•	Total assets increased by $192 million.

•	Total loans increased by $733 million.

•	Total deposits increased by $193 million.

•

Net interest income decreased by $7.2 million primarily due to lower Paycheck Protection Program ("PPP") loan fee accretion as a result of changes to the estimated timing of loan forgiveness. The Company recognized $17.4 million of PPP loan fee accretion in the third quarter of 2020 as compared to $25.1 million in the prior quarter. As of September 30, 2020, the Company had approximately $49.3 million of PPP loan fees that have yet to be recognized in income.

•	The loans to deposits ratio ended the third quarter of 2020 at 89.7% as compared to 88.1% as of the prior quarter end. Excluding PPP loans, the loans to deposits ratio ended the third quarter of 2020 at 80.2%.

•	Mortgage banking revenue increased by $6.2 million to $108.5 million for the third quarter of 2020 as compared to $102.3 million in the prior quarter.

◦	Loans originated for sale in the third quarter of 2020 totaled $2.2 billion, essentially unchanged from the prior quarter.

•	Outstanding COVID-19 related loan modifications for customers totaled approximately $413 million or 1.4% of total loans, excluding PPP loans, as of September 30, 2020 as compared to $1.7 billion or 6.2% as of June 30, 2020.

•	Provision for credit losses totaled $25.0 million in the third quarter of 2020 as compared to $135.1 million in the second quarter of 2020.

•

Recorded net charge-offs of $9.3 million in the third quarter of 2020, of which $6.4 million were reserves on individually assessed loans as of the prior quarter end, as compared to net charge-offs of $15.4 million in the second quarter of 2020. Net charge-offs as a percentage of average total loans, totaled 12 basis points in the third quarter of 2020 on an annualized basis compared to 20 basis points on an annualized basis in the second quarter of 2020.

•	The allowance for credit losses on our core loan portfolio is approximately 1.88% of the outstanding balance as of September 30, 2020, up from 1.85% as of the prior quarter end. See Table 12 for more information.

•	Non-performing assets totaled $182.3 million, or 0.42% of total assets, as of September 30, 2020 as compared to $198.5 million, or 0.46% of total assets, as of the prior quarter end.

•	Recorded a decrease in the value of mortgage servicing rights related to changes in fair value model assumptions, net of derivative contract activity held as an economic hedge, of $3.0 million in the third quarter of 2020 as compared to a decline of $7.4 million in the prior quarter.

•	Agreed to settle long standing recourse obligation disputes which resulted in an additional accrual of $3.1 million in the third quarter of 2020, recorded as a reduction to other mortgage banking revenue.

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•	Accrued $6.3 million of contingent consideration expense related to the previous acquisition of mortgage operations in the third quarter of 2020 as compared to $7.2 million in the prior quarter, which was recorded in other non-interest expense.

•	Recorded acquisition related costs of $132,000 in the third quarter of 2020 as compared to $4.9 million in the prior quarter.

•	Recorded a $9.0 million state income tax benefit in the third quarter of 2020 related to the settlement of an uncertain tax position. Net of the federal tax impact, the reduction to income tax expense was $7.1 million.

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WINTRUST FINANCIAL CORPORATION

Key Operating Measures

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

													% or(1) basis point  (bp) change from 2nd Quarter 2020				% or basis point  (bp) change from 3rd Quarter 2019
		Three Months Ended
(Dollars in thousands, except per share data)		Sep 30, 2020				Jun 30, 2020				Sep 30, 2019
Net income		$	107,315			$	21,659			$	99,121		395		%		8		%
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)		162,310				165,756				145,435			(2	)			12
Net income per common share – diluted		1.67				0.34				1.69			391				(1	)
Net revenue (3)		426,529				425,124				379,989			—				12
Net interest income		255,936				263,131				264,852			(3	)			(3	)
Net interest margin		2.56		%		2.73		%		3.37		%	(17	)	bp		(81	)	bp
Net interest margin - fully taxable equivalent (non-GAAP) (2)		2.57				2.74				3.39			(17	)			(82	)
Net overhead ratio (4)		0.87				0.93				1.40			(6	)			(53	)
Return on average assets		0.99				0.21				1.16			78				(17	)
Return on average common equity		10.66				2.17				11.42			849				(76	)
Return on average tangible common equity (non-GAAP) (2)		13.43				2.95				14.36			1,048				(93	)
At end of period
Total assets		$	43,731,718			$	43,540,017			$	34,911,902		2		%		25		%
Total loans (5)		32,135,555				31,402,903				25,710,171			9				25
Total deposits		35,844,422				35,651,874				28,710,379			2				25
Total shareholders’ equity		4,074,089				3,990,218				3,540,325			8				15

(1)	Period-end balance sheet percentage changes are annualized.

(2)	See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.

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

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

(5)	Excludes mortgage loans held-for-sale.

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WINTRUST FINANCIAL CORPORATION

Selected Financial Highlights

		Three Months Ended																			Nine Months Ended
(Dollars in thousands, except per share data)		Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Dec 31, 2019				Sep 30, 2019			Sep 30, 2020				Sep 30, 2019
Selected Financial Condition Data (at end of period):
Total assets		$	43,731,718			$	43,540,017			$	38,799,847			$	36,620,583			$	34,911,902
Total loans (1)		32,135,555				31,402,903				27,807,321				26,800,290				25,710,171
Total deposits		35,844,422				35,651,874				31,461,660				30,107,138				28,710,379
Junior subordinated debentures		253,566				253,566				253,566				253,566				253,566
Total shareholders’ equity		4,074,089				3,990,218				3,700,393				3,691,250				3,540,325
Selected Statements of Income Data:
Net interest income		$	255,936			$	263,131			$	261,443			$	261,879			$	264,852		$	780,510			$	793,040
Net revenue (2)		426,529				425,124				374,685				374,099				379,989			1,226,338				1,087,992
Net income		107,315				21,659				62,812				85,964				99,121			191,786				269,733
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)		162,310				165,756				140,044				124,508				145,435			468,110				409,457
Net income per common share – Basic		1.68				0.34				1.05				1.46				1.71			3.08				4.65
Net income per common share – Diluted		1.67				0.34				1.04				1.44				1.69			3.06				4.60
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		2.56		%		2.73		%		3.12		%		3.17		%		3.37		%	2.79		%		3.56		%
Net interest margin - fully taxable equivalent (non-GAAP) (3)		2.57				2.74				3.14				3.19				3.39			2.80				3.58
Non-interest income to average assets		1.58				1.55				1.24				1.25				1.35			1.47				1.22
Non-interest expense to average assets		2.45				2.48				2.58				2.78				2.74			2.50				2.80
Net overhead ratio (4)		0.87				0.93				1.33				1.53				1.40			1.03				1.58
Return on average assets		0.99				0.21				0.69				0.96				1.16			0.63				1.11
Return on average common equity		10.66				2.17				6.82				9.52				11.42			6.56				10.74
Return on average tangible common equity (non-GAAP) (3)		13.43				2.95				8.73				12.17				14.36			8.38				13.60
Average total assets		$	42,962,844			$	42,042,729			$	36,625,490			$	35,645,190			$	33,954,592		$	40,552,517			$	32,418,875
Average total shareholders’ equity		4,034,902				3,908,846				3,710,169				3,622,184				3,496,714			3,885,187				3,407,398
Average loans to average deposits ratio		89.6		%		87.8		%		90.1		%		88.8		%		90.6		%	89.1		%		92.4		%
Period-end loans to deposits ratio		89.7				88.1				88.4				89.0				89.6
Common Share Data at end of period:
Market price per common share		$	40.05			$	43.62			$	32.86			$	70.90			$	64.63
Book value per common share		63.57				62.14				62.13				61.68				60.24
Tangible book value per common share (non-GAAP) (3)		51.70				50.23				50.18				49.70				49.16
Common shares outstanding		57,601,991				57,573,672				57,545,352				57,821,891				56,698,429
Other Data at end of period:
Tier 1 leverage ratio (5)		8.2		%		8.1		%		8.5		%		8.7		%		8.8		%
Risk-based capital ratios:
Tier 1 capital ratio (5)		10.1				10.1				9.3				9.6				9.7
Common equity tier 1 capital ratio(5)		8.9				8.8				8.9				9.2				9.3
Total capital ratio (5)		12.8				12.8				11.9				12.2				12.4
Allowance for credit losses (6)		$	388,971			$	373,174			$	253,482			$	158,461			$	163,273
Allowance for loan and unfunded lending-related commitment losses to total loans		1.21		%		1.19		%		0.91		%		0.59		%		0.64		%
Number of:
Bank subsidiaries		15				15				15				15				15
Banking offices		182				186				187				187				174

(1)	Excludes mortgage loans held-for-sale.

(2)	Net revenue includes net interest income and non-interest income.

(3)	See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information on this performance measure/ratio.

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

(5)	Capital ratios for current quarter-end are estimated.

(6)	The allowance for credit losses includes both the allowance for loan losses and the allowance for unfunded lending-related commitments. Effective January 1, 2020, the allowance for credit losses also includes the allowance for investment securities as a result of the adoption of Accounting Standard Update ("ASU") 2016-13, Financial Instruments - Credit Losses.

