GlobeNewswire Inc | Jan 19, 2022 04:41PM EST

January 19, 2022

ROSEMONT, Ill., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (Wintrust, the Company, we or our) (Nasdaq: WTFC) announced net income of $98.8 million or $1.58 per diluted common share for the fourth quarter of 2021, a decrease in diluted earnings per common share of 11% compared to the third quarter of 2021. The Company recorded record annual net income of $466.2 million or $7.58 per diluted common share for the year ended December 31, 2021 compared to net income of $293.0 million or $4.68 per diluted common share for the same period of 2020.

Highlights of the Fourth Quarter of 2021:Comparative information to the third quarter of 2021

-- Total assets increased by $2.3 billion totaling $50.1 billion as of December 31, 2021. -- Total loans, excluding Paycheck Protection Program (PPP) loans, increased by $2.0 billion, or 25% on an annualized basis. Core loans increased by $908 million and Niche loans increased by $1.1 billion. Niche loans included $578 million of growth related to loans acquired in a business combination completed in the fourth quarter of 2021.PPP loans declined by $524 million in the fourth quarter of 2021 primarily as a result of processing forgiveness payments. -- Total deposits increased by $2.1 billion, including a $925 million increase in non-interest bearing deposits. -- Net interest income increased by $8.5 million as compared to the third quarter of 2021 as follows: Increased $15.5 million primarily due to earning asset growth and a five basis point decline in deposit costs.Decreased by $7.0 million due to $1.7 million less PPP interest income and $5.3 million less PPP fee income. -- Net interest margin decreased by four basis points primarily due to increased liquidity which had approximately a six basis point unfavorable impact. However, the rate on interest bearing deposits declined by five basis points which more than offset a three basis point decline in loan yields. -- Recorded $6.2 million of net charge-offs or seven basis points on an annualized basis in the fourth quarter of 2021 as compared to no material net charge-offs in the third quarter of 2021. -- Recorded a provision for credit losses of $9.3 million in the fourth quarter of 2021 as compared to a negative provision for credit losses of $7.9 million in the third quarter of 2021. The provision for credit losses in the fourth quarter of 2021 was primarily due to strong loan growth with approximately $782,000 of provision for credit losses related to acquired loans. -- The allowance for credit losses on our core loan portfolio is approximately 1.33% of the outstanding balance as of December 31, 2021, down from 1.38% as of September 30, 2021. See Table 12 for more information. -- Non-performing loans decreased to 0.21% of total loans, as of December 31, 2021, down from 0.27% as of September 30, 2021. -- Mortgage banking revenue decreased to $53.1 million for the fourth quarter of 2021 as compared to $55.8 million in the third quarter of 2021. -- Tangible book value per common share (non-GAAP) increased to $59.64 as compared to $58.32 as of September 30, 2021. See Table 18 for reconciliation of non-GAAP measures.

Edward J. Wehmer, Founder and Chief Executive Officer, commented, "I am extremely proud of the Companys performance in 2021 as we celebrated Wintrusts 30th anniversary by reporting record annual net income and eclipsing $50 billion in total assets. The fourth quarter of 2021 was characterized by significant loan and deposit growth, increased net interest income, seasonally strong mortgage banking revenue, tangible book value growth and impressive credit quality metrics. Wintrust reported net income of $98.8 million for the fourth quarter of 2021, down from $109.1 million in the third quarter of 2021. On an annual basis, the Company had record net income totaling $466.2 million in 2021, up from $293.0 million in 2020. Total assets of $50.1 billion as of December 31, 2021 increased by $2.3 billion as compared to September 30, 2021 and increased by $5.1 billion as compared to December 31, 2020."

Mr. Wehmer continued, "The Company experienced significant loan growth as loans, excluding PPP loans, increased by $2.0 billion or 25%, on an annualized basis in the fourth quarter of 2021. We continue to pick up new market share and grow organically as all of our material loan portfolios exhibited strong growth in the fourth quarter of 2021 including our commercial, commercial real estate, residential real estate loans for investment, commercial insurance premium finance receivable and life insurance premium receivable portfolios. In addition, we completed an acquisition which contributed approximately $578 million of loan growth to the balance sheet. We believe this portfolio fits well with our existing insurance lending businesses. 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. Further, our loan growth was predominantly in the second half of the fourth quarter of 2021 as loans as of December 31, 2021 were $1.1 billion higher than average total loans in the fourth quarter of 2021. Total deposits increased by $2.1 billion as compared to the third 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 82.6% and we believe that we have sufficient liquidity to meet customer loan demand."

Mr. Wehmer commented, "Net interest income increased by $8.5 million in the fourth quarter of 2021 primarily due to earning asset growth and a decline in deposit costs. We believe that we have managed to optimize our cost of funds and successfully grown through this challenging interest rate cycle. Additionally, we have been prudent and measured in our approach to deploying liquidity into investment securities and we expect to expand our securities portfolio in 2022 to further enhance net interest income as available market returns improve. Net interest margin decreased by four basis points in the fourth quarter of 2021 as compared to the third quarter of 2021 primarily due to increased liquidity which had approximately a six basis point unfavorable impact. Excluding the unfavorable net interest margin impact from increased liquidity, the margin exhibited improvement as the rate on deposits declined five basis points as compared to a three basis point decline in loan yields."

Mr. Wehmer stated, We have maintained our asset sensitive interest rate position which we expect to benefit us as short term interest rates rise. Based on modeled contractual cash flows, including prepayment assumptions, approximately 80% of our current loan balances are projected to reprice or mature in 2022. We project that, assuming an immediate and parallel 25 basis point rate hike, the cumulative increase to net interest income in the subsequent 12 months is approximately $40-$50 million. Such projections incorporate a number of assumptions and could differ materially depending on various factors including competition and the macroeconomic environment.

Mr. Wehmer noted, We recorded mortgage banking revenue of $53.1 million in the fourth quarter of 2021 as compared to $55.8 million in the third quarter of 2021. Loan volumes originated for sale in the fourth quarter of 2021 were $1.3 billion, down from $1.6 billion in the third quarter of 2021. Additionally, the Company recorded a $6.7 million increase in the value of mortgage servicing rights related to changes in fair value model assumptions as compared to an $888,000 decrease recognized in the third quarter of 2021. We are focused on expanding our market share of purchase originations understanding that refinance volumes may be pressured in a rising rate environment. Based on current market conditions, and excluding the impact of MSR valuation adjustments, we expect that mortgage banking revenue in the first quarter of 2022 will remain relatively similar to the level recorded in the fourth quarter of 2021.

Commenting on credit quality, Mr. Wehmer stated, "The Company has reached a record low level of non-performing loans of 0.21% of total loans, as of December 31, 2021. During the fourth quarter of 2021, we continued our practice of pursuing the resolution of non-performing credits and executed a loan sale that reduced non-performing loans by approximately $10 million resulting in $1.8 million of net charge-offs. The fourth quarter of 2021 demonstrated another benign quarter of net charge-offs at $6.2 million following the third quarter of 2021 which had no material net charge-offs. The Company recorded a provision for credit losses of $9.3 million in the fourth quarter of 2021 primarily due to significant loan growth. The allowance for credit losses on our core loan portfolio as of December 31, 2021 is approximately 1.33% 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 fourth 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 intend to be prudent in our decision-making, always seeking to minimize dilution.

The graphs below illustrate certain financial highlights of the fourth 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/f8ba0f96-41dd-4f04-a9bf-8082be4c0600

SUMMARY OF RESULTS:

BALANCE SHEET

Total asset growth of $2.3 billion in the fourth quarter of 2021 was primarily comprised of a $1.5 billion increase in total loans and a $1.0 billion increase in liquidity management assets partially offset by a $107 million decline in mortgage loans held-for-sale. Total loans, excluding PPP loans, increased by $2.0 billion as core loans increased by $908 million and niche loans increased by $1.1 billion, partially offset by a $524 million decline in PPP loans. See Table 1 for more information. Niche loans included $578 million of growth related to loans acquired in a business combination completed in the fourth quarter of 2021. As of December 31, 2021, virtually all of PPP loan balances originated in 2020 were forgiven with only $74 million remaining on balance sheet of which nearly all are in the forgiveness process. Whereas, as of December 31, 2021, approximately 64% of PPP loan balances originated in 2021 were forgiven, 14% are in the forgiveness review or submission process and 22% have yet to apply for forgiveness.

Total liabilities increased $2.2 billion in the fourth quarter of 2021 resulting primarily from a $2.1 billion increase in total deposits. The increase in deposits was primarily due to a $925 million increase in non-interest bearing deposits and a $692 million increase in money market deposits. The Company's loans to deposits ratio ended the quarter at 82.6%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources on a limited basis 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 fourth quarter of 2021, net interest income totaled $296.0 million, an increase of $8.5 million as compared to the third quarter of 2021. The $8.5 million increase in net interest income in the fourth quarter of 2021 compared to the third 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 $7.0 million due to $1.7 million less PPP interest income and $5.3 million less PPP fee income. As of December 31, 2021, the Company had approximately $12.7 million of net PPP loan fees that have yet to be recognized in income.

Net interest margin was 2.54% (2.55% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2021 compared to 2.58% (2.59% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2021. The net interest margin decrease as compared to the prior quarter was primarily due to the seven basis point decrease in yield on earning assets and three basis point decrease in the net free funds contribution partially offset by a six basis point decrease in the rate paid on interest-bearing liabilities. The decrease in the rate paid on interest-bearing liabilities in the fourth quarter of 2021 as compared to the third quarter of 2021 is primarily due to a five basis point decrease in the rate paid on interest-bearing deposits primarily due to lower repricing of time deposits. The seven basis point decrease in the yield on earning assets in the fourth quarter of 2021 as compared to the third quarter of 2021 was primarily due to a shift in earning asset mix with increasing levels of lower 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 $299.7 million as of December31, 2021, an increase of $3.6 million as compared to $296.1 million as of September30, 2021. The allowance for credit losses increased primarily due to growth in the loan portfolio and was partially offset by improvement in macroeconomic factors. A provision for credit losses totaling $9.3 million was recorded for the fourth quarter of 2021 as compared to a negative provision of $7.9 million for the third quarter of 2021. 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 December31, 2021, September30, 2021, and June30, 2021 is shown on Table 12 of this report.

Net charge-offs totaled $6.2 million in the fourth quarter of 2021, as compared to no material net charge-offs in the third quarter of 2021. Net charge-offs as a percentage of average total loans were reported as seven basis points in the fourth quarter of 2021 on an annualized basis compared to zero basis points on an annualized basis in the third quarter of 2021. For more information regarding net charge-offs, see Table 10 in this report.

As of December31, 2021, $53.7 million of all loans, or 0.2%, were 60 to 89 days past due and $187.4 million, or 0.5%, were 30 to 59 days (or one payment) past due. 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. 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 December31, 2021. Home equity loans at December31, 2021 that are current with regard to the contractual terms of the loan agreement represent 98.9% of the total home equity portfolio. Residential real estate loans at December31, 2021 that are current with regards to the contractual terms of the loan agreements comprised 98.2% of total residential real estate loans outstanding. For more information regarding past due loans, see Table 13 in this report.

The ratio of non-performing assets to total assets was 0.16% as of December31, 2021, compared to 0.22% at September30, 2021. Non-performing assets totaled $78.7 million at December31, 2021, compared to $103.9 million at September30, 2021. Non-performing loans totaled $74.4 million, or 0.21% of total loans, at December31, 2021 compared to $90.0 million, or 0.27% of total loans, at September30, 2021. Other real estate owned (OREO) totaled $4.3 million at December31, 2021, a decrease of $9.6 million compared to $13.8 million at September30, 2021. Management is pursuing the resolution of all non-performing assets. At this time, management believes OREO is appropriately valued at the lower of carrying value or fair value less estimated costs to sell. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $1.0 million during the fourth quarter of 2021 as compared to the third quarter of 2021 primarily due to increased trust and asset management fees. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue decreased by $2.7 million in the fourth quarter of 2021 as compared to the third quarter of 2021, primarily due to an $11.1 million decline in production revenue. This decrease was partially offset by a $6.7 million favorable mortgage servicing rights portfolio fair value adjustment as compared to an $888,000 decrease recognized in the prior quarter. Loans originated for sale were $1.3 billion in the fourth quarter of 2021, a decrease of $260 million as compared to the third quarter of 2021. The percentage of origination volume from refinancing activities was 48% in the fourth quarter of 2021 as compared to 44% in the third 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 fourth quarter of 2021, the fair value of the mortgage servicing rights portfolio increased primarily due to the capitalization of $15.1 million of servicing rights and a fair value adjustment increase of $6.7 million. These increases were partially offset by a reduction in value of $7.5 million due to payoffs and paydowns of the existing portfolio.

The Company recognized net losses on investment securities of $1.1 million in the fourth quarter of 2021 as compared to net losses of $2.4 million recognized in the third quarter of 2021.

Net operating lease income totaled $14.2 million in the fourth quarter of 2021 as compared to $12.8 million in the prior quarter. The $1.4 million increase in the fourth quarter of 2021 is primarily attributable to increased gains on sale of lease assets as compared to the third quarter of 2021.

Other non-interest income decreased by $4.5 million in the fourth quarter of 2021 as compared to thethird quarter of 2021primarily due to a $3.7 million decrease in income on partnership investments.

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 $3.8 million in the fourth quarter of 2021 as compared to the third quarter of 2021. The $3.8 million decline is primarily related to lower incentive compensation expense and lower commissions expense due to declining mortgage production, partially offset by increased staffing expense as the company grows.

Software and equipment expense totaled $23.7 million in the fourth quarter of 2021, an increase of $1.7 million as compared to the third quarter of 2021. The increase in the fourth quarter of 2021 is primarily due to accelerated depreciation related to the reduction in the useful life of a software asset that is planned to be replaced as we continue to make upgrades to our digital customer experience.

The Company recorded a net OREO gain of $641,000 in the fourth quarter of 2021 as compared to a net gain of $1.5 million in the third quarter of 2021. The net gains are primarily attributable to the sale of OREO properties during the third and fourth quarter of 2021.

Miscellaneous expense in the fourth quarter of 2021 increased by $864,000 as compared to the third quarter of 2021. Miscellaneous expense 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 $38.3 million in the fourth quarter of 2021 compared to $40.6 million in the third quarter of 2021. The effective tax rates were 27.94% in the fourth quarter of 2021 compared to 27.12% in the third quarter of 2021.

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 fourth quarter of 2021, this unit expanded its loan portfolio and its deposit portfolio. The segments net interest income increased in the fourth quarter of 2021 as compared to the third quarter of 2021 primarily due to growth in earning assets despite a net interest margin decrease primarily due to increased liquidity.

Mortgage banking revenue was $53.1 million for the fourth quarter of 2021, a decrease of $2.7 million as compared to the third quarter of 2021. Service charges on deposit accounts totaled $14.7 million in the fourth quarter of 2021, an increase of $585,000 as compared to the third quarter of 2021 primarily due to higher fees associated with commercial account activity. The Companys gross commercial and commercial real estate loan pipelines remained strong as of December31, 2021. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.1 billion to $1.3 billion at December31, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $700 million to $800 million at December31, 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 $3.6 billion during the fourth quarter of 2021 and average balances increased by $386.3 million as compared to the third quarter of 2021. The increase in average balances in the insurance premium finance receivables portfolios primarily generated a $2.1 million increase in interest income. The Companys leasing portfolio increased in the fourth quarter of 2021, with its portfolio of assets, including capital leases, loans and equipment on operating leases, at $2.4 billion at the end of the fourth quarter of 2021 as compared to $2.3 billion at the end of third quarter of 2021. Revenues from the Companys out-sourced administrative services business were $1.8 million in the fourth quarter of 2021, up $487,000 from the third 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 $32.5 million in the fourth quarter of 2021, an increase of $1.0 million compared to the third quarter of 2021. Increases in asset management fees were primarily due to favorable equity market performance during the fourth quarter of 2021. At December31, 2021, the Companys wealth management subsidiaries had approximately $35.5 billion of assets under administration, which included $5.3 billion of assets owned by the Company and its subsidiary banks, representing a $963.9 million increase from the $34.5 billion of assets under administration at September30, 2021.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Acquisitions

On November 15, 2021, the Company completed its previously-announced purchase of loans with a fair value of approximately $582 million, net of allowance for credit losses measured on the acquisition date, from the Allstate Corporation. The loan portfolio was comprised of approximately 1,800 loans to Allstate agents nationally. In addition to acquiring the loans, the Company became the national preferred provider of loans to Allstate agents. In connection with the loan acquisition, a team of Allstate agency lending specialists joined the Company, to augment and expand Wintrusts existing insurance agency finance business. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $9.3 million on the purchase.

WINTRUST FINANCIAL CORPORATIONKey Operating Measures

Wintrusts key operating measures and growth rates for the fourth quarter of 2021, as comparedto the third quarter of 2021 (sequential quarter) and fourth 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 Dec 31, 2021 Sep 30, 2021 Dec 31, 2020 3rd Quarter 4th Quarterper share data) 2021 2020

Net income $ 98,757 $ 109,137 $ 101,204 (10 ) % (2 ) %Pre-tax income,excludingprovision for 146,344 141,826 135,891 3 8 credit losses(non-GAAP) ^(2)Net income percommon share ? 1.58 1.77 1.63 (11 ) (3 ) dilutedCash dividendsdeclared per 0.31 0.31 0.28 ? 11 common shareNet revenue ^(3) 429,743 423,970 417,758 1 3 Net interest 295,976 287,496 259,397 3 14 incomeNet interest 2.54 % 2.58 % 2.53 % (4 ) bps 1 bpsmarginNet interestmargin ? fully 2.55 2.59 2.54 (4 ) 1 taxable-equivalent(non-GAAP) ^(2)Net overhead ratio 1.21 1.22 1.12 (1 ) 9 ^(4)Return on average 0.80 0.92 0.92 (12 ) (12 ) assetsReturn on average 9.05 10.31 10.30 (126 ) (125 ) common equityReturn on averagetangible common 11.04 12.62 12.95 (158 ) (191 ) equity (non-GAAP)^(2)At end of period Total assets $ $ 47,832,271 $ 45,080,768 19 % 11 % 50,142,143Total loans ^(5) 33,264,043 32,079,073 18 8 34,789,104Total deposits 39,952,558 37,092,651 21 13 42,095,585Total shareholders? 4,498,688 4,410,317 4,115,995 8 9 equity

(1) Period-end balance sheet percentage changes are annualized.(2) See Supplemental Non-GAAP Financial Measures/Ratios at Table 18 for additional information on this performance measure/ratio.(3)Net revenue is net interest income plus non-interest income.(4)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that periods average total assets. A lower ratio indicates a higher degree of efficiency.(5)Excludes mortgage loans held-for-sale.

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

WINTRUST FINANCIAL CORPORATIONSelected Financial Highlights

Three Months Ended Years Ended(Dollars in Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,thousands, except 2021 2021 2021 2021 2020 2021 2020per share data)Selected Financial Condition Data (at end of period): Total assets $ $ 47,832,271 $ 46,738,450 $ 45,682,202 $ 45,080,768 50,142,143Total loans ^(1) 34,789,104 33,264,043 32,911,187 33,171,233 32,079,073 Total deposits 42,095,585 39,952,558 38,804,616 37,872,652 37,092,651 Totalshareholders? 4,498,688 4,410,317 4,339,011 4,252,511 4,115,995 equitySelected Statements of Income Data: Net interest $ 295,976 $ 287,496 $ 279,590 $ 261,895 $ 259,397 $ 1,124,957 $ 1,039,907 incomeNet revenue ^(2) 429,743 423,970 408,963 448,401 417,758 1,711,077 1,644,096 Net income 98,757 109,137 105,109 153,148 101,204 466,151 292,990 Pre-tax income,excludingprovision for 146,344 141,826 128,851 161,512 135,891 578,533 604,001 credit losses(non-GAAP) ^(3)Net income percommon share ? 1.61 1.79 1.72 2.57 1.64 7.69 4.72 BasicNet income percommon share ? 1.58 1.77 1.70 2.54 1.63 7.58 4.68 DilutedCash dividendsdeclared per 0.31 0.31 0.31 0.31 0.28 1.24 1.12 common shareSelected Financial Ratios and Other Data: Performance Ratios: Net interest 2.54 % 2.58 % 2.62 % 2.53 % 2.53 % 2.57 % 2.72 %marginNet interestmargin ? fully 2.55 2.59 2.63 2.54 2.54 2.58 2.73 taxable-equivalent(non-GAAP) ^(3)Non-interestincome to average 1.08 1.15 1.13 1.68 1.44 1.25 1.46 assetsNon-interestexpense to average 2.29 2.37 2.45 2.59 2.56 2.42 2.51 assetsNet overhead ratio 1.21 1.22 1.32 0.90 1.12 1.17 1.05 ^(4)Return on average 0.80 0.92 0.92 1.38 0.92 1.00 0.71 assetsReturn on average 9.05 10.31 10.24 15.80 10.30 11.27 7.50 common equityReturn on averagetangible common 11.04 12.62 12.62 19.49 12.95 13.83 9.54 equity (non-GAAP)^(3)Average total $ 49,118,777 $ 47,192,510 $ 45,946,751 $ 44,988,733 $ 43,810,005 $ 46,824,051 $ 41,371,339 assetsAverage totalshareholders? 4,433,953 4,343,915 4,256,778 4,164,890 4,050,286 4,300,742 3,926,688 equityAverage loans toaverage deposits 81.7 % 83.8 % 86.7 % 87.1 % 87.9 % 84.7 % 88.8 %ratioPeriod-end loans 82.6 83.3 84.8 87.6 86.5 to deposits ratioCommon Share Data at end of period: Market price per $ 90.82 $ 80.37 $ 75.63 $ 75.80 $ 61.09 common shareBook value per 71.62 70.19 68.81 67.34 65.24 common shareTangible bookvalue per common 59.64 58.32 56.92 55.42 53.23 share (non-GAAP) ^(3)Common shares 57,054,091 56,956,026 57,066,677 57,023,273 56,769,625 outstandingOther Data at end of period: Tier 1 leverage 8.0 % 8.1 % 8.2 % 8.2 % 8.1 % ratio ^(5)Risk-based capital ratios:Tier 1 capital 9.6 9.9 10.1 10.2 10.0 ratio ^(5)Common equity tier1 capital ratio ^ 8.5 8.9 9.0 9.0 8.8 (5)Total capital 11.6 12.1 12.4 12.6 12.6 ratio ^(5)Allowance for $ 299,731 $ 296,138 $ 304,121 $ 321,308 $ 379,969 credit losses ^(6)Allowance for loanand unfundedlending-related 0.86 % 0.89 % 0.92 % 0.97 % 1.18 % commitment lossesto total loansNumber of: Bank subsidiaries 15 15 15 15 15 Banking offices 173 172 172 182 181

(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 average total assets. A lower ratio indicates a higher degree of efficiency.(5)Capital ratios for current quarter-end are estimated.(6)The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.



WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CONDITION

(Unaudited) (Unaudited) (Unaudited) (Unaudited) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In thousands) 2021 2021 2021 2021 2020 Assets Cash and due from $ 411,150 $ 462,244 $ 434,957 $ 426,325 $ 322,415 banksFederal funds soldand securities 700,055 purchased under 55 52 52 59resale agreementsInterest-bearing 5,372,603 5,232,315 4,707,415 3,348,794 4,802,527 deposits with banksAvailable-for-salesecurities, at fair 2,327,793 2,373,478 2,188,608 2,430,749 3,055,839 valueHeld-to-maturitysecurities, at 2,942,285 2,736,722 2,498,232 2,166,419 579,138 amortized costTrading account securities 1,061 1,103 2,667 951 671Equity securitieswith readily 90,511 88,193 86,316 90,338 90,862 determinable fairvalueFederal Home LoanBank and Federal 135,378 135,408 136,625 135,881 135,588 Reserve Bank stockBrokerage customer 26,068 26,378 23,093 19,056 17,436 receivablesMortgage loans 817,912 925,312 984,994 1,260,193 1,272,090 held-for-saleLoans, net of 34,789,104 33,264,043 32,911,187 33,171,233 32,079,073 unearned incomeAllowance for loan (247,835 ) (248,612 ) (261,089 ) (277,709 ) (319,374 )lossesNet loans 34,541,269 33,015,431 32,650,098 32,893,524 31,759,699 Premises, software 766,405 748,872 752,375 760,522 768,808 and equipment, netLease investments, 242,082 243,933 219,023 238,984 242,434 netAccrued interestreceivable and other 1,084,115 1,166,917 1,185,811 1,230,362 1,351,455 assetsTrade date securities ? ? 189,851 ? ? receivableGoodwill 655,149 645,792 646,336 646,017 645,707 Otheracquisition-related 28,307 30,118 31,997 34,035 36,040 intangible assetsTotal assets $ 50,142,143 $ 47,832,271 $ 46,738,450 $ 45,682,202 $ 45,080,768 Liabilities and Shareholders? EquityDeposits: Non-interest-bearing $ 14,179,980 $ 13,255,417 $ 12,796,110 $ 12,297,337 $ 11,748,455 Interest-bearing 27,915,605 26,697,141 26,008,506 25,575,315 25,344,196 Total deposits 42,095,585 39,952,558 38,804,616 37,872,652 37,092,651 Federal Home Loan 1,241,071 1,241,071 1,241,071 1,228,436 1,228,429 Bank advancesOther borrowings 494,136 504,527 518,493 516,877 518,928 Subordinated notes 436,938 436,811 436,719 436,595 436,506 Junior subordinated 253,566 253,566 253,566 253,566 253,566 debenturesTrade date 200,907 securities payable ? 1,348 ? 995Accrued interestpayable and other 1,122,159 1,032,073 1,144,974 1,120,570 1,233,786 liabilitiesTotal liabilities 45,643,455 43,421,954 42,399,439 41,429,691 40,964,773 Shareholders? Equity:Preferred stock 412,500 412,500 412,500 412,500 412,500 Common stock 58,892 58,794 58,770 58,727 58,473 Surplus 1,685,572 1,674,062 1,669,002 1,663,008 1,649,990 Treasury stock (109,903 ) (109,903 ) (100,363 ) (100,363 ) (100,363 )Retained earnings 2,447,535 2,373,447 2,288,969 2,208,535 2,080,013 Accumulated other 10,133 10,104 15,382 comprehensive income 4,092 1,417Total shareholders? 4,498,688 4,410,317 4,339,011 4,252,511 4,115,995 equityTotal liabilitiesand shareholders? $ 50,142,143 $ 47,832,271 $ 46,738,450 $ 45,682,202 $ 45,080,768 equity



WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended Years Ended(In thousands, except Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,per share data) 2021 2021 2021 2021 2020 2021 2020Interest income Interest and fees on $ 289,140 $ 285,587 $ 284,701 $ 274,100 $ 280,185 $ 1,133,528 $ 1,157,249 loansMortgage loans 7,234 7,716 8,183 9,036 6,357 32,169 20,077 held-for-saleInterest-bearing 2,254 2,000 1,153 1,199 1,294 6,606 8,553 deposits with banksFederal funds soldand securities 173 ? ? ? ? 173 102 purchased underresale agreementsInvestment securities 27,210 25,189 23,623 19,264 18,243 95,286 99,634 Trading account 4 3 1 2 11 10 37 securitiesFederal Home LoanBank and Federal 1,776 1,777 1,769 1,745 1,775 7,067 6,891 Reserve Bank stockBrokerage customer 188 185 149 123 116 645 477 receivablesTotal interest income 327,979 322,457 319,579 305,469 307,981 1,275,484 1,293,020 Interest expense Interest on deposits 16,572 19,305 24,298 27,944 32,602 88,119 189,178 Interest on FederalHome Loan Bank 4,923 4,931 4,887 4,840 4,952 19,581 18,193 advancesInterest on other 2,250 2,501 2,568 2,609 2,779 9,928 12,773 borrowingsInterest on 5,514 5,480 5,512 5,477 5,509 21,983 21,961 subordinated notesInterest on juniorsubordinated 2,744 2,744 2,724 2,704 2,742 10,916 11,008 debenturesTotal interest 32,003 34,961 39,989 43,574 48,584 150,527 253,113 expenseNet interest income 295,976 287,496 279,590 261,895 259,397 1,124,957 1,039,907 Provision for credit 9,299 (7,916 ) (15,299 ) (45,347 ) 1,180 (59,263 ) 214,220 lossesNet interest incomeafter provision for 286,677 295,412 294,889 307,242 258,217 1,184,220 825,687 credit lossesNon-interest income Wealth management 32,489 31,531 30,690 29,309 26,802 124,019 100,336 Mortgage banking 53,138 55,794 50,584 113,494 86,819 273,010 346,013 Service charges on 14,734 14,149 13,249 12,036 11,841 54,168 45,023 deposit accounts(Losses) gains oninvestment (1,067 ) (2,431 ) 1,285 1,154 1,214 (1,059 ) (1,926 )securities, netFees from covered 1,128 1,157 1,388 ? ? 3,673 2,292 call optionsTrading gains 206 58 (438 ) 419 (102 ) 245 (1,004 )(losses), netOperating lease 14,204 12,807 12,240 14,440 12,118 53,691 47,604 income, netOther 18,935 23,409 20,375 15,654 19,669 78,373 65,851 Total non-interest 133,767 136,474 129,373 186,506 158,361 586,120 604,189 incomeNon-interest expense Salaries and employee 167,131 170,912 172,817 180,809 171,116 691,669 626,076 benefitsSoftware and 23,708 22,029 20,866 20,912 20,565 87,515 68,496 equipmentOperating leaseequipment 10,147 10,013 9,949 10,771 9,938 40,880 37,915 depreciationOccupancy, net 18,343 18,158 17,687 19,996 19,687 74,184 69,957 Data processing 7,207 7,104 6,920 6,048 5,728 27,279 30,196 Advertising and 13,981 13,443 11,305 8,546 9,850 47,275 36,296 marketingProfessional fees 7,551 7,052 7,304 7,587 6,530 29,494 27,426 Amortization of otheracquisition-related 1,811 1,877 2,039 2,007 2,634 7,734 11,018 intangible assetsFDIC insurance 7,317 6,750 6,405 6,558 7,016 27,030 25,004 OREO expense, net (641 ) (1,531 ) 769 (251 ) (114 ) (1,654 ) (921 )Other 26,844 26,337 24,051 23,906 28,917 101,138 108,632 Total non-interest 283,399 282,144 280,112 286,889 281,867 1,132,544 1,040,095 expenseIncome before taxes 137,045 149,742 144,150 206,859 134,711 637,796 389,781 Income tax expense 38,288 40,605 39,041 53,711 33,507 171,645 96,791 Net income $ 98,757 $ 109,137 $ 105,109 $ 153,148 $ 101,204 $ 466,151 $ 292,990 Preferred stock 6,991 6,991 6,991 6,991 6,991 27,964 21,377 dividendsNet income applicable $ 91,766 $ 102,146 $ 98,118 $ 146,157 $ 94,213 $ 438,187 $ 271,613 to common sharesNet income per common $ 1.61 $ 1.79 $ 1.72 $ 2.57 $ 1.64 $ 7.69 $ 4.72 share - BasicNet income per common $ 1.58 $ 1.77 $ 1.70 $ 2.54 $ 1.63 $ 7.58 $ 4.68 share - DilutedCash dividendsdeclared per common $ 0.31 $ 0.31 $ 0.31 $ 0.31 $ 0.28 $ 1.24 $ 1.12 shareWeighted averagecommon shares 57,022 57,000 57,049 56,904 57,309 56,994 57,523 outstandingDilutive potential 976 753 726 681 588 792 496 common sharesAverage common sharesand dilutive common 57,998 57,753 57,775 57,585 57,897 57,786 58,019 shares



TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

% Growth From ^(2) Sep Dec(Dollars in Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, 30, 31,thousands) 2021 2021 2021 2021 2020 2021 2020 ^(1)Balance: Mortgage loansheld-for-sale,excludingearly buy-outexercised $ $ 570,663 $ 633,006 $ 890,749 $ 927,307 (68 ) (49 )loans 473,102 % %guaranteed byU.S.GovernmentAgenciesMortgage loansheld-for-sale,early buy-outexercised loans 344,810 354,649 351,988 369,444 344,783 (11 ) ? guaranteed byU.S.GovernmentAgenciesTotal mortgage ) )loans $ 817,912 $ 925,312 $ 984,994 $ 1,260,193 $ 1,272,090 (46 % (36 %held-for-sale Core loans: Commercial Commercial and $ $ 4,953,769 $ 4,650,607 $ 4,630,795 $ 4,675,594 31 % 14 %industrial 5,346,084Asset-based 1,066,376 892,109 720,772 721,666 87 80 lending 1,299,869Municipal 524,192 511,094 493,417 474,103 9 13 536,498Leases 1,365,281 1,357,036 1,290,778 1,288,374 26 13 1,454,099Commercial real estateResidential 49,754 55,735 72,058 89,389 14 (42 )construction 51,464Commercial 1,038,034 1,090,447 1,040,631 1,041,729 (1 ) (1 )construction 1,034,988Land 255,927 239,067 240,635 240,684 21 12 269,752Office ^(3) 1,269,746 1,220,658 1,131,472 1,136,844 5 13 1,285,686Industrial ^ 1,490,358 1,434,377 1,152,522 1,129,433 25 40 (3) 1,585,808Retail ^(3) 1,462,101 1,455,638 1,198,025 1,224,403 (9 ) 17 1,429,567Multi-family ^ 2,038,526 1,984,582 1,739,521 1,649,801 1 24 (3) 2,043,754Mixed use and 1,281,268 1,197,865 1,969,915 1,981,849 2 (35 )other ^(3) 1,289,267Home equity 347,662 369,806 390,253 425,263 (14 ) (21 ) 335,155Residential real estateResidentialreal estate 1,528,889 1,485,952 1,376,465 1,214,744 22 33 loans for 1,614,392investmentResidentialmortgageloans, earlybuy-out eligible loans 22,707 18,847 44,333 45,508 44,854 81 (49 )guaranteed byU.S.GovernmentAgenciesTotal core $ 19,599,090 $ 18,690,730 $ 17,989,306 $ 17,492,767 $ 17,338,730 19 % 13 %loans Niche loans: Commercial Franchise $ $ 1,176,569 $ 1,060,468 $ 1,128,493 $ 1,023,027 17 % 20 % 1,227,234Mortgagewarehouse 468,162 529,867 587,868 567,389 (92 ) (37 )lines of 359,818creditCommunityAdvantage - 291,153 287,689 272,222 267,374 23 15 homeowners 308,286associationInsurance 260,482 273,999 290,880 222,519 843 266 agency lending 813,897PremiumFinance receivablesU.S. commercial 4,178,474 3,921,289 3,805,504 3,342,730 3,438,087 26 22 insuranceCanada commercial 677,013 695,688 716,367 615,813 616,402 (11 ) 10 insuranceLife insurance 6,655,453 6,359,556 6,111,495 5,857,436 23 20 7,042,810Consumer and 22,529 9,024 35,983 32,188 29 (25 )other 24,199Total niche $ 14,631,731 $ 13,491,325 $ 13,042,474 $ 12,385,484 $ 12,024,422 34 % 22 %loans Commercial PPP loans:Originated in $ $ 172,849 $ 656,502 $ 2,049,342 $ 2,715,921 NM (97 )2020 74,412 %Originated in 909,139 1,222,905 1,243,640 ? NM 100 2021 483,871Total )commercial PPP $ 558,283 $ 1,081,988 $ 1,879,407 $ 3,292,982 $ 2,715,921 NM (79 %loans Total loans,net of $ 34,789,104 $ 33,264,043 $ 32,911,187 $ 33,171,233 $ 32,079,073 18 % 8 %unearnedincome

(1) Annualized.(2)NM - Not meaningful.(3)As a result of a review of the composition of borrowers within the mixed use and other loan portfolio, the Company identified certain loans that would be more precisely classified within a separate class of non-construction commercial real estate. This change in classification was based on related collateral and source of repayment of the underlying loan. Balances within such categories were also updated as of September 30, 2021 and June 30, 2021 in the table above for comparison purposes.



TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

% Growth From(Dollars in Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Sep30, Decthousands) 2021 2021 2021 2021 2020 2021^ 31, (1) 2020Balance: Non-interest-bearing $ 14,179,980 $ 13,255,417 $ 12,796,110 $ 12,297,337 $ 11,748,455 28 % 21 %NOW and interest-bearing 4,158,871 3,769,825 3,625,538 3,562,312 3,349,021 41 24 demand depositsWealth management 4,177,820 4,399,303 4,274,527 4,138,712 30 9 deposits ^(2) 4,491,795Money market 10,757,654 9,843,390 9,236,434 9,348,806 26 22 11,449,469Savings 3,861,296 3,776,400 3,690,892 3,531,029 (2 ) 9 3,846,681Time certificates of 4,130,546 4,363,875 4,811,150 4,976,628 (16 ) (20 )deposit 3,968,789Total deposits $ 42,095,585 $ 39,952,558 $ 38,804,616 $ 37,872,652 $ 37,092,651 21 % 13 %Mix: Non-interest-bearing 34 % 33 % 33 % 32 % 32 % NOW andinterest-bearing 10 9 9 9 9 demand depositsWealth management 11 11 11 11 11 deposits ^(2)Money market 27 27 25 25 25 Savings 9 10 10 10 10 Time certificates of 9 10 12 13 13 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 December31, 2021

Weighted-Average(Dollars Total Time Rate of Maturingin Certificatesof Timethousands) Deposit Certificates of Deposit ^(1)1-3 months $ 0.52 % 838,3214-6 months 0.38 686,1267-9 months 0.39 677,00310-12 0.41 months 613,64413-18 0.47 months 601,46419-24 0.48 months 293,94524+ months 0.52 258,286Total $ 0.45 % 3,968,789

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



TABLE 4: QUARTERLY AVERAGE BALANCES

Average Balance for three months ended, Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In thousands) 2021 2021 2021 2021 2020 Interest-bearingdeposits with banks,securities purchased $ $ 5,112,720 $ 3,844,355 $ 4,230,886 $ 4,381,040 under resale 6,148,165agreements and cashequivalents ^(1)Investment 5,065,593 4,771,403 3,944,676 3,534,594 securities ^(2) 5,317,351FHLB and FRB stock 136,001 136,324 135,758 135,569 135,414Liquidity management 10,314,314 8,752,082 8,311,320 8,051,203 assets ^(3) 11,600,930Other earning assets 28,238 23,354 20,370 18,716 ^(3)(4) 28,298Mortgage loans 871,824 991,011 1,151,848 893,395 held-for-sale 827,672Loans, net of unearned income ^(3) 33,677,777 32,985,445 33,085,174 32,442,927 31,783,279 (5)Total earning assets 44,199,821 42,851,621 41,926,465 40,746,593 ^(3) 46,134,677Allowance for loan and investment (254,874 ) (269,963 ) (285,686 ) (327,080 ) (336,139 )security lossesCash and due from 425,000 470,566 366,413 344,536 banks 468,331Other assets 2,837,652 2,910,250 3,022,935 3,055,015 2,770,643Total assets $ $ 47,192,510 $ 45,946,751 $ 44,988,733 $ 43,810,005 49,118,777 NOW and interest-bearing $ 3,962,739 $ 3,757,677 $ 3,626,424 $ 3,493,451 $ 3,320,527 demand depositsWealth management 4,672,402 4,369,998 4,156,398 4,066,948 deposits 4,514,319Money market 10,027,424 9,547,167 9,335,920 9,435,344 accounts 11,274,230Savings accounts 3,851,523 3,728,271 3,587,566 3,413,388 3,766,037Time deposits 4,236,317 4,632,796 4,875,392 5,043,558 4,058,282Interest-bearing 26,545,343 25,904,656 25,448,727 25,279,765 deposits 27,575,607Federal Home Loan 1,241,073 1,235,142 1,228,433 1,228,425 Bank advances 1,241,073Other borrowings 512,785 525,924 518,188 510,725 501,933Subordinated notes 436,746 436,644 436,532 436,433 436,861Junior subordinated 253,566 253,566 253,566 253,566 debentures 253,566Total interest-bearing 30,009,040 28,989,513 28,355,932 27,885,446 27,708,914 liabilitiesNon-interest-bearing 12,834,084 12,246,274 11,811,194 10,874,912 deposits 13,640,270Other liabilities 1,024,998 1,087,767 1,127,203 1,175,893 1,035,514Equity 4,343,915 4,256,778 4,164,890 4,050,286 4,433,953Total liabilities and shareholders? $ 49,118,777 $ 47,192,510 $ 45,946,751 $ 44,988,733 $ 43,810,005 equity Net free funds/ $ $ 15,210,308 $ 14,495,689 $ 14,041,019 $ 13,037,679 contribution ^(6) 16,125,637

(1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.(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, Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In thousands) 2021 2021 2021 2021 2020 Interest income: Interest-bearingdeposits withbanks, securitiespurchased under $ 2,427 $ 2,000 $ 1,153 $ 1,199 $ 1,294 resale agreementsand cashequivalentsInvestment 27,696 25,681 24,117 19,764 18,773 securitiesFHLB and FRB stock 1,776 1,777 1,769 1,745 1,775 Liquiditymanagement assets 31,899 29,458 27,039 22,708 21,842 ^(1)Other earning 188 150 125 130 assets ^(1) 194Mortgage loans 7,234 7,716 8,183 9,036 6,357 held-for-saleLoans, net ofunearned income ^ 289,557 285,998 285,116 274,484 280,509 (1)Total interest $ 328,884 $ 323,360 $ 320,488 $ 306,353 $ 308,838 income Interest expense: NOW andinterest-bearing $ 774 $ 767 $ 736 $ 901 $ 1,074 demand depositsWealth management 7,595 7,888 7,686 7,351 7,436 depositsMoney market 2,604 2,342 2,795 2,865 3,740 accountsSavings accounts 406 402 430 773 345Time deposits 5,254 7,902 12,679 16,397 19,579 Interest-bearing 16,572 19,305 24,298 27,944 32,602 depositsFederal Home Loan 4,923 4,931 4,887 4,840 4,952 Bank advancesOther borrowings 2,250 2,501 2,568 2,609 2,779 Subordinated notes 5,514 5,480 5,512 5,477 5,509 Juniorsubordinated 2,744 2,744 2,724 2,704 2,742 debenturesTotal interest $ 32,003 $ 34,961 $ 39,989 $ 43,574 $ 48,584 expense Less: Fully taxable-equivalent (905 ) (903 ) (909 ) (884 ) (857 )adjustmentNet interest 295,976 287,496 279,590 261,895 259,397 income (GAAP) ^(2)Fully taxable-equivalent 905 903 909 884 857 adjustmentNet interestincome, fully $ 296,881 $ 288,399 $ 280,499 $ 262,779 $ 260,254 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, Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, 2021 2021 2021 2021 2020Yield earned on: Interest-bearingdeposits withbanks, securities purchased under 0.16 % 0.16 % 0.12 % 0.11 % 0.12 %resale agreementsand cashequivalentsInvestment 2.07 2.01 2.03 2.03 2.11 securitiesFHLB and FRB stock 5.20 5.18 5.20 5.21 5.21 Liquidity 1.09 1.13 1.24 1.11 1.08 management assetsOther earning 2.71 2.64 2.59 2.50 2.79 assetsMortgage loans 3.47 3.51 3.31 3.18 2.83 held-for-saleLoans, net of 3.41 3.44 3.46 3.43 3.51 unearned incomeTotal earning % 2.90 % 3.00 % 2.96 % 3.02 %assets 2.83 Rate paid on: NOW and interest-bearing 0.08 % 0.08 % 0.08 % 0.10 % 0.13 %demand depositsWealth management 0.67 0.67 0.71 0.72 0.73 depositsMoney market 0.09 0.09 0.12 0.12 0.16 accountsSavings accounts 0.04 0.04 0.04 0.05 0.09 Time deposits 0.51 0.74 1.10 1.36 1.54 Interest-bearing 0.24 0.29 0.38 0.45 0.51 depositsFederal Home Loan 1.57 1.58 1.59 1.60 1.60 Bank advancesOther borrowings 1.78 1.94 1.96 2.04 2.16 Subordinated notes 5.05 5.02 5.05 5.02 5.05 Juniorsubordinated 4.23 4.23 4.25 4.27 4.23 debenturesTotal interest-bearing 0.42 % 0.48 % 0.56 % 0.63 % 0.70 %liabilities Interest rate % 2.42 % 2.44 % 2.33 % 2.32 %spread^ (1)(2) 2.41Less: Fullytaxable-equivalent (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 )adjustmentNet free funds/ 0.14 0.17 0.19 0.21 0.22 contribution^ (3)Net interest 2.54 % 2.58 % 2.62 % 2.53 % 2.53 %margin (GAAP)^ (2)Fullytaxable-equivalent 0.01 0.01 0.01 0.01 0.01 adjustmentNet interestmargin, fully 2.55 % 2.59 % 2.63 % 2.54 % 2.54 %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 years ended, for years ended, for years ended,(Dollars in Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,thousands) 2021 2020 2021 2020 2021 2020Interest-bearingdeposits with banks,securities purchased $ $ 3,117,075 $ $ 8,655 0.14 % 0.28 %under resale 4,840,048 6,779agreements and cashequivalents ^(1)Investment 4,101,136 101,799 2.03 2.48 securities ^(2) 4,779,313 97,258FHLB and FRB stock 130,360 6,891 5.20 5.29 135,873 7,067Liquidity management $ $ 7,348,571 $ 111,104 $ 117,345 1.14 % 1.60 %assets ^(3)(4) 9,755,234Other earning assets 17,863 523 2.62 2.94 ^(3)(4)(5) 25,096 657Mortgage loans 707,147 20,077 3.35 2.84 held-for-sale 959,457 32,169Loans, net of unearned income ^(3) 33,051,043 30,181,204 1,135,155 1,159,490 3.43 3.84 (4)(6)Total earning assets $ 43,790,830 $ 38,254,785 $ 1,279,085 $ 1,297,435 2.92 % 3.39 %^(4)Allowance for loan and investment (284,163 ) (264,516 ) security lossesCash and due from 341,116 banks 432,836Other assets 3,039,954 2,884,548Total assets $ 46,824,051 $ 41,371,339 NOW and interest-bearing $ 3,711,489 $ 3,298,554 $ 3,178 $ 7,642 0.09 % 0.23 %demand depositsWealth management 3,882,975 29,277 0.69 0.75 deposits 4,429,929 30,520Money market 8,874,488 46,488 0.11 0.52 accounts 10,051,444 10,606Savings accounts 3,354,662 12,507 0.04 0.37 3,734,162 1,583Time deposits 5,142,938 93,264 0.95 1.81 4,447,871 42,232Interest-bearing $ 26,374,895 $ 24,553,617 $ 88,119 $ 189,178 0.33 % 0.77 %depositsFederal Home Loan 1,156,106 18,193 1.58 1.57 Bank advances 1,236,478 19,581Other borrowings 496,693 12,773 1.93 2.57 514,657 9,928Subordinated notes 436,275 21,961 5.03 5.03 436,697 21,983Junior subordinated 253,566 11,008 4.25 4.27 debentures 253,566 10,916Totalinterest-bearing $ 28,816,293 $ 26,896,257 $ 150,527 $ 253,113 0.52 % 0.94 %liabilitiesNon-interest-bearing 9,432,090 deposits 12,638,518Other liabilities 1,116,304 1,068,498Equity 3,926,688 4,300,742Total liabilitiesand shareholders? $ 46,824,051 $ 41,371,339 equityInterest rate spread 2.40 % 2.45 %^(4)(7)Less: Fully taxable-equivalent (3,601 ) (4,415 ) (0.01 ) (0.01 )adjustmentNet free funds/ $ 14,974,537 $ 11,358,528 0.18 0.28 contribution ^(8)Net interest income/ $ 1,124,957 $ 1,039,907 2.57 % 2.72 %margin (GAAP)^ (4)Fully taxable-equivalent 3,601 4,415 0.01 0.01 adjustmentNet interest income/margin, fully $ 1,128,558 $ 1,044,322 2.58 % 2.73 %taxable-equivalent(non-GAAP) ^(4)

(1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.(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 the 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 measure/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:

Static +200 +100 -100Shock Basis Basis BasisScenario Points Points PointsDec 31, % % )2021 25.3 12.4 (8.5 %Sep 30, 24.3 11.5 (7.8 )2021Jun 30, 24.6 11.7 (6.9 )2021Mar 31, 22.0 10.2 (7.2 )2021Dec 31, 25.0 11.6 (7.9 )2020



Ramp +200 +100 -100Scenario Basis Basis Basis Points Points PointsDec 31, % % )%2021 13.9 6.9 (5.6Sep 30, 10.8 5.4 (3.8 )2021Jun 30, 11.4 5.8 (3.3 )2021Mar 31, 10.7 5.4 (3.6 )2021Dec 31, 11.4 5.7 (3.3 )2020



TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

Loans repricing or maturity period As ofDecember One year or From one to five 31, 2021 less years Over five years(In Totalthousands)Commercial Fixed rate $ 536,782 $ 2,092,006 $ 1,330,518 $ 3,959,306Fixed Rate 40,533 517,750 558,283- PPP ?Variable 7,383,214 7,386,479rate 3,207 58Total $ 7,960,529 $ 2,612,963 $ 1,330,576 $ 11,904,068commercialCommercial real estateFixed rate 518,488 2,376,629 525,173 3,420,290Variable 5,550,141 19,855 5,569,996rate ?Totalcommercial $ 6,068,629 $ 2,396,484 $ 525,173 $ 8,990,286real estateHome equity Fixed rate 14,896 17,997 3,059 42Variable 317,158 317,158rate ? ?Total home $ 332,054 $ 3,059 $ $ 335,155equity 42Residential real estateFixed rate 17,812 897,316 920,962 5,834Variable 58,968 237,706 419,463 716,137rateTotalresidential $ 76,780 $ 243,540 $ 1,316,779 $ 1,637,099real estatePremiumfinancereceivables -commercialFixed rate 4,677,500 177,987 4,855,487 ?Variable rate ? ? ? ?Totalpremiumfinance $ 4,677,500 $ 177,987 $ ? $ 4,855,487receivables-commercialPremiumfinancereceivables - lifeinsuranceFixed rate 474,465 21,727 504,771 8,579Variable 6,538,039 6,538,039rate ? ?Totalpremiumfinance $ 6,546,618 $ 474,465 $ 21,727 $ 7,042,810receivables- lifeinsuranceConsumer and otherFixed rate 4,094 5,004 656 9,754Variable 14,445 14,445rate ? ?Totalconsumer $ 18,539 $ 5,004 $ 656 $ 24,199and other Total per categoryFixed rate 5,778,151 5,134,984 2,775,432 13,688,567Fixed rate 40,533 517,750 558,283- PPP ?Variable 19,861,965 260,768 419,521 20,542,254rateTotalloans, net $ 25,680,649 $ 5,913,502 $ 3,194,953 $ 34,789,104of unearnedincome VariableRate Loan Pricing byIndex:Prime $ 3,273,915One- month 8,848,709LIBORThree- 285,441month LIBORTwelve- 6,677,139month LIBORU.S.Treasury 107,037tenorsSOFR tenors 598,904Thirty-Day 89,832AmeriborOther 661,277Totalvariable $ 20,542,254rate

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

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/a9f90280-1a99-476a-b4f8-435648696df0

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 $8.8 billion of variable rate loans tied to one-month LIBOR and $6.7 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 LIBORFourth Quarter 2021 0 bps 2 bps 34 bpsThird Quarter 2021 0 -2 -1 Second Quarter 2021 0 -1 -3 First Quarter 2021 0 -3 -6 Fourth Quarter 2020 0 -1 -2



TABLE 10: ALLOWANCE FOR CREDIT LOSSES

Three Months Ended Years Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,(Dollars in 2021 2021 2021 2021 2020 2021 2020 thousands)Allowance forcredit losses at $ 296,138 $ 304,121 $ 321,308 $ 379,969 $ 388,971 $ 379,969 $ 158,461 beginning of periodCumulative effectadjustment from the ? ? ? ? ? ? 47,418 adoption of ASU2016-13Provision for 9,299 (7,916 ) (15,299 ) (45,347 ) 1,180 (59,263 ) 214,220 credit lossesInitial allowancefor credit lossesrecognized on PCD 470 ? ? ? ? 470 ? assets acquiredduring the period ^(1)Other adjustments 5 (65 ) 34 31 155 5 179 Charge-offs: Commercial 4,431 1,352 3,237 11,781 5,184 20,801 18,293 Commercial real 495 406 1,412 980 6,637 3,293 15,960 estateHome equity 135 59 142 ? 683 336 2,061 Residential real 1,067 10 3 2 114 1,082 891 estatePremium finance 2,314 1,390 2,077 3,239 4,214 9,020 15,472 receivablesConsumer and other 157 112 104 114 198 487 528 Total charge-offs 8,599 3,329 6,975 16,116 17,030 35,019 53,205 Recoveries: Commercial 389 816 902 452 4,168 2,559 5,092 Commercial real 217 373 514 200 904 1,304 1,835 estateHome equity 461 313 328 101 77 1,203 528 Residential real 85 5 36 204 69 330 184 estatePremium finance 1,240 1,728 3,239 1,782 1,445 7,989 5,108 receivablesConsumer and other 26 92 34 32 30 184 149 Total recoveries 2,418 3,327 5,053 2,771 6,693 13,569 12,896 Net charge-offs (6,181 ) (2 ) (1,922 ) (13,345 ) (10,337 ) (21,450 ) (40,309 )Allowance forcredit losses at $ 299,731 $ 296,138 $ 304,121 $ 321,308 $ 379,969 $ 299,731 $ 379,969 period end Annualized net charge-offs (recoveries) by category as a percentage of its own respective category?saverage:Commercial 0.14 % 0.02 % 0.08 % 0.37 % 0.03 % 0.16 % 0.12 %Commercial real 0.01 0.00 0.04 0.04 0.27 0.02 0.17 estateHome equity (0.38 ) (0.28 ) (0.20 ) (0.10 ) 0.55 (0.23 ) 0.33 Residential real 0.25 0.00 (0.01 ) (0.06 ) 0.02 0.05 0.06 estatePremium finance 0.04 (0.01 ) (0.04 ) 0.06 0.11 0.01 0.11 receivablesConsumer and other 0.95 0.26 0.69 0.57 0.78 0.66 0.52 Total loans, net of 0.07 % 0.00 % 0.02 % 0.17 % 0.13 % 0.06 % 0.13 %unearned income Loans at period end $ 34,789,104 $ 33,264,043 $ 32,911,187 $ 33,171,233 $ 32,079,073 Allowance for loanlosses as a 0.71 % 0.75 % 0.79 % 0.84 % 1.00 % percentage of loansat period endAllowance for loanand unfundedlending-related 0.86 0.89 0.92 0.97 1.18 commitment lossesas a percentage ofloans at period endAllowance for loanand unfundedlending-relatedcommitment losses 0.88 0.92 0.98 1.08 1.29 as a percentage ofloans at periodend, excluding PPPloans

(1)The initial allowance for credit losses on purchased credit deteriorated (PCD) loans acquired during the period measured approximately $2.8 million, of which approximately $2.3 million was charged-off related to PCD loans that met the Companys charge-off policy at the time of acquisition. After considering these loans that were immediately charged-off, the net impact of PCD allowance for credit losses at the acquisition date was approximately $470,000.



TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

Three Months Ended Years Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,(In thousands) 2021 2021 2021 2021 2020 2021 2020 Provision for loan $ 4,929 $ (12,410 ) $ (14,731 ) $ (28,351 ) $ 3,597 $ (50,563 ) $ 188,493 lossesProvision forunfunded 4,375 4,501 (558 ) (17,035 ) (2,413 ) (8,717 ) 25,742 lending-relatedcommitments lossesProvision for held-to-maturity (5 ) (7 ) (10 ) 39 (4 ) 17 (15 )securities lossesProvision for $ 9,299 $ (7,916 ) $ (15,299 ) $ (45,347 ) $ 1,180 $ (59,263 ) $ 214,220 credit losses Allowance for loan $ 247,835 $ 248,612 $ 261,089 $ 277,709 $ 319,374 lossesAllowance forunfunded 51,818 47,443 42,942 43,500 60,536 lending-relatedcommitments lossesAllowance for loanlosses and unfunded 299,653 296,055 304,031 321,209 379,910 lending-relatedcommitments lossesAllowance forheld-to-maturity 78 83 90 99 59 securities lossesAllowance for $ 299,731 $ 296,138 $ 304,121 $ 321,308 $ 379,969 credit 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 December31, 2021, September30, 2021, and June30, 2021.

As of Dec 31, 2021 As of Sep 30, 2021 As of Jun 30, 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 $ 11,345,785 $ 119,305 1.05 % $ 10,105,984 $ 109,780 1.09 % $ 9,562,869 $ 98,505 1.03 %other, excludingPPP loansCommercial PPP 558,283 2 0.00 1,081,988 2 0.00 1,879,407 2 0.00 loansCommercial real estate:Construction and 1,356,204 35,206 2.60 1,343,715 34,101 2.54 1,385,249 38,550 2.78 developmentNon-construction 7,634,082 109,377 1.43 7,541,999 105,934 1.40 7,293,120 119,972 1.65 Home equity 335,155 10,699 3.19 347,662 10,939 3.15 369,806 11,207 3.03 Residential real 1,637,099 8,782 0.54 1,547,736 16,272 1.05 1,530,285 15,684 1.02 estatePremium finance receivablesCommercial 4,855,487 15,246 0.31 4,616,977 17,996 0.39 4,521,871 19,346 0.43 insurance loansLife insurance 7,042,810 613 0.01 6,655,453 579 0.01 6,359,556 553 0.01 loansConsumer and 24,199 423 1.75 22,529 452 2.01 9,024 212 2.35 otherTotal loans, netof unearned $ 34,789,104 $ 299,653 0.86 % $ 33,264,043 $ 296,055 0.89 % $ 32,911,187 $ 304,031 0.92 %incomeTotal loans, netof unearnedincome, $ 34,230,821 $ 299,651 0.88 % $ 32,182,055 $ 296,053 0.92 % $ 31,031,780 $ 304,029 0.98 %excluding PPPloans Total core loans $ 19,599,090 $ 260,511 1.33 % $ 18,690,730 $ 257,788 1.38 % $ 17,989,306 $ 267,999 1.49 %^(1)Total niche 14,631,731 39,140 0.27 13,491,325 38,265 0.28 13,042,474 36,030 0.28 loans ^(1)Total PPP loans 558,283 2 0.00 1,081,988 2 0.00 1,879,407 2 0.00

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



TABLE 13: LOAN PORTFOLIO AGING

(Dollars in Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020thousands)Loan Balances:Commercial Nonaccrual $ 20,399 $ 26,468 $ 23,232 $ 22,459 $ 21,74390+ daysand still 15 ? 1,244 ? 307accruing60-89 days 24,262 9,768 5,204 13,292 6,900past due30-59 days 43,861 25,224 18,478 35,541 44,381past dueCurrent 11,815,531 11,126,512 11,394,118 12,636,915 11,882,636Total $ 11,904,068 $ 11,187,972 $ 11,442,276 $ 12,708,207 $ 11,955,967commercialCommercial real estateNonaccrual $ 21,746 $ 23,706 $ 26,035 $ 34,380 $ 46,10790+ daysand still ? ? ? ? ?accruing60-89 days 284 5,395 4,382 8,156 5,178past due30-59 days 40,443 79,818 19,698 70,168 32,116past dueCurrent 8,927,813 8,776,795 8,628,254 8,432,075 8,410,731Totalcommercial $ 8,990,286 $ 8,885,714 $ 8,678,369 $ 8,544,779 $ 8,494,132real estateHome equity Nonaccrual $ 2,574 $ 3,449 $ 3,478 $ 5,536 $ 6,52990+ daysand still ? 164 ? ? ?accruing60-89 days ? 340 301 492 47past due30-59 days 1,120 867 777 780 637past dueCurrent 331,461 342,842 365,250 383,445 418,050Total home $ 335,155 $ 347,662 $ 369,806 $ 390,253 $ 425,263equityResidential real estateNonaccrual $ 16,440 $ 22,633 $ 23,050 $ 21,553 $ 26,07190+ daysand still ? ? ? ? ?accruing60-89 days 982 1,540 1,584 944 1,635past due30-59 days 12,420 1,076 2,139 13,768 12,584past dueCurrent 1,607,257 1,522,487 1,503,512 1,385,708 1,219,308Totalresidential $ 1,637,099 $ 1,547,736 $ 1,530,285 $ 1,421,973 $ 1,259,598real estatePremiumfinance receivablesNonaccrual $ 5,433 $ 7,300 $ 6,418 $ 9,690 $ 13,26490+ daysand still 7,217 5,811 3,570 4,783 12,792accruing60-89 days 28,104 15,804 7,759 5,113 27,801past due30-59 days 89,070 21,654 32,758 31,373 49,274past dueCurrent 11,768,473 11,221,861 10,830,922 10,019,079 9,808,794Totalpremium $ 11,898,297 $ 11,272,430 $ 10,881,427 $ 10,070,038 $ 9,911,925financereceivablesConsumer and otherNonaccrual $ 477 $ 384 $ 485 $ 497 $ 43690+ daysand still 137 126 178 161 264accruing60-89 days 34 16 22 8 24past due30-59 days 509 125 75 74 136past dueCurrent 23,042 21,878 8,264 35,243 31,328Totalconsumer $ 24,199 $ 22,529 $ 9,024 $ 35,983 $ 32,188and otherTotalloans, net of unearnedincomeNonaccrual $ 67,069 $ 83,940 $ 82,698 $ 94,115 $ 114,15090+ daysand still 7,369 6,101 4,992 4,944 13,363accruing60-89 days 53,666 32,863 19,252 28,005 41,585past due30-59 days 187,423 128,764 73,925 151,704 139,128past dueCurrent 34,473,577 33,012,375 32,730,320 32,892,465 31,770,847Totalloans, net $ 34,789,104 $ 33,264,043 $ 32,911,187 $ 33,171,233 $ 32,079,073of unearnedincome



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

Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(Dollars in 2021 2021 2021 2021 2020 thousands)Loans past duegreater than 90 days and stillaccruing ^(1):Commercial $ 15 $ ? $ 1,244 $ ? $ 307 Commercial real ? ? ? ? ? estateHome equity ? 164 ? ? ? Residential ? ? ? ? ? real estatePremium finance 7,217 5,811 3,570 4,783 12,792 receivablesConsumer and 137 126 178 161 264 otherTotal loanspast duegreater than 90 7,369 6,101 4,992 4,944 13,363 days and stillaccruingNon-accrual loans:Commercial 20,399 26,468 23,232 22,459 21,743 Commercial real 21,746 23,706 26,035 34,380 46,107 estateHome equity 2,574 3,449 3,478 5,536 6,529 Residential 16,440 22,633 23,050 21,553 26,071 real estatePremium finance 5,433 7,300 6,418 9,690 13,264 receivablesConsumer and 477 384 485 497 436 otherTotalnon-accrual 67,069 83,940 82,698 94,115 114,150 loansTotalnon-performing loans:Commercial 20,414 26,468 24,476 22,459 22,050 Commercial real 21,746 23,706 26,035 34,380 46,107 estateHome equity 2,574 3,613 3,478 5,536 6,529 Residential 16,440 22,633 23,050 21,553 26,071 real estatePremium finance 12,650 13,111 9,988 14,473 26,056 receivablesConsumer and 614 510 663 658 700 otherTotalnon-performing $ 74,438 $ 90,041 $ 87,690 $ 99,059 $ 127,513 loansOther real 1,959 9,934 10,510 8,679 9,711 estate ownedOther realestate owned - 2,312 3,911 5,062 7,134 6,847 fromacquisitionsOtherrepossessed ? ? ? ? ? assetsTotalnon-performing $ 78,709 $ 103,886 $ 103,262 $ 114,872 $ 144,071 assetsAccruing TDRsnot includedwithin $ 37,486 $ 38,468 $ 44,019 $ 46,151 $ 47,023 non-performingassetsTotalnon-performingloans bycategory as apercent of its own respectivecategory?speriod-endbalance:Commercial 0.17 % 0.24 % 0.21 % 0.18 % 0.18 %Commercial real 0.24 0.27 0.30 0.40 0.54 estateHome equity 0.77 1.04 0.94 1.42 1.54 Residential 1.00 1.46 1.51 1.52 2.07 real estatePremium finance 0.11 0.12 0.09 0.14 0.26 receivablesConsumer and 2.54 2.26 7.35 1.83 2.17 otherTotal loans,net of unearned 0.21 % 0.27 % 0.27 % 0.30 % 0.40 %incomeTotalnon-performingassets as a 0.16 % 0.22 % 0.22 % 0.25 % 0.32 %percentage oftotal assetsAllowance forloan losses andunfundedlending-relatedcommitments 446.78 % 352.70 % 367.64 % 341.29 % 332.82 %losses as apercentage ofnon-accrualloans

(1) As of December31, 2021, September30, 2021, and June30, 2021, approximately $320,000, $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, and December31, 2020 were past due greater than 90 days and still accruing interest.



Non-performing Loans Rollforward

Three Months Ended Years Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,(In thousands) 2021 2021 2021 2021 2020 2021 2020 Balance atbeginning of $ 90,041 $ 87,690 $ 99,059 $ 127,513 $ 173,103 $ 127,513 $ 117,588 periodAdditions frombecomingnon-performing 9,341 12,762 9,894 13,224 38,848 85,993 in the 6,851respectiveperiodAdditions from the adoption ? ? ? ? ? ? 37,285 of ASU 2016-13Return toperforming (6,616 ) (3,322 ) ? (654 ) (1,000 ) (10,592 ) (10,254 )statusPayments (13,212 ) (5,568 ) (12,312 ) (22,731 ) (30,146 ) (53,823 ) (53,029 )receivedTransfer toOREO and other ) (720 ) (3,660 ) (1,372 ) (12,662 ) ) (14,557 )repossessed (275 (6,027assetsCharge-offs, (5,167 ) (548 ) (4,684 ) (2,952 ) (7,817 ) (13,351 ) (29,835 )netNet change for niche loans ^ 2,816 3,168 (3,475 ) (10,639 ) (7,189 ) (8,130 ) (5,678 )(1)Balance at end $ 74,438 $ 90,041 $ 87,690 $ 99,059 $ 127,513 $ 74,438 $ 127,513 of period

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



TDRs

Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In 2021 2021 2021 2021 2020thousands)Accruing TDRs:Commercial $ $ 4,532 $ 6,911 $ 7,536 $ 7,699 4,131Commercial 8,385 9,659 9,478 10,549real estate 8,421Residential real estate 24,934 25,551 27,449 29,137 28,775and otherTotal $ 37,486 $ 38,468 $ 44,019 $ 46,151 $ 47,023accrualNon-accrual TDRs: ^(1)Commercial $ $ 3,079 $ 4,104 $ 5,583 $ 10,491 6,746Commercial 3,239 3,434 1,309 6,177real estate 2,050Residential real estate 3,027 3,685 4,190 3,540 4,501and otherTotal $ 11,823 $ 10,003 $ 11,728 $ 10,432 $ 21,169non-accrualTotal TDRs: Commercial $ 10,877 $ 7,611 $ 11,015 $ 13,119 $ 18,190Commercial 11,624 13,093 10,787 16,726real estate 10,471Residential real estate 27,961 29,236 31,639 32,677 33,276and otherTotal TDRs $ 49,309 $ 48,471 $ 55,747 $ 56,583 $ 68,192

(1)Included in total non-performing loans.



Other Real Estate Owned

Three Months Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,(In 2021 2021 2021 2021 2020 thousands)Balance atbeginning of $ 13,845 $ 15,572 $ 15,813 $ 16,558 $ 9,217 periodDisposals/ (9,664 ) (1,949 ) (3,152 ) (2,162 ) (3,839 )resolvedTransfers inat fair 315 3,660 1,587 11,508 value, less 275costs to sellFair value ) (93 ) (749 ) (170 ) (328 )adjustments (185Balance at $ 4,271 $ 13,845 $ 15,572 $ 15,813 $ 16,558 end of period Period End Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Balance byProperty 2021 2021 2021 2021 2020 Type:Residential $ 1,310 $ 1,592 $ 1,952 $ 2,713 $ 2,324 real estateResidential real estate ? 934 1,030 1,287 1,691 developmentCommercial 2,961 11,319 12,590 11,813 12,543 real estateTotal $ 4,271 $ 13,845 $ 15,572 $ 15,813 $ 16,558



TABLE 15: NON-INTEREST INCOME

Three Months Ended Q4 2021 compared to Q4 2021 compared to Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Q3 2021 Q4 2020(Dollars in 2021 2021 2021 2021 2020 $ Change % $ Change %thousands) Change ChangeBrokerage $ 5,292 $ 5,230 $ 5,148 $ 5,040 $ 4,740 $ 62 1 % $ 552 12 %Trust and asset 27,197 26,301 25,542 24,269 22,062 896 3 5,135 23 managementTotal wealth 32,489 31,531 30,690 29,309 26,802 958 3 5,687 21 managementMortgage banking 53,138 55,794 50,584 113,494 86,819 (2,656 ) (5 ) (33,681 ) (39 )Service chargeson deposit 14,734 14,149 13,249 12,036 11,841 585 4 2,893 24 accounts(Losses) gainson investment (1,067 ) (2,431 ) 1,285 1,154 1,214 1,364 56 (2,281 ) NM securities, netFees fromcovered call 1,128 1,157 1,388 ? ? (29 ) (3 ) 1,128 NM optionsTrading gains 206 58 (438 ) 419 (102 ) 148 NM 308 NM (losses), netOperating lease 14,204 12,807 12,240 14,440 12,118 1,397 11 2,086 17 income, netOther: Interest rate 3,526 4,868 2,820 2,488 4,930 (1,342 ) (28 ) (1,404 ) (28 )swap feesBOLI 1,192 2,154 1,342 1,124 2,846 (962 ) (45 ) (1,654 ) (58 )Administrative 1,846 1,359 1,228 1,256 1,263 487 36 583 46 servicesForeign currencyremeasurement 111 77 (782 ) 99 (208 ) 34 44 319 NM gains (losses)Early pay-offsof capital 249 209 195 (52 ) 118 40 19 131 NM leasesMiscellaneous 12,011 14,742 15,572 10,739 10,720 (2,731 ) (19 ) 1,291 12 Total Other 18,935 23,409 20,375 15,654 19,669 (4,474 ) (19 ) (734 ) (4 )TotalNon-Interest $ 133,767 $ 136,474 $ 129,373 $ 186,506 $ 158,361 $ (2,707 ) (2 )% $ (24,594 ) (16 )%Income

NM - Not meaningful.



Years Ended Dec 31, Dec 31, $ %(Dollars in 2021 2020 Change Changethousands)Brokerage $ 20,710 $ 18,731 $ 1,979 11 %Trust andasset 103,309 81,605 21,704 27 managementTotal wealth 124,019 100,336 23,683 24 managementMortgage 273,010 346,013 (73,003 ) (21 )bankingServicecharges on 54,168 45,023 9,145 20 depositaccountsLosses oninvestment (1,059 ) (1,926 ) 867 45 securities,netFees fromcovered call 3,673 2,292 1,381 60 optionsTrading gains (1,004 ) 1,249 NM (losses), net 245Operatinglease income, 53,691 47,604 6,087 13 netOther: Interest rate 13,702 20,718 (7,016 ) (34 )swap feesBOLI 5,812 4,730 1,082 23 Administrative 5,689 4,385 1,304 30 servicesForeigncurrency ) (621 ) 126 20 remeasurement (495lossEarly pay-offs 632 (31 ) (5 )of leases 601Miscellaneous 53,064 36,007 17,057 47 Total Other 78,373 65,851 12,522 19 TotalNon-Interest $ 586,120 $ 604,189 $ (18,069 ) (3 )%Income

NM - Not meaningful.



TABLE 16: MORTGAGE BANKING

Three Months Ended Years Ended(Dollars in Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,thousands) 2021 2021 2021 2021 2020 2021 2020Originations: Retail $ 980,627 $ 1,153,265 $ 1,328,721 $ 1,641,664 $ 1,757,093 $ 5,104,277 $ 5,709,868 originationsVeterans First 318,244 405,663 395,290 580,303 594,151 1,699,500 2,294,862 originationsTotaloriginations $ 1,298,871 $ 1,558,928 $ 1,724,011 $ 2,221,967 $ 2,351,244 $ 6,803,777 $ 8,004,730 for sale (A)Originations 177,676 181,886 249,749 321,858 192,107 931,169 396,499 for investmentTotal $ 1,476,547 $ 1,740,814 $ 1,973,760 $ 2,543,825 $ 2,543,351 $ 7,734,946 $ 8,401,229 originations Retailoriginationsas percentage 75 % 74 % 77 % 74 % 75 % 75 % 71 %oforiginationsfor saleVeterans Firstoriginationsas a 25 26 23 26 25 25 29 percentage oforiginationsfor sale Purchases as apercentage of 52 % 56 % 53 % 27 % 35 % 45 % 35 %originationsfor saleRefinances asa percentageof 48 44 47 73 65 55 65 originationsfor sale Production Margin:Production revenue (B) ^ $ 28,182 $ 39,247 $ 37,531 $ 71,282 $ 70,886 $ 176,242 $ 307,794 (1) Totaloriginations $ 1,298,871 $ 1,558,928 $ 1,724,011 $ 2,221,967 $ 2,351,244 $ 6,803,777 $ 8,004,730 for sale (A)Add: Currentperiod endmandatoryinterest ratelock 353,509 510,982 605,400 798,534 1,072,717 353,509 1,072,717 commitments tofundoriginationsfor sale ^(2)Less: Priorperiod endmandatoryinterest ratelock 510,982 605,400 798,534 1,072,717 1,544,234 1,072,717 372,357 commitments tofundoriginationsfor sale ^(2)Total mortgageproduction $ 1,141,398 $ 1,464,510 $ 1,530,877 $ 1,947,784 $ 1,879,727 $ 6,084,569 $ 8,705,090 volume (C) Production % 2.68 % 2.45 % 3.66 % 3.77 % 2.90 % 3.54 %margin (B / C) 2.47 Mortgage Servicing:Loans serviced $ $ 12,720,126 $ 12,307,337 $ 11,530,676 $ 10,833,135 for others (D) 13,126,254MSRs, at fair 133,552 127,604 124,316 92,081 value (E) 147,571Percentage ofMSRs to loans 1.12 % 1.05 % 1.04 % 1.08 % 0.85 % serviced forothers (E / D)Servicing $ 10,766 $ 10,454 $ 9,830 $ 9,636 $ 9,829 $ 40,686 $ 31,886 income Components of MSR:MSR - currentperiod $ 15,080 $ 15,546 $ 17,512 $ 24,616 $ 20,343 $ 72,754 $ 71,077 capitalizationMSR -collection ofexpected cash (1,101 ) (1,036 ) (991 ) (728 ) (688 ) (3,856 ) (2,244 )flows -paydownsMSR -collection ofexpected cash (6,385 ) (7,558 ) (7,549 ) (9,440 ) (8,335 ) (30,932 ) (30,335 )flows -payoffsValuation: MSR - changesin fair value 6,656 (888 ) (5,540 ) 18,045 (5,223 ) 18,273 (30,764 )modelassumptionsGain onderivativecontract held ? ? ? ? ? ? 4,749 as an economichedge, netMSR valuationadjustment,net of gain onderivative $ 6,656 $ (888 ) $ (5,540 ) $ 18,045 $ (5,223 ) $ 18,273 $ (26,015 )contract heldas an economichedge Summary ofMortgage BankingRevenue:Production $ 28,182 $ 39,247 $ 37,531 $ 71,282 $ 70,886 $ 176,242 $ 307,794 revenue ^(1)Servicing 10,766 10,454 9,830 9,636 9,829 40,686 31,886 incomeMSR activity 14,250 6,064 3,432 32,493 6,097 56,239 12,483 Other (60 ) 29 (209 ) 83 7 (157 ) (6,150 )Total mortgagebanking $ 53,138 $ 55,794 $ 50,584 $ 113,494 $ 86,819 $ 273,010 $ 346,013 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 lo an, which represents the Companys best estimate of the likelihood that a committed loan will ultimately fund.



TABLE 17: NON-INTEREST EXPENSE

Three Months Ended Q4 2021 compared to Q4 2021 compared to Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Q3 2021 Q4 2020(Dollars in 2021 2021 2021 2021 2020 $ Change % $ Change %thousands) Change ChangeSalaries and employee benefits:Salaries $ 91,612 $ 88,161 $ 91,089 $ 91,053 $ 93,535 $ 3,451 4 % $ (1,923 ) (2 )%Commissions andincentive 49,923 57,026 53,751 61,367 52,383 (7,103 ) (12 ) (2,460 ) (5 )compensationBenefits 25,596 25,725 27,977 28,389 25,198 (129 ) (1 ) 398 2 Total salaries and 167,131 170,912 172,817 180,809 171,116 (3,781 ) (2 ) (3,985 ) (2 )employee benefitsSoftware and 23,708 22,029 20,866 20,912 20,565 1,679 8 3,143 15 equipmentOperating leaseequipment 10,147 10,013 9,949 10,771 9,938 134 1 209 2 depreciationOccupancy, net 18,343 18,158 17,687 19,996 19,687 185 1 (1,344 ) (7 )Data processing 7,207 7,104 6,920 6,048 5,728 103 1 1,479 26 Advertising and 13,981 13,443 11,305 8,546 9,850 538 4 4,131 42 marketingProfessional fees 7,551 7,052 7,304 7,587 6,530 499 7 1,021 16 Amortization of otheracquisition-related 1,811 1,877 2,039 2,007 2,634 (66 ) (4 ) (823 ) (31 )intangible assetsFDIC insurance 7,317 6,750 6,405 6,558 7,016 567 8 301 4 OREO expense, net (641 ) (1,531 ) 769 (251 ) (114 ) 890 (58 ) (527 ) NM Other: Commissions - 3rd 861 884 889 846 764 (23 ) (3 ) 97 13 party brokersPostage 1,684 2,018 1,900 1,743 1,849 (334 ) (17 ) (165 ) (9 )Miscellaneous 24,299 23,435 21,262 21,317 26,304 864 4 (2,005 ) (8 )Total other 26,844 26,337 24,051 23,906 28,917 507 2 (2,073 ) (7 )Total Non-Interest $ 283,399 $ 282,144 $ 280,112 $ 286,889 $ 281,867 $ 1,255 0 % $ 1,532 1 %Expense

NM - Not meaningful.



Years Ended Dec 31, Dec 31, $ %(Dollars in 2021 2020 Change Changethousands)Salaries and employee benefits:Salaries $ 361,915 $ 351,775 $ 10,140 3 %Commissions andincentive 222,067 178,584 43,483 24 compensationBenefits 107,687 95,717 11,970 13 Total salaries and 691,669 626,076 65,593 10 employee benefitsSoftware and 87,515 68,496 19,019 28 equipmentOperating leaseequipment 40,880 37,915 2,965 8 depreciationOccupancy, net 74,184 69,957 4,227 6 Data processing 27,279 30,196 (2,917 ) (10 )Advertising and 47,275 36,296 10,979 30 marketingProfessional fees 29,494 27,426 2,068 8 Amortization ofother 7,734 11,018 (3,284 ) (30 )acquisition-relatedintangible assetsFDIC insurance 27,030 25,004 2,026 8 OREO expense, net (1,654 ) (921 ) (733 ) (80 )Other: Commissions - 3rd 3,480 3,114 366 12 party brokersPostage 7,345 6,918 427 6 Miscellaneous 90,313 98,600 (8,287 ) (8 )Total other 101,138 108,632 (7,494 ) (7 )Total Non-Interest $ 1,132,544 $ 1,040,095 $ 92,449 9 %Expense

NM - Not meaningful.



TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (GAAP) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Companys performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Companys financial information a more meaningful view of the performance of the Companys interest-earning assets and interest-bearing liabilities and of the Companys operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a fully taxable-equivalent basis is also used in the calculation of the Companys efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Companys equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Companys core net income.

Three Months Ended Years Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,(Dollars and shares 2021 2021 2021 2021 2020 2021 2020 in thousands)Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: (A) Interest Income $ 327,979 $ 322,457 $ 319,579 $ 305,469 $ 307,981 $ 1,275,484 $ 1,293,020 (GAAP)Taxable-equivalent adjustment:- Loans 417 411 415 384 324 1,627 2,241 - Liquidity 486 492 494 500 530 1,972 2,165 Management Assets- Other Earning 2 ? ? ? 3 2 9 Assets(B) Interest Income $ 328,884 $ 323,360 $ 320,488 $ 306,353 $ 308,838 $ 1,279,085 $ 1,297,435 (non-GAAP)(C) Interest Expense 32,003 34,961 39,989 43,574 48,584 150,527 253,113 (GAAP)(D) Net InterestIncome (GAAP) (A $ 295,976 $ 287,496 $ 279,590 $ 261,895 $ 259,397 $ 1,124,957 $ 1,039,907 minus C)(E) Net InterestIncome (non-GAAP) (B $ 296,881 $ 288,399 $ 280,499 $ 262,779 $ 260,254 $ 1,128,558 $ 1,044,322 minus C)Net interest margin 2.54 % 2.58 % 2.62 % 2.53 % 2.53 % 2.57 % 2.72 %(GAAP)Net interest margin,fully 2.55 2.59 2.63 2.54 2.54 2.58 2.73 taxable-equivalent(non-GAAP)(F) Non-interest $ 133,767 $ 136,474 $ 129,373 $ 186,506 $ 158,361 $ 586,120 $ 604,189 income(G) (Losses) gainson investment (1,067 ) (2,431 ) 1,285 1,154 1,214 (1,059 ) (1,926 )securities, net(H) Non-interest 283,399 282,144 280,112 286,889 281,867 1,132,544 1,040,095 expenseEfficiency ratio (H/ 65.78 % 66.17 % 68.71 % 64.15 % 67.67 % 66.15 % 63.19 %(D+F-G))Efficiency ratio(non-GAAP) (H/ 65.64 66.03 68.56 64.02 67.53 66.01 63.02 (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 equity (GAAP) 4,498,688Less:Non-convertible ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) preferred stock (412,500(GAAP)Less: Intangible ) (675,910 ) (678,333 ) (680,052 ) (681,747 ) assets (GAAP) (683,456(I) Total tangible common shareholders? $ 3,402,732 $ 3,321,907 $ 3,248,178 $ 3,159,959 $ 3,021,748 equity (non-GAAP)(J) Total assets $ $ 47,832,271 $ 46,738,450 $ 45,682,202 $ 45,080,768 (GAAP) 50,142,143Less: Intangible ) (675,910 ) (678,333 ) (680,052 ) (681,747 ) assets (GAAP) (683,456(K) Total tangible $ $ 47,156,361 $ 46,060,117 $ 45,002,150 $ 44,399,021 assets (non-GAAP) 49,458,687Common equity toassets ratio (GAAP) 8.1 % 8.4 % 8.4 % 8.4 % 8.2 % (L/J)Tangible commonequity ratio 6.9 7.0 7.1 7.0 6.8 (non-GAAP) (I/K)



Three Months Ended Years Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,(Dollars andshares in 2021 2021 2021 2021 2020 2021 2020 thousands)Reconciliation of Non-GAAP Tangible Book Value per Common Share: Totalshareholders? $ 4,498,688 $ 4,410,317 $ 4,339,011 $ 4,252,511 $ 4,115,995 equityLess: Preferred (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) stock(L) Total common $ 4,086,188 $ 3,997,817 $ 3,926,511 $ 3,840,011 $ 3,703,495 equity(M) Actualcommon shares 57,054 56,956 57,067 57,023 56,770 outstandingBook value percommon share (L/ $ 71.62 $ 70.19 $ 68.81 $ 67.34 $ 65.24 M)Tangible bookvalue per common 59.64 58.32 56.92 55.42 53.23 share (non-GAAP)(I/M) Reconciliation of Non-GAAP Return on Average Tangible Common Equity: (N) Net incomeapplicable to $ 91,766 $ 102,146 $ 98,118 $ 146,157 $ 94,213 $ 438,187 $ 271,613 common sharesAdd: Intangibleasset 1,811 1,877 2,039 2,007 2,634 7,734 11,018 amortizationLess: Tax effectof intangible (505 ) (509 ) (553 ) (522 ) (656 ) (2,080 ) (2,732 )assetamortizationAfter-taxintangible asset $ 1,306 $ 1,368 $ 1,486 $ 1,485 $ 1,978 $ 5,654 $ 8,286 amortization(O) Tangible netincomeapplicable to $ 93,072 $ 103,514 $ 99,604 $ 147,642 $ 96,191 $ 443,841 $ 279,899 common shares(non-GAAP)Total averageshareholders? $ 4,433,953 $ 4,343,915 $ 4,256,778 $ 4,164,890 $ 4,050,286 $ 4,300,742 $ 3,926,688 equityLess: Average (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) (412,500 ) (306,455 )preferred stock(P) Totalaverage common $ 4,021,453 $ 3,931,415 $ 3,844,278 $ 3,752,390 $ 3,637,786 $ 3,888,242 $ 3,620,233 shareholders?equityLess: Averageintangible (677,470 ) (677,201 ) (679,535 ) (680,805 ) (682,290 ) (678,739 ) (686,064 )assets(Q) Totalaverage tangiblecommon $ 3,343,983 $ 3,254,214 $ 3,164,743 $ 3,071,585 $ 2,955,496 $ 3,209,503 $ 2,934,169 shareholders?equity(non-GAAP)Return onaverage commonequity, 9.05 % 10.31 % 10.24 % 15.80 % 10.30 % 11.27 % 7.50 %annualized (N/P)Return onaverage tangiblecommon equity, 11.04 12.62 12.62 19.49 12.95 13.83 9.54 annualized(non-GAAP) (O/Q) Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: Income before $ 137,045 $ 149,742 $ 144,150 $ 206,859 $ 134,711 $ 637,796 $ 389,781 taxesAdd: Provisionfor credit 9,299 (7,916 ) (15,299 ) (45,347 ) 1,180 (59,263 ) 214,220 lossesPre-tax income,excludingprovision for $ 146,344 $ 141,826 $ 128,851 $ 161,512 $ 135,891 $ 578,533 $ 604,001 credit losses(non-GAAP)



Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 Reconciliation of Non-GAAP Tangible Book Value per Common Share:Totalshareholders? $ 3,691,250 $ 3,267,570 $ 2,976,939 $ 2,695,617 $ 2,352,274 $ 2,069,822 $ 1,900,589 $ 1,804,705 $ 1,543,533 equityLess:Non-convertible (125,000 ) (125,000 ) (125,000 ) (251,257 ) (251,287 ) (126,467 ) (126,477 ) (176,406 ) (49,768 )preferred stock(GAAP)(R) Less:Intangible (692,277 ) (622,565 ) (519,505 ) (520,438 ) (495,970 ) (424,445 ) (393,760 ) (366,348 ) (327,538 )assets (GAAP)(I) Totaltangible commonshareholders? $ 2,873,973 $ 2,520,005 $ 2,332,434 $ 1,923,922 $ 1,605,017 $ 1,518,910 $ 1,380,352 $ 1,261,951 $ 1,166,227 equity(non-GAAP)Actual commonshares 57,822 56,408 55,965 51,881 48,383 46,805 46,117 36,858 35,978 outstandingAdd: TEUconversion ? ? ? ? ? ? ? 6,241 7,666 shares(M) Commonshares used for 57,822 56,408 55,965 51,881 48,383 46,805 46,117 43,099 43,644 book valuecalculationBook value percommon share $ 61.68 $ 55.71 $ 50.96 $ 47.12 $ 43.42 $ 41.52 $ 38.47 $ 37.78 $ 34.23 ((I-R)/M)Tangible bookvalue percommon share 49.70 44.67 41.68 37.08 33.17 32.45 29.93 29.28 26.72 (non-GAAP) (I/M)



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, Whitefish Bay 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; -- the interest rate environment, including a prolonged period of low interest rates or rising 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 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, persistent inflation 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; -- fluctuations in the stock market, which may have an adverse impact on the Companys wealth management business and brokerage operation; and -- widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change could have an adverse effect on the Companys financial condition and results of operations, lead to material disruption of the Companys operations or the ability or willingness of clients to access the Companys products and services.

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 Thursday, January 20, 2022 at 11:00 a.m. (Central Time) regarding fourth quarter and full year 2021 results. Individuals interested in listening should call (877)363-5049 and enter Conference ID #2759911. 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 fourth quarter and full year 2021 earnings press release will be available on the home page of the Companys website at https://www.wintrust.comand at the Investor Relations, Investor News and Events, Press Releases link on its website.

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