Timothy S. Crane, President and Chief Executive Officer, commented, "We are pleased with our first quarter 2026 results, with diversified loan growth, robust deposit generation and prudent expense management resulting in a fifth consecutive quarter of record net income. Our multi-faceted business model and unique market position continued to build franchise value."
Additionally, Mr. Crane noted, "Net interest margin in the first quarter remained within our expected range, improving by two basis points to 3.56%. Strong loan growth, coupled with a stable net interest margin supported solid net interest income levels in the first quarter of 2026. Our disciplined approach to underwriting led to strong credit quality with low levels of net charge-offs and non-performing loans."
Highlights of the first quarter of 2026:Comparative information to the fourth quarter of 2025, unless otherwise noted
Total loans increased by $1.0 billion, or 7% annualized.
Total deposits increased by $1.2 billion, or 8% annualized.
Total assets increased by $1.0 billion, or 6% annualized.
Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026.
Net interest income decreased to $579.0 million in the first quarter of 2026, compared to $583.9 million in the fourth quarter of 2025, primarily due to two fewer calendar days in the first quarter, partially offset by average earning asset growth during the quarter.
Provision for credit losses totaled $29.6 million in the first quarter of 2026, compared to a provision for credit losses of $27.6 million in the fourth quarter of 2025.
Net charge-offs totaled $18.4 million, or 14 basis points of average total loans on an annualized basis, in the first quarter of 2026 down from $21.8 million, or 17 basis points of average total loans on an annualized basis, in the fourth quarter of 2025.
Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025.
"Our first quarter performance reflected the efficient execution of our strategic priorities to deliver our differentiated customer experience, deliver disciplined and strategic growth and build the foundation for our future", Mr. Crane said. "We believe the continued momentum in our financial results has us well-positioned for the remainder of 2026. We expect sustained balance sheet growth, as we manage our expenses while investing appropriately in our businesses, to create consistent value for our shareholders."
The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2026 as well as historical financial performance. See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.
Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/eee88316-a409-40c9-8b41-bcc28fae9695
SUMMARY OF RESULTS:
BALANCE SHEET
Total assets increased $1.0 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.0 billion increase in total loans. The increase in loans was broad-based with growth across most major loan categories.
Total liabilities increased by $0.9 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.2 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2026 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances represented 20% of total deposits and average non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.8%.
For more information regarding changes in the Company's balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.
NET INTEREST INCOME
For the first quarter of 2026, net interest income totaled $579.0 million, a decrease of $4.9 million compared to the fourth quarter of 2025. The decrease in net interest income in the first quarter of 2026 was driven by two fewer calendar days in the quarter, partially offset by average earning asset growth during the quarter.
Net interest margin was 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026, up two basis points compared to the fourth quarter of 2025, benefiting from two fewer calendar days in the calendar. The yield on earning assets declined 10 basis points during the first quarter of 2026 primarily due to a 13 basis point decrease in loan yields. Funding cost on interest-bearing deposits decreased by 16 basis points compared to the fourth quarter of 2025, which more than offset the reduction in loan yields. The net free funds contribution in the first quarter of 2026 declined four basis points compared to the fourth quarter of 2025.
For more information regarding net interest income, see Table 4 through Table 7 in this report.
ASSET QUALITY
The allowance for credit losses totaled $471.6 million as of March 31, 2026, an increase from $460.5 million as of December 31, 2025. A provision for credit losses totaling $29.6 million was recorded for the first quarter of 2026 compared to $27.6 million recorded in the fourth quarter of 2025. The provision for credit losses recognized in the first quarter of 2026 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, model results capture uncertainty related to credit spreads and equity market valuations. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.
Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company's financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2026, December 31, 2025, and September 30, 2025 is shown on Table 11 of this report.
Net charge-offs totaled $18.4 million in the first quarter of 2026, a decrease of $3.4 million compared to $21.8 million of net charge-offs in the fourth quarter of 2025. Net charge-offs as a percentage of average total loans were 14 basis points in the first quarter of 2026 on an annualized basis compared to 17 basis points on an annualized basis in the fourth quarter of 2025. For more information regarding net charge-offs, see Table 9 in this report.
The Company's loan portfolio delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.
Non-performing assets and non-performing loans were stable compared to prior quarter. Non-performing assets totaled $200.2 million and comprised 0.28% of total assets as of March 31, 2026, as compared to $206.6 million, or 0.29% of total assets, as of December 31, 2025. Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025. For more information regarding non-performing assets, see Table 13 in this report.