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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

 

		(Unaudited)				(Unaudited)				(Unaudited)								(Unaudited)
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(In thousands)		2020				2020				2020				2019				2019
Assets
Cash and due from banks		$	308,639			$	344,999			$	349,118			$	286,167			$	448,755
Federal funds sold and securities purchased under resale agreements		56				58				309				309				59
Interest-bearing deposits with banks		3,825,823				4,015,072				1,943,743				2,164,560				2,260,806
Available-for-sale securities, at fair value		2,946,459				3,194,961				3,570,959				3,106,214				2,270,059
Held-to-maturity securities, at amortized cost		560,267				728,465				865,376				1,134,400				1,095,802
Trading account securities		1,720				890				2,257				1,068				3,204
Equity securities with readily determinable fair value		54,398				52,460				47,310				50,840				46,086
Federal Home Loan Bank and Federal Reserve Bank stock		135,568				135,571				134,546				100,739				92,714
Brokerage customer receivables		16,818				14,623				16,293				16,573				14,943
Mortgage loans held-for-sale		959,671				833,163				656,934				377,313				464,727
Loans, net of unearned income		32,135,555				31,402,903				27,807,321				26,800,290				25,710,171
Allowance for loan losses		(325,959		)		(313,510		)		(216,050		)		(156,828		)		(161,763		)
Net loans		31,809,596				31,089,393				27,591,271				26,643,462				25,548,408
Premises and equipment, net		774,288				769,909				764,583				754,328				721,856
Lease investments, net		230,373				237,040				207,147				231,192				228,647
Accrued interest receivable and other assets		1,424,728				1,437,832				1,460,168				1,061,141				1,087,864
Trade date securities receivable		—				—				502,207				—				—
Goodwill		644,644				644,213				643,441				645,220				584,315
Other intangible assets		38,670				41,368				44,185				47,057				43,657
Total assets		$	43,731,718			$	43,540,017			$	38,799,847			$	36,620,583			$	34,911,902
Liabilities and Shareholders’ Equity
Deposits:
Non-interest bearing		$	10,409,747			$	10,204,791			$	7,556,755			$	7,216,758			$	7,067,960
Interest bearing		25,434,675				25,447,083				23,904,905				22,890,380				21,642,419
Total deposits		35,844,422				35,651,874				31,461,660				30,107,138				28,710,379
Federal Home Loan Bank advances		1,228,422				1,228,416				1,174,894				674,870				574,847
Other borrowings		507,395				508,535				487,503				418,174				410,488
Subordinated notes		436,385				436,298				436,179				436,095				435,979
Junior subordinated debentures		253,566				253,566				253,566				253,566				253,566
Trade date securities payable		—				—				—				—				226
Accrued interest payable and other liabilities		1,387,439				1,471,110				1,285,652				1,039,490				986,092
Total liabilities		39,657,629				39,549,799				35,099,454				32,929,333				31,371,577
Shareholders’ Equity:
Preferred stock		412,500				412,500				125,000				125,000				125,000
Common stock		58,323				58,294				58,266				57,951				56,825
Surplus		1,647,049				1,643,864				1,652,063				1,650,278				1,574,011
Treasury stock		(44,891		)		(44,891		)		(44,891		)		(6,931		)		(6,799		)
Retained earnings		2,001,949				1,921,048				1,917,558				1,899,630				1,830,165
Accumulated other comprehensive loss		(841		)		(597		)		(7,603		)		(34,678		)		(38,877		)
Total shareholders’ equity		4,074,089				3,990,218				3,700,393				3,691,250				3,540,325
Total liabilities and shareholders’ equity		$	43,731,718			$	43,540,017			$	38,799,847			$	36,620,583			$	34,911,902

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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended																			Nine Months Ended
(In thousands, except per share data)	Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Dec 31, 2019				Sep 30, 2019			Sep 30, 2020				Sep 30, 2019
Interest income
Interest and fees on loans	$	280,479			$	294,746			$	301,839			$	308,055			$	314,277		$	877,064			$	920,425
Mortgage loans held-for-sale	5,791				4,764				3,165				3,201				3,478			13,720				8,791
Interest-bearing deposits with banks	1,181				1,310				4,768				8,971				10,326			7,259				20,832
Federal funds sold and securities purchased under resale agreements	—				16				86				390				310			102				310
Investment securities	21,819				27,105				32,467				27,611				24,758			81,391				80,435
Trading account securities	6				13				7				6				20			26				33
Federal Home Loan Bank and Federal Reserve Bank stock	1,774				1,765				1,577				1,328				1,294			5,116				4,088
Brokerage customer receivables	106				97				158				169				164			361				497
Total interest income	311,156				329,816				344,067				349,731				354,627			985,039				1,035,411
Interest expense
Interest on deposits	39,084				50,057				67,435				74,724				76,168			156,576				204,168
Interest on Federal Home Loan Bank advances	4,947				4,934				3,360				1,461				1,774			13,241				8,417
Interest on other borrowings	3,012				3,436				3,546				3,273				3,466			9,994				10,624
Interest on subordinated notes	5,474				5,506				5,472				5,504				5,470			16,452				10,051
Interest on junior subordinated debentures	2,703				2,752				2,811				2,890				2,897			8,266				9,111
Total interest expense	55,220				66,685				82,624				87,852				89,775			204,529				242,371
Net interest income	255,936				263,131				261,443				261,879				264,852			780,510				793,040
Provision for credit losses	25,026				135,053				52,961				7,826				10,834			213,040				46,038
Net interest income after provision for credit losses	230,910				128,078				208,482				254,053				254,018			567,470				747,002
Non-interest income
Wealth management	24,957				22,636				25,941				24,999				23,999			73,534				72,115
Mortgage banking	108,544				102,324				48,326				47,860				50,864			259,194				106,433
Service charges on deposit accounts	11,497				10,420				11,265				10,973				9,972			33,182				28,097
Gains (losses) on investment securities, net	411				808				(4,359		)		587				710			(3,140		)		2,938
Fees from covered call options	—				—				2,292				1,243				—			2,292				2,427
Trading gains (losses), net	183				(634		)		(451		)		46				11			(902		)		(204		)
Operating lease income, net	11,717				11,785				11,984				12,487				12,025			35,486				34,554
Other	13,284				14,654				18,244				14,025				17,556			46,182				48,592
Total non-interest income	170,593				161,993				113,242				112,220				115,137			445,828				294,952
Non-interest expense
Salaries and employee benefits	164,042				154,156				136,762				145,941				141,024			454,960				400,479
Equipment	17,251				15,846				14,834				14,485				13,314			47,931				37,843
Operating lease equipment	9,425				9,292				9,260				9,766				8,907			27,977				25,994
Occupancy, net	15,830				16,893				17,547				17,132				14,991			50,270				47,157
Data processing	5,689				10,406				8,373				7,569				6,522			24,468				20,251
Advertising and marketing	7,880				7,704				10,862				12,517				13,375			26,446				36,078
Professional fees	6,488				7,687				6,721				7,650				8,037			20,896				19,821
Amortization of other intangible assets	2,701				2,820				2,863				3,017				2,928			8,384				8,827
FDIC insurance	6,772				7,081				4,135				1,348				148			17,988				7,851
OREO expense, net	(168		)		237				(876		)		536				1,170			(807		)		3,092
Other	28,309				27,246				24,160				29,630				24,138			79,715				71,142
Total non-interest expense	264,219				259,368				234,641				249,591				234,554			758,228				678,535
Income before taxes	137,284				30,703				87,083				116,682				134,601			255,070				363,419
Income tax expense	29,969				9,044				24,271				30,718				35,480			63,284				93,686
Net income	$	107,315			$	21,659			$	62,812			$	85,964			$	99,121		$	191,786			$	269,733
Preferred stock dividends	10,286				2,050				2,050				2,050				2,050			14,386				6,150
Net income applicable to common shares	$	97,029			$	19,609			$	60,762			$	83,914			$	97,071		$	177,400			$	263,583
Net income per common share - Basic	$	1.68			$	0.34			$	1.05			$	1.46			$	1.71		$	3.08			$	4.65
Net income per common share - Diluted	$	1.67			$	0.34			$	1.04			$	1.44			$	1.69		$	3.06			$	4.60
Cash dividends declared per common share	$	0.28			$	0.28			$	0.28			$	0.25			$	0.25		$	0.84			$	0.75
Weighted average common shares outstanding	57,597				57,567				57,620				57,538				56,690			57,595				56,627
Dilutive potential common shares	449				414				575				874				773			469				724
Average common shares and dilutive common shares	58,046				57,981				58,195				58,412				57,463			58,064				57,351

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

																				% Growth From
(Dollars in thousands)	Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Dec 31, 2019				Sep 30, 2019			Dec 31, 2019 (1)			Sep 30, 2019
Balance:
Commercial
Commercial, industrial, and other	$	8,897,986			$	8,523,864			$	9,025,886			$	8,285,920			$	8,195,602		10	%		9	%
Commercial PPP loans	3,379,013				3,335,368				—				—				—			100			100
Commercial real estate
Construction and development	1,333,149				1,285,282				1,237,274				1,200,783				1,025,961			15			30
Non-construction	7,089,993				6,915,463				6,948,257				6,819,493				6,422,706			5			10
Home equity	446,274				466,596				494,655				513,066				512,303			(17	)		(13	)
Residential real estate	1,384,810				1,427,429				1,377,389				1,354,221				1,218,666			3			14
Premium Finance receivables
Commercial insurance	4,060,144				3,999,774				3,465,055				3,442,027				3,449,950			24			18
Life insurance	5,488,832				5,400,802				5,221,639				5,074,602				4,795,496			11			14
Consumer and other	55,354				48,325				37,166				110,178				89,487			(66	)		(38	)
Total loans, net of unearned income	$	32,135,555			$	31,402,903			$	27,807,321			$	26,800,290			$	25,710,171		27	%		25	%
Mix:
Commercial
Commercial, industrial, and other	28		%		28		%		32		%		31		%		32		%
Commercial PPP loans	11				11				—				—				—
Commercial real estate
Construction and development	4				4				4				4				4
Non-construction	22				22				25				26				25
Home equity	1				1				2				2				2
Residential real estate	4				4				5				5				5
Premium Finance receivables
Commercial insurance	13				13				13				13				13
Life insurance	17				17				19				19				19
Consumer and other	0				0				0				0				0
Total loans, net of unearned income	100		%		100		%		100		%		100		%		100		%

(1)	Annualized.

