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Wintrust Financial Corporation (WTFC)

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Previous Close50.16
Open49.46
Bid9.95 x 900
Ask48.98 x 800
Day's Range48.15 - 49.60
52 Week Range22.02 - 71.95
Volume356,210
Avg. Volume343,003
Market Cap2.829B
Beta (5Y Monthly)1.61
PE Ratio (TTM)10.93
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield1.12 (2.23%)
Ex-Dividend DateAug 05, 2020
1y Target EstN/A
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  • GlobeNewswire

    Wintrust Financial Corporation Reports Record Third Quarter 2020 Net Income of $107.3 million and Year-to-Date Net Income of $191.8 million

    ROSEMONT, Ill., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company” or "we") (Nasdaq: WTFC) announced record net income of $107.3 million or $1.67 per diluted common share for the third quarter of 2020, an increase in diluted earnings per common share of 391% compared to the second quarter of 2020 and a decrease of 1% compared to the third quarter of 2019. The Company recorded net income of $191.8 million or $3.06 per diluted common share for the first nine months of 2020 compared to net income of $269.7 million or $4.60 per diluted common share for the same period of 2019.Highlights of the Third Quarter of 2020: Comparative information to the second quarter of 2020 * Total assets increased by $192 million. * Total loans increased by $733 million. * Total deposits increased by $193 million. * Net interest income decreased by $7.2 million primarily due to lower Paycheck Protection Program ("PPP") loan fee accretion as a result of changes to the estimated timing of loan forgiveness. The Company recognized $17.4 million of PPP loan fee accretion in the third quarter of 2020 as compared to $25.1 million in the prior quarter. As of September 30, 2020, the Company had approximately $49.3 million of PPP loan fees that have yet to be recognized in income. * The loans to deposits ratio ended the third quarter of 2020 at 89.7% as compared to 88.1% as of the prior quarter end. Excluding PPP loans, the loans to deposits ratio ended the third quarter of 2020 at 80.2%. * Mortgage banking revenue increased by $6.2 million to $108.5 million for the third quarter of 2020 as compared to $102.3 million in the prior quarter. * Loans originated for sale in the third quarter of 2020 totaled $2.2 billion, essentially unchanged from the prior quarter. * Outstanding COVID-19 related loan modifications for customers totaled approximately $413 million or 1.4% of total loans, excluding PPP loans, as of September 30, 2020 as compared to $1.7 billion or 6.2% as of June 30, 2020. * Provision for credit losses totaled $25.0 million in the third quarter of 2020 as compared to $135.1 million in the second quarter of 2020. * Recorded net charge-offs of $9.3 million in the third quarter of 2020, of which $6.4 million were reserves on individually assessed loans as of the prior quarter end, as compared to net charge-offs of $15.4 million in the second quarter of 2020. Net charge-offs as a percentage of average total loans, totaled 12 basis points in the third quarter of 2020 on an annualized basis compared to 20 basis points on an annualized basis in the second quarter of 2020. * The allowance for credit losses on our core loan portfolio is approximately 1.88% of the outstanding balance as of September 30, 2020, up from 1.85% as of the prior quarter end. See Table 12 for more information. * Non-performing assets totaled $182.3 million, or 0.42% of total assets, as of September 30, 2020 as compared to $198.5 million, or 0.46% of total assets, as of the prior quarter end.Other items of note from the third quarter of 2020 * Recorded a decrease in the value of mortgage servicing rights related to changes in fair value model assumptions, net of derivative contract activity held as an economic hedge, of $3.0 million in the third quarter of 2020 as compared to a decline of $7.4 million in the prior quarter. * Agreed to settle long standing recourse obligation disputes which resulted in an additional accrual of $3.1 million in the third quarter of 2020, recorded as a reduction to other mortgage banking revenue. * Accrued $6.3 million of contingent consideration expense related to the previous acquisition of mortgage operations in the third quarter of 2020 as compared to $7.2 million in the prior quarter, which was recorded in other non-interest expense. * Recorded acquisition related costs of $132,000 in the third quarter of 2020 as compared to $4.9 million in the prior quarter. * Recorded a $9.0 million state income tax benefit in the third quarter of 2020 related to the settlement of an uncertain tax position. Net of the federal tax impact, the reduction to income tax expense was $7.1 million.Edward J. Wehmer, Founder and Chief Executive Officer, commented, "I remain very proud of the extraordinary effort put forth by our employees to support our customers and our communities amid the challenges of COVID-19. Wintrust reported record net income of $107.3 million for the third quarter of 2020, up from $21.7 million in the second quarter of 2020. The third quarter of 2020 was characterized by strong loan growth, declining net interest income primarily due to lower PPP loan fee accretion, strong mortgage banking revenue, increased allowance for credit losses coverage and a continued focus to increase franchise value in our market area."Mr. Wehmer continued, "The Company grew total loans by $733 million or 9%, on an annualized basis, in the third quarter of 2020 as compared to the second quarter of 2020. The Company experienced growth in its commercial, commercial real estate and premium finance receivable portfolios. In addition, the Company originated approximately $27 million of PPP loans in the third quarter of 2020. Our loan pipelines remain strong and we expect to continue to grow loans in the fourth quarter of 2020 without compromising our credit standards. Total deposits increased by $193 million as compared to the second quarter of 2020 including $205 million of non-interest bearing deposit growth. We continue to emphasize growing our franchise including gathering low cost deposits which we believe will drive value in the long term. We have accumulated excess liquidity in recent quarters and believe that, if conditions allow for suitable deployment of such excess liquidity, we could potentially increase our net interest margin by 10-25 basis points, depending on the mix of earning assets of such reinvestment. Our loans to deposits ratio ended the quarter at 89.7% and we believe that we have sufficient liquidity to meet customer loan demand."Mr. Wehmer commented, "Net interest income decreased in the third quarter of 2020 primarily due to lower PPP loan fee accretion as a result of changes to the estimated timing of loan forgiveness. The Company recognized $17.4 million of PPP loan fee accretion in third quarter of 2020 as compared to $25.1 million in the prior quarter. Excluding the impact of PPP fees, the Company effectively offset the net interest margin impact of declining earning asset yields through downward repricing of interest-bearing deposits. We expect that, absent changes to the level of PPP loan fee accretion, we can continue to mitigate loan yield compression with deposit repricing in the fourth quarter of 2020. Further, to the extent we identify prudent opportunities to deploy excess liquidity, we may be able to improve net interest margin."Mr. Wehmer noted, “Our mortgage banking business delivered another record quarter of mortgage banking revenue in light of the demand associated with historically low long-term interest rates. Loan volumes originated for sale in the third quarter of 2020 were $2.2 billion, essentially unchanged from the second quarter of 2020. As a result of increases in both current and forecasted revenues given the favorable mortgage banking environment, the Company recorded increased contingent consideration expense related to the previous acquisition of mortgage operations. Additionally, the Company recorded a $3.0 million decrease in the value of mortgage servicing rights related to changes in fair value model assumptions. We are leveraging efficiencies in our delivery channels and staffing strategies to keep pace with unprecedented demand. The strong quarter of mortgage performance contributed to reporting a 0.87% net overhead ratio for the third quarter of 2020. We believe the fourth quarter of 2020 will provide another strong quarter for mortgage banking production."Commenting on credit quality, Mr. Wehmer stated, "The Company recorded provision for credit losses of $25.0 million in the third quarter increasing our allowance for credit losses. The allowance for credit losses on our core loan portfolio as of September 30, 2020 is approximately 1.88% of the outstanding balance. Net charge-offs totaled $9.3 million in the third quarter of 2020, of which $6.4 million were reserves on individually assessed loans as of the prior quarter end, as compared to $15.4 million in the second quarter of 2020. Additionally, the level of non-performing assets decreased by $16.2 million to $182.3 million. We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit."Mindful of the challenges ahead, Mr. Wehmer noted, "We leverage robust capital and liquidity management frameworks, which include stress testing processes, to assess and monitor risk and inform decision making. The Company's capital ratios were stable in the third quarter of 2020 as net income supported asset growth. We believe the Company's capital levels remain adequate and will evaluate if it is prudent to resume repurchasing common stock."Mr. Wehmer concluded, "We remain committed to supporting our community, including the well-being and safety of our customers and employees. We believe that our opportunities for both internal and external growth remain consistently strong and were particularly enhanced as a result of our successful participation in PPP lending. However, we continue to carefully monitor the COVID-19 pandemic and evaluate the impact that it could have on the economy, our customers and our business. We remain focused on navigating the current environment by actively monitoring and managing our credit portfolio."The graphs below illustrate certain financial highlights of the third quarter of 2020. See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/6ccf49fe-326a-4af9-87b2-479bbf0543eeSUMMARY OF RESULTS:BALANCE SHEETTotal asset growth of $192 million in the third quarter of 2020 was primarily comprised of a $733 million increase in loans, partially offset by a $417 million decrease in investment securities and a $189 million decrease in interest-bearing deposits with banks. The $733 million increase in loans is comprised of a $418 million increase in commercial loans, a $222 million increase in commercial real estate loans and a $148 million increase in premium finance receivables. The $417 million decrease in investment securities was primarily due to accelerated prepayments and exercised embedded call options. The Company believes that the $3.8 billion of interest-bearing deposits with banks held as of September 30, 2020 provides more than sufficient liquidity to operate its business plan.Total liabilities increased $108 million in the third quarter of 2020 resulting primarily from a $193 million increase in total deposits. The increase in deposits includes a $272 million increase in MaxSafe money market deposits and a $205 million increase in non-interest-bearing deposits, partially offset by a $197 million decrease in wealth management deposits. Our loans to deposits ratio ended the quarter at 89.7%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources as appropriate to manage its liquidity position as well as for interest rate risk management purposes.For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Tables 1 through 3 in this report.NET INTEREST INCOMEFor the third quarter of 2020, net interest income totaled $255.9 million, a decrease of $7.2 million as compared to the second quarter of 2020 and a decrease of $8.9 million as compared to the third quarter of 2019. The $7.2 million decrease in net interest income in the third quarter of 2020 compared to the second quarter of 2020 was primarily due to $7.7 million less PPP loan fee accretion in the third quarter of 2020.Net interest margin was 2.56% (2.57% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2020 compared to 2.73% (2.74% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2020 and 3.37% (3.39% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2019. The 17 basis point decrease in net interest margin in the third quarter of 2020 as compared to the second quarter of 2020 was attributable to a 32 basis point decline in the yield on earning assets and a four basis point decrease in the net free funds contribution partially offset by a 19 basis point decrease in the rate paid on interest-bearing liabilities. The 32 basis point decline in the yield on earning assets in the third quarter of 2020 as compared to the second quarter of 2020 was in part due to a 14 basis point impact attributed to the declining yield on PPP loans. The remaining 18 basis point decrease in earning asset yields, primarily due to declining loan yields, excluding PPP, was more than offset by a 19 basis point decrease in the rate paid on interest-bearing liabilities. The decrease in the rate paid on interest-bearing liabilities in the third quarter of 2020 as compared to the prior quarter is primarily due to a 20 basis point decrease in the rate paid on interest-bearing deposits as management initiated various deposit rate reductions given the low interest rate environment.For more information regarding net interest income, see Tables 4 through 8 in this report.ASSET QUALITYThe allowance for credit losses totaled $389.0 million as of September 30, 2020 an increase of $15.8 million as compared to $373.2 million as of June 30, 2020. The allowance for credit losses increased primarily due to portfolio changes partially offset by changes in the macroeconomic forecasted conditions which contributed to decrease reserves. Consistent with the recovery in economic activity since the end of the second quarter of 2020, the Company's third quarter of 2020 macroeconomic forecasts of key model inputs (Gross Domestic Product, Baa Corporate Credit spreads, Dow Jones Total Stock Market Index and Commercial Real Estate Price Index) assume an improvement in the economic outlook compared to the macroeconomic forecasts used in the second quarter of 2020. While the uncertainties around the path of the recovery are still present, the third quarter of 2020 macroeconomic forecasts assume that the impact of those uncertainties on economic growth is relatively less severe compared to that assumed in the prior quarter. The Commercial, Industrial and Other portfolio realized a decrease in the allowance for credit losses as compared to the prior quarter-end, which was primarily driven by improving Dow Jones Total Stock Market Index and Baa Corporate Credit spread macroeconomic scenario variables. A deterioration in the CRE Price Index for the first portion of the Reasonable & Supportable period was a primary driver of increases in the allowance for credit losses of the Commercial Real Estate portfolios. Other key drivers of allowance for credit losses changes in these portfolios include, but are not limited to, net new loan growth and loan risk rating migration.The provision for credit losses totaled $25.0 million for the third quarter of 2020 compared to $135.1 million for the second quarter of 2020 and $10.8 million for the third quarter of 2019. For more information regarding the provision for credit losses, see Table 11 in this report.Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Current Expected Credit Losses ("CECL") standard requires the Company to estimate expected credit losses over the life of the Company’s financial assets at a certain point in time. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in the core loan portfolio, the niche and consumer loan portfolio and the purchased loan portfolio as of September 30, 2020, June 30, 2020 and March 31, 2020 is shown on Table 12 of this report.Net charge-offs totaled $9.3 million in the third quarter of 2020, a $6.1 million decrease from $15.4 million in the second quarter of 2020 and a $165,000 decrease from $9.4 million in the third quarter of 2019. Net charge-offs as a percentage of average total loans, totaled 12 basis points in the third quarter of 2020 on an annualized basis compared to 20 basis points on an annualized basis in the second quarter of 2020 and 15 basis points on an annualized basis in the third quarter of 2019. For more information regarding net charge-offs, see Table 10 in this report.As of September 30, 2020, $49.9 million of all loans, or 0.2%, were 60 to 89 days past due and $186.5 million, or 0.6%, were 30 to 59 days (or one payment) past due. As of June 30, 2020, $79.3 million of all loans, or 0.3%, were 60 to 89 days past due and $166.4 million, or 0.5%, were 30 to 59 days (or one payment) past due. Many of the commercial and commercial real-estate loans shown as 60 to 89 days and 30 to 59 days past due are included on the Company’s internal problem loan reporting system. Loans on this system are closely monitored by management on a monthly basis.The Company’s home equity and residential real estate loan portfolios continue to exhibit low delinquency rates as of September 30, 2020. Home equity loans at September 30, 2020 that are current with regard to the contractual terms of the loan agreement represent 98.3% of the total home equity portfolio. Residential real estate loans at September 30, 2020 that are current with regards to the contractual terms of the loan agreements comprised 98.2% of total residential real estate loans outstanding. For more information regarding past due loans, see Table 13 in this report.Outstanding COVID-19 related loan modifications for customers totaled approximately $413 million or 1.4% of total loans, excluding PPP loans as of September 30, 2020 as compared to $1.7 billion or 6.2% as of June 30, 2020. The outstanding modifications primarily changed terms to interest-only payments.The ratio of non-performing assets to total assets was 0.42% as of September 30, 2020, compared to 0.46% at June 30, 2020, and 0.38% at September 30, 2019. Non-performing assets totaled $182.3 million at September 30, 2020, compared to $198.5 million at June 30, 2020 and $132.0 million at September 30, 2019. Non-performing loans totaled $173.1 million, or 0.54% of total loans, at September 30, 2020 compared to $188.3 million, or 0.60% of total loans, at June 30, 2020 and $114.3 million, or 0.44% of total loans, at September 30, 2019. The decrease in non-performing loans as of September 30, 2020 as compared to June 30, 2020 is primarily due to an $18.8 million decrease in total non-performing premium finance receivable balances. State emergency orders and pandemic delays on processing of return premiums, which serve as our collateral, contributed to the increase in 90 day past due premium finance receivables in the second quarter of 2020. As state emergency orders expired in the third quarter of 2020, many of the non-performing premium finance receivables were modified and returned to current as of September 30, 2020. Other real estate owned ("OREO") of $9.2 million at September 30, 2020 decreased by $1.0 million compared to $10.2 million at June 30, 2020 and decreased $8.3 million compared to $17.5 million at September 30, 2019. Management is pursuing the resolution of all non-performing assets. At this time, management believes OREO is appropriately valued at the lower of carrying value or fair value less estimated costs to sell. For more information regarding non-performing assets, see Table 14 in this report.NON-INTEREST INCOMEWealth management revenue increased by $2.3 million during the third quarter of 2020 as compared to the second quarter of 2020 primarily due to increased asset management fees and brokerage commissions. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.Mortgage banking revenue increased by $6.2 million in the third quarter of 2020 as compared to the second quarter of 2020, primarily due to a $5.8 million increase in revenue related to mortgage servicing rights activity. Loans originated for sale were $2.2 billion in the third quarter of 2020, essentially unchanged from the second quarter of 2020. The percentage of origination volume from refinancing activities was 59% in the third quarter of 2020 as compared to 70% in the second quarter of 2020. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market.During the third quarter of 2020, the fair value of the mortgage servicing rights portfolio increased primarily due to increased capitalization of $20.9 million during the third quarter. This increase was partially offset by a negative fair value adjustment of $3.0 million as well as a reduction in value of $7.9 million due to payoffs and paydowns of the existing portfolio. The Company entered into interest rate swaps at the beginning of the fourth quarter of 2019 to economically hedge a portion of the potential negative fair value changes recorded in earnings related to its mortgage servicing rights portfolio. During the second quarter of 2020, the Company terminated the interest rate swaps. No economic hedges were outstanding relative to the mortgage servicing rights portfolio as of September 30, 2020 or June 30, 2020.Other non-interest income decreased by $1.4 million in the third quarter of 2020 as compared to the second quarter of 2020 primarily due to lower swap fees with commercial clients.For more information regarding non-interest income, see Tables 15 and 16 in this report.NON-INTEREST EXPENSESalaries and employee benefits expense increased by $9.9 million in the third quarter of 2020 as compared to the second quarter of 2020. The $9.9 million increase is comprised of an increase of $4.8 million in employee benefits expense, an increase of $2.8 million in salaries expense, and an increase of $2.3 million in commissions and incentive compensation. The increase in employee benefits expense is primarily due to increases in employee insurance expense related to higher medical claims in the third quarter of 2020. The increase in salaries expense is primarily related to increased staffing costs to support mortgage origination. The increase in commissions and incentive compensation is primarily due to a reversal of expense associated with the Company's long term incentive program recorded in the second quarter of 2020.Equipment expense totaled $17.3 million in the third quarter of 2020, an increase of $1.4 million as compared to the second quarter of 2020. This increase is primarily due to increased software licensing expenses.Professional fees totaled $6.5 million in the third quarter of 2020, a decrease of $1.2 million as compared to the second quarter of 2020. The decrease in the third quarter relates primarily to lower legal and consulting fees during the period. Professional fees include legal, audit and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.Data processing expenses totaled $5.7 million in the third quarter of 2020, a decrease of $4.7 million as compared to the second quarter of 2020. The decrease in the third quarter relates primarily to conversion costs of $4.5 million associated with the Countryside Bank acquisition recognized in the second quarter of 2020.Miscellaneous expense in the third quarter of 2020 increased $1.1 million as compared to the second quarter of 2020. The increase in the third quarter is primarily due to higher loan expenses. The third quarter of 2020 included $6.3 million of contingent consideration expense related to the previous acquisition of mortgage operations as compared to $7.2 million in the prior quarter. The liability for contingent consideration expense related to the previous acquisition of mortgage operations is based upon forward looking mortgage origination volumes and the estimated profitability of that operation. Should those assumptions change going forward, the liability may need to be increased or decreased. The contractual period covering contingent consideration ends in January 2023. Miscellaneous expense also includes ATM expenses, correspondent bank charges, directors fees, telephone, travel and entertainment, corporate insurance, dues and subscriptions, problem loan expenses and lending origination costs that are not deferred.For more information regarding non-interest expense, see Table 17 in this report.INCOME TAXESThe Company recorded income tax expense of $30.0 million in the third quarter of 2020 compared to $9.0 million in the second quarter of 2020 and $35.5 million in the third quarter of 2019. The effective tax rates were 21.83% in the third quarter of 2020 compared to 29.46% in the second quarter of 2020 and 26.36% in the third quarter of 2019. The effective tax rate in the third quarter of 2020 reflects a $9.0 million state income tax benefit related to the settlement of an uncertain tax position. Net of the federal tax impact, the reduction to income tax expense was $7.1 million.BUSINESS UNIT SUMMARYCommunity BankingThrough its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the third quarter of 2020, this unit expanded its loan and deposit portfolios. However, the banking segment also experienced net interest margin compression primarily due to lower PPP loan fee accretion in the third quarter of 2020 as compared to the second quarter of 2020.Mortgage banking revenue was $108.5 million for the third quarter of 2020 an increase of $6.2 million as compared to the second quarter of 2020 primarily due to a $5.8 million increase in revenue related to mortgage servicing rights activity. Services charges on deposit accounts totaled $11.5 million in the third quarter of 2020 an increase of $1.1 million as compared to the second quarter of 2020 primarily due to higher account analysis and overdraft fees. The Company's gross commercial and commercial real estate loan pipelines remained strong as of September 30, 2020. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.3 billion to $1.5 billion at September 30, 2020. When adjusted for the probability of closing, the pipelines were estimated to be approximately $850 million to $950 million at September 30, 2020.Specialty FinanceThrough its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolio were $2.8 billion during the third quarter of 2020 and average balances increased by $582.1 million as compared to the second quarter of 2020. The increase in average balances was more than offset by margin compression in this portfolio resulting in a $1.3 million decrease in interest income attributed to the lower market rates of interest associated with the insurance premium finance receivables portfolio. The Company's leasing business grew during the third quarter of 2020, with its portfolio of assets, including capital leases, loans and equipment on operating leases, increasing by $20.3 million to $2.0 billion at the end of the third quarter of 2020. Revenues from the Company's out-sourced administrative services business were $1.1 million in the third quarter of 2020, an increase of $144,000 from the second quarter of 2020.Wealth ManagementThrough four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue increased by $2.3 million in the third quarter of 2020 compared to the second quarter of 2020, totaling $25.0 million in the third quarter of 2020. Increases in asset management fees were primarily due to favorable equity market performance during the third quarter of 2020. At September 30, 2020, the Company’s wealth management subsidiaries had approximately $28.2 billion of assets under administration, which included $3.5 billion of assets owned by the Company and its subsidiary banks, representing a $1.2 billion increase from the $27.0 billion of assets under administration at June 30, 2020.ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTSPaycheck Protection ProgramOn March 27, 2020, the President of the United States signed the CARES Act which authorized the Small Business Administration ("SBA") to guarantee loans under the PPP for small businesses who meet the necessary eligibility requirements in order to keep their workers on the payroll. The Company began accepting applications on April 3, 2020. As of September 30, 2020, the Company secured authorization from the SBA and funded over 12,000 PPP loans with a carrying balance of approximately $3.4 billion.AcquisitionsOn November 1, 2019, the Company completed its acquisition of SBC, Incorporated (“SBC”).  SBC was the parent company of Countryside Bank. Through this business combination, the Company acquired Countryside Bank's six banking offices located in Countryside, Burbank, Darien, Homer Glen, Oak Brook and Chicago, Illinois. As of the acquisition date, the Company acquired approximately $620 million in assets, including approximately $423 million in loans, and approximately $508 million in deposits. The Company recorded goodwill of approximately $40 million on the acquisition.On October 7, 2019, the Company completed its acquisition of STC Bancshares Corp. (“STC”).  STC was the parent company of STC Capital Bank. Through this business combination, the Company acquired STC Capital Bank's five banking offices located in the communities of St. Charles, Geneva and South Elgin, Illinois. As of the acquisition date, the Company acquired approximately $250 million in assets, including approximately $174 million in loans, and approximately $201 million in deposits. The Company recorded goodwill of approximately $19 million on the acquisition.On May 24, 2019, the Company completed its acquisition of Rush-Oak Corporation ("ROC"). ROC was the parent company of Oak Bank. Through this business combination, the Company acquired Oak Bank's one banking location in Chicago, Illinois. As of the acquisition date, the Company acquired approximately $223 million in assets, including approximately $125 million in loans, and approximately $161 million in deposits. The Company recorded goodwill of approximately $12 million on the acquisition.Adoption of New Credit Losses Accounting StandardBeginning in 2020, the Company adopted CECL, which impacted the measurement of the Company’s allowance for credit losses (including the allowance for unfunded lending-related commitments). CECL replaced the previous incurred loss methodology, which delayed recognition until such loss was probable, with a methodology that reflects an estimate of lifetime expected credit losses considering current economic condition and forecasts. Though other assets, including investment securities and other receivables, were considered in-scope of the standard and required a measurement of the allowance for credit loss, the most significant impact of CECL remains within the Company’s loan portfolios and related lending commitments. For more information regarding the adoption of CECL, see the "Asset Quality" section and the asset quality Tables 10-14 in this report.WINTRUST FINANCIAL CORPORATION Key Operating MeasuresWintrust’s key operating measures and growth rates for the third quarter of 2020, as compared to the second quarter of 2020 (sequential quarter) and third quarter of 2019 (linked quarter), are shown in the table below:  Three Months Ended  % or(1) basis point  (bp) change from % or basis point  (bp) change from (Dollars in thousands, except per share data)  Sep 30, 2020 Jun 30, 2020 Sep 30, 20192nd Quarter 2020    3rd Quarter 2019    Net income $107,315  $21,659  $99,121 395 % 8 % Pre-tax income, excluding provision for credit losses (non-GAAP) (2) 162,310  165,756  145,435 (2)  12   Net income per common share – diluted 1.67  0.34  1.69 391   (1)  Net revenue (3) 426,529  425,124  379,989 —   12   Net interest income 255,936  263,131  264,852 (3)  (3)  Net interest margin 2.56% 2.73% 3.37%(17)bp (81)bp Net interest margin - fully taxable equivalent (non-GAAP) (2) 2.57  2.74  3.39 (17)  (82)  Net overhead ratio (4) 0.87  0.93  1.40 (6)  (53)  Return on average assets 0.99  0.21  1.16 78   (17)  Return on average common equity 10.66  2.17  11.42 849   (76)  Return on average tangible common equity (non-GAAP) (2) 13.43  2.95  14.36 1,048   (93)  At end of period            Total assets $43,731,718  $43,540,017  $34,911,902 2 % 25 % Total loans (5) 32,135,555  31,402,903  25,710,171 9   25   Total deposits 35,844,422  35,651,874  28,710,379 2   25   Total shareholders’ equity 4,074,089  3,990,218  3,540,325 8   15   (1)   Period-end balance sheet percentage changes are annualized. (2)   See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio. (3)   Net revenue is net interest income plus non-interest income. (4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency. (5)   Excludes mortgage loans held-for-sale.Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.” WINTRUST FINANCIAL CORPORATION Selected Financial Highlights   Three Months EndedNine Months Ended (Dollars in thousands, except per share data) Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019Sep 30, 2020 Sep 30, 2019 Selected Financial Condition Data (at end of period):    Total assets $43,731,718  $43,540,017  $38,799,847  $36,620,583  $34,911,902     Total loans (1) 32,135,555  31,402,903  27,807,321  26,800,290  25,710,171     Total deposits 35,844,422  35,651,874  31,461,660  30,107,138  28,710,379     Junior subordinated debentures 253,566  253,566  253,566  253,566  253,566     Total shareholders’ equity 4,074,089  3,990,218  3,700,393  3,691,250  3,540,325     Selected Statements of Income Data:    Net interest income $255,936  $263,131  $261,443  $261,879  $264,852 $780,510  $793,040  Net revenue (2) 426,529  425,124  374,685  374,099  379,989 1,226,338  1,087,992  Net income 107,315  21,659  62,812  85,964  99,121 191,786  269,733  Pre-tax income, excluding provision for credit losses (non-GAAP) (3) 162,310  165,756  140,044  124,508  145,435 468,110  409,457  Net income per common share – Basic 1.68  0.34  1.05  1.46  1.71 3.08  4.65  Net income per common share – Diluted 1.67  0.34  1.04  1.44  1.69 3.06  4.60  Selected Financial Ratios and Other Data:    Performance Ratios:    Net interest margin 2.56% 2.73% 3.12% 3.17% 3.37%2.79% 3.56% Net interest margin - fully taxable equivalent (non-GAAP) (3) 2.57  2.74  3.14  3.19  3.39 2.80  3.58  Non-interest income to average assets 1.58  1.55  1.24  1.25  1.35 1.47  1.22  Non-interest expense to average assets 2.45  2.48  2.58  2.78  2.74 2.50  2.80  Net overhead ratio (4) 0.87  0.93  1.33  1.53  1.40 1.03  1.58  Return on average assets 0.99  0.21  0.69  0.96  1.16 0.63  1.11  Return on average common equity 10.66  2.17  6.82  9.52  11.42 6.56  10.74  Return on average tangible common equity (non-GAAP) (3) 13.43  2.95  8.73  12.17  14.36 8.38  13.60  Average total assets $42,962,844  $42,042,729  $36,625,490  $35,645,190  $33,954,592 $40,552,517  $32,418,875  Average total shareholders’ equity 4,034,902  3,908,846  3,710,169  3,622,184  3,496,714 3,885,187  3,407,398  Average loans to average deposits ratio 89.6% 87.8% 90.1% 88.8% 90.6%89.1% 92.4% Period-end loans to deposits ratio 89.7  88.1  88.4  89.0  89.6     Common Share Data at end of period:    Market price per common share $40.05  $43.62  $32.86  $70.90  $64.63     Book value per common share 63.57  62.14  62.13  61.68  60.24     Tangible book value per common share (non-GAAP) (3) 51.70  50.23  50.18  49.70  49.16     Common shares outstanding 57,601,991  57,573,672  57,545,352  57,821,891  56,698,429     Other Data at end of period:    Tier 1 leverage ratio (5) 8.2% 8.1% 8.5% 8.7% 8.8%    Risk-based capital ratios:              Tier 1 capital ratio (5) 10.1  10.1  9.3  9.6  9.7     Common equity tier 1 capital ratio(5) 8.9  8.8  8.9  9.2  9.3     Total capital ratio (5) 12.8  12.8  11.9  12.2  12.4     Allowance for credit losses (6) $388,971  $373,174  $253,482  $158,461  $163,273     Allowance for loan and unfunded lending-related commitment losses to total loans 1.21% 1.19% 0.91% 0.59% 0.64%    Number of:              Bank subsidiaries 15  15  15  15  15     Banking offices 182  186  187  187  174     (1)   Excludes mortgage loans held-for-sale. (2)   Net revenue includes net interest income and non-interest income. (3)   See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information on this performance measure/ratio. (4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency. (5)   Capital ratios for current quarter-end are estimated. (6)   The allowance for credit losses includes both the allowance for loan losses and the allowance for unfunded lending-related commitments. Effective January 1, 2020, the allowance for credit losses also includes the allowance for investment securities as a result of the adoption of Accounting Standard Update ("ASU") 2016-13, Financial Instruments - Credit Losses. WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CONDITION  (Unaudited) (Unaudited) (Unaudited)   (Unaudited)   Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (In thousands) 2020 2020 2020 2019 2019 Assets           Cash and due from banks $308,639  $344,999  $349,118  $286,167  $448,755  Federal funds sold and securities purchased under resale agreements 56  58  309  309  59  Interest-bearing deposits with banks 3,825,823  4,015,072  1,943,743  2,164,560  2,260,806  Available-for-sale securities, at fair value 2,946,459  3,194,961  3,570,959  3,106,214  2,270,059  Held-to-maturity securities, at amortized cost 560,267  728,465  865,376  1,134,400  1,095,802  Trading account securities 1,720  890  2,257  1,068  3,204  Equity securities with readily determinable fair value 54,398  52,460  47,310  50,840  46,086  Federal Home Loan Bank and Federal Reserve Bank stock 135,568  135,571  134,546  100,739  92,714  Brokerage customer receivables 16,818  14,623  16,293  16,573  14,943  Mortgage loans held-for-sale 959,671  833,163  656,934  377,313  464,727  Loans, net of unearned income 32,135,555  31,402,903  27,807,321  26,800,290  25,710,171  Allowance for loan losses (325,959) (313,510) (216,050) (156,828) (161,763) Net loans 31,809,596  31,089,393  27,591,271  26,643,462  25,548,408  