10-Q – 2026-08-05 – wtfc-20260630.htm

The Company had commitments of $ 52.5 million and $ 21.0 million as of June 30, 2026 and June 30, 2025, respectively, to lend additional funds to borrowers experiencing financial difficulty and for whom the Company has modified the terms of loans in the form of principal forgiveness, an interest rate reduction, an other-than insignificant payment delay or a term extension during the periods presented.

The following table presents a summary of all modified loans for borrowers experiencing financial difficulties and such loans that were in payment default under the restructured terms during the respective periods below:

(Dollars in thousands) For the Twelve Months Ended June 30, 2026
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2026
For the Twelve Months Ended June 30, 2025
Three Months Ended
June 30, 2025
Six Months Ended
June 30, 2025

Total Payments in Default   (1)
Payments in 
Default   (1)
Total Payments in 
Default   (1)
Payments in 
Default   (1)

Commercial $ 44,455   $ 3,497   $ 4,086   $ 20,731   $ 11   $ 123  
Commercial real estate
Construction and development 594   —   594   —   —   —  
Non-construction 22,345   3,489   12,440   752   —   —  
Home equity 85   —   —   —   —   —  
Residential real estate 1,370   —   —   1,144   —   700  

Premium finance receivables—property & casualty 11   11   11   1,230   885   885  
Total loans $ 68,860   $ 6,997   $ 17,131   $ 23,857   $ 896   $ 1,708  

(1) Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring.

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(8) Goodwill and Other Acquisition-Related Intangible Assets

A summary of the Company’s goodwill assets by reporting unit is presented in the following table:

(In thousands) December 31, 2025 Goodwill
Acquired Impairment
Loss Goodwill Adjustments June 30,
2026
Community banking $ 687,754   $ —   $ —   $ ( 11,331 ) $ 676,423  
Specialty finance 38,211   —   —   10,590   48,801  
Wealth management 71,995   —   —   —   71,995  
    Total $ 797,960   $ —   $ —   $ ( 741 ) $ 797,219  

The specialty finance unit’s goodwill increased in the first six months of 2026 as $ 11.3 million of goodwill was reclassified from the community banking unit related to a line of business reclassification, partially offset by $ 741,000 of foreign currency translation adjustments related to the prior Canadian acquisitions. The line of business reclassification resulted from the reportable segment aggregation analysis performed following leadership changes occurring in 2026. The movement of this line of business between the two reporting units did not have a significant impact on the valuation of the Company’s reporting units as all reporting units had substantial excess in estimated fair value over the carrying value in the Company’s most recent quantitative assessment of goodwill.

The Company assesses each reporting unit’s goodwill for impairment on at least an annual basis and considers potential indicators of impairment at each reporting date between annual goodwill impairment tests. At October 1, 2025, the Company utilized a qualitative approach for its annual goodwill impairment tests of the community banking, specialty finance and wealth management reporting units and determined that no impairment existed at that time.

At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. The Company assessed whether events and circumstances resulted in it being more likely than not that the fair value of any reporting unit was less than its carrying value. Potential impairment indicators considered include the condition of the economy and banking industry; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting units; performance of the Company’s stock and other relevant events.

At the conclusion of this assessment of all reporting units, the Company determined that as of June 30, 2026, it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting unit.

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A summary of acquisition-related intangible assets as of the dates shown and the expected amortization of finite-lived acquisition-related intangible assets as of June 30, 2026 is as follows:

(In thousands) June 30,
2026 December 31,
2025 June 30,
2025
Community banking segment:
Core deposit intangibles with finite lives:
Gross carrying amount $ 158,106   $ 158,106   $ 158,106  
Accumulated amortization ( 86,132 ) ( 76,861 ) ( 67,301 )
    Net carrying amount $ 71,974   $ 81,245   $ 90,805  
Trademark with indefinite lives:
Carrying amount 11,500   11,500   13,800  
Total net carrying amount $ 83,474   $ 92,745   $ 104,605  
Specialty finance segment:
Customer list intangibles with finite lives:
Gross carrying amount $ 1,960   $ 1,961   $ 1,962  
Accumulated amortization ( 1,950 ) ( 1,932 ) ( 1,915 )
    Net carrying amount $ 10   $ 29   $ 47  
Wealth management segment:
Customer list and other intangibles with finite lives:
Gross carrying amount $ 26,630   $ 26,630   $ 26,630  
Accumulated amortization ( 21,995 ) ( 21,405 ) ( 20,787 )
    Net carrying amount $ 4,635   $ 5,225   $ 5,843  
Total acquisition-related intangible assets:
Gross carrying amount $ 198,196   $ 198,197   $ 200,498  
Accumulated amortization ( 110,077 ) ( 100,198 ) ( 90,003 )
Total other acquisition-related intangible assets, net $ 88,119   $ 97,999   $ 110,495  

Estimated amortization
Actual in six months ended June 30, 2026 $ 9,879  
Estimated remaining in 2026
8,940  
Estimated—2027
16,340  
Estimated—2028
13,908  
Estimated—2029
11,536  
Estimated—2030
9,461  

The core deposit intangibles recognized in connection with the Company’s bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis. The customer list and other intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a period of up to ten years on a straight-line or accelerated basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with prior acquisitions. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis. Total amortization expense associated with finite-lived acquisition-related intangibles totaled approximately $ 9.9 million and $ 11.2 million for the six months ended June 30, 2026 and 2025, respectively.

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(9) Mortgage Servicing Rights (“MSRs”)

The following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the periods indicated:

Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(In thousands) 2026 2025 2026 2025
Fair value at beginning of the period $ 195,276   $ 196,307   $ 195,023   $ 203,788  
Additions from loans sold with servicing retained 8,745   6,336   15,179   11,005  

Estimate of changes in fair value due to:

Payoffs, paydowns and repurchases ( 6,499 ) ( 5,616 ) ( 13,140 ) ( 10,252 )
Changes in valuation inputs or assumptions 4,381   ( 3,966 ) 4,841   ( 11,480 )
Fair value at end of the period $ 201,903   $ 193,061   $ 201,903   $ 193,061  
Unpaid principal balance of mortgage loans serviced for others $ 12,669,679   $ 12,470,924  

The Company recognizes MSR assets upon the sale of residential real estate loans to external third parties when it retains the obligation to service the loans and the servicing fee is more than adequate compensation. MSRs are included in other assets in the Consolidated Statements of Condition. The initial recognition of MSR assets from loans sold with servicing retained and subsequent changes in fair value of all MSRs are recognized in mortgage banking revenue . MSRs are subject to changes in value from actual and expected prepayment of the underlying loans.

The estimation of fair value related to MSRs is partly impacted by the Company exercising its early buyout options (“EBO”) on eligible loans previously sold to the Government National Mortgage Association (“GNMA”). Under such optional repurchase program, financial institutions acting as servicers are allowed to buy back from the securitized loan pool individual delinquent mortgage loans meeting certain criteria for which the institution was the original transferor of such loans. At the option of the servicer and without prior authorization from GNMA, the servicer may repurchase such delinquent loans for an amount equal to the remaining principal balance of the loan. At the time of such repurchase, any MSR value related to such loans is derecognized.

The MSR asset fair value is determined by using a discounted cash flow model that incorporates the objective characteristics of the portfolio as well as subjective valuation parameters that purchasers of servicing would apply to such portfolios sold into the secondary market. The subjective factors include loan prepayment speeds, discount rates, servicing costs and other economic factors. The Company uses a third party to assist in the valuation of MSRs.

Periodically, the Company will purchase mortgage and interest rate derivative contracts in which the Company elects to not designate such derivatives as hedging instruments. These contracts are designed primarily to economically hedge a portion of the fair value adjustments related to the Company’s mortgage servicing rights portfolio. The gain or loss associated with these derivative contracts is included in mortgage banking revenue. For more information regarding these hedges outstanding as of June 30, 2026 and June 30, 2025, see Note (14) “Derivative Financial Instruments” in Item 1 of this report.

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(10) Deposits

The following table is a summary of deposits as of the dates shown:  

(Dollars in thousands) June 30,
2026 December 31,
2025 June 30,
2025
Balance:
Non-interest-bearing $ 11,796,736   $ 11,423,701   $ 10,877,166  
NOW and interest-bearing demand deposits 6,742,269   6,233,753   6,795,725  
Wealth management deposits 1,349,949   1,907,647   1,595,764  
Money market 23,083,225   21,368,924   19,556,041  
Savings 6,597,516   6,905,216   6,659,419  
Time certificates of deposit 11,571,580   9,877,950   10,332,696  
Total deposits $ 61,141,275   $ 57,717,191   $ 55,816,811  
Mix:
Non-interest-bearing 19   % 20   % 19   %
NOW and interest-bearing demand deposits 11   11   12  
Wealth management deposits 2   3   3  
Money market 38   37   35  
Savings 11   12   12  
Time certificates of deposit 19   17   19  
Total deposits 100   % 100   % 100   %

Wealth management deposits represent deposit balances (primarily money market accounts) at the Company’s subsidiary banks from brokerage customers of Wintrust Investments, LLC (“Wintrust Investments”), Chicago Deferred Exchange Company (“CDEC”), and trust and asset management customers of the Company.

(11) FHLB Advances, Other Borrowings and Subordinated Notes

The following table is a summary of FHLB advances, other borrowings and subordinated notes as of the dates shown:

(In thousands) June 30,
2026 December 31,
2025 June 30,
2025
FHLB advances $ 3,450,680   $ 3,451,309   $ 3,151,309  
Other borrowings:
Notes payable —   —   128,500  

Secured borrowings 370,736   422,107   440,558  
Other —   55,859   56,334  
Total other borrowings 370,736   477,966   625,392  
Subordinated notes 298,820   298,636   298,458  
Total FHLB advances, other borrowings and subordinated notes $ 4,120,236   $ 4,227,911   $ 4,075,159  

Descriptions of the Company’s FHLB advances, other borrowings, and subordinated notes are included in Note (11) “Federal Home Loan Bank Advances”, Note (12) “Subordinated Notes” and Note (13) “Other Borrowings” of the 2025 Form 10-K.

Notes Payable
Notes payable balances represent the balances on the Company’s credit agreement with certain unaffiliated banks. The term loan facility was paid in full in December 2025. At June 30, 2026, there was no outstanding principal balance under the revolving credit facility. Borrowings under notes payable are secured by pledges of and first priority perfected security interests in the Company’s equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At June 30, 2026, the Company was in compliance with all such covenants.

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Secured Borrowings

The balance of secured borrowings primarily represents a third party Canadian transaction (“Canadian Secured Borrowing”). Under the Canadian Secured Borrowing, the Company, through its subsidiary, First Insurance Funding of Canada (“FIFC Canada”), sells an undivided co-ownership interest in all receivables owed to FIFC Canada to an unrelated third party in exchange for cash payments pursuant to a receivables purchase agreement (“Receivables Purchase Agreement”). On December 15, 2025, the Company entered into the Thirteenth Amending Agreement to the Receivables Purchase Agreement dated as of December 16, 2014. The amended Receivables Purchase Agreement provides for, among other things, an extension of the maturity date to December 15, 2026 and a decrease to the facility limit from C$ 650  million to C$ 580  million.

At June 30, 2026, the translated balance of the secured borrowings totaled $ 355.6 million compared to $ 408.0 million at December 31, 2025 and $ 426.2 million at June 30, 2025. The interest rate under the Receivables Purchase Agreement is the Canadian Commercial Paper Rate plus fee rate of 0.775 %.

The remaining $ 15.1 million, $ 14.1  million and $ 14.4 million within secured borrowings at June 30, 2026, December 31, 2025 and June 30, 2025, respectively, represent other sold interests in certain loans by the Company that were not considered sales and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the various unrelated third parties.

Other Borrowings

Other borrowings represented a promissory note (“Promissory Note”) issued by the Company in June 2017. The Promissory Note was paid in full in March 2026.

Subordinated Notes

At June 30, 2026, the Company had outstanding subordinated notes totaling $ 298.8  million compared to $ 298.6  million and $ 298.5  million at December 31, 2025 and June 30, 2025, respectively. The notes issued in 2019 have a stated interest rate of 4.85 % and mature in June 2029.

(12) Junior Subordinated Debentures

The junior subordinated debentures totaled $ 253.6 million at June 30, 2026, December 31, 2025 and June 30, 2025. At June 30, 2026, the weighted average contractual interest rate on the junior subordinated debentures was 6.15 %. Descriptions of the Company’s Junior Subordinated Debentures are included in Note (14) “Junior Subordinated Debentures” in the 2025 Form 10-K.

(13) Segment Information

The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management.

The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics and each segment has a different regulatory environment. While the Company’s management monitors each of the sixteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures, and economic characteristics.

For purposes of internal segment profitability, management allocates certain intersegment and parent company balances. Management allocates a portion of revenues to the specialty finance segment related to loans and leases originated by the specialty finance segment and sold or assigned to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note (10) “Deposits” in Item 1 of this report for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment’s risk-weighted assets.

The segment financial information provided in the following table has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the
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segments are substantially similar to those described in Note (1) “Summary of Significant Accounting Policies” in the 2025 Form 10-K.

Our Chief Executive Officer is our chief operating decision maker (“CODM”). The CODM uses income before taxes to review segment performance and allocate resources for each reportable segment. Financial information regarding each significant segment expense outlined below is regularly provided (at least monthly) to the CODM. For community banking and specialty finance segments, ‘Interest expense’ is a significant segment expense. Additionally, for each of the three reportable segments, ‘Salaries’, ‘Commissions and incentive compensation’ and ‘Benefits’ are significant segment expenses.

The following is a summary of certain operating information for reportable segments:

(In thousands)
Community
Banking Specialty
Finance Wealth
Management Total Operating Segments Intersegment Eliminations Consolidated
Three Months Ended June 30, 2026:
Interest income $ 816,613   $ 122,632   $ 8,874   $ 948,119   $ 13,293   $ 961,412  
Interest expense 346,163   17,784   99   364,046   —   364,046  
Net interest income 470,450   104,848   8,775   584,073   13,293   597,366  
Provision for credit losses 21,369   1,765   —   23,134   —   23,134  
Non-interest income 86,606   36,591   43,412   166,609   ( 25,340 ) 141,269  
Non-interest expense:
Salaries 100,759   17,891   10,819   129,469   406   129,875  
Commissions and incentive compensation 37,327   11,454   13,682   62,463   —   62,463  
Benefits 32,487   6,631   2,633   41,751   —   41,751  
Other segment expenses (1)
139,405   26,919   9,577   175,901   ( 12,453 ) 163,448  
Total non-interest expense 309,978   62,895   36,711   409,584   ( 12,047 ) 397,537  
Income before taxes 225,709   76,779   15,476   317,964   —   317,964  
Income tax expense 64,278   16,316   3,677   84,271   —   84,271  
Net income $ 161,431   $ 60,463   $ 11,799   $ 233,693   $ —   $ 233,693  
Total assets at period end $ 59,218,299   $ 14,138,775   $ 1,311,061   $ 74,668,135   $ —   $ 74,668,135  
Three Months Ended June 30, 2025:
Interest income $ 800,316   $ 102,737   $ 4,964   $ 908,017   $ 12,891   $ 920,908  
Interest expense 363,660   10,427   127   374,214   —   374,214  
Net interest income 436,656   92,310   4,837   533,803   12,891   546,694  
Provision for credit losses 20,478   1,756   —   22,234   —   22,234  
Non-interest income 75,498   33,524   39,538   148,560   ( 24,471 ) 124,089  
Non-interest expense:
Salaries 96,902   15,638   10,103   122,643   531   123,174  
Commissions and incentive compensation 33,325   9,976   12,570   55,871   —   55,871  
Benefits 32,107   5,906   2,483   40,496   —   40,496  
Other segment expenses (1)
139,710   25,090   9,231   174,031   ( 12,111 ) 161,920  
Total non-interest expense 302,044   56,610   34,387   393,041   ( 11,580 ) 381,461  
Income before taxes 189,632   67,468   9,988   267,088   —   267,088  
Income tax expense 50,499   18,672   2,390   71,561   —   71,561  
Net income $ 139,133   $ 48,796   $ 7,598   $ 195,527   $ —   $ 195,527  
Total assets at period end $ 55,924,843   $ 12,062,568   $ 995,907   $ 68,983,318   $ —   $ 68,983,318  

