Wintrust Financial Corporation Reports Record First Quarter 2021 Net Income of $153.1 million

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

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

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

Other items of note from the first quarter of 2021

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

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

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

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

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

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

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

Mr. Wehmer concluded, "Our first quarter of 2021 results continued to demonstrate the multi-faceted nature of our business model which we believe uniquely positions us to be successful. While Wintrust and the banking industry as a whole have experienced significant net interest margin compression, we have been able to compensate for that with outstanding mortgage banking results. Additionally, we leverage a differentiated, diversified loan portfolio to outperform peers with respect to loan growth. We are focused on taking advantage of market opportunities to prudently deploy excess liquidity into earning assets including core and niche loans and investment securities while maintaining an interest rate sensitive asset portfolio. We remain diligent in our evaluation of acquisition targets and will be prudent in our decision-making, always seeking to minimize dilution. Finally, we evaluate our operating expense base on an ongoing basis to enhance future profitability."

The graphs below illustrate certain financial highlights of the first quarter of 2021 as well as historical financial performance. See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/4e11acd7-e400-475a-8133-4d0d52f51413

SUMMARY OF RESULTS:

BALANCE SHEET

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

Total liabilities increased $465 million in the first quarter of 2021 resulting primarily from a $780 million increase in total deposits, partially offset by a $200 million decrease in trade date securities payable. The increase in deposits was primarily due to a $549 million increase in non-interest-bearing deposits primarily related to PPP loans originated in 2021. The Company's loans to deposits ratio ended the quarter at 87.6%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources as appropriate to manage its liquidity position as well as for interest rate risk management purposes.

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

NET INTEREST INCOME

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

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

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

ASSET QUALITY

The allowance for credit losses totaled $321.3 million as of March 31, 2021, a decrease of $58.7 million as compared to $380.0 million as of December 31, 2020. The allowance for credit losses decreased primarily due to improvements in the macroeconomic forecast in addition to improvement in portfolio characteristics throughout the quarter. Notably, there was a decrease in the allowance for credit losses in the Commercial Real Estate portfolio primarily driven by improvement in the Commercial Real Estate Price Index and Baa Corporate Credit Spreads forecasts. Other key drivers of allowance for credit losses changes include, but are not limited to, decreases in COVID-19 related loan modifications and loan risk rating migration.

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

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses ("CECL") standard requires the Company to estimate expected credit losses over the life of the Company’s financial assets at a certain point in time. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2021 and December 31, 2020 is shown on Table 11 of this report.

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

As of March 31, 2021, $28.0 million of all loans, or 0.1%, were 60 to 89 days past due and $151.7 million, or 0.5%, were 30 to 59 days (or one payment) past due. As of December 31, 2020, $41.6 million of all loans, or 0.1%, were 60 to 89 days past due and $139.1 million, or 0.4%, were 30 to 59 days (or one payment) past due. Many of the commercial and commercial real-estate loans shown as 60 to 89 days and 30 to 59 days past due are included on the Company’s internal problem loan reporting system. Loans on this system are closely monitored by management on a monthly basis.

The Company’s home equity and residential real estate loan portfolios continue to exhibit low delinquency rates as of March 31, 2021. Home equity loans at March 31, 2021 that are current with regard to the contractual terms of the loan agreement represent 98.3% of the total home equity portfolio. Residential real estate loans at March 31, 2021 that are current with regards to the contractual terms of the loan agreements comprised 97.4% of total residential real estate loans outstanding. For more information regarding past due loans, see Table 12 in this report. 

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

The ratio of non-performing assets to total assets was 0.25% as of March 31, 2021, compared to 0.32% at December 31, 2020, and 0.49% at March 31, 2020. Non-performing assets totaled $114.9 million at March 31, 2021, compared to $144.1 million at December 31, 2020 and $190.4 million at March 31, 2020. Non-performing loans totaled $99.1 million, or 0.30% of total loans, at March 31, 2021 compared to $127.5 million, or 0.40% of total loans, at December 31, 2020 and $179.4 million, or 0.65% of total loans, at March 31, 2020. The decrease in non-performing loans as of March 31, 2021 as compared to December 31, 2020 is primarily due to payments throughout the quarter. A significant portion of these payments were attributed to refinance activity with some payments resulting from the sale of underlying collateral. Reductions in non-performing loans were also accomplished through note sales and movement to other real estate owned ("OREO"). OREO totaled $15.8 million at March 31, 2021, a decrease of $745,000 compared to $16.6 million at December 31, 2020 and an increase of $4.8 million compared to $11.0 million at March 31, 2020. Management is pursuing the resolution of all non-performing assets. At this time, management believes OREO is appropriately valued at the lower of carrying value or fair value less estimated costs to sell. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Wealth management revenue increased by $2.5 million during the first quarter of 2021 as compared to the fourth quarter of 2020 primarily due to increased trust and asset management fees and brokerage commissions. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

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

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

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

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

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

NON-INTEREST EXPENSE

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

Advertising and marketing expense totaled $8.5 million in the first quarter of 2021, a decrease of $1.3 million as compared to the fourth quarter of 2020. The decrease in the first quarter relates primarily to decreased digital advertising campaigns and printing costs. Marketing costs are incurred to promote the Company's brand, commercial banking capabilities and various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company's non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors.

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

For more information regarding non-interest expense, see Table 16 in this report.

INCOME TAXES

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

BUSINESS UNIT SUMMARY

Community Banking

Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2021, this unit expanded its loan portfolio and its deposit portfolio. In addition, the segment's net interest margin remained relatively stable in the first quarter of 2021 as compared to the fourth quarter of 2020.

Mortgage banking revenue was $113.5 million for the first quarter of 2021, an increase of $26.7 million as compared to the fourth quarter of 2020 primarily due to an $18.0 million favorable mortgage servicing rights portfolio fair value adjustment as compared to a $5.2 million decrease recognized in the prior quarter related to changes in fair value model assumptions. Service charges on deposit accounts totaled $12.0 million in the first quarter of 2021, an increase of $195,000 as compared to the fourth quarter of 2020 primarily due to higher account analysis fees. The Company's gross commercial and commercial real estate loan pipelines remained strong as of March 31, 2021. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.3 billion to $1.5 billion at March 31, 2021. When adjusted for the probability of closing, the pipelines were estimated to be approximately $800 million to $900 million at March 31, 2021.

