Wintrust Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Wintrust Financial Corp. has submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and position.</b>

AI Summary

WINTRUST FINANCIAL CORP (WTFCN) filed a Annual Report (10-K) with the SEC on February 28, 2024. Wintrust Financial Corp. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company is classified under SIC code 6022 for State Commercial Banks. Its principal business address is in Rosemont, Illinois. The filing includes data related to common stock, preferred stock (Series D and E), additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income for multiple fiscal years.

Why It Matters

For investors and stakeholders tracking WINTRUST FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides stakeholders with a detailed overview of Wintrust's financial health, operational results, and strategic positioning for the fiscal year 2023, enabling informed investment and analysis. The extensive data on equity, liabilities, and assets across multiple years allows for trend analysis and comparison against industry benchmarks, crucial for understanding the company's long-term trajectory.

Risk Assessment

Risk Level: medium — WINTRUST FINANCIAL CORP shows moderate risk based on this filing. The company operates in the highly regulated banking sector, which carries inherent risks related to economic downturns, interest rate fluctuations, and compliance requirements, as evidenced by the detailed financial data and industry classification.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Wintrust's performance and outlook in the current economic climate.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (As of date)
• 160 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• WINTRUST FINANCIAL CORP (company) — Filer name
• 6022 (dollar_amount) — Standard Industrial Classification code
• IL (company) — State of incorporation
• Rosemont (company) — City of business address

FAQ

Risk Factors

• General Risk Factors [medium — financial]: The company's financial condition and results of operations are subject to various risks and uncertainties, including those described in the 'Risk Factors' section.

Industry Context

Wintrust Financial Corp. operates within the commercial banking industry, a sector characterized by significant regulatory oversight and sensitivity to macroeconomic conditions.

Regulatory Implications

As a commercial bank, Wintrust is subject to extensive regulation by federal and state authorities, impacting its operations, capital requirements, and risk management practices.

What Investors Should Do

1. Analyze the balance sheet and income statement data for trends in loans, deposits, and net interest income.
2. Review the 'Risk Factors' section for specific challenges and uncertainties facing Wintrust.
3. Compare key financial metrics against industry peers to assess competitive positioning.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Wintrust's financial health and operations for the fiscal year 2023.)

Year-Over-Year Comparison

This filing represents the annual report for fiscal year 2023, providing updated financial data and disclosures compared to previous filings.

Key Financial Figures

• $72 — rice of the common stock on that day of $72.62, as reported by the NASDAQ Global Se
• $56.3 billion — ois, with total assets of approximately $56.3 billion as of December 31, 2023. We provide com
• $1.7 b — ity banking segment had net revenues of $1.7 billion, $1.5 billion and $1.3 billion, r
• $1.5 billion — gment had net revenues of $1.7 billion, $1.5 billion and $1.3 billion, respectively, and net
• $1.3 b — enues of $1.7 billion, $1.5 billion and $1.3 billion, respectively, and net income of
• $414 m — illion, respectively, and net income of $414 million, $349 million and $319 million, r
• $349 million — tively, and net income of $414 million, $349 million and $319 million, respectively. The com
• $319 m — ncome of $414 million, $349 million and $319 million, respectively. The community bank
• $44.4 b — ity banking segment had total assets of $44.4 billion, $41.4 billion and $40.3 billion
• $41.4 billion — ment had total assets of $44.4 billion, $41.4 billion and $40.3 billion as of December 31, 20
• $40.3 billion — ets of $44.4 billion, $41.4 billion and $40.3 billion as of December 31, 2023, 2022 and 2021,
• $3.4 billion — equipment on operating leases, totaled $3.4 billion compared to $3.0 billion as of December
• $3.0 billion — eases, totaled $3.4 billion compared to $3.0 billion as of December 31, 2022. During 2023, W
• $77.5 million — Asset Finance contributed approximately $77.5 million to our revenue, which does not reflect
• $703.6 million — ciated client billings of approximately $703.6 million and contributed approximately $11.1 mil