(1) Other segment expenses include non-interest expense categories such as ‘Software & Equipment’, ‘Data processing’, ‘Advertising and Marketing’, ‘FDIC Insurance’, and ‘Occupancy’. See “Non-Interest Expense” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Form 10-Q for further discussion on non-interest expense.
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(In thousands)
Community
Banking Specialty
Finance Wealth
Management Total Operating Segments Intersegment Eliminations Consolidated
Six Months Ended June 30, 2026:
Interest income $ 1,598,115   $ 247,208   $ 19,356   $ 1,864,679   $ 24,293   $ 1,888,972  
Interest expense 677,067   35,277   238   712,582   —   712,582  
Net interest income 921,048   211,931   19,118   1,152,097   24,293   1,176,390  
Provision for credit losses 48,650   4,078   —   52,728   —   52,728  
Non-interest income 164,488   72,324   86,687   323,499   ( 48,088 ) 275,411  
Non-interest expense:
Salaries 202,335   35,914   19,792   258,041   920   258,961  
Commissions and incentive compensation 70,455   21,316   28,099   119,870   —   119,870  
Benefits 64,730   13,271   5,704   83,705   —   83,705  
Other segment expenses (1)
272,012   51,601   18,735   342,348   ( 24,715 ) 317,633  
Total non-interest expense 609,532   122,102   72,330   803,964   ( 23,795 ) 780,169  
Income before taxes 427,354   158,075   33,475   618,904   —   618,904  
Income tax expense 115,392   34,519   7,912   157,823   —   157,823  
Net income $ 311,962   $ 123,556   $ 25,563   $ 461,081   $ —   $ 461,081  

Six Months Ended June 30, 2025:
Interest income $ 1,569,284   $ 204,435   $ 10,495   $ 1,784,214   $ 23,659   $ 1,807,873  
Interest expense 713,617   20,818   270   734,705   —   734,705  
Net interest income 855,667   183,617   10,225   1,049,509   23,659   1,073,168  
Provision for credit losses 42,906   3,291   —   46,197   —   46,197  
Non-interest income 148,991   64,563   73,328   286,882   ( 46,159 ) 240,723  
Non-interest expense:
Salaries 195,488   31,400   19,207   246,095   996   247,091  
Commissions and incentive compensation 65,462   19,017   23,928   108,407   —   108,407  
Benefits 59,481   10,624   5,464   75,569   —   75,569  
Other segment expenses (1)
272,200   48,535   19,245   339,980   ( 23,496 ) 316,484  
Total non-interest expense 592,631   109,576   67,844   770,051   ( 22,500 ) 747,551  
Income before taxes 369,121   135,313   15,709   520,143   —   520,143  
Income tax expense 95,718   36,224   3,635   135,577   —   135,577  
Net income $ 273,403   $ 99,089   $ 12,074   $ 384,566   $ —   $ 384,566  

(1) Other segment expenses include non-interest expense categories such as ‘Software & Equipment’, ‘Data processing’, ‘Advertising and Marketing’, ‘FDIC Insurance’, and ‘Occupancy’. See “Non-Interest Expense” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Form 10-Q for further discussion on non-interest expense.

(14) Derivative Financial Instruments

The Company primarily enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as a rate, security price, price index or commodity price) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. Derivatives are also implicit in certain contracts and commitments.

The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate swaps, collars and floors to manage the interest rate risk of certain fixed and variable rate assets and variable rate liabilities; (2) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market; (3) forward commitments for the future delivery of such mortgage loans to protect the Company from adverse changes in interest rates and corresponding changes in the value of mortgage loans held-for-sale; (4) covered call options to economically hedge specific investment securities and receive fee income, effectively enhancing the overall yield on such securities to compensate for potential net interest margin compression; and (5) options and swaps to economically hedge a
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portion of the fair value adjustments related to the Company’s mortgage servicing rights portfolio. The Company also enters into derivatives (typically interest rate swaps and commodity forward contracts) with certain qualified borrowers to facilitate the borrowers’ risk management strategies and concurrently enters into mirror-image derivatives with a third-party counterparty, effectively making a market in the derivatives for such borrowers. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain foreign currency denominated assets.

The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of accumulated other comprehensive income or loss depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge.

Changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges are recorded as a component of accumulated other comprehensive income or loss, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815 are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated by comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. Commodity derivative fair values are computed based on changes in the price per unit stated in the contract compared to those prevailing at the measurement date.

The table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2026, December 31, 2025 and June 30, 2025:

Derivative Assets Derivative Liabilities
(In thousands) June 30,
2026 December 31,
2025 June 30,
2025 June 30,
2026 December 31,
2025 June 30,
2025
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges $ 16,536   $ 53,622   $ 57,245   $ 31,263   $ 3,363   $ 11,314  
Interest rate derivatives designated as Fair Value Hedges 5,451   5,350   6,207   89   496   549  
Total derivatives designated as hedging instruments under ASC 815 $ 21,987   $ 58,972   $ 63,452   $ 31,352   $ 3,859   $ 11,863  
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives $ 100,182   $ 116,562   $ 144,350   $ 104,353   $ 116,745   $ 141,880  
Interest rate lock commitments 5,103   3,416   5,548   12   —   —  
Forward commitments to sell mortgage loans 1,180   104   4,028   3,263   2,729   4,048  
Commodity forward contracts 807   448   119   705   288   42  
Foreign exchange contracts 477   165   3,609   426   153   3,569  
Total derivatives not designated as hedging instruments under ASC 815 $ 107,749   $ 120,695   $ 157,654   $ 108,759   $ 119,915   $ 149,539  
Total Derivatives $ 129,736   $ 179,667   $ 221,106   $ 140,111   $ 123,774   $ 161,402  

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish these objectives, the Company uses interest rate swaps, collars and floors as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts to or from a counterparty in exchange for the Company receiving or paying fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the settlement of amounts in which the interest rate specified in the contract exceeds the agreed upon cap strike rate or in which the interest rate specified in the contract is below the agreed upon floor strike rate at the end of each period.
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Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an upfront premium.

As of June 30, 2026, the Company had various interest rate collar, swap and floor derivatives designated as cash flow hedges of variable rate loans. When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flow hedges are recorded in accumulated other comprehensive income or loss and are subsequently reclassified to interest income as interest payments are made on such variable rate loans. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income.

The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of June 30, 2026:

June 30, 2026
(In thousands) Notional Amount Fair Value
Asset (Liability)
Floor at 1-month CME Term SOFR September 2028 - December 2029
$ 450,000   $ 1,181  
Interest rate collars at 1-month CME term SOFR October 2026 - September 2027
1,750,000   ( 7,757 )
Interest rate swaps at 1-month CME term SOFR (1)
July 2026 - March 2032
5,350,000   ( 8,151 )
Total Cash Flow Hedges $ 7,550,000   $ ( 14,727 )

(1) The notional amount includes forward-starting swaps that are not yet effective.

In the first quarter of 2022, the Company terminated interest rate swap derivative contracts designated as cash flow hedges of variable rate deposits with a total notional value of $ 1.0  billion and a five-year term effective July 2022. At the time of termination, the fair value of the derivative contracts totaled an asset of $ 66.5  million, with such adjustments to fair value recorded in accumulated other comprehensive income or loss.

For all such terminations, as the hedged forecasted transactions (interest payments on variable rate deposits) are still expected to occur over the remaining term of such terminated derivatives, such adjustments will remain in accumulated other comprehensive income or loss and be reclassified as a reduction to interest expense on a straight-line basis over the original term of the terminated derivative contracts.

A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges, including such derivative contracts terminated during the period, follows:

Three Months Ended Six Months Ended
(In thousands) June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Unrealized gain (loss) at beginning of period $ 37,666   $ 42,565   $ 67,112   $ ( 15,508 )
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings ( 4,615 ) 4,890   ( 8,582 ) 10,636  
Amount of (loss) gain recognized in other comprehensive income or loss ( 37,530 ) 25,074   ( 63,009 ) 77,401  
Unrealized (loss) gain at end of period $ ( 4,479 ) $ 72,529   $ ( 4,479 ) $ 72,529  

As of June 30, 2026, the Company estimated that during the next 12 months $ 2.8 million will be reclassified from accumulated other comprehensive income or loss as a decrease to net interest income. Such estimate consists of $ 13.3 million reclassified as a reduction to interest expense on the terminated cash flow hedges discussed above and $ 16.1 million reclassified as a decrease to interest income related to the interest rate collars, floors and swaps noted above that remain outstanding.

Fair Value Hedges of Interest Rate Risk

Interest rate swaps designated as fair value hedges involve the payment of fixed amounts to a counterparty in exchange for the Company receiving variable payments over the life of the agreements without the exchange of the underlying notional amount. As of June 30, 2026, the Company had 13 interest rate swaps with an aggregate notional amount of $ 115.0 million that were designated as fair value hedges primarily associated with fixed rate commercial and industrial and commercial real estate loans as well as life insurance premium finance receivables.

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For derivatives designated and that qualify as fair value hedges, the net gain or loss from the entire change in the fair value of the derivative instrument is recognized in the same income statement line item as the earnings effect, including the net gain or loss, of the hedged item (interest income earned on fixed rate loans) when the hedged item affects earnings.

The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of June 30, 2026:

(In thousands) June 30, 2026

Derivatives in Fair Value
Hedging Relationships
Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued
Interest rate swaps Loans, net of unearned income $ 109,288   $ ( 5,304 ) $ ( 19 )
Available-for-sale debt securities 375   ( 4 ) —  

The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period:

(In thousands)

Derivatives in Fair Value Hedging Relationships
Location of (Loss)/Gain Recognized
in Income on Derivative Three Months Ended Six Months Ended
June 30, 2026 June 30, 2026
Interest rate swaps Interest and fees on loans $ ( 0 ) $ ( 0 )

Non-Designated Hedges

The Company does not use derivatives for speculative purposes. Derivatives not designated as accounting hedges are used to manage the Company’s economic exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings.

Interest Rate Derivatives— The Company has interest rate derivatives, including swaps and option products, resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products (typically interest rate swaps) directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively convert a variable rate loan to a fixed rate. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. At June 30, 2026 and December 31, 2025, the Company had interest rate derivative transactions with an aggregate notional amount of approximately $ 15.4 billion and $ 15.2 billion, respectively, (all interest rate swaps and caps with customers and third parties) related to this program. At June 30, 2026 these interest rate derivatives had maturity dates ranging from July 2026 to August 2037.

Mortgage Banking Derivatives— These derivatives include interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. It is the Company’s practice to enter into forward commitments for the future delivery of a portion of its residential mortgage loan production when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale. The Company’s mortgage banking derivatives have not been designated as being in hedge relationships. At June 30, 2026 and December 31, 2025, the Company had interest rate lock commitments with an aggregate notional amount of approximately $ 256.4 million and $ 161.9 million, and forward commitments to sell mortgage loans with an aggregate notional amount of approximately $ 535.3 million and $ 413.2 million, respectively. The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue.

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Periodically, the Company will purchase mortgage and interest rate derivative contracts in which the Company elects to not designate such derivatives as hedging instruments. These contracts are designed primarily to economically hedge a portion of the fair value adjustments related to the Company’s mortgage servicing rights portfolio. The gain or loss associated with these derivative contracts is included in mortgage banking revenue. The Company held twelve interest rate derivatives with an aggregate notional value of $ 452.0 million at June 30, 2026 and ten interest rate derivatives with an aggregate notional value of $ 362.0 million at December 31, 2025. At June 30, 2026, the Company had one to-be-announced forward-setting contract for mortgage-backed securities with an aggregate notional value of $ 56.0  million, for such purpose of economically hedging a portion of the fair value adjustment related to its mortgage servicing rights portfolio. At December 31, 2025, the Company had one such forward-setting contract with an aggregate notional value of $ 56.0  million.

Commodity Derivatives— The Company has commodity forward contracts resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively purchase or sell a given commodity at an agreed-upon price on an agreed-upon settlement date. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. At June 30, 2026 and December 31, 2025, the Company had commodity derivative transactions with an aggregate notional amount of approximately $ 3.8 million and $ 4.1 million, respectively, (all forward contracts with customers and third parties) related to this program. At June 30, 2026, these commodity derivatives had maturity dates ranging from July 2026 to October 2027.

Foreign Currency Derivatives— The Company has foreign currency derivative contracts resulting from a service the Company provides to certain qualified customers. The Company’s banking subsidiaries execute certain derivative products directly with qualified customers to facilitate their respective risk management strategies related to foreign currency fluctuations. For example, these arrangements allow the Company’s customers to effectively exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. As of June 30, 2026 and December 31, 2025, the Company held foreign currency derivatives with an aggregate notional amount of approximately $ 65.3 million and $ 84.0 million, respectively.

Other Derivatives— Periodically, the Company will sell options to a bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (covered call options). These option transactions are designed to increase the total return associated with the investment securities portfolio. These options do not qualify as accounting hedges pursuant to ASC 815 and, accordingly, changes in the fair value of these contracts are recognized as other non-interest income. There were no covered call options outstanding as of June 30, 2026, December 31, 2025 or June 30, 2025.

Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows:

(In thousands) Three Months Ended Six Months Ended
Derivative Location in income statement June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Interest rate swaps and caps Trading gains, net $ ( 18 ) $ 85   $ ( 66 ) $ ( 32 )
Mortgage banking derivatives Mortgage banking 36   ( 324 ) 2,538   3,317  
Commodity contracts Trading gains, net ( 44 ) ( 37 ) ( 59 ) 77  
Foreign exchange contracts Trading gains, net 87   65   142   73  
Covered call options Fees from covered call options 4,793   5,624   9,462   9,070  
Derivative contract held as economic hedge on MSRs Mortgage banking ( 3,396 ) 2,535   ( 4,296 ) 7,432  

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Credit Risk

Derivative instruments have inherent risks, primarily market risk and credit risk. Market risk is associated with changes in the value of an underlying asset. Credit risk relates to the risk that the counterparty will fail to perform according to the terms of the agreement. The Company is exposed to the credit risk of its commercial borrowers and third party financial institutions who are counterparties to interest rate derivatives with the Company.

The counterparty credit risk associated with the mirror-image swaps executed with third party financial institutions is monitored and managed as part of the Company’s overall asset-liability management process, except that the counterparty credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s standard loan underwriting process for commercial borrowers since these derivatives typically share in the collateral provided by the loan agreements.

When deemed necessary, appropriate types and amounts of collateral are obtained to minimize credit exposure. The Company hedges the market risk of derivatives transactions with commercial borrowers by entering into offsetting transactions with large, highly rated financial institutions. These exposures are generally secured by cash under bilateral Credit Support Annexes, which are a component of the International Swaps and Derivatives Association (“ISDA”) Master Agreements executed with counterparties.

Aggregate counterparty exposures are monitored against various types of credit limits established to contain risk within parameters. Counterparty credit risk is managed by the Counterparty Credit Risk Management team in accordance with Supervision & Regulatory 11-10, Interagency Counterparty Credit Risk Management Guidance , which was issued in 2011 in response to the financial crisis of 2008. The guidance addresses counterparty credit risk governance, measurement, management, and systems. Specifically, counterparty risk is managed through the establishment and regular review of exposure limits, formalization of limits in policy and procedure, ongoing review of models, and having a single platform to allow for the timely aggregation of exposures. The Counterparty Credit Risk Management team uses a variety of approaches to monitor counterparty financial performance, including monitoring of credit exposure versus limits, use of early warning reports, and daily and intraday monitoring of financial developments.

The Company has agreements with certain of its interest rate derivative counterparties that contain cross-default provisions, which provide that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision allowing the counterparty to terminate the derivative positions if the Company fails to maintain its status as a well or adequately capitalized institution, which would require the Company to settle its obligations under the agreements. If the Company were to breach any of these provisions, at a time when the derivatives subject to such agreements are in a liability position, and the derivatives were to be terminated as a result, the Company would be required to settle its obligations under the agreements at the termination value and would be required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. As of June 30, 2026, there were $ 3.7 million of derivatives that were subject to such agreements in a net liability position.

The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.

Derivative Assets Derivative Liabilities
Fair Value Fair Value
(In thousands) June 30,
2026 December 31,
2025 June 30,
2025 June 30,
2026 December 31,
2025 June 30,
2025
Gross Amounts Recognized $ 122,169   $ 175,534   $ 207,802   $ 135,705   $ 120,604   $ 153,743  

Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions ( 54,173 ) ( 60,108 ) ( 68,680 ) ( 54,173 ) ( 60,108 ) ( 68,680 )
Collateral Posted ( 24,180 ) ( 46,894 ) ( 67,753 ) ( 30 ) ( 1,963 ) —  
Net Credit Exposure $ 43,816   $ 68,532   $ 71,369   $ 81,502   $ 58,533   $ 85,063  

(15) Fair Value of Assets and Liabilities

The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are:

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• Level 1—unadjusted quoted prices in active markets for identical assets or liabilities.

• Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

• Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. The following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis.