	Sep 30, 2020						Jun 30, 2020						Mar 31, 2020						Dec 31, 2019						Sep 30, 2019
				% of Total Balance						% of Total Balance						% of Total Balance						% of Total Balance						% of Total Balance
(Dollars in thousands)	Balance						Balance						Balance						Balance						Balance
Commercial real estate - collateral location by state:
Illinois	$	6,270,584		74.4	%		$	6,198,486		75.6	%		$	6,171,606		75.4	%		$	6,176,353		77.0	%		$	5,654,827		75.9	%
Wisconsin	783,241			9.3			760,839			9.3			793,145			9.7			744,975			9.3			744,577			10.0
Total primary markets	$	7,053,825		83.7	%		$	6,959,325		84.9	%		$	6,964,751		85.1	%		$	6,921,328		86.3	%		$	6,399,404		85.9	%
Indiana	265,905			3.2			249,423			3.0			249,680			3.1			218,963			2.7			193,350			2.6
Florida	133,602			1.6			133,810			1.6			126,786			1.5			114,629			1.4			80,120			1.1
Arizona	79,086			0.9			78,135			1.0			72,214			0.9			64,022			0.8			62,657			0.8
California	82,852			1.0			81,634			1.0			63,883			0.8			64,345			0.8			67,999			0.9
Other	807,872			9.6			698,418			8.5			708,217			8.6			636,989			8.0			645,137			8.7
Total commercial real estate	$	8,423,142		100	%		$	8,200,745		100	%		$	8,185,531		100	%		$	8,020,276		100	%		$	7,448,667		100	%

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TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																				% Growth From
(Dollars in thousands)	Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Dec 31, 2019				Sep 30, 2019			Dec 31, 2019 (1)			Sep 30, 2019
Balance:
Non-interest bearing	$	10,409,747			$	10,204,791			$	7,556,755			$	7,216,758			$	7,067,960		59	%		47	%
NOW and interest-bearing demand deposits	3,294,071				3,440,348				3,181,159				3,093,159				2,966,098			9			11
Wealth management deposits (2)	4,235,583				4,433,020				3,936,968				3,123,063				2,795,838			48			51
Money market	9,423,653				9,288,976				8,114,659				7,854,189				7,326,899			27			29
Savings	3,415,073				3,447,352				3,282,340				3,196,698				2,934,348			9			16
Time certificates of deposit	5,066,295				4,837,387				5,389,779				5,623,271				5,619,236			(13	)		(10	)
Total deposits	$	35,844,422			$	35,651,874			$	31,461,660			$	30,107,138			$	28,710,379		25	%		25	%
Mix:
Non-interest bearing	29		%		29		%		24		%		24		%		25		%
NOW and interest-bearing demand deposits	9				10				10				10				10
Wealth management deposits (2)	12				12				13				10				10
Money market	26				25				26				26				25
Savings	10				10				10				11				10
Time certificates of deposit	14				14				17				19				20
Total deposits	100		%		100		%		100		%		100		%		100		%

(1)	Annualized.

(2)	Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC ("CDEC"), trust and asset management customers of the Company and brokerage customers from unaffiliated companies which have been placed into deposit accounts.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS

As of September 30, 2020

(Dollars in thousands)		Total Time Certificates of Deposit				Weighted-Average Rate of Maturing Time Certificates     of Deposit (1)
1-3 months		$	671,229			1.37	%
4-6 months		859,769				1.82
7-9 months		1,282,241				1.88
10-12 months		908,894				1.62
13-18 months		888,169				1.30
19-24 months		224,400				1.06
24+ months		231,593				1.24
Total		$	5,066,295			1.59	%

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

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TABLE 4: QUARTERLY AVERAGE BALANCES

		Average Balance for three months ended,
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(In thousands)		2020				2020				2020				2019				2019
Interest-bearing deposits with banks and cash equivalents (1)		$	3,411,164			$	3,240,167			$	1,418,809			$	2,206,251			$	1,960,898
Investment securities (2)		3,789,422				4,309,471				4,780,709				3,909,699				3,410,090
FHLB and FRB stock		135,567				135,360				114,829				94,843				92,583
Liquidity management assets (6)		7,336,153				7,684,998				6,314,347				6,210,793				5,463,571
Other earning assets (3)(6)		16,656				16,917				19,166				18,353				17,809
Mortgage loans held-for-sale		822,908				705,702				403,262				381,878				379,870
Loans, net of unearned income (4)(6)		31,634,608				30,336,626				26,936,728				26,137,722				25,346,290
Total earning assets (6)		39,810,325				38,744,243				33,673,503				32,748,746				31,207,540
Allowance for loan and investment security losses (7)		(321,732		)		(222,485		)		(176,291		)		(167,759		)		(168,423		)
Cash and due from banks		345,438				352,423				321,982				316,631				297,475
Other assets		3,128,813				3,168,548				2,806,296				2,747,572				2,618,000
Total assets		$	42,962,844			$	42,042,729			$	36,625,490			$	35,645,190			$	33,954,592
NOW and interest-bearing demand deposits		$	3,435,089			$	3,323,124			$	3,113,733			$	3,016,991			$	2,912,961
Wealth management deposits		4,239,300				4,380,996				2,838,719				2,934,292				2,888,817
Money market accounts		9,332,668				8,727,966				7,990,775				7,647,635				6,956,755
Savings accounts		3,419,586				3,394,480				3,189,835				3,028,763				2,837,039
Time deposits		4,900,839				5,104,701				5,526,407				5,682,449				5,590,228
Interest-bearing deposits		25,327,482				24,931,267				22,659,469				22,310,130				21,185,800
Federal Home Loan Bank advances		1,228,421				1,214,375				951,613				596,594				574,833
Other borrowings		512,787				493,350				469,577				415,092				416,300
Subordinated notes		436,323				436,226				436,119				436,025				436,041
Junior subordinated debentures		253,566				253,566				253,566				253,566				253,566
Total interest-bearing liabilities		27,758,579				27,328,784				24,770,344				24,011,407				22,866,540
Non-interest-bearing deposits		9,988,769				9,607,528				7,235,177				7,128,166				6,776,786
Other liabilities		1,180,594				1,197,571				909,800				883,433				814,552
Equity		4,034,902				3,908,846				3,710,169				3,622,184				3,496,714
Total liabilities and shareholders’ equity		$	42,962,844			$	42,042,729			$	36,625,490			$	35,645,190			$	33,954,592
Net free funds/contribution (5)		$	12,051,746			$	11,415,459			$	8,903,159			$	8,737,339			$	8,341,000

(1)	Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.

(2)	Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.

(3)	Other earning assets include brokerage customer receivables and trading account securities.

(4)	Loans, net of unearned income, include non-accrual loans.

(5)	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.

(6)	See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.

(7)	Effective January 1, 2020 this includes the allowance for investment security losses as a result of the adoption of ASU 2016-13, Financial Instruments - Credit Losses.

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TABLE 5: QUARTERLY NET INTEREST INCOME

		Net Interest Income for three months ended,
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(In thousands)		2020				2020				2020				2019				2019
Interest income:
Interest-bearing deposits with banks and cash equivalents		$	1,181			$	1,326			$	4,854			$	9,361			$	10,636
Investment securities		22,365				27,643				33,018				28,184				25,332
FHLB and FRB stock		1,774				1,765				1,577				1,328				1,294
Liquidity management assets (2)		25,320				30,734				39,449				38,873				37,262
Other earning assets (2)		113				113				167				176				189
Mortgage loans held-for-sale		5,791				4,764				3,165				3,201				3,478
Loans, net of unearned income (2)		280,960				295,322				302,699				308,947				315,255
Total interest income		$	312,184			$	330,933			$	345,480			$	351,197			$	356,184
Interest expense:
NOW and interest-bearing demand deposits		$	1,342			$	1,561			$	3,665			$	4,622			$	5,291
Wealth management deposits		7,662				7,244				6,935				7,867				9,163
Money market accounts		7,245				13,140				22,363				25,603				25,426
Savings accounts		2,104				3,840				5,790				6,145				5,622
Time deposits		20,731				24,272				28,682				30,487				30,666
Interest-bearing deposits		39,084				50,057				67,435				74,724				76,168
Federal Home Loan Bank advances		4,947				4,934				3,360				1,461				1,774
Other borrowings		3,012				3,436				3,546				3,273				3,466
Subordinated notes		5,474				5,506				5,472				5,504				5,470
Junior subordinated debentures		2,703				2,752				2,811				2,890				2,897
Total interest expense		$	55,220			$	66,685			$	82,624			$	87,852			$	89,775
Less: Fully taxable-equivalent adjustment		(1,028		)		(1,117		)		(1,413		)		(1,466		)		(1,557		)
Net interest income (GAAP) (1)		255,936				263,131				261,443				261,879				264,852
Fully taxable-equivalent adjustment		1,028				1,117				1,413				1,466				1,557
Net interest income, fully taxable-equivalent (non-GAAP) (1)		$	256,964			$	264,248			$	262,856			$	263,345			$	266,409

(1)	See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.