NON-INTEREST INCOME
Non-interest income totaled $134.1 million in the first quarter of 2026, increasing $3.7 million, compared to $130.4 million in the fourth quarter of 2025.
Wealth management revenue increased by approximately $2.7 million in the first quarter of 2026, compared to the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily driven by the increase in 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.
Mortgage banking revenue totaled $23.4 million in the first quarter of 2026, compared to $22.6 million in the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 15 in this report.
The Company recognized approximately $31,000 in net losses on investment securities in the first quarter of 2026 compared to approximately $1.5 million in net gains in the fourth quarter of 2025. The net losses in the first quarter of 2026 were primarily the result of unrealized losses on the Company's equity investment securities with a readily determinable fair value.
For more information regarding non-interest income, see Table 14 in this report.
NON-INTEREST EXPENSE
Non-interest expense totaled $382.6 million in the first quarter of 2026, decreasing $1.9 million, compared to $384.5 million in the fourth quarter of 2025. Non-interest expense, as a percent of average assets, remained stable at 2.21% in the first quarter of 2026.
Salaries and employee benefits expense increased by approximately $5.9 million in the first quarter of 2026, compared to the fourth quarter of 2025. This was primarily driven by an increase in base salaries as annual merit increases go into effect in the first quarter.
The Company recorded net OREO expense of $207,000 in the first quarter of 2026, compared to net OREO expense of $2.2 million in the fourth quarter of 2025. The primary driver of the decrease in the first quarter can be attributed to valuation adjustments in the fourth quarter of 2025. Net OREO expenses include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.
Advertising and marketing expenses in the first quarter of 2026 totaled $13.2 million, which was a $574,000 decrease as compared to the fourth quarter of 2025. 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. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.
Travel and entertainment expense decreased approximately $2.5 million in the first quarter of 2026, compared to the fourth quarter of 2025. The decrease is primarily attributed to seasonal corporate events that occur in the fourth quarter.
For more information regarding non-interest expense, see Table 16 in this report.
INCOME TAXES
The Company recorded income tax expense of $73.6 million in the first quarter of 2026 compared to $79.2 million in the fourth quarter of 2025. The effective tax rates were 24.4% in the first quarter of 2026 compared to 26.2% in the fourth quarter of 2025. The effective tax rates were 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 share-based awards. The Company recorded net excess tax benefits of $6.6 million in the first quarter of 2026, compared to net excess tax benefits of $70,000 in the fourth quarter of 2025 related to share-based compensation.
BUSINESS SUMMARY
Community Banking
Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.
Mortgage banking revenue was $23.4 million for the first quarter of 2026, an increase of $771,000 compared to the fourth quarter of 2025. See Table 15 for more detail. Service charges on deposit accounts totaled $21.0 million in the first quarter of 2026 as compared to $20.4 million in the fourth quarter of 2025. The Company's gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2026 indicating momentum for expected continued loan growth in the second quarter of 2026.
Specialty Finance
Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.1 billion during the first quarter of 2026. Average balances decreased by $81.0 million, as compared to the fourth quarter of 2025. The Company's leasing divisions' portfolio balances increased in the first quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.0 billion, $1.2 billion, and $362.8 million as of March 31, 2026, respectively, compared to $2.9 billion, $1.2 billion, and $360.6 million as of December 31, 2025, respectively. Revenues from the Company's out-sourced administrative services business were $1.2 million in the first quarter of 2026, which was relatively stable compared to the fourth quarter of 2025.
Wealth Management
Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $42.1 million in the first quarter of 2026, an increase as compared to the fourth quarter of 2025. At March 31, 2026, the Company's wealth management subsidiaries had approximately $45.9 billion of assets under administration, which excludes assets owned by the Company and its subsidiary banks.
