checkAd

     114  0 Kommentare Wintrust Financial Corporation Reports Fourth Quarter 2020 Net Income of $101.2 million and Full-Year 2020 Net Income of $293.0 million

    ROSEMONT, Ill., Jan. 20, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, "we" or "our") (Nasdaq: WTFC) announced net income of $101.2 million or $1.63 per diluted common share for the fourth quarter of 2020, a decrease in diluted earnings per common share of 2% compared to the third quarter of 2020 and an increase of 13% compared to the fourth quarter of 2019. The Company recorded net income of $293.0 million or $4.68 per diluted common share for the year ended December 31, 2020 compared to net income of $355.7 million or $6.03 per diluted common share for the same period of 2019.

    Highlights of the Fourth Quarter of 2020:
    Comparative information to the third quarter of 2020

    • Total assets increased by $1.3 billion.
    • Total loans, excluding Paycheck Protection Program ("PPP") loans, increased by $607 million primarily due to growth in commercial loans and life insurance premium finance receivables. This growth also included a $71 million net increase in residential real estate loans for investment as the Company decided to allocate a portion of its current and future mortgage production for investment.
      • In addition, during the fourth quarter of 2020, the Company exercised its early buy-out option on $248 million of eligible loans previously sold to the Government National Mortgage Association ("GNMA") recorded in mortgage loans held-for-sale. See Table 1 for more information.
      • PPP loans originated in 2020 declined by $663 million in the fourth quarter of 2020 primarily as a result of processing forgiveness payments. As of January 15, 2021, approximately 23% of PPP loan balances originated in 2020 have been forgiven, approximately 45% of balances are in the forgiveness review or submission process, and approximately 32% of balances have yet to apply.
    • Total deposits increased by $1.2 billion, notwithstanding the return of approximately $666 million in wholesale deposits during the fourth quarter of 2020.
    • Net interest income increased by $3.5 million primarily due to a reduction in the rate on interest-bearing deposits and loan growth.
      • The rate on interest-bearing deposits declined by 10 basis points in the fourth quarter of 2020 as compared to the third quarter of 2020. This improvement more than offset a two basis point decline in the yield on total loans in the fourth quarter of 2020 as compared to the third quarter of 2020.
      • The Company recognized $16.8 million of PPP loan fee accretion in the fourth quarter of 2020 as compared to $17.4 million in the third quarter of 2020 on PPP loans originated in 2020. As of December 31, 2020, the Company had approximately $32.5 million of PPP loan fees that have yet to be recognized in income.
    • The loans to deposits ratio ended the fourth quarter of 2020 at 86.5% as compared to 89.7% as of September 30, 2020. Excluding PPP loans, the loans to deposits ratio ended the fourth quarter of 2020 at 79.2%.
    • Mortgage banking revenue decreased by $21.7 million to $86.8 million for the fourth quarter of 2020 as compared to $108.5 million in the prior quarter.
    • Outstanding COVID-19 related loan modifications for customers totaled approximately $345 million or 1.2% of total loans, excluding PPP loans, as of December 31, 2020 as compared to $413 million or 1.4% as of September 30, 2020.
    • Provision for credit losses totaled $1.2 million in the fourth quarter of 2020 as compared to $25.0 million in the third quarter of 2020.
    • Recorded net charge-offs of $10.3 million in the fourth quarter of 2020, of which $5.9 million were reserves on individually assessed loans as of the prior quarter end, as compared to net charge-offs of $9.3 million in the third quarter of 2020. Net charge-offs as a percentage of average total loans, totaled 13 basis points in the fourth quarter of 2020 on an annualized basis compared to 12 basis points on an annualized basis in the third quarter of 2020.
    • The allowance for credit losses on our core loan portfolio is approximately 1.82% of the outstanding balance as of December 31, 2020, down from 1.88% as of September 30, 2020. See Table 12 for more information.
    • Non-performing loans declined by $45.6 million, or 26%, and totaled $127.5 million, or 0.40% of total loans, as of December 31, 2020 as compared to $173.1 million, or 0.54% of total loans, as of September 30, 2020.

    Other items of note from the fourth quarter of 2020

    • The following items had a $13.2 million unfavorable pre-tax income impact on the fourth quarter of 2020:
      • Recorded a decrease in the value of mortgage servicing rights related to changes in fair value model assumptions of $5.2 million in the fourth quarter of 2020 as compared to a decrease of $3.0 million in the third quarter of 2020.
      • Accrued $6.6 million of contingent consideration expense in the fourth quarter of 2020 related to the previous acquisition of mortgage operations as compared to $6.3 million in the third quarter of 2020, which was recorded in other non-interest expense.
      • Recorded an impairment charge of $1.4 million in occupancy expense related to the planned closure of 10 bank branches.
    • Repurchased 974,150 shares of our common stock at a cost of $54.9 million, or an average price of $56.40 per share.

    Edward J. Wehmer, Founder and Chief Executive Officer, commented, "Wintrust reported net income of $101.2 million for the fourth quarter of 2020, down from $107.3 million in the third quarter of 2020. The fourth quarter of 2020 was characterized by significant loan growth, increased net interest income, strong mortgage banking revenue, a significant reduction in non-performing loans and a continued focus to increase franchise value in our market area."

    Reflecting on the year, Mr. Wehmer stated, "I am very appreciative of our staff's tireless efforts to make the best of a difficult year. The year offered many challenges and I could not be more proud of our results. Pre-tax income, excluding provision for credit losses (non-GAAP), increased by 13% to $604 million in 2020 as compared to $534 million in 2019. We finished 2020 with a lot of momentum and look forward to serving our communities and being responsive to our customers in the new year."

    Mr. Wehmer continued, "The Company experienced significant loan growth, excluding PPP loans, in the fourth quarter of 2020, including growth in its commercial, commercial real estate, residential real estate loans for investment and life insurance premium finance receivable portfolios. In addition, the Company supplemented loan growth by exercising its early buy-out option on eligible GNMA loans. The majority of the loan growth was in the latter part of the quarter as total period end loans, excluding PPP loans, were $678 million higher than average total loans, excluding PPP loans, in the fourth quarter of 2020. Our loan pipelines remain strong and we expect to continue to grow loans in 2021 without compromising our credit standards. Total deposits increased by $1.2 billion as compared to the third quarter of 2020 even with the return of approximately $666 million in wholesale deposits. Additionally, the mix of deposit growth during the quarter was favorable evidenced by $1.3 billion of growth in non-interest bearing deposits. We continue to emphasize growing our franchise, including gathering low cost deposits, which we believe will drive value in the long term. Our loans to deposits ratio ended the quarter at 86.5% and we believe that we have sufficient liquidity to meet customer loan demand."

    Mr. Wehmer commented, "Net interest income increased in the fourth quarter of 2020 primarily due to lower interest expense on interest-bearing deposits and loan growth. The rate on interest-bearing deposits declined 10 basis points in the fourth quarter of 2020 as compared to the third quarter of 2020. This improvement more than offset a two basis point decline in the yield on total loans in the fourth quarter of 2020 as compared to the third quarter of 2020. PPP loan fee accretion was relatively flat as the Company recognized $16.8 million of PPP loan fee accretion in the fourth quarter of 2020 as compared to $17.4 million in the third quarter of 2020. The three basis point decline in the net interest margin in the fourth quarter of 2020 as compared to the third quarter of 2020 was primarily due to increased levels of liquidity as average interest-bearing cash increased by $1.0 billion. 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 15 to 30 basis points, depending on the mix of earning assets of such reinvestment."

    Mr. Wehmer noted, “Our mortgage banking business delivered another strong 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 fourth quarter of 2020 were $2.4 billion, up from $2.2 billion in the third quarter of 2020. Production revenue decreased during the quarter as the origination pipeline declined as compared to the end of the third quarter of 2020. This decline was partially due to the Company increasing its allocation of pipeline to originations for investment in order to increase earning assets on the balance sheet. Additionally, the Company recorded a $5.2 million decline 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 1.12% net overhead ratio for the fourth quarter of 2020. We believe the first quarter of 2021 will provide another strong quarter for mortgage banking production."

    Commenting on credit quality, Mr. Wehmer stated, "The Company recorded provision for credit losses of $1.2 million reflecting improvement in credit quality in the fourth quarter of 2020. We expended significant effort in the quarter diligently reviewing and addressing our credit portfolio. The Company's population of loans with a rating below "pass" as of December 31, 2020 declined by $273 million, or 14%, as compared to the prior quarter end primarily due to a note sale, pay-offs and risk rating upgrades. The level of non-performing loans decreased by $45.6 million primarily due to non-performing loan pay-offs. Additionally, net charge-offs remained relatively low totaling $10.3 million in the fourth quarter of 2020 as compared to $9.3 million in the third quarter of 2020. The allowance for credit losses on our core loan portfolio as of December 31, 2020 is approximately 1.82% of the outstanding balance. We believe that the Company’s reserves remain appropriate and we remain diligent in our review of credit."

    Mr. Wehmer added, "In addition to the previously announced sale of three branches in southwestern Wisconsin, we continue to review our branch footprint and have initiated plans to close an additional 10 branches. These are predominantly smaller locations in close proximity to other Wintrust locations. As such, we do not expect any material attrition or customer disruption. We expect the noted branches to close prior to the end of the second quarter and the branch sale in Wisconsin to close in the second quarter. In the fourth quarter of 2020, we recorded an impairment charge of $1.4 million associated with the closing of the 10 locations. Collectively, the reduction of 13 locations represents approximately 7% of the Wintrust retail banking locations and will result in a reduction in expenses of approximately $5 million annually on an ongoing basis. It is important to note that while we see increased use of electronic services and are investing heavily in digital capabilities to allow clients to choose how they want to be served, Wintrust will continue to selectively open branches in areas where we are not represented."

    Mr. Wehmer concluded, "We remain committed to supporting our community, including the well-being and safety of our customers and employees. We are participating in the latest round of PPP having opened our application portal on January 11, 2021. As of January 19, 2021, we have received approximately 5,400 applications aggregating in excess of $1.1 billion of loans with associated fees of approximately $44 million. We are focused on taking advantage of market opportunities to prudently deploy excess liquidity into earning assets. In particular, we expect to grow PPP loans, organic loans, residential real estate loans for investment and investment securities while maintaining an interest rate sensitive asset portfolio. We continue to evaluate our operating expense base to enhance future profitability. We also 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."

    Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/0bdf7499-4e66-4b90-bd05- ...

    SUMMARY OF RESULTS:

    BALANCE SHEET

    Total asset growth of $1.3 billion in the fourth quarter of 2020 was primarily comprised of a $977 million increase in interest-bearing deposits with banks, a $312 million increase in mortgage loans held-for-sale, and a $128 million increase in investment securities, partially offset by a $56 million decrease in loans. The Company believes that the $4.8 billion of interest-bearing deposits with banks held as of December 31, 2020 provides more than sufficient liquidity to operate its business plan.

    The $56 million decrease in loans was primarily a result of processing forgiveness payments, as PPP loans declined by $663 million in the fourth quarter of 2020. Total loans, excluding PPP loans, increased by $607 million primarily due to growth in commercial loans and life insurance premium finance receivables. This growth also included a $71 million net increase in residential real estate loans for investment as the Company decided to allocate a portion of its current and future mortgage production for investment.

    Total liabilities increased $1.3 billion in the fourth quarter of 2020 resulting primarily from a $1.2 billion increase in total deposits, which included the return of approximately $666 million in wholesale deposits. The increase in deposits was primarily due to a $1.3 billion increase in non-interest-bearing deposits. Our loans to deposits ratio ended the quarter at 86.5%. Management believes in substantially funding the Company's balance sheet with core deposits and utilizes brokered or wholesale funding sources as appropriate to manage its liquidity position as well as for interest rate risk management purposes.

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

    NET INTEREST INCOME

    For the fourth quarter of 2020, net interest income totaled $259.4 million, an increase of $3.5 million as compared to the third quarter of 2020 and a decrease of $2.5 million as compared to the fourth quarter of 2019. The $3.5 million increase in net interest income in the fourth quarter of 2020 compared to the third quarter of 2020 was primarily due to a 10 basis point decline in the rate on interest-bearing deposits in the fourth quarter of 2020 and loan growth.

