GlobeNewswire Inc | Oct 19, 2021 04:20PM EDT

October 19, 2021

ROSEMONT, Ill., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (Wintrust, the Company, "we" or "our") (Nasdaq: WTFC) announced net income of $109.1 million or $1.77 per diluted common share for the third quarter of 2021, an increase in diluted earnings per common share of 4% compared to the second quarter of 2021 and an increase of 6% compared to the third quarter of 2020. The Company recorded net income of $367.4 million or $6.00 per diluted common share for the first nine months of 2021 compared to net income of $191.8 million or $3.06 per diluted common share for the same period of 2020.

Highlights of the Third Quarter of 2021:Comparative information to the second quarter of 2021

-- Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $1.2 billion, or 15% on an annualized basis. Core loans increased by $701 million and niche loans increased by $449 million. See Table 1 for more information. -- PPP loans declined by $797 million in the third quarter of 2021 primarily as a result of processing forgiveness payments. -- Total assets increased by $1.1 billion. -- Total deposits increased by $1.1 billion, including a $459 million increase in non-interest bearing deposits. -- Net interest income increased by $7.9 million as compared to the second quarter of 2021 as follows: Increased $16.3 million primarily due to earning asset growth and a nine basis point decline in deposit costs.Increased $3.0 million due to one additional day in the quarter.Decreased by $11.4 million due to $3.6 million of less PPP interest income and $7.8 million of less PPP fee income. -- Net interest margin decreased by four basis points primarily due to increased liquidity. -- Recorded no material net charge-offs in the third quarter of 2021 as compared to very minimal net charge-offs of $1.9 million in the second quarter of 2021. -- Recorded a negative provision for credit losses of $7.9 million in the third quarter of 2021 as compared to a negative provision for credit losses of $15.3 million in the second quarter of 2021. -- The allowance for credit losses on our core loan portfolio is approximately 1.38% of the outstanding balance as of September 30, 2021, down from 1.49% as of June 30, 2021. See Table 12 for more information. -- Non-performing loans remained low at 0.27% of total loans, as of September 30, 2021, unchanged from the second quarter of 2021. -- Mortgage banking revenue increased to $55.8 million for the third quarter of 2021 as compared to $50.6 million in the second quarter of 2021. -- Tangible book value per common share (non-GAAP) increased to $58.32 as compared to $56.92 as of June 30, 2021. See Table 18 for reconciliation of non-GAAP measures. -- Repurchased 134,062 shares of our common stock at a cost of $9.5 million, or an average price of $71.13 per share.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, "The third quarter of 2021 was characterized by significant organic loan and deposit growth, increased net interest income, strong mortgage banking revenue, record wealth management revenue, tangible book value growth and very good credit quality metrics. Wintrust reported net income of $109.1 million for the third quarter of 2021, up from $105.1 million in the second quarter of 2021. On a year-to-date basis, net income totaled $367.4 million for the first nine months of 2021, up from $191.8 million in the first nine months of 2020, a 92% increase. The Company continues to grow as total assets of $47.8 billion as of September 30, 2021 increased by $1.1 billion as compared to June 30, 2021 and increased by $4.1 billion as compared to September 30, 2020."

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

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

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

Commenting on credit quality, Mr. Wehmer stated, "The Company recorded no material net charge-offs in third quarter of 2021. This follows the second quarter of 2021 which also exhibited very low levels of net charge-offs totaling $1.9 million. The recent results demonstrate Wintrusts conservative credit underwriting approach and our continued diligence in timely addressing problem credits. The Company recorded a negative provision for credit losses of $7.9 million in the third quarter of 2021 primarily related to improving credit quality in the loan portfolio. The level of non-performing loans remained historically low and unchanged at 0.27% of total loans as of both September 30, 2021 and June 30, 2021. The allowance for credit losses on our core loan portfolio as of September 30, 2021 is approximately 1.38% of the outstanding balance. We believe that the Companys reserves remain appropriate and we remain diligent in our review of credit."

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

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

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

SUMMARY OF RESULTS:

BALANCE SHEET

Total asset growth of $1.1 billion in the third quarter of 2021 was primarily comprised of a $525 million increase in interest bearing deposits with banks and a $1.2 billion increase in total loans, excluding PPP loans. These increases were partially offset by a $797 million decrease in PPP loans and a $59.7 million decrease in mortgage loans held-for-sale. As of September 30, 2021, approximately 95% of PPP loan balances originated in 2020 were forgiven with nearly all of the remaining loan balance in the forgiveness review or submission process. Whereas, as of September 30, 2021, approximately 32% of PPP loan balances originated in 2021 were forgiven, 16% are in the forgiveness review or submission process and 52% have yet to apply for forgiveness. Total loans, excluding PPP loans, increased by $1.2 billion primarily due to growth in the commercial, commercial real estate, residential real estate loans for investment, commercial insurance premium finance receivable and life insurance premium receivable portfolios. The Company believes that the $5.2 billion of interest-bearing deposits with banks held as of September30, 2021 provides more than sufficient liquidity to operate its business plan with the ability to deploy excess liquidity into higher yielding investments when market returns improve.

Total liabilities increased $1.0 billion in the third quarter of 2021 resulting primarily from a $1.1 billion increase in total deposits. The increase in deposits was primarily due to a $914 million increase in money market deposits and a $459 million increase in non-interest bearing deposits. The Company's loans to deposits ratio ended the quarter at 83.3%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources as appropriate to manage its liquidity position as well as for interest rate risk management purposes.

For more information regarding changes in the Companys balance sheet, see Consolidated Statements of Condition and Tables 1 through 3 in this report.

NET INTEREST INCOME

For the third quarter of 2021, net interest income totaled $287.5 million, an increase of $7.9 million as compared to the second quarter of 2021 and an increase of $31.6 million as compared to the third quarter of 2020. The $7.9 million increase in net interest income in the third quarter of 2021 compared to the second quarter of 2021 was primarily due to earning asset growth and a decline in deposit costs. Additionally, the net interest income growth occurred despite a decline of $11.4 million due to $3.6 million of less PPP interest income and $7.8 million of less PPP fee income. As of September 30, 2021, the Company had approximately $24.8 million of net PPP loan fees that have yet to be recognized in income.

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

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

ASSET QUALITY

The allowance for credit losses totaled $296.1 million as of September30, 2021, a decrease of $8.0 million as compared to $304.1 million as of June30, 2021. The allowance for credit losses decreased primarily due to improving credit quality in the loan portfolio which was partially offset by uncertainty in the positive directionality of macroeconomic factors. A negative provision for credit losses totaling $7.9 million was recorded for the third quarter of 2021 compared to a negative provision of $15.3 million for the second quarter of 2021 and $25.0 million of expense for the third quarter of 2020. For more information regarding the provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses ("CECL") accounting standard requires the Company to estimate expected credit losses over the life of the Companys financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of September30, 2021, June30, 2021, and March31, 2021 is shown on Table 12 of this report.

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

As of September30, 2021, $32.9 million of all loans, or 0.1%, were 60 to 89 days past due and $128.8 million, or 0.4%, were 30 to 59 days (or one payment) past due. As of 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. 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 September30, 2021. Home equity loans at September30, 2021 that are current with regard to the contractual terms of the loan agreement represent 98.6% of the total home equity portfolio. Residential real estate loans at September30, 2021 that are current with regards to the contractual terms of the loan agreements comprised 98.4% of total residential real estate loans outstanding. For more information regarding past due loans, see Table 13 in this report.

The outstanding balance of COVID-19 related modified loans totaled approximately $72 million or 0.2% of total loans, excluding PPP loans as of September30, 2021 as compared to $146 million or 0.5% as of June30, 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 September30, 2021, compared to 0.22% at June30, 2021, and 0.42% at September30, 2020. Non-performing assets totaled $103.9 million at September30, 2021, compared to $103.3 million at June30, 2021 and $182.3 million at September30, 2020. Non-performing loans totaled $90.0 million, or 0.27% of total loans, at September30, 2021 compared to $87.7 million, or 0.27% of total loans, at June30, 2021 and $173.1 million, or 0.54% of total loans, at September30, 2020. Other real estate owned ("OREO") totaled $13.8 million at September30, 2021, a decrease of $1.7 million compared to $15.6 million at June30, 2021 and an increase of $4.6 million compared to $9.2 million at September30, 2020. Management is pursuing the resolution of all non-performing assets. At this time, management believes OREO is appropriately valued at the lower of carrying value or fair value less estimated costs to sell. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

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

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

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

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

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

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

NON-INTEREST EXPENSE

Salaries and employee benefits expense decreased by $1.9 million in the third quarter of 2021 as compared to the second quarter of 2021. The $1.9 million decline is primarily related to $6.3 million of lower compensation expense associated with the mortgage banking operation offset somewhat by higher incentive compensation expense for annual bonus and long-term incentive compensation plans during the third quarter relative to the second quarter.

