GlobeNewswire Inc | Jul 19, 2021 04:45PM EDT

July 19, 2021

ROSEMONT, Ill., July 19, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust", "the Company", "we" or "our") (Nasdaq: WTFC) announced net income of $105.1 million or $1.70 per diluted common share for the second quarter of 2021, a decrease in diluted earnings per common share of 33% compared to the first quarter of 2021 and an increase of 400% compared to the second quarter of 2020. The Company recorded net income of $258.3 million or $4.24 per diluted common share for the first six months of 2021 compared to net income of $84.5 million or $1.38 per diluted common share for the same period of 2020.

Highlights of the Second Quarter of 2021:Comparative information to the first quarter of 2021

-- Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $1.2 billion or 15%, on an annualized basis. Core loans increased by $497 million and niche loans increased by $657 million primarily due to growth in the commercial insurance premium finance receivable portfolio. See Table 1 for more information. -- PPP loans declined by $1.4 billion in the second quarter of 2021 primarily as a result of processing forgiveness payments on PPP loan balances originated in 2020. As of June 30, 2021, approximately 81% of PPP loan balances originated in 2020 have been forgiven, approximately 12% of balances are in the forgiveness review or submission process, and approximately 7% of balances have not applied for forgiveness. -- Total assets increased by $1.1 billion. -- Total deposits increased by $932 million, including a $499 million increase in non-interest bearing deposits. -- Net interest income increased by $17.7 million primarily due to earning asset growth and increased PPP loan fee accretion. In the second quarter of 2021, average loans and average investment securities increased by $642 million and $827 million, respectively, as compared to first quarter of 2021.The Company recognized $25.2 million of PPP loan fee accretion in the second quarter of 2021 as compared to $19.2 million in the first quarter of 2021. -- Net interest margin increased by nine basis points primarily due to increased PPP loan fee accretion and a seven basis point decline on the rate paid on interest bearing deposits. -- Mortgage banking revenue decreased to $50.6 million for the second quarter of 2021 as compared to $113.5 million in the first quarter of 2021. -- Recorded a negative provision for credit losses of $15.3 million in the second quarter of 2021 as compared to a negative provision for credit losses of $45.3 million in the first quarter of 2021. -- Recorded net charge-offs of $1.9 million in the second quarter of 2021 as compared to net charge-offs of $13.3 million in the first quarter of 2021. Net charge-offs as a percentage of average total loans totaled two basis points in the second quarter of 2021 on an annualized basis as compared to 17 basis points on an annualized basis in the first quarter of 2021. -- The allowance for credit losses on our core loan portfolio is approximately 1.49% of the outstanding balance as of June 30, 2021, down from 1.62% as of March 31, 2021. See Table 12 for more information. The allowance for credit losses to nonaccrual loans increased to 367.6% at June 30, 2021 compared to 341.3% as of March 31, 2021. -- Non-performing loans declined to $87.7 million, or 0.27% of total loans, as of June 30, 2021 as compared to $99.1 million, or 0.30% of total loans, as of March 31, 2021. -- Tangible book value per common share (non-GAAP) increased to $56.92 as compared to $55.42 as of March 31, 2021.See Table 18 for reconciliation of non-GAAP measures. -- Closed on the previously announced sale of three branches in southwestern Wisconsin including $77 million of deposits, resulting in a net gain of $4.0 million recorded in other non-interest income.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, "Wintrust reported net income of $105.1 million for the second quarter of 2021, down from $153.1 million in the first quarter of 2021. On a year-to-date basis, net income totaled $258.3 million for the first six months of 2021, up from $84.5 million in the first six months of 2020, a 206% increase. Additionally, the Company continues to grow as total assets of $46.7 billion as of June 30, 2021 increased by $1.1 billion as compared to March 31, 2021 and increased by $3.2 billion as compared to June 30, 2020. The second quarter of 2021 was characterized by strong organic loan growth, increased net interest income, a decline in 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 loan growth, excluding PPP loans, of $1.2 billion or 15%, on an annualized basis in the second quarter of 2021, including growth in its commercial, commercial real estate, residential real estate loans for investment, commercial insurance premium finance receivable and life insurance premium receivable portfolios. The loan growth was driven significantly by $563 million of growth in the commercial insurance premium finance receivable portfolio in part due to favorable market conditions for that portfolio. We are experiencing historically low commercial line of credit utilization and believe that a reversion to normal levels, coupled with robust loan pipelines, will materialize in future loan growth. Total deposits increased by $932 million as compared to the first quarter of 2021 including an increase in non-interest bearing deposits which now comprise 33% of total deposits. 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 84.8% and we believe that we have sufficient liquidity to meet customer loan demand."

Mr. Wehmer commented, "Net interest income increased in the second quarter of 2021 primarily due to earning asset growth and increased PPP loan fee accretion. The Company recognized $25.2 million of PPP loan fee accretion in the second quarter of 2021 as compared to $19.2 million in the first quarter of 2021. Net interest margin improved by nine basis points in the second quarter of 2021 as compared to the first quarter of 2021 primarily due to increased PPP loan fee accretion and a seven basis point decline on the rate paid on interest bearing deposits. We continue to maintain excess liquidity and believe that deploying such liquidity could potentially increase our net interest margin. However, given the decline in long-term interest rates in the second quarter of 2021, we did not materially increase our investment portfolio due to the lack of adequate market returns."

Mr. Wehmer noted, We recorded mortgage banking revenue of $50.6 million in the second quarter of 2021 as compared to $113.5 million in the first quarter of 2021. Loan volumes originated for sale in the second quarter of 2021 were $1.7 billion, down from $2.2 billion in the first quarter of 2021. Production margin in the second quarter of 2021 was impacted by lower gain on sale margins and a decline in the mortgage originations pipeline. Additionally, the Company recorded a $5.5 million decrease in the value of mortgage servicing rights related to changes in fair value model assumptions as compared to an $18.0 million increase recognized in the first quarter of 2021. We believe the third quarter of 2021 will provide another strong quarter for mortgage banking originations."

Commenting on credit quality, Mr. Wehmer stated, "The Company recorded a negative provision for credit losses of $15.3 million in the second quarter of 2021 related to both improving credit quality and macroeconomic forecasts. The level of non-performing loans decreased by $11.4 million primarily due to non-performing loan payments received during the quarter. Additionally, net charge-offs were limited totaling $1.9 million in the second quarter of 2021 as compared to $13.3 million in the first quarter of 2021. The allowance for credit losses on our core loan portfolio as of June 30, 2021 is approximately 1.49% of the outstanding balance. We believe that the Companys reserves remain appropriate and we remain diligent in our review of credit."

Mr. Wehmer concluded, "Our second quarter of 2021 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. We expect to leverage our differentiated, diversified loan portfolio to outperform peers with respect to loan growth which should allow us to expand net interest income. We are focused on taking advantage of market opportunities to prudently deploy excess liquidity into earning assets including core and niche loans and investment securities while maintaining an interest rate sensitive asset portfolio. We are opportunistically evaluating the acquisition market which has been active for both banks and business lines of various sizes. Of course, we remain diligent in our consideration of acquisition targets and will be prudent in our decision-making, always seeking to minimize dilution. Finally, we evaluate our operating expense base on an ongoing basis to enhance future profitability."

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

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/595e1742-6ae7-4c87-8c43-4cf31dd4b13e

SUMMARY OF RESULTS:

BALANCE SHEET

Total asset growth of $1.1 billion in the second quarter of 2021 was primarily comprised of a $1.4 billion increase in interest bearing deposits with banks, a $1.2 billion increase in total loans, excluding PPP loans, and an $86 million increase in investment securities. These increases were partially offset by a $1.4 billion decrease in PPP loans and a $275 million decrease in mortgage loans held-for-sale. Total loans, excluding PPP loans, increased by $1.2 billion primarily due to growth in the commercial, commercial real estate, residential real estate loans for investment, commercial insurance premium finance receivable and life insurance premium receivable portfolios. The Company believes that the $4.7 billion of interest-bearing deposits with banks held as of June30, 2021 provides sufficient liquidity to operate its business plan.

Total liabilities increased $970 million in the second quarter of 2021 resulting primarily from a $932 million increase in total deposits. The increase in deposits was primarily due to a $607 million increase in money market deposits and a $499 million increase in non-interest bearing deposits. The Companys loans to deposits ratio ended the quarter at 84.8%. Management believes in substantially funding the Companys 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 second quarter of 2021, net interest income totaled $279.6 million, an increase of $17.7 million as compared to the first quarter of 2021 and an increase of $16.5 million as compared to the second quarter of 2020. The $17.7 million increase in net interest income in the second quarter of 2021 compared to the first quarter of 2021 was primarily due to earning asset growth and increased PPP loan fee accretion. The Company recognized $25.2 million of PPP loan fee accretion in the second quarter of 2021 as compared to $19.2 million in the first quarter of 2021. As of June 30, 2021, the Company had approximately $42.3 million of net PPP loan fees that have yet to be recognized in income, with approximately $24.0 million projected to be recognized in income in the second half of 2021. Such projection is based on current level yield assumptions primarily driven by the estimated timing of expected cash flow receipts related to forgiveness.

Net interest margin was 2.62% (2.63% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2021 compared to 2.53% (2.54% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2021 and down from 2.73% (2.74% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2020. The net interest margin increase as compared to the prior quarter was primarily due to the seven basis point decrease in the rate paid on interest-bearing liabilities and a four basis point increase in the yield on earning assets partially offset by a two basis point decrease in the net free funds contribution. The decrease in the rate paid on interest-bearing liabilities in the second quarter of 2021 as compared to the prior quarter is primarily due to a seven basis point decrease in the rate paid on interest-bearing deposits primarily due to lower repricing of time deposits. The four basis point increase in the yield on earning assets in the second quarter of 2021 as compared to the first quarter of 2021 was primarily due to a 13 basis point increase in yield on liquidity management assets as a result of purchases of investment securities toward the end of the first quarter of 2021 and a three basis point increase in yield earned on loans.

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

ASSET QUALITY

The allowance for credit losses totaled $304.1 million as of June30, 2021, a decrease of $17.2 million as compared to $321.3 million as of March31, 2021. 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 forecasts of the Commercial Real Estate Price Index and Baa Corporate Credit Spreads. Other key drivers of allowance for credit losses changes include, but are not limited to, decreases in COVID-19 related loan modifications and positive loan risk rating migrations.

A negative provision for credit losses totaling $15.3 million was recorded for the second quarter of 2021 compared to a negative provision of $45.3 million for the first quarter of 2021 and $135.1 million of expense for the second quarter of 2020. For more information regarding the provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses ("CECL") 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 June30, 2021, March31, 2021, and December31, 2020 is shown on Table 12 of this report.

Net charge-offs totaled $1.9 million in the second quarter of 2021, an $11.4 million decrease from $13.3 million in the first quarter of 2021 and a $13.5 million decrease from $15.4 million in the second quarter of 2020. Net charge-offs as a percentage of average total loans totaled two basis points in the second quarter of 2021 on an annualized basis compared to 17 basis points on an annualized basis in the first quarter of 2021 and 20 basis points on an annualized basis in the second quarter of 2020. For more information regarding net charge-offs, see Table 10 in this report.