    Net interest margin was 2.53% (2.54% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2020 compared to 2.56% (2.57% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2020 and 3.17% (3.19% on a fully taxable-equivalent basis, non-GAAP) during the fourth quarter of 2019. The three basis point decrease in net interest margin in the fourth quarter of 2020 as compared to the third quarter of 2020 was attributable to a 10 basis point decline in the yield on earning assets and a two basis point decrease in the net free funds contribution partially offset by a nine basis point decrease in the rate paid on interest-bearing liabilities. The 10 basis point decline in the yield on earning assets in the fourth quarter of 2020 as compared to the third quarter of 2020 was primarily due to a $1.0 billion increase in average interest-bearing deposits with banks and cash equivalents. The decrease in the rate paid on interest-bearing liabilities in the fourth quarter of 2020 as compared to the prior quarter is primarily due to a 10 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 QUALITY

    The allowance for credit losses totaled $380.0 million as of December 31, 2020, a decrease of $9.0 million as compared to $389.0 million as of September 30, 2020. The allowance for credit losses decreased primarily due to portfolio changes and was partially offset by changes in the macroeconomic forecasted conditions. 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 portfolio credit characteristics.  There was an increase in the allowance for credit losses in the Commercial Real Estate portfolios driven by deterioration in the Commercial Real Estate Price Index forecast, partially offset by improvement in Baa Corporate Credit Spreads. Other key drivers of allowance for credit losses changes in these portfolios include, but are not limited to, decreases in COVID-19 related loan modifications and loan risk rating migration.

    The provision for credit losses totaled $1.2 million for the fourth quarter of 2020 compared to $25.0 million for the third quarter of 2020 and $7.8 million for the fourth 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 December 31, 2020 and September 30, 2020 is shown on Table 12 of this report.

    Net charge-offs totaled $10.3 million in the fourth quarter of 2020, a $1.0 million increase from $9.3 million in the third quarter of 2020 and a $2.4 million decrease from $12.7 million in the fourth quarter of 2019. Net charge-offs as a percentage of average total loans, totaled 13 basis points in the fourth quarter of 2020 on an annualized basis compared to 12 basis points on an annualized basis in the third quarter of 2020 and 19 basis points on an annualized basis in the fourth quarter of 2019. For more information regarding net charge-offs, see Table 10 in this report.

    As of December 31, 2020, $41.6 million of all loans, or 0.1%, were 60 to 89 days past due and $139.1 million, or 0.4%, were 30 to 59 days (or one payment) past due. 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. 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 December 31, 2020. Home equity loans at December 31, 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 December 31, 2020 that are current with regards to the contractual terms of the loan agreements comprised 96.8% 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 $345 million or 1.2% of total loans, excluding PPP loans as of December 31, 2020 as compared to $413 million or 1.4% as of September 30, 2020 and $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 0.32% as of December 31, 2020, compared to 0.42% at September 30, 2020, and 0.36% at December 31, 2019. Non-performing assets totaled $144.1 million at December 31, 2020, compared to $182.3 million at September 30, 2020 and $132.8 million at December 31, 2019. Non-performing loans totaled $127.5 million, or 0.40% of total loans, at December 31, 2020 compared to $173.1 million, or 0.54% of total loans, at September 30, 2020 and $117.6 million, or 0.44% of total loans, at December 31, 2019. The decrease in non-performing loans as of December 31, 2020 as compared to September 30, 2020 is primarily due to $30.1 million in payments received throughout the quarter. The payment activity was primarily driven by sales of underlying real property collateral, sales of operating businesses, and refinance activity. Other real estate owned ("OREO") of $16.6 million at December 31, 2020 increased by $7.4 million compared to $9.2 million at September 30, 2020 and increased $1.4 million compared to $15.2 million at December 31, 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 INCOME

    Wealth management revenue increased by $1.8 million during the fourth quarter of 2020 as compared to the third quarter of 2020 primarily due to increased trust and asset management fees and brokerage commissions. Wealth management revenue is comprised of the trust and asset management revenue of The Chicago Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

    Mortgage banking revenue decreased by $21.7 million in the fourth quarter of 2020 as compared to the third quarter of 2020, primarily due to a $23.3 million decrease in production revenue. Production revenue decreased as origination pipelines designated for sale declined as compared to the prior quarter, due in part to the Company's intention to retain more loans for investment. Loans originated for sale were $2.4 billion in the fourth quarter of 2020, an increase of $124.7 million as compared to the third quarter of 2020. The percentage of origination volume from refinancing activities was 65% in the fourth quarter of 2020 as compared to 59% in the third 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 fourth quarter of 2020, the fair value of the mortgage servicing rights portfolio increased primarily due to the capitalization of $20.3 million of servicing rights during the fourth quarter of 2020. This increase was partially offset by a negative fair value adjustment of $5.2 million as well as a reduction in value of $9.0 million due to payoffs and paydowns of the existing portfolio. No economic hedges were outstanding relative to the mortgage servicing rights portfolio during the third or fourth quarter of 2020.

    Other non-interest income increased by $6.4 million in the fourth quarter of 2020 as compared to the third quarter of 2020 primarily due to increased bank owned life insurance ("BOLI") revenue and income on partnership investments.

    For more information regarding non-interest income, see Tables 15 and 16 in this report.

    NON-INTEREST EXPENSE

    Salaries and employee benefits expense increased by $7.1 million in the fourth quarter of 2020 as compared to the third quarter of 2020. The $7.1 million increase is comprised of an increase of $3.9 million in commissions and incentive compensation, an increase of $3.7 million in salaries expense, partially offset by a decrease of $520,000 in employee benefits expense.

    The increase in commissions and incentive compensation is primarily due to increased commissions expense from higher levels of mortgage loan originations in the current quarter. The increase in salaries expense is primarily related to increased staffing costs to support mortgage origination and investment in technology related services to satisfy customer demands and create efficiencies in operations.

    Occupancy expense totaled $19.7 million in the fourth quarter of 2020, an increase of $3.9 million as compared to the third quarter of 2020. This increase is primarily associated with an impairment charge of $1.4 million related to the planned closure of 10 bank branches, increased real estate tax assessment estimates and a higher level of utility charges.

    Equipment expense totaled $20.6 million in the fourth quarter of 2020, an increase of $3.3 million as compared to the third quarter of 2020. This increase is primarily due to increased software licensing expenses.

    Advertising and Marketing expense totaled $9.9 million in the fourth quarter of 2020, an increase of $2.0 million as compared to the third quarter of 2020. The increase in the fourth quarter relates primarily to increased digital advertising campaigns and corporate sponsorship costs. Marketing costs are incurred to promote the Company's brand, commercial banking capabilities and various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company's non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors.

    Miscellaneous expense in the fourth quarter of 2020 increased by $302,000 as compared to the third quarter of 2020. The fourth quarter of 2020 included $6.6 million of contingent consideration expense related to the previous acquisition of mortgage operations as compared to $6.3 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 and the final two years of the contract contemplate a lower ratio of contingent consideration relative to financial performance. As a result, the Company does not expect to have material adjustments to the contingent consideration liability in future periods. 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 TAXES

    The Company recorded income tax expense of $33.5 million in the fourth quarter of 2020 compared to $30.0 million in the third quarter of 2020 and $30.7 million in the fourth quarter of 2019. The effective tax rates were 24.87% in the fourth quarter of 2020 compared to 21.83% in the third quarter of 2020 and 26.33% in the fourth quarter of 2019. The effective tax rate in the third quarter of 2020 reflects the impact of a $9.0 million state income tax benefit related to the settlement of an uncertain tax position.

    BUSINESS UNIT SUMMARY

    Community Banking

    Through its community banking unit, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the fourth quarter of 2020, this unit expanded its loan portfolio, excluding PPP loans, and its deposit portfolio. However, the banking segment also experienced net interest margin compression primarily due to increased levels of liquidity as average interest bearing cash increased by $1.0 billion in the fourth quarter of 2020 as compared to the third quarter of 2020.

    Mortgage banking revenue was $86.8 million for the fourth quarter of 2020, a decrease of $21.7 million as compared to the third quarter of 2020 primarily due to a $23.3 million decrease in production revenue as origination pipelines declined as compared to the prior quarter. Service charges on deposit accounts totaled $11.8 million in the fourth quarter of 2020, an increase of $344,000 as compared to the third 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 December 31, 2020. Before the impact of scheduled payments and prepayments, gross commercial and commercial real estate loan pipelines were estimated to be approximately $1.1 billion to $1.3 billion at December 31, 2020. When adjusted for the probability of closing, the pipelines were estimated to be approximately $650 million to $750 million at December 31, 2020.

    Specialty Finance

    Through its specialty finance unit, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolio were $2.9 billion during the fourth quarter of 2020 and average balances increased by $49.9 million as compared to the third quarter of 2020. The increase in average balances was more than offset by margin compression in this portfolio resulting in a $3.6 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 fourth quarter of 2020, with its portfolio of assets, including capital leases, loans and equipment on operating leases, increasing by $95.2 million to $2.1 billion at the end of the fourth quarter of 2020. Revenues from the Company's out-sourced administrative services business were $1.3 million in the fourth quarter of 2020, an increase of $186,000 from the third quarter of 2020.

    Wealth Management

    Through four separate subsidiaries within its wealth management unit, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services. Wealth management revenue totaled $26.8 million in the fourth quarter of 2020, an increase of $1.8 million compared to the third quarter of 2020. Increases in asset management fees were primarily due to favorable equity market performance during the fourth quarter of 2020. At December 31, 2020, the Company’s wealth management subsidiaries had approximately $30.1 billion of assets under administration, which included $3.5 billion of assets owned by the Company and its subsidiary banks, representing a $1.9 billion increase from the $28.2 billion of assets under administration at September 30, 2020.

    ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

    Paycheck Protection Program

    On March 27, 2020, the President of the United States signed the CARES Act, which authorized the Small Business Administration ("SBA") to guarantee loans under the PPP for small businesses who met the necessary eligibility requirements in order to keep their workers on the payroll. The Company began accepting applications on April 3, 2020. From such date through the end of 2020, the Company secured authorization from the SBA for and funded over 12,000 PPP loans with a carrying balance of approximately $3.4 billion. As of December 31, 2020, the carrying balance of such loans was reduced to approximately $2.7 billion primarily resulting from forgiveness by the SBA.

    Acquisitions

    On 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 Standard

    Beginning in 2020, the Company adopted the CECL standard, 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
    Selected Financial Highlights

        Three Months Ended Years Ended
    (Dollars in thousands, except per share data)   Dec 31, 2020   Sep 30, 2020   Jun 30, 2020   Mar 31, 2020   Dec 31, 2019 Dec 31, 2020   Dec 31, 2019
    Selected Financial Condition Data (at end of period):      
    Total assets   $ 45,080,768     $ 43,731,718     $ 43,540,017     $ 38,799,847     $ 36,620,583        
    Total loans (1)   32,079,073     32,135,555     31,402,903     27,807,321     26,800,290        
    Total deposits   37,092,651     35,844,422     35,651,874     31,461,660     30,107,138        
    Junior subordinated debentures   253,566     253,566     253,566     253,566     253,566        
    Total shareholders’ equity   4,115,995     4,074,089     3,990,218     3,700,393     3,691,250        
    Selected Statements of Income Data:      
    Net interest income   $ 259,397     $ 255,936     $ 263,131     $ 261,443     $ 261,879   $ 1,039,907     $ 1,054,919  
    Net revenue (2)   417,758     426,529     425,124     374,685     374,099   1,644,096     1,462,091  
    Net income   101,204     107,315     21,659     62,812     85,964   292,990     355,697  
    Pre-tax income, excluding provision for credit losses (non-GAAP) (3)   135,891     162,310     165,756     140,044     124,508   604,001     533,965  
    Net income per common share – Basic   1.64     1.68     0.34     1.05     1.46   4.72     6.11  
    Net income per common share – Diluted   1.63     1.67     0.34     1.04     1.44   4.68     6.03  
    Selected Financial Ratios and Other Data:      
    Performance Ratios:      
    Net interest margin   2.53 %   2.56 %   2.73 %   3.12 %   3.17 % 2.72 %   3.45 %
    Net interest margin - fully taxable equivalent (non-GAAP) (3)   2.54     2.57     2.74     3.14     3.19   2.73     3.47  
    Non-interest income to average assets   1.44     1.58     1.55     1.24     1.25   1.46     1.23  
    Non-interest expense to average assets   2.56     2.45     2.48     2.58     2.78   2.51     2.79  
    Net overhead ratio (4)   1.12     0.87     0.93     1.33     1.53   1.05     1.57  
    Return on average assets   0.92     0.99     0.21     0.69     0.96   0.71     1.07  
    Return on average common equity   10.30     10.66     2.17     6.82     9.52   7.50     10.41  
    Return on average tangible common equity (non-GAAP) (3)   12.95     13.43     2.95     8.73     12.17   9.54     13.22  
    Average total assets   $ 43,810,005     $ 42,962,844     $ 42,042,729     $ 36,625,490     $ 35,645,190   $ 41,371,339     $ 33,232,083  
    Average total shareholders’ equity   4,050,286     4,034,902     3,908,846     3,710,169     3,622,184   3,926,688     3,461,535  
    Average loans to average deposits ratio   87.8 %   89.6 %   87.8 %   90.1 %   88.8 % 88.8 %   91.4 %
    Period-end loans to deposits ratio   86.5     89.7     88.1     88.4     89.0        
    Common Share Data at end of period:      
    Market price per common share   $ 61.09     $ 40.05     $ 43.62     $ 32.86     $ 70.90        
    Book value per common share   65.24     63.57     62.14     62.13     61.68        
    Tangible book value per common share (non-GAAP) (3)   53.23     51.70     50.23     50.18     49.70        
    Common shares outstanding   56,769,625     57,601,991     57,573,672     57,545,352     57,821,891        
    Other Data at end of period:      
    Tier 1 leverage ratio (5)   8.1 %   8.2 %   8.1 %   8.5 %   8.7 %      
    Risk-based capital ratios:                          
    Tier 1 capital ratio (5)   10.0     10.2     10.1     9.3     9.6        
    Common equity tier 1 capital ratio(5)   8.8     9.0     8.8     8.9     9.2        
    Total capital ratio (5)   12.6     12.9     12.8     11.9     12.2        
    Allowance for credit losses (6)   $ 379,969     $ 388,971     $ 373,174     $ 253,482     $ 158,461        
    Allowance for loan and unfunded lending-related commitment losses to total loans   1.18 %   1.21 %   1.19 %   0.91 %   0.59 %      
    Number of:                          
    Bank subsidiaries   15     15     15     15     15        
    Banking offices   181     182     186     187     187        