Available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value —Fair values for available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to determine the fair value of these securities. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. The fair value of U.S. Treasury securities and certain equity securities with readily determinable fair value are based on unadjusted quoted prices in active markets for identical securities. As such, these securities are classified as Level 1 in the fair value hierarchy.

The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale debt securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments.

At June 30, 2026, the Company classified $ 123.7 million of municipal securities as Level 3. These municipal securities are bond issuances for various municipal government entities primarily located in the Chicago metropolitan area, southern Wisconsin and west Michigan and are privately placed, non-rated bonds without CUSIP numbers. The Company’s methodology for pricing these securities focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated investment debt security, the Investment Operations Department references a rated, publicly issued bond by the same issuer if available. A reduction is then applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one complete rating grade (i.e., a “AA” rating for a comparable bond would be reduced to “A” for the Company’s valuation). For bond issuances without comparable bond proxies, a rating of “BBB” was assigned. In the second quarter of 2026, all of the ratings derived by the Investment Operations Department using the above process were “BBB” or better. The fair value measurement noted above is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at June 30, 2026 are continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond.

Mortgage loans held-for-sale —The fair value of mortgage loans held-for-sale is typically determined by reference to investor price sheets for loan products with similar characteristics. Loans measured with this valuation technique are classified as Level 2 in the fair value hierarchy.

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At June 30, 2026, the Company classified $ 47.6 million of certain delinquent mortgage loans held-for-sale as Level 3. For such delinquent loans in which investor interest may be limited, the Company estimates fair value by discounting future scheduled cash flows for the specific loan through its life, adjusted for estimated credit losses. The Company uses a discount rate based on prevailing market coupon rates on loans with similar characteristics. The assumed weighted average discount rate used as an input to value these loans at June 30, 2026 was 5.28 %. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. Additionally, the weighted average credit discount used as an input to value the specific loans was 0.74 % with credit loss discount ranging from 0.00 %- 28.75 % at June 30, 2026.

Loans held-for-investment —The fair value of loans held-for-investment is typically determined by reference to investor price sheets for loan products with similar characteristics. Loans measured with this valuation technique are classified as Level 2 in the fair value hierarchy.

The fair value for certain loans in which the Company previously elected the fair value option is estimated by discounting future scheduled cash flows for the specific loan through maturity, adjusted for estimated credit losses and prepayment or life assumptions. These loans primarily consist of early buyout loans guaranteed by U.S. government agencies that are delinquent and, as a result, investor interest may be limited. The Company uses a discount rate based on the actual coupon rate of the underlying loan. At June 30, 2026, the Company classified $ 56.0 million of loans held-for-investment carried at fair value as Level 3. The assumed weighted average discount rate used as an input to value these loans at June 30, 2026 was 5.36 %. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. As noted above, the fair value estimate also includes assumptions of prepayment speeds and average life as well as credit losses. The weighted average prepayments speed used as an input to value current loans was 10.32 % at June 30, 2026. Prepayment speeds are inversely related to the fair value of these loans as an increase in prepayment speeds results in a decreased valuation. For delinquent loans in which performance is not assumed and there is a higher probability of resolution of the loan ending in foreclosure, the weighted average life of such loans was 5.4 years. Average life is inversely related to the fair value of these loans as an increase in estimated life results in a decreased valuation. Additionally, the weighted average credit discount used as an input to value the specific loans was 1.64 % with credit loss discounts ranging from 0.00 %- 36.06 % at June 30, 2026.

MSRs —Fair value for MSRs is determined utilizing a valuation model which calculates the fair value of each servicing right based on the present value of estimated future cash flows. The Company uses a discount rate commensurate with the risk associated with each servicing right, given current market conditions. At June 30, 2026, the Company classified $ 201.9 million of MSRs as Level 3. The weighted average discount rate used as an input to value the pool of MSRs at June 30, 2026 was 9.83 % with discount rates applied ranging from 8.50 %- 12.00 %. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. The fair value of MSRs was also estimated based on other assumptions including prepayment speeds and the cost to service. Prepayment speeds ranged from 5.84 %- 83.74 % or a weighted average prepayment speed of 10.32 %. Further, for current and delinquent loans, the Company assumed a weighted average cost of servicing of $ 76 and $ 371 , respectively, per loan. Prepayment speeds and the cost to service are both inversely related to the fair value of MSRs as an increase in prepayment speeds or the cost to service results in a decreased valuation. See Note (9) “Mortgage Servicing Rights (“MSRs”)” in Item 1 of this report for further discussion of MSRs.

Derivative instruments —The Company’s derivative instruments include swaps, collars and purchased options such as caps and floors, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans, commodity future contracts and foreign currency contracts. Swaps, collars and purchased options such as caps and floors and commodity future contracts are valued by a third party, using models that primarily use market observable inputs, such as yield curves and commodity prices prevailing at the measurement date, and are classified as Level 2 in the fair value hierarchy. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date.

At June 30, 2026, the Company classified $ 5.1 million of derivative assets related to interest rate locks as Level 3. The fair value of interest rate locks is based on prices obtained for loans with similar characteristics from third parties, adjusted for the pull-through rate, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. The weighted-average pull-through rate at June 30, 2026 was 87.14 % with pull-through rates applied ranging from 18.52 % to 100 %. Pull-through rates are directly related to the fair value of interest rate locks as an increase in the pull-through rate results in an increased valuation.

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Nonqualified deferred compensation assets —The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. These assets are classified as Level 2 in the fair value hierarchy.

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented:

June 30, 2026
(In thousands) Total Level 1 Level 2 Level 3
Available-for-sale securities
U.S. Treasury $ 5,005   $ 5,005   $ —   $ —  
U.S. government agencies 46,502   —   46,502   —  
Municipal 171,148   —   47,445   123,703  
Corporate notes 74,045   —   74,045   —  
Mortgage-backed 7,290,845   —   7,290,845   —  

Equity securities with readily determinable fair value 65,815   57,749   8,066   —  
Mortgage loans held-for-sale 407,495   —   359,906   47,589  
Loans held-for-investment 137,673   —   81,672   56,001  
MSRs 201,903   —   —   201,903  
Nonqualified deferred compensation assets 19,043   —   19,043   —  
Derivative assets 129,736   —   124,633   5,103  
Total $ 8,549,210   $ 62,754   $ 8,052,157   $ 434,299  
Derivative liabilities $ 140,111   $ —   $ 140,111   $ —  

December 31, 2025
(In thousands) Total Level 1 Level 2 Level 3
Available-for-sale securities
U.S. Treasury $ 7,035   $ 7,035   $ —   $ —  
U.S. government agencies 47,471   —   47,471   —  
Municipal 162,166   —   62,563   99,603  
Corporate notes 77,295   —   77,295   —  
Mortgage-backed 5,942,296   —   5,942,296   —  

Equity securities with readily determinable fair value 63,770   55,704   8,066   —  
Mortgage loans held-for-sale 340,745   —   286,931   53,814  
Loans held-for-investment 151,590   —   95,390   56,200  
MSRs 195,023   —   —   195,023  
Nonqualified deferred compensation assets 18,112   —   18,112   —  
Derivative assets 179,667   —   176,251   3,416  
Total $ 7,185,170   $ 62,739   $ 6,714,375   $ 408,056  
Derivative liabilities $ 123,774   $ —   $ 123,774   $ —  

June 30, 2025
(In thousands) Total Level 1 Level 2 Level 3
Available-for-sale securities
U.S. Treasury $ 13,018   $ 13,018   $ —   $ —  
U.S. government agencies 45,824   —   45,824   —  
Municipal 180,644   —   64,569   116,075  
Corporate notes 79,799   —   79,799   —  
Mortgage-backed 4,566,430   —   4,566,430   —  

Equity securities with readily determinable fair value 273,722   265,656   8,066   —  
Mortgage loans held-for-sale 299,606   —   272,438   27,168  
Loans held-for-investment 136,884   —   83,847   53,037  
MSRs 193,061   —   —   193,061  
Nonqualified deferred compensation assets 17,283   —   17,283   —  
Derivative assets 221,106   —   215,558   5,548  
Total $ 6,027,377   $ 278,674   $ 5,353,814   $ 394,889  
Derivative liabilities $ 161,402   $ —   $ 161,402   $ —  

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The aggregate remaining contractual principal balance outstanding as of June 30, 2026, December 31, 2025 and June 30, 2025 for mortgage loans held-for-sale measured at fair value under ASC 825 was $ 402.6 million, $ 343.3 million and $ 313.4 million, respectively, while the aggregate fair value of mortgage loans held-for-sale was $ 407.5 million, $ 340.7 million and $ 299.6 million, for the same respective periods, as shown in the above tables. At June 30, 2026, $ 851,000 of mortgage loans held-for-sale were classified as nonaccrual compared to $ 700,000 as of December 31, 2025 and $ 200,000 as of June 30, 2025. Additionally, there were $ 46.9 million of loans past due greater than 90 days and still accruing in the mortgage loans held-for-sale portfolio as of June 30, 2026 compared to $ 53.1 million as of December 31, 2025 and $ 27.5 million as of June 30, 2025. All of the nonaccrual loans and loans past due greater than 90 days and still accruing within the mortgage loans held-for-sale portfolio at June 30, 2026, December 31, 2025, and June 30, 2025 were individual delinquent mortgage loans bought back from GNMA at the unconditional option of the Company as servicer for those loans.

The aggregate remaining contractual principal balance outstanding as of June 30, 2026, December 31, 2025 and June 30, 2025 for loans held-for-investment measured at fair value under ASC 825 was $ 138.1 million, $ 148.1 million and $ 136.1 million, respectively, while the aggregate fair value of loans held-for-investment was $ 137.7 million, $ 151.6 million and $ 136.9 million, respectively, as shown in the above tables.

The changes in Level 3 assets measured at fair value on a recurring basis during the three and six months ended June 30, 2026 and 2025 are summarized as follows:

Mortgage loans held-for-sale Loans held-for- investment Mortgage
servicing rights Derivative assets
(In thousands) Municipal
Balance at April 1, 2026 $ 114,185   $ 52,473   $ 55,357   $ 195,276   $ 4,525  
Total net (losses) gains included in:
Net income (1)
—   ( 106 ) 75   6,627   578  
Other comprehensive income or loss ( 543 ) —   —   —   —  
Purchases 13,219   —   —   —   —  

Settlements ( 3,158 ) ( 21,133 ) ( 13,083 ) —   —  
Net transfers into Level 3
—   16,355   13,652   —   —  
Balance at June 30, 2026 $ 123,703   $ 47,589   $ 56,001   $ 201,903   $ 5,103  

Mortgage loans held-for-sale Loans held-for- investment Mortgage
servicing rights Derivative assets
(In thousands) Municipal
Balance at April 1, 2025 $ 121,844   $ 56,324   $ 34,002   $ 196,307   $ 5,493  
Total net gains (losses) included in:
Net income (1)
—   479   565   ( 3,246 ) 55  
Other comprehensive income or loss ( 2,353 ) —   —   —   —  
Purchases —   —   —   —   —  

Settlements ( 3,416 ) ( 44,819 ) ( 7,778 ) —   —  
Net transfers into Level 3 —   15,184   26,248   —   —  
Balance at June 30, 2025 $ 116,075   $ 27,168   $ 53,037   $ 193,061   $ 5,548  

Mortgage loans held-for-sale Loans held-for- investment Mortgage
servicing rights Derivative Assets
(In thousands) Municipal
Balance at January 1, 2026
$ 99,603   $ 53,814   $ 56,200   $ 195,023   $ 3,416  
Total net (losses) gains included in:
Net income (1)
—   ( 228 ) 150   6,880   1,687  
Other comprehensive income or loss ( 4,561 ) —   —   —   —  
Purchases 37,361   —   —   —   —  

Settlements ( 8,700 ) ( 34,538 ) ( 27,330 ) —   —  
Net transfers into Level 3
—   28,541   26,981   —   —  
Balance at June 30, 2026 $ 123,703   $ 47,589   $ 56,001   $ 201,903   $ 5,103  

(1) Changes in the balance of mortgage loans held-for-sale, MSRs, and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income.
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Mortgage loans held-for-sale Loans held-for- investment Mortgage
servicing rights Derivative Assets
(In thousands) Municipal
Balance at January 1, 2025
$ 121,607   $ 60,399   $ 34,896   $ 203,788   $ 1,950  
Total net (losses) gains included in:
Net income (1)
—   1,452   836   ( 10,727 ) 3,598  
Other comprehensive income or loss ( 7,431 ) —   —   —   —  
Purchases 15,282   —   —   —   —  

Settlements ( 13,383 ) ( 69,420 ) ( 12,725 ) —   —  
Net transfers into Level 3 —   34,737   30,030   —   —  
Balance at June 30, 2025 $ 116,075   $ 27,168   $ 53,037   $ 193,061   $ 5,548  

(1) Changes in the balance of mortgage loans held-for-sale, MSRs and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income.

Also, the Company may be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. For assets measured at fair value on a non-recurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at June 30, 2026:

June 30, 2026 Three Months Ended June 30, 2026
Fair Value Losses Recognized, net
Six Months Ended June 30, 2026
Fair Value Losses Recognized, net

(In thousands) Total Level 1 Level 2 Level 3
Individually assessed loans - foreclosure probable and collateral-dependent $ 134,955   $ —   $ —   $ 134,955   $ 11,730   $ 27,738  
Other real estate owned (1)
15,940   —   —   15,940   —   —  
Total $ 150,895   $ —   $ —   $ 150,895   $ 11,730   $ 27,738  

(1) Net fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period.

Individually assessed loans —In accordance with ASC 326, the allowance for credit losses for loans and other financial assets
held at amortized cost should be measured on a collective or pooled basis when such assets exhibit similar risk characteristics. In instances in which a financial asset does not exhibit similar risk characteristics to a pool, the Company is required to measure such allowance for credit losses on an individual asset basis. For the Company’s loan portfolio, nonaccrual loans are considered to not exhibit similar risk characteristics as pools and thus are individually assessed. Credit losses are measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral. Individually assessed loans are considered a fair value measurement where an allowance for credit loss is established based on the fair value of collateral. Appraised values on relevant real estate properties, which may require adjustments to market-based valuation inputs, are generally used on foreclosure probable and collateral-dependent loans within the real estate portfolios.

The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs of individually assessed loans. For more information on individually assessed loans refer to Note (7) “Allowance for Credit Losses” in Item 1 of this report. At June 30, 2026, the Company had $ 135.0 million of individually assessed loans classified as Level 3. All of the $ 135.0  million of individually assessed loans were measured at fair value based on the underlying collateral of the loan as shown in the table above.

Other real estate owned —Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation.

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The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs for other real estate owned. At June 30, 2026, the Company had $ 15.9 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the 10.00 % reduction to the appraisal value representing the estimated cost of sale of the foreclosed property. A higher discount for the estimated cost of sale results in a decreased carrying value.