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

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

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

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

INCOME TAXES

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

BUSINESS UNIT SUMMARY

Community Banking

Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the third quarter of 2021, this unit expanded its loan portfolio and its deposit portfolio. The segments net interest margin decreased in the third quarter of 2021 as compared to the second quarter of 2021 primarily due to increased liquidity.

Mortgage banking revenue was $55.8 million for the third quarter of 2021, an increase of $5.2 million as compared to the second quarter of 2021. Service charges on deposit accounts totaled $14.1 million in the third quarter of 2021, an increase of $900,000 as compared to the second quarter of 2021 primarily due to higher account analysis fees. The Companys gross commercial and commercial real estate loan pipelines remained strong as of September30, 2021. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.4 billion to $1.5 billion at September30, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $900 million to $1.0 billion at September30, 2021.

Specialty Finance

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

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $31.5 million in the third quarter of 2021, an increase of $841,000 compared to the second quarter of 2021. Increases in asset management fees were primarily due to favorable equity market performance during the third quarter of 2021. At September30, 2021, the Companys wealth management subsidiaries had approximately $34.5 billion of assets under administration, which included $5.1 billion of assets owned by the Company and its subsidiary banks, representing a $326.3 million increase from the $34.2 billion of assets under administration at June30, 2021.

WINTRUST FINANCIAL CORPORATIONKey Operating Measures

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

% or^(1) % or Three Months Ended basispoint basispoint (bp) change (bp) change(Dollars in from fromthousands, except Sep 30, 2021 Jun 30, 2021 Sep 30, 2020 2nd Quarter 3rd Quarterper share data) 2021 2020

Net income $ 109,137 $ 105,109 $ 107,315 4 % 2 % Pre-tax income,excludingprovision for 141,826 128,851 162,310 10 (13 ) credit losses(non-GAAP) ^(2)Net income percommon share ? 1.77 1.70 1.67 4 6 dilutedNet revenue ^(3) 423,970 408,963 426,529 4 (1 ) Net interest 287,496 279,590 255,936 3 12 incomeNet interest 2.58 % 2.62 % 2.56 % (4 ) bps 2 bps marginNet interestmargin ? fully 2.59 2.63 2.57 (4 ) 2 taxable-equivalent(non-GAAP) ^(2)Net overhead ratio 1.22 1.32 0.87 (10 ) 35 ^(4)Return on average 0.92 0.92 0.99 ? (7 ) assetsReturn on average 10.31 10.24 10.66 7 (35 ) common equityReturn on averagetangible common 12.62 12.62 13.43 ? (81 ) equity (non-GAAP)^(2)At end of period Total assets $ 47,832,271 $ 46,738,450 $ 43,731,718 9 % 9 % Total loans ^(5) 33,264,043 32,911,187 32,135,555 4 4 Total deposits 39,952,558 38,804,616 35,844,422 12 11 Totalshareholders? 4,410,317 4,339,011 4,074,089 7 8 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 period's average total assets. A lower ratio indicates a higher degree of efficiency.(5)Excludes mortgage loans held-for-sale.

Certain returns, yields, performance ratios, or quarterly growth rates are annualized in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Companys website at www.wintrust.com by choosing Financial Reports under the Investor Relations heading, and then choosing Financial Highlights.

WINTRUST FINANCIAL CORPORATIONSelected Financial Highlights

Three Months Ended Nine Months Ended(Dollars in Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30,thousands, except per 2021 2021 2021 2020 2020 2021 2020share data)Selected Financial Condition Data (at end of period): Total assets $ 47,832,271 $ 46,738,450 $ 45,682,202 $ 45,080,768 $ 43,731,718 Total loans ^(1) 33,264,043 32,911,187 33,171,233 32,079,073 32,135,555 Total deposits 39,952,558 38,804,616 37,872,652 37,092,651 35,844,422 Junior subordinated 253,566 253,566 253,566 253,566 253,566 debenturesTotal shareholders? 4,410,317 4,339,011 4,252,511 4,115,995 4,074,089 equitySelected Statements of Income Data: Net interest income $ 287,496 $ 279,590 $ 261,895 $ 259,397 $ 255,936 $ 828,981 $ 780,510 Net revenue ^(2) 423,970 408,963 448,401 417,758 426,529 1,281,334 1,226,338 Net income 109,137 105,109 153,148 101,204 107,315 367,394 191,786 Pre-tax income,excluding provision 141,826 128,851 161,512 135,891 162,310 432,189 468,110 for credit losses(non-GAAP) ^(3)Net income per common 1.79 1.72 2.57 1.64 1.68 6.08 3.08 share ? BasicNet income per common 1.77 1.70 2.54 1.63 1.67 6.00 3.06 share ? DilutedSelected Financial Ratios and Other Data: Performance Ratios: Net interest margin 2.58 % 2.62 % 2.53 % 2.53 % 2.56 % 2.58 % 2.79 %Net interest margin ?fully 2.59 2.63 2.54 2.54 2.57 2.59 2.80 taxable-equivalent(non-GAAP) ^(3)Non-interest income 1.15 1.13 1.68 1.44 1.58 1.31 1.47 to average assetsNon-interest expense 2.37 2.45 2.59 2.56 2.45 2.47 2.50 to average assetsNet overhead ratio ^ 1.22 1.32 0.90 1.12 0.87 1.15 1.03 (4)Return on average 0.92 0.92 1.38 0.92 0.99 1.07 0.63 assetsReturn on average 10.31 10.24 15.80 10.30 10.66 12.05 6.56 common equityReturn on averagetangible common 12.62 12.62 19.49 12.95 13.43 14.82 8.38 equity (non-GAAP) ^(3)Average total assets $ 47,192,510 $ 45,946,751 $ 44,988,733 $ 43,810,005 $ 42,962,844 $ 46,050,737 $ 40,552,517 Average total 4,343,915 4,256,778 4,164,890 4,050,286 4,034,902 4,255,851 3,885,187 shareholders? equityAverage loans toaverage deposits 83.8 % 86.7 % 87.1 % 87.9 % 89.6 % 85.8 % 89.1 %ratioPeriod-end loans to 83.3 84.8 87.6 86.5 89.7 deposits ratioCommon Share Data at end of period: Market price per $ 80.37 $ 75.63 $ 75.80 $ 61.09 $ 40.05 common shareBook value per common 70.19 68.81 67.34 65.24 63.57 shareTangible book valueper common share 58.32 56.92 55.42 53.23 51.70 (non-GAAP) ^(3)Common shares 56,956,026 57,066,677 57,023,273 56,769,625 57,601,991 outstandingOther Data at end of period: Tier 1 leverage ratio 8.1 % 8.2 % 8.2 % 8.1 % 8.2 % ^(5)Risk-based capital ratios:Tier 1 capital ratio 9.9 10.1 10.2 10.0 10.2 ^(5)Common equity tier 1 8.8 9.0 9.0 8.8 9.0 capital ratio ^(5)Total capital ratio ^ 12.1 12.4 12.6 12.6 12.9 (5)Allowance for credit $ 296,138 $ 304,121 $ 321,308 $ 379,969 $ 388,971 losses ^(6)Allowance for loanand unfundedlending-related 0.89 % 0.92 % 0.97 % 1.18 % 1.21 % commitment losses tototal loansNumber of: Bank subsidiaries 15 15 15 15 15 Banking offices 172 172 182 181 182