As of June30, 2021, $19.3 million of all loans, or 0.1%, were 60 to 89 days past due and $73.9 million, or 0.2%, were 30 to 59 days (or one payment) past due. 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. 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 June30, 2021. Home equity loans at June30, 2021 that are current with regard to the contractual terms of the loan agreement represent 98.8% of the total home equity portfolio. Residential real estate loans at June30, 2021 that are current with regards to the contractual terms of the loan agreements comprised 98.3% of total residential real estate loans outstanding. For more information regarding past due loans, see Table 13 in this report.

The outstanding balance of COVID-19 related modified loans totaled approximately $146 million or 0.5% of total loans, excluding PPP loans as of June30, 2021 as compared to $254 million or 0.8% as of March31, 2021. The most significant proportion of outstanding modifications changed terms to interest-only payments.

The ratio of non-performing assets to total assets was 0.22% as of June30, 2021, compared to 0.25% at March31, 2021, and 0.46% at June30, 2020. Non-performing assets totaled $103.3 million at June30, 2021, compared to $114.9 million at March31, 2021 and $198.5 million at June30, 2020. Non-performing loans totaled $87.7 million, or 0.27% of total loans, at June30, 2021 compared to $99.1 million, or 0.30% of total loans, at March31, 2021 and $188.3 million, or 0.60% of total loans, at June30, 2020. The decrease in non-performing loans as of June30, 2021 as compared to March31, 2021 is primarily due to payments throughout the quarter. OREO totaled $15.6 million at June30, 2021, a decrease of $241,000 compared to $15.8 million at March31, 2021 and an increase of $5.4 million compared to $10.2 million at June30, 2020. Management is pursuing the resolution of all non-performing assets. At this time, management believes OREO is appropriately valued at the lower of carrying value or fair value less estimated costs to sell. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $1.4 million during the second quarter of 2021 as compared to the first quarter of 2021 primarily due to increased trust and asset management fees. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue decreased by $62.9 million in the second quarter of 2021 as compared to the first quarter of 2021, primarily due to a $33.8 million decrease in production revenue from lower originations for sale and lower gain on sale margins and a $5.5 million unfavorable mortgage servicing rights portfolio fair value adjustment as compared to an $18.0 million increase recognized in the prior quarter related to changes in fair value model assumptions. Loans originated for sale were $1.7 billion in the second quarter of 2021, a decrease of $498.0 million as compared to the first quarter of 2021. The percentage of origination volume from refinancing activities was 47% in the second quarter of 2021 as compared to 73% in the first quarter of 2021. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market.

During the second quarter of 2021, the fair value of the mortgage servicing rights portfolio increased primarily due to the capitalization of $17.5 million of servicing rights partially offset by a reduction in value of $8.5 million due to payoffs and paydowns of the existing portfolio and a fair value adjustment decrease of $5.5 million. No economic hedges were outstanding relative to the mortgage servicing rights portfolio during the first or second quarter of 2021.

Operating lease income decreased by $2.2 million in the second quarter of 2021 as compared to the first quarter of 2021. The decrease 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 increased by $4.7 million in the second quarter of 2021 as compared to thefirst quarter of 2021primarily due to a $4.0 million net gain recorded on the previously announced sale of three branches in southwestern Wisconsin.

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

NON-INTEREST EXPENSE

Salaries and employee benefits expense decreased by $8.0 million in the second quarter of 2021 as compared to the first quarter of 2021. The $8.0 million decrease is comprised of a decrease of $7.6 million in commissions and incentive compensation and a decrease of $412,000 in employee benefits expense. Salaries expense was effectively unchanged from the first quarter of 2021 to the second quarter of 2021. The decrease in commissions and incentive compensation is primarily due to lower commissions related to a decline in total mortgage originations for sale and investment.

Advertising and marketing expense totaled $11.3 million in the second quarter of 2021, an increase of $2.8 million as compared to the first quarter of 2021. The increase in the second quarter relates primarily to increased sponsorship activity for the summer months. Marketing costs are incurred to promote the Companys 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 Companys 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 second quarter of 2021 decreased by $55,000 as compared to the first quarter of 2021. The second quarter of 2021 included a $1.4 million reversal of contingent consideration expense related to the previous acquisition of mortgage operations as compared to a $937,000 reversal of contingent consideration expense in the first quarter of 2021. 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. Miscellaneous expense also includes ATM expenses, correspondent bank charges, directors fees, telephone, travel and entertainment, corporate insurance, dues and subscriptions, problem loan expenses and lending origination costs that are not deferred.

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

INCOME TAXES

The Company recorded income tax expense of $39.0 million in the second quarter of 2021 compared to $53.7 million in the first quarter of 2021 and $9.0 million in the second quarter of 2020. The effective tax rates were 27.08% in the second quarter of 2021 compared to 25.97% in the first quarter of 2021 and 29.46% in the second quarter of 2020.

The slightly higher effective tax rate in the second quarter of 2021 as compared to the first quarter of 2021 was primarily due to the recognition of excess tax benefits on stock compensation in the first quarter, and the higher effective rate in the second quarter of 2020 as compared to the 2021 periods was primarily a result of a significantly reduced amount of pretax income in the period.

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 second quarter of 2021, this unit expanded its loan portfolio and its deposit portfolio. In addition, the segments net interest margin increased in the second quarter of 2021 as compared to the first quarter of 2021.

Mortgage banking revenue was $50.6 million for the second quarter of 2021, a decrease of $62.9 million as compared to the first quarter of 2021 primarily due to a $33.8 million decrease in production revenue resulting from lower originations for sale and lower gain on sale margins and a $5.5 million decrease in the value of mortgage servicing rights related to changes in fair value model assumptions as compared to an $18.0 million favorable fair value adjustment in the prior quarter related to changes in fair value model assumptions. Service charges on deposit accounts totaled $13.2 million in the second quarter of 2021, an increase of $1.2 million as compared to the first quarter of 2021 primarily due to higher account analysis fees. The Companys gross commercial and commercial real estate loan pipelines remained strong as of June30, 2021. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.2 billion to $1.3 billion at June30, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $700 million to $800 million at June30, 2021.

Specialty Finance

Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolio were $3.4 billion during the second quarter of 2021 and average balances increased by $472.8 million as compared to the first quarter of 2021. The increase in average balances in the insurance premium finance receivables portfolios more than offset the related margin compression, attributed to lower market rates of interest, resulting in a $3.0 million increase in interest income. The Companys leasing business remained effectively unchanged from the first quarter of 2021 to the second quarter of 2021, with its portfolio of assets, including capital leases, loans and equipment on operating leases, at $2.2 billion at the end of the second quarter of 2021. Revenues from the Companys out-sourced administrative services business were $1.2 million in the second quarter of 2021, essentially unchanged from the first quarter of 2021.

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $30.7 million in the second quarter of 2021, an increase of $1.4 million compared to the first quarter of 2021. Increases in asset management fees were primarily due to favorable equity market performance during the second quarter of 2021. At June30, 2021, the Companys wealth management subsidiaries had approximately $34.2 billion of assets under administration, which included $4.7 billion of assets owned by the Company and its subsidiary banks, representing a $2.0 billion increase from the $32.2 billion of assets under administration at March31, 2021.

WINTRUST FINANCIAL CORPORATIONKey Operating Measures

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

% or^(1) % or Three Months Ended basispoint basispoint(Dollars in (bp) (bp)thousands, Jun 30, 2021 Mar 31, 2021 Jun 30, 2020 change from change fromexcept per 1st Quarter 2nd Quartershare data) 2021 2020Net income $ 105,109 $ 153,148 $ 21,659 (31 ) % 385 %Pre-taxincome,excludingprovision for 128,851 161,512 165,756 (20 ) (22 ) credit losses(non-GAAP) ^(2)Net incomeper common 1.70 2.54 0.34 (33 ) 400 share ?dilutedNet revenue ^ 408,963 448,401 425,124 (9 ) (4 ) (3)Net interest 279,590 261,895 263,131 7 6 incomeNet interest 2.62 % 2.53 % 2.73 % 9 bps (11 ) bpsmarginNet interestmargin -fully taxable 2.63 2.54 2.74 9 (11 ) equivalent(non-GAAP) ^(2)Net overhead 1.32 0.90 0.93 42 39 ratio ^(4)Return onaverage 0.92 1.38 0.21 (46 ) 71 assetsReturn onaverage 10.24 15.80 2.17 (556 ) 807 common equityReturn onaveragetangible 12.62 19.49 2.95 (687 ) 967 common equity(non-GAAP) ^(2)At end of periodTotal assets $ 46,738,450 $ 45,682,202 $ 43,540,017 9 % 7 %Total loans ^ 32,911,187 33,171,233 31,402,903 (3 ) 5 (5)Total 38,804,616 37,872,652 35,651,874 10 9 depositsTotalshareholders? 4,339,011 4,252,511 3,990,218 8 9 equity

(1) Period-end balance sheet percentage changes are annualized.(2) See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.(3)Net revenue is net interest income plus non-interest income.(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that periods 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 Six Months Ended(Dollars inthousands, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30,except per 2021 2021 2020 2020 2020 2021 2020share data)Selected Financial Condition Data (at end of period): Total assets $ 46,738,450 $ 45,682,202 $ 45,080,768 $ 43,731,718 $ 43,540,017 Total loans ^ 32,911,187 33,171,233 32,079,073 32,135,555 31,402,903 (1)Total deposits 38,804,616 37,872,652 37,092,651 35,844,422 35,651,874 Juniorsubordinated 253,566 253,566 253,566 253,566 253,566 debenturesTotalshareholders? 4,339,011 4,252,511 4,115,995 4,074,089 3,990,218 equitySelected Statements of Income Data: Net interest $ 279,590 $ 261,895 $ 259,397 $ 255,936 $ 263,131 $ 541,485 $ 524,574 incomeNet revenue ^ 408,963 448,401 417,758 426,529 425,124 857,364 799,809 (2)Net income 105,109 153,148 101,204 107,315 21,659 258,257 84,471 Pre-tax income,excludingprovision for 128,851 161,512 135,891 162,310 165,756 290,363 305,800 credit losses(non-GAAP) ^(3)Net income percommon share ? 1.72 2.57 1.64 1.68 0.34 4.29 1.40 BasicNet income percommon share ? 1.70 2.54 1.63 1.67 0.34 4.24 1.38 DilutedSelected Financial Ratios and Other Data: Performance Ratios: Net interest 2.62 % 2.53 % 2.53 % 2.56 % 2.73 % 2.58 % 2.91 %marginNet interestmargin - fullytaxable 2.63 2.54 2.54 2.57 2.74 2.59 2.93 equivalent(non-GAAP) ^(3)Non-interestincome to 1.13 1.68 1.44 1.58 1.55 1.40 1.41 average assetsNon-interestexpense to 2.45 2.59 2.56 2.45 2.48 2.51 2.53 average assetsNet overhead 1.32 0.90 1.12 0.87 0.93 1.11 1.12 ratio ^(4)Return on 0.92 1.38 0.92 0.99 0.21 1.15 0.43 average assetsReturn onaverage common 10.24 15.80 10.30 10.66 2.17 12.97 4.48 equityReturn onaveragetangible common 12.62 19.49 12.95 13.43 2.95 15.99 5.81 equity(non-GAAP) ^(3)Average total $ 45,946,751 $ 44,988,733 $ 43,810,005 $ 42,962,844 $ 42,042,729 $ 45,470,389 $ 39,334,109 assetsAverage totalshareholders? 4,256,778 4,164,890 4,050,286 4,034,902 3,908,846 4,211,088 3,809,508 equityAverage loansto average 86.7 % 87.1 % 87.9 % 89.6 % 87.8 % 86.9 % 88.9 %deposits ratioPeriod-endloans to 84.8 87.6 86.5 89.7 88.1 deposits ratioCommon Share Data at end of period: Market priceper common $ 75.63 $ 75.80 $ 61.09 $ 40.05 $ 43.62 shareBook value per 68.81 67.34 65.24 63.57 62.14 common shareTangible bookvalue per 56.92 55.42 53.23 51.70 50.23 common share(non-GAAP) ^(3)Common shares 57,066,677 57,023,273 56,769,625 57,601,991 57,573,672 outstandingOther Data at end of period: Tier 1 leverage 8.2 % 8.2 % 8.1 % 8.2 % 8.1 % ratio ^(5)Risk-based capital ratios:Tier 1 capital 10.1 10.2 10.0 10.2 10.1 ratio ^(5)Common equitytier 1 capital 8.9 9.0 8.8 9.0 8.8 ratio^(5)Total capital 12.3 12.6 12.6 12.9 12.8 ratio ^(5)Allowance forcredit losses ^ $ 304,121 $ 321,308 $ 379,969 $ 388,971 $ 373,174 (6)Allowance forloan andunfundedlending-related 0.92 % 0.97 % 1.18 % 1.21 % 1.19 % commitmentlosses to totalloansNumber of: Bank 15 15 15 15 15 subsidiariesBanking offices 172 182 181 182 186

(1) Excludes mortgage loans held-for-sale.(2)Net revenue is net interest income and non-interest income.(3)See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that 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) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands) 2021 2021 2020 2020 2020Assets Cash and due from $ 434,957 $ 426,325 $ 322,415 $ 308,639 $ 344,999 banksFederal funds soldand securities 52 52 59 56 58 purchased underresale agreementsInterest-bearing 4,707,415 3,348,794 4,802,527 3,825,823 4,015,072 deposits with banksAvailable-for-salesecurities, at fair 2,188,608 2,430,749 3,055,839 2,946,459 3,194,961 valueHeld-to-maturitysecurities, at 2,498,232 2,166,419 579,138 560,267 728,465 amortized costTrading account 2,667 951 671 1,720 890 securitiesEquity securitieswith readily 86,316 90,338 90,862 54,398 52,460 determinable fairvalueFederal Home LoanBank and Federal 136,625 135,881 135,588 135,568 135,571 Reserve Bank stockBrokerage customer 23,093 19,056 17,436 16,818 14,623 receivablesMortgage loans 984,994 1,260,193 1,272,090 959,671 833,163 held-for-saleLoans, net of 32,911,187 33,171,233 32,079,073 32,135,555 31,402,903 unearned incomeAllowance for loan (261,089 ) (277,709 ) (319,374 ) (325,959 ) (313,510 ) lossesNet loans 32,650,098 32,893,524 31,759,699 31,809,596 31,089,393 Premises and 752,375 760,522 768,808 774,288 769,909 equipment, netLease investments, 219,023 238,984 242,434 230,373 237,040 netAccrued interestreceivable and other 1,185,811 1,230,362 1,351,455 1,424,728 1,437,832 assetsTrade datesecurities 189,851 ? ? ? ? receivableGoodwill 646,336 646,017 645,707 644,644 644,213 Other intangible 31,997 34,035 36,040 38,670 41,368 assetsTotal assets $ 46,738,450 $ 45,682,202 $ 45,080,768 $ 43,731,718 $ 43,540,017 Liabilities and Shareholders? EquityDeposits: Non-interest-bearing $ 12,796,110 $ 12,297,337 $ 11,748,455 $ 10,409,747 $ 10,204,791 Interest-bearing 26,008,506 25,575,315 25,344,196 25,434,675 25,447,083 Total deposits 38,804,616 37,872,652 37,092,651 35,844,422 35,651,874 Federal Home Loan 1,241,071 1,228,436 1,228,429 1,228,422 1,228,416 Bank advancesOther borrowings 518,493 516,877 518,928 507,395 508,535 Subordinated notes 436,719 436,595 436,506 436,385 436,298 Junior subordinated 253,566 253,566 253,566 253,566 253,566 debenturesTrade date ? 995 200,907 ? ? securities payableAccrued interestpayable and other 1,144,974 1,120,570 1,233,786 1,387,439 1,471,110 liabilitiesTotal liabilities 42,399,439 41,429,691 40,964,773 39,657,629 39,549,799 Shareholders? Equity:Preferred stock 412,500 412,500 412,500 412,500 412,500 Common stock 58,770 58,727 58,473 58,323 58,294 Surplus 1,669,002 1,663,008 1,649,990 1,647,049 1,643,864 Treasury stock (100,363 ) (100,363 ) (100,363 ) (44,891 ) (44,891 ) Retained earnings 2,288,969 2,208,535 2,080,013 2,001,949 1,921,048 Accumulated othercomprehensive income 10,133 10,104 15,382 (841 ) (597 ) (loss)Total shareholders? 4,339,011 4,252,511 4,115,995 4,074,089 3,990,218 equityTotal liabilitiesand shareholders? $ 46,738,450 $ 45,682,202 $ 45,080,768 $ 43,731,718 $ 43,540,017 equity

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended Six Months Ended(In thousands, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30,except per share 2021 2021 2020 2020 2020 2021 2020data)Interest income Interest and fees $ 284,701 $ 274,100 $ 280,185 $ 280,479 $ 294,746 $ 558,801 $ 596,585 on loansMortgage loans 8,183 9,036 6,357 5,791 4,764 17,219 7,929 held-for-saleInterest-bearing 1,153 1,199 1,294 1,181 1,310 2,352 6,078 deposits with banksFederal funds soldand securities ? ? ? ? 16 ? 102 purchased underresale agreementsInvestment 23,623 19,264 18,243 21,819 27,105 42,887 59,572 securitiesTrading account 1 2 11 6 13 3 20 securitiesFederal Home LoanBank and Federal 1,769 1,745 1,775 1,774 1,765 3,514 3,342 Reserve Bank stockBrokerage customer 149 123 116 106 97 272 255 receivablesTotal interest 319,579 305,469 307,981 311,156 329,816 625,048 673,883 incomeInterest expense Interest on 24,298 27,944 32,602 39,084 50,057 52,242 117,492 depositsInterest on FederalHome Loan Bank 4,887 4,840 4,952 4,947 4,934 9,727 8,294 advancesInterest on other 2,568 2,609 2,779 3,012 3,436 5,177 6,982 borrowingsInterest on 5,512 5,477 5,509 5,474 5,506 10,989 10,978 subordinated notesInterest on juniorsubordinated 2,724 2,704 2,742 2,703 2,752 5,428 5,563 debenturesTotal interest 39,989 43,574 48,584 55,220 66,685 83,563 149,309 expenseNet interest income 279,590 261,895 259,397 255,936 263,131 541,485 524,574 Provision for (15,299 ) (45,347 ) 1,180 25,026 135,053 (60,646 ) 188,014 credit lossesNet interest incomeafter provision for 294,889 307,242 258,217 230,910 128,078 602,131 336,560 credit lossesNon-interest income Wealth management 30,690 29,309 26,802 24,957 22,636 59,999 48,577 Mortgage banking 50,584 113,494 86,819 108,544 102,324 164,078 150,650 Service charges on 13,249 12,036 11,841 11,497 10,420 25,285 21,685 deposit accountsGains (losses) oninvestment 1,285 1,154 1,214 411 808 2,439 (3,551 ) securities, netFees from covered 1,388 ? ? ? ? 1,388 2,292 call optionsTrading (losses) (438 ) 419 (102 ) 183 (634 ) (19 ) (1,085 ) gains, netOperating lease 12,240 14,440 12,118 11,717 11,785 26,680 23,769 income, netOther 20,375 15,654 19,669 13,284 14,654 36,029 32,898 Total non-interest 129,373 186,506 158,361 170,593 161,993 315,879 275,235 incomeNon-interest expenseSalaries and 172,817 180,809 171,116 164,042 154,156 353,626 290,918 employee benefitsEquipment 20,866 20,912 20,565 17,251 15,846 41,778 30,680 Operating leaseequipment 9,949 10,771 9,938 9,425 9,292 20,720 18,552 depreciationOccupancy, net 17,687 19,996 19,687 15,830 16,893 37,683 34,440 Data processing 6,920 6,048 5,728 5,689 10,406 12,968 18,779 Advertising and 11,305 8,546 9,850 7,880 7,704 19,851 18,566 marketingProfessional fees 7,304 7,587 6,530 6,488 7,687 14,891 14,408 Amortization ofother intangible 2,039 2,007 2,634 2,701 2,820 4,046 5,683 assetsFDIC insurance 6,405 6,558 7,016 6,772 7,081 12,963 11,216 OREO expense, net 769 (251 ) (114 ) (168 ) 237 518 (639 ) Other 24,051 23,906 28,917 28,309 27,246 47,957 51,406 Total non-interest 280,112 286,889 281,867 264,219 259,368 567,001 494,009 expenseIncome before taxes 144,150 206,859 134,711 137,284 30,703 351,009 117,786 Income tax expense 39,041 53,711 33,507 29,969 9,044 92,752 33,315 Net income $ 105,109 $ 153,148 $ 101,204 $ 107,315 $ 21,659 $ 258,257 $ 84,471 Preferred stock 6,991 6,991 6,991 10,286 2,050 13,982 4,100 dividendsNet incomeapplicable to $ 98,118 $ 146,157 $ 94,213 $ 97,029 $ 19,609 $ 244,275 $ 80,371 common sharesNet income percommon share - $ 1.72 $ 2.57 $ 1.64 $ 1.68 $ 0.34 $ 4.29 $ 1.40 BasicNet income percommon share - $ 1.70 $ 2.54 $ 1.63 $ 1.67 $ 0.34 $ 4.24 $ 1.38 DilutedCash dividendsdeclared per common $ 0.31 $ 0.31 $ 0.28 $ 0.28 $ 0.28 $ 0.62 $ 0.56 shareWeighted averagecommon shares 57,049 56,904 57,309 57,597 57,567 56,977 57,593 outstandingDilutive potential 726 681 588 449 414 691 481 common sharesAverage commonshares and dilutive 57,775 57,585 57,897 58,046 57,981 57,668 58,074 common shares

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

% Growth From ^(2)(Dollars in Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Dec 31, Jun 30,thousands) 2021 2021 2020 2020 2020 2020 ^ 2020 (1)Balance: Mortgage loansheld-for-sale,excludingearly buy-outexercised $ 633,006 $ 890,749 $ 927,307 $ 862,924 $ 814,667 (64 ) % (22 ) %loansguaranteed byU.S.GovernmentAgenciesMortgage loansheld-for-sale,early buy-outexercisedloans 351,988 369,444 344,783 96,747 18,496 4 1803 guaranteed byU.S.GovernmentAgenciesTotal mortgageloans $ 984,994 $ 1,260,193 $ 1,272,090 $ 959,671 $ 833,163 (46 ) % 18 %held-for-sale Core loans: Commercial Commercial and $ 4,650,607 $ 4,630,795 $ 4,675,594 $ 4,555,920 $ 4,292,032 (1 ) % 8 %industrialAsset-based 892,109 720,772 721,666 707,365 721,035 48 24 lendingMunicipal 511,094 493,417 474,103 482,567 519,691 16 (2 ) Leases 1,357,036 1,290,778 1,288,374 1,215,239 1,179,233 11 15 Commercial real estateResidential 55,735 72,058 89,389 101,187 131,639 (76 ) (58 ) constructionCommercial 1,090,447 1,040,631 1,041,729 1,005,708 992,872 9 10 constructionLand 239,067 240,635 240,684 226,254 215,537 (1 ) 11 Office 1,098,386 1,131,472 1,136,844 1,163,790 1,124,643 (7 ) (2 ) Industrial 1,263,614 1,152,522 1,129,433 1,117,702 1,062,218 24 19 Retail 1,217,540 1,198,025 1,224,403 1,175,819 1,148,152 (1 ) 6 Multi-family 1,805,118 1,739,521 1,649,801 1,599,651 1,497,834 19 21 Mixed use and 1,908,462 1,969,915 1,981,849 2,033,031 2,027,850 (7 ) (6 ) otherHome equity 369,806 390,253 425,263 446,274 466,596 (26 ) (21 ) Residential real estateResidentialreal estate 1,485,952 1,376,465 1,214,744 1,143,908 1,186,768 45 25 loans forinvestmentResidentialmortgageloans, earlybuy-outeligible loans 44,333 45,508 44,854 240,902 240,661 (2 ) (82 ) guaranteed byU.S.GovernmentAgenciesTotal core $ 17,989,306 $ 17,492,767 $ 17,338,730 $ 17,215,317 $ 16,806,761 8 % 7 %loans Niche loans: Commercial Franchise $ 1,060,468 $ 1,128,493 $ 1,023,027 $ 964,150 $ 963,531 7 % 10 %Mortgagewarehouse 529,867 587,868 567,389 503,371 352,659 (13 ) 50 lines ofcreditCommunityAdvantage - 287,689 272,222 267,374 254,963 240,634 15 20 homeownersassociationInsurance 273,999 290,880 222,519 214,411 255,049 47 7 agency lendingPremiumFinance receivablesU.S.commercial 3,805,504 3,342,730 3,438,087 3,494,155 3,439,987 22 11 insuranceCanadacommercial 716,367 615,813 616,402 565,989 559,787 33 28 insuranceLife insurance 6,359,556 6,111,495 5,857,436 5,488,832 5,400,802 17 18 Consumer and 9,024 35,983 32,188 55,354 48,325 (145 ) (81 ) otherTotal niche $ 13,042,474 $ 12,385,484 $ 12,024,422 $ 11,541,225 $ 11,260,774 17 % 16 %loans Commercial PPP loans:Originated in $ 656,502 $ 2,049,342 $ 2,715,921 $ 3,379,013 $ 3,335,368 NM (80 ) %2020Originated in 1,222,905 1,243,640 ? ? ? 100 100 2021Totalcommercial PPP $ 1,879,407 $ 3,292,982 $ 2,715,921 $ 3,379,013 $ 3,335,368 (62 ) % (44 ) %loans Total loans,net of $ 32,911,187 $ 33,171,233 $ 32,079,073 $ 32,135,555 $ 31,402,903 5 % 5 %unearnedincome

(1) Annualized.(2) NM - Not meaningful.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

% Growth From(Dollars in thousands) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Dec 31, Jun 30, 2021 2021 2020 2020 2020 2020^ (1) 2020Balance: Non-interest-bearing $ 12,796,110 $ 12,297,337 $ 11,748,455 $ 10,409,747 $ 10,204,791 18 % 25 %NOW and interest-bearing 3,625,538 3,562,312 3,349,021 3,294,071 3,440,348 17 5 demand depositsWealth management deposits ^ 4,399,303 4,274,527 4,138,712 4,235,583 4,433,020 13 (1 ) (2)Money market 9,843,390 9,236,434 9,348,806 9,423,653 9,288,976 11 6 Savings 3,776,400 3,690,892 3,531,029 3,415,073 3,447,352 14 10 Time certificates of deposit 4,363,875 4,811,150 4,976,628 5,066,295 4,837,387 (25 ) (10 ) Total deposits $ 38,804,616 $ 37,872,652 $ 37,092,651 $ 35,844,422 $ 35,651,874 9 % 9 %Mix: Non-interest-bearing 33 % 32 % 32 % 29 % 29 % NOW and interest-bearing 9 9 9 9 10 demand depositsWealth management deposits ^ 11 11 11 12 12 (2)Money market 25 25 25 26 25 Savings 10 10 10 10 10 Time certificates of deposit 12 13 13 14 14 Total 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 June30, 2021

Total Time Weighted-Average(Dollars in thousands) Certificatesof Rate of Maturing Deposit Time Certificates of Deposit ^(1)1-3 months $ 1,049,387 1.40 %4-6 months 844,945 1.08 7-9 months 726,341 0.60 10-12 months 566,664 0.43 13-18 months 601,524 0.59 19-24 months 274,328 0.62 24+ months 300,686 0.63 Total $ 4,363,875 0.87 %

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

TABLE 4: QUARTERLY AVERAGE BALANCES

Average Balance for three months ended, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands) 2021 2021 2020 2020 2020Interest-bearingdeposits with banks and $ 3,844,355 $ 4,230,886 $ 4,381,040 $ 3,411,164 $ 3,240,167 cash equivalents ^(1)Investment securities ^ 4,771,403 3,944,676 3,534,594 3,789,422 4,309,471 (2)FHLB and FRB stock 136,324 135,758 135,569 135,567 135,360 Liquidity management 8,752,082 8,311,320 8,051,203 7,336,153 7,684,998 assets ^(3)Other earning assets ^ 23,354 20,370 18,716 16,656 16,917 (3)(4)Mortgage loans 991,011 1,151,848 893,395 822,908 705,702 held-for-saleLoans, net of unearned 33,085,174 32,442,927 31,783,279 31,634,608 30,336,626 income ^(3)(5)Total earning assets ^ 42,851,621 41,926,465 40,746,593 39,810,325 38,744,243 (3)Allowance for loan andinvestment security (285,686 ) (327,080 ) (336,139 ) (321,732 ) (222,485 ) lossesCash and due from banks 470,566 366,413 344,536 345,438 352,423 Other assets 2,910,250 3,022,935 3,055,015 3,128,813 3,168,548 Total assets $ 45,946,751 $ 44,988,733 $ 43,810,005 $ 42,962,844 $ 42,042,729 NOW and interest-bearing $ 3,626,424 $ 3,493,451 $ 3,320,527 $ 3,435,089 $ 3,323,124 demand depositsWealth management 4,369,998 4,156,398 4,066,948 4,239,300 4,380,996 depositsMoney market accounts 9,547,167 9,335,920 9,435,344 9,332,668 8,727,966 Savings accounts 3,728,271 3,587,566 3,413,388 3,419,586 3,394,480 Time deposits 4,632,796 4,875,392 5,043,558 4,900,839 5,104,701 Interest-bearing 25,904,656 25,448,727 25,279,765 25,327,482 24,931,267 depositsFederal Home Loan Bank 1,235,142 1,228,433 1,228,425 1,228,421 1,214,375 advancesOther borrowings 525,924 518,188 510,725 512,787 493,350 Subordinated notes 436,644 436,532 436,433 436,323 436,226 Junior subordinated 253,566 253,566 253,566 253,566 253,566 debenturesTotal interest-bearing 28,355,932 27,885,446 27,708,914 27,758,579 27,328,784 liabilitiesNon-interest-bearing 12,246,274 11,811,194 10,874,912 9,988,769 9,607,528 depositsOther liabilities 1,087,767 1,127,203 1,175,893 1,180,594 1,197,571 Equity 4,256,778 4,164,890 4,050,286 4,034,902 3,908,846 Total liabilities and $ 45,946,751 $ 44,988,733 $ 43,810,005 $ 42,962,844 $ 42,042,729 shareholders? equity Net free funds/ $ 14,495,689 $ 14,041,019 $ 13,037,679 $ 12,051,746 $ 11,415,459 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 18 for additional information on this performance measure/ratio.(4)Other earning assets include brokerage customer receivables and trading account securities.(5)Loans, net of unearned income, include non-accrual loans.(6)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 5: QUARTERLY NET INTEREST INCOME

Net Interest Income for three months ended, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands) 2021 2021 2020 2020 2020Interest income: Interest-bearingdeposits with banks $ 1,153 $ 1,199 $ 1,294 $ 1,181 $ 1,326 and cash equivalentsInvestment securities 24,117 19,764 18,773 22,365 27,643 FHLB and FRB stock 1,769 1,745 1,775 1,774 1,765 Liquidity management 27,039 22,708 21,842 25,320 30,734 assets ^(1)Other earning assets ^ 150 125 130 113 113 (1)Mortgage loans 8,183 9,036 6,357 5,791 4,764 held-for-saleLoans, net of unearned 285,116 274,484 280,509 280,960 295,322 income ^(1)Total interest income $ 320,488 $ 306,353 $ 308,838 $ 312,184 $ 330,933 Interest expense: NOW andinterest-bearing $ 736 $ 901 $ 1,074 $ 1,342 $ 1,561 demand depositsWealth management 7,686 7,351 7,436 7,662 7,244 depositsMoney market accounts 2,795 2,865 3,740 7,245 13,140 Savings accounts 402 430 773 2,104 3,840 Time deposits 12,679 16,397 19,579 20,731 24,272 Interest-bearing 24,298 27,944 32,602 39,084 50,057 depositsFederal Home Loan Bank 4,887 4,840 4,952 4,947 4,934 advancesOther borrowings 2,568 2,609 2,779 3,012 3,436 Subordinated notes 5,512 5,477 5,509 5,474 5,506 Junior subordinated 2,724 2,704 2,742 2,703 2,752 debenturesTotal interest expense $ 39,989 $ 43,574 $ 48,584 $ 55,220 $ 66,685 Less: Fullytaxable-equivalent (909 ) (884 ) (857 ) (1,028 ) (1,117 ) adjustmentNet interest income 279,590 261,895 259,397 255,936 263,131 (GAAP) ^(2)Fullytaxable-equivalent 909 884 857 1,028 1,117 adjustmentNet interest income,fully $ 280,499 $ 262,779 $ 260,254 $ 256,964 $ 264,248 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 18 for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN

Net Interest Margin for three months ended, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2021 2021 2020 2020 2020Yield earned on: Interest-bearingdeposits with banks 0.12 % 0.11 % 0.12 % 0.14 % 0.16 %and cash equivalentsInvestment 2.03 2.03 2.11 2.35 2.58 securitiesFHLB and FRB stock 5.20 5.21 5.21 5.21 5.24 Liquidity management 1.24 1.11 1.08 1.37 1.61 assetsOther earning assets 2.59 2.50 2.79 2.71 2.71 Mortgage loans 3.31 3.18 2.83 2.80 2.72 held-for-saleLoans, net of 3.46 3.43 3.51 3.53 3.92 unearned incomeTotal earning assets 3.00 % 2.96 % 3.02 % 3.12 % 3.44 % Rate paid on: NOW andinterest-bearing 0.08 % 0.10 % 0.13 % 0.16 % 0.19 %demand depositsWealth management 0.71 0.72 0.73 0.72 0.67 depositsMoney market 0.12 0.12 0.16 0.31 0.61 accountsSavings accounts 0.04 0.05 0.09 0.24 0.45 Time deposits 1.10 1.36 1.54 1.68 1.91 Interest-bearing 0.38 0.45 0.51 0.61 0.81 depositsFederal Home Loan 1.59 1.60 1.60 1.60 1.63 Bank advancesOther borrowings 1.96 2.04 2.16 2.34 2.80 Subordinated notes 5.05 5.02 5.05 5.02 5.05 Junior subordinated 4.25 4.27 4.23 4.17 4.29 debenturesTotalinterest-bearing 0.56 % 0.63 % 0.70 % 0.79 % 0.98 %liabilities Interest rate spread 2.44 % 2.33 % 2.32 % 2.33 % 2.46 %^ (1)(2)Less: Fullytaxable-equivalent (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) adjustmentNet free funds/ 0.19 0.21 0.22 0.24 0.28 contribution^ (3)Net interest margin 2.62 % 2.53 % 2.53 % 2.56 % 2.73 %(GAAP)^ (2)Fullytaxable-equivalent 0.01 0.01 0.01 0.01 0.01 adjustmentNet interest margin,fully 2.63 % 2.54 % 2.54 % 2.57 % 2.74 %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 18 for additional information on this performance measure/ratio.(3)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

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

Average Balance Interest Yield/Rate for six months ended, for six months ended, for six months ended,(Dollars in Jun 30, Jun 30, Jun 30, Jun 30, Jun 30, Jun 30,thousands) 2021 2020 2021 2020 2021 2020Interest-bearingdeposits with banks $ 4,036,553 $ 2,329,488 $ 2,352 $ 6,180 0.12 % 0.53 %and cash equivalents^(1)Investment 4,360,323 4,545,090 43,881 60,661 2.03 2.68 securities ^(2)FHLB and FRB stock 136,043 125,094 3,514 3,342 5.21 5.37 Liquidity management $ 8,532,919 $ 6,999,672 $ 49,747 $ 70,183 1.18 % 2.02 %assets ^(3)(4)Other earning assets 21,870 18,041 275 280 2.55 3.13 ^(3)(4)(5)Mortgage loans 1,070,985 554,482 17,219 7,929 3.24 2.88 held-for-saleLoans, net ofunearned income ^(3) 32,765,825 28,636,678 559,600 598,021 3.44 4.20 (4)(6)Total earning assets $ 42,391,599 $ 36,208,873 $ 626,841 $ 676,413 2.98 % 3.76 %^(4)Allowance for loanand investment (306,268 ) (199,388 ) security lossesCash and due from 418,777 337,202 banksOther assets 2,966,281 2,987,422 Total assets $ 45,470,389 $ 39,334,109 NOW andinterest-bearing $ 3,560,305 $ 3,218,429 $ 1,637 $ 5,227 0.09 % 0.33 %demand depositsWealth management 4,263,788 3,609,857 15,037 14,179 0.71 0.79 depositsMoney market 9,442,127 8,359,370 5,660 35,503 0.12 0.85 accountsSavings accounts 3,658,307 3,292,158 832 9,630 0.05 0.59 Time deposits 4,753,424 5,315,554 29,076 52,953 1.23 2.00 Interest-bearing $ 25,677,951 $ 23,795,368 $ 52,242 $ 117,492 0.41 % 0.99 %depositsFederal Home Loan 1,231,806 1,082,994 9,727 8,294 1.59 1.54 Bank advancesOther borrowings 522,078 481,463 5,177 6,982 2.00 2.92 Subordinated notes 436,588 436,173 10,989 10,978 5.03 5.03 Junior subordinated 253,566 253,566 5,428 5,563 4.26 4.34 debenturesTotalinterest-bearing $ 28,121,989 $ 26,049,564 $ 83,563 $ 149,309 0.60 % 1.15 %liabilitiesNon-interest-bearing 12,029,936 8,421,353 depositsOther liabilities 1,107,376 1,053,684 Equity 4,211,088 3,809,508 Total liabilitiesand shareholders? $ 45,470,389 $ 39,334,109 equityInterest rate spread 2.38 % 2.61 %^(4)(7)Less: Fullytaxable-equivalent (1,793 ) (2,530 ) (0.01 ) (0.02 ) adjustmentNet free funds/ $ 14,269,610 $ 10,159,309 0.21 0.32 contribution ^(8)Net interest income/ $ 541,485 $ 524,574 2.58 % 2.91 %margin (GAAP)^ (4)Fullytaxable-equivalent 1,793 2,530 0.01 0.02 adjustmentNet interest income/margin, fully $ 543,278 $ 527,104 2.59 % 2.93 %taxable-equivalent(non-GAAP) ^(4)

(1) Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.(2)Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.(3)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on a marginal federal corporate tax rate in effect as of the applicable period.(4)See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance ratio.(5)Other earning assets include brokerage customer receivables and trading account securities.(6)Loans, net of unearned income, include non-accrual loans.(7)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.(8)Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 8: INTEREST RATE SENSITIVITY

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

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases of 100 and 200 basis points and a decrease of 100 basis points. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate 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 PointsJun 30, 2021 24.6 % 11.7 % (6.9 ) %Mar 31, 2021 22.0 10.2 (7.2 ) Dec 31, 2020 25.0 11.6 (7.9 ) Sep 30, 2020 23.4 10.9 (8.1 ) Jun 30, 2020 25.9 12.6 (8.3 )

+200 +100 -100Ramp Scenario Basis Basis Basis Points Points PointsJun 30, 2021 11.4 % 5.8 % (3.3 ) %Mar 31, 2021 10.7 5.4 (3.6 ) Dec 31, 2020 11.4 5.7 (3.3 ) Sep 30, 2020 10.7 5.2 (3.5 ) Jun 30, 2020 13.0 6.7 (3.2 )

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or maturity period As of June 30, One year or From one to Over five 2021 less five years years(In thousands) TotalCommercial Fixed rate $ 1,018,304 $ 1,378,744 $ 796,227 $ 3,193,275 Fixed Rate - ? 1,879,407 ? 1,879,407 PPPVariable rate 6,365,838 3,694 62 6,369,594 Total $ 7,384,142 $ 3,261,845 $ 796,289 $ 11,442,276 commercialCommercial real estateFixed rate 509,777 2,127,633 437,944 3,075,354 Variable rate 5,578,790 24,225 ? 5,603,015 Totalcommercial real $ 6,088,567 $ 2,151,858 $ 437,944 $ 8,678,369 estateHome equity Fixed rate 14,613 7,095 47 21,755 Variable rate 348,051 ? ? 348,051 Total home $ 362,664 $ 7,095 $ 47 $ 369,806 equityResidential real estateFixed rate 20,305 10,381 777,239 807,925 Variable rate 60,029 273,717 388,614 722,360 Totalresidential $ 80,334 $ 284,098 $ 1,165,853 $ 1,530,285 real estatePremium financereceivables - commercialFixed rate 4,398,271 123,600 ? 4,521,871 Variable rate ? ? ? ? Total premiumfinance $ 4,398,271 $ 123,600 $ ? $ 4,521,871 receivables -commercialPremium financereceivables - life insuranceFixed rate 10,030 374,736 20,394 405,160 Variable rate 5,954,396 ? ? 5,954,396 Total premiumfinance $ 5,964,426 $ 374,736 $ 20,394 $ 6,359,556 receivables -life insuranceConsumer and otherFixed rate 2,269 1,748 388 4,405 Variable rate 4,619 ? ? 4,619 Total consumer $ 6,888 $ 1,748 $ 388 $ 9,024 and other Total per categoryFixed rate 5,973,569 4,023,937 2,032,239 12,029,745 Fixed rate - ? 1,879,407 ? 1,879,407 PPPVariable rate 18,311,723 301,636 388,676 19,002,035 Total loans,net of unearned $ 24,285,292 $ 6,204,980 $ 2,420,915 $ 32,911,187 income Variable RateLoan Pricing by Index:Prime $ 2,573,945 One- month 9,384,417 LIBORThree- month 374,067 LIBORTwelve- month 6,359,426 LIBOROther 310,180 Total variable $ 19,002,035 rate

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/b101ee1f-e849-457d-b671-498c22ffc552

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 $9.4 billion of variable rate loans tied to one-month LIBOR and $6.4 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 LIBORSecond Quarter 2021 0 bps -1 bps -3 bpsFirst Quarter 2021 0 -3 -6 Fourth Quarter 2020 0 -1 -2 Third Quarter 2020 0 -1 -19 Second Quarter 2020 0 -83 -45

TABLE 10: ALLOWANCE FOR CREDIT LOSSES

Three Months Ended Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30,(Dollars in 2021 2021 2020 2020 2020 2021 2020thousands)Allowance for creditlosses at beginning $ 321,308 $ 379,969 $ 388,971 $ 373,174 $ 253,482 $ 379,969 $ 158,461 of periodCumulative effectadjustment from the ? ? ? ? ? ? 47,418 adoption of ASU2016-13Provision for credit (15,299 ) (45,347 ) 1,180 25,026 135,053 (60,646 ) 188,014 lossesOther adjustments 34 31 155 55 42 65 (31 ) Charge-offs: Commercial 3,237 11,781 5,184 5,270 5,686 15,018 7,839 Commercial real 1,412 980 6,637 1,529 7,224 2,392 7,794 estateHome equity 142 ? 683 138 239 142 1,240 Residential real 3 2 114 83 293 5 694 estatePremium finance 2,077 3,239 4,214 4,640 3,434 5,316 6,618 receivablesConsumer and other 104 114 198 103 99 218 227 Total charge-offs 6,975 16,116 17,030 11,763 16,975 23,091 24,412 Recoveries: Commercial 902 452 4,168 428 112 1,354 496 Commercial real 514 200 904 175 493 714 756 estateHome equity 328 101 77 111 46 429 340 Residential real 36 204 69 25 30 240 90 estatePremium finance 3,239 1,782 1,445 1,720 833 5,021 1,943 receivablesConsumer and other 34 32 30 20 58 66 99 Total recoveries 5,053 2,771 6,693 2,479 1,572 7,824 3,724 Net charge-offs (1,922 ) (13,345 ) (10,337 ) (9,284 ) (15,403 ) (15,267 ) (20,688 ) Allowance for credit $ 304,121 $ 321,308 $ 379,969 $ 388,971 $ 373,174 $ 304,121 $ 373,174 losses at period end Annualized net charge-offs (recoveries) by category as a percentage of its own respective category?saverage:Commercial 0.08 % 0.37 % 0.03 % 0.16 % 0.20 % 0.22 % 0.15 %Commercial real 0.04 0.04 0.27 0.06 0.33 0.04 0.17 estateHome equity (0.20 ) (0.10 ) 0.55 0.02 0.16 (0.15 ) 0.37 Residential real (0.01 ) (0.06 ) 0.02 0.02 0.09 (0.03 ) 0.10 estatePremium finance (0.04 ) 0.06 0.11 0.12 0.12 0.01 0.11 receivablesConsumer and other 0.69 0.57 0.78 0.49 0.25 0.62 0.39 Total loans, net of 0.02 % 0.17 % 0.13 % 0.12 % 0.20 % 0.09 % 0.15 %unearned income Loans at period end $ 32,911,187 $ 33,171,233 $ 32,079,073 $ 32,135,555 $ 31,402,903 Allowance for loanlosses as a 0.79 % 0.84 % 1.00 % 1.01 % 1.00 % percentage of loansat period endAllowance for loanand unfundedlending-related 0.92 0.97 1.18 1.21 1.19 commitment losses asa percentage of loansat period endAllowance for loanand unfundedlending-relatedcommitment losses as 0.98 1.08 1.29 1.35 1.33 a percentage of loansat period end,excluding PPP loans

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

Three Months Ended Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30,(In thousands) 2021 2021 2020 2020 2020 2021 2020Provision for loan $ (14,731 ) $ (28,351 ) $ 3,597 $ 21,678 $ 112,822 $ (43,082 ) $ 163,218 lossesProvision forunfunded (558 ) (17,035 ) (2,413 ) 3,350 22,236 (17,593 ) 24,805 lending-relatedcommitments lossesProvision forheld-to-maturity (10 ) 39 (4 ) (2 ) (5 ) 29 (9 ) securities lossesProvision for credit $ (15,299 ) $ (45,347 ) $ 1,180 $ 25,026 $ 135,053 $ (60,646 ) $ 188,014 losses Allowance for loan $ 261,089 $ 277,709 $ 319,374 $ 325,959 $ 313,510 lossesAllowance forunfunded 42,942 43,500 60,536 62,949 59,599 lending-relatedcommitments lossesAllowance for loanlosses and unfunded 304,031 321,209 379,910 388,908 373,109 lending-relatedcommitments lossesAllowance forheld-to-maturity 90 99 59 63 65 securities lossesAllowance for credit $ 304,121 $ 321,308 $ 379,969 $ 388,971 $ 373,174 losses

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Companys loan portfolios as well as core and niche portfolios, as of June30, 2021, March31, 2021, and December31, 2020.

As of Jun 30, 2021 As of Mar 31, 2021 As of Dec 31, 2020(Dollars in Recorded Calculated % ofits Recorded Calculated % ofits Recorded Calculated % ofitsthousands) Investment Allowance category?s Investment Allowance category?s Investment Allowance category?s balance balance balanceCommercial: Commercial,industrial and $ 9,562,869 $ 98,505 1.03 % $ 9,415,225 $ 95,637 1.02 % $ 9,240,046 $ 94,210 1.02 %other, excludingPPP loansCommercial PPP 1,879,407 2 0.00 3,292,982 3 0.00 2,715,921 2 0.00 loansCommercial real estate:Construction and 1,385,249 38,550 2.78 1,353,324 45,327 3.35 1,371,802 78,833 5.75 developmentNon-construction 7,293,120 119,972 1.65 7,191,455 136,465 1.90 7,122,330 164,770 2.31 Home equity 369,806 11,207 3.03 390,253 11,382 2.92 425,263 11,437 2.69 Residential real 1,530,285 15,684 1.02 1,421,973 14,242 1.00 1,259,598 12,459 0.99 estatePremium finance receivablesCommercial 4,521,871 19,346 0.43 3,958,543 16,945 0.43 4,054,489 17,267 0.43 insurance loansLife insurance 6,359,556 553 0.01 6,111,495 532 0.01 5,857,436 510 0.01 loansConsumer and 9,024 212 2.35 35,983 676 1.88 32,188 422 1.31 otherTotal loans, netof unearned $ 32,911,187 $ 304,031 0.92 % $ 33,171,233 $ 321,209 0.97 % $ 32,079,073 $ 379,910 1.18 %incomeTotal loans, netof unearnedincome, $ 31,031,780 $ 304,029 0.98 % $ 29,878,251 $ 321,206 1.08 % $ 29,363,152 $ 379,908 1.29 %excluding PPPloans Total core loans $ 17,989,306 $ 267,999 1.49 % $ 17,492,767 $ 283,505 1.62 % $ 17,338,730 $ 347,111 2.00 %^(1)Total niche 13,042,474 36,030 0.28 12,385,484 37,701 0.30 12,024,422 32,797 0.27 loans ^(1)Total PPP loans 1,879,407 2 0.00 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 13: LOAN PORTFOLIO AGING

(Dollars in Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020thousands)Loan Balances:Commercial Nonaccrual $ 23,232 $ 22,459 $ 21,743 $ 42,036 $ 42,882 90+ daysand still 1,244 ? 307 ? 1,374 accruing60-89 days 5,204 13,292 6,900 2,168 8,952 past due30-59 days 18,478 35,541 44,381 48,271 23,720 past dueCurrent 11,394,118 12,636,915 11,882,636 12,184,524 11,782,304 Total $ 11,442,276 $ 12,708,207 $ 11,955,967 $ 12,276,999 $ 11,859,232 commercialCommercial real estateNonaccrual $ 26,035 $ 34,380 $ 46,107 $ 68,815 $ 64,557 90+ daysand still ? ? ? ? ? accruing60-89 days 4,382 8,156 5,178 8,299 26,480 past due30-59 days 19,698 70,168 32,116 53,462 75,528 past dueCurrent 8,628,254 8,432,075 8,410,731 8,292,566 8,034,180 Totalcommercial $ 8,678,369 $ 8,544,779 $ 8,494,132 8,423,142 $ 8,200,745 real estateHome equity Nonaccrual $ 3,478 $ 5,536 $ 6,529 $ 6,329 $ 7,261 90+ daysand still ? ? ? ? ? accruing60-89 days 301 492 47 70 ? past due30-59 days 777 780 637 1,148 1,296 past dueCurrent 365,250 383,445 418,050 438,727 458,039 Total home $ 369,806 $ 390,253 $ 425,263 $ 446,274 $ 466,596 equityResidential real estateNonaccrual $ 23,050 $ 21,553 $ 26,071 $ 22,069 $ 19,529 90+ daysand still ? ? ? ? ? accruing60-89 days 1,584 944 1,635 814 1,506 past due30-59 days 2,139 13,768 12,584 2,443 4,400 past dueCurrent 1,503,512 1,385,708 1,219,308 1,359,484 1,401,994 Totalresidential $ 1,530,285 $ 1,421,973 $ 1,259,598 $ 1,384,810 $ 1,427,429 real estatePremiumfinance receivablesNonaccrual $ 6,418 $ 9,690 $ 13,264 $ 21,080 $ 16,460 90+ daysand still 3,570 4,783 12,792 12,177 35,638 accruing60-89 days 7,759 5,113 27,801 38,286 42,353 past due30-59 days 32,758 31,373 49,274 80,732 61,160 past dueCurrent 10,830,922 10,019,079 9,808,794 9,396,701 9,244,965 Totalpremium $ 10,881,427 $ 10,070,038 $ 9,911,925 $ 9,548,976 $ 9,400,576 financereceivablesConsumer and otherNonaccrual $ 485 $ 497 $ 436 $ 422 $ 427 90+ daysand still 178 161 264 175 156 accruing60-89 days 22 8 24 273 4 past due30-59 days 75 74 136 493 281 past dueCurrent 8,264 35,243 31,328 53,991 47,457 Totalconsumer $ 9,024 $ 35,983 $ 32,188 $ 55,354 $ 48,325 and otherTotalloans, net of unearnedincomeNonaccrual $ 82,698 $ 94,115 $ 114,150 $ 160,751 $ 151,116 90+ daysand still 4,992 4,944 13,363 12,352 37,168 accruing60-89 days 19,252 28,005 41,585 49,910 79,295 past due30-59 days 73,925 151,704 139,128 186,549 166,385 past dueCurrent 32,730,320 32,892,465 31,770,847 31,725,993 30,968,939 Totalloans, net $ 32,911,187 $ 33,171,233 $ 32,079,073 $ 32,135,555 $ 31,402,903 of unearnedincome

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

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in 2021 2021 2020 2020 2020thousands)Loans past duegreater than90 days and still accruing^(1):Commercial $ 1,244 $ ? $ 307 $ ? $ 1,374 Commercial ? ? ? ? ? real estateHome equity ? ? ? ? ? Residential ? ? ? ? ? real estatePremiumfinance 3,570 4,783 12,792 12,177 35,638 receivablesConsumer and 178 161 264 175 156 otherTotal loanspast duegreater than 4,992 4,944 13,363 12,352 37,168 90 days andstill accruingNon-accrual loans:Commercial 23,232 22,459 21,743 42,036 42,882 Commercial 26,035 34,380 46,107 68,815 64,557 real estateHome equity 3,478 5,536 6,529 6,329 7,261 Residential 23,050 21,553 26,071 22,069 19,529 real estatePremiumfinance 6,418 9,690 13,264 21,080 16,460 receivablesConsumer and 485 497 436 422 427 otherTotalnon-accrual 82,698 94,115 114,150 160,751 151,116 loansTotalnon-performing loans:Commercial 24,476 22,459 22,050 42,036 44,256 Commercial 26,035 34,380 46,107 68,815 64,557 real estateHome equity 3,478 5,536 6,529 6,329 7,261 Residential 23,050 21,553 26,071 22,069 19,529 real estatePremiumfinance 9,988 14,473 26,056 33,257 52,098 receivablesConsumer and 663 658 700 597 583 otherTotalnon-performing $ 87,690 $ 99,059 $ 127,513 $ 173,103 $ 188,284 loansOther real 10,510 8,679 9,711 2,891 2,409 estate ownedOther realestate owned - 5,062 7,134 6,847 6,326 7,788 fromacquisitionsOtherrepossessed ? ? ? ? ? assetsTotalnon-performing $ 103,262 $ 114,872 $ 144,071 $ 182,320 $ 198,481 assetsAccruing TDRsnot includedwithin $ 44,019 $ 46,151 $ 47,023 $ 46,410 $ 48,609 non-performingassetsTotalnon-performingloans bycategory as apercent of its own respectivecategory?speriod-endbalance:Commercial 0.21 % 0.18 % 0.18 % 0.34 % 0.37 %Commercial 0.30 0.40 0.54 0.82 0.79 real estateHome equity 0.94 1.42 1.54 1.42 1.56 Residential 1.51 1.52 2.07 1.59 1.37 real estatePremiumfinance 0.09 0.14 0.26 0.35 0.55 receivablesConsumer and 7.35 1.83 2.17 1.08 1.21 otherTotal loans,net of 0.27 % 0.30 % 0.40 % 0.54 % 0.60 %unearnedincomeTotalnon-performingassets as a 0.22 % 0.25 % 0.32 % 0.42 % 0.46 %percentage oftotal assetsAllowance forcredit lossesas a 367.64 % 341.29 % 332.82 % 241.93 % 246.90 %percentage ofnon-accrualloans

(1)As of June30, 2021, $320,000 of TDRs were past due greater than 90 days and still accruing interest compared to none in March31, 2021, December31, 2020, September30, 2020, and June30, 2020.

Non-performing Loans Rollforward

Three Months Ended Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30,(In thousands) 2021 2021 2020 2020 2020 2021 2020 Balance atbeginning of $ 99,059 $ 127,513 $ 173,103 $ 188,284 $ 179,360 $ 127,513 $ 117,588 periodAdditions frombecomingnon-performing in 12,762 9,894 13,224 19,771 20,803 22,656 52,998 the respectiveperiodAdditions fromthe adoption of ? ? ? ? ? ? 37,285 ASU 2016-13Return to ? (654 ) (1,000 ) (6,202 ) (2,566 ) (654 ) (3,052 ) performing statusPayments received (12,312 ) (22,731 ) (30,146 ) (3,733 ) (11,201 ) (35,043 ) (19,150 ) Transfer to OREOand other (3,660 ) (1,372 ) (12,662 ) (598 ) ? (5,032 ) (1,297 ) repossessedassetsCharge-offs, net (4,684 ) (2,952 ) (7,817 ) (6,583 ) (12,884 ) (7,636 ) (15,435 ) Net change for (3,475 ) (10,639 ) (7,189 ) (17,836 ) 14,772 (14,114 ) 19,347 niche loans ^(1)Balance at end of $ 87,690 $ 99,059 $ 127,513 $ 173,103 $ 188,284 $ 87,690 $ 188,284 period

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

TDRs

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In 2021 2021 2020 2020 2020thousands)Accruing TDRs:Commercial $ 6,911 $ 7,536 $ 7,699 $ 7,863 $ 5,338 Commercial 9,659 9,478 10,549 10,846 19,106 real estateResidentialreal estate 27,449 29,137 28,775 27,701 24,165 and otherTotal $ 44,019 $ 46,151 $ 47,023 $ 46,410 $ 48,609 accrualNon-accrual TDRs: ^(1)Commercial $ 4,104 $ 5,583 $ 10,491 $ 13,132 $ 20,788 Commercial 3,434 1,309 6,177 13,601 8,545 real estateResidentialreal estate 4,190 3,540 4,501 5,392 5,606 and otherTotal $ 11,728 $ 10,432 $ 21,169 $ 32,125 $ 34,939 non-accrualTotal TDRs: Commercial $ 11,015 $ 13,119 $ 18,190 $ 20,995 $ 26,126 Commercial 13,093 10,787 16,726 24,447 27,651 real estateResidentialreal estate 31,639 32,677 33,276 33,093 29,771 and otherTotal TDRs $ 55,747 $ 56,583 $ 68,192 $ 78,535 $ 83,548

(1) Included in total non-performing loans.

Other Real Estate Owned

Three Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands) 2021 2021 2020 2020 2020Balance atbeginning of $ 15,813 $ 16,558 $ 9,217 $ 10,197 $ 11,026 periodDisposals/ (3,152 ) (2,162 ) (3,839 ) (1,532 ) (612 ) resolvedTransfers inat fair value, 3,660 1,587 11,508 777 ? less costs tosellAdditions from ? ? ? ? ? acquisitionFair value (749 ) (170 ) (328 ) (225 ) (217 ) adjustmentsBalance at end $ 15,572 $ 15,813 $ 16,558 $ 9,217 $ 10,197 of period Period End Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Balance by 2021 2021 2020 2020 2020Property Type:Residential $ 1,952 $ 2,713 $ 2,324 $ 1,839 $ 1,382 real estateResidentialreal estate 1,030 1,287 1,691 ? ? developmentCommercial 12,590 11,813 12,543 7,378 8,815 real estateTotal $ 15,572 $ 15,813 $ 16,558 $ 9,217 $ 10,197

TABLE 15: NON-INTEREST INCOME

Three Months Ended Q2 2021 compared to Q2 2021 compared to Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q1 2021 Q2 2020(Dollars in 2021 2021 2020 2020 2020 $ Change % $ Change %thousands) Change ChangeBrokerage $ 5,148 $ 5,040 $ 4,740 $ 4,563 $ 4,147 $ 108 2 % $ 1,001 24 %Trust and asset 25,542 24,269 22,062 20,394 18,489 1,273 5 7,053 38 managementTotal wealth 30,690 29,309 26,802 24,957 22,636 1,381 5 8,054 36 managementMortgage banking 50,584 113,494 86,819 108,544 102,324 (62,910 ) (55 ) (51,740 ) (51 ) Service chargeson deposit 13,249 12,036 11,841 11,497 10,420 1,213 10 2,829 27 accountsGains oninvestment 1,285 1,154 1,214 411 808 131 11 477 59 securities, netFees fromcovered call 1,388 ? ? ? ? 1,388 NM 1,388 NM optionsTrading (losses) (438 ) 419 (102 ) 183 (634 ) (857 ) NM 196 (31 ) gains, netOperating lease 12,240 14,440 12,118 11,717 11,785 (2,200 ) (15 ) 455 4 income, netOther: Interest rate 2,820 2,488 4,930 4,029 5,693 332 13 (2,873 ) (50 ) swap feesBOLI 1,342 1,124 2,846 1,218 1,950 218 19 (608 ) (31 ) Administrative 1,228 1,256 1,263 1,077 933 (28 ) (2 ) 295 32 servicesForeign currencyremeasurement (782 ) 99 (208 ) (54 ) (208 ) (881 ) NM (574 ) NM (losses) gainsEarly pay-offsof capital 195 (52 ) 118 165 275 247 NM (80 ) (29 ) leasesMiscellaneous 15,572 10,739 10,720 6,849 6,011 4,833 45 9,561 NM Total Other 20,375 15,654 19,669 13,284 14,654 4,721 30 5,721 39 TotalNon-Interest $ 129,373 $ 186,506 $ 158,361 $ 170,593 $ 161,993 $ (57,133 ) (31 ) % $ (32,620 ) (20 ) %Income

NM - Not meaningful.

Six Months Ended Jun 30, Jun 30, $ %(Dollars in 2021 2020 Change Changethousands)Brokerage $ 10,188 $ 9,428 $ 760 8 %Trust andasset 49,811 39,149 10,662 27 managementTotal wealth 59,999 48,577 11,422 24 managementMortgage 164,078 150,650 13,428 9 bankingServicecharges on 25,285 21,685 3,600 17 depositaccountsGains (losses)on investment 2,439 (3,551 ) 5,990 NM securities,netFees fromcovered call 1,388 2,292 (904 ) (39 ) optionsTrading (19 ) (1,085 ) 1,066 (98 ) losses, netOperatinglease income, 26,680 23,769 2,911 12 netOther: Interest rate 5,308 11,759 (6,451 ) (55 ) swap feesBOLI 2,466 666 1,800 NM Administrative 2,484 2,045 439 21 servicesForeigncurrency (683 ) (359 ) (324 ) 90 remeasurementlossEarly pay-offs 143 349 (206 ) (59 ) of leasesMiscellaneous 26,311 18,438 7,873 43 Total Other 36,029 32,898 3,131 10 TotalNon-Interest $ 315,879 $ 275,235 $ 40,644 15 %Income

NM - Not meaningful.

TABLE 16: MORTGAGE BANKING

Three Months Ended Six Months Ended(Dollars in Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30,thousands) 2021 2021 2020 2020 2020 2021 2020Originations: Retail originations $ 1,328,721 $ 1,641,664 $ 1,757,093 $ 1,590,699 $ 1,588,932 $ 2,970,385 $ 2,362,076 Veterans First 395,290 580,303 594,151 635,876 621,878 975,593 1,064,835 originationsTotal originations $ 1,724,011 $ 2,221,967 $ 2,351,244 $ 2,226,575 $ 2,210,810 $ 3,945,978 $ 3,426,911 for sale (A)Originations for 249,749 321,858 192,107 73,711 56,954 571,607 130,681 investmentTotal originations $ 1,973,760 $ 2,543,825 $ 2,543,351 $ 2,300,286 $ 2,267,764 $ 4,517,585 $ 3,557,592 Retail originationsas percentage of 77 % 74 % 75 % 71 % 72 % 75 % 69 %originations forsaleVeterans Firstoriginations as apercentage of 23 26 25 29 28 25 31 originations forsale Purchases as apercentage of 53 % 27 % 35 % 41 % 30 % 38 % 32 %originations forsaleRefinances as apercentage of 47 73 65 59 70 62 68 originations forsale Production Margin: Production revenue $ 37,531 $ 71,282 $ 70,886 $ 94,148 $ 93,433 $ 108,813 $ 142,760 (B) ^(1)Production margin 2.18 % 3.21 % 3.01 % 4.23 % 4.23 % 2.76 % 4.17 %(B / A) Mortgage Servicing: Loans serviced for $ 12,307,337 $ 11,530,676 $ 10,833,135 $ 10,139,878 $ 9,188,285 others (C)MSRs, at fair value 127,604 124,316 92,081 86,907 77,203 (D)Percentage of MSRsto loans serviced 1.04 % 1.08 % 0.85 % 0.86 % 0.84 % for others (D / C)Servicing income $ 9,830 $ 9,636 $ 9,829 $ 8,118 $ 6,908 $ 19,466 $ 13,939 Components of MSR: MSR - currentperiod $ 17,512 $ 24,616 $ 20,343 $ 20,936 $ 20,351 $ 42,128 $ 29,798 capitalizationMSR - collection ofexpected cash flows (991 ) (728 ) (688 ) (590 ) (419 ) (1,719 ) (966 ) - paydownsMSR - collection ofexpected cash flows (7,549 ) (9,440 ) (8,335 ) (7,272 ) (8,252 ) (16,989 ) (14,728 ) - payoffsValuation: MSR - changes infair value model (5,540 ) 18,045 (5,223 ) (3,002 ) (7,982 ) 12,505 (22,539 ) assumptionsGain on derivativecontract held as an ? ? ? ? 589 ? 4,749 economic hedge, netMSR valuationadjustment, net ofgain on derivative $ (5,540 ) $ 18,045 $ (5,223 ) $ (3,002 ) $ (7,393 ) $ 12,505 $ (17,790 ) contract held as aneconomic hedge Summary of Mortgage Banking Revenue:Production revenue $ 37,531 $ 71,282 $ 70,886 $ 94,148 $ 93,433 $ 108,813 $ 142,760 ^(1)Servicing income 9,830 9,636 9,829 8,118 6,908 19,466 13,939 MSR activity 3,432 32,493 6,097 10,072 4,287 35,925 (3,686 ) Other (209 ) 83 7 (3,794 ) (2,304 ) (126 ) (2,363 ) Total mortgage $ 50,584 $ 113,494 $ 86,819 $ 108,544 $ 102,324 $ 164,078 $ 150,650 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 other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.

TABLE 17: NON-INTEREST EXPENSE

Three Months Ended Q2 2021 compared to Q2 2021 compared to Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q1 2020 Q2 2020(Dollars in thousands) 2021 2021 2020 2020 2020 $ Change % Change $ Change % ChangeSalaries and employee benefits:Salaries $ 91,089 $ 91,053 $ 93,535 $ 89,849 $ 87,105 $ 36 0 % $ 3,984 5 %Commissions and 53,751 61,367 52,383 48,475 46,151 (7,616 ) (12 ) 7,600 16 incentive compensationBenefits 27,977 28,389 25,198 25,718 20,900 (412 ) (1 ) 7,077 34 Total salaries and 172,817 180,809 171,116 164,042 154,156 (7,992 ) (4 ) 18,661 12 employee benefitsEquipment 20,866 20,912 20,565 17,251 15,846 (46 ) 0 5,020 32 Operating lease 9,949 10,771 9,938 9,425 9,292 (822 ) (8 ) 657 7 equipment depreciationOccupancy, net 17,687 19,996 19,687 15,830 16,893 (2,309 ) (12 ) 794 5 Data processing 6,920 6,048 5,728 5,689 10,406 872 14 (3,486 ) (33 ) Advertising and 11,305 8,546 9,850 7,880 7,704 2,759 32 3,601 47 marketingProfessional fees 7,304 7,587 6,530 6,488 7,687 (283 ) (4 ) (383 ) (5 ) Amortization of other 2,039 2,007 2,634 2,701 2,820 32 2 (781 ) (28 ) intangible assetsFDIC insurance 6,405 6,558 7,016 6,772 7,081 (153 ) (2 ) (676 ) (10 ) OREO expense, net 769 (251 ) (114 ) (168 ) 237 1,020 NM 532 NM Other: Commissions - 3rd party 889 846 764 778 707 43 5 182 26 brokersPostage 1,900 1,743 1,849 1,529 1,591 157 9 309 19 Miscellaneous 21,262 21,317 26,304 26,002 24,948 (55 ) 0 (3,686 ) (15 ) Total other 24,051 23,906 28,917 28,309 27,246 145 1 (3,195 ) (12 ) Total Non-Interest $ 280,112 $ 286,889 $ 281,867 $ 264,219 $ 259,368 $ (6,777 ) (2 ) % $ 20,744 8 %Expense

NM - Not meaningful.

Six Months Ended Jun 30, Jun 30, $ %(Dollars in 2021 2020 Change Changethousands)Salaries andemployee benefits:Salaries $ 182,142 $ 168,391 $ 13,751 8 %Commissions andincentive 115,118 77,726 37,392 48 compensationBenefits 56,366 44,801 11,565 26 Total salariesand employee 353,626 290,918 62,708 22 benefitsEquipment 41,778 30,680 11,098 36 Operating leaseequipment 20,720 18,552 2,168 12 depreciationOccupancy, net 37,683 34,440 3,243 9 Data processing 12,968 18,779 (5,811 ) (31 ) Advertising and 19,851 18,566 1,285 7 marketingProfessional 14,891 14,408 483 3 feesAmortization ofother intangible 4,046 5,683 (1,637 ) (29 ) assetsFDIC insurance 12,963 11,216 1,747 16 OREO expense, 518 (639 ) 1,157 NM netOther: Commissions -3rd party 1,735 1,572 163 10 brokersPostage 3,643 3,540 103 3 Miscellaneous 42,579 46,294 (3,715 ) (8 ) Total other 47,957 51,406 (3,449 ) (7 ) TotalNon-Interest $ 567,001 $ 494,009 $ 72,992 15 %Expense

NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles ("GAAP") in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the 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 Companys 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 Companys core net income.

Three Months Ended Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30,(Dollars and shares 2021 2021 2020 2020 2020 2021 2020in thousands)Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: (A) Interest Income $ 319,579 $ 305,469 $ 307,981 $ 311,156 $ 329,816 $ 625,048 $ 673,883 (GAAP)Taxable-equivalent adjustment:- Loans 415 384 324 481 576 799 1,436 - Liquidity 494 500 530 546 538 994 1,089 Management Assets- Other Earning ? ? 3 1 3 ? 5 Assets(B) Interest Income $ 320,488 $ 306,353 $ 308,838 $ 312,184 $ 330,933 $ 626,841 $ 676,413 (non-GAAP)(C) Interest Expense 39,989 43,574 48,584 55,220 66,685 83,563 149,309 (GAAP)(D) Net InterestIncome (GAAP) (A $ 279,590 $ 261,895 $ 259,397 $ 255,936 $ 263,131 $ 541,485 $ 524,574 minus C)(E) Net InterestIncome (non-GAAP) (B $ 280,499 $ 262,779 $ 260,254 $ 256,964 $ 264,248 $ 543,278 $ 527,104 minus C)Net interest margin 2.62 % 2.53 % 2.53 % 2.56 % 2.73 % 2.58 % 2.91 %(GAAP)Net interest margin,fully 2.63 2.54 2.54 2.57 2.74 2.59 2.93 taxable-equivalent(non-GAAP)(F) Non-interest $ 129,373 $ 186,506 $ 158,361 $ 170,593 $ 161,993 $ 315,879 $ 275,235 income(G) Gains oninvestment 1,285 1,154 1,214 411 808 2,439 (3,551 ) securities, net(H) Non-interest 280,112 286,889 281,867 264,219 259,368 567,001 494,009 expenseEfficiency ratio (H/ 68.71 % 64.15 % 67.67 % 62.01 % 61.13 % 66.32 % 61.49 %(D+F-G))Efficiency ratio(non-GAAP) (H/ 68.56 64.02 67.53 61.86 60.97 66.18 61.30 (E+F-G)) Reconciliation of Non-GAAP Tangible Common Equity Ratio: Total shareholders? $ 4,339,011 $ 4,252,511 $ 4,115,995 $ 4,074,089 $ 3,990,218 equity (GAAP)Less:Non-convertible (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) preferred stock(GAAP)Less: Intangible (678,333 ) (680,052 ) (681,747 ) (683,314 ) (685,581 ) assets (GAAP)(I) Total tangiblecommon shareholders? $ 3,248,178 $ 3,159,959 $ 3,021,748 $ 2,978,275 $ 2,892,137 equity (non-GAAP)(J) Total assets $ 46,738,450 $ 45,682,202 $ 45,080,768 $ 43,731,718 $ 43,540,017 (GAAP)Less: Intangible (678,333 ) (680,052 ) (681,747 ) (683,314 ) (685,581 ) assets (GAAP)(K) Total tangible $ 46,060,117 $ 45,002,150 $ 44,399,021 $ 43,048,404 $ 42,854,436 assets (non-GAAP)Common equity toassets ratio (GAAP) 8.4 % 8.4 % 8.2 % 8.4 % 8.2 % (L/J)Tangible commonequity ratio 7.1 7.0 6.8 6.9 6.7 (non-GAAP) (I/K)

Three Months Ended Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30,(Dollars andshares in 2021 2021 2020 2020 2020 2021 2020thousands)Reconciliation of Non-GAAP Tangible Book Value per Common Share: Totalshareholders? $ 4,339,011 $ 4,252,511 $ 4,115,995 $ 4,074,089 $ 3,990,218 equityLess: Preferred (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) stock(L) Total common $ 3,926,511 $ 3,840,011 $ 3,703,495 $ 3,661,589 $ 3,577,718 equity(M) Actual commonshares 57,067 57,023 56,770 57,602 57,574 outstandingBook value percommon share (L/ $ 68.81 $ 67.34 $ 65.24 $ 63.57 $ 62.14 M)Tangible bookvalue per common 56.92 $ 55.42 53.23 51.70 50.23 share (non-GAAP)(I/M) Reconciliation of Non-GAAP Return on Average Tangible Common Equity: (N) Net incomeapplicable to $ 98,118 $ 146,157 $ 94,213 $ 97,029 $ 19,609 $ 244,275 $ 80,371 common sharesAdd: Intangibleasset 2,039 2,007 2,634 2,701 2,820 4,046 5,683 amortizationLess: Tax effectof intangible (553 ) (522 ) (656 ) (589 ) (832 ) (1,068 ) (1,608 ) assetamortizationAfter-taxintangible asset $ 1,486 $ 1,485 $ 1,978 $ 2,112 $ 1,988 $ 2,978 $ 4,075 amortization(O) Tangible netincome applicable $ 99,604 $ 147,642 $ 96,191 $ 99,141 $ 21,597 $ 247,253 $ 84,446 to common shares(non-GAAP)Total averageshareholders? $ 4,256,778 $ 4,164,890 $ 4,050,286 $ 4,034,902 $ 3,908,846 $ 4,211,088 $ 3,809,508 equityLess: Average (412,500 ) (412,500 ) (412,500 ) (412,500 ) (273,489 ) (412,500 ) (199,245 ) preferred stock(P) Total averagecommon $ 3,844,278 $ 3,752,390 $ 3,637,786 $ 3,622,402 $ 3,635,357 $ 3,798,588 $ 3,610,263 shareholders?equityLess: Average (679,535 ) (680,805 ) (682,290 ) (684,717 ) (686,526 ) (680,166 ) (688,652 ) intangible assets(Q) Total averagetangible common $ 3,164,743 $ 3,071,585 $ 2,955,496 $ 2,937,685 $ 2,948,831 $ 3,118,422 $ 2,921,611 shareholders?equity (non-GAAP)Return on averagecommon equity, 10.24 % 15.80 % 10.30 % 10.66 % 2.17 % 12.97 % 4.48 %annualized (N/P)Return on averagetangible commonequity, 12.62 19.49 12.95 13.43 2.95 15.99 5.81 annualized(non-GAAP) (O/Q) Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: Income before $ 144,150 $ 206,859 $ 134,711 $ 137,284 $ 30,703 $ 351,009 $ 117,786 taxesAdd: Provision (15,299 ) (45,347 ) 1,180 25,026 135,053 (60,646 ) 188,014 for credit lossesPre-tax income,excludingprovision for $ 128,851 $ 161,512 $ 135,891 $ 162,310 $ 165,756 $ 290,363 $ 305,800 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, Northfield, Norridge, Oak Lawn, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, South Holland, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Pewaukee, Racine, Wales, Walworth and Wind Lake, and in Dyer, Indiana and in Naples, Florida.

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

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

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as "intend," "plan," "project," "expect," "anticipate," "believe," "estimate," "contemplate," "possible," "will," "may," "should," "would" and "could." Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only 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, including the emergence of variant strains, and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on our operations and personnel, commercial activity and demand across our business and our customers businesses; -- the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect the 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 (including ransomware); -- adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors; -- increased costs as a result of protecting our customers from the impact of stolen debit card information; -- accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions; -- ability of the Company to attract and retain senior management experienced in the banking and financial services industries; -- environmental liability risk associated with lending activities; -- the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation; -- losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith; -- the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank; -- the soundness of other financial institutions; -- the expenses and delayed returns inherent in opening new branches and de novo banks; -- liabilities, potential customer loss or reputational harm related to closings of existing branches; -- examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; -- changes in accounting standards, rules and interpretations, and the impact on the 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, July 20, 2021 at 11:00 a.m. (Central Time) regarding second quarter 2021 results. Individuals interested in listening should call (877)363-5049 and enter Conference ID #8765066. 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 second 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) 939-9000 Web site address: www.wintrust.com