    (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

    Key Operating Measures

    Wintrust’s key operating measures and growth rates for the fourth quarter of 2020, as compared to the third quarter of 2020 (sequential quarter) and fourth quarter of 2019 (linked quarter), are shown in the table below:

        Three Months Ended % or(1)
    basis point (bp)
    change from
    3rd Quarter
    2020

      % or
    basis point (bp)
    change from
    4th Quarter
    2019
    (Dollars in thousands, except per share data)   Dec 31, 2020   Sep 30, 2020   Dec 31, 2019  
    Net income   $ 101,204      $ 107,315     $ 85,964   (6 ) %   18   %
    Pre-tax income, excluding provision for credit losses (non-GAAP) (2)   135,891      162,310     124,508   (16 )     9    
    Net income per common share – diluted   1.63      1.67     1.44   (2 )     13    
    Net revenue (3)   417,758      426,529     374,099   (2 )     12    
    Net interest income   259,397      255,936     261,879   1       (1 )  
    Net interest margin   2.53  %   2.56 %   3.17 % (3 ) bps   (64 ) bps
    Net interest margin - fully taxable equivalent (non-GAAP) (2)   2.54      2.57     3.19   (3 )     (65 )  
    Net overhead ratio (4)   1.12      0.87     1.53   25       (41 )  
    Return on average assets   0.92      0.99     0.96   (7 )     (4 )  
    Return on average common equity   10.30      10.66     9.52   (36 )     78    
    Return on average tangible common equity (non-GAAP) (2)   12.95      13.43     12.17   (48 )     78    
    At end of period                      
    Total assets   $ 45,080,768      $ 43,731,718     $ 36,620,583   12   %   23   %
    Total loans (5)   32,079,073      32,135,555     26,800,290   (1 )     20    
    Total deposits   37,092,651      35,844,422     30,107,138   16       23    
    Total shareholders’ equity   4,115,995      4,074,089     3,691,250   13       12    

    (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 AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CONDITION

        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)    
        Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    (In thousands)   2020   2020   2020   2020   2019
    Assets                    
    Cash and due from banks   $ 322,415     $ 308,639     $ 344,999     $ 349,118     $ 286,167  
    Federal funds sold and securities purchased under resale agreements   59     56     58     309     309  
    Interest-bearing deposits with banks   4,802,527     3,825,823     4,015,072     1,943,743     2,164,560  
    Available-for-sale securities, at fair value   3,055,839     2,946,459     3,194,961     3,570,959     3,106,214  
    Held-to-maturity securities, at amortized cost   579,138     560,267     728,465     865,376     1,134,400  
    Trading account securities   671     1,720     890     2,257     1,068  
    Equity securities with readily determinable fair value   90,862     54,398     52,460     47,310     50,840  
    Federal Home Loan Bank and Federal Reserve Bank stock   135,588     135,568     135,571     134,546     100,739  
    Brokerage customer receivables   17,436     16,818     14,623     16,293     16,573  
    Mortgage loans held-for-sale   1,272,090     959,671     833,163     656,934     377,313  
    Loans, net of unearned income   32,079,073     32,135,555     31,402,903     27,807,321     26,800,290  
    Allowance for loan losses   (319,374 )   (325,959 )   (313,510 )   (216,050 )   (156,828 )
    Net loans   31,759,699     31,809,596     31,089,393     27,591,271     26,643,462  
    Premises and equipment, net   768,808     774,288     769,909     764,583     754,328  
    Lease investments, net   242,434     230,373     237,040     207,147     231,192  
    Accrued interest receivable and other assets   1,351,455     1,424,728     1,437,832     1,460,168     1,061,141  
    Trade date securities receivable               502,207      
    Goodwill   645,707     644,644     644,213     643,441     645,220  
    Other intangible assets   36,040     38,670     41,368     44,185     47,057  
    Total assets   $ 45,080,768     $ 43,731,718     $ 43,540,017     $ 38,799,847     $ 36,620,583  
    Liabilities and Shareholders’ Equity                    
    Deposits:                    
    Non-interest bearing   $ 11,748,455     $ 10,409,747     $ 10,204,791     $ 7,556,755     $ 7,216,758  
    Interest bearing   25,344,196     25,434,675     25,447,083     23,904,905     22,890,380  
    Total deposits   37,092,651     35,844,422     35,651,874     31,461,660     30,107,138  
    Federal Home Loan Bank advances   1,228,429     1,228,422     1,228,416     1,174,894     674,870  
    Other borrowings   518,928     507,395     508,535     487,503     418,174  
    Subordinated notes   436,506     436,385     436,298     436,179     436,095  
    Junior subordinated debentures   253,566     253,566     253,566     253,566     253,566  
    Trade date securities payable   200,907                  
    Accrued interest payable and other liabilities   1,233,786     1,387,439     1,471,110     1,285,652     1,039,490  
    Total liabilities   40,964,773     39,657,629     39,549,799     35,099,454     32,929,333  
    Shareholders’ Equity:                    
    Preferred stock   412,500     412,500     412,500     125,000     125,000  
    Common stock   58,473     58,323     58,294     58,266     57,951  
    Surplus   1,649,990     1,647,049     1,643,864     1,652,063     1,650,278  
    Treasury stock   (100,363 )   (44,891 )   (44,891 )   (44,891 )   (6,931 )
    Retained earnings   2,080,013     2,001,949     1,921,048     1,917,558     1,899,630  
    Accumulated other comprehensive income (loss)   15,382     (841 )   (597 )   (7,603 )   (34,678 )
    Total shareholders’ equity   4,115,995     4,074,089     3,990,218     3,700,393     3,691,250  
    Total liabilities and shareholders’ equity   $ 45,080,768     $ 43,731,718     $ 43,540,017     $ 38,799,847     $ 36,620,583  

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

      Three Months Ended Years Ended
    (In thousands, except per share data) Dec 31, 2020   Sep 30, 2020   Jun 30, 2020   Mar 31, 2020   Dec 31, 2019 Dec 31, 2020   Dec 31, 2019
    Interest income                        
    Interest and fees on loans $ 280,185     $ 280,479     $ 294,746     $ 301,839     $ 308,055   $ 1,157,249      $ 1,228,480  
    Mortgage loans held-for-sale 6,357     5,791     4,764     3,165     3,201   20,077      11,992  
    Interest-bearing deposits with banks 1,294     1,181     1,310     4,768     8,971   8,553      29,803  
    Federal funds sold and securities purchased under resale agreements         16     86     390   102      700  
    Investment securities 18,243     21,819     27,105     32,467     27,611   99,634      108,046  
    Trading account securities 11     6     13     7     6   37      39  
    Federal Home Loan Bank and Federal Reserve Bank stock 1,775     1,774     1,765     1,577     1,328   6,891      5,416  
    Brokerage customer receivables 116     106     97     158     169   477      666  
    Total interest income 307,981     311,156     329,816     344,067     349,731   1,293,020      1,385,142  
    Interest expense                        
    Interest on deposits 32,602     39,084     50,057     67,435     74,724   189,178      278,892  
    Interest on Federal Home Loan Bank advances 4,952     4,947     4,934     3,360     1,461   18,193      9,878  
    Interest on other borrowings 2,779     3,012     3,436     3,546     3,273   12,773      13,897  
    Interest on subordinated notes 5,509     5,474     5,506     5,472     5,504   21,961      15,555  
    Interest on junior subordinated debentures 2,742     2,703     2,752     2,811     2,890   11,008      12,001  
    Total interest expense 48,584     55,220     66,685     82,624     87,852   253,113      330,223  
    Net interest income 259,397     255,936     263,131     261,443     261,879   1,039,907      1,054,919  
    Provision for credit losses 1,180     25,026     135,053     52,961     7,826   214,220      53,864  
    Net interest income after provision for credit losses 258,217     230,910     128,078     208,482     254,053   825,687      1,001,055  
    Non-interest income                        
    Wealth management 26,802     24,957     22,636     25,941     24,999   100,336      97,114  
    Mortgage banking 86,819     108,544     102,324     48,326     47,860   346,013      154,293  
    Service charges on deposit accounts 11,841     11,497     10,420     11,265     10,973   45,023      39,070  
    Gains (losses) on investment securities, net 1,214     411     808     (4,359 )   587   (1,926 )   3,525  
    Fees from covered call options —              2,292     1,243   2,292      3,670  
    Trading (losses) gains, net (102 )   183     (634 )   (451 )   46   (1,004 )   (158 )
    Operating lease income, net 12,118     11,717     11,785     11,984     12,487   47,604      47,041  
    Other 19,669     13,284     14,654     18,244     14,025   65,851      62,617  
    Total non-interest income 158,361     170,593     161,993     113,242     112,220   604,189      407,172  
    Non-interest expense                        
    Salaries and employee benefits 171,116     164,042     154,156     136,762     145,941   626,076     546,420  
    Equipment 20,565     17,251     15,846     14,834     14,485   68,496     52,328  
    Operating lease equipment depreciation 9,938     9,425     9,292     9,260     9,766   37,915     35,760  
    Occupancy, net 19,687     15,830     16,893     17,547     17,132   69,957     64,289  
    Data processing 5,728     5,689     10,406     8,373     7,569   30,196     27,820  
    Advertising and marketing 9,850     7,880     7,704     10,862     12,517   36,296     48,595  
    Professional fees 6,530     6,488     7,687     6,721     7,650   27,426     27,471  
    Amortization of other intangible assets 2,634     2,701     2,820     2,863     3,017   11,018     11,844  
    FDIC insurance 7,016     6,772     7,081     4,135     1,348   25,004     9,199  
    OREO expense, net (114 )   (168 )   237     (876 )   536   (921 )   3,628  
    Other 28,917     28,309     27,246     24,160     29,630   108,632     100,772  
    Total non-interest expense 281,867     264,219     259,368     234,641     249,591   1,040,095     928,126  
    Income before taxes 134,711     137,284     30,703     87,083     116,682   389,781     480,101  
    Income tax expense 33,507     29,969     9,044     24,271     30,718   96,791     124,404  
    Net income $ 101,204     $ 107,315     $ 21,659     $ 62,812     $ 85,964   $ 292,990     $ 355,697  
    Preferred stock dividends 6,991     10,286     2,050     2,050     2,050   21,377     8,200  
    Net income applicable to common shares $ 94,213     $ 97,029     $ 19,609     $ 60,762     $ 83,914   $ 271,613     $ 347,497  
    Net income per common share - Basic $ 1.64     $ 1.68     $ 0.34     $ 1.05     $ 1.46   $ 4.72     $ 6.11  
    Net income per common share - Diluted $ 1.63     $ 1.67     $ 0.34     $ 1.04     $ 1.44   $ 4.68     $ 6.03  
    Cash dividends declared per common share $ 0.28     $ 0.28     $ 0.28     $ 0.28     $ 0.25   $ 1.12     $ 1.00  
    Weighted average common shares outstanding   57,309       57,597       57,567       57,620       57,538     57,523       56,857  
    Dilutive potential common shares 588     449     414     575     874   496     762  
    Average common shares and dilutive common shares 57,897     58,046     57,981     58,195     58,412   58,019     57,619  

    TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES AND COMMERCIAL REAL ESTATE BY STATE

                        % Growth From
    (Dollars in thousands) Dec 31, 2020   Sep 30, 2020   Jun 30, 2020   Mar 31, 2020   Dec 31, 2019 Sep 30, 2020 (1)   Dec 31, 2019
    Balance:                        
    Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies $ 927,307     $ 862,924     $ 814,667     $ 642,386     $ 361,309   30 %   157 %
    Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies 344,783     96,747     18,496     14,548     16,004   1020     2054  
    Total mortgage loans held-for-sale $ 1,272,090     $ 959,671     $ 833,163     $ 656,934     $ 377,313   130 %   237 %
                             
    Commercial                        
    Commercial, industrial, and other $ 9,240,046     $ 8,897,986     $ 8,523,864     $ 9,025,886     $ 8,285,920   15 %   12 %
    Commercial PPP loans 2,715,921     3,379,013     3,335,368           (78 )   100  
    Commercial real estate                        
    Construction and development 1,371,802     1,333,149     1,285,282     1,237,274     1,200,783   12     14  
    Non-construction 7,122,330     7,089,993     6,915,463     6,948,257     6,819,493   2     4  
    Home equity 425,263     446,274     466,596     494,655     513,066   (19 )   (17 )
    Residential real estate                        
    Residential real estate loans for investment 1,214,744     1,143,908     1,186,768     1,244,690     1,231,123   25     (1 )
    Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies 44,854     240,902     240,661     132,699     123,098   (324 )   (64 )
    Premium Finance receivables                        
    Commercial insurance 4,054,489     4,060,144     3,999,774     3,465,055     3,442,027   (1 )   18  
    Life insurance 5,857,436     5,488,832     5,400,802     5,221,639     5,074,602   27     15  
    Consumer and other 32,188     55,354     48,325     37,166     110,178   (166 )   (71 )
    Total loans, net of unearned income $ 32,079,073     $ 32,135,555     $ 31,402,903     $ 27,807,321     $ 26,800,290   (1 )%   20 %
    Mix:                        
    Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies 73 %   90 %   98 %   98 %   96 %      
    Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies 27     10     2     2     4        
    Total mortgage loans held-for-sale 100 %   100 %   100 %   100 %   100 %      
                             
    Commercial                        
    Commercial, industrial, and other 29  %   28 %   28 %   32 %   31 %      
    Commercial PPP loans     11     11                
    Commercial real estate                        
    Construction and development     4     4     4     4        
    Non-construction 22      22     22     25     26        
    Home equity     1     1     2     2        
    Residential real estate                        
    Residential real estate loans for investment     3     3     4     5        
    Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies     1     1     1     0        
    Premium Finance receivables                        
    Commercial insurance 13      13     13     13     13        
    Life insurance 18      17     17     19     19        
    Consumer and other     0     0     0     0        
    Total loans, net of unearned income 100  %   100 %   100 %   100 %   100 %      

    (1)  Annualized.

      Dec 31, 2020     Sep 30, 2020       Jun 30, 2020     Mar 31, 2020   Dec 31, 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 $ 6,243,651   73.5 %   $ 6,270,584   74.4 %   $ 6,198,486   75.6 %   $ 6,171,606   75.4 %   $ 6,176,353   77.0 %
    Wisconsin 779,390   9.2     783,241   9.3     760,839   9.3     793,145   9.7     744,975   9.3  
    Total primary markets $ 7,023,041   82.7 %   $ 7,053,825   83.7 %   $ 6,959,325   84.9 %   $ 6,964,751   85.1 %   $ 6,921,328   86.3 %
    Indiana 301,177   3.5     265,905   3.2     249,423   3.0     249,680   3.1     218,963   2.7  
    Florida 131,259   1.5     133,602   1.6     133,810   1.6     126,786   1.5     114,629   1.4  
    Arizona 63,494   0.8     79,086   0.9     78,135   1.0     72,214   0.9     64,022   0.8  
    California 85,624   1.0     82,852   1.0     81,634   1.0     63,883   0.8     64,345   0.8  
    Texas 79,406   0.9     55,229   0.7     48,082   0.6     59,647   0.8     29,586   0.5  
    Other 810,131   9.6     752,643   8.9     650,336   7.9     648,570   7.8     607,403   7.5  
    Total commercial real estate $ 8,494,132   100 %   $ 8,423,142   100 %   $ 8,200,745   100 %   $ 8,185,531   100 %   $ 8,020,276   100 %

    TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

                        % Growth From
    (Dollars in thousands) Dec 31, 2020   Sep 30, 2020   Jun 30, 2020   Mar 31, 2020   Dec 31, 2019 Sep 30, 2020 (1)   Dec 31, 2019
    Balance:                        
    Non-interest bearing $ 11,748,455     $ 10,409,747     $ 10,204,791     $ 7,556,755     $ 7,216,758   51 %   63 %
    NOW and interest-bearing demand deposits 3,349,021     3,294,071     3,440,348     3,181,159     3,093,159   7     8  
    Wealth management deposits (2) 4,138,712     4,235,583     4,433,020     3,936,968     3,123,063   (9 )   33  
    Money market 9,348,806     9,423,653     9,288,976     8,114,659     7,854,189   (3 )   19  
    Savings 3,531,029     3,415,073     3,447,352     3,282,340     3,196,698   14     10  
    Time certificates of deposit 4,976,628     5,066,295     4,837,387     5,389,779     5,623,271   (7 )   (11 )
    Total deposits $ 37,092,651     $ 35,844,422     $ 35,651,874     $ 31,461,660     $ 30,107,138   14 %   23 %
    Mix:                        
    Non-interest bearing 32 %   29 %   29 %   24 %   24 %      
    NOW and interest-bearing demand deposits 9     9     10     10     10        
    Wealth management deposits (2) 11     12     12     13     10        
    Money market 25     26     25     26     26        
    Savings 10     10     10     10     11        
    Time certificates of deposit 13     14     14     17     19        
    Total deposits 100 %   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 December 31, 2020

    (Dollars in thousands)   Total Time
    Certificates of
    Deposit
      Weighted-Average
    Rate of Maturing
    Time Certificates
    of Deposit (1)
    1-3 months   $ 872,282     1.74 %
    4-6 months   1,327,476     1.82  
    7-9 months   948,251     1.57  
    10-12 months   760,907     1.19  
    13-18 months   628,017     0.85  
    19-24 months   224,885     0.98  
    24+ months   214,810     1.02  
    Total   $ 4,976,628     1.47 %

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

    TABLE 4: QUARTERLY AVERAGE BALANCES

        Average Balance for three months ended,
        Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    (In thousands)   2020   2020   2020   2020   2019
    Interest-bearing deposits with banks and cash equivalents (1)   $ 4,381,040     $ 3,411,164     $ 3,240,167     $ 1,418,809     $ 2,206,251  
    Investment securities (2)   3,534,594     3,789,422     4,309,471     4,780,709     3,909,699  
    FHLB and FRB stock   135,569     135,567     135,360     114,829     94,843  
    Liquidity management assets (3)   8,051,203     7,336,153     7,684,998     6,314,347     6,210,793  
    Other earning assets (3)(4)   18,716     16,656     16,917     19,166     18,353  
    Mortgage loans held-for-sale   893,395     822,908     705,702     403,262     381,878  
    Loans, net of unearned income (3)(5)   31,783,279     31,634,608     30,336,626     26,936,728     26,137,722  
    Total earning assets (3)   40,746,593     39,810,325     38,744,243     33,673,503     32,748,746  
    Allowance for loan and investment security losses (6)   (336,139 )   (321,732 )   (222,485 )   (176,291 )   (167,759 )
    Cash and due from banks   344,536     345,438     352,423     321,982     316,631  
    Other assets   3,055,015     3,128,813     3,168,548     2,806,296     2,747,572  
    Total assets   $ 43,810,005     $ 42,962,844     $ 42,042,729     $ 36,625,490     $ 35,645,190  
                         
    NOW and interest-bearing demand deposits   $ 3,320,527     $ 3,435,089     $ 3,323,124     $ 3,113,733     $ 3,016,991  
    Wealth management deposits   4,066,948     4,239,300     4,380,996     2,838,719     2,934,292  
    Money market accounts   9,435,344     9,332,668     8,727,966     7,990,775     7,647,635  
    Savings accounts   3,413,388     3,419,586     3,394,480     3,189,835     3,028,763  
    Time deposits   5,043,558     4,900,839     5,104,701     5,526,407     5,682,449  
    Interest-bearing deposits   25,279,765     25,327,482     24,931,267     22,659,469     22,310,130  
    Federal Home Loan Bank advances   1,228,425     1,228,421     1,214,375     951,613     596,594  
    Other borrowings   510,725     512,787     493,350     469,577     415,092  
    Subordinated notes   436,433     436,323     436,226     436,119     436,025  
    Junior subordinated debentures   253,566     253,566     253,566     253,566     253,566  
    Total interest-bearing liabilities   27,708,914     27,758,579     27,328,784     24,770,344     24,011,407  
    Non-interest-bearing deposits   10,874,912     9,988,769     9,607,528     7,235,177     7,128,166  
    Other liabilities   1,175,893     1,180,594     1,197,571     909,800     883,433  
    Equity   4,050,286     4,034,902     3,908,846     3,710,169     3,622,184  
    Total liabilities and shareholders’ equity   $ 43,810,005     $ 42,962,844     $ 42,042,729     $ 36,625,490     $ 35,645,190  
                         
    Net free funds/contribution (7)   $ 13,037,679     $ 12,051,746     $ 11,415,459     $ 8,903,159     $ 8,737,339  

    (1)  Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.
    (2)  Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
    (3)  See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.
    (4)  Other earning assets include brokerage customer receivables and trading account securities.
    (5)  Loans, net of unearned income, include non-accrual loans.
    (6)  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.
    (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.


    TABLE 5: QUARTERLY NET INTEREST INCOME

        Net Interest Income for three months ended,
        Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    (In thousands)   2020   2020   2020   2020   2019
    Interest income:                    
    Interest-bearing deposits with banks and cash equivalents   $ 1,294     $ 1,181     $ 1,326     $ 4,854     $ 9,361  
    Investment securities   18,773     22,365     27,643     33,018     28,184  
    FHLB and FRB stock   1,775     1,774     1,765     1,577     1,328  
    Liquidity management assets (1)   21,842     25,320     30,734     39,449     38,873  
    Other earning assets (1)   130     113     113     167     176  
    Mortgage loans held-for-sale   6,357     5,791     4,764     3,165     3,201  
    Loans, net of unearned income (1)   280,509     280,960     295,322     302,699     308,947  
    Total interest income   $ 308,838     $ 312,184     $ 330,933     $ 345,480     $ 351,197  
                         
    Interest expense:                    
    NOW and interest-bearing demand deposits   $ 1,074     $ 1,342     $ 1,561     $ 3,665     $ 4,622  
    Wealth management deposits   7,436     7,662     7,244     6,935     7,867  
    Money market accounts   3,740     7,245     13,140     22,363     25,603  
    Savings accounts   773     2,104     3,840     5,790     6,145  
    Time deposits   19,579     20,731     24,272     28,682     30,487  
    Interest-bearing deposits   32,602     39,084     50,057     67,435     74,724  
    Federal Home Loan Bank advances   4,952     4,947     4,934     3,360     1,461  
    Other borrowings   2,779     3,012     3,436     3,546     3,273  
    Subordinated notes   5,509     5,474     5,506     5,472     5,504  
    Junior subordinated debentures   2,742     2,703     2,752     2,811     2,890  
    Total interest expense   $ 48,584     $ 55,220     $ 66,685     $ 82,624     $ 87,852  
                         
    Less: Fully taxable-equivalent adjustment   (857 )   (1,028 )   (1,117 )   (1,413 )   (1,466 )
    Net interest income (GAAP) (2)   259,397     255,936     263,131     261,443     261,879  
    Fully taxable-equivalent adjustment   857     1,028     1,117     1,413     1,466  
    Net interest income, fully taxable-equivalent (non-GAAP) (2)   $ 260,254     $ 256,964     $ 264,248     $ 262,856     $ 263,345  

    (1)  Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
    (2)  See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.