WINTRUST FINANCIAL CORPORATION
Key Operating Measures
Wintrust's key operating measures and growth rates for the first quarter of 2026, as compared to the fourth quarter of 2025 (sequential quarter) and first quarter of 2025 (linked quarter), are shown in the table below:
% or(1)basis point (bp) change from4th Quarter2025
% orbasis point (bp) change from1st Quarter2025
Three Months Ended
(Dollars in thousands, except per share data)
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
Net income
$
227,388
$
223,024
$
189,039
2
%
20
%
Pre-tax income, excluding provision for credit losses (non-GAAP)(2)
330,534
329,811
277,018
0
19
Net income per common share, Diluted
3.22
3.15
2.69
2
20
Cash dividends declared per common share
0.55
0.50
0.50
10
10
Net revenue(3)
713,166
714,264
643,108
0
11
Net interest income
579,024
583,874
526,474
(1
)
10
Net interest margin
3.54
%
3.52
%
3.54
%
2
bps
—
bps
Net interest margin, fully taxable-equivalent (non-GAAP)(2)
3.56
3.54
3.56
2
—
Net overhead ratio(4)
1.44
1.45
1.58
(1
)
(14
)
Return on average assets
1.32
1.27
1.20
5
12
Return on average common equity
12.76
12.63
12.21
13
55
Return on average tangible common equity (non-GAAP)(2)
14.89
14.83
14.72
6
17
At end of period
Total assets
$
72,157,433
$
71,142,046
$
65,870,066
6
%
10
%
Total loans(5)
54,071,292
53,105,101
48,708,390
7
11
Total deposits
58,914,382
57,717,191
53,570,038
8
10
Total shareholders' equity
7,378,100
7,258,715
6,600,537
7
12
(1) Period-end balance sheet percentage changes are annualized.(2) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(3) Net revenue is net interest income plus non-interest income.(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency.(5) Excludes mortgage loans held-for-sale.
Certain returns, yields, performance ratios, or quarterly growth rates are "annualized" in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate.
WINTRUST FINANCIAL CORPORATIONSelected Financial Highlights
Three Months Ended
(Dollars in thousands, except per share data)
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Selected Financial Condition Data (at end of period):
Total assets
$
72,157,433
$
71,142,046
$
69,629,638
$
68,983,318
$
65,870,066
Total loans(1)
54,071,292
53,105,101
52,063,482
51,041,679
48,708,390
Total deposits
58,914,382
57,717,191
56,711,381
55,816,811
53,570,038
Total shareholders' equity
7,378,100
7,258,715
7,045,757
7,225,696
6,600,537
Selected Statements of Income Data:
Net interest income
$
579,024
$
583,874
$
567,010
$
546,694
$
526,474
Net revenue(2)
713,166
714,264
697,837
670,783
643,108
Net income
227,388
223,024
216,254
195,527
189,039
Pre-tax income, excluding provision for credit losses (non-GAAP)(3)
330,534
329,811
317,809
289,322
277,018
Net income per common share, Basic
3.26
3.21
2.82
2.82
2.73
Net income per common share, Diluted
3.22
3.15
2.78
2.78
2.69
Cash dividends declared per common share
0.55
0.50
0.50
0.50
0.50
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin
3.54
%
3.52
%
3.48
%
3.52
%
3.54
%
Net interest margin, fully taxable-equivalent (non-GAAP)(3)
3.56
3.54
3.50
3.54
3.56
Non-interest income to average assets
0.78
0.74
0.76
0.76
0.74
Non-interest expense to average assets
2.21
2.19
2.21
2.32
2.32
Net overhead ratio(4)
1.44
1.45
1.45
1.57
1.58
Return on average assets
1.32
1.27
1.26
1.19
1.20
Return on average common equity
12.76
12.63
11.58
12.07
12.21
Return on average tangible common equity (non-GAAP)(3)
14.89
14.83
13.74
14.44
14.72
Average total assets
$
70,089,123
$
69,492,268
$
68,303,036
$
65,840,345
$
64,107,042
Average total shareholders' equity
7,387,713
7,166,608
6,955,543
6,862,040
6,460,941
Average loans to average deposits ratio
93.1
%
92.4
%
92.5
%
93.0
%
92.3
%
Period-end loans to deposits ratio
91.8
92.0
91.8
91.4
90.9
Common Share Data at end of period:
