# Wintrust Financial Corporation (WTFC) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WTFC/thesis · /stocks/WTFC/memo

## Financial Snapshot

---
source: coverage-next-full | ticker: WTFC | step: "04" | created: 2026-05-29
---

### Step 04 — Financial Snapshot (FY2021–FY2025)

#### Income Statement Summary

| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | 4Y CAGR |
|--------|--------|--------|--------|--------|--------|---------|
| Net Interest Income ($M) | $1,125 | $1,495 | $1,838 | $1,963 | $2,224 | +18.6% |
| Non-Interest Income ($M) | $586 | $461 | $434 | $488 | $502 | -3.8% |
| Total Revenue ($M) | $1,770 | $1,878 | $2,158 | $2,350 | $2,630 | +10.4% |
| Provision for Credit Losses ($M) | ($59) | $79 | $114 | $101 | $96 | NM |
| Non-Interest Expense ($M) | $1,133 | $1,177 | $1,313 | $1,403 | $1,512 | +7.5% |
| Pre-Tax Income ($M) | $638 | $701 | $845 | $947 | $1,118 | +15.1% |
| Net Income ($M) | $438 | $482 | $595 | $667 | $774 | +15.3% |
| EPS Diluted | $7.58 | $8.02 | $9.58 | $10.31 | $11.40 | +10.7% |
| Profit Margin | 26.3% | 27.1% | 28.9% | 29.6% | 31.3% | +500 bps |

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#### Earnings Per Share Growth Trend

| Year | EPS Diluted | YoY Growth |
|------|-------------|-----------|
| FY2021 | $7.58 | — |
| FY2022 | $8.02 | +5.8% |
| FY2023 | $9.58 | +19.5% |
| FY2024 | $10.31 | +7.6% |
| FY2025 | $11.40 | +10.6% |
| FY2026E | ~$13.03 | +14.3% (consensus) |

4-Year EPS CAGR (FY2021→FY2025): **+10.7%** — driven by loan growth, NIM expansion, and modest operating leverage.

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#### Balance Sheet Summary

| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | 4Y CAGR |
|--------|--------|--------|--------|--------|--------|---------|
| Total Assets ($M) | $50,142 | $52,950 | $56,260 | $64,880 | $71,142 | +9.1% |
| Gross Loans ($M) | $34,789 | $39,197 | $42,132 | $48,055 | $53,105 | +11.2% |
| Total Deposits ($M) | $42,096 | $42,903 | $45,397 | $52,512 | $57,717 | +8.2% |
| Shareholders' Equity ($M) | $4,499 | $4,797 | $5,400 | $6,344 | $7,259 | +12.7% |
| Shares Outstanding (M) | 57.1 | 60.8 | 61.2 | 66.5 | 67.0 | +4.1% |
| Book Value Per Share | $77.85 | $79.83 | $86.97 | $98.06 | $106.91 | +8.2% |
| Tangible Book Value/Share | $66.02 | $68.58 | $76.02 | $83.86 | $93.72 | +9.1% |

**TBV/Share growth of +9.1% CAGR** over four years — strong for a community bank; driven by consistent retained earnings and modest dilution from M&A.

---

#### Key Profitability Ratios

| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|-------|--------|--------|--------|--------|--------|
| Net Interest Margin | ~2.65% | ~3.20% | 3.68% | 3.53% | 3.54% |
| Efficiency Ratio | ~64% | ~63% | ~61% | ~60% | ~57.5% |
| Return on Assets (ROA) | ~0.87% | ~0.91% | ~1.06% | ~1.03% | ~1.09% |
| Return on Equity (ROE) | ~9.7% | ~10.0% | ~11.0% | ~10.5% | ~10.7% |
| Return on Tangible Common Equity (ROTCE) | ~12.4% | ~13.4% | ~15.1% | ~14.8% | ~16.4% |
| ACL / Gross Loans | N/A | N/A | 1.01% | 0.91% | 0.87% |

*NIM FY2021–FY2022 estimated from NII / avg earning assets; ROTCE calculated from net income / avg tangible equity. Efficiency ratio = Non-Interest Expense / (NII + NIR).*

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#### Efficiency Ratio Analysis

| Year | Non-Int Expense | NII + NIR | Efficiency Ratio |
|------|----------------|-----------|-----------------|
| FY2021 | $1,133M | $1,770M* | ~64.0% |
| FY2022 | $1,177M | $1,878M* | ~62.7% |
| FY2023 | $1,313M | $2,158M | ~60.8% |
| FY2024 | $1,403M | $2,350M | ~59.7% |
| FY2025 | $1,512M | $2,630M | ~57.5% |

*Efficiency ratio improving structurally — from 64% in FY2021 toward ~57% in FY2025 — reflects operating leverage as revenue grows faster than expenses. This is a genuine quality signal, not just margin accounting.*

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#### Capital Adequacy

| Metric | FY2023 | FY2024 | FY2025 | Q1 2026 |
|--------|--------|--------|--------|---------|
| CET1 Ratio (estimated) | ~11.1% | ~11.2% | ~11.0% | ~11.0% |
| Equity / Assets | 9.6% | 9.8% | 10.2% | N/A |
| Tangible Common Equity Ratio | ~8.6% | ~8.8% | ~9.2% | ~9.3% |
| Allowance / Gross Loans | 1.01% | 0.91% | 0.87% | ~0.87% |

WTFC is "well-capitalized" under regulatory definitions across all periods. CET1 ~11% provides buffer above the 4.5% regulatory minimum and 7.0% target (with capital conservation buffer), though it is below the 13–15% maintained by the largest US banks.

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#### Per-Share Value Creation Summary

| Metric | FY2021 | FY2025 | 4Y Change |
|--------|--------|--------|-----------|
| EPS Diluted | $7.58 | $11.40 | +50.4% |
| TBV/Share | $66.02 | $93.72 | +41.9% |
| Dividend/Share | ~$1.48 | $2.20 | +48.6% |
| Stock Price (YE approx) | ~$90 | ~$148 | +64.4% |

Value creation has been broad-based: EPS growth, TBV accumulation, and dividend growth all compounded at 8–11% per year, slightly outpacing share count dilution from M&A issuance.

---

#### Summary Assessment

Wintrust's financial profile over FY2021–FY2025 is that of a **high-quality regional bank executing consistently**:

- Revenue growth driven by loan book expansion + NIM expansion from rate cycle
- Improving profitability margins (efficiency ratio declining, ROTCE rising toward 16–17%)
- Conservative credit discipline (ACL/loans declining from 1.01% to 0.87% as quality improves)
- Steady TBV/share compounding (~9% CAGR) — the bank is genuinely growing its intrinsic value
- Moderate dilution (~4% share count CAGR) from Macatawa all-stock deal (Aug 2024) — notable but not destructive

The FY2025 result of $774M net income / $11.40 EPS / $93.72 TBV/share marks a step-change higher from the pre-Macatawa baseline. The run rate heading into FY2026 supports analyst consensus of ~$13 EPS.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WTFC/fundamental

## Navigation

- Overview: /stocks/WTFC
- Financials (this page): /stocks/WTFC/financials
- Thesis: /stocks/WTFC/thesis
- Investment Memo: /stocks/WTFC/memo
- Coverage universe: /stocks