(2)	Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.

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TABLE 6: QUARTERLY NET INTEREST MARGIN

		Net Interest Margin for three months ended,
		Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019
Yield earned on:
Interest-bearing deposits with banks and cash equivalents		0.14	%		0.16	%		1.38	%		1.68	%		2.15	%
Investment securities		2.35			2.58			2.78			2.86			2.95
FHLB and FRB stock		5.21			5.24			5.52			5.55			5.55
Liquidity management assets		1.37			1.61			2.51			2.48			2.71
Other earning assets		2.71			2.71			3.50			3.83			4.20
Mortgage loans held-for-sale		2.80			2.72			3.16			3.33			3.63
Loans, net of unearned income		3.53			3.92			4.52			4.69			4.93
Total earning assets		3.12	%		3.44	%		4.13	%		4.25	%		4.53	%
Rate paid on:
NOW and interest-bearing demand deposits		0.16	%		0.19	%		0.47	%		0.61	%		0.72	%
Wealth management deposits		0.72			0.67			0.98			1.06			1.26
Money market accounts		0.31			0.61			1.13			1.33			1.45
Savings accounts		0.24			0.45			0.73			0.80			0.79
Time deposits		1.68			1.91			2.09			2.13			2.18
Interest-bearing deposits		0.61			0.81			1.20			1.33			1.43
Federal Home Loan Bank advances		1.60			1.63			1.42			0.97			1.22
Other borrowings		2.34			2.80			3.04			3.13			3.30
Subordinated notes		5.02			5.05			5.02			5.05			5.02
Junior subordinated debentures		4.17			4.29			4.39			4.46			4.47
Total interest-bearing liabilities		0.79	%		0.98	%		1.34	%		1.45	%		1.56	%
Interest rate spread  (1)(3)		2.33	%		2.46	%		2.79	%		2.80	%		2.97	%
Less: Fully taxable-equivalent adjustment		(0.01	)		(0.01	)		(0.02	)		(0.02	)		(0.02	)
Net free funds/contribution (2)		0.24			0.28			0.35			0.39			0.42
Net interest margin (GAAP) (3)		2.56	%		2.73	%		3.12	%		3.17	%		3.37	%
Fully taxable-equivalent adjustment		0.01			0.01			0.02			0.02			0.02
Net interest margin, fully taxable-equivalent (non-GAAP) (3)		2.57	%		2.74	%		3.14	%		3.19	%		3.39	%

(1)	Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.

(2)	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.

(3)	See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.

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

	Average Balance for nine months ended,							Interest for nine months ended,							Yield/Rate for nine months ended,
(Dollars in thousands)	Sep 30, 2020				Sep 30, 2019			Sep 30, 2020				Sep 30, 2019			Sep 30, 2020			Sep 30, 2019
Interest-bearing deposits with banks and cash equivalents (1)	$	2,692,678			$	1,254,534		$	7,361			$	21,142		0.37	%		2.26	%
Investment securities (2)	4,291,362				3,563,941			83,026				82,142			2.58			3.08
FHLB and FRB stock	128,611				97,624			5,116				4,088			5.31			5.60
Liquidity management assets (3)(8)	$	7,112,651			$	4,916,099		$	95,503			$	107,372		1.79	%		2.92	%
Other earning assets (3)(4)(8)	17,576				15,722			393				538			2.99			4.56
Mortgage loans held-for-sale	644,611				283,966			13,720				8,791			2.84			4.14
Loans, net of unearned income (3)(5)(8)	29,643,281				24,598,857			878,981				923,468			3.96			5.02
Total earning assets (8)	$	37,418,119			$	29,814,644		$	988,597			$	1,040,169		3.53	%		4.66	%
Allowance for loan and investment security losses (9)	(240,467		)		(163,518		)
Cash and due from banks	339,968				284,779
Other assets	3,034,897				2,482,970
Total assets	$	40,552,517			$	32,418,875
NOW and interest-bearing demand deposits	$	3,291,176			$	2,865,175		$	6,569			$	15,457		0.27	%		0.72	%
Wealth management deposits	3,821,203				2,703,853			21,840				23,254			0.76			1.15
Money market accounts	8,686,171				6,326,336			42,748				66,337			0.66			1.40
Savings accounts	3,334,944				2,768,875			11,736				14,830			0.47			0.72
Time deposits	5,176,307				5,394,651			73,683				84,290			1.90			2.09
Interest-bearing deposits	$	24,309,801			$	20,058,890		$	156,576			$	204,168		0.86	%		1.36	%
Federal Home Loan Bank advances	1,131,823				679,589			13,241				8,417			1.56			1.66
Other borrowings	491,981				433,465			9,994				10,624			2.71			3.28
Subordinated notes	436,223				266,430			16,452				10,051			5.03			5.03
Junior subordinated debentures	253,566				253,566			8,266				9,111			4.28			4.74
Total interest-bearing liabilities	$	26,623,394			$	21,691,940		$	204,529			$	242,371		1.03	%		1.49	%
Non-interest-bearing deposits	8,947,639				6,570,815
Other liabilities	1,096,297				748,722
Equity	3,885,187				3,407,398
Total liabilities and shareholders’ equity	$	40,552,517			$	32,418,875
Interest rate spread (6)(8)															2.50	%		3.17	%
Less: Fully taxable-equivalent adjustment								(3,558		)		(4,758		)	(0.01	)		(0.02	)
Net free funds/contribution (7)	$	10,794,725			$	8,122,704									0.30			0.41
Net interest income/ margin (GAAP) (8)								$	780,510			793,040			2.79	%		3.56	%
Fully taxable-equivalent adjustment								3,558				4,758			0.01			0.02
Net interest income/ margin, fully taxable-equivalent (non-GAAP) (8)								$	784,068			$	797,798		2.80	%		3.58	%

(1)	Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.

(2)	Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.

(3)	Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on a marginal federal corporate tax rate in effect as of the applicable period.

(4)	Other earning assets include brokerage customer receivables and trading account securities.

(5)	Loans, net of unearned income, include non-accrual 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” at Table 18 for additional information on this performance ratio.

(9)	Effective January 1, 2020 this includes the allowance for investment security losses as a result of the adoption of ASU 2016-13, Financial Instruments - Credit Losses.

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Static Shock Scenario		+200 Basis Points			+100 Basis Points			-100 Basis Points
Sep 30, 2020		23.4	%		10.9	%		(8.1	)%
Jun 30, 2020		25.9			12.6			(8.3	)
Mar 31, 2020		22.5			10.6			(9.4	)
Dec 31, 2019		18.6			9.7			(10.9	)
Sep 30, 2019		20.7			10.5			(11.9	)

Ramp Scenario	+200 Basis Points			+100 Basis Points			-100 Basis Points
Sep 30, 2020	10.7	%		5.2	%		(3.5	)%
Jun 30, 2020	13.0			6.7			(3.2	)
Mar 31, 2020	7.7			3.7			(3.8	)
Dec 31, 2019	9.3			4.8			(5.0	)
Sep 30, 2019	10.1			5.2			(5.6	)

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TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or maturity period
As of September 30, 2020	One year or less				From one to five years				Over five years
(In thousands)													Total
Commercial
Fixed rate	$	329,230			$	1,831,547			$	794,089			$	2,954,866
Fixed Rate - PPP	—				3,379,013				—				3,379,013
Variable rate	5,923,248				19,747				125				5,943,120
Total commercial	$	6,252,478			$	5,230,307			$	794,214			$	12,276,999
Commercial real estate
Fixed rate	601,275				2,093,741				399,264				3,094,280
Variable rate	5,291,887				36,975				—				5,328,862
Total commercial real estate	$	5,893,162			$	2,130,716			$	399,264			$	8,423,142
Home equity
Fixed rate	18,022				7,551				25				25,598
Variable rate	420,676				—				—				420,676
Total home equity	$	438,698			$	7,551			$	25			$	446,274
Residential real estate
Fixed rate	29,068				12,611				463,604				505,283
Variable rate	66,816				328,865				483,846				879,527
Total residential real estate	$	95,884			$	341,476			$	947,450			$	1,384,810
Premium finance receivables - commercial
Fixed rate	3,965,026				95,118				—				4,060,144
Variable rate	—				—				—				—
Total premium finance receivables - commercial	$	3,965,026			$	95,118			$	—			$	4,060,144
Premium finance receivables - life insurance
Fixed rate	15,284				240,467				19,591				275,342
Variable rate	5,213,490				—				—				5,213,490
Total premium finance receivables - life insurance	$	5,228,774			$	240,467			$	19,591			$	5,488,832
Consumer and other
Fixed rate	28,297				5,831				1,501				35,629
Variable rate	19,725				—				—				19,725
Total consumer and other	$	48,022			$	5,831			$	1,501			$	55,354
Total per category
Fixed rate	4,986,202				7,665,879				1,678,074				14,330,155
Variable rate	16,935,842				385,587				483,971				17,805,400
Total loans, net of unearned income	$	21,922,044			$	8,051,466			$	2,162,045			$	32,135,555
Variable Rate Loan Pricing by Index:
Prime													$	2,254,870
One- month LIBOR													8,977,288
Three- month LIBOR													412,969
Twelve- month LIBOR													5,870,663
Other													289,610
Total variable rate													$	17,805,400