(1)Excludes mortgage loans held-for-sale.(2)Net revenue is net interest income and non-interest income.(3)See Supplemental Non-GAAP Financial Measures/Ratios at Table 18 for additional information on this performance measure/ratio.(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that 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) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2021 2021 2021 2020 2020Assets Cash and due from $ 462,244 $ 434,957 $ 426,325 $ 322,415 $ 308,639 banksFederal funds soldand securities 55 52 52 59 56 purchased underresale agreementsInterest-bearing 5,232,315 4,707,415 3,348,794 4,802,527 3,825,823 deposits with banksAvailable-for-salesecurities, at fair 2,373,478 2,188,608 2,430,749 3,055,839 2,946,459 valueHeld-to-maturitysecurities, at 2,736,722 2,498,232 2,166,419 579,138 560,267 amortized costTrading account 1,103 2,667 951 671 1,720 securitiesEquity securitieswith readily 88,193 86,316 90,338 90,862 54,398 determinable fairvalueFederal Home LoanBank and Federal 135,408 136,625 135,881 135,588 135,568 Reserve Bank stockBrokerage customer 26,378 23,093 19,056 17,436 16,818 receivablesMortgage loans 925,312 984,994 1,260,193 1,272,090 959,671 held-for-saleLoans, net of 33,264,043 32,911,187 33,171,233 32,079,073 32,135,555 unearned incomeAllowance for loan (248,612 ) (261,089 ) (277,709 ) (319,374 ) (325,959 ) lossesNet loans 33,015,431 32,650,098 32,893,524 31,759,699 31,809,596 Premises, software 748,872 752,375 760,522 768,808 774,288 and equipment, netLease investments, 243,933 219,023 238,984 242,434 230,373 netAccrued interestreceivable and other 1,166,917 1,185,811 1,230,362 1,351,455 1,424,728 assetsTrade datesecurities ? 189,851 ? ? ? receivableGoodwill 645,792 646,336 646,017 645,707 644,644 Other intangible 30,118 31,997 34,035 36,040 38,670 assetsTotal assets $ 47,832,271 $ 46,738,450 $ 45,682,202 $ 45,080,768 $ 43,731,718 Liabilities and Shareholders? EquityDeposits: Non-interest-bearing $ 13,255,417 $ 12,796,110 $ 12,297,337 $ 11,748,455 $ 10,409,747 Interest-bearing 26,697,141 26,008,506 25,575,315 25,344,196 25,434,675 Total deposits 39,952,558 38,804,616 37,872,652 37,092,651 35,844,422 Federal Home Loan 1,241,071 1,241,071 1,228,436 1,228,429 1,228,422 Bank advancesOther borrowings 504,527 518,493 516,877 518,928 507,395 Subordinated notes 436,811 436,719 436,595 436,506 436,385 Junior subordinated 253,566 253,566 253,566 253,566 253,566 debenturesTrade date 1,348 ? 995 200,907 ? securities payableAccrued interestpayable and other 1,032,073 1,144,974 1,120,570 1,233,786 1,387,439 liabilitiesTotal liabilities 43,421,954 42,399,439 41,429,691 40,964,773 39,657,629 Shareholders? Equity:Preferred stock 412,500 412,500 412,500 412,500 412,500 Common stock 58,794 58,770 58,727 58,473 58,323 Surplus 1,674,062 1,669,002 1,663,008 1,649,990 1,647,049 Treasury stock (109,903 ) (100,363 ) (100,363 ) (100,363 ) (44,891 ) Retained earnings 2,373,447 2,288,969 2,208,535 2,080,013 2,001,949 Accumulated othercomprehensive income 1,417 10,133 10,104 15,382 (841 ) (loss)Total shareholders? 4,410,317 4,339,011 4,252,511 4,115,995 4,074,089 equityTotal liabilitiesand shareholders? $ 47,832,271 $ 46,738,450 $ 45,682,202 $ 45,080,768 $ 43,731,718 equity



WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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



TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

% Growth From ^ (2)(Dollars in Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Dec 31, Sep 30,thousands) 2021 2021 2021 2020 2020 2020 ^ 2020 (1)Balance: Mortgage loansheld-for-sale,excludingearly buy-outexercised $ 570,663 $ 633,006 $ 890,749 $ 927,307 $ 862,924 (51 ) % (34 ) %loansguaranteed byU.S.GovernmentAgenciesMortgage loansheld-for-sale,early buy-outexercisedloans 354,649 351,988 369,444 344,783 96,747 4 267 guaranteed byU.S.GovernmentAgenciesTotal mortgageloans $ 925,312 $ 984,994 $ 1,260,193 $ 1,272,090 $ 959,671 (36 ) % (4 ) %held-for-sale Core loans: Commercial Commercial and $ 4,953,769 $ 4,650,607 $ 4,630,795 $ 4,675,594 $ 4,555,920 8 % 9 %industrialAsset-based 1,066,376 892,109 720,772 721,666 707,365 64 51 lendingMunicipal 524,192 511,094 493,417 474,103 482,567 14 9 Leases 1,365,281 1,357,036 1,290,778 1,288,374 1,215,239 8 12 Commercial real estateResidential 49,754 55,735 72,058 89,389 101,187 (59 ) (51 ) constructionCommercial 1,038,034 1,090,447 1,040,631 1,041,729 1,005,708 ? 3 constructionLand 255,927 239,067 240,635 240,684 226,254 8 13 Office 1,169,466 1,098,386 1,131,472 1,136,844 1,163,790 4 ? Industrial 1,324,612 1,263,614 1,152,522 1,129,433 1,117,702 23 19 Retail 1,237,261 1,217,540 1,198,025 1,224,403 1,175,819 1 5 Multi-family 1,888,817 1,805,118 1,739,521 1,649,801 1,599,651 19 18 Mixed use and 1,921,843 1,908,462 1,969,915 1,981,849 2,033,031 (4 ) (5 ) otherHome equity 347,662 369,806 390,253 425,263 446,274 (24 ) (22 ) Residential real estateResidentialreal estate 1,528,889 1,485,952 1,376,465 1,214,744 1,143,908 35 34 loans forinvestmentResidentialmortgageloans, earlybuy-outeligible loans 18,847 44,333 45,508 44,854 240,902 (78 ) (92 ) guaranteed byU.S.GovernmentAgenciesTotal core $ 18,690,730 $ 17,989,306 $ 17,492,767 $ 17,338,730 $ 17,215,317 10 % 9 %loans Niche loans: Commercial Franchise $ 1,176,569 $ 1,060,468 $ 1,128,493 $ 1,023,027 $ 964,150 20 % 22 %Mortgagewarehouse 468,162 529,867 587,868 567,389 503,371 (23 ) (7 ) lines ofcreditCommunityAdvantage - 291,153 287,689 272,222 267,374 254,963 12 14 homeownersassociationInsurance 260,482 273,999 290,880 222,519 214,411 23 21 agency lendingPremiumFinance receivablesU.S.commercial 3,921,289 3,805,504 3,342,730 3,438,087 3,494,155 19 12 insuranceCanadacommercial 695,688 716,367 615,813 616,402 565,989 17 23 insuranceLife insurance 6,655,453 6,359,556 6,111,495 5,857,436 5,488,832 18 21 Consumer and 22,529 9,024 35,983 32,188 55,354 (40 ) (59 ) otherTotal niche $ 13,491,325 $ 13,042,474 $ 12,385,484 $ 12,024,422 $ 11,541,225 16 % 17 %loans Commercial PPP loans:Originated in $ 172,849 $ 656,502 $ 2,049,342 $ 2,715,921 $ 3,379,013 NM (95 ) %2020Originated in 909,139 1,222,905 1,243,640 ? ? 100 100 2021Totalcommercial PPP $ 1,081,988 $ 1,879,407 $ 3,292,982 $ 2,715,921 $ 3,379,013 (80 ) % (68 ) %loans Total loans,net of $ 33,264,043 $ 32,911,187 $ 33,171,233 $ 32,079,073 $ 32,135,555 5 % 4 %unearnedincome

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

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

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

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



TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSISAs of September30, 2021

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

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

TABLE 4: QUARTERLY AVERAGE BALANCES

Average Balance for three months ended, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2021 2021 2021 2020 2020Interest-bearingdeposits with banks and $ 5,112,720 $ 3,844,355 $ 4,230,886 $ 4,381,040 $ 3,411,164 cash equivalents ^(1)Investment securities ^ 5,065,593 4,771,403 3,944,676 3,534,594 3,789,422 (2)FHLB and FRB stock 136,001 136,324 135,758 135,569 135,567 Liquidity management 10,314,314 8,752,082 8,311,320 8,051,203 7,336,153 assets ^(3)Other earning assets ^ 28,238 23,354 20,370 18,716 16,656 (3)(4)Mortgage loans 871,824 991,011 1,151,848 893,395 822,908 held-for-saleLoans, net of unearned 32,985,445 33,085,174 32,442,927 31,783,279 31,634,608 income ^(3)(5)Total earning assets ^ 44,199,821 42,851,621 41,926,465 40,746,593 39,810,325 (3)Allowance for loan andinvestment security (269,963 ) (285,686 ) (327,080 ) (336,139 ) (321,732 ) lossesCash and due from banks 425,000 470,566 366,413 344,536 345,438 Other assets 2,837,652 2,910,250 3,022,935 3,055,015 3,128,813 Total assets $ 47,192,510 $ 45,946,751 $ 44,988,733 $ 43,810,005 $ 42,962,844 NOW and interest-bearing $ 3,757,677 $ 3,626,424 $ 3,493,451 $ 3,320,527 $ 3,435,089 demand depositsWealth management 4,672,402 4,369,998 4,156,398 4,066,948 4,239,300 depositsMoney market accounts 10,027,424 9,547,167 9,335,920 9,435,344 9,332,668 Savings accounts 3,851,523 3,728,271 3,587,566 3,413,388 3,419,586 Time deposits 4,236,317 4,632,796 4,875,392 5,043,558 4,900,839 Interest-bearing 26,545,343 25,904,656 25,448,727 25,279,765 25,327,482 depositsFederal Home Loan Bank 1,241,073 1,235,142 1,228,433 1,228,425 1,228,421 advancesOther borrowings 512,785 525,924 518,188 510,725 512,787 Subordinated notes 436,746 436,644 436,532 436,433 436,323 Junior subordinated 253,566 253,566 253,566 253,566 253,566 debenturesTotal interest-bearing 28,989,513 28,355,932 27,885,446 27,708,914 27,758,579 liabilitiesNon-interest-bearing 12,834,084 12,246,274 11,811,194 10,874,912 9,988,769 depositsOther liabilities 1,024,998 1,087,767 1,127,203 1,175,893 1,180,594 Equity 4,343,915 4,256,778 4,164,890 4,050,286 4,034,902 Total liabilities and $ 47,192,510 $ 45,946,751 $ 44,988,733 $ 43,810,005 $ 42,962,844 shareholders? equity Net free funds/ $ 15,210,308 $ 14,495,689 $ 14,041,019 $ 13,037,679 $ 12,051,746 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, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2021 2021 2021 2020 2020Interest income: Interest-bearingdeposits with banks $ 2,000 $ 1,153 $ 1,199 $ 1,294 $ 1,181 and cash equivalentsInvestment securities 25,681 24,117 19,764 18,773 22,365 FHLB and FRB stock 1,777 1,769 1,745 1,775 1,774 Liquidity management 29,458 27,039 22,708 21,842 25,320 assets ^(1)Other earning assets ^ 188 150 125 130 113 (1)Mortgage loans 7,716 8,183 9,036 6,357 5,791 held-for-saleLoans, net of unearned 285,998 285,116 274,484 280,509 280,960 income ^(1)Total interest income $ 323,360 $ 320,488 $ 306,353 $ 308,838 $ 312,184 Interest expense: NOW andinterest-bearing $ 767 $ 736 $ 901 $ 1,074 $ 1,342 demand depositsWealth management 7,888 7,686 7,351 7,436 7,662 depositsMoney market accounts 2,342 2,795 2,865 3,740 7,245 Savings accounts 406 402 430 773 2,104 Time deposits 7,902 12,679 16,397 19,579 20,731 Interest-bearing 19,305 24,298 27,944 32,602 39,084 depositsFederal Home Loan Bank 4,931 4,887 4,840 4,952 4,947 advancesOther borrowings 2,501 2,568 2,609 2,779 3,012 Subordinated notes 5,480 5,512 5,477 5,509 5,474 Junior subordinated 2,744 2,724 2,704 2,742 2,703 debenturesTotal interest expense $ 34,961 $ 39,989 $ 43,574 $ 48,584 $ 55,220 Less: Fullytaxable-equivalent (903 ) (909 ) (884 ) (857 ) (1,028 ) adjustmentNet interest income 287,496 279,590 261,895 259,397 255,936 (GAAP) ^(2)Fullytaxable-equivalent 903 909 884 857 1,028 adjustmentNet interest income,fully $ 288,399 $ 280,499 $ 262,779 $ 260,254 $ 256,964 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, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2021 2021 2021 2020 2020Yield earned on: Interest-bearingdeposits with banks 0.16 % 0.12 % 0.11 % 0.12 % 0.14 %and cash equivalentsInvestment 2.01 2.03 2.03 2.11 2.35 securitiesFHLB and FRB stock 5.18 5.20 5.21 5.21 5.21 Liquidity management 1.13 1.24 1.11 1.08 1.37 assetsOther earning assets 2.64 2.59 2.50 2.79 2.71 Mortgage loans 3.51 3.31 3.18 2.83 2.80 held-for-saleLoans, net of 3.44 3.46 3.43 3.51 3.53 unearned incomeTotal earning assets 2.90 % 3.00 % 2.96 % 3.02 % 3.12 % Rate paid on: NOW andinterest-bearing 0.08 % 0.08 % 0.10 % 0.13 % 0.16 %demand depositsWealth management 0.67 0.71 0.72 0.73 0.72 depositsMoney market 0.09 0.12 0.12 0.16 0.31 accountsSavings accounts 0.04 0.04 0.05 0.09 0.24 Time deposits 0.74 1.10 1.36 1.54 1.68 Interest-bearing 0.29 0.38 0.45 0.51 0.61 depositsFederal Home Loan 1.58 1.59 1.60 1.60 1.60 Bank advancesOther borrowings 1.94 1.96 2.04 2.16 2.34 Subordinated notes 5.02 5.05 5.02 5.05 5.02 Junior subordinated 4.23 4.25 4.27 4.23 4.17 debenturesTotalinterest-bearing 0.48 % 0.56 % 0.63 % 0.70 % 0.79 %liabilities Interest rate spread 2.42 % 2.44 % 2.33 % 2.32 % 2.33 %^ (1)(2)Less: Fullytaxable-equivalent (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) adjustmentNet free funds/ 0.17 0.19 0.21 0.22 0.24 contribution^ (3)Net interest margin 2.58 % 2.62 % 2.53 % 2.53 % 2.56 %(GAAP)^ (2)Fullytaxable-equivalent 0.01 0.01 0.01 0.01 0.01 adjustmentNet interest margin,fully 2.59 % 2.63 % 2.54 % 2.54 % 2.57 %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 nine months ended, for nine months ended, for nine months ended,(Dollars in Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30,thousands) 2021 2020 2021 2020 2021 2020Interest-bearingdeposits with banks $ 4,399,217 $ 2,692,678 $ 4,352 $ 7,361 0.13 % 0.37 %and cash equivalents^(1)Investment 4,597,997 4,291,362 69,562 83,026 2.02 2.58 securities ^(2)FHLB and FRB stock 136,028 128,611 5,291 5,116 5.20 5.31 Liquidity management $ 9,133,242 $ 7,112,651 $ 79,205 $ 95,503 1.16 % 1.79 %assets ^(3)(4)Other earning assets 24,016 17,576 463 393 2.59 2.99 ^(3)(4)(5)Mortgage loans 1,003,868 644,611 24,935 13,720 3.32 2.84 held-for-saleLoans, net ofunearned income ^(3) 32,839,837 29,643,281 845,598 878,981 3.44 3.96 (4)(6)Total earning assets $ 43,000,963 $ 37,418,119 $ 950,201 $ 988,597 2.95 % 3.53 %^(4)Allowance for loanand investment (294,033 ) (240,467 ) security lossesCash and due from 420,874 339,968 banksOther assets 2,922,933 3,034,897 Total assets $ 46,050,737 $ 40,552,517 NOW andinterest-bearing $ 3,626,819 $ 3,291,176 $ 2,404 $ 6,569 0.09 % 0.27 %demand depositsWealth management 4,401,489 3,821,203 22,925 21,840 0.70 0.76 depositsMoney market 9,639,370 8,686,171 8,002 42,748 0.11 0.66 accountsSavings accounts 3,723,420 3,334,944 1,238 11,736 0.04 0.47 Time deposits 4,579,161 5,176,307 36,978 73,683 1.08 1.90 Interest-bearing $ 25,970,259 $ 24,309,801 $ 71,547 $ 156,576 0.37 % 0.86 %depositsFederal Home Loan 1,234,929 1,131,823 14,658 13,241 1.59 1.56 Bank advancesOther borrowings 518,946 491,981 7,678 9,994 1.98 2.71 Subordinated notes 436,641 436,223 16,469 16,452 5.03 5.03 Junior subordinated 253,566 253,566 8,172 8,266 4.25 4.28 debenturesTotalinterest-bearing $ 28,414,341 $ 26,623,394 $ 118,524 $ 204,529 0.56 % 1.03 %liabilitiesNon-interest-bearing 12,300,931 8,947,639 depositsOther liabilities 1,079,614 1,096,297 Equity 4,255,851 3,885,187 Total liabilitiesand shareholders? $ 46,050,737 $ 40,552,517 equityInterest rate spread 2.39 % 2.50 %^(4)(7)Less: Fullytaxable-equivalent (2,696 ) (3,558 ) (0.01 ) (0.01 ) adjustmentNet free funds/ $ 14,586,622 $ 10,794,725 0.20 0.30 contribution ^(8)Net interest income/ $ 828,981 $ 780,510 2.58 % 2.79 %margin (GAAP)^ (4)Fullytaxable-equivalent 2,696 3,558 0.01 0.01 adjustmentNet interest income/margin, fully $ 831,677 $ 784,068 2.59 % 2.80 %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 PointsSep 30, 2021 24.3 % 11.5 % (7.8 ) %Jun 30, 2021 24.6 11.7 (6.9 ) Mar 31, 2021 22.0 10.2 (7.2 ) Dec 31, 2020 25.0 11.6 (7.9 ) Sep 30, 2020 23.4 10.9 (8.1 )



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



TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or maturity period As of September One year or From one to Over five 30, 2021 less five years(In thousands) years TotalCommercial Fixed rate $ 484,771 $ 2,015,188 $ 837,153 $ 3,337,112 Fixed Rate - 141,394 940,594 ? 1,081,988 PPPVariable rate 6,765,489 3,323 60 6,768,872 Total $ 7,391,654 $ 2,959,105 $ 837,213 $ 11,187,972 commercialCommercial real estateFixed rate 558,728 2,201,827 493,256 3,253,811 Variable rate 5,607,888 24,015 ? 5,631,903 Totalcommercial real $ 6,166,616 $ 2,225,842 $ 493,256 $ 8,885,714 estateHome equity Fixed rate 14,818 4,618 45 19,481 Variable rate 328,181 ? ? 328,181 Total home $ 342,999 $ 4,618 $ 45 $ 347,662 equityResidential real estateFixed rate 19,165 6,415 819,685 845,265 Variable rate 58,698 258,143 385,630 702,471 Totalresidential $ 77,863 $ 264,558 $ 1,205,315 $ 1,547,736 real estatePremium financereceivables - commercialFixed rate 4,479,551 137,426 ? 4,616,977 Variable rate ? ? ? ? Total premiumfinance $ 4,479,551 $ 137,426 $ ? $ 4,616,977 receivables -commercialPremium financereceivables - life insuranceFixed rate 9,046 438,568 21,813 469,427 Variable rate 6,186,026 ? ? 6,186,026 Total premiumfinance $ 6,195,072 $ 438,568 $ 21,813 $ 6,655,453 receivables -life insuranceConsumer and otherFixed rate 4,366 4,852 906 10,124 Variable rate 12,405 ? ? 12,405 Total consumer $ 16,771 $ 4,852 $ 906 $ 22,529 and other Total per categoryFixed rate 5,570,445 4,808,894 2,172,858 12,552,197 Fixed rate - 141,394 940,594 ? 1,081,988 PPPVariable rate 18,958,687 285,481 385,690 19,629,858 Total loans,net of unearned $ 24,670,526 $ 6,034,969 $ 2,558,548 $ 33,264,043 income Variable RateLoan Pricing by Index:Prime $ 2,989,860 One- month 9,177,387 LIBORThree- month 374,045 LIBORTwelve- month 6,499,434 LIBORThirty-daymoving-average 174,768 SOFROther 414,364 Total variable $ 19,629,858 rate

LIBOR - London Interbank Offered Rate.SOFR - Secured Overnight Financing Rate.

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

Source: Bloomberg

As noted in the table on the previous page, the majority of the 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 $9.2 billion of variable rate loans tied to one-month LIBOR and $6.5 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:

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



TABLE 10: ALLOWANCE FOR CREDIT LOSSES

Three Months Ended Nine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30,(Dollars in 2021 2021 2021 2020 2020 2021 2020thousands)Allowance for creditlosses at beginning $ 304,121 $ 321,308 $ 379,969 $ 388,971 $ 373,174 $ 379,969 $ 158,461 of periodCumulative effectadjustment from the ? ? ? ? ? ? 47,418 adoption of ASU2016-13Provision for credit (7,916 ) (15,299 ) (45,347 ) 1,180 25,026 (68,562 ) 213,040 lossesOther adjustments (65 ) 34 31 155 55 ? 24 Charge-offs: Commercial 1,352 3,237 11,781 5,184 5,270 16,370 13,109 Commercial real 406 1,412 980 6,637 1,529 2,798 9,323 estateHome equity 59 142 ? 683 138 201 1,378 Residential real 10 3 2 114 83 15 777 estatePremium finance 1,390 2,077 3,239 4,214 4,640 6,706 11,258 receivablesConsumer and other 112 104 114 198 103 330 330 Total charge-offs 3,329 6,975 16,116 17,030 11,763 26,420 36,175 Recoveries: Commercial 816 902 452 4,168 428 2,170 924 Commercial real 373 514 200 904 175 1,087 931 estateHome equity 313 328 101 77 111 742 451 Residential real 5 36 204 69 25 245 115 estatePremium finance 1,728 3,239 1,782 1,445 1,720 6,749 3,663 receivablesConsumer and other 92 34 32 30 20 158 119 Total recoveries 3,327 5,053 2,771 6,693 2,479 11,151 6,203 Net charge-offs (2 ) (1,922 ) (13,345 ) (10,337 ) (9,284 ) (15,269 ) (29,972 ) Allowance for credit $ 296,138 $ 304,121 $ 321,308 $ 379,969 $ 388,971 $ 296,138 $ 388,971 losses at period end Annualized net charge-offs (recoveries) by category as a percentage of its own respective category?saverage:Commercial 0.02 % 0.08 % 0.37 % 0.03 % 0.16 % 0.16 % 0.15 %Commercial real 0.00 0.04 0.04 0.27 0.06 0.03 0.14 estateHome equity (0.28 ) (0.20 ) (0.10 ) 0.55 0.02 (0.19 ) 0.26 Residential real 0.00 (0.01 ) (0.06 ) 0.02 0.02 (0.02 ) 0.07 estatePremium finance (0.01 ) (0.04 ) 0.06 0.11 0.12 0.00 0.11 receivablesConsumer and other 0.26 0.69 0.57 0.78 0.49 0.54 0.41 Total loans, net of 0.00 % 0.02 % 0.17 % 0.13 % 0.12 % 0.06 % 0.14 %unearned income Loans at period end $ 33,264,043 $ 32,911,187 $ 33,171,233 $ 32,079,073 $ 32,135,555 Allowance for loanlosses as a 0.75 % 0.79 % 0.84 % 1.00 % 1.01 % percentage of loansat period endAllowance for loanand unfundedlending-related 0.89 0.92 0.97 1.18 1.21 commitment losses asa percentage of loansat period endAllowance for loanand unfundedlending-relatedcommitment losses as 0.92 0.98 1.08 1.29 1.35 a percentage of loansat period end,excluding PPP loans



TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

Three Months Ended Nine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30,(In thousands) 2021 2021 2021 2020 2020 2021 2020Provision for loan $ (12,410 ) $ (14,731 ) $ (28,351 ) $ 3,597 $ 21,678 $ (55,492 ) $ 184,896 lossesProvision forunfunded 4,501 (558 ) (17,035 ) (2,413 ) 3,350 (13,092 ) 28,155 lending-relatedcommitments lossesProvision forheld-to-maturity (7 ) (10 ) 39 (4 ) (2 ) 22 (11 ) securities lossesProvision for credit $ (7,916 ) $ (15,299 ) $ (45,347 ) $ 1,180 $ 25,026 $ (68,562 ) $ 213,040 losses Allowance for loan $ 248,612 $ 261,089 $ 277,709 $ 319,374 $ 325,959 lossesAllowance forunfunded 47,443 42,942 43,500 60,536 62,949 lending-relatedcommitments lossesAllowance for loanlosses and unfunded 296,055 304,031 321,209 379,910 388,908 lending-relatedcommitments lossesAllowance forheld-to-maturity 83 90 99 59 63 securities lossesAllowance for credit $ 296,138 $ 304,121 $ 321,308 $ 379,969 $ 388,971 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 September30, 2021, June30, 2021, and March31, 2021.

As of Sep 30, 2021 As of Jun 30, 2021 As of Mar 31, 2021(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 $ 10,105,984 $ 109,780 1.09 % $ 9,562,869 $ 98,505 1.03 % $ 9,415,225 $ 95,637 1.02 %other, excludingPPP loansCommercial PPP 1,081,988 2 0.00 1,879,407 2 0.00 3,292,982 3 0.00 loansCommercial real estate:Construction and 1,343,715 34,101 2.54 1,385,249 38,550 2.78 1,353,324 45,327 3.35 developmentNon-construction 7,541,999 105,934 1.40 7,293,120 119,972 1.65 7,191,455 136,465 1.90 Home equity 347,662 10,939 3.15 369,806 11,207 3.03 390,253 11,382 2.92 Residential real 1,547,736 16,272 1.05 1,530,285 15,684 1.02 1,421,973 14,242 1.00 estatePremium finance receivablesCommercial 4,616,977 17,996 0.39 4,521,871 19,346 0.43 3,958,543 16,945 0.43 insurance loansLife insurance 6,655,453 579 0.01 6,359,556 553 0.01 6,111,495 532 0.01 loansConsumer and 22,529 452 2.01 9,024 212 2.35 35,983 676 1.88 otherTotal loans, netof unearned $ 33,264,043 $ 296,055 0.89 % $ 32,911,187 $ 304,031 0.92 % $ 33,171,233 $ 321,209 0.97 %incomeTotal loans, netof unearnedincome, $ 32,182,055 $ 296,053 0.92 % $ 31,031,780 $ 304,029 0.98 % $ 29,878,251 $ 321,206 1.08 %excluding PPPloans Total core loans $ 18,690,730 $ 257,788 1.38 % $ 17,989,306 $ 267,999 1.49 % $ 17,492,767 $ 283,505 1.62 %^(1)Total niche 13,491,325 38,265 0.28 13,042,474 36,030 0.28 12,385,484 37,701 0.30 loans ^(1)Total PPP loans 1,081,988 2 0.00 1,879,407 2 0.00 3,292,982 3 0.00

