WINTRUST FINANCIAL CORP
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
WTFC$151.27-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001015328-25-000207
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001015328-26-000014
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 230 previous paragraphs and 210 current paragraphs.
151 unchanged; 52 reworded; 6 added; 15 removed; 12 previous and 1 current paragraphs rearranged.
Tables are not compared: 35 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
First Quarter Highlights
Current report
Deposit beta
Current report
The Company defines deposit betas as the change in the cost of the Company’s deposits relative to the change in the upper limit of the federal funds target range established by the Federal Open Market Committee. The Company evaluates deposit betas across both rising and declining interest rate environments. During the prior rising interest rate cycle, which began in the first quarter of 2022 and concluded in the second quarter of 2024, deposit costs increased as rates rose, resulting in cumulative deposit betas of 53% for total deposits and 66% for interest-bearing deposits. For the current declining interest rate cycle, measured from June 30, 2024 to March 31, 2026, our cumulative deposit betas were 41% for total deposits and 57% for interest-bearing deposits.
Current report
Operating lease income increased in the first quarter of 2026 as a result of additional lease rental income due to growth in leased assets as compared to the first quarter of 2025.
Current report
Professional fees expense decreased for the three months ended March 31, 2026 as compared to the same period in 2025 primarily due to lower consulting fees. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.
Current report
(1)Includes non-accrual loans.
Removed paragraphs (15)
Previous report
Third Quarter Highlights
Previous report
NM - Not meaningful.
Previous report
NM - Not meaningful.
Previous report
Amortization of other acquisition-related intangible assets increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 as a result of amortization of the core deposit intangible asset associated with the Macatawa acquisition.
Previous report
FDIC insurance expense increased for the three months and decreased for the nine months ended September 30, 2025 compared to the same period in 2024. For the three months ended September 30, 2025, the increase is primarily due to balance sheet growth as compared to the three months ended September 30, 2024. On a year-to-date basis, the decrease is primarily due to $5.2 million recognized in March 31, 2024 related to the FDIC’s special assessment on uninsured deposits in response to certain bank failures that occurred in 2023.
Previous report
(1)Total average loans includes nonaccrual loans.
Previous report
(1)Total average loans includes nonaccrual loans.
Previous report
(2)September 30, 2025 capital ratios impacted by redemption of Preferred Stock Series D and Preferred Stock Series E.
Previous report
(3)June 30, 2025 capital ratios impacted by issuance of Preferred Stock Series F.
Previous report
On July 15, 2025, the Company redeemed all 5,000,000 issued and outstanding shares of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”), for a redemption price of $25.00 per share or $125.0 million. Also, the Company redeemed all 11,500 issued and outstanding shares of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (the “Series E Preferred Stock”), and all of the related 11,500,000 issued and outstanding depositary shares (the “Depositary Shares”), each representing a 1/1,000 th interest in a share of Series E Preferred Stock, for a redemption price of $25,000 per share of Series E Preferred Stock (or $25.00 per Depositary Share) or $287.5 million. The regular quarterly dividends on the Series D Preferred Stock and the Series E Preferred Stock represented by the Depositary Shares were paid separately on July 15, 2025 to holders of record on July 1, 2025. Accordingly, the redemption price did not include any accrued and unpaid dividends.
Previous report
In May 2025, the Company issued 17,000 shares of fixed-rate reset non-cumulative perpetual preferred stock, Series F, liquidation preference $25,000 per share (the “Series F Preferred Stock”) as part of a $425 million public offering of 17,000,000 depository shares, each representing a 1/1000th interest in a share of Series F Preferred Stock. When, as and if declared, dividends on the Series F Preferred Stock are payable quarterly in arrears at a fixed rate of 7.875% per annum starting October 15, 2025. The redemption of the Series D Preferred Stock and Series E Preferred Stock in July 2025 was funded with a portion of the net proceeds from the issuance of the Series F Preferred Stock.
Previous report
Per GAAP, prior issuance costs from Series D Preferred Stock and Series E Preferred Stock were reclassified, upon redemption, from capital surplus and recognized through retained earnings. These amounts do not impact operating net income but are considered as a reduction to net income available to common shareholders and impact earnings per share calculations. The following table represents the Series F Preferred Stock offering and Series D and Series E Preferred Stock redemption impact on diluted EPS:
Previous report
(1) Series F Preferred Stock First Dividend covers the time period May 22, 2025 to October 15, 2025 and was declared by the Board of Directors in July 2025.
Previous report
(2) Series F Preferred Stock Quarterly Dividend amount, if declared by the Board of Directors.
Previous report
(3) Average diluted common shares held constant at December 31, 2025 for illustrative purposes.
Reworded paragraphs (52)
Previous wording
The following discussion and analysis of the financial condition of Wintrust Financial Corporation and its subsidiaries (collectively, “Wintrust” or the “Company”) as of September 30, 2025 compared with December 31, 2024 and September 30, 2024, and the results of operations for the three and nine month periods ended September 30, 2025 and September 30, 2024, should be read in conjunction with the unaudited consolidated financial statements and notes contained in this report and the risk factors discussed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) and in Part II, Item 1A, of this Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties and, as such, future results could differ significantly from management’s current expectations. See the last section of this discussion for further information on forward-looking statements.
Current wording
The following discussion and analysis of the financial condition of Wintrust Financial Corporation and its subsidiaries (collectively, “Wintrust” or the “Company”) as of March 31, 2026 compared with December 31, 2025 and March 31, 2025, and the results of operations for the three month periods ended March 31, 2026 and March 31, 2025, should be read in conjunction with the unaudited consolidated financial statements and notes contained in this report and the risk factors discussed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) and in Part II, Item 1A, of this Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties and, as such, future results could differ significantly from management’s current expectations. See the last section of this discussion for further information on forward-looking statements.
Previous wording
The Company recorded net income of $216.3 million for the third quarter of 2025 compared to $170.0 million in the third quarter of 2024. The results for the third quarter of 2025 demonstrate increased net interest income due to growth in earning assets as well as the Company’s ability to navigate disruptions in the current economic environment during the period due to the Company’s strong deposit franchise and balanced business model. Partially offsetting the increase in net interest income was an increase in non-interest expense. The increase in non-interest expense was a result of additional expenses to support growth. Comprehensive income includes 1) net income as presented on the Company’s Consolidated Statements of Income and 2) other comprehensive income or loss from unrealized gains and losses on the Company’s available-for-sale investment securities portfolios and derivative contracts designated as cash flow hedges as well as foreign currency translation adjustments. Comprehensive income totaled $267.7 million for the third quarter of 2025 compared to $390.0 million for the third quarter of 2024.
Current wording
The Company recorded net income of $227.4 million for the first quarter of 2026 compared to $189.0 million in the first quarter of 2025. The results for the first quarter of 2026 demonstrate increased net interest income due to growth in earning assets as well as the Company’s ability to navigate disruptions in the current economic environment during the period due to the Company’s strong deposit franchise and balanced business model. Partially offsetting the increase in net interest income was an increase in non-interest expense. The increase in non-interest expense was a result of additional expenses to support growth. Comprehensive income includes 1) net income as presented on the Company’s Consolidated Statements of Income and 2) other comprehensive income or loss from unrealized gains and losses on the Company’s available-for-sale investment securities portfolios and derivative contracts designated as cash flow hedges as well as foreign currency translation adjustments. Comprehensive income totaled $156.3 million for the first quarter of 2026 compared to $287.4 million for the first quarter of 2025.
Previous wording
The Company increased its loan portfolio from $47.1 billion at September 30, 2024 and $48.1 billion at December 31, 2024 to $52.1 billion at September 30, 2025. The increase in the current period compared to the prior periods was a result of growth in several portfolios, including the commercial, commercial real estate, residential real estate loans held for investment portfolios, and insurance premium finance receivable portfolios. For more information regarding changes in the Company’s loan portfolio, see Financial Condition – Interest Earning Assets and Note (6) “Loans” of the Consolidated Financial Statements in Item 1 of this report.
Current wording
The Company increased its loan portfolio from $48.7 billion at March 31, 2025 and $53.1 billion at December 31, 2025 to $54.1 billion at March 31, 2026. The increase in the current period compared to the prior periods was a result of growth in several portfolios, including the commercial, commercial real estate, and residential real estate loans held for investment portfolios. For more information regarding changes in the Company’s loan portfolio, see Financial Condition – Interest Earning Assets and Note (6) “Loans” of the Consolidated Financial Statements in Item 1 of this report.
Previous wording
The Company recorded net interest income of $567.0 million in the third quarter of 2025 compared to $502.6 million in the third quarter of 2024. This increase in net interest income recorded in the third quarter of 2025 compared to the third quarter of 2024 resulted primarily from growth in earning assets, specifically a $5.5 billion increase in average loans. Net interest margin was 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) in the third quarter of 2025 compared to 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) in the third quarter of 2024. The net interest margin remained essentially the same as declines in yields of most asset classes were substantially offset by reductions in funding costs (see “Net Interest Income” for further detail).
Current wording
The Company recorded net interest income of $579.0 million in the first quarter of 2026 compared to $526.5 million in the first quarter of 2025. This increase in net interest income recorded in the first quarter of 2026 compared to the first quarter of 2025 resulted primarily from growth in earning assets, specifically a $5.0 billion increase in average loans. Net interest margin held steady at 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) in the first quarter of 2026 and 2025 (see “Net Interest Income” for further detail).
Previous wording
Non-interest income totaled $130.8 million in the third quarter of 2025 compared to $113.1 million in the third quarter of 2024. The increase is primarily due to an increase in mortgage banking revenue of $8.5 million, an increase of service charges on deposit accounts of $3.4 million, and an increase in income from fees from covered call options of $4.6 million in the third quarter of 2025 compared to the third quarter of 2024. This was partially offset by a decrease in foreign currency remeasurement losses of $1.1 million compared to the third quarter of 2024 (see “Non-Interest Income” for further detail).
Current wording
Non-interest income totaled $134.1 million in the first quarter of 2026 compared to $116.6 million in the first quarter of 2025. The increase is primarily due to an increase in wealth management revenue of $8.0 million, an increase in operating lease income of $3.9 million, and an increase in mortgage banking revenue of $2.9 million in the first quarter of 2026 compared to the first quarter of 2025. This was partially offset by net losses on investment securities of $31,000 compared to approximately $3.2 million in net gains recognized in the first quarter of 2025 (see “Non-Interest Income” for further detail).
Previous wording
Non-interest expense totaled $380.0 million in the third quarter of 2025, an increase of $19.3 million, or 5%, compared to the third quarter of 2024. This increase compared to the third quarter of 2024 was primarily attributable to increased salaries and employee benefits of $8.4 million and increased software and equipment expenses of $3.5 million (see “Non-Interest Expense” for further detail).
Current wording
Non-interest expense totaled $382.6 million in the first quarter of 2026, an increase of $16.5 million, or 5%, compared to the first quarter of 2025. This increase compared to the first quarter of 2025 was primarily attributable to increased salaries and employee benefits of $16.9 million (see “Non-Interest Expense” for further detail).
Previous wording
Management considers the maintenance of adequate liquidity to be important to the management of risk. Accordingly, during the third quarter of 2025, the Company continued its practice of maintaining appropriate funding capacity to provide the Company with adequate liquidity for its ongoing operations. In this regard, the Company benefited from its strong deposit base, a liquid investment portfolio and its access to funding from a variety of external funding sources, including the Company’s issuance of an additional series of preferred stock during the second quarter of 2025. See “Shareholders’ Equity”, “Deposits” and “Other Funding Sources” for additional information regarding liquidity sources.
Current wording
Company with adequate liquidity for its ongoing operations. In this regard, the Company benefited from its strong deposit base, a liquid investment portfolio and its access to funding from a variety of external funding sources. See “Shareholders’ Equity”, “Deposits” and “Other Funding Sources” for additional information regarding liquidity sources.
Previous wording
The Company’s key operating measures and growth rates for the three and nine months ended September 30, 2025, as compared to the same period last year, are shown below:
Current wording
The Company’s key operating measures and growth rates for the three months ended March 31, 2026, as compared to the same period last year, are shown below:
Previous wording
The Company’s Consolidated Financial Statements are prepared in accordance with GAAP in the United States, prevailing practices of the banking industry, and the application of accounting policies of which are described in Note (1) “Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8 of the Company’s 2024 Form 10-K. These policies require numerous estimates and strategic or economic assumptions, which may prove inaccurate or subject to variations. Changes in underlying factors, assumptions or estimates could have a material impact on the Company’s future financial condition and results of operations. At September 30, 2025, management views critical accounting estimates to include the determination of the allowance for credit losses, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be most subject to revision as new information becomes available. These estimates were reviewed with the Audit Committee of the Board of Directors.
Current wording
The Company’s Consolidated Financial Statements are prepared in accordance with GAAP in the United States, prevailing practices of the banking industry, and the application of accounting policies of which are described in Note (1) “Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8 of the Company’s 2025 Form 10-K. These policies require numerous estimates and strategic or economic assumptions, which may prove inaccurate or subject to variations. Changes in underlying factors, assumptions or estimates could have a material impact on the Company’s future financial condition and results of operations. At March 31, 2026, management views critical accounting estimates to include the determination of the allowance for credit losses, estimations of fair value, and the valuation and accounting for derivative instruments, as the accounting areas that require the most subjective and complex judgments, and as such could be most subject to revision as new information becomes available. These estimates were reviewed by the Audit Committee of the Company’s Board of Directors and are discussed in further detail below.
Previous wording
The allowance for credit losses represents management’s estimate of expected credit losses over the life of a financial asset carried at amortized cost. Determining the amount of the allowance for credit losses is considered a critical accounting estimate because it requires significant judgment and the use of estimates related to the fair value of the underlying collateral and amount and timing of expected future cash flows on individually assessed financial assets, estimated credit losses on pools of loans with similar risk characteristics, and consideration of reasonable and supportable forecasts of macroeconomic conditions, all of which are susceptible to significant change. At September 30, 2025, the loan and held-to-maturity debt securities portfolios represent 80% of the total assets on the Company’s consolidated balance sheet. The Company also maintains an allowance for lending-related commitments, specifically unfunded loan commitments and letters of credit, which relates to certain amounts the Company is committed to lend (not unconditionally cancelable) but for which funds have not yet been disbursed.
Current wording
The allowance for credit losses represents management’s estimate of expected credit losses over the life of a financial asset carried at amortized cost. Determining the amount of the allowance for credit losses is considered a critical accounting estimate because it requires significant judgment and includes the use of estimates related to the fair value of the underlying collateral and amount and timing of expected future cash flows on individually assessed financial assets, estimated credit losses on pools of loans with similar risk characteristics, and consideration of reasonable and supportable forecasts of macroeconomic conditions, all of which are susceptible to significant change. At March 31, 2026, the loan and held-to-maturity debt securities portfolios represent 79% of total assets on the Company’s consolidated balance sheet. The Company also maintains an allowance for lending-related commitments, specifically unfunded loan commitments and letters of credit, which relates to certain amounts the Company is committed to lend (not unconditionally cancelable) but for which funds have not yet been disbursed.
Previous wording
Key macroeconomic variable data points that are significant inputs into our credit loss models for the commercial and commercial real estate portfolios are the Baa corporate credit spread as well as the Dow Jones Total Stock Market Index specifically for the commercial portfolio and the Commercial Real Estate Price Index (“CREPI”) specifically related to the commercial real estate portfolio. Holding all other inputs constant, the table below shows the impact of changes in these key macroeconomic variable data points on the estimate of allowance for credit losses.
Current wording
Key macroeconomic variable data points that are significant inputs into our credit loss models for the commercial and commercial real estate portfolios are the Baa corporate credit spread, the Dow Jones Total Stock Market Index for the commercial portfolio, and the Commercial Real Estate Pricing Index ("CREPI") related to the commercial real estate portfolio. Holding all other inputs constant, the table below shows the impact of changes in these key macroeconomic variable data points on the estimate of allowance for credit losses.
Previous wording
Holding all other inputs constant, the following table provides a sensitivity analysis for the commercial and commercial real estate portfolios based on a 20 basis point change in Baa credit spreads from the assumption utilized in the estimate of that portfolio’s allowance for credit losses at September 30, 2025:
Current wording
Holding all other inputs constant, the following table provides a sensitivity analysis for the commercial and commercial real estate portfolios based on a 10 basis point change in Baa credit spreads from the assumption utilized in the estimate of that portfolio’s allowance for credit losses at March 31, 2026:
Previous wording
Net income for the quarter ended September 30, 2025 totaled $216.3 million, an increase of $46.3 million, or 27%, compared to the quarter ended September 30, 2024. On a per share basis, net income for the third quarter of 2025 totaled $2.78 per diluted common share compared to $2.47 for the third quarter of 2024.
Current wording
Net income for the quarter ended March 31, 2026 totaled $227.4 million, an increase of $38.3 million, or 20%, compared to the quarter ended March 31, 2025. On a per share basis, net income for the first quarter of 2026 totaled $3.22 per diluted common share compared to $2.69 for the first quarter of 2025.
Previous wording
The increase in net income for the third quarter of 2025 as compared to the same period in the prior year is primarily attributable to increased net interest income and an increase in non-interest income, partially offset by increased non-interest expense primarily due to increased salary and employee benefits expenses, increased software and equipment expenses and amortization of intangible assets and other acquisition-related expenses that were not applicable in the same period in the prior year. See “Net Interest Income,” “Non-interest Income,” “Non-interest Expense” and “Credit Quality” for further detail.
Current wording
The increase in net income for the first quarter of 2026 as compared to the same period in the prior year is primarily attributable to increased net interest income and an increase in non-interest income, partially offset by increased non-interest expense primarily due to increased salary and employee benefits expenses. See “Net Interest Income,” “Non-interest Income,” “Non-interest Expense” and “Credit Quality” for further detail.
Previous wording
The following table presents a summary of the Company’s average balances, net interest income and related net interest margins, including a calculation on a fully taxable-equivalent basis, for the third quarter of 2025 as compared to the second quarter of 2025 (sequential quarters) and third quarter of 2024 (linked quarters):
Current wording
The following table presents a summary of the Company’s average balances, net interest income and related net interest margins, including a calculation on a fully taxable-equivalent basis, for the first quarter of 2026 as compared to the fourth quarter of 2025 (sequential quarters) and first quarter of 2025 (linked quarters):
Previous wording
(3)Interest income on tax-advantaged loans, trading securities and investment securities reflects a tax-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. The total adjustments for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024 were $2.8 million, $2.9 million and $3.1 million, respectively.
Current wording
(3)Interest income on tax-advantaged loans, trading securities and investment securities reflects a tax-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. The total adjustments for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 were $2.6 million, $2.8 million and $2.9 million, respectively.
Previous wording
For the third quarter of 2025, net interest income totaled $567.0 million, an increase of $20.3 million as compared to the second quarter of 2025, and an increase of $64.4 million as compared to the third quarter of 2024. Net interest margin was 3.48% (3.50% on a FTE basis, non-GAAP) during the third quarter of 2025 compared to 3.52% (3.54% on a FTE basis, non-GAAP) during the second quarter of 2025, and 3.49% (3.51% on a FTE basis, non-GAAP) during the third quarter of 2024.
Current wording
For the first quarter of 2026, net interest income totaled $579.0 million, a decrease of $4.9 million as compared to the fourth quarter of 2025, and an increase of $52.6 million as compared to the first quarter of 2025. Net interest margin was 3.54% (3.56% on a FTE basis, non-GAAP) during the first quarter of 2026 compared to 3.52% (3.54% on a FTE basis, non-GAAP) during the fourth quarter of 2025, and 3.54% (3.56% on a FTE basis, non-GAAP) during the first quarter of 2025.
Previous wording
The following table presents an analysis of the changes in the Company’s net interest income on a FTE basis (non-GAAP) comparing the three month ended September 30, 2025 to each of the three month periods ended June 30, 2025 and September 30, 2024 and nine month periods ended September 30, 2025 and 2024. The reconciliations set forth the changes in the net interest income on a FTE basis (non-GAAP) as a result of changes in volumes, changes in rates and differing number of days in each period:
Current wording
The following table presents an analysis of the changes in the Company’s net interest income on a FTE basis (non-GAAP) comparing the three month period ended March 31, 2026 to each of the three month periods ended December 31, 2025 and March 31, 2025. The reconciliations set forth the changes in the net interest income on a FTE basis (non-GAAP) as a result of changes in volumes, changes in rates and differing number of days in each period:
Previous wording
(1)Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company, N.A. (“WPTC”) 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 CDEC.
Current wording
(1)Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company, N.A. (“WPT”) 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 CDEC.
Previous wording
Mortgage banking revenue increased for the three months ended September 30, 2025 as compared to the same period in 2024 due to higher production revenue and improved valuation adjustments in the MSRs. On a year-to-date basis, mortgage banking revenue decreased for the nine months ended September 30, 2025 as compared to the same period in 2024 as a result of lower production volume and net revenue related to lower MSR activity and valuation adjustments. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market. A main factor in the mortgage banking revenue recognized by the Company is the volume of mortgage loans originated or purchased for sale and the related production margins. Mortgage loans originated for sale totaled $643.4 million in the third quarter of 2025 as compared to $766.8 million in the third quarter of 2024. On a year-to-date basis, mortgage loans originated for sale totaled $1.8 billion for the nine months ended September 30, 2025 as compared to $2.0 billion for nine months ended September 30, 2024. The slight decrease in linked quarter originations was driven by a slight uptick in rates offset by slightly higher inventory levels. The percentage of origination volume from refinancing activities was 23% and 24% for the three and nine months ended September 30, 2025, as compared to 28% and 22%, for the same periods in 2024, respectively.
Current wording
Mortgage banking revenue increased for the three months ended March 31, 2026 as compared to the same period in 2025 due primarily to higher production revenue. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market. A main factor in the mortgage banking revenue recognized by the Company is the volume of mortgage loans originated or purchased for sale and the related production margins. Mortgage loans originated for sale totaled $594.0 million in the first quarter of 2026 as compared to $460.5 million in the first quarter of 2025. The increase in quarterly origination volume was driven primarily by a favorable rate environment and modest improvements in housing supply relative to the prior year. Mortgage rates in early 2026 remained below year-ago levels despite intra-quarter volatility, contributing to improved borrower demand and higher level of refinancing activity. The percentage of origination volume from refinancing activities was 48% for the three months ended March 31, 2026, as compared to 23% for the same period in 2025.
Previous wording
The Company records MSRs at fair value on a recurring basis. For the three months ended September 30, 2025, the fair value of the MSRs portfolio decreased as a result of an unfavorable fair value adjustment of $2.3 million as well as a reduction in value of $5.6 million due to payoffs, paydowns and repurchases of the existing portfolio partially offset by retained servicing rights led to capitalization of$5.8 million. For the nine months ended September 30, 2025, the fair value of the MSRs portfolio decreaseddue to an unfavorable fair value adjustment of$13.8 millionas well asa reduction in value of $15.9 million due to payoffs and paydowns and repurchases of the existing portfolio partially offset by retained servicing rights led to capitalization of$16.8 million. See Note (9) “Mortgage Servicing Rights (“MSRs”)” to the Consolidated Financial Statements in Item 1 of this report for a summary of the changes in the carrying value of MSRs.
Current wording
The Company records MSRs at fair value on a recurring basis. For the three months ended March 31, 2026, the fair value of the MSRs portfolio slightly increased by $253,000, reflecting $6.4 million of capitalization from newly retained servicing rights and a fair value adjustment of $460,000, largely offset by $6.6 million of reductions due to payoffs, paydowns and repurchases of the existing portfolio. See Note (9) “Mortgage Servicing Rights (“MSRs”)” to the Consolidated Financial Statements in Item 1 of this report for a summary of the changes in the carrying value of MSRs.
Previous wording
Mortgage banking revenue is also impacted by changes in the fair value of derivative contracts held to economically hedge a portion of the fair value adjustments related to the Company’s MSRs portfolio. The change in fair value of the derivative contracts held as an economic hedge was a favorable $265,000 and $7.7 million for the three and nine months ended September 30, 2025 compared to a favorable $6.9 million and $3.5 million for the three and nine months ended September 30, 2024.
Current wording
Mortgage banking revenue is also impacted by changes in the fair value of derivative contracts held to economically hedge a portion of the fair value adjustments related to the Company’s MSRs portfolio. The change in fair value of the derivative contracts held as an economic hedge was an unfavorable $900,000 for the three months ended March 31, 2026 compared to a favorable $4.9 million for the three months ended March 31, 2025.
Previous wording
(1)Wealth management revenue is comprised of the trust and asset management revenue of the WPTC 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 CDEC.
Current wording
Wealth management revenue increased by $8.0 million in the first quarter of 2026 as compared to the same period of 2025 primarily due to increased trust and asset management revenue. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private 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.
Previous wording
Service charges on deposits increased for the three and nine months ended September 30, 2025 as compared to the same periods in 2024 primarily as a result of increased commercial account analysis service fees. Service charges on deposit accounts include fees charged to deposit customers for various services, including account analysis services, and are based on factors such as the size and type of customer, type of product and number of transactions. The fees are based on a standard schedule of fees and, depending on the nature of the service performed, the service is performed at a point in time or over a period of a month.
Current wording
Service charges on deposits increased for the three months ended March 31, 2026 as compared to the same period in 2025 primarily as a result of increased commercial account analysis service fees. Service charges on deposit accounts include fees charged to deposit customers for various services, including account analysis services, and are based on factors such as the size and type of customer, type of product and number of transactions. The fees are based on a standard schedule of fees and, depending on the nature of the service performed, the service is performed at a point in time or over a period of a month.
Previous wording
The Company recognized net gains on investment securities for the three and nine months ended September 30, 2025 of $3.0 million and $6.8 million, respectively. The Company recognized net gains on investment securities for the three and nine months ended September 30, 2024 of $3.2 million and $233,000, respectively. The net gains for the three and nine months ended September 30, 2025 were primarily due to unrealized gains on the Company’s equity investment securities with a readily determinable fair value recorded in the first and second quarter of 2025. See Note (5) “Investment Securities” to the Consolidated Financial Statements in Item 1 of this report for more information on net gains and losses on investment securities.
Current wording
The Company recognized net losses on investment securities for the three months ended March 31, 2026 of $31,000. The Company recognized net gains on investment securities for the three months ended March 31, 2025 of $3.2 million. The net losses for the three months ended March 31, 2026 were primarily the result of unrealized losses on the Company’s equity investment securities with a readily determinable fair value. See Note (5) “Investment Securities” to the Consolidated Financial Statements in Item 1 of this report for more information on net gains and losses on investment securities.
Previous wording
Fees from covered call options for the three and nine months ended September 30, 2025 increased $4.6 million and $6.8 million, respectively, when compared to the same periods in the prior year. The increased income was primarily because the Company sold more options than in the comparative periods. The Company has typically written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has effectively entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to increase the total return associated with holding certain investment securities and do not qualify as hedges pursuant to accounting guidance. There were no outstanding call option contracts at September 30, 2025 and 2024.
Current wording
Fees from covered call options for the three months ended March 31, 2026 increased $1.2 million, when compared to the same period in the prior year. The increased income was primarily because the Company sold more options than in the comparative period. The Company has routinely written call options with terms of less than three months against certain U.S. Treasury and agency securities held in its portfolio for liquidity and other purposes. Management has effectively entered into these transactions with the goal of economically hedging security positions and enhancing its overall return on its investment portfolio. These option transactions are designed to increase the total return associated with holding certain investment securities and do not qualify as hedges pursuant to accounting guidance. There were no outstanding call option contracts at March 31, 2026 and 2025.
Previous wording
Miscellaneous non-interest income includes loan servicing fees, income from other investments, and other fees. This category of income increased $329,000 and decreased $29.2 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. For the nine months ended September 30, 2025, miscellaneous income decreased compared to the same period in 2024 primarily due to a $20.0 million gain recognized in the first quarter of 2024 related to the sale of the Company’s Retirement Benefits Advisors (“RBA”) division within its wealth management business as well as a $4.6 million gain recognized in the second quarter of 2024 on the sale of premium finance receivables.
Current wording
Miscellaneous non-interest income includes loan servicing fees, income from other investments, and other fees. This category of income increased $1.7 million for the three months ended March 31, 2026 compared to the same period in 2025. For the three months ended March 31, 2026, miscellaneous income increased compared to the same period in 2025 primarily due to higher fees earned on card-related arrangements, letters of credit and syndication fees.
Previous wording
Salaries and employee benefits expense increased for the three and nine months ended September 30, 2025 as compared to the same periods in 2024. The increase was primarily due to annual merit increases.
Current wording
Salaries and employee benefits expense increased for the three months ended March 31, 2026 as compared to the same period in 2025. The increase was primarily due to annual merit increases and higher health insurance costs.
Previous wording
Software and equipment expense increased for the three and nine months ended September 30, 2025 as compared to the same periods in 2024 as a result of higher software license fees as well as higher computer and software depreciation expense as the Company invests in enhancements to the digital customer experience, upgrades to infrastructure and enhancements to information security capabilities. Software and equipment expense includes furniture, equipment and computer software, depreciation, and repairs and maintenance costs.
Current wording
Software and equipment expense increased for the three months ended March 31, 2026 as compared to the same period in 2025 as a result of higher software license fees as well as higher computer and software depreciation expense as the Company invests in enhancements to the digital customer experience, upgrades to infrastructure and enhancements to information security capabilities. Software and equipment expense includes furniture, equipment and computer software, depreciation, and repairs and maintenance costs.
Previous wording
Miscellaneous non-interest expense includes ATM expenses, correspondent bank charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs. During the three and nine months ended September 30, 2025, the company incurred $471,000 and $6.1 million in acquisition-related expenses related to the Macatawa acquisition.
Current wording
Miscellaneous non-interest expense includes ATM expenses, correspondent bank charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs.
Previous wording
The Company recorded income tax expense of $79.8 million in the third quarter of 2025 compared to $62.7 million in the third quarter of 2024. The effective tax rates were 27.0% in the third quarter of 2025 compared to 26.9% in the third quarter of 2024. During the first nine months of 2025, the Company recorded income tax expense of $215.4 million compared to $184.3 million for the first nine months of 2024. The effective tax rates were 26.4% for the first nine months of 2025 and 26.6% for the first nine months of 2024.
Current wording
The Company recorded income tax expense of $73.6 million in the first quarter of 2026 compared to $64.0 million in the first quarter of 2025. The effective tax rates were 24.4% in the first quarter of 2026 compared to 25.3% in the first quarter of 2025. The effective tax rates were partially impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other shared-based awards. The Company recorded net excess tax benefits of $6.6 million in the first quarter of 2026, compared to net excess tax benefits of $3.7 million in the first quarter of 2025 related to share-based compensation.
Previous wording
The community banking segment’s net interest income for the quarter ended September 30, 2025 totaled $452.5 million as compared to $396.9 million for the same period in 2024, an increase of $55.7 million, or 14%. On a year-to-date basis, net interest income for the segment increased by $188.8 million from $1.1 billion for the nine months ended September 30, 2024 to $1.3 billion for the nine months ended September 30, 2025. The increase in the three and nine month periods was primarily attributable to growth in average earning assets coupled with a relatively stable net interest margin. The community banking segment’s non-interest income totaled $82.5 million in the third quarter of 2025, an increase of $16.2 million, or 24%, when compared to the third quarter of 2024 total of $66.3 million. On a year-to-date basis, non-interest income totaled $231.5 million for the nine months ended September 30, 2025, an increase of $18.9 million, or 9%, compared to $212.6 million for the nine months ended September 30, 2024. The increase in the three and nine month periods was primarily the result of an increase in gains recognized on investment securities and increased service charges on deposit accounts. The community banking segment recorded provision for credit losses of $20.1 million and $63.0 million, respectively, for the three and nine months ended September 30, 2025, compared to $20.5 million and $77.2 million, respectively, for the same periods in 2024. The decrease in provision for credit losses for the three and nine month periods was primarily the result of improvements in the forecast for the key macroeconomic variable Baa corporate credit spread coupled with lower net charge-offs . Non-interest expenses increased by $17.5 million and $86.1 million, respectively, for the three and nine months ended September 30, 2025 compared to the same periods in 2024, due to higher salaries, commissions, and incentive compensation along with other segment expenses. The community banking segment’s net income for the quarter ended September 30, 2025 totaled $154.6 million, an increase of $39.4 million as compared to net income in the third quarter of 2024 of $115.2 million. On a year-to-date basis, the net income of the community banking segment for the nine months ended September 30, 2025 totaled $428.0 million as compared to $326.5 million for the nine months ended September 30, 2024.
Current wording
The community banking segment’s net interest income for the quarter ended March 31, 2026 totaled $450.6 million as compared to $419.0 million for the same period in 2025, an increase of $31.6 million, or 8%. The increase in the three month period was primarily attributable to growth in average earning assets coupled with a relatively stable net interest margin. The community banking segment’s non-interest income totaled $77.9 million in the first quarter of 2026, an increase of $4.4 million, or 6%, when compared to the first quarter of 2025 total of $73.5 million. The increase in the three month period was primarily the result of an increase in mortgage banking revenue offset by an increase in losses recognized on investment securities. The community banking segment recorded provision for credit losses of $27.3 million for the three months ended March 31, 2026, compared to $22.4 million for the same period in 2025. The increase in provision for credit losses for the three month period was primarily the result of uncertainty within the macroeconomic forecast related to Baa corporate credit spread coupled with loan growth and higher net charge-offs. Non-interest expenses increased by $9.0 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to an increase in salaries, commissions, and incentive compensation. The community banking segment’s net income for the quarter ended March 31, 2026 totaled $150.5 million, an increase of $16.3 million as compared to net income in the first quarter of 2025 of $134.3 million.
Previous wording
The specialty finance segment’s net interest income totaled $97.4 million for the quarter ended September 30, 2025, compared to $88.4 million for the same period in 2024, an increase of $9.0 million, or 10%. The increase for the three and nine month periods was primarily due to higher average balances in premium finance and leasing, and lower funding costs, offset by lower yields on premium finance. On a year-to-date basis, net interest income for the segment increased $15.1 million, or 6%, compared to the same period in 2024. The specialty finance segment’s provision for credit losses totaled $1.7 million and $5.0 million, respectively, for the three and nine months ended September 30, 2025 compared to $1.9 million and $6.9 million, respectively, for the same periods in 2024. The decrease in provision for credit losses for the three and nine month periods was primarily the result of improvement in credit quality within premium finance receivables and improvement in the forecast for the key macroeconomic variable Baa corporate credit spread, impacting lease financing. The specialty finance segment’s non-interest income increased to $32.2 million from $29.6 million for the three months ended September 30, 2025 and 2024, respectively, and stood at $96.8 million and $89.2 million for the nine months ended September 30, 2025 and 2024, respectively. Non-interest expenses increased by $4.8 million and $12.8 million, respectively, for the three and nine months ended September 30, 2025 compared to the same periods in 2024, primarily because of higher employee benefits, commissions, and incentive compensation as well as other segment expenses. Our property and casualty insurance premium finance operations, life insurance finance operations, lease financing operations and accounts receivable finance operations accounted for 47%, 29%, 22% and 2%, respectively, of the net revenues of our specialty finance business for the nine month period ended September 30, 2025. The net income of the specialty finance segment for the quarter ended September 30, 2025 totaled $52.6 million as compared to $46.8 million for the quarter ended September 30, 2024. On a year-to-date basis, the net income of the specialty finance segment for the nine months ended September 30, 2025 totaled $151.7 million as compared to $142.4 million for the nine months ended September 30, 2024.
Current wording
The specialty finance segment’s net interest income totaled $107.1 million for the quarter ended March 31, 2026, compared to $91.3 million for the same period in 2025, an increase of $15.8 million, or 17%. The increase for the three month period was primarily due to loan growth. The specialty finance segment’s provision for credit losses totaled $2.3 million for the three months ended March 31, 2026 compared to $1.5 million for the same period in 2025. The increase in provision for credit losses for the three month period was primarily the result of slightly higher net charge-offs within premium finance receivables coupled with uncertainty within the macroeconomic forecast related to Baa corporate credit spread, which impacted lease financing. The specialty finance segment’s non-interest income increased to $35.7 million from $31.0 million for the three months ended March 31, 2026 and 2025, respectively. Non-interest expenses increased by $6.2 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily because of annual employee compensation increases and discretionary bonuses. Our property and casualty insurance premium finance operations, life insurance finance operations, lease financing operations and other specialty finance operations accounted for 40%, 26%, 24% and 10%, respectively, of the net revenues of our specialty finance business for the three month period ended March 31, 2026. The net income of the specialty finance segment for the quarter ended March 31, 2026 totaled $63.1 million as compared to $50.3 million for the quarter ended March 31, 2025.
Previous wording
The wealth management segment reported net interest income of $5.6 million for the third quarter of 2025 compared to $6.9 million in the same quarter of 2024, a decrease of $1.3 million. On a year-to-date basis, net interest income totaled $15.8 million for the first nine months of 2025, as compared to $22.6 million for the first nine months of 2024. Net interest income for this segment is primarily comprised of an allocation of the net interest income earned by the community banking segment on non-interest-bearing and interest-bearing wealth management customer account balances on deposit at the banks. Wealth management customer account balances on deposit at the banks averaged $1.1 billion and $1.5 billion in the first nine months of 2025 and 2024, respectively. This segment recorded non-interest income of $39.7 million for the third quarter of 2025 compared to $37.4 million for the third quarter of 2024. The increase in the three month period was primarily due to higher wealth management revenue driven by an increase in asset valuations. On a year-to-date basis, this segment recorded non-interest income of $113.0 million for the first nine months of 2025 as compared to $131.5 million for the first nine months of 2024. The decrease in the nine month period was primarily due a $20.0 million gain recognized in the first quarter of 2024 related to the sale of the Company’s RBA division within its wealth management business. On a quarter-to-date and year-to-date basis, non-interest expense remained relatively stable for the three and nine month periods ended September 30, 2025 compared to the same periods in 2024. Distribution of wealth management services through each bank continues to be a focus of the Company. The Company is committed to growing the wealth management segment in order to better service its customers and create a more diversified revenue stream. The wealth management segment’s net income totaled $9.1 million for the third quarter of 2025 compared to $8.0 million for the third quarter of 2024. On a year-to-date basis, the wealth management segment’s net income totaled $21.2 million and $40.8 million for the nine month period ended September 30, 2025, and 2024, respectively.
Current wording
The wealth management segment reported net interest income of $10.3 million for the first quarter of 2026 compared to $5.4 million in the same quarter of 2025, an increase of $5.0 million. Net interest income for this segment is primarily comprised of an allocation of net interest income earned by the community banking segment on non-interest-bearing and interest-bearing wealth management customer account balances on deposit at the banks. Wealth management customer account balances on deposit at the banks averaged $1.9 billion and $1.6 billion in the first three months of 2026 and 2025, respectively. This segment recorded non-interest income of $43.3 million for the first quarter of 2026 compared to $33.8 million for the first quarter of 2025. The increase in the three month period was primarily due to higher trust and asset management revenue driven by an increase in asset valuations. On a quarter-to-date basis, non-interest expense remained relatively stable for the three month period ended March 31, 2026 compared to the same period in 2025. Distribution of wealth management services through each bank continues to be a focus of the Company. The Company is committed to growing the wealth management segment in order to better service its customers and create a more diversified revenue stream. The wealth management segment’s net income totaled $13.8 million for the first quarter of 2026 compared to $4.5 million for the first quarter of 2025.
Previous wording
Total assets were $69.6 billion at September 30, 2025, representing an increase of $5.8 billion, or 9%, when compared to September 30, 2024 and an increase of approximately $646.3 million, or 4% on an annualized basis, when compared to June 30, 2025. Total funding, which includes deposits, all notes and advances, including secured borrowings and the junior subordinated debentures, was $61.0 billion at September 30, 2025, $60.1 billion at June 30, 2025, and $55.8 billion at September 30, 2024. See Notes (5), (6), (10), (11) and (12) of the Consolidated Financial Statements presented under Item 1 of this report for additional period-end detail on the Company’s interest-earning assets and funding liabilities.
Current wording
Total assets were $72.2 billion at March 31, 2026, representing an increase of $6.3 billion, or 10%, when compared to March 31, 2025 and an increase of approximately $1.0 billion, or 6% on an annualized basis, when compared to December 31, 2025. Total funding, which includes deposits, all notes and advances, including secured borrowings and the junior subordinated debentures, was $63.3 billion at March 31, 2026, $62.2 billion at December 31, 2025, and $57.8 billion at March 31, 2025. See Notes (5), (6), (10), (11) and (12) of the Consolidated Financial Statements presented under Item 1 of this report for additional period-end detail on the Company’s interest-earning assets and funding liabilities.
Previous wording
Mortgage loans held-for-sale. Mortgage loans held-for-sale represents such loans awaiting subsequent sale in the secondary market with such sales eliminating the interest-rate risk associated with these loans, as they are predominantly long-term fixed rate loans, and provide a source of non-interest revenue. The decrease in the average balance for the third quarter of 2025 as compared to the sequential period and prior year periods is primarily due to lower mortgage originations for sale.
Current wording
Mortgage loans held-for-sale. Mortgage loans held-for-sale represents such loans awaiting subsequent sale in the secondary market with such sales eliminating the interest-rate risk associated with these loans, as they are predominantly long-term fixed rate loans, and provide a source of non-interest revenue. The decrease in the average balance for the first quarter of 2026 as compared to the sequential period is primarily due to lower mortgage originations for sale.
Previous wording
Loans, net of unearned income. Growth realized in the combined commercial and commercial real estate loan categories for the third quarter of 2025 as compared to the sequential and prior year periods is primarily attributable to increased business development efforts. The aggregate balances of these loan categories comprised 58% in the third quarter of 2025, 59% in the second quarter of 2025 and 59% of the average loan portfolio in the third quarter of 2024.
Current wording
Loans, net of unearned income. Growth realized in the combined commercial and commercial real estate loan categories for the first quarter of 2026 as compared to the sequential and prior year periods is primarily attributable to increased business development efforts. The aggregate balances of these loan categories comprised 59% in the first quarter of 2026, 58% in the fourth quarter of 2025 and 59% of the average loan portfolio in the first quarter of 2025.
Previous wording
Residential real estate loans averaged $4.0 billion in the third quarter of 2025, and increased $803.8 million, or 25%, from the average balance of $3.2 billion in the same period of 2024. Additionally, compared to the quarter ended June 30, 2025, the average balance increased $274.0 million, or 29% on an annualized basis. Growth is due to the Company continuing to originate non-agency mortgages that are held-for-investment.
Current wording
Residential real estate loans averaged $4.3 billion in the first quarter of 2026, and increased $745.5 million, or 21%, from the average balance of $3.5 billion in the same period of 2025. Additionally, compared to the quarter ended December 31, 2025, the average balance increased $147.5 million, or 14% on an annualized basis. Growth is due to the Company continuing to originate non-agency mortgages that are held-for-investment.
Previous wording
The increase in the premium finance receivables during the third quarter of 2025 compared to the third quarter of 2024 was the result of effective marketing and customer servicing. Approximately $5.5 billion of premium finance receivables were originated in the third quarter of 2025 compared to $4.8 billion during the same period of 2024. Premium finance receivables consist of a property and casualty portfolio and a life portfolio comprising approximately 50% and 50%, respectively, of the average total balance of premium finance receivables for the third quarter of 2025, and 47% and 53%, respectively, for the third quarter of 2024.
Current wording
The increase in the premium finance receivables during the first quarter of 2026 compared to the first quarter of 2025 was the result of effective marketing and customer servicing. Approximately $5.1 billion of premium finance receivables were originated in the first quarter of 2026 compared to $4.8 billion during the same period of 2025. Premium finance receivables consist of a property and casualty portfolio and a life portfolio comprising approximately 47% and 53%, respectively, of the average total balance of premium finance receivables for the first quarter of 2026, and 47% and 53%, respectively, for the first quarter of 2025.
Previous wording
(1)Excludes cash flow hedges with future effective starting dates.
Current wording
(1)Excludes cash flow hedges with future effective starting dates and those that have matured as of March 31, 2026. The $5.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $4.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of March 31, 2026.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Management considers the maintenance of adequate liquidity to be important to the management of risk. Accordingly, during the first quarter of 2026, the Company continued its practice of maintaining appropriate funding capacity to provide the
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
The following table presents a summary of the Company’s net interest income and related net interest margin, including a calculation on a fully taxable-equivalent basis, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024:
Previous report — wording carried elsewhere
(1)Includes interest-bearing deposits with banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
Previous report — wording carried elsewhere
(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.
Previous report — wording carried elsewhere
(3)Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on a marginal federal corporate tax rate in effect as of the applicable period. The total adjustments for the nine months ended September 30, 2025 and September 30, 2024 were $8.6 million and $8.8 million, respectively.
Previous report — wording carried elsewhere
(4)Other earning assets include brokerage customer receivables and trading account securities.
Previous report — wording carried elsewhere
(5)Loans, net of unearned income, include nonaccrual loans.
Previous report — wording carried elsewhere
(6)Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
Previous report — wording carried elsewhere
(7)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.
Previous report — wording carried elsewhere
(8)See “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance ratio.
Previous report — wording carried elsewhere
The following table sets forth, by category, the composition of average earning asset balances and the relative percentage of total average earning assets for the periods presented:
Previous report — wording carried elsewhere
(2)Liquidity management assets include investment securities, other securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements.
Previous report — wording carried elsewhere
(3)Other earning assets include brokerage customer receivables and trading account securities.