Market price per common share
$
138.94
$
139.82
$
132.44
$
123.98
$
112.46
Book value per common share
103.10
102.03
98.87
95.43
92.47
Tangible book value per common share (non-GAAP)(3)
89.90
88.66
85.39
81.86
78.83
Common shares outstanding
67,437,300
66,974,913
66,961,209
66,937,732
66,919,325
Other Data at end of period:
Common equity to assets ratio
9.6
%
9.6
%
9.5
%
9.3
%
9.4
%
Tangible common equity ratio (non-GAAP)(3)
8.5
8.5
8.3
8.0
8.1
Tier 1 leverage ratio(5)
9.8
9.6
9.5
10.2
9.6
Risk-based capital ratios:
Tier 1 capital ratio(5)
11.1
11.0
10.9
11.5
10.8
Common equity tier 1 capital ratio(5)
10.4
10.3
10.2
10.0
10.1
Total capital ratio(5)
12.5
12.4
12.4
13.0
12.5
Allowance for credit losses(6)
$
471,591
$
460,465
$
454,586
$
457,461
$
448,387
Allowance for loan and unfunded lending-related commitment losses to total loans
0.87
%
0.87
%
0.87
%
0.90
%
0.92
%
Number of:
Bank subsidiaries
16
16
16
16
16
Banking offices
209
209
208
208
208
(1) Excludes mortgage loans held-for-sale.(2) Net revenue is net interest income plus non-interest income.(3) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency.(5) Capital ratios for current quarter-end are estimated.(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CONDITION
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Mar 31,
Dec 31,
Sep 30,
Jun 30,
Mar 31,
(In thousands)
2026
2025
2025
2025
2025
Assets
Cash and due from banks
$
543,654
$
467,874
$
565,406
$
695,501
$
616,216
Federal funds sold and securities purchased under resale agreements
65
64
63
63
63
Interest-bearing deposits with banks
3,051,665
3,180,553
3,422,452
4,569,618
4,238,237
Available-for-sale securities, at fair value
7,244,282
6,236,263
5,274,124
4,885,715
4,220,305
Held-to-maturity securities, at amortized cost
3,270,207
3,343,905
3,438,406
3,502,186
3,564,490
Equity securities with readily determinable fair value
63,786
63,770
63,445
273,722
270,442
Federal Home Loan Bank and Federal Reserve Bank stock
292,044
291,881
282,755
282,087
281,893
Mortgage loans held-for-sale, at fair value
383,405
340,745
333,883
299,606
316,804
Loans, net of unearned income
54,071,292
53,105,101
52,063,482
51,041,679
48,708,390
Allowance for loan losses
(390,651
)
(379,283
)
(386,622
)
(391,654
)
(378,207
)
Net loans
53,680,641
52,725,818
51,676,860
50,650,025
48,330,183
Premises, software and equipment, net
777,603
781,611
775,425
776,324
776,679
Lease investments, net
362,766
360,646
301,000
289,768
280,472
Accrued interest receivable and other assets
1,596,617
1,617,682
1,614,674
1,610,025
1,598,255
Receivable on unsettled securities sales
—
835,275
978,209
240,039
463,023
Goodwill
797,658
797,960
797,639
798,144
796,932
Other acquisition-related intangible assets
93,040
97,999
105,297
110,495
116,072
Total assets
$
72,157,433
$
71,142,046
$
69,629,638
$
68,983,318
$
65,870,066
Liabilities and Shareholders' Equity
Deposits:
Non-interest-bearing
$
12,112,891
$
11,423,701
$
10,952,146
$
10,877,166
$
11,201,859
Interest-bearing
46,801,491
46,293,490
45,759,235
44,939,645
42,368,179
Total deposits
58,914,382
57,717,191
56,711,381
55,816,811
53,570,038
Federal Home Loan Bank advances
3,451,309
3,451,309
3,151,309
3,151,309
3,151,309
Other borrowings
340,647
477,966
579,328
625,392
529,269
Subordinated notes
298,717
298,636
298,536
298,458
298,360
Junior subordinated debentures
253,566
253,566
253,566
253,566
253,566
Payable on unsettled securities purchases
—
—
—
39,105
—
Accrued interest payable and other liabilities
1,520,712
1,684,663
1,589,761
1,572,981
1,466,987
Total liabilities
64,779,333
63,883,331
62,583,881
61,757,622
59,269,529
Shareholders' Equity:
Preferred stock
425,000
425,000
425,000
837,500
412,500
Common stock
67,525
67,062
67,042
67,025
67,007
Surplus
2,546,792
2,534,024
2,521,306
2,495,637
2,494,347
Treasury stock
(13,970
)
(9,156
)
(9,150
)
(9,156
)
(9,156
)
Retained earnings
4,719,561
4,537,539
4,356,367
4,200,923
4,045,854
Accumulated other comprehensive loss
(366,808
)
(295,754
)
(314,808
)
(366,233
)
(410,015
)
Total shareholders' equity
7,378,100
7,258,715
7,045,757
7,225,696
6,600,537
Total liabilities and shareholders' equity
$
72,157,433
$
71,142,046
$
69,629,638
$
68,983,318
$
65,870,066
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
(Dollars in thousands, except per share data)
Mar 31,2026
Dec 31,2025
Sep 30,2025
Jun 30,2025
Mar 31,2025
Interest income
Interest and fees on loans
$
797,889
$
822,494
$
832,140
$
797,997
$
768,362
Mortgage loans held-for-sale
4,615
5,607
4,757
4,872
4,246
Interest-bearing deposits with banks
19,150
27,190
34,992
34,317
36,766
Federal funds sold and securities purchased under resale agreements
64
77
75
276
179
Investment securities
100,278
95,461
86,426
78,053
72,016
Trading account securities
—
—
—
—
11
Federal Home Loan Bank and Federal Reserve Bank stock
5,564
5,497
5,444
5,393
5,307
Brokerage customer receivables
—
—
—
—
78
Total interest income
927,560
956,326
963,834
920,908
886,965
Interest expense
Interest on deposits
309,187
332,178
355,846
333,470
320,233
Interest on Federal Home Loan Bank advances
27,701
26,408
26,007
25,724
25,441
Interest on other borrowings
4,026
5,956
6,887
6,957
6,792
Interest on subordinated notes
3,719
3,737
3,717
3,735
3,714
Interest on junior subordinated debentures
3,903
4,173
4,367
4,328
4,311
Total interest expense
348,536
372,452
396,824
374,214
360,491
Net interest income
579,024
583,874
567,010
546,694
526,474
Provision for credit losses
29,594
27,588
21,768
22,234
23,963
Net interest income after provision for credit losses
549,430
556,286
545,242
524,460
502,511
Non-interest income
Wealth management
42,059
39,365
37,188
36,821
34,042
Mortgage banking
23,396
22,625
24,451
23,170
20,529
Service charges on deposit accounts
20,970
20,402
19,825
19,502
19,362
(Losses) gains on investment securities, net
(31
)
1,505
2,972
650
3,196
Fees from covered call options
4,669
5,992
5,619
5,624
3,446
Trading gains (losses), net
10
(257
)
172
151
(64
)
Operating lease income, net
19,154
16,365
15,466
15,166
15,287
Other
23,915
24,393
25,134
23,005
20,836
Total non-interest income
134,142
130,390
130,827
124,089
116,634
Non-interest expense
Salaries and employee benefits
228,447
222,557
219,668
219,541
211,526
Software and equipment
35,654
36,096
35,027
36,522
34,717
Operating lease equipment
10,987
11,034
10,409
10,757
10,471
Occupancy, net
20,566
20,105
20,809
20,228
20,778
Data processing
11,266
11,809
11,329
12,110
11,274
Advertising and marketing
13,218
13,792
19,027
18,761
12,272
Professional fees
7,375
8,280
7,465
9,243
9,044
Amortization of other acquisition-related intangible assets
4,958
4,999
5,196
5,580
5,618
FDIC insurance
10,990
10,562
11,418
10,971
10,926
Other real estate owned ("OREO") expenses, net
207
2,162
262
505
643
Other
38,964
43,057
39,418
37,243
38,821
Total non-interest expense
382,632
384,453
380,028
381,461
366,090
Income before taxes
300,940
302,223
296,041
267,088
253,055
Income tax expense
73,552
79,199
79,787
71,561
64,016
Net income
$
227,388
$
223,024
$
216,254
$
195,527
$
189,039
Preferred stock dividends
8,367
8,367
13,295
6,991
6,991
Preferred stock redemption
—
—
14,046
—
—
Net income applicable to common shares
$
219,021
$
214,657
$
188,913
$
188,536
$
182,048
Net income per common share - Basic
$
3.26
$
3.21
$
2.82
$
2.82
$
2.73
Net income per common share - Diluted
$
3.22
$
3.15
$
2.78
$
2.78
$
2.69
Cash dividends declared per common share
$
0.55
$
0.50
$
0.50
$
0.50
$
0.50
Weighted average common shares outstanding
67,246
66,970
66,952
66,931
66,726
Dilutive potential common shares
851
1,143
1,028
888
923
Average common shares and dilutive common shares
68,097
68,113
67,980
67,819
67,649
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES
% Growth From(1)
(Dollars in thousands)
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31,2025(2)
Mar 31, 2025
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies
$
249,350
$
217,136
$
211,360
$
192,633
$
181,580
60
%
37
%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies
134,055
123,609
122,523
106,973
135,224
34
(1
)
Total mortgage loans held-for-sale
$
383,405
$
340,745
$
333,883
$
299,606
$
316,804
51
%
21
%
Core loans:
Commercial
Commercial and industrial
$
7,620,239
$
7,267,505
$
7,135,083
$
7,028,247
$
6,871,206
20
%
11
%
Asset-based lending
1,558,089
1,512,888
1,588,522
1,663,693
1,701,962
12
(8
)
Municipal
839,633
868,958
804,986
771,785
798,646
(14
)
5
Leases
3,002,014
2,921,366
2,834,563
2,757,331
2,680,943
11
12
Commercial real estate
Residential construction
53,097
54,753
60,923
59,027
55,849
(12
)
(5
)
Commercial construction
1,959,375
2,013,244
2,273,545
2,165,263
2,086,797
(11
)
(6
)
Land
311,470
341,585
323,685
304,827
306,235
(36
)
2
Office
1,652,482
1,688,614
1,578,208
1,601,208
1,641,555
(9
)
1
Industrial
3,323,977
3,167,768
2,912,547
2,824,889
2,677,555
20
24
Retail
1,469,658
1,436,252
1,478,861
1,452,351
1,402,837
9
5
Multi-family
3,565,419
3,445,507
3,306,597
3,200,578
3,091,314
14
15
Mixed use and other
1,826,808
1,793,013
1,684,841
1,683,867
1,652,759
8
11
Home equity
471,264
480,525
484,202
466,815
455,683
(8
)
3
Residential real estate
Residential real estate loans for investment
4,319,941
4,171,439
4,019,046
3,814,715
3,561,417
14
21
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies
83,036
84,706
75,088
80,800
86,952
(8
)
(5
)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies
62,189
61,087
49,736
53,267
36,790
7
69
Total core loans
$
32,118,691
$
31,309,210
$
30,610,433
$
29,928,663
$
29,108,500
10
%
10
%
Niche loans:
Commercial
Franchise
$
1,293,639
$
1,298,493
$
1,298,140
$
1,286,265
$
1,262,555
(2
)%
2
%
Mortgage warehouse lines of credit
1,800,972
1,515,003
1,204,661
1,232,530
1,019,543
77
77
Community Advantage - homeowners association
526,274
532,027
537,696
526,595
525,492
(4
)
—
Insurance agency lending
1,122,361
1,128,446
1,140,691
1,120,985
1,070,979
(2
)
5
Premium Finance receivables
U.S. property & casualty insurance
7,127,234
7,308,054
7,502,901
7,378,340
6,486,663
(10
)
10
Canada property & casualty insurance
763,097
875,362
863,391
944,836
753,199
(52
)
1
Life insurance
9,196,382
9,023,642
8,758,553
8,506,960
8,365,140
8
10
Consumer and other
122,642
114,864
147,016
116,505
116,319
27
5
Total niche loans
$
21,952,601
$
21,795,891
$
21,453,049
$
21,113,016
$
19,599,890
3
%
12
%
Total loans, net of unearned income
$
54,071,292
$
53,105,101
$
52,063,482
$
51,041,679
$
48,708,390
7
%
11
%
(1) NM - Not Meaningful.(2) Annualized.
TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES
% Growth From
(Dollars in thousands)
Mar 31,2026
Dec 31,2025
Sep 30,2025
Jun 30,2025
Mar 31,2025
Dec 31,2025(1)
Mar 31, 2025
Balance:
Non-interest-bearing
$
12,112,891
$
11,423,701
$
10,952,146
$
10,877,166
$
11,201,859
24
%
8
%
NOW and interest-bearing demand deposits
5,987,258
6,233,753
6,710,919
6,795,725
6,340,168
(16
)
(6
)
Wealth management deposits(2)
1,670,620
1,907,647
1,600,735
1,595,764
1,408,790
(50
)
19
Money market
21,714,267
21,368,924
20,270,382
19,556,041
18,074,733
7
20
Savings
6,942,565
6,905,216
6,758,743
6,659,419
6,576,251
2
6
Time certificates of deposit
10,486,781
9,877,950
10,418,456
10,332,696
9,968,237
25
5
Total deposits
$
58,914,382
$
57,717,191
$
56,711,381
$
55,816,811
$
53,570,038
8
%
10
%
Mix:
Non-interest-bearing
20
%
20
%
19
%
19
%
21
%
NOW and interest-bearing demand deposits
10
11
12
12
12
Wealth management deposits(2)
3
3
3
3
3
Money market
37
37
36
35
34
Savings
12
12
12
12
12
Time certificates of deposit
18
17
18