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

TABLE 13: LOAN PORTFOLIO AGING

(Dollars in Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020thousands)Loan Balances:Commercial Nonaccrual $ 26,468 $ 23,232 $ 22,459 $ 21,743 $ 42,036 90+ daysand still ? 1,244 ? 307 ? accruing60-89 days 9,768 5,204 13,292 6,900 2,168 past due30-59 days 25,224 18,478 35,541 44,381 48,271 past dueCurrent 11,126,512 11,394,118 12,636,915 11,882,636 12,184,524 Total $ 11,187,972 $ 11,442,276 $ 12,708,207 $ 11,955,967 $ 12,276,999 commercialCommercial real estateNonaccrual $ 23,706 $ 26,035 $ 34,380 $ 46,107 $ 68,815 90+ daysand still ? ? ? ? ? accruing60-89 days 5,395 4,382 8,156 5,178 8,299 past due30-59 days 79,818 19,698 70,168 32,116 53,462 past dueCurrent 8,776,795 8,628,254 8,432,075 8,410,731 8,292,566 Totalcommercial $ 8,885,714 $ 8,678,369 $ 8,544,779 $ 8,494,132 $ 8,423,142 real estateHome equity Nonaccrual $ 3,449 $ 3,478 $ 5,536 $ 6,529 $ 6,329 90+ daysand still 164 ? ? ? ? accruing60-89 days 340 301 492 47 70 past due30-59 days 867 777 780 637 1,148 past dueCurrent 342,842 365,250 383,445 418,050 438,727 Total home $ 347,662 $ 369,806 $ 390,253 $ 425,263 $ 446,274 equityResidential real estateNonaccrual $ 22,633 $ 23,050 $ 21,553 $ 26,071 $ 22,069 90+ daysand still ? ? ? ? ? accruing60-89 days 1,540 1,584 944 1,635 814 past due30-59 days 1,076 2,139 13,768 12,584 2,443 past dueCurrent 1,522,487 1,503,512 1,385,708 1,219,308 1,359,484 Totalresidential $ 1,547,736 $ 1,530,285 $ 1,421,973 $ 1,259,598 $ 1,384,810 real estatePremiumfinance receivablesNonaccrual $ 7,300 $ 6,418 $ 9,690 $ 13,264 $ 21,080 90+ daysand still 5,811 3,570 4,783 12,792 12,177 accruing60-89 days 15,804 7,759 5,113 27,801 38,286 past due30-59 days 21,654 32,758 31,373 49,274 80,732 past dueCurrent 11,221,861 10,830,922 10,019,079 9,808,794 9,396,701 Totalpremium $ 11,272,430 $ 10,881,427 $ 10,070,038 $ 9,911,925 $ 9,548,976 financereceivablesConsumer and otherNonaccrual $ 384 $ 485 $ 497 $ 436 $ 422 90+ daysand still 126 178 161 264 175 accruing60-89 days 16 22 8 24 273 past due30-59 days 125 75 74 136 493 past dueCurrent 21,878 8,264 35,243 31,328 53,991 Totalconsumer $ 22,529 $ 9,024 $ 35,983 $ 32,188 $ 55,354 and otherTotalloans, net of unearnedincomeNonaccrual $ 83,940 $ 82,698 $ 94,115 $ 114,150 $ 160,751 90+ daysand still 6,101 4,992 4,944 13,363 12,352 accruing60-89 days 32,863 19,252 28,005 41,585 49,910 past due30-59 days 128,764 73,925 151,704 139,128 186,549 past dueCurrent 33,012,375 32,730,320 32,892,465 31,770,847 31,725,993 Totalloans, net $ 33,264,043 $ 32,911,187 $ 33,171,233 $ 32,079,073 $ 32,135,555 of unearnedincome



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

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(Dollars in 2021 2021 2021 2020 2020thousands)Loans past duegreater than 90 days and stillaccruing ^(1):Commercial $ ? $ 1,244 $ ? $ 307 $ ? Commercial real ? ? ? ? ? estateHome equity 164 ? ? ? ? Residential ? ? ? ? ? real estatePremium finance 5,811 3,570 4,783 12,792 12,177 receivablesConsumer and 126 178 161 264 175 otherTotal loanspast duegreater than 90 6,101 4,992 4,944 13,363 12,352 days and stillaccruingNon-accrual loans:Commercial 26,468 23,232 22,459 21,743 42,036 Commercial real 23,706 26,035 34,380 46,107 68,815 estateHome equity 3,449 3,478 5,536 6,529 6,329 Residential 22,633 23,050 21,553 26,071 22,069 real estatePremium finance 7,300 6,418 9,690 13,264 21,080 receivablesConsumer and 384 485 497 436 422 otherTotalnon-accrual 83,940 82,698 94,115 114,150 160,751 loansTotalnon-performing loans:Commercial 26,468 24,476 22,459 22,050 42,036 Commercial real 23,706 26,035 34,380 46,107 68,815 estateHome equity 3,613 3,478 5,536 6,529 6,329 Residential 22,633 23,050 21,553 26,071 22,069 real estatePremium finance 13,111 9,988 14,473 26,056 33,257 receivablesConsumer and 510 663 658 700 597 otherTotalnon-performing $ 90,041 $ 87,690 $ 99,059 $ 127,513 $ 173,103 loansOther real 9,934 10,510 8,679 9,711 2,891 estate ownedOther realestate owned - 3,911 5,062 7,134 6,847 6,326 fromacquisitionsOtherrepossessed ? ? ? ? ? assetsTotalnon-performing $ 103,886 $ 103,262 $ 114,872 $ 144,071 $ 182,320 assetsAccruing TDRsnot includedwithin $ 38,468 $ 44,019 $ 46,151 $ 47,023 $ 46,410 non-performingassetsTotalnon-performingloans bycategory as apercent of its own respectivecategory?speriod-endbalance:Commercial 0.24 % 0.21 % 0.18 % 0.18 % 0.34 %Commercial real 0.27 0.30 0.40 0.54 0.82 estateHome equity 1.04 0.94 1.42 1.54 1.42 Residential 1.46 1.51 1.52 2.07 1.59 real estatePremium finance 0.12 0.09 0.14 0.26 0.35 receivablesConsumer and 2.26 7.35 1.83 2.17 1.08 otherTotal loans,net of unearned 0.27 % 0.27 % 0.30 % 0.40 % 0.54 %incomeTotalnon-performingassets as a 0.22 % 0.22 % 0.25 % 0.32 % 0.42 %percentage oftotal assetsAllowance forloan losses andunfundedlending-relatedcommitments 352.70 % 367.64 % 341.29 % 332.82 % 241.93 %losses as apercentage ofnon-accrualloans

(1)As of September30, 2021 and June30, 2021, $445,000 and $320,000, respectively, of TDRs were past due greater than 90 days and still accruing interest. No TDRs as of March31, 2021, December31, 2020, and September30, 2020 were past due greater than 90 days and still accruing interest.

Non-performing Loans Rollforward

Three Months Ended Nine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30,(In thousands) 2021 2021 2021 2020 2020 2021 2020 Balance atbeginning of $ 87,690 $ 99,059 $ 127,513 $ 173,103 $ 188,284 $ 127,513 $ 117,588 periodAdditions frombecomingnon-performing in 9,341 12,762 9,894 13,224 19,771 31,997 72,769 the respectiveperiodAdditions fromthe adoption of ? ? ? ? ? ? 37,285 ASU 2016-13Return to (3,322 ) ? (654 ) (1,000 ) (6,202 ) (3,976 ) (9,254 ) performing statusPayments received (5,568 ) (12,312 ) (22,731 ) (30,146 ) (3,733 ) (40,611 ) (22,883 ) Transfer to OREOand other (720 ) (3,660 ) (1,372 ) (12,662 ) (598 ) (5,752 ) (1,895 ) repossessedassetsCharge-offs, net (548 ) (4,684 ) (2,952 ) (7,817 ) (6,583 ) (8,184 ) (22,018 ) Net change for 3,168 (3,475 ) (10,639 ) (7,189 ) (17,836 ) (10,946 ) 1,511 niche loans ^(1)Balance at end of $ 90,041 $ 87,690 $ 99,059 $ 127,513 $ 173,103 $ 90,041 $ 173,103 period

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

TDRs

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In 2021 2021 2021 2020 2020thousands)Accruing TDRs:Commercial $ 4,532 $ 6,911 $ 7,536 $ 7,699 $ 7,863 Commercial 8,385 9,659 9,478 10,549 10,846 real estateResidentialreal estate 25,551 27,449 29,137 28,775 27,701 and otherTotal $ 38,468 $ 44,019 $ 46,151 $ 47,023 $ 46,410 accrualNon-accrual TDRs: ^(1)Commercial $ 3,079 $ 4,104 $ 5,583 $ 10,491 $ 13,132 Commercial 3,239 3,434 1,309 6,177 13,601 real estateResidentialreal estate 3,685 4,190 3,540 4,501 5,392 and otherTotal $ 10,003 $ 11,728 $ 10,432 $ 21,169 $ 32,125 non-accrualTotal TDRs: Commercial $ 7,611 $ 11,015 $ 13,119 $ 18,190 $ 20,995 Commercial 11,624 13,093 10,787 16,726 24,447 real estateResidentialreal estate 29,236 31,639 32,677 33,276 33,093 and otherTotal TDRs $ 48,471 $ 55,747 $ 56,583 $ 68,192 $ 78,535

(1)Included in total non-performing loans.