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		Basis Points (bps) Change in
		Prime		1-month LIBOR		12-month LIBOR
Third Quarter 2020		0	bps	-1	bps	-19	bps
Second Quarter 2020		0		-83		-45
First Quarter 2020		-150		-77		-100
Fourth Quarter 2019		-25		-26		-3
Third Quarter 2019		-50		-38		-15

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TABLE 10: ALLOWANCE FOR CREDIT LOSSES

		Three Months Ended																			Nine Months Ended
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,			Sep 30,				Sep 30,
(Dollars in thousands)		2020				2020				2020				2019				2019			2020				2019
Allowance for credit losses at beginning of period		$	373,174			$	253,482			$	158,461			$	163,273			$	161,901		$	158,461			$	154,164
Cumulative effect adjustment from the adoption of ASU 2016-13		—				—				47,418				—				—			47,418				—
Provision for credit losses		25,026				135,053				52,961				7,826				10,834			213,040				46,038
Other adjustments		55				42				(73		)		30				(13		)	24				(51		)
Charge-offs:
Commercial		5,270				5,686				2,153				11,222				6,775			13,109				24,658
Commercial real estate		1,529				7,224				570				533				809			9,323				4,869
Home equity		138				239				1,001				1,330				1,594			1,378				2,372
Residential real estate		83				293				401				483				25			777				315
Premium finance receivables		4,640				3,434				3,184				3,817				1,866			11,258				9,085
Consumer and other		103				99				128				167				117			330				355
Total charge-offs		11,763				16,975				7,437				17,552				11,186			36,175				41,654
Recoveries:
Commercial		428				112				384				1,871				367			924				974
Commercial real estate		175				493				263				1,404				385			931				1,112
Home equity		111				46				294				166				183			451				313
Residential real estate		25				30				60				50				203			115				372
Premium finance receivables		1,720				833				1,110				1,350				563			3,663				1,853
Consumer and other		20				58				41				43				36			119				152
Total recoveries		2,479				1,572				2,152				4,884				1,737			6,203				4,776
Net charge-offs		(9,284		)		(15,403		)		(5,285		)		(12,668		)		(9,449		)	(29,972		)		(36,878		)
Allowance for credit losses at period end		$	388,971			$	373,174			$	253,482			$	158,461			$	163,273		$	388,971			$	163,273
Annualized net charge-offs by category as a percentage of its own respective category’s average:
Commercial		0.16		%		0.20		%		0.08		%		0.46		%		0.31		%	0.15		%		0.39		%
Commercial real estate		0.06				0.33				0.02				(0.04		)		0.02			0.14				0.07
Home equity		0.02				0.16				0.57				0.89				1.08			0.26				0.52
Residential real estate		0.02				0.09				0.11				0.14				(0.07		)	0.07				(0.01		)
Premium finance receivables		0.12				0.12				0.10				0.28				0.15			0.11				0.12
Consumer and other		0.49				0.25				0.56				0.41				0.27			0.41				0.24
Total loans, net of unearned income		0.12		%		0.20		%		0.08		%		0.19		%		0.15		%	0.14		%		0.20		%
Net charge-offs as a percentage of the provision for credit losses		37.10		%		11.41		%		9.98		%		161.87		%		87.22		%	14.07		%		80.10		%
Loans at period-end		$	32,135,555			$	31,402,903			$	27,807,321			$	26,800,290			$	25,710,171
Allowance for loan losses as a percentage of loans at period end		1.01		%		1.00		%		0.78		%		0.59		%		0.63		%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end		1.21				1.19				0.91				0.59				0.64
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans		1.35				1.33				0.91				0.59				0.64

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TABLE 11: ALLOWANCE AND PROVISON FOR CREDIT LOSSES BY COMPONENT

		Three Months Ended																			Nine Months Ended
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,			Sep 30,				Sep 30,
(In thousands)		2020				2020				2020				2019				2019			2020				2019
Provision for loan losses		$	21,678			$	112,822			$	50,396			$	7,704			$	10,804		$	184,896			$	45,922
Provision for unfunded lending-related commitments losses		3,350				22,236				2,569				122				30			28,155				116
Provision for held-to-maturity securities losses		(2		)		(5		)		(4		)		—				—			(11		)		—
Provision for credit losses		$	25,026			$	135,053			$	52,961			$	7,826			$	10,834		$	213,040			$	46,038
Allowance for loan losses		$	325,959			$	313,510			$	216,050			$	156,828			$	161,763
Allowance for unfunded lending-related commitments losses		62,949				59,599				37,362				1,633				1,510
Allowance for loan losses and unfunded lending-related commitments losses		388,908				373,109				253,412				158,461				163,273
Allowance for held-to-maturity securities losses		63				65				70				—				—
Allowance for credit losses		$	388,971			$	373,174			$	253,482			$	158,461			$	163,273

    

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TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

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

	As of Sep 30, 2020										As of Jun 30, 2020										As of Mar 31, 2020
(Dollars in thousands)	Recorded Investment				Calculated Allowance				% of its category’s balance		Recorded Investment				Calculated Allowance				% of its category’s balance		Recorded Investment				Calculated Allowance				% of its category’s balance
Commercial:
Commercial, industrial and other, excluding PPP loans	$	8,808,467			$	110,045			1.25	%	$	8,396,485			$	130,585			1.56	%	$	8,888,342			$	104,754			1.18	%
Commercial real estate:
Construction and development	1,270,235				73,565				5.79		1,193,735				67,333				5.64		1,113,863				31,687				2.84
Non-construction	6,708,538				141,249				2.11		6,397,847				108,613				1.70		6,388,142				68,914				1.08
Home equity	412,162				11,216				2.72		427,668				11,596				2.71		451,804				11,844				2.62
Residential real estate	1,309,209				11,165				0.85		1,338,801				11,200				0.84		1,274,351				11,621				0.91
Total core loan portfolio	$	18,508,611			$	347,240			1.88	%	$	17,754,536			$	329,327			1.85	%	$	18,116,502			$	228,820			1.26	%
Commercial PPP loans	$	3,379,013			$	3			0.00	%	$	3,335,368			$	4			0.00	%	$	—			$	—			—	%
Premium finance receivables
Commercial insurance loans	4,060,144				17,378				0.43		3,999,774				17,122				0.43		3,465,055				7,426				0.21
Life insurance loans	5,376,403				478				0.01		5,277,126				470				0.01		5,084,695				454				0.01
Consumer and other	53,191				555				1.04		45,474				556				1.22		34,111				331				0.97
Total niche and consumer loan portfolio	$	12,868,751			$	18,414			0.14	%	$	12,657,742			$	18,152			0.14	%	$	8,583,861			$	8,211			0.10	%
Purchased commercial	$	89,519			$	2,846			3.18	%	$	127,379			$	3,008			2.36	%	$	137,544			$	2,592			1.88	%
Purchased commercial real estate	444,369				19,196				4.32		609,163				21,180				3.48		683,526				12,195				1.78
Purchased home equity	34,112				461				1.35		38,928				593				1.52		42,851				550				1.28
Purchased residential real estate	75,601				625				0.83		88,628				715				0.81		103,038				929				0.90
Purchased life insurance loans	112,429				—				—		123,676				—				—		136,944				—				—
Purchased consumer and other	2,163				126				5.83		2,851				134				4.70		3,055				115				3.76
Total purchased loan portfolio	$	758,193			$	23,254			3.07	%	$	990,625			$	25,630			2.59	%	$	1,106,958			$	16,381			1.48	%
Total loans, net of unearned income	$	32,135,555			$	388,908			1.21	%	$	31,402,903			$	373,109			1.19	%	$	27,807,321			$	253,412			0.91	%
Total loans, net of unearned income, excluding PPP loans	$	28,756,542			$	388,905			1.35	%	$	28,067,535			$	373,105			1.33	%	$	27,807,321			$	253,412			0.91	%

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TABLE 13: LOAN PORTFOLIO AGING

(Dollars in thousands)		Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Dec 31, 2019				Sep 30, 2019
Loan Balances:
Commercial
Nonaccrual		$	42,036			$	42,882			$	49,916			$	37,224			$	43,931
90+ days and still accruing		—				1,374				1,241				1,855				382
60-89 days past due		2,168				8,952				8,873				3,275				12,860
30-59 days past due		48,271				23,720				86,129				77,324				51,487
Current		12,184,524				11,782,304				8,879,727				8,166,242				8,086,942
Total commercial		$	12,276,999			$	11,859,232			$	9,025,886			$	8,285,920			$	8,195,602
Commercial real estate
Nonaccrual		$	68,815			$	64,557			$	62,830			$	26,113			$	21,557
90+ days and still accruing		—				—				516				14,946				4,992
60-89 days past due		8,299				26,480				10,212				31,546				9,629
30-59 days past due		53,462				75,528				75,068				97,567				33,098
Current		8,292,566				8,034,180				8,036,905				7,850,104				7,379,391
Total commercial real estate		$	8,423,142			$	8,200,745			$	8,185,531			$	8,020,276			$	7,448,667
Home equity
Nonaccrual		$	6,329			$	7,261			$	7,243			$	7,363			$	7,920
90+ days and still accruing		—				—				—				—				—
60-89 days past due		70				—				214				454				95
30-59 days past due		1,148				1,296				2,096				3,533				3,100
Current		438,727				458,039				485,102				501,716				501,188
Total home equity		$	446,274			$	466,596			$	494,655			$	513,066			$	512,303
Residential real estate
Nonaccrual		$	22,069			$	19,529			$	18,965			$	13,797			$	13,447
90+ days and still accruing		—				—				605				5,771				3,244
60-89 days past due		814				1,506				345				3,089				1,868
30-59 days past due		2,443				4,400				28,983				18,041				1,433
Current		1,359,484				1,401,994				1,328,491				1,313,523				1,198,674
Total residential real estate		$	1,384,810			$	1,427,429			$	1,377,389			$	1,354,221			$	1,218,666
Premium finance receivables
Nonaccrual		$	21,080			$	16,460			$	21,058			$	21,180			$	16,540
90+ days and still accruing		12,177				35,638				16,505				11,517				10,612
60-89 days past due		38,286				42,353				12,730				12,119				26,606
30-59 days past due		80,732				61,160				70,185				51,342				44,767
Current		9,396,701				9,244,965				8,566,216				8,420,471				8,146,921
Total premium finance receivables		$	9,548,976			$	9,400,576			$	8,686,694			$	8,516,629			$	8,245,446
Consumer and other
Nonaccrual		$	422			$	427			$	403			$	231			$	224
90+ days and still accruing		175				156				78				287				117
60-89 days past due		273				4				625				40				55
30-59 days past due		493				281				207				344				272
Current		53,991				47,457				35,853				109,276				88,819
Total consumer and other		$	55,354			$	48,325			$	37,166			$	110,178			$	89,487
Total loans, net of unearned income
Nonaccrual		$	160,751			$	151,116			$	160,415			$	105,908			$	103,619
90+ days and still accruing		12,352				37,168				18,945				34,376				19,347
60-89 days past due		49,910				79,295				32,999				50,523				51,113
30-59 days past due		186,549				166,385				262,668				248,151				134,157
Current		31,725,993				30,968,939				27,332,294				26,361,332				25,401,935
Total loans, net of unearned income		$	32,135,555			$	31,402,903			$	27,807,321			$	26,800,290			$	25,710,171

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

	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(Dollars in thousands)	2020				2020				2020(1)				2019				2019
Loans past due greater than 90 days and still accruing (2):
Commercial	$	—			$	1,374			$	1,241			$	—			$	—
Commercial real estate	—				—				516				—				—
Home equity	—				—				—				—				—
Residential real estate	—				—				605				—				—
Premium finance receivables	12,177				35,638				16,505				11,517				10,612
Consumer and other	175				156				78				163				53
Total loans past due greater than 90 days and still accruing	12,352				37,168				18,945				11,680				10,665
Non-accrual loans:
Commercial	42,036				42,882				49,916				37,224				43,931
Commercial real estate	68,815				64,557				62,830				26,113				21,557
Home equity	6,329				7,261				7,243				7,363				7,920
Residential real estate	22,069				19,529				18,965				13,797				13,447
Premium finance receivables	21,080				16,460				21,058				21,180				16,540
Consumer and other	422				427				403				231				224
Total non-accrual loans	160,751				151,116				160,415				105,908				103,619
Total non-performing loans:
Commercial	42,036				44,256				51,157				37,224				43,931
Commercial real estate	68,815				64,557				63,346				26,113				21,557
Home equity	6,329				7,261				7,243				7,363				7,920
Residential real estate	22,069				19,529				19,570				13,797				13,447
Premium finance receivables	33,257				52,098				37,563				32,697				27,152
Consumer and other	597				583				481				394				277
Total non-performing loans	$	173,103			$	188,284			$	179,360			$	117,588			$	114,284
Other real estate owned	2,891				2,409				2,701				5,208				8,584
Other real estate owned - from acquisitions	6,326				7,788				8,325				9,963				8,898
Other repossessed assets	—				—				—				4				257
Total non-performing assets	$	182,320			$	198,481			$	190,386			$	132,763			$	132,023
Accruing TDRs not included within non-performing assets	$	46,410			$	48,609			$	47,049			$	36,725			$	45,178
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial	0.34		%		0.37		%		0.57		%		0.45		%		0.54		%
Commercial real estate	0.82				0.79				0.77				0.33				0.29
Home equity	1.42				1.56				1.46				1.44				1.55
Residential real estate	1.59				1.37				1.42				1.02				1.10
Premium finance receivables	0.35				0.55				0.43				0.39				0.34
Consumer and other	1.08				1.21				1.29				0.36				0.31
Total loans, net of unearned income	0.54		%		0.60		%		0.65		%		0.44		%		0.44		%
Total non-performing assets as a percentage of total assets	0.42		%		0.46		%		0.49		%		0.36		%		0.38		%
Allowance for loan losses as a percentage of total non-performing loans	188.30		%		166.51		%		120.46		%		133.37		%		141.54		%

(1)

Prior to the adoption of ASU 2016-13, acquired loans with evidence of credit quality deterioration (purchased credit deteriorated loans, or "PCD loans") were excluded from non-performing loans. PCD loans that meet the definition of non-accrual or are greater than 90 days past-due and still accruing interest are now included in non-performing loans and resulted in a $37.3 million increase in non-accrual loans upon adoption of ASU 2016-13 as of January 1, 2020.

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

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Non-performing Loans Rollforward

	Three Months Ended																			Nine Months Ended
	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,			Sep 30,				Sep 30,
(In thousands)	2020				2020				2020				2019				2019			2020				2019
Balance at beginning of period	$	188,284			$	179,360			$	117,588			$	114,284			$	113,447		$	117,588			$	113,234
Additions from becoming non-performing in the respective period	19,771				20,803				32,195				30,977				20,781			72,769				65,378
Additions from the adoption of ASU 2016-13	—				—				37,285				—				—			37,285				—
Return to performing status	(6,202		)		(2,566		)		(486		)		(243		)		(407		)	(9,254		)		(14,531		)
Payments received	(3,733		)		(11,201		)		(7,949		)		(19,380		)		(16,326		)	(22,883		)		(25,788		)
Transfer to OREO and other repossessed assets	(598		)		—				(1,297		)		—				(1,493		)	(1,895		)		(3,061		)
Charge-offs	(6,583		)		(12,884		)		(2,551		)		(11,798		)		(6,984		)	(22,018		)		(27,793		)
Net change for niche loans (1)	(17,836		)		14,772				4,575				3,748				5,266			1,511				6,845
Balance at end of period	$	173,103			$	188,284			$	179,360			$	117,588			$	114,284		$	173,103			$	114,284

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

TDRs

	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(In thousands)	2020				2020				2020				2019				2019
Accruing TDRs:
Commercial	$	7,863			$	5,338			$	6,500			$	4,905			$	14,099
Commercial real estate	10,846				19,106				18,043				9,754				10,370
Residential real estate and other	27,701				24,165				22,506				22,066				20,709
Total accrual	$	46,410			$	48,609			$	47,049			$	36,725			$	45,178
Non-accrual TDRs: (1)
Commercial	$	13,132			$	20,788			$	17,206			$	13,834			$	7,451
Commercial real estate	13,601				8,545				14,420				7,119				7,673
Residential real estate and other	5,392				5,606				4,962				6,158				6,006
Total non-accrual	$	32,125			$	34,939			$	36,588			$	27,111			$	21,130
Total TDRs:
Commercial	$	20,995			$	26,126			$	23,706			$	18,739			$	21,550
Commercial real estate	24,447				27,651				32,463				16,873				18,043
Residential real estate and other	33,093				29,771				27,468				28,224				26,715
Total TDRs	$	78,535			$	83,548			$	83,637			$	63,836			$	66,308

(1)	Included in total non-performing loans.

Other Real Estate Owned

	Three Months Ended
	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(In thousands)	2020				2020				2020				2019				2019
Balance at beginning of period	$	10,197			$	11,026			$	15,171			$	17,482			$	19,837
Disposals/resolved	(1,532		)		(612		)		(4,793		)		(4,860		)		(4,501		)
Transfers in at fair value, less costs to sell	777				—				954				936				3,008
Additions from acquisition	—				—				—				2,179				—
Fair value adjustments	(225		)		(217		)		(306		)		(566		)		(862		)
Balance at end of period	$	9,217			$	10,197			$	11,026			$	15,171			$	17,482
	Period End
	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
Balance by Property Type:	2020				2020				2020				2019				2019
Residential real estate	$	1,839			$	1,382			$	1,684			$	1,016			$	1,250
Residential real estate development	—				—				—				810				1,282
Commercial real estate	7,378				8,815				9,342				13,345				14,950
Total	$	9,217			$	10,197			$	11,026			$	15,171			$	17,482

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TABLE 15: NON-INTEREST INCOME