The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at June 30, 2026 were as follows:

(Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Input / Range of Inputs Weighted
Average
of Inputs Impact to valuation
from an increased or
higher input value
Measured at fair value on a recurring basis:
Municipal securities $ 123,703   Bond pricing Equivalent rating BBB-AA+ N/A Increase
Mortgage loans held-for-sale 47,589   Discounted cash flows Discount rate 5.28 %
5.28 % Decrease
Credit discount 0.00 % - 28.75 %
0.74 % Decrease
Loans held-for-investment 56,001   Discounted cash flows Discount rate 5.28 % - 6.00 %
5.36 % Decrease
Credit discount 0.00 % - 36.06 %
1.64 % Decrease
Constant prepayment rate (CPR) - current loans 10.32 %
10.32 % Decrease
Average life - delinquent loans (in years) 1.4 years - 12.0 years
5.4 years Decrease
MSRs 201,903   Discounted cash flows Discount rate 8.50 % - 12.00 %
9.83 % Decrease
Constant prepayment rate (CPR) 5.84 % - 83.74 %
10.32 % Decrease
Cost of servicing $ 70 - $ 90
$ 76   Decrease
Cost of servicing - delinquent $ 200 - $ 1,000
$ 371   Decrease
Derivatives 5,103   Discounted cash flows Pull-through rate 18.52 % - 100 %
87.14   % Increase
Measured at fair value on a non-recurring basis:
Individually assessed loans - foreclosure probable and collateral-dependent 134,955   Appraisal value Appraisal adjustment - cost of sale 10.00 % 10.00 % Decrease
Other real estate owned 15,940   Appraisal value Appraisal adjustment - cost of sale 10.00 % 10.00 % Decrease

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The Company is required under applicable accounting guidance to report the fair value of all financial instruments on the Consolidated Statements of Condition, including those financial instruments carried at cost. The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown:

At June 30, 2026 At December 31, 2025 At June 30, 2025
Carrying Fair Carrying Fair Carrying Fair
(In thousands) Value Value Value Value Value Value
Financial Assets:
Cash and cash equivalents $ 595,855   $ 595,855   $ 467,938   $ 467,938   $ 695,564   $ 695,564  

Interest-bearing deposits with banks 3,573,915   3,573,915   3,180,553   3,180,553   4,569,618   4,569,618  
Available-for-sale securities 7,587,545   7,587,545   6,236,263   6,236,263   4,885,715   4,885,715  
Held-to-maturity securities 3,196,452   2,634,961   3,343,905   2,785,147   3,502,186   2,869,415  

Equity securities with readily determinable fair value 65,815   65,815   63,770   63,770   273,722   273,722  
FHLB and FRB stock, at cost 294,629   294,629   291,881   291,881   282,087   282,087  

Mortgage loans held-for-sale, at fair value 407,495   407,495   340,745   340,745   299,606   299,606  
Loans held-for-investment, at fair value 137,673   137,673   151,590   151,590   136,884   136,884  
Loans held-for-investment, at amortized cost 55,517,274   54,792,928   52,953,511   52,383,501   50,904,795   50,121,351  
Nonqualified deferred compensation assets 19,043   19,043   18,112   18,112   17,283   17,283  
Derivative assets 129,736   129,736   179,667   179,667   221,106   221,106  
Accrued interest receivable and other 579,494   579,494   552,197   552,197   576,813   576,813  
Total financial assets $ 72,104,926   $ 70,819,089   $ 67,780,132   $ 66,651,364   $ 66,365,379   $ 64,949,164  
Financial Liabilities:
Non-maturity deposits $ 49,569,695   $ 49,569,695   $ 47,839,241   $ 47,839,241   $ 45,484,115   $ 45,484,115  
Deposits with stated maturities 11,571,580   11,562,542   9,877,950   9,890,485   10,332,696   10,319,942  
FHLB advances 3,450,680   3,452,714   3,451,309   3,472,538   3,151,309   3,185,868  
Other borrowings 370,736   370,736   477,966   478,072   625,392   625,402  
Subordinated notes 298,820   298,923   298,636   296,487   298,458   292,668  
Junior subordinated debentures 253,566   253,548   253,566   253,591   253,566   253,573  
Derivative liabilities 140,111   140,111   123,774   123,774   161,402   161,402  
Accrued interest payable 53,561   53,561   62,884   62,884   57,470   57,470  
Total financial liabilities $ 65,708,749   $ 65,701,830   $ 62,385,326   $ 62,417,072   $ 60,364,408   $ 60,380,440  

Not all the financial instruments listed in the table above are subject to the disclosure provisions of ASC Topic 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, interest-bearing deposits with banks, brokerage customer receivables, FHLB and FRB stock, accrued interest receivable and accrued interest payable and non-maturity deposits.

The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed.

Held-to-maturity securities — Held-to-maturity securities include U.S. government-sponsored agency securities, municipal bonds issued by various municipal government entities primarily located in the Chicago metropolitan area, southern Wisconsin, and west Michigan and mortgage-backed securities. Fair values for held-to-maturity securities are typically based on prices obtained from independent pricing vendors. In accordance with ASC 820, the Company has generally categorized these held-to-maturity securities as a Level 2 fair value measurement. Fair values for certain other held-to-maturity securities are based on the bond pricing methodology discussed previously related to certain available-for-sale securities. In accordance with ASC 820, the Company has categorized these held-to-maturity securities as a Level 3 fair value measurement.

Loans held-for-investment, at amortized cost — Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are analyzed by type (commercial, residential real estate, etc.) and category within each type (construction, non-construction, franchise lending etc.). Each category is further segmented by interest rate type (fixed and variable). The fair value of both fixed and variable rate loans is estimated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect credit and interest rate risks inherent in the loan. In accordance with ASC 820, the Company has categorized loans as a Level 3 fair value measurement.
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Deposits with stated maturities — The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for deposits of similar remaining maturities. In accordance with ASC 820, the Company has categorized deposits with stated maturities as a Level 3 fair value measurement.

FHLB advances — The fair value of FHLB advances is calculated using a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized FHLB advances as a Level 3 fair value measurement.

Subordinated notes — The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement.

Junior subordinated debentures — The fair value of the junior subordinated debentures is based on the discounted value of contractual cash flows. In accordance with ASC 820, the Company has categorized junior subordinated debentures as a Level 3 fair value measurement.

(16) Stock-Based Compensation Plans

As of June 30, 2026, approximately 1,525,000 shares were available for future grants, assuming the maximum number of shares are issued for the performance awards outstanding, approved under the Company Stock Incentive Plans (“the Plans”). Descriptions of the Plans are included in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans” of the 2025 Form 10-K.

Stock-based compensation expense recognized in the Consolidated Statements of Income was $ 11.7 million in the second quarter of 2026 and $ 10.2 million in the second quarter of 2025, and $ 23.0 million and $ 20.6 million in the six months ended June 30, 2026 and 2025, respectively.

A summary of the Plans’ stock option activity for the six months ended June 30, 2026 and June 30, 2025 is presented below:

Stock Options Common
Shares Weighted
Average
Strike Price Remaining
Contractual
Term   (1)
Intrinsic
Value  (2)
(in thousands)

Outstanding at January 1, 2026
5,675   $ 44.81  

Exercised ( 2,325 ) 40.97  

Outstanding at June 30, 2026
3,350   $ 47.47   2.6 $ 379  
Exercisable at June 30, 2026
3,350   $ 47.47   2.6 $ 379  

Stock Options Common
Shares Weighted
Average
Strike Price Remaining
Contractual
Term (1)
Intrinsic
Value  (2)
(in thousands)

Outstanding at January 1, 2025
10,825   $ 43.76  

Exercised ( 5,150 ) 42.61  

Outstanding at June 30, 2025
5,675   $ 44.81   3.2 $ 449  
Exercisable at June 30, 2025
5,675   $ 44.81   3.2 $ 449  

(1) Represents the remaining weighted average contractual life in years.
(2) Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock.

The aggregate intrinsic value of options exercised during the six months ended June 30, 2026 and June 30, 2025, was approximately $ 250,000 and $ 467,000 , respectively. Cash received from option exercises under the Plans for the six months ended June 30, 2026 and June 30, 2025 was approximately $ 95,000 and $ 220,000 , respectively.

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A summary of the Plans’ restricted share activity for the six months ended June 30, 2026 and June 30, 2025 is presented below:

Six months ended June 30, 2026 Six months ended June 30, 2025
Restricted Shares Common
Shares Weighted
Average
Grant-Date
Fair Value Common
Shares Weighted
Average
Grant-Date
Fair Value
Outstanding at January 1 888,398   $ 101.63   880,866   $ 90.95  
Granted 260,905   153.28   254,059   133.14  
Vested and issued ( 278,212 ) 93.19   ( 201,993 ) 94.27  
Forfeited or canceled ( 19,173 ) 124.90   ( 17,703 ) 106.93  
Outstanding at June 30
851,918   $ 119.86   915,229   $ 101.62  
Vested, but deferred, at June 30
102,959   $ 56.28   101,426   $ 55.02  

A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the six months ended June 30, 2026 and June 30, 2025 is presented below:

Six months ended June 30, 2026 Six months ended June 30, 2025
Performance-based Stock Common
Shares Weighted
Average
Grant-Date
Fair Value Common
Shares Weighted
Average
Grant-Date
Fair Value
Outstanding at January 1 377,757   $ 102.38   454,017   $ 93.57  
Granted 86,224   148.35   87,844   134.58  
Added by performance factor at vesting, net 9,242   —   75,461   —  
Vested and issued ( 196,899 ) 90.33   ( 230,957 ) 95.26  
Forfeited or canceled ( 836 ) 114.09   ( 7,376 ) 104.88  
Outstanding at June 30
275,488   $ 125.97   378,989   $ 102.41  
Vested, but deferred, at June 30
—   $ —   13,231   $ 40.53  

(17) Accumulated Other Comprehensive Income or Loss and Earnings Per Share

Accumulated Other Comprehensive Income or Loss

The following tables summarize the components of other comprehensive income or loss, including the related income tax effects, and the related amount reclassified to net income for the periods presented:

(In thousands) Accumulated
Unrealized (Losses) Gains
on Securities Accumulated
Unrealized (Losses) Gains on
Derivative
Instruments Accumulated
Foreign
Currency
Translation
Adjustments Total
Accumulated
Other
Comprehensive (Loss) Income
Balance at April 1, 2026 $ ( 337,605 ) $ 28,122   $ ( 57,325 ) $ ( 366,808 )
Other comprehensive loss during the period, net of tax, before reclassifications ( 16,199 ) ( 27,772 ) ( 6,629 ) ( 50,600 )
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax 27   ( 3,415 ) —   ( 3,388 )
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax ( 2 ) —   —   ( 2 )
Net other comprehensive loss during the period, net of tax $ ( 16,174 ) $ ( 31,187 ) $ ( 6,629 ) $ ( 53,990 )
Balance at June 30, 2026 $ ( 353,779 ) $ ( 3,065 ) $ ( 63,954 ) $ ( 420,798 )

Balance at January 1, 2026 $ ( 292,829 ) $ 49,912   $ ( 52,837 ) $ ( 295,754 )
Other comprehensive loss during the period, net of tax, before reclassifications ( 60,966 ) ( 46,626 ) ( 11,117 ) ( 118,709 )
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax 28   ( 6,351 ) —   ( 6,323 )
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax ( 12 ) —   —   ( 12 )
Net other comprehensive loss during the period, net of tax $ ( 60,950 ) $ ( 52,977 ) $ ( 11,117 ) $ ( 125,044 )
Balance at June 30, 2026 $ ( 353,779 ) $ ( 3,065 ) $ ( 63,954 ) $ ( 420,798 )

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Balance at April 1, 2025 $ ( 373,994 ) $ 31,747   $ ( 67,768 ) $ ( 410,015 )
Other comprehensive income during the period, net of tax, before reclassifications 3,970   18,555   17,583   40,108  
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax 64   3,618   —   3,682  
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax ( 8 ) —   —   ( 8 )
Net other comprehensive income during the period, net of tax $ 4,026   $ 22,173   $ 17,583   $ 43,782  
Balance at June 30, 2025 $ ( 369,968 ) $ 53,920   $ ( 50,185 ) $ ( 366,233 )

Balance at January 1, 2025 $ ( 429,580 ) $ ( 11,227 ) $ ( 67,528 ) $ ( 508,335 )
Other comprehensive income during the period, net of tax, before reclassifications 59,341   57,277   17,343   133,961  
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax 287   7,870   —   8,157  
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax ( 16 ) —   —   ( 16 )
Net other comprehensive income during the period, net of tax $ 59,612   $ 65,147   $ 17,343   $ 142,102  
Balance at June 30, 2025 $ ( 369,968 ) $ 53,920   $ ( 50,185 ) $ ( 366,233 )

(In thousands) Amount Reclassified from Accumulated Other Comprehensive Income or Loss for the
Details Regarding the Component of Accumulated Other Comprehensive Income or Loss Three Months Ended Six Months Ended Impacted Line on the
Consolidated Statements of Income
June 30, June 30,
2026 2025 2026 2025
Accumulated unrealized losses on securities
Losses included in net income $ ( 35 ) $ ( 87 ) $ ( 37 ) $ ( 388 ) Gains on investment securities, net
( 35 ) ( 87 ) ( 37 ) ( 388 ) Income before taxes
Tax effect 8   23   9   101   Income tax expense
Net of tax $ ( 27 ) $ ( 64 ) $ ( 28 ) $ ( 287 ) Net income

Accumulated unrealized (losses) gains on derivative instruments
Amount reclassified to interest income on loans $ ( 1,290 ) $ 8,215   $ ( 1,932 ) $ 17,286   Interest on loans
Amount reclassified to interest expense on deposits ( 3,325 ) ( 3,325 ) ( 6,650 ) ( 6,650 ) Interest on deposits

4,615   ( 4,890 ) 8,582   ( 10,636 ) Income before taxes
Tax effect ( 1,200 ) 1,272   ( 2,231 ) 2,766   Income tax expense
Net of tax $ 3,415   $ ( 3,618 ) $ 6,351   $ ( 7,870 ) Net income

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Earnings per Share

The following table shows the computation of basic and diluted earnings per share for the periods indicated:

Three Months Ended Six Months Ended
(Dollars in thousands, except per share data) June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net income $ 233,693   $ 195,527   $ 461,081   $ 384,566  
Less: Preferred stock dividends 8,367   6,991   16,734   13,982  
Net income applicable to common shares (A) $ 225,326   $ 188,536   $ 444,347   $ 370,584  

Weighted average common shares outstanding (B) 67,434   66,931   67,341   66,829  
Effect of dilutive potential common shares
Common stock equivalents 852   888   852   903  
Weighted average common shares and effect of dilutive potential common shares (C) 68,286   67,819   68,193   67,732  
Net income per common share:
Basic (A/B) $ 3.34   $ 2.82   $ 6.60   $ 5.55  
Diluted (A/C) $ 3.30   $ 2.78   $ 6.52   $ 5.47  
Potentially dilutive common shares can result from stock options, restricted stock unit awards and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect of inclusion would either reduce the loss per share or increase the income per share.

At the January 2026 meeting of the Board of Directors of the Company (the “Board of Directors”), a quarterly cash dividend of $ 0.55 per share ($ 2.20 on an annualized basis) was declared. It was paid on February 19, 2026 to shareholders of record as of February 5, 2026. At the April 2026 meeting of the Board of Directors, a quarterly cash dividend of $ 0.55 per share ($ 2.20 on an annualized basis) was declared. It was paid on May 28, 2026 to shareholders of record as of May 14, 2026.

ITEM 2
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

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

Introduction

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

Overview

Second Quarter Highlights

The Company recorded net income of $233.7 million for the second quarter of 2026 compared to $195.5 million in the second quarter of 2025. The results for the second quarter of 2026 demonstrate increased net interest income due to growth in earning assets as well as the Company’s ability to navigate disruptions in the current economic environment during the period due to the
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Company’s strong deposit franchise and balanced business model. Partially offsetting the increase in net interest income was an increase in non-interest expense. The increase in non-interest expense was a result of additional expenses to support growth. Comprehensive income includes 1) net income as presented on the Company’s Consolidated Statements of Income and 2) other comprehensive income or loss from unrealized gains and losses on the Company’s available-for-sale investment securities portfolios and derivative contracts designated as cash flow hedges as well as foreign currency translation adjustments. Comprehensive income totaled $179.7 million for the second quarter of 2026 compared to $239.3 million for the second quarter of 2025.

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

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

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

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

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

RESULTS OF OPERATIONS

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

Three Months Ended
(Dollars in thousands, except per share data) June 30,
2026 June 30,
2025 Percentage (%) or
Basis Point (bp) Change
Net income $ 233,693   $ 195,527  20  %
Pre-tax income, excluding provision for credit losses (non-GAAP) (1)
341,098   289,322  18 

Net income per common share—Diluted 3.30   2.78  19 
Net revenue (2)
738,635   670,783  10 
Net interest income 597,366   546,694  9 
Net interest margin 3.50   % 3.52  % (2) bps
Net interest margin - fully taxable-equivalent (non-GAAP) (1)
3.52   3.54  (2)
Net overhead ratio (3)
1.42   1.57  (15)

Return on average assets 1.30   1.19  11 
Return on average common equity 12.82   12.07  75 
Return on average tangible common equity (non-GAAP) (1)
14.91   14.44  47 

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Six months ended
(Dollars in thousands, except per share data) June 30,
2026 June 30,
2025 Percentage (%) or
Basis Point (bp) Change
Net income $ 461,081   $ 384,566  20    %
Pre-tax income, excluding provision for credit losses (non-GAAP) (1)
671,632   566,340  19 

Net income per common share—Diluted 6.52   5.47  19 
Net revenue (2)
1,451,801   1,313,891  10 
Net interest income 1,176,390   1,073,168  10 
Net interest margin 3.52   % 3.53  % (1) bps
Net interest margin - fully taxable-equivalent (non-GAAP) (1)
3.54   3.55  (1)
Net overhead ratio (3)
1.43   1.57  (14)

Return on average assets 1.31   1.19  12 
Return on average common equity 12.79   12.14  65 
Return on average tangible common equity (non-GAAP) (1)
14.90   14.57  33 
At end of period
Total assets $ 74,668,135   $ 68,983,318  8  %
Total loans, excluding loans held-for-sale 55,654,947   51,041,679  9 
Total loans, including loans held-for-sale 56,062,442   51,341,285  9 
Total deposits 61,141,275   55,816,811  10 
Total shareholders’ equity 7,525,116   7,225,696  4 

Book value per common share (1)
105.26   95.43  10 
Tangible common book value per share (1)
92.13   81.86  13 
Market price per common share 160.72   123.98  30 

Allowance for loan and unfunded lending-related commitment losses to total loans 0.86   % 0.90  % (4)  bps

(1) See following section titled “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance measure/ratio.
(2) Net revenue is net interest income plus non-interest income.
(3) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency.

