WINTRUST FINANCIAL CORP
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 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 2026-06-30; filed 2026-08-05.
0001015328-26-000022
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001015328-26-000031
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 222 previous paragraphs and 225 current paragraphs.
169 unchanged; 46 reworded; 7 added; 6 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 33 previous and 34 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 (7)
Current report
Third Quarter Highlights
Current report
NM—Not Meaningful.
Current report
September 30, 2026 compared to a favorable $265,000 and $7.7 million for the three and nine months ended September 30, 2025.
Current report
Net losses on investment securities of $1.6 million and a net gain of $193,000 were recognized by the Company for the three and nine months ended September 30, 2026, respectively, versus net gains of $3.0 million and $6.8 million recorded during the same periods in 2025. The primary driver of these gains and losses was the impact of unrealized gains and losses on equity investment securities with a readily determinable fair value. Further information regarding net gains and losses on investment securities can be found in Note (4) “Investment Securities” to the Consolidated Financial Statements in Item 1 of this report.
Current report
Professional fees expense increased for the three and nine months ended September 30, 2026 as compared to the same period in 2025 primarily due to higher consulting fees. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.
Current report
The community banking segment’s net income increased during the three and nine months ended September 30, 2026 compared to the same periods in 2025, driven by the following changes in key revenue and expense line items. Net interest income increased in both periods primarily because of growth in average earning assets. Non-interest income decreased slightly during the three month period, largely due to losses on investment securities, but increased in the nine month period primarily because of increases in mortgage banking revenue and service charges on deposit accounts. The increase in provision for credit losses for the three and nine month periods was the result of losses within the Commercial portfolio, uncertainty within the macroeconomic forecast related to credit spreads and equity market valuations, and loan growth. Non-interest expenses also increased in both periods, primarily due to higher salaries, commissions, and incentive compensation.
Current report
(1)Includes non-accrual loans.
Removed paragraphs (6)
Previous report
Second Quarter Highlights
Previous report
Deposit beta
Previous 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 June 30, 2026, our cumulative deposit betas were 41% for total deposits and 57% for interest-bearing deposits.
Previous report
The community banking segment’s net interest income for the quarter ended June 30, 2026 totaled $470.5 million as compared to $436.7 million for the same period in 2025, an increase of $33.8 million, or 8%. On a year-to-date basis, net interest income for the segment increased by $65.4 million from $855.7 million for the six months ended June 30, 2025 to $921.0 million for the six months ended June 30, 2026. The increase in the three and six month periods was primarily attributable to growth in average earning assets. The community banking segment’s non-interest income totaled $86.6 million in the second quarter of 2026, an increase of $11.1 million, or 15%, when compared to the second quarter of 2025 total of $75.5 million. On a year-to-date basis, non-interest income totaled$164.5 million for thesix months ended June 30, 2026, anincrease of$15.5 million, or 10%, compared to$149.0 million for thesix months ended June 30, 2025. The increase in the three and six month periods was primarily the result of an increase in mortgage banking revenue, service charges on deposit accounts, and operating lease income. The community banking segment recorded provision for credit losses of $21.4 million and $48.7 million, respectively, for the three and six months ended June 30, 2026, compared to $20.5 million and $42.9 million, respectively, for the same periods in 2025. The increase in provision for credit losses for the three and six month periods was primarily the result of uncertainty within the macroeconomic forecast related to credit spreads and equity market valuations, coupled with loan growth. Non-interest expenses increased by $7.9 million and $16.9 million, respectively, for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to an increase in salaries, commissions, and incentive compensation. The community banking segment’s net income for the quarter ended June 30, 2026 totaled $161.4 million, an increase of $22.3 million as compared to net income in the second quarter of 2025 of $139.1 million. On a year-to-date basis, the net income of the community banking segment for the six months ended June 30, 2026 totaled $312.0 million as compared to $273.4 million for the six months ended June 30, 2025.
Previous report
(1)Includes nonaccrual loans.
Previous report
(2)June 30, 2025 capital ratios impacted by issuance of Preferred Stock Series F.
Reworded paragraphs (46)
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 June 30, 2026 compared with December 31, 2025 and June 30, 2025, and the results of operations for the three and six month periods ended June 30, 2026 and June 30, 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.
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 September 30, 2026 compared with December 31, 2025 and September 30, 2025, and the results of operations for the three and nine month periods ended September 30, 2026 and September 30, 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
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 $179.7 million for the second quarter of 2026 compared to $239.3 million for the second quarter of 2025.
Current wording
The Company recorded net income of $239.1 million for the third quarter of 2026 compared to $216.3 million in the third quarter of 2025. The results for the third 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 $203.9 million for the third quarter of 2026 compared to $267.7 million for the third quarter of 2025.
Previous wording
The Company increased its loan portfolio from $51.0 billion at June 30, 2025 and $53.1 billion at December 31, 2025 to $55.7 billion at June 30, 2026. The increase in the current period compared to the prior periods was a result of growth across all major loan categories. 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 $52.1 billion at September 30, 2025 and $53.1 billion at December 31, 2025 to $56.8 billion at September 30, 2026. The increase in the current period compared to the prior periods was a result of growth across all major loan categories. For more information regarding changes in the Company’s loan portfolio, see Financial Condition – Interest Earning Assets and Note (5) “Loans” of the Consolidated Financial Statements in Item 1 of this report.
Previous wording
The Company recorded net interest income of $597.4 million in the second quarter of 2026 compared to $546.7 million in the second quarter of 2025. This increase in net interest income recorded in the second quarter of 2026 compared to the second quarter of 2025 resulted primarily from growth in earning assets, specifically a $5.0 billion increase in average loans. Net interest margin was 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) in the second quarter of 2026 compared to 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) in the second quarter of 2025. The decrease in net interest margin is primarily due to lower loan yields (see “Net Interest Income” for further detail).
Current wording
The Company recorded net interest income of $621.6 million in the third quarter of 2026 compared to $567.0 million in the third quarter of 2025. This increase in net interest income recorded in the third quarter of 2026 compared to the third quarter of 2025 resulted primarily from growth in earning assets, specifically a $4.6 billion increase in average loans. Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) in the third quarter of 2026 compared to 3.48% (3.50% on a fully taxable-equivalent basis, non-GAAP) in the third quarter of 2025. The increase in net interest margin is primarily due to lower rates paid on interest-bearing liabilities partially offset by lower loan yields (see “Net Interest Income” for further detail).
Previous wording
Non-interest income totaled $141.3 million in the second quarter of 2026 compared to $124.1 million in the second quarter of 2025. The increase is primarily due to an increase in mortgage banking revenue of $4.3 million, an increase in operating lease income of $3.6 million, and an increase in wealth management revenue of $3.1 million in the second quarter of 2026 compared to the second quarter of 2025. This was partially offset by decreased fees from covered call options in the second quarter of 2026 compared to the second quarter of 2025 (see “Non-Interest Income” for further detail).
Current wording
Non-interest income totaled $136.3 million in the third quarter of 2026 compared to $130.8 million in the third quarter of 2025. The increase in the third quarter of 2026 is primarily due to an increase in wealth management revenue of $3.8 million, an increase in operating lease income of $3.0 million, and an increase in service charges on deposit accounts of $2.3 million compared to the third quarter of 2025. This was partially offset by losses on investment securities in the third quarter of 2026 compared to the third quarter of 2025 (see “Non-Interest Income” for further detail).
Previous wording
Non-interest expense totaled $397.5 million in the second quarter of 2026, an increase of $16.1 million, or 4%, compared to the second quarter of 2025. This increase compared to the second quarter of 2025 was primarily attributable to increased salaries and employee benefits of $14.5 million (see “Non-Interest Expense” for further detail).
Current wording
Non-interest expense totaled $405.7 million in the third quarter of 2026, an increase of $25.6 million, or 7%, compared to the third quarter of 2025. This increase compared to the third quarter of 2025 was largely attributable to increased salaries and employee benefits of $10.9 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 second quarter of 2026, 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. See “Shareholders’ Equity”, “Deposits” and “Other Funding Sources” for additional information regarding liquidity sources.
Current wording
Management considers the maintenance of adequate liquidity to be important to the management of risk. Accordingly, during the third quarter of 2026, 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. 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 six months ended June 30, 2026, as compared to the same periods last year, are shown below:
Current wording
The Company’s key operating measures and growth rates for the three and nine months ended September 30, 2026, as compared to the same periods last year, are shown below:
Previous wording
Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent (“FTE”) 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 FTE 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.
Current wording
Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent (“FTE”) 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 an FTE 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.
Previous wording
Net income for the quarter ended June 30, 2026 totaled $233.7 million, an increase of $38.2 million, or 20%, compared to the quarter ended June 30, 2025. On a per share basis, net income for the second quarter of 2026 totaled $3.30 per diluted common share compared to $2.78 for the second quarter of 2025.
Current wording
Net income for the quarter ended September 30, 2026 totaled $239.1 million, an increase of $22.8 million, or 11%, compared to the quarter ended September 30, 2025. On a per share basis, net income for the third quarter of 2026 totaled $3.37 per diluted common share compared to $2.78 for the third quarter of 2025.
Previous wording
The increase in net income for the second 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.
Current wording
The increase in net income for the third 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 second quarter of 2026 as compared to the first quarter of 2026 (sequential quarters) and second quarter of 2025 (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 third quarter of 2026 as compared to the second quarter of 2026 (sequential quarters) and third 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 June 30, 2026, March 31, 2026 and June 30, 2025 were $2.7 million, $2.6 million and $2.9 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 September 30, 2026, June 30, 2026 and September 30, 2025 were $2.8 million, $2.7 million and $2.8 million, respectively.
Previous wording
(4)Loans, net of unearned income, include nonaccrual loans.
Current wording
(4)Loans, net of unearned income, include non-accrual loans.
Previous wording
For the second quarter of 2026, net interest income totaled $597.4 million, an increase of $18.3 million as compared to the first quarter of 2026, and an increase of $50.7 million as compared to the second quarter of 2025. Net interest margin was 3.50% (3.52% on a FTE basis, non-GAAP) during the second quarter of 2026 compared to 3.54% (3.56% on a FTE basis, non-GAAP) during the first quarter of 2026, and 3.52% (3.54% on a FTE basis, non-GAAP) during the second quarter of 2025.
Current wording
For the third quarter of 2026, net interest income totaled $621.6 million, an increase of $24.2 million as compared to the second quarter of 2026, and an increase of $54.6 million as compared to the third quarter of 2025. Net interest margin was 3.49% (3.51% on a FTE basis, non-GAAP) during the third quarter of 2026 compared to 3.50% (3.52% on a FTE basis, non-GAAP) during the second quarter of 2026, and 3.48% (3.50% on a FTE basis, non-GAAP) during the third quarter of 2025.
Previous wording
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 six months ended June 30, 2026 compared to the six months ended June 30, 2025:
Current wording
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, 2026 compared to the nine months ended September 30, 2025:
Previous wording
(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 six months ended June 30, 2026 and June 30, 2025 were $5.4 million and $5.8 million, respectively.
Current wording
(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, 2026 and September 30, 2025 were $8.1 million and $8.6 million, respectively.
Previous wording
(5)Loans, net of unearned income, include nonaccrual loans.
Current wording
(5)Loans, net of unearned income, include non-accrual loans.
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 period ended June 30, 2026 to each of the three month periods ended March 31, 2026 and June 30, 2025 and six month periods ended June 30, 2026 and 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:
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 September 30, 2026 to each of the three month periods ended June 30, 2026 and September 30, 2025 and nine month periods ended September 30, 2026 and 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
Mortgage banking revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, primarily driven by favorable MSR fair value adjustments and higher MSR capitalization, partially offset by lower hedge performance. The quarter-over-quarter improvement reflects favorable impact of interest rate movements on MSR valuations. On a year-to-date basis, mortgage banking revenue increased for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to higher MSR fair value adjustments, increased MSR capitalization, and stronger production revenue, partially offset by lower hedge performance and unfavorable EBO FV changes. 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 $835.0 million in the second quarter of 2026 as compared to $681.5 million in the second quarter of 2025. On a year-to-date basis, mortgage loans originated for sale totaled $1.4 billion for the six months ended June 30, 2026 as compared to $1.1 billion for six months ended June 30, 2025. The percentage of origination volume from refinancing activities was 26% and 35% for the three and six months ended June 30, 2026, as compared to 26% and 25% for the same periods in 2025, respectively.
Current wording
Mortgage banking revenue increased for the three months ended September 30, 2026 compared to the same period in 2025, primarily driven by favorable MSR fair value adjustments, partially offset by hedge performance, lower production revenue and unfavorable FV adjustments on EBO loans. The quarter-over-quarter improvement reflects favorable impact of interest rate movements on MSR valuations. On a year-to-date basis, mortgage banking revenue increased for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily due to higher MSR fair value adjustments and higher MSR capitalization, partially offset by negative hedge and EBO valuations. 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 $618.6 million in the third quarter of 2026 as compared to $643.4 million in the third quarter of 2025. On a year-to-date basis, mortgage loans originated for sale totaled $2.0 billion for the nine months ended September 30, 2026 as compared to $1.8 billion for nine months ended September 30, 2025. The percentage of origination volume from refinancing activities was 20% and 31% for the three and nine months ended September 30, 2026, as compared to 23% and 24% for the same periods in 2025, respectively.
Previous wording
The Company records MSRs at fair value on a recurring basis. The fair value of the MSRs portfolio net increase for the three months ended June 30, 2026 was a result of thecapitalization of$8.7 million of retained servicing rights and a favorable fair value adjustment of $4.4 million. This was partially offset by a reduction in value of $6.5 million due to payoffs, paydowns and repurchases of the existing portfolio. The fair value of the MSRs portfolio net increase for the six months ended June 30, 2026 was a result of the capitalization of $15.2 million of retained servicing rights and a favorable fair value adjustment of$4.8 million. This was partially offset by a reduction in value of $13.1 million due to payoffs and 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.
Current wording
The Company records MSRs at fair value on a recurring basis. The fair value of the MSRs portfolio net increase for the three months ended September 30, 2026 was a result of thecapitalization of$7.1 million of retained servicing rights and a favorable fair value adjustment of $34.9 million. This was partially offset by a reduction in value of $5.4 million due to payoffs, paydowns and repurchases of the existing portfolio. The fair value of the MSRs portfolio net increase for the nine months ended September 30, 2026 was a result of the capitalization of $22.3 million of retained servicing rights and a favorable fair value adjustment of$39.7 million. This was partially offset by a reduction in value of $18.5 million due to payoffs and paydowns and repurchases of the existing portfolio. See Note (8) “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 an unfavorable $3.4 million and $4.3 million for the three and six months ended June 30, 2026 compared to a favorable $2.5 million and $7.4 million for the three and six months ended June 30, 2025.
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 $27.7 million and $32.0 million for the three and nine months ended
Previous wording
Wealth management revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to 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.
Current wording
Wealth management revenue increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025, primarily due to 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 six months ended June 30, 2026 as compared to the same periods in 2025 primarily as a result of increased 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 and nine months ended September 30, 2026 as compared to the same periods in 2025 primarily as a result of increased 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
Operating lease income increased for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to gains on sale of leased assets and additional lease rental income due to growth in leased assets as compared to the second quarter of 2025.
Current wording
Operating lease income increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025, primarily due to gains on sale of leased assets and additional lease rental income due to growth in leased assets.
Previous wording
Miscellaneous non-interest income increased $3.4 million and $5.1 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase was primarily due to gains on sale of assets, higher fees earned on card-related arrangements, letters of credit and syndications fees.
Current wording
Miscellaneous non-interest income increased $3.1 million and $8.3 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025. The increase was primarily due to gains on sale of assets, higher fees earned on card-related arrangements, letters of credit and syndications fees.
Previous wording
Salaries and employee benefits expense increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025. The increase was primarily due to annual merit increases and higher commission fees related to an increase in mortgage originations.
Current wording
Salaries and employee benefits expense increased for the three and nine months ended September 30, 2026 as compared to the same periods in 2025. The increase was largely due to annual merit increases and higher commissions and incentive compensation related to the strong performance across the Company’s business lines.
Previous wording
Software and equipment expense increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025 as a result of higher software license fees 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 and nine months ended September 30, 2026 as compared to the same periods in 2025 as a result of higher software license fees 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
Advertising and marketing expense increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025. The increase was primarily driven by summer sports sponsorships and other community sponsorship events along with digital marketing activities during the quarter. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s 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.
Current wording
Advertising and marketing expense increased for the three and nine months ended September 30, 2026 as compared to the same periods in 2025. The increase was primarily driven by community sponsorship events along with digital marketing activities during the quarter. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s 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.
Previous wording
FDIC insurance expense decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025. The decrease is primarily the result of a reversal of the $5.2 million FDIC special assessment recorded in the first quarter of 2024 in response to certain bank failures in 2023. The reversal is based on the FDIC's final determination of losses to its Deposit Insurance Fund.
Current wording
FDIC insurance expense remained relatively stable for the three months ended September 30, 2026 and decreased for the nine months ended September 30, 2026 compared to the same period in 2025. The year-to-date decrease is primarily the result of a reversal of the $5.2 million FDIC special assessment recorded in the first quarter of 2024 in response to certain bank failures in 2023. The reversal is based on the FDIC’s final determination of losses to its Deposit Insurance Fund.
Previous wording
The Company recorded income tax expense of $84.3 million in the second quarter of 2026 compared to $71.6 million in the second quarter of 2025. The effective tax rates were 26.5% in the second quarter of 2026 compared to 26.8% in the second quarter of 2025. During the first six months of 2026, the Company recorded income tax expense of $157.8 million compared to $135.6 million for the first six months of 2025. The effective tax rates were 25.5% for the first six months of 2026 and 26.1% for the first six months of 2025.
Current wording
The Company recorded income tax expense of $87.3 million in the third quarter of 2026 compared to $79.8 million in the third quarter of 2025. The effective tax rates were 26.7% in the third quarter of 2026 compared to 27.0% in the third quarter of 2025. During the first nine months of 2026, the Company recorded income tax expense of $245.1 million compared to $215.4 million for the first nine months of 2025. The effective tax rates were 25.9% for the first nine months of 2026 and 26.4% for the first nine months of 2025.
Previous wording
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 $6.8 million in the first six months of 2026, compared to net excess tax benefits of $3.7 million in the first six months of 2025 related to share-based compensation, the majority of which was recognized in the first quarter of each year.
Current wording
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 $6.9 million in the first nine months of 2026, compared to net excess tax benefits of $3.9 million in the first nine months of 2025 related to share-based compensation, the majority of which was recognized in the first quarter of each year.
Previous wording
The specialty finance segment’s net interest income totaled $104.8 million for the quarter ended June 30, 2026, compared to $92.3 million for the same period in 2025, an increase of $12.5 million, or 14%. On a year-to-date basis, net interest income for the segment increased $28.3 million, or 15% compared to the same period in 2025. The increase for the three and six month periods was primarily due to loan growth. The specialty finance segment’s provision for credit losses totaled $1.8 million and $4.1 million, respectively, for the three and six months ended June 30, 2026 compared to $1.8 million and $3.3 million, respectively, for the same periods in 2025. The provision for credit losses for the three and six month periods was primarily the result of loan growth coupled with uncertainty within the macroeconomic forecast related to credit spreads and equity market valuations, which impacted lease financing. The specialty finance segment’s non-interest income increased to $36.6 million from $33.5 million for the three months ended June 30, 2026 and 2025, respectively, and stood at $72.3 million and $64.6 million for the six months ended June 30, 2026 and 2025, respectively. Non-interest expenses increased by $6.3 million and $12.5 million, respectively, for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily because of an increase in salaries, commissions, and incentive compensation. Our property and casualty insurance premium finance operations, life insurance finance operations, lease financing operations and other specialty finance operations accounted for 40%, 25%, 24% and 11%, respectively, of the net revenues of our specialty finance business for the six month period ended June 30, 2026. The net income of the specialty finance segment for the quarter ended June 30, 2026 totaled $60.5 million as compared to $48.8 million for the quarter ended June 30, 2025. On a year-to-date basis, the net income of the specialty finance segment for the six months ended June 30, 2026 totaled $123.6 million as compared to $99.1 million for the six months ended June 30, 2025.
Current wording
The specialty finance segment’s net income for the three and nine months ended September 30, 2026 compared to the same periods in 2025 increased, driven by the following changes in key revenue and expense line items. Net interest income increased in both periods primarily due to loan growth. The provision for credit losses also increased in both periods as a result of loan growth coupled with uncertainty within the macroeconomic forecast related to credit spreads and equity market valuations, which impacted lease financing. Non-interest income increased in both periods, primarily due to an increase in operating lease income, while non-interest expenses increased primarily due to increases in salaries, commissions, and incentive compensation. For the nine month period ended September 30, 2026, 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 segment’s total net revenues.
Previous wording
The wealth management segment reported net interest income of $8.8 million for the second quarter of 2026 compared to $4.8 million in the same quarter of 2025, an increase of $3.9 million. On a year-to-date basis, net interest income totaled $19.1 million for the first six months of 2026, as compared to $10.2 million for the first six months of 2025. 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. This segment recorded non-interest income of $43.4 million for the second quarter of 2026 compared to $39.5 million for the second quarter of 2025. On a year-to-date basis, this segment recorded non-interest income of $86.7 million for the first six months of 2026 as compared to $73.3 million for the first six months of 2025. The increase for the three and six month periods is primarily a result of increased brokerage and asset management fees. For the three and six months ended June 30, 2026, non-interest expense remained relatively stable compared to the same periods 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 $11.8 million for the second quarter of 2026 compared to $7.6 million for the second quarter of 2025. On a year-to-date basis, the wealth management segment’s net income totaled $25.6 million and $12.1 million for the six month period ended June 30, 2026 and 2025, respectively.
Current wording
The wealth management segment’s net income increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025, driven by the following changes in key revenue and expense line items. Net interest income increased in both periods, and 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. Non-interest income also increased in both periods driven primarily by higher brokerage and asset management fees. Non-interest expense remained relatively stable compared to the same periods in 2025. The Company remains focused on distributing wealth management services through each bank and is committed to growing this segment in order to better serve its customers and create a more diversified revenue stream.
Previous wording
Total assets were $74.7 billion at June 30, 2026, representing an increase of $5.7 billion, or 8%, when compared to June 30, 2025 and an increase of approximately $2.5 billion, or 14% on an annualized basis, when compared to March 31, 2026. Total funding, which includes deposits, all notes and advances, including secured borrowings and the junior subordinated debentures, was $65.5 billion at June 30, 2026, $63.3 billion at March 31, 2026, and $60.1 billion at June 30, 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.
Current wording
Total assets were $76.0 billion at September 30, 2026, representing an increase of $6.3 billion, or 9%, when compared to September 30, 2025 and an increase of approximately $1.3 billion, or 7% on an annualized basis, when compared to June 30, 2026. Total funding, which includes deposits, all notes and advances, including secured borrowings and the junior subordinated debentures, was $66.8 billion at September 30, 2026, $65.5 billion at June 30, 2026, and $61.0 billion at September 30, 2025. See Notes (4), (5), (9), (10) and (11) 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 increase in the average balance for the second quarter of 2026 as compared to the sequential period is primarily due to higher 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 third 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 second 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% of the average loan portfolio in the second quarter of 2026, first quarter of 2026 and second quarter of 2025.
Current wording
Loans, net of unearned income. Growth realized in the combined commercial and commercial real estate loan categories for the third 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 58% of the average loan portfolio in the third quarter of 2026, 59% in the second quarter of 2026 and 58% in the third quarter of 2025.
Previous wording
Residential real estate loans averaged $4.4 billion in the second quarter of 2026, and increased $713.2 million, or 19%, from the average balance of $3.7 billion in the same period of 2025. Additionally, compared to the quarter ended March 31, 2026, the average balance increased $126.4 million, or 12% 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 $4.5 billion in the third quarter of 2026, and increased $536.6 million, or 13%, from the average balance of $4.0 billion in the same period of 2025. Additionally, compared to the quarter ended June 30, 2026, the average balance increased $97.4 million, or 9% 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 second quarter of 2026 compared to the second quarter of 2025 was the result of effective marketing and customer servicing. Approximately $5.8 billion of premium finance receivables were originated in the second quarter of 2026 compared to $6.1 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 second quarter of 2026, and 48% and 52%, respectively, for the second quarter of 2025.
Current wording
The increase in the premium finance receivables during the third quarter of 2026 compared to the third quarter of 2025 was the result of effective marketing and customer servicing. Approximately $5.4 billion of premium finance receivables were originated in the third quarter of 2026 compared to $5.5 billion during the same period of 2025. Premium finance receivables consist of a property and casualty portfolio and a life portfolio comprising approximately 48% and 52%, respectively, of the average total balance of premium finance receivables for the third quarter of 2026, and 50% and 50%, respectively, for the third quarter of 2025.
Previous wording
(1)Excludes cash flow hedges with future effective starting dates and those that have matured as of June 30, 2026. The $6.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of June 30, 2026.
Current wording
(1)Excludes cash flow hedges with future effective starting dates and those that have matured as of September 30, 2026. The $6.65 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.70 billion were impacting the cash flows of loans indexed to one-month SOFR as of September 30, 2026.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
(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.
Current report — wording carried from elsewhere
(2)Miscellaneous non-interest income includes loan servicing fees, income from other investments, and other fees.
Current report — wording carried from elsewhere
As of September 30, 2026, excluding early buy-out loans guaranteed by U.S. government agencies, $65.9 million, or 0.1% of all loans, were 60 to 89 days (or two payments) past due and $152.7 million, or 0.3% of all loans, were 30 to 59 days (or one payment) past due. As of June 30, 2026, excluding early buy-out loans guaranteed by U.S. government agencies, $55.0 million, or 0.1% of all loans, were 60 to 89 days (or two payments) past due and $135.3 million, or 0.2% of all loans, were 30 to 59 days
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The Company recorded net income of $233.7 million for the second quarter of 2026 compared to $195.5 million in the second quarter of 2025. The results for the second 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