Specialty Finance

Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolio were $2.8 billion during the first quarter of 2021 and average balances increased by $263.7 million as compared to the fourth quarter of 2020. The increase in average balances was more than offset by margin compression in this portfolio resulting in a $5.0 million decrease in interest income attributed to the lower market rates of interest associated with the insurance premium finance receivables portfolio. The Company's leasing business grew during the first quarter of 2021, with its portfolio of assets, including capital leases, loans and equipment on operating leases, increasing by $106.6 million to $2.2 billion at the end of the first quarter of 2021. Revenues from the Company's out-sourced administrative services business were $1.3 million in the first quarter of 2021, essentially unchanged from the fourth quarter of 2020.

Wealth Management

Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $29.3 million in the first quarter of 2021, an increase of $2.5 million compared to the fourth quarter of 2020. Increases in asset management fees were primarily due to favorable equity market performance during the first quarter of 2021. At March 31, 2021, the Company’s wealth management subsidiaries had approximately $32.2 billion of assets under administration, which included $4.2 billion of assets owned by the Company and its subsidiary banks, representing a $2.1 billion increase from the $30.1 billion of assets under administration at December 31, 2020.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Paycheck Protection Program

On March 27, 2020, the President of the United States signed the CARES Act, which authorized the Small Business Administration ("SBA") to guarantee loans under the PPP for small businesses who met the necessary eligibility requirements in order to keep their workers on the payroll. The Company began accepting applications on April 3, 2020. From such date through March 31, 2021, the Company secured authorization from the SBA for and funded over 19,400 PPP loans with a carrying balance of approximately $4.8 billion. As of March 31, 2021, the carrying balance of such loans was reduced to approximately $3.3 billion primarily resulting from forgiveness by the SBA.

WINTRUST FINANCIAL CORPORATION 
Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2021, as compared to the fourth quarter of 2020 (sequential quarter) and first quarter of 2020 (linked quarter), are shown in the table below:

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

(1) Period-end balance sheet percentage changes are annualized. 
(2) See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 17 for additional information on this performance measure/ratio.
(3) Net revenue is net interest income plus non-interest income.
(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency.
(5) Excludes mortgage loans held-for-sale.

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


WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

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

(1) Excludes mortgage loans held-for-sale. 
(2) Net revenue is net interest income and non-interest income.
(3) See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information on this performance measure/ratio.
(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency.
(5) Capital ratios for current quarter-end are estimated.
(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.


WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

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


WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 Three Months Ended
(In thousands, except per share data)Mar 31,
2021
 Dec 31,
2020
 Sep 30,
2020
 Jun 30,
2020
 Mar 31,
2020
Interest income         
Interest and fees on loans$274,100   $280,185   $280,479   $294,746   $301,839  
Mortgage loans held-for-sale9,036   6,357   5,791   4,764   3,165  
Interest-bearing deposits with banks1,199   1,294   1,181   1,310   4,768  
Federal funds sold and securities purchased under resale agreements         16   86  
Investment securities19,264   18,243   21,819   27,105   32,467  
Trading account securities2   11   6   13   7  
Federal Home Loan Bank and Federal Reserve Bank stock1,745   1,775   1,774   1,765   1,577  
Brokerage customer receivables123   116   106   97   158  
Total interest income305,469   307,981   311,156   329,816   344,067  
Interest expense         
Interest on deposits27,944   32,602   39,084   50,057   67,435  
Interest on Federal Home Loan Bank advances4,840   4,952   4,947   4,934   3,360  
Interest on other borrowings2,609   2,779   3,012   3,436   3,546  
Interest on subordinated notes5,477   5,509   5,474   5,506   5,472  
Interest on junior subordinated debentures2,704   2,742   2,703   2,752   2,811  
Total interest expense43,574   48,584   55,220   66,685   82,624  
Net interest income261,895   259,397   255,936   263,131   261,443  
Provision for credit losses(45,347)  1,180   25,026   135,053   52,961  
Net interest income after provision for credit losses307,242   258,217   230,910   128,078   208,482  
Non-interest income         
Wealth management29,309   26,802   24,957   22,636   25,941  
Mortgage banking113,494   86,819   108,544   102,324   48,326  
Service charges on deposit accounts12,036   11,841   11,497   10,420   11,265  
Gains (losses) on investment securities, net1,154   1,214   411   808   (4,359) 
Fees from covered call options            2,292  
Trading gains (losses), net419   (102)  183   (634)  (451) 
Operating lease income, net14,440   12,118   11,717   11,785   11,984  
Other15,654   19,669   13,284   14,654   18,244  
Total non-interest income186,506   158,361   170,593   161,993   113,242  
Non-interest expense         
Salaries and employee benefits180,809   171,116   164,042   154,156   136,762  
Equipment20,912   20,565   17,251   15,846   14,834  
Operating lease equipment depreciation10,771   9,938   9,425   9,292   9,260  
Occupancy, net19,996   19,687   15,830   16,893   17,547  
Data processing6,048   5,728   5,689   10,406   8,373  
Advertising and marketing8,546   9,850   7,880   7,704   10,862  
Professional fees7,587   6,530   6,488   7,687   6,721  
Amortization of other intangible assets2,007   2,634   2,701   2,820   2,863  
FDIC insurance6,558   7,016   6,772   7,081   4,135  
OREO expense, net(251)  (114)  (168)  237   (876) 
Other23,906   28,917   28,309   27,246   24,160  
Total non-interest expense286,889   281,867   264,219   259,368   234,641  
Income before taxes206,859   134,711   137,284   30,703   87,083  
Income tax expense53,711   33,507   29,969   9,044   24,271  
Net income$153,148   $101,204   $107,315   $21,659   $62,812  
Preferred stock dividends6,991   6,991   10,286   2,050   2,050  
Net income applicable to common shares$146,157   $94,213   $97,029   $19,609   $60,762  
Net income per common share - Basic$2.57   $1.64   $1.68   $0.34   $1.05  
Net income per common share - Diluted$2.54   $1.63   $1.67   $0.34   $1.04  
Cash dividends declared per common share$0.31   $0.28   $0.28   $0.28   $0.28  
Weighted average common shares outstanding 56,904    57,309    57,597    57,567    57,620  
Dilutive potential common shares681   588   449   414   575  
Average common shares and dilutive common shares57,585   57,897   58,046   57,981   58,195  


TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

          % Growth From
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Sep 30,
2020
 Jun 30,
2020
 Mar 31,
2020
Dec 31,
2020 (1)
 Mar 31,
2020
Balance:            
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies$890,749  $927,307  $862,924  $814,667  $642,386 (16)% 39 %
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies369,444  344,783  96,747  18,496  14,548 29   2439  
Total mortgage loans held-for-sale$1,260,193  $1,272,090  $959,671  $833,163  $656,934 (4)% 92 %
             
Core loans:            
Commercial            
Commercial and industrial$4,630,795  $4,675,594  $4,555,920  $4,292,032  $4,580,712 (4)% 1 %
Asset-based lending720,772  721,666  707,365  721,035  1,046,631 (1)  (31) 
Municipal493,417  474,103  482,567  519,691  510,711 17   (3) 
Leases1,290,778  1,288,374  1,215,239  1,179,233  1,044,092 1   24  
Commercial real estate            
Residential construction72,058  89,389  101,187  131,639  149,623 (79)  (52) 
Commercial construction1,040,631  1,041,729  1,005,708  992,872  929,643    12  
Land240,635  240,684  226,254  215,537  222,087    8  
Office1,131,472  1,136,844  1,163,790  1,124,643  1,138,527 (2)  (1) 
Industrial1,152,522  1,129,433  1,117,702  1,062,218  1,095,180 8   5  
Retail1,198,025  1,224,403  1,175,819  1,148,152  1,179,861 (9)  2  
Multi-family1,739,521  1,649,801  1,599,651  1,497,834  1,433,390 22   21  
Mixed use and other1,969,915  1,981,849  2,033,031  2,027,850  2,037,220 (2)  (3) 
Home equity390,253  425,263  446,274  466,596  494,655 (33)  (21) 
Residential real estate            
Residential real estate loans for investment1,376,465  1,214,744  1,143,908  1,186,768  1,244,690 54   11  
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies45,508  44,854  240,902  240,661  132,699 6   (66) 
Total core loans$17,492,767  $17,338,730  $17,215,317  $16,806,761  $17,239,721 4 % 1 %
             
Niche loans:            
Commercial            
Franchise$1,128,493  $1,023,027  $964,150  $963,531  $994,180 42 % 14 %
Mortgage warehouse lines of credit587,868  567,389  503,371  352,659  323,844 15   82  
Community Advantage - homeowners association272,222  267,374  254,963  240,634  231,757 7   17  
Insurance agency lending290,880  222,519  214,411  255,049  293,959 125   (1) 
Premium Finance receivables            
U.S. commercial insurance3,342,730  3,438,087  3,494,155  3,439,987  3,015,549 (11)  11  
Canada commercial insurance615,813  616,402  565,989  559,787  449,506    37  
Life insurance6,111,495  5,857,436  5,488,832  5,400,802  5,221,639 18   17  
Consumer and other35,983  32,188  55,354  48,325  37,166 48   (3) 
Total niche loans$12,385,484  $12,024,422  $11,541,225  $11,260,774  $10,567,600 12 % 17 %
             
Commercial PPP loans:            
Originated in 2020$2,049,342  $2,715,921  $3,379,013  $3,335,368  $ (100)% 100 %
Originated in 20211,243,640         100   100  
Total commercial PPP loans$3,292,982  $2,715,921  $3,379,013  $3,335,368  $ 86 % 100 %
             
Total loans, net of unearned income$33,171,233  $32,079,073  $32,135,555  $31,402,903  $27,807,321 14 % 19 %

(1) Annualized.


TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

          % Growth From
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Sep 30,
2020
 Jun 30,
2020
 Mar 31,
2020
Dec 31,
2020 (1)
 Mar 31,
2020
Balance:            
Non-interest-bearing$12,297,337   $11,748,455  $10,409,747  $10,204,791  $7,556,755 19 % 63 %
NOW and interest-bearing demand deposits3,562,312   3,349,021  3,294,071  3,440,348  3,181,159 26   12  
Wealth management deposits (2)4,274,527   4,138,712  4,235,583  4,433,020  3,936,968 13   9  
Money market9,236,434   9,348,806  9,423,653  9,288,976  8,114,659 (5)  14  
Savings3,690,892   3,531,029  3,415,073  3,447,352  3,282,340 18   12  
Time certificates of deposit4,811,150   4,976,628  5,066,295  4,837,387  5,389,779 (13)  (11) 
Total deposits$37,872,652   $37,092,651  $35,844,422  $35,651,874  $31,461,660 9 % 20 %
Mix:            
Non-interest-bearing32 % 32% 29% 29% 24%   
NOW and interest-bearing demand deposits  9  9  10  10    
Wealth management deposits (2)11   11  12  12  13    
Money market25   25  26  25  26    
Savings10   10  10  10  10    
Time certificates of deposit13   13  14  14  17    
Total deposits100 % 100% 100% 100% 100%   

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


TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of March 31, 2021

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

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


TABLE 4: QUARTERLY AVERAGE BALANCES

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

(1) Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.
(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3) See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 17 for additional information on this performance measure/ratio.
(4) Other earning assets include brokerage customer receivables and trading account securities.
(5) Loans, net of unearned income, include non-accrual loans.
(6) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.


TABLE 5: QUARTERLY NET INTEREST INCOME

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

(1) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. 
(2) See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 17 for additional information on this performance measure/ratio.


TABLE 6: QUARTERLY NET INTEREST MARGIN

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

(1) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities. 
(2) See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 17 for additional information on this performance measure/ratio.
(3) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.


TABLE 7: INTEREST RATE SENSITIVITY

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

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases of 100 and 200 basis points and a decrease of 100 basis points. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months.  Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario +200
Basis
Points
 +100
 Basis
 Points
 -100
Basis
 Points
Mar 31, 2021 22.0% 10.2% (7.2)%
Dec 31, 2020 25.0  11.6  (7.9) 
Sep 30, 2020 23.4  10.9  (8.1) 
Jun 30, 2020 25.9  12.6  (8.3) 
Mar 31, 2020 22.5  10.6  (9.4) 


Ramp Scenario+200
Basis
Points
 +100
Basis
Points
 -100
Basis
Points
Mar 31, 202110.7% 5.4% (3.6)%
Dec 31, 202011.4  5.7  (3.3) 
Sep 30, 202010.7  5.2  (3.5) 
Jun 30, 202013.0  6.7  (3.2) 
Mar 31, 20207.7  3.7  (3.8) 


TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

 Loans repricing or maturity period  
As of March 31, 2021One year or less From one to five years Over five years  
(In thousands)   Total
Commercial       
Fixed rate$310,427   $2,025,263   $784,277   $3,119,967  
Fixed Rate - PPP—   3,292,982   —   3,292,982  
Variable rate6,291,842   3,350   66   6,295,258  
Total commercial$6,602,269   $5,321,595   $784,343   $12,708,207  
Commercial real estate       
Fixed rate550,899   2,075,177   382,447   3,008,523  
Variable rate5,505,986   30,270   —   5,536,256  
Total commercial real estate$6,056,885   $2,105,447   $382,447   $8,544,779  
Home equity       
Fixed rate14,653   8,665   51   23,369  
Variable rate366,884   —   —   366,884  
Total home equity$381,537   $8,665   $51   $390,253  
Residential real estate       
Fixed rate23,194   11,244   617,596   652,034  
Variable rate65,907   290,906   413,126   769,939  
Total residential real estate$89,101   $302,150   $1,030,722   $1,421,973  
Premium finance receivables - commercial       
Fixed rate3,851,457   107,086   —   3,958,543  
Variable rate—   —   —   —  
Total premium finance receivables - commercial$3,851,457   $107,086   $—   $3,958,543  
Premium finance receivables - life insurance       
Fixed rate11,493   348,721   20,365   380,579  
Variable rate5,730,916   —   —   5,730,916  
Total premium finance receivables - life insurance$5,742,409   $348,721   $20,365   $6,111,495  
Consumer and other       
Fixed rate14,753   4,536   1,154   20,443  
Variable rate15,540   —   —   15,540  
Total consumer and other$30,293   $4,536   $1,154   $35,983  
        
Total per category       
Fixed rate4,776,876   4,580,692   1,805,890   11,163,458  
Fixed rate - PPP—   3,292,982   —   3,292,982  
Variable rate17,977,075   324,526   413,192   18,714,793  
Total loans, net of unearned income$22,753,951   $8,198,200   $2,219,082   $33,171,233  
        
Variable Rate Loan Pricing by Index:       
Prime      $2,296,647  
One- month LIBOR      9,493,060  
Three- month LIBOR      413,942  
Twelve- month LIBOR      6,225,191  
Other      285,953  
Total variable rate      $18,714,793  

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

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to LIBOR indices which, as shown in the table above, do not mirror the same changes as the Prime rate which has historically moved when the Federal Reserve raises or lowers interest rates.  Specifically, the Company has $9.5 billion of variable rate loans tied to one-month LIBOR and $6.2 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:

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


TABLE 9: ALLOWANCE FOR CREDIT LOSSES

  Three Months Ended
  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(Dollars in thousands) 2021 2020 2020 2020 2020
Allowance for credit losses at beginning of period $379,969    $388,971   $373,174   $253,482   $158,461  
Cumulative effect adjustment from the adoption of ASU 2016-13 —             47,418  
Provision for credit losses (45,347 )  1,180   25,026   135,053   52,961  
Other adjustments 31    155   55   42   (73) 
Charge-offs:          
Commercial 11,781    5,184   5,270   5,686   2,153  
Commercial real estate 980    6,637   1,529   7,224   570  
Home equity —    683   138   239   1,001  
Residential real estate    114   83   293   401  
Premium finance receivables 3,239    4,214   4,640   3,434   3,184  
Consumer and other 114    198   103   99   128  
Total charge-offs 16,116    17,030   11,763   16,975   7,437  
Recoveries:          
Commercial 452    4,168   428   112   384  
Commercial real estate 200    904   175   493   263  
Home equity 101    77   111   46   294  
Residential real estate 204    69   25   30   60  
Premium finance receivables 1,782    1,445   1,720   833   1,110  
Consumer and other 32    30   20   58   41  
Total recoveries 2,771    6,693   2,479   1,572   2,152  
Net charge-offs (13,345 )  (10,337)  (9,284)  (15,403)  (5,285) 
Allowance for credit losses at period end $321,308    $379,969   $388,971   $373,174   $253,482  
           
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial 0.37  % 0.03 % 0.16 % 0.20 % 0.08 %
Commercial real estate 0.04    0.27   0.06   0.33   0.02  
Home equity (0.10 )  0.55   0.02   0.16   0.57  
Residential real estate (0.06 )  0.02   0.02   0.09   0.11  
Premium finance receivables 0.06    0.11   0.12   0.12   0.10  
Consumer and other 0.57    0.78   0.49   0.25   0.56  
Total loans, net of unearned income 0.17  % 0.13 % 0.12 % 0.20 % 0.08 %
           
Loans at period end $33,171,233    $32,079,073   $32,135,555   $31,402,903   $27,807,321  
Allowance for loan losses as a percentage of loans at period end 0.84  % 1.00 % 1.01 % 1.00 % 0.78 %
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end 0.97    1.18   1.21   1.19   0.91  
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans 1.08    1.29   1.35   1.33   0.91  


TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

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


TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2021 and December 31, 2020.

 As of Mar 31, 2021As of Dec 31, 2020
(Dollars in thousands)Recorded
Investment
 Calculated
Allowance
 % of its
category’s
balance
Recorded
Investment
 Calculated
Allowance
 % of its
category’s
balance
Commercial:          
Commercial, industrial and other, excluding PPP loans$9,415,225   $95,637   1.02 %$9,240,046  $94,210  1.02%
Commercial PPP loans3,292,982     0.00  2,715,921  2  0.00 
Commercial real estate:          
Construction and development1,353,324   45,327   3.35  1,371,802  78,833  5.75 
Non-construction7,191,455   136,465   1.90  7,122,330  164,770  2.31 
Home equity390,253   11,382   2.92  425,263  11,437  2.69 
Residential real estate1,421,973   14,242   1.00  1,259,598  12,459  0.99 
Premium finance receivables          
Commercial insurance loans3,958,543   16,945   0.43  4,054,489  17,267  0.43 
Life insurance loans6,111,495   532   0.01  5,857,436  510  0.01 
Consumer and other35,983   676   1.88  32,188  422  1.31 
Total loans, net of unearned income$33,171,233   $321,209   0.97 %$32,079,073  $379,910  1.18%
Total loans, net of unearned income, excluding PPP loans$29,878,251   $321,206   1.08 %$29,363,152  $379,908  1.29%
           
Total core loans (1)$17,492,767   $283,505   1.62 %$17,338,730  $347,111  2.00%
Total niche loans (1)12,385,484   37,701   0.30  12,024,422  32,797  0.27 
Total PPP loans3,292,982     0.00  2,715,921  2  0.00 
           

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


TABLE 12: LOAN PORTFOLIO AGING

(Dollars in thousands) Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Loan Balances:          
Commercial          
Nonaccrual $22,459   $21,743  $42,036  $42,882  $49,916 
90+ days and still accruing —   307    1,374  1,241 
60-89 days past due 13,292   6,900  2,168  8,952  8,873 
30-59 days past due 35,541   44,381  48,271  23,720  86,129 
Current 12,636,915   11,882,636  12,184,524  11,782,304  8,879,727 
Total commercial $12,708,207   $11,955,967  $12,276,999  $11,859,232  $9,025,886 
Commercial real estate          
Nonaccrual $34,380   $46,107  $68,815  $64,557  $62,830 
90+ days and still accruing —         516 
60-89 days past due 8,156   5,178  8,299  26,480  10,212 
30-59 days past due 70,168   32,116  53,462  75,528  75,068 
Current 8,432,075   8,410,731  8,292,566  8,034,180  8,036,905 
Total commercial real estate $8,544,779   $8,494,132  $8,423,142  8,200,745  $8,185,531 
Home equity          
Nonaccrual $5,536   $6,529  $6,329  $7,261  $7,243 
90+ days and still accruing —          
60-89 days past due 492   47  70    214 
30-59 days past due 780   637  1,148  1,296  2,096 
Current 383,445   418,050  438,727  458,039  485,102 
Total home equity $390,253   $425,263  $446,274  $466,596  $494,655 
Residential real estate          
Nonaccrual $21,553   $26,071  $22,069  $19,529  $18,965 
90+ days and still accruing —         605 
60-89 days past due 944   1,635  814  1,506  345 
30-59 days past due 13,768   12,584  2,443  4,400  28,983 
Current 1,385,708   1,219,308  1,359,484  1,401,994  1,328,491 
Total residential real estate $1,421,973   $1,259,598  $1,384,810  $1,427,429  $1,377,389 
Premium finance receivables          
Nonaccrual $9,690   $13,264  $21,080  $16,460  $21,058 
90+ days and still accruing 4,783   12,792  12,177  35,638  16,505 
60-89 days past due 5,113   27,801  38,286  42,353  12,730 
30-59 days past due 31,373   49,274  80,732  61,160  70,185 
Current 10,019,079   9,808,794  9,396,701  9,244,965  8,566,216 
Total premium finance receivables $10,070,038   $9,911,925  $9,548,976  $9,400,576  $8,686,694 
Consumer and other          
Nonaccrual $497   $436  $422  $427  $403 
90+ days and still accruing 161   264  175  156  78 
60-89 days past due   24  273  4  625 
30-59 days past due 74   136  493  281  207 
Current 35,243   31,328  53,991  47,457  35,853 
Total consumer and other $35,983   $32,188  $55,354  $48,325  $37,166 
Total loans, net of unearned income          
Nonaccrual $94,115   $114,150  $160,751  $151,116  $160,415 
90+ days and still accruing 4,944   13,363  12,352  37,168  18,945 
60-89 days past due 28,005   41,585  49,910  79,295  32,999 
30-59 days past due 151,704   139,128  186,549  166,385  262,668 
Current 32,892,465   31,770,847  31,725,993  30,968,939  27,332,294 
Total loans, net of unearned income $33,171,233   $32,079,073  $32,135,555  $31,402,903  $27,807,321 


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

 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(Dollars in thousands)2021 2020 2020 2020 2020
Loans past due greater than 90 days and still accruing (1):         
Commercial$—   $307  $  $1,374  $1,241 
Commercial real estate—         516 
Home equity—          
Residential real estate—         605 
Premium finance receivables4,783   12,792  12,177  35,638  16,505 
Consumer and other161   264  175  156  78 
Total loans past due greater than 90 days and still accruing4,944   13,363  12,352  37,168  18,945 
Non-accrual loans:         
Commercial22,459   21,743  42,036  42,882  49,916 
Commercial real estate34,380   46,107  68,815  64,557  62,830 
Home equity5,536   6,529  6,329  7,261  7,243 
Residential real estate21,553   26,071  22,069  19,529  18,965 
Premium finance receivables9,690   13,264  21,080  16,460  21,058 
Consumer and other497   436  422  427  403 
Total non-accrual loans94,115   114,150  160,751  151,116  160,415 
Total non-performing loans:         
Commercial22,459   22,050  42,036  44,256  51,157 
Commercial real estate34,380   46,107  68,815  64,557  63,346 
Home equity5,536   6,529  6,329  7,261  7,243 
Residential real estate21,553   26,071  22,069  19,529  19,570 
Premium finance receivables14,473   26,056  33,257  52,098  37,563 
Consumer and other658   700  597  583  481 
Total non-performing loans$99,059   $127,513  $173,103  $188,284  $179,360 
Other real estate owned8,679   9,711  2,891  2,409  2,701 
Other real estate owned - from acquisitions7,134   6,847  6,326  7,788  8,325 
Other repossessed assets—          
Total non-performing assets$114,872   $144,071  $182,320  $198,481  $190,386 
Accruing TDRs not included within non-performing assets$46,151   $47,023  $46,410  $48,609  $47,049 
Total non-performing loans by category as a percent of its own respective category’s period-end balance:         
Commercial0.18 % 0.18% 0.34% 0.37% 0.57%
Commercial real estate0.40   0.54  0.82  0.79  0.77 
Home equity1.42   1.54  1.42  1.56  1.46 
Residential real estate1.52   2.07  1.59  1.37  1.42 
Premium finance receivables0.14   0.26  0.35  0.55  0.43 
Consumer and other1.83   2.17  1.08  1.21  1.29 
Total loans, net of unearned income0.30 % 0.40% 0.54% 0.60% 0.65%
Total non-performing assets as a percentage of total assets0.25 % 0.32% 0.42% 0.46% 0.49%
Allowance for credit losses as a percentage of non-accrual loans341.29 % 332.82% 241.93% 246.90% 157.97%
          

(1) As of March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, no TDRs were past due greater than 90 days and still accruing interest.


Non-performing Loans Rollforward

 Three Months Ended
 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(In thousands)2021 2020 2020 2020 2020
          
Balance at beginning of period$127,513   $173,103   $188,284   $179,360   $117,588  
Additions from becoming non-performing in the respective period9,894   13,224   19,771   20,803   32,195  
Additions from the adoption of ASU 2016-13—             37,285  
Return to performing status(654)  (1,000)  (6,202)  (2,566)  (486) 
Payments received(22,731)  (30,146)  (3,733)  (11,201)  (7,949) 
Transfer to OREO and other repossessed assets(1,372)  (12,662)  (598)     (1,297) 
Charge-offs(2,952)  (7,817)  (6,583)  (12,884)  (2,551) 
Net change for niche loans (1)(10,639)  (7,189)  (17,836)  14,772   4,575  
Balance at end of period$99,059   $127,513   $173,103   $188,284   $179,360  

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


TDRs

 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(In thousands)2021 2020 2020 2020 2020
Accruing TDRs:         
Commercial$7,536   $7,699  $7,863  $5,338  $6,500 
Commercial real estate9,478   10,549  10,846  19,106  18,043 
Residential real estate and other29,137   28,775  27,701  24,165  22,506 
Total accrual$46,151   $47,023  $46,410  $48,609  $47,049 
Non-accrual TDRs: (1)         
Commercial$5,583   $10,491  $13,132  $20,788  $17,206 
Commercial real estate1,309   6,177  13,601  8,545  14,420 
Residential real estate and other3,540   4,501  5,392  5,606  4,962 
Total non-accrual$10,432   $21,169  $32,125  $34,939  $36,588 
Total TDRs:         
Commercial$13,119   $18,190  $20,995  $26,126  $23,706 
Commercial real estate10,787   16,726  24,447  27,651  32,463 
Residential real estate and other32,677   33,276  33,093  29,771  27,468 
Total TDRs$56,583   $68,192  $78,535  $83,548  $83,637 

(1) Included in total non-performing loans.


Other Real Estate Owned

 Three Months Ended
 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(In thousands)2021 2020 2020 2020 2020
Balance at beginning of period$16,558    $9,217   $10,197   $11,026   $15,171  
Disposals/resolved(2,162 )  (3,839)  (1,532)  (612)  (4,793) 
Transfers in at fair value, less costs to sell1,587    11,508   777      954  
Additions from acquisition—               
Fair value adjustments(170 )  (328)  (225)  (217)  (306) 
Balance at end of period$15,813    $16,558   $9,217   $10,197   $11,026  
          
 Period End
 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
Balance by Property Type:2021 2020 2020 2020 2020
Residential real estate$2,713    $2,324   $1,839   $1,382   $1,684  
Residential real estate development1,287    1,691           
Commercial real estate11,813    12,543   7,378   8,815   9,342  
Total$15,813    $16,558   $9,217   $10,197   $11,026  


TABLE 14: NON-INTEREST INCOME

 Three Months Ended Q1 2021 compared to
Q4 2020
 Q1 2021 compared to
Q1 2020
 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,  
(Dollars in thousands)2021 2020 2020 2020 2020 $ Change % Change $ Change % Change
Brokerage$5,040    $4,740   $4,563   $4,147   $5,281   $300   6 % $(241)  (5)%
Trust and asset management24,269    22,062   20,394   18,489   20,660   2,207   10   3,609   17  
Total wealth management29,309    26,802   24,957   22,636   25,941   2,507   9   3,368   13  
Mortgage banking113,494    86,819   108,544   102,324   48,326   26,675   31   65,168   135  
Service charges on deposit accounts12,036    11,841   11,497   10,420   11,265   195   2   771   7  
Gains (losses) on investment securities, net1,154    1,214   411   808   (4,359)  (60)  (5)  5,513   NM  
Fees from covered call options—             2,292      NM   (2,292)  (100) 
Trading  gains (losses), net419    (102)  183   (634)  (451)  521   NM   870   NM  
Operating lease income, net14,440    12,118   11,717   11,785   11,984   2,322   19   2,456   20  
Other:                 
Interest rate swap fees2,488    4,930   4,029   5,693   6,066   (2,442)  (50)  (3,578)  (59) 
BOLI1,124    2,846   1,218   1,950   (1,284)  (1,722)  (61)  2,408   NM  
Administrative services1,256    1,263   1,077   933   1,112   (7)  (1)  144   13  
Foreign currency remeasurement gains (losses)99    (208)  (54)  (208)  (151)  307   NM   250   NM  
Early pay-offs of capital leases(52 )  118   165   275   74   (170)  NM   (126)  NM  
Miscellaneous10,739    10,720   6,849   6,011   12,427   19      (1,688)  (14) 
Total Other15,654    19,669   13,284   14,654   18,244   (4,015)  (20)  (2,590)  (14) 
Total Non-Interest Income$186,506    $158,361   $170,593   $161,993   $113,242   $28,145   18 % $73,264   65 %

NM - Not meaningful.


TABLE 15: MORTGAGE BANKING

 Three Months Ended
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Sep 30,
2020
 Jun 30,
2020
 Mar 31,
2020
Originations:         
Retail originations$1,641,664    $1,757,093   $1,590,699   $1,588,932   $773,144  
Veterans First originations580,303    594,151   635,876   621,878   442,957  
Total originations for sale (A)$2,221,967    $2,351,244   $2,226,575   $2,210,810   $1,216,101  
Originations for investment321,858    192,107   73,711   56,954   73,727  
Total originations$2,543,825    $2,543,351   $2,300,286   $2,267,764   $1,289,828  
          
Purchases as a percentage of originations for sale27  % 35 % 41 % 30 % 37 %
Refinances as a percentage of originations for sale73    65   59   70   63  
Total100  % 100 % 100 % 100 % 100 %
          
Production Margin:         
Production revenue (B) (1)$71,282    $70,886   $94,148   $93,433   $49,327  
Production margin (B / A)3.21  % 3.01 % 4.23 % 4.23 % 4.06 %
          
Mortgage Servicing:         
Loans serviced for others (C)$11,530,676    $10,833,135   $10,139,878   $9,188,285   $8,314,634  
MSRs, at fair value (D)124,316    92,081   86,907   77,203   73,504  
Percentage of MSRs to loans serviced for others (D / C)1.08  % 0.85 % 0.86 % 0.84 % 0.88 %
Servicing income$9,636    $9,829   $8,118   $6,908   $7,031  
          
Components of MSR:         
MSR - current period capitalization$24,616    $20,343   $20,936   $20,351   $9,447  
MSR - collection of expected cash flows - paydowns(728 )  (688)  (590)  (419)  (547) 
MSR - collection of expected cash flows - payoffs(9,440 )  (8,335)  (7,272)  (8,252)  (6,476) 
Valuation:         
MSR - changes in fair value model assumptions18,045    (5,223)  (3,002)  (7,982)  (14,557) 
Gain on derivative contract held as an economic hedge, net—          589   4,160  
MSR valuation adjustment, net of gain on derivative contract held as an economic hedge$18,045    $(5,223)  $(3,002)  $(7,393)  $(10,397) 
          
Summary of Mortgage Banking Revenue:         
Production revenue (1)$71,282    $70,886   $94,148   $93,433   $49,327  
Servicing income9,636    9,829   8,118   6,908   7,031  
MSR activity32,493    6,097   10,072   4,287   (7,973) 
Other83    7   (3,794)  (2,304)  (59) 
Total mortgage banking revenue$113,494    $86,819   $108,544   $102,324   $48,326  

(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in derivative activity, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.


TABLE 16: NON-INTEREST EXPENSE

 Three Months Ended Q1 2021 compared to
Q4 2020
 Q1 2021 compared to
Q1 2020
 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,  
(Dollars in thousands)2021 2020 2020 2020 2020 $ Change % Change $ Change % Change
Salaries and employee benefits:                 
Salaries$91,054    $93,535   $89,849   $87,105  $81,286   $(2,481)  (3)% $9,768   12 %
Commissions and incentive compensation61,367    52,383   48,475   46,151  31,575   8,984   17   29,792   94  
Benefits28,389    25,198   25,718   20,900  23,901   3,191   13   4,488   19  
Total salaries and employee benefits180,809    171,116   164,042   154,156  136,762   9,693   6   44,047   32  
Equipment20,912    20,565   17,251   15,846  14,834   347   2   6,078   41  
Operating lease equipment depreciation10,771    9,938   9,425   9,292  9,260   833   8   1,511   16  
Occupancy, net19,996    19,687   15,830   16,893  17,547   309   2   2,449   14  
Data processing6,048    5,728   5,689   10,406  8,373   320   6   (2,325)  (28) 
Advertising and marketing8,546    9,850   7,880   7,704  10,862   (1,304)  (13)  (2,316)  (21) 
Professional fees7,587    6,530   6,488   7,687  6,721   1,057   16   866   13  
Amortization of other intangible assets2,007    2,634   2,701   2,820  2,863   (627)  (24)  (856)  (30) 
FDIC insurance6,558    7,016   6,772   7,081  4,135   (458)  (7)  2,423   59  
OREO expense, net(251 )  (114)  (168)  237  (876)  (137)  NM   625   (71) 
Other:                 
Commissions - 3rd party brokers846    764   778   707  865   82   11   (19)  (2) 
Postage1,743    1,849   1,529   1,591  1,949   (106)  (6)  (206)  (11) 
Miscellaneous21,317    26,304   26,002   24,948  21,346   (4,987)  (19)  (29)    
Total other23,906    28,917   28,309   27,246  24,160   (5,011)  (17)  (254)  (1) 
Total Non-Interest Expense$286,889    $281,867   $264,219   $259,368  $234,641   $5,022   2 % $52,248   22 %

NM - Not meaningful.


TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

 Three Months Ended
 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(Dollars and shares in thousands)2021 2020 2020 2020 2020
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)$305,469    $307,981   $311,156   $329,816   $344,067  
Taxable-equivalent adjustment:         
 - Loans384    324   481   576   860  
 - Liquidity Management Assets500    530   546   538   551  
 - Other Earning Assets—    3   1   3   2  
(B) Interest Income (non-GAAP)$306,353    $308,838   $312,184   $330,933   $345,480  
(C) Interest Expense (GAAP)$43,574    $48,584   $55,220   $66,685   $82,624  
(D) Net Interest Income (GAAP) (A minus C)$261,895    $259,397   $255,936   $263,131   $261,443  
(E) Net Interest Income (non-GAAP) (B minus C)$262,779    $260,254   $256,964   $264,248   $262,856  
Net interest margin (GAAP)2.53  % 2.53 % 2.56 % 2.73 % 3.12 %
Net interest margin, fully taxable-equivalent (non-GAAP)2.54  % 2.54 % 2.57 % 2.74 % 3.14 %
(F) Non-interest income$186,506    $158,361   $170,593   $161,993   $113,242  
(G) Gains (losses) on investment securities, net1,154    1,214   411   808   (4,359) 
(H) Non-interest expense286,889    281,867   264,219   259,368   234,641  
Efficiency ratio (H/(D+F-G))64.15  % 67.67 % 62.01 % 61.13 % 61.90 %
Efficiency ratio (non-GAAP) (H/(E+F-G))64.02  % 67.53 % 61.86 % 60.97 % 61.67 %
          
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)$4,252,511    $4,115,995   $4,074,089   $3,990,218   $3,700,393  
Less: Non-convertible preferred stock (GAAP)(412,500 )  (412,500)  (412,500)  (412,500)  (125,000) 
Less: Intangible assets (GAAP)(680,052 )  (681,747)  (683,314)  (685,581)  (687,626) 
(I) Total tangible common shareholders’ equity (non-GAAP)$3,159,959    $3,021,748   $2,978,275   $2,892,137   $2,887,767  
(J) Total assets (GAAP)$45,682,202    $45,080,768   $43,731,718   $43,540,017   $38,799,847  
Less: Intangible assets (GAAP)(680,052 )  (681,747)  (683,314)  (685,581)  (687,626) 
(K) Total tangible assets (non-GAAP)$45,002,150    $44,399,021   $43,048,404   $42,854,436   $38,112,221  
Common equity to assets ratio (GAAP) (L/J)8.4  % 8.2 % 8.4 % 8.2 % 9.2 %
Tangible common equity ratio (non-GAAP) (I/K)7.0  % 6.8 % 6.9 % 6.7 % 7.6 %


 Three Months Ended
 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(Dollars and shares in thousands)2021 2020 2020 2020 2020
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity$4,252,511    $4,115,995   $4,074,089   $3,990,218   $3,700,393  
Less: Preferred stock(412,500 )  (412,500)  (412,500)  (412,500)  (125,000) 
(L) Total common equity$3,840,011    $3,703,495   $3,661,589   $3,577,718   $3,575,393  
(M) Actual common shares outstanding57,023    56,770   57,602   57,574   57,545  
Book value per common share (L/M)$67.34    $65.24   $63.57   $62.14   $62.13  
Tangible book value per common share (non-GAAP) (I/M)$55.42    $53.23   $51.70   $50.23   $50.18  
          
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares$146,157    $94,213   $97,029   $19,609   $60,762  
Add: Intangible asset amortization2,007    2,634   2,701   2,820   2,863  
Less: Tax effect of intangible asset amortization(522 )  (656)  (589)  (832)  (799) 
After-tax intangible asset amortization1,485    1,978   2,112   1,988   2,064  
(O) Tangible net income applicable to common shares (non-GAAP)$147,642    $96,191   $99,141   $21,597   $62,826  
Total average shareholders' equity$4,164,890    $4,050,286   $4,034,902   $3,908,846   $3,710,169  
Less: Average preferred stock(412,500 )  (412,500)  (412,500)  (273,489)  (125,000) 
(P) Total average common shareholders' equity$3,752,390    $3,637,786   $3,622,402   $3,635,357   $3,585,169  
Less: Average intangible assets(680,805 )  (682,290)  (684,717)  (686,526)  (690,777) 
(Q) Total average tangible common shareholders’ equity (non-GAAP)$3,071,585    $2,955,496   $2,937,685   $2,948,831   $2,894,392  
Return on average common equity, annualized  (N/P)15.80  % 10.30 % 10.66 % 2.17 % 6.82 %
Return on average tangible common equity, annualized (non-GAAP) (O/Q)19.49  % 12.95 % 13.43 % 2.95 % 8.73 %
          
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:  
Income before taxes$206,859    $134,711   $137,284   $30,703   $87,083  
Add:  Provision for credit losses(45,347 )  1,180   25,026   135,053   52,961  
Pre-tax income, excluding provision for credit losses (non-GAAP)$161,512    $135,891   $162,310   $165,756   $140,044  


WINTRUST SUBSIDIARIES AND LOCATIONS

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 15 community bank subsidiaries are: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., in Chicago, Libertyville Bank & Trust Company, N.A., Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, N.A., Schaumburg Bank & Trust Company, N.A., Village Bank & Trust, N.A., in Arlington Heights, Beverly Bank & Trust Company, N.A. in Chicago, Wheaton Bank & Trust Company, N.A., State Bank of The Lakes, N.A., in Antioch, Old Plank Trail Community Bank, N.A. in New Lenox, St. Charles Bank & Trust Company, N.A. and Town Bank, N.A., in Hartland, Wisconsin.

In addition to the locations noted above, the banks also operate facilities in Illinois in Addison, Algonquin, Aurora, Bloomingdale, Bolingbrook, Buffalo Grove, Burbank, Cary, Clarendon Hills, Crete, Countryside, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Gurnee, Grayslake, Hanover Park, Highland Park, Highwood, Hoffman Estates, Homer Glen, Itasca, Joliet, Lake Bluff, Lake Villa, Lansing, Lemont, Lindenhurst, Lynwood, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, North Chicago, Northfield, Norridge, Oak Lawn, Oak Brook, Orland Park, Palatine, Park Ridge, Prospect Heights, Ravinia, Riverside, Rolling Meadows, Round Lake Beach, Shorewood, Skokie, South Holland, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Albany, Burlington, Clinton, Darlington, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Monroe, Pewaukee, Racine, Sharon, Wales, Walworth and Wind Lake, and in Dyer, Indiana and in Naples, Florida. 

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

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

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2020 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

  • the severity, magnitude and duration of the COVID-19 pandemic and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on our operations and personnel, commercial activity and demand across our business and our customers’ businesses;
  • the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect the Company’s 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 Company’s 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 Company’s loan portfolio, which may require further increases in its allowance for credit losses;
  • estimates of fair value of certain of the Company’s 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 Company’s 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 Company’s liquidity and the value of its assets and liabilities;
  • a prolonged period of near zero interest rates or potentially negative interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
  • competitive pressures in the financial services business which may affect the pricing of the Company’s 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 Company’s recent or future acquisitions;
  • unexpected difficulties and losses related to FDIC-assisted acquisitions;
  • harm to the Company’s reputation;
  • any negative perception of the Company’s 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 Company’s investment portfolio;
  • ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
  • failure or breaches of our security systems or infrastructure, or those of third parties;
  • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft;
  • adverse effects on our information technology systems resulting from failures, human error or cyberattacks;
  • adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
  • increased costs as a result of protecting our customers from the impact of stolen debit card information;
  • accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
  • ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
  • environmental liability risk associated with lending activities;
  • the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
  • losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
  • the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
  • the soundness of other financial institutions;
  • the expenses and delayed returns inherent in opening new branches and de novo banks;
  • liabilities, potential customer loss or reputational harm related to closings of existing branches;
  • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
  • changes in accounting standards, rules and interpretations, and the impact on the Company’s 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 Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
  • legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those changes that are in response to the COVID-19 pandemic, including without limitation the CARES Act, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the rules and regulations that may be promulgated thereunder;
  • a lowering of our credit rating;
  • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to the COVID-19 pandemic or otherwise;
  • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
  • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
  • the impact of heightened capital requirements;
  • increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
  • delinquencies or fraud with respect to the Company’s premium finance business;
  • credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
  • the Company’s ability to comply with covenants under its credit facility; and
  • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation.

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

CONFERENCE CALL, WEBCAST AND REPLAY

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


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