Certain returns, yields, performance ratios, and quarterly growth rates are “annualized” throughout this report to represent an annual time period. This is done for analytical purposes to better discern for decision-making purposes underlying performance trends when compared to full-year or year-over-year amounts. For example, balance sheet growth rates are most often expressed in terms of an annual rate. As such, 5% growth during a quarter would represent an annualized growth rate of 20%.

SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

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

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

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

Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
(Dollars and shares in thousands) 2026 2026 2025 2026 2025
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP) $ 961,412   $ 927,560  $ 920,908  $ 1,888,972   $ 1,807,873 
Taxable-equivalent adjustment:
 - Loans
2,111   2,026  2,200  4,137   4,406 
 - Liquidity Management Assets 630   586  680  1,216   1,370 
 - Other Earning Assets —   —  —  —   3 
(B) Interest Income (non-GAAP) $ 964,153   $ 930,172  $ 923,788  $ 1,894,325   $ 1,813,652 
(C) Interest Expense (GAAP) 364,046   348,536  374,214  712,582   734,705 
(D) Net Interest Income (GAAP) (A minus C) 597,366   579,024  546,694  1,176,390   1,073,168 
(E) Net Interest Income, fully taxable-equivalent (non-GAAP) (B minus C) 600,107   581,636  549,574  1,181,743   1,078,947 

Net interest margin (GAAP) 3.50   % 3.54  % 3.52  % 3.52   % 3.53  %
Net interest margin, fully taxable-equivalent (non-GAAP) 3.52   3.56  3.54  3.54   3.55 
(F) Non-interest income $ 141,269   $ 134,142  $ 124,089  $ 275,411   $ 240,723 
(G) Gains (losses) on investment securities, net 1,845   (31) 650  1,814   3,846 
(H) Non-interest expense 397,537   382,632  381,461  780,169   747,551 
Efficiency ratio (H/(D+F-G)) 53.96   % 53.65  % 56.92  % 53.81   % 57.06  %
Efficiency ratio (non-GAAP) (H/(E+F-G)) 53.76   53.45  56.68  53.61   56.81 

Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP) $ 7,525,116   $ 7,378,100  $ 7,225,696 

Less: Non-convertible preferred stock (GAAP) (425,000) (425,000) (837,500)
Less: Acquisition-related intangible assets (GAAP) (885,338) (890,698) (908,639)
(I) Total tangible common shareholders’ equity (non-GAAP) $ 6,214,778   $ 6,062,402  $ 5,479,557 
(J) Total assets (GAAP) $ 74,668,135   $ 72,157,433  $ 68,983,318 
Less: Acquisition-related intangible assets (GAAP) (885,338) (890,698) (908,639)
(K) Total tangible assets (non-GAAP) $ 73,782,797   $ 71,266,735  $ 68,074,679 
Common equity to assets ratio (GAAP) (L/J) 9.5   % 9.6  % 9.3  %
Tangible common equity ratio (non-GAAP) (I/K) 8.4   8.5  8.0 

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity $ 7,525,116   $ 7,378,100  $ 7,225,696 
Less: Non-convertible preferred stock (GAAP) (425,000) (425,000) (837,500)
(L) Total common equity $ 7,100,116   $ 6,953,100  $ 6,388,196 
(M) Actual common shares outstanding 67,455   67,437  66,938 
Book value per common share (L/M) $ 105.26   $ 103.10  $ 95.43 
Tangible book value per common share (non-GAAP) (I/M) 92.13   89.90  81.86 

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares $ 225,326   $ 219,021  $ 188,536  $ 444,347   $ 370,584 
Add: Acquisition-related intangible asset amortization 4,921   4,958  5,580  9,879   11,198 
Less: Tax effect of acquisition-related intangible asset amortization (1,304) (1,210) (1,495) (2,519) (2,923)
After-tax acquisition-related intangible asset amortization $ 3,617   $ 3,748  $ 4,085  $ 7,360   $ 8,275 
(O) Tangible net income applicable to common shares (non-GAAP) $ 228,943   $ 222,769  $ 192,621  $ 451,707   $ 378,859 
Total average shareholders’ equity $ 7,474,449   $ 7,387,713  $ 6,862,040  $ 7,431,321   $ 6,662,598 
Less: Average preferred stock (425,000) (425,000) (599,313) (425,000) (506,423)
(P) Total average common shareholders’ equity $ 7,049,449   $ 6,962,713  $ 6,262,727  $ 7,006,321   $ 6,156,175 
Less: Average acquisition-related intangible assets (889,059) (894,211) (910,924) (891,620) (913,483)
(Q) Total average tangible common shareholders’ equity (non-GAAP) $ 6,160,390   $ 6,068,502  $ 5,351,803  $ 6,114,701   $ 5,242,692 
Return on average common equity, annualized (N/P) 12.82   % 12.76  % 12.07  % 12.79   % 12.14  %
Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.91   14.89  14.44  14.90   14.57 

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes $ 317,964   $ 300,940  $ 267,088  $ 618,904   $ 520,143 
Add: Provision for credit losses 23,134   29,594  22,234  52,728   46,197 
Pre-tax income, excluding provision for credit losses (non-GAAP) $ 341,098   $ 330,534  $ 289,322  $ 671,632   $ 566,340 

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Critical Accounting Estimates

The Company’s Consolidated Financial Statements are prepared in accordance with GAAP in the United States, prevailing practices of the banking industry, and the application of accounting policies of which are described in Note (1) “Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8 of the Company’s 2025 Form 10-K. These policies require numerous estimates and strategic or economic assumptions, which may prove inaccurate or subject to variations. Changes in underlying factors, assumptions or estimates could have a material impact on the Company’s future financial condition and results of operations. At June 30, 2026, management views critical accounting estimates to include the determination of the allowance for credit losses, estimations of fair value, and the valuation and accounting for derivative instruments, as the accounting areas that require the most subjective and complex judgments, and as such could be most subject to revision as new information becomes available. These estimates were reviewed by the Audit Committee of the Company’s Board of Directors and are discussed in further detail below.

Allowance for Credit Losses, including the Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Allowance for Held-to-Maturity Debt Securities

The allowance for credit losses represents management’s estimate of expected credit losses over the life of a financial asset carried at amortized cost. Determining the amount of the allowance for credit losses is considered a critical accounting estimate because it requires significant judgment and includes the use of estimates related to the fair value of the underlying collateral and amount and timing of expected future cash flows on individually assessed financial assets, estimated credit losses on pools of loans with similar risk characteristics, and consideration of reasonable and supportable forecasts of macroeconomic conditions, all of which are susceptible to significant change. Management also applies judgment in developing qualitative adjustments to reflect elements of credit risk that are not fully captured in the quantitative loss models. The Company also maintains an allowance for lending-related commitments, specifically unfunded loan commitments and letters of credit, which relates to certain amounts the Company is committed to lend (not unconditionally cancelable) but for which funds have not yet been disbursed. At June 30, 2026, the loan and held-to-maturity debt securities portfolios represent 79% of total assets on the Company’s consolidated balance sheet.

Key macroeconomic variable data points that are significant inputs into our credit loss models for the commercial and commercial real estate portfolios are the Baa corporate credit spread, the Dow Jones Total Stock Market Index for the commercial portfolio, and the Commercial Real Estate Price Index ("CREPI") related to the commercial real estate portfolio. Holding all other inputs constant, the table below shows the impact of changes in these key macroeconomic variable data points on the estimate of allowance for credit losses.

Impact to estimated allowance for credit losses from an increased or higher input value
Baa Credit Spread Increases
Dow Jones Total Stock Market Index Decreases
CRE Price Index Decreases

Holding all other inputs constant, the following table provides a sensitivity analysis for the commercial and commercial real estate portfolios based on a 10 basis point change in Baa credit spreads from the assumption utilized in the estimate of that portfolio’s allowance for credit losses at June 30, 2026:

Baa Credit Spread
Narrows Widens
Commercial Decreases estimate by 5%-10% Increases estimate by 5%-10%
Commercial Real Estate:
Construction Decreases estimate by 5%-10% Increases estimate by 5%-10%
Non-Construction Decreases estimate by 3%-4% Increases estimate by 3%-4%

Holding all other inputs constant, the following table provides a sensitivity analysis for the commercial portfolio based on a 10% change in the Dow Jones Total Stock Market Index from the assumption utilized in the estimate of that portfolio’s allowance for credit losses at June 30, 2026:
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Dow Jones Total Stock Market Index
Increases Decreases
Commercial Decreases estimate by 3%-5% Increases estimate by 3%-5%

Holding all other inputs constant, the following table provides a sensitivity analysis for the commercial real estate construction and non-construction portfolios based on a 10% change in CREPI from the assumption utilized in the estimate of that portfolio’s allowance for credit losses at June 30, 2026:

CRE Price Index
Increases Decreases
Commercial Real Estate:
Construction Decreases estimate by 35%-40% Increases estimate by 160%-165%
Non-Construction Decreases estimate by 25%-30% Increases estimate by 40%-45%

See Note (7) “Allowance for Credit Losses” to the Consolidated Financial Statements in Item 1 of this report and the section titled “Credit Quality” in Item 2 of this report for a description of the methodology used to determine the allowance for credit losses.

For a more detailed discussion on these critical accounting estimates, see “Summary of Critical Accounting Estimates” beginning on page 56 of the 2025 Form 10-K.

Net Income

Net income for the quarter ended June 30, 2026 totaled $233.7 million, an increase of $38.2 million, or 20%, compared to the quarter ended June 30, 2025. On a per share basis, net income for the second quarter of 2026 totaled $3.30 per diluted common share compared to $2.78 for the second quarter of 2025.

The increase in net income for the second quarter of 2026 as compared to the same period in the prior year is primarily attributable to increased net interest income and an increase in non-interest income, partially offset by increased non-interest expense primarily due to increased salary and employee benefits expenses. See “Net Interest Income,” “Non-interest Income,” “Non-interest Expense” and “Credit Quality” for further detail.

Net Interest Income

The primary source of the Company’s revenue is net interest income. Net interest income is the difference between interest income and fees on earning assets, such as loans and securities, and interest expense on the liabilities to fund those assets, including interest-bearing deposits and other borrowings. The amount of net interest income is affected by both changes in the level of interest rates, and the amount and composition of earning assets and interest bearing liabilities.

Quarter Ended June 30, 2026 compared to the Quarters Ended March 31, 2026 and June 30, 2025

The following table presents a summary of the Company’s average balances, net interest income and related net interest margins, including a calculation on a fully taxable-equivalent basis, for the second quarter of 2026 as compared to the first quarter of 2026 (sequential quarters) and second quarter of 2025 (linked quarters):
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Average Balance
for three months ended, Interest
for three months ended, Yield/Rate
for three months ended,
(Dollars in thousands) Jun 30,
2026 Mar 31,
2026 Jun 30,
2025 Jun 30,
2026 Mar 31,
2026 Jun 30,
2025 Jun 30,
2026 Mar 31,
2026 Jun 30,
2025
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
$ 2,412,081   $ 2,247,083  $ 3,308,199  $ 20,921   $ 19,214  $ 34,593  3.48   % 3.47  % 4.19  %
Investment securities (2)
10,832,538   10,616,617  8,801,560  106,346   100,864  78,733  3.94   3.85  3.59 
FHLB and FRB stock 292,325   291,972  282,001  5,625   5,564  5,393  7.72   7.73  7.67 
Liquidity management assets (3) (7)
$ 13,536,944   $ 13,155,672  $ 12,391,760  $ 132,892   $ 125,642  $ 118,719  3.94   % 3.87  % 3.84  %

Mortgage loans held-for-sale 402,175   317,047  310,534  6,169   4,615  4,872  6.15   5.90  6.29 
Loans, net of unearned
income (3) (4) (7)
54,491,469   52,845,685  49,517,635  825,092   799,915  800,197  6.07   6.14  6.48 

Total earning assets (7)
$ 68,430,588   $ 66,318,404  $ 62,219,929  $ 964,153   $ 930,172  $ 923,788  5.65   % 5.69  % 5.96  %
Allowance for loan and investment security losses (405,743) (391,810) (398,685)
Cash and due from banks 519,586   534,189  478,707 
Other assets 3,617,292   3,628,340  3,540,394 
Total assets
$ 72,161,723   $ 70,089,123  $ 65,840,345 

NOW and interest-bearing demand deposits $ 6,453,420   $ 6,081,218  $ 6,423,050  $ 32,318   $ 29,666  $ 37,517  2.01   % 1.98  % 2.34  %
Wealth management deposits 1,485,347   1,858,560  1,552,989  6,823   8,941  8,182  1.84   1.95  2.11 
Money market accounts 22,000,942   21,156,125  18,184,754  165,035   155,299  155,890  3.01   2.98  3.44 
Savings accounts 6,707,916   6,921,251  6,578,698  25,729   30,672  37,637  1.54   1.80  2.29 
Time deposits 10,938,312   9,782,112  9,841,702  95,128   84,609  94,244  3.49   3.51  3.84 
Interest-bearing deposits $ 47,585,937   $ 45,799,266  $ 42,581,193  $ 325,033   $ 309,187  $ 333,470  2.74   % 2.74  % 3.14  %
Federal Home Loan Bank advances 3,450,773   3,451,312  3,151,310  28,218   27,701  25,724  3.28   3.26  3.27 
Other borrowings 358,511   442,200  593,657  3,121   4,026  6,957  3.49   3.69  4.70 
Subordinated notes 298,757   298,661  298,398  3,739   3,719  3,735  5.02   5.05  5.02 
Junior subordinated debentures 253,566   253,566  253,566  3,935   3,903  4,328  6.22   6.24  6.85 
Total interest-bearing liabilities
$ 51,947,544   $ 50,245,005  $ 46,878,124  $ 364,046   $ 348,536  $ 374,214  2.81   % 2.81  % 3.20  %
Non-interest-bearing deposits 11,273,344   10,963,887  10,643,798 
Other liabilities 1,466,386   1,492,518  1,456,383 
Equity 7,474,449   7,387,713  6,862,040 
Total liabilities and shareholders’ equity
$ 72,161,723   $ 70,089,123  $ 65,840,345 
Interest rate spread (5) (7)
2.84   % 2.88  % 2.76  %
Less: Fully taxable-equivalent adjustment (2,741) (2,612) (2,880) (0.02) (0.02) (0.02)
Net free funds/contribution (6)
$ 16,483,044   $ 16,073,399  $ 15,341,805  0.68   0.68  0.78 
Net interest income/margin (GAAP) (7)
$ 597,366   $ 579,024  $ 546,694  3.50   % 3.54  % 3.52  %
Fully taxable-equivalent adjustment 2,741   2,612  2,880  0.02   0.02  0.02 
Net interest income/margin, fully taxable-equivalent (non-GAAP) (7)
$ 600,107   $ 581,636  $ 549,574  3.52   % 3.56  % 3.54  %

(1) Includes interest-bearing deposits with banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(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 tax-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. The total adjustments for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025 were $2.7 million, $2.6 million and $2.9 million, respectively.
(4) Loans, net of unearned income, include nonaccrual loans.
(5) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(6) 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.
(7) See “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance measure/ratio.
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For the second quarter of 2026, net interest income totaled $597.4 million, an increase of $18.3 million as compared to the first quarter of 2026, and an increase of $50.7 million as compared to the second quarter of 2025. Net interest margin was 3.50% (3.52% on a FTE basis, non-GAAP) during the second quarter of 2026 compared to 3.54% (3.56% on a FTE basis, non-GAAP) during the first quarter of 2026, and 3.52% (3.54% on a FTE basis, non-GAAP) during the second quarter of 2025.

The following table presents a summary of the Company’s net interest income and related net interest margin, including a calculation on a fully taxable-equivalent basis, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025:

Average Balance
for six months ended,
Interest
for six months ended,
Yield/Rate
for six months ended,

(Dollars in thousands) June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
$ 2,330,038   $ 3,413,538  $ 40,135   $ 71,538  3.47   % 4.23  %
Investment securities (2)
10,725,174   8,606,730  207,210   151,439  3.90   3.55 
FHLB and FRB stock 292,149   281,853  11,189   10,700  7.72   7.66 
Liquidity management assets (3)(8)
$ 13,347,361   $ 12,302,121  $ 258,534   $ 233,677  3.91   % 3.83  %
Other earning assets (3)(4)(8)
—   6,533  —   92  —   2.84 
Mortgage loans held-for-sale 359,846   298,688  10,784   9,118  6.04   6.16 
Loans, net of unearned income (3)(5)(8)
53,673,123   48,680,160  1,625,007   1,570,765  6.11   6.51 

Total earning assets (8)
$ 67,380,330   $ 61,287,502  $ 1,894,325   $ 1,813,652  5.67   % 5.97  %
Allowance for loan and investment security losses (398,815) (387,092)
Cash and due from banks 526,847   477,571 
Other assets 3,622,786   3,600,500 
Total assets $ 71,131,148   $ 64,978,481 

NOW and interest-bearing demand deposits $ 6,268,347   $ 6,235,661  $ 61,985   $ 71,117  1.99   % 2.30  %
Wealth management deposits 1,670,923   1,563,675  15,764   16,788  1.90   2.17 
Money market accounts 21,580,867   17,884,615  320,334   302,264  2.99   3.41 
Savings accounts 6,813,994   6,529,345  56,401   73,560  1.67   2.27 
Time deposits 10,363,406   9,625,117  179,736   189,974  3.50   3.98 
Interest-bearing deposits $ 46,697,537   $ 41,838,413  $ 634,220   $ 653,703  2.74   % 3.15  %
Federal Home Loan Bank advances 3,451,041   3,151,310  55,919   51,165  3.27   3.27 
Other borrowings 400,124   587,930  7,147   13,749  3.60   4.72 
Subordinated notes 298,709   298,353  7,458   7,449  5.04   5.04 
Junior subordinated debentures 253,566   253,566  7,838   8,639  6.23   6.87 
Total interest-bearing liabilities $ 51,100,977   $ 46,129,572  $ 712,582   $ 734,705  2.81   % 3.21  %
Non-interest-bearing deposits 11,119,470   10,687,733 
Other liabilities 1,479,380   1,498,578 
Equity 7,431,321   6,662,598 
Total liabilities and shareholders’ equity $ 71,131,148   $ 64,978,481 
Interest rate spread (6)(8)
2.86   % 2.76  %
Less: Fully taxable-equivalent adjustment (5,353) (5,779) (0.02) (0.02)
Net free funds/contribution (7)
$ 16,279,353   $ 15,157,930  0.68   0.79 
Net interest income/margin (GAAP) (8)
$ 1,176,390   $ 1,073,168  3.52   % 3.53  %
Fully taxable-equivalent adjustment 5,353   5,779  0.02   0.02 
Net interest income/margin, fully taxable-equivalent (non-GAAP) (8)
$ 1,181,743   $ 1,078,947  3.54   % 3.55  %

(1) Includes interest-bearing deposits with banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(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. The total adjustments for the six months ended June 30, 2026 and June 30, 2025 were $5.4 million and $5.8 million, respectively.
(4) Other earning assets include brokerage customer receivables and trading account securities.
(5) Loans, net of unearned income, include nonaccrual loans.
(6) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(7) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
(8) See “Supplemental Non-GAAP Financial Measures/Ratios” for additional information on this performance ratio.
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Analysis of Changes in Net Interest Income on a FTE basis (non-GAAP)

The following table presents an analysis of the changes in the Company’s net interest income on a FTE basis (non-GAAP) comparing the three month period ended June 30, 2026 to each of the three month periods ended March 31, 2026 and June 30, 2025 and six month periods ended June 30, 2026 and 2025. The reconciliations set forth the changes in the net interest income on a FTE basis (non-GAAP) as a result of changes in volumes, changes in rates and differing number of days in each period:

Second Quarter
of 2026
Compared to
First Quarter
of 2026
Second Quarter
of 2026
Compared to
Second Quarter
of 2025
First Six Months of 2026
Compared to
First Six Months of 2025

(In thousands)
Net interest income, FTE basis (non-GAAP) (1) for comparative period
$ 581,636   $ 549,574   $ 1,078,947  
Change due to mix and growth of earning assets and interest-bearing liabilities (volume) 18,617   51,650   100,055  
Change due to interest rate fluctuations (rate) (6,538) (1,117) 2,741  
Change due to number of days in each period 6,392   —   —  
Less: FTE adjustment (2,741) (2,741) (5,353)
Net interest income (GAAP) (1) for the period ended June 30, 2026
$ 597,366   $ 597,366   $ 1,176,390  
FTE adjustment 2,741   2,741   5,353  
Net interest income, FTE basis (non-GAAP) (1)
$ 600,107   $ 600,107   $ 1,181,743  

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

Deposit beta

The Company defines deposit betas as the change in the cost of the Company’s deposits relative to the change in the upper limit of the federal funds target range established by the Federal Open Market Committee. The Company evaluates deposit betas across both rising and declining interest rate environments. During the prior rising interest rate cycle, which began in the first quarter of 2022 and concluded in the second quarter of 2024, deposit costs increased as rates rose, resulting in cumulative deposit betas of 53% for total deposits and 66% for interest-bearing deposits. For the current declining interest rate cycle, measured from June 30, 2024 to June 30, 2026, our cumulative deposit betas were 41% for total deposits and 57% for interest-bearing deposits.

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Non-interest Income

The following table presents non-interest income by category for the periods presented:

Three Months Ended $
Change %
Change
(Dollars in thousands) June 30,
2026 June 30,
2025
Brokerage $ 4,985   $ 4,212  $ 773  18  %
Trust and asset management 34,898   32,609  2,289  7 
Total wealth management (1)
39,883   36,821  3,062  8 
Mortgage banking 27,438   23,170  4,268  18 
Service charges on deposit accounts 21,240   19,502  1,738  9 
Gains on investment securities, net 1,845   650  1,195  NM
Fees from covered call options 4,793   5,624  (831) (15)
Trading gains, net 70   151  (81) (54)
Operating lease income, net 18,804   15,166  3,638  24 
Other:
Interest rate swap fees 3,117   3,010  107  4 
BOLI 3,216   2,257  959  42 
Administrative services 1,341   1,315  26  2 
Foreign currency remeasurement gains 253   658  (405) (62)
Changes in fair value on EBOs and loans held-for-investment (373) 172  (545) NM
Early pay-offs of capital leases 1,054   400  654  NM
Miscellaneous (2)
18,588   15,193  3,395  22 
Total Other 27,196   23,005  4,191  18 
Total Non-interest Income $ 141,269   $ 124,089  $ 17,180  14  %

Six Months Ended $
Change %
Change
(Dollars in thousands) June 30,
2026 June 30,
2025
Brokerage $ 10,286   $ 8,969  $ 1,317  15  %
Trust and asset management 71,656   61,894  9,762  16 
Total wealth management (1)
81,942   70,863  11,079  16 
Mortgage banking 50,834   43,699  7,135  16 
Service charges on deposit accounts 42,210   38,864  3,346  9 
Gains on investment securities, net 1,814   3,846  (2,032) (53)
Fees from covered call options 9,462   9,070  392  4 
Trading gains, net 80   87  (7) (8)
Operating lease income, net 37,958   30,453  7,505  25 
Other:
Interest rate swap fees 7,158   5,279  1,879  36 
BOLI 4,164   3,053  1,111  36 
Administrative services 2,584   2,708  (124) (5)
Foreign currency remeasurement (losses) gains (115) 475  (590) NM
Changes in fair value on EBOs and loans held-for-investment (660) 555  (1,215) NM
Early pay-offs of capital leases 2,252   1,168  1,084  93 
Miscellaneous (2)
35,728   30,603  5,125  17 
Total Other 51,111   43,841  7,270  17 
Total Non-interest Income $ 275,411   $ 240,723  $ 34,688  14  %

(1) Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company, N.A. (“WPT”) and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by CDEC.
(2) Miscellaneous non-interest income includes loan servicing fees, income from other investments, and other fees.
  NM—Not Meaningful.

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Notable contributions to the change in non-interest income are as follows:

Mortgage banking revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, primarily driven by favorable MSR fair value adjustments and higher MSR capitalization, partially offset by lower hedge performance. The quarter-over-quarter improvement reflects favorable impact of interest rate movements on MSR valuations. On a year-to-date basis, mortgage banking revenue increased for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to higher MSR fair value adjustments, increased MSR capitalization, and stronger production revenue, partially offset by lower hedge performance and unfavorable EBO FV changes. Mortgage banking revenue includes revenue from activities related to originating, selling and servicing residential real estate loans for the secondary market. A main factor in the mortgage banking revenue recognized by the Company is the volume of mortgage loans originated or purchased for sale and the related production margins. Mortgage loans originated for sale totaled $835.0 million in the second quarter of 2026 as compared to $681.5 million in the second quarter of 2025. On a year-to-date basis, mortgage loans originated for sale totaled $1.4 billion for the six months ended June 30, 2026 as compared to $1.1 billion for six months ended June 30, 2025. The percentage of origination volume from refinancing activities was 26% and 35% for the three and six months ended June 30, 2026, as compared to 26% and 25% for the same periods in 2025, respectively.

The Company records MSRs at fair value on a recurring basis. The fair value of the MSRs portfolio net increase for the three months ended June 30, 2026 was a result of the capitalization of $8.7 million of retained servicing rights and a favorable fair value adjustment of $4.4 million. This was partially offset by a reduction in value of $6.5 million due to payoffs, paydowns and repurchases of the existing portfolio. The fair value of the MSRs portfolio net increase for the six months ended June 30, 2026 was a result of the capitalization of $15.2 million of retained servicing rights and a favorable fair value adjustment of $4.8 million. This was partially offset by a reduction in value of $13.1 million due to payoffs and paydowns and repurchases of the existing portfolio. See Note (9) “Mortgage Servicing Rights (“MSRs”)” to the Consolidated Financial Statements in Item 1 of this report for a summary of the changes in the carrying value of MSRs.

Mortgage banking revenue is also impacted by changes in the fair value of derivative contracts held to economically hedge a portion of the fair value adjustments related to the Company’s MSRs portfolio. The change in fair value of the derivative contracts held as an economic hedge was an unfavorable $3.4 million and $4.3 million for the three and six months ended June 30, 2026 compared to a favorable $2.5 million and $7.4 million for the three and six months ended June 30, 2025.

Wealth management revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to trust and asset management revenue. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Service charges on deposits increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025 primarily as a result of increased account analysis service fees. Service charges on deposit accounts include fees charged to deposit customers for various services, including account analysis services, and are based on factors such as the size and type of customer, type of product and number of transactions. The fees are based on a standard schedule of fees and, depending on the nature of the service performed, the service is performed at a point in time or over a period of a month.

Operating lease income increased for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to gains on sale of leased assets and additional lease rental income due to growth in leased assets as compared to the second quarter of 2025.

Miscellaneous non-interest income increased $3.4 million and $5.1 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase was primarily due to gains on sale of assets, higher fees earned on card-related arrangements, letters of credit and syndications fees.
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The table below presents additional selected information regarding mortgage banking for the respective periods.

Three Months Ended Six Months Ended
(Dollars in thousands) June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Originations:
Retail originations $ 660,325   $ 523,759  $ 1,102,074   $ 872,227 

Veterans First originations 174,644   157,787  326,888   269,772 
Total originations for sale (A) $ 834,969   $ 681,546  $ 1,428,962   $ 1,141,999 
Originations for investment 315,487   422,926  687,027   640,103 
Total originations $ 1,150,456   $ 1,104,472  $ 2,115,989   $ 1,782,102 
As percentage of originations for sale:
Retail originations 79   % 77  % 77   % 76  %
Veterans First originations 21   23  23   24 
Purchases 74   % 74  % 65   % 75  %
Refinances 26   26  35   25 

Production Margin:
Production revenue (B) (1)
$ 13,150   $ 13,380  $ 26,178   $ 23,321 
Total originations for sale (A) $ 834,969   $ 681,546  $ 1,428,962   $ 1,141,999 
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)
171,656   163,664  171,656   163,664 
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)
218,156   197,297  122,804   103,946 
Total mortgage production volume (C) $ 788,469   $ 647,913  $ 1,477,814   $ 1,201,717 
Production margin (B/C) 1.67   % 2.07  % 1.77   % 1.94  %
Mortgage Servicing:
Loans serviced for others (D) $ 12,669,679   $ 12,470,924 
MSRs, at fair value (E) 201,903   193,061 
Percentage of MSRs to loans serviced for others (E/D) 1.59   % 1.55  %
Servicing income $ 10,724   $ 10,520  $ 21,077   $ 21,131 
MSR Fair Value Asset Activity
MSR - FV at Beginning of Period $ 195,276   $ 196,307  $ 195,023   $ 203,788 

MSR - current period capitalization 8,745   6,336  15,179   11,005 
MSR - collection of expected cash flows - paydowns (1,684) (1,516) (3,304) (3,106)
MSR - collection of expected cash flows - payoffs and repurchases (4,815) (4,100) (9,836) (7,146)
MSR - changes in fair value model assumptions 4,381   (3,966) 4,841   (11,480)
MSR Fair Value at end of period $ 201,903   $ 193,061  $ 201,903   $ 193,061 
Summary of Mortgage Banking Revenue
Operational:
Production revenue (1)
$ 13,150   $ 13,380  $ 26,178   $ 23,321 
MSR - current period capitalization 8,745   6,336  15,179   11,005 
MSR - collection of expected cash flows - paydowns (1,684) (1,516) (3,304) (3,106)
MSR - collection of expected cash flows - payoffs and repurchases (4,815) (4,100) (9,836) (7,146)
Servicing Income 10,724   10,520  21,077   21,131 
Other Revenue 72   (79) 27   (251)
Total operational mortgage banking revenue $ 26,192   $ 24,541  $ 49,321   $ 44,954 
Fair Value:
MSR - changes in fair value model assumptions $ 4,381   $ (3,966) $ 4,841   $ (11,480)
(Loss) gain on derivative contract held as an economic hedge, net (3,396) 2,535  (4,296) 7,432 
Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale 261   60  968   2,793 
Total fair value mortgage banking revenue $ 1,246   $ (1,371) $ 1,513   $ (1,255)
Total mortgage banking revenue $ 27,438   $ 23,170  $ 50,834   $ 43,699 

(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 other related financial instruments carried at fair value, 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.
(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.
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Non-interest Expense

The following table presents non-interest expense by category for the periods presented:

Three Months Ended $
Change %
Change
(Dollars in thousands) June 30,
2026 June 30,
2025
Salaries and employee benefits:
Salaries $ 129,875   $ 123,174  $ 6,701  5  %
Commissions and incentive compensation 62,463   55,871  6,592  12 
Benefits 41,751   40,496  1,255  3 
Total salaries and employee benefits 234,089   219,541  14,548  7 
Software and equipment 39,288   36,522  2,766  8 
Operating lease equipment 11,187   10,757  430  4 
Occupancy, net 21,153   20,228  925  5 
Data processing 10,659   12,110  (1,451) (12)
Advertising and marketing 20,432   18,761  1,671  9 
Professional fees 9,342   9,243  99  1 
Amortization of other acquisition-related intangible assets 4,921   5,580  (659) (12)
FDIC insurance 11,796   10,971  825  8 
FDIC insurance - special assessment (5,156) —  (5,156) (100)
OREO expense, net 786   505  281  56 
Other:
Lending expenses, net of deferred originations costs 6,165   4,869  1,296  27 
Travel and entertainment 6,938   6,026  912  15 
Miscellaneous (1)
25,937   26,348  (411) (2)
Total other 39,040   37,243  1,797  5 
Total Non-interest Expense $ 397,537   $ 381,461  $ 16,076  4  %

Six Months Ended $
Change %
Change
(Dollars in thousands) June 30,
2026 June 30,
2025
Salaries and employee benefits:
Salaries $ 258,961   $ 247,091  $ 11,870  5  %
Commissions and incentive compensation 119,870   108,407  11,463  11 
Benefits 83,705   75,569  8,136  11 
Total salaries and employee benefits 462,536   431,067  31,469  7 
Software and equipment 74,942   71,239  3,703  5 
Operating lease equipment 22,174   21,228  946  4 
Occupancy, net 41,719   41,006  713  2 
Data processing 21,925   23,384  (1,459) (6)
Advertising and marketing 33,650   31,033  2,617  8 
Professional fees 16,717   18,287  (1,570) (9)
Amortization of other acquisition-related intangible assets 9,879   11,198  (1,319) (12)
FDIC insurance 22,786   21,897  889  4 
FDIC insurance - special assessment (5,156) —  (5,156) (100)
OREO expense, net 993   1,148  (155) (14)
Other:
Lending expenses, net of deferred originations costs 12,675   10,735  1,940  18 
Travel and entertainment 12,364   11,296  1,068  9 
Miscellaneous (1)
52,965   54,033  (1,068) (2)
Total other 78,004   76,064  1,940  3 
Total Non-interest Expense $ 780,169   $ 747,551  $ 32,618  4  %

(1) Miscellaneous non-interest expense includes ATM expenses, correspondent bank charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs.

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Notable contributions to the change in non-interest expense are as follows:
Salaries and employee benefits expense increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025. The increase was primarily due to annual merit increases and higher commission fees related to an increase in mortgage originations.
Software and equipment expense increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025 as a result of higher software license fees as the Company invests in enhancements to the digital customer experience, upgrades to infrastructure and enhancements to information security capabilities. Software and equipment expense includes furniture, equipment and computer software, depreciation, and repairs and maintenance costs.
Advertising and marketing expense increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025. The increase was primarily driven by summer sports sponsorships and other community sponsorship events along with digital marketing activities during the quarter. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses.
FDIC insurance expense decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025. The decrease is primarily the result of a reversal of the $5.2 million FDIC special assessment recorded in the first quarter of 2024 in response to certain bank failures in 2023. The reversal is based on the FDIC's final determination of losses to its Deposit Insurance Fund.

Income Taxes

The Company recorded income tax expense of $84.3 million in the second quarter of 2026 compared to $71.6 million in the second quarter of 2025. The effective tax rates were 26.5% in the second quarter of 2026 compared to 26.8% in the second quarter of 2025. During the first six months of 2026, the Company recorded income tax expense of $157.8 million compared to $135.6 million for the first six months of 2025. The effective tax rates were 25.5% for the first six months of 2026 and 26.1% for the first six months of 2025.

The effective tax rates were partially impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other shared-based awards. The Company recorded net excess tax benefits of $6.8 million in the first six months of 2026, compared to net excess tax benefits of $3.7 million in the first six months of 2025 related to share-based compensation, the majority of which was recognized in the first quarter of each year.

Operating Segment Results

The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. Refer to Note (13) “Segment Information” to the Consolidated Financial Statements in Item 1 of this report for further information on the Company’s primary segments. The Company’s profitability is primarily dependent on the net interest income, provision for credit losses, non-interest income and operating expenses of its community banking segment.

The community banking segment’s net interest income for the quarter ended June 30, 2026 totaled $470.5 million as compared to $436.7 million for the same period in 2025, an increase of $33.8 million, or 8%. On a year-to-date basis, net interest income for the segment increased by $65.4 million from $855.7 million for the six months ended June 30, 2025 to $921.0 million for the six months ended June 30, 2026. The increase in the three and six month periods was primarily attributable to growth in average earning assets. The community banking segment’s non-interest income totaled $86.6 million in the second quarter of 2026, an increase of $11.1 million, or 15%, when compared to the second quarter of 2025 total of $75.5 million. On a year-to-date basis, non-interest income totaled $164.5 million for the six months ended June 30, 2026 , an increase of $15.5 million , or 10% , compared to $149.0 million for the six months ended June 30, 2025. The increase in the three and six month periods was primarily the result of an increase in mortgage banking revenue, service charges on deposit accounts, and operating lease income. The community banking segment recorded provision for credit losses of $21.4 million and $48.7 million, respectively, for the three and six months ended June 30, 2026, compared to $20.5 million and $42.9 million, respectively, for the same periods in 2025. The increase in provision for credit losses for the three and six month periods was primarily the result of uncertainty within the macroeconomic forecast related to credit spreads and equity market valuations, coupled with loan growth. Non-interest expenses increased by $7.9 million and $16.9 million, respectively, for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to an increase in salaries, commissions, and incentive compensation. The community banking segment’s net income for the quarter ended June 30, 2026 totaled $161.4 million, an increase of $22.3 million as compared to net income in the second quarter of 2025 of $139.1 million. On a year-to-date basis, the net income of the community banking segment for the six months ended June 30, 2026 totaled $312.0 million as compared to $273.4 million for the six months ended June 30, 2025.
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The specialty finance segment’s net interest income totaled $104.8 million for the quarter ended June 30, 2026, compared to $92.3 million for the same period in 2025, an increase of $12.5 million, or 14%. On a year-to-date basis, net interest income for the segment increased $28.3 million, or 15% compared to the same period in 2025. The increase for the three and six month periods was primarily due to loan growth. The specialty finance segment’s provision for credit losses totaled $1.8 million and $4.1 million, respectively, for the three and six months ended June 30, 2026 compared to $1.8 million and $3.3 million, respectively, for the same periods in 2025. The provision for credit losses for the three and six month periods was primarily the result of loan growth coupled with uncertainty within the macroeconomic forecast related to credit spreads and equity market valuations, which impacted lease financing. The specialty finance segment’s non-interest income increased to $36.6 million from $33.5 million for the three months ended June 30, 2026 and 2025, respectively, and stood at $72.3 million and $64.6 million for the six months ended June 30, 2026 and 2025, respectively . Non-interest expenses increased by $6.3 million and $12.5 million, respectively, for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily because of an increase in salaries, commissions, and incentive compensation. Our property and casualty insurance premium finance operations, life insurance finance operations, lease financing operations and other specialty finance operations accounted for 40%, 25%, 24% and 11%, respectively, of the net revenues of our specialty finance business for the six month period ended June 30, 2026. The net income of the specialty finance segment for the quarter ended June 30, 2026 totaled $60.5 million as compared to $48.8 million for the quarter ended June 30, 2025. On a year-to-date basis, the net income of the specialty finance segment for the six months ended June 30, 2026 totaled $123.6 million as compared to $99.1 million for the six months ended June 30, 2025.

The wealth management segment reported net interest income of $8.8 million for the second quarter of 2026 compared to $4.8 million in the same quarter of 2025, an increase of $3.9 million. On a year-to-date basis, net interest income totaled $19.1 million for the first six months of 2026, as compared to $10.2 million for the first six months of 2025. Net interest income for this segment is primarily comprised of an allocation of net interest income earned by the community banking segment on non-interest-bearing and interest-bearing wealth management customer account balances on deposit at the banks. This segment recorded non-interest income of $43.4 million for the second quarter of 2026 compared to $39.5 million for the second quarter of 2025. On a year-to-date basis, this segment recorded non-interest income of $86.7 million for the first six months of 2026 as compared to $73.3 million for the first six months of 2025. The increase for the three and six month periods is primarily a result of increased brokerage and asset management fees. For the three and six months ended June 30, 2026, non-interest expense remained relatively stable compared to the same periods in 2025. Distribution of wealth management services through each bank continues to be a focus of the Company. The Company is committed to growing the wealth management segment in order to better service its customers and create a more diversified revenue stream. The wealth management segment’s net income totaled $11.8 million for the second quarter of 2026 compared to $7.6 million for the second quarter of 2025. On a year-to-date basis, the wealth management segment’s net income totaled $25.6 million and $12.1 million for the six month period ended June 30, 2026 and 2025, respectively.

Financial Condition

Total assets were $74.7 billion at June 30, 2026, representing an increase of $5.7 billion, or 8%, when compared to June 30, 2025 and an increase of approximately $2.5 billion, or 14% on an annualized basis, when compared to March 31, 2026. Total funding, which includes deposits, all notes and advances, including secured borrowings and the junior subordinated debentures, was $65.5 billion at June 30, 2026, $63.3 billion at March 31, 2026, and $60.1 billion at June 30, 2025. See Notes (5), (6), (10), (11) and (12) of the Consolidated Financial Statements presented under Item 1 of this report for additional period-end detail on the Company’s interest-earning assets and funding liabilities.

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Interest-Earning Assets

The following table sets forth, by category, the composition of average earning asset balances and the relative percentage of total average earning assets for the periods presented:

Three Months Ended
June 30, 2026 March 31, 2026 June 30, 2025
(Dollars in thousands) Balance Percent Balance Percent Balance Percent
Mortgage loans held-for-sale $ 402,175   1   % $ 317,047  1  % $ 310,534  0  %
Loans, net of unearned income
Commercial 17,891,344   26   % 16,867,384  25  15,909,323  26 
Commercial real estate
14,180,555   21   14,063,359  21  13,095,845  21 
Home equity
484,218   1   473,334  1  459,033  1 
Residential real estate
4,414,096   6   4,287,724  6  3,700,917  6 
Premium finance receivables—property & casualty 8,144,372   12   7,946,434  12  7,762,161  12 
Premium finance receivables—life insurance 9,237,963   13   9,074,298  14  8,455,443  14 
Other loans
138,921   0   133,152  0  134,913  0 
Total loans, net of unearned income (1)
$ 54,491,469   79   % $ 52,845,685  79  % $ 49,517,635  80  %
Liquidity management assets (2)
13,536,944   20   13,155,672  20  12,391,760  20 

Total average earning assets $ 68,430,588   100   % $ 66,318,404  100  % $ 62,219,929  100  %
Total average assets $ 72,161,723   $ 70,089,123  $ 65,840,345 
Total average earning assets to total average assets 95   % 95  % 95  %

(1) Includes non-accrual loans.
(2) Liquidity management assets include investment securities, other securities, interest-earning deposits with banks, federal funds sold and securities purchased under resale agreements.

Mortgage loans held-for-sale. Mortgage loans held-for-sale represents such loans awaiting subsequent sale in the secondary market with such sales eliminating the interest-rate risk associated with these loans, as they are predominantly long-term fixed rate loans, and provide a source of non-interest revenue. The increase in the average balance for the second quarter of 2026 as compared to the sequential period is primarily due to higher mortgage originations for sale.

Loans, net of unearned income. Growth realized in the combined commercial and commercial real estate loan categories for the second quarter of 2026 as compared to the sequential and prior year periods is primarily attributable to increased business development efforts. The aggregate balances of these loan categories comprised 59% of the average loan portfolio in the second quarter of 2026, first quarter of 2026 and second quarter of 2025.

Residential real estate loans averaged $4.4 billion in the second quarter of 2026, and increased $713.2 million, or 19%, from the average balance of $3.7 billion in the same period of 2025. Additionally, compared to the quarter ended March 31, 2026, the average balance increased $126.4 million, or 12% on an annualized basis. Growth is due to the Company continuing to originate non-agency mortgages that are held-for-investment.

The increase in the premium finance receivables during the second quarter of 2026 compared to the second quarter of 2025 was the result of effective marketing and customer servicing. Approximately $5.8 billion of premium finance receivables were originated in the second quarter of 2026 compared to $6.1 billion during the same period of 2025. Premium finance receivables consist of a property and casualty portfolio and a life portfolio comprising approximately 47% and 53%, respectively, of the average total balance of premium finance receivables for the second quarter of 2026, and 48% and 52%, respectively, for the second quarter of 2025.

Other loans represent a wide variety of personal and consumer loans to individuals. Consumer loans generally have shorter terms and higher interest rates than mortgage loans but generally involve more credit risk due to the type and nature of the collateral.

Liquidity management assets. Funds that are not utilized for loan originations are used to purchase investment securities and short-term money market investments, to sell as federal funds and to maintain in interest bearing deposits with banks. The balances of these assets can fluctuate based on management’s ongoing effort to manage liquidity and for asset liability
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management purposes. The Company will continue to prudently evaluate and utilize liquidity sources as needed, including the management of availability with the FHLB and FRB and utilization of the revolving credit facility with unaffiliated banks.

The following table sets forth, by category, the composition of average earning asset balances and the relative percentage of total average earning assets for the periods presented:

Six Months Ended
June 30, 2026 June 30, 2025
(Dollars in thousands) Balance Percent Balance Percent
Mortgage loans held-for-sale $ 359,846   0   % $ 298,688  0  %
Loans, net of unearned income
Commercial 17,382,192   26   15,638,040  26 
Commercial real estate
14,122,282   21   13,013,877  21 
Home equity
478,806   1   454,091  1 
Residential real estate
4,351,259   6   3,621,991  6 
Premium finance receivables—property & casualty 8,045,950   12   7,478,821  12 
Premium finance receivables—life insurance 9,156,582   14   8,352,638  14 
Other loans
136,052   0   120,702  0 
Total loans, net of unearned income (1)
$ 53,673,123   80   % $ 48,680,160  80  %
Liquidity management assets (2)
13,347,361   20   12,302,121  20 
Other earning assets (3)
—   0   6,533  0 
Total average earning assets $ 67,380,330   100   % $ 61,287,502  100  %
Total average assets $ 71,131,148   $ 64,978,481 
Total average earning assets to total average assets 95   % 94  %

(1) Includes nonaccrual loans.
(2) Liquidity management assets include investment securities, other securities, interest-earning deposits with banks, federal funds sold and securities purchased under resale agreements.
(3) Other earning assets include brokerage customer receivables and trading account securities.

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Maturities and Sensitivities of Loans to Changes in Interest Rates

The following table classifies the loan portfolio at June 30, 2026 by date at which the loans reprice or mature, and the type of rate exposure:

As of June 30, 2026 One year or less From one to five years From five to fifteen years After fifteen years
(In thousands) Total
Commercial
Fixed rate $ 615,590   $ 4,170,452   $ 2,191,702   $ 53,448   $ 7,031,192  

Variable rate 11,248,473   1,646   —   —   11,250,119  
Total commercial $ 11,864,063   $ 4,172,098   $ 2,191,702   $ 53,448   $ 18,281,311  
Commercial real estate
Fixed rate $ 930,512   $ 2,655,051   $ 341,069   $ 70,710   $ 3,997,342  
Variable rate 10,262,509   10,692   64   —   10,273,265  
Total commercial real estate $ 11,193,021   $ 2,665,743   $ 341,133   $ 70,710   $ 14,270,607  
Home equity
Fixed rate $ 8,900   $ 982   $ 29   $ 6   $ 9,917  
Variable rate 481,865   —   —   —   481,865  
Total home equity $ 490,765   $ 982   $ 29   $ 6   $ 491,782  
Residential real estate
Fixed rate $ 18,332   $ 7,134   $ 63,647   $ 1,042,536   $ 1,131,649  
Variable rate 133,698   822,226   2,455,119   —   3,411,043  
Total residential real estate $ 152,030   $ 829,360   $ 2,518,766   $ 1,042,536   $ 4,542,692  
Premium finance receivables - property & casualty
Fixed rate $ 8,456,306   $ 155,717   $ —   $ —   $ 8,612,023  
Variable rate —   —   —   —   —  
Total premium finance receivables - property & casualty $ 8,456,306   $ 155,717   $ —   $ —   $ 8,612,023  
Premium finance receivables - life insurance
Fixed rate $ 22,418   $ 82,894   $ —   $ —   $ 105,312  
Variable rate 9,207,209   —   —   —   9,207,209  
Total premium finance receivables - life insurance $ 9,229,627   $ 82,894   $ —   $ —   $ 9,312,521  
Consumer and other
Fixed rate $ 47,737   $ 7,565   $ 1,185   $ 838   $ 57,325  
Variable rate 86,686   —   —   —   86,686  
Total consumer and other $ 134,423   $ 7,565   $ 1,185   $ 838   $ 144,011  
Total per category
Fixed rate $ 10,099,795   $ 7,079,795   $ 2,597,632   $ 1,167,538   $ 20,944,760  

Variable rate 31,420,440   834,564   2,455,183   —   34,710,187  
Total loans, net of unearned income $ 41,520,235   $ 7,914,359   $ 5,052,815   $ 1,167,538   $ 55,654,947  
Less: Existing cash flow hedging derivatives (1)
(6,900,000)

Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity $ 34,620,235  

Variable Rate Loan Pricing by Index:
SOFR tenors (2)
$ 22,627,412  
12- month CMT (3)
8,176,185  
Prime 3,125,303  
Fed Funds 546,049  

Other U.S. Treasury tenors 130,340  

Other 104,898  
Total variable rate $ 34,710,187  

(1) Excludes cash flow hedges with future effective starting dates and those that have matured as of June 30, 2026. The $6.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of June 30, 2026.
(2) SOFR - Secured Overnight Financing Rate.
(3) CMT - Constant Maturity Treasury Rate.