Filing Documents

• wtfc-20231231.htm (10-K) — 7160KB
• exhibit41registrantsecurit.htm (EX-4.1) — 43KB
• exhibit211subsidiaries1231.htm (EX-21.1) — 28KB
• exhibit231consentofindepen.htm (EX-23.1) — 3KB
• exhibit311executivesignoff.htm (EX-31.1) — 10KB
• exhibit312executivesignoff.htm (EX-31.2) — 10KB
• exhibit321sox1231234q23.htm (EX-32.1) — 8KB
• exhibit971policyonrecoupme.htm (EX-97.1) — 20KB
• wtfc-20231231_g1.jpg (GRAPHIC) — 117KB
• 0001015328-24-000083.txt (&nbsp;) — 33154KB
• wtfc-20231231.xsd (EX-101.SCH) — 137KB
• wtfc-20231231_cal.xml (EX-101.CAL) — 270KB
• wtfc-20231231_def.xml (EX-101.DEF) — 892KB
• wtfc-20231231_lab.xml (EX-101.LAB) — 1870KB
• wtfc-20231231_pre.xml (EX-101.PRE) — 1321KB
• wtfc-20231231_htm.xml (XML) — 7528KB

Risk Factors 23

ITEM 1A. Risk Factors 23

Unresolved Staff Comments 44

ITEM 1B. Unresolved Staff Comments 44

Cybersecurity 44

ITEM 1C. Cybersecurity 44

Properties 45

ITEM 2. Properties 45

Legal Proceedings 46

ITEM 3. Legal Proceedings 46

Mine Safety Disclosures 46

ITEM 4. Mine Safety Disclosures 46 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47

[Reserved] 48

ITEM 6. [Reserved] 48

Management's Discussion and Analysis of Financial Condition and Results of Operations 49

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Quantitative and Qualitative Disclosures About Market Risk 94

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 94

Financial Statements and Supplementary Data 96

ITEM 8. Financial Statements and Supplementary Data 96

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 171

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 171

Controls and Procedures 171

ITEM 9A. Controls and Procedures 171

Other Information 174

ITEM 9B. Other Information 174

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 174 PART III

Directors, Executive Officers and Corporate Governance 174

ITEM 10. Directors, Executive Officers and Corporate Governance 174

Executive Compensation 174

ITEM 11. Executive Compensation 174

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 175

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 175

Certain Relationships and Related Transactions, and Director Independence 175

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 175

Principal Accountant Fees and Services 175

ITEM 14. Principal Accountant Fees and Services 175 PART IV

Exhibits, Financial Statement Schedules 176

ITEM 15. Exhibits, Financial Statement Schedules 176

Form 10-K Summary 182

ITEM 16. Form 10-K Summary 182 Signatures 183 PART I

BUSINESS

ITEM 1. BUSINESS Overview Wintrust Financial Corporation, an Illinois corporation ("we," "Wintrust" or "the Company"), which was incorporated in 1992, is a financial holding company based in Rosemont, Illinois, with total assets of approximately $56.3 billion as of December 31, 2023. We provide community-oriented, personal and commercial banking services to customers generally located in the Chicago metropolitan area, southern Wisconsin and northwest Indiana ("our market area") through our fifteen wholly-owned-banking subsidiaries (collectively, the "banks"), as well as the origination and purchase of residential mortgages for sale into the secondary market through Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A. ("Barrington Bank"). In addition, we provide specialty finance services, including financing for the payment of property and casualty insurance premiums and life insurance premiums ("premium finance receivables") on a national basis through FIRST Insurance Funding, a division of our wholly-owned subsidiary Lake Forest Bank & Trust Company, N.A. ("Lake Forest Bank"), and Wintrust Life Finance, a division of Lake Forest Bank, and in Canada through our premium finance company, First Insurance Funding of Canada ("FIFC Canada"), an indirect subsidiary of Lake Forest Bank, lease financing and other direct leasing opportunities through our wholly-owned subsidiary, Wintrust Asset Finance, Inc. ("Wintrust Asset Finance"), and short-term accounts receivable financing and outsourced administrative services through our wholly-owned subsidiary, Tricom, Inc. of Milwaukee ("Tricom"). Further, we provide a full range of wealth management services primarily to customers in our market area through four separate subsidiaries, The Chicago Trust Company, N.A. ("CTC"), Wintrust Investments, LLC ("Wintrust Investments"), Great Lakes Advisors, LLC ("Great Lakes Advisors") and Chicago Deferred Exchange Company, LLC ("CDEC"). Our Business and Reporting Se

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