Other Real Estate Owned

Three Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2021 2021 2021 2020 2020Balance atbeginning of $ 15,572 $ 15,813 $ 16,558 $ 9,217 $ 10,197 periodDisposals/ (1,949 ) (3,152 ) (2,162 ) (3,839 ) (1,532 ) resolvedTransfers inat fair value, 315 3,660 1,587 11,508 777 less costs tosellAdditions from ? ? ? ? ? acquisitionFair value (93 ) (749 ) (170 ) (328 ) (225 ) adjustmentsBalance at end $ 13,845 $ 15,572 $ 15,813 $ 16,558 $ 9,217 of period Period End Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Balance by 2021 2021 2021 2020 2020Property Type:Residential $ 1,592 $ 1,952 $ 2,713 $ 2,324 $ 1,839 real estateResidentialreal estate 934 1,030 1,287 1,691 ? developmentCommercial 11,319 12,590 11,813 12,543 7,378 real estateTotal $ 13,845 $ 15,572 $ 15,813 $ 16,558 $ 9,217



TABLE 15: NON-INTEREST INCOME

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

NM - Not meaningful.

Nine Months Ended Sep 30, Sep 30, $ %(Dollars in 2021 2020 Change Changethousands)Brokerage $ 15,418 $ 13,991 $ 1,427 10 %Trust andasset 76,112 59,543 16,569 28 managementTotal wealth 91,530 73,534 17,996 24 managementMortgage 219,872 259,194 (39,322 ) (15 ) bankingServicecharges on 39,434 33,182 6,252 19 depositaccountsGains (losses)on investment 8 (3,140 ) 3,148 NM securities,netFees fromcovered call 2,545 2,292 253 11 optionsTrading gains 39 (902 ) 941 NM (losses), netOperatinglease income, 39,487 35,486 4,001 11 netOther: Interest rate 10,176 15,788 (5,612 ) (36 ) swap feesBOLI 4,620 1,884 2,736 NM Administrative 3,843 3,122 721 23 servicesForeigncurrency (606 ) (413 ) (193 ) 47 remeasurementlossEarly pay-offs 352 514 (162 ) (32 ) of leasesMiscellaneous 41,053 25,287 15,766 62 Total Other 59,438 46,182 13,256 29 TotalNon-Interest $ 452,353 $ 445,828 $ 6,525 1 %Income

NM - Not meaningful.



TABLE 16: MORTGAGE BANKING

Three Months Ended Nine Months Ended(Dollars in Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30,thousands) 2021 2021 2021 2020 2020 2021 2020Originations: Retail originations $ 1,153,265 $ 1,328,721 $ 1,641,664 $ 1,757,093 $ 1,590,699 $ 4,123,650 $ 3,952,775 Veterans First 405,663 395,290 580,303 594,151 635,876 1,381,256 1,700,711 originationsTotal originations $ 1,558,928 $ 1,724,011 $ 2,221,967 $ 2,351,244 $ 2,226,575 $ 5,504,906 $ 5,653,486 for sale (A)Originations for 181,886 249,749 321,858 192,107 73,711 753,493 204,392 investmentTotal originations $ 1,740,814 $ 1,973,760 $ 2,543,825 $ 2,543,351 $ 2,300,286 $ 6,258,399 $ 5,857,878 Retail originationsas percentage of 74 % 77 % 74 % 75 % 71 % 75 % 70 %originations forsaleVeterans Firstoriginations as apercentage of 26 23 26 25 29 25 30 originations forsale Purchases as apercentage of 56 % 53 % 27 % 35 % 41 % 43 % 36 %originations forsaleRefinances as apercentage of 44 47 73 65 59 57 64 originations forsale Production Margin: Production revenue $ 39,247 $ 37,531 $ 71,282 $ 70,886 $ 94,148 $ 148,060 $ 236,908 (B) ^(1) Total originations $ 1,558,928 $ 1,724,011 $ 2,221,967 $ 2,351,244 $ 2,226,575 $ 5,504,906 $ 5,653,486 for sale (A)Add: Current periodend mandatoryinterest rate lock 510,982 605,400 798,534 1,072,717 1,544,234 510,982 1,544,234 commitments to fundoriginations forsale ^(2)Less: Prior periodend mandatoryinterest rate lock 605,400 798,534 1,072,717 1,544,234 1,275,648 1,072,717 372,357 commitments to fundoriginations forsale ^(2)Total mortgageproduction volume $ 1,464,510 $ 1,530,877 $ 1,947,784 $ 1,879,727 $ 2,495,161 $ 4,943,171 $ 6,825,363 (C) Production margin 2.68 % 2.45 % 3.66 % 3.77 % 3.77 % 3.00 % 3.47 %(B / C) Mortgage Servicing: Loans serviced for $ 12,720,126 $ 12,307,337 $ 11,530,676 $ 10,833,135 $ 10,139,878 others (D)MSRs, at fair value 133,552 127,604 124,316 92,081 86,907 (E)Percentage of MSRsto loans serviced 1.05 % 1.04 % 1.08 % 0.85 % 0.86 % for others (E / D)Servicing income $ 10,454 $ 9,830 $ 9,636 $ 9,829 $ 8,118 $ 29,920 $ 22,057 Components of MSR: MSR - currentperiod $ 15,546 $ 17,512 $ 24,616 $ 20,343 $ 20,936 $ 57,674 $ 50,734 capitalizationMSR - collection ofexpected cash flows (1,036 ) (991 ) (728 ) (688 ) (590 ) (2,755 ) (1,556 ) - paydownsMSR - collection ofexpected cash flows (7,558 ) (7,549 ) (9,440 ) (8,335 ) (7,272 ) (24,547 ) (22,000 ) - payoffsValuation: MSR - changes infair value model (888 ) (5,540 ) 18,045 (5,223 ) (3,002 ) 11,617 (25,541 ) assumptionsGain on derivativecontract held as an ? ? ? ? ? ? 4,749 economic hedge, netMSR valuationadjustment, net ofgain on derivative $ (888 ) $ (5,540 ) $ 18,045 $ (5,223 ) $ (3,002 ) $ 11,617 $ (20,792 ) contract held as aneconomic hedge Summary of Mortgage Banking Revenue:Production revenue $ 39,247 $ 37,531 $ 71,282 $ 70,886 $ 94,148 $ 148,060 $ 236,908 ^(1)Servicing income 10,454 9,830 9,636 9,829 8,118 29,920 22,057 MSR activity 6,064 3,432 32,493 6,097 10,072 41,989 6,386 Other 29 (209 ) 83 7 (3,794 ) (97 ) (6,157 ) Total mortgage $ 55,794 $ 50,584 $ 113,494 $ 86,819 $ 108,544 $ 219,872 $ 259,194 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.(2)Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Companys best estimate of the likelihood that a committed loan will ultimately fund.



TABLE 17: NON-INTEREST EXPENSE

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

NM - Not meaningful.

Nine Months Ended Sep 30, Sep 30, $ %(Dollars in 2021 2020 Change Changethousands)Salaries andemployee benefits:Salaries $ 270,303 $ 258,240 $ 12,063 5 %Commissionsand incentive 172,144 126,201 45,943 36 compensationBenefits 82,091 70,519 11,572 16 Totalsalaries and 524,538 454,960 69,578 15 employeebenefitsSoftware and 63,807 47,931 15,876 33 equipmentOperatinglease 30,733 27,977 2,756 10 equipmentdepreciationOccupancy, 55,841 50,270 5,571 11 netData 20,072 24,468 (4,396 ) (18 ) processingAdvertising 33,294 26,446 6,848 26 and marketingProfessional 21,943 20,896 1,047 5 feesAmortizationof other 5,923 8,384 (2,461 ) (29 ) intangibleassetsFDIC 19,713 17,988 1,725 10 insuranceOREO expense, (1,013 ) (807 ) (206 ) NM netOther: Commissions -3rd party 2,619 2,350 269 11 brokersPostage 5,661 5,069 592 12 Miscellaneous 66,014 72,296 (6,282 ) (9 ) Total other 74,294 79,715 (5,421 ) (7 ) TotalNon-Interest $ 849,145 $ 758,228 $ 90,917 12 %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, pre-tax income, excluding provision for credit losses, and pre-tax income, excluding provision for credit losses, adjusted for net charge-offs. Management believes that these measures and ratios provide users of the 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, and pre-tax income, excluding provision for credit losses, adjusted for net charge-offs, as a useful measurement of the Companys core net income.