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CREDIT QUALITY

Commercial and Commercial Real Estate Loan Portfolios

Our commercial and commercial real estate loan portfolios are comprised primarily of lines of credit for working capital purposes and commercial real estate loans. The table below sets forth information regarding the types and amounts of our loans within these portfolios as of June 30, 2026 and 2025:

As of June 30, 2026 As of June 30, 2025
Allowance Allowance
% of For Credit % of For Credit
Total Losses Total Losses
(Dollars in thousands) Balance Balance Allocation Balance Balance Allocation

Commercial $ 18,281,311   56.2   % $ 234,809   $ 16,387,431  55.2  % $ 194,568 
Commercial Real Estate:
Construction and development $ 2,655,665   8.2   % $ 67,343   $ 2,529,117  8.5  % $ 75,936 

Non-construction 11,614,942   35.6   142,605   10,762,893  36.3  148,422 

Total commercial real estate $ 14,270,607   43.8   % $ 209,948   $ 13,292,010  44.8  % $ 224,358 
Total commercial and commercial real estate $ 32,551,918   100.0   % $ 444,757   $ 29,679,441  100.0  % $ 418,926 

Commercial real estate - primary collateral location by state:
Illinois $ 7,334,462   51.4   % $ 7,001,526  52.7  %
Michigan 916,706   6.4   900,850  6.8 
Wisconsin 862,555   6.0   919,166  6.9 
Total primary markets $ 9,113,723   63.8   % $ 8,821,542  66.4  %
Florida $ 566,946   4.0   % $ 448,561  3.4  %
Indiana 506,278   3.6   443,852  3.3 
Texas 356,197   2.5   344,293  2.6 
Georgia 317,322   2.2   304,166  2.3 
Colorado 304,651   2.1   280,191  2.1 
Arizona 288,171   2.0   243,554  1.8 
North Carolina 284,032   2.0   204,279  1.5 
California 281,010   2.0   268,561  2.0 
Ohio 260,089   1.8   224,075  1.7 
Other 1,992,188   14.0   1,708,936  12.9 
Total commercial real estate $ 14,270,607   100.0   % $ 13,292,010  100.0  %

We make commercial loans for many purposes, including working capital lines, which are generally renewable annually and supported by business assets, personal guarantees and additional collateral. Such loans may vary in size based on customer need. As a result of growth and impacts related to uncertainty regarding future economic performance, the Company’s commercial loan portfolio allowance for credit losses increased to $234.8 million as of June 30, 2026 compared to $194.6 million as of June 30, 2025.

Our commercial real estate loans are generally secured by a first mortgage lien and assignment of rents on the property. Since most of our bank branches are located in the Chicago metropolitan area, southern Wisconsin and west Michigan, 63.8% of our commercial real estate loan portfolio is located in this region as of June 30, 2026. We have been able to effectively manage our total non-performing commercial real estate loans, aided by our credit management process. As of June 30, 2026, our allowance for credit losses related to this portfolio was $209.9 million compared to $224.4 million as of June 30, 2025. The decrease in the allowance for credit losses is primarily a result of an improved forecast related to CREPI, partially offset by growth in the portfolio. The table below sets forth the commercial real estate loans by property type and owner vs. non-owner occupied.

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(In thousands) June 30, 2026 June 30, 2025
Commercial Real Estate: Owner Occupied Non-Owner Occupied Total % of Total Average Size of Loan Owner Occupied Non-Owner Occupied Total % of Total Average Size of Loan
Residential construction $ 949   $ 51,641   $ 52,590   1   % $ 496   $ 3,015  $ 56,012  $ 59,027  1  % $ 542 
Commercial construction 234,812   2,059,754   2,294,566   16   5,649   189,770  1,975,493  2,165,263  16  5,410 
Land 5,391   303,118   308,509   2   1,773   6,024  298,803  304,827  2  1,772 
Office 282,679   1,324,596   1,607,275   11   1,521   299,422  1,301,786  1,601,208  12  1,468 
Industrial 1,086,793   2,318,848   3,405,641   24   2,279   970,307  1,854,582  2,824,889  21  1,902 
Retail 329,900   1,146,049   1,475,949   10   1,304   342,588  1,109,763  1,452,351  11  1,247 
Multi-family 102,328   3,197,279   3,299,607   23   1,470   99,071  3,101,507  3,200,578  24  1,387 
Mixed use and other 573,713   1,252,757   1,826,470   13   1,318   597,354  1,086,513  1,683,867  13  1,214 
Total commercial real estate $ 2,616,565   $ 11,654,042   $ 14,270,607   100   % $ 1,784   $ 2,507,551  $ 10,784,459  $ 13,292,010  100  % $ 1,638 

The Company also participates in mortgage warehouse lending, which is included above within commercial, industrial and other, by providing interim funding to unaffiliated mortgage bankers to finance residential mortgages originated by such bankers for sale into the secondary market. The Company’s loans to the mortgage bankers are secured by the business assets of the mortgage companies as well as the specific mortgage loans funded by the Company, after they have been pre-approved for purchase by third party end lenders. The Company may also provide interim financing for packages of mortgage loans on a bulk basis in circumstances where the mortgage bankers desire to competitively bid on a number of mortgages for sale as a package in the secondary market.

Past Due Loans and Non-Performing Assets

Our ability to manage credit risk depends in large part on our ability to properly identify and manage problem loans. To do so, the Company operates a credit risk rating system under which our credit management personnel assigns a credit risk rating to each loan at the time of origination and review loans on a regular basis to determine each loan’s credit risk rating on a scale of 1 through 10 with higher scores indicating higher risk. Description of the Company’s credit risk rating structure used is included in Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2025 Form 10-K.

If based on current information and events, it is probable that the Company will be unable to collect all amounts due to it according to the contractual terms of the loan agreement, a loan is individually assessed for measuring the allowance for credit losses and, if necessary, a reserve is established. In determining the appropriate reserve for collateral-dependent loans, the Company considers the results of appraisals for the associated collateral.

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Non-performing Assets (1)

The following table sets forth the Company's non-performing assets performing under the contractual terms of the loan agreement as of the dates shown.

(Dollars in thousands) June 30,
2026 March 31,
2026 June 30,
2025
Loans past due greater than 90 days and still accruing:
Commercial $ —   $ —  $ — 
Commercial real estate —   —  — 
Home equity —   —  — 
Residential real estate —   —  — 
Premium finance receivables—property and casualty 16,003   15,823  14,350 
Premium finance receivables—life insurance —   —  327 
Consumer and other 145   10  184 
Total loans past due greater than 90 days and still accruing 16,148   15,833  14,861 
Nonaccrual loans:
Commercial 90,642   87,750  80,877 
Commercial real estate 17,220   16,757  32,828 
Home equity 1,177   1,142  1,780 
Residential real estate 25,910   27,360  28,047 
Premium finance receivables—property and casualty 28,061   33,891  30,404 
Premium finance receivables—life insurance —   —  — 
Consumer and other 113   16  41 
Total nonaccrual loans 163,123   166,916  173,977 
Total non-performing loans:
Commercial 90,642   87,750  80,877 
Commercial real estate 17,220   16,757  32,828 
Home equity 1,177   1,142  1,780 
Residential real estate 25,910   27,360  28,047 
Premium finance receivables—property and casualty 44,064   49,714  44,754 
Premium finance receivables—life insurance —   —  327 
Consumer and other 258   26  225 
Total non-performing loans $ 179,271   $ 182,749  $ 188,838 
Other real estate owned 15,940   17,439  23,615 

Total non-performing assets $ 195,211   $ 200,188  $ 212,453 
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial 0.50   % 0.49  % 0.49  %
Commercial real estate 0.12   0.12  0.25 
Home equity 0.24   0.24  0.38 
Residential real estate 0.57   0.61  0.71 
Premium finance receivables—property and casualty 0.51   0.63  0.54 
Premium finance receivables—life insurance —   —  0.00 
Consumer and other 0.18   0.02  0.19 
Total non-performing loans 0.32   % 0.34  % 0.37  %
Total non-performing assets, as a percentage of total assets 0.26   % 0.28  % 0.31  %
Total nonaccrual loans as a percentage of total loans 0.29   % 0.31  % 0.34  %
Allowance for credit losses as a percentage of nonaccrual loans 294.85   % 282.38  % 262.71  %

(1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

At this time, management believes reserves are appropriate to absorb losses that are expected upon the ultimate resolution of these credits. Significant increases may occur in subsequent periods due to ongoing macroeconomic uncertainty and related impacts on borrowers. Management will continue to actively review and monitor its loan portfolios, in an effort to identify problem credits in a timely manner .

Loan Portfolio Aging

As of June 30, 2026, excluding early buy-out loans guaranteed by U.S. government agencies, $55.0 million, or 0.1% of all loans, were 60 to 89 days (or two payments) past due and $135.3 million, or 0.2% of all loans, were 30 to 59 days (or one payment) past due. As of March 31, 2026, excluding early buy-out loans guaranteed by U.S. government agencies, $66.7 million, or 0.1% of all loans, were 60 to 89 days (or two payments) past due and $284.3 million, or 0.5% of all loans, were 30
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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 loan portfolios continue to exhibit low delinquency ratios. Home equity loans at June 30, 2026 that were current with regard to the contractual terms of the loan agreement represent 99.4% of the total home equity portfolio. Residential real estate loans, excluding early buy-out loans guaranteed by U.S. government agencies, at June 30, 2026 that were current with regards to the contractual terms of the loan agreements comprise 99.3% of total residential real estate loans outstanding. For more information regarding delinquent loans as of June 30, 2026, see Note (7) “Allowance for Credit Losses” in Item 1 of this report.

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

The table below presents a summary of non-performing loans for the periods presented:     
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(In thousands) 2026 2025 2026 2025
Balance at beginning of period $ 182,749   $ 172,390  $ 185,808   $ 170,823 
Additions from becoming non-performing in the respective period 31,070   48,651  56,039   76,372 

Return to performing status (1,671) (6,896) (5,334) (8,103)
Payments received (19,503) (5,602) (33,283) (21,567)
Transfer to OREO or other assets —   (2,247) (868) (2,247)
Charge-offs (7,860) (11,734) (18,790) (20,334)
Net change for premium finance receivables (5,514) (5,724) (4,301) (6,106)
Balance at end of period $ 179,271   $ 188,838  $ 179,271   $ 188,838 

Allowance for Credit Losses

The allowance for credit losses, specifically the allowance for loans losses and the allowance for unfunded commitment losses, represents management’s estimate of lifetime expected credit losses in the loan portfolio. The allowance for credit losses is determined quarterly using a methodology that incorporates important risk characteristics of each loan. A description of how the Company determines the allowance for credit losses is included in Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2025 Form 10-K.

Management determined that the allowance for credit losses was appropriate at June 30, 2026, and that the loan portfolio is well diversified and well secured, without undue concentration in any specific risk area. While this process involves a high degree of management judgment, the allowance for credit losses is based on a comprehensive, well documented, and consistently applied analysis of the Company’s loan portfolio. This analysis takes into consideration all available information existing as of the financial statement date, including environmental factors such as economic, industry, geographical and political factors, when considered applicable. The relative level of allowance for credit losses is reviewed and compared to industry peers. This review encompasses levels of total non-performing loans, portfolio mix, portfolio concentrations and overall levels of net charge-off. Historical trending of both the Company’s results and the industry peers is also reviewed to analyze comparative significance.

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Allowance for Credit Losses

The following table summarizes the activity in our allowance for credit losses, specifically related to loans and unfunded lending-related commitments, during the periods indicated.
 
Three Months Ended Six Months Ended
(Dollars in thousands) June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Allowance for credit losses at beginning of period $ 471,334   $ 447,941  $ 460,205   $ 436,603 

Provision for credit losses 23,171   22,282  52,768   46,256 

Other adjustments (90) 180  (140) 184 
Charge-offs:
Commercial 10,837   6,148  19,265   15,870 
Commercial real estate 707   5,711  7,967   6,165 
Home equity —   111  —   111 
Residential real estate 163   —  513   — 
Premium finance receivables - property & casualty 5,403   6,346  12,834   13,460 
Premium finance receivables - life insurance —   —  —   12 
Consumer and other 172   179  352   326 
Total charge-offs 17,282   18,495  40,931   35,944 
Recoveries:
Commercial 1,710   1,746  3,129   2,675 
Commercial real estate 5   10  11   22 
Home equity 16   30  319   246 
Residential real estate 1   2  2   138 
Premium finance receivables - property & casualty 2,076   3,335  5,513   6,822 
Premium finance receivables - life insurance —   —  —   — 
Consumer and other 28   32  93   61 
Total recoveries 3,836   5,155  9,067   9,964 
Net charge-offs (13,446) (13,340) (31,864) (25,980)
Allowance for credit losses at period end $ 480,969   $ 457,063  $ 480,969   $ 457,063 

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial 0.20   % 0.11  % 0.19   % 0.17  %
Commercial real estate 0.02   0.17  0.11   0.10 
Home equity (0.01) 0.07  (0.13) (0.06)
Residential real estate 0.01   (0.00) 0.02   (0.01)
Premium finance receivables - property & casualty 0.16   0.16  0.18   0.18 
Premium finance receivables - life insurance —   —  —   0.00 
Consumer and other 0.42   0.44  0.38   0.44 
Total loans, net of unearned income 0.10   % 0.11  % 0.12   % 0.11  %

Loans at period-end $ 55,654,947   $ 51,041,679 
Allowance for loan losses as a percentage of loans at period end 0.72   % 0.77  %
Allowance for loan and unfunded loan-related commitment losses as a percentage of loans at period end 0.86   0.90 

See Note (7) “Allowance for Credit Losses” of the Consolidated Financial Statements presented under Item 1 of this report for further discussion of activity within the allowance for credit losses during the period and the relationship with respective loan balances for each loan category and the total loan portfolio.

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Other Real Estate Owned

In certain circumstances, the Company is required to take action against the real estate collateral of specific loans. The Company uses foreclosure only as a last resort for dealing with borrowers experiencing financial hardships. The Company employs extensive contact and restructuring procedures to attempt to find other solutions for our borrowers. The tables below present a summary of other real estate owned and show the activity for the respective periods and the balance for each property type:

Three Months Ended Six Months Ended
(In thousands) June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Balance at beginning of period $ 17,439   $ 22,625  $ 20,839   $ 23,116 
Disposal/resolved (1,499) —  (6,259) — 
Transfers in at fair value, less costs to sell —   1,315  1,360   1,315 

Fair value adjustments —   (325) —   (816)
Balance at end of period $ 15,940   $ 23,615  $ 15,940   $ 23,615 

Period End
(In thousands) June 30,
2026 March 31,
2026 June 30,
2025
Residential real estate $ —   $ —  $ — 

Commercial real estate 15,940   17,439  23,615 
Total $ 15,940   $ 17,439  $ 23,615 

Deposits

Total deposits at June 30, 2026 were $61.1 billion, an increase of $5.3 billion, or 10%, compared to total deposits at June 30, 2025. See Note (10) “Deposits” to the Consolidated Financial Statements in Item 1 of this report for a summary of period end deposit balances.

The following table sets forth, by category, the maturity of time certificates of deposit as of June 30, 2026:

Time Certificates of Deposit
Maturity/Re-pricing Analysis
As of June 30, 2026

(Dollars in thousands)
Total Time
Certificates of
Deposits Weighted-Average
Rate of Maturing
Time Certificates
of Deposit
1-3 months $ 5,548,778   3.57   %
4-6 months 3,389,412   3.49  
7-9 months 1,458,932   3.43  
10-12 months 604,775   3.38  
13-18 months 413,060   3.50  
19-24 months 72,439   2.84  
24+ months 84,184   2.61  
Total $ 11,571,580   3.51   %

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The following table sets forth, by category, the composition of average deposit balances and the relative percentage of total average deposits for the periods presented:

Three Months Ended
June 30, 2026 March 31, 2026 June 30, 2025
(Dollars in thousands) Balance Percent Balance Percent Balance Percent
Non-interest-bearing $ 11,273,344   19   % $ 10,963,887  20  % $ 10,643,798  20  %
NOW and interest-bearing demand deposits 6,453,420   11   6,081,218  11  6,423,050  12 
Wealth management deposits 1,485,347   3   1,858,560  3  1,552,989  3 
Money market 22,000,942   37   21,156,125  37  18,184,754  34 
Savings 6,707,916   11   6,921,251  12  6,578,698  12 
Time certificates of deposit 10,938,312   19   9,782,112  17  9,841,702  19 
Total average deposits $ 58,859,281   100   % $ 56,763,153  100  % $ 53,224,991  100  %

Total average deposits for the second quarter of 2026 were $58.9 billion, an increase of $5.6 billion, or 11%, from the second quarter of 2025. Total deposits increased in the second quarter of 2026 as compared to the second quarter of 2025 primarily as a result of the Company’s increased marketing efforts to retain and attract deposits to support continued loan growth.

Wealth management deposits are funds from the brokerage customers of Wintrust Investments, CDEC and trust and asset management customers of the Company which have been placed into deposit accounts of the banks (“wealth management deposits” in the table above). Wealth management deposits consist primarily of money market accounts. Consistent with reasonable interest rate risk parameters, these funds have generally been invested in loan production of the banks as well as other investments suitable for banks.

Brokered Deposits

While the Company obtains a portion of its total deposits through brokered deposits, the Company does so primarily as an asset-liability management tool to assist in the management of interest rate risk, and the Company does not consider brokered deposits to be a vital component of its current liquidity resources. Historically, brokered deposits have represented a small component of the Company’s total deposits outstanding, as set forth in the table below: