Wintrust Financial Corporation Reports Record Net Income
ROSEMONT, Ill., July 21, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust", "the Company", "we" or "our") (NASDAQ:WTFC) announced record net income of $384.6 million, or $5.47 per diluted common share, for the first six months of 2025, compared to net income of $339.7 million, or $5.21 per diluted common share for the same period of 2024. Pre-tax, pre-provision income (non-GAAP) for the first six months of the year totaled a record $566.3 million, compared to $523.0 million for the first six months of 2024.
The Company recorded record quarterly net income of $195.5 million, or $2.78 per diluted common share, for the second quarter of 2025, compared to net income of $189.0 million, or $2.69 per diluted common share for the first quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2025 totaled a record $289.3 million, as compared to $277.0 million for the first quarter of 2025.
Timothy S. Crane, President and Chief Executive Officer, commented, "Building on the momentum of a strong first quarter, we are pleased to deliver record results again this quarter, reflecting the underlying strength and momentum of our business. A combination of balance sheet growth and a stable net interest margin drove our record results in the second quarter of 2025."
Additionally, Mr. Crane noted, "Net interest margin in the second quarter remained within our expected range at 3.54% and we generated record net interest income driven by average earning asset growth. We expect a relatively stable net interest margin coupled with continued balance sheet growth to drive net interest income higher in the third quarter."
Highlights of the second quarter of 2025:Comparative information to the first quarter of 2025, unless otherwise noted
Total loans increased by $2.3 billion, or 19% annualized.
Total deposits increased by approximately $2.2 billion, or 17% annualized.
Total assets increased by $3.1 billion, or 19% annualized.
Net interest income increased to $546.7 million in the second quarter of 2025, compared to $526.5 million in the first quarter of 2025, driven by strong average earning asset growth.
Net interest margin was 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2025.
Non-interest income was impacted by the following:
Wealth management revenue totaled $36.8 million in the second quarter of 2025, compared to $34.0 million in the first quarter of 2025.
Mortgage banking revenue totaled $23.2 million in the second quarter of 2025, compared to $20.5 million in the first quarter of 2025. An unfavorable fair value mark of $1.4 million was offset by an increase in operational revenue of $4.1 million driven by higher origination volumes and improved production margin. For more information regarding mortgage banking revenue, see Table 16 in this report.
Net gains on investment securities totaled approximately $650,000 in the second quarter of 2025, compared to net gains of $3.2 million in the first quarter of 2025.
Non-interest expense was impacted by the following:
Advertising and Marketing increased by $6.5 million and totaled $18.8 million in the second quarter of 2025. The increase in the quarter was related to planned and primarily seasonal expenses in various sports sponsorships and other summer community sponsorship events.
Macatawa Bank acquisition-related costs were $2.9 million in the second quarter of 2025, compared to $2.7 million in the first quarter of 2025.
Provision for credit losses totaled $22.2 million in the second quarter of 2025, compared to a provision for credit losses of $24.0 million in the first quarter of 2025.
Net charge-offs totaled $13.3 million, or 11 basis points of average total loans on an annualized basis, in the second quarter of 2025 compared to $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025.
Mr. Crane noted, "Solid loan growth in the second quarter totaled $2.3 billion, or 19% on an annualized basis. We are pleased with our diversified loan growth across all major loan portfolios and strong seasonal growth in our property & casualty insurance premium finance business. Loan pipelines remain strong and we expect loan growth in the mid-to-high single digits in the second half of the year. We continue to be prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth totaled $2.2 billion, or 17% on an annualized basis, in the second quarter of 2025. Our loan growth was funded by our deposit growth in the second quarter of 2025 resulting in our loans-to-deposits ratio ending the quarter at 91.4%. We continue to benefit from our customer relationships and unique market positioning to generate deposits, grow loans and enhance our long-term franchise value."
Commenting on credit quality, Mr. Crane stated, "Disciplined credit management, supported by thorough portfolio reviews, has driven consistent positive outcomes by enabling early identification and resolution of problem credits. We continue to be conservative and diversified in regard to maintaining our strong credit standards. We believe the Company's reserves are appropriate and we remain committed to sustaining high credit quality as evidenced by our low levels of net charge-offs and non-performing loans as well as our core loan allowance for credit losses of 1.37%."
In summary, Mr. Crane concluded, "We are proud of our second quarter performance and record results year to date. We expect our strong momentum to continue into the third quarter as our loan growth in the second quarter provides positive revenue momentum. The balance sheet growth in the second quarter highlights our enviable core deposit franchise and multifaceted business model. Our commitment to growing net interest income, disciplined expense control and conservative credit standards should lead to increasing our franchise value."
The graphs shown on pages 3-7 illustrate certain financial highlights of the second quarter of 2025 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.
Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/bd030502-a094-4ebe-b02a-3c9bb828b393
SUMMARY OF RESULTS:
BALANCE SHEET
Total assets increased $3.1 billion in the second quarter of 2025 compared to the first quarter of 2025. Total loans increased by $2.3 billion compared to the first quarter of 2025. The increase in loans was driven by growth across all major loan portfolios, including seasonally higher Premium Finance Receivables - Property and Casualty portfolio.
Total liabilities increased by $2.5 billion in the second quarter of 2025 compared to the first quarter of 2025, driven by a $2.2 billion increase in total deposits. Robust organic deposit growth in the second quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.4%.
On May 22, 2025, the Company completed the issuance of $425 million of Series F Preferred Stock. The issuance was in contemplation of redeeming $412.5 million of Series D and Series E preferred stock that was expected to reprice at rates higher than existing market rates. The Series D and Series E Preferred Stock were redeemed on July 15, 2025. The Tier 1 capital ratio, Total capital ratio, and Tier 1 leverage ratio noted in the "Selected Financial Highlights" would have been 10.8%, 12.3%, and 9.6%, respectively, if the Series D and Series E Preferred Stock had been redeemed as of June 30, 2025.
For more information regarding changes in the Company's balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.
NET INTEREST INCOME
For the second quarter of 2025, net interest income totaled $546.7 million, an increase of $20.2 million compared to the first quarter of 2025. The $20.2 million increase in net interest income in the second quarter of 2025 was primarily due to average earning asset growth of $1.9 billion, or 12% annualized.
Net interest margin was largely stable at 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2025, down two basis points compared to the first quarter of 2025. The yield on earning assets declined two basis points during the second quarter of 2025 primarily due to a five basis point decrease in loan yields. The net free funds contribution declined two basis points compared to the first quarter of 2025. These declines were partially offset by a two basis point reduction in funding cost on interest-bearing deposits, compared to the first quarter of 2025.
For more information regarding net interest income, see Table 4 through Table 8 in this report.
ASSET QUALITY
The allowance for credit losses totaled $457.5 million as of June 30, 2025, an increase from $448.4 million as of March 31, 2025. A provision for credit losses totaling $22.2 million was recorded for the second quarter of 2025 compared to $24.0 million recorded in the first quarter of 2025. The lower provision for credit losses recognized in the second quarter of 2025 is primarily attributable to the macroeconomic outlook, partially offset by portfolio growth. While future economic performance remains uncertain, lower volatility in equity markets at the end of the second quarter reduced the provision related to macroeconomic uncertainty. This reduction was partially offset by qualitative additions to the provision that reflect widening credit spreads. For more information regarding the allowance for credit losses and 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 Company is required 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 June 30, 2025, March 31, 2025, and December 31, 2024 is shown on Table 12 of this report.
Net charge-offs totaled $13.3 million in the second quarter of 2025, an increase of $0.7 million compared to $12.6 million of net charge-offs in the first quarter of 2025. Net charge-offs as a percentage of average total loans were 11 basis points in both the first and second quarter of 2025 on an annualized basis. For more information regarding net charge-offs, see Table 10 in this report.
The Company's loan portfolio delinquency rates remain low and manageable. For more information regarding past due loans, see Table 13 in this report.
Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $212.5 million and comprised 0.31% of total assets as of June 30, 2025, as compared to $195.0 million, or 0.30% of total assets, as of March 31, 2025. Non-performing loans totaled $188.8 million and comprised 0.37% of total loans at June 30, 2025, as compared to $172.4 million and 0.35% of total loans at March 31, 2025. For more information regarding non-performing assets, see Table 14 in this report.
