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Wintrust Financial Corporation Reports Third Quarter 2021 Net Income of $109.1 million and Year-To-Date Net Income of $367.4 million

October 19, 2021 4:20 PM

ROSEMONT, Ill., Oct. 19, 2021 (GLOBE NEWSWIRE) -- 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

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.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/fef11bc9-4918-4c82-bdbe-c78dadfc914a

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 from2nd Quarter2021 % orbasis point (bp) change from3rd Quarter2020
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 CORPORATIONSelected Financial Highlights

Three Months EndedNine Months Ended
(Dollars in thousands, except per share data) Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020Sep 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 SUBSIDIARIESCONSOLIDATED 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 SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months EndedNine Months Ended
(In thousands, except per share data)Sep 30,2021 Jun 30,2021 Mar 31,2021 Dec 31,2020 Sep 30,2020Sep 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-sale7,716 8,183 9,036 6,357 5,791 24,935 13,720
Interest-bearing deposits with banks2,000 1,153 1,199 1,294 1,181 4,352 7,259
Federal funds sold and securities purchased under resale agreements— — — — — — 102
Investment securities25,189 23,623 19,264 18,243 21,819 68,076 81,391
Trading account securities3 1 2 11 6 6 26
Federal Home Loan Bank and Federal Reserve Bank stock1,777 1,769 1,745 1,775 1,774 5,291 5,116
Brokerage customer receivables185 149 123 116 106 457 361
Total interest income322,457 319,579 305,469 307,981 311,156 947,505 985,039
Interest expense
Interest on deposits19,305 24,298 27,944 32,602 39,084 71,547 156,576
Interest on Federal Home Loan Bank advances4,931 4,887 4,840 4,952 4,947 14,658 13,241
Interest on other borrowings2,501 2,568 2,609 2,779 3,012 7,678 9,994
Interest on subordinated notes5,480 5,512 5,477 5,509 5,474 16,469 16,452
Interest on junior subordinated debentures2,744 2,724 2,704 2,742 2,703 8,172 8,266
Total interest expense34,961 39,989 43,574 48,584 55,220 118,524 204,529
Net interest income287,496 279,590 261,895 259,397 255,936 828,981 780,510
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 losses295,412 294,889 307,242 258,217 230,910 897,543 567,470
Non-interest income
Wealth management31,531 30,690 29,309 26,802 24,957 91,530 73,534
Mortgage banking55,794 50,584 113,494 86,819 108,544 219,872 259,194
Service charges on deposit accounts14,149 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 options1,157 1,388 — — — 2,545 2,292
Trading gains (losses), net58 (438) 419 (102) 183 39 (902)
Operating lease income, net12,807 12,240 14,440 12,118 11,717 39,487 35,486
Other23,409 20,375 15,654 19,669 13,284 59,438 46,182
Total non-interest income136,474 129,373 186,506 158,361 170,593 452,353 445,828
Non-interest expense
Salaries and employee benefits170,912 172,817 180,809 171,116 164,042 524,538 454,960
Software and equipment22,029 20,866 20,912 20,565 17,251 63,807 47,931
Operating lease equipment depreciation10,013 9,949 10,771 9,938 9,425 30,733 27,977
Occupancy, net18,158 17,687 19,996 19,687 15,830 55,841 50,270
Data processing7,104 6,920 6,048 5,728 5,689 20,072 24,468
Advertising and marketing13,443 11,305 8,546 9,850 7,880 33,294 26,446
Professional fees7,052 7,304 7,587 6,530 6,488 21,943 20,896
Amortization of other intangible assets1,877 2,039 2,007 2,634 2,701 5,923 8,384
FDIC insurance6,750 6,405 6,558 7,016 6,772 19,713 17,988
OREO expense, net(1,531) 769 (251) (114) (168) (1,013) (807)
Other26,337 24,051 23,906 28,917 28,309 74,294 79,715
Total non-interest expense282,144 280,112 286,889 281,867 264,219 849,145 758,228
Income before taxes149,742 144,150 206,859 134,711 137,284 500,751 255,070
Income tax expense40,605 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 dividends6,991 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 shares753 726 681 588 449 728 469
Average common shares and dilutive common shares57,753 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, 2020Dec 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 Agencies354,649 351,988 369,444 344,783 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 lending1,066,376 892,109 720,772 721,666 707,365 64 51
Municipal524,192 511,094 493,417 474,103 482,567 14 9
Leases1,365,281 1,357,036 1,290,778 1,288,374 1,215,239 8 12
Commercial real estate
Residential construction49,754 55,735 72,058 89,389 101,187 (59) (51)
Commercial construction1,038,034 1,090,447 1,040,631 1,041,729 1,005,708 — 3
Land255,927 239,067 240,635 240,684 226,254 8 13
Office1,169,466 1,098,386 1,131,472 1,136,844 1,163,790 4 —
Industrial1,324,612 1,263,614 1,152,522 1,129,433 1,117,702 23 19
Retail1,237,261 1,217,540 1,198,025 1,224,403 1,175,819 1 5
Multi-family1,888,817 1,805,118 1,739,521 1,649,801 1,599,651 19 18
Mixed use and other1,921,843 1,908,462 1,969,915 1,981,849 2,033,031 (4) (5)
Home equity347,662 369,806 390,253 425,263 446,274 (24) (22)
Residential real estate
Residential real estate loans for investment1,528,889 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 Agencies18,847 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 credit468,162 529,867 587,868 567,389 503,371 (23) (7)
Community Advantage - homeowners association291,153 287,689 272,222 267,374 254,963 12 14
Insurance agency lending260,482 273,999 290,880 222,519 214,411 23 21
Premium Finance receivables
U.S. commercial insurance3,921,289 3,805,504 3,342,730 3,438,087 3,494,155 19 12
Canada commercial insurance695,688 716,367 615,813 616,402 565,989 17 23
Life insurance6,655,453 6,359,556 6,111,495 5,857,436 5,488,832 18 21
Consumer and other22,529 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 2021909,139 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 30,2020Dec 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 deposits3,769,825 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 market10,757,654 9,843,390 9,236,434 9,348,806 9,423,653 20 14
Savings3,861,296 3,776,400 3,690,892 3,531,029 3,415,073 13 13
Time certificates of deposit4,130,546 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-bearing33% 33% 32% 32% 29%
NOW and interest-bearing demand deposits9 9 9 9 9
Wealth management deposits (2)11 11 11 11 12
Money market27 25 25 25 26
Savings10 10 10 10 10
Time certificates of deposit10 12 13 13 14
Total deposits100% 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 ANALYSISAs of September 30, 2021

(Dollars in thousands) Total TimeCertificates ofDeposit Weighted-AverageRate of MaturingTime 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 Balancefor nine months ended,Interestfor nine months ended,Yield/Ratefor nine months ended,
(Dollars in thousands)Sep 30, 2021 Sep 30,2020Sep 30, 2021 Sep 30, 2020Sep 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 stock136,028 128,611 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-sale1,003,868 644,611 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 banks420,874 339,968
Other assets2,922,933 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 deposits4,401,489 3,821,203 22,925 21,840 0.70 0.76
Money market accounts9,639,370 8,686,171 8,002 42,748 0.11 0.66
Savings accounts3,723,420 3,334,944 1,238 11,736 0.04 0.47
Time deposits4,579,161 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 advances1,234,929 1,131,823 14,658 13,241 1.59 1.56
Other borrowings518,946 491,981 7,678 9,994 1.98 2.71
Subordinated notes436,641 436,223 16,469 16,452 5.03 5.03
Junior subordinated debentures253,566 253,566 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 deposits12,300,931 8,947,639
Other liabilities1,079,614 1,096,297
Equity4,255,851 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 3,5580.01 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.(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.(3) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on 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+200BasisPoints +100BasisPoints -100BasisPoints
Sep 30, 202110.8% 5.4% (3.8)%
Jun 30, 202111.4 5.8 (3.3)
Mar 31, 202110.7 5.4 (3.6)
Dec 31, 202011.4 5.7 (3.3)
Sep 30, 202010.7 5.2 (3.5)

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or maturity period
As of September 30, 2021One 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 - PPP141,394 940,594 — 1,081,988
Variable rate6,765,489 3,323 60 6,768,872
Total commercial$7,391,654 $2,959,105 $837,213 $11,187,972
Commercial real estate
Fixed rate558,728 2,201,827 493,256 3,253,811
Variable rate5,607,888 24,015 — 5,631,903
Total commercial real estate$6,166,616 $2,225,842 $493,256 $8,885,714
Home equity
Fixed rate14,818 4,618 45 19,481
Variable rate328,181 — — 328,181
Total home equity$342,999 $4,618 $45 $347,662
Residential real estate
Fixed rate19,165 6,415 819,685 845,265
Variable rate58,698 258,143 385,630 702,471
Total residential real estate$77,863 $264,558 $1,205,315 $1,547,736
Premium finance receivables - commercial
Fixed rate4,479,551 137,426 — 4,616,977
Variable rate— — — —
Total premium finance receivables - commercial$4,479,551 $137,426 $— $4,616,977
Premium finance receivables - life insurance
Fixed rate9,046 438,568 21,813 469,427
Variable rate6,186,026 — — 6,186,026
Total premium finance receivables - life insurance$6,195,072 $438,568 $21,813 $6,655,453
Consumer and other
Fixed rate4,366 4,852 906 10,124
Variable rate12,405 — — 12,405
Total consumer and other$16,771 $4,852 $906 $22,529
Total per category
Fixed rate5,570,445 4,808,894 2,172,858 12,552,197
Fixed rate - PPP141,394 940,594 — 1,081,988
Variable rate18,958,687 285,481 385,690 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.

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/576d571d-5850-417e-a3ea-048102b0a331

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-monthLIBOR 12-monthLIBOR
Third Quarter 2021 0bps-2bps-1bp
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 EndedNine Months Ended
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,
(Dollars in thousands) 2021 2021 2021 2020 20202021 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 EndedNine Months Ended
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,
(In thousands) 2021 2021 2021 2020 20202021 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, 2021As of Jun 30, 2021As of Mar 31, 2021
(Dollars in thousands)RecordedInvestment CalculatedAllowance % of itscategory’s balanceRecordedInvestment CalculatedAllowance % of itscategory’s balanceRecordedInvestment CalculatedAllowance % of itscategory’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 loans1,081,988 2 0.00 1,879,407 2 0.00 3,292,982 3 0.00
Commercial real estate:
Construction and development1,343,715 34,101 2.54 1,385,249 38,550 2.78 1,353,324 45,327 3.35
Non-construction7,541,999 105,934 1.40 7,293,120 119,972 1.65 7,191,455 136,465 1.90
Home equity347,662 10,939 3.15 369,806 11,207 3.03 390,253 11,382 2.92
Residential real estate1,547,736 16,272 1.05 1,530,285 15,684 1.02 1,421,973 14,242 1.00
Premium finance receivables
Commercial insurance loans4,616,977 17,996 0.39 4,521,871 19,346 0.43 3,958,543 16,945 0.43
Life insurance loans6,655,453 579 0.01 6,359,556 553 0.01 6,111,495 532 0.01
Consumer and other22,529 452 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 loans1,081,988 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 equity164 — — — —
Residential real estate— — — — —
Premium finance receivables5,811 3,570 4,783 12,792 12,177
Consumer and other126 178 161 264 175
Total loans past due greater than 90 days and still accruing6,101 4,992 4,944 13,363 12,352
Non-accrual loans:
Commercial26,468 23,232 22,459 21,743 42,036
Commercial real estate23,706 26,035 34,380 46,107 68,815
Home equity3,449 3,478 5,536 6,529 6,329
Residential real estate22,633 23,050 21,553 26,071 22,069
Premium finance receivables7,300 6,418 9,690 13,264 21,080
Consumer and other384 485 497 436 422
Total non-accrual loans83,940 82,698 94,115 114,150 160,751
Total non-performing loans:
Commercial26,468 24,476 22,459 22,050 42,036
Commercial real estate23,706 26,035 34,380 46,107 68,815
Home equity3,613 3,478 5,536 6,529 6,329
Residential real estate22,633 23,050 21,553 26,071 22,069
Premium finance receivables13,111 9,988 14,473 26,056 33,257
Consumer and other510 663 658 700 597
Total non-performing loans$90,041 $87,690 $99,059 $127,513 $173,103
Other real estate owned9,934 10,510 8,679 9,711 2,891
Other real estate owned - from acquisitions3,911 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:
Commercial0.24% 0.21% 0.18% 0.18% 0.34%
Commercial real estate0.27 0.30 0.40 0.54 0.82
Home equity1.04 0.94 1.42 1.54 1.42
Residential real estate1.46 1.51 1.52 2.07 1.59
Premium finance receivables0.12 0.09 0.14 0.26 0.35
Consumer and other2.26 7.35 1.83 2.17 1.08
Total loans, net of unearned income0.27% 0.27% 0.30% 0.40% 0.54%
Total non-performing assets as a percentage of total assets0.22% 0.22% 0.25% 0.32% 0.42%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans352.70% 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 EndedNine Months Ended
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,
(In thousands)2021 2021 2021 2020 20202021 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 period9,341 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 estate8,385 9,659 9,478 10,549 10,846
Residential real estate and other25,551 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 estate3,239 3,434 1,309 6,177 13,601
Residential real estate and other3,685 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 estate11,624 13,093 10,787 16,726 24,447
Residential real estate and other29,236 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 sell315 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 development934 1,030 1,287 1,691 —
Commercial real estate11,319 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 management26,301 25,542 24,269 22,062 20,394 759 3 5,907 29
Total wealth management31,531 30,690 29,309 26,802 24,957 841 3 6,574 26
Mortgage banking55,794 50,584 113,494 86,819 108,544 5,210 10 (52,750) (49)
Service charges on deposit accounts14,149 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 options1,157 1,388 — — — (231) (17) 1,157 NM
Trading gains (losses), net58 (438) 419 (102) 183 496 NM (125) (68)
Operating lease income, net12,807 12,240 14,440 12,118 11,717 567 5 1,090 9
Other:
Interest rate swap fees4,868 2,820 2,488 4,930 4,029 2,048 73 839 21
BOLI2,154 1,342 1,124 2,846 1,218 812 61 936 77
Administrative services1,359 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 leases209 195 (52) 118 165 14 7 44 27
Miscellaneous14,742 15,572 10,739 10,720 6,849 (830) (5) 7,893 NM
Total Other23,409 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 management76,112 59,543 16,569 28
Total wealth management91,530 73,534 17,996 24
Mortgage banking219,872 259,194 (39,322) (15)
Service charges on deposit accounts39,434 33,182 6,252 19
Gains (losses) on investment securities, net8 (3,140) 3,148 NM
Fees from covered call options2,545 2,292 253 11
Trading gains (losses), net39 (902) 941 NM
Operating lease income, net39,487 35,486 4,001 11
Other:
Interest rate swap fees10,176 15,788 (5,612) (36)
BOLI4,620 1,884 2,736 NM
Administrative services3,843 3,122 721 23
Foreign currency remeasurement loss(606) (413) (193) 47
Early pay-offs of leases352 514 (162) (32)
Miscellaneous41,053 25,287 15,766 62
Total Other59,438 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 EndedNine Months Ended
(Dollars in thousands)Sep 30,2021 Jun 30,2021 Mar 31,2021 Dec 31,2020 Sep 30,2020Sep 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 originations405,663 395,290 580,303 594,151 635,876 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 investment181,886 249,749 321,858 192,107 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 sale74 % 77 % 74 % 75 % 71 %75 % 70 %
Veterans First originations as a percentage of originations for sale26 23 26 25 29 25 30
Purchases as a percentage of originations for sale56 % 53 % 27 % 35 % 41 %43 % 36 %
Refinances as a percentage of originations for sale44 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 income10,454 9,830 9,636 9,829 8,118 29,920 22,057
MSR activity6,064 3,432 32,493 6,097 10,072 41,989 6,386
Other29 (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 compensation57,026 53,751 61,367 52,383 48,475 3,275 6 8,551 18
Benefits25,725 27,977 28,389 25,198 25,718 (2,252) (8) 7 —
Total salaries and employee benefits170,912 172,817 180,809 171,116 164,042 (1,905) (1) 6,870 4
Software and equipment22,029 20,866 20,912 20,565 17,251 1,163 6 4,778 28
Operating lease equipment depreciation10,013 9,949 10,771 9,938 9,425 64 1 588 6
Occupancy, net18,158 17,687 19,996 19,687 15,830 471 3 2,328 15
Data processing7,104 6,920 6,048 5,728 5,689 184 3 1,415 25
Advertising and marketing13,443 11,305 8,546 9,850 7,880 2,138 19 5,563 71
Professional fees7,052 7,304 7,587 6,530 6,488 (252) (3) 564 9
Amortization of other intangible assets1,877 2,039 2,007 2,634 2,701 (162) (8) (824) (31)
FDIC insurance6,750 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 brokers884 889 846 764 778 (5) (1) 106 14
Postage2,018 1,900 1,743 1,849 1,529 118 6 489 32
Miscellaneous23,435 21,262 21,317 26,304 26,002 2,173 10 (2,567) (10)
Total other26,337 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 2020Change 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 EndedNine 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:
- Loans411 415 384 324 481 1,210 1,917
- Liquidity Management Assets492 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 expense282,144 280,112 286,889 281,867 264,219 849,145 758,228
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 EndedNine 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 20202021 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 outstanding56,956 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 amortization1,877 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:

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:

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. 

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
Source: Wintrust Financial Corporation

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