

23 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, 2021 2021 2021 2020 2020 2021 2020 (A) Interest Income (GAAP) $ 322,457 $ 319,579 $ 305,469 $ 307,981 $ 311,156 $ 947,505 $ 985,039 Taxable-equivalent adjustment: - Loans 411 415 384 324 481 1,210 1,917 - Liquidity Management Assets 492 494 500 530 546 1,486 1,635 - Other Earning Assets — — — 3 1 — 6 (B) Interest Income (non-GAAP) $ 323,360 $ 320,488 $ 306,353 $ 308,838 $ 312,184 $ 950,201 $ 988,597 (C) Interest Expense (GAAP) $ 34,961 $ 39,989 $ 43,574 $ 48,584 $ 55,220 $ 118,524 $ 204,529 (D) Net Interest Income (GAAP) (A minus C) $ 287,496 $ 279,590 $ 261,895 $ 259,397 $ 255,936 $ 828,981 $ 780,510 (E) Net Interest Income (non-GAAP) (B minus C) $ 288,399 $ 280,499 $ 262,779 $ 260,254 $ 256,964 $ 831,677 $ 784,068 Net interest margin (GAAP) 2.58% 2.62% 2.53% 2.53% 2.56% 2.58% 2.79% Net interest margin, fully taxable-equivalent (non-GAAP) 2.59% 2.63% 2.54% 2.54% 2.57% 2.59% 2.80% (F) Non-interest income $ 136,474 $ 129,373 $ 186,506 $ 158,361 $ 170,593 $ 452,353 $ 445,828 (G) (Losses) gains on investment securities, net (2,431) 1,285 1,154 1,214 411 8 (3,140) (H) Non-interest expense 282,144 280,112 286,889 281,867 264,219 849,145 758,228 Efficiency ratio (H/(D+F-G)) 66.17% 68.71% 64.15% 67.67% 62.01% 66.27% 61.67% Efficiency ratio (non-GAAP) (H/(E+F-G)) 66.03% 68.56% 64.02% 67.53% 61.86% 66.13% 61.49% Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

24 Three Months Ended Nine Months Ended Reconciliation of Non-GAAP Tangible Common Equity ($'s and Shares in Thousands): September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2021 2021 2021 2020 2020 2021 2020 Total shareholders’ equity (GAAP) $ 4,410,317 $ 4,339,011 $ 4,252,511 $ 4,115,995 $ 4,074,089 Less: Non-convertible preferred stock (GAAP) (412,500) (412,500) (412,500) (412,500) (412,500) Less: Intangible assets (GAAP) (675,910) (678,333) (680,052) (681,747) (683,314) (I) Total tangible common shareholders’ equity (non- GAAP) $ 3,321,907 $ 3,248,178 $ 3,159,959 $ 3,021,748 $ 2,978,275 Reconciliation of Non-GAAP Tangible Book Value per Common Share ($'s and Shares in Thousands): Total shareholders’ equity $ 4,410,317 $ 4,339,011 $ 4,252,511 $ 4,115,995 $ 4,074,089 Less: Preferred stock (412,500) (412,500) (412,500) (412,500) (412,500) (L) Total common equity $ 3,997,817 $ 3,926,511 $ 3,840,011 $ 3,703,495 $ 3,661,589 (M) Actual common shares outstanding 56,956 57,067 57,023 56,770 57,602 Book value per common share (L/M) $70.19 $68.81 $67.34 $65.24 $63.57 Tangible book value per common share (non-GAAP) (I/ M) $58.32 $56.92 $55.42 $53.23 $51.70 Non-GAAP Reconciliation The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non- GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently. Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income ($ in Thousands): Income before taxes $ 149,742 $ 144,150 $ 206,859 $ 134,711 $ 137,284 $ 500,751 $ 255,070 Add: Provision for credit losses (7,916) (15,299) (45,347) 1,180 25,026 (68,562) 213,040 Pre-tax income, excluding provision for credit losses (non-GAAP) $ 141,826 $ 128,851 $ 161,512 $ 135,891 $ 162,310 $ 432,189 $ 468,110

25 This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, such as the impacts of the COVID-19 pandemic (including the emergence of variant strains), and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2020 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following: • the severity, magnitude and duration of the COVID-19 pandemic, including the emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on our operations and personnel, commercial activity and demand across our business and our customers’ businesses; • the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect the Company’s liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses; • the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges; • economic conditions that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates; • negative effects suffered by us or our customers resulting from changes in U.S. trade policies; • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses; • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period; • the financial success and economic viability of the borrowers of our commercial loans; • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses; • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; • changes in the level and volatility of interest rates, the capital markets and other market indices (including developments and volatility arising from or related to the COVID-19 pandemic) that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities; • a prolonged period of near zero interest rates or potentially negative 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; Forward-Looking Statements

26 • 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 “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 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; and • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation. • 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; Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward- looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release and this presentation. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases and presentations. Forward-Looking Statements


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


Exhibit
99.1			Third Quarter 2021 Earnings Release dated October 1 9 , 2021
99.2			Third Quarter 2021 Earnings Release Presentation dated October 1 9 , 2021



						WINTRUST FINANCIAL CORPORATION (Registrant)

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



Exhibit
99.1			Third Quarter 2021 Earnings Release dated October 19, 2021
99.2			Third Quarter 2021 Earnings Release Presentation dated October 19, 2021


☐			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))