	Three Months Ended																				Q3 2020 compared to Q2 2020							Q3 2020 compared to Q3 2019
	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(Dollars in thousands)	2020				2020				2020				2019				2019				$ Change				% Change			$ Change				% Change
Brokerage	$	4,563			$	4,147			$	5,281			$	4,859			$	4,686			$	416			10	%		$	(123	)		(3	)%
Trust and asset management	20,394				18,489				20,660				20,140				19,313				1,905				10			1,081				6
Total wealth management	24,957				22,636				25,941				24,999				23,999				2,321				10			958				4
Mortgage banking	108,544				102,324				48,326				47,860				50,864				6,220				6			57,680				113
Service charges on deposit accounts	11,497				10,420				11,265				10,973				9,972				1,077				10			1,525				15
Gains (losses) on investment securities, net	411				808				(4,359		)		587				710				(397		)		(49	)		(299		)		(42	)
Fees from covered call options	—				—				2,292				1,243				—				—				NM			—				NM
Trading gains (losses), net	183				(634		)		(451		)		46				11				817				NM			172				NM
Operating lease income, net	11,717				11,785				11,984				12,487				12,025				(68		)		(1	)		(308		)		(3	)
Other:
Interest rate swap fees	4,029				5,693				6,066				2,206				4,811				(1,664		)		(29	)		(782		)		(16	)
BOLI	1,218				1,950				(1,284		)		1,377				830				(732		)		(38	)		388				47
Administrative services	1,077				933				1,112				1,072				1,086				144				15			(9		)		(1	)
Foreign currency remeasurement (losses) gains	(54		)		(208		)		(151		)		261				(55		)		154				74			1				(2	)
Early pay-offs of capital leases	165				275				74				24				6				(110		)		(40	)		159				NM
Miscellaneous	6,849				6,011				12,427				9,085				10,878				838				14			(4,029		)		(37	)
Total Other	13,284				14,654				18,244				14,025				17,556				(1,370		)		(9	)		(4,272		)		(24	)
Total Non-Interest Income	$	170,593			$	161,993			$	113,242			$	112,220			$	115,137			$	8,600			5	%		$	55,456			48	%

NM - Not meaningful.

	Nine Months Ended
	Sep 30,				Sep 30,				$				%
(Dollars in thousands)	2020				2019				Change				Change
Brokerage	$	13,991			$	13,966			$	25			—	%
Trust and asset management	59,543				58,149				1,394				2
Total wealth management	73,534				72,115				1,419				2
Mortgage banking	259,194				106,433				152,761				144
Service charges on deposit accounts	33,182				28,097				5,085				18
(Losses) gains on investment securities, net	(3,140		)		2,938				(6,078		)		NM
Fees from covered call options	2,292				2,427				(135		)		(6	)
Trading losses, net	(902		)		(204		)		(698		)		NM
Operating lease income, net	35,486				34,554				932				3
Other:
Interest rate swap fees	15,788				10,866				4,922				45
BOLI	1,884				3,570				(1,686		)		(47	)
Administrative services	3,122				3,125				(3		)		—
Foreign currency remeasurement (loss) gain	(413		)		522				(935		)		NM
Early pay-offs of leases	514				11				503				NM
Miscellaneous	25,287				30,498				(5,211		)		(17	)
Total Other	46,182				48,592				(2,410		)		(5	)
Total Non-Interest Income	$	445,828			$	294,952			$	150,876			51	%

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TABLE 16: MORTGAGE BANKING

	Three Months Ended																			Nine Months Ended
(Dollars in thousands)	Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Dec 31, 2019				Sep 30, 2019			Sep 30, 2020				Sep 30, 2019
Originations and Commitments:
Retail originations	$	1,590,699			$	1,588,932			$	773,144			$	782,122			$	913,631		$	3,952,775			$	1,948,743
Correspondent originations	—				—				—				4,024				50,639			—				381,705
Veterans First originations	635,876				621,878				442,957				459,236				456,005			1,700,711				922,091
Total originations for sale (A)	$	2,226,575			$	2,210,810			$	1,216,101			$	1,245,382			$	1,420,275		$	5,653,486			$	3,252,539
Originations for investment	73,711				56,954				73,727				105,911				154,897			204,392				354,823
Total originations	$	2,300,286			$	2,267,764			$	1,289,828			$	1,351,293			$	1,575,172		$	5,857,878			$	3,607,362
Purchases as a percentage of originations for sale	41		%		30		%		37		%		40		%		48		%	36		%		57		%
Refinances as a percentage of originations for sale	59				70				63				60				52			64				43
Total	100		%		100		%		100		%		100		%		100		%	100		%		100		%
Mandatory commitments to fund originations for sale (1)	$	1,962,817			$	1,275,648			$	1,375,162			$	372,357			$	433,009
Production Margin:
Production revenue (B) (2)	$	94,148			$	93,433			$	49,327			$	34,622			$	40,924		$	236,908			$	87,425
Production margin (B / A)	4.23		%		4.23		%		4.06		%		2.78		%		2.88		%	4.19		%		2.69		%
Mortgage Servicing:
Loans serviced for others (C)	$	10,139,878			$	9,188,285			$	8,314,634			$	8,243,251			$	7,901,045
MSRs, at fair value (D)	86,907				77,203				73,504				85,638				75,585
Percentage of MSRs to loans serviced for others (D / C)	0.86		%		0.84		%		0.88		%		1.04		%		0.96		%
Servicing income	$	8,118			$	6,908			$	7,031			$	6,247			$	5,989		$	22,057			$	16,909
Components of MSR:
MSR - current period capitalization	$	20,936			$	20,351			$	9,447			$	14,532			$	14,029		$	50,734			$	30,411
MSR - collection of expected cash flows - paydowns	(590		)		(419		)		(547		)		(483		)		(456		)	(1,556		)		(1,418		)
MSR - collection of expected cash flows - payoffs	(7,272		)		(8,252		)		(6,476		)		(6,325		)		(6,781		)	(22,000		)		(11,892		)
Valuation:
MSR - changes in fair value model assumptions	(3,002		)		(7,982		)		(14,557		)		2,329				(4,058		)	(25,541		)		(17,107		)
Gain (loss) on derivative contract held as an economic hedge, net	—				589				4,160				(483		)		82			4,749				1,002
MSR valuation adjustment, net of gain/(loss) on derivative contract held as an economic hedge	$	(3,002	)		$	(7,393	)		$	(10,397	)		$	1,846			$	(3,976	)	$	(20,792	)		$	(16,105	)
Summary of Mortgage Banking Revenue:
Production revenue (2)	$	94,148			$	93,433			$	49,327			$	34,622			$	40,924		$	236,908			$	87,425
Servicing income	8,118				6,908				7,031				6,247				5,989			22,057				16,909
MSR activity	10,072				4,287				(7,973		)		9,570				2,816			6,386				996
Other	(3,794		)		(2,304		)		(59		)		(2,579		)		1,135			(6,157		)		1,103
Total mortgage banking revenue	$	108,544			$	102,324			$	48,326			$	47,860			$	50,864		$	259,194			$	106,433

(1)	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.

(2)	Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, 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.

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TABLE 17: NON-INTEREST EXPENSE

	Three Months Ended																				Q3 2020 compared to Q2 2020							Q3 2020 compared to Q3 2019
	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(Dollars in thousands)	2020				2020				2020				2019				2019				$ Change				% Change			$ Change				% Change
Salaries and employee benefits:
Salaries	$	89,849			$	87,105			$	81,286			$	82,888			$	78,067			$	2,744			3	%		$	11,782			15	%
Commissions and incentive compensation	48,475				46,151				31,575				40,226				40,289				2,324				5			8,186				20
Benefits	25,718				20,900				23,901				22,827				22,668				4,818				23			3,050				13
Total salaries and employee benefits	164,042				154,156				136,762				145,941				141,024				9,886				6			23,018				16
Equipment	17,251				15,846				14,834				14,485				13,314				1,405				9			3,937				30
Operating lease equipment depreciation	9,425				9,292				9,260				9,766				8,907				133				1			518				6
Occupancy, net	15,830				16,893				17,547				17,132				14,991				(1,063		)		(6	)		839				6
Data processing	5,689				10,406				8,373				7,569				6,522				(4,717		)		(45	)		(833		)		(13	)
Advertising and marketing	7,880				7,704				10,862				12,517				13,375				176				2			(5,495		)		(41	)
Professional fees	6,488				7,687				6,721				7,650				8,037				(1,199		)		(16	)		(1,549		)		(19	)
Amortization of other intangible assets	2,701				2,820				2,863				3,017				2,928				(119		)		(4	)		(227		)		(8	)
FDIC insurance	6,772				7,081				4,135				1,348				148				(309		)		(4	)		6,624				NM
OREO expense, net	(168		)		237				(876		)		536				1,170				(405		)		NM			(1,338		)		NM
Other:
Commissions - 3rd party brokers	778				707				865				717				734				71				10			44				6
Postage	1,529				1,591				1,949				2,220				2,321				(62		)		(4	)		(792		)		(34	)
Miscellaneous	26,002				24,948				21,346				26,693				21,083				1,054				4			4,919				23
Total other	28,309				27,246				24,160				29,630				24,138				1,063				4			4,171				17
Total Non-Interest Expense	$	264,219			$	259,368			$	234,641			$	249,591			$	234,554			$	4,851			2	%		$	29,665			13	%

NM - Not meaningful.

