GlobeNewswire Inc | Apr 19, 2021 04:41PM EDT

April 19, 2021

ROSEMONT, Ill., April 19, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (Wintrust, the Company, "we" or "our") (Nasdaq: WTFC) announced record net income of $153.1 million or $2.54 per diluted common share for the first quarter of 2021, an increase in diluted earnings per common share of 56% compared to the fourth quarter of 2020 and an increase of 144% compared to the first quarter of 2020.

Highlights of the First Quarter of 2021:Comparative information to the fourth quarter of 2020

-- Total assets increased by $601 million. -- Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $515 million. Originated $1.3 billion of PPP loans in the first quarter of 2021 which generated fees of $51.2 million, net of $1.8 million of deferred costs, to be recognized over the estimated life of the loans.PPP loans originated in 2020 declined by $667 million in the first quarter of 2021 primarily as a result of processing forgiveness payments. As of April 16, 2021, approximately 42% of PPP loan balances originated in 2020 have been forgiven, approximately 40% of balances are in the forgiveness review or submission process, and approximately 18% of balances have yet to apply for forgiveness. -- Total deposits increased by $780 million. -- Total investment securities increased by $1.0 billion as the Company deployed a portion of its excess liquidity. -- Net interest income increased by $2.5 million primarily due to earning asset growth and increased PPP loan fee accretion, despite two less days in the first quarter of 2021. Each day has an approximately $3 million impact on net interest income. The Company recognized $19.2 million of PPP loan fee accretion in the first quarter of 2021 as compared to $16.8 million in the fourth quarter of 2020. As of March 31, 2021, the Company had approximately $64.6 million of net PPP loan fees that have yet to be recognized in income. -- The loans to deposits ratio ended the first quarter of 2021 at 87.6% as compared to 86.5% as of December 31, 2020. Excluding PPP loans, the loans to deposits ratio ended the first quarter of 2021 at 78.9%. -- Mortgage banking revenue increased by $26.7 million to $113.5 million for the first quarter of 2021 as compared to $86.8 million in the fourth quarter of 2020. Recorded an increase in the value of mortgage servicing rights related to changes in fair value model assumptions of $18.0 million in the first quarter of 2021 as compared to a decrease of $5.2 million in the fourth quarter of 2020. -- Recorded a negative provision for credit losses of $45.3 million in the first quarter of 2021 as compared to $1.2 million of expense in the fourth quarter of 2020. -- Recorded net charge-offs of $13.3 million in the first quarter of 2021 as compared to net charge-offs of $10.3 million in the fourth quarter of 2020. Net charge-offs as a percentage of average total loans totaled 17 basis points in the first quarter of 2021 on an annualized basis compared to 13 basis points on an annualized basis in the fourth quarter of 2020. -- The allowance for credit losses on our core loan portfolio is approximately 1.62% of the outstanding balance as of March 31, 2021, down from 2.00% as of December 31, 2020. See Table 11 for more information. -- Non-performing loans declined significantly and totaled $99.1 million, or 0.30% of total loans, as of March 31, 2021 as compared to $127.5 million, or 0.40% of total loans, as of December 31, 2020. -- The outstanding balance of COVID-19 related modified loans totaled approximately $254 million or 0.8% of total loans, excluding PPP loans, as of March 31, 2021 as compared to $345 million or 1.2% as of December 31, 2020. -- Tangible book value per common share (non-GAAP) increased to $55.42 as compared to $53.23 as of December 31, 2020.

Other items of note from the first quarter of 2021

-- The following items had a $5.8 million unfavorable pre-tax income impact on the first quarter of 2021: Recognized $3.8 million of expense related to impairment of certain capitalized software costs based on an evaluation of remaining useful life.Recorded an impairment charge of $1.4 million in occupancy expense as part of an ongoing effort to optimize our branch footprint.Recorded severance expense of $626,000.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, "Wintrust reported record net income of $153.1 million for the first quarter of 2021, up from $101.2 million in the fourth quarter of 2020. Pre-tax income, excluding provision for credit losses (non-GAAP) increased by 19% to $161.5 million for the first quarter of 2021 as compared to $135.9 million in the fourth quarter of 2020. The first quarter of 2021 was characterized by strong loan growth, increased net interest income, record mortgage banking revenue, a release of reserves as our credit quality and macroeconomic forecasts improved and a continued focus to increase franchise value in our market area."

Mr. Wehmer continued, "The Company experienced strong loan growth in the first quarter of 2021, including growth in its commercial, commercial real estate, residential real estate loans for investment and life insurance premium finance receivable portfolios. The loan growth occurred in the latter part of the quarter as total period end loans, excluding PPP loans, were $523 million higher than average total loans, excluding PPP loans, in the first quarter of 2021. Our loan pipelines remain strong and we expect to leverage our various core and niche portfolios to continue to grow loans. Total deposits increased by $780 million as compared to the fourth quarter of 2020 primarily due to an increase in non-interest bearing deposits related to PPP loan origination. 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 87.6% and we believe that we have sufficient liquidity to meet customer loan demand."

Mr. Wehmer commented, "Net interest income increased in the first quarter of 2021 primarily due to earning asset growth and increased PPP loan fee accretion. Net interest margin was unchanged as the rate on interest-bearing liabilities declined seven basis points in the first quarter of 2021 as compared to the fourth quarter of 2020 effectively offsetting a six basis point decline in the yield on total earning assets. PPP loan fee accretion increased as the Company recognized $19.2 million of PPP loan fee accretion in the first quarter of 2021 as compared to $16.8 million in the fourth quarter of 2020. Additionally, we deployed a portion of excess liquidity during the first quarter of 2021 to purchase investment securities increasing our period end total securities by $1.0 billion as compared to December 31, 2020. The majority of the security purchases were in the latter part of the quarter after long term interest rates had increased. As a result, period end investment securities were $743 million higher than average investment securities in the first quarter of 2021 which is expected to favorably impact net interest margin in future quarters. We continue to maintain excess liquidity and believe that deploying such liquidity could potentially increase our net interest margin."

Mr. Wehmer noted, Our mortgage banking business reported record mortgage banking revenue of $113.5 million in the first quarter of 2021. Loan volumes originated for sale in the first quarter of 2021 were $2.2 billion, down slightly from $2.4 billion in the fourth quarter of 2020. The Company allocated a greater portion of its mortgage originations for investment to benefit future quarters. Additionally, the Company recorded an $18.0 million increase in the value of mortgage servicing rights related to changes in fair value model assumptions. The strong quarter of mortgage performance contributed to reporting a 0.90% net overhead ratio for the first quarter of 2021. We believe the second quarter of 2021 will provide another strong quarter for mortgage banking production as an influx in seasonal purchase demand is expected to help offset an expected decline in refinance activity."

Commenting on credit quality, Mr. Wehmer stated, "The Company recorded a negative provision for credit losses of $45.3 million related to both improving credit quality and macroeconomic forecasts. The level of non-performing loans decreased by $28.5 million primarily due to non-performing loan pay-offs. Additionally, net charge-offs remained relatively low totaling $13.3 million in the first quarter of 2021 as compared to $10.3 million in the fourth quarter of 2020. The allowance for credit losses on our core loan portfolio as of March 31, 2021 is approximately 1.62% of the outstanding balance. We believe that the Companys reserves remain appropriate and we remain diligent in our review of credit."

Mr. Wehmer continued, "We remain committed to supporting our community, including the well-being and safety of our customers and employees. We have actively participated in the latest rounds of PPP approved in 2021 and as of April 16, 2021 have processed over 7,900 applications aggregating in excess of $1.3 billion of loans. We are carefully monitoring the COVID-19 pandemic including its potential impact on the economy, our customers and our business. We remain focused on navigating the current environment by actively monitoring and managing our credit portfolio."

Mr. Wehmer concluded, "Our first quarter of 2021 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. While Wintrust and the banking industry as a whole have experienced significant net interest margin compression, we have been able to compensate for that with outstanding mortgage banking results. Additionally, we leverage a differentiated, diversified loan portfolio to outperform peers with respect to loan growth. 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 remain diligent in our evaluation of acquisition targets and will be prudent in our decision-making, always seeking to minimize dilution. Finally, we evaluate our operating expense base on an ongoing basis to enhance future profitability."

The graphs below illustrate certain financial highlights of the first quarter of 2021 as well as historical financial performance. See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 17 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/4e11acd7-e400-475a-8133-4d0d52f51413

SUMMARY OF RESULTS:

BALANCE SHEET

Total asset growth of $601 million in the first quarter of 2021 was primarily comprised of a $1.1 billion increase in loans and a $1.0 billion increase in investment securities, partially offset by a $1.5 billion decrease in interest-bearing deposits with banks. Total investment securities increased by $1.0 billion as the Company deployed a portion of its excess liquidity as market returns improved due to the change in long-term interest rates. Total loans, excluding PPP loans, increased by $515 million primarily due to growth in the commercial, commercial real estate, residential real estate loans for investment and life insurance premium finance receivable portfolios. The Company believes that the $3.3 billion of interest-bearing deposits with banks held as of March 31, 2021 provides sufficient liquidity to operate its business plan.

Total liabilities increased $465 million in the first quarter of 2021 resulting primarily from a $780 million increase in total deposits, partially offset by a $200 million decrease in trade date securities payable. The increase in deposits was primarily due to a $549 million increase in non-interest-bearing deposits primarily related to PPP loans originated in 2021. The Company's loans to deposits ratio ended the quarter at 87.6%. 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 Companys balance sheet, see Consolidated Statements of Condition and Tables 1 through 3 in this report.

NET INTEREST INCOME

For the first quarter of 2021, net interest income totaled $261.9 million, an increase of $2.5 million as compared to the fourth quarter of 2020 and an increase of $452,000 as compared to the first quarter of 2020. The $2.5 million increase in net interest income in the first quarter of 2021 compared to the fourth quarter of 2020 was primarily due to earning asset growth and increased PPP loan fee accretion, despite two less days in the first quarter of 2021.

Net interest margin was 2.53% (2.54% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2021unchanged from 2.53% (2.54% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2020 and down from 3.12% (3.14% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2020. The net interest margin was unchanged from the prior quarter due to the six basis point decline in the yield on earning assets and one basis point decrease in the net free funds contribution being offset by a seven basis point decrease in the rate paid on interest-bearing liabilities. The six basis point decline in the yield on earning assets in the first quarter of 2021 as compared to the fourth quarter of 2020 was primarily due to an eight basis point decline in yield earned on loans partially offset by a three basis point increase in yield on liquidity management assets. The decrease in the rate paid on interest-bearing liabilities in the first quarter of 2021 as compared to the prior quarter is primarily due to a six basis point decrease in the rate paid on interest-bearing deposits primarily due to lower repricing of time deposits.

For more information regarding net interest income, see Tables 4 through 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $321.3 million as of March31, 2021, a decrease of $58.7 million as compared to $380.0 million as of December31, 2020. The allowance for credit losses decreased primarily due to improvements in the macroeconomic forecast in addition to improvement in portfolio characteristics throughout the quarter. Notably, there was a decrease in the allowance for credit losses in the Commercial Real Estate portfolio primarily driven by improvement in the Commercial Real Estate Price Index and Baa Corporate Credit Spreads forecasts. Other key drivers of allowance for credit losses changes include, but are not limited to, decreases in COVID-19 related loan modifications and loan risk rating migration.

A negative provision for credit losses totaling $45.3 million was recorded for the first quarter of 2021 compared to $1.2 million of expense for the fourth quarter of 2020 and $53.0 million of expense for the first quarter of 2020. For more information regarding the provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses ("CECL") standard requires the Company to estimate expected credit losses over the life of the Companys financial assets at a certain point in time. 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 March31, 2021 and December31, 2020 is shown on Table 11 of this report.

Net charge-offs totaled $13.3 million in the first quarter of 2021, a $3.0 million increase from $10.3 million in the fourth quarter of 2020 and a $8.0 million increase from $5.3 million in the first quarter of 2020. Net charge-offs as a percentage of average total loans totaled 17 basis points in the first quarter of 2021 on an annualized basis compared to 13 basis points on an annualized basis in the fourth quarter of 2020 and eight basis points on an annualized basis in the first quarter of 2020. For more information regarding net charge-offs, see Table 9 in this report.

As of March31, 2021, $28.0 million of all loans, or 0.1%, were 60 to 89 days past due and $151.7 million, or 0.5%, were 30 to 59 days (or one payment) past due. As of December31, 2020, $41.6 million of all loans, or 0.1%, were 60 to 89 days past due and $139.1 million, or 0.4%, were 30 to 59 days (or one payment) past due. Many of the commercial and commercial real-estate loans shown as 60 to 89 days and 30 to 59 days past due are included on the Companys internal problem loan reporting system. Loans on this system are closely monitored by management on a monthly basis.

The Companys home equity and residential real estate loan portfolios continue to exhibit low delinquency rates as of March31, 2021. Home equity loans at March31, 2021 that are current with regard to the contractual terms of the loan agreement represent 98.3% of the total home equity portfolio. Residential real estate loans at March31, 2021 that are current with regards to the contractual terms of the loan agreements comprised 97.4% of total residential real estate loans outstanding. For more information regarding past due loans, see Table 12 in this report.

The outstanding balance of COVID-19 related modified loans totaled approximately $254 million or 0.8% of total loans, excluding PPP loans as of March 31, 2021 as compared to $345 million or 1.2% as of December31, 2020. The most significant proportion of outstanding modifications changed terms to interest-only payments.

The ratio of non-performing assets to total assets was 0.25% as of March31, 2021, compared to 0.32% at December31, 2020, and 0.49% at March31, 2020. Non-performing assets totaled $114.9 million at March31, 2021, compared to $144.1 million at December31, 2020 and $190.4 million at March31, 2020. Non-performing loans totaled $99.1 million, or 0.30% of total loans, at March31, 2021 compared to $127.5 million, or 0.40% of total loans, at December31, 2020 and $179.4 million, or 0.65% of total loans, at March31, 2020. The decrease in non-performing loans as of March31, 2021 as compared to December31, 2020 is primarily due to payments throughout the quarter. A significant portion of these payments were attributed to refinance activity with some payments resulting from the sale of underlying collateral. Reductions in non-performing loans were also accomplished through note sales and movement to other real estate owned ("OREO"). OREO totaled $15.8 million at March31, 2021, a decrease of $745,000 compared to $16.6 million at December31, 2020 and an increase of $4.8 million compared to $11.0 million at March31, 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 13 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $2.5 million during the first quarter of 2021 as compared to the fourth quarter of 2020 primarily due to increased trust and asset management fees and brokerage commissions. 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 $26.7 million in the first quarter of 2021 as compared to the fourth quarter of 2020, primarily due to an $18.0 million favorable mortgage servicing rights portfolio fair value adjustment as compared to a $5.2 million decrease recognized in the prior quarter related to changes in fair value model assumptions. Loans originated for sale were $2.2 billion in the first quarter of 2021, a decrease of $129.3 million as compared to the fourth quarter of 2020. The percentage of origination volume from refinancing activities was 73% in the first quarter of 2021 as compared to 65% in the fourth quarter of 2020. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market.

During the first quarter of 2021, the fair value of the mortgage servicing rights portfolio increased primarily due to the capitalization of $24.6 million of servicing rights and a fair value adjustment increase of $18.0 million partially offset by a reduction in value of $10.2 million due to payoffs and paydowns of the existing portfolio. No economic hedges were outstanding relative to the mortgage servicing rights portfolio during the fourth quarter of 2020 or first quarter of 2021.

Operating lease income increased by $2.3 million in the first quarter of 2021 as compared to the fourth quarter of 2020. The increase is primarily due to a $1.5 million gain recognized on sale of lease assets in the first quarter of 2021.

Other non-interest income decreased by $4.0 million in the first quarter of 2021 as compared to thefourth quarter of 2020primarily due to decreased interest rate swap fees and bank owned life insurance ("BOLI") revenue.

For more information regarding non-interest income, see Tables 14 and 15 in this report.

NON-INTEREST EXPENSE

Salaries and employee benefits expense increased by $9.7 million in the first quarter of 2021 as compared to the fourth quarter of 2020. The $9.7 million increase is comprised of an increase of $9.0 million in commissions and incentive compensation and an increase of $3.2 million in employee benefits expense, partially offset by a decrease of $2.5 million in salaries expense. The increase in commissions and incentive compensation is primarily due to higher expenses associated with the Company's long term incentive program and higher commissions related to its mortgage and wealth management businesses. The increase in employee benefits is primarily related to higher employee payroll taxes.

Advertising and marketing expense totaled $8.5 million in the first quarter of 2021, a decrease of $1.3 million as compared to the fourth quarter of 2020. The decrease in the first quarter relates primarily to decreased digital advertising campaigns and printing costs. 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.

Miscellaneous expense in the first quarter of 2021 decreased by $5.0 million as compared to the fourth quarter of 2020. The first quarter of 2021 included a $937,000 reversal of contingent consideration expense related to the previous acquisition of mortgage operations as compared to $6.6 million of expense in the fourth quarter of 2020. The liability for contingent consideration expense related to the previous acquisition of mortgage operations is based upon forward looking mortgage origination volumes and the estimated profitability of that operation.Should those assumptions change going forward, the liability may need to be increased or decreased. The contractual period covering contingent consideration ends in January 2023 and the final two years of the contract contemplate a lower ratio of contingent consideration relative to financial performance. As a result, the Company does not expect to have material adjustments to the contingent consideration liability in future periods. The Company also recognized $3.8 million of expense related to impairment of certain capitalized software costs based on an evaluation of remaining useful life. 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 16 in this report.

INCOME TAXES

The Company recorded income tax expense of $53.7 million in the first quarter of 2021 compared to $33.5 million in the fourth quarter of 2020 and $24.3 million in the first quarter of 2020. The effective tax rates were 25.97% in the first quarter of 2021 compared to 24.87% in the fourth quarter of 2020 and 27.87% in the first quarter of 2020.

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 first quarter of 2021, this unit expanded its loan portfolio and its deposit portfolio. In addition, the segment's net interest margin remained relatively stable in the first quarter of 2021 as compared to the fourth quarter of 2020.

Mortgage banking revenue was $113.5 million for the first quarter of 2021, an increase of $26.7 million as compared to the fourth quarter of 2020 primarily due to an $18.0 million favorable mortgage servicing rights portfolio fair value adjustment as compared to a $5.2 million decrease recognized in the prior quarter related to changes in fair value model assumptions. Service charges on deposit accounts totaled $12.0 million in the first quarter of 2021, an increase of $195,000 as compared to the fourth quarter of 2020 primarily due to higher account analysis fees. The Company's gross commercial and commercial real estate loan pipelines remained strong as of March31, 2021. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.3 billion to $1.5 billion at March31, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $800 million to $900 million at March31, 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 $2.8 billion during the first quarter of 2021 and average balances increased by $263.7 million as compared to the fourth quarter of 2020. The increase in average balances was more than offset by margin compression in this portfolio resulting in a $5.0 million decrease in interest income attributed to the lower market rates of interest associated with the insurance premium finance receivables portfolio. The Company's leasing business grew during the first quarter of 2021, with its portfolio of assets, including capital leases, loans and equipment on operating leases, increasing by $106.6 million to $2.2 billion at the end of the first quarter of 2021. Revenues from the Company's out-sourced administrative services business were $1.3 million in the first quarter of 2021, essentially unchanged from the fourth quarter of 2020.

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 $29.3 million in the first quarter of 2021, an increase of $2.5 million compared to the fourth quarter of 2020. Increases in asset management fees were primarily due to favorable equity market performance during the first quarter of 2021. At March31, 2021, the Companys wealth management subsidiaries had approximately $32.2 billion of assets under administration, which included $4.2 billion of assets owned by the Company and its subsidiary banks, representing a $2.1 billion increase from the $30.1 billion of assets under administration at December31, 2020.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Paycheck Protection Program

On March 27, 2020, the President of the United States signed the CARES Act, which authorized the Small Business Administration ("SBA") to guarantee loans under the PPP for small businesses who met the necessary eligibility requirements in order to keep their workers on the payroll. The Company began accepting applications on April 3, 2020. From such date through March31, 2021, the Company secured authorization from the SBA for and funded over 19,400 PPP loans with a carrying balance of approximately $4.8 billion. As of March31, 2021, the carrying balance of such loans was reduced to approximately $3.3 billion primarily resulting from forgiveness by the SBA.