    TABLE 6: QUARTERLY NET INTEREST MARGIN

        Net Interest Margin for three months ended,
        Dec 31, 2020   Sep 30, 2020   Jun 30, 2020   Mar 31, 2020   Dec 31, 2019
    Yield earned on:                    
    Interest-bearing deposits with banks and cash equivalents   0.12 %   0.14   0.16   1.38 %   1.68 %
    Investment securities   2.11     2.35     2.58     2.78     2.86  
    FHLB and FRB stock   5.21     5.21     5.24     5.52     5.55  
    Liquidity management assets   1.08     1.37     1.61     2.51     2.48  
    Other earning assets   2.79     2.71     2.71     3.50     3.83  
    Mortgage loans held-for-sale   2.83     2.80     2.72     3.16     3.33  
    Loans, net of unearned income   3.51     3.53     3.92     4.52     4.69  
    Total earning assets   3.02 %   3.12 %   3.44 %   4.13 %   4.25 %
                         
    Rate paid on:                    
    NOW and interest-bearing demand deposits   0.13 %   0.16 %   0.19 %   0.47 %   0.61 %
    Wealth management deposits   0.73     0.72     0.67     0.98     1.06  
    Money market accounts   0.16     0.31     0.61     1.13     1.33  
    Savings accounts   0.09     0.24     0.45     0.73     0.80  
    Time deposits   1.54     1.68     1.91     2.09     2.13  
    Interest-bearing deposits   0.51     0.61     0.81     1.20     1.33  
    Federal Home Loan Bank advances   1.60     1.60     1.63     1.42     0.97  
    Other borrowings   2.16     2.34     2.80     3.04     3.13  
    Subordinated notes   5.05     5.02     5.05     5.02     5.05  
    Junior subordinated debentures   4.23     4.17     4.29     4.39     4.46  
    Total interest-bearing liabilities   0.70 %   0.79 %   0.98 %   1.34 %   1.45 %
                         
    Interest rate spread (1)(2)   2.32 %   2.33   2.46 %   2.79 %   2.80 %
    Less: Fully taxable-equivalent adjustment   (0.01 )   (0.01 )   (0.01 )   (0.02 )   (0.02 )
    Net free funds/contribution (3)   0.22     0.24     0.28     0.35     0.39  
    Net interest margin (GAAP) (2)   2.53 %   2.56   2.73 %   3.12 %   3.17 %
    Fully taxable-equivalent adjustment   0.01     0.01     0.01     0.02     0.02  
    Net interest margin, fully taxable-equivalent (non-GAAP) (2)   2.54 %   2.57 %   2.74 %   3.14 %   3.19 %

    (1)  Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
    (2)  See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.
    (3)  Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

    TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN

      Average Balance
    for years ended,
    Interest
    for years ended,
    Yield/Rate
    for years ended,
    (Dollars in thousands) Dec 31, 2020   Dec 31,
    2019
    Dec 31, 2020   Dec 31, 2019 Dec 31, 2020   Dec 31, 2019
    Interest-bearing deposits with banks and cash equivalents (1) $ 3,117,075     $ 1,494,418     $ 8,655     $ 30,503     0.28 %   2.04 %
    Investment securities (2) 4,101,136     3,651,091     101,799     110,326     2.48     3.02  
    FHLB and FRB stock 130,360     96,924     6,891     5,416     5.29     5.59  
    Liquidity management assets (3)(4) $ 7,348,571     $ 5,242,433     $ 117,345     $ 146,245     1.60   2.79 %
    Other earning assets (3)(4)(5) 17,863     16,385     523     714     2.94     4.36  
    Mortgage loans held-for-sale 707,147     308,645     20,077     11,992     2.84     3.89  
    Loans, net of unearned income (3)(4)(6) 30,181,204     24,986,736     1,159,490     1,232,415     3.84     4.93  
    Total earning assets (4) $ 38,254,785     $ 30,554,199     $ 1,297,435     $ 1,391,366     3.39 %   4.55 %
    Allowance for loan and investment security losses (7) (264,516 )   (164,587 )              
    Cash and due from banks 341,116     292,807                
    Other assets 3,039,954     2,549,664                
    Total assets $ 41,371,339     $ 33,232,083                
                       
    NOW and interest-bearing demand deposits $ 3,298,554     $ 2,903,441     $ 7,642     $ 20,079     0.23 %   0.69 %
    Wealth management deposits 3,882,975     2,761,936     29,277     31,121     0.75     1.13  
    Money market accounts 8,874,488     6,659,376     46,488     91,940     0.52     1.38  
    Savings accounts 3,354,662     2,834,381     12,507     20,975     0.37     0.74  
    Time deposits 5,142,938     5,467,192     93,264     114,777     1.81     2.10  
    Interest-bearing deposits $ 24,553,617     $ 20,626,326     $ 189,178     $ 278,892     0.77 %   1.35 %
    Federal Home Loan Bank advances 1,156,106     658,669     18,193     9,878     1.57     1.50  
    Other borrowings 496,693     428,834     12,773     13,897     2.57     3.24  
    Subordinated notes 436,275     309,178     21,961     15,555     5.03     5.03  
    Junior subordinated debentures 253,566     253,566     11,008     12,001     4.27     4.67  
    Total interest-bearing liabilities $ 26,896,257     $ 22,276,573     $ 253,113     $ 330,223     0.94 %   1.48 %
    Non-interest-bearing deposits 9,432,090     6,711,298                
    Other liabilities 1,116,304     782,677                
    Equity 3,926,688     3,461,535                
    Total liabilities and shareholders’ equity $ 41,371,339     $ 33,232,083                
    Interest rate spread (4)(8)             2.45 %   3.07 %
    Less: Fully taxable-equivalent adjustment       (4,415 )   (6,224 )   (0.01 )   (0.02 )
    Net free funds/contribution (9) $ 11,358,528     $ 8,277,626           0.28     0.40  
    Net interest income/ margin (GAAP) (4)       $ 1,039,907     1,054,919     2.72 %   3.45 %
    Fully taxable-equivalent adjustment       4,415     6,224     0.01     0.02  
    Net interest income/ margin, fully taxable-equivalent (non-GAAP) (4)       $ 1,044,322     $ 1,061,143     2.73 %   3.47 %

    (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)  See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information on this performance ratio.
    (5)  Other earning assets include brokerage customer receivables and trading account securities.
    (6)  Loans, net of unearned income, include non-accrual loans.
    (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.
    (8)  Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
    (9)  Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

    TABLE 8: INTEREST RATE SENSITIVITY

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

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

    Static Shock Scenario   +200
    Basis
    Points
      +100
    Basis
    Points
      -100
    Basis
    Points
    Dec 31, 2020   25.0 %   11.6 %   (7.9 )%  
    Sep 30, 2020   23.4     10.9     (8.1 )  
    Jun 30, 2020   25.9     12.6     (8.3 )  
    Mar 31, 2020   22.5     10.6     (9.4 )  
    Dec 31, 2019   18.6     9.7     (10.9 )  

     

    Ramp Scenario +200
    Basis
    Points
      +100
    Basis
    Points
      -100
    Basis
    Points
    Dec 31, 2020 11.4 %   5.7 %   (3.3 )%  
    Sep 30, 2020 10.7     5.2     (3.5 )  
    Jun 30, 2020 13.0     6.7     (3.2 )  
    Mar 31, 2020 7.7     3.7     (3.8 )  
    Dec 31, 2019 9.3     4.8     (5.0 )  

    TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

      Loans repricing or maturity period    
    As of December 31, 2020 One year or less   From one to five years   Over five years    
    (In thousands)       Total
    Commercial              
    Fixed rate $ 372,909      $ 1,878,763      $ 804,397      $ 3,056,069   
    Fixed Rate - PPP —      2,715,921      —      2,715,921   
    Variable rate 6,180,119      3,735      123      6,183,977   
    Total commercial $ 6,553,028      $ 4,598,419      $ 804,520      $ 11,955,967   
    Commercial real estate              
    Fixed rate 557,819      2,087,351      377,779      3,022,949   
    Variable rate 5,435,402      35,781      —      5,471,183   
    Total commercial real estate $ 5,993,221      $ 2,123,132      $ 377,779      $ 8,494,132   
    Home equity              
    Fixed rate 14,710      8,882      25      23,617   
    Variable rate 401,646      —      —      401,646   
    Total home equity $ 416,356      $ 8,882      $ 25      $ 425,263   
    Residential real estate              
    Fixed rate 31,179      11,061      384,420      426,660   
    Variable rate 60,121      319,347      453,470      832,938   
    Total residential real estate $ 91,300      $ 330,408      $ 837,890      $ 1,259,598   
    Premium finance receivables - commercial              
    Fixed rate 3,967,351      87,138      —      4,054,489   
    Variable rate —      —      —      —   
    Total premium finance receivables - commercial $ 3,967,351      $ 87,138      $ —      $ 4,054,489   
    Premium finance receivables - life insurance              
    Fixed rate 12,424      299,640      18,931      330,995   
    Variable rate 5,526,441      —      —      5,526,441   
    Total premium finance receivables - life insurance $ 5,538,865      $ 299,640      $ 18,931      $ 5,857,436   
    Consumer and other              
    Fixed rate 8,696      5,031      1,392      15,119   
    Variable rate 17,069      —      —      17,069   
    Total consumer and other $ 25,765      $ 5,031      $ 1,392      $ 32,188   
                   
    Total per category              
    Fixed rate 4,965,088      4,377,866      1,586,944      10,929,898   
    Fixed rate - PPP —      2,715,921      —      2,715,921   
    Variable rate 17,620,798      358,863      453,593      18,433,254   
    Total loans, net of unearned income $ 22,585,886      $ 7,452,650      $ 2,040,537      $ 32,079,073   
                   
    Variable Rate Loan Pricing by Index:              
    Prime             $ 2,324,385   
    One- month LIBOR             9,338,592   
    Three- month LIBOR             394,592   
    Twelve- month LIBOR             6,112,979   
    Other             262,706   
    Total variable rate             $ 18,433,254   


    Graph available at the following link: http://ml.globenewswire.com/Resource/Download/f719da90-6a62-4f5d-a7fb- ...

    Source: Bloomberg

    As noted in the table on the previous page, the majority of the Company’s portfolio is tied to LIBOR indices which, as shown in the table above, do not mirror the same changes as the Prime rate which has historically moved when the Federal Reserve raises or lowers interest rates.  Specifically, the Company has $9.3 billion of variable rate loans tied to one-month LIBOR and $6.1 billion of variable rate loans tied to twelve-month LIBOR. The above chart shows:

        Basis Point (bp) Change in
        Prime   1-month
    LIBOR
      12-month
    LIBOR
     
    Fourth Quarter 2020   0 bp -1 bp -2 bps
    Third Quarter 2020   0   -1   -19  
    Second Quarter 2020   0   -83   -45  
    First Quarter 2020   -150   -77   -100  
    Fourth Quarter 2019   -25   -26   -3  

    TABLE 10: ALLOWANCE FOR CREDIT LOSSES

        Three Months Ended Years Ended
        Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31, Dec 31,   Dec 31,
    (Dollars in thousands)   2020   2020   2020   2020   2019 2020   2019
    Allowance for credit losses at beginning of period   $ 388,971     $ 373,174     $ 253,482     $ 158,461     $ 163,273   $ 158,461     $ 154,164  
    Cumulative effect adjustment from the adoption of ASU 2016-13   —              47,418       47,418      
    Provision for credit losses   1,180     25,026     135,053     52,961     7,826   214,220     53,864  
    Other adjustments   155     55     42     (73 )   30   179     (21 )
    Charge-offs:                          
    Commercial   5,184     5,270     5,686     2,153     11,222   18,293     35,880  
    Commercial real estate   6,637     1,529     7,224     570     533   15,960     5,402  
    Home equity   683     138     239     1,001     1,330   2,061     3,702  
    Residential real estate   114     83     293     401     483   891     798  
    Premium finance receivables   4,214     4,640     3,434     3,184     3,817   15,472     12,902  
    Consumer and other   198     103     99     128     167   528     522  
    Total charge-offs   17,030     11,763     16,975     7,437     17,552   53,205     59,206  
    Recoveries:                          
    Commercial   4,168     428     112     384     1,871   5,092     2,845  
    Commercial real estate   904     175     493     263     1,404   1,835     2,516  
    Home equity   77     111     46     294     166   528     479  
    Residential real estate   69     25     30     60     50   184     422  
    Premium finance receivables   1,445     1,720     833     1,110     1,350   5,108     3,203  
    Consumer and other   30     20     58     41     43   149     195  
    Total recoveries   6,693     2,479     1,572     2,152     4,884   12,896     9,660  
    Net charge-offs   (10,337 )   (9,284 )   (15,403 )   (5,285 )   (12,668 ) (40,309 )   (49,546 )
    Allowance for credit losses at period end   $ 379,969     $ 388,971     $ 373,174     $ 253,482     $ 158,461   $ 379,969     $ 158,461  
                               
    Annualized net charge-offs by category as a percentage of its own respective category’s average:      
    Commercial   0.03 %   0.16 %   0.20 %   0.08 %   0.46 % 0.12 %   0.41 %
    Commercial real estate   0.27     0.06     0.33     0.02     (0.04 ) 0.17     0.04  
    Home equity   0.55     0.02     0.16     0.57     0.89   0.33     0.61  
    Residential real estate   0.02     0.02     0.09     0.11     0.14   0.06     0.04  
    Premium finance receivables   0.11     0.12     0.12     0.10     0.12   0.11     0.12  
    Consumer and other   0.78     0.49     0.25     0.56     0.41   0.52     0.29  
    Total loans, net of unearned income   0.13 %   0.12 %   0.20 %   0.08 %   0.19 % 0.13 %   0.20 %
                               
    Net charge-offs as a percentage of the provision for credit losses   876.02 %   37.10 %   11.41 %   9.98 %   161.87 % 18.82 %   91.99 %
    Loans at period-end   $ 32,079,073     $ 32,135,555     $ 31,402,903     $ 27,807,321     $ 26,800,290        
    Allowance for loan losses as a percentage of loans at period end   1.00 %   1.01 %   1.00 %   0.78 %   0.59 %      
    Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end   1.18     1.21     1.19     0.91     0.59        
    Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans   1.29     1.35     1.33     0.91     0.59        

    TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

        Three Months Ended Years Ended
        Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31, Dec 31,   Dec 31,
    (In thousands)   2020   2020   2020   2020   2019 2020   2019
    Provision for loan losses   $ 3,597     $ 21,678     $ 112,822     $ 50,396     $ 7,704   $ 188,493      $ 53,626  
    Provision for unfunded lending-related commitments losses   (2,413 )   3,350     22,236     2,569     122   25,742      238  
    Provision for held-to-maturity securities losses   (4 )   (2 )   (5 )   (4 )     (15 )    
    Provision for credit losses   $ 1,180     $ 25,026     $ 135,053     $ 52,961     $ 7,826   $ 214,220      $ 53,864  
                               
    Allowance for loan losses   $ 319,374     $ 325,959     $ 313,510     $ 216,050     $ 156,828        
    Allowance for unfunded lending-related commitments losses   60,536     62,949     59,599     37,362     1,633        
    Allowance for loan losses and unfunded lending-related commitments losses   379,910     388,908     373,109     253,412     158,461        
    Allowance for held-to-maturity securities losses   59     63     65     70            
    Allowance for credit losses   $ 379,969     $ 388,971     $ 373,174     $ 253,482     $ 158,461        


    TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

    The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s core, niche and consumer and purchased loan portfolios, as of December 31, 2020 and September 30, 2020.

      As of Dec 31, 2020 As of Sep 30, 2020
    (Dollars in thousands) Recorded
    Investment
      Calculated
    Allowance
      % of its
    category’s balance
    Recorded
    Investment
      Calculated
    Allowance
      % of its
    category’s balance
    Commercial:                    
    Commercial, industrial and other, excluding PPP loans $ 9,162,327      $ 92,777      1.01  % $ 8,808,467     $ 110,045     1.25 %
    Commercial real estate:                    
    Construction and development 1,344,653      77,463      5.76    1,270,235     73,565     5.79  
    Non-construction 6,775,195      150,637      2.22    6,708,538     141,249     2.11  
    Home equity 395,248      11,027      2.79    412,162     11,216     2.72  
    Residential real estate 1,195,271      11,948      1.00    1,309,209     11,165     0.85  
    Total core loan portfolio $ 18,872,694      $ 343,852      1.82  % $ 18,508,611     $ 347,240     1.88 %
    Commercial PPP loans $ 2,715,921      $     0.00  % $ 3,379,013     $ 3     0.00 %
    Premium finance receivables                    
    Commercial insurance loans 4,054,489      17,267      0.43    4,060,144     17,378     0.43  
    Life insurance loans 5,741,639      510      0.01    5,376,403     478     0.01  
    Consumer and other 30,133      290      0.96    53,191     555     1.04  
    Total niche and consumer loan portfolio $ 12,542,182      $ 18,069      0.14  % $ 12,868,751     $ 18,414     0.14 %
    Purchased commercial $ 77,719      $ 1,433      1.84  % $ 89,519     $ 2,846     3.18 %
    Purchased commercial real estate 374,284      15,503      4.14    444,369     19,196     4.32  
    Purchased home equity 30,015      410      1.37    34,112     461     1.35  
    Purchased residential real estate 64,327      511      0.79    75,601     625     0.83  
    Purchased life insurance loans 115,797      —      —    112,429          
    Purchased consumer and other 2,055      132      6.42    2,163     126     5.83  
    Total purchased loan portfolio $ 664,197      $ 17,989      2.71  % $ 758,193     $ 23,254     3.07 %
    Total loans, net of unearned income $ 32,079,073      $ 379,910      1.18  % $ 32,135,555     $ 388,908     1.21 %
    Total loans, net of unearned income, excluding PPP loans $ 29,363,152      $ 379,908      1.29  % $ 28,756,542     $ 388,905     1.35 %

    TABLE 13: LOAN PORTFOLIO AGING

    (Dollars in thousands)   Dec 31, 2020   Sep 30, 2020   Jun 30, 2020   Mar 31, 2020   Dec 31, 2019
    Loan Balances:                    
    Commercial                    
    Nonaccrual   $ 21,743      $ 42,036     $ 42,882     $ 49,916     $ 37,224  
    90+ days and still accruing   307          1,374     1,241     1,855  
    60-89 days past due   6,900      2,168     8,952     8,873     3,275  
    30-59 days past due   44,381      48,271     23,720     86,129     77,324  
    Current   11,882,636      12,184,524     11,782,304     8,879,727     8,166,242  
    Total commercial   $ 11,955,967      $ 12,276,999     $ 11,859,232     $ 9,025,886     $ 8,285,920  
    Commercial real estate                    
    Nonaccrual   $ 46,107      $ 68,815     $ 64,557     $ 62,830     $ 26,113  
    90+ days and still accruing   —              516     14,946  
    60-89 days past due   5,178      8,299     26,480     10,212     31,546  
    30-59 days past due   32,116      53,462     75,528     75,068     97,567  
    Current   8,410,731      8,292,566     8,034,180     8,036,905     7,850,104  
    Total commercial real estate   $ 8,494,132      $ 8,423,142     $ 8,200,745     8,185,531     $ 8,020,276  
    Home equity                    
    Nonaccrual   $ 6,529      $ 6,329     $ 7,261     $ 7,243     $ 7,363  
    90+ days and still accruing   —                   
    60-89 days past due   47      70         214     454  
    30-59 days past due   637      1,148     1,296     2,096     3,533  
    Current   418,050      438,727     458,039     485,102     501,716  
    Total home equity   $ 425,263      $ 446,274     $ 466,596     $ 494,655     $ 513,066  
    Residential real estate                    
    Nonaccrual   $ 26,071      $ 22,069     $ 19,529     $ 18,965     $ 13,797  
    90+ days and still accruing   —              605     5,771  
    60-89 days past due   1,635      814     1,506     345     3,089  
    30-59 days past due   12,584      2,443     4,400     28,983     18,041  
    Current   1,219,308      1,359,484     1,401,994     1,328,491     1,313,523  
    Total residential real estate   $ 1,259,598      $ 1,384,810     $ 1,427,429     $ 1,377,389     $ 1,354,221  
    Premium finance receivables                    
    Nonaccrual   $ 13,264      $ 21,080     $ 16,460     $ 21,058     $ 21,180  
    90+ days and still accruing   12,792      12,177     35,638     16,505     11,517  
    60-89 days past due   27,801      38,286     42,353     12,730     12,119  
    30-59 days past due   49,274      80,732     61,160     70,185     51,342  
    Current   9,808,794      9,396,701     9,244,965     8,566,216     8,420,471  
    Total premium finance receivables   $ 9,911,925      $ 9,548,976     $ 9,400,576     $ 8,686,694     $ 8,516,629  
    Consumer and other                    
    Nonaccrual   $ 436      $ 422     $ 427     $ 403     $ 231  
    90+ days and still accruing   264      175     156     78     287  
    60-89 days past due   24      273     4     625     40  
    30-59 days past due   136      493     281     207     344  
    Current   31,328      53,991     47,457     35,853     109,276  
    Total consumer and other   $ 32,188      $ 55,354     $ 48,325     $ 37,166     $ 110,178  
    Total loans, net of unearned income                    
    Nonaccrual   $ 114,150      $ 160,751     $ 151,116     $ 160,415     $ 105,908  
    90+ days and still accruing   13,363      12,352     37,168     18,945     34,376  
    60-89 days past due   41,585      49,910     79,295     32,999     50,523  
    30-59 days past due   139,128      186,549     166,385     262,668     248,151  
    Current   31,770,847      31,725,993     30,968,939     27,332,294     26,361,332  
    Total loans, net of unearned income   $ 32,079,073      $ 32,135,555     $ 31,402,903     $ 27,807,321     $ 26,800,290  

    TABLE 14: NON-PERFORMING ASSETS AND TROUBLED DEBT RESTRUCTURINGS ("TDRs")

      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    (Dollars in thousands) 2020   2020   2020   2020(1)   2019
    Loans past due greater than 90 days and still accruing (2):                  
    Commercial $ 307     $     $ 1,374     $ 1,241     $  
    Commercial real estate             516      
    Home equity                  
    Residential real estate             605      
    Premium finance receivables 12,792     12,177     35,638     16,505     11,517  
    Consumer and other 264     175     156     78     163  
    Total loans past due greater than 90 days and still accruing 13,363     12,352     37,168     18,945     11,680  
    Non-accrual loans:                  
    Commercial 21,743     42,036     42,882     49,916     37,224  
    Commercial real estate 46,107     68,815     64,557     62,830     26,113  
    Home equity 6,529     6,329     7,261     7,243     7,363  
    Residential real estate 26,071     22,069     19,529     18,965     13,797  
    Premium finance receivables 13,264     21,080     16,460     21,058     21,180  
    Consumer and other 436     422     427     403     231  
    Total non-accrual loans 114,150      160,751     151,116     160,415     105,908  
    Total non-performing loans:                  
    Commercial 22,050     42,036     44,256     51,157     37,224  
    Commercial real estate 46,107     68,815     64,557     63,346     26,113  
    Home equity 6,529     6,329     7,261     7,243     7,363  
    Residential real estate 26,071     22,069     19,529     19,570     13,797  
    Premium finance receivables 26,056     33,257     52,098     37,563     32,697  
    Consumer and other 700     597     583     481     394  
    Total non-performing loans $ 127,513     $ 173,103     $ 188,284     $ 179,360     $ 117,588  
    Other real estate owned 9,711     2,891     2,409     2,701     5,208  
    Other real estate owned - from acquisitions 6,847     6,326     7,788     8,325     9,963  
    Other repossessed assets                 4  
    Total non-performing assets $ 144,071     $ 182,320     $ 198,481     $ 190,386     $ 132,763  
    Accruing TDRs not included within non-performing assets $ 47,023     $ 46,410     $ 48,609     $ 47,049     $ 36,725  
    Total non-performing loans by category as a percent of its own respective category’s period-end balance:                  
    Commercial 0.18 %   0.34 %   0.37 %   0.57 %   0.45 %
    Commercial real estate 0.54     0.82     0.79     0.77     0.33  
    Home equity 1.54     1.42     1.56     1.46     1.44  
    Residential real estate 2.07     1.59     1.37     1.42     1.02  
    Premium finance receivables 0.26     0.35     0.55     0.43     0.39  
    Consumer and other 2.17     1.08     1.21     1.29     0.36  
    Total loans, net of unearned income 0.40 %   0.54 %   0.60 %   0.65 %   0.44 %
    Total non-performing assets as a percentage of total assets 0.32 %   0.42 %   0.46 %   0.49 %   0.36 %
    Allowance for credit losses as a percentage of non-accrual loans 332.82 %   241.93 %   246.90 %   157.97 %   149.62 %
                       

    (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 December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, no TDRs were past due greater than 90 days and still accruing interest.

    Non-performing Loans Rollforward

      Three Months Ended Years Ended
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31, Dec 31,   Dec 31,
    (In thousands) 2020   2020   2020   2020   2019 2020   2019
                             
    Balance at beginning of period $ 173,103     $ 188,284     $ 179,360     $ 117,588     $ 114,284   $ 117,588     $ 113,234  
    Additions from becoming non-performing in the respective period 13,224     19,771     20,803     32,195     30,977   85,993     96,355  
    Additions from the adoption of ASU 2016-13             37,285       37,285      
    Return to performing status (1,000 )   (6,202 )   (2,566 )   (486 )   (243 ) (10,254 )   (14,774 )
    Payments received (30,146 )   (3,733 )   (11,201 )   (7,949 )   (19,380 ) (53,029 )   (45,168 )
    Transfer to OREO and other repossessed assets (12,662 )   (598 )       (1,297 )     (14,557 )   (3,061 )
    Charge-offs (7,817 )   (6,583 )   (12,884 )   (2,551 )   (11,798 ) (29,835 )   (39,591 )
    Net change for niche loans (1) (7,189 )   (17,836 )   14,772     4,575     3,748   (5,678 )   10,593  
    Balance at end of period $ 127,513     $ 173,103     $ 188,284     $ 179,360     $ 117,588   $ 127,513     $ 117,588  

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


    TDRs

      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    (In thousands) 2020   2020   2020   2020   2019
    Accruing TDRs:                  
    Commercial $ 7,699     $ 7,863     $ 5,338     $ 6,500     $ 4,905  
    Commercial real estate 10,549     10,846     19,106     18,043     9,754  
    Residential real estate and other 28,775     27,701     24,165     22,506     22,066  
    Total accrual $ 47,023     $ 46,410     $ 48,609     $ 47,049     $ 36,725  
    Non-accrual TDRs: (1)                  
    Commercial $ 10,491     $ 13,132     $ 20,788     $ 17,206     $ 13,834  
    Commercial real estate 6,177     13,601     8,545     14,420     7,119  
    Residential real estate and other 4,501     5,392     5,606     4,962     6,158  
    Total non-accrual $ 21,169     $ 32,125     $ 34,939     $ 36,588     $ 27,111  
    Total TDRs:                  
    Commercial $ 18,190     $ 20,995     $ 26,126     $ 23,706     $ 18,739  
    Commercial real estate 16,726     24,447     27,651     32,463     16,873  
    Residential real estate and other 33,276     33,093     29,771     27,468     28,224  
    Total TDRs $ 68,192     $ 78,535     $ 83,548     $ 83,637     $ 63,836  

    (1)  Included in total non-performing loans.

    Other Real Estate Owned

      Three Months Ended
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    (In thousands) 2020   2020   2020   2020   2019
    Balance at beginning of period $ 9,217     $ 10,197     $ 11,026     $ 15,171     $ 17,482  
    Disposals/resolved (3,839 )   (1,532 )   (612 )   (4,793 )   (4,860 )
    Transfers in at fair value, less costs to sell 11,508     777         954     936  
    Additions from acquisition                 2,179  
    Fair value adjustments (328 )   (225 )   (217 )   (306 )   (566 )
    Balance at end of period $ 16,558     $ 9,217     $ 10,197     $ 11,026     $ 15,171  
                       
      Period End
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    Balance by Property Type: 2020   2020   2020   2020   2019
    Residential real estate $ 2,324     $ 1,839     $ 1,382     $ 1,684     $ 1,016  
    Residential real estate development 1,691                 810  
    Commercial real estate 12,543     7,378     8,815     9,342     13,345  
    Total $ 16,558     $ 9,217     $ 10,197     $ 11,026     $ 15,171  

    TABLE 15: NON-INTEREST INCOME

      Three Months Ended   Q4 2020 compared to
    Q3 2020
      Q4 2020 compared to
    Q4 2019
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,    
    (Dollars in thousands) 2020   2020   2020   2020   2019   $ Change   % Change   $ Change   % Change
    Brokerage $ 4,740     $ 4,563     $ 4,147     $ 5,281     $ 4,859     $ 177     4  %   $ (119 )   (2 )%  
    Trust and asset management 22,062     20,394     18,489     20,660     20,140     1,668     8     1,922     10    
    Total wealth management 26,802     24,957     22,636     25,941     24,999     1,845     7     1,803     7    
    Mortgage banking 86,819     108,544     102,324     48,326     47,860     (21,725 )   (20 )   38,959     81    
    Service charges on deposit accounts 11,841     11,497     10,420     11,265     10,973     344     3     868     8    
    Gains (losses) on investment securities, net 1,214     411     808     (4,359 )   587     803     NM   627     NM  
    Fees from covered call options             2,292     1,243         NM   (1,243 )   (100 )  
    Trading (losses) gains, net (102 )   183     (634 )   (451 )   46     (285 )   NM   (148 )   NM  
    Operating lease income, net 12,118     11,717     11,785     11,984     12,487     401     3     (369 )   (3 )  
    Other:                                  
    Interest rate swap fees 4,930     4,029     5,693     6,066     2,206     901     22     2,724     NM  
    BOLI 2,846     1,218     1,950     (1,284 )   1,377     1,628     134     1,469     NM  
    Administrative services 1,263     1,077     933     1,112     1,072     186     17     191     18    
    Foreign currency remeasurement (losses) gains (208 )   (54 )   (208 )   (151 )   261     (154 )   NM   (469 )   NM  
    Early pay-offs of capital leases 118     165     275     74     24     (47 )   (28 )   94     NM  
    Miscellaneous 10,720     6,849     6,011     12,427     9,085     3,871     57     1,635     18    
    Total Other 19,669     13,284     14,654     18,244     14,025     6,385     48     5,644     40    
    Total Non-Interest Income $ 158,361     $ 170,593     $ 161,993     $ 113,242     $ 112,220     $ (12,232 )   (7 )%   $ 46,141     41  %  

    NM - Not meaningful.

      Years Ended        
      Dec 31,   Dec 31,   $   %
    (Dollars in thousands) 2020   2019   Change   Change
    Brokerage $ 18,731     $ 18,825     $ (94 )   0 %
    Trust and asset management 81,605     78,289     3,316     4  
    Total wealth management 100,336     97,114     3,222     3  
    Mortgage banking 346,013     154,293     191,720     124  
    Service charges on deposit accounts 45,023     39,070     5,953     15  
    (Losses) gains on investment securities, net (1,926 )   3,525     (5,451 )   NM
    Fees from covered call options 2,292     3,670     (1,378 )   (38 )
    Trading losses, net (1,004 )   (158 )   (846 )   NM
    Operating lease income, net 47,604     47,041     563     1  
    Other:              
    Interest rate swap fees 20,718     13,072     7,646     58  
    BOLI 4,730     4,947     (217 )   (4 )
    Administrative services 4,385     4,197     188     4  
    Foreign currency remeasurement (loss) gain (621 )   783     (1,404 )   NM
    Early pay-offs of leases 632     35     597     NM
    Miscellaneous 36,007     39,583     (3,576 )   (9 )
    Total Other 65,851     62,617     3,234     5  
    Total Non-Interest Income $ 604,189     $ 407,172     $ 197,017     48 %

    NM - Not meaningful.

    TABLE 16: MORTGAGE BANKING

      Three Months Ended Years Ended
    (Dollars in thousands) Dec 31,
    2020
      Sep 30,
    2020
      Jun 30,
    2020
      Mar 31,
    2020
      Dec 31,
    2019
    Dec 31,
    2020
      Dec 31,
    2019
    Originations:                        
    Retail originations $ 1,757,093     $ 1,590,699     $ 1,588,932     $ 773,144     $ 782,122   $ 5,709,868     $ 2,730,865  
    Correspondent originations                 4,024       385,729  
    Veterans First originations 594,151     635,876     621,878     442,957     459,236   2,294,862     1,381,327  
    Total originations for sale (A) $ 2,351,244     $ 2,226,575     $ 2,210,810     $ 1,216,101     $ 1,245,382   $ 8,004,730     $ 4,497,921  
    Originations for investment 192,107     73,711     56,954     73,727     105,911   396,499     460,734  
    Total originations $ 2,543,351     $ 2,300,286     $ 2,267,764     $ 1,289,828     $ 1,351,293   $ 8,401,229     $ 4,958,655  
                             
    Purchases as a percentage of originations for sale 35 %   41 %   30 %   37 %   40 % 35 %   52 %
    Refinances as a percentage of originations for sale 65     59     70     63     60   65     48  
    Total 100 %   100 %   100 %   100 %   100 % 100 %   100 %
                             
    Production Margin:                        
    Production revenue (B) (1) $ 70,886     $ 94,148     $ 93,433     $ 49,327     $ 34,622   $ 307,794     $ 122,047  
    Production margin (B / A) 3.01 %   4.23 %   4.23 %   4.06 %   2.78 % 3.85 %   2.71 %
                             
    Mortgage Servicing:                        
    Loans serviced for others (C) $ 10,833,135     $ 10,139,878     $ 9,188,285     $ 8,314,634     $ 8,243,251        
    MSRs, at fair value (D) 92,081     86,907     77,203     73,504     85,638        
    Percentage of MSRs to loans serviced for others (D / C) 0.85 %   0.86 %   0.84 %   0.88 %   1.04 %      
    Servicing income $ 9,829     $ 8,118     $ 6,908     $ 7,031     $ 6,247   $ 31,886     $ 23,156  
                             
    Components of MSR:                        
    MSR - current period capitalization $ 20,343     $ 20,936     $ 20,351     $ 9,447     $ 14,532   $ 71,077     $ 44,943  
    MSR - collection of expected cash flows - paydowns (688 )   (590 )   (419 )   (547 )   (483 ) (2,244 )   (1,901 )
    MSR - collection of expected cash flows - payoffs (8,335 )   (7,272 )   (8,252 )   (6,476 )   (6,325 ) (30,335 )   (18,217 )
    Valuation:                        
    MSR - changes in fair value model assumptions (5,223 )   (3,002 )   (7,982 )   (14,557 )   2,329   (30,764 )   (14,778 )
    Gain (loss) on derivative contract held as an economic hedge, net —          589     4,160     (483 ) 4,749     519  
    MSR valuation adjustment, net of gain/(loss) on derivative contract held as an economic hedge $ (5,223 )   $ (3,002 )   $ (7,393 )   $ (10,397 )   $ 1,846   $ (26,015 )   $ (14,259 )
                             
    Summary of Mortgage Banking Revenue:                        
    Production revenue (1) $ 70,886     $ 94,148     $ 93,433     $ 49,327     $ 34,622   $ 307,794     $ 122,047  
    Servicing income 9,829     8,118     6,908     7,031     6,247   31,886     23,156  
    MSR activity 6,097     10,072     4,287     (7,973 )   9,570   12,483     10,566  
    Other 7     (3,794 )   (2,304 )   (59 )   (2,579 ) (6,150 )   (1,476 )
    Total mortgage banking revenue $ 86,819     $ 108,544     $ 102,324     $ 48,326     $ 47,860   $ 346,013     $ 154,293  

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

    TABLE 17: NON-INTEREST EXPENSE

      Three Months Ended   Q4 2020 compared to
    Q3 2020
      Q4 2020 compared to
    Q4 2019
        Dec 31,       Sep 30,       Jun 30,       Mar 31,       Dec 31,      
    (Dollars in thousands)   2020       2020       2020       2020       2019       $ Change     % Change       $ Change     % Change  
    Salaries and employee benefits:                                                                  
    Salaries $ 93,535     $ 89,849     $ 87,105     $ 81,286     $ 82,888     $ 3,686     4 %   $ 10,647     13 %
    Commissions and incentive compensation 52,383     48,475     46,151     31,575     40,226     3,908     8     12,157     30  
    Benefits 25,198     25,718     20,900     23,901     22,827     (520 )   (2 )   2,371     10  
    Total salaries and employee benefits 171,116     164,042     154,156     136,762     145,941     7,074     4     25,175     17  
    Equipment 20,565     17,251     15,846     14,834     14,485     3,314     19     6,080     42  
    Operating lease equipment depreciation 9,938     9,425     9,292     9,260     9,766     513     5     172     2  
    Occupancy, net 19,687     15,830     16,893     17,547     17,132     3,857     24     2,555     15  
    Data processing 5,728     5,689     10,406     8,373     7,569     39     1     (1,841 )   (24 )
    Advertising and marketing 9,850     7,880     7,704     10,862     12,517     1,970     25     (2,667 )   (21 )
    Professional fees 6,530     6,488     7,687     6,721     7,650     42     1     (1,120 )   (15 )
    Amortization of other intangible assets 2,634     2,701     2,820     2,863     3,017     (67 )   (2 )   (383 )   (13 )
    FDIC insurance 7,016     6,772     7,081     4,135     1,348     244     4     5,668     NM
    OREO expense, net (114 )   (168 )   237     (876 )   536     54     (32 )   (650 )   NM
    Other:                                  
    Commissions - 3rd party brokers 764     778     707     865     717     (14 )   (2 )   47     7  
    Postage 1,849     1,529     1,591     1,949     2,220     320     21     (371 )   (17 )
    Miscellaneous 26,304     26,002     24,948     21,346     26,693     302     1     (389 )   (1 )
    Total other 28,917     28,309     27,246     24,160     29,630     608     2     (713 )   (2 )
    Total Non-Interest Expense $ 281,867     $ 264,219     $ 259,368     $ 234,641     $ 249,591     $ 17,648     7 %   $ 32,276     13 %

    NM - Not meaningful.

        Years Ended      
        Dec 31,   Dec 31, $   %
    (Dollars in thousands)   2020   2019 Change   Change
    Salaries and employee benefits:              
    Salaries   $ 351,775     $ 310,352   $ 41,423     13 %
    Commissions and incentive compensation   178,584     148,600   29,984     20  
    Benefits   95,717     87,468   8,249     9  
    Total salaries and employee benefits   626,076     546,420   79,656     15  
    Equipment   68,496     52,328   16,168     31  
    Operating lease equipment depreciation   37,915     35,760   2,155     6  
    Occupancy, net   69,957     64,289   5,668     9  
    Data processing   30,196     27,820   2,376     9  
    Advertising and marketing   36,296     48,595   (12,299 )   (25 )
    Professional fees   27,426     27,471   (45 )   0  
    Amortization of other intangible assets   11,018     11,844   (826 )   (7 )
    FDIC insurance   25,004     9,199   15,805     NM
    OREO expense, net   (921 )   3,628   (4,549 )   NM
    Other:              
    Commissions - 3rd party brokers   3,114     2,918   196     7  
    Postage   6,918     9,597   (2,679 )   (28 )
    Miscellaneous   98,600     88,257   10,343     12  
    Total other   108,632     100,772   7,860     8  
    Total Non-Interest Expense   $ 1,040,095     $ 928,126   $ 111,969     12 %

    NM - Not meaningful.

    TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

      Three Months Ended Years Ended
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31, Dec 31,   Dec 31,
    (Dollars and shares in thousands) 2020   2020   2020   2020   2019 2020   2019
    Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:      
    (A) Interest Income (GAAP) $ 307,981     $ 311,156     $ 329,816     $ 344,067     $ 349,731   $ 1,293,020     $ 1,385,142  
    Taxable-equivalent adjustment:                        
    - Loans 324     481     576     860     892   2,241     3,935  
    - Liquidity Management Assets 530     546     538     551     573   2,165     2,280  
    - Other Earning Assets 3     1     3     2     1   9     9  
    (B) Interest Income (non-GAAP) $ 308,838     $ 312,184     $ 330,933     $ 345,480     $ 351,197   $ 1,297,435     $ 1,391,366  
    (C) Interest Expense (GAAP) $ 48,584     $ 55,220     $ 66,685     $ 82,624     $ 87,852   $ 253,113     $ 330,223  
    (D) Net Interest Income (GAAP) (A minus C) $ 259,397     $ 255,936     $ 263,131     $ 261,443     $ 261,879   $ 1,039,907     $ 1,054,919  
    (E) Net Interest Income (non-GAAP) (B minus C) $ 260,254     $ 256,964     $ 264,248     $ 262,856     $ 263,345   $ 1,044,322     $ 1,061,143  
    Net interest margin (GAAP) 2.53 %   2.56 %   2.73 %   3.12 %   3.17 % 2.72 %   3.45 %
    Net interest margin, fully taxable-equivalent (non-GAAP) 2.54 %   2.57 %   2.74 %   3.14 %   3.19 % 2.73 %   3.47 %
    (F) Non-interest income $ 158,361     $ 170,593     $ 161,993     $ 113,242     $ 112,220   $ 604,189     $ 407,172  
    (G) Gains (losses) on investment securities, net 1,214     411     808     (4,359 )   587   (1,926 )   3,525  
    (H) Non-interest expense 281,867     264,219     259,368     234,641     249,591   1,040,095     928,126  
    Efficiency ratio (H/(D+F-G)) 67.67 %   62.01 %   61.13 %   61.90 %   66.82 % 63.19 %   63.63 %
    Efficiency ratio (non-GAAP) (H/(E+F-G)) 67.53 %   61.86 %   60.97 %   61.67 %   66.56 % 63.02 %   63.36  %
                             
    Reconciliation of Non-GAAP Tangible Common Equity Ratio:      
    Total shareholders’ equity (GAAP) $ 4,115,995     $ 4,074,089     $ 3,990,218     $ 3,700,393     $ 3,691,250        
    Less: Non-convertible preferred stock (GAAP) (412,500 )   (412,500 )   (412,500 )   (125,000 )   (125,000 )      
    Less: Intangible assets (GAAP) (681,747 )   (683,314 )   (685,581 )   (687,626 )   (692,277 )      
    (I) Total tangible common shareholders’ equity (non-GAAP) $ 3,021,748     $ 2,978,275     $ 2,892,137     $ 2,887,767     $ 2,873,973        
    (J) Total assets (GAAP) $ 45,080,768     $ 43,731,718     $ 43,540,017     $ 38,799,847     $ 36,620,583        
    Less: Intangible assets (GAAP) (681,747 )   (683,314 )   (685,581 )   (687,626 )   (692,277 )      
    (K) Total tangible assets (non-GAAP) $ 44,399,021     $ 43,048,404     $ 42,854,436     $ 38,112,221     $ 35,928,306        
    Common equity to assets ratio (GAAP) (L/J) 8.2 %   8.4 %   8.2 %   9.2 %   9.7 %      
    Tangible common equity ratio (non-GAAP) (I/K) 6.8 %   6.9 %   6.7 %   7.6 %   8.0 %      

     

      Three Months Ended Years Ended
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31, Dec 31,   Dec 31,
    (Dollars and shares in thousands) 2020   2020   2020   2020   2019 2020   2019
    Reconciliation of Non-GAAP Tangible Book Value per Common Share:      
    Total shareholders’ equity $ 4,115,995     $ 4,074,089     $ 3,990,218     $ 3,700,393     $ 3,691,250        
    Less: Preferred stock (412,500 )   (412,500 )   (412,500 )   (125,000 )   (125,000 )      
    (L) Total common equity $ 3,703,495     $ 3,661,589     $ 3,577,718     $ 3,575,393     $ 3,566,250        
    (M) Actual common shares outstanding 56,770     57,602     57,574     57,545     57,822        
    Book value per common share (L/M) $ 65.24     $ 63.57     $ 62.14     $ 62.13     $ 61.68        
    Tangible book value per common share (non-GAAP) (I/M) $ 53.23     $ 51.70     $ 50.23     $ 50.18     $ 49.70        
                             
    Reconciliation of Non-GAAP Return on Average Tangible Common Equity:      
    (N) Net income applicable to common shares $ 94,213     $ 97,029     $ 19,609     $ 60,762     $ 83,914   $ 271,613     $ 347,497  
    Add: Intangible asset amortization 2,634     2,701     2,820     2,863     3,017   11,018     11,844  
    Less: Tax effect of intangible asset amortization (656 )   (589 )   (832 )   (799 )   (793 ) (2,732 )   (3,068 )
    After-tax intangible asset amortization 1,978     2,112     1,988     2,064     2,224   8,286     8,776  
    (O) Tangible net income applicable to common shares (non-GAAP) $ 96,191     $ 99,141     $ 21,597     $ 62,826     $ 86,138   $ 279,899     $ 356,273  
    Total average shareholders' equity $ 4,050,286     $ 4,034,902     $ 3,908,846     $ 3,710,169     $ 3,622,184   $ 3,926,688     $ 3,461,535  
    Less: Average preferred stock (412,500 )   (412,500 )   (273,489 )   (125,000 )   (125,000 ) (306,455 )   (125,000 )
    (P) Total average common shareholders' equity $ 3,637,786     $ 3,622,402     $ 3,635,357     $ 3,585,169     $ 3,497,184   $ 3,620,233     $ 3,336,535  
    Less: Average intangible assets (682,290 )   (684,717 )   (686,526 )   (690,777 )   (689,286 ) (686,064 )   (641,802 )
    (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 2,955,496     $ 2,937,685     $ 2,948,831     $ 2,894,392     $ 2,807,898   $ 2,934,169     $ 2,694,733  
    Return on average common equity, annualized (N/P) 10.30 %   10.66 %   2.17 %   6.82 %   9.52 % 7.50 %   10.41 %
    Return on average tangible common equity, annualized (non-GAAP) (O/Q) 12.95 %   13.43 %   2.95 %   8.73 %   12.17 % 9.54 %   13.22 %
                             
    Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:          
    Income before taxes $ 134,711     $ 137,284     $ 30,703     $ 87,083     $ 116,682   $ 389,781     $ 480,101  
    Add: Provision for credit losses 1,180     25,026     135,053     52,961     7,826   214,220     53,864  
    Pre-tax income, excluding provision for credit losses (non-GAAP) $ 135,891     $ 162,310     $ 165,756     $ 140,044     $ 124,508   $ 604,001     $ 533,965  

     

    Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: Years Ended
      Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
      2018 2017 2016 2015 2014 2013 2012 2011 2010
    Income before taxes $ 460,133   $ 389,997   $ 331,854   $ 251,765   $ 246,431   $ 224,440   $ 180,132   $ 128,033   $ 100,807  
    Add: Provision for credit losses 34,832     29,768     34,084     32,942     20,537     46,033     76,436     102,638     124,664  
    Pre-tax income, excluding provision for credit losses (non-GAAP) $ 494,965   $ 419,765   $ 365,938   $ 284,707   $ 266,968   $ 270,473   $ 256,568   $ 230,671   $ 225,471  

    WINTRUST SUBSIDIARIES AND LOCATIONS

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

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

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

    • FIRST Insurance Funding, 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 STATEMENTS

    This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, 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 or potentially negative interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
    • competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
    • failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions;
    • unexpected difficulties and losses related to FDIC-assisted acquisitions;
    • harm to the Company’s reputation;
    • any negative perception of the Company’s financial strength;
    • ability of the Company to raise additional capital on acceptable terms when needed;
    • disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
    • ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
    • failure or breaches of our security systems or infrastructure, or those of third parties;
    • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft;
    • adverse effects on our information technology systems resulting from failures, human error or cyberattacks;
    • adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
    • increased costs as a result of protecting our customers from the impact of stolen debit card information;
    • accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
    • ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
    • environmental liability risk associated with lending activities;
    • the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
    • losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
    • the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
    • the soundness of other financial institutions;
    • the expenses and delayed returns inherent in opening new branches and de novo banks;
    • liabilities, potential customer loss or reputational harm related to closings of existing branches;
    • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
    • changes in accounting standards, rules and interpretations 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, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the rules and regulations that may be promulgated thereunder;
    • a lowering of our credit rating;
    • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to the COVID-19 pandemic or otherwise;
    • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
    • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
    • the impact of heightened capital requirements;
    • increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
    • delinquencies or fraud with respect to the Company’s premium finance business;
    • credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
    • the Company’s ability to comply with covenants under its credit facility; and
    • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation.

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

    CONFERENCE CALL, WEBCAST AND REPLAY

    The Company will hold a conference call on Thursday, January 21, 2021 at 10:00 a.m. (Central Time) regarding fourth quarter and full year 2020 results. Individuals interested in listening should call (877) 363-5049 and enter Conference ID #9780585. 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 fourth quarter and full year 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.

    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
    0 Follower
    Autor folgen

    Verfasst von globenewswire
    Wintrust Financial Corporation Reports Fourth Quarter 2020 Net Income of $101.2 million and Full-Year 2020 Net Income of $293.0 million ROSEMONT, Ill., Jan. 20, 2021 (GLOBE NEWSWIRE) - Wintrust Financial Corporation (“Wintrust”, “the Company”, "we" or "our") (Nasdaq: WTFC) announced net income of $101.2 million or $1.63 per diluted common share for the fourth quarter of 2020, a …

    Schreibe Deinen Kommentar

    Disclaimer