Wintrust Financial (NASDAQ:WTFC) reported record results for the fourth quarter and full year 2025, driven by what management described as disciplined organic growth, a stable net interest margin, and solid credit performance. On the company’s earnings call, President and CEO Tim Crane said the company’s approach to “strategic and disciplined growth” produced record net income and tangible book value gains, while leadership also outlined expectations for mid- to high-single-digit loan and deposit growth in 2026.
Record full-year earnings and fourth-quarter results
Crane said Wintrust posted full-year 2025 net income of $824 million, up 19% from $695 million in 2024. Earnings per diluted share increased to $11.40 from $10.31, and tangible book value rose by more than $13 per share to nearly $89. Total assets ended the year at just over $71 billion.
Growth, market share gains, and operating leverage
Crane highlighted what he viewed as three standout themes from 2025. First, he said Wintrust delivered disciplined growth “above most of our peers” with a stable margin. He added that the company’s steady approach helped it move into third position in deposit market share in the Chicago area during 2025, alongside “strong gains” in Wisconsin and West Michigan.
Second, he pointed to operating leverage, stating that net revenue grew 11.2% and outpaced non-interest expense growth by 340 basis points while the company continued investing in technology, tools, and personnel. Third, he said net promoter scores improved further despite already being “best in class” in both retail and commercial banking, which he credited to a service-driven strategy.
Loans, deposits, margin trends, and fees
Vice Chairman and COO David Dykstra said the fourth quarter included another period of strong balance sheet growth, with both loan and deposit growth within the company’s mid- to high-single-digit target range. Deposits increased by about $1.0 billion during the quarter, representing 7% growth on an annualized basis versus the prior quarter, while loans also rose about $1.0 billion, representing 8% annualized growth. For the full year, Dykstra said loans and deposits increased 11% and 10%, respectively.
Net interest income reached a record quarterly level. Dykstra said a $1.1 billion increase in average earning assets and a 4-basis-point increase in net interest margin drove a $16.9 million sequential increase in net interest income. The net interest margin ranged between 3.50% and 3.56% across 2025, with a fourth-quarter margin of 3.54%. He also noted period-end loans exceeded average loans in the quarter, positioning the company for higher average earning assets entering the first quarter of 2026.
Provision for credit losses remained consistent with recent quarters, with Dykstra citing a $20 million to $30 million range during each quarter of 2025 amid what he called a stable credit environment. Non-interest income totaled $130.4 million in the fourth quarter, roughly flat with the prior quarter. Dykstra said results were pressured by lower securities gains and continued softness in mortgage revenue, though he described the overall outcome as solid.
Non-interest expense was $384.5 million in the fourth quarter, slightly higher than the prior quarter. Dykstra said increases in employees’ health insurance claims, other real estate owned (OREO) expenses, travel and entertainment, and “various other small expense increases” were partially offset by seasonally lower marketing costs. He added that the net overhead ratio and efficiency ratio were relatively stable versus the prior quarter.
Credit metrics and commercial real estate focus
Vice Chairman and Chief Lending Officer Richard Murphy said credit performance remained “very solid” in the fourth quarter. He detailed that the roughly $1 billion of loan growth was broad-based, including:
- $322 million in commercial real estate loan growth
- $310 million growth in mortgage warehouse outstandings
- $265 million growth from the Wintrust Life Finance team
- Additional strength in leasing and residential mortgage
Murphy said the company expected first-quarter loan growth to remain solid despite typical seasonality, citing consistent core C&I and CRE pipelines and momentum in lending verticals such as mortgage warehouse, leasing, and premium finance.
On credit quality, non-performing loans increased slightly to $185.8 million (35 basis points) from $162.6 million (31 basis points), which Murphy said remained manageable and in line with the first half of the year. Net charge-offs were 17 basis points in the quarter, down from 19 basis points in the prior quarter. Murphy characterized the increase in non-performing loans as reflective of a stable credit environment and said the company remained focused on identifying problems early and “charging them down where appropriate.”
Management also reiterated its close monitoring of commercial real estate (CRE), which Murphy said makes up roughly one-quarter of the total loan portfolio. He noted signs of stabilization, with CRE non-performing loans declining from 0.21% to 0.18%, and described CRE charge-offs as remaining at historically low levels. Wintrust’s office CRE exposure was steady at $1.7 billion, representing 12.1% of its total CRE portfolio and 3.2% of total loans, according to Murphy.
2026 outlook: growth, stable margin, and investment
Looking ahead, Crane said Wintrust’s primary objective for 2026 is continued “solid and consistent” financial performance while investing in tools, technology, and people. Management’s targets include mid- to high-single-digit loan growth funded by a similar pace of deposit growth, with the net interest margin expected to remain “relatively stable around 3.5%” even with modest rate moves.
On expenses, management indicated it expects positive operating leverage again, with expenses growing more slowly than revenues. Dykstra also said benefit costs were a key variable, and management noted that a recovery in mortgage banking could increase expenses but would also bring additional revenue. Crane said the company expects improvement in wealth management and service-based fee income and expressed hope that the mortgage market would pick up.
During Q&A, management also addressed capital deployment, noting an existing share repurchase authorization of “a little over $200 million,” though leadership emphasized organic growth as the main priority and said buybacks could become a larger consideration if capital ratios rise and acquisition opportunities are limited.
Crane closed the call by saying the company entered 2026 “in a good place,” crediting the Wintrust team for delivering results for clients and shareholders.
About Wintrust Financial (NASDAQ:WTFC)
Wintrust Financial Corporation is a Chicago?area bank holding company headquartered in Rosemont, Illinois. Through its primary subsidiary, Wintrust Bank, the company operates a network of community banks serving metropolitan Chicago and select markets in southeastern Wisconsin. These locally branded banks provide personalized commercial and consumer banking solutions tailored to small and mid?size businesses, professionals, and individual clients.
The firm’s core offerings include deposit products, commercial and residential lending, treasury management, and mortgage banking services.
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