Premises and equipment, net 774,288  769,909  764,583  754,328  721,856  Lease investments, net 230,373  237,040  207,147  231,192  228,647  Accrued interest receivable and other assets 1,424,728  1,437,832  1,460,168  1,061,141  1,087,864  Trade date securities receivable —  —  502,207  —  —  Goodwill 644,644  644,213  643,441  645,220  584,315  Other intangible assets 38,670  41,368  44,185  47,057  43,657  Total assets $43,731,718  $43,540,017  $38,799,847  $36,620,583  $34,911,902  Liabilities and Shareholders’ Equity           Deposits:           Non-interest bearing $10,409,747  $10,204,791  $7,556,755  $7,216,758  $7,067,960  Interest bearing 25,434,675  25,447,083  23,904,905  22,890,380  21,642,419  Total deposits 35,844,422  35,651,874  31,461,660  30,107,138  28,710,379  Federal Home Loan Bank advances 1,228,422  1,228,416  1,174,894  674,870  574,847  Other borrowings 507,395  508,535  487,503  418,174  410,488  Subordinated notes 436,385  436,298  436,179  436,095  435,979  Junior subordinated debentures 253,566  253,566  253,566  253,566  253,566  Trade date securities payable —  —  —  —  226  Accrued interest payable and other liabilities 1,387,439  1,471,110  1,285,652  1,039,490  986,092  Total liabilities 39,657,629  39,549,799  35,099,454  32,929,333  31,371,577  Shareholders’ Equity:           Preferred stock 412,500  412,500  125,000  125,000  125,000  Common stock 58,323  58,294  58,266  57,951  56,825  Surplus 1,647,049  1,643,864  1,652,063  1,650,278  1,574,011  Treasury stock (44,891) (44,891) (44,891) (6,931) (6,799) Retained earnings 2,001,949  1,921,048  1,917,558  1,899,630  1,830,165  Accumulated other comprehensive loss (841) (597) (7,603) (34,678) (38,877) Total shareholders’ equity 4,074,089  3,990,218  3,700,393  3,691,250  3,540,325  Total liabilities and shareholders’ equity $43,731,718  $43,540,017  $38,799,847  $36,620,583  $34,911,902   WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months EndedNine Months Ended (In thousands, except per share data)Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019Sep 30, 2020 Sep 30, 2019 Interest income             Interest and fees on loans$280,479  $294,746  $301,839  $308,055  $314,277 $877,064  $920,425  Mortgage loans held-for-sale5,791  4,764  3,165  3,201  3,478 13,720  8,791  Interest-bearing deposits with banks1,181  1,310  4,768  8,971  10,326 7,259  20,832  Federal funds sold and securities purchased under resale agreements—  16  86  390  310 102  310  Investment securities21,819  27,105  32,467  27,611  24,758 81,391  80,435  Trading account securities6  13  7  6  20 26  33  Federal Home Loan Bank and Federal Reserve Bank stock1,774  1,765  1,577  1,328  1,294 5,116  4,088  Brokerage customer receivables106  97  158  169  164 361  497  Total interest income311,156  329,816  344,067  349,731  354,627 985,039  1,035,411  Interest expense             Interest on deposits39,084  50,057  67,435  74,724  76,168 156,576  204,168  Interest on Federal Home Loan Bank advances4,947  4,934  3,360  1,461  1,774 13,241  8,417  Interest on other borrowings3,012  3,436  3,546  3,273  3,466 9,994  10,624  Interest on subordinated notes5,474  5,506  5,472  5,504  5,470 16,452  10,051  Interest on junior subordinated debentures2,703  2,752  2,811  2,890  2,897 8,266  9,111  Total interest expense55,220  66,685  82,624  87,852  89,775 204,529  242,371  Net interest income255,936  263,131  261,443  261,879  264,852 780,510  793,040  Provision for credit losses25,026  135,053  52,961  7,826  10,834 213,040  46,038  Net interest income after provision for credit losses230,910  128,078  208,482  254,053  254,018 567,470  747,002  Non-interest income             Wealth management24,957  22,636  25,941  24,999  23,999 73,534  72,115  Mortgage banking108,544  102,324  48,326  47,860  50,864 259,194  106,433  Service charges on deposit accounts11,497  10,420  11,265  10,973  9,972 33,182  28,097  Gains (losses) on investment securities, net411  808  (4,359) 587  710 (3,140) 2,938  Fees from covered call options—  —  2,292  1,243  — 2,292  2,427  Trading gains (losses), net183  (634) (451) 46  11 (902) (204) Operating lease income, net11,717  11,785  11,984  12,487  12,025 35,486  34,554  Other13,284  14,654  18,244  14,025  17,556 46,182  48,592  Total non-interest income170,593  161,993  113,242  112,220  115,137 445,828  294,952  Non-interest expense             Salaries and employee benefits164,042  154,156  136,762  145,941  141,024 454,960  400,479  Equipment17,251  15,846  14,834  14,485  13,314 47,931  37,843  Operating lease equipment9,425  9,292  9,260  9,766  8,907 27,977  25,994  Occupancy, net15,830  16,893  17,547  17,132  14,991 50,270  47,157  Data processing5,689  10,406  8,373  7,569  6,522 24,468  20,251  Advertising and marketing7,880  7,704  10,862  12,517  13,375 26,446  36,078  Professional fees6,488  7,687  6,721  7,650  8,037 20,896  19,821  Amortization of other intangible assets2,701  2,820  2,863  3,017  2,928 8,384  8,827  FDIC insurance6,772  7,081  4,135  1,348  148 17,988  7,851  OREO expense, net(168) 237  (876) 536  1,170 (807) 3,092  Other28,309  27,246  24,160  29,630  24,138 79,715  71,142  Total non-interest expense264,219  259,368  234,641  249,591  234,554 758,228  678,535  Income before taxes137,284  30,703  87,083  116,682  134,601 255,070  363,419  Income tax expense29,969  9,044  24,271  30,718  35,480 63,284  93,686  Net income$107,315  $21,659  $62,812  $85,964  $99,121 $191,786  $269,733  Preferred stock dividends10,286  2,050  2,050  2,050  2,050 14,386  6,150  Net income applicable to common shares$97,029  $19,609  $60,762  $83,914  $97,071 $177,400  $263,583  Net income per common share - Basic$1.68  $0.34  $1.05  $1.46  $1.71 $3.08  $4.65  Net income per common share - Diluted$1.67  $0.34  $1.04  $1.44  $1.69 $3.06  $4.60  Cash dividends declared per common share$0.28  $0.28  $0.28  $0.25  $0.25 $0.84  $0.75  Weighted average common shares outstanding 57,597   57,567   57,620   57,538   56,690  57,595   56,627  Dilutive potential common shares449  414  575  874  773 469  724  Average common shares and dilutive common shares58,046  57,981  58,195  58,412  57,463 58,064  57,351   TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES AND COMMERCIAL REAL ESTATE BY STATE          % Growth From (Dollars in thousands)Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019Dec 31, 2019 (1) Sep 30, 2019 Balance:             Commercial             Commercial, industrial, and other$8,897,986  $8,523,864  $9,025,886  $8,285,920  $8,195,602 10% 9% Commercial PPP loans3,379,013  3,335,368  —  —  — 100  100  Commercial real estate             Construction and development1,333,149  1,285,282  1,237,274  1,200,783  1,025,961 15  30  Non-construction7,089,993  6,915,463  6,948,257  6,819,493  6,422,706 5  10  Home equity446,274  466,596  494,655  513,066  512,303 (17) (13) Residential real estate1,384,810  1,427,429  1,377,389  1,354,221  1,218,666 3  14  Premium Finance receivables             Commercial insurance4,060,144  3,999,774  3,465,055  3,442,027  3,449,950 24  18  Life insurance5,488,832  5,400,802  5,221,639  5,074,602  4,795,496 11  14  Consumer and other55,354  48,325  37,166  110,178  89,487 (66) (38) Total loans, net of unearned income$32,135,555  $31,402,903  $27,807,321  $26,800,290  $25,710,171 27% 25% Mix:             Commercial             Commercial, industrial, and other28% 28% 32% 31% 32%    Commercial PPP loans11  11  —  —  —     Commercial real estate             Construction and development4  4  4  4  4     Non-construction22  22  25  26  25     Home equity1  1  2  2  2     Residential real estate4  4  5  5  5     Premium Finance receivables             Commercial insurance13  13  13  13  13     Life insurance17  17  19  19  19     Consumer and other0  0  0  0  0     Total loans, net of unearned income100% 100% 100% 100% 100%    (1)   Annualized. Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 (Dollars in thousands) Balance % of Total Balance    Balance % of Total Balance Balance% of Total Balance Balance% of Total Balance Balance% of Total Balance Commercial real estate - collateral location by state:           Illinois$6,270,584 74.4% $6,198,486 75.6% $6,171,606 75.4% $6,176,353 77.0% $5,654,827 75.9% Wisconsin783,241 9.3  760,839 9.3  793,145 9.7  744,975 9.3  744,577 10.0  Total primary markets$7,053,825 83.7% $6,959,325 84.9% $6,964,751 85.1% $6,921,328 86.3% $6,399,404 85.9% Indiana265,905 3.2  249,423 3.0  249,680 3.1  218,963 2.7  193,350 2.6  Florida133,602 1.6  133,810 1.6  126,786 1.5  114,629 1.4  80,120 1.1  Arizona79,086 0.9  78,135 1.0  72,214 0.9  64,022 0.8  62,657 0.8  California82,852 1.0  81,634 1.0  63,883 0.8  64,345 0.8  67,999 0.9  Other807,872 9.6  698,418 8.5  708,217 8.6  636,989 8.0  645,137 8.7  Total commercial real estate$8,423,142 100% $8,200,745 100% $8,185,531 100% $8,020,276 100% $7,448,667 100%  TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES          % Growth From (Dollars in thousands)Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019Dec 31, 2019 (1) Sep 30, 2019 Balance:             Non-interest bearing$10,409,747  $10,204,791  $7,556,755  $7,216,758  $7,067,960 59% 47% NOW and interest-bearing demand deposits3,294,071  3,440,348  3,181,159  3,093,159  2,966,098 9  11  Wealth management deposits (2)4,235,583  4,433,020  3,936,968  3,123,063  2,795,838 48  51  Money market9,423,653  9,288,976  8,114,659  7,854,189  7,326,899 27  29  Savings3,415,073  3,447,352  3,282,340  3,196,698  2,934,348 9  16  Time certificates of deposit5,066,295  4,837,387  5,389,779  5,623,271  5,619,236 (13) (10) Total deposits$35,844,422  $35,651,874  $31,461,660  $30,107,138  $28,710,379 25% 25% Mix:             Non-interest bearing29% 29% 24% 24% 25%    NOW and interest-bearing demand deposits9  10  10  10  10     Wealth management deposits (2)12  12  13  10  10     Money market26  25  26  26  25     Savings10  10  10  11  10     Time certificates of deposit14  14  17  19  20     Total deposits100% 100% 100% 100% 100%    (1)   Annualized. (2)   Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC ("CDEC"), trust and asset management customers of the Company and brokerage customers from unaffiliated companies which have been placed into deposit accounts. TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS As of September 30, 2020(Dollars in thousands) Total Time Certificates of Deposit Weighted-Average Rate of Maturing Time Certificates of Deposit (1) 1-3 months $671,229  1.37% 4-6 months 859,769  1.82  7-9 months 1,282,241  1.88  10-12 months 908,894  1.62  13-18 months 888,169  1.30  19-24 months 224,400  1.06  24+ months 231,593  1.24  Total $5,066,295  1.59% (1)   Weighted-average rate excludes the impact of purchase accounting fair value adjustments. TABLE 4: QUARTERLY AVERAGE BALANCES  Average Balance for three months ended,   Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (In thousands) 2020 2020 2020 2019 2019 Interest-bearing deposits with banks and cash equivalents (1) $3,411,164  $3,240,167  $1,418,809  $2,206,251  $1,960,898  Investment securities (2) 3,789,422  4,309,471  4,780,709  3,909,699  3,410,090  FHLB and FRB stock 135,567  135,360  114,829  94,843  92,583  Liquidity management assets (6) 7,336,153  7,684,998  6,314,347  6,210,793  5,463,571  Other earning assets (3)(6) 16,656  16,917  19,166  18,353  17,809  Mortgage loans held-for-sale 822,908  705,702  403,262  381,878  379,870  Loans, net of unearned income (4)(6) 31,634,608  30,336,626  26,936,728  26,137,722  25,346,290  Total earning assets (6) 39,810,325  38,744,243  33,673,503  32,748,746  31,207,540  Allowance for loan and investment security losses (7) (321,732) (222,485) (176,291) (167,759) (168,423) Cash and due from banks 345,438  352,423  321,982  316,631  297,475  Other assets 3,128,813  3,168,548  2,806,296  2,747,572  2,618,000  Total assets $42,962,844  $42,042,729  $36,625,490  $35,645,190  $33,954,592                        NOW and interest-bearing demand deposits $3,435,089  $3,323,124  $3,113,733  $3,016,991  $2,912,961  Wealth management deposits 4,239,300  4,380,996  2,838,719  2,934,292  2,888,817  Money market accounts 9,332,668  8,727,966  7,990,775  7,647,635  6,956,755  Savings accounts 3,419,586  3,394,480  3,189,835  3,028,763  2,837,039  Time deposits 4,900,839  5,104,701  5,526,407  5,682,449  5,590,228  Interest-bearing deposits 25,327,482  24,931,267  22,659,469  22,310,130  21,185,800  Federal Home Loan Bank advances 1,228,421  1,214,375  951,613  596,594  574,833  Other borrowings 512,787  493,350  469,577  415,092  416,300  Subordinated notes 436,323  436,226  436,119  436,025  436,041  Junior subordinated debentures 253,566  253,566  253,566  253,566  253,566  Total interest-bearing liabilities 27,758,579  27,328,784  