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Here are 1-3 brief analogies for Wintrust Financial (WTFC):

• A regional bank similar to PNC or US Bank, known for acquiring and operating local community banks under their original names.
• Like Marriott International, but for community banks, operating multiple distinct local bank brands under a single financial holding company.

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• Community Banking: Provides traditional banking services to consumers and businesses, including deposit accounts, commercial and industrial loans, real estate loans, and consumer loans through a network of local banks.
• Wealth Management: Offers investment advisory, trust, and asset management services to individuals, families, and institutions.
• Specialty Finance: Provides niche lending solutions across various sectors, such as life insurance premium finance, equipment finance, and municipal finance.
• Mortgage Banking: Originates, sells, and services residential mortgage loans for individuals.

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Wintrust Financial (WTFC) Major Customers

• Individuals and Consumers: This category includes a broad base of retail customers who utilize Wintrust's community banking services (e.g., checking and savings accounts, mortgages, personal loans), as well as wealth management and investment services.
• Small to Mid-Sized Businesses: Wintrust provides comprehensive commercial banking services to a wide array of businesses, including commercial loans, lines of credit, treasury management services, and other business banking solutions.
• Specialty & Institutional Clients: This category encompasses clients served by Wintrust's niche financing businesses, such as life insurance premium finance, municipal finance, equipment financing, and services to local governmental units and other institutional clients.

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Timothy S. Crane, President and Chief Executive Officer

Timothy S. Crane became President of Wintrust in February 2020 and Chief Executive Officer in May 2023, after joining the company in 2008 and holding various executive management roles. Before joining Wintrust, he spent 24 years at Bank of Montreal/Harris Bank in Chicago, where he served as President of Harris Bankcorp, overseeing BMO's U.S. operations. Mr. Crane has been the head of five different companies and also serves as Chairman of Lake Forest Bank & Trust Co., NA and Wintrust Bank, NA, which are Wintrust Financial Corp. subsidiaries.

David L. Stoehr, Executive Vice President and Chief Financial Officer

David L. Stoehr joined Wintrust in January 2002 and is responsible for managing all financial and accounting affairs, including internal and external financial reporting. Prior to his role at Wintrust, Mr. Stoehr was Senior Vice President/Reporting & Analysis at Firstar/U.S. Bancorp and Director of Finance/Controller of Associated Banc-Corp. His previous experience also includes serving as Assistant Vice President of Balance Sheet Management at Huntington Bancshares and as a Financial Reporting Officer at Valley Bancorporation.

Edward J. Wehmer, Founder and Senior Advisor

Edward J. Wehmer co-founded Wintrust Financial with a group of friends in 1991, establishing the first Wintrust Community Bank location, Lake Forest Bank & Trust N.A. He served as President and Chief Operating Officer since the company's official formation in 1996 and was the Chief Executive Officer until May 2023. Before founding Wintrust, Mr. Wehmer spent seven years at Ernst & Young LLP as a certified public accountant specializing in banking and mergers and acquisitions. He then held positions as Senior Vice President and Chief Financial Officer of Corus Bankshares (formerly River Forest Bancorp) and President of its largest subsidiary, Lincoln National Bank.

David A. Dykstra, Vice Chairman and Chief Operating Officer

David A. Dykstra joined Wintrust in 1995 and has served as Vice Chairman and Chief Operating Officer since February 2020. He previously held the title of Senior Executive Vice President and Chief Operating Officer for 18 years and, prior to that, served as Wintrust's Chief Financial Officer. Before his tenure at Wintrust, Mr. Dykstra was Senior Vice President and Chief Financial Officer at River Forest Bancorp, Inc. from 1990 to 1995, and an Audit Manager in the banking practice at KPMG LLP for seven years.

Richard B. Murphy, Vice Chairman and Chief Lending Officer

Richard B. Murphy has been the Vice Chairman and Chief Lending Officer of Wintrust since February 2020. Prior to this role, he served as the Chief Credit Officer of Wintrust from 2002 to 2020. His earlier experience includes serving as President at Hinsdale Bank from 1996 to 2005, where he was also Executive Vice President and Senior Lender, and as President at the First State Bank of Calumet City.

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The key risks to Wintrust Financial (WTFC) include credit quality concerns, especially related to its commercial real estate (CRE) exposure, potential net interest margin compression, and the overarching impact of general economic conditions and the evolving regulatory environment.

1. Credit Quality Risk and Commercial Real Estate (CRE) Exposure: Wintrust Financial faces a significant risk from its credit quality, particularly concerning its exposure to commercial real estate loans. CRE is identified as a "potential source of earnings volatility," and net charge-offs have shown an upward trend in Q3 2025, necessitating attention. There are concerns about the bank's high exposure to CRE loans, which could impact profitability. Furthermore, the provision for credit losses increased in the first quarter of 2025, primarily due to impacts from the macroeconomic outlook, indicating heightened caution around potential loan defaults.
2. Net Interest Margin (NIM) Compression: Intense competition for deposits and a potential slowdown in Wintrust's high-growth premium finance business pose a significant near-term market risk of margin compression. While Wintrust's net interest margin was stable in Q3 2025, analysts anticipate a slight decline in the coming years. A sustained high Federal Funds Rate could further increase the cost of deposits, making it challenging for the bank to maintain its margins.
3. General Economic Conditions and Regulatory Environment: Wintrust Financial's business activities and earnings are highly susceptible to general economic and business conditions, including fluctuations in interest rates, inflation, and unemployment levels. Deterioration in these conditions can materially and adversely affect the financial services industry and the company's financial performance. Additionally, the constantly shifting financial regulatory environment presents ongoing challenges, with the risk of heightened capital requirements and increased FDIC insurance premiums adding to compliance costs.

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The accelerated adoption and expansion of digital-first financial services offered by non-traditional banking entities represents a clear emerging threat. This includes neobanks providing streamlined, mobile-centric checking and savings accounts, specialized online lenders offering more agile and often lower-cost loan products, and the proliferation of embedded finance solutions where non-financial companies integrate banking services directly into their core offerings. These competitors are attracting customers, particularly younger demographics, through superior digital user experiences, lower overhead costs, and greater convenience, thereby incrementally eroding the deposit base, loan origination opportunities, and overall customer relationships of traditional regional banks such as Wintrust Financial.

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• Community Banking Services: The U.S. community banking market is estimated at approximately USD 205.4 billion in 2024. This market caters to individuals, small to mid-sized businesses, local governmental units, and institutional clients, primarily in the Chicago metropolitan area, southern Wisconsin, and northwest Indiana.
• Wealth Management: The North American wealth management market accounted for USD 937.45 billion in 2023. Wintrust Financial's wealth management services, including trust and investment services, asset management, and securities brokerage, serve clients across all 50 U.S. states.
• Mortgage Origination: The U.S. home loan market stood at USD 2.29 trillion in 2025 and is forecasted to reach USD 3.02 trillion by 2030. Wintrust Mortgage provides a range of mortgage products, with its mortgage business serving customers in all 50 U.S. states.
• Commercial Insurance Premium Financing: Null
• Short-term Accounts Receivable Financing and Administrative Services (Specialty Finance): Null

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• Sustained Loan and Deposit Growth: Wintrust Financial has consistently demonstrated strong loan and deposit growth across its various franchise segments. Management commentary and earnings reports for Q1, Q2, and Q3 2025 emphasize continued momentum in both commercial and consumer banking, with solid loan pipelines indicating ongoing expansion. For instance, Q2 2025 saw loans grow by $2.3 billion, an annualized rate of 19%, and deposits increased by $2.2 billion, an annualized rise of 17%. This broad-based activity is a fundamental driver of net interest income.
• Expansion of Non-Interest Revenue: The company is focused on expanding its non-interest income streams. This includes growth in wealth management revenue, mortgage banking revenue, and service charges on deposit accounts. Despite a temporary dip in wealth management revenue in Q1 2025 due to system transitions, it rebounded in Q2 and Q3 2025, driven by increased asset valuations and activity. Mortgage banking revenue also showed an increase in Q2 and Q3 2025 due to higher origination volumes and production margins.
• Market Share Gains: Wintrust Financial is actively gaining market share in its core Midwest markets, including Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida. This is achieved through its community bank subsidiaries, offering a blend of large bank resources and a personalized community banking experience, which helps in adding new client and household relationships. The Q3 2025 earnings call specifically highlighted continued deposit share gains in key markets, with Wintrust Financial ranking third in deposit market share in the greater Chicago area.
• Growth in Premium Finance Business: The premium finance portfolio, particularly in property and casualty, has been highlighted as a seasonally strong business and a significant contributor to loan growth. This specialized lending segment provides a consistent avenue for revenue expansion.

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Share Issuance

• In May 2025, Wintrust Financial priced an underwritten public offering of 17 million depositary shares, representing interests in its Series F preferred stock, for gross proceeds of $425 million.
• The proceeds from the Series F preferred stock offering were intended for general corporate purposes, potentially including the redemption of outstanding Series D and/or Series E preferred stock.
• On July 15, 2025, Wintrust redeemed all outstanding shares of its Series D and Series E Preferred Stock, returning them to authorized and unissued status.
• In conjunction with the acquisition of Macatawa Bank Corporation, completed on August 1, 2024, Wintrust issued approximately 4.7 million shares of common stock.

Outbound Investments

• Wintrust completed the acquisition of Macatawa Bank Corporation on August 1, 2024, which increased total loans by $1.4 billion.
• The company's growth has historically involved organic expansion and selective acquisitions of smaller banks in neighboring communities.
• Management expressed openness to future growth opportunities, including potential non-bank mergers and acquisitions in areas like insurance or other fee-generating businesses.