NON-INTEREST INCOME
Non-interest income totaled $124.1 million in the second quarter of 2025, increasing $7.5 million, compared to $116.6 million in the first quarter of 2025.
Wealth management revenue increased by $2.8 million in the second quarter of 2025, compared to the first quarter of 2025. The increase in the second quarter of 2025 was primarily driven by an increase in asset valuations within the quarter, coupled with an increase in activity following the transition of systems and support for brokerage and certain private client business to a new third party that occurred in the first quarter of 2025. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private 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 totaled $23.2 million in the second quarter of 2025, compared to $20.5 million in the first quarter of 2025. The increase in the second quarter of 2025 was primarily attributed to higher production revenue due to higher origination volumes and improved production margin. For more information regarding mortgage banking revenue, see Table 16 in this report.
Fees from covered call options increased by $2.2 million in the second quarter of 2025 compared to the first quarter of 2025. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to mitigate overall interest rate risk and do not qualify as hedges pursuant to accounting guidance.
The Company recognized approximately $650,000 in net gains on investment securities in the second quarter of 2025 compared to $3.2 million in net gains in the first quarter of 2025. The net gains in the second quarter of 2025 were primarily the result of unrealized gains on the Company's equity investment securities with a readily determinable fair value.
For more information regarding non-interest income, see Table 15 in this report.
NON-INTEREST EXPENSE
Non-interest expense totaled $381.5 million in the second quarter of 2025, increasing $15.4 million, compared to $366.1 million in the first quarter of 2025. Non-interest expense, as a percent of average assets, remained stable in the second quarter of 2025 at 2.32%.
Salaries and employee benefits expense increased by $8.0 million in the second quarter of 2025 as compared to the first quarter of 2025. This was primarily driven by an increased level of health insurance claims as well as higher mortgage and wealth management commissions expense attributable to an increase in mortgage originations and wealth management revenue in the quarter.
Advertising and marketing expenses in the second quarter of 2025 totaled $18.8 million, which was a $6.5 million increase compared to the first quarter of 2025. The increase in the second quarter was primarily driven by summer sports sponsorships and other summer community sponsorship events. Advertising and marketing expense are typically higher in the second and third quarters of the year.
The Macatawa Bank acquisition-related costs were $2.9 million in the second quarter of 2025, compared to $2.7 million in the first quarter of 2025.
For more information regarding non-interest expense, see Table 17 in this report.
INCOME TAXES
The Company recorded income tax expense of $71.6 million in the second quarter of 2025 compared to $64.0 million in the first quarter of 2025. The effective tax rates were 26.79% in the second quarter of 2025 compared to 25.30% in the first quarter of 2025. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company's stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $80,000 in the second quarter of 2025, compared to net excess tax benefits of $3.7 million in the first quarter of 2025 related to share-based compensation.
BUSINESS SUMMARY
Community Banking
Through community banking, 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 second quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.
Mortgage banking revenue was $23.2 million for the second quarter of 2025, an increase of $2.6 million compared to the first quarter of 2025. See Table 16 for more detail. Service charges on deposit accounts totaled $19.5 million in the second quarter of 2025 as compared to $19.4 million in the first quarter of 2025. The Company's gross commercial and commercial real estate loan pipelines remained solid as of June 30, 2025 indicating momentum for expected continued loan growth in the third quarter of 2025.
Specialty Finance
Through specialty finance, 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 portfolios were $6.1 billion during the second quarter of 2025. Average balances increased by $776.6 million, as compared to the first quarter of 2025. The Company's leasing divisions' portfolio balances increased in the second quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.8 billion, $1.2 billion, and $289.8 million as of June 30, 2025, respectively, compared to $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025, respectively. Revenues from the Company's out-sourced administrative services business were $1.3 million in the second quarter of 2025, which was relatively stable compared to the first quarter of 2025.
Wealth Management
Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $36.8 million in the second quarter of 2025, an increase as compared to the first quarter of 2025. At June 30, 2025, the Company's wealth management subsidiaries had approximately $53.2 billion of assets under administration, which included $8.9 billion of assets owned by the Company and its subsidiary banks.
ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS
Business Combination
On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of June 30, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.
WINTRUST FINANCIAL CORPORATIONKey Operating Measures
Wintrust's key operating measures and growth rates for the second quarter of 2025, as compared to the first quarter of 2025 (sequential quarter) and second quarter of 2024 (linked quarter), are shown in the table below:
% or (1)basis point (bp) change from1st Quarter2025
% orbasis point (bp) change from2nd Quarter2024
Three Months Ended
(Dollars in thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Net income
$
195,527
$
189,039
$
152,388
3
%
28
%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)
289,322
277,018
251,404
4
15
Net income per common share, Diluted
2.78
2.69
2.32
3
20
Cash dividends declared per common share
0.50
0.50
0.45
—
11
Net revenue (3)
670,783
643,108
591,757
4
13
Net interest income
546,694
526,474
470,610
4
16
Net interest margin
3.52
%
3.54
%
3.50
%
(2
)
bps
2
bps
Net interest margin, fully taxable-equivalent (non-GAAP) (2)
3.54
3.56
3.52
(2
)
2
Net overhead ratio (4)
1.57
1.58
1.53
(1
)
4
Return on average assets
1.19
1.20
1.07
(1
)
12
Return on average common equity
12.07
12.21
11.61
(14
)
46
Return on average tangible common equity (non-GAAP) (2)
14.44
14.72
13.49
(28
)
95
At end of period
Total assets
$
68,983,318
$
65,870,066
$
59,781,516
19
%
15
%
Total loans (5)
51,041,679
48,708,390
44,675,531
19
14
Total deposits
55,816,811
53,570,038
48,049,026
17
16
Total shareholders' equity
7,225,696
6,600,537
5,536,628
38
31
(1) Period-end balance sheet percentage changes are annualized.(2) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios 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 CORPORATIONSelected Financial Highlights
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Jun 30, 2025
Jun 30, 2024
Selected Financial Condition Data (at end of period):
Total assets
$
68,983,318
$
65,870,066
$
64,879,668
$
63,788,424
$
59,781,516
Total loans (1)
51,041,679
48,708,390
48,055,037
47,067,447
44,675,531
Total deposits
55,816,811
53,570,038
52,512,349
51,404,966
48,049,026
Total shareholders' equity
7,225,696
6,600,537
6,344,297
6,399,714
5,536,628
Selected Statements of Income Data:
Net interest income
$
546,694
$
526,474
$
525,148
$
502,583
$
470,610
$
1,073,168
$
934,804
Net revenue (2)
670,783
643,108
638,599
615,730
591,757
1,313,891
1,196,531
Net income
195,527
189,039
185,362
170,001
152,388
384,566
339,682
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)
289,322
277,018
270,060
255,043
251,404
566,340
523,033
Net income per common share, Basic
2.82
2.73
2.68
2.51
2.35
5.55
5.28
Net income per common share, Diluted
2.78
2.69
2.63
2.47
2.32
5.47
5.21
Cash dividends declared per common share
0.50
0.50
0.45
0.45
0.45
1.00
0.90
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin
3.52
%
3.54
%
3.49
%
3.49
%
3.50
%
3.53
%
3.53
%
Net interest margin, fully taxable-equivalent (non-GAAP) (3)
3.54
3.56
3.51
3.51
3.52
3.55
3.56
Non-interest income to average assets
0.76
0.74
0.71
0.74
0.85
0.75
0.93
Non-interest expense to average assets
2.32
2.32
2.31
2.36
2.38
2.32
2.40
Net overhead ratio (4)
1.57
1.58
1.60
1.62
1.53
1.57
1.46
Return on average assets
1.19
1.20
1.16
1.11
1.07
1.19
1.21
Return on average common equity
12.07
12.21
11.82
11.63
11.61
12.14
13.01
Return on average tangible common equity (non-GAAP) (3)
14.44
14.72
14.29
13.92
13.49
14.57
15.12
Average total assets
$
65,840,345
$
64,107,042
$
63,594,105
$
60,915,283
$
57,493,184
$
64,978,481
$
56,547,939
Average total shareholders' equity
6,862,040
6,460,941
6,418,403
5,990,429
5,450,173
6,662,598
5,445,315
Average loans to average deposits ratio
93.0
%
92.3
%
91.9
%
93.8
%
95.1
%
92.7
%
94.8
%
Period-end loans to deposits ratio
91.4
90.9
91.5
91.6
93.0
Common Share Data at end of period:
Market price per common share
$
123.98
$
112.46
$
124.71
$
108.53
$
98.56
Book value per common share
95.43
92.47
89.21
90.06
82.97
Tangible book value per common share (non-GAAP) (3)
81.86
78.83
75.39
76.15
72.01
Common shares outstanding
66,937,732
66,919,325
66,495,227
66,481,543
61,760,139
Other Data at end of period:
Common equity to assets ratio
9.3
%
9.4
%
9.1
%
9.4
%
8.6
%
Tangible common equity ratio (non-GAAP) (3)
8.0
8.1
7.8
8.1
7.5
Tier 1 leverage ratio (5)
10.2
9.6
9.4
9.6
9.3
Risk-based capital ratios:
Tier 1 capital ratio (5)
11.4
10.8
10.7
10.6
10.3
Common equity tier 1 capital ratio (5)
10.0
10.1
9.9
9.8
9.5
Total capital ratio (5)
12.9
12.5
12.3
12.2
12.1
Allowance for credit losses (6)
$
457,461
$
448,387
$
437,060
$
436,193
$
437,560
Allowance for loan and unfunded lending-related commitment losses to total loans
0.90
%
0.92
%
0.91
%
0.93
%
0.98
%
Number of:
Bank subsidiaries
16
16
16
16
15
Banking offices
208
208
205
203
177
(1) Excludes mortgage loans held-for-sale.(2) Net revenue is net interest income plus non-interest income.(3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency.(5) Capital ratios for current quarter-end are estimated.(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CONDITION
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Jun 30,
Mar 31,
Dec 31,
Sep 30,
Jun 30,
(In thousands)
2025
2025
2024
2024
2024
Assets
Cash and due from banks
$
695,501
$
616,216
$
452,017
$
725,465
$
415,462
Federal funds sold and securities purchased under resale agreements
63
63
6,519
5,663
62
Interest-bearing deposits with banks
4,569,618
4,238,237
4,409,753
3,648,117
2,824,314
Available-for-sale securities, at fair value
4,885,715
4,220,305
4,141,482
3,912,232
4,329,957
Held-to-maturity securities, at amortized cost
3,502,186
3,564,490
3,613,263
3,677,420
3,755,924
Trading account securities
—
—
4,072
3,472
4,134
Equity securities with readily determinable fair value
273,722
270,442
215,412
125,310
112,173
Federal Home Loan Bank and Federal Reserve Bank stock
282,087
281,893
281,407
266,908
256,495
Brokerage customer receivables
—
—
18,102
16,662
13,682
Mortgage loans held-for-sale, at fair value
299,606
316,804
331,261
461,067
411,851
Loans, net of unearned income
51,041,679
48,708,390
48,055,037
47,067,447
44,675,531
Allowance for loan losses
(391,654
)
(378,207
)
(364,017
)
(360,279
)
(363,719
)
Net loans
50,650,025
48,330,183
47,691,020
46,707,168
44,311,812
Premises, software and equipment, net
776,324
776,679
779,130
772,002
722,295
Lease investments, net
289,768
280,472
278,264
270,171
275,459
Accrued interest receivable and other assets
1,610,025
1,598,255
1,739,334
1,721,090
1,671,334
Receivable on unsettled securities sales
240,039
463,023
—
551,031
—
Goodwill
798,144
796,932
796,942
800,780
655,955
Other acquisition-related intangible assets
110,495
116,072
121,690
123,866
20,607
Total assets
$
68,983,318
$
65,870,066
$
64,879,668
$
63,788,424
$
59,781,516
Liabilities and Shareholders' Equity
Deposits:
Non-interest-bearing
$
10,877,166
$
11,201,859
$
11,410,018
$
10,739,132
$
10,031,440
Interest-bearing
44,939,645
42,368,179
41,102,331
40,665,834
38,017,586
Total deposits
55,816,811
53,570,038
52,512,349
51,404,966
48,049,026
Federal Home Loan Bank advances
3,151,309
3,151,309
3,151,309
3,171,309
3,176,309
Other borrowings
625,392
529,269
534,803
647,043
606,579
Subordinated notes
298,458
298,360
298,283
298,188
298,113
Junior subordinated debentures
253,566
253,566
253,566
253,566
253,566
Payable on unsettled securities sales
39,105
—
—
—
—
Accrued interest payable and other liabilities
1,572,981
1,466,987
1,785,061
1,613,638
1,861,295
Total liabilities
61,757,622
59,269,529
58,535,371
57,388,710
54,244,888
Shareholders' Equity:
Preferred stock
837,500
412,500
412,500
412,500
412,500
Common stock
67,025
67,007
66,560
66,546
61,825
Surplus
2,495,637
2,494,347
2,482,561
2,470,228
1,964,645
Treasury stock
(9,156
)
(9,156
)
(6,153
)
(6,098
)
(5,760
)
Retained earnings
4,200,923
4,045,854
3,897,164
3,748,715
3,615,616
Accumulated other comprehensive loss
(366,233
)
(410,015
)
(508,335
)
(292,177
)
(512,198
)
Total shareholders' equity
7,225,696
6,600,537
6,344,297
6,399,714
5,536,628
Total liabilities and shareholders' equity
$
68,983,318
$
65,870,066
$
64,879,668
$
63,788,424
$
59,781,516
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun 30,2025
Mar 31,2025
Dec 31,2024
Sep 30,2024
Jun 30,2024
Jun 30, 2025
Jun 30, 2024
Interest income
Interest and fees on loans
$
797,997
$
768,362
$
789,038
$
794,163
$
749,812
$
1,566,359
$
1,460,153
Mortgage loans held-for-sale
4,872
4,246
5,623
6,233
5,434
9,118
9,580
Interest-bearing deposits with banks
34,317
36,766
46,256
32,608
19,731
71,083
36,389
Federal funds sold and securities purchased under resale agreements
276
179
53
277
17
455
36
Investment securities
78,053
72,016
67,066
69,592
69,779
150,069
139,457
Trading account securities
—
11
6
11
13
11
31
Federal Home Loan Bank and Federal Reserve Bank stock
5,393
5,307
5,157
5,451
4,974
10,700
9,452
Brokerage customer receivables
—
78
302
269
219
78
394
Total interest income
920,908
886,965
913,501
908,604
849,979
1,807,873
1,655,492
Interest expense
Interest on deposits
333,470
320,233
346,388
362,019
335,703
653,703
635,235
Interest on Federal Home Loan Bank advances
25,724
25,441
26,050
26,254
24,797
51,165
46,845
Interest on other borrowings
6,957
6,792
7,519
9,013
8,700
13,749
17,948
Interest on subordinated notes
3,735
3,714
3,733
3,712
5,185
7,449
10,672
Interest on junior subordinated debentures
4,328
4,311
4,663
5,023
4,984
8,639
9,988
Total interest expense
374,214
360,491
388,353
406,021
379,369
734,705
720,688
Net interest income
546,694
526,474
525,148
502,583
470,610
1,073,168
934,804
Provision for credit losses
22,234
23,963
16,979
22,334
40,061
46,197
61,734
Net interest income after provision for credit losses
524,460
502,511
508,169
480,249
430,549
1,026,971
873,070
Non-interest income
Wealth management
36,821
34,042
38,775
37,224
35,413
70,863
70,228
Mortgage banking
23,170
20,529
20,452
15,974
29,124
43,699
56,787
Service charges on deposit accounts
19,502
19,362
18,864
16,430
15,546
38,864
30,357
Gains (losses) on investment securities, net
650
3,196
(2,835
)
3,189
(4,282
)
3,846
(2,956
)
Fees from covered call options
5,624
3,446
2,305
988
2,056
9,070
6,903
Trading gains (losses), net
151
(64
)
(113
)
(130
)
70
87
747
Operating lease income, net
15,166
15,287
15,327
15,335
13,938
30,453
28,048
Other
23,005
20,836
20,676
24,137
29,282
43,841
71,613
Total non-interest income
124,089
116,634
113,451
113,147
121,147
240,723
261,727
Non-interest expense
Salaries and employee benefits
219,541
211,526
212,133
211,261
198,541
431,067
393,714
Software and equipment
36,522
34,717
34,258
31,574
29,231
71,239
56,962
Operating lease equipment
10,757
10,471
10,263
10,518
10,834
21,228
21,517
Occupancy, net
20,228
20,778
20,597
19,945
19,585
41,006
38,671
Data processing
12,110
11,274
10,957
9,984
9,503
23,384
18,795
Advertising and marketing
18,761
12,272
13,097
18,239
17,436
31,033
30,476
Professional fees
9,243
9,044
11,334
9,783
9,967
18,287
19,520
Amortization of other acquisition-related intangible assets
5,580
5,618
5,773
4,042
1,122
11,198
2,280
FDIC insurance
10,971
10,926
10,640
10,512
10,429
21,897
24,966
Other real estate owned ("OREO") expenses, net
505
643
397
(938
)
(259
)
1,148
133
Other
37,243
38,821
39,090
35,767
33,964
76,064
66,464
Total non-interest expense
381,461
366,090
368,539
360,687
340,353
747,551
673,498
Income before taxes
267,088
253,055
253,081
232,709
211,343
520,143
461,299
Income tax expense
71,561
64,016
67,719
62,708
58,955
135,577
121,617
Net income
$
195,527
$
189,039
$
185,362
$
170,001
$
152,388
$
384,566
$
339,682
Preferred stock dividends
6,991
6,991
6,991
6,991
6,991
13,982
13,982
Net income applicable to common shares
$
188,536
$
182,048
$
178,371
$
163,010
$
145,397
$
370,584
$
325,700
Net income per common share - Basic
$
2.82
$
2.73
$
2.68
$
2.51
$
2.35
$
5.55
$
5.28
Net income per common share - Diluted
$
2.78
$
2.69
$
2.63
$
2.47
$
2.32
$
5.47
$
5.21
Cash dividends declared per common share
$
0.50
$
0.50
$
0.45
$
0.45
$
0.45
$
1.00
$
0.90
Weighted average common shares outstanding
66,931
66,726
66,491
64,888
61,839
66,829
61,660
Dilutive potential common shares
888
923
1,233
1,053
926
903
901
Average common shares and dilutive common shares
67,819
67,649
67,724
65,941
62,765
67,732
62,561
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES
% Growth From (1)
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Sep 30,2024
Jun 30, 2024
Mar 31,2025 (2)
Jun 30, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies
$
192,633
$
181,580
$
189,774
$
314,693
$
281,103
24
%
(31
)%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies
106,973
135,224
141,487
146,374
130,748
(84
)
(18
)
Total mortgage loans held-for-sale
$
299,606
$
316,804
$
331,261
$
461,067
$
411,851
(22
)%
(27
)%
Core loans:
Commercial
Commercial and industrial
$
7,028,247
$
6,871,206
$
6,867,422
$
6,774,683
$
6,236,290
9
%
13
%
Asset-based lending
1,663,693
1,701,962
1,611,001
1,709,685
1,465,867
(9
)
13
Municipal
771,785
798,646
826,653
827,125
747,357
(13
)
3
Leases
2,757,331
2,680,943
2,537,325
2,443,721
2,439,128
11
13
Commercial real estate
Residential construction
59,027
55,849
48,617
73,088
55,019
23
7
Commercial construction
2,165,263
2,086,797
2,065,775
1,984,240
1,866,701
15
16
Land
304,827
306,235
319,689
346,362
338,831
(2
)
(10
)
Office
1,601,208
1,641,555
1,656,109
1,675,286
1,585,312
(10
)
1
Industrial
2,824,889
2,677,555
2,628,576
2,527,932
2,307,455
22
22
Retail
1,452,351
1,402,837
1,374,655
1,404,586
1,365,753
14
6
Multi-family
3,200,578
3,091,314
3,125,505
3,193,339
2,988,940
14
7
Mixed use and other
1,683,867
1,652,759
1,685,018
1,588,584
1,439,186
8
17
Home equity
466,815
455,683
445,028
427,043
356,313
10
31
Residential real estate
Residential real estate loans for investment
3,814,715
3,561,417
3,456,009
3,252,649
2,933,157
29
30
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies
80,800
86,952
114,985
92,355
88,503
(28
)
(9
)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies
53,267
36,790
41,771
43,034
45,675
NM
17
Total core loans
$
29,928,663
$
29,108,500
$
28,804,138
$
28,363,712
$
26,259,487
11
%
14
%
Niche loans:
Commercial
Franchise
$
1,286,265
$
1,262,555
$
1,268,521
$
1,191,686
$
1,150,460
8
%
12
%
Mortgage warehouse lines of credit
1,232,530
1,019,543
893,854
750,462
593,519
84
NM
Community Advantage - homeowners association
526,595
525,492
525,446
501,645
491,722
1
7
Insurance agency lending
1,120,985
1,070,979
1,044,329
1,048,686
1,030,119
19
9
Premium Finance receivables
U.S. property & casualty insurance
7,378,340
6,486,663
6,447,625
6,253,271
6,142,654
55
20
Canada property & casualty insurance
944,836
753,199
824,417
878,410
958,099
NM
(1
)
Life insurance
8,506,960
8,365,140
8,147,145
7,996,899
7,962,115
7
7
Consumer and other
116,505
116,319
99,562
82,676
87,356
1
33
Total niche loans
$
21,113,016
$
19,599,890
$
19,250,899
$
18,703,735
$
18,416,044
31
%
15
%
Total loans, net of unearned income
$
51,041,679
$
48,708,390
$
48,055,037
$
47,067,447
$
44,675,531
19
%
14
%
(1) NM - Not Meaningful.(2) Annualized.
TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES
% Growth From
(Dollars in thousands)
Jun 30,2025
Mar 31,2025
Dec 31,2024
Sep 30,2024
Jun 30,2024
Mar 31,2025 (1)
Jun 30, 2024
Balance:
Non-interest-bearing
$
10,877,166
$
11,201,859
$
11,410,018
$
10,739,132
$
10,031,440
(12
)%
8
%
NOW and interest-bearing demand deposits
6,795,725
6,340,168
5,865,546
5,466,932
5,053,909
29
34
Wealth management deposits (2)
1,595,764
1,408,790
1,469,064
1,303,354
1,490,711
53
7
Money market
19,556,041
18,074,733
17,975,191
17,713,726
16,320,017
33
20
Savings
6,659,419
6,576,251
6,372,499
6,183,249
5,882,179
5
13
Time certificates of deposit
10,332,696
9,968,237
9,420,031
9,998,573
9,270,770
15
11
Total deposits
$
55,816,811
$
53,570,038
$
52,512,349
$
51,404,966
$
48,049,026
17
%
16
%
Mix:
Non-interest-bearing
19
%
21
%
22
%
21
%
21
%
NOW and interest-bearing demand deposits
12
12
11
11
11
Wealth management deposits (2)
3
3
3
3
3
Money market
35
34
34
34
34
Savings
12
12
12
12
12
Time certificates of deposit
19
18
18
19
19
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"), and trust and asset management customers of the Company.
TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSISAs of June 30, 2025
(Dollars in thousands)
Total TimeCertificates ofDeposit
Weighted-AverageRate of MaturingTime Certificates of Deposit
1-3 months
$
2,486,694
3.92
%
4-6 months
4,464,126
3.80
7-9 months
2,187,365
3.74
10-12 months
771,114
3.64
13-18 months
262,094
3.41
19-24 months
99,689
2.92
24+ months
61,614
2.36
Total
$
10,332,696
3.78
%
TABLE 4: QUARTERLY AVERAGE BALANCES
Average Balance for three months ended,
Jun 30,