24,770,344  24,011,407  22,866,540  Non-interest-bearing deposits 9,988,769  9,607,528  7,235,177  7,128,166  6,776,786  Other liabilities 1,180,594  1,197,571  909,800  883,433  814,552  Equity 4,034,902  3,908,846  3,710,169  3,622,184  3,496,714  Total liabilities and shareholders’ equity $42,962,844  $42,042,729  $36,625,490  $35,645,190  $33,954,592              Net free funds/contribution (5) $12,051,746  $11,415,459  $8,903,159  $8,737,339  $8,341,000  (1)   Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements. (2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets. (3)   Other earning assets include brokerage customer receivables and trading account securities. (4)   Loans, net of unearned income, include non-accrual loans. (5)   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. (6)   See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio. (7)   Effective January 1, 2020 this includes the allowance for investment security losses as a result of the adoption of ASU 2016-13, Financial Instruments - Credit Losses. TABLE 5: QUARTERLY NET INTEREST INCOME  Net Interest Income for three months ended,   Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (In thousands) 2020 2020 2020 2019 2019 Interest income:           Interest-bearing deposits with banks and cash equivalents $1,181  $1,326  $4,854  $9,361  $10,636  Investment securities 22,365  27,643  33,018  28,184  25,332  FHLB and FRB stock 1,774  1,765  1,577  1,328  1,294  Liquidity management assets (2) 25,320  30,734  39,449  38,873  37,262  Other earning assets (2) 113  113  167  176  189  Mortgage loans held-for-sale 5,791  4,764  3,165  3,201  3,478  Loans, net of unearned income (2) 280,960  295,322  302,699  308,947  315,255  Total interest income $312,184  $330,933  $345,480  $351,197  $356,184              Interest expense:           NOW and interest-bearing demand deposits $1,342  $1,561  $3,665  $4,622  $5,291  Wealth management deposits 7,662  7,244  6,935  7,867  9,163  Money market accounts 7,245  13,140  22,363  25,603  25,426  Savings accounts 2,104  3,840  5,790  6,145  5,622  Time deposits 20,731  24,272  28,682  30,487  30,666  Interest-bearing deposits 39,084  50,057  67,435  74,724  76,168  Federal Home Loan Bank advances 4,947  4,934  3,360  1,461  1,774  Other borrowings 3,012  3,436  3,546  3,273  3,466  Subordinated notes 5,474  5,506  5,472  5,504  5,470  Junior subordinated debentures 2,703  2,752  2,811  2,890  2,897  Total interest expense $55,220  $66,685  $82,624  $87,852  $89,775              Less: Fully taxable-equivalent adjustment (1,028) (1,117) (1,413) (1,466) (1,557) Net interest income (GAAP) (1) 255,936  263,131  261,443  261,879  264,852  Fully taxable-equivalent adjustment 1,028  1,117  1,413  1,466  1,557  Net interest income, fully taxable-equivalent (non-GAAP) (1) $256,964  $264,248  $262,856  $263,345  $266,409  (1)   See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio. (2)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. TABLE 6: QUARTERLY NET INTEREST MARGIN  Net Interest Margin for three months ended,   Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Yield earned on:           Interest-bearing deposits with banks and cash equivalents 0.14% 0.16% 1.38% 1.68% 2.15% Investment securities 2.35  2.58  2.78  2.86  2.95  FHLB and FRB stock 5.21  5.24  5.52  5.55  5.55  Liquidity management assets 1.37  1.61  2.51  2.48  2.71  Other earning assets 2.71  2.71  3.50  3.83  4.20  Mortgage loans held-for-sale 2.80  2.72  3.16  3.33  3.63  Loans, net of unearned income 3.53  3.92  4.52  4.69  4.93  Total earning assets 3.12% 3.44% 4.13% 4.25% 4.53%             Rate paid on:           NOW and interest-bearing demand deposits 0.16% 0.19% 0.47% 0.61% 0.72% Wealth management deposits 0.72  0.67  0.98  1.06  1.26  Money market accounts 0.31  0.61  1.13  1.33  1.45  Savings accounts 0.24  0.45  0.73  0.80  0.79  Time deposits 1.68  1.91  2.09  2.13  2.18  Interest-bearing deposits 0.61  0.81  1.20  1.33  1.43  Federal Home Loan Bank advances 1.60  1.63  1.42  0.97  1.22  Other borrowings 2.34  2.80  3.04  3.13  3.30  Subordinated notes 5.02  5.05  5.02  5.05  5.02  Junior subordinated debentures 4.17  4.29  4.39  4.46  4.47  Total interest-bearing liabilities 0.79% 0.98% 1.34% 1.45% 1.56%             Interest rate spread (1)(3) 2.33% 2.46% 2.79% 2.80% 2.97% Less: Fully taxable-equivalent adjustment (0.01) (0.01) (0.02) (0.02) (0.02) Net free funds/contribution (2) 0.24  0.28  0.35  0.39  0.42  Net interest margin (GAAP) (3) 2.56% 2.73% 3.12% 3.17% 3.37% Fully taxable-equivalent adjustment 0.01  0.01  0.02  0.02  0.02  Net interest margin, fully taxable-equivalent (non-GAAP) (3) 2.57% 2.74% 3.14% 3.19% 3.39% (1)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities. (2)   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. (3)   See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio. TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN Average Balance for nine months ended,Interest for nine months ended,Yield/Rate for nine months ended, (Dollars in thousands)Sep 30, 2020 Sep 30, 2019Sep 30, 2020 Sep 30, 2019Sep 30, 2020 Sep 30, 2019 Interest-bearing deposits with banks and cash equivalents (1)$2,692,678  $1,254,534 $7,361  $21,142 0.37% 2.26% Investment securities (2)4,291,362  3,563,941 83,026  82,142 2.58  3.08  FHLB and FRB stock128,611  97,624 5,116  4,088 5.31  5.60  Liquidity management assets (3)(8)$7,112,651  $4,916,099 $95,503  $107,372 1.79% 2.92% Other earning assets (3)(4)(8)17,576  15,722 393  538 2.99  4.56  Mortgage loans held-for-sale644,611  283,966 13,720  8,791 2.84  4.14  Loans, net of unearned income (3)(5)(8)29,643,281  24,598,857 878,981  923,468 3.96  5.02  Total earning assets (8)$37,418,119  $29,814,644 $988,597  $1,040,169 3.53% 4.66% Allowance for loan and investment security losses (9)(240,467) (163,518)       Cash and due from banks339,968  284,779        Other assets3,034,897  2,482,970        Total assets$40,552,517  $32,418,875                   NOW and interest-bearing demand deposits$3,291,176  $2,865,175 $6,569  $15,457 0.27% 0.72% Wealth management deposits3,821,203  2,703,853 21,840  23,254 0.76  1.15  Money market accounts8,686,171  6,326,336 42,748  66,337 0.66  1.40  Savings accounts3,334,944  2,768,875 11,736  14,830 0.47  0.72  Time deposits5,176,307  5,394,651 73,683  84,290 1.90  2.09  Interest-bearing deposits$24,309,801  $20,058,890 $156,576  $204,168 0.86% 1.36% Federal Home Loan Bank advances1,131,823  679,589 13,241  8,417 1.56  1.66  Other borrowings491,981  433,465 9,994  10,624 2.71  3.28  Subordinated notes436,223  266,430 16,452  10,051 5.03  5.03  Junior subordinated debentures253,566  253,566 8,266  9,111 4.28  4.74  Total interest-bearing liabilities$26,623,394  $21,691,940 $204,529  $242,371 1.03% 1.49% Non-interest-bearing deposits8,947,639  6,570,815        Other liabilities1,096,297  748,722        Equity3,885,187  3,407,398        Total liabilities and shareholders’ equity$40,552,517  $32,418,875        Interest rate spread (6)(8)      2.50% 3.17% Less: Fully taxable-equivalent adjustment   (3,558) (4,758)(0.01) (0.02) Net free funds/contribution (7)$10,794,725  $8,122,704    0.30  0.41  Net interest income/ margin (GAAP) (8)   $780,510  793,040 2.79% 3.56% Fully taxable-equivalent adjustment   3,558  4,758 0.01  0.02  Net interest income/ margin, fully taxable-equivalent (non-GAAP) (8)   $784,068  $797,798 2.80% 3.58% (1)   Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements. (2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets. (3)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on a marginal federal corporate tax rate in effect as of the applicable period.  (4)   Other earning assets include brokerage customer receivables and trading account securities. (5)   Loans, net of unearned income, include non-accrual loans. (6)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities. (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. (8)   See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information on this performance ratio. (9)   Effective January 1, 2020 this includes the allowance for investment security losses as a result of the adoption of ASU 2016-13, Financial Instruments - Credit Losses. TABLE 8: INTEREST RATE SENSITIVITYAs an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases of 100 and 200 basis points and a decrease of 100 basis points. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:Static Shock Scenario +200 Basis Points +100 Basis Points -100 Basis Points Sep 30, 2020 23.4% 10.9% (8.1)% Jun 30, 2020 25.9  12.6  (8.3) Mar 31, 2020 22.5  10.6  (9.4) Dec 31, 2019 18.6  9.7  (10.9) Sep 30, 2019 20.7  10.5  (11.9)  Ramp Scenario+200 Basis Points +100 Basis Points -100 Basis Points Sep 30, 202010.7% 5.2% (3.5)% Jun 30, 202013.0  6.7  (3.2) Mar 31, 20207.7  3.7  (3.8) Dec 31, 20199.3  4.8  (5.0) Sep 30, 201910.1  5.2  (5.6)  TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES Loans repricing or maturity period   As of September 30, 2020One year or less From one to five years Over five years  Total (In thousands)                 Commercial        Fixed rate$329,230  $1,831,547  $794,089  $2,954,866  Fixed Rate - PPP—  3,379,013  —  3,379,013  Variable rate5,923,248  19,747  125  5,943,120  Total commercial$6,252,478  $5,230,307  $794,214  $12,276,999  Commercial real estate        Fixed rate601,275  2,093,741  399,264  3,094,280  Variable rate5,291,887  36,975  —  5,328,862  Total commercial real estate$5,893,162  $2,130,716  $399,264  $8,423,142  Home equity        Fixed rate18,022  7,551  25  25,598  Variable rate420,676  —  —  420,676  Total home equity$438,698  $7,551  $25  $446,274  Residential real estate        Fixed rate29,068  12,611  463,604  505,283  Variable rate66,816  328,865  483,846  879,527  Total residential real estate$95,884  $341,476  $947,450  $1,384,810  Premium finance receivables - commercial        Fixed rate3,965,026  95,118  —  4,060,144  Variable rate—  —  —  —  Total premium finance receivables - commercial$3,965,026  $95,118  $—  $4,060,144  Premium finance receivables - life insurance        Fixed rate15,284  240,467  19,591  275,342  Variable rate5,213,490  —  —  5,213,490  Total premium finance receivables - life insurance$5,228,774  $240,467  $19,591  $5,488,832  Consumer and other        Fixed rate28,297  5,831  1,501  35,629  Variable rate19,725  —  —  19,725  Total consumer and other$48,022  $5,831  $1,501  $55,354           Total per category        Fixed rate4,986,202  7,665,879  1,678,074  14,330,155  Variable rate16,935,842  385,587  483,971  17,805,400  Total loans, net of unearned income$21,922,044  $8,051,466  $2,162,045  $32,135,555           Variable Rate Loan Pricing by Index:        Prime      $2,254,870  One- month LIBOR      8,977,288  Three- month LIBOR      412,969  Twelve- month LIBOR      5,870,663  Other      289,610  Total variable rate      $17,805,400  Graph available at the following link:  http://ml.globenewswire.com/Resource/Download/ef1ce1bb-9104-4a8b-93ff-34a8785c198eSource: BloombergAs noted in the table on the previous page, the majority of the Company’s portfolio is tied to LIBOR indices which, as shown in the table above, do not mirror the same changes as the Prime rate which has historically moved when the Federal Reserve raises or lowers interest rates.  Specifically, the Company has $9.0 billion of variable rate loans tied to one-month LIBOR and $5.9 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:  Basis Points (bps) Change in   Prime 1-month LIBOR 12-month LIBOR  Third Quarter 2020 0bps-1bps-19bps Second Quarter 2020 0 -83 -45  First Quarter 2020 -150 -77 -100  Fourth Quarter 2019 -25 -26 -3  Third Quarter 2019 -50 -38 -15   TABLE 10: ALLOWANCE FOR CREDIT LOSSES  Three Months EndedNine Months Ended   Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30, (Dollars in thousands) 2020 2020 2020 2019 20192020 2019 Allowance for credit losses at beginning of period $373,174  $253,482  $158,461  $163,273  $161,901 $158,461  $154,164  Cumulative effect adjustment from the adoption of ASU 2016-13 —  —  47,418  —  — 47,418  —  Provision for credit losses 25,026  135,053  52,961  7,826  10,834 213,040  46,038  Other adjustments 55  42  (73) 30  (13)24  (51) Charge-offs:              Commercial 5,270  5,686  2,153  11,222  6,775 13,109  24,658  Commercial real estate 1,529  7,224  570  533  809 9,323  4,869  Home equity 138  239  1,001  1,330  1,594 1,378  2,372  Residential real estate 83  293  401  483  25 777  315  Premium finance receivables 4,640  3,434  3,184  3,817  1,866 11,258  9,085  Consumer and other 103  99  128  167  117 330  355  Total charge-offs 11,763  16,975  7,437  17,552  11,186 36,175  41,654  Recoveries:              Commercial 428  112  384  1,871  367 924  974  Commercial real estate 175  493  263  1,404  385 931  1,112  Home equity 111  46  294  166  183 451  313  Residential real estate 25  30  60  50  203 115  372  Premium finance receivables 1,720  833  1,110  1,350  563 3,663  1,853  Consumer and other 20  58  41  43  36 119  152  Total recoveries 2,479  1,572  2,152  4,884  1,737 6,203  4,776  Net charge-offs (9,284) (15,403) (5,285) (12,668) (9,449)(29,972) (36,878) Allowance for credit losses at period end $388,971  $373,174  $253,482  $158,461  $163,273 $388,971  $163,273                 Annualized net charge-offs by category as a percentage of its own respective category’s average:    Commercial 0.16% 0.20% 0.08% 0.46% 0.31%0.15% 0.39% Commercial real estate 0.06  0.33  0.02  (0.04) 0.02 0.14  0.07  Home equity 0.02  0.16  0.57  0.89  1.08 0.26  0.52  Residential real estate 0.02  0.09  0.11  0.14  (0.07)0.07  (0.01) Premium finance receivables 0.12  0.12  0.10  0.28  0.15 0.11  0.12  Consumer and other 0.49  0.25  0.56  0.41  0.27 0.41  0.24  Total loans, net of unearned income 0.12% 0.20% 0.08% 0.19% 0.15%0.14% 0.20%                Net charge-offs as a percentage of the provision for credit losses 37.10% 11.41% 9.98% 161.87% 87.22%14.07% 80.10% Loans at period-end $32,135,555  $31,402,903  $27,807,321  $26,800,290  $25,710,171     Allowance for loan losses as a percentage of loans at period end 1.01% 1.00% 0.78% 0.59% 0.63%    Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end 1.21  1.19  0.91  0.59  0.64     Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans 1.35  1.33  0.91  0.59  0.64      TABLE 11: ALLOWANCE AND PROVISON FOR CREDIT LOSSES BY COMPONENT  Three Months EndedNine Months Ended   Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30, (In thousands) 2020 2020 2020 2019 20192020 2019 Provision for loan losses $21,678  $112,822  $50,396  $7,704  $10,804 $184,896  $45,922  Provision for unfunded lending-related commitments losses 3,350  22,236  2,569  122  30 28,155  116  Provision for held-to-maturity securities losses (2) (5) (4) —  — (11) —  Provision for credit losses $25,026  $135,053  $52,961  $7,826  $10,834 $213,040  $46,038                 Allowance for loan losses $325,959  $313,510  $216,050  $156,828  $161,763     Allowance for unfunded lending-related commitments losses 62,949  59,599  37,362  1,633  1,510     Allowance for loan losses and unfunded lending-related commitments losses 388,908  373,109  253,412  158,461  163,273     Allowance for held-to-maturity securities losses 63  65  70  —  —     Allowance for credit losses $388,971  $373,174  $253,482  $158,461  $163,273      TABLE 12: ALLOWANCE BY LOAN PORTFOLIOThe table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s core, niche and consumer and purchased loan portfolios, as of September 30, 2020, June 30, 2020, and March 31, 2020. As of Sep 30, 2020As of Jun 30, 2020As of Mar 31, 2020 (Dollars in thousands)Recorded Investment Calculated Allowance % of its category’s balanceRecorded Investment Calculated Allowance % of its category’s balanceRecorded Investment Calculated Allowance % of its category’s balance Commercial:                Commercial, industrial and other, excluding PPP loans$8,808,467  $110,045  1.25%$8,396,485  $130,585  1.56%$8,888,342  $104,754  1.18% Commercial real estate:                Construction and development1,270,235  73,565  5.79 1,193,735  67,333  5.64 1,113,863  31,687  2.84  Non-construction6,708,538  141,249  2.11 6,397,847  108,613  1.70 6,388,142  68,914  1.08  Home equity412,162  11,216  2.72 427,668  11,596  2.71 451,804  11,844  2.62  Residential real estate1,309,209  11,165  0.85 1,338,801  11,200  0.84 1,274,351  11,621  0.91  Total core loan portfolio$18,508,611  $347,240  1.88%$17,754,536  $329,327  1.85%$18,116,502  $228,820  1.26% Commercial PPP loans$3,379,013  $3  0.00%$3,335,368  $4  0.00%$—  $—  —% Premium finance receivables                Commercial insurance loans4,060,144  17,378  0.43 3,999,774  17,122  0.43 3,465,055  7,426  0.21  Life insurance loans5,376,403  478  0.01 5,277,126  470  0.01 5,084,695  454  0.01  Consumer and other53,191  555  1.04 45,474  556  1.22 34,111  331  0.97  Total niche and consumer loan portfolio$12,868,751  $18,414  0.14%$12,657,742  $18,152  0.14%$8,583,861  $8,211  0.10% Purchased commercial$89,519  $2,846  3.18%$127,379  $3,008  2.36%$137,544  $2,592  1.88% Purchased commercial real estate444,369  19,196  4.32 609,163  21,180  3.48 683,526  12,195  1.78  Purchased home equity34,112  461  1.35 38,928  593  1.52 42,851  550  1.28  Purchased residential real estate75,601  625  0.83 88,628  715  0.81 103,038  929  0.90  Purchased life insurance loans112,429  —  — 123,676  —  — 136,944  —  —  Purchased consumer and other2,163  126  5.83 2,851  134  4.70 3,055  115  3.76  Total purchased loan portfolio$758,193  $23,254  3.07%$990,625  $25,630  2.59%$1,106,958  $16,381  1.48% Total loans, net of unearned income$32,135,555  $388,908  1.21%$31,402,903  $373,109  1.19%$27,807,321  $253,412  0.91% Total loans, net of unearned income, excluding PPP loans$28,756,542  $388,905  1.35%$28,067,535  $373,105  1.33%$27,807,321  $253,412  0.91%  TABLE 13: LOAN PORTFOLIO AGING(Dollars in thousands) Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Loan Balances:           Commercial           Nonaccrual $42,036  $42,882  $49,916  $37,224  $43,931  90+ days and still accruing —  1,374  1,241  1,855  382  60-89 days past due 2,168  8,952  8,873  3,275  12,860  30-59 days past due 48,271  23,720  86,129  77,324  51,487  Current 12,184,524  11,782,304  8,879,727  8,166,242  8,086,942  Total commercial $12,276,999  $11,859,232  $9,025,886  $8,285,920  $8,195,602  Commercial real estate           Nonaccrual $68,815  $64,557  $62,830  $26,113  $21,557  90+ days and still accruing —  —  516  14,946  4,992  60-89 days past due 8,299  26,480  10,212  31,546  9,629  30-59 days past due 53,462  75,528  75,068  97,567  33,098  Current 8,292,566  8,034,180  8,036,905  7,850,104  7,379,391  Total commercial real estate $8,423,142  $8,200,745  $8,185,531  $8,020,276  $7,448,667  Home equity           Nonaccrual $6,329  $7,261  $7,243  $7,363  $7,920  90+ days and still accruing —  —  —  —  —  60-89 days past due 70  —  214  454  95  30-59 days past due 1,148  1,296  2,096  3,533  3,100  Current 438,727  458,039  485,102  501,716  501,188  Total home equity $446,274  $466,596  $494,655  $513,066  $512,303  Residential real estate           Nonaccrual $22,069  $19,529  $18,965  $13,797  $13,447  90+ days and still accruing —  —  605  5,771  3,244  60-89 days past due 814  1,506  345  3,089  1,868  30-59 days past due 2,443  4,400  28,983  18,041  1,433  Current 1,359,484  1,401,994  1,328,491  1,313,523  1,198,674  Total residential real estate $1,384,810  $1,427,429  $1,377,389  $1,354,221  $1,218,666  Premium finance receivables           Nonaccrual $21,080  $16,460  $21,058  $21,180  $16,540  90+ days and still accruing 12,177  35,638  16,505  11,517  10,612  60-89 days past due 38,286  42,353  12,730  12,119  26,606  30-59 days past due 80,732  61,160  70,185  51,342  44,767  Current 9,396,701  9,244,965  8,566,216  8,420,471  8,146,921  Total premium finance receivables $9,548,976  $9,400,576  $8,686,694  $8,516,629  $8,245,446  Consumer and other           Nonaccrual $422  $427  $403  $231  $224  90+ days and still accruing 175  156  78  287  117  60-89 days past due 273  4  625  40  55  30-59 days past due 493  281  207  344  272  Current 53,991  47,457  35,853  109,276  88,819  Total consumer and other $55,354  $48,325  $37,166  $110,178  $89,487  Total loans, net of unearned income           Nonaccrual $160,751  $151,116  $160,415  $105,908  $103,619  90+ days and still accruing 12,352  37,168  18,945  34,376  19,347  60-89 days past due 49,910  79,295  32,999  50,523  51,113  30-59 days past due 186,549  166,385  262,668  248,151  134,157  Current 31,725,993  30,968,939  27,332,294  26,361,332  25,401,935  Total loans, net of unearned income $32,135,555  $31,402,903  $27,807,321  $26,800,290  $25,710,171   TABLE 14: NON-PERFORMING ASSETS AND TROUBLED DEBT RESTRUCTURINGS ("TDRs") Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (Dollars in thousands)2020 2020 2020(1) 2019 2019 Loans past due greater than 90 days and still accruing (2):          Commercial$—  $1,374  $1,241  $—  $—  Commercial real estate—  —  516  —  —  Home equity—  —  —  —  —  Residential real estate—  —  605  —  —  Premium finance receivables12,177  35,638  16,505  11,517  10,612  Consumer and other175  156  78  163  53  Total loans past due greater than 90 days and still accruing12,352  37,168  18,945  11,680  10,665  Non-accrual loans:          Commercial42,036  42,882  49,916  37,224  43,931  Commercial real estate68,815  64,557  62,830  26,113  21,557  Home equity6,329  7,261  7,243  7,363  7,920  Residential real estate22,069  19,529  18,965  13,797  13,447  Premium finance receivables21,080  16,460  21,058  21,180  16,540  Consumer and other422  427  403  231  224  Total non-accrual loans160,751  151,116  160,415  105,908  103,619  Total non-performing loans:          Commercial42,036  44,256  51,157  37,224  43,931  Commercial real estate68,815  64,557  63,346  26,113  21,557  Home equity6,329  7,261  7,243  7,363  7,920  Residential real estate22,069  19,529  19,570  13,797  13,447  Premium finance receivables33,257  52,098  37,563  32,697  27,152  Consumer and other597  583  481  394  277  Total non-performing loans$173,103  $188,284  $179,360  $117,588  $114,284  Other real estate owned2,891  2,409  2,701  5,208  8,584  Other real estate owned - from acquisitions6,326  7,788  8,325  9,963  8,898  Other repossessed assets—  —  —  4  257  Total non-performing assets$182,320  $198,481  $190,386  $132,763  $132,023  Accruing TDRs not included within non-performing assets$46,410  $48,609  $47,049  $36,725  $45,178  Total non-performing loans by category as a percent of its own respective category’s period-end balance:          Commercial0.34% 0.37% 0.57% 0.45% 0.54% Commercial real estate0.82  0.79  0.77  0.33  0.29  Home equity1.42  1.56  1.46  1.44  1.55  Residential real estate1.59  1.37  1.42  1.02  1.10  Premium finance receivables0.35  0.55  0.43  0.39  0.34  Consumer and other1.08  1.21  1.29  0.36  0.31  Total loans, net of unearned income0.54% 0.60% 0.65% 0.44% 0.44% Total non-performing assets as a percentage of total assets0.42% 0.46% 0.49% 0.36% 0.38% Allowance for loan losses as a percentage of total non-performing loans188.30% 166.51% 120.46% 133.37% 141.54% (1)   Prior to the adoption of ASU 2016-13, acquired loans with evidence of credit quality deterioration (purchased credit deteriorated loans, or "PCD loans") were excluded from non-performing loans. PCD loans that meet the definition of non-accrual or are greater than 90 days past-due and still accruing interest are now included in non-performing loans and resulted in a $37.3 million increase in non-accrual loans upon adoption of ASU 2016-13 as of January 1, 2020. (2)   As of September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, no TDRs were past due greater than 90 days and still accruing interest. Non-performing Loans Rollforward Three Months EndedNine Months Ended  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30, (In thousands)2020 2020 2020 2019 20192020 2019               Balance at beginning of period$188,284  $179,360  $117,588  $114,284  $113,447 $117,588  $113,234  Additions from becoming non-performing in the respective period19,771  20,803  32,195  30,977  20,781 72,769  65,378  Additions from the adoption of ASU 2016-13—  —  37,285  —  — 37,285  —  Return to performing status(6,202) (2,566) (486) (243) (407)(9,254) (14,531) Payments received(3,733) (11,201) (7,949) (19,380) (16,326)(22,883) (25,788) Transfer to OREO and other repossessed assets(598) —  (1,297) —  (1,493)(1,895) (3,061) Charge-offs(6,583) (12,884) (2,551) (11,798) (6,984)(22,018) (27,793) Net change for niche loans (1)(17,836) 14,772  4,575  3,748  5,266 1,511  6,845  Balance at end of period$173,103  $188,284  $179,360  $117,588  $114,284 $173,103  $114,284  (1)   This includes activity for premium finance receivables and indirect consumer loans. TDRs Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (In thousands)2020 2020 2020 2019 2019 Accruing TDRs:          Commercial$7,863  $5,338  $6,500  $4,905  $14,099  Commercial real estate10,846  19,106  18,043  9,754  10,370  Residential real estate and other27,701  24,165  22,506  22,066  20,709  Total accrual$46,410  $48,609  $47,049  $36,725  $45,178  Non-accrual TDRs: (1)          Commercial$13,132  $20,788  $17,206  $13,834  $7,451  Commercial real estate13,601  8,545  14,420  7,119  7,673  Residential real estate and other5,392  5,606  4,962  6,158  6,006  Total non-accrual$32,125  $34,939  $36,588  $27,111  $21,130  Total TDRs:          Commercial$20,995  $26,126  $23,706  $18,739  $21,550  Commercial real estate24,447  27,651  32,463  16,873  18,043  Residential real estate and other33,093  29,771  27,468  28,224  26,715  Total TDRs$78,535  $83,548  $83,637  $63,836  $66,308  (1)   Included in total non-performing loans. Other Real Estate Owned Three Months Ended  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (In thousands)2020 2020 2020 2019 2019 Balance at beginning of period$10,197  $11,026  $15,171  $17,482  $19,837  Disposals/resolved(1,532) (612) (4,793) (4,860) (4,501) Transfers in at fair value, less costs to sell777  —  954  936  3,008  Additions from acquisition—  —  —  2,179  —  Fair value adjustments(225) (217) (306) (566) (862) Balance at end of period$9,217  $10,197  $11,026  $15,171  $17,482              Period End  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Balance by Property Type:2020 2020 2020 2019 2019 Residential real estate$1,839  $1,382  $1,684  $1,016  $1,250  Residential real estate development—  —  —  810  1,282  Commercial real estate7,378  8,815  9,342  13,345  14,950  Total$9,217  $10,197  $11,026  $15,171  $17,482   TABLE 15: NON-INTEREST INCOME Three Months Ended Q3 2020 compared to Q3 2020 compared to  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Q2 2020 Q3 2019 (Dollars in thousands)2020 2020 2020 2019 2019 $ Change % Change $ Change % Change Brokerage$4,563  $4,147  $5,281  $4,859  $4,686  $416  10% $(123) (3)% Trust and asset management20,394  18,489  20,660  20,140  19,313  1,905  10  1,081  6  Total wealth management24,957  22,636  25,941  24,999  23,999  2,321  10  958  4  Mortgage banking108,544  102,324  48,326  47,860  50,864  6,220  6  57,680  113  Service charges on deposit accounts11,497  10,420  11,265  10,973  9,972  1,077  10  1,525  15  Gains (losses) on investment securities, net411  808  (4,359) 587  710  (397) (49) (299) (42) Fees from covered call options—  —  2,292  1,243  —  —  NM  —  NM  Trading gains (losses), net183  (634) (451) 46  11  817  NM  172  NM  Operating lease income, net11,717  11,785  11,984  12,487  12,025  (68) (1) (308) (3) Other:                  Interest rate swap fees4,029  5,693  6,066  2,206  4,811  (1,664) (29) (782) (16) BOLI1,218  1,950  (1,284) 1,377  830  (732) (38) 388  47  Administrative services1,077  933  1,112  1,072  1,086  144  15  (9) (1) Foreign currency remeasurement (losses) gains(54) (208) (151) 261  (55) 154  74  1  (2) Early pay-offs of capital leases165  275  74  24  6  (110) (40) 159  NM  Miscellaneous6,849  6,011  12,427  9,085  10,878  838  14  (4,029) (37) Total Other13,284  14,654  18,244  14,025  17,556  (1,370) (9) (4,272) (24) Total Non-Interest Income$170,593  $161,993  $113,242  $112,220  $115,137  $8,600  5% $55,456  48% NM - Not meaningful.  Nine Months Ended      Sep 30, Sep 30, $ % (Dollars in thousands)2020 2019 Change Change Brokerage$13,991  $13,966  $25  —% Trust and asset management59,543  58,149  1,394  2  Total wealth management73,534  72,115  1,419  2  Mortgage banking259,194  106,433  152,761  144  Service charges on deposit accounts33,182  28,097  5,085  18  (Losses) gains on investment securities, net(3,140) 2,938  (6,078) NM  Fees from covered call options2,292  2,427  (135) (6) Trading losses, net(902) (204) (698) NM  Operating lease income, net35,486  34,554  932  3  Other:        Interest rate swap fees15,788  10,866  4,922  45  BOLI1,884  3,570  (1,686) (47) Administrative services3,122  3,125  (3) —  Foreign currency remeasurement (loss) gain(413) 522  (935) NM  Early pay-offs of leases514  11  503  NM  Miscellaneous25,287  30,498  (5,211) (17) Total Other46,182  48,592  (2,410) (5) Total Non-Interest Income$445,828  $294,952  $150,876  51% NM - Not meaningful. TABLE 16: MORTGAGE BANKING Three Months EndedNine Months Ended (Dollars in thousands)Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019Sep 30, 2020 Sep 30, 2019 Originations and Commitments:             Retail originations$1,590,699  $1,588,932  $773,144  $782,122  $913,631 $3,952,775  $1,948,743  Correspondent originations—  —  —  4,024  50,639 —  381,705  Veterans First originations635,876  621,878  442,957  459,236  456,005 1,700,711  922,091  Total originations for sale (A)$2,226,575  $2,210,810  $1,216,101  $1,245,382  $1,420,275 $5,653,486  $3,252,539  Originations for investment73,711  56,954  73,727  105,911  154,897 204,392  354,823  Total originations$2,300,286  $2,267,764  $1,289,828  $1,351,293  $1,575,172 $5,857,878  $3,607,362                Purchases as a percentage of originations for sale41% 30% 37% 40% 48%36% 57% Refinances as a percentage of originations for sale59  70  63  60  52 64  43  Total100% 100% 100% 100% 100%100% 100%               Mandatory commitments to fund originations for sale (1)$1,962,817  $1,275,648  $1,375,162  $372,357  $433,009                   Production Margin:             Production revenue (B) (2)$94,148  $93,433  $49,327  $34,622  $40,924 $236,908  $87,425  Production margin (B / A)4.23% 4.23% 4.06% 2.78% 2.88%4.19% 2.69%               Mortgage Servicing:             Loans serviced for others (C)$10,139,878  $9,188,285  $8,314,634  $8,243,251  $7,901,045     MSRs, at fair value (D)86,907  77,203  73,504  85,638  75,585     Percentage of MSRs to loans serviced for others (D / C)0.86% 0.84% 0.88% 1.04% 0.96%    Servicing income$8,118  $6,908  $7,031  $6,247  $5,989 $22,057  $16,909                Components of MSR:             MSR - current period capitalization$20,936  $20,351  $9,447  $14,532  $14,029 $50,734  $30,411  MSR - collection of expected cash flows - paydowns(590) (419) (547) (483) (456)(1,556) (1,418) MSR - collection of expected cash flows - payoffs(7,272) (8,252) (6,476) (6,325) (6,781)(22,000) (11,892) Valuation:             MSR - changes in fair value model assumptions(3,002) (7,982) (14,557) 2,329  (4,058)(25,541) (17,107) Gain (loss) on derivative contract held as an economic hedge, net—  589  4,160  (483) 82 4,749  1,002  MSR valuation adjustment, net of gain/(loss) on derivative contract held as an economic hedge$(3,002) $(7,393) $(10,397) $1,846  $(3,976)$(20,792) $(16,105)               Summary of Mortgage Banking Revenue:             Production revenue (2)$94,148  $93,433  $49,327  $34,622  $40,924 $236,908  $87,425  Servicing income8,118  6,908  7,031  6,247  5,989 22,057  16,909  MSR activity10,072  4,287  (7,973) 9,570  2,816 6,386  996  Other(3,794) (2,304) (59) (2,579) 1,135 (6,157) 1,103  Total mortgage banking revenue$108,544  $102,324  $48,326  $47,860  $50,864 $259,194  $106,433  (1)   Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. (2)   Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue. TABLE 17: NON-INTEREST EXPENSE Three Months Ended Q3 2020 compared to Q3 2020 compared to  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Q2 2020 Q3 2019 (Dollars in thousands)2020 2020 2020 2019 2019 $ Change % Change $ Change % Change Salaries and employee benefits:                  Salaries$89,849  $87,105  $81,286  $82,888  $78,067  $2,744  3% $11,782  15% Commissions and incentive compensation48,475  46,151  31,575  40,226  40,289  2,324  5  8,186  20  Benefits25,718  20,900  23,901  22,827  22,668  4,818  23  3,050  13  Total salaries and employee benefits164,042  154,156  136,762  145,941  141,024  9,886  6  23,018  16  Equipment17,251  15,846  14,834  14,485  13,314  1,405  9  3,937  30  Operating lease equipment depreciation9,425  9,292  9,260  9,766  8,907  133  1  518  6  Occupancy, net15,830  16,893  17,547  17,132  14,991  (1,063) (6) 839  6  Data processing5,689  10,406  8,373  7,569  6,522  (4,717) (45) (833) (13) Advertising and marketing7,880  7,704  10,862  12,517  13,375  176  2  (5,495) (41) Professional fees6,488  7,687  6,721  7,650  8,037  (1,199) (16) (1,549) (19) Amortization of other intangible assets2,701  2,820  2,863  3,017  2,928  (119) (4) (227) (8) FDIC insurance6,772  7,081  4,135  1,348  148  (309) (4) 6,624  NM  OREO expense, net(168) 237  (876) 536  1,170  (405) NM  (1,338) NM  Other:                  Commissions - 3rd party brokers778  707  865  717  734  71  10  44  6  Postage1,529  1,591  1,949  2,220  2,321  (62) (4) (792) (34) Miscellaneous26,002  24,948  21,346  26,693  21,083  1,054  4  4,919  23  Total other28,309  27,246  24,160  29,630  24,138  1,063  4  4,171  17  Total Non-Interest Expense$264,219  $259,368  $234,641  $249,591  $234,554  $4,851  2% $29,665  13% NM - Not meaningful.  Nine Months Ended      Sep 30, Sep 30,$ % (Dollars in thousands) 2020 2019Change Change Salaries and employee benefits:        Salaries $258,240  $227,464 $30,776  14% Commissions and incentive compensation 126,201  108,374 17,827  16  Benefits 70,519  64,641 5,878  9  Total salaries and employee benefits 454,960  400,479 54,481  14  Equipment 47,931  37,843 10,088  27  Operating lease equipment depreciation 27,977  25,994 1,983  8  Occupancy, net 50,270  47,157 3,113  7  Data processing 24,468  20,251 4,217  21  Advertising and marketing 26,446  36,078 (9,632) (27) Professional fees 20,896  19,821 1,075  5  Amortization of other intangible assets 8,384  8,827 (443) (5) FDIC insurance 17,988  7,851 10,137  NM  OREO expense, net (807) 3,092 (3,899) NM  Other:        Commissions - 3rd party brokers 2,350  2,201 149  7  Postage 5,069  7,377 (2,308) (31) Miscellaneous 72,296  61,564 10,732  17  Total other 79,715  71,142 8,573  12  Total Non-Interest Expense $758,228  $678,535 $79,693  12% NM - Not meaningful.TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOSThe accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company's interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a fully taxable-equivalent basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company's core net income. Three Months EndedNine Months Ended  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30, (Dollars and shares in thousands)2020 2020 2020 2019 20192020 2019 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:    (A) Interest Income (GAAP)$311,156  $329,816  $344,067  $349,731  $354,627 $985,039  $1,035,411  Taxable-equivalent adjustment:             \- Loans481  576  860  892  978 1,917  3,043  \- Liquidity Management Assets546  538  551  573  574 1,635  1,707  \- Other Earning Assets1  3  2  1  5 6  8  (B) Interest Income (non-GAAP)$312,184  $330,933  $345,480  $351,197  $356,184 $988,597  $1,040,169  (C) Interest Expense (GAAP)$55,220  $66,685  $82,624  $87,852  $89,775 $204,529  $242,371  (D) Net Interest Income (GAAP) (A minus C)$255,936  $263,131  $261,443  $261,879  $264,852 $780,510  $793,040  (E) Net Interest Income (non-GAAP) (B minus C)$256,964  $264,248  $262,856  $263,345  $266,409 $784,068  $797,798  Net interest margin (GAAP)2.56% 2.73% 3.12% 3.17% 3.37%2.79% 3.56% Net interest margin, fully taxable-equivalent (non-GAAP)2.57% 2.74% 3.14% 3.19% 3.39%2.80% 3.58% (F) Non-interest income$170,593  $161,993  $113,242  $112,220  $115,137 $445,828  $294,952  (G) Gains (losses) on investment securities, net411  808  (4,359) 587  710 (3,140) 2,938  (H) Non-interest expense264,219  259,368  234,641  249,591  234,554 758,228  678,535  Efficiency ratio (H/(D+F-G))62.01% 61.13% 61.90% 66.82% 61.84%61.67% 62.53% Efficiency ratio (non-GAAP) (H/(E+F-G))61.86% 60.97% 61.67% 66.56% 61.59%61.49% 62.26%               Reconciliation of Non-GAAP Tangible Common Equity Ratio:    Total shareholders’ equity (GAAP)$4,074,089  $3,990,218  $3,700,393  $3,691,250  $3,540,325     Less: Non-convertible preferred stock (GAAP)(412,500) (412,500) (125,000) (125,000) (125,000)    Less: Intangible assets (GAAP)(683,314) (685,581) (687,626) (692,277) (627,972)    (I) Total tangible common shareholders’ equity (non-GAAP)$2,978,275  $2,892,137  $2,887,767  $2,873,973  $2,787,353     (J) Total assets (GAAP)$43,731,718  $43,540,017  $38,799,847  $36,620,583  $34,911,902     Less: Intangible assets (GAAP)(683,314) (685,581) (687,626) (692,277) (627,972)    (K) Total tangible assets (non-GAAP)$43,048,404  $42,854,436  $38,112,221  $35,928,306  $34,283,930     Common equity to assets ratio (GAAP) (L/J)8.4% 8.2% 9.2% 9.7% 9.8%    Tangible common equity ratio (non-GAAP) (I/K)6.9% 6.7% 7.6% 8.0% 8.1%      Three Months EndedNine Months Ended  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30, (Dollars and shares in thousands)2020 2020 2020 2019 20192020 2019 Reconciliation of Non-GAAP Tangible Book Value per Common Share:    Total shareholders’ equity$4,074,089  $3,990,218  $3,700,393  $3,691,250  $3,540,325     Less: Preferred stock(412,500) (412,500) (125,000) (125,000) (125,000)    (L) Total common equity$3,661,589  $3,577,718  $3,575,393  $3,566,250  $3,415,325     (M) Actual common shares outstanding57,602  57,574  57,545  57,822  56,698     Book value per common share (L/M)$63.57  $62.14  $62.13  $61.68  $60.24     Tangible book value per common share (non-GAAP) (I/M)$51.70  $50.23  $50.18  $49.70  $49.16                   Reconciliation of Non-GAAP Return on Average Tangible Common Equity:    (N) Net income applicable to common shares$97,029  $19,609  $60,762  $83,914  $97,071 $177,400  $263,583  Add: Intangible asset amortization2,701  2,820  2,863  3,017  2,928 8,384  8,827  Less: Tax effect of intangible asset amortization(589) (832) (799) (793) (773)(2,079) (2,277) After-tax intangible asset amortization2,112  1,988  2,064  2,224  2,155 6,305  6,550  (O) Tangible net income applicable to common shares (non-GAAP)$99,141  $21,597  $62,826  $86,138  $99,226 $183,705  $270,133  Total average shareholders' equity$4,034,902  $3,908,846  $3,710,169  $3,622,184  $3,496,714 $3,885,187  $3,407,398  Less: Average preferred stock(412,500) (273,489) (125,000) (125,000) (125,000)(270,849) (125,000) (P) Total average common shareholders' equity$3,622,402  $3,635,357  $3,585,169  $3,497,184  $3,371,714 $3,614,338  $3,282,398  Less: Average intangible assets(684,717) (686,526) (690,777) (689,286) (630,279)(687,331) (625,800) (Q) Total average tangible common shareholders’ equity (non-GAAP)$2,937,685  $2,948,831  $2,894,392  $2,807,898  $2,741,435 $2,927,007  $2,656,598  Return on average common equity, annualized (N/P)10.66% 2.17% 6.82% 9.52% 11.42%6.56% 10.74% Return on average tangible common equity, annualized (non-GAAP) (O/Q)13.43% 2.95% 8.73% 12.17% 14.36%8.38% 13.60%               Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:      Income before taxes$137,284  $30,703  $87,083  $116,682  $134,601 $255,070  $363,419  Add: Provision for credit losses25,026  135,053  52,961  7,826  10,834 213,040  46,038  Pre-tax income, excluding provision for credit losses (non-GAAP)$162,310  $165,756  $140,044  $124,508  $145,435 $468,110  $409,457  WINTRUST SUBSIDIARIES AND LOCATIONSWintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC). Its 15 community bank subsidiaries are: Lake Forest Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Wintrust Bank, N.A., in Chicago, Libertyville Bank & Trust Company, N.A., Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, N.A., Schaumburg Bank & Trust Company, N.A., Village Bank & Trust, N.A., in Arlington Heights, Beverly Bank & Trust Company, N.A. in Chicago, Wheaton Bank & Trust Company, N.A., State Bank of The Lakes, N.A., in Antioch, Old Plank Trail Community Bank, N.A. in New Lenox, St. Charles Bank & Trust Company, N.A. and Town Bank, N.A., in Hartland, Wisconsin.In addition to the locations noted above, the banks also operate facilities in Illinois in Addison, Algonquin, Aurora, Bloomingdale, Bolingbrook, Buffalo Grove, Burbank, Cary, Clarendon Hills, Crete, Countryside, Darien, Deerfield, Des Plaines, Downers Grove, Elgin, Elk Grove Village, Elmhurst, Evanston, Evergreen Park, Frankfort, Geneva, Glen Ellyn, Glencoe, Glenview, Gurnee, Grayslake, Hanover Park, Highland Park, Highwood, Hoffman Estates, Homer Glen, Itasca, Joliet, Lake Bluff, Lake Villa, Lansing, Lemont, Lindenhurst, Lynwood, Markham, Maywood, McHenry, Mokena, Mount Prospect, Mundelein, Naperville, North Chicago, Northfield, Norridge, Oak Lawn, Oak Brook, Orland Park, Palatine, Park Ridge, Prospect Heights, Ravinia, Riverside, Rolling Meadows, Roselle, Round Lake Beach, Shorewood, Skokie, South Holland, Spring Grove, Steger, Stone Park, Vernon Hills, Wauconda, Waukegan, Western Springs, Willowbrook, Wilmette, Winnetka and Wood Dale, and in Wisconsin in Albany, Burlington, Clinton, Darlington, Delafield, Delavan, Elm Grove, Genoa City, Kenosha, Lake Geneva, Madison, Menomonee Falls, Milwaukee, Monroe, Pewaukee, Racine, Sharon, Wales, Walworth and Wind Lake, and in Dyer, Indiana and in Naples, Florida.Additionally, the Company operates various non-bank business units: * FIRST Insurance Funding, a division of Lake Forest Bank & Trust Company, N.A., and Wintrust Life Finance, a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States. * First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada. * Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States. * Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices. * Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest. * Great Lakes Advisors LLC provides money management services and advisory services to individual accounts. * The Chicago Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location. * Wintrust Asset Finance offers direct leasing opportunities. * CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.FORWARD-LOOKING STATEMENTSThis document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, such as the impacts of the COVID-19 pandemic, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2019 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following: * the severity, magnitude and duration of the COVID-19 pandemic and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on our operations and personnel, commercial activity and demand across our business and our customers’ businesses; * the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect the Company’s liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses; * the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges; * economic conditions that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates; * negative effects suffered by us or our customers resulting from changes in U.S. trade policies; * the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses; * estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period; * the financial success and economic viability of the borrowers of our commercial loans; * commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin; * the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses; * inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio; * changes in the level and volatility of interest rates, the capital markets and other market indices (including developments and volatility arising from or related to the COVID-19 pandemic) that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities; * a prolonged period of near zero interest rates and potentially negative interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability; * competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products; * failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions; * unexpected difficulties and losses related to FDIC-assisted acquisitions; * harm to the Company’s reputation; * any negative perception of the Company’s financial strength; * ability of the Company to raise additional capital on acceptable terms when needed; * disruption in capital markets, which may lower fair values for the Company’s investment portfolio; * ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith; * failure or breaches of our security systems or infrastructure, or those of third parties; * security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft; * adverse effects on our information technology systems resulting from failures, human error or cyberattacks; * adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors; * increased costs as a result of protecting our customers from the impact of stolen debit card information; * accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions; * ability of the Company to attract and retain senior management experienced in the banking and financial services industries; * environmental liability risk associated with lending activities; * the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation; * losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith; * the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank; * the soundness of other financial institutions; * the expenses and delayed returns inherent in opening new branches and de novo banks; * examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act; * changes in accounting standards, rules and interpretations such as the new CECL standard and related changes to address the impact of COVID-19, and the impact on the Company’s financial statements; * the ability of the Company to receive dividends from its subsidiaries; * uncertainty about the discontinued use of LIBOR and transition to an alternative rate; * a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise; * legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those changes that are in response to the COVID-19 pandemic, including without limitation the CARES Act and the rules and regulations that may be promulgated thereunder; * a lowering of our credit rating; * changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to the COVID-19 pandemic or otherwise; * regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business; * increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment; * the impact of heightened capital requirements; * increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC; * delinquencies or fraud with respect to the Company’s premium finance business; * credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans; * the Company’s ability to comply with covenants under its credit facility; and * fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation.Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.CONFERENCE CALL, WEBCAST AND REPLAYThe Company will hold a conference call on Thursday, October 22, 2020 at 1:00 p.m. (Central Time) regarding third quarter and year-to-date 2020 results. Individuals interested in listening should call (877) 363-5049 and enter Conference ID 5903949. A simultaneous audio-only webcast and replay of the conference call as well as an accompanying slide presentation may be accessed via the Company’s website at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the third quarter and year-to-date 2020 earnings press release will be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.  CONTACT: FOR MORE INFORMATION CONTACT: Edward J. Wehmer, Founder & Chief Executive Officer David A. Dykstra, Vice Chairman & Chief Operating Officer (847) 939-9000 Web site address: www.wintrust.com

  • GlobeNewswire

    Wintrust Financial Corporation Announces Third Quarter and Year-to-Date 2020 Earnings Release Schedule

    ROSEMONT, Ill., Sept. 29, 2020 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq: WTFC) today announced it will release its third quarter and year-to-date 2020 earnings results after the market closes on Wednesday, October 21, 2020 and host a conference call on Thursday, October 22, 2020 at 1:00 p.m. (CDT). Individuals interested in participating in the call should dial 877-363-5049 and enter Conference ID 5903949 or a simultaneous audio-only web cast may be accessed via the Company’s web site at http://www.wintrust.com, Investor Relations link.   An accompanying slide presentation for those participating in the call or listening via web cast will be available on the Company’s web site at http://www.wintrust.com, Investor Relations link. A replay of the audio-only webcast and an accompanying slide presentation will subsequently be available at http://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls link.   The text of the third quarter and year-to-date 2020 earnings release will be available at http://www.wintrust.com, Investor Relations, Investor News and Events, Press Releases link. About WintrustWintrust is a financial holding company with assets of approximately $43 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 180 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.Forward-Looking InformationThis press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year and in Wintrust’s subsequent Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information. CONTACT: FOR MORE INFORMATION CONTACT: Edward J. Wehmer, Founder & Chief Executive Officer David A. Dykstra, Vice Chairman & Chief Operating Officer (847) 939-9000 Website address: www.wintrust.com

  • GlobeNewswire

    Wintrust Financial Corporation to Attend Stephens 10th Annual Bank Forum on September 23, 2020

    ROSEMONT, Ill., Sept. 22, 2020 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust” or the “Company”) (Nasdaq: WTFC) intends to use presentation materials at meetings with analysts or existing or potential investors at the Stephens 10th Annual Bank Forum to be held virtually on September 23, 2020. The presentation materials may be accessed at Wintrust’s website at www.wintrust.com, Investor Relations, Investor News and Events, Presentations and Conference Calls. About Wintrust Wintrust is a financial holding company with assets of over $43 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 180 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.FOR MORE INFORMATION CONTACT: Edward J. Wehmer, Founder & Chief Executive Officer David A. Dykstra, Vice Chairman & Chief Operating Officer (847) 939-9000 Website address: www.wintrust.com