WINTRUST FINANCIAL CORPORATIONKey Operating Measures

Wintrusts key operating measures and growth rates for the first quarter of 2021, as comparedto the fourth quarter of 2020 (sequential quarter) and first quarter of 2020 (linked quarter), are shown in the table below:

% or^(1) % or Three Months Ended basispoint basispoint(Dollars in (bp) (bp)thousands, Mar 31, 2021 Dec 31, 2020 Mar 31, 2020 change from change fromexcept per 4th Quarter 1st Quartershare data) 2020 2020Net income $ 153,148 $ 101,204 $ 62,812 51 % 144 %Pre-taxincome,excludingprovision for 161,512 135,891 140,044 19 15 credit losses(non-GAAP) ^(2)Net incomeper common 2.54 1.63 1.04 56 144 share ?dilutedNet revenue ^ 448,401 417,758 374,685 7 20 (3)Net interest 261,895 259,397 261,443 1 ? incomeNet interest 2.53 % 2.53 % 3.12 % ? bp (59 ) bpsmarginNet interestmargin -fully taxable 2.54 2.54 3.14 ? (60 ) equivalent(non-GAAP) ^(2)Net overhead 0.90 1.12 1.33 (22 ) (43 ) ratio ^(4)Return onaverage 1.38 0.92 0.69 46 69 assetsReturn onaverage 15.80 10.30 6.82 550 898 common equityReturn onaveragetangible 19.49 12.95 8.73 654 1,076 common equity(non-GAAP) ^(2)At end of periodTotal assets $ 45,682,202 $ 45,080,768 $ 38,799,847 5 % 18 %Total loans ^ 33,171,233 32,079,073 27,807,321 14 19 (5)Total 37,872,652 37,092,651 31,461,660 9 20 depositsTotalshareholders? 4,252,511 4,115,995 3,700,393 13 15 equity

(1) Period-end balance sheet percentage changes are annualized.(2) See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 17 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 Companys website at www.wintrust.comby choosing Financial Reports under the Investor Relations heading, and then choosing Financial Highlights.

WINTRUST FINANCIAL CORPORATIONSelected Financial Highlights

Three Months Ended(Dollars inthousands, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,except per 2021 2020 2020 2020 2020share data)Selected Financial Condition Data (at end of period):Total assets $ 45,682,202 $ 45,080,768 $ 43,731,718 $ 43,540,017 $ 38,799,847 Total loans ^ 33,171,233 32,079,073 32,135,555 31,402,903 27,807,321 (1)Total deposits 37,872,652 37,092,651 35,844,422 35,651,874 31,461,660 Juniorsubordinated 253,566 253,566 253,566 253,566 253,566 debenturesTotalshareholders? 4,252,511 4,115,995 4,074,089 3,990,218 3,700,393 equitySelected Statements of Income Data:Net interest $ 261,895 $ 259,397 $ 255,936 $ 263,131 $ 261,443 incomeNet revenue ^ 448,401 417,758 426,529 425,124 374,685 (2)Net income 153,148 101,204 107,315 21,659 62,812 Pre-tax income,excludingprovision for 161,512 135,891 162,310 165,756 140,044 credit losses(non-GAAP) ^(3)Net income percommon share ? 2.57 1.64 1.68 0.34 1.05 BasicNet income percommon share ? 2.54 1.63 1.67 0.34 1.04 DilutedSelected Financial Ratios and Other Data:Performance Ratios:Net interest 2.53 % 2.53 % 2.56 % 2.73 % 3.12 %marginNet interestmargin - fullytaxable 2.54 2.54 2.57 2.74 3.14 equivalent(non-GAAP) ^(3)Non-interestincome to 1.68 1.44 1.58 1.55 1.24 average assetsNon-interestexpense to 2.59 2.56 2.45 2.48 2.58 average assetsNet overhead 0.90 1.12 0.87 0.93 1.33 ratio ^(4)Return on 1.38 0.92 0.99 0.21 0.69 average assetsReturn onaverage common 15.80 10.30 10.66 2.17 6.82 equityReturn onaveragetangible common 19.49 12.95 13.43 2.95 8.73 equity(non-GAAP) ^(3)Average total $ 44,988,733 $ 43,810,005 $ 42,962,844 $ 42,042,729 $ 36,625,490 assetsAverage totalshareholders? 4,164,890 4,050,286 4,034,902 3,908,846 3,710,169 equityAverage loansto average 87.1 % 87.9 % 89.6 % 87.8 % 90.1 %deposits ratioPeriod-endloans to 87.6 86.5 89.7 88.1 88.4 deposits ratioCommon Share Data at end of period:Market priceper common $ 75.80 $ 61.09 $ 40.05 $ 43.62 $ 32.86 shareBook value per 67.34 65.24 63.57 62.14 62.13 common shareTangible bookvalue per 55.42 53.23 51.70 50.23 50.18 common share(non-GAAP) ^(3)Common shares 57,023,273 56,769,625 57,601,991 57,573,672 57,545,352 outstandingOther Data at end of period:Tier 1 leverage 8.2 % 8.1 % 8.2 % 8.1 % 8.5 %ratio ^(5)Risk-based capital ratios:Tier 1 capital 10.1 10.0 10.2 10.1 9.3 ratio ^(5)Common equitytier 1 capital 9.0 8.8 9.0 8.8 8.9 ratio^(5)Total capital 12.6 12.6 12.9 12.8 11.9 ratio ^(5)Allowance forcredit losses ^ $ 321,308 $ 379,969 $ 388,971 $ 373,174 $ 253,482 (6)Allowance forloan andunfundedlending-related 0.97 % 1.18 % 1.21 % 1.19 % 0.91 %commitmentlosses to totalloansNumber of: Bank 15 15 15 15 15 subsidiariesBanking offices 182 181 182 186 187

(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 17 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 periods 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) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2021 2020 2020 2020 2020Assets Cash and due from $ 426,325 $ 322,415 $ 308,639 $ 344,999 $ 349,118 banksFederal funds soldand securities 52 59 56 58 309 purchased underresale agreementsInterest-bearing 3,348,794 4,802,527 3,825,823 4,015,072 1,943,743 deposits with banksAvailable-for-salesecurities, at fair 2,430,749 3,055,839 2,946,459 3,194,961 3,570,959 valueHeld-to-maturitysecurities, at 2,166,419 579,138 560,267 728,465 865,376 amortized costTrading account 951 671 1,720 890 2,257 securitiesEquity securitieswith readily 90,338 90,862 54,398 52,460 47,310 determinable fairvalueFederal Home LoanBank and Federal 135,881 135,588 135,568 135,571 134,546 Reserve Bank stockBrokerage customer 19,056 17,436 16,818 14,623 16,293 receivablesMortgage loans 1,260,193 1,272,090 959,671 833,163 656,934 held-for-saleLoans, net of 33,171,233 32,079,073 32,135,555 31,402,903 27,807,321 unearned incomeAllowance for loan (277,709 ) (319,374 ) (325,959 ) (313,510 ) (216,050 ) lossesNet loans 32,893,524 31,759,699 31,809,596 31,089,393 27,591,271 Premises and 760,522 768,808 774,288 769,909 764,583 equipment, netLease investments, 238,984 242,434 230,373 237,040 207,147 netAccrued interestreceivable and other 1,230,362 1,351,455 1,424,728 1,437,832 1,460,168 assetsTrade datesecurities ? ? ? ? 502,207 receivableGoodwill 646,017 645,707 644,644 644,213 643,441 Other intangible 34,035 36,040 38,670 41,368 44,185 assetsTotal assets $ 45,682,202 $ 45,080,768 $ 43,731,718 $ 43,540,017 $ 38,799,847 Liabilities and Shareholders? EquityDeposits: Non-interest-bearing $ 12,297,337 $ 11,748,455 $ 10,409,747 $ 10,204,791 $ 7,556,755 Interest-bearing 25,575,315 25,344,196 25,434,675 25,447,083 23,904,905 Total deposits 37,872,652 37,092,651 35,844,422 35,651,874 31,461,660 Federal Home Loan 1,228,436 1,228,429 1,228,422 1,228,416 1,174,894 Bank advancesOther borrowings 516,877 518,928 507,395 508,535 487,503 Subordinated notes 436,595 436,506 436,385 436,298 436,179 Junior subordinated 253,566 253,566 253,566 253,566 253,566 debenturesTrade date 995 200,907 ? ? ? securities payableAccrued interestpayable and other 1,120,570 1,233,786 1,387,439 1,471,110 1,285,652 liabilitiesTotal liabilities 41,429,691 40,964,773 39,657,629 39,549,799 35,099,454 Shareholders? Equity:Preferred stock 412,500 412,500 412,500 412,500 125,000 Common stock 58,727 58,473 58,323 58,294 58,266 Surplus 1,663,008 1,649,990 1,647,049 1,643,864 1,652,063 Treasury stock (100,363 ) (100,363 ) (44,891 ) (44,891 ) (44,891 ) Retained earnings 2,208,535 2,080,013 2,001,949 1,921,048 1,917,558 Accumulated othercomprehensive income 10,104 15,382 (841 ) (597 ) (7,603 ) (loss)Total shareholders? 4,252,511 4,115,995 4,074,089 3,990,218 3,700,393 equityTotal liabilitiesand shareholders? $ 45,682,202 $ 45,080,768 $ 43,731,718 $ 43,540,017 $ 38,799,847 equity

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended(In thousands, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,except per share 2021 2020 2020 2020 2020data)Interest income Interest and fees on $ 274,100 $ 280,185 $ 280,479 $ 294,746 $ 301,839 loansMortgage loans 9,036 6,357 5,791 4,764 3,165 held-for-saleInterest-bearing 1,199 1,294 1,181 1,310 4,768 deposits with banksFederal funds soldand securities ? ? ? 16 86 purchased underresale agreementsInvestment 19,264 18,243 21,819 27,105 32,467 securitiesTrading account 2 11 6 13 7 securitiesFederal Home LoanBank and Federal 1,745 1,775 1,774 1,765 1,577 Reserve Bank stockBrokerage customer 123 116 106 97 158 receivablesTotal interest 305,469 307,981 311,156 329,816 344,067 incomeInterest expense Interest on deposits 27,944 32,602 39,084 50,057 67,435 Interest on FederalHome Loan Bank 4,840 4,952 4,947 4,934 3,360 advancesInterest on other 2,609 2,779 3,012 3,436 3,546 borrowingsInterest on 5,477 5,509 5,474 5,506 5,472 subordinated notesInterest on juniorsubordinated 2,704 2,742 2,703 2,752 2,811 debenturesTotal interest 43,574 48,584 55,220 66,685 82,624 expenseNet interest income 261,895 259,397 255,936 263,131 261,443 Provision for credit (45,347 ) 1,180 25,026 135,053 52,961 lossesNet interest incomeafter provision for 307,242 258,217 230,910 128,078 208,482 credit lossesNon-interest income Wealth management 29,309 26,802 24,957 22,636 25,941 Mortgage banking 113,494 86,819 108,544 102,324 48,326 Service charges on 12,036 11,841 11,497 10,420 11,265 deposit accountsGains (losses) oninvestment 1,154 1,214 411 808 (4,359 ) securities, netFees from covered ? ? ? ? 2,292 call optionsTrading gains 419 (102 ) 183 (634 ) (451 ) (losses), netOperating lease 14,440 12,118 11,717 11,785 11,984 income, netOther 15,654 19,669 13,284 14,654 18,244 Total non-interest 186,506 158,361 170,593 161,993 113,242 incomeNon-interest expense Salaries and 180,809 171,116 164,042 154,156 136,762 employee benefitsEquipment 20,912 20,565 17,251 15,846 14,834 Operating leaseequipment 10,771 9,938 9,425 9,292 9,260 depreciationOccupancy, net 19,996 19,687 15,830 16,893 17,547 Data processing 6,048 5,728 5,689 10,406 8,373 Advertising and 8,546 9,850 7,880 7,704 10,862 marketingProfessional fees 7,587 6,530 6,488 7,687 6,721 Amortization ofother intangible 2,007 2,634 2,701 2,820 2,863 assetsFDIC insurance 6,558 7,016 6,772 7,081 4,135 OREO expense, net (251 ) (114 ) (168 ) 237 (876 ) Other 23,906 28,917 28,309 27,246 24,160 Total non-interest 286,889 281,867 264,219 259,368 234,641 expenseIncome before taxes 206,859 134,711 137,284 30,703 87,083 Income tax expense 53,711 33,507 29,969 9,044 24,271 Net income $ 153,148 $ 101,204 $ 107,315 $ 21,659 $ 62,812 Preferred stock 6,991 6,991 10,286 2,050 2,050 dividendsNet incomeapplicable to common $ 146,157 $ 94,213 $ 97,029 $ 19,609 $ 60,762 sharesNet income per $ 2.57 $ 1.64 $ 1.68 $ 0.34 $ 1.05 common share - BasicNet income percommon share - $ 2.54 $ 1.63 $ 1.67 $ 0.34 $ 1.04 DilutedCash dividendsdeclared per common $ 0.31 $ 0.28 $ 0.28 $ 0.28 $ 0.28 shareWeighted averagecommon shares 56,904 57,309 57,597 57,567 57,620 outstandingDilutive potential 681 588 449 414 575 common sharesAverage commonshares and dilutive 57,585 57,897 58,046 57,981 58,195 common shares

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

% Growth From(Dollars in Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Mar 31,thousands) 2021 2020 2020 2020 2020 2020 ^ 2020 (1)Balance: Mortgage loansheld-for-sale,excludingearly buy-outexercised $ 890,749 $ 927,307 $ 862,924 $ 814,667 $ 642,386 (16 ) % 39 %loansguaranteed byU.S.GovernmentAgenciesMortgage loansheld-for-sale,early buy-outexercisedloans 369,444 344,783 96,747 18,496 14,548 29 2439 guaranteed byU.S.GovernmentAgenciesTotal mortgageloans $ 1,260,193 $ 1,272,090 $ 959,671 $ 833,163 $ 656,934 (4 ) % 92 %held-for-sale Core loans: Commercial Commercial and $ 4,630,795 $ 4,675,594 $ 4,555,920 $ 4,292,032 $ 4,580,712 (4 ) % 1 %industrialAsset-based 720,772 721,666 707,365 721,035 1,046,631 (1 ) (31 ) lendingMunicipal 493,417 474,103 482,567 519,691 510,711 17 (3 ) Leases 1,290,778 1,288,374 1,215,239 1,179,233 1,044,092 1 24 Commercial real estateResidential 72,058 89,389 101,187 131,639 149,623 (79 ) (52 ) constructionCommercial 1,040,631 1,041,729 1,005,708 992,872 929,643 ? 12 constructionLand 240,635 240,684 226,254 215,537 222,087 ? 8 Office 1,131,472 1,136,844 1,163,790 1,124,643 1,138,527 (2 ) (1 ) Industrial 1,152,522 1,129,433 1,117,702 1,062,218 1,095,180 8 5 Retail 1,198,025 1,224,403 1,175,819 1,148,152 1,179,861 (9 ) 2 Multi-family 1,739,521 1,649,801 1,599,651 1,497,834 1,433,390 22 21 Mixed use and 1,969,915 1,981,849 2,033,031 2,027,850 2,037,220 (2 ) (3 ) otherHome equity 390,253 425,263 446,274 466,596 494,655 (33 ) (21 ) Residential real estateResidentialreal estate 1,376,465 1,214,744 1,143,908 1,186,768 1,244,690 54 11 loans forinvestmentResidentialmortgageloans, earlybuy-outeligible loans 45,508 44,854 240,902 240,661 132,699 6 (66 ) guaranteed byU.S.GovernmentAgenciesTotal core $ 17,492,767 $ 17,338,730 $ 17,215,317 $ 16,806,761 $ 17,239,721 4 % 1 %loans Niche loans: Commercial Franchise $ 1,128,493 $ 1,023,027 $ 964,150 $ 963,531 $ 994,180 42 % 14 %Mortgagewarehouse 587,868 567,389 503,371 352,659 323,844 15 82 lines ofcreditCommunityAdvantage - 272,222 267,374 254,963 240,634 231,757 7 17 homeownersassociationInsurance 290,880 222,519 214,411 255,049 293,959 125 (1 ) agency lendingPremiumFinance receivablesU.S.commercial 3,342,730 3,438,087 3,494,155 3,439,987 3,015,549 (11 ) 11 insuranceCanadacommercial 615,813 616,402 565,989 559,787 449,506 ? 37 insuranceLife insurance 6,111,495 5,857,436 5,488,832 5,400,802 5,221,639 18 17 Consumer and 35,983 32,188 55,354 48,325 37,166 48 (3 ) otherTotal niche $ 12,385,484 $ 12,024,422 $ 11,541,225 $ 11,260,774 $ 10,567,600 12 % 17 %loans Commercial PPP loans:Originated in $ 2,049,342 $ 2,715,921 $ 3,379,013 $ 3,335,368 $ ? (100 ) % 100 %2020Originated in 1,243,640 ? ? ? ? 100 100 2021Totalcommercial PPP $ 3,292,982 $ 2,715,921 $ 3,379,013 $ 3,335,368 $ ? 86 % 100 %loans Total loans,net of $ 33,171,233 $ 32,079,073 $ 32,135,555 $ 31,402,903 $ 27,807,321 14 % 19 %unearnedincome

(1)Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

% Growth From(Dollars in Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Mar 31,thousands) 2021 2020 2020 2020 2020 2020^ (1) 2020Balance: Non-interest-bearing $ 12,297,337 $ 11,748,455 $ 10,409,747 $ 10,204,791 $ 7,556,755 19 % 63 %NOW andinterest-bearing 3,562,312 3,349,021 3,294,071 3,440,348 3,181,159 26 12 demand depositsWealth management 4,274,527 4,138,712 4,235,583 4,433,020 3,936,968 13 9 deposits ^(2)Money market 9,236,434 9,348,806 9,423,653 9,288,976 8,114,659 (5 ) 14 Savings 3,690,892 3,531,029 3,415,073 3,447,352 3,282,340 18 12 Time certificates of 4,811,150 4,976,628 5,066,295 4,837,387 5,389,779 (13 ) (11 ) depositTotal deposits $ 37,872,652 $ 37,092,651 $ 35,844,422 $ 35,651,874 $ 31,461,660 9 % 20 %Mix: Non-interest-bearing 32 % 32 % 29 % 29 % 24 % NOW andinterest-bearing 9 9 9 10 10 demand depositsWealth management 11 11 12 12 13 deposits ^(2)Money market 25 25 26 25 26 Savings 10 10 10 10 10 Time certificates of 13 13 14 14 17 depositTotal deposits 100 % 100 % 100 % 100 % 100 %

(1) Annualized.(2) Represents deposit balances of the Companys 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 March31, 2021

Total Time Weighted-Average(Dollars in thousands) Certificatesof Rate of Maturing Deposit Time Certificates of Deposit ^(1)1-3 months $ 1,385,311 1.75 %4-6 months 993,635 1.50 7-9 months 806,574 1.13 10-12 months 662,375 0.64 13-18 months 496,540 0.69 19-24 months 217,147 0.92 24+ months 249,568 0.74 Total $ 4,811,150 1.24 %

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

TABLE 4: QUARTERLY AVERAGE BALANCES

Average Balance for three months ended, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2021 2020 2020 2020 2020Interest-bearingdeposits with banks $ 4,230,886 $ 4,381,040 $ 3,411,164 $ 3,240,167 $ 1,418,809 and cash equivalents^(1)Investment 3,944,676 3,534,594 3,789,422 4,309,471 4,780,709 securities ^(2)FHLB and FRB stock 135,758 135,569 135,567 135,360 114,829 Liquidity management 8,311,320 8,051,203 7,336,153 7,684,998 6,314,347 assets ^(3)Other earning assets 20,370 18,716 16,656 16,917 19,166 ^(3)(4)Mortgage loans 1,151,848 893,395 822,908 705,702 403,262 held-for-saleLoans, net ofunearned income ^(3) 32,442,927 31,783,279 31,634,608 30,336,626 26,936,728 (5)Total earning assets 41,926,465 40,746,593 39,810,325 38,744,243 33,673,503 ^(3)Allowance for loanand investment (327,080 ) (336,139 ) (321,732 ) (222,485 ) (176,291 ) security lossesCash and due from 366,413 344,536 345,438 352,423 321,982 banksOther assets 3,022,935 3,055,015 3,128,813 3,168,548 2,806,296 Total assets $ 44,988,733 $ 43,810,005 $ 42,962,844 $ 42,042,729 $ 36,625,490 NOW andinterest-bearing $ 3,493,451 $ 3,320,527 $ 3,435,089 $ 3,323,124 $ 3,113,733 demand depositsWealth management 4,156,398 4,066,948 4,239,300 4,380,996 2,838,719 depositsMoney market 9,335,920 9,435,344 9,332,668 8,727,966 7,990,775 accountsSavings accounts 3,587,566 3,413,388 3,419,586 3,394,480 3,189,835 Time deposits 4,875,392 5,043,558 4,900,839 5,104,701 5,526,407 Interest-bearing 25,448,727 25,279,765 25,327,482 24,931,267 22,659,469 depositsFederal Home Loan 1,228,433 1,228,425 1,228,421 1,214,375 951,613 Bank advancesOther borrowings 518,188 510,725 512,787 493,350 469,577 Subordinated notes 436,532 436,433 436,323 436,226 436,119 Junior subordinated 253,566 253,566 253,566 253,566 253,566 debenturesTotalinterest-bearing 27,885,446 27,708,914 27,758,579 27,328,784 24,770,344 liabilitiesNon-interest-bearing 11,811,194 10,874,912 9,988,769 9,607,528 7,235,177 depositsOther liabilities 1,127,203 1,175,893 1,180,594 1,197,571 909,800 Equity 4,164,890 4,050,286 4,034,902 3,908,846 3,710,169 Total liabilitiesand shareholders? $ 44,988,733 $ 43,810,005 $ 42,962,844 $ 42,042,729 $ 36,625,490 equity Net free funds/ $ 14,041,019 $ 13,037,679 $ 12,051,746 $ 11,415,459 $ 8,903,159 contribution ^(6)

(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 17 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, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2021 2020 2020 2020 2020Interest income: Interest-bearingdeposits with banks $ 1,199 $ 1,294 $ 1,181 $ 1,326 $ 4,854 and cash equivalentsInvestment securities 19,764 18,773 22,365 27,643 33,018 FHLB and FRB stock 1,745 1,775 1,774 1,765 1,577 Liquidity management 22,708 21,842 25,320 30,734 39,449 assets ^(1)Other earning assets ^ 125 130 113 113 167 (1)Mortgage loans 9,036 6,357 5,791 4,764 3,165 held-for-saleLoans, net of unearned 274,484 280,509 280,960 295,322 302,699 income ^(1)Total interest income $ 306,353 $ 308,838 $ 312,184 $ 330,933 $ 345,480 Interest expense: NOW andinterest-bearing $ 901 $ 1,074 $ 1,342 $ 1,561 $ 3,665 demand depositsWealth management 7,351 7,436 7,662 7,244 6,935 depositsMoney market accounts 2,865 3,740 7,245 13,140 22,363 Savings accounts 430 773 2,104 3,840 5,790 Time deposits 16,397 19,579 20,731 24,272 28,682 Interest-bearing 27,944 32,602 39,084 50,057 67,435 depositsFederal Home Loan Bank 4,840 4,952 4,947 4,934 3,360 advancesOther borrowings 2,609 2,779 3,012 3,436 3,546 Subordinated notes 5,477 5,509 5,474 5,506 5,472 Junior subordinated 2,704 2,742 2,703 2,752 2,811 debenturesTotal interest expense $ 43,574 $ 48,584 $ 55,220 $ 66,685 $ 82,624 Less: Fullytaxable-equivalent (884 ) (857 ) (1,028 ) (1,117 ) (1,413 ) adjustmentNet interest income 261,895 259,397 255,936 263,131 261,443 (GAAP) ^(2)Fullytaxable-equivalent 884 857 1,028 1,117 1,413 adjustmentNet interest income,fully $ 262,779 $ 260,254 $ 256,964 $ 264,248 $ 262,856 taxable-equivalent(non-GAAP) ^(2)

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

TABLE 6: QUARTERLY NET INTEREST MARGIN

Net Interest Margin for three months ended, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2021 2020 2020 2020 2020Yield earned on: Interest-bearingdeposits with banks 0.11 % 0.12 % 0.14 % 0.16 % 1.38 %and cash equivalentsInvestment securities 2.03 2.11 2.35 2.58 2.78 FHLB and FRB stock 5.21 5.21 5.21 5.24 5.52 Liquidity management 1.11 1.08 1.37 1.61 2.51 assetsOther earning assets 2.50 2.79 2.71 2.71 3.50 Mortgage loans 3.18 2.83 2.80 2.72 3.16 held-for-saleLoans, net of 3.43 3.51 3.53 3.92 4.52 unearned incomeTotal earning assets 2.96 % 3.02 % 3.12 % 3.44 % 4.13 % Rate paid on: NOW andinterest-bearing 0.10 % 0.13 % 0.16 % 0.19 % 0.47 %demand depositsWealth management 0.72 0.73 0.72 0.67 0.98 depositsMoney market accounts 0.12 0.16 0.31 0.61 1.13 Savings accounts 0.05 0.09 0.24 0.45 0.73 Time deposits 1.36 1.54 1.68 1.91 2.09 Interest-bearing 0.45 0.51 0.61 0.81 1.20 depositsFederal Home Loan 1.60 1.60 1.60 1.63 1.42 Bank advancesOther borrowings 2.04 2.16 2.34 2.80 3.04 Subordinated notes 5.02 5.05 5.02 5.05 5.02 Junior subordinated 4.27 4.23 4.17 4.29 4.39 debenturesTotalinterest-bearing 0.63 % 0.70 % 0.79 % 0.98 % 1.34 %liabilities Interest rate spread^ 2.33 % 2.32 % 2.33 % 2.46 % 2.79 % (1)(2)Less: Fullytaxable-equivalent (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.02 ) adjustmentNet free funds/ 0.21 0.22 0.24 0.28 0.35 contribution^ (3)Net interest margin 2.53 % 2.53 % 2.56 % 2.73 % 3.12 %(GAAP)^ (2)Fullytaxable-equivalent 0.01 0.01 0.01 0.01 0.02 adjustmentNet interest margin,fully 2.54 % 2.54 % 2.57 % 2.74 % 3.14 %taxable-equivalent(non-GAAP)^ (2)

(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 17 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: 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 managements 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:

+200 +100 -100Static Shock Scenario Basis Basis Basis Points Points PointsMar 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 ) Jun 30, 2020 25.9 12.6 (8.3 ) Mar 31, 2020 22.5 10.6 (9.4 )

+200 +100 -100Ramp Scenario Basis Basis Basis Points Points PointsMar 31, 2021 10.7 % 5.4 % (3.6 ) %Dec 31, 2020 11.4 5.7 (3.3 ) Sep 30, 2020 10.7 5.2 (3.5 ) Jun 30, 2020 13.0 6.7 (3.2 ) Mar 31, 2020 7.7 3.7 (3.8 )

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or maturity period As of March 31, 2021 One year or From one to Over five(In less five years years Totalthousands)Commercial Fixed rate $ 310,427 $ 2,025,263 $ 784,277 $ 3,119,967 Fixed Rate ? 3,292,982 ? 3,292,982 - PPPVariable 6,291,842 3,350 66 6,295,258 rateTotal $ 6,602,269 $ 5,321,595 $ 784,343 $ 12,708,207 commercialCommercial real estateFixed rate 550,899 2,075,177 382,447 3,008,523 Variable 5,505,986 30,270 ? 5,536,256 rateTotalcommercial $ 6,056,885 $ 2,105,447 $ 382,447 $ 8,544,779 real estateHome equity Fixed rate 14,653 8,665 51 23,369 Variable 366,884 ? ? 366,884 rateTotal home $ 381,537 $ 8,665 $ 51 $ 390,253 equityResidential real estateFixed rate 23,194 11,244 617,596 652,034 Variable 65,907 290,906 413,126 769,939 rateTotalresidential $ 89,101 $ 302,150 $ 1,030,722 $ 1,421,973 real estatePremiumfinancereceivables -commercialFixed rate 3,851,457 107,086 ? 3,958,543 Variable ? ? ? ? rateTotalpremiumfinance $ 3,851,457 $ 107,086 $ ? $ 3,958,543 receivables-commercialPremiumfinancereceivables - lifeinsuranceFixed rate 11,493 348,721 20,365 380,579 Variable 5,730,916 ? ? 5,730,916 rateTotalpremiumfinance $ 5,742,409 $ 348,721 $ 20,365 $ 6,111,495 receivables- lifeinsuranceConsumer and otherFixed rate 14,753 4,536 1,154 20,443 Variable 15,540 ? ? 15,540 rateTotalconsumer $ 30,293 $ 4,536 $ 1,154 $ 35,983 and other Total per categoryFixed rate 4,776,876 4,580,692 1,805,890 11,163,458 Fixed rate ? 3,292,982 ? 3,292,982 - PPPVariable 17,977,075 324,526 413,192 18,714,793 rateTotalloans, net $ 22,753,951 $ 8,198,200 $ 2,219,082 $ 33,171,233 of unearnedincome VariableRate Loan Pricing byIndex:Prime $ 2,296,647 One- month 9,493,060 LIBORThree- 413,942 month LIBORTwelve- 6,225,191 month LIBOROther 285,953 Totalvariable $ 18,714,793 rate

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/3b1cd75f-31c0-4b3f-a1ec-b86cbbf9fddb

Source: Bloomberg

As noted in the table on the previous page, the majority of the Companys 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 $9.5 billion of variable rate loans tied to one-month LIBOR and $6.2 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:

Basis Point (bp) Change in Prime 1-month 12-month LIBOR LIBORFirst Quarter 2021 0 bp -3 bps -6 bpsFourth Quarter 2020 0 -1 -2 Third Quarter 2020 0 -1 -19 Second Quarter 2020 0 -83 -45 First Quarter 2020 -150 -77 -100

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in 2021 2020 2020 2020 2020thousands)Allowance for creditlosses at beginning $ 379,969 $ 388,971 $ 373,174 $ 253,482 $ 158,461 of periodCumulative effectadjustment from the ? ? ? ? 47,418 adoption of ASU2016-13Provision for credit (45,347 ) 1,180 25,026 135,053 52,961 lossesOther adjustments 31 155 55 42 (73 ) Charge-offs: Commercial 11,781 5,184 5,270 5,686 2,153 Commercial real 980 6,637 1,529 7,224 570 estateHome equity ? 683 138 239 1,001 Residential real 2 114 83 293 401 estatePremium finance 3,239 4,214 4,640 3,434 3,184 receivablesConsumer and other 114 198 103 99 128 Total charge-offs 16,116 17,030 11,763 16,975 7,437 Recoveries: Commercial 452 4,168 428 112 384 Commercial real 200 904 175 493 263 estateHome equity 101 77 111 46 294 Residential real 204 69 25 30 60 estatePremium finance 1,782 1,445 1,720 833 1,110 receivablesConsumer and other 32 30 20 58 41 Total recoveries 2,771 6,693 2,479 1,572 2,152 Net charge-offs (13,345 ) (10,337 ) (9,284 ) (15,403 ) (5,285 ) Allowance for credit $ 321,308 $ 379,969 $ 388,971 $ 373,174 $ 253,482 losses at period end Annualized net charge-offs (recoveries) by category as a percentage of its ownrespective category?saverage:Commercial 0.37 % 0.03 % 0.16 % 0.20 % 0.08 %Commercial real 0.04 0.27 0.06 0.33 0.02 estateHome equity (0.10 ) 0.55 0.02 0.16 0.57 Residential real (0.06 ) 0.02 0.02 0.09 0.11 estatePremium finance 0.06 0.11 0.12 0.12 0.10 receivablesConsumer and other 0.57 0.78 0.49 0.25 0.56 Total loans, net of 0.17 % 0.13 % 0.12 % 0.20 % 0.08 %unearned income Loans at period end $ 33,171,233 $ 32,079,073 $ 32,135,555 $ 31,402,903 $ 27,807,321 Allowance for loanlosses as a 0.84 % 1.00 % 1.01 % 1.00 % 0.78 %percentage of loansat period endAllowance for loanand unfundedlending-related 0.97 1.18 1.21 1.19 0.91 commitment losses asa percentage of loansat period endAllowance for loanand unfundedlending-relatedcommitment losses as 1.08 1.29 1.35 1.33 0.91 a percentage of loansat period end,excluding PPP loans

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2021 2020 2020 2020 2020Provision for loan $ (28,351 ) $ 3,597 $ 21,678 $ 112,822 $ 50,396 lossesProvision forunfunded (17,035 ) (2,413 ) 3,350 22,236 2,569 lending-relatedcommitments lossesProvision forheld-to-maturity 39 (4 ) (2 ) (5 ) (4 ) securities lossesProvision for credit $ (45,347 ) $ 1,180 $ 25,026 $ 135,053 $ 52,961 losses Allowance for loan $ 277,709 $ 319,374 $ 325,959 $ 313,510 $ 216,050 lossesAllowance forunfunded 43,500 60,536 62,949 59,599 37,362 lending-relatedcommitments lossesAllowance for loanlosses and unfunded 321,209 379,910 388,908 373,109 253,412 lending-relatedcommitments lossesAllowance forheld-to-maturity 99 59 63 65 70 securities lossesAllowance for credit $ 321,308 $ 379,969 $ 388,971 $ 373,174 $ 253,482 losses

TABLE 11: 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 Companys loan portfolios as well as core and niche portfolios, as of March31, 2021 and December31, 2020.

As of Mar 31, 2021 As of Dec 31, 2020(Dollars in Recorded Calculated % ofits Recorded Calculated % ofitsthousands) Investment Allowance category?s Investment Allowance category?s balance balanceCommercial: Commercial,industrial and $ 9,415,225 $ 95,637 1.02 % $ 9,240,046 $ 94,210 1.02 %other, excludingPPP loansCommercial PPP 3,292,982 3 0.00 2,715,921 2 0.00 loansCommercial real estate:Construction and 1,353,324 45,327 3.35 1,371,802 78,833 5.75 developmentNon-construction 7,191,455 136,465 1.90 7,122,330 164,770 2.31 Home equity 390,253 11,382 2.92 425,263 11,437 2.69 Residential real 1,421,973 14,242 1.00 1,259,598 12,459 0.99 estatePremium finance receivablesCommercial 3,958,543 16,945 0.43 4,054,489 17,267 0.43 insurance loansLife insurance 6,111,495 532 0.01 5,857,436 510 0.01 loansConsumer and 35,983 676 1.88 32,188 422 1.31 otherTotal loans, netof unearned $ 33,171,233 $ 321,209 0.97 % $ 32,079,073 $ 379,910 1.18 %incomeTotal loans, netof unearnedincome, $ 29,878,251 $ 321,206 1.08 % $ 29,363,152 $ 379,908 1.29 %excluding PPPloans Total core loans $ 17,492,767 $ 283,505 1.62 % $ 17,338,730 $ 347,111 2.00 %^(1)Total niche 12,385,484 37,701 0.30 12,024,422 32,797 0.27 loans ^(1)Total PPP loans 3,292,982 3 0.00 2,715,921 2 0.00

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

TABLE 12: LOAN PORTFOLIO AGING

(Dollars in Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020thousands)Loan Balances:Commercial Nonaccrual $ 22,459 $ 21,743 $ 42,036 $ 42,882 $ 49,916 90+ daysand still ? 307 ? 1,374 1,241 accruing60-89 days 13,292 6,900 2,168 8,952 8,873 past due30-59 days 35,541 44,381 48,271 23,720 86,129 past dueCurrent 12,636,915 11,882,636 12,184,524 11,782,304 8,879,727 Total $ 12,708,207 $ 11,955,967 $ 12,276,999 $ 11,859,232 $ 9,025,886 commercialCommercial real estateNonaccrual $ 34,380 $ 46,107 $ 68,815 $ 64,557 $ 62,830 90+ daysand still ? ? ? ? 516 accruing60-89 days 8,156 5,178 8,299 26,480 10,212 past due30-59 days 70,168 32,116 53,462 75,528 75,068 past dueCurrent 8,432,075 8,410,731 8,292,566 8,034,180 8,036,905 Totalcommercial $ 8,544,779 $ 8,494,132 $ 8,423,142 8,200,745 $ 8,185,531 real estateHome equity Nonaccrual $ 5,536 $ 6,529 $ 6,329 $ 7,261 $ 7,243 90+ daysand still ? ? ? ? ? accruing60-89 days 492 47 70 ? 214 past due30-59 days 780 637 1,148 1,296 2,096 past dueCurrent 383,445 418,050 438,727 458,039 485,102 Total home $ 390,253 $ 425,263 $ 446,274 $ 466,596 $ 494,655 equityResidential real estateNonaccrual $ 21,553 $ 26,071 $ 22,069 $ 19,529 $ 18,965 90+ daysand still ? ? ? ? 605 accruing60-89 days 944 1,635 814 1,506 345 past due30-59 days 13,768 12,584 2,443 4,400 28,983 past dueCurrent 1,385,708 1,219,308 1,359,484 1,401,994 1,328,491 Totalresidential $ 1,421,973 $ 1,259,598 $ 1,384,810 $ 1,427,429 $ 1,377,389 real estatePremiumfinance receivablesNonaccrual $ 9,690 $ 13,264 $ 21,080 $ 16,460 $ 21,058 90+ daysand still 4,783 12,792 12,177 35,638 16,505 accruing60-89 days 5,113 27,801 38,286 42,353 12,730 past due30-59 days 31,373 49,274 80,732 61,160 70,185 past dueCurrent 10,019,079 9,808,794 9,396,701 9,244,965 8,566,216 Totalpremium $ 10,070,038 $ 9,911,925 $ 9,548,976 $ 9,400,576 $ 8,686,694 financereceivablesConsumer and otherNonaccrual $ 497 $ 436 $ 422 $ 427 $ 403 90+ daysand still 161 264 175 156 78 accruing60-89 days 8 24 273 4 625 past due30-59 days 74 136 493 281 207 past dueCurrent 35,243 31,328 53,991 47,457 35,853 Totalconsumer $ 35,983 $ 32,188 $ 55,354 $ 48,325 $ 37,166 and otherTotalloans, net of unearnedincomeNonaccrual $ 94,115 $ 114,150 $ 160,751 $ 151,116 $ 160,415 90+ daysand still 4,944 13,363 12,352 37,168 18,945 accruing60-89 days 28,005 41,585 49,910 79,295 32,999 past due30-59 days 151,704 139,128 186,549 166,385 262,668 past dueCurrent 32,892,465 31,770,847 31,725,993 30,968,939 27,332,294 Totalloans, net $ 33,171,233 $ 32,079,073 $ 32,135,555 $ 31,402,903 $ 27,807,321 of unearnedincome

TABLE 13: NON-PERFORMING ASSETS AND TROUBLED DEBT RESTRUCTURINGS ("TDRs")

Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in 2021 2020 2020 2020 2020thousands)Loans past duegreater than90 days and still accruing^(1):Commercial $ ? $ 307 $ ? $ 1,374 $ 1,241 Commercial ? ? ? ? 516 real estateHome equity ? ? ? ? ? Residential ? ? ? ? 605 real estatePremiumfinance 4,783 12,792 12,177 35,638 16,505 receivablesConsumer and 161 264 175 156 78 otherTotal loanspast duegreater than 4,944 13,363 12,352 37,168 18,945 90 days andstill accruingNon-accrual loans:Commercial 22,459 21,743 42,036 42,882 49,916 Commercial 34,380 46,107 68,815 64,557 62,830 real estateHome equity 5,536 6,529 6,329 7,261 7,243 Residential 21,553 26,071 22,069 19,529 18,965 real estatePremiumfinance 9,690 13,264 21,080 16,460 21,058 receivablesConsumer and 497 436 422 427 403 otherTotalnon-accrual 94,115 114,150 160,751 151,116 160,415 loansTotalnon-performing loans:Commercial 22,459 22,050 42,036 44,256 51,157 Commercial 34,380 46,107 68,815 64,557 63,346 real estateHome equity 5,536 6,529 6,329 7,261 7,243 Residential 21,553 26,071 22,069 19,529 19,570 real estatePremiumfinance 14,473 26,056 33,257 52,098 37,563 receivablesConsumer and 658 700 597 583 481 otherTotalnon-performing $ 99,059 $ 127,513 $ 173,103 $ 188,284 $ 179,360 loansOther real 8,679 9,711 2,891 2,409 2,701 estate ownedOther realestate owned - 7,134 6,847 6,326 7,788 8,325 fromacquisitionsOtherrepossessed ? ? ? ? ? assetsTotalnon-performing $ 114,872 $ 144,071 $ 182,320 $ 198,481 $ 190,386 assetsAccruing TDRsnot includedwithin $ 46,151 $ 47,023 $ 46,410 $ 48,609 $ 47,049 non-performingassetsTotalnon-performingloans bycategory as apercent of its own respectivecategory?speriod-endbalance:Commercial 0.18 % 0.18 % 0.34 % 0.37 % 0.57 %Commercial 0.40 0.54 0.82 0.79 0.77 real estateHome equity 1.42 1.54 1.42 1.56 1.46 Residential 1.52 2.07 1.59 1.37 1.42 real estatePremiumfinance 0.14 0.26 0.35 0.55 0.43 receivablesConsumer and 1.83 2.17 1.08 1.21 1.29 otherTotal loans,net of 0.30 % 0.40 % 0.54 % 0.60 % 0.65 %unearnedincomeTotalnon-performingassets as a 0.25 % 0.32 % 0.42 % 0.46 % 0.49 %percentage oftotal assetsAllowance forcredit lossesas a 341.29 % 332.82 % 241.93 % 246.90 % 157.97 %percentage ofnon-accrualloans

(1)As of March31, 2021, December31, 2020, September30, 2020, June30, 2020, and March31, 2020, no TDRs were past due greater than 90 days and still accruing interest.

Non-performing Loans Rollforward

Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2021 2020 2020 2020 2020 Balance atbeginning of $ 127,513 $ 173,103 $ 188,284 $ 179,360 $ 117,588 periodAdditions frombecomingnon-performing in 9,894 13,224 19,771 20,803 32,195 the respectiveperiodAdditions from theadoption of ASU ? ? ? ? 37,285 2016-13Return to (654 ) (1,000 ) (6,202 ) (2,566 ) (486 ) performing statusPayments received (22,731 ) (30,146 ) (3,733 ) (11,201 ) (7,949 ) Transfer to OREOand other (1,372 ) (12,662 ) (598 ) ? (1,297 ) repossessed assetsCharge-offs (2,952 ) (7,817 ) (6,583 ) (12,884 ) (2,551 ) Net change for (10,639 ) (7,189 ) (17,836 ) 14,772 4,575 niche loans ^(1)Balance at end of $ 99,059 $ 127,513 $ 173,103 $ 188,284 $ 179,360 period

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

TDRs

Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In 2021 2020 2020 2020 2020thousands)Accruing TDRs:Commercial $ 7,536 $ 7,699 $ 7,863 $ 5,338 $ 6,500 Commercial 9,478 10,549 10,846 19,106 18,043 real estateResidentialreal estate 29,137 28,775 27,701 24,165 22,506 and otherTotal $ 46,151 $ 47,023 $ 46,410 $ 48,609 $ 47,049 accrualNon-accrual TDRs: ^(1)Commercial $ 5,583 $ 10,491 $ 13,132 $ 20,788 $ 17,206 Commercial 1,309 6,177 13,601 8,545 14,420 real estateResidentialreal estate 3,540 4,501 5,392 5,606 4,962 and otherTotal $ 10,432 $ 21,169 $ 32,125 $ 34,939 $ 36,588 non-accrualTotal TDRs: Commercial $ 13,119 $ 18,190 $ 20,995 $ 26,126 $ 23,706 Commercial 10,787 16,726 24,447 27,651 32,463 real estateResidentialreal estate 32,677 33,276 33,093 29,771 27,468 and otherTotal TDRs $ 56,583 $ 68,192 $ 78,535 $ 83,548 $ 83,637

(1)Included in total non-performing loans.

Other Real Estate Owned

Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2021 2020 2020 2020 2020Balance atbeginning of $ 16,558 $ 9,217 $ 10,197 $ 11,026 $ 15,171 periodDisposals/ (2,162 ) (3,839 ) (1,532 ) (612 ) (4,793 ) resolvedTransfers inat fair value, 1,587 11,508 777 ? 954 less costs tosellAdditions from ? ? ? ? ? acquisitionFair value (170 ) (328 ) (225 ) (217 ) (306 ) adjustmentsBalance at end $ 15,813 $ 16,558 $ 9,217 $ 10,197 $ 11,026 of period Period End Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,Balance by 2021 2020 2020 2020 2020Property Type:Residential $ 2,713 $ 2,324 $ 1,839 $ 1,382 $ 1,684 real estateResidentialreal estate 1,287 1,691 ? ? ? developmentCommercial 11,813 12,543 7,378 8,815 9,342 real estateTotal $ 15,813 $ 16,558 $ 9,217 $ 10,197 $ 11,026

TABLE 14: NON-INTEREST INCOME

Three Months Ended Q1 2021 compared to Q1 2021 compared to Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Q4 2020 Q1 2020(Dollars in thousands) 2021 2020 2020 2020 2020 $ Change % $ Change % Change ChangeBrokerage $ 5,040 $ 4,740 $ 4,563 $ 4,147 $ 5,281 $ 300 6 % $ (241 ) (5 ) %Trust and asset 24,269 22,062 20,394 18,489 20,660 2,207 10 3,609 17 managementTotal wealth management 29,309 26,802 24,957 22,636 25,941 2,507 9 3,368 13 Mortgage banking 113,494 86,819 108,544 102,324 48,326 26,675 31 65,168 135 Service charges on 12,036 11,841 11,497 10,420 11,265 195 2 771 7 deposit accountsGains (losses) oninvestment securities, 1,154 1,214 411 808 (4,359 ) (60 ) (5 ) 5,513 NM netFees from covered call ? ? ? ? 2,292 ? NM (2,292 ) (100 ) optionsTrading gains 419 (102 ) 183 (634 ) (451 ) 521 NM 870 NM (losses), netOperating lease income, 14,440 12,118 11,717 11,785 11,984 2,322 19 2,456 20 netOther: Interest rate swap fees 2,488 4,930 4,029 5,693 6,066 (2,442 ) (50 ) (3,578 ) (59 ) BOLI 1,124 2,846 1,218 1,950 (1,284 ) (1,722 ) (61 ) 2,408 NM Administrative services 1,256 1,263 1,077 933 1,112 (7 ) (1 ) 144 13 Foreign currencyremeasurement gains 99 (208 ) (54 ) (208 ) (151 ) 307 NM 250 NM (losses)Early pay-offs of (52 ) 118 165 275 74 (170 ) NM (126 ) NM capital leasesMiscellaneous 10,739 10,720 6,849 6,011 12,427 19 ? (1,688 ) (14 ) Total Other 15,654 19,669 13,284 14,654 18,244 (4,015 ) (20 ) (2,590 ) (14 ) Total Non-Interest $ 186,506 $ 158,361 $ 170,593 $ 161,993 $ 113,242 $ 28,145 18 % $ 73,264 65 %Income

NM - Not meaningful.

TABLE 15: MORTGAGE BANKING

Three Months Ended(Dollars in Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,thousands) 2021 2020 2020 2020 2020Originations: Retail originations $ 1,641,664 $ 1,757,093 $ 1,590,699 $ 1,588,932 $ 773,144 Veterans First 580,303 594,151 635,876 621,878 442,957 originationsTotal originations $ 2,221,967 $ 2,351,244 $ 2,226,575 $ 2,210,810 $ 1,216,101 for sale (A)Originations for 321,858 192,107 73,711 56,954 73,727 investmentTotal originations $ 2,543,825 $ 2,543,351 $ 2,300,286 $ 2,267,764 $ 1,289,828 Purchases as apercentage of 27 % 35 % 41 % 30 % 37 %originations forsaleRefinances as apercentage of 73 65 59 70 63 originations forsaleTotal 100 % 100 % 100 % 100 % 100 % Production Margin: Production revenue $ 71,282 $ 70,886 $ 94,148 $ 93,433 $ 49,327 (B) ^(1)Production margin 3.21 % 3.01 % 4.23 % 4.23 % 4.06 %(B / A) Mortgage Servicing: Loans serviced for $ 11,530,676 $ 10,833,135 $ 10,139,878 $ 9,188,285 $ 8,314,634 others (C)MSRs, at fair value 124,316 92,081 86,907 77,203 73,504 (D)Percentage of MSRsto loans serviced 1.08 % 0.85 % 0.86 % 0.84 % 0.88 %for others (D / C)Servicing income $ 9,636 $ 9,829 $ 8,118 $ 6,908 $ 7,031 Components of MSR: MSR - currentperiod $ 24,616 $ 20,343 $ 20,936 $ 20,351 $ 9,447 capitalizationMSR - collection ofexpected cash flows (728 ) (688 ) (590 ) (419 ) (547 ) - paydownsMSR - collection ofexpected cash flows (9,440 ) (8,335 ) (7,272 ) (8,252 ) (6,476 ) - payoffsValuation: MSR - changes infair value model 18,045 (5,223 ) (3,002 ) (7,982 ) (14,557 ) assumptionsGain on derivativecontract held as an ? ? ? 589 4,160 economic hedge, netMSR valuationadjustment, net ofgain on derivative $ 18,045 $ (5,223 ) $ (3,002 ) $ (7,393 ) $ (10,397 ) contract held as aneconomic hedge Summary of Mortgage Banking Revenue:Production revenue $ 71,282 $ 70,886 $ 94,148 $ 93,433 $ 49,327 ^(1)Servicing income 9,636 9,829 8,118 6,908 7,031 MSR activity 32,493 6,097 10,072 4,287 (7,973 ) Other 83 7 (3,794 ) (2,304 ) (59 ) Total mortgage $ 113,494 $ 86,819 $ 108,544 $ 102,324 $ 48,326 banking revenue

(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 derivative activity, 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.

TABLE 16: NON-INTEREST EXPENSE

Three Months Ended Q1 2021 compared to Q1 2021 compared to Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Q4 2020 Q1 2020(Dollars in thousands) 2021 2020 2020 2020 2020 $ Change % $ Change % Change ChangeSalaries and employee benefits:Salaries $ 91,054 $ 93,535 $ 89,849 $ 87,105 $ 81,286 $ (2,481 ) (3 ) % $ 9,768 12 %Commissions and incentive 61,367 52,383 48,475 46,151 31,575 8,984 17 29,792 94 compensationBenefits 28,389 25,198 25,718 20,900 23,901 3,191 13 4,488 19 Total salaries and employee 180,809 171,116 164,042 154,156 136,762 9,693 6 44,047 32 benefitsEquipment 20,912 20,565 17,251 15,846 14,834 347 2 6,078 41 Operating lease equipment 10,771 9,938 9,425 9,292 9,260 833 8 1,511 16 depreciationOccupancy, net 19,996 19,687 15,830 16,893 17,547 309 2 2,449 14 Data processing 6,048 5,728 5,689 10,406 8,373 320 6 (2,325 ) (28 ) Advertising and marketing 8,546 9,850 7,880 7,704 10,862 (1,304 ) (13 ) (2,316 ) (21 ) Professional fees 7,587 6,530 6,488 7,687 6,721 1,057 16 866 13 Amortization of other 2,007 2,634 2,701 2,820 2,863 (627 ) (24 ) (856 ) (30 ) intangible assetsFDIC insurance 6,558 7,016 6,772 7,081 4,135 (458 ) (7 ) 2,423 59 OREO expense, net (251 ) (114 ) (168 ) 237 (876 ) (137 ) NM 625 (71 ) Other: Commissions - 3rd party 846 764 778 707 865 82 11 (19 ) (2 ) brokersPostage 1,743 1,849 1,529 1,591 1,949 (106 ) (6 ) (206 ) (11 ) Miscellaneous 21,317 26,304 26,002 24,948 21,346 (4,987 ) (19 ) (29 ) ? Total other 23,906 28,917 28,309 27,246 24,160 (5,011 ) (17 ) (254 ) (1 ) Total Non-Interest Expense $ 286,889 $ 281,867 $ 264,219 $ 259,368 $ 234,641 $ 5,022 2 % $ 52,248 22 %

NM - Not meaningful.

TABLE 17: 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 Companys performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Companys financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Companys 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 Companys 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 Companys equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company's core net income.

Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in 2021 2020 2020 2020 2020thousands)Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:(A) Interest Income $ 305,469 $ 307,981 $ 311,156 $ 329,816 $ 344,067 (GAAP)Taxable-equivalent adjustment:- Loans 384 324 481 576 860 - Liquidity 500 530 546 538 551 Management Assets- Other Earning ? 3 1 3 2 Assets(B) Interest Income $ 306,353 $ 308,838 $ 312,184 $ 330,933 $ 345,480 (non-GAAP)(C) Interest Expense $ 43,574 $ 48,584 $ 55,220 $ 66,685 $ 82,624 (GAAP)(D) Net InterestIncome (GAAP) (A minus $ 261,895 $ 259,397 $ 255,936 $ 263,131 $ 261,443 C)(E) Net InterestIncome (non-GAAP) (B $ 262,779 $ 260,254 $ 256,964 $ 264,248 $ 262,856 minus C)Net interest margin 2.53 % 2.53 % 2.56 % 2.73 % 3.12 %(GAAP)Net interest margin,fully 2.54 % 2.54 % 2.57 % 2.74 % 3.14 %taxable-equivalent(non-GAAP)(F) Non-interest $ 186,506 $ 158,361 $ 170,593 $ 161,993 $ 113,242 income(G) Gains (losses) oninvestment securities, 1,154 1,214 411 808 (4,359 ) net(H) Non-interest 286,889 281,867 264,219 259,368 234,641 expenseEfficiency ratio (H/ 64.15 % 67.67 % 62.01 % 61.13 % 61.90 %(D+F-G))Efficiency ratio 64.02 % 67.53 % 61.86 % 60.97 % 61.67 %(non-GAAP) (H/(E+F-G)) Reconciliation of Non-GAAP Tangible Common Equity Ratio:Total shareholders? $ 4,252,511 $ 4,115,995 $ 4,074,089 $ 3,990,218 $ 3,700,393 equity (GAAP)Less: Non-convertible (412,500 ) (412,500 ) (412,500 ) (412,500 ) (125,000 ) preferred stock (GAAP)Less: Intangible (680,052 ) (681,747 ) (683,314 ) (685,581 ) (687,626 ) assets (GAAP)(I) Total tangiblecommon shareholders? $ 3,159,959 $ 3,021,748 $ 2,978,275 $ 2,892,137 $ 2,887,767 equity (non-GAAP)(J) Total assets $ 45,682,202 $ 45,080,768 $ 43,731,718 $ 43,540,017 $ 38,799,847 (GAAP)Less: Intangible (680,052 ) (681,747 ) (683,314 ) (685,581 ) (687,626 ) assets (GAAP)(K) Total tangible $ 45,002,150 $ 44,399,021 $ 43,048,404 $ 42,854,436 $ 38,112,221 assets (non-GAAP)Common equity toassets ratio (GAAP) (L 8.4 % 8.2 % 8.4 % 8.2 % 9.2 %/J)Tangible common equity 7.0 % 6.8 % 6.9 % 6.7 % 7.6 %ratio (non-GAAP) (I/K)

Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares 2021 2020 2020 2020 2020in thousands)Reconciliation of Non-GAAP Tangible Book Value per Common Share:Total shareholders? $ 4,252,511 $ 4,115,995 $ 4,074,089 $ 3,990,218 $ 3,700,393 equityLess: Preferred (412,500 ) (412,500 ) (412,500 ) (412,500 ) (125,000 ) stock(L) Total common $ 3,840,011 $ 3,703,495 $ 3,661,589 $ 3,577,718 $ 3,575,393 equity(M) Actual common 57,023 56,770 57,602 57,574 57,545 shares outstandingBook value per $ 67.34 $ 65.24 $ 63.57 $ 62.14 $ 62.13 common share (L/M)Tangible book valueper common share $ 55.42 $ 53.23 $ 51.70 $ 50.23 $ 50.18 (non-GAAP) (I/M) Reconciliation of Non-GAAP Return on Average Tangible Common Equity:(N) Net incomeapplicable to common $ 146,157 $ 94,213 $ 97,029 $ 19,609 $ 60,762 sharesAdd: Intangible 2,007 2,634 2,701 2,820 2,863 asset amortizationLess: Tax effect ofintangible asset (522 ) (656 ) (589 ) (832 ) (799 ) amortizationAfter-tax intangible 1,485 1,978 2,112 1,988 2,064 asset amortization(O) Tangible netincome applicable to $ 147,642 $ 96,191 $ 99,141 $ 21,597 $ 62,826 common shares(non-GAAP)Total average $ 4,164,890 $ 4,050,286 $ 4,034,902 $ 3,908,846 $ 3,710,169 shareholders' equityLess: Average (412,500 ) (412,500 ) (412,500 ) (273,489 ) (125,000 ) preferred stock(P) Total averagecommon shareholders' $ 3,752,390 $ 3,637,786 $ 3,622,402 $ 3,635,357 $ 3,585,169 equityLess: Average (680,805 ) (682,290 ) (684,717 ) (686,526 ) (690,777 ) intangible assets(Q) Total averagetangible common $ 3,071,585 $ 2,955,496 $ 2,937,685 $ 2,948,831 $ 2,894,392 shareholders? equity(non-GAAP)Return on averagecommon equity, 15.80 % 10.30 % 10.66 % 2.17 % 6.82 %annualized (N/P)Return on averagetangible common 19.49 % 12.95 % 13.43 % 2.95 % 8.73 %equity, annualized(non-GAAP) (O/Q) Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: Income before taxes $ 206,859 $ 134,711 $ 137,284 $ 30,703 $ 87,083 Add: Provision for (45,347 ) 1,180 25,026 135,053 52,961 credit lossesPre-tax income,excluding provision $ 161,512 $ 135,891 $ 162,310 $ 165,756 $ 140,044 for credit losses(non-GAAP)

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, North Chicago, Northfield, Norridge, Oak Lawn, Oak Brook, Orland Park, Palatine, Park Ridge, Prospect Heights, Ravinia, 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 Albany, Burlington, Clinton, Darlington, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Monroe, Pewaukee, Racine, Sharon, Wales, Walworth and Wind Lake, and in Dyer, Indiana and in Naples, Florida.

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

-- FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States. -- First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada. -- Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States. -- Wintrust Mortgage, a division of Barrington Bank& Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices. -- Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest. -- Great Lakes Advisors LLC provides money management services and advisory services to individual accounts. -- The Chicago Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers trust and investment needs at each banking location. -- Wintrust Asset Finance offers direct leasing opportunities. -- CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as intend, plan, project, expect, anticipate, believe, estimate, contemplate, possible, will, may, should, would and could. Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only managements 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 and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item1A of the Companys 2020 Annual Report on Form 10-K and in any of the Companys 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 Companys 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 managements 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 Companys business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

-- the severity, magnitude and duration of the COVID-19 pandemic and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on our operations and personnel, commercial activity and demand across our business and our customers businesses; -- the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect the Companys liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses; -- the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges; -- economic conditions that affect the economy, housing prices, the job market and other factors that may adversely affect the Companys liquidity and the performance of its loan portfolios, particularly in the markets in which it operates; -- negative effects suffered by us or our customers resulting from changes in U.S. trade policies; -- the extent of defaults and losses on the Companys loan portfolio, which may require further increases in its allowance for credit losses; -- estimates of fair value of certain of the Companys assets and liabilities, which could change in value significantly from period to period; -- the financial success and economic viability of the borrowers of our commercial loans; -- commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; -- the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Companys allowance for credit losses; -- inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; -- changes in the level and volatility of interest rates, the capital markets and other market indices (including developments and volatility arising from or related to the COVID-19 pandemic) that may affect, among other things, the Companys liquidity and the value of its assets and liabilities; -- a prolonged period of near zero interest rates or potentially negative interest rates, either broadly or for some types of instruments, which may affect the Companys net interest income and net interest margin, and which could materially adversely affect the Companys profitability; -- competitive pressures in the financial services business which may affect the pricing of the Companys loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products; -- failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Companys recent or future acquisitions; -- unexpected difficulties and losses related to FDIC-assisted acquisitions; -- harm to the Companys reputation; -- any negative perception of the Companys financial strength; -- ability of the Company to raise additional capital on acceptable terms when needed; -- disruption in capital markets, which may lower fair values for the Companys investment portfolio; -- ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith; -- failure or breaches of our security systems or infrastructure, or those of third parties; -- security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft; -- adverse effects on our information technology systems resulting from failures, human error or cyberattacks; -- adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors; -- increased costs as a result of protecting our customers from the impact of stolen debit card information; -- accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions; -- ability of the Company to attract and retain senior management experienced in the banking and financial services industries; -- environmental liability risk associated with lending activities; -- the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation; -- losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith; -- the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank; -- the soundness of other financial institutions; -- the expenses and delayed returns inherent in opening new branches and de novo banks; -- liabilities, potential customer loss or reputational harm related to closings of existing branches; -- examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; -- changes in accounting standards, rules and interpretations, and the impact on the Companys financial statements; -- the ability of the Company to receive dividends from its subsidiaries; -- uncertainty about the discontinued use of LIBOR and transition to an alternative rate; -- a decrease in the Companys capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise; -- legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those changes that are in response to the COVID-19 pandemic, including without limitation the CARES Act, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the rules and regulations that may be promulgated thereunder; -- a lowering of our credit rating; -- changes in U.S. monetary policy and changes to the Federal Reserves balance sheet, including changes in response to the COVID-19 pandemic or otherwise; -- regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business; -- increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment; -- the impact of heightened capital requirements; -- increases in the Companys FDIC insurance premiums, or the collection of special assessments by the FDIC; -- delinquencies or fraud with respect to the Companys premium finance business; -- credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Companys premium finance loans; -- the Companys ability to comply with covenants under its credit facility; and -- fluctuations in the stock market, which may have an adverse impact on the Companys wealth management business and brokerage operation.

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

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 20, 2021 at 10:00 a.m. (Central Time) regarding first quarter 2021 results. Individuals interested in listening should call (877)363-5049 and enter Conference ID #3477928. A simultaneous audio-only webcast and replay of the conference call as well as an accompanying slide presentation may be accessed via the Companys website at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations& Conference Calls. The text of the first quarter 2021 earnings press release will be available on the home page of the Companys website at https://www.wintrust.comand at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:Edward J. Wehmer, Founder& Chief Executive OfficerDavid A. Dykstra, Vice Chairman &Chief Operating Officer(847) 939-9000Web site address: www.wintrust.com