Three Months Ended Nine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30,(Dollars and shares 2021 2021 2021 2020 2020 2021 2020in thousands)Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: (A) Interest Income $ 322,457 $ 319,579 $ 305,469 $ 307,981 $ 311,156 $ 947,505 $ 985,039 (GAAP)Taxable-equivalent adjustment:- Loans 411 415 384 324 481 1,210 1,917 - Liquidity 492 494 500 530 546 1,486 1,635 Management Assets- Other Earning ? ? ? 3 1 ? 6 Assets(B) Interest Income $ 323,360 $ 320,488 $ 306,353 $ 308,838 $ 312,184 $ 950,201 $ 988,597 (non-GAAP)(C) Interest Expense 34,961 39,989 43,574 48,584 55,220 118,524 204,529 (GAAP)(D) Net InterestIncome (GAAP) (A $ 287,496 $ 279,590 $ 261,895 $ 259,397 $ 255,936 $ 828,981 $ 780,510 minus C)(E) Net InterestIncome (non-GAAP) (B $ 288,399 $ 280,499 $ 262,779 $ 260,254 $ 256,964 $ 831,677 $ 784,068 minus C)Net interest margin 2.58 % 2.62 % 2.53 % 2.53 % 2.56 % 2.58 % 2.79 %(GAAP)Net interest margin,fully 2.59 2.63 2.54 2.54 2.57 2.59 2.80 taxable-equivalent(non-GAAP)(F) Non-interest $ 136,474 $ 129,373 $ 186,506 $ 158,361 $ 170,593 $ 452,353 $ 445,828 income(G) (Losses) gains oninvestment (2,431 ) 1,285 1,154 1,214 411 8 (3,140 ) securities, net(H) Non-interest 282,144 280,112 286,889 281,867 264,219 849,145 758,228 expenseEfficiency ratio (H/ 66.17 % 68.71 % 64.15 % 67.67 % 62.01 % 66.27 % 61.67 %(D+F-G))Efficiency ratio(non-GAAP) (H/ 66.03 68.56 64.02 67.53 61.86 66.13 61.49 (E+F-G)) Reconciliation of Non-GAAP Tangible Common Equity Ratio: Total shareholders? $ 4,410,317 $ 4,339,011 $ 4,252,511 $ 4,115,995 $ 4,074,089 equity (GAAP)Less: Non-convertiblepreferred stock (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) (GAAP)Less: Intangible (675,910 ) (678,333 ) (680,052 ) (681,747 ) (683,314 ) assets (GAAP)(I) Total tangiblecommon shareholders? $ 3,321,907 $ 3,248,178 $ 3,159,959 $ 3,021,748 $ 2,978,275 equity (non-GAAP)(J) Total assets $ 47,832,271 $ 46,738,450 $ 45,682,202 $ 45,080,768 $ 43,731,718 (GAAP)Less: Intangible (675,910 ) (678,333 ) (680,052 ) (681,747 ) (683,314 ) assets (GAAP)(K) Total tangible $ 47,156,361 $ 46,060,117 $ 45,002,150 $ 44,399,021 $ 43,048,404 assets (non-GAAP)Common equity toassets ratio (GAAP) 8.4 % 8.4 % 8.4 % 8.2 % 8.4 % (L/J)Tangible commonequity ratio 7.0 7.1 7.0 6.8 6.9 (non-GAAP) (I/K)



Three Months Ended Nine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30,(Dollars andshares in 2021 2021 2021 2020 2020 2021 2020thousands)Reconciliation of Non-GAAP Tangible Book Value per Common Share: Totalshareholders? $ 4,410,317 $ 4,339,011 $ 4,252,511 $ 4,115,995 $ 4,074,089 equityLess: Preferred (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) stock(L) Total common $ 3,997,817 $ 3,926,511 $ 3,840,011 $ 3,703,495 $ 3,661,589 equity(M) Actual common 56,956 57,067 57,023 56,770 57,602 shares outstandingBook value per $ 70.19 $ 68.81 $ 67.34 $ 65.24 $ 63.57 common share (L/M)Tangible bookvalue per common 58.32 56.92 55.42 53.23 51.70 share (non-GAAP)(I/M) Reconciliation of Non-GAAP Return on Average Tangible Common Equity: (N) Net incomeapplicable to $ 102,146 $ 98,118 $ 146,157 $ 94,213 $ 97,029 $ 346,421 $ 177,400 common sharesAdd: Intangible 1,877 2,039 2,007 2,634 2,701 5,923 8,384 asset amortizationLess: Tax effectof intangible (509 ) (553 ) (522 ) (656 ) (589 ) (1,576 ) (2,079 ) asset amortizationAfter-taxintangible asset $ 1,368 $ 1,486 $ 1,485 $ 1,978 $ 2,112 $ 4,347 $ 6,305 amortization(O) Tangible netincome applicable $ 103,514 $ 99,604 $ 147,642 $ 96,191 $ 99,141 $ 350,768 $ 183,705 to common shares(non-GAAP)Total averageshareholders? $ 4,343,915 $ 4,256,778 $ 4,164,890 $ 4,050,286 $ 4,034,902 $ 4,255,851 $ 3,885,187 equityLess: Average (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) (270,849 ) preferred stock(P) Total averagecommon $ 3,931,415 $ 3,844,278 $ 3,752,390 $ 3,637,786 $ 3,622,402 $ 3,843,351 $ 3,614,338 shareholders?equityLess: Average (677,201 ) (679,535 ) (680,805 ) (682,290 ) (684,717 ) (679,167 ) (687,331 ) intangible assets(Q) Total averagetangible common $ 3,254,214 $ 3,164,743 $ 3,071,585 $ 2,955,496 $ 2,937,685 $ 3,164,184 $ 2,927,007 shareholders?equity (non-GAAP)Return on averagecommon equity, 10.31 % 10.24 % 15.80 % 10.30 % 10.66 % 12.05 % 6.56 %annualized (N/P)Return on averagetangible common 12.62 12.62 19.49 12.95 13.43 14.82 8.38 equity, annualized(non-GAAP) (O/Q) Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income, Adjusted for Net Charge-offs:Income before $ 149,742 $ 144,150 $ 206,859 $ 134,711 $ 137,284 $ 500,751 $ 255,070 taxesAdd: Provision for (7,916 ) (15,299 ) (45,347 ) 1,180 25,026 (68,562 ) 213,040 credit lossesPre-tax income,excludingprovision for $ 141,826 $ 128,851 $ 161,512 $ 135,891 $ 162,310 $ 432,189 $ 468,110 credit losses(non-GAAP)Less: Net (2 ) (1,922 ) (13,345 ) (10,337 ) (9,284 ) (15,269 ) (29,972 ) charge-offsPre-tax income,excludingprovision forcredit losses, $ 141,824 $ 126,929 $ 148,167 $ 125,554 $ 153,026 $ 416,920 $ 438,138 adjusted for netcharge-offs(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, Oak Park, Orland Park, Palatine, Park Ridge, Prospect Heights, Riverside, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, South Holland, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Burlington, Clinton, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Pewaukee, Racine, Wales, Walworth and Wind Lake, and in Dyer, Indiana and in Naples, Florida.

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

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

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as intend, plan, project, expect, anticipate, believe, estimate, contemplate, possible, will, may, should, would and could. Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only 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, such as the impacts of the COVID-19 pandemic (including the emergence of variant strains), and which may include, but are not limited to, those listed below and the Risk Factors discussed under 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 Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the rules and regulations that may be promulgated thereunder; -- a lowering of our credit rating; -- changes in U.S. monetary policy and changes to the Federal 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 Wednesday, October 20, 2021 at 11:00 a.m. (Central Time) regarding third quarter and year-to-date 2021 results. Individuals interested in listening should call (877)363-5049 and enter Conference ID #2695417. A simultaneous audio-only webcast and replay of the conference call as well as an accompanying slide presentation may be accessed via the Companys website at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations& Conference Calls. The text of the third quarter and year-to-date 2021 earnings press release will be available on the home page of the Companys website at https://www.wintrust.comand at the Investor Relations, Investor News and Events, Press Releases link on its website.

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