		Nine Months Ended
		Sep 30,				Sep 30,			$				%
(Dollars in thousands)		2020				2019			Change				Change
Salaries and employee benefits:
Salaries		$	258,240			$	227,464		$	30,776			14	%
Commissions and incentive compensation		126,201				108,374			17,827				16
Benefits		70,519				64,641			5,878				9
Total salaries and employee benefits		454,960				400,479			54,481				14
Equipment		47,931				37,843			10,088				27
Operating lease equipment depreciation		27,977				25,994			1,983				8
Occupancy, net		50,270				47,157			3,113				7
Data processing		24,468				20,251			4,217				21
Advertising and marketing		26,446				36,078			(9,632		)		(27	)
Professional fees		20,896				19,821			1,075				5
Amortization of other intangible assets		8,384				8,827			(443		)		(5	)
FDIC insurance		17,988				7,851			10,137				NM
OREO expense, net		(807		)		3,092			(3,899		)		NM
Other:
Commissions - 3rd party brokers		2,350				2,201			149				7
Postage		5,069				7,377			(2,308		)		(31	)
Miscellaneous		72,296				61,564			10,732				17
Total other		79,715				71,142			8,573				12
Total Non-Interest Expense		$	758,228			$	678,535		$	79,693			12	%

---

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	Three Months Ended																			Nine Months Ended
	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,			Sep 30,				Sep 30,
(Dollars and shares in thousands)	2020				2020				2020				2019				2019			2020				2019
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	311,156			$	329,816			$	344,067			$	349,731			$	354,627		$	985,039			$	1,035,411
Taxable-equivalent adjustment:
- Loans	481				576				860				892				978			1,917				3,043
- Liquidity Management Assets	546				538				551				573				574			1,635				1,707
- Other Earning Assets	1				3				2				1				5			6				8
(B) Interest Income (non-GAAP)	$	312,184			$	330,933			$	345,480			$	351,197			$	356,184		$	988,597			$	1,040,169
(C) Interest Expense (GAAP)	$	55,220			$	66,685			$	82,624			$	87,852			$	89,775		$	204,529			$	242,371
(D) Net Interest Income (GAAP) (A minus C)	$	255,936			$	263,131			$	261,443			$	261,879			$	264,852		$	780,510			$	793,040
(E) Net Interest Income (non-GAAP) (B minus C)	$	256,964			$	264,248			$	262,856			$	263,345			$	266,409		$	784,068			$	797,798
Net interest margin (GAAP)	2.56		%		2.73		%		3.12		%		3.17		%		3.37		%	2.79		%		3.56		%
Net interest margin, fully taxable-equivalent (non-GAAP)	2.57		%		2.74		%		3.14		%		3.19		%		3.39		%	2.80		%		3.58		%
(F) Non-interest income	$	170,593			$	161,993			$	113,242			$	112,220			$	115,137		$	445,828			$	294,952
(G) Gains (losses) on investment securities, net	411				808				(4,359		)		587				710			(3,140		)		2,938
(H) Non-interest expense	264,219				259,368				234,641				249,591				234,554			758,228				678,535
Efficiency ratio (H/(D+F-G))	62.01		%		61.13		%		61.90		%		66.82		%		61.84		%	61.67		%		62.53		%
Efficiency ratio (non-GAAP) (H/(E+F-G))	61.86		%		60.97		%		61.67		%		66.56		%		61.59		%	61.49		%		62.26		%
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	4,074,089			$	3,990,218			$	3,700,393			$	3,691,250			$	3,540,325
Less: Non-convertible preferred stock (GAAP)	(412,500		)		(412,500		)		(125,000		)		(125,000		)		(125,000		)
Less: Intangible assets (GAAP)	(683,314		)		(685,581		)		(687,626		)		(692,277		)		(627,972		)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	2,978,275			$	2,892,137			$	2,887,767			$	2,873,973			$	2,787,353
(J) Total assets (GAAP)	$	43,731,718			$	43,540,017			$	38,799,847			$	36,620,583			$	34,911,902
Less: Intangible assets (GAAP)	(683,314		)		(685,581		)		(687,626		)		(692,277		)		(627,972		)
(K) Total tangible assets (non-GAAP)	$	43,048,404			$	42,854,436			$	38,112,221			$	35,928,306			$	34,283,930
Common equity to assets ratio (GAAP) (L/J)	8.4		%		8.2		%		9.2		%		9.7		%		9.8		%
Tangible common equity ratio (non-GAAP) (I/K)	6.9		%		6.7		%		7.6		%		8.0		%		8.1		%

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	Three Months Ended																			Nine Months Ended
	Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,			Sep 30,				Sep 30,
(Dollars and shares in thousands)	2020				2020				2020				2019				2019			2020				2019
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	4,074,089			$	3,990,218			$	3,700,393			$	3,691,250			$	3,540,325
Less: Preferred stock	(412,500		)		(412,500		)		(125,000		)		(125,000		)		(125,000		)
(L) Total common equity	$	3,661,589			$	3,577,718			$	3,575,393			$	3,566,250			$	3,415,325
(M) Actual common shares outstanding	57,602				57,574				57,545				57,822				56,698
Book value per common share (L/M)	$	63.57			$	62.14			$	62.13			$	61.68			$	60.24
Tangible book value per common share (non-GAAP) (I/M)	$	51.70			$	50.23			$	50.18			$	49.70			$	49.16
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	97,029			$	19,609			$	60,762			$	83,914			$	97,071		$	177,400			$	263,583
Add: Intangible asset amortization	2,701				2,820				2,863				3,017				2,928			8,384				8,827
Less: Tax effect of intangible asset amortization	(589		)		(832		)		(799		)		(793		)		(773		)	(2,079		)		(2,277		)
After-tax intangible asset amortization	2,112				1,988				2,064				2,224				2,155			6,305				6,550
(O) Tangible net income applicable to common shares (non-GAAP)	$	99,141			$	21,597			$	62,826			$	86,138			$	99,226		$	183,705			$	270,133
Total average shareholders' equity	$	4,034,902			$	3,908,846			$	3,710,169			$	3,622,184			$	3,496,714		$	3,885,187			$	3,407,398
Less: Average preferred stock	(412,500		)		(273,489		)		(125,000		)		(125,000		)		(125,000		)	(270,849		)		(125,000		)
(P) Total average common shareholders' equity	$	3,622,402			$	3,635,357			$	3,585,169			$	3,497,184			$	3,371,714		$	3,614,338			$	3,282,398
Less: Average intangible assets	(684,717		)		(686,526		)		(690,777		)		(689,286		)		(630,279		)	(687,331		)		(625,800		)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	2,937,685			$	2,948,831			$	2,894,392			$	2,807,898			$	2,741,435		$	2,927,007			$	2,656,598
Return on average common equity, annualized (N/P)	10.66		%		2.17		%		6.82		%		9.52		%		11.42		%	6.56		%		10.74		%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)	13.43		%		2.95		%		8.73		%		12.17		%		14.36		%	8.38		%		13.60		%
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	137,284			$	30,703			$	87,083			$	116,682			$	134,601		$	255,070			$	363,419
Add: Provision for credit losses	25,026				135,053				52,961				7,826				10,834			213,040				46,038
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	162,310			$	165,756			$	140,044			$	124,508			$	145,435		$	468,110			$	409,457

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•	FIRST Insurance Funding, a division of Lake Forest Bank & Trust Company, N.A., and Wintrust Life Finance, a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.

•	First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.

•	Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.

•	Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.

•	Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.

•	Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.

•	The Chicago Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.

•	Wintrust Asset Finance offers direct leasing opportunities.

•	CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

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•	the severity, magnitude and duration of the COVID-19 pandemic and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, businesses and consumers, on our operations and personnel, commercial activity and demand across our business and our customers’ businesses;

•	the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect the Company’s liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses;

•	the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges;

•	economic conditions that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates;

•	negative effects suffered by us or our customers resulting from changes in U.S. trade policies;

•	the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;

•	estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;

•	the financial success and economic viability of the borrowers of our commercial loans;

•	commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;

•	the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;

•	inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;

•	changes in the level and volatility of interest rates, the capital markets and other market indices (including developments and volatility arising from or related to the COVID-19 pandemic) that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;

•	a prolonged period of near zero interest rates and potentially negative interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;

•	competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;

•	failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions;

•	unexpected difficulties and losses related to FDIC-assisted acquisitions;

•	harm to the Company’s reputation;

•	any negative perception of the Company’s financial strength;

•	ability of the Company to raise additional capital on acceptable terms when needed;

•	disruption in capital markets, which may lower fair values for the Company’s investment portfolio;

•	ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;

•	failure or breaches of our security systems or infrastructure, or those of third parties;

•	security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft;

•	adverse effects on our information technology systems resulting from failures, human error or cyberattacks;

•	adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;

•	increased costs as a result of protecting our customers from the impact of stolen debit card information;

•	accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;

•	ability of the Company to attract and retain senior management experienced in the banking and financial services industries;

•	environmental liability risk associated with lending activities;

•	the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;

•	losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;

•	the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;

•	the soundness of other financial institutions;

•	the expenses and delayed returns inherent in opening new branches and de novo banks;

•	examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;

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•	changes in accounting standards, rules and interpretations such as the new CECL standard and related changes to address the impact of COVID-19, and the impact on the Company’s financial statements;

•	the ability of the Company to receive dividends from its subsidiaries;

•	uncertainty about the discontinued use of LIBOR and transition to an alternative rate;

•	a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;

•	legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those changes that are in response to the COVID-19 pandemic, including without limitation the CARES Act and the rules and regulations that may be promulgated thereunder;

•	a lowering of our credit rating;

•	changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to the COVID-19 pandemic or otherwise;

•	regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;

•	increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;

•	the impact of heightened capital requirements;

•	increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;

•	delinquencies or fraud with respect to the Company’s premium finance business;

•	credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;

•	the Company’s ability to comply with covenants under its credit facility; and

•	fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation.