# WINTRUST FINANCIAL CORP (WTFC)

Informational only - not investment advice.

CIK: 0001015328
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1015328
Filing source: https://www.sec.gov/Archives/edgar/data/1015328/000101532826000007/wtfc-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001015328-26-000007 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001015328.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,728,033,000 USD | 2025 | verified |
| Net income | 823,844,000 USD | 2025 | verified |
| Assets | 71,142,046,000 USD | 2025 | verified |
| Free cash flow | 860,397,000 USD | 2025 | computed |
| Net margin | 22.10% | 2025 | computed |
| Revenue YoY | +7.20% | 2025 | computed |
| ROE | 11.35% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WTFC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 22.1% | 21.9% | 52 | 149 |
| Revenue growth | 7.2% | 6.0% | 57 | 148 |
| FCF margin | 23.1% | 23.8% | 45 | 133 |
| ROE | 11.3% | 9.6% | 67 | 149 |
| ROA | 1.2% | 1.1% | 59 | 149 |
| Liabilities / equity | 8.80 | 8.04 | 68 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3728033000 | USD | 2025 | 2026-02-26 |
| Net income | 823844000 | USD | 2025 | 2026-02-26 |
| Assets | 71142046000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001015328.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 812,457,000 | 946,468,000 | 1,170,810,000 | 1,385,142,000 | 1,293,020,000 | 1,275,484,000 | 1,747,443,000 | 2,893,114,000 | 3,477,597,000 | 3,728,033,000 |
| Net income | 206,875,000 | 257,682,000 | 343,166,000 | 355,697,000 | 292,990,000 | 466,151,000 | 509,682,000 | 622,626,000 | 695,045,000 | 823,844,000 |
| Diluted EPS | 3.66 | 4.40 | 5.86 | 6.03 | 4.68 | 7.58 | 8.02 | 9.58 | 10.31 | 11.40 |
| Operating cash flow | 310,966,000 | 401,626,000 | 377,182,000 | 265,993,000 | -518,465,000 | 1,130,872,000 | 1,375,000,000 | 744,376,000 | 721,557,000 | 910,348,000 |
| Capital expenditures | 33,923,000 | 59,194,000 | 68,273,000 | 82,021,000 | 63,646,000 | 57,075,000 | 53,449,000 | 46,406,000 | 86,032,000 | 49,951,000 |
| Dividends paid | 38,568,000 | 40,543,000 | 50,987,000 | 65,110,000 | 85,890,000 | 98,629,000 | 108,210,000 | 125,690,000 | 143,280,000 | 169,423,000 |
| Assets | 25,668,553,000 | 27,915,970,000 | 31,244,849,000 | 36,620,583,000 | 45,080,768,000 | 50,142,143,000 | 52,949,649,000 | 56,259,934,000 | 64,879,668,000 | 71,142,046,000 |
| Liabilities | 22,972,936,000 | 24,939,031,000 | 27,977,279,000 | 32,929,333,000 | 40,964,773,000 | 45,643,455,000 | 48,152,811,000 | 50,860,408,000 | 58,535,371,000 | 63,883,331,000 |
| Stockholders' equity | 2,695,617,000 | 2,976,939,000 | 3,267,570,000 | 3,691,250,000 | 4,115,995,000 | 4,498,688,000 | 4,796,838,000 | 5,399,526,000 | 6,344,297,000 | 7,258,715,000 |
| Free cash flow | 277,043,000 | 342,432,000 | 308,909,000 | 183,972,000 | -582,111,000 | 1,073,797,000 | 1,321,551,000 | 697,970,000 | 635,525,000 | 860,397,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 25.46% | 27.23% | 29.31% | 25.68% | 22.66% | 36.55% | 29.17% | 21.52% | 19.99% | 22.10% |
| Return on equity | 7.67% | 8.66% | 10.50% | 9.64% | 7.12% | 10.36% | 10.63% | 11.53% | 10.96% | 11.35% |
| Return on assets | 0.81% | 0.92% | 1.10% | 0.97% | 0.65% | 0.93% | 0.96% | 1.11% | 1.07% | 1.16% |
| Liabilities / equity | 8.52 | 8.38 | 8.56 | 8.92 | 9.95 | 10.15 | 10.04 | 9.42 | 9.23 | 8.80 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001015328.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.21 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 2.80 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 2.38 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 762,400,000 | 164,198,000 | 2.53 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 793,848,000 | 123,480,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 805,513,000 | 187,294,000 | 2.89 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 849,979,000 | 152,388,000 | 2.32 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 908,604,000 | 170,001,000 | 2.47 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 913,501,000 | 185,362,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 886,965,000 | 189,039,000 | 2.69 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 920,908,000 | 195,527,000 | 2.78 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 963,834,000 | 216,254,000 | 2.78 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 956,326,000 | 223,024,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 927,560,000 | 227,388,000 | 3.22 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 961,412,000 | 233,693,000 | 3.30 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WTFC's latest 10-K: [/company/WTFC/business/](/company/WTFC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WTFC's latest 10-K: [/company/WTFC/risk-factors/](/company/WTFC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1015328/000101532826000022/wtfc-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

ITEM 2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the financial condition of Wintrust Financial Corporation and its subsidiaries (collectively, “Wintrust” or the “Company”) as of June 30, 2026 compared with December 31, 2025 and June 30, 2025, and the results of operations for the three and six month periods ended June 30, 2026 and June 30, 2025, should be read in conjunction with the unaudited consolidated financial statements and notes contained in this report and the risk factors discussed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) and in Part II, Item 1A, of this Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties and, as such, future results could differ significantly from management’s current expectations. See the last section of this discussion for further information on forward-looking statements.

Introduction

Wintrust is a financial holding company that provides traditional community and commercial banking services and offers a full array of wealth management services, primarily to customers in the Chicago metropolitan area, southern Wisconsin, northwest Indiana, and west Michigan, and operates other financing businesses on a national basis and in Canada through several non-bank businesses.

Overview

Second Quarter Highlights

The Company recorded net income of $233.7 million for the second quarter of 2026 compared to $195.5 million in the second quarter of 2025. The results for the second quarter of 2026 demonstrate increased net interest income due to growth in earning assets as well as the Company’s ability to navigate disruptions in the current economic environment during the period due to the

46

Table of Contents

Company’s strong deposit franchise and balanced business model. Partially offsetting the increase in net interest income was an increase in non-interest expense. The increase in non-interest expense was a result of additional expenses to support growth. Comprehensive income includes 1) net income as presented on the Company’s Consolidated Statements of Income and 2) other comprehensive income or loss from unrealized gains and losses on the Company’s available-for-sale investment securities portfolios and derivative contracts designated as cash flow hedges as well as foreign currency translation adjustments. Comprehensive income totaled $179.7 million for the second quarter of 2026 compared to $239.3 million for the second quarter of 2025.

The Company increased its loan portfolio from $51.0 billion at June 30, 2025 and $53.1 billion at December 31, 2025 to $55.7 billion at June 30, 2026. The increase in the current period compared to the prior periods was a result of growth across all major loan categories. For more information regarding changes in the Company’s loan portfolio, see Financial Condition – Interest Earning Assets and Note (6) “Loans” of the Consolidated Financial Statements in Item 1 of this report.

The Company recorded net interest income of $597.4 million in the second quarter of 2026 compared to $546.7 million in the second quarter of 2025. This increase in net interest income recorded in the second quarter of 2026 compared to the second quarter of 2025 resulted primarily from growth in earning assets, specifically a $5.0 billion increase in average loans. Net interest margin was 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) in the second quarter of 2026 compared to 3.52% (3.54% on a fully taxable-equivalent basis, non-GAAP) in the second quarter of 2025. The decrease in net interest margin is primarily due to lower loan yields (see “Net Interest Income” for further detail).

Non-interest income totaled $141.3 million in the second quarter of 2026 compared to $124.1 million in the second quarter of 2025. The increase is primarily due to an increase in mortgage banking revenue of $4.3 million, an increase in operating lease income of $3.6 million, and an increase in wealth management revenue of $3.1 million in the second quarter of 2026 compared to the second quarter of 2025. This was partially offset by decreased fees from covered call options in the second quarter of 2026 compared to the second quarter of 2025 (see “Non-Interest Income” for further detail).

Non-interest expense totaled $397.5 million in the second quarter of 2026, an increase of $16.1 million, or 4%, compared to the second quarter of 2025. This increase compared to the second quarter of 2025 was primarily attributable to increased salaries and employee benefits of $14.5 million (see “Non-Interest Expense” for further detail).

Management considers the maintenance of adequate liquidity to be important to the management of risk. Accordingly, during the second quarter of 2026, the Company continued its practice of maintaining appropriate funding capacity to provide the Company with adequate liquidity for its ongoing operations. In this regard, the Company benefited from its strong deposit base, a liquid investment portfolio and its access to funding from a variety of external funding sources. See “Shareholders’ Equity”, “Deposits” and “Other Funding Sources” for additional information regarding liquidity sources.

RESULTS OF OPERATIONS

Earnings Summary

The Company’s key operating measures and growth rates for the three and six months ended June 30, 2026, as compared to the same periods last year, are shown below:

[[GREPCENT_TABLE]]
[["","Three Months Ended"],["(Dollars in thousands, except per share data)","June 30, 2026","","June 30, 2025","","Percentage (%) or Basis Point (bp) Change"],["Net income","$","233,693","","","$","195,527","","","20","%"],["Pre-tax income, excluding provision for credit losses (non-GAAP) (1)","341,098","","","289,322","","","18"],["Net income per common share\u2014Diluted","3.30","","","2.78","","","19"],["Net revenue (2)","738,635","","","670,783","","","10"],["Net interest income","597,366","","","546,694","","","9"],["Net interest margin","3.50","%","","3.52","%","","(2)","bps"],["Net interest margin - fully taxable-equivalent (non-GAAP) (1)","3.52","","","3.54","","","(2)"],["Net overhead ratio (3)","1.42","","","1.57","","","(15)"],["Return on average assets","1.30","","","1.19","","","11"],["Return on average common equity","12.82","","","12.07","","","75"],["Return on average tangible common equity (non-GAAP) (1)","14.91","","","14.44","","","47"]]
[[/GREPCENT_TABLE]]

47

Table of Contents

[[GREPCENT_TABLE]]
[["","Six months ended"],["(Dollars in thousands, except per share data)","June 30, 2026","","June 30, 2025","","Percentage (%) or Basis Point (bp) Change"],["Net income","$","461,081","","","$","384,566","","","20","%"],["Pre-tax income, excluding provision for credit losses (non-GAAP) (1)","671,632","","","566,340","","","19"],["Net income per common share\u2014Diluted","6.52","","","5.47","","","19"],["Net revenue (2)","1,451,801","","","1,313,891","","","10"],["Net interest income","1,176,390","","","1,073,168","","","10"],["Net interest margin","3.52","%","","3.53","%","","(1)","bps"],["Net interest margin - fully taxable-equivalent (non-GAAP) (1)","3.54","","","3.55","","","(1)"],["Net overhead ratio (3)","1.43","","","1.57","","","(14)"],["Return on average assets","1.31","","","1.19","","","12"],["Return on average common equity","12.79","","","12.14","","","65"],["Return on average tangible common equity (non-GAAP) (1)","14.90","","","14.57","","","33"],["At end of period"],["Total assets","$","74,668,135","","","$","68,983,318","","","8","%"],["Total loans, excluding loans held-for-sale","55,654,947","","","51,041,679","","","9"],["Total loans, including loans held-for-sale","56,062,442","","","51,341,285","","","9"],["Total deposits","61,141,275","","","55,816,811","","","10"],["Total shareholders\u2019 equity","7,525,116","","","7,225,696","","","4"],["Book value per common share (1)","105.26","","","95.43","","","10"],["Tangible common book value per share (1)","92.13","","","81.86","","","13"],["Market price per common share","160.72","","","123.98","","","30"],["Allowance for loan and unfunded lending-related commitment losses to total loans","0.86","%","","0.90","%","","(4)","bps"]]
[[/GREPCENT_TABLE]]

(1)See following section titled “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance measure/ratio.

(2)Net revenue is net interest income plus non-interest income.

(3)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.

Certain returns, yields, performance ratios, and quarterly growth rates are “annualized” throughout this report 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, balance sheet growth rates are most often expressed in terms of an annual rate. As such, 5% growth during a quarter would represent an annualized growth rate of 20%.

SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

48

Table of Contents

A reconciliation of certain non-GAAP performance measures and ratios used by the Company to evaluate and measure the Company’s performance to the most directly comparable GAAP financial measures is shown below:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1015328/000101532826000007/wtfc-20251231.htm
Complete FY 2025 MD&A: /company/WTFC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion highlights the significant factors affecting the operations and financial condition of Wintrust for the three years ended December 31, 2025. The detailed financial discussion focuses on 2025 results compared to 2024. This discussion and analysis should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto within this Annual Report on Form 10-K.

For a discussion of 2024 results compared to 2023, refer to Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” of the Wintrust Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 28, 2025.

OPERATING SUMMARY

Wintrust’s key measures of profitability and balance sheet changes are shown in the following table:

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,","","Percentage (%) or Basis Point (bp) Change","","Percentage (%) or Basis Point (bp) Change"],["(Dollars in thousands, except per share data)","","2025","","2024","","2023","","2024 to 2025","","2023 to 2024"],["Net income","","$","823,844","","","$","695,045","","","$","622,626","","","19","%","","12","%"],["Pre-tax income, excluding provision for credit losses (non-GAAP) (1)","","1,213,960","","","1,048,136","","","959,471","","","16","","","9"],["Net income per common share \u2014 Diluted","","11.40","","","10.31","","","9.58","","","11","","","8"],["Net revenue (2)","","2,725,992","","","2,450,860","","","2,271,970","","","11","","","8"],["Net interest income","","2,224,052","","","1,962,535","","","1,837,864","","","13","","","7"],["Net interest margin","","3.52","%","","3.51","%","","3.66","%","","1","bp","","(15)","bps"],["Net interest margin - fully taxable-equivalent (non-GAAP) (1)","","3.53","","","3.53","","","3.68","","","\u2014","","","(15)"],["Net overhead ratio (3)","","1.51","","","1.54","","","1.64","","","(3)","","","(10)"],["Non-interest income to average assets","","0.75","","","0.82","","","0.81","","","(7)","","","1"],["Non-interest expense to average assets","","2.26","","","2.36","","","2.45","","","(10)","","","(9)"],["Return on average assets","","1.23","","","1.17","","","1.16","","","6","","","1"],["Return on average common equity","","12.13","","","12.32","","","12.90","","","(19)","","","(58)"],["Return on average tangible common equity (non-GAAP) (1)","","14.43","","","14.58","","","15.23","","","(15)","","","(65)"],["At end of period"],["Total assets","","$","71,142,046","","","$","64,879,668","","","$","56,259,934","","","10","%","","15","%"],["Total loans, excluding loans held-for-sale","","53,105,101","","","48,055,037","","","42,131,831","","","11","","","14"],["Total deposits","","57,717,191","","","52,512,349","","","45,397,170","","","10","","","16"],["Total shareholders\u2019 equity","","7,258,715","","","6,344,297","","","5,399,526","","","14","","","17"],["Average loans to average deposits ratio","","92.6","%","","93.8","%","","93.1","%","","(120)","bps","","70","bps"],["Book value per common share (1)","","$","102.03","","","$","89.21","","","$","81.43","","","14","%","","10","%"],["Tangible book value per common share (non-GAAP) (1)","","88.66","","","75.39","","","70.33","","","18","","","7"],["Common equity to assets ratio (1)","","9.6","%","","9.1","%","","8.9","%","","50","bps","","20","bps"],["Tangible common equity ratio (non-GAAP) (1)","","8.5","","","7.8","","","7.7","","","70","","","10"],["Market price per common share","","$","139.82","","","$","124.71","","","$","92.75","","","12","%","","34","%"],["Allowance for loan and unfunded lending-related commitment losses to total loans","","0.87","%","","0.91","%","","1.01","%","","(4)","bps","","(10)","bps"],["Non-performing loans to total loans","","0.35","","","0.36","","","0.33","","","(1)","","","3"]]
[[/GREPCENT_TABLE]]

(1)See “Non-GAAP Financial Measures/Ratios” for additional information on this performance measure/ratio.

(2)Net revenue is net interest income plus non-interest income.

(3)The net overhead ratio is calculated by netting total non-interest expense and total non-interest income and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency.

Please refer to the Consolidated Results of Operations section later in this discussion for an analysis of the Company’s operations for the past three years.

[[GREPCENT_TABLE]]
[["","48"]]
[[/GREPCENT_TABLE]]

NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

[[GREPCENT_TABLE]]
[["","49"]]
[[/GREPCENT_TABLE]]

The following table presents a reconciliation of certain non-GAAP performance measures and ratios used by the Company to evaluate and measure the Company’s performance to the most directly comparable GAAP financial measures for the last three years.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WTFC/mda/fy2025/
All MD&A years: /company/WTFC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WTFC/mda/fy2024/): filed 2025-02-28; accession 0001015328-25-000093 (https://www.sec.gov/Archives/edgar/data/1015328/000101532825000093/wtfc-20241231.htm)
- [FY 2023 MD&A](/company/WTFC/mda/fy2023/): filed 2024-02-28; accession 0001015328-24-000083 (https://www.sec.gov/Archives/edgar/data/1015328/000101532824000083/wtfc-20231231.htm)
- [FY 2022 MD&A](/company/WTFC/mda/fy2022/): filed 2023-02-28; accession 0001015328-23-000070 (https://www.sec.gov/Archives/edgar/data/1015328/000101532823000070/wtfc-20221231.htm)
- [FY 2021 MD&A](/company/WTFC/mda/fy2021/): filed 2022-02-25; accession 0001015328-22-000057 (https://www.sec.gov/Archives/edgar/data/1015328/000101532822000057/wtfc-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WTFC.md · JSON record: /company/WTFC.json · verified financials: /company/WTFC/financials.json / /company/WTFC/financials.csv · machine TOC